2008 Program

43rd Annual Conference

of the

Western Finance Association

Hilton Waikoloa Village

Waikoloa , Hawaii

June 22 - 25, 2008

WESTERN FINANCE ASSOCIATION

We are a professional society administered in the United States and Canada for academicians and practitioners with a scholarly interest in the development and application of research in finance.

Our purpose is (1) to serve as a focal point for communication among members, (2) to improve teaching and scholarship, and (3) to provide for the dissemination of information, including the holding of meetings and the support of publications.

The Association is an international organization with membership open to individuals from both the academic and professional community, and to institutions. Two classes of membership are available: lifetime membership ($150.00) and three-year membership ($50.00). Members of the Association are entitled to receive a reduction in the registration fee at the annual meetings. You are invited to join or renew on-line at the WFA’s informational web site, http://www.westernfinance.org.

Correspondence regarding membership and other business aspects of the Association should be addressed to:

Professor Duane Seppi

Secretary-Treasurer, WFA

Tepper School of Business

Carnegie Mellon University

Pittsburgh, PA 15213-3890

Email: ds64@andrew.cmu.edu

Telephone: (412) 268-2298

A call for papers and participants for the 2009 Conference of the Western Finance Association appears at the end of this program.

REGISTRATION AND HOTEL INFORMATION

All sessions and conference functions will be held in theHilton Waikoloa Village .

On-site registration for the conference will be locatedin theWaikoloa Promenadeon the following schedule:

Sunday, June 22, 2008, 4:00 pm – 8:00 pm

Monday, June 23, 2008, 8:00 am – 4:00 pm

Tuesday, June 24, 2008, 8:00 am – 12:00 noon

PRE-REGISTRATION

Pre-registration is at our web site, http://www.westernfinance.org. Those who pre-register are entitled to a discount on registration fees. To qualify for these discounted rates you must pre-register before June 4, 2008. See the web site for details. Checks must be sent to Patricia Niber or to the Secretary-Treasurer at the address shown on the previous page.

FEE SCHEDULE

Pre-Registration On-site Registration

WFA member $ 75 $125

Non-member $125 $175

Student No Charge $ 30

SPECIAL EVENT REGISTRATION

Registration for the WFA Annual Meeting Luncheon and other special events will be done at the time of pre-registration on the WFA website and on-site (subject to availability) for those who do not pre-register. Because space is limited, registration is required for any of the breakfasts, luncheons, or evening receptions. The WFA makes every attempt to make these events free to registrants, but reserves the right to charge for these events if sponsorships do not cover the full cost.

SOCIETY FOR FINANCIAL STUDIES MEMBERSHIP MEETING

All members of the SFS are invited to attend the Annual Meeting to be held onTuesday, June 24from5:00 – 6:00 pm in Kona 2.All subscribers to the Review of Financial Studies are members of the SFS.

Officers and Executive Committee: 2007-2008

President Campbell R. Harvey, Duke University

President-Elect Artur Raviv, Northwestern University

Vice President William Goetzmann, Yale University

Secretary-Treasurer Duane Seppi, Carnegie Mellon University

Directors Jeffrey Coles, Arizona State University

Ronald Giammarino, University of British Columbia

David Hirshleifer, University of California, Irvine

Tobias Moskowitz, University of Chicago

Jeffrey Pontiff, Boston College

Josef Zechner, University of Vienna

Presidents: 1965-2008

1965-66 Kenneth L. Trefftzs University of Southern California

1966-67 Edward Reed University of Oregon

1967-68 Robert Carr Fresno State College

1968-69 Burton Kolb University of Colorado

1969-70 Lester Stickler Oregon State University

1970-71 Harold Stevenson Arizona State University

1971-72 W. Scott Bauman University of Oregon

1972-73 David Eiteman University of California, Los Angeles

1973-74 James Wert University of Arizona

1974-75 George Kaufman University of Oregon

1975-76 John Herzog Simon Fraser University

1976-77 A. Blaine Huntsman University of Utah

1977-78 David Pyle University of California, Berkeley

1978-79 Guilford Babcock University of Southern California

1979-80 Donald Farrar University of Utah

1980-81 Charles D’Ambrosio University of Washington

1981-82 James Van Horne Stanford University

1982-83 Edward Dyl University of Wyoming

1983-84 Nils Hakansson University of California, Berkeley

1984-85 Seha Tinic University of Texas, Austin

1985-86 Alan Kraus University of British Columbia

1986-87 Gerald Bierwag University of Arizona

1987-88 Robert Litzenberger University of Pennsylvania

1988-89 Alan Hess University of Washington

1989-90 Lemma Senbet University of Maryland

1990-91 Eduardo Schwartz University of California, Los Angeles

1991-92 Stephen Brown New York University

1992-93 Hans Stoll Vanderbilt University

1993-94 Kenneth Singleton Stanford University

1994-95 Milton Harris University of Chicago

1995-96 Chester S. Spatt Carnegie Mellon University

1996-97 Michael J. Brennan University of California, Los Angeles

1997-98 Maureen O’Hara Cornell University

1998-99 Franklin Allen University of Pennsylvania

1999-00 Richard C. Green Carnegie Mellon University

2000-01 Wayne Ferson University of Washington

2001-02 Douglas W. Diamond University of Chicago

2002-03 Philip H. Dybvig Washington University, St. Louis

2003-04 René M. Stulz Ohio State University

2004-05 Ravi Jagannathan Northwestern University

2005-06 Mark Grinblatt University of California, Los Angeles

2006-07 Sheridan Titman University of Texas, Austin

2007-08 Campbell R. Harvey Duke University

Distinguished Speakers

WFA Annual Meeting Speakers 1979-2008

Year Location Speaker

1979 San Francisco Nils Hakansson

1980 San Diego Kenneth Arrow

1981 Jackson Lake Eugene Fama

1982 Portland Stephen Ross

1983 Long Beach Myron Scholes

1984 Vancouver Richard Roll

1985 Scottsdale Robert Litzenberger

1986 Colorado Springs Merton Miller

1987 San Diego Edward Kane

1988 Napa Sanford Grossman

1989 Seattle William Sharpe

1990 Santa Barbara Michael Brennan

1991 Jackson Lake Fischer Black

1992 San Francisco Myron Scholes

1993 Whistler Alan Kraus

1994 Santa Fe Mark Rubinstein

1995 Aspen Kenneth French

1996 Sunriver Joseph Williams

1997 San Diego Richard Thaler

1998 Monterey Milton Harris

1999 Santa Monica Andrei Shleifer

2000 Sun Valley Kenneth Singleton

2001 Tucson Robert Shiller

2002 Park City Albert S. “Pete” Kyle

2003 Los Cabos Richard Kihlstrom

2004 Vancouver Michael C. Jensen

2005 Portland Douglas Breeden

2006 Keystone Douglas Diamond

2007 Big Sky John Y. Campbell

2008 Waikoloa René M. Stulz

2008 Program Committee

Program Chair

Artur Raviv, Northwestern University

Program Committee Associate Chairpersons

Andrea Eisfeldt, Northwestern University

Andrew Hertzberg, Northwestern University

Yael Hochberg, Northwestern University

Arvind Krishnamurthy, Northwestern University

Camelia M. Kuhnen, Northwestern University

David A. Matsa, Northwestern University

Paola Sapienza, Northwestern University

Ernst Schaumburg, Northwestern University

Annette Vissing-Jorgensen, Northwestern University

Program Committee Members

Viral Acharya, London Business School

Anat Admati, Stanford University

Reena Aggarwal, Georgetown University

Rajesh Aggarwal, University of Minnesota

Anup Agrawal, University of Alabama

Hengji Ai, Duke University

Yacine Ait-Sahalia, Princeton University

Cindy Alexander, Securities and Exchange Commission

George (Yiorgos) Allayannis, University of Virginia

AndresAlmazan, University of Texas, Austin

Heitor Almeida, New York University

Andrew Ang, Columbia University

Doron Avramov, University of Maryland

Ulf Axelson, Stockholm Institute for Financial Research

WarrenBailey, Cornell University

Malcolm Baker, Harvard University

Gurdip Bakshi, University of Maryland

Ravi Bansal, Duke University

Brad Barber, University of California, Davis

Nicholas Barberis, Yale University

David Bates, University of Iowa

Geert Bekaert, Columbia University

Luca Benzoni, Federal Reserve Bank, Chicago

Nittai Bergman, MIT

Daniel Bergstresser, Harvard University

Elazar Berkovitch, IDC

Antonio Bernardo, University of California, Los Angeles

Marianne Bertrand, University of Chicago

Hank Bessembinder, University of Utah

Sanjai Bhagat, University of Colorado, Boulder

Harjoat Bhamra, University of British Columbia

Utpal Bhattacharya, Indiana University

Nick Bollen, Vanderbilt University

Philip Bond, University of Pennsylvania

Peter Bossaerts, Ecole Polytechnique Federale de Lausanne

Jacob Boudoukh, IDC

Alon Brav, Duke University

David Brown, University of Wisconsin, Madison

Gregory Brown, University of North Carolina, Chapel Hill

Markus Brunnermeier, Princeton University

Murillo Campello, University of Illinois, Urbana- Champaign

Murray Carlson, University of British Columbia

Jennifer Carpenter, New York University

David Chapman, Boston College

Thomas Chemmanur, Boston College

Mikhail Chernov, London Business School

Tarun Chordia, Emory University

Bhagwan Chowdhry, University of California, Los Angeles

Stijn Claessens, University of Amsterdam

Lauren Cohen, Harvard University

Pierre Collin-Dufresne, Goldman Sachs

Jennifer Conrad, University of North Carolina, Chapel Hill

Francesca Cornelli, London Business School

John Cotter, University of California, Los Angeles

Domenico Cuoco, University of Pennsylvania

Magnus Dahlquist, Swedish Institute for Financial Research

Kent Daniel, Goldman Sachs

Adolfo De Motta, McGill University

Harry DeAngelo, University of Southern California

Diane Del Guercio, University of Oregon

David Denis, Purdue University

Diane Denis, Purdue University

Mihir Desai, Harvard University

Amy Dittma, University of Michigan

Robert Dittmar, University of Michigan

Craig Doidge, University of Toronto

Greg Duffee, University of California, Berkeley

Darrell Duffie, Stanford University

Bernard Dumas, University of Lausanne

Phil Dybvig, Washington University, St. Louis

Jan Eberly, Northwestern University

Espen Eckbo, Dartmouth College

Andrea Eisfeldt, Northwestern University

Vihang Errunza, McGill University

Michael Faulkender, Northwestern University

WayneFerson, University of Southern California

Laura Field, Penn State University

Adlai Fisher, University of British Columbia

Mike Fishman, Northwestern University

Mark Flannery, University of Florida

Jeff Fleming, Rice University

Julian Franks, London Business School

Carola Frydman, MIT

Paolo Fulghieri, University of North Carolina, Chapel Hill

Xavier Gabaix, New York University

Louis Gagnon, Queens University

Nicolae Garleanu, University of California, Berkeley

Mark Garmaise, University of California, Los Angeles

Chris Geczy, University of Pennsylvania

Simon Gervais, Duke University

Ron Giammarino, University of British Columbia

Scott Gibson,College of William and Mary

William Goetzmann, Yale University

Itay Goldstein, University of Pennsylvania

Robert Goldstein, University of Minnesota

Francisco Gomes, London Business School

Todd Gormley, Washington University, St. Louis

Amit Goyal, Emory University

John Graham, Duke University

JeremyGraveline, University of Minnesota

Clifton Green, Emory University

Robin Greenwood, Harvard University

John Griffin, University of Texas, Austin

Mark Grinblatt, University of California, Los Angeles

Yaniv Grinstein, Cornell University

Gustavo Grullon, Rice University

Bruce Grundy, Melbourne Business School

Dirk Hackbarth, Washington University, St. Louis

Kathleen Hagerty, Northwestern University

Li Haitao, University of Michigan

Bing Han, University of Texas, Austin

Jeff Harris, University of Delaware

Larry Harris, University of Southern California

Milton Harris, University of Chicago

Joel Hasbrouck, New York University

Thomas Hellmann, University of British Columbia

Jean Helwege, Penn State University

Andrew Hertzberg, Northwestern University

Steven Heston, University of Maryland

Pierre Hillion, INSEAD

David Hirshleifer, University of California, Irvine

Yael Hochberg, Northwestern University

Craig Holden, Indiana University

Burton Hollifield, Carnegie Mellon University

Edie Hotchkiss, Boston College

Kewei Hou, Ohio State University

David Hsieh, Duke University

Ming Huang, Cornell University

Jennifer Huang, University of Texas, Austin

EricHughson, University of Colorado, Boulder

Chuan-Yang Hwang, Nanyang Tech University

David Ikenberry, University of Illinois, Urbana- Champaign

Ronen Israel, IDC

Ravi Jagannathan, Northwestern University

Narashimhan Jegadeesh, Emory University

Dirk Jenter, Stanford University

Wei Jiang, Columbia University

Michael Johannes, Columbia University

Kose John, New York University

Tim Johnson, University of Illinois, Urbana-Champaign

Charles Jones, Columbia University

Christopher Jones, University of Southern California

Philippe Jorion, University of California, Irvine

Raymond Kan, University of Toronto

Eugene Kandel, Hebrew University

Jun-Koo Kang, Michigan State University

Ron Kaniel, Duke University

Andrew Karolyi, Ohio State University

Gautam Kaul, University of Michigan

Kenneth Kavajecz, University of Wisconsin, Madison

Simi Kedia, Rutgers University

Donald Keim, University of Pennsylvania

Matti Keloharju, Helsinki School of Economics

Susan Kerr Christoffersen, McGill University

Naveen Khanna, Michigan State University

Bong-Chan Kho, Seoul National University

Doron Kliger, University of Haifa

Johan Knif,Swedish School of Economics and Business Administration

Peter Kondor, University of Chicago

Robert Korajczyk, Northwestern University

Jennifer Koski, University of Washington

Ilan Kremer, Stanford University

Arvind Krishnamurthy, Northwestern University

Camelia Kuhnen, Northwestern University

Rafael La Porta, Dartmouth College

Chris Leach, University of Colorado, Boulder

Charles Lee, Barclays Global Investors

Michael Lemmon, University of Utah

Josh Lerner, Harvard University

Martin Lettau, New York University

Jonathan Lewellen, Dartmouth College

Katharina Lewellen, Dartmouth College

Bing Liang, University of Massachusetts, Amherst

Erik Lie, University of Iowa

Laura Lindsey, Arizona State University

Karl Lins, University of Utah

Marc Lipson, University of Virginia

Alexander Ljungqvist, New York University

Claudio Loderer,University of Bern

FrancisLongstaff, University of California, Los Angeles

Florencio Lopez-de-Silanes Molina, University of Amsterdam

Michelle Lowry, Penn State University

Deborah Lucas, Northwestern University

Christian Lundblad, University of North Carolina, Chapel Hill

Hanno Lustig, University of California, Los Angeles

Anthony Lynch, New York University

Craig MacKinlay, University of Pennsylvania

Ananth Madhavan, Barclays Global Investors

Pascal Maenhout, INSEAD

Vojislav Maksimovic, University of Maryland

Christopher Malloy, Harvard University

Ulrike Malmendier, University of California, Berkeley

Gustavo Manso, MIT

Ron Masulis, Vanderbilt University

Rich Mathews, Duke University

David Matsa, Northwestern University

David Mauer, Southern Methodist University

Ernst Maug, University of Mannheim

Robert McDonald, Northwestern University

Andrew Metrick, University of Pennsylvania

Roni Michaely, Cornell University

Todd Milbourn, Washington University, St. Louis

Darius Miller, Southern Methodist University

Kristian Miltersen, Norwegian School of Economics and Business Administration

Bernadette Minton, Ohio State University

Erwan Morellec, University of Lausanne

Toby Moskowitz, University of Chicago

Holger Mueller, New York University

David Musto, University of Pennsylvania

Stefan Nagel, Stanford University

Theo Nijman, Tilburg University

Tom Noe, Oxford University

Kjell Nyborg, Norwegian School of Economics and Business Admin (NHH)

Maureen Ohara, Cornell University

Barbara Ostdiek, Rice University

Marco Pagano, University of Naples Federico II

Darius Palia, Rutgers University

Stavros Panageas, University of Pennsylvania

Jonathan Parker, Northwestern University

Robert Parrino, University of Texas, Austin

Lubos Pastor, University of Chicago

Anna Pavlova, London Business School

Lasse Pedersen, New York University

George Pennacchi, University of Illinois, Urbana-Champaign

Mitchell Petersen, Northwestern University

Paul Pfleiderer, Stanford University

Thomas Philippon, New York University

Gordon Phillips, University of Maryland

Kate Phylaktis, City University, London

Monika Piazzesi, University of Chicago

Guillaume Plantin, London Business School

Christopher Polk, London School of Economics

Jeff Pontiff, Boston College

N.R. Prabhala,University of Maryland

Manju Puri, Duke University

Adriano Rampini, Duke University

Joshua Rauh, University of Chicago

S. Abraham (Avri) Ravid, Cornell University

Enrichetta Ravina, New York University

Mark Ready, University of Wisconsin, Madison

Adam Reed, University of North Carolina, Chapel Hill

Michael Roberts, University of Pennsylvania

David Robinson, Duke University

Richard Roll, University of California, Los Angeles

Ehud Ronn, University of Texas, Austin

Bryan Routledge, Carnegie Mellon University

Geert Rouwenhorst, Yale University

Kristian Rydqvist, Binghamton University

Gideon Saar, Cornell University

Patrik Sandas, University of Virginia

Pedro Santa-Clara, New University of Lisbon

Paola Sapienza, Northwestern University

Oded Sarig, IDC

Scott Schaefer, University of Utah

Ernst Schaumburg, Northwestern University

Antoinette Schoar, MIT

Paul Schultz, University of Notre Dame

Mark Seasholes, Santa Clara University

Lemma Senbet, University of Maryland

Duane Seppi, Carnegie Mellon University

Piet Sercu,Leuven, Catholic University

Tsyplakov Sergey, University of South Carolina

Henri Servaes, London Business School

Nejat Seyhun, University of Michigan

Ann Sherman, DePaul University

Anil Shivdasani, University of North Carolina, Chapel Hill

Clemens Sialm, University of Texas, Austin

Morten Sorensen, University of Chicago

Nicholas Souleles, University of Pennsylvania

Chester Spatt, Carnegie Mellon University

Erik Stafford, Harvard University

Laura Starks, University of Texas, Austin

Hans Stoll, Vanderbilt University

Neal Stoughton, University of Calgary

Ilya Strebulaev, Stanford University

Michael Stutzer, University of Colorado, Boulder

Avanidhar Subrahmanyam, University of California, Los Angeles

Amir Sufi, University of Chicago

Tyler Sumway, University of Michigan

Bhaskaran (Swami) Swaminathan, Cornell University

Chris Telmer, Carnegie Mellon University

Anjan Thakor, Washington University, St. Louis

Karin Thorburn, Dartmouth College

Sheri Tice, Tulane University

Stathis Tompaidis, University of Texas, Austin

Alex Triantis, University of Maryland

Charles Trzcinka, Indiana University

Peter Tufano, Harvard University

Raman Uppal, London Business School

RossenValkanov, University of California, San Diego

Stijn Van Nieuwerburgh, New York University

Dimitri Vayanos, London School of Economics

Marno Verbeek, Erasmus University Rotterdam

Pietro Veronesi, University of Chicago

Luis Viceira, Harvard University

Annette Vissing-Jorgensen, Northwestern University

S. (Vish) Viswanathan, Duke University

Ernst-Ludwig (Elu) von Thadden, University of Mannheim

Jessica Wachter, University of Pennsylvania

Neng Wang, Columbia University

Zhenyu Wang, Federal Reserve Bank, New York

Pierre-Olivier Weill, University of California, Los Angeles

Michael Weisbach, University of Illinois, Urbana- Champaign

Scott Weisbenner, University of Illinois, Urbana-Champaign

Russ Wermers, University of Maryland

Ingrid Werner, Ohio State University

James Weston, Rice University

Bob Whaley, Vanderbilt University

Toni Whited, University of Wisconsin, Madison

Robert Whitelaw, New York University

Rohan Williamson, Georgetown University

Andrew Winton, University of Minnesota

Avi Wohl, Tel Aviv University

Daniel Wolfenzon, New York University

Kent Womack, Dartmouth College

Jeff Wurgler, New York University

Wei Xiong, Princeton University

Amir Yaron, University of Pennsylvania

David Yermack, New York University

Bilge Yilmaz, University of Pennsylvania

Motohiro Yogo, University of Pennsylvania

Rebecca Zarutskie, Duke University

Josef Zechner, University of Vienna

Jaime Zender, University of Colorado, Boulder

Lu Zhang, University of Michigan

Lu Zheng, University of California, Irvine

Guofu Zhou, Washington University, St. Louis

Acknowledgments

The Program Chair would like to express his gratitude to the Tepper School of Business at Carnegie Mellon, Jeff Easter, Rosemarie Lang, and Patricia Niber for helping make this conference a success. I also would like to thank the Kellogg School of Management at Northwestern University for supporting this conference and Nancy M. Cunniff for her dedicated assistance and contribution.

PROGRAM SUMMARY

Sunday, June 22, 2008

4:00 pm – 8:00 pm

On-site Registration– Waikoloa Promenade

6:00 pm – 8:00 pm

Goldman Sachs Reception – Kona Pool*

Monday, June 23, 2008

7:00 am – 8:00 am

NASDAQ Breakfast – Monarchy Ballroom

8:00 am – 4:00 pm

On-site Registration– Waikoloa Promenade

8:15 am – 10:00 am

General Equilibrium Models of Bond Pricing- King’s 1

Predicting Stock Returns and Dividends – King’s 2

Executive Compensation – King’s 3

Structural Models in Corporate Finance – Queen’s 5

Private Equity – Queen’s 4

Trading and the Limit Order Book– Queen’s 6

10:00 am – 10:15 am

Shidler College of Business, University of Hawaii at Manoa Coffee Break-Lagoon Lanai

10:15 am – 12:00 noon

Portfolio Choice – King’s 1

Liquidity – King’s 2

Theories of New and Newly Public Firms– King’s 3

Corporate Finance and Political Connections – Queen’s 4

Mergers and Acquisitions– Queen’s 5

Informed Trading– Queen’s 6

12:30 pm – 2:00 pm

LECG Luncheon – Monarchy Ballroom

2:45 pm – 4:30 pm

Heterogeneity and Bond Pricing – King’s 1

Credit Risk – King’s 2

Fraud and Scandals – King’s 3

Real Assets – Queen’s 5

Corporate Debt and Access to Finance – Queen’s 4

Stock Market Liquidity – Queen’s 6

5:00 pm – 6:30 pm

WFA Executive Committee and Board of Directors Meeting – Kona 3

6:00 pm – 8:00 pm

Cornerstone Research Reception – Kona Pool*

Tuesday, June 24, 2008

7:00 am – 8:00 am

NYSE Euronext Breakfast – Monarchy Ballroom

8:00 am – 12:00 noon

On-site Registration – Waikoloa Promenade

8:15 am – 10:00 am

Liquidity and Risk Management – King’s 1

Hedge Fund and Mutual Fund Incentives – King’s 2

Dynamic Debt Decisions– King’s 3

Cross Section of Stock Returns – Queen’s 5

Household Finance– Queen’s 4

Empirical Microstructure– Queen’s 6

10:00 am – 10:15 am

Wharton Research Data Services Coffee Break – Lagoon Lanai

10:15 am – 12:00 noon

Option Pricing – King’s 1

Hedge Fund Performance – King’s 2

Corporate Governance A – King’s 3

Corporate Governance B– Queen’s 5

Behavioral and Experimental Finance – Queen’s 4

Exchange Rate Determination– Queen’s 6

12:30 pm – 2:00 pm

WFA Annual Luncheon sponsored by Analysis Group – Monarchy Ballroom

Distinguished Speaker:René Stulz,Ohio State University

2:45 pm – 4:30 pm

Dynamic Managerial Incentives – King’s 1

Mutual Fund Performance– King’s 2

Ownership and Control – King’s 3

Empirical Corporate Finance– Queen’s 4

Executive Compensation– Queen’s 5

Time-Varying Expected Returns– Queen’s 6

5:00 pm – 6:00 pm

SFS Annual Meeting–Kona 2

6:00 pm – 9:00 pm

Society for Financial Studies Reception. Sponsored by Barclays Global Investors & J.P. Morgan – Lagoon Lanai

Wednesday, June 25, 2008

7:00 am – 8:00 am

WFA Breakfast– Monarchy Ballroom

8:15 am – 10:00 am

Incentives and Information Asymmetries– King’s 1

Portfolio Choice and Taxes– King’s 2

Dividends – King’s 3

Law and Regulation– Queen’s 4

Payout Policy– Queen’s 5

Financial Intermediation– Queen’s 6

10:00 am – 10:15 am

Oxford University Press Coffee Break – Lagoon Lanai

10:15 am – 12 noon

Information and Prices – King’s 1

Consumption Based Asset Pricing – King’s 2

Interest Rates– King’s 3

Capital Structure– Queen’s 4

Commercial Banking– Queen’s 5

IPOs– Queen’s 6

*Water's Edge Ballroom in case of rain

NYSE EURONEXT STUDENT TRAVEL GRANT RECIPIENTS

2008 Ph.D. Travel Grant Recipients

Maria Cecilia Bustamante, University of Lausanne - SFI

Huasheng Gao, The University of British Columbia

Alexander Gorbenko, Stanford University

Zhiguo He, Northwestern University

David Hunter, University of Maryland

Xiaoji Lin, University of Minnesota

Hening Liu, Northern Illinois University

Hamed Mahmudi, University of Toronto

Andrei Malenko, Stanford University

Matej Marinc, University of Ljubljana

Alexi Savov, University of Chicago

Carles Vergara-Alert, IESE Business School

Zhaodong Zhong, Pennsylvania State University

Julie Zhu, Columbia University

Paul Zurek, University of Pennsylvania

The Western Finance Association is grateful to theNYSE Euronext

for sponsoring these students.

PROGRAM DETAIL

Monday, June 23, 2008, 8:15 am – 10:00 am

General Equilibrium Models of Bond Pricing – King’s 1

Nicolae Garleanu, University of Pennsylvania

State Uncertainty Aversion and the Term Structure of Interest Rates

Frode Brevik, VU Amsterdam

The Term Structure of Interest Rates in an Equilibrium Economy with Short Term and Long Term Investments

Carles Vergara-Alert, IESE Business School

Examining the Bond Premium Puzzle with a DSGE Model

Glenn Rudebusch, Federal Reserve Bank, San Francisco

Eric Swanson, Federal Reserve Bank, San Francisco

Discussants:

David Feldman, University of New South Wales

Igor Makarov, London Business School

Benjamin Croitoru, McGill University

Predicting Stock Returns and Dividends– King’s 2

Kent Daniel, Goldman Sachs

The Cross-Section of Stock Price Jumps and Return Predictability

George Jiang, University of Arizona

Tong Yao, University of Arizona

What Drives Stock Price Movement

Xinlei Zhao, Kent State University

Long Chen, Michigan State University

Predictive Regressions: A Present-Value Approach

Ralph Koijen, New York University

Jules van Binsbergen, Duke University

Discussants:

Claudia Moise, Case Western Reserve University

Pengjie Gao, University of Notre-Dame

Halla Yang, Goldman Sachs

Executive Compensation– King’s 3

Ronen Israel, IDC

Executive Pay, Hidden Compensation and Managerial Entrenchment

Camelia Kuhnen, Northwestern University

Jeffrey Zwiebel, Stanford University

Stock-Based Compensation and CEO (Dis)Incentives

Efraim Benmelech, Harvard University

Eugene Kandel, Hebrew University

Pietro Veronesi, University of Chicago

A Mutiplicative Model of Optimal CEO Incentives in Market Equilibrium

Alex Edmans, University of Pennsylvania

Xavier Gabaix, New York University

Augustin Landier, New York University

Discussants:

Elazar Berkovitch, IDC

Dirk Hackbarth, Washington University, St. Louis

Yaniv Grinstein, CornellUniversity

Structural Models in Corporate Finance – Queen’s 5

Ron Giammarino, University of British Columbia

What Gives? A Study of Firms' Reactions to Cash Shortfalls

Toni Whited, University of Wisconsin, Madison

Tor-Erik Bakke, University of Wisconsin, Madison

Dynamic Agency and the Q Theory of Investment

Neng Wang, Columbia University

Peter DeMarzo, Stanford University

Michael Fishman, Northwestern University

Zhiguo He, Northwestern University

IT, Corporate Payouts, and the Growing Inequality in Managerial Compensation

Stijn Van Nieuwerburgh, New York University

Hanno Lustig, University of California, Los Angeles

Chad Syverson, University of Chicago

Discussants:

Natalie Moyen, University of Colorado

Gustavo Manso, MIT

Murray Carlson, University of British Columbia

Private Equity– Queen’s 4

Ayako Yasuda, University of Pennsylvania

The Private Equity Advantage: Leveraged Buyout Firms and Relationship Banking

Victoria Ivashina, Harvard University

Anna Kovner, Harvard University

On the Interaction of Private Equity Funds and Their Investors

Yael Hochberg, Northwestern University and NBER

Alexander Ljungqvist, New York University and CEPR

Annette Vissing-Jorgensen, Northwestern University

Private Equity and Long-Run Investment: The Case of Innovation

Josh Lerner, Harvard University

MortenSorensen, University of Chicago

Per Stromberg, Stockholm Institute for Financial Research

Discussants:

Raghuram Rajan, University of Chicago

Viral V. Acharya, London Business School

Laura Lindsey, Arizona State University

Trading and the Limit Order Book – Queen’s 6

Holden Craig, Indiana University

A Challenger to the Limit Order Book: The NYSE Specialist

Sabrina Buti, University of Toronto

Liquidity Beyond The Best Quote: A Study Of The NYSE Limit Order Book

Wenjin Kang, National University of Singapore

Wee YongYeo, National University of Singapore

Speed and Stock Market Quality: The NYSE's Hybrid

Terrence Hendershott, University of California, Berkeley

Pamela Moulton, Fordham University

Discussants:

Charles Jones, Columbia University

Pankaj Jain, University of Memphis

Ekkehart Boehmer, Texas A&M University

Monday, June 23, 2008, 10:15 am – 12:00 noon

Portfolio Choice – King’s 1

David Feldman, University of New South Wales, Sydney, Australia

Efficient Solutions to Portfolio Choice Problems: A State-Variable Decomposition Approach

Lorenzo Garlappi, University of Texas, Austin

Georgios Skoulakis, University of Maryland

Portfolio and Consumption Decisions under Ambiguity for Regime Switching Mean Returns

Hening Liu, Northern Illinois University

Bounds on the Autocorrelation of Admissible Stochastic Discount Factors

Stephane Chretien, Laval University

Discussants:

Alexandre Ziegler, University of Lausanne

Frederik Lundtofte, Lund University

Marcel Rindisbacher, University of Toronto

Liquidity – King’s 2

Lubos Pastor, University of Chicago

Liquidity Risk and Correlation Risk: A Clinical Study of the General Motors and Ford Downgrade of May 2005

Viral Acharya, London Business School

Stephen Schaefer, London Business School

Yili Zhang, London Business School

Liquidity and Liquidity Risk Premia in the CDS Market

Dion Bongaerts, University of Amsterdam

Frank de Jong, Tilburg University

Joost Driessen, University of Amsterdam

Common Patterns in Commonality in Returns, Liquidity, and Turnover Around the World

Andrew Karolyi, Ohio State University

Kuan-Hui Lee, Rutgers University

Mathijs van Dijk, Erasmus University Rotterdam

Discussants:

Masahiro Watanabe, Rice University

Long Chen, Michigan State University

Akiko Watanabe, University of Alberta

Theories of New and Newly Public Firms – King’s 3

Todd Gormley, Washington University, St. Louis

A Theory of Merger-Driven IPOs

Evgeny Lyandres, Rice University

Alexei Zhdanov, University of Lausanne

Jim Hsieh, George Mason University

The Dynamics of Going Public

Maria Cecilia Bustamante, Universite de Lausanne - SFI

Investment in Human Capital and New Firm Creation

Merih Sevilir, University of North Carolina, Chapel Hill

Discussants:

Marc Martos-Vila, University of California, Los Angeles

Günter Strobl, University of North Carolina, Chapel Hill

Gustavo Manso, MIT

Corporate Finance and Political Connections– Queen’s 4

Laura Starks, University of Texas, Austin

Political Connections and the Allocation of Procurement Contracts

Eitan Goldman, Indiana University

Jorg Rocholl, ESMT, Berlin

Jong Il So, University of North Carolina, Chapel Hill

Corporate Political Contributions: Investment or Agency?

Rajesh Aggarwal, University of Minnesota

Felix Meschke, University of Minnesota

Tracy Wang, University of Minnesota

Landed Interests and Financial Underdevelopment in the United States

Raghuram G. Rajan, University of Chicago

Rodney Ramcharan, International Monetary Fund

Discussants:

Jonathan Karpoff, University of Washington

Eliezer Fich, Drexel University

Michael Stutzer, University of Colorado

Mergers and Acquisitions– Queen’s 5

John Graham, Duke University

The Quality of Earnings Momentum and Performance of Mergers and Acquisitions

Julie Zhu, Columbia University

Industry Shocks and Merger Activity: An Analysis of U.S. Public Utilities

David Becher, Drexel University

Harold Mulherin, University of Georgia

Ralph Walkling, Drexel University

What Happens in Acquisitions? Evidence From Brand Ownership Changes and Advertising

C. Edward Fee, Michigan State University

Charles Hadlock, Michigan State University

Joshua Pierce, University of South Carolina

Discussants:

Sanjai Bhagat, University of Colorado

Jarrad Harford, University of Washington

Paige Parker Ouimet, University of North Carolina

Informed Trading – Queen’s 6

Lin Peng, Baruch College

Insiders-Outsiders, Transparency and the Value of the Ticker

Giovanni Cespa, Queen Mary University

ThierryFoucault, HEC Paris

Informed Trading, Information Asymmetry and Pricing of Information Risk: Empirical Evidence from the NYSE

Florian Bardong, Barclays Global Investors

Sohnke Bartram, Lancaster University

Pradeep Yadav, University of Oklahoma

More Insiders, More Insider Trading: Evidence from Private Equity Buyouts

Viral Acharya, London Business School

Tim Johnson, University of Illinois, Urbana-Champaign

Discussants:

Bin Wei, Baruch College

Michael Pagano, Villanova University

Amil Dasgupta, London School of Economics

Monday, June 23, 2008, 2:45 pm – 4:30 pm

Heterogeneity and Bond Pricing– King’s 1

Greg Duffee, University of California, Berkeley

Bond Pricing, Habits, and a Simple Policy Rule

Michael Gallmeyer, Texas A&M University

Burton Hollifield, Carnegie-Mellon University

Francisco Palomino, University of Michigan

Stanley Zin, Carnegie-Mellon University

Preferred Habitat and the Optimal Maturity Structure of Government Debt

Stephane Guibaud, London School of Economics

Yves Nosbusch, London School of Economics

Dimitri Vayanos, London School of Economics

Heterogeneous Expectations and Bond Markets

Wei Xiong, Princeton University

Hongjun Yan, Yale University

Discussants:

Motohiro Yogo, University of Pennsylvania

Jacob Sagi, Vanderbilt University

Xavier Gabaix, New York University

Credit Risk – King’s 2

Ilan Kremer, Stanford University

Economic Catastrophe Bonds

Joshua Coval, Harvard University

Jakub Jurek, Harvard University

Erik Stafford, Harvard University

Credit Contagion from Counterparty Risk

Philippe Jorion, University of California, Irvine

Gaiyan Zhang, University of Missouri, St. Louis

Cash Holdings and Credit Spreads

Viral Acharya, London Business School

Sergei Davydenko, University of Toronto

Ilya Strebulaev, Stanford University

Discussants:

Chester Spatt, Carnegie Mellon University

Pierre Collin-Dufresne, Goldman Sachs

Ronald Giammarino, University of British Columbia

Fraud and Scandals – King’s 3

Jeff Coles, Arizona State University

The Impact of the Options Backdating Scandal on Shareholders

Gennaro Bernile, University of Miami

Gregg Jarrell, University of Rochester

The Strategic Interaction between Committing and Detecting Fraudulent Misreporting

Buhui Qiu, University of Cincinnati

Steve Slezak, University of Cincinnati

Brokerage Commissions, Perquisites, and Delegated Portfolio Management

Fei Ding, Hong Kong University of Science and Technology

Discussants:

Jennifer Carpenter, New York University

Raj Singh, University of Minnesota

George Aragon, Arizona State University

Real Assets– Queen’s 5

David Ikenberry, University of Illinois, Urbana-Champaign

Vintage Capital and Creditor Protection

Nittai Bergman, MIT

Efraim Benmelech, Harvard University

Liquidity in Real Asset Markets

Alessandro Gavazza, Yale University

Corporate Hedging, Investment and Value

Uday Rajan, University of Michigan

Jose Berrospide, University of Michigan , Federal Reserve Board

Amiyatosh Purnanandam, University of Michigan

Discussants:

Adriano Rampini, Duke University

Liu Yang, University of California, Los Angeles

Heitor Almeida, University of Illinois, Urbana-Champaign

Corporate Debt and Access to Finance– Queen’s 4

Thomas Chemmanur, Boston College

Has the CDS Market Lowered the Cost of Corporate Debt?

Adam Ashcraft, Federal Reserve Bank, New York

Joao Santos, Federal Reserve Bank, New York

Does Access to Finance Improve Productivity? Evidence from a Natural Experiment

Alexander Butler, University of Texas, Dallas

Jess Cornaggia, University of Texas, Dallas

Contingency and Renegotiation of Financial Contracts: Evidence from Private Credit Agreements

Michael Roberts, University of Pennsylvania

Amir Sufi, University of Chicago

Discussants:

Amar Gande, Southern Methodist University

Debarshi Nandy, York University

Ronald Masulis, Vanderbilt University

Stock Market Liquidity– Queen’s 6

Simon Gervais, Duke University

Information vs. Liquidity: Evidence from Portfolio Transition Trades

Anna Obizhaeva, University of Maryland

Stock Price Synchronicity and Liquidity

Kalok Chan, Hong Kong University of Science and Technology

Allaudeen Hameed, National University of Singapore

WenjinKang, National University of Singapore

Does Algorithmic Trading Improve Liquidity?

Terrence Hendershott, University of California, Berkeley

Charles Jones, Columbia University

Albert Menkveld, VU University Amsterdam

Discussants:

Ron Kaniel, Duke University

Günter Strobl, University of North Carolina, Chapel Hill

Patrik Sandås, University of Virginia

Tuesday, June 24, 2008, 8:15 am – 10:00 am

Liquidity and Risk Management – King’s 1 –

Adriano Rampini, Duke University

Bailouts, the Incentive to Manage Risk, and Financial Crises

Stavros Panageas, University of Pennsylvania

Moral Hazard, Collateral and Liquidit

Viral Acharya, London Business School

S. Viswanathan, Duke University

Learning by Holding and Liquidity

Guillaume Plantin, London Business School

Discussants:

Peter DeMarzo, Stanford University

Martin Oehmke, Princeton University

Peter Kondor, University of Chicago

Hedge Fund and Mutual Fund Incentives – King’s 2

William Goetzmann, Yale University

Missing the Marks: Dispersion in Corporate Bond Valuations Across Mutual Funds

Gjergji Cici, College of William and Mary

Scott Gibson, College of William and Mary

John Merrick, College of William and Mary

Side-by-Side Management of Mutual Funds and Hedge Funds

Tom Nohel, Loyola University, Chicago

Zhi Wang, University of Illinois, Urbana-Champaign

Lu Zheng, University of California, Irvine

Do Hedge Fund Managers Misreport Returns? Evidence From the Pooled Distribution

Nick Bollen, Vanderbilt University

Veronica Pool, Indiana University

Discussants:

Dion Bongaerts, University of Amsterdam

Antti Petajisto, Yale University

Bing Liang, University of Massachusetts, Amherst

Dynamic Debt Decisions- King’s 3

Toni Whited, University of Wisconsin, Madison

Dynamic Competition, Innovation and Strategic Financing

Heather Tookes, Yale University

Matthew Spiegel, Yale University

Debt Maturity and the Dynamics of Leverage

Josef Zechner, University of Vienna

Thomas Dangl, Vienna University of Technology

Corporate Financing and Investment: On the Dynamics of the Credit Multiplier

Dirk Hackbarth, Washington University, St. Louis

Murillo Campello, University of Illinois, Urbana-Champaign

Discussants:

Alex Edmans, University of Pennsylvania

Marc Martos-Vila, University of California, Los Angeles

Yuri Tserlukevich, HKUST

Cross Section of Stock Returns– Queen’s 5

Neng Wang, Columbia University

Capital, Contracts and the Cross Section of Stock Returns

Christine Parlour, University of California, Berkeley

Johan Walden, University of California, Berkeley

Endogenous Technological Progress and the Cross Section of Stock Returns

Xiaoji Lin, University of Minnesota

Learning About Technologies and Technological Progress

Joel Peress, INSEAD

Discussants:

Dimitris Papanikolaou, Northwestern University

Lukas Schmid, University of Pennsylvania

Hui Chen, MIT

Household Finance– Queen’s 4

Motohiro Yogo, University of Pennsylvania

Housing Wealth and Consumption Growth: Evidence from a Large Panel of Households

Jie Gan, Hong Kong University of Science and Technology

A Multiplier Approach to Understanding the Macro Implications of Household Finance

YiLi Chen, Purdue University

Hal Cole, University of Pennsylvania

Hanno Lustig, University of California

Payday Lenders: Heroes or Villains

Adair Morse, University of Chicago

Discussants:

Enrichetta Ravina, New York University

Francisco Gomes, London Business School

Nikolai Roussanov, University of Pennsylvania

Empirical Microstructure– Queen’s 6

Charles Jones, Columbia University

The Effects of Market Design on the Informational Efficiency and Manipulation of Prices

Avraham Kamara, University of Washington

Itzik Shurki, Israel Securities Authority

Shmuel Hauser, Ben Gurion University, Beer Sheva, Israel

Geographic Proximity and Price Discovery: Evidence from Nasdaq

Amber Anand, Syracuse University

Vladimir Gatchev, University of Central Florida

Leonardo Madureira, Case Western Reserve University

Christo Pirinsky, California State University, Fullerton

Shane Underwood, Rice University

Equity Trading and the Allocation of Market Data Revenue

Cecilia Caglio, George Washington University

Stewart Mayhew, Securities and Exchange Commission

Discussants:

Sunil Wahal, Arizona State University

Ingrid Werner, Ohio State University

Marc Lipson, University of Virginia

Tuesday, June 24, 2008, 10:15 am – 12:00 noon

Option Pricing– King’s 1

Yacine Ait-Sahalia,Princeton University

The Sensitivity of American Options to Suboptimal Exercise Strategies

Alfredo Ibáñez, Universidad Carlos III de Madrid

Ioannis Paraskevopoulos, Caja Madrid, Spain

Simple Robust Linkages Between CDS and Equity Options

Peter Carr, New York University

Liuren Wu, Baruch College

The Shape and Term Structure of the Index Option Smirk: Why Multifactor Stochastic Volatility Models Work so Well

Peter Christoffersen, McGill University

Steven Heston, University of Maryland

Kris Jacobs, McGill University

Discussants:

Mark Loewenstein, University of Maryland
Antje Berndt, Carnegie-Mellon University

Haitao Li, University of Michigan

Hedge Fund Performance – King’s 2

Richard Roll, University of California, Los Angeles

The Secondary Market for Hedge Funds

Tarun Ramadorai, Oxford University

Why Does Hedge Fund Alpha Decrease Over Time? Evidence from Individual Hedge Funds

Zhaodong Zhong, Penn State University

Derivatives Use and Risk Taking: Evidence from the Hedge Fund Industry

Yong Chen, Virginia Tech

Discussants:

Charles Trzcinka, Indiana University

Jonathan Berk, University of California, Berkeley

William Goetzmann, Yale University

Corporate Governance A – King’s 3

Murillo Campello, University of Illinois, Urbana-Champaign

Quiet Life or Managerial Myopia: Is the Threat of Hostile Takeovers Beneficial for Technological Innovation?

Julian Atanassov, University of Oregon

Does Corporate Governance Matter in Competitive Industries?

Xavier Giroud, New York University

Holger Mueller, New York University

Managerial Attitudes and Corporate Actions

John Graham, Duke University

Cambell Harvey, Duke University

Manju Puri, Duke University

Discussants:

Gustavo Manso, MIT

Gordon Phillips, University of Maryland

Morten Sorensen, University of Chicago

Corporate Governance B– Queen’s 5

Yaniv Grinstein, Cornell University

Determinants of Private Benefits of Control

Rui Albuquerque, Boston University

Enrique Schroth, University of Lausanne

Endogeneity and the Dynamics of Corporate Governance

Modupe Wintoki, University of Georgia

James Linck, University of Georgia

Jeffry Netter, University of Georgia

Corporate Governance, Norms and Practices

Vidhi Chhaochharia, University of Miami

Luc Laeven, International Monetary Fund

Discussants:

Urs Peyer, INSEAD

Dirk Jenter, Stanford University

Francisco Perez-Gonzalez, University of Texas, Austin

Behavioral and Experimental Finance– Queen’s 4

S. Abraham Ravid, Cornell University and Rutgers University

Exploring the Nature of “Trading Intuition”

Antoine Bruguier, California Institute of Technology

Steven Quartz, California Institute of Technology

Peter Bossaerts, Ecole Polytechnique Federale Lausanne

Superior Information or a Psychological Bias? A Unified Framework with Cognitive Abilities Resolves Three Puzzles

George Korniotis, Federal Reserve Board, Washington DC

Alok Kumar, University of Texas, Austin

The Impact of Affect on Beliefs, Preferences and Financial Decisions

Camelia Kuhnen, Northwestern University

Brian Knutson, Stanford University

Discussants:

Heather Tookes, Yale University

Ming Huang, Cornell University

Devin Shanthikumar, Harvard University

Exchange Rate Determination– Queen’s 6

Bhagwan Chowdhry, University of California, Los Angeles

Rare Disasters and Exchange Rates

Emmanuel Farhi, Harvard University

Xavier Gabaix, New York University

Exchange Rate Forecasting, Order Flow and Macroeconomic Information

Elvira Sojli, University of Warwick

Dagfinn Rime, Norges Bank

Lucio Sarno, University of Warwick

Common Risk Factors in Currency Markets

Adrien Verdelhan, Boston University

Hanno Lustig, University of California, Los Angeles

Nikolai Roussanov, University of Pennsylvania

Discussants:

Francis X. Diebold, University of Pennsylvania
Burton Hollifield, Carnegie Mellon University

Hongjun Yan, Yale University

Tuesday, June 24, 2008, 2:45 pm – 4:30 pm

Dynamic Managerial Incentives – King’s 1

Philip Bond, University of Pennsylvania

Manager Characteristics and Capital Structure: Theory and Evidence

Sanjai Bhagat, University of Colorado, Boulder

Brian Bolton, University of New Hampshire

Ajay Subramanian, Georgia State University

Dynamic Compensation Contracts with Private Savings

Zhiguo He, Northwestern University

Optimal Managerial Ownership Dynamics: Theory and Evidence

Antonio Falato, Federal Reserve Board

Dalida Kadyrzhanova, University of Maryland

Discussants:

Gustav Sigurdsson, University of Pennsylvania

Adriano Rampini, Duke University

S. Abraham (Avri) Ravid, Cornell University and Rutgers University

Mutual Fund Performance– King’s 2

Jonathan Berk, University of California, Berkeley

Mind the Gap: Unmapped Holdings and the Performance of U.S. Equity Mutual Funds

David Hunter, University of Maryland

An Empirical Investigation of Short-Selling by Actively Managed Mutual Funds

Honghui Chen, University of Central Florida

Hemang Desai, Southern Methodist University

Srinivasan Krishnamurthy, SUNY, Binghamton University

Informed Trading, Liquidity Provision, and Mutual Fund Stock Selection

Zhi Da, University of Notre Dame

Pengjie Gao, University of Notre Dame

Ravi Jagannathan, Northwestern University

Discussants:

Diane Del Guercio, University of Oregon

Lu Zheng, University of California, Irvine

Christine Parlour, University of California, Berkeley

Ownership and Control – King’s 3

Bruce Carlin, University of California, Los Angeles

Control of Corporate Decisions: Shareholders vs. Management

Milton Harris, University of Chicago

Artur Raviv, Northwestern University

Inheritance Law and Investment in Family Firms

Andrew Ellul, Indiana University

Marco Pagano, University of Naples Federico II

Fausto Panunzi, Bocconi University

Ownership and Corporate Investment in Private Firms

Ridha Mahfoudhi, Laval University

Discussants:

Gustavo Manso, MIT

Uday Rajan, University of Michigan

Rich Mathews, Duke University

Empirical Corporate Finance– Queen’s 5

Ronald Masulis, Vanderbilt University

Strategic Proxy Voting

GregorMatvos, University of Chicago

Michael Ostrovsky, Stanford University

Beyond Cash Flow and Voting Rights: Valuation and Performance of Firms in Complex Ownership Structures

Heitor Almeida, University of Illinois, Urbana-Champaign

Sang Yong Park,Yonsei University

Marti Subrahmanyam, New York University

Daniel Wolfenzon, New York University

Organizational Structure, R&D Intensity, and Firm Value

Jan Mahrt-Smith, University of Toronto

Discussants:

Charu Raheja, Wake Forest University

Raghavendra Rau, Purdue University

Jarred Harford, University of Washington

Executive Compensation– Queen’s 4

Dirk Jenter, Stanford University

Optimal Compensation Contract When Managers Can Hedge

Huasheng Gao, University of British Columbia

Backdating Executive Stock Option Grants: An Agency Problem or Just Optimal Contracting?

Huasheng Gao, University of British Columbia

HamedMahmudi, University of Toronto

Offsetting Compensation Reform: Lessons from the Demise of ESO Repricing

Nemmara Chidambaran, Rutgers University

Nagpurnanand Prabhala, University of Maryland

Discussants:

Jeffrey L. Coles, Arizona State University

Michael L. Lemmon, University of Utah

Efraim Benmelech, Harvard University

Time-Varying Expected Returns – Queen’s 6

Stavros Panageas, University of Pennsylvania

Opposing Seasonalities in Treasury versus Bond Returns

Lisa Kramer, University of Toronto

Kamstra Mark, York University

Levi Maurice, University of British Columbia

Time Varying Default Risk Premia in Corporate Bond Markets

Redouane Elkamhi, McGill University

Jan Ericsson, McGill University

Stock Prices under Pressure: How Tax and Interest Rates Drive Returns at the Turn of the Year

Tapio Pekkala, Blue White Alternative Investments

Christopher Polk, London School of Economics

Ruy Ribeiro, JP Morgan

Discussants:

Alex Edmans, University of Pennsylvania

Jingzhi Huang, Pennsylvania State University

Paul Tetlock, Columbia University

Wedneday, June 25, 2008, 8:15 am – 10:00 am

Incentives and Information Asymmetries– King’s 1

Jennifer Huang, University of Texas, Austin

Monitoring and Manipulation: Asset Prices When Agents Are Marked-to-Market

Gary Gorton, University of Pennsylvania

Ping He, Tsinghua University

Lixin Huang, Georgia State University

Does More Informed Trading Necessarily Lead to Higher Expected Returns?

Eric Hughson, Claremont McKenna College

Moonsoo Kang, LoyolaCollege in Maryland

Incentive Contracts in Delegated Portfolio Management

Wei Li, Louisiana State University

Ashish Tiwari, University of Iowa

Discussants:

Peter Kondor, University of Chicago

Ron Kaniel, Duke University

David Musto, University of Pennsylvania

Portfolio Choice and Taxes– King’s 2

Chester Spatt, Carnegie Mellon University

Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends

Mihir Desai, Harvard University

Dhammika Dharmapala, University of Connecticut

Investment Taxation and Portfolio Performance

Daniel Bergstresser, Harvard University

Jeffrey Pontiff, Boston College

Portfolio Choice with Capital Gain Taxation and the Limited Use of Losses

Paul Ehling, BI Norwegian School of Management

Michael Gallmeyer, Texas A&M University

Sanjay Srivastava

Stathis Tompaidis, University of Texas, Austin

Discussants:

Burton Hollifield, Carnegie Mellon University

Robert Dammon, Carnegie Mellon University

Harold Zhang, University of Texas, Dallas

Dividends – King’s 3

Kose John, New York University

A Theory of Dividend Smoothing

Ilan Guttman, Stanford University

Ohad Kadan, Washington University, St. Louis

Eugene Kandel, Hebrew University

The Impact of Taxation on Dividends: A Cross-Country Analysis

Mohammed Alzahrani, City University, London

Meziane Lasfer, City University, London

Ex-Dividend Arbitrage in Option Markets

Jia Hao, Wayne State University

Avner Kalay, University of Utah

Stewart Mayhew, Securities and Exchange Commission

Discussants:

Zsuzsanna Fluck, Michigan State University

Lubomir Litov, Washington University

Claudia Moise, Case Western Reserve University

Law and Regulation– Queen’s 4

Yael Hochberg, Northwestern University

The Changing Nature of Chapter 11

Sreedhar Bharath, University of Michigan

Venky Panchapagesan, Goldman Sachs

Ingrid Werner, Ohio State University

Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences

Holger Daske,University of Mannheim

Luzi Hail, University of Pennsylvania

Christian Leuz, University of Chicago

Rodrigo Verdi, MIT

Foreign Listings, US Equity Markets, and the Impact of the Sarbanes-Oxley Act

Jefferson Duarte, University of Washington

Katie Kong, University of Washington

Stephan Siegel, University of Washington

Lance Young, University of Washington

Discussants:

Kimberly Rodgers, American University

Itzhak Ben-David, Ohio State University

Eliezer Fich, Drexel University

Payout Policy– Queen’s 5

Roni Michaely, Cornell University

Has the Propensity to Pay Out Declined?

Gustavo Grullon, Rice University

Bradley Paye, Rice University

Shane Underwood, Rice University

James Weston, Rice University

Payout Policy, Financial Flexibility, and Agency Costs of Free Cash Flow

Jacob Oded, Boston University and Tel Aviv University

Institutional Tax Clienteles and Payout Policy

Mihir Desai, Harvard University

Li Jin, Harvard University

Discussants:

Yaniv Grinstein, Cornell University

Amiyatosh Purnanandam, University of Michigan

Edie Hotchkiss, Boston College

Financial Intermediation– Queen’s 6

Mark Weinstein, University of Southern California

Market-Based Corrective Actions: The Case of Bank Supervision

Philip Bond, University of Pennsylvania

Itay Goldstein, University of Pennsylvania

Edward S. Prescott, Federal Reserve Bank, Richmond

How Should Acquirers Select Advisors? Persistence in Investment Bank Performance

Jack Bao, MIT

Alex Edmans, University of Pennsylvania

Information, Sell-Side Research, and Market Making

Leonardo Madureira, Case Western Reserve University

Shane Underwood, Rice University

Discussants:

Thomas Chemmanur, Boston College

Micah Officer, University of Southern California

Larry Harris, University of Southern California

Wednesday, June 25, 2008, 10:15 am – 12:00 noon

Information and Prices – King’s 1

Mark Grinblatt, University of California, Los Angeles

Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability

Lubos Pastor, University of Chicago

Lucian Taylor,University of Chicago

Pietro Veronesi, University of Chicago

Endogenous Information Flows and the Clustering of Announcements

Viral Acharya, London Business School

Peter DeMarzo, Stanford University

Ilan Kremer, Stanford University

Competition Among Sellers in Securities Auctions

Alexander Gorbenko, Stanford University

Andrei Malenko, Stanford University

Discussants:

Thomas Chemmanur, Boston College

Martin Dierker, University of Houston

Bhagwan Chowdhry, University of California, Los Angeles

Consumption Based Asset Pricing – King’s 2

Amir Yaron, University of Pennsylvania

Asset Pricing Tests with Long Run Risks in Consumption Growth

George Constantinides, University of Chicago

Anisha Ghosh, London School of Economics

Asset Pricing with Garbage

Alexi Savov, University of Chicago

Momentum and Long Run Risks

Paul Zurek, University of Pennsylvania

Discussants:

Dana Kiku, University of Pennsylvania

Robert Dittmar, University of Michigan

Hui Chen, MIT

Interest Rates – King’s 3

Ravi Jagannathan, Northwestern University

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

A Structural Decomposition of the US Yield Curve

Ferre De Graeve, Ghent University

MarinaEmiris, National Bank of Belgium

Raf Wouters, National Bank of Belgium

Real Interest Rates, Expected Inflation, and Real Estate Returns: A Comparison of the U.S. and Canada

Kuntara Pukthuanthong-Le, San Diego State University

Richard Roll, University of California, Los Angeles

Discussants:

Haitao Li, University of Michigan

Jefferson Duarte, University of Washington

Selale Tuzel, University of Southern California

Capital Structure– Queen’s 4

David Matsa, Northwestern University

Financial Structure, Liquidity, and Firm Locations

AndresAlmazan, University of Texas, Austin

Adolfo de Motta, McGill University

Sheridan Titman, University of Texas, Austin

Vahap Uysal, University of Oklahoma

The Product Market Competition and Capital Structure: Evidence from Import Penetration

Jin Xu, Purdue University

International Sourcing and Capital Structure: Evidence from U.S. Manufacturing Firms

Cheol Eun, Georgia Institute of Technology

Lingling Wang, Georgia State University

Discussants:

Gordon Phillips, University of Maryland

Jay Hartzell, University of Texas, Austin

Jiro Kondo, Northwestern University

Commercial Banking– Queen’s 5

Raghuram Rajan, University of Chicago

Demand Deposits and Bank Monitoring

Matej Marinc, University of Ljubljana, Faculty of Economics

Information and Incentives Inside the Firm: Evidence from Loan Officer Rotation

Andrew Hertzberg, Northwestern University

Jose Liberti, DePaul University

Daniel Paravisini, Columbia University

Distance and Information Asymmetries in Lending

Sumit Agarwal, Federal Reserve Bank of Chicago

Robert Hauswald, American University

Discussants:

David Skeie, Federal Reserve Bank, New York

Bruce Carlin, University of California, Los Angeles

Shawn Cole, Harvard University

IPOs– Queen’s 6

Alexander Ljungqvist,New York University

Directed Share Programs in IPO Underwriting - Agency Problem or Supply Assurance

Rina Ray, Norwegian School of Economics and Business Admin (NHH)

Short Selling in Initial Public Offerings

Amy Edwards, Securities and Exchange Commission

Kathleen Hanley, Securities and Exchange Commission

Corporate Fraud and Business Conditions: Evidence from IPOs

Tracy Wang, University of Minnesota

Andrew Winton, University of Minnesota

Xiaoyun Yu, Indiana University

Discussants:

Christa Bouwman, Case Western Reserve University

Ambrus Kecskes, University of Toronto

Ann E. Sherman, DePaul University

2009 ANNUAL MEETINGS OF

THE WESTERN FINANCE ASSOCIATION

June 17-20, 2009

Marriott Hotel and Marina

San Diego

Members and friends of the Western Finance Association are invited to submit papers to be considered for presentation at the 2009 Annual Meetings. Papers on any topic related to finance will be considered.

Submission of papers: Papers should be submitted electronically at the WFA web site, www.westernfinance.org, which will contain full instructions for submission, including required on-line registration, creation of the required cover page, the submission fee, and other vital instructions. We will begin taking submissions on October 1, 2008. The deadline for submissions will be midnight PST November 18, 2008.Papers will be reviewed anonymously by two members of the Program Committee, and authors will be notified of the Program Committee’s decisions at the end of February 2009.

Best Paper Awards(subject to change):

USC Marshall School of Business Trefftzs Award of $5,000 for the best student paper. Ph.D. students who have neither received their degree nor assumed a regular faculty position by the submission deadline should indicate eligibility for this award with their submissions.

CRA International Award of $5,000 for the best corporate finance paper.

Goldman Sachs Asset Management Award of $5,000 for the best paper in empirical investments.

NASDAQ Award of $5,000 for the best paper on capital formation.

NYSE Euronext Award of $5,000 for the best paper on equity trading.

Society of Quantitative Analysts Award of $5,000 for the best paper in quantitative investments.

2009 Program Chair:

Professor William Goetzmann, Yale University