Monday, June 21, 2010, 8:15 am -- 10:00 am
Debt Runs -- Salon A, 2nd Floor
Peter DeMarzo, Stanford University
The Hazards of Debt: Dynamic Debt Runs, Agency, and Bailouts
Ing-Haw Cheng, University of Michigan
Konstantin Milbradt, Massachusetts Institute of
Technology
The Maturity Rat Race
Markus Brunnermeier, Princeton University
Martin Oehmke, Columbia University
Rollover Risk and Credit Risk
Wei Xiong, Princeton University
Zhiguo He, University
of Chicago
Discussants:
Robert Marquez, Boston University
Lars-Alexander Kuehn, Carnegie Mellon University
S. "Vish" Viswanathan, Duke University
Jump and Volatility Risk Premia -- Lecture Theater
Scott Joslin, Massachusetts Institute of Technology
Uncertainty and Leveraged Lucas Trees: The Cross Section of Equilibrium Volatility Risk Premia
Andrea Vedolin, University of Lugano
Comovement and Equilibrium Volatility Risk Premia
Andrea Buraschi, Imperial College London
Fabio Trojani, University of Lugano
Andrea Vedolin, London School of Economics and Universita' di Lugano
The Market Jump Risk and the Price Structure of Individual Equity Options
Chayawat Ornthanalai, Georgia Institute of Technology
Redouane Elkamhi, University
of Iowa
Discussants:
Ivan Shaliastovich, University of Pennsylvania
Christian Heyerdahl-Larsen, SIFR - Institute for Financial Research
Jefferson Duarte, Rice University
External Governance -- Oak Bay
Jay Hartzell, University of Texas-Austin
Voting with Their Feet or Activism? Institutional Investors' Impact on CEO Turnover
Jean Helwege, University of South Carolina
Vincent Intintoli, Southern
Illinois University Carbondale
Andrew Zhang, University of Nevada - Las Vegas
Distance Matters! Shareholder Proximity and Corporate Policies
Alexandra Niessen, University of Mannheim
Alok Kumar, University of Texas-Austin
Vidhi Chhaochharia, University of Miami
Discipline or Disruption? Stakeholder Relationships and the Effect of Takeover Threat
Sudipto Dasgupta, Hong Kong University of Science and Technology
Rik Sen, Hong Kong
University of Science and Technology
Ling Cen, University
of Toronto
Discussants:
Laura Starks, University of Texas-Austin
Simi Kedia, Rutgers University
David Matsa, Northwestern University
Market Structure and Connectedness -- Saanich
Paul Pfleiderer, Stanford University
Information Percolation in Segmented Markets
Gustavo Manso, Massachusetts Institute of Technology
Darrell Duffie, Stanford
University
Semyon Malamud, Ecole Polytechnique Fédérale de Lausanne
Connected Stocks
Christopher Polk, London School of Economics
Miguel Anton, London School of Economics
Strategic Relationships in Over-the-Counter Markets
Ana Babus, University of Cambridge
Discussants:
Richard Lowery, University of Texas-Austin
Jonathan Cohn, University of Texas-Austin
Adolfo de Motta, McGill University
Contracts and Incentives -- Esquimalt
Jeffrey Zwiebel, Stanford University
Dynamic Incentive Accounts
Xavier Gabaix, New York University
Alex Edmans, University
of Pennsylvania
Tomasz Sadzik, New York University
Yuliy Sannikov, Princeton
University
Renegotiation Design: Evidence from NFL Roster Bonuses
Gregor Matvos, University of Chicago
Contractual Resolutions of Financial Distress
Stefano Rossi, Imperial College Business School
Nicola Gennaioli, CREI
Universitat Pompeu Fabra
Discussants:
Tomasz Piskorski, Columbia University
Bruce Carlin, University of California-Los Angeles
Adriano Rampini, Duke University
Market Microstructure: Theory -- Sidney, 2nd Floor
Snehal Banerjee, Northwestern University
Market Microstructure Invariants
Anna Obizhaeva, University of Maryland
Albert S. Kyle, University
of Maryland
Liquidity and Information in Order Driven Markets
Ioanid Rosu, University of Chicago
Prospect Theory and Market Liquidity
Paolo Pasquariello, University of Michigan
Discussants:
Eric Hughson, Claremont McKenna College
Dmitri Livdan, University of California-Berkeley
Jan Schneider, University of Texas-Austin
Monday, June 21, 2010, 10:15 am -- 12:00 noon
Credit Risk -- Salon A, 2nd Floor
Kenneth Singleton, Stanford University
Corporate Bond Default Risk: A 150-Year Perspective
Stephen Schaefer, London Business School
Kay Giesecke, Stanford
University
Francis Longstaff, University of California-Los Angeles
Ilya Strebulaev, Stanford
University
On the Relative Pricing of Long Maturity SP 500 Index Options and CDX Tranches
Robert Goldstein, University of Minnesota
Pierre Collin-Dufresne, Columbia University
Fan Yang, University of Minnesota
Time-Varying Credit Risk and Liquidity Premia in Bond and CDS Markets
Monika Trapp, University of Cologne
Wolfgang Bühler, University
of New South Wales
Discussants:
Tyler Shumway, University of Michigan
Erik Stafford, Harvard University
Fan Yu, Claremont McKenna College
The Financial Sector and Market Crises -- Lecture Theater
Neng Wang, Columbia University
A Macroeconomic Model with a Financial Sector
Yuliy Sannikov, Princeton University
Markus Brunnermeier, Princeton
University
Market Freeze and Recovery: Trading Dynamics Under Optimal Intervention by a Market-Maker-of-Last-Resort
Jonathan Chiu, Bank of Canada
Thorsten Koeppl, Queens University
Diversification Disasters
Dwight Jaffee, University of California-Berkeley
Rustam Ibragimov, Harvard
University
Johan Walden, University
of California-Berkeley
Discussants:
Anastasia Kartasheva, University of Pennsylvania
Michael Gallmeyer, University of Virginia
Vito Gala, London Business School
Governance and Firm Value -- Oak Bay
Sanjai Bhagat, University of Colorado
Industries, Governance, and Equity Prices
Stefan Lewellen, Yale University
Andrew Metrick, Yale
University
Creditor Control Rights, Corporate Governance, and Firm Value
Greg Nini, University of Pennsylvania
Amir Sufi, University of Chicago
David Smith, University of Virginia
Why are U.S. Firms Listed in Foreign Markets Worth More?
Michael Schill, University of Virginia
Sergei Sarkissian, McGill
University
Discussants:
Shane Johnson, Texas A&M
Mitchell Petersen, Northwestern University
Frank Warnock, University of Virginia
Short Sale Bans -- Saanich
Ingrid Werner, Ohio State University
Short-Selling Bans Around the World: Evidence from the 2007-09 Crisis
Alessandro Beber, University of Amsterdam
Marco Pagano, University
of Naples
Do Option Markets Undo Restrictions on Short Sales? Evidence from the 2008 Short-Sale Ban
Bruce Grundy, University of Melbourne
Bryan Lim, University of Melbourne
Patrick Verwijmeren, University of Melbourne
Regulatory Uncertainty and Market Liquidity: The 2008 Short Sale Ban’s Impact on Equity Option Markets
Robert Battalio, University of Notre Dame
Paul Schultz, University
of Notre Dame
Discussants:
Craig Holden, Indiana University
Charles Jones, Columbia University
Karl Diether, Ohio State University
Asset Management -- Esquimalt
David Chapman, Boston College
Strategic Asset Allocation in Money Management
Dmitry Makarov, New Economic School
Suleyman Basak, London
Business School
Multi-Market Delegated Asset Management
Zhiguo He, University of Chicago
Wei Xiong, Princeton University
On the Size of the Active Management Industry
Lubos Pastor, University of Chicago
Robert Stambaugh, University
of Pennsylvania
Discussants:
Christian Opp, University of Chicago
Peter Kondor, Central European University
Dimitris Papanikolaou, Northwestern University
Real Investment -- Sidney, 2nd Floor
Robert McDonald, Northwestern University
Real Options Signaling Games with Applications to Corporate Finance
Steve Grenadier, Stanford University
Andrey Malenko, Stanford
University
The Real Consequences of Market Segmentation
Sergey Chernenko, Harvard University
Adi Sunderam, Harvard University
Investment Timing and Financing Under Asymmetric Information
Erwan Morellec, Ecole Polytechnique Fédérale de Lausanne
Norman Schuerhoff, University
of Lausanne
Discussants:
Maria Bustamante, London School of Economics
Amit Seru, University of Chicago
Bart Lambrecht, Lancaster University
Monday, June 21, 2010, 2:45 pm -- 4:30 pm
Bailouts -- Salon A, 2nd Floor
Pietro Veronesi, University of Chicago
On the Real Effects of Bank Bailouts: Micro-Evidence from Japan
Andrei Simonov, Michigan State University
Mariassunta Giannetti, Stockholm
School of Economics
TARP Investments: Financials and Politics
Denis Sosyura, University of Michigan
Ran Duchin, University of Michigan
Assessing TARP
Anil Shivdasani, University of North Carolina-Chapel Hill
Dinara Bayazitova, University
of North Carolina-Chapel Hill
Discussants:
Kathryn Dewenter, University of Washington
Daniel Ferreira, London School of Economics
Chenyang (Jason) Wei, Federal Reserve Bank of New York
New Perspectives on Old Problems -- Lecture Theater
Rick Green, Carnegie Mellon University
Limited Capital Market Participation and Human Capital Risk
Jonathan Berk, Stanford University
Johan Walden, University
of California-Berkeley
The Implied Cost of Capital: A New Approach
Kewei Hou, Ohio State University
Mathijs van Dijk, Erasmus University Rotterdam
Yinglei Zhang, Chinese University of Hong Kong
Revisiting Asset Pricing Anomalies in an Exchange Economy
Johan Walden, University of California-Berkeley
Christine Parlour, University
of California-Berkeley
Richard Stanton, University
of California-Berkeley
Discussants:
Kerry Back, Rice University
Charles Lee, Stanford University
Ian Martin, Stanford University
Time-Varying Risk Premia -- Oak Bay
Ravi Bansal, Duke University
Is the Volatility of the Market Price of Risk due to Intermittent Portfolio Re-balancing?
Hanno Lustig, University of California-Los Angeles
Harold Cole, University
of Pennsylvania
Yi-Li Chien, Purdue University
The Social Cost of Near-Rational Investment
Tarek Hassan, University of Chicago
Thomas Mertens, New York University
The Fourth-Quarter Consumption Growth Rate: A Pure-Macro, Not-Estimated Stock Return Predictor That Works In-Sample and Out-of-Sample
Stig Møller, Aarhus School of Business
Jesper Rangvid, Copenhagen
Business School
Discussants:
Lukas Schmid, Duke University
Hengjie Ai, Duke University
Caio Almeida, Getulio Vargas Foundation
M&A: Theory and Evidence -- Saanich
S. "Vish" Viswanathan, Duke University
Strategic and Financial Bidders in Takeover Auctions
Alexander Gorbenko, Stanford University
Andrei Malenko, Stanford
University
Preemptive Bidding, Target Resistance and Takeover Premia: An Empirical Investigation
Stefano Sacchetto, Carnegie Mellon University
Theodosios Dimopoulos, London Business School
Do Merger Synergies Exist?
Scott Bauguess, Securities and Exchange Commission
Gennaro Bernile, University
of Miami
Discussants:
Matthew Rhodes-Kropf, Harvard University
Nagpurnanand Prabhala, University of Maryland
B. Espen Eckbo, Dartmouth University
Preferences & Behavior -- Esquimalt
Terry Odean, University of California-Berkeley
Nature or Nurture: What Determines Investor Behavior?
Henrik Cronqvist, Claremont McKenna College
Amir Barnea, Claremont
McKenna College
Stephan Siegel, University of Washington
The Origin of Behavior
Thomas Brennan, Northwestern University
Andrew Lo, Massachusetts Institute of Technology
Commitment Contracts
Gustav Sigurdsson, University of Pennsylvania
Philip Bond, University
of Pennsylvania
Discussants:
Günter Strobl, University of North Carolina-Chapel Hill
Elena Asparouhova, University of Utah
Andres Almazan, University of Texas-Austin
Capital Structure Theory -- Sidney, 2nd Floor
Jaime Zender, University of Colorado
Legal-System Arbitrage and MNC Capital Structure
Suman Banerjee, Nanyang Tech University
Thomas Noe, Oxford
University
The Defeasance of Control Rights
Carsten Bienz, Norwegian School of Economics and Business Admin (NHH)
Antoine Faure-Grimaud, London School of Economics
Zsuzsanna Fluck, Michigan State University
Capital Structure under Heterogeneous Beliefs
Hae Won Jung, Georgia State University
Ajay Subramanian, Georgia
State University
Discussants:
Paul Povel, University of Houston
Paolo Fulghieri, University of North Carolina-Chapel Hill
Thomas Chemmanur, Boston College
Tuesday, June 22, 2010, 8:15 am -- 10:00 am
Asset Pricing with Frictions -- Salon A, 2nd Floor
Tan Wang, University of British Columbia
Asset Pricing Under Heterogeneous Information
Weiyang Qiu, Massachusetts Institute of Technology
Jiang Wang, Massachusetts Institute of
Technology
Liquidity and Asset Prices: A Unified Framework
Jiang Wang, Massachusetts Institute of Technology
Dimitri Vayanos, London School of Economics
Margin-Based Asset Pricing and Deviations from the Law of One Price
Lasse H. Pedersen, New York University
Nicolae Garleanu, University
of California-Berkeley
Discussants:
Thomas Gilbert, University of Washington
Haitao Li, University of Michigan
Ron Kaniel, Duke University
Impact of Behavior on Asset Prices -- Lecture Theater
Tyler Shumway, University of Michigan
The Causal Impact of Media in Financial Markets
Christopher Parsons, University of North Carolina-Chapel Hill
Joseph Engelberg, University
of North Carolina-Chapel Hill
Myopic Extrapolation, Price Momentum, and Price Reversal
Xinlei Zhao, Office of the Comptroller of the Currency
Long Chen, Washington University-St. Louis
Claudia Moise, Western Reserve University
Geographic Location, Media Coverage and Investor Reactions
Devin Shanthikumar, Harvard University
Greg Miller, University
of Michigan
Discussants:
Sergey Chernenko, Harvard University
Jonathan Lewellen, Dartmouth University
Clemens Sialm, University of Texas-Austin
Banking in the Crisis -- Oak Bay
George Pennacchi, University of Illinois
Credit Supply: Identifying Balance-Sheet Channels with Loan Applications and Granted Loans
Jose-Luis Peydro, European Central Bank
Gabriel Jiménez, Bank of
Spain
Steven Ongena, Tilburg University
Jesus Saurina, Bank of
Spain
Market Value of Banking Relationships: New Evidence from the Financial Crisis of 2008
Umut Gokcen, Boston College
Global Retail Lending in the Aftermath of the US Financial Crisis: Distinguishing between Supply and Demand Effects
Jörg Rocholl, ESMT European School of Management and Technology
Manju Puri, Duke
University
Sascha Steffen, University
of Mannheim
Discussants:
Todd Gormley, University of Pennsylvania
Amiyatosh Purnanandam, University of Michigan
Berk Sensoy, Ohio State University
Cash Policy -- Saanich
Ilya Strebulaev, Stanford University
Agency Conflicts and Cash: Estimates from a Structural Model
Toni Whited, University of Rochester
Boris Nikolov, University
of Rochester
Aggregate Risk and the Choice between Cash and Lines of Credit
Heitor Almeida, University of Illinois-Urbana-Champaign
Viral Acharya, New York University
Murillo Campello, University of Illinois-Urbana-Champaign
Cash Flow Hedging and Liquidity Choices
Breno Schmidt, Emory University
David Disatnik, Tel-Aviv
University
Ran Duchin, University
of Michigan
Discussants:
Neng Wang, Columbia University
Robert McDonald, Northwestern University
Nathalie Moyen, University of Colorado
Shareholder Voting -- Esquimalt
Bilge Yilmaz, University of Pennsylvania
The Market Value of the Vote: A Contingent Claims Approach
Shagun Pant, Texas A&M University
Avner Kalay, University
of Utah
Non-Binding Voting for Shareholder Proposals
Nadya Malenko, Stanford University
Doron Levit, Stanford University
The Vote is Cast: The Effect of Corporate Governance on Shareholder Value
Vicente Cuñat, London School of Economics
Maria Guadalupe, Columbia
University
Mireia Gine, University
of Pennsylvania
Discussants:
David Musto, University of Pennsylvania
Ernst Maug, University of Mannheim
Ashwini Agrawal, New York University
Market Microstructure: Empirical -- Sidney, 2nd Floor
Pamela Moulton, Fordham University
Is Market Fragmentation Harming Market Quality?
Maureen O'Hara, Cornell University
Mao Ye, Cornell
University
Does Option Market Volume Signal Bad News?
Eric So, Stanford University
Travis Johnson, Stanford University
Price Pressures
Albert Menkveld, VU University Amsterdam
Terrence Hendershott, University
of California-Berkeley
Discussants:
Jennifer Huang, University of Texas-Austin
Gideon Saar, Cornell University
David Veredas, Universite libre de Bruxelles
Tuesday, June 22, 2010, 10:15 am -- 12:00 noon
Causes of the Crisis -- Salon A, 2nd Floor
Josef Zechner, Vienna University
Why are We in a Recession? The Financial Crisis is the Symptom Not the Disease!
Ravi Jagannathan, Northwestern University
Mudit Kapoor, Indian
School of Business
Ernst Schaumburg, Northwestern University
Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09
Philipp Schnabl, New York University
Viral Acharya, New York University
The Behavior of Intoxicated Investors: The Role of Institutional Investors in Propagating the Financial Crisis of 2007-2008
Ayako Yasuda, University of California-Davis
Massimo Massa, INSEAD
Alberto Manconi, INSEAD
Discussants:
George Pennacchi, University of Illinois
Andres Almazan, University of Texas
Clemens Sialm, University of Texas
Mutual Funds -- Lecture Theater
Charles Trzcinka, Indiana University
Is Investor Rationality Time Varying? Evidence from the Mutual Fund Industry
Marcin Kacperczyk, New York University
Vincent Glode, University
of Pennsylvania
Burton Hollifield, Carnegie Mellon University
Shimon Kogan, University
of Texas-Austin
On Economies of Scale and Persistent Performance in Corporate Bond Mutual Funds
William Maxwell, Southern Methodist University
Roberto Gutierrez, University of Oregon
Danielle Xu, Gonzaga University
Reverse Survivorship Bias
Juhani Linnainmaa, University of Chicago
Discussants:
Joshua Pollet, Michigan State University
Bing Han, University of Texas-Austin
Jay Wang, University of Illinois
Loan Markets -- Oak Bay
Mark Leary, Cornell University
Commercial Paper, Lines of Credit, and the Real Effects of the Financial Crisis of 2008: Firm-Level Evidence from the Manufacturing Industry
Hayong Yun, University of Notre Dame
Pengjie Gao, University
of Notre Dame
The Supply-Side Determinants of Loan Contract Strictness
Justin Murfin, Duke University
The Costs of Being Private: Evidence from the Loan Market
Sascha Steffen, University of Mannheim
Anthony Saunders, New York
University
Discussants:
Oguzhan Ozbas, University of Southern California
Andrew Winton, University of Minnesota
Rebecca Zarutskie, Duke University
Political Influence -- Saanich
Michael Fishman, Northwestern University
Precarious Politics and Returns Volatility
Hitesh Doshi, McGill University
Art Durnev, McGill
University
Maria Boutchkova, University of Leicester
Alexander Molchanov, Massey
University
Do Powerful Politicians Cause Corporate Downsizing?
Joshua Coval, Harvard University
Chris Malloy, Harvard University
Lauren Cohen, Harvard University
Political Capital and Moral Hazard
Leonard Kostovetsky, University of Rochester
Discussants:
Brandon Julio, London Business School
Francisco Perez-Gonzalez, Stanford University
Amit Seru, University of Chicago
Distress Costs -- Esquimalt
Michael Hertzel, Arizona State University
Is Shareholders' Strategic Default Behavior Priced? Evidence from an International Cross Section of Stocks
Enrique Schroth, University of Amsterdam
Giovanni Favara, International Monetary Fund
Philip Valta, Ecole Polytechnique Fédérale de Lausanne
Macroeconomic Risks and Debt Overhang
Hui Chen, Massachusetts Institute of Technology
Gustavo Manso, Massachusetts Institute of Technology
Are The Bankrupt Skies the Friendliest?
Carola Schenone, University of Virginia
Federico Ciliberto, University
of Virginia
Discussants:
Ronald Giammarino, University of British Columbia
David Mauer, University of Texas-Dallas
Sergei Davydenko, University of Toronto
Higher Moments in Returns -- Sidney, 2nd Floor
Adlai Fisher, University of British Columbia
Ex Ante Skewness and Expected Stock Returns
Robert Dittmar, University of Michigan
Jennifer Conrad, University
of North Carolina-Chapel Hill
Eric Ghysels, University of North Carolina-Chapel Hill
Market Skewness Risk and the Cross-Section of Stock Returns
Peter Christoffersen, McGill University
Bo-Young Chang, McGill University
Kris Jacobs, McGill University
Do Higher-Moment Equity Risks Explain Hedge Fund Returns?
Gurdip Bakshi, University of Maryland
Vikas Aarwal, Georgia
State University
Joop Huij, Eramus
University
Discussants:
John Griffin, University of Texas-Austin
Amit Goyal, Emory University
Alexi Savov, University of Chicago
Tuesday, June 22, 2010, 2:45 pm -- 4:30 pm
Managing Liquidity in the Crisis -- Salon A, 2nd Floor
Ravi Jagannathan, Northwestern University
Liquidity Management in the Financial Crisis
Victoria Ivashina, Harvard University
David Scharfstein, Harvard
University
Precautionary Hoarding of Liquidity and Inter-Bank Markets: Evidence from the Sub-prime Crisis
Viral Acharya, New York University
Ouarda Merrouche, European University Institute
Liquidity Management and Corporate Investment During a Financial Crisis
Erasmo Giambona, University of Amsterdam
Murillo Campello, University
of Illinois-Urbana-Champaign
John Graham, Duke
University
Campell Harvey, Duke
University
Discussants:
Antoinette Schoar, Massachusetts Institute of Technology
Enrichetta Ravina, Columbia University
Ilya Strebulaev, Stanford University
Empirical Capital Structure -- Lecture Theater
Arthur Korteweg, Stanford University
Do Peer Firms Affect Corporate Financial Policy
Michael Roberts, University of Pennsylvania
Mark Leary, Cornell
University
What Does CEOs' Personal Leverage Tell Us About Corporate Leverage?
Anil Makhija, Ohio State University
Henrik Cronqvist, Claremont McKenna College
Scott Yonker, Ohio State University
Labor and Capital: Is Debt a Bargaining Tool?
Elena Simintzi, London Business School
Paolo Volpin, London
Business School
Vikrant Vig, London
Business School
Discussants:
Murray Frank, University of Minnesota
Michael Lemmon, University of Utah
Toni Whited, University of Rochester
Investor Behavior -- Oak Bay
Simon Gervais, Duke University
IQ and Stock Market Participation
Mark Grinblatt, University of California-Los Angeles
Matti Keloharju, Helsinki
School Of Economics & Business
Juhani Linnainmaa, University of Chicago
Transaction Costs and Investment Decisions of Individual Investors
Deniz Anginer, World Bank Group
The Sum of All FEARS: Investor Sentiment, Noise Trading and Aggregate Volatility
Zhi Da, University of Notre Dame
Joseph Engelberg, University
of North Carolina-Chapel Hill
Pengjie Gao, University
of Notre Dame
Discussants:
George Korniotis, Federal Reserve Board of Governors
Ning Zhu, University of California-Davis
Shimon Kogan, University of Texas-Austin
Inside Information -- Saanich
Ron Kaniel, Duke University
Do Hedge Funds Trade on Private Information? Evidence from Syndicated Lending and Short-Selling
Debarshi Nandy, York University
Nadia Massoud, York
University
Anthony Saunders, New York University
Keke Song, York
University
Business Connections and Informed Trading of Mutual Fund Managers
Yue Tang, University of Florida
Decoding Inside Information
Lukasz Pomorski, University of Toronto
Lauren Cohen, Harvard
University
Christopher Malloy, Harvard
University
Discussants:
David Musto, University of Pennsylvania
Yael Hochberg, Northwestern University
Bryan Routledge, Carnegie Mellon University
Monitoring by Boards -- Esquimalt
Laura Lindsey, Arizona State University
Authority Versus Loyalty: Social Incentives and Modes of Governance
Samuel Lee, New York University
Petra Persson, Columbia
University
Monitoring Managers: Does it Matter?
Alexander Ljungqvist, New York University
Francesca Cornelli, London Business School
Zbigniew Kominek, European Bank for Reconstruction and Development (EBRD)
The Changing of the Boards: The Value Effect of a Massive Exogenous Shock
Amy Dittmar, University of Michigan
Kenneth Ahern, University
of Michigan
Discussants:
Daniel Ferreira, London School of Economics
Geoffrey Tate, University of California-Los Angeles
Jeffrey Coles, Arizona State University
Options -- Sidney, 2nd Floor
Costis Skiadas, Northwestern University
Improving Portfolio Selection Using Option-Implied Volatility and Skewness
Raman Uppal, London Business School
Victor DeMiguel, London
Business School
Yuliya Plyakha, Goethe University Frankfurt
Grigory Vilkov, Goethe
University Frankfurt
Monotonicity of the Stochastic Discount Factor and Expected Option Returns
Mark Schroder, Michigan State University
Ranadeb Chaudhuri, Oakland University
Probability Weighting Functions Implied by Options Prices
Valery Polkovnichenko, University of Texas-Dallas
Feng Zhao, University
of Texas-Dallas
Discussants:
Luca Benzoni, Federal Reserve Bank of Chicago
Mark Loewenstein, University of Maryland
Fousseni Chabi-Yo, Ohio State University
Wednesday, June 23, 2010, 8:15 am -- 10:00 am
Liquidity -- Salon A, 2nd Floor
Nicolae Garleanu, University of California-Berkeley
Liquidity Risk of Corporate Bond Returns
Yakov Amihud, New York University
Viral Acharya, New York
University
Sreedhar Bharath, University of Michigan
Hedge Funds as Liquidity Providers: Evidence From the Lehman Bankruptcy
George Aragon, Arizona State University
Philip Strahan, Boston College
How Does Illiquidity Affect Delegated Portfolio Choice?
Luis Goncalves-Pinto, University of Southern California
Discussants:
Hank Bessembinder, University of Utah
Paolo Pasquariello, University of Michigan
Igor Makarov, London Business School
Securitization and Loan Sales -- Lecture Theater
Nancy Wallace, University of California-Berkeley
Liar’s Loan? Effects of Loan Origination Channel and Loan Sale on Delinquency
Wei Jiang, Columbia University
Ashlyn Nelson, Indiana
University
Edward Vytlacil, Yale University
Optimal Securitization with Moral Hazard
Alexei Tchistyi, University of California-Berkeley
Barney Hartman-Glaser, University of California-Berkeley
Tomasz Piskorski, Columbia University
The Impact of Secondary Mortgage Market Activity on the Expansion of Subprime Credit
Taylor Nadauld, Brigham Young University
Shane Sherlund, Federal
Reserve Board of Governers
Discussants:
Kose John, New York University
Bilge Yilmaz, University of Pennsylvania
Tomasz Piskorski, Columbia University
The Market For CEOs -- Oak Bay
Dirk Jenter, Stanford University
The Price of a CEO’s Rolodex
Joseph Engelberg, University of North Carolina-Chapel Hill
Christopher Parsons, University
of North Carolina-Chapel Hill
Pengjie Gao, University of Notre Dame
Geography & the Market for CEOs
Scott Yonker, Ohio State University
CEO Turnover in a Competitive Assignment Framework
Andrea Eisfeldt, Northwestern University
Camelia Kuhnen, Northwestern
University
Discussants:
Antoinette Schoar, Massachusetts Institute of Technology
Katharina Lewellen, Dartmouth University
Carola Frydman, Massachusetts Institute of Technology
Term Structure -- Saanich
Torben Andersen, Northwestern University
Long Run Risks in the Term Structure of Interest Rates: Estimation
Taeyoung Doh, Federal Reserve Bank of Kansas City
Term Structure of Interest Rates in a Regime Switching Dynamic Stochastic General Equilibrium Model
Kyu Ho Kang, Washington University-St. Louis
Sharpe Ratios in Term Structure Models
Greg Duffee, Johns Hopkins University
Discussants:
Anisha Ghosh, Carnegie Mellon University
Scott Joslin, Massachusetts Institute of Technology
Olesya Grishchenko, Penn State University
M&A Activity -- Esquimalt
Ronald W. Masulis, Vanderbilt University
World Markets for Mergers and Acquisitions
Michael Weisbach, Ohio State University
Isil Erel, Ohio State
University
Rose Liao, Rutgers University
Board Connections and M&A Transactions
Merih Sevilir, University of North Carolina-Chapel Hill
Ye Cai, University of North Carolina-Chapel Hill
Private and Public Merger Waves
Vojislav Maksimovic, University of Maryland
Gordon Phillips, University
of Maryland
Liu Yang, University
of California-Los Angeles
Discussants:
Pedro Matos, University of Southern California
Jay Hartzell, University of Texas-Austin
Jarrad Harford, University of Washington
Information and Strategic Trading -- Sidney, 2nd Floor
Anat Admati, Stanford University
A Model of Portfolio Delegation and Strategic Trading
Albert S. Kyle, University of Maryland
Hui Ou-yang, Cheung Kong
Graduate School of Business
Bin Wei, Baruch College
Information Sales and Strategic Trading
Francesco Sangiorgi, Stockholm School of Economics
Diego Garcia, University of North Carolina-Chapel Hill
Uncertainty, Information Acquisition, and Price Swings in Asset Markets
Antonio Mele, London School of Economics
Francesco Sangiorgi, Stockholm
School of Economics
Discussants:
Michael Fishman, Northwestern University
Pierre-Olivier Weill, University of California-Los Angeles
Simon Gervais, Duke University
Wednesday, June 23, 2010, 10:15 am -- 12:00 noon
Real Estate & the Macro Economy -- Salon A, 2nd Floor
Jefferson Duarte, Rice University
Systemic Risk and the Refinancing Ratchet Effect
Andrew Lo, Massachusetts Institute of Technology
Amir Khandani, Morgan
Stanley
Robert Merton, Harvard University
Asset Pricing and Housing Supply in a Production Economy
Ivan Jaccard, European Central Bank
Testing the Efficiency of the Commercial Real Estate Market: Evidence from the 2007-2009 Financial Crisis
Otto Van Hemert, AQR Capital Management
Joost Driessen, Tilburg
University
Discussants:
Nancy Wallace, University of California-Berkeley
Frederico Belo, University of Minnesota
Richard Stanton, University of California-Berkeley
Large Shareholders: Family and Government Ownership -- Lecture Theater
Francisco Perez-Gonzalez, Stanford University
Adoptive Expectations: Rising Sons in Japanese Family Firms
Vikas Mehrotra, University of Alberta
Randall Morck, University
of Alberta
Jungwook Shim, Hitotsubashi University
Yupana Wiwattanakantang, Hitotsubashi
University
The Effect of Succession Taxes on Family Firm Investment: Evidence from a Natural Experiment
Margarita Tsoutsoura, Columbia University
The Real Effects of Government Owned Banks: Evidence from an Emerging Market
Daniel Carvalho, University of Southern California
Discussants:
Hernan Ortiz-Molina, University of British Columbia
Andrew Ellul, Indiana University
Serdar Dinc, Massachusetts Institute of Technology
International Asset Pricing -- Oak Bay
Christian Lundblad, University of North Carolina-Chapel Hill
International Asset Pricing with Risk-Sensitive Rare Events
Riccardo Colacito, University of North Carolina-Chapel Hill
Mariano M. Croce, University
of North Carolina-Chapel Hill
Monetary Policy and the Uncovered Interest Rate Parity Puzzle
Chris Telmer, Carnegie Mellon University
David Backus, New York University
Federico Gavazzoni, Carnegie Mellon University
Stanley Zin, New York University
Asset Prices and Risk Sharing in Open Economies
Andreas Stathopoulos, University of Southern California
Discussants:
Lorenzo Garlappi, University of British Columbia
Adrien Verdelhan, Massachusetts Institute of Technology
Nikolai Roussanov, University of Pennsylvania
Tail Risk -- Saanich
Ian Martin, Stanford University
Risk Premia and the Conditional Tails of Stock Returns
Bryan Kelly, New York University
Learning, Confidence, and Option Prices
Ivan Shaliastovich, University of Pennsylvania
Tails, Fears and Risk Premia
Viktor Todorov, Northwestern University
Tim Bollerslev, Duke
University
Discussants:
Joe Chen, University of California-Davis
Jakub Jurek, Princeton University
Yuhang Xing, Rice University
Relationship Lending -- Esquimalt
Anjan Thakor, Washington University
Relationship Bank Behavior During Borrower Distress and Bankruptcy
Anand Srinivasan, National University of Singapore
Yan Li, Korea
University
What's Bank Reputation Worth? The Effect of Fraud on Financial Contracts and Investment
Daniel Paravisini, Columbia University
Hannah Lin, International Monetary Fund
Skin in the Game: The Incentive Structure in Online Social Lending
Thomas Hildebrand, European School of Management and Technology
Manju Puri, Duke
University
Jörg Rocholl, European
School of Management and Technology
Discussants:
Lori Santikian, Harvard University
S. Abraham (Avri) Ravid, Rutgers University
Nagpurnanand Prabhala, University of Maryland
Competition and Firm Behavior -- Sidney, 2nd Floor
Thomas Chemmanur, Boston College
How Did Increased Competition Affect Credit Ratings?
Bo Becker, Harvard University
Todd Milbourn, Washington
University-St. Louis
The Effect of Credit Rationing on the Shape of the Competition-Innovation Relationship
Jan Bena, University of British Columbia
Trade Credit, Product Market Power, and Relation-specific Investment
Vikram Nanda, Georgia Institute of Technology
Jayant Kale, Georgia
State University
Nishant Dass, Georgia
Institute of Technology
Discussants:
Anastasia Kartasheva, University of Pennsylvania
Paul Povel, University of Houston
Michael Faulkender, University of Maryland