Finance

Hotels & Airport Information

Hotel Information

The Marriott Inn & Conference Center, University of Maryland University College 
Rate: $159 per night
Reservations for the Event will be made by individual attendees directly with Marriott reservation 301-985-7300
Mention: Financial Economic and Accounting Symposium
Sold out - check for cancellations

Greenbelt Marriott
Rate: $119.00 per night
Reservations for the Event will be made by individual attendees directly with Marriott reservations at 301-441-3700
Mention: Conference on Financial Economics and Accounting or CFEA
Block expires: 11/5/10

Holiday Inn - College Park
Rate: $99.00 per night
Reservations for the Event will be made by individual attendees directly with the Holiday Inn reservations at 301-345-6700
Mention: Conference on Financial Economics and Accounting or CFEA
Block expires : 10/19/10

Airport Information

Conference Organizers

Lemma Senbet

Professor Lemma W. Senbet

The William E. Mayer Chair Professor of Finance
University of Maryland Robert H. Smith School of Business
Ph.D., University at Buffalo, SUNY
MBA, UCLA 
E-mail: lsenbet@rhsmith.umd.edu

Professor Senbet was Chair of the Finance Department, 1998-2006, and his tenure saw rapid transformation of the department into world class. His widely cited publications have appeared in the Journal of Finance, Review of Financial Studies, Journal of Business, and other leading academic journals. He has received numerous honors and professional recognitions. He has been a director of the American Finance Association and served as President of the Western Finance Association. He is inducted Fellow of the Financial Management Association International and a member of the Financial Economists Roundtable. He was awarded an honorary doctor of letters Honoris Causa by Addis Ababa University, Ethiopia's flagship institution of higher learning. Senbet has advised the World Bank, the IMF, the UN, and other institutions on issues of financial sector reforms and capital market development. He has served as an independent director for The Fortis Funds and currently is an independent director for The Hartford Funds. Senbet has also served on over a dozen editorial boards, including the Journal of Finance (12 years), Financial Management (20 years), Journal of Financial and Quantitative Analysis (7 years), and served as executive editor of Financial Management (6 years). He is currently finance area editor for JIBS. Senbet has produced a string of doctoral students and placed them in major universities, including Carnegie Mellon, Dartmouth, Vanderbilt, Florida, and Minnesota. He received the Smith School's Krowe Award for Teaching Excellence in 1994.

Gurdip Bakshi

Gurdip S. Bakshi

Dean's Professor of Finance
University of Maryland Robert H. Smith School of Business
Ph.D., University of Wisconsin-Madison 
E-mail: gbakshi@rhsmith.umd.edu

Professor Bakshi's research interests include asset pricing, international finance, term structure of interest rates, default risk, and pricing of derivative securities. His works have been published in the American Economic Review, Journal of Business, Journal of Finance, Journal of Financial Economics, Management Science, Journal of Financial and Quantitative Analysis, and Review of Financial Studies. His recent work focuses on studying the valuation structures of technology stocks, risk premiums, investor irrationality, probability of stock market crashes, and credit risks. He was appointed FDIC Fellow in 2005, and won research grants from FDIC and BSI Gamma Foundation. Professor Bakshi also serves on the editorial boards of Review of Financial Studies, Journal of Financial and Quantitative Analysis, Review of Derivatives Research and Journal of Financial Econometrics. He was ranked as a top 15% teacher in 2003, 2004 and 2007.

Rebecca Hann

Rebecca Hann

Associate Professor and KPMG Faculty Fellow
University of Maryland Robert H. Smith School of Business
Ph.D., University of Pennsylvania 
E-mail: rhann@rhsmith.umd.edu

Rebecca Hann received her MA and PhD from the Wharton School of the University of Pennsylvania. Her research interests are in the areas of financial reporting and disclosure, corporate governance, and corporate finance. Her research has been published in leading accounting journals, including the Accounting Review, the Journal of Accounting and Economics, the Journal of Accounting Research, and the Review of Accounting Studies. Prior to joining the Smith School, she was on the faculty of the University of Southern California's Marshall School of Business.

Stephen Brown

Stephen Brown

Assistant Professor
University of Maryland Robert H. Smith School of Business
Ph.D., Accounting & Information Systems, Northwestern University 
E-mail: sbrown@rhsmith.umd.edu

Dr. Stephen Brown joined the AIA faculty as an assistant professor in Fall 2008. He holds a doctorate in accounting from Northwestern University and a Masters degree in Engineering Science and Economics from the University of Oxford in the UK. He is a Chartered Accountant and prior to entering academia, he worked for Arthur Andersen in both the audit and tax divisions. Stephen’s research focuses on the causes and effects of disclosures by management on the capital market. Stephen’s doctoral dissertation examined assumptions made by firms in the computation of their pension obligations and the way in which the capital markets interpret the resulting values reported in the financial statements. Subsequent work has examined the extent to which firms can reduce information asymmetry in the market for their stock by their disclosure policies. His work has been published in leading accounting journals.

During 2007-08, Stephen served as an academic fellow in the Office of the Chief Accountant at the Securities and Exchange Commission. Before that, he was on the faculty of Goizueta Business School at Emory University in Atlanta.

Conference Program

Download the most recent version of the program PDF

Friday, November 12, 2010

Registration, Van Munching Hall (Atrium): 11:30 a.m. – 1:30 p.m.

Lunch, Atrium: Noon – 1:30 p.m.

Concurrent Sessions I, Friday, November 12, 1:30 – 3 p.m.

Finance: Executive Compensation and Incentives
(Featured by Center for Financial Policy)

Chair: Kose John, New York University

Dynamic Incentive Accounts
Alex Edmans, University of Pennsylvania
Xavier Gabaix, New York University
Tomasz Sadzik, New York University
Yuliy Sannikov, Princeton University
Discussant: Rajesh Aggarwal, University of Minnesota
Download paper 

Contractual Versus Actual Severance Pay Following CEO Departure
Eitan Goldman, Indiana University
Peggy Huang, Indiana University
Discussant: Ashwini Agrawal, New York University
Download paper 

The Effect of CEO Compensation on Relation-Specific Investments by Customers and Suppliers
Jayant Kale, Georgia State University
Ryan Williams, Georgia State University
Simi Kedia, Rutgers University
Discussant: Dalida Kadyrzhanova, University of Maryland
Download paper 

Finance: Macro-finance

Chair: Robert McDonald, Northwestern University

Do Unconventional Interventions Unfreeze the Credit Market?
Some International Evidence
Hui Tong, International Monetary Fund
Shang-Jin Wei, Columbia University and NBER
Discussant: Sumit Agarwal, Federal Reserve Bank of Chicago
Download paper 

Mortgage Complexity and House Price Dynamics
Gene Amromin, Federal Reserve Bank of Chicago
Jennifer Huang, University of Texas at Austin
Clemens Sialm, University of Texas at Austin and NBER
Edward Zhong, Federal Reserve Bank of Chicago
Discussant: Pete Kyle, University of Maryland
Download paper 

Why are Credit Ratings Useful?
Jess N. Cornaggia, Indiana University
Kimberly J. Cornaggia, American University
Discussant: Steve Heston, University of Maryland
Download paper 

Accounting: Current Issues: IFRS, the Financial Crisis, and Fair Value Accounting

Chair: Jim Wahlen, Indiana University

Loan Loss Reserves, Regulatory Capital, and Bank Failures: Evidence from the 2008-2009 Economic Crisis
Jeffrey Ng, Massachusetts Institute of Technology
Sugata Roychowdhury, Boston College
Discussant: Dushyantkumar Vyas, University of Minnesota
Download paper 

Do Fair Values Predict Future Financial Performance?
Mark Evans, Indiana University
Leslie Hodder, Indiana University
Patrick Hopkins, Indiana University
Discussant: Urooj Khan, Columbia University
Download paper 

Credit Risk and IFRS: The Case of Credit Default Swaps
Gauri Bhat, Washington University
Jeffrey L. Callen, University of Toronto
Dan Segal, Arison School of Business, Interdisciplinary Center Herzliya, Israel
Discussant: Nicole Jenkins, Vanderbilt University
Download paper 

Concurrent Sessions II, Friday, November 12, 3:30 - 5 p.m.

Finance: Corporate Finance I

Chair: Michael Weisbach, Ohio State University and NBER

Optimal Corporate Governance in the Presence of an Activist Investor
Jonathan B. Cohn, University of Texas-Austin
Uday Rajan, University of Michigan
Discussant: Alex Edmans, University of Pennsylvania
Download paper 

Firm Locations and Takeover Likelihood
Ye Cai, Santa Clara University
Xuan Tian, Indiana University
Discussant: Robert Hauswald, American University
Download paper 

Corporate Diversification and the Cost of Capital
Rebecca N. Hann, University of Maryland
Maria Ogneva, Stanford University
Oguzhan Ozbas, University of Southern California
Discussant: Simi Kedia, Rutgers University
Download paper 

Is the Corporate Governance of LBOs Effective?
Francesca Cornelli, London Business School
Oguzhan Karakas, Boston College
Discussant: Liu Yang, University of California, Los Angeles
Download paper 

Finance: Asset Pricing I

Chair: Wayne Ferson, University of Southern California

Anomalies and Financial Distress
Doron Avramov, University of Maryland
Tarun Chordia, Emory University
Gergana Jostova, George Washington University
Alexander Philipov, George Mason University
Discussant: Ivan Shaliastovich, University of Pennsylvania
Download paper 

The Short of It: Investor Sentiment and Anomalies
Robert Stambaugh, University of Pennsylvania and NBER
Jianfeng Yu, University of Minnesota
Yu Yuan, University of Pennsylvania
Discussant: Paul Irvine, University of Georgia
Download paper 

Growth to Value: Option Exercise and the Cross-section of Equity Returns
Hengjie Ai, Duke University
Dana Kiku, University of Pennsylvania
Discussant: Wei Yang, University of Rochester
Download paper 

Accounting: Market Inefficiency

Chair: Mohan Venkatachalam, Duke University

Do firm-to-segment reconcilable earnings differences affect stock prices?
Dana Hollie, Louisiana State University
Shaokun Carol Yu, Northern Illinois University
Discussant: Bill Mayew, Duke University
Download paper 

Customer-Base Concentration: Implications for Firm Performance and Capital Markets
Panos N. Patatoukas, University of California, Berkeley
Discussant: Bill Mayew, Duke University
Download paper 

Analyst recommendations and higher order beliefs: Explaining bubbles and price drift
Karthik Balakrishnan, University of Pennsylvania
Catherine Schrand, University of Pennsylvania
Rahul Vashishtha, University of Pennsylvania
Discussant: Bill Mayew, Duke University
Download paper 

Reception: 6  – 7 p.m. at the Riggs Alumni Center
Dinner: 7 – 9 p.m. at the Riggs Alumni Center

Keynote Speaker (Conference)
Myron Scholes, Stanford University, Nobel Laureate

Welcoming Remarks
G. "Anand" Anandalingam, Dean, Robert H. Smith School of Business

Saturday, November 13, 2010

Continental Breakfast: 7:30 - 8:30 a.m. at the Van Munching Hall Atrium

Concurrent Sessions III, Saturday, November 13, 8:30 - 10 a.m.

Finance: Corporate Governance
(Featured by Center for Financial Policy)

Chair: William Longbrake, Executive-in-Residence, Center for Financial Policy
Organizer: Andrew Metrick, Yale University

Skin in the game in the Originate-to-Distribute Model: Evidence from the Online Social Lending Market
Thomas Hildebrand, ESMT European School of Management and Technology
Manju Puri, Duke University
Jorg Rocholl, ESMT European School of Management and Technology
Discussant: Enrichetta Ravina, Columbia University
Download paper 

Fiduciary Duties and Equity-Debtholder Conflicts
Bo Becker, Harvard University
Per Stromberg, Stockholm School of Economics and University of Chicago
Discussant: Thomas Chemmanur, Boston College
Download paper 

To each According to his Ability? A Cross-sectional Analysis of the Market for CEO Talent
Antonio Falato, Federal Reserve Board
Dan Li, Federal Reserve Board
Todd Milbourn, Washington University, St. Louis
Discussant: Reena Aggarwal, Georgetown University
Download paper 

Finance: Asset Pricing II

Chair: Jennifer Conrad, University of North Carolina

Credit Ratings and the Evolution of the Mortgage-Backed Securities Market
Jack He, University of Georgia
Jun Qian, Boston College
Philip Strahan, Boston College
Discussant: Gerard Hoberg, University of Maryland
Download paper 

Can Hedge Funds Time Market Liquidity?
Charles Cao, Pennsylvania State University
Yong Chen, Virginia Tech
Bing Liang, University of Massachusetts
Andrew Lo, Massachusetts Institute of Technology
Discussant: George Aragon, Arizona State University
Download paper 

It’s All in the Timing: Simple Active Portfolio Strategies that Outperform Naïve Diversification
Chris Kirby, Clemson University
Barbara Ostdiek, Rice University
Discussant: Turan Bali, Baruch College
Download paper 

The "Out-of-sample" Performance of Long-Run Risk Models
Wayne Ferson, University of Southern California
Suresh Nallareddy, University of Southern California
Biqin Xie, University of Southern California
Discussant: Jianfeng Yu, University of Minnesota
Download paper 

Accounting: Disclosure

Chair: Michael Kimbrough, University of Maryland

Do firms issuing short-term earnings guidance exhibit worse earnings quality?
Andrew C. Call, University of Georgia
Shuping Chen, University of Texas at Austin
Bin Miao, National University of Singapore
Yen H. Tong, Nanyang Technological University
Discussant: John Jiang, Michigan State University
Download paper 

A Unified Framework of Management Earnings Forecasts: Voluntary, Disclose or Abstain, and Opportunistic Incentives
Edward Li, University of Rochester
Charles Wasley, University of Rochester
Jerold Zimmerman, University of Rochester
Discussant: Francois Brochet, Harvard Business School
Download paper 

Individual Investors and Financial Disclosure
Alastair Lawrence, University of Toronto
Discussant: Nick Seybert, University of Maryland
Download paper 

Concurrent Sessions IV, Saturday, November 13, 10:30 a.m. - Noon

Finance: Corporate Finance II

Chair: Vojislav Maksimovic, University of Maryland

Determinants of Cross-Border Mergers and Acquisitions 
Isil Erel, Ohio State University
Rose C. Liao, Rutgers University
Michael S. Weisbach, Ohio State University and NBER
Discussant: Tanakorn Makaew, University of South Carolina
Download paper 

Trade Credit, Relationship-specific Investment, and Product-Market Power
Nishant Dass, Georgia Institute of Technology
Jayant Kale, Georgia State University
Vikram Nanda, University of Michigan
Discussant: Utpal Bhattacharya, Indiana University
Download paper 

Who benefits from the leverage in LBOs?
Tim Jenkinson, Oxford University and CEPR
Ruediger Stucke, Oxford University and CEPR 
Discussant: Tracy Wang, University of Minnesota
Download paper 

Finance: Derivatives

Chair: Charles Cao, Pennsylvania State University

Option Anomalies and the Pricing Kernel
Peter Christoffersen, McGill University
Steven Heston, University of Maryland
Kris Jacobs, University of Houston, McGill University, and Tilburg University
Discussant: George Panayotov, Georgetown University
Download paper 

In Search of Aggregate Jump and Volatility Risk in the Cross-Section of Stock Returns
Martijn Cremers, Yale School of Management
Michael Halling, University of Utah
David Weinbaum, Syracuse University
Discussant: Hao Zhou, The Federal Reserve Board
Download paper 

Trading Puts and CDS on Stocks with Short Sale Ban
Sophie Xiaoyan Ni, Hong Kong University of Science and Technology
Jun Pan, Massachusetts Institute of Technology
Discussant: Ken Zhong, Rutgers University
Download paper 

The Chinese Warrants Bubble
Wei Xiong, Princeton University
Jialin Yu, Columbia University
Discussant: Sophie Shive, Notre Dame University
Download paper 

Accounting: Accounting Information & Debt Markets

Chair: K. R. Subramanyam, University of Southern California

The Role of Bank Reputation in “Certifying” Future Performance Implications of Borrowers’ Accounting Numbers
Robert M. Bushman, University of North Carolina at Chapel Hill
Regina Wittenberg-Moerman, University of Chicago
Discussant: Jieying Zhang, University of Southern California
Download paper 

The Role of Accounting-based Financial Covenants in Preventing Substantive Defaults of Public Debt
Zahn Bozanic, Penn State University
Discussant: Valeri Nikolaev, University of Chicago

Alternative Information Sources and Information Asymmetry Reduction: Evidence from Small Business Debt
Gavin Cassar, University of Pennsylvania
Christopher D. Ittner, University of Pennsylvania
Ken S. Cavalluzzo, Wisconsin Capital Management
Discussant: Shyam Sunder, University of Arizona
Download paper 

Lunch: Noon – 1:30 p.m.

Keynote Speaker (Luncheon)
Michael Greenberger, University of Maryland (Baltimore)

Concurrent Sessions V, Saturday, November 13, 1:30 - 3 p.m.
Finance: Asset Pricing III

Chair: Robert Stambaugh, University of Pennsylvania

Does Correlated Analyst Coverage Explain Excess Comovement?
Ryan D. Israelsen, Indiana University
Discussant: Marcin Kacperczyk, New York University
Download paper 

Geographic Innovation Spillovers and Technology Risk Premia
Po-Hsuan Hsu, University of Connecticut
Discussant: Dana Kiku, University of Pennsylvania
Download paper 

Larger Stocks Earn Higher Returns!
Fangjian Fu, Singapore Management University
Wei Yang, University of Rochester
Discussant: Anisha Ghosh, Carnegie Mellon
Download paper 

Accounting: Earnings Quality

Chair: Catherine Schrand, University of Pennsylvania

Managerial Ability and Earnings Quality
Peter Demerjian, Emory University
Melissa Lewis, University of Utah
Baruch Lev, New York University
Sarah McVay, University of Utah
Discussant: Per Olsson, Duke University
Download paper 

Reporting Bias and Economic Shocks
Joseph Gerakos, University of Chicago
Andrei Kovrijnykh, University of Chicago
Discussant: Chris Armstrong, University of Pennsylvania
Download paper 

Accrual quality, bond liquidity, and cost of debt
Claudia Zhen Qi, University of Southern California
K. R. Subramanyam, University of Southern California
Jieying Zhang, University of Southern California
Discussant:  Regina Wittenberg-Moerman, University of Chicago
Download paper 

Concurrent Sessions VI, Saturday, November 13, 3:30 - 5 p.m.

Finance: Financial Institutions

Chair: Anjan Thakor, Washington University,  St. Louis

The Economics of Unsolicited Credit Ratings
Paolo Fulghieri, University of North Carolina
Gunter Strobl, University of North Carolina
Discussant: Jie Yang, Georgetown University
Download paper 

Bank Capital, Borrower Power, and Loan Rates
Joao Santos, NY FED
Andrew Winton, University of Minnesota
Discussant: Radha Gopalan, Washington University, St. Louis
Download paper 

Do Peer Firms Affect Corporate Financial Policy
Mark Leary, Cornell University
Michael Roberts, University of Pennsylvania
Discussant: Fei Xie, George Mason University
Download paper

Accounting: Corporate Governance and Internal Control

Chair: Shiva Rajgopal, Emory University

Do Shareholders Listen? M&A Advisor Opinions and Shareholder Voting
David Becher, Drexel University
Jay Cai, Drexel University
Wenjing Ouyang, Drexel University
Discussant: Mary Ellen Carter, Boston College
Download paper 

Top Executive Background and Firm M&A: The Case of Former Investment Bankers
Francois Brochet, Harvard Business School
Kyle Welch, Harvard Business School
Discussant: Sudarshan Jayaraman, Washington University, St. Louis

The Economics Effects of SOX Section 404 Compliance: A Corporate Insider Perspective
Cindy R. Alexander, U.S. Securities and Exchange Commission (SEC)
Scott W. Bauguess, U.S. Securities and Exchange Commission (SEC)
Yoon-Ho Alex Lee, U.S. Securities and Exchange Commission (SEC)
Jennifer Marietta-Westberg, U.S. Securities and Exchange Commission (SEC)
Gennaro Bernile, University of Miami School of Business and Economic Fellow at the SEC
Discussant: Weili Ge, University of Washington

Keynote Speakers

Myron Scholes

Myron Scholes

Conference Keynote Speaker
Frank E. Buck Professor of Finance, Emeritus
Nobel Laureate in Economic Sciences
Stanford Graduate School of Business

Myron Scholes’s research has focused on taxation on asset prices and incentives. He studied the effects of the taxation of dividends on the prices of securities, the interaction of incentives and taxes in executive compensation, capital structure issues with taxation, and the effects of taxes on the optimal liquidation of assets. He wrote several articles on investment banking and incentives and developed a new theory of tax planning under uncertainty and information asymmetry which led to a book with Mark A. Wolfson called Taxes and Business Strategies: A Planning Approach (Prentice Hall, 1991).

Myron Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business, Nobel laureate in Economic Sciences, and co-originator of the Black-Scholes options pricing model. Scholes was awarded the Nobel Prize in 1997 for his new method of determining the value of derivatives. Scholes serves as the Chairman of Platinum Grove Asset Management and on the board of directors of Dimensional Fund Advisors. He was a principal and Limited Partner at Long-Term Capital Management, L.P. and a Managing Director at Salomon Brothers, where he was instrumental in building Salomon Swapco. Other positions Scholes held include the Edward Eagle Brown Professor of Finance at the University of Chicago, Senior Research Fellow at the Hoover Institution, Director of the Center for Research in Security Prices, and Professor of Finance at MIT’s Sloan School of Management. Scholes earned his PhD at the University of Chicago.

Micheal Greenberger

Michael Greenberger

Luncheon Keynote Speaker
Law School Professor
Director, Center for Health and Homeland Security
University of Maryland School of Law

Michael Greenberger is the Founder and Director of the Center for Health and Homeland Security (CHHS) at the University of Maryland and a professor at the School of Law. Professor Greenberger designed and teaches two courses focused on counterterrorism and emergency response and also teaches a seminar on Futures, Options and Derivatives at the School of Law.

Professor Greenberger currently serves as the Chair of the Maryland Governor's Emergency Management Advisory Council (GEMAC). He was recently appointed by President of the American Bar Association to the Advisory Committee of the Standing Committee on Law and National Security.

In 1997, Professor Greenberger left private practice to become the Director of the Division of Trading and Markets at the Commodity Futures Trading Commission (CFTC) where he served under CFTC Chairperson Brooksley Born. In that capacity, he was responsible for supervising exchange traded futures and derivatives. He also served on the Steering Committee of the President's Working Group on Financial Markets, and as a member of the International Organization of Securities Commissions' Hedge Fund Task Force. Professor Greenberger has frequently been asked to testify before Congressional committees on issues pertaining to dysfunctions within the United States economy caused by complex and unregulated financial derivatives.

Professor Greenberger has recently served as the Technical Advisor to the United Nations Commission of Experts on Reforms of the International Monetary and Financial System and the International Energy Forum's Independent Expert Group on reducing world-wide energy price volatility.

About the Conference

The University of Maryland’s Robert H. Smith School of Business will host the 21st Annual Conference on Financial Economics & Accounting (CFEA) in conjunction with the 2010 Maryland Finance Symposium, November 12-13 in College Park, Md. Myron Scholes, winner of the 1997 Nobel Prize for Economics for his Black-Scholes theory and Frank E. Buck Professor of Finance, Emeritus, at Stanford University, will give the keynote address.

The University of Maryland is a member of a consortium of eight universities sponsoring the conference; the eight universities are University of Maryland, New York University, Indiana University, University of North Carolina, Georgia State University, University of Southern California, Rutgers University, and University of Texas.

The conference is being organized by program chairs at the Smith School: Lemma Senbet, The William E. Mayer Chair Professor of Finance and Director of the Center for Financial Policy; Gurdip Bakshi, Dean's Professor of Finance; Rebecca Hann, associate professor of accounting and KPMG Faculty Fellow; and Stephen Brown, assistant professor of accounting.

Last year, the Smith School launched its Center for Financial Policy with a mission to develop thought leadership in financial policy that impacts corporate performance, capital allocation and the stability of the global financial system. The center provides a forum for a collaborative exchange of ideas between business, government and academia to address critical policy issues.

Related Links: Smith School Finance DepartmentSmith School Accounting Department

Conference on Financial Economics and Accounting

CFEA

The University of Maryland’s Robert H. Smith School of Business hosted the world’s most dynamic researchers in finance and accounting for the 21st Annual Conference on Financial Economics & Accounting (CFEA), Nov. 12-13, 2010, in College Park, Md. The event was held in conjunction with the 2010 Maryland Finance Symposium. Myron Scholes, winner of the 1997 Nobel Prize for Economics for his Black-Scholes theory and Frank E. Buck Professor of Finance, Emeritus, at Stanford University, gave the keynote address.

Myron Scholes

Nobel Laureate Myron Scholes to Keynote Conference

Myron Scholes is the Frank E. Buck Professor of Finance Emeritus, Stanford University. He is a co-inventor of the Black-Scholes option pricing model, which provides a fundamental conceptual framework for valuing derivatives and has become the standard for pricing and managing risk. Professor Scholes was awarded the Nobel Prize for his seminal work. He was the President of the American Finance Association in 1990 and has received honorary doctorates from numerous universities.

Michael Greenberger

Michael Greenberger to Keynote Luncheon

Michael Greenberger is the Founder and Director of the Center for Health and Homeland Security (CHHS) at the University of Maryland and a professor at the School of Law. Professor Greenberger also teaches a seminar on Futures, Options and Derivatives at the School of Law.

Sponsors

CIBER

CRA

Cornerstone ResearchCornerstone

Pearson

CFP 

UMD Business Experts Discuss Newspaper Industry Shifts

Media Alert: Aug. 13, 2013
Attention: Business Reporters

COLLEGE PARK, Md. Experts in the University of Maryland's Robert H. Smith School of Business are available to discuss the current state of the print news industry. Their analysis follow the recent Washington Post acquisition by Amazon.com founder and chief executive Jeff Bezos, the Boston Globe sale to Red Sox owner John Henry, plus other recent sales and spinoffs of newspapers across the United States.

SEC-Seasoned Experts Return to Smith

As a Securities and Exchange Commission deputy chief economist, Kathleen Weiss Hanley has garnered praise for delivering “critical thought leadership” and spurring “rigorous economic modeling.”

This fall, the respected economic strategist and researcher returns to the University of Maryland’s Robert H. Smith School of Business finance faculty, which she served from 1994-1999. She arrives from the SEC with a colleague -- Associate Professor Gerard Hoberg, following his one-year sabbatical as a visiting financial economist.

Become a Member

Member Selection

Please note, the application, along with all supporting documents, are to be submitted to GlobalFund2013@gmail.com by Friday March 14, 2014 by 11:59 p.m.

GER Recruiting Flyer

The Global Equity Fund will be selecting students in the Smith School’s part-time MBA and Master of Science in Business: Finance programs with a GPA of 3.0 or higher. Students are expected to make a year-long commitment if selected to be a member of the GEF. Selection is based on analytical ability, knowledge of the capital market, and a passion for finance.

Educational and Career Benefits

Globe

As a member of the GEF, students will have the opportunity to research the full spectrum of companies around the world, analyze industries and economies, and will be responsible for managing the allocation and risks of a real portfolio. The GEF provides students an exposure to a real-life asset management environment and an opportunity to enhance financial modeling skills, which are attractive experiences to potential employers. Allows students to be a part of a group that discusses current events on a weekly basis.

Analyst responsibilities

The analysts will evaluate and monitor sectors, track industry trends and current events, screen industry for potential buying opportunities, develop DCF and relative value models to value companies, make buy-hold-sell recommendations, and pitch investment ideas.

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