Conference Program

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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
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Contractual Versus Actual Severance Pay Following CEO Departure
Eitan Goldman, Indiana University
Peggy Huang, Indiana University
Discussant: Ashwini Agrawal, New York University
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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
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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
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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
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Why are Credit Ratings Useful?
Jess N. Cornaggia, Indiana University
Kimberly J. Cornaggia, American University
Discussant: Steve Heston, University of Maryland
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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
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Do Fair Values Predict Future Financial Performance?
Mark Evans, Indiana University
Leslie Hodder, Indiana University
Patrick Hopkins, Indiana University
Discussant: Urooj Khan, Columbia University
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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
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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
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Firm Locations and Takeover Likelihood
Ye Cai, Santa Clara University
Xuan Tian, Indiana University
Discussant: Robert Hauswald, American University
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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
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Is the Corporate Governance of LBOs Effective?
Francesca Cornelli, London Business School
Oguzhan Karakas, Boston College
Discussant: Liu Yang, University of California, Los Angeles
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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
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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
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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
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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
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Customer-Base Concentration: Implications for Firm Performance and Capital Markets
Panos N. Patatoukas, University of California, Berkeley
Discussant: Bill Mayew, Duke University
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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Individual Investors and Financial Disclosure
Alastair Lawrence, University of Toronto
Discussant: Nick Seybert, University of Maryland
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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
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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
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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
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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
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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
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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
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The Chinese Warrants Bubble
Wei Xiong, Princeton University
Jialin Yu, Columbia University
Discussant: Sophie Shive, Notre Dame University
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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
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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
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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
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Geographic Innovation Spillovers and Technology Risk Premia
Po-Hsuan Hsu, University of Connecticut
Discussant: Dana Kiku, University of Pennsylvania
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Larger Stocks Earn Higher Returns!
Fangjian Fu, Singapore Management University
Wei Yang, University of Rochester
Discussant: Anisha Ghosh, Carnegie Mellon
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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
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Reporting Bias and Economic Shocks
Joseph Gerakos, University of Chicago
Andrei Kovrijnykh, University of Chicago
Discussant: Chris Armstrong, University of Pennsylvania
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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
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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
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Bank Capital, Borrower Power, and Loan Rates
Joao Santos, NY FED
Andrew Winton, University of Minnesota
Discussant: Radha Gopalan, Washington University, St. Louis
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Do Peer Firms Affect Corporate Financial Policy
Mark Leary, Cornell University
Michael Roberts, University of Pennsylvania
Discussant: Fei Xie, George Mason University
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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
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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