Preliminary Program

AFA 2007 CHICAGO MEETINGS

Chicago, IL January 5, 2007 through January 7, 2007

SIXTY SEVENTH ANNUAL MEETING AMERICAN FINANCE ASSOCIATION President: Richard C. Green President-Elect and Program Chair: Kenneth R. French

1/6/2007 5:30 PM - Business Meeting and Presidential Address

01/05/2007 - 8:00 AM
Location: Hyatt-Regency A

Determinants of Default Swap Spreads
Pierre Collin-Dufresne, University of California, Berkeley

Philippe Jorion , University of California, Irvine and Gaiyan Zhang , University of California, Irvine - Intra-Industry Credit Contagion: Evidence from the Credit Default Swap and Stock Markets

Dragon Yongjun Tang , Kennesaw State University and Hong Yan , University of South Carolina - Liquidity, Liquidity Spillover, and Credit Default Swap Spreads

Antje Berndt , Cornell University, Aziz A. Lookman , Carnegie Mellon University and Iulian Obreja , Carnegie Mellon University - Default Risk Premia and Asset Returns

Discussants:
Kenneth Singleton , Stanford Graduate School of Business
Viral Acharya , London Business School
Kent Daniel , Northwestern University

01/05/2007 - 8:00 AM
Location: Hyatt-Regency B

Understanding Risks and Expected Returns
Joseph Chen, University of Southern California

Zhi Da , University of Notre Dame and Pengjie Gao , Northwestern University - Clientele Change, Liquidity Shock, and the Return on Financially Distressed Stocks

Evan W. Anderson , Northern Illinois University, Eric Ghysels , University of North Carolina at Chapel Hill and Jennifer L. Juergens , Arizona State University - The Impact of Risk and Uncertainty on Expected Returns

Andrew Ang , Columbia University, Robert J. Hodrick , Columbia University, Yuhang Xing , Rice University and Xiaoyan Zhang , Cornell University - High Idiosyncratic Volatility and Low Returns: International and Further U.S. Evidence

Discussants:
Tarun Chordia , Emory University
Christopher Jones , University of Southern California
Tim Johnson , London Business School

01/05/2007 - 8:00 AM
Location: Hyatt-Regency C

International Comparisons
Rafael La Porta, Dartmouth College

Franklin Allen , University of Pennsylvania, Laura Bartiloro , Bank of Italy and Oskar Kowalewski , Warsaw School of Economics (SGH) - Does Economic Structure Determine Financial Structure?

Heitor Almeida , New York University, Murillo Campello , University of Illinois at Urbana-Champaign and Crocker H. Liu , New York University - The Financial Accelerator: Evidence from International Housing Markets

Bernard Yin Yeung , New York University, Lubomir P. Litov , Washington University, St. Louis and Kose John , New York University - Corporate Governance and Corporate Risk Taking: Theory and Evidence

Discussants:
Luigi Zingales , University of Chicago
Jeremy Stein , Harvard University
Peter Tufano , Harvard Business School

01/05/2007 - 8:00 AM
Location: Hyatt Regency D

Corporate Governance
Simi Kedia, Rutgers, The State University of New Jersey

Michael H. Bradley , Duke University, Alon Brav , Duke University, Itay Goldstein , University of Pennsylvania and Wei Jiang , Columbia University - Costly Communication, Shareholder Activism, and Limits to Arbitrage

Dalida Kadyrzhanova , Columbia University - Does Governance Pay, or Is Entrenchment the Way? Merger Gains and Antitakeover Provisions

Shane A. Johnson , Texas A&M University, Ted Moorman , Northern Illinois University and Sorin M. Sorescu , Texas A&M University - A Reexamination of Corporate Governance and Equity Prices

Discussants:
Laura Starks , University of Texas at Austin
S. Ravid , Rutgers, The State University of New Jersey
Kenneth Lehn , University of Pittsburgh

01/05/2007 - 8:00 AM
Location: Hyatt-Columbus Hall IJ

Dividends and Stock Repurchases
Kose John, New York University

Amy Chun-Chia Chang , University of Houston, Praveen Kumar , University of Houston and Shiva Sivaramakrishnan , University of Houston - Dividend Changes, Cash Flow Predictability, and Signaling of Future Cash Flows

Radhakrishnan Gopalan , University of Michigan at Ann Arbor, Vikram K. Nanda , Arizona State University and Amit Seru , University of Michigan at Ann Arbor - Do Business Groups Use Dividends to Fund Investments?

Gerard Hoberg , University of Maryland and Nagpurnanand R. Prabhala , University of Maryland - Dividend Policy, Risk, and Catering

Discussants:
Douglas Skinner , University of Chicago
Avner Kalay , Tel Aviv University
Michael Brennan , University of California, Los Angeles

01/05/2007 - 8:00 AM
Location: Hyatt-Acapulco

Executive Compensation and Corporate Governance
Milton Harris, University of Chicago

Praveen Kumar , University of Houston and Nisan Langberg , University of Houston - Overinvestment and Corporate Fraud in Efficient Capital Markets

Ulf Axelson , Swedish Institute for Financial Research (SIFR) and Sandeep Baliga , Northwestern University - Optimal Executive Compensation with Renegotiation: Explaining Earnings Manipulation and Vesting Schedules

Gustavo Manso , Massachusetts Institute of Technology (MIT) - Motivating Innovation

Discussants:
Oguzhan Ozbas , University of Southern California
Haresh Sapra , University of Chicago
Morten Sorensen , University of Chicago

01/05/2007 - 10:15 AM
Location: Hyatt-Regency D

Derivatives
Jun Pan, Massachusetts Institute of Technology (MIT)

Alessandro Beber , University of Lausanne and Michael W. Brandt , Duke University - Resolving Macroeconomic Uncertainty in Stock and Bond Markets

Rossen I. Valkanov , University of California, Los Angeles, Pradeep K. Yadav , Lancaster University and Yuzhao Zhang , University of California, Los Angeles - Does the Early Exercise Premium Contain Information about Future Underlying Returns?

Caio Almeida , Ibmec, Parana, Jeremy J. Graveline , Stanford Graduate School of Business and Scott Joslin , Stanford Graduate School of Business - Do Options Contain Information About Excess Bond Returns?

Discussants:
Michael Johannes , Columbia University
Nicolas P.B. Bollen , Vanderbilt University
Mikhail Chernov , Columbia University

01/05/2007 - 10:15 AM
Location: Hyatt-Regency B

Behavior of Individual Investors
Terrance Odean, University of California, Berkeley

Markus Glaser , University of Mannheim, Thomas Langer , University of Mannheim, Jens Reynders , Siemens Management Consulting and Martin Weber , University of Mannheim - Framing Effects in Stock Market Forecasts: The Difference between Asking for Prices and Asking for Returns

Anders Anderson , Swedish Institute for Financial Research (SIFR) - Is Online Trading Gambling with Peanuts?

Soeren Hvidkjaer , University of Maryland - Small Trades and the Cross-Section of Stock Returns

Discussants:
Ning Zhu , Yale School of Management
L. Frieder , Purdue University
Andrey Ukhov , Indiana University Bloomington

01/05/2007 - 10:15 AM
Location: Hyatt-Regency C

Market Efficiency and Professional Investors
Jennifer Conrad, University of North Carolina at Chapel Hill

Ekkehart Boehmer , Texas A&M University and Eric Kelley , University of Arizona - Institutional Investors and the Informational Efficiency of Prices

Zhi Da , University of Notre Dame and Ernst Schaumburg , Northwestern University - Target Prices, Relative Valuations and the Premium for Liquidity Provision

Klaas Baks , Emory University, Jeffrey A. Busse , Emory University and T. Clifton Clifton Green , Emory University - Fund Managers Who Take Big Bets: Skilled or Overconfident

Discussants:
Charles Jones , Columbia University
Kent Womack , Dartmouth College
Mark Carhart , Goldman Sachs Group, Inc.

01/05/2007 - 10:15 AM
Location: Hyatt-Acapulco

Equity Trading
Chester Spatt, Securities and Exchange Commission and Carnegie Mellon University

Christopher Charles Geczy , University of Pennsylvania and Jinghua Yan , University of Pennsylvania - Who are the Beneficiaries When Insiders Trade? An Examination of Piggybacking in the Brokerage Industry

Amber Anand , University of Central Florida, Sugato Chakravarty , Purdue University and Chairat Chuwonganant , Indiana University-Purdue University at Fort Wayne - Cleaning House: Stock Reassignments on the NYSE

Ekkehart Boehmer , Texas A&M University and Julie Wu , Texas A&M University - Order Flow and Prices

Discussants:
Mahendrarajah Nimalendran , University of Florida
Shane Corwin , University of Notre Dame
Stewart Mayhew , Securities and Exchange Commission

01/05/2007 - 10:15 AM
Location: Hyatt-Regency A

Governance Trade-Offs
Daniel Wolfenzon, New York University

Maria Guadalupe , Columbia University and Francisco Perez-Gonzalez , Columbia University - The Impact of Product Market Competition on Private Benefits of Control

Robert B.H. Hauswald , American University and Robert S. Marquez , University of Maryland - Governance Mechanisms and Corporate Disclosure

Xavier Gabaix , Massachusetts Institute of Technology (MIT) and Augustin Landier , New York University - Why Has CEO Pay Increased So Much?

Discussants:
Matias Braun , University of California, Los Angeles
Nittai Bergman , Massachusetts Institute of Technology (MIT)
Steven Kaplan , University of Chicago

01/05/2007 - 2:30 PM
Location: Hyatt-Regency A

Behavior of Institutions and Other Investors
Harrison Hong, Princeton University

Tao Shu , University of Texas at Austin - Does Positive-Feedback Trading by Institutions Contribute to Stock Return Momentum?

Rasha Ashraf , Georgia Institute of Technology and Narayanan Jayaraman , Georgia Institute of Technology - Institutional Investors' Trading Behavior in Mergers and Acquisitions

Malcolm P. Baker , Harvard Business School, Stefan Nagel , Stanford Graduate School of Business and Jeffrey A. Wurgler , New York University - The Effect of Dividends on Consumption

Discussants:
Natalia Piqueira , University of Houston
Kai Li , University of British Columbia
Nicholas Souleles , University of Pennsylvania

01/05/2007 - 2:30 PM
Location: Hyatt-Regency B

Corporate Bankruptcy and Loan Ratings
Karin Thorburn, Dartmouth College

Tom Chang , Massachusetts Institute of Technology (MIT) and Antoinette Schoar , Massachusetts Institute of Technology (MIT) - Judge Specific Differences in Chapter 11 and Firm Outcomes

Federico Ciliberto , University of Virginia and Carola Schenone , University of Virginia - Financial Decisions, Bankruptcy, and Product-Market Competition in the Airline Industry

Amir Sufi , University of Chicago - The Real Effects of Debt Certification: Evidence from the Introduction of Bank Loan Ratings

Discussants:
Edith Hotchkiss , Boston College
Sheri Tice , Tulane University
Michael Roberts , University of Pennsylvania

01/05/2007 - 2:30 PM
Location: Hyatt-Regency C

Directors, Shareholders, and Other Monitors
Andrew Metrick, University of Pennsylvania

Stuart L. Gillan , Texas Tech University, Jay C. Hartzell , University of Texas at Austin and Laura T. Starks , University of Texas at Austin - Evidence on Corporate Governance: The Joint Determination of Board Structures and Charter Provisions

Steven N. Kaplan , University of Chicago and Bernadette A. Minton , Ohio State University - How has CEO Turnover Changed? Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOs

I. J. Alexander Dyck , University of Toronto, Adair Morse , University of Michigan at Ann Arbor and Luigi Zingales , University of Chicago - Who Blows the Whistle on Corporate Fraud?

Henrik Cronqvist , Ohio State University and Rudiger Fahlenbrach , Ohio State University - Large Shareholders and Corporate Policies

Discussants:
Kose John , New York University
Brian Hall , Harvard University
Shivaram Rajgopal , University of Washington
Clifford Holderness , Boston College

01/05/2007 - 2:30 PM
Location: Hyatt-Acapulco

Theoretical Corporate
Denis Gromb, London Business School

Andrea L. Eisfeldt , Northwestern University and Adriano A. Rampini , Northwestern University - Leasing, Ability to Repossess, and Debt Capacity

Thierry Foucault , HEC Paris and Thomas Gehrig , University of Freiburg (Germany) - Stock Price Informativeness, Cross-Listings and Investment Decisions

Murray D. Carlson , University of British Columbia, Engelbert J. Dockner , University of Vienna, Adlai J. Fisher , University of British Columbia and Ron Giammarino , University of British Columbia - Leaders, Followers, and Risk Dynamics in Industry Equilibrium

Discussants:
Kenneth Ayotte , Columbia University
Itay Goldstein , University of Pennsylvania
Antonio Mello , University of Wisconsin - Madison

01/05/2007 - 2:30 PM
Location: Hyatt-Regency D

Hedge Funds: Performance and Persistance
Cliff Asness, AQR Capital Management, LLC

William Fung , London Business School, David A. Hsieh , Duke University, Narayan Y. Naik , London Business School and Tarun Ramadorai , University of Oxford - Hedge Funds: Performance, Risk and Capital Formation

Andrew Ang , Columbia University, Matthew Rhodes-Kropf , Columbia University and Rui Zhao , BlackRock - Do Funds-of-Funds Deserve Their Fees-on-Fees?

Ravi Jagannathan , Northwestern University, Alexey Malakhov , University of Arkansas at Fayetteville and Dmitry Novikov , Goldman Sachs Group, Inc. - Do Hot Hands Persist Among Hedge Fund Managers? An Empirical Evaluation

Guillermo Baquero , Erasmus University Rotterdam (EUR) and Marno Verbeek , Erasmus University Rotterdam (EUR) - Do Sophisticated Investors Believe in the Law of Small Numbers?

Discussants:
Tuomo Vuolteenaho , Arrowstreet Capital, LP
Peter Muller , Morgan Stanley
Randolph Cohen , Harvard Business School
Anthony Lynch , New York University

01/06/2007 - 8:00 AM
Location: Hyatt-Regency A

Exploring Asset Pricing Anomalies
Jonathan Lewellen, Dartmouth College

Lubos Pastor , University of Chicago and Pietro Veronesi , University of Chicago - Technological Revolutions and Stock Prices

Laura Xiaolei Liu , Hong Kong University of Science & Technology, Toni M. Whited , University of Wisconsin - Madison and Lu Zhang , University of Michigan at Ann Arbor - Regularities

Walter N. Torous , University of California, Los Angeles, Rossen I. Valkanov , University of California, Los Angeles and Alberto Plazzi , University of California, Los Angeles - Expected Returns and the Expected Growth in Rents of Commercial Real Estate

Discussants:
Leonid Kogan , Massachusetts Institute of Technology (MIT)
Sydney Ludvigson , New York University
Markus Brunnermeier , Princeton University

01/06/2007 - 8:00 AM
Location: Hyatt-Acapulco

Portfolio Choice
Dimitri Vayanos, London School of Economics & Political Science

Paul Willen , Federal Reserve Banks and Felix E. Kubler , University of Mannheim - Collateralized Borrowing And Life-Cycle Portfolio Choice

Otto van Hemert , New York University - Life-Cycle Housing and Portfolio Choice with Bond Markets

Jules H. van Binsbergen , Duke University, Michael W. Brandt , Duke University and Ralph S.J. Koijen , Tilburg University - Optimal Decentralized Investment Management

Discussants:
Hanno Lustig , University of California, Los Angeles
Francisco Gomes , London Business School
Philip Dybvig , Washington University, St. Louis

01/06/2007 - 8:00 AM
Location: Hyatt-Regency B

The Dynamics of International Equity Markets
George Karolyi, Ohio State University

Esther Eiling , Tilburg University and Bruno Gerard , Norwegian School of Management (BI) - Dispersion, Equity Returns Correlations and Market Integration

Söhnke M. Bartram , Lancaster University, Stephen J. Taylor , Lancaster University and Yaw-Huei Wang , Lancaster University - The Euro and European Financial Market Dependence

Geert Bekaert , Columbia University, Robert J. Hodrick , Columbia University and Xiaoyan Zhang , Cornell University - International Stock Return Comovements

Discussants:
Francesca Carrieri , McGill University
Frans de Roon , Tilburg University
Cheol Eun , Georgia Institute of Technology

01/06/2007 - 8:00 AM
Location: Hyatt-Regency C

Capital Structure
Michael Roberts, University of Pennsylvania

Vahap B. Uysal , University of Oklahoma - Deviation from the Target Capital Structure and Acquisition Choices

Murray D. Carlson , University of British Columbia and Ali Lazrak , University of British Columbia - Leverage Choice and Credit Spread Dynamics when Managers Risk Shift

Xin Chang , University of Melbourne and Sudipto Dasgupta , Hong Kong University of Science & Technology - Target Behavior and Financing: How Conclusive is the Evidence?

Discussants:
Mark Leary , Duke University
Ilya Strebulaev , Stanford Graduate School of Business
Michael Lemmon , University of Utah

01/06/2007 - 8:00 AM
Location: Hyatt-Regency D

M&A
Steven Kaplan, University of Chicago

Ulrike Malmendier , University of California, Berkeley and Enrico Moretti , University of California, Berkeley - Winning by Losing: Evidence on Overbidding in Mergers

Darren J. Kisgen , Boston College, Jun Qian , Boston College and Weihong Song , University of Cincinnati - Are Fairness Opinions Fair? The Case of Mergers and Acquisitions

Erik Devos , Ohio University, Palani-Rajan Kadapakkam , University of Texas at San Antonio and Srinivasan Krishnamurthy , SUNY at Binghamton - School of Management - How do Mergers Create Value? A Comparison of Taxes, Market Power and Efficiency Improvements as Explanations for Synergies

Jinghua Yan , University of Pennsylvania - Theory and Evidence of Horizontal Mergers

Discussants:
Michael Weisbach , University of Illinois at Urbana-Champaign
Matthew Rhodes-Kropf , Columbia University
Erik Stafford , Harvard Business School
C. Edward Fee , Michigan State University

01/06/2007 - 10:15 AM
Location: Hyatt-Regency A

Equity Volatility and Leverage
James Darrell Duffie, Stanford Graduate School of Business

Hazem Daouk , Cornell University and David Ng , Cornell University - Is Unlevered Firm Volatility Asymmetric?

Harjoat Singh Bhamra , University of British Columbia and Raman Uppal , London Business School - The Effect of Introducing a Non-Redundant Derivative on the Volatility of Stock-Market Returns

Abdullah C. Aydemir , Lehman Brothers, New York, Michael F. Gallmeyer , Texas A&M University and Burton Hollifield , Carnegie Mellon University - Financial Leverage Does Not Cause the Leverage Effect

Discussants:
Jun Pan , Massachusetts Institute of Technology (MIT)
Leonid Kogan , Massachusetts Institute of Technology (MIT)
Jessica Wachter , University of Pennsylvania

01/06/2007 - 10:15 AM
Location: Hyatt-Regency B

Behavioral Approaches to Asset Pricing
Nicholas Barberis, Yale School of Management

Lauren Cohen , Yale School of Management and Andrea Frazzini , University of Chicago - Economic Links and Predictable Returns

Shlomo Benartzi , University of California, Los Angeles, Roni Michaely , Cornell University, Richard H. Thaler , University of Chicago and William Charles Weld , Cornell University - The Nominal Price Puzzle

Kewei Hou , Ohio State University, Lin Peng , City University of New York and Wei Xiong , Princeton University - A Tale of Two Anomalies: The Implication of Investor Attention for Price and Earnings Momentum

Discussants:
Jonathan Lewellen , Dartmouth College
Owen Lamont , Yale School of Management
Kent Daniel

01/06/2007 - 10:15 AM
Location: Hyatt-Regency C

Mutual Fund Organizations
Daniel Bergstresser

Ajay Khorana , Georgia Institute of Technology, Peter Tufano , Harvard Business School and Lei Wedge , University of South Florida - Board Structure, Mergers and Shareholder Wealth: A Study of the Mutual Fund Industry

Jerold B. Warner , William E. Simon Graduate School of Business Administration and Joanna Shuang Wu , William E. Simon Graduate School of Business Administration - Changes in Mutual Fund Advisory Contracts

Massimo Massa , INSEAD, Jonathan Reuter , University of Oregon and Eric Zitzewitz , Stanford Graduate School of Business - The Rise of Anonymous Teams in Fund Management

Discussants:
Richard Evans , Boston College
Daniel Deli , Arizona State University
Camelia Kuhnen , Northwestern University

01/06/2007 - 10:15 AM
Location: Hyatt-Acapulco

Trading and Information in Markets
Maureen O'Hara, Cornell University

Delphine Sabourin , Université Paris IX Dauphine (Presented By Thierry Foucault, HEC) - Are Designated Market Makers Necessary in Centralized Limit Order Markets?

Paolo Pasquariello , University of Michigan at Ann Arbor and Clara Vega , William E. Simon Graduate School of Business Administration - Informed and Strategic Order Flow in the Bond Market

Diego Agudelo , Indiana University Bloomington - Do Local or Foreign Traders know More in an Emerging Market? A Possible Solution to the Puzzle

Discussants:
Lawrence Glosten , Columbia University
Michael Goldstein , Babson College
Gideon Saar , Cornell University

01/06/2007 - 10:15 AM
Location: Hyatt-Regency D

Corporate Investment and Capital Structure
John Graham, Duke University

Murillo Campello , University of Illinois at Urbana-Champaign and Zsuzsanna Fluck , Michigan State University - Product Market Performance, Switching Costs, and Liquidation Values: The Real Effects of Financial Leverage

Evgeny Lyandres , Rice University and Alexei Zhdanov , George Mason University - Underinvestment or Overinvestment: The Effects of Financial Leverage on Investment

Tor-Erik Bakke , University of Wisconsin - Madison and Toni M. Whited , University of Wisconsin - Madison - Which Firms Follow the Market? An Analysis of Corporate Investment Decisions

Michael R. Roberts , University of Pennsylvania and Sudheer Chava , Texas A&M University - Is Financial Contracting Costly? An Empirical Analysis of Debt Covenants and Corporate Investment

Discussants:
Gordon Phillips , University of Maryland
David Mauer , Southern Methodist University
Malcolm Baker , Harvard Business School
Amir Sufi, University of Chicago

01/06/2007 - 2:30 PM
Location: Hyatt-Regency C

Market Efficiency
John Griffin, University of Texas at Austin

Utpal Bhattacharya , Indiana University Bloomington and Neal E. Galpin , Texas A&M University - Is Stock Picking Declining Around the World?

Ekkehart Boehmer , Texas A&M University, Charles M. Jones , Columbia University and Xiaoyan Zhang , Cornell University - Which Shorts are Informed?

Paul H. Schultz , University of Notre Dame - Downward Sloping Demand Curves, the Supply of Shares, and the Collapse of Internet Stock Prices

Discussants:
Randall Morck , University of Alberta
Ingrid Werner , Ohio State University
Wei Xiong , Princeton University

01/06/2007 - 2:30 PM
Location: Hyatt-Regency A

Empirical Asset Pricing: Skeptical Perspectives
Lubos Pastor, University of Chicago

Martin Lettau , New York University and Sydney C. Ludvigson , New York University - Euler Equation Errors

Jonathan W. Lewellen , Dartmouth College, Stefan Nagel , Stanford Graduate School of Business and Jay A. Shanken , Emory University - A Skeptical Appraisal of Asset Pricing Tests

Long Chen , Michigan State University and Shelly Zhao , Kent State University - Return Decomposition

Discussants:
Vito Gala , University of Chicago
Motohiro Yogo , University of Pennsylvania
Tuomo Vuolteenaho , Arrowstreet Capital, LP

01/06/2007 - 2:30 PM
Location: Hyatt-Acapulco

Financial Intermediation
Manju Puri, Duke University

Nadia Ziad Massoud , University of Alberta, Anthony Saunders , New York University and Barry Scholnick , University of Alberta - The Cost of Being Late: The Case of Credit Card Penalty Fees

Elena Loutskina , University of Virginia and Philip E. Strahan , Boston College - Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Acceptance Rates

Joao A.C. Santos , Federal Reserve Banks and Kristin E. Wilson , Affiliation Unknown - Does Banks' Corporate Control Benefit Firms? Evidence from US Banks' Control Over Firms' Voting Rights

Discussants:
Loretta Mester , Federal Reserve Banks
Mark Leary , Duke University
Steven Drucker , Columbia University

01/06/2007 - 2:30 PM
Location: Hyatt-Regency B

The Corporate Governance of Executive and Employee Compensation
Paolo Volpin, London Business School

Henrik Cronqvist , Ohio State University, Fredrik Heyman , Research Institute of Industrial Economics (IUI), Mattias Nilsson , Worcester Polytechnic Institute (WPI), Helena Svaleryd , Research Institute of Industrial Economics (IUI) and Jonas Vlachos , Stockholm School of Economics - Do Entrenched Managers Pay Their Workers More?

Nishant Dass , INSEAD, Massimo Massa , INSEAD and Urs C. Peyer , INSEAD - Why do CEOs Increase Their Equity-Based Compensation? Because They have to

Zacharias Sautner , University of Amsterdam and Martin Weber , University of Mannheim - Corporate Governance and the Design of Stock Option Programs

Discussants:
Augustin Landier , New York University
Yaniv Grinstein , Cornell University
Dirk Jenter , Massachusetts Institute of Technology (MIT)

01/06/2007 - 2:30 PM
Location: Hyatt-Regency D

IPO's
Jay Ritter, University of Florida

Tim Jenkinson , University of Oxford and Howard Jones , University of Oxford - IPO Pricing and Allocation: A Survey of the Views of Institutional Investors

Ozgur S. Ince , Virginia Polytechnic Institute & State University - Why Do IPO Offer Prices Only Partially Adjust?

Michael A. Goldstein , Babson College, Paul J. Irvine , University of Georgia and Andy Puckett , University of Georgia - Purchasing IPOs with Commissions: Theoretical Predictions and Empirical Results

Discussants:
Raymond Fishe , University of Richmond
Kathleen Hanley , Securities and Exchange Commission (SEC)
Jonathan Reuter , University of Oregon

01/07/2007 - 8:00 AM
Location: Hyatt-Regency B

Cross Section of Stock Returns
Lu Zhang, University of Michigan at Ann Arbor

Soosung Hwang , City University London and Alexandre Rubesam , City University London - Is Value Really Riskier Than Growth?

Ravi Bansal , Duke University, Robert F. Dittmar , University of Michigan at Ann Arbor and Dana Kiku , Duke University - Long Run Risks and Equity Returns

Michael J. Cooper , Purdue University, Huseyin Gulen , University of Michigan at Ann Arbor and Michael J. Schill , University of Virginia - What Best Explains the Cross-Section of Stock Returns? Exploring the Asset Growth Effect

Discussants:
Ralitsa Petkova , Case Western Reserve University
Sydney Ludvigson , New York University
Laura Xiaolei Liu , Hong Kong University of Science & Technology

01/07/2007 - 8:00 AM
Location: Hyatt-Acapulco

Asset Pricing with Heterogeneous Beliefs
Wei Xiong, Princeton University

Bernard Dumas , INSEAD, Alexander Kurshev , London Business School and Raman Uppal , London Business School - What Can Rational Investors Do About Excessive Volatility and Sentiment Fluctuations?

Snehal Banerjee , Stanford Graduate School of Business, Ron Kaniel , Duke University and Ilan Kremer , Stanford Graduate School of Business - Momentum as an Outcome of Differences in Higher Order Beliefs

Yang Bai , University of Hong Kong, Eric C. Chang , University of Hong Kong and Jiang Wang , Massachusetts Institute of Technology (MIT) - Asset Prices and Short-Sale Constraints

Discussants:
Costis Skiadas , Northwestern University
Stephen Morris , Princeton University
Hongjun Yan , Yale University

01/07/2007 - 8:00 AM
Location: Hyatt-Regency A

Behavioral Corporate Finance: Managerial Overconfidence and Corporate Overvaluation
Ulrike Malmendier, University of California, Berkeley

Itzhak Ben-David , University of Chicago, John R. Graham , Duke University and Campbell R. Harvey , Duke University - Managerial Overconfidence and Corporate Policies

Anand M. Goel , DePaul University and Anjan V. Thakor , Washington University, St. Louis - Overconfidence, CEO Selection, and Corporate Governance

Weihong Song , University of Cincinnati - Does Overvaluation Lead to Bad Mergers?

Discussants:
Dirk Hackbarth , Washington University, St. Louis
Simon Gervais , Duke University
Pavel Savor , Harvard Business School

01/07/2007 - 8:00 AM
Location: Hyatt-Regency C

Empirical Topics in Corporate Leverage
Antoinette Schoar, Massachusetts Institute of Technology (MIT)

Julian Atanassov , University of Michigan at Ann Arbor, Vikram K. Nanda , Arizona State University and Amit Seru , University of Michigan at Ann Arbor - Finance and Innovation: The Case of Publicly Traded Firms

David T. Brown , University of Florida, C. Edward Fee , Michigan State University and Shawn E. Thomas , University of Pittsburgh - Financial Leverage and Bargaining Power with Suppliers: Evidence from Leveraged Buyouts

Jose Maria Liberti , London Business School and Atif R. Mian , University of Chicago - Uncovering Collateral

Discussants:
Andres Almazan , University of Texas at Austin
Holger Mueller , New York University
Philip Strahan , Boston College

01/07/2007 - 8:00 AM
Location: Hyatt-Regency D

The Financial Payoffs from Political Connections
Martin Gruber, New York University

Efraim Benmelech , Harvard University and T