2016 Conference Events Schedule Registration: Wednesday, 3/2 4:00 pm – 7:00 pm Thursday, 3/3 7:30 am – 5:00 pm Friday, 3/4 7:30 am – 5:00 pm Saturday, 3/5 8:30 am – noon
Coffee Breaks – Foyer Phoenix Ballroom Thursday, 3/3 9:30 am - 10:15 am Sponsor: Rotman School of Management, University of Toronto 3:00 pm – 3:45 pm Sponsor: CFA Institute Friday, 3/4 9:30 am - 10:15 am 3:00 pm – 3:45 pm
Board Meetings MFA Advisory Board (Past Presidents) Thursday, 3/3 7:00 pm Savannah Room MFA Board of Directors Friday, 3/4 8:00 am Savannah Room FMA Board of Directors Friday, 3/4 8:00 am Charleston 1 Room
Wednesday, 3/2/16 5:30 pm – 7:30 pm Welcome Reception - Charleston & Nox Creek Southern Grill Thursday, 3/3/16 7:00 am – 8:00 am Welcome Breakfast – Phoenix Ballroom Salons I, III, V Sponsor: CFA Institute (Limited capacity breakfast buffet-first come first serve) Panel Presentation: Women in Investment Management Jackie Gingrich Cushman, CFA, Speaker, Columnist, Socialpreneur, Author Molly M. Guenther, CFA, CFP, Senior Portfolio Manager, Montag Dana H. Halberg, CFA, Chairman, BNY Mellon Wealth Management Janet T. Miller, CFA, Managing Partner, Rowland & Company 8:00 am - 9:45 am Morning Sessions 10:00 am - 11:45 am Morning Sessions 11:45 am – 1:25 pm Luncheon - Phoenix Ballroom Salons I, III, V **(advance meal ticket purchase) Hosted by The Quarterly Journal of Finance Editors: Jean Helwege, University of California, Riverside Fernando Zapatero, University of Southern California 1:30 pm – 3:15 pm Afternoon Sessions 3:30 pm – 5:15 pm Afternoon Sessions 5:30 pm – 7:00 pm State of the Industry Address - Phoenix Ballroom Salons I, III, V James A. Gentry Distinguished Financial Executive Keynote Address by Gerald Garvey, Ph.D. Managing Director, BlackRock, Inc. Until 8:00 pm Reception Following Keynote - Charleston & Nox Creek Southern Grill Friday, 3/4/16 8:00 am - 9:45 am Morning Sessions 10:00 am - 11:45 am Morning Sessions 11:45 am – 1:25 pm Luncheon – Phoenix Ballroom Salons I, III, V **(advance meal ticket purchase) Annual Membership Business Meeting 1:30 pm – 3:15 pm Afternoon Sessions 3:30 pm – 5:15 pm Afternoon Sessions 5:30 pm – 7:00 pm Featured Speaker - Phoenix Ballroom Salons I, III, V Keynote Address by Annette Vissing-Jorgensen Arno A. Rayner Chair in Finance and Management, Haas School of Business University of California, Berkeley Until 8:00 pm Reception Following Keynote – Charleston & Nox Creek Southern Grill Saturday, 3/5/16 8:00 am - 9:45 am Morning Sessions 10:00 am - 11:45 am Morning Sessions
**Meal service is by advance ticket purchase only, audience seating without meal service is available upon request
Summary of the Program Sessions
Thursday Morning Sessions
Thursday, 3/3/2016 8:00 am - 9:45 am
Salon II Salon IV Salon VI Atlanta 1 Return 2 Asymmetric 3 Mergers and 4 Behavior and Predictability Information and Acquisitions 1 Investment Decisions Corporate Policies Columbia Charlotte Frankfurt Jackson 5 Catering to 6 Credit Default 7 Jumps and Asset 8 Term Structure Individual Investors Swaps Prices Models of Interest Rates Nashville Richmond Montgomery Lexington 9 Reporting 10 Bank Risk Taking 11 Insurance 12 Private Equity and and Stability Venture Capital
Coffee Break (Foyer Phoenix Ballroom) Sponsored by the Rotman School of Management, University of Toronto
Thursday, 3/3/2016 10:00 am - 11:45 am
Salon II Salon IV Salon VI Atlanta 13 Trading 14 Corporate Voting 15 Networks 16 Institutional Investors' Behavior Columbia Charlotte Frankfurt Jackson 17 Credit and Equity 18 Equity Risk 19 Municipal Bond 20 Global Investing Markets Factors Issuers and State- owned Enterprises Nashville Richmond Montgomery 21 Bank Runs 22 Corporate Finance 23 Productivity
Summary of the Program Sessions
Thursday Afternoon Sessions
Thursday, 3/3/2016 1:30 pm - 3:15 pm
Salon II Salon IV Salon VI Atlanta 24 Returns 25 Banks and Credit 26 Distinguished 27 Individual Default Swaps Professors Session - Investors Essentials of Finance Columbia Charlotte Frankfurt Jackson 28 Credit Markets 29 Stock Return 30 Informed Traders 31 International Dynamics Investments and Country Governance Nashville Richmond Montgomery Lexington 32 Bank Credit and 33 Venture Capital 34 Cash Holdings 35 M&A and Labor Bargaining Power
Coffee Break (Foyer Phoenix Ballroom) Sponsored by the CFA Institute
Thursday, 3/3/2016 3:30 pm - 5:15 pm
Salon II Salon IV Salon VI Atlanta 36 Drift 37 Corporate 38 Stock Market 39 Portfolio Choice Restructuring and Anomalies Distress Columbia Charlotte Frankfurt Jackson 40 Corporate Debt 41 Government 42 Illiquidity 43 Options 1 Markets Policies and Asset Prices Nashville Richmond Montgomery 44 Bank Lending 45 IPOs 46 Corporate Boards Relationships
Summary of the Program Sessions
Friday Morning Sessions
Friday, 3/4/2016 8:00 am - 9:45 am
Salon II Salon IV Salon VI Atlanta 47 Liquidity and 48 Financial Crime 49 Government 50 Contagion Stock Returns Policies and Corporations Columbia Charlotte Frankfurt Jackson 51 Credit Risk 52 Treasury Interest 53 Banking Studies 54 Market Analysis Rates Microstructure Nashville Richmond Montgomery Lexington 55 Real Estate 56 Merger Valuation 57 Takeovers 58 Corporate
Coffee Break (Foyer Phoenix Ballroom)
Friday, 3/4/2016 10:00 am - 11:45 am
Salon II Salon IV Salon VI Atlanta 59 Mutual Funds and 60 Managers 61 Exchange Rates 62 Banks and the Portfolio and Risk Economy Optimization Columbia Charlotte Frankfurt Jackson 63 Moving Capital 64 Housing Finance 65 Variance Risk 66 Options 2 Premiums Nashville Richmond Montgomery Lexington 67 Information and 68 Dividends 69 People 70 Mergers and Stock Returns Acquisitions 2
Summary of the Program Sessions
Friday Afternoon Sessions
Friday, 3/4/2016 1:30 pm - 3:15 pm
Salon II Salon IV Salon VI Atlanta 71 Value and Growth 72 Creditor Rights 73 Equilibrium Asset 74 Financial Stocks Pricing Models Decisions Columbia Charlotte Frankfurt Jackson 75 Stock Returns 76 Behavioral 77 Central Bank 78 Disclosure Finance Policies and Treasury Bond Markets Nashville Richmond Montgomery Lexington 79 Oil and Gas 80 The Efficiency of 81 Corporate 82 Corporate Financial Institutions Investment Leadership
Coffee Break (Foyer Phoenix Ballroom)
Friday, 3/4/2016 3:30 pm - 5:15 pm
Salon II Salon IV Salon VI Atlanta 83 Consumption 84 Corporate Bond 85 Behavioral 86 Stock Prices and Choices Liquidity Finance and Stock Predictability Returns Columbia Charlotte Frankfurt Jackson 87 Options and 88 Information 89 Bank Capital 90 Mutual Funds Skewness Quality and Asset Prices Nashville Richmond Montgomery Lexington 91 REITs 92 Politics and 93 Controlling 94 Cash Holdings 2 Finance Incentives
Summary of the Program Sessions
Saturday Morning Sessions
Saturday, 3/5/2016 8:00 am - 9:45 am
Salon II Salon IV Salon VI Atlanta 95 Sentiment 96 Corporate Taxes 97 Customers and 98 Stock Returns and Suppliers Asset Pricing Factors Columbia Charlotte Frankfurt Jackson 99 Volatility 100 Monetary Policy 101 Credit Exposures 102 Corporate and Banking in Banking Policies Nashville Richmond Montgomery 103 Innovation 104 CEOs and 105 Labor Markets Mergers
Saturday, 3/5/2016 10:00 am - 11:45 am
Salon II Salon IV Salon VI Atlanta 106 Investor 107 Debt Markets 108 Corporate 109 Feedback from Attention and Stock Theory the Market to Firms Returns Columbia Charlotte Frankfurt Jackson 110 Analysis of Stock 111 Asset Pricing 112 Trading by 113 Bank Size Returns Institutional Investors Nashville Richmond Montgomery Lexington 114 Banking and the 115 Capital Structure 116 Corporate 117 Does It Pay? Financial Crisis Behavior Analysis of M&A Strategies
Program concludes Make plans for the 2017 MFA meeting in Chicago, March 1-4
Midwest Finance Association 2016 Annual Meeting JW Marriott Atlanta Buckhead Hotel Schedule of Presentations
3/3/2016 7:00 AM - 8:00 AM Location: Phoenix Ballroom (Salons I, III, V)
Welcome Breakfast and Panel Discussion Sponsored by CFA Institute
Encouraging Women to Choose a Career in Investment Management Research has shown that diversity can lead to better investor outcomes, yet women are underrepresented as decision makers and leaders in the investment management industry globally. The goal of the CFA Institute Women in Investment Management initiative is to improve investor outcomes by encouraging diversity in the investment management profession globally.
Moderator: Wendy L. Pirie, Ph.D., CA, CPA/PFS, CGMA, CAIA, CFA Director, Curriculum Projects CFA Institute
Featured Panelists From Atlanta:
• Jackie Gingrich Cushman, CFA, Speaker, Columnist, Socialpreneur, Author • Molly M. Guenther, CFA, CFP, Senior Portfolio Manager, Montag • Dana H. Halberg, CFA, Chairman, BNY Mellon Wealth Management • Janet T. Miller, CFA, Managing Partner, Rowland & Company
Join us for breakfast and a discussion with a panel of successful women in the field who will provide insight based on their own experience, both within the industry and academically, on how finance academics can make the study of finance and career paths in investment management more visible and appealing to female students.
While continental breakfast service will be available, capacity is limited and is on a first come, first serve basis. Audience seating without breakfast service will be plentiful.
3/3/2016 8:00 AM - 9:45 AM Location: Phoenix Ballroom Salon II 1 Return Predictability Chair: Robert Viglione, University of South Carolina
A Practitioner’s Defense of Return Predictability Blair Hull, Hull Investments LLC Xiao Qiao, University of Chicago Discussant: Cesare Robotti, Imperial College Business School
Ambiguity, Liquidity, and Return Predictability Chun Xia, Noah Wealth Management Tong Zhou, University of Hong Kong Discussant: Dongmeng Ren, University of Guelph
Short-Term Trading Skill: An Analysis of Investor Heterogeneity and Execution Quality Mehmet Saglam, University of Cincinnati Ciamac Moallemi, Columbia University Michael Sotiropoulos, Princeton University Discussant: Xiao Huang, Kennesaw State University
3/3/2016 8:00 AM - 9:45 AM Location: Phoenix Ballroom Salon IV 2 Asymmetric Information and Corporate Policies Chair: Jon Garfinkel, University of Iowa
Beyond Market Timing Theory Subramanian Iyer, University of New Mexico Siamak Javadi, Ohio University Discussant: Robert Resutek, University of Georgia
Market Timing of Season Equity Offerings in Regulative Environment Yong Huang, Kyushu University Konari Uchida, Kyushu University Daolin Zha, China University of Geosciences Discussant: Qie (Ellie) Yin, University of Florida
The Effect of Asymmetric Information on Product Market Outcomes Jon Garfinkel, University of Iowa Matthew Billett, Indiana University Miaomiao Yu, Saskatchewan University Discussant: William Waller, Carnegie Mellon University
3/3/2016 8:00 AM - 9:45 AM Location: Phoenix Ballroom Salon VI 3 Mergers and Acquisitions 1 Chair: Sergey Stepanov, Higher School of Economics
The Post-acquisition Performance and Agency Conflicts: Evidence from Private Acquirers Nan Xiong, Carnegie Mellon University Discussant: Stephen Jurich, Dalton State College
Tapping Untapped Equity in Acquisitions Peter Haslag, Washington University in St. Louis Discussant: Tareque Nasser, Kansas State University
Managerial Entrenchment Waves Dalida Kadyrzhanova, Georgia State University Kose John, New York University Discussant: Xiaoran Ni, Tsinghua University
3/3/2016 8:00 AM - 9:45 AM Location: Atlanta 4 Behavior and Investment Decisions Chair: Zhongdong Chen, Carson-Newman University
Deceptive Risk Measures Harvey Stein, Columbia University Discussant: I-Hsuan Ethan Chiang, University of North Carolina at Charlotte
Weight Realization Preference and Disposition Effect Jiawei Wu, Renmin University of China Michael Guo, University of Durham Changyun Wang, Renmin University of China Songtao Tan, Renmin University of China Discussant: Zhongdong Chen, Carson-Newman University
3/3/2016 8:00 AM - 9:45 AM Location: Columbia 5 Catering to Individual Investors Chair: Chia-Chun Chiang, University of South Carolina
Do Ticker Symbols Matter? Stanley Peterburgsky, Brooklyn College Discussant: Andrin Bögli, University of Zurich
How Ethical Compliance Affects Portfolio Performance and Flows: Evidence from Mutual Funds Aymen Karoui, University of Quebec at Montreal Sadok El Ghoul, University of Alberta Discussant: Eli Sherrill, Illinois State University
Portfolio Stacking: What’s in a Fund’s Top 10 List? Mark Huson, University of Alberta Blake Phillips, University of Waterloo Kuntara Pukthuangthong, University of Missouri Discussant: Saeid Hoseinzade, Boston College
3/3/2016 8:00 AM - 9:45 AM Location: Charlotte 6 Credit Default Swaps Chair: Madhu Kalimipalli, WIlfrid Laurier University
Participation and Unbiased Pricing in CDS Settlement Mechanisms Ahmad Peivandi, Georgia State University Discussant: Jean Helwege, University of California - Riverside
The Impact of Central-Clearing on Information Asymmetries and Price Discovery in CDS Markets Miriam Marra, University of Reading Lu Zhu, University of Wisconsin Eau Claire Discussant: Yalin Gunduz, Deutsche Bundesbank
The Real Effects of Credit Default Swaps Andras Danis, Georgia Institute of Technology Andrea Gamba, University of Warwick Discussant: Liying Wang, University of Nebraska-Lincoln
3/3/2016 8:00 AM - 9:45 AM Location: Frankfurt 7 Jumps and Asset Prices Chair: Hitesh Doshi, University of Houston
Information Asymmetry and Jumps in Stock Markets Linghang Zeng, Georgia Institute of Technology Suzanne Lee, Georgia Institute of Technology Discussant: Patrick O'Sullivan, University of Southampton
Micro(structure) Before Macro? The Predictive Power of Aggregate Illiquidity for Economic Activity and Stock Returns Yong Chen, Texas A&M University Gregory Eaton, University of Georgia Bradley Paye, University of Georgia Discussant: Matt Pritsker, Federal Reserve Bank of Boston
What Makes the Market Jump? Marcel Prokopczuk, Leibniz University Hannover Chardin Wese Simen, University of Reading Discussant: Reinhard Ellwanger, Bank of Canada
3/3/2016 8:00 AM - 9:45 AM Location: Jackson 8 Term Structure Models of Interest Rates Chair: Nikolay Gospodinov, Federal Reserve Bank of Atlanta
Forecasts of Inflation and Interest Rates in No-Arbitrage Affine Models Bin Wei, Federal Reserve Bank of Atlanta Discussant: Marcello Pericoli, Bank of Italy
Zero-coupon Yields and the Cross-section of Bond Prices Aaron Pancost, University of Chicago Discussant: Richard Crump, Federal Reserve Bank of New York
Interest Rate Volatility and No-Arbitrage Term Structure Models Scott Joslin, University of Southern California Ahn Le, Pennsylvania State University Discussant: Nikolay Gospodinov, Federal Reserve Bank of Atlanta
3/3/2016 8:00 AM - 9:45 AM Location: Nashville 9 Reporting Chair: Minjie Huang, University of Kansas
Common Factors in Analysts’ Earnings Revisions - The Role of Changing Economic Conditions Vikas Agarwal, Georgia State University Dieter Hess, University of Cologne Discussant: Claire Liang, Southern Illinois University
Predicting Sell-Side Analysts’ Relative Earnings Forecast Accuracy When It Matters Most Niklas Bluemke, University of Cologne Dieter Hess, University of Cologne Alexander Stolz, University of Cologne Discussant: Yukun Shi, University of Leicester
Tone at the Top, Financial Reporting Quality, and Corporate Audits Minjie Huang, University of Kansas Adi Masli, University of Kansas Felix Meschke, University of Kansas James Guthrie, University of Kansas Discussant: Florian El Mouaaouy, Ludwig-Maximilians-Universität München
3/3/2016 8:00 AM - 9:45 AM Location: Richmond 10 Bank Risk Taking and Stability Chair: Benjamin Abugri, Southern Connecticut State University
Agency Costs of CEO Turnover in Banks: Evidence Using Exogenous CEO Turnovers Prasanna Tantri, Indian School of Business Subramnaian Krishnamurthy, Indian School of Business Arkodipta Sarkar, London School of Business Discussant: Seong Byun, University of Mississippi
Banking Globalization, Local Lending and Labor Market Outcomes: Micro-level Evidence from Emerging Countries Matias Ossandon Busch, Halle Institute for Economic Research Felix Noth, Halle Institute for Economic Research Discussant: Leandro Sanz, Federal Reserve Bank of Richmond
The Impact of Stakeholder Orientation on Bank Risk-Taking: Evidence from Natural Experiment Woon Sau Leung, Cardiff University Wei Song, Swansea University Jie Chen, Cardiff University Discussant: Zhongyan Zhu, Chinese University of Hong Kong
3/3/2016 8:00 AM - 9:45 AM Location: Montgomery 11 Insurance Chair: Oumar Sy, Dalhousie University
Economic Capital for Insurers: Insurance Cycle and Catastrophic Risk Issouf Soumare, Laval University Michel Gendron, Laval University Van Son Lai, Laval University Discussant: Manuela Storz, Frankfurt School of Finance & Management
Decomposing Diversification Effect: Evidence from Business Diversification in the U.S. Property-Liability Insurance Industry Xin Che, University of Mississippi Andre Liebenberg, University of Mississippi Discussant: Neslihan Dincbas, HEC Paris
Framing-proof Complete Insurance Markets under (Narrow) Framing and Loss Aversion In Do Hwang, University of Illinois at Urbana-Champaign Discussant: Oumar Sy, Dalhousie University
3/3/2016 8:00 AM - 9:45 AM Location: Lexington 12 Private Equity and Venture Capital Chair: Robert Loos, HHL Leipzig Graduate School of Management
Do PE and VC Firms Monitor Cash Reserves post-IPO? Natalia Matanova, The Pennsylvania State University Discussant: Rong Shao, University of Florida
Financing Patterns in Transition Economies: Privatized versus De Novo Private Firms Barkat Ullah, Rhode Island College Zuobao Wei, University of Texas at El Paso Discussant: John (Jianqiu) Bai, Northeastern University
Fueling the Buyout Machine - Fundraising in Private Equity Robert Loos, HHL Leipzig Graduate School of Management Bernhard Schwetzler, HHL Leipzig Graduate School of Management Discussant: Silvia Magri, Bank of Italy
Coffee Break (Foyer Phoenix Ballroom) Sponsored by the Rotman School of Management, University of Toronto
3/3/2016 10:00 AM - 11:45 AM Location: Phoenix Ballroom Salon II 13 Trading Chair: Ivalina Kalcheva, University of California, Riverside
ETFs and Actively Managed Mutual Fund Performance Sara Shirley, Roger Williams University Jeffrey Stark, Bridgewater State University Eli Sherrill, Illinois State University Discussant: Aymen Karoui, University of Quebec at Montreal
Return of the Specialist: An Analysis of Market Maker Inventory, Pricing, and Trading Behavior Jared Linna, The University of Memphis Discussant: Mehmet Saglam, University of Cincinnati
The Rise of Institutional Investing and the Fall of Public Equity Markets Ivalina Kalcheva, University of California, Riverside Janet Smith, Claremont McKenna College Richard Smith, University of California, Riverside Discussant: Wolfgang Bessler, Justus Liebig University Giessen
3/3/2016 10:00 AM - 11:45 AM Location: Phoenix Ballroom Salon IV 14 Corporate Voting Chair: Aigbe Akhigbe, University of Akron
Confidential Voting, Institutional Dual Holders, and the Cost of Debt John Wald, UTSA Sattar Mansi, Virginia Tech Maryam Nazari, UTSA Discussant: Yue Qiu, University of Minnesota
Do Stock Prices Fully Reflect Information in M&A Voting Outcomes for Post-merger Operating Performance? Lingwei Li, Nanyang Technological University Huai Zhang, Nanyang Technological University Discussant: Nga Nguyen, Marquette University
Superior vs. Inferior Voting Shares: Price Premium or Discount? Yan He, Indiana University Southeast Junbo Wang, City University of Hong Kong Chunchi Wu, State University of New York at Buffalo Discussant: Dante Aldrighi, Universidade de São Paulo
3/3/2016 10:00 AM - 11:45 AM Location: Phoenix Ballroom Salon VI 15 Networks Chair: Matt Pritsker, Federal Reserve Bank of Boston
Bank Networks and Systemic Risk: Micro-evidence Before and After the National Banking Acts of 1863-1864 Mark Paddrik, Office of Financial Research Haelim Park, Office of Financial Research Jessie Wang, Arizona State University Discussant: Chen Zhou, Bank of The Netherlands
Sequential Defaults in Banking Network Ngoc-Khanh Tran, Washington University in St. Louis Thao Vuong, Washington University in St. Louis Richard Zeckhauser, Harvard University Discussant: Norbert Pierre, OCC
Board Overlaps in Mutual Fund Families Elif Sisli Ciamarra, Brandeis University Abigail Hornstein, Wesleyan University Discussant: Jun Wu, Indiana University Bloomington
3/3/2016 10:00 AM - 11:45 AM Location: Atlanta 16 Institutional Investors' Behavior Chair: Jared DeLisle, Utah State University
Loss Averse Preferences, Performance, and Career Success of Institutional Investors Andrei Simonov, Michigan State University Andriy Bodnaruk, University of Notre Dame Discussant: Fernando Zapatero, University of Southern California
Local Religious Beliefs and Hedge Fund Risk-Taking Behaviors Lei Gao, Iowa State University Ying Wang, University at Albany - SUNY Jing Zhao, North Carolina State University Discussant: Blake Phillips, University of Waterloo
Asset Price Effects of Peer Benchmarking: Evidence From a Natural Experiment Alvaro Pedraza, World Bank Sushant Acharya, Federal Reserve Bank of New York Discussant: Xiao Qiao, University of Chicago
3/3/2016 10:00 AM - 11:45 AM Location: Columbia 17 Credit and Equity Markets Chair: Deniz Anginer, Virginia Tech
Anchoring Bias in Analysts’ Earnings Forecasts and Credit Risk Samar Ashour, University of Texas at Arlington (Grace) Qing Hao, University of Texas at Arlington Discussant: Niklas Bluemke, University of Cologne
Credit Derivatives and Stock Return Synchronicity Lu Zhu, University of Wisconsin - Eau Claire Nan Hu, Stevens Institute of Technology Ling Liu, University of Wisconsin - Eau Claire Xuelian Bai, Xi’an Jiaotong University Discussant: Rustom Irani, University of Illinois at Urbana-Champaign
The Other January Effect in the U.S. Corporate Bond Market Karen Ann Craig, Eastern Michigan University Zhongdong Chen, Carson Newman University Discussant: Danling Jiang, Florida State University
3/3/2016 10:00 AM - 11:45 AM Location: Charlotte 18 Equity Risk Factors Chair: Imran Haque, Texas A&M University
Equity Risk Factors and the Intertemporal CAPM Ilan Cooper, Norwegian Business School (BI) Paulo Maio, Hanken School of Economics Discussant: Sebastien Coupy, GFRI & Swiss Finance Institute
Productivity Risk and Industry Momentum Efdal Misirli, University of Connecticut Discussant: Fabian Hollstein, Leibniz University Hannover
The Cross-section of Long-term Returns Zhongjin Lu, University of Georgia Discussant: Dana Kiku, University of Illinois
3/3/2016 10:00 AM - 11:45 AM Location: Frankfurt 19 Municipal Bond Issuers and State-owned Enterprises Chair: Omrane Guedhami, University of South Carolina
Do Municipal Bond Markups Reflect Accounting Quality? Angela Gore, George Washington University Brian Henderson, George Washington University Yuan Ji, George Washington University Discussant: Rui Liu, University of Houston
Impact of Municipal Bond Credit Ratings Recalibration on Secondary Market Transaction Costs Vita Faychuk, Miami University Discussant: Jia Chen, Peking University
State Ownership and Corporate Cash Holdings: Evidence from Privatization Ruiyuan Chen, University of South Carolina Sadok El Ghoul, University of Alberta Omrane Guedhami, University of South Carolina Robert Nash, Wake Forest University Discussant: Qiping Xu, Notre Dame
3/3/2016 10:00 AM - 11:45 AM Location: Jackson 20 Global Investing Chair: Issouf Soumare, Laval University
Forecaster Heterogeneity, Surprises and Financial Markets Marcello Pericoli, Bank of Italy Giovanni Veronese, Bank of Italy Discussant: Michael Ehrmann, Bank of Canada
FX Liquidity Risk and Carry Trade Returns Samuel Abankwa, UNC Charlotte Lloyd Blenman, UNC Charlotte Discussant: Rosen Valchev, Boston College
Global Contrarian Strategy: Equilibrium of Endogenous Trading? Alain Wouassom, Queen Mary University of London Gulnur Muradoglu, Queen Mary University of London Nicholas Tsitsianis, Queen Mary University London Discussant: Stanley Peterburgsky, Brooklyn College
3/3/2016 10:00 AM - 11:45 AM Location: Nashville 21 Bank Runs Chair: George Morgan, Virginia Tech
Debt-Overhang Banking Crises: Detecting and Preventing Systemic Risk Filippo Occhino, Federal Reserve Bank of Cleveland Discussant: Madhu Kalimipalli, WIlfrid Laurier University
Do Bond Mutual Funds Destabilize the Corporate Bond Market? Saeid Hoseinzade, Boston College Discussant: Kai Wu, Cornell University
The Effect of Safe Assets on Financial Fragility in a Bank-Run Model Mahmoud Elamin, Federal Reserve Bank of Cleveland Toni Ahnert, Bank of Canada Discussant: Nam Jong Kim, Georgia Institute of Technology
3/3/2016 10:00 AM - 11:45 AM Location: Richmond 22 Corporate Finance Chair: Steven Xiao, University of Texas at Dallas
CEO Compensation and Technology-Space Peers Seong Byun, University of Mississippi Jong-Min Oh, University of Central Florida Discussant: Stefano Sacchetto, Carnegie Mellon University
Corporate Goodness as a Signaling Device: Evidence from a Quasi-natural Experiment Jie He, University of Georgia Lei Gao, Iowa State University Julie Wu, University of Georgia Discussant: Jon Garfinkel, University of Iowa
3/3/2016 10:00 AM - 11:45 AM Location: Montgomery 23 Productivity Chair: Felix Rioja, Georgia State University
Firm Boundaries, Restructuring, and Productivity: Plant-level Evidence from Competitive Shocks John (Jianqiu) Bai, Northeastern University Discussant: Revansiddha Khanapure, University of Delaware
Productivity During Recessions with Banking Crises: Inter-Industry Evidence Felix Rioja, Georgia State University Fernando Rios-Avila, Levy Economics Institute Neven Valev, Georgia State University Discussant: Barkat Ullah, Rhode Island College
Do Financial Factors Drive Aggregate Productivity? Evidence from Indian Manufacturing Establishments Aaron Pancost, University of Chicago Discussant: Sergey Mityakov, Clemson University
11:45 AM – 1:25 PM Luncheon, Phoenix Ballroom (Salons I, III, V) Hosted by The Quarterly Journal of Finance (advance ticket purchase required for meal) (non-meal service audience seating available)
3/3/2016 1:30 PM - 3:15 PM Location: Phoenix Ballroom Salon II 24 Returns Chair: Sina Ehsani, Saint Xavier University
Industry Momentum and Mutual Fund Performance Jun Wu, Indiana University Bloomington Discussant: Marc Peters, Université Libre de Bruxelles
It is all about the Risk - Text Mining Reporting Quality David Fritz, University of Cologne Eugen Töws, Deutsche Bundesbank Discussant: Sina Ehsani, Saint Xavier University
The Cross-Section of Expected Returns in the Secondary Corporate Loan Market Mehdi Beyhaghi, University of Texas at San Antonio Sina Ehsani, Saint Xavier University Discussant: Zhongjin Lu, University of Georgia
3/3/2016 1:30 PM - 3:15 PM Location: Phoenix Ballroom Salon IV 25 Banks and Credit Default Swaps Chair: Katerina Panttser, University of North Carolina at Charlotte
Credit Default Swaps and Moral Hazard in Bank Lending Indraneel Chakraborty, University of Miami Sudheer Chava, Georgia Institute of Technology Rohan Ganduri, Georgia Institute of Technology Discussant: Lucy Chernykh, Clemson University
Mitigating Counterparty Risk Yalin Gunduz, Deutsche Bundesbank Discussant: Michael B. Imerman, Lehigh University
Unveiling Sovereign Effects in European Banks CDS Spreads Variations Marc Peters, Université Libre de Bruxelles Hugues Pirotte, Université Libre de Bruxelles Discussant: Julien Chevallier, University of Paris
3/3/2016 1:30 PM - 3:15 PM Location: Phoenix Ballroom Salon VI 26 Distinguished Professors Session - Essentials of Finance Chair: Abraham Ravid, Yeshiva University
Cross-Sectional and Time-Series Tests of Return Predictability: What is the Difference? Amit Goyal, University of Lausanne Narasimhan Jegadeesh, Emory University Discussant: Lin Peng, Baruch College
Does Combining the CEO and Chair Roles Cause Poor Firm Performance? Vikram Nanda, University of Texas at Dallas Narayanan Jayaraman, Georgia Institute of Technology Harley Ryan, Georgia State University Discussant: John Wald, UT San Antonio
Input Hedging, Output Hedging and Market Power David De Angelis, Rice University Abraham Ravid, Yeshiva University Discussant: Michael Faulkender, University of Maryland
3/3/2016 1:30 PM - 3:15 PM Location: Atlanta 27 Individual Investors Chair: Jared DeLisle, Utah State University
First-Time Investors - Evidence from Stockholdings of Initial Investors in Sweden Adri De Ridder, Uppsala University, Campus Gotland Kent Baker, American University Annalien de Vries, University of Stellenbosch Discussant: Tao Shu, University of Georgia
Investors and Choice Overload: Evidence from IPOs Ansley Chua, Kansas State University Jared DeLisle, Utah State University Tareque Nasser, Kansas State University Discussant: Na Wang, Hofstra University
Local versus Nonlocal Investments: Trust Matters Na Wang, Hofstra University Ran Shao, Yeshiva University Discussant: Chongyu Wang, University of Connecticut
3/3/2016 1:30 PM - 3:15 PM Location: Columbia 28 Credit Markets Chair: Mari Robertson, University of Cincinnati
Rating Inflation: A Story of a Reputation Trade-Off Jamil Jaballah, University of Toulouse Capitole Discussant: Spyros Terovitis, University of Warwick
The Impact of Credit Rating Agencies on Capital Markets Spyros Terovitis, University of Warwick Discussant: Kate Upton, Elon University
3/3/2016 1:30 PM - 3:15 PM Location: Charlotte 29 Stock Return Dynamics Chair: Dongmeng Ren, University of Guelph
Pairwise Correlation Dynamics and Incomplete Information Sebastien Coupy, GFRI & Swiss Finance Institute Tony Berrada, GFRI & Swiss Finance Institute Thuy-Duong To, UNSW Discussant: Alex Hsu, Georgia Institute of Technology
Aggregate Uncertainty Affects Stock Returns Fabian Hollstein, Leibniz University Hannover Marcel Prokopczuk, Leibniz University Hannover Discussant: David Feldman, UNSW Australia
Organization Capital, Labor Market Flexibility And Stock Returns Around the World Woon Sau Leung, Cardiff University Khelifa Mazouz, Cardiff University Jie Chen, Cardiff University Discussant: Marc Via, Kent State University
3/3/2016 1:30 PM - 3:15 PM Location: Frankfurt 30 Informed Traders Chair: Roger White, Emory University
Personal Trading by Employees of Financial Intermediaries Peter Joakim Westerholm, University of Sydney Business School Hendrick Berkman, University of Auckland Paul Koch, University of Kansas Discussant: Roger White, Emory University
Shareholder Activism and Informed Trading Lee Cohen, University of Georgia Discussant: Filippo Curti, Federal Reserve Bank of Richmond
Short Swing Insider Trading in the United States Roger White, Emory University Discussant: In Do Hwang, University of Illinois at Urbana-Champaign
3/3/2016 1:30 PM - 3:15 PM Location: Jackson 31 International Investments and Country Governance Chair: Tanja Steigner, Emporia State University
Country Governance and U.S. Multinational Company Subsidiary Location Decisions Atanas Mihov, Federal Reserve Bank of Richmond Leandro Sanz, Federal Reserve Bank of Richmond Detelina Stoyanova, Florida State University Leming Lin, University of Pittsburgh Discussant: Kihun Kim, Miami University
Does Governance Have a Role in Pricing? Cross-Country Evidence from Bitcoin Markets Robert Viglione, University of South Carolina Discussant: Rasha Ashraf, Georgia State University
Tax Havens, Foreign Portfolio Investment and Tax Evasion: International Evidence Tanja Steigner, Emporia State University David Kemme, University of Memphis Bhavik Parikh, St. Francis Xavier University Discussant: Ariadna Dumitrescu, ESADE
3/3/2016 1:30 PM - 3:15 PM Location: Nashville 32 Bank Credit and Labor Chair: Yue Qiu, University of Minnesota
Bank Capital Ratios and Employment in Nonfinancial Industries Seung Jung Lee, Federal Reserve Board Viktors Stebunovs, Federal Reserve Board Discussant: Christoffer Koch, Federal Reserve Bank of Dallas
Collateral Values and Corporate Employment Rustom Irani, University of Illinois at Urbana-Champaign Nuri Ersahin, University of Illinois at Urbana-Champaign Discussant: Yue Qiu, University of Minnesota
Organized Labor and Loan Pricing: A Regression Discontinuity Design Analysis Yue Qiu, University of Minnesota Tao Shen, Tsinghua University Discussant: Aaron Pancost, University of Chicago
3/3/2016 1:30 PM - 3:15 PM Location: Richmond 33 Venture Capital Chair: Silvia Magri, Bank of Italy
On the Road to Innovation: The role of Venture Capital Ping McLemore, Federal Reserve Bank of Richmond Ivalina Kalcheva, University of California, Riverside Shagun Pant, University of Iowa Discussant: Richard Saito, EAESP/FGV
Seed Accelerators: A New Approach to Firm Value Creation Tao-Hsien (Dolly) King, University of North Carolina at Charlotte Stephen Martin, Winthrop University Discussant: Ashleigh Poindexter, University of South Carolina
Venture Capitalists at Work: What Are the Effects on the Firms They Finance? Silvia Magri, Bank of Italy Raffaello Bronzini, Bank of Italy Gianpaolo Caramellino, LSE Discussant: Stephen Martin, Winthrop University
3/3/2016 1:30 PM - 3:15 PM Location: Montgomery 34 Cash Holdings Chair: Xin Che, University of Mississippi
Value of Cash for ADR Firms Li Xu, Hunan University Discussant: Natalia Matanova, The Pennsylvania State University
Does Social Capital Affect Corporate Cash Holdings Humnath Panta, Brenau University Suzanne Erickson, Brenau University Salil Sarkar, University of Texas at Arlington Discussant: Henning Schroeder, University of Hamburg
An Examination of Unlimited FDIC Insurance and the Effect on Corporate Cash Holdings Anna-Leigh Stone, Merrimack College Discussant: Li Xu, Hunan University
3/3/2016 1:30 PM - 3:15 PM Location: Lexington 35 M&A and Bargaining Power Chair: Daniel Greene, Clemson University
Do Negotiating Procedure and Deal Motivations Drive Bargaining Power in Mergers? Stephen Jurich, Dalton State College Mark Walker, The University of Mississippi Discussant: Daniel Greene, Clemson University
Double Round Auctions Jarl Kallberg, Washington State University Crocker Liu, Cornell University Adam Nowak, West Virginia University Discussant: Sandro Brusco, Stony Brook University
Target’s Learning in M&A Negotiations Chong Huang, University of California, Irvine Qiguang Wang, University of California, Irvine Discussant: Di Li, Georgia State University
Coffee Break (Foyer Phoenix Ballroom) Sponsored by CFA Institute
3/3/2016 3:30 PM - 5:15 PM Location: Phoenix Ballroom Salon II 36 Drift Chair: Claire Liang, Southern Illinois University
Busy Weeks and Post-Earnings Announcement Drift Suyan Zheng, University of Cincinnati Discussant: Jared DeLisle, Utah State University
Post-Earnings Announcement Drift and Rational Learning: Evidence from Industry and Market News Claire Liang, Southern Illinois University Discussant: Suyan Zheng, University of Cincinnati
Post Macro Announcement Drift Fan Wang, University of Illinois at Chicago Discussant: Siamak Javadi, Ohio University
3/3/2016 3:30 PM - 5:15 PM Location: Phoenix Ballroom Salon IV 37 Corporate Restructuring and Distress Chair: Shiming Fu, University of Rochester
Determinants of the Delay in Corporate Reorganizations Vinicius Augusto Brunassi Silva, EAESP/FGV Richard Saito, EAESP/FGV Paulo Martins Manoel, University of California, Berkeley Discussant: Duong T. Pham, University of Central Florida
Financial Distress Risk in Initial Public Offerings: How Much Do Venture Capitalists Matter? William L. Megginson, The University of Oklahoma Antonio Meles, Second University of Naples Gabriele Sampagnaro, University of Naples Parthenope Vincenzo Verdoliva, Kingston Business School - Kingston University of London Discussant: Robert Loos, HHL Leipzig Graduate School of Management
On Spillovers From Corporate Debt Restructurings Nina Baranchuk, University of Texas at Dallas Michael Rebello, University of Texas at Dallas Discussant: David Smith, University of Virginia
3/3/2016 3:30 PM - 5:15 PM Location: Phoenix Ballroom Salon VI 38 Stock Market Anomalies Chair: Danling Jiang, Florida State University
'Tis the Season! Pre-holiday Cross-Sectional Return Seasonality David Hirshleifer, University of California, Irvine Danling Jiang, Florida State University Yuting Meng, Florida State University David Peterson, Florida State University Discussant: Alain Wouassom, Queen Mary University of London
Anomalies Enhanced: The Value of Higher Frequency Information Yufeng Han, University of Colorado Denver Dayong Huang, University of North Carolina at Greensboro Guofu Zhou, Washington University in St. Louis Discussant: Ran Xing, Tilburg University
Can Anomalies Survive Insider Disagreements? Deniz Anginer, Virginia Tech Nejat Seyhun, University of Michigan Gerard Hoberg, University of Southern California Discussant: Imran Haque, Texas A&M University
3/3/2016 3:30 PM - 5:15 PM Location: Atlanta 39 Portfolio Choice Chair: Bertille Antoine, Simon Fraser University
Endogenous Information Asymmetry and Portfolio Bias Rosen Valchev, Boston College Discussant: Tong Zhou, University of Hong Kong
First-Order Lower Partial Moment Portfolio Theory Norbert Pierre, Office of the Comptroller of the Currency Discussant: Bjarne Astrup Jensen, Copenhagen Business School
Optimal Optimal Portfolio Choice Yong Jin, University of Florida Discussant: Bertille Antoine, Simon Fraser University
3/3/2016 3:30 PM - 5:15 PM Location: Columbia 40 Corporate Debt Markets Chair: Xinxin Li, University of North Carolina at Charlotte
Institutional Herding in the Corporate Bond Market Song Han, Federal Reserve Board Fang Cai, Federal Reserve Board Yi Li, Federal Reserve Board Dan Li, Federal Reserve Board Discussant: Ying Wang, University at Albany
Debt Maturity and the Liquidity of Secondary Debt Markets Max Bruche, Cass Business School Anatoli Segura, Bank of Italy Discussant: Filippo Occhino, Federal Reserve Bank of Cleveland
Private or Public Debt? Effect of Crisis on Financial Intermediation Madhu Kalimipalli, Wilfrid Laurier University Alan Huang, University of Waterloo Subhankar Nayak, Wilfrid Laurier University Latha Ramchand, University of Houston Discussant: Zhongyan Zhu, Chinese University of Hong Kong
3/3/2016 3:30 PM - 5:15 PM Location: Charlotte 41 Government Policies and Asset Prices Chair: Emily Gallagher, Investment Company Institute
Do Financial Markets Like Austerity or Stimulus? New Evidence from the U.S. and U.K. William Waller, Carnegie Mellon University Anthony Diercks, Board of Governors of the Federal Reserve System Discussant: Kenneth Roskelley, Mississippi State University
Risk Premia in the USD/EUR Exchange Rate: The Prices of Banking and Sovereign Credit Risk Sören Pippart, WHU - Otto Beisheim School of Management Matthias Held, WHU - Otto Beisheim School of Management Marcel Omachel, WHU - Otto Beisheim School of Management Discussant: Hitesh Doshi, University of Houston
3/3/2016 3:30 PM - 5:15 PM Location: Frankfurt 42 Illiquidity Chair: Galyna Grynkiv, University of Western Ontario
Illiquidity Contagion and Information Spillover from CDS to Equity Markets Julia Elizabeth Reynolds, Vienna Graduate School of Finance Marlene Haas, Vienna Graduate School of Finance Discussant: Katerina Panttser, University of North Carolina at Charlotte
Flights From Stocks Valentina Galvani, University of Alberta Ning Cao, University of Alberta Discussant: Scott Joslin, University of Southern California
3/3/2016 3:30 PM - 5:15 PM Location: Jackson 43 Options 1 Chair: Yukun Shi, University of Leicester
Organization Capital and Firm Risk - Testing the Outside Option Marc Via, Kent State University Doug Cook, University of Alabama Discussant: Woon Sau Leung, Cardiff University
Financial Leverage and Cross Sectional Delta-hedged Option Returns Xiao Xiao, Erasmus University Rotterdam Discussant: Aurelio Vasquez, ITAM
Optimal Hedging in Carbon Emission Markets Using Markov Regime Switching Models Yukun Shi, University of Leicester Discussant: Efdal Ulas Misirli, University of Connecticut
3/3/2016 3:30 PM - 5:15 PM Location: Nashville 44 Bank Lending Relationships Chair: Alexander Borisov, University of Cincinnati
Collateral and Local Lending Alexander Borisov, University of Cincinnati Andrea Bellucci, Institute for Applied Economic Research Germana Giombini, University of Urbino Alberto Zazzaro, Polytechnic University of Marche Discussant: Roni Kisin, Washington University in St. Louis
Hold-Up and the Use of Performance-Sensitive Debt Tim Adam, Humboldt University Daniel Streitz, Humboldt University Discussant: Vahid Saadi, Halle Institute for Economic Research (IWH)
Liquidity Withdrawal and the Strategic Hoarding of Private Information: The Role of Bank Lending in International Mutual Fund Investing Linda Allen, Baruch College, CUNY Suparna Chakraborty, University of San Francisco Sonali Hazarika, Baruch College, CUNY Chih-Huei Su, University of St. Thomas Discussant: Tim Adam, Humboldt University
3/3/2016 3:30 PM - 5:15 PM Location: Richmond 45 IPOs Chair: Svetlana Gavrilova, Middle Tennessee State University
Growth Strategies of Initial Public Offerings in Europe Wolfgang Bessler, Justus-Liebig-University Giessen Colin Schneck, Justus-Liebig-University Giessen Jan Zimmermann, Justus-Liebig-University Giessen Discussant: Patricia Ryan, Colorado State University
IPO Quantity Revisions Wei Wang, Cleveland State University Chris Yung, University of Virginia Discussant: Lorne Switzer, Concordia University
Linking IPO Director Departure to Post-IPO Performance Victor Jarosiewicz, University of Florida Gwendolyn Lee, University of Florida Discussant: Svetlana Gavrilova, Middle Tennessee State University
3/3/2016 3:30 PM - 5:15 PM Location: Montgomery 46 Corporate Boards Chair: Byung Min, Griffith University
Board Governance, Monetary Interest and Closed-End Fund Performance Mahmood Mohebshahedin, Concordia University Lawrence Kryzanowski, Concordia University Discussant: Richard Herron, Babson College
The Effect of Board Composition on CEO Pay in European Companies Laura Arranz Aperte, Hanken School of Economics and BA Pablo de Andres, Universidad Autonoma de Madrid Discussant: Sebastien Gay, The University of Chicago
What Are Boards For? Evidence From Closely Held Firms Belén Villalonga, New York University María-Andrea Trujillo, CESA School of Business Alexander Guzmán, CESA School of Business Neila Cáceres, Superintendencia de Sociedades Discussant: Tarun Mukherjee, University of New Orleans
5:30 PM Keynote Speaker – Phoenix Ballroom (Salons I, III, V) Gerald Garvey, Ph.D. Managing Director, BlackRock, Inc.
Reception following – Charleston and Nox Creek Grill
3/4/2016 8:00 AM - 9:45 AM Location: Phoenix Ballroom Salon II 47 Liquidity and Stock Returns Chair: Lee Cohen, University of Georgia
Stock Resiliency and Expected Returns Jian Hua, Baruch College Lin Peng, Baruch College Robert Schwartz, Baruch College Nazli Alan, Fairfield University Discussant: James Bulsiewicz, University of Utah
The Liquidity Risk Premium for Long-Term Investors Ran Xing, Tilburg University Joost Driessen, Tilburg University Discussant: Amir Akbari, McGill university
Trading Costs and Priced Liquidity Yashar Heydari Barardehi, Ohio University Dan Bernhardt, University of Illinois Ryan Davies, Babson College Discussant: Peter Haslag, Washington University in St. Louis
3/4/2016 8:00 AM - 9:45 AM Location: Phoenix Ballroom Salon IV 48 Financial Crime Chair: Stuart Gillan, University of Georgia
Financial Crime “Hot Spots” - Empirical Evidence From the Foreign Exchange Market Florian El Mouaaouy, Ludwig-Maximilians-Universität München Discussant: April Knill, Florida State University
Fraud Recovery and Country Governance: Evidence from Operational Losses of U.S. Bank Holding Companies Atanas Mihov, Federal Reserve Bank of Richmond Filippo Curti, Federal Reserve Bank of Richmond Discussant: Mark Egan, University of Minnesota
The Impact of The Enron Scandal on the Reputation of Corporate Social Responsibility Rating Agencies Jamil Jaballah, University of Toulouse Capitole Discussant: Marie Racine, University of Saskatchewan
3/4/2016 8:00 AM - 9:45 AM Location: Phoenix Ballroom Salon VI 49 Government Policies and Corporations Chair: Collins Okafor, North Carolina A&T State University
Corporate Income Taxes, Financial Constraints and Innovation Julian Atanassov, University of Nebraska Xiaoding Liu, University of Oregon Discussant: Chi Zhang, Temple University
The Debt Tax Shield in General Equilibrium Bjarne Astrup Jensen, Copenhagen Business School Marcel Fischer, Copenhagen Business School/Universität Konstanz Discussant: Ngoc-Khanh Tran, Washington University
The Real Effects of Financial Reforms: Evidence from China Xian Gu, Central University of Finance and Economics Discussant: Xiaoran Ni, Tsinghua University
3/4/2016 8:00 AM - 9:45 AM Location: Atlanta 50 Contagion Chair: Zhongyan Zhu, Chinese University of Hong Kong
The International Transmission of Money Market Fund Liquidity Shocks Emily Gallagher, Investment Company Institute (ICI) Lawrence Scmidt, University of Chicago Allan Timmermann, University of California, San Diego Russ Wermers, University of Maryland Discussant: Jiakai Chen, University of Hawaii at Manoa
Financial Institutions, Aggregate Liquidity Provision, and the Contagion Process Christian Lundblad, The University of North Carolina at Chapel Hill Zhongyan Zhu, Chinese University of Hong Kong Discussant: Manuel Macera Carnero, Colorado State University
Euro Area Government Bonds-Integration and Fragmentation During the Sovereign Debt Crisis Michael Ehrmann, Bank of Canada Marcel Fratzscher, DIW Berlin Discussant: Valentina Galvani, University of Alberta
3/4/2016 8:00 AM - 9:45 AM Location: Columbia 51 Credit Risk Analysis Chair: Patricia Ryan, Colorado State University
A New Take on Relationship Between Interest Rates and Credit Spreads Qianying Zhang, Florida International University Xiaoquan Jiang, Florida International University Brice Dupoyet, Florida International University Discussant: Jia Chen, Peking University
European Puttable Bonds: An Alternative Instrument for Managing the Sovereign Debt Crisis Andrin Bögli, University of Zurich Felix Fattinger, University of Zurich Discussant: Peter Joakim Westerholm, University of Sydney Business School
The Informational Relevance of Forward Looking Measures of Returns and Volatility in Forecasting Defaults Patricia Ryan, Colorado State University Hong Miao, Colorado State University Sanjay Ramchander, Colorado State University Tianyang Wang, Colorado State University Discussant: Jiayuan Xin, Newcastle University
3/4/2016 8:00 AM - 9:45 AM Location: Charlotte 52 Treasury Interest Rates Chair: Andrea Carriero, Queen Mary University of London
Loss Functions for Forecasting Treasury Yields Rui Liu, University of Houston Hitesh Doshi, University of Houston Kris Jacobs, University of Houston Discussant: Zhan Shi, Ohio State University
No Arbitrage Prior, Drifting Volatilities, and Term Structure of Interest Rates Andrea Carriero, Queen Mary University of London Massimiliano Marcellino, Bocconi University Todd Clark, Federal Reserve Bank of Cleveland Discussant: PeiLin Hsieh, Xiamen University
Skewness-adjusted Binomial Interest Rate Models R. Stafford Johnson, Xavier Iniversity Amit Sen, Xavier University Discussant: Andrey Ermolov, Fordham University
3/4/2016 8:00 AM - 9:45 AM Location: Frankfurt 53 Banking Studies Chair: Vincent Intintoli, Clemson University
Bank Monitoring and Managerial Procrastination: Evidence from the Timing of Earnings Announcements Chih-Huei Su, University of St. Thomas-Houston Discussant: Sonya Lim, DePaul University
Bank Bailouts with On-site Monitors: Evidence from a Supervisory Experiment Lucy Chernykh, Clemson University Discussant: Teng Zhang, Georgia Institute of Technology
CEO Turnover, Information Uncertainty, and Debt Contracting Vincent Intintoli, Clemson University Saiyang Deng, Southern Illinois University - Carbondale Andrew Zhang, University of Nevada - Las Vegas Discussant: John Hackney, University of Washington
3/4/2016 8:00 AM - 9:45 AM Location: Jackson 54 Market Microstructure Chair: Krzysztof Herman, Syracuse University
An Empirical Detection of HFT Strategies Arze Karam, Durham University Dimitar Bogoev, InterGen Discussant: Sergii Pypko, University of Western Ontario
Dynamics of Lit Venues: From Speed Madness to Method of Price Discovery Krzysztof Herman, Syracuse University Raja Velu, Syracuse University Discussant: Farid AitSahlia, University of Florida
Price Discrimination and the Cost of Liquidity in OTC markets Neophytos Kathitziotis, University of Hamburg Carol Osler, Brandeis University Geir Bjonnes, BI Business School Discussant: Oliver Randall, Emory University
3/4/2016 8:00 AM - 9:45 AM Location: Nashville 55 Real Estate Chair: Robert A. Connolly, University of North Carolina
A DCDP Model of Search and Matching in Real Estate Markets Stuart Fowler, Middle Tennessee State University Discussant: Lynn Shibut, FDIC
What Drives Loss Given Default: Evidence from Commercial Real Estate Loans at Failed Banks Lynn Shibut, FDIC Emily Ross Johnston, FDIC Discussant: David Fritz, University of Cologne
3/4/2016 8:00 AM - 9:45 AM Location: Richmond 56 Merger Valuation Chair: Gerard Pinto, University of South Carolina
Valuation Shocks and M&A Activities Severin Zoergiebel, Goethe University Frankfurt Christian Rauch, University of Oxford Discussant: Adam Kolasinski, Texas A&M University
The Role of Skewness in Mergers and Acquisitions Jared DeLisle, Utah State University Nathan Walcott, Southern Methodist University Discussant: Jocelyn Grira, UAE University
Are Non-pecuniary Factors Priced in MOE: Evidence From Family Firms Trades Legacy for Premium Arinna Yang, University of Florida Affiliated James Ang, FLorida State University Dominique Gehy, Hofstar Discussant: Huimin Li, University of New Hampshire
3/4/2016 8:00 AM - 9:45 AM Location: Montgomery 57 Takeovers Chair: Mark Chen, Georgia State University
Financial Constraints and Valuations in Corporate Takeovers Daniel Greene, Clemson University Discussant: Lingwei Li, Nanyang Technological University
Start Small and Learn Big: A Learning Perspective on Corporate Diversification Through Merger and Acquisitions Chen Cai, Georgia State University Discussant: Jiawei Wu, Renmin University of China
The Decisions of M&A Advisors in Serial Takeovers and the Outcomes Shawn Mobbs, University of Alabama Xinyan Yan, University of Alabama Discussant: Xin Che, University of Mississippi
3/4/2016 8:00 AM - 9:45 AM Location: Lexington 58 Corporate Chair: Tarik Dogru, University of South Carolina
Interstate Banking Integration and Corporate M&As and Divestitures in the US Neslihan Dincbas, HEC Paris Evren Ors, HEC Paris Discussant: Ruiyuan Chen, University of South Carolina
The Wealth of Private Firm Owners Following Reverse Mergers Daniel Greene, Clemson University Discussant: DuckKi Cho, Arizona State University
Incentive Compensation, Accounting Discretion and Bank Capital Timothy Koch, University of South Carolina Dan Waggoner, Federal Reserve Bank of Atlanta Larry Wall, Federal Reserve Bank of Atlanta Discussant: James Spindler, University of Texas
Coffee Break (Foyer Phoenix Ballroom)
3/4/2016 10:00 AM - 11:45 AM Location: Salon II 59 Mutual Funds and Portfolio Optimization Chair: Kainan Wang, University of Toledo
Investing in Mutual Funds: Piggyback on Institutional Investors? Blerina Zykaj, University of Toledo Kainan Wang, University of Toledo Xuhui Pan, Tulane University Discussant: Daniel Weagley, Georgia Institute of Technology
Investing in Mutual Funds: Exploiting the Cross-sectional Predictability in Fund Performance Xin Gao, University of Houston Discussant: Ping McLemore, The Federal Reserve Bank of Richmond
Efficiency, Spanning, and the Fiduciary in 401(k) Plans Farid AitSahlia, University of Florida Thomas Doellman, Saint Louis University Sabuhi Sardarli, Kansas State University Discussant: Xin Gao, University of Houston
3/4/2016 10:00 AM - 11:45 AM Location: Phoenix Ballroom Salon IV 60 Managers Chair: Nishant Dass, Georgia Institute of Technology
Industry Centrality: Implications for Industry Attributes and the Nature of Managerial Contracting Rasha Ashraf, Georgia State University Discussant: Nishant Dass, Georgia Institute of Technology
The Culture of Corruption and the Value of Corporate Governance Nishant Dass, Georgia Institute of Technology Vikram Nanda, University of Texas at Dallas Steven Xiao, University of Texas at Dallas Discussant: Ivalina Kalcheva, University of California, Riverside
The Effect of Stock Prices on Real Investment in the Vertical Supply Chain Ryan Williams, University of Arizona Steven Xiao, University of Texas at Dallas Discussant: Jie He, University of Georgia
3/4/2016 10:00 AM - 11:45 AM Location: Phoenix Ballroom Salon VI 61 Exchange Rates and Risk Chair: DL Cleeton, Illinois State University
Real Exchange Rates and Currency Risk Premia Pierluigi Balduzzi, Boston College I-Hsuan Ethan Chiang, University of North Carolina at Charlotte Discussant: Andreas Stathopoulos, University of Washington
Pricing Risks Across Currency Denominations Thomas Maurer, Washington University Ngoc-Khanh Tran, Washington University Thuy-Duong To, The University of New South Wales Discussant: DL Cleeton, Illinois State University
Limited Stock Market Participation and Goods Market Frictions: A Potential Resolution for Puzzles in International Finance Nam Jong Kim, Georgia Institute of Technology Alexander Schiller, Carnegie Mellon University Discussant: Stefanos Delikouras, Miami University
3/4/2016 10:00 AM - 11:45 AM Location: Atlanta 62 Banks and the Economy Chair: Missaka Warusawitharana, Federal Reserve Board
Mapping Heat in the U.S. Financial System David Aikman, Bank of England Michael Kiley, Federal Reserve Board Seung Lee, Federal Reserve Board Michael Palumbo, Federal Reserve Board Missaka Warusawitharana, Federal Reserve Board Discussant: Larry Wall, Federal Reserve Bank of Atlanta
Do Access to Credit Programs Disincentivise Growth: Evidence from a Policy Experiment Prasanna Tantri, Indian School of Business Prabhala N R, University of Maryland Gursharan Singh, University of Chicago Discussant: Janis Skrastins, Washington University in St. Louis
Financial Integration and Growth: Banks' Previous Industry Exposure Matters Neslihan Dincbas, HEC Paris Tomasz Michalski, HEC Paris Evren Ors, HEC Paris Discussant: Felix Rioja, Georgia State University
3/4/2016 10:00 AM - 11:45 AM Location: Columbia 63 Moving Capital Chair: Aymen Karoui, University of Quebec at Montreal
Reversals in Market Integration: a Funding Liquidity Explanation Amir Akbari, McGill university Discussant: Deniz Anginer, Virginia Tech
Liquidity Shocks and Institutional Trading Karolina Krystyniak, Baruch College and Graduate Center, CUNY Lin Peng, Baruch College, CUNY Xi Dong, Baruch College, CUNY Discussant: Julia Elizabeth Reynolds, Vienna Graduate School of Finance
Portfolio Turnover Activity and Mutual Fund Performance Aymen Karoui, University of Quebec at Montreal Champagne Claudia, Sherbrooke University Patel Saurin, University of Western Ontario Discussant: Yi Li, Federal Reserve Board
3/4/2016 10:00 AM - 11:45 AM Location: Charlotte 64 Housing Finance Chair: Takashi Yamashita, Bureau of Economic Analysis
Credit Crises and Private Deleveraging Manuel Macera Carnero, Colorado State University Discussant: Alex Hsu, Georgia Institute of Technology
Endogenous Life-Cycle Housing Investment and Portfolio Allocation Cengiz Tunc, Central Bank of the Republic of Turkey Denis Pelletier, North Carolina State University Discussant: Jun Li, University of Texas at Dallas
Monetary Policy, Current Account Deficits, Credit Standards, and Housing Prices Randall Campbell, Mississippi State University Kenneth Roskelley, Mississippi State University Discussant: Cengiz Tunc, Central Bank of the Republic of Turkey
3/4/2016 10:00 AM - 11:45 AM Location: Frankfurt 65 Variance Risk Premiums Chair: Chardin Wese, ICMA Centre
What the Variance Risk Premium Tells Us About the Expected Market Returns Sungjune Pyun, University of Southern California Discussant: Xiao Xiao, Erasmus University Rotterdam
Entropy-based Implied Volatility and its Information Content Xiao Xiao, Erasmus University Rotterdam Chen Zhou, Bank of The Netherlands Discussant: Svetlana Bryzgalova, Stanford University
Driven by Fear? The Tail Risk Premium in the Crude Oil Futures Market Reinhard Ellwanger, Bank of Canada Discussant: Sang Seo, University of Houston
3/4/2016 10:00 AM - 11:45 AM Location: Jackson 66 Options 2 Chair: Sergii Pypko, University of Western Ontario
Volatility and Expected Option Returns Guanglian Hu, University of Houston Kris Jacobs, University of Houston Discussant: Lei Lian, University of Massachussets at Amherst
Option Valuation Using Realized Volatility and Mixture of Normal Distributions Sergii Pypko, University of Western Ontario Discussant: Bradley Paye, University of Georgia
Jump-Diffusion Option Valuation and Option-Implied Investor Preferences: A Stochastic Dominance Approach Hamed Ghanbari, Concordia University Michael Oancea, University of Connecticut Stylianos Perrakis, Concordia University Discussant: Suzanne Lee, Georgia Institute of Technology
3/4/2016 10:00 AM - 11:45 AM Location: Nashville 67 Information and Stock Returns Chair: Sonya Lim, DePaul University
Idiosyncratic Volatility, Asymmetric Information, and the Cost of Capital Jaideep Chowdhury, James Madison University Jason Fink, James Madison University Kristen Fink, James Madison University Hui He Sono, James Madison University Discussant: Mathieu Fournier, HEC Montréal
Influence of Rumors in Taiwan's Stock Market Chun-Da Chen, Lamar University Discussant: Arze Karam, Durham University
Sources of Investor Uncertainty and Expected Stock Returns Robert Resutek, University of Georgia Discussant: Shu Wu, University of Kansas
3/4/2016 10:00 AM - 11:45 AM Location: Richmond 68 Dividends Chair: Natalia Matanova, The Pennsylvania State University
Institutional Ownership and Flexibility in Payout Policy: Evidence from the Fnancial Crisis Imran Haque, Texas A&M University Discussant: Trang Doan, Wayne State University
Dividend Catering, Investor Protection, and Sentiment: A Cross-country Analysis Kihun Kim, Miami University Jinho Byun, Ewah Womans University Discussant: Margarita Kaprielyan, Florida Atlantic University
The Role of Dividend Policy in Cross-Border Mergers and Acquisitions Kevin Brady, Florida Atlantic University Margarita Kaprielyan, Florida Atlantic University Discussant: Allen Cheng, Columbia University
3/4/2016 10:00 AM - 11:45 AM Location: Montgomery 69 People Chair: Laura Arranz Aperte, Hanken School of Economics
CEO Gender and Corporate Board Structures Melissa Frye, University of Central Florida Duong Pham, University of Central Florida Discussant: Sergey Stepanov, Higher School of Economics
Does Founding Family Ownership Affect Firm Performance? Evidence from the Evolution of Family Firms Huimin Li, University of New Hampshire Harley Ryan, Jr., Georgia State University Discussant: Omrane Guedhami, University of South Carolina
Gender in the C-Suite: Evidence from the CFO Hiring Decision Mai Iskandar-Datta, Wayne State University Trang Doan, Wayne State University Discussant: Jongsub Lee, University of Florida
3/4/2016 10:00 AM - 11:45 AM Location: Lexington 70 Mergers and Acquisitions 2 Chair: CNV Krishnan, Case Western Reserve University
Zealous Advocates or Self-interested Actors? Assessing the Value of Plaintiffs’ Law Firms in Merger Litigation CNV Krishnan, Case Western Reserve University Steven Solomon, University of California Berkeley, School of Law Randall Thomas, Vanderbilt University Law School Discussant: Sangho Lee, Georgia State University
Sovereign Wealth Funds Investment Effects on Target Firms’ Competitors Jean-Claude Cosset, HEC Montreal Narjess Boubakri, American University of Sharjah Jocelyn Grira, UAE University Discussant: Sören Pippart, WHU - Otto Beisheim School of Management
Earnings Management Surrounding M&A: Role of Economic Development and Investor Protection Mohammad Karim, Marshall University Sayan Sarkar, University of Texas at El Paso Shaorong Zhang, Marshall University Discussant: CNV Krishnan, Case Western Reserve University
11:45 AM – 1:25 PM Luncheon, Phoenix Ballroom (Salons I, III, V) Membership Business Meeting (advance ticket purchase required for meal) (non-meal service audience seating available)
3/4/2016 1:30 PM - 3:15 PM Location: Phoenix Ballroom Salon II 71 Value and Growth Stocks Chair: Suyan Zheng, University of Cincinnati
Conditional Market Exposures of the Value Premium Xiao Qiao, University of Chicago Discussant: Hengjie Ai, University of Minnesota
Does the Investment-based Model Explain the Value Premium? Evidence from Euler Equations Stefanos Delikouras, University of Miami Robert Dittmar, University of Michigan Discussant: Paulo Maio, Hanken School of Economics
What Drives Corporate Cash Holding Premium Suyan Zheng, University of Cincinnati Discussant: Berardino Palazzo, Boston University
3/4/2016 1:30 PM - 3:15 PM Location: Phoenix Ballroom Salon IV 72 Creditor Rights Chair: Larry Wall, Federal Reserve Bank of Atlanta
International Debt Specialization: Role of Creditor Rights Mahsa (Somayeh) Kaviani, Concordia University, New York University Lawrence Kryzanowski, Concordia University, Discussant: Max Bruche, Cass Business School
Insurance, Collateral, and Information Asymmetry: Debtor Protection and Small Business Credit John Hackney, University of Washington Discussant: Steven Xiao, University of Texas at Dallas
Credit Enforcement and Firm Boundaries: Evidence from Brazil Janis Skrastins, Washington University in St. Louis Discussant: Indraneel Chakraborty, University of Miami
3/4/2016 1:30 PM - 3:15 PM Location: Phoenix Ballroom Salon VI 73 Equilibrium Asset Pricing Models Chair: Riccardo Colacito, UNC Chapel Hill
Cash Flow and Risk Premium Dynamics in an Equilibrium Asset Pricing Model with Recursive Preferences Shu Wu, University of Kansas Taeyoung Doh, Federal Reserve Bank of Kansas City Discussant: Junghoon Lee, Emory University
Accuracy Verification for Numerical Solutions of Equilibrium Models Indrajit Mitra, University of Michigan Leonid Kogan, MIT Discussant: Stuart Fowler, Middle Tennessee State University
Currency Risk Factors in a Recursive Multi-Country Economy Riccardo Colacito, University of North Carolina-Chapel Hill Max Croce, University of North Carolina-Chapel Hill Federico Gavazzoni, INSEAD Robert Ready, Rochester University Discussant: Thomas Maurer, Washington University
3/4/2016 1:30 PM - 3:15 PM Location: Atlanta 74 Financial Decisions Chair: Andras Danis, Georgia Institute of Technology
A Manufactured Diversification Discount John Hund, University of Georgia Don Monk, Rutgers University Sheri Tice, Tulane University Discussant: Atanas Mihov, Federal Reserve Bank of Richmond
Teachers Teaching Teachers: The Role of Networks on Financial Decisions Gonzalo Maturana, Emory University Jordan Nickerson, Boston College Discussant: Sudip Ghosh, Pennsylvania State University
Spreading the Fire: Investment and Product Market Effects of Corporate Bond Fire Sales Hadiye Aslan, Georgia State University Discussant: Ryan Williams, University of Arizona
3/4/2016 1:30 PM - 3:15 PM Location: Columbia 75 Stock Returns Chair: Lorne Switzer, Concordia University
A Long-Run Performance Perspective on the Technology Bubble Maximilian Franke, University of Ulm Gunter Loeffler, University of Ulm Discussant: Robert Resutek, University of Georgia
The Cyclical Behaviour of the Small Cap Premium: Evidence for the US and Canada Lorne Switzer, Concordia University Alan Picard, Concordia University Discussant: Gregory Eaton, University of Georgia
Default Option and the Cross-Section of Stock Returns Amit Goyal, Discussant: Josef Zorn, University of Innsbruck
3/4/2016 1:30 PM - 3:15 PM Location: Charlotte 76 Behavioral Finance Chair: Jie He, University of Georgia
Does Sadness Influence Investor Behavior? Evidence from Bereaved Fund Managers Tao Shu, University of Georgia Johan Sulaeman, National University of Singapore Eric Yeung, Cornell University Discussant: Gonzalo Maturana, Emory University
Can We Explain Both Momentum and Reversal Using Cash Flow Expectations? Zhongjin Lu, University of Georgia Discussant: Scott Murray, Georgia State University
YOLO: Mortality Beliefs and Household Finance Puzzles Rawley Heimer, Federal Reserve Bank of Cleveland Discussant: Sara Holland, University of Georgia
3/4/2016 1:30 PM - 3:15 PM Location: Frankfurt 77 Central Bank Policies and Treasury Bond Markets Chair: Siamak Javadi, Ohio University
Macroeconomic Uncertainty, the Distant Forward-Rate Slope, and Term Risk Premia Robert Connolly, University of North Carolina-Chapel Hill David Dubofsky, University of Louisville Chris Stivers, University of Louisville Discussant: Fan Wang, University of Illinois at Chicago
Monetary Policy and Time-Varying Liquidity in Government Bond Markets Gerold Willershausen, University of Hohenheim Hans-Peter Burghof, University of Hohenheim Discussant: Fernando Chague, University of São Paulo
Monetary Policy Rules and the Bond Market Kenneth Roskelley, Mississippi State University Discussant: Qianying Zhang, Florida International University
3/4/2016 1:30 PM - 3:15 PM Location: Jackson 78 Disclosure Chair: Ariadna Dumitrescu, ESADE
Disclosure of Corporate Tax Reports, Tax Enforcement, and Insider Trading Ariadna Dumitrescu, ESADE Business School Jordi Caballe, University Autonoma of Barcelona Discussant: Robert Viglione, University of South Carolina
Strategic News Bundling and Privacy Breach Disclosures Sebastien Gay, The University of Chicago Discussant: Chih-Huei Su, University of St. Thomas
The Dark Side of Market Transparency: Evidence from Bank Stress Tests Mehrnoush Shahhosseini, University of Illinois at Urbana-Champaign Discussant: Andrei Shynkevich, Kent State University
3/4/2016 1:30 PM - 3:15 PM Location: Nashville 79 Oil and Gas Chair: Duong Le, Marietta College
Smooth Volatility Shifts and Spillovers in U.S. Crude Oil and Corn Futures Markets Pavel Teterin, University of Alabama Robert Brooks, University of Alabama Walter Enders, University of Alabama Discussant: Reinhard Ellwanger, Bank of Canada
The Information Content of Implied Volatility in the Crude Oil and Natural Gas Markets Duong Le, Marietta College Discussant: Biao Guo, Renmin University of China
3/4/2016 1:30 PM - 3:15 PM Location: Richmond 80 The Efficiency of Financial Institutions Chair: Jocelyn Grira, UAE University
Do Bank Income Diversification and Ownership Enhance or Impede Bank Efficiency? Shuh-Chyi Doong, National Chung Hsing University Anh Tuan Doan, University of Dalat Kun-Li Lin, Feng Chia University Discussant: Randall Campbell, Mississippi State University
Effects of Business Diversification on Asset Risk-Taking: Evidence from the U.S. Property-Liability Insurance Industry Xin Che, University of Mississippi Andre Liebenberg, University of Mississippi Discussant: Fan Wang, University of Illinois at Chicago
The Effect Of the Corporate Governance On the US Public Pension Funds Performance Svetlana Gavrilova, Middle Tennessee State University Discussant: Lawrence Kryzanowski, Concordia University
3/4/2016 1:30 PM - 3:15 PM Location: Montgomery 81 Corporate Investment Chair: Bob Chirinko, University of Illinois at Chicago
Technological Heterogeneity and Corporate Investment Theodosios Dimopoulos, University of Lausanne Stefano Sacchetto, Carnegie Mellon University Discussant: Bob Chirinko, University of Illinois at Chicago
Sensitivities of Corporate Investment and Financing Decisions to the Implied Cost of Capital Kai Wu, Cornell University David Ng, Cornell University Soku Byoun, Baylor University Discussant: Bob Chirinko, University of Illinois at Chicago
3/4/2016 1:30 PM - 3:15 PM Location: Lexington 82 Corporate Leadership Chair: James Johnson, University of Georgia
Regulations, Competition, and the Allocation of Talent: Evidence from Finance Barton Hamilton, Washington University in St. Louis Roni Kisin, Washington University in St. Louis Discussant: Stuart Gillan, University of Georgia
Do Investors Follow Directors? Jay Dahya, Baruch College Richard Herron, Babson College Discussant: Shawn Mobbs, University of Alabama
On the Labor Market for Chief Financial Officers Stuart Gillan, University of Georgia Nga Nguyen, Marquette University Discussant: Brandon Lockhart, Clemson University
Coffee Break (Foyer Phoenix Ballroom)
3/4/2016 3:30 PM - 5:15 PM Location: Phoenix Ballroom Salon II 83 Consumption Choices Chair: Efdal Ulas Misirli, University of Connecticut
How Does Debt Relief Impact Consumption?: Evidence From A Policy Experiment Prasanna Tantri, Indian School of Business Nagaraju Thota, Indian School of Business Mrinal Mishra, Indian School of Business Discussant: Edison Yu, Federal Reserve Bank of Philadelphia
One-factor Asset Pricing Alexandros Kostakis, University of Manchester Stefanos Delikouras, University of Miami Discussant: David Schreindorfer, Arizona State University
The Consumption Risk of Bonds and Stocks Svetlana Bryzgalova, Stanford University Christian Julliard, London School of Economics Discussant: Indrajit Mitra, University of Michigan
3/4/2016 3:30 PM - 5:15 PM Location: Phoenix Ballroom Salon IV 84 Corporate Bond Liquidity Chair: Ying Wang, University at Albany
Liquidity and Price Pressure in the Corporate Bond Market: Evidence from Mega- bonds Jean Helwege, University of California - Riverside Liying Wang, University of Nebraska Discussant: Yashar Heydari Barardehi, Ohio University
Mutual Fund Holdings of Credit Default Swaps: Liquidity Management and Risk Taking Wei Jiang, Columbia University Zhongyan Zhu, Chinese University of Hong Kong Discussant: Ronald Sverdlove, New Jersey Institute of Technology
Prices and Volatilities in the Corporate Bond Market Jack Bao, Federal Reserve Board Jia Chen, Peking University Kewei Hou, Ohio State Lei Lu, Peking University Discussant: Batchimeg Sambalaibat, University of Oklahoma
3/4/2016 3:30 PM - 5:15 PM Location: Phoenix Ballroom Salon VI 85 Behavioral Finance and Stock Returns Chair: Ivalina Kalcheva, University of California, Riverside
Disappointment Aversion and Income Risk: Implications for Portfolio Allocation Revansiddha Khanapure, University of Delaware Discussant: Guanglian Hu, University of Houston
Ephemeral Experiences, Long Lived Impact: Disasters and Portfolio Choice DuckKi Cho, Arizona State University Sreedhar Bharath, Arizona State University Discussant: Rawley Heimer, Federal Reserve Bank of Cleveland
Stock Return Asymmetry: Beyond Skewness Lei Jiang, Tsinghua University Ke Wu, Renmin University of China Guofu Zhou, Washington University in St. Louis Yifeng Zhu, Emory University Discussant: Amit Goyal, University of Lausanne
3/4/2016 3:30 PM - 5:15 PM Location: Atlanta 86 Stock Prices and Predictability Chair: David Rapach, Saint Louis University
Industry Interdependencies and Cross-Industry Return Predictability David Rapach, Saint Louis University Jack Strauss, University of Denver Jun Tu, Singapore Management University Guofu Zhou, Washington University in St. Louis Discussant: Robert Connolly, University of North Carolina-Chapel Hill
Portfolio Optimization with Return Prediction Models: Evidence for Industry Portfolios Wolfgang Bessler, Justus Liebig University Giessen Dominik Wolff, Justus Liebig University Giessen Discussant: Adam Nowak, West Virginia University
The Finite Sample Power of Long-Horizon Predictive Tests in Models with Financial Bubbles Dongmeng Ren, University of Guelph Alex Maynard, University of Guelph Discussant: Satadru Hore, Federal Reserve Bank of Boston
3/4/2016 3:30 PM - 5:15 PM Location: Columbia 87 Options and Skewness Chair: Suzanne Lee, Georgia Institute of Technology
The Supply and Demand of S&P 500 Put Options Lei Lian, University of Massachussets at Amherst George Constantinides, University of Chicago Discussant: Hamed Ghanbari, Concordia University
When Options Markets Disagree Mathieu Fournier, HEC Montreal Ruslan Goyenko, McGill University Discussant: Sophie Ni, HKUST
Realized Skewness for Information Uncertainty Youngmin Choi, Georgia Institute of Technology Suzanne Lee, Georgia Institute of Technology Discussant: Diego Amaya, UQAM
3/4/2016 3:30 PM - 5:15 PM Location: Charlotte 88 Information Quality and Asset Prices Chair: Miriam Marra, University of Reading
Complexity and Information Content of Financial Disclosures: Evidence from Evolution of Uncertainty Following 10-K Filings Jun Li, University of Texas at Dallas Xiaofei Zhao, University of Texas at Dallas Discussant: Jordan Moore, University of Rochester
Credit Default Swap Spreads and Annual Report Readability Lu Zhu, University of Wisconsin - Eau Claire Nan Hu, Stevens Institute of Technology Ling Liu, University of Wisconsin - Eau Claire Discussant: Pepa Kraft, New York University
Firm Trustworthiness and Investor Underreaction to Earnings News Jay Heon Jung, KAIST Jun-Koo Kang, Nanyang Technological University Sonya Lim, DePaul University Choong-Yuel Yoo, KAIST Discussant: Christopher Neely, Federal Reserve Bank of St. Louis
3/4/2016 3:30 PM - 5:15 PM Location: Frankfurt 89 Bank Capital Chair: Lorne Switzer, Concordia University
Dynamics of Capital Regulation and US Banks' Risk-Taking George Morgan, Virginia Tech Letizia Conversano, S&P Discussant: Seung Jung Lee, Federal Reserve Board
Cyclical Policy Rule for Capital Requirement Tetiana Davydiuk, University of Pennsylvania Discussant: Harvey Stein, Columbia University
Public Bank Guarantees and Allocative Efficiency Reint Gropp, Halle Institute for Economic Research (IWH) Andre Guettler, University of Ulm Vahid Saadi, Halle Institute for Economic Research (IWH) Discussant: Haelim Park, Office of Financial Research
3/4/2016 3:30 PM - 5:15 PM Location: Jackson 90 Mutual Funds Chair: David Nanigian, The American College
Familiarity and Competition: The Case of Mutual Funds Ariadna Dumitrescu, ESADE Javier Gil-Bazo, Universitat Pompeu Fabra and Barcelona GSE Discussant: Abigail Hornstein, Wesleyan University
Is the Active Fund Management Industry Concentrated Enough? David Feldman, UNSW Australia Konark Saxena, UNSW Australia Jingrui Xu, UNSW Australia Discussant: David Nanigian, The American College
Redemption Fees: Reward for Punishment Michael Finke, Texas Tech University David Nanigian, The American College William Waller, Carnegie Mellon University Discussant: Javier Gil-Bazo, Universitat Pompeu Fabra and Barcelona GSE
3/4/2016 3:30 PM - 5:15 PM Location: Nashville 91 REITs Chair: Yu-Jou Pai, University of Cincinnati
Geographic Proximity and Managerial Alignment: Evidence from Real Estate Dispositions of REITs Chongyu Wang, University of Connecticut Tingyu Zhou, Concordia University John Glascock, University of Connecticut Discussant: Tarik Dogru, University of South Carolina
REITs - Corporate Governance and Its Effect on Credit Ratings Trang Thai, The University of Texas at Arlington Ramya Aroul, Ecole Hoteliere de Lausanne; HES-SO Discussant: Jamil Jaballah, University of Toulouse Capitole
Decomposition of Debt and the Road to REIT Returns Mariya Letdin, Florida State University Linda Allen, Baruch College Discussant: Jared Linna, The University of Memphis
3/4/2016 3:30 PM - 5:15 PM Location: Richmond 92 Politics and Finance Chair: April Knill, Florida State University
Politics in Banking: Does Political Party Control Impact Bank Risk and Return? Alex Fayman, University of Central Arkansas Ling He, University of Central Arkansas Michael Casey, University of Central Arkansas Discussant: Aurore Burietz, Université Libre de Bruxelles, SBS-EM, CEB
Political Connections and Access to Brazilian Development Bank’s Loans Dante Aldrighi, Universidade de São Paulo Andre Sztutman, PUC-RJ Discussant: Jeff Oxman, University of St. Thomas
The Effects of Political Campaign Contributions on Rivals Jeff Oxman, University of St. Thomas Michael Walrath, University of St. Thomas Discussant: Xiaojing Yuan, University of Massachusetts Lowell
3/4/2016 3:30 PM - 5:15 PM Location: Montgomery 93 Controlling Incentives Chair: Yan He, Indiana University Southeast
Long-term Incentives to Underperform in the Short Term James Spindler, University of Texas Discussant: Shiming Fu, University of Rochester
Optimal Financial Contracting and the Effects of Firm's Size Sandro Brusco, Stony Brook University Giuseppe Lopomo, Duke University Eva Ropero, Universidad Europea Madrid Discussant: Vincent Intintoli, Clemson
Transfers of Corporate Control in Firms with Non-Controlling Blockholders Sergey Stepanov, Higher School of Economics Discussant: Jiayuan Xin, Newcastle University
3/4/2016 3:30 PM - 5:15 PM Location: Lexington 94 Cash Holdings 2 Chair: Duong T. Pham, University of Central Florida
Corporate Life-cycle Dynamics of Cash Holdings Henning Schroeder, University of Hamburg Michael Halling, Stockholm School of Economics Wolfgang Drobetz, University of Hamburg Discussant: Missaka Warusawitharana, Federal Reserve Board
Cyclicality of Growth Opportunities and the Value of Cash Holdings Meike Ahrends, University of Hamburg Wolfgang Drobetz, University of Hamburg Tatjana Puhan, University of Mannheim Discussant: Lucian Taylor, University of Pennsylvania
Firm Selection and Corporate Cash Holdings Berardino Palazzo, Boston University Discussant: Anna-Leigh Stone, Merrimack College
5:30 PM Keynote Speaker – Phoenix Ballroom (Salons I, III, V) Annette Vissing-Jorgensen University of California, Berkeley
Reception following – Charleston and Nox Creek Grill
3/5/2016 8:00 AM - 9:45 AM Location: Phoenix Ballroom Salon II 95 Sentiment Chair: Yifeng Zhu, Emory University
Does Investor Sentiment Affect Mutual Fund Performance? Li Yong, Mercy College Jin Xu, SouFun Discussant: Emilio Osambela, Carnegie Mellon University
Identifying Bull and Bear Returns in the S&P 500 with the VIX Richard McGee, University of Southampton Patrick O'Sullivan, University of Southampton Discussant: Biao Guo, Renmin University of China
Market Sentiment and Paradigm Shift in Equity Premium Forecasting Liya Chu, Singapore Management University Tony Xue-zhong He, University of Technology Sydney Kai Li, University of Technology Sydney Jun Tu, Singapore Management University Discussant: Xue (Snow) Han, University of Georgia
3/5/2016 8:00 AM - 9:45 AM Location: Phoenix Ballroom Salon IV 96 Corporate Taxes Chair: Adam Nowak, West Virginia University
Offshore Expertise for Onshore Companies: Director Connections to Island Tax Havens and Corporate Tax Policy Chao Jiang, University of Kansas Thomas Kubick, University of Kansas Mihail Miletkov, University of New Hampshire Jide Wintoki, University of Kansas Discussant: Julian Atanassov, University of Nebraska
Offshore Schemes and Tax Evasion: the Role of Banks Sergey Mityakov, Clemson University Lucy Chernykh, Clemson University Discussant: Sudip Ghosh, Pennsylvania State Univeristy
Tax Avoidance, Legal Loopholes, and Domestic Acquisitions William O'Brien, University of Illinois at Chicago Jeremiah Harris, Kent State University Discussant: Erin Towery, University of Georgia
3/5/2016 8:00 AM - 9:45 AM Location: Phoenix Ballroom Salon VI 97 Customers and Suppliers Chair: Vincent Intintoli, Clemson University
Network Centrality of Customers and Suppliers Rongrong Zhang, Georgia Southern University Jie Yang, Georgetown University Discussant: Hui-Ju Tsai, Washington College
How Do Customer-Supplier Relationships Affect Innovation? Zhaozhao He, University of Kansas Marcin Krolikowski, Providence College Xiaojing Yuan, University of Massachusetts Lowell Discussant: Nina Baranchuk, University of Texas at Dallas
Brokers vs. Retail Investors: Conflicting Interests and Dominated Products Mark Egan, University of Minnesota Discussant: Salvatore Miglietta, BI Norwegian Business School
3/5/2016 8:00 AM - 9:45 AM Location: Atlanta 98 Stock Returns and Asset Pricing Factors Chair: Marcello Pericoli, Bank of Italy
Cross-Sectional Factor Dynamics and Momentum Returns Satadru Hore, Federal Reserve Bank of Boston Doron Avramov, The Hebrew University Discussant: David Rapach, Saint Louis University
New Evidence on Conditional Factor Models Paulo Maio, Hanken School of Economics Discussant: Stefanos Delikouras, University of Miami
The Factor Structure of Time-Varying Discount Rates Victoria Atanasov, University of Mannheim Ilan Cooper, BI Norwegian Business School Richard Priestley, BI Norwegian Business School Junhua Zhong, Dongbei University of Economics and Finance Discussant: Yufeng Han, University of Colorado Denver
3/5/2016 8:00 AM - 9:45 AM Location: Columbia 99 Volatility Chair: Pei Lin Hsieh, Xiamen University
Forecasting the Term Structure of Implied Volatilities Hai Lin, Victoria University of Wellington Qian Han, Xiamen University Biao Guo, Renmin University of China Discussant: Lei Lian, University of Massachusetts at Amherst
Time-varying Risk of Nominal Bonds: How Important Are Macroeconomic Shocks? Andrey Ermolov, Fordham University Discussant: Dongho Song, Boston College
Volatility Uncertainty, Time Decay, and Option Bid-Ask Spreads in the Incomplete Market PeiLin Hsieh, Xiamen University Robert Jarrow, Cornell University Discussant: Sungjune Pyun, University of Southern California
3/5/2016 8:00 AM - 9:45 AM Location: Charlotte 100 Monetary Policy and Banking Chair: Manuela Storz, Frankfurt School of Finance & Management
How Do U.S. Banks Respond to Monetary Policy? Christoffer Koch, Federal Reserve Bank of Dallas Christopher Neely, Federal Reserve Bank of St. Louis Discussant: Fatih Altunok, Central Bank of Turkey
The Impact of Monetary Policy on Credit Growth: Evidence from Credit Registry Data Arif Oduncu, the Central Bank of the Republic of Turkey Fatih Altunok, the Central Bank of the Republic of Turkey Discussant: Indraneel Chakraborty, University of Miami
The Internal Capital Market Channel of Monetary Policy: Evidence from U.S. Emergency Facilities Thomas Kick, Deutsche Bundesbank Michael Koetter, Frankfurt School of Finance & Management Manuela Storz, Frankfurt School of Finance & Management Discussant: Yeejin Jang, Purdue University
3/5/2016 8:00 AM - 9:45 AM Location: Frankfurt 101 Credit Exposures in Banking Chair: Jiakai Chen, University of Hawaii at Manoa
Idiosyncratic Shocks and the Persistence of Interbank Relations Peter Bednarek, Deutsche Bundesbank Valeriya Dinger, University of Osnabrueck Natalja von Westernhagen, Deutsche Bundesbank Discussant: Mariya Letdin, Florida State University
LIBOR's Poker: Interbank Borrowing Costs and Strategic Reporting Jiakai Chen, University of Hawaii at Manoa Discussant: Peter Bednarek, Deutsche Bundesbank
3/5/2016 8:00 AM - 9:45 AM Location: Jackson 102 Corporate Policies Chair: Ruiyuan Chen, University of South Carolina
Political Ties Across Country Borders April Knill, Florida State University Meghana Ayyagari, George Washington University Kelsey Syvrud, University of South Florida Discussant: Minjie Huang, University of Kansas
The Effect of the Split Share Structure Reform on Working Capital Management of Chinese Companies Wei He, Mississippi State University Tarun Mukherjee, University of New Orleans Kent H. Baker, American University Discussant: Xian Gu, Central University of Finance and Economics
Valuation Consequences of the Decision to Divest in the Globalized World Margarita Kaprielyan, Florida Atlantic University Discussant: Aaron Pancost, University of Chicago
3/5/2016 8:00 AM - 9:45 AM Location: Nashville 103 Innovation Chair: Robert Resutek, University of Georgia
Managerial Risk-Taking Incentive and Firm Innovation: Evidence from FAS 123R Chi Zhang, Temple University Connie Mao, Temple University Discussant: Mark Chen, Georgia State University
Falling into Traps? Patent Thickets and Stock Returns Po-Hsuan Hsu, University of Hong Kong Hsiao-Hui Lee, University of Hong Kong Tong Zhou, University of Hong Kong Discussant: Karl Diether, Brigham Young University
The Relation Between R&D, Growth, and Operating Leverage Robert Resutek, University of Georgia Discussant: Dongmei Li, University of South Carolina
3/5/2016 8:00 AM - 9:45 AM Location: Richmond 104 CEOs and Mergers Chair: Ahmed Elnahas, Eastern Kentucky University
The Effect of CEO Conservatism on Mergers and Acquisitions Decisions Ahmed Elnahas, Eastern Kentucky University Kim Dongnyoung, Texas A&M at Kingsville Discussant: Trang Doan, Wayne State University
The Young and the Restless: A Study of Age and Acquisition Propensity of CEOs of U.K. Firms Teng Zhang, Georgia Institute of Technology Sanjiv Sabherwal, The University of Texas at Arlington Narayanan Jayaraman, Georgia Institute of Technology Stephen Ferris, University of Missouri Discussant: Jide Wintoki, University of Kansas
3/5/2016 8:00 AM - 9:45 AM Location: Montgomery 105 Labor Markets Chair: Nikanor Volkov, Mercer University
The Labor Market for Well-Connected Directors Lindsay Baran, Kent State University Hua-Hsin Tsai, Kent State University Discussant: Wei Wang, Cleveland State University
Who is Successful on the Finance Ph.D. Job Market? Nikanor Volkov, Mercer University Inga Chira, California State University - Northridge Arjan Premti, University of Wisconsin - Whitewater Discussant: Lindsay Baran, Kent State University
The Elephant in the Room: the Impact of Labor Obligations on Credit Risk Xiaoji Lin, Ohio State University Discussant: Tom Nohel, Loyola University Chicago
3/5/2016 10:00 AM - 11:45 AM Location: Phoenix Ballroom Salon II 106 Investor Attention and Stock Returns Chair: Svetlana Gavrilova, Middle Tennessee State
Predicting International Stock Returns with Conditional Price-Earnings Ratios Josef Zorn, University of Innsbruck Jochen Lawrenz, University of Innsbruck Discussant: Chardin Wese, ICMA Centre
Rankings of Published Price-earnings Ratios and Investor Attention Jordan Moore, University of Rochester Discussant: Maximilian Franke, Ulm University
Investor Attention: Seasonal Patterns and Endogenous Allocations Hongqi Liu, Baruch College, The City University of New York Lin Peng, Baruch College, The City University of New York Discussant: Vita Faychuk, Miami University
3/5/2016 10:00 AM - 11:45 AM Location: Phoenix Ballroom Salon IV 107 Debt Markets Chair: Agostino Capponi, Columbia University
Collateral, Rehypothecation, and Efficiency Hye Jin Park, University of Illinois Charles Kahn, University of Illinois Discussant: Gerold Willershausen, University of Hohenheim
Why are Collateral Levels so Extreme? Allen Cheng, Columbia University Agostino Capponi, Columbia University Discussant: Carol Osler, Brandeis University
Hedging Interest Rate Risk Using a Structural Model of Credit Risk Zhan Shi, Ohio State University Jingzhi Huang, Pennsylvania State University Discussant: Chia-Chun Chiang, University of South Carolina
3/5/2016 10:00 AM - 11:45 AM Location: Phoenix Ballroom Salon VI 108 Corporate Theory Chair: Hengjie Ai, University of Minnesota
A Market Order Model When Insider May Not Exist Ming Yang, Duke University Discussant: Hengjie Ai, University of Minnesota
A Mechanism Design Model of Firm Dynamics with Moral Hazard Hengjie Ai, University of Minnesota Dana Kiku, University of Illinois Rui Li, University of Massachusetts - Boston Discussant: Kyoung Jin Choi, University of Calgary
Dynamic Financial Contracting with Persistent Private Information Shiming Fu, University of Rochester R. Vijay Krishna, Florida State University Discussant: Yuzhe Zhang, Texas A&M University
3/5/2016 10:00 AM - 11:45 AM Location: Atlanta 109 Feedback from the Market to Firms Chair: Gregory Eaton, University of Georgia
Corporate Goodness and Financial Performance Hui-Ju Tsai, Washington College Discussant: Lei Gao, Iowa State University
The Effects of Market Liquidity on the Firm: Does Liquidity Impact Firm Value? Gregory Eaton, University of Georgia Discussant: Jesse Blocher, Vanderbilt University
The Real Effects of Short Selling on Firm Risk-taking: Evidence from a Quasi-Natural Experiment in China Xiaoran Ni, Tsinghua University Discussant: Alexander Borisov, University of Cincinnati
3/5/2016 10:00 AM - 11:45 AM Location: Columbia 110 Analysis of Stock Returns Chair: I-Hsuan Ethan Chiang, University of North Carolina at Charlotte
Nonparametric Dynamic Conditional Beta John Maheu, McMaster University Azam Shamsi Zamenjani, McMaster University Discussant: Mark Jensen, Federal Reserve Bank of Atlanta
Dynamic Panels, Cross Sectional Correlation, and Arbitrage in Equities Market Xiao Huang, Kennesaw State University Discussant: Cesare Robotti, Imperial College Business School
What Drives US Stock Returns: Betas or Characteristics? An Asset Allocation Perspective Maria Pacurar, Dalhousie University Gregory Nazaire, Dalhousie University Oumar Sy, Dalhousie University Discussant: Xiaoji Lin, Ohio State
3/5/2016 10:00 AM - 11:45 AM Location: Charlotte 111 Asset Pricing Chair: Nikolay Gospodinov, Federal Reserve Bank of Atlanta
Characteristic-Sorted Portfolios: Estimation and Inference Richard Crump, Federal Reserve Bank of New York Discussant: Francisco Barillas, Emory University
Price-Rent Dynamics, Liquidity Premium, and Business Cycles Tao Zha, Federal Reserve Bank of Atlanta Discussant: Azam Shamsi Zamenjani, McMaster University
Two-Pass Cross-Sectional Regressions with Individual Stocks Cesare Robotti, Imperial College Discussant: Soohun Kim, Georgia Institute of Technology
3/5/2016 10:00 AM - 11:45 AM Location: Frankfurt 112 Trading by Institutional Investors Chair: Li Yong, Mercy College
Institutional Investment Funds’ Return, Size, Turnover, Concentration and “Best Ideas” Sijia Wang, Kent State University Andrei Shynkevich, Kent State University Discussant: Karolina Krystyniak, Baruch College
Predicted Institutional Trades and the Cross-section of Returns James Bulsiewicz, University of Utah Discussant: Kainan Wang, University of Toledo
Why do Different Short-sellers Pay Different Loan Fees? A Market-wide Analysis Fernando Chague, University of São Paulo Rodrigo De-Losso, University of São Paulo Alan De Genaro, University of São Paulo Bruno Giovannetti, University of São Paulo Discussant: Alvaro Pedraza, World Bank
3/5/2016 10:00 AM - 11:45 AM Location: Jackson 113 Bank Size Chair: Mark Egan, University of Minnesota
Conversion Back to C Banks - The Gains and the Losses Chun-Hao Chang, Florida International University Edward Lawrence, Florida International University Alejandro Pacheco, Florida International University Discussant: Jean Helwege, University of California - Riverside
Subchapter S Election and Banking Operations Takashi Yamashita, Bureau of Economic Analysis Discussant: Thomas Kick, Deutsche Bundesbank
What Accounts for the Changing Shape of the Bank Size Distribution? Christoffer Koch, Federal Reserve Bank of Dallas Ricardo Fernholz, Claremont McKenna College Discussant: Shuh-Chyi Doong, National Chung Hsing University
3/5/2016 10:00 AM - 11:45 AM Location: Nashville 114 Banking and the Financial Crisis Chair: Fatih Altunok, Central Bank of Turkey
Home Sweet Home: Bank Lending Characteristics and the Impact of the Recent Global Financial Crisis Aurore Burietz, Université Libre de Bruxelles, SBS-EM, CEB Loredana Ureche-Rangau, Université de Picardie, Jules Verne Discussant: Arif Oduncu, Central Bank of Turkey
Islamic Banking and Firm Performance; Costs, Benefits, and Lessons from the Global Financial Crisis Bob Chirinko, University of Illinois at Chicago Ozgur Arslan-Ayaydin, University of Illinois at Chicago Mahir Binici, Turkish Central Bank (TCMB) Discussant: Lee Cohen, University of Georgia
Tracing the Impact of Sudden Stops and the Credit Supply Channel Fatih Altunok, Central Bank of Turkey Salih Fendoglu, Central Bank of Turkey Arif Oduncu, Central Bank of Turkey Steven Ongena, University of Zurich; Swiss Finance Institute Discussant: Matias Ossandon Busch, Halle Institute for Economic Research
3/5/2016 10:00 AM - 11:45 AM Location: Richmond 115 Capital Structure Chair: Jiayuan Xin, Newcastle University
Effects of Board Reforms on Capital Structure and Corporate Growth Strategy Byung Min, Griffith University Discussant: Jong-Min Oh, University of Central Florida
What Happens at a Refinancing Point? Changes in Debt Structure and Firm Profitability Evan Dudley, Queen’s University Qie (Ellie) Yin, University of Florida Discussant: Stefano Sacchetto, Carnegie Mellon University
Investor Recognition and Equity Issuance Jiayuan Xin, Newcastle University Michael Jie Guo, Durham University Nan Hu, Durham University Xin Sheng, Durham University Discussant: Mohammad Karim, Marshall University
3/5/2016 10:00 AM - 11:45 AM Location: Montgomery 116 Corporate Behavior Chair: Jamil Jaballah, University of Toulouse Capitole
Executive Compensation, CSR, and Firm Performance: The Effectuating Capacity of the Golden Parachute Collins Okafor, North Carolina A & T State University Nacasius Ujah, University of Nebraska at Kearney Discussant: Jamil Jaballah, University of Toulouse Capitole
The Value of Apology Marie Racine, University of Saskatchewan Michael Wynes, Queens University Craig Wilson, University of Saskatchewan Discussant: William O'Brien, University of Illinois at Chicago
Contractual Governance in the Absence of Law Salvatore Miglietta, BI Norwegian Business School Mike Burkart, Stockholm School of Economics Charlotte Ostergaard, BI Norwegian Business School Discussant: Ahmed Elnahas, Eastern Kentucky University
3/5/2016 10:00 AM - 11:45 AM Location: Lexington 117 Does It Pay? Analysis of M&A Strategies Chair: Lindsay Baran, Kent State University
Does it Pay to Use Investor Relations? An Examination of the Impact of Investor Relation Firms on Mergers & Acquisitions Kate Upton, Elon University Discussant: Severin Zoergiebel, Goethe University Frankfurt
Sources of Gains in Horizontal Mergers: Evidence from Geographic Expansion Douglas Fairhurst, Washington State University Ryan Williams, University of Arizona Discussant: Nandini Gupta, Indiana University
Why are Firms Sold? Evidence from Acquisitions of European Private Firms Yeejin Jang, Purdue University Natalia Reisel, Fordham University; NYU-Stern Discussant: Tanja Steigner, Emporia State University
Program Concludes
Thank You for Participating
Index of Authors, Discussants, and Session Chairs
Name Sessions Name Sessions Samuel Abankwa 20 Dan Bernhardt 47 Benjamin Abugri 10 Tony Berrada 29 Sushant Acharya 16 Wolfgang Bessler 13, 45, 86 Tim Adam 44 Mehdi Beyhaghi 24 Vikas Agarwal 9 Sreedhar Bharath 85 Toni Ahnert 21 Matthew Billett 2 Meike Ahrends 94 Mahir Binici 114 Hengjie Ai 71, 108 Geir Bjonnes 54 David Aikman 62 Lloyd Blenman 20 Farid AitSahlia 54, 59 Jesse Blocher 109 Amir Akbari 47, 63 Niklas Bluemke 9, 17 Aigbe Akhigbe 14 Andriy Bodnaruk 16 Nazli Alan 47 Andrin Bögli 5, 51 Dante Aldrighi 14, 92 Dimitar Bogoev 54 Linda Allen 44, 91 Alexander Borisov 44, 109 Fatih Altunok 100, 114 Narjess Boubakri 70 Diego Amaya 87 Kevin Brady 68 Pablo de Andres 46 Raffaello Bronzini 33 James Ang 56 Robert Brooks 79 Deniz Anginer 17, 38, 63 Max Bruche 40, 72 Bertille Antoine 39 Vinicius Augusto Brunassi Silva 37 Ramya Aroul 91 Sandro Brusco 35, 93 Laura Arranz Aperte 45, 69 Svetlana Bryzgalova 65, 83 Ozgur Arslan-Ayaydin 114 James Bulsiewicz 47, 112 Samar Ashour 17 Hans-Peter Burghof 77 Rasha Ashraf 31, 60 Aurore Burietz 92, 114 Hadiye Aslan 74 Mike Burkart 116 Victoria Atanasov 98 Soku Byoun 81 Julian Atanassov 49, 96 Jinho Byun 68 Doron Avramov 98 Seong Byun 10, 22 Meghana Ayyagari 102 Jordi Caballe 78 John (Jianqiu) Bai 12, 23 Neila Cáceres 46 Xuelian Bai 17 Chen Cai 57 Kent Baker 27 Fang Cai 40 Kent H. Baker 102 Randall Campbell 64, 80 Pierluigi Balduzzi 61 Ning Cao 42 Jack Bao 84 Agostino Capponi 107 Lindsay Baran 105, 117 Gianpaolo Caramellino 33 Nina Baranchuk 37, 97 Andrea Carriero 52 Francisco Barillas 111 Michael Casey 92 Peter Bednarek 101 Fernando Chague 77, 112 Andrea Bellucci 44 Indraneel Chakraborty 25, 72, 100 Hendrick Berkman 30 Suparna Chakraborty 44 Index of Authors, Discussants, and Session Chairs
Name Sessions Name Sessions Chun-Hao Chang 113 Tetiana Davydiuk 89 Sudheer Chava 25 David De Angelis 26 Xin Che 11, 34, 57, 80 Alan De Genaro 112 Chun-Da Chen 67 Adri De Ridder 27 Jia Chen 19, 51, 84 Annalien de Vries 27 Jiakai Chen 50, 101 Stefanos Delikouras 61, 71, 83, 98 Jie Chen 10, 29 Jared DeLisle 16, 27, 36, 56 Mark Chen 57, 103 Rodrigo De-Losso 112 Ruiyuan Chen 19, 58, 102 Saiyang Deng 53 Yong Chen 7 Anthony Diercks 41 Zhongdong Chen 4, 17 Karl Diether 103 Allen Cheng 68, 107 Theodosios Dimopoulos 81 Lucy Chernykh 25, 53, 96 Neslihan Dincbas 11, 58, 62 Julien Chevallier 25 Valeriya Dinger 101 Chia-Chun Chiang 5, 107 Robert Dittmar 71 I-Hsuan Ethan Chiang 4, 61, 110 Anh Tuan Doan 80 Inga Chira 105 Trang Doan 68, 69, 104 Bob Chirinko 81, 114 Thomas Doellman 59 DuckKi Cho 58, 85 Tarik Dogru 58, 91 Kyoung Jin Choi 108 Taeyoung Doh 73 Youngmin Choi 87 Xi Dong 63 Jaideep Chowdhury 67 Kim Dongnyoung 104 Liya Chu 95 Shuh-Chyi Doong 80, 113 Ansley Chua 27 Hitesh Doshi 7, 41, 52 Todd Clark 52 Joost Driessen 47 Champagne Claudia 63 Wolfgang Drobetz 94 DL Cleeton 61 David Dubofsky 77 Lee Cohen 30, 47, 114 Evan Dudley 115 Riccardo Colacito 73 Ariadna Dumitrescu 31, 78, 90 Robert Connolly 55, 77, 86 Brice Dupoyet 51 George Constantinides 87 Gregory Eaton 7, 75, 109 Letizia Conversano 89 Mark Egan 48, 97, 113 Doug Cook 43 Michael Ehrmann 20, 50 Ilan Cooper 18 , 98 Sina Ehsani 24 Jean-Claude Cosset 70 Sadok El Ghoul 5, 19 Sebastien Coupy 18, 29 Florian El Mouaaouy 9, 48 Karen Ann Craig 17 Mahmoud Elamin 21 Max Croce 73 Reinhard Ellwanger 7, 65, 79 Richard Crump 8, 111 Ahmed Elnahas 104, 116 Filippo Curti 30, 48 Walter Enders 79 Jay Dahya 82 Suzanne Erickson 34 Andras Danis 6, 74 Andrey Ermolov 52, 99 Nishant Dass 60 Nuri Ersahin 32 Ryan Davies 47 Douglas Fairhurst 117 Index of Authors, Discussants, and Session Chairs
Name Sessions Name Sessions Felix Fattinger 51 Reint Gropp 89 Michael Faulkender 26 Galyna Grynkiv 42 Vita Faychuk 19, 106 Xian Gu 49, 102 Alex Fayman 92 Omrane Guedhami 19, 69 David Feldman 29, 90 Andre Guettler 89 Salih Fendoglu 114 Yalin Gunduz 6, 25 Ricardo Fernholz 113 Biao Guo 79, 95, 99 Stephen Ferris 104 Michael Guo 4 Jason Fink 67 Michael Jie Guo 115 Kristen Fink 67 Nandini Gupta 117 Michael Finke 90 James Guthrie 9 Marcel Fischer 49 Alexander Guzmán 46 Mathieu Fournier 67, 87 Marlene Haas 42 Stuart Fowler 55, 73 John Hackney 53, 72 Maximilian Franke 75, 106 Michael Halling 94 Marcel Fratzscher 50 Barton Hamilton 82 David Fritz 24, 55 Qian Han 99 Melissa Frye 69 Song Han 40 Shiming Fu 37, 93, 108 Xue (Snow) Han 95 Emily Gallagher 41, 50 Yufeng Han 38, 98 Valentina Galvani 42, 50 (Grace) Qing Hao 17 Andrea Gamba 6 Imran Haque 18, 38, 68 Rohan Ganduri 25 Jeremiah Harris 96 Lei Gao 16, 22, 109 Peter Haslag 3, 47 Xin Gao 59 Sonali Hazarika 44 Jon Garfinkel 2, 22 Jie He 22, 60, 76 Federico Gavazzoni 73 Ling He 92 Svetlana Gavrilova 45, 80, 106 Tony Xue-zhong He 95 Sebastien Gay 46, 78 Wei He 102 Dominique Gehy 56 Yan He 14, 93 Michel Gendron 11 Zhaozhao He 97 Hamed Ghanbari 66, 87 Hui He Sono 67 Sudip Ghosh 74, 75 Rawley Heimer 76, 85 Javier Gil-Bazo 90 Matthias Held 41 Stuart Gillan 48, 82 Jean Helwege 6, 84, 113 Germana Giombini 44 Brian Henderson 19 Bruno Giovannetti 112 Krzysztof Herman 54 John Glascock 91 Richard Herron 46, 82 Angela Gore 19 Dieter Hess 9 Nikolay Gospodinov 8, 111 Yashar Heydari Barardehi 47, 84 Amit Goyal 26, 75, 85 David Hirshleifer 38 Ruslan Goyenko 87 Gerard Hoberg 38 Daniel Greene 35, 57, 58 Sara Holland 76 Jocelyn Grira 56, 70, 80 Fabian Hollstein 18, 29 Index of Authors, Discussants, and Session Chairs
Name Sessions Name Sessions Satadru Hore 86, 98 James Johnson 82 Abigail Hornstein 15, 90 R. Stafford Johnson 52 Saeid Hoseinzade 5, 21 Scott Joslin 8, 42 Kewei Hou 84 Christian Julliard 83 PeiLin Hsieh 52, 99 Jay Heon Jung 88 Alex Hsu 29, 64 Stephen Jurich 3, 35 Po-Hsuan Hsu 103 Dalida Kadyrzhanova 3 Guanglian Hu 66, 85 Charles Kahn 107 Nan Hu 17, 88, 115 Ivalina Kalcheva 13, 33, 60 Jian Hua 47 Madhu Kalimipalli 6, 21, 40 Alan Huang 40 Jarl Kallberg 35 Chong Huang 35 Jun-Koo Kang 88 Dayong Huang 38 Margarita Kaprielyan 68, 102 Jingzhi Huang 107 Arze Karam 54, 67 Minjie Huang 9, 102 Mohammad Karim 115 Xiao Huang 1, 110 Mohammad Karim 70 Yong Huang 2 Aymen Karoui 5, 13, 63 Blair Hull 1 Neophytos Kathitziotis 54 John Hund 74 Mahsa (Somayeh) Kaviani 72 Mark Huson 5 David Kemme 31 In Do Hwang 11, 30 Revansiddha Khanapure 23, 85 Michael B. Imerman 25 Thomas Kick 100, 113 Vincent Intintoli 53, 93, 97 Dana Kiku 18, 108 Rustom Irani 17, 32 Michael Kiley 62 Mai Iskandar-Datta 69 Kihun Kim 31, 68 Subramanian Iyer 2 Nam Jong Kim 21, 61 Jamil Jaballah 28, 48, 91, 116 Soohun Kim 111 Kris Jacobs 52, 66 Tao-Hsien (Dolly) King 33 Yeejin Jang 100, 117 Roni Kisin 44, 82 Victor Jarosiewicz 45 April Knill 48, 92, 102 Robert Jarrow 99 Christoffer Koch 32, 100, 113 Siamak Javadi 2, 36, 77 Paul Koch 30 Narayanan Jayaraman 26, 104 Timothy Koch 58 Narasimhan Jegadeesh 26 Michael Koetter 100 Bjarne Astrup Jensen 39, 49 Leonid Kogan 73 Mark Jensen 110 Adam Kolasinski 56 Yuan Ji 19 Alexandros Kostakis 83 Chao Jiang 96 Pepa Kraft 88 Danling Jiang 17, 38 R. Vijay Krishna 108 Lei Jiang 85 Subramnaian Krishnamurthy 10 Wei Jiang 84 CNV Krishnan 70 Xiaoquan Jiang 51 Marcin Krolikowski 97 Yong Jin 39 Karolina Krystyniak 63, 112 Kose John 3 Lawrence Kryzanowski 46, 72, 80 Index of Authors, Discussants, and Session Chairs
Name Sessions Name Sessions Thomas Kubick 96 Lei Lu 84 Van Son Lai 11 Zhongjin Lu 18, 24, 76 Edward Lawrence 113 Christian Lundblad 50 Jochen Lawrenz 106 Manuel Macera Carnero 50, 64 Ahn Le 8 Silvia Magri 12, 33 Duong Le 79 John Maheu 110 Gwendolyn Lee 45 Paulo Maio 18, 71, 98 Hsiao-Hui Lee 103 Sattar Mansi 14 Jongsub Lee 69 Connie Mao 103 Junghoon Lee 73 Massimiliano Marcellino 52 Sangho Lee 70 Miriam Marra 6, 88 Seung Lee 62 Stephen Martin 33 Seung Jung Lee 32, 89 Paulo Martins Manoel 37 Suzanne Lee 7, 66, 87 Adi Masli 9 Mariya Letdin 91, 101 Natalia Matanova 12, 34, 68 Woon Sau Leung 10, 29, 43 Gonzalo Maturana 74, 76 Dan Li 40 Thomas Maurer 61, 73 Di Li 35 Alex Maynard 86 Dongmei Li 103 Khelifa Mazouz 29 Huimin Li 56, 69 Richard McGee 95 Jun Li 64, 88 Ping McLemore 33, 59 Kai Li 95 William L. Megginson 37 Lingwei Li 14, 57 Antonio Meles 37 Rui Li 108 Yuting Meng 38 Xinxin Li 40 Felix Meschke 9 Yi Li 40, 63 Hong Miao 51 Lei Lian 66, 87, 99 Tomasz Michalski 62 Claire Liang 9, 36 Salvatore Miglietta 97, 116 Andre Liebenberg 11, 80 Atanas Mihov 31, 48, 74 Sonya Lim 67, 88 Mihail Miletkov 96 Hai Lin 99 Byung S. Min 46, 115 Kun-Li Lin 80 Mrinal Mishra 83 Leming Lin 31 Efdal Ulas Misirli 18, 43, 83 Xiaoji Lin 105, 110 Indrajit Mitra 73, 83 Jared Linna 13, 91 Sergey Mityakov 23, 96 Crocker Liu 35 Ciamac Moallemi 1 Hongqi Liu 106 Shawn Mobbs 57, 82 Ling Liu 17, 88 Mahmood Mohebshahedin 46 Rui Liu 19, 52 Don Monk 74 Xiaoding Liu 49 Jordan Moore 88, 106 Brandon Lockhart 82 George Morgan 21, 89 Gunter Loeffler 75 Tarun Mukherjee 46, 102 Robert Loos 12, 37 Gulnur Muradoglu 20 Giuseppe Lopomo 93 Scott Murray 76 Index of Authors, Discussants, and Session Chairs
Name Sessions Name Sessions Prabhala N R 62 Haelim Park 15, 89 Vikram Nanda 26, 60 Hye Jin Park 107 David Nanigian 90 Bradley Paye 7, 66 Robert Nash 19 Alvaro Pedraza 16, 112 Tareque Nasser 3, 27 Ahmad Peivandi 6 Subhankar Nayak 40 Denis Pelletier 64 Gregory Nazaire 110 Lin Peng 26, 47, 63, 106 Maryam Nazari 14 Marcello Pericoli 8, 20, 98 Christopher Neely 88, 100 Stylianos Perrakis 66 David Ng 81 Stanley Peterburgsky 5, 20 Nga Nguyen 14, 82 Marc Peters 24, 25 Sophie Ni 87 David Peterson 38 Xiaoran Ni 3, 49, 109 Duong T. Pham 37, 69, 94 Jordan Nickerson 74 Blake Phillips 5, 16 Tom Nohel 105 Alan Picard 75 Felix Noth 10 Norbert Pierre 15, 39 Adam Nowak 35, 86, 96 Gerard Pinto 56 Michael Oancea 66 Sören Pippart 41, 70 William O'Brien 96, 116 Hugues Pirotte 25 Filippo Occhino 21, 40 Ashleigh Poindexter 33 Arif Oduncu 100, 114 Arjan Premti 105 Jong-Min Oh 22, 115 Richard Priestley 98 Collins Okafor 49, 116 Matt Pritsker 7, 15 Marcel Omachel 41 Marcel Prokopczuk 7, 29 Steven Ongena 114 Tatjana Puhan 94 Evren Ors 58, 62 Kuntara Pukthuangthong 5 Emilio Osambela 95 Sergii Pypko 54, 66 Carol Osler 54, 107 Sungjune Pyun 65, 99 Matias Ossandon Busch 10, 114 Xiao Qiao 1, 16, 71 Charlotte Ostergaard 116 Yue Qiu 14, 32 Patrick O'Sullivan 7, 95 Marie Racine 48, 116 Jeff Oxman 92 Latha Ramchand 40 Alejandro Pacheco 113 Sanjay Ramchander 51 Maria Pacurar 110 Oliver Randall 54 Mark Paddrik 15 David Rapach 86, 98 Yu-Jou Pai 91 Christian Rauch 56 Berardino Palazzo 71,94 Abraham Ravid 26 Michael Palumbo 62 Robert Ready 73 Xuhui Pan 59 Michael Rebello 37 Aaron Pancost 8, 23, 32, 102 Natalia Reisel 117 Shagun Pant 33 Dongmeng Ren 1, 29, 86 Humnath Panta 34 Robert Resutek 2, 67, 75, 103 Katerina Panttser 25, 42 Julia Elizabeth Reynolds 42, 63 Bhavik Parikh 31 Felix Rioja 23, 62 Index of Authors, Discussants, and Session Chairs
Name Sessions Name Sessions Fernando Rios-Avila 23 Tao Shu 27, 76 Mari Robertson 28 Andrei Shynkevich 78, 112 Cesare Robotti 1, 110, 111 Andrei Simonov 16 Eva Ropero 93 Gursharan Singh 62 Kenneth Roskelley 41, 64, 77 Elif Sisli Ciamarra 15 Emily Ross Johnston 55 Janis Skrastins 62, 72 Patricia Ryan 45, 51 David Smith 37 Harley Ryan, Jr. 26, 69 Janet Smith 13 Vahid Saadi 44, 89 Richard Smith 13 Sanjiv Sabherwal 104 STEVEN SOLOMON 70 Stefano Sacchetto 22, 81, 115 Dongho Song 99 Mehmet Saglam 1, 13 Wei Song 10 Richard Saito 33, 37 Michael Sotiropoulos 1 Batchimeg Sambalaibat 84 Issouf Soumare 11, 20 Gabriele Sampagnaro 37 James Spindler 58, 93 Leandro Sanz 10, 31 Jeffrey Stark 13 Sabuhi Sardarli 59 Andreas Stathopoulos 61 Arkodipta Sarkar 10 Viktors Stebunovs 32 Salil Sarkar 34 Tanja Steigner 31, 117 Sayan Sarkar 70 Harvey Stein 4, 89 Patel Saurin 63 Sergey Stepanov 3, 69, 93 Konark Saxena 90 Chris Stivers 77 Alexander Schiller 61 Alexander Stolz 9 Colin Schneck 45 Anna-Leigh Stone 34, 94 David Schreindorfer 83 Manuela Storz 11, 100 Henning Schroeder 34, 94 Detelina Stoyanova 31 Robert Schwartz 47 Jack Strauss 86 Bernhard Schwetzler 12 Daniel Streitz 44 Lawrence Scmidt 50 Chih-Huei Su 44, 53, 78 Anatoli Segura 40 Johan Sulaeman 76 Amit Sen 52 Ronald Sverdlove 84 Sang Seo 65 Lorne Switzer 45, 75, 75, 89 Nejat Seyhun 38 Oumar Sy 11, 110 Mehrnoush Shahhosseini 78 Kelsey Syvrud 102 Azam Shamsi Zamenjani 110, 111 Andre Sztutman 92 Ran Shao 27 Songtao Tan 4 Rong Shao 12 Prasanna Tantri 10, 62, 83 Tao Shen 32 Lucian Taylor 94 Xin Sheng 115 Spyros Terovitis 28 Eli Sherrill 5, 13 Pavel Teterin 79 Yukun Shi 9, 43 Trang Thai 91 Zhan Shi 52, 107 Randall Thomas 70 Lynn Shibut 55 Nagaraju Thota 83 Sara Shirley 13 Sheri Tice 74 Index of Authors, Discussants, and Session Chairs
Name Sessions Name Sessions Allan Timmermann 50 Qiguang Wang 35 Thuy-Duong To 29, 61 Sijia Wang 112 Erin Towery 96 Tianyang Wang 51 Eugen Töws 24 Wei Wang 45, 105 Ngoc-Khanh Tran 15, 49, 61 Ying Wang 16, 40, 84 María-Andrea Trujillo 46 Missaka Warusawitharana 62, 94 Hua-Hsin Tsai 105 Daniel Weagley 59 Hui-Ju Tsai 97, 109 Bin Wei 8 Nicholas Tsitsianis 20 Zuobao Wei 12 Jun Tu 86 Russ Wermers 50 Jun Tu 95 Chardin Wese 65, 106 Cengiz Tunc 64 Chardin Wese Simen 7 Konari Uchida 2 Peter Joakim Westerholm 30, 51 Nacasius Ujah 116 Roger White 30 Barkat Ullah 12, 23 Gerold Willershausen 77, 107 Kate Upton 28, 117 Ryan Williams 60, 74, 117 Loredana Ureche-Rangau 114 Craig Wilson 116 Rosen Valchev 20, 39 Jide Wintoki 96, 104 Neven Valev 23 Dominik Wolff 86 Aurelio Vasquez 43 Alain Wouassom 20, 38 Raja Velu 54 Chunchi Wu 14 Vincenzo Verdoliva 37 Jiawei Wu 4, 57 Giovanni Veronese 20 Julie Wu 22 Marc Via 29, 43 Jun Wu 15, 24 Robert Viglione 1, 31, 78 Kai Wu 21, 81 Belén Villalonga 46 Ke Wu 85 Nikanor Volkov 105 Shu Wu 67, 73 Natalja von Westernhagen 101 Michael Wynes 116 Thao Vuong 15 Chun Xia 1 Dan Waggoner 58 Steven Xiao 22, 60, 72 Nathan Walcott 56 Xiao Xiao 43, 65 John Wald 14, 26 Jiayuan Xin 51, 93, 115 Mark Walker 35 Ran Xing 38, 47 Larry Wall 58, 62, 72 Nan Xiong 3 William Waller 2, 41, 90 Jin Xu 95 Michael Walrath 92 Jingrui Xu 90 Changyun Wang 4 Li Xu 34 Chongyu Wang 27, 91 Qiping Xu 19 Fan Wang 36, 77, 80 Takashi Yamashita 64, 113 Jessie Wang 15 Xinyan Yan 57 Junbo Wang 14 Arinna Yang 56 Kainan Wang 59, 112 Jie Yang 97 Liying Wang 6, 84 Ming Yang 108 Na Wang 27 Eric Yeung 76 Index of Authors, Discussants, and Session Chairs
Name Sessions Name Sessions Qie (Ellie) Yin 2, 115 Shaorong Zhang 70 Li Yong 95, 112 Teng Zhang 53, 104 Choong-Yuel Yoo 88 Yuzhe Zhang 108 Edison Yu 83 Jing Zhao 16 Miaomiao Yu 2 Xiaofei Zhao 88 Xiaojing Yuan 92, 97 Suyan Zheng 36, 71 Chris Yung 45 Junhua Zhong 98 Fernando Zapatero 16 Chen Zhou 15, 65 Alberto Zazzaro 44 Guofu Zhou 38, 85, 86 Richard Zeckhauser 15 Tingyu Zhou 91 Linghang Zeng 7 Tong Zhou 1, 39, 103 Daolin Zha 2 Lu Zhu 6, 17, 88 Tao Zha 111 Yifeng Zhu 85, 95 Andrew Zhang 53 Zhongyan Zhu 10, 40, 50, 84 Chi Zhang 49, 103 Jan Zimmermann 45 Huai Zhang 14 Severin Zoergiebel 56, 117 Qianying Zhang 51, 77 Josef Zorn 75, 106 Rongrong Zhang 97 Blerina Zykaj 59