Program oa organiser: Local 2008 FMA European Conference

Table of Contents

Welcome...... Inside Front Cover Jan Hanousek, CERGE-EI Michael Lemmon, University of Utah 2008 FMA European Conference Program Co-Chairs 2008 FMA European Conference Doctoral Student Seminar...... 2 Keynote Address ...... 3 Dr John McConnell, Purdue University 2008 FMA European Conference Organizing Committee...... 4 Conference Sponsors...... 6 Conference Program ...... 8 Conference Program Matrix ...... 30 Prague Hilton Meeting Space Map...... 32 Index of Participants...... 34 List of Attendees...... 37 2009 FMA European Conference...... 40 2009 FMA Asian Conference ...... 41

Conference Exhibitors Chez Louis Salon (Mezzanine Level)

♦ CRSP/Center for Research in Security Prices ♦ Palgrave MacMillan ♦ Elsevier ♦ RISE Forum ♦ John Wiley and Sons ♦ Standard & Poors ♦ Oxford University Press

Main Sponsors

Sponsors

Media Partners

Meeting Arrangements

2008 FMA European Conference Sponsored by

Doctoral Student Consortium

Moderator Dr. Jonathan Karpoff, Norman J Metcalfe Endowed Professor in Finance University of Washington

Panelists and Workshop Leaders

Dr. Louis Ederington, University of Oklahoma Dr. Andrea Heuson, University of Miami Dr. Narayanan Jayaraman, Georgia Tech Dr. Jonathan Karpoff, University of Washington Dr. Michael Lemmon, University of Utah Dr. Kai Li, University of British Columbia Dr. Robert Schwartz, Baruch College

Student Participants

Wajih Abbassi HEC School of Management Jaime Luque Universidade Nova de Lisboa Rachel Berchtold University of St Gallen Danielle Lyssimachou University of Manchester Pawel Bilinski University of Manchester Jens Martin University of Lugano Yen-cheng Chang University of Washington Lucia Morales University of Limerick James Clark University of Exeter Hamdi Ben Nasr Universite Laval Diego Cueto Concordia University Chayawat Ornthanalai McGill University Andreas Hanhardt ESADE Business School Emre Erkut RAND Graduate School Bjorn Hagstromer Aston University Zhen Shi Tilburg University Petra Halling University of Vienna Suherman State University of Jakarta Wenxuan Hou Manchester Business School Margarita Tsoutsoura Columbia University Spyridon Kapitsinas University of Athens Marco Wolfle University Freiburg Frantisek Kopriva CERGE-EI Dan Wunderli University of Zurich Michal Kowalik University of Mannheim

Agenda Wednesday, 4 June

9:00 am...... Welcoming Remarks Jan Hanousek and Michael Lemmon 2008 FMA European Conference Program Co-Chairs Dr. Jonathan Karpoff, University of Washington 2008 FMA Doctoral Student Consortium Coordinator

9:15 am – 10:30 am...... Presentations by Faculty Leaders

10:30 am –11:00...... Coffee Break

11:00 am – 12:00 noon...... Presentations by Faculty Leaders

12:00 noon – 12:30 pm...... Questions & Answers

12:30 pm – 1:45 pm...... Luncheon

1:45 pm – 4:30 pm...... Presentations by PhD Students

3:00 – 3:30 pm...... Coffee Break

2008 FMA European Conference Program - 2 2008 FMA European Conference

Keynote Address

John J. McConnell Professor of Finance Emanuel T. Weiler Distinguished Professor of Management

John J. McConnell is the E. T. Weiler Distinguished Professor of Management (Finance) at the Krannert School of Management at Purdue University where he has been a faculty member since 1976. He received his B.A. in economics from Denison University (1968), an M.B.A. from the University of Pittsburgh (1969), and a Ph.D. in finance from Purdue University (1974).

He has also taught at The Ohio State University (1975-1976), the University of Minnesota (1981-1982), and Stanford University (1987-1988). He taught courses in corporate finance, investments, and capital markets in the graduate and undergraduate programs of these universities. He received special recognition for his teaching in 1993 and 1995 (the Salgo Noren Outstanding Teacher Award) and in 1992 (the Outstanding Teacher MSM Program Award).

He has published over 75 articles that have appeared in leading finance, economics, and management journals. He received special recognition for his scholarship as the Distinguished Scholar of the Eastern Finance Association (2002).

He has served as a member of the Boards of Directors of the Federal Home Loan Bank of Indianapolis, the American Finance Association, and Harrington Bank FSB. He currently serves as a member of the Board of Directors of Los Padres Bank FSB. He has served as a consultant to investment banks (including Merrill Lynch and Goldman Sachs), government agencies (including the Federal Home Loan Mortgage Corporation, the Department of Housing and Urban Development, and Department of Justice), and over 50 law firms throughout the U.S. on various aspects of financial markets and securities including such matters as stock and bond prices, corporate valuation, cost of capital, mergers and acquisitions, derivatives, mortgage backed securities, CMOs, money management practices, and bank and thrift lending and investment practices.

He has served as associate editor for the Journal of Finance, Financial Management, the AREUA, and the Journal of Real Estate Finance and Economics. He is currently associate editor of the Journal of Corporate Finance, the Journal of Financial and Quantitative Analysis, the Journal of Fixed Income, and the Pacific-Basin Finance Journal.

Dr. McConnell will present the 2008 FMA European Conference Keynote Address at 6:00 pm on Wednesday, 4 June at the Conference Center of the Czech National Bank, immediately prior to the welcome reception.

Keynote Address sponsored by

Welcome Reception sponsored by

2008 FMA European Conference Program - 3 2008 FMA European Conference

2008 European Conference Program Co-Chairs Jan Hanousek, CERGE-EI Michael Lemmon, University of Utah

2008 FMA European Conference Award Committee Chairpersons Vidhan Goyal, Hong Kong University of Science & Technology James Schallheim, University of Utah Laura Starks, University of Texas Austin

Programme Committee

Vernie A Alexander-Andrew Nova Southeastern University Amber Anand Syracuse University Sridhar R Arcot ESSEC Business School Elena Asparouhova University of Utah Sung C Bae Bowling Green State University Mikael Bask Bank of Finland David Becher Drexel University Thomas R Berry-Stoelzle University of Georgia Carsten Bienz NHH - Norwegian School of Economics and Business Administration Valentina Giulia Bruno American University Bonnie Buchanan University of South Carolina Sabrina Buti University of Toronto Rosa Maria Chacon Pago eTransaction Services Don M Chance Louisiana State University Stephen E Christophe George Mason University Jonathan E Clarke Georgia Tech Viet Anh Dang Manchester Business School Claude G Diderich Bank Julius Baer & Co Stephan Dieckmann Arizona State University Juliet D'Souza Georgia Gwinnett College Isabelle Ducassy Euromed Marseille Ecole de Management France Alessia Falsarone AIG Investments Eliezer M Fich Drexel University Jarko Fidrmuc University of Munich Vijay B Gondhalekar Grand Valley State University Laura Gonzalez University of Florida Vidhan K Goyal Hong Kong University of Science & Technology Nandini Gupta Indiana University Michael Halling University of Utah Allaudeen Hameed National University of SIngapore Jarrad Harford University of Washington Michael G Hertzel Arizona State University Andrea J Heuson University of Miami Jim E Hilliard Louisiana State University David Hillier University of Strathclyde Rocco Huang Federal Reserve Bank of Philadelphia Stuart J Hyde Manchester Business School Joachim Inkmann Tilburg University Zahid Iqbal Texas State University Kris Jacobs McGill University Julapa Jagtiani Federal Reserve Bank of Kansas City Tomas Jandik University of Arkansas Shahzadah Nayyar Jehan Ritsumeikan Asia Pacific University Christine Jiang University of Memphis Jan Jindra Cornerstone Research Sreenivas Kamma Indiana University Kelley School of Business Ayla Kayhan Louisiana State University John W Kensinger University of North Texas

2008 FMA European Conference Program - 4

Serguey Khovansky Mount St Mary College Sandy Klasa University of Arizona Asjeet S Lamba University of Melbourne Kai Li University of British Columbia Yuming Li California State University, Fullerton Karl V Lins University of Utah Inês Lisboa Institute Polytechnic of Leiria Evgeny Lyandres Rice University Aktham Issa Maghyereh United Arab Emirates University Maria-Teresa Marchica Manchester Business School Cesario Mateus University of Greenwich Business School Felix Meschke University of Minnesota Anton Miglo University of Guelph Darius P Miller Southern Methodist University Dev R Mishra University of Saskatchewan Roberto Mura Manchester Business School Chris J Muscarella Penn State University Gregory L Nagel Mississippi State University Mervi M Niskanen University of Kuopio Micah Officer University of Southern California Jose Ornelas Central Bank of Brazil Hernan Ortiz-Molina University of British Columbia Marios Panayides University of Utah Andrey Pavlov University of Pennsylvania Christophe Perignon HEC School of Management - Paris Veronika Krepely Pool Indiana University Paul Povel University of Minnesota Jairo Laser Procianoy EA/UFRGS Meijun Qian National University of Singapore Mahmud Rahman Eastern Michigan University Jesper Rangvid Copenhagen Business School Herbert Rijken Vrije University Amsterdam Amir Rubin Simon Fraser University Stefan Ruenzi University of Cologne Jim Schallheim University of Utah Ibolya Schindele Norwegian School of Management BI Nicos A Scordis St John's University Clemens Sialm University of Texas Ajai Kumar Singh Case Western Reserve University Sandeep Singh SUNY - Brockport Amit Kumar Sinha Indiana State University Daniel R Smith Simon Fraser University Issouf Soumaré Laval University Anand Srinivasan National University of Singapore Sotiris K Staikouras Cass Business School Duane R Stock University of Oklahoma Ushad Agathee Subadar University of Mauritius Dragon Tang Kennesaw State University Andrey D Ukhov Indiana University Kumar Venkataraman Southern Methodist University João Paulo Torre Vieito Polytecnhic Institute of Viana do Castelo Laurent Weill University of Strasbourg Zhenyu Wu University of Saskatchewan Xuemin Sterling Yan University of Missouri - Columbia Jun Yang Indiana University Deniz Yavuz Arizona State University Xiaoyun Yu Indiana University Chris Yung University of Colorado Jaime F Zender University of Colorado Alexei Zhdanov University of Lausanne and George Mason University

2008 FMA European Conference Program - 5 2008 FMA European Conference Sponsors and Media Partners

The support provided by these sponsors makes this a truly special event for all of us.

Main sponsors

The CSOB Group is the leading player in the sector of financial services in both the Czech and Slovak markets with total assets of nearly EUR 30 bn. The Group employs nearly 10 thousand people and serves nearly 5 million customers. It combines the power of its retail brands: CSOB (banking, insurance, asset management, pension funds, leasing, and factoring), Postal Savings Bank (banking through the network of post offices), Hypotecni banka (mortgages), and CMSS (financing housing needs).

The CSOB Group holds strong market positions in all relevant business segments. Its primary goal is to build a strong, long-term partnership with each client. Its strength lies in listening to its clients' needs and offering them the most suitable solutions, not just products, thus providing them with life-long advice in the field of personal and family finance as well as in the field of finance for small and medium-sized enterprises and corporate finance.

‹ Welcome Reception Sponsor ‹

Prague Stock Exchange ("Exchange") is the biggest organizer of the securities market in the Czech Republic. In accordance with Czech law system, it is a joint-stock company based on a membership principle which means that only licensed securities traders who are members of the Exchange have access into the Exchange trading system. The Exchange has gained a position of a well-respected and established market. It is a member of the European exchanges (FESE) and the US commission for securities has granted it a "Designated Offshore Market" statute, an evaluation as a market safe for US investors. The Exchange is increasingly popular not only among domestic but also among foreign investors.

In June 2001, the Exchange became an associated member of the Federation of European Stock Exchanges (FESE) and became a full member of the federation on May 1, 2004 in response to the Czech Republic's EU accession.

In May 2004, the US Stock Exchange Commission (US SEC) granted the Prague Stock Exchange a statute of a defined foreign stock exchange and has thus included it into a prestigious list of non-American stock exchanges safe for investors.

‹ Gala Dinner Sponsor ‹

Sponsors

The CNB is the central bank of the Czech Republic and the supervisor of the Czech financial market. It is an entity governed by public law and is vested with the powers of an administrative authority to the extent stipulated by law. It manages the assets entrusted to it by the state independently and with due diligence. Interventions in its activities are only permissible on the basis of a law.

Under Article 98 of the Constitution of the Czech Republic and Act No. 6/1993 Coll., on the Czech National Bank, the primary objective of the CNB is to maintain price stability. Achieving and maintaining price stability, i.e. creating a low-inflation environment in the economy, is the central bank's ongoing contribution to the creation of conditions for sustainable economic growth. Central bank independence is a prerequisite for effective monetary instruments conducive to price stability.

Without prejudice to its primary objective, the CNB also supports the general economic policies of the Government. In accordance with its primary objective, the CNB sets monetary policy, issues banknotes and coins and manages the circulation of currency and the payment system and settlement between banks. It also performs supervision of the banking sector, the capital market, the insurance industry, pension funds, credit unions and electronic money institutions, as well as foreign exchange supervision. The CNB also performs other activities pursuant to the Act on the CNB and other legal rules.

‹Keynote Address Sponsor ‹

2008 FMA European Conference Program - 6 Sponsors (Continued)

The Czech Economic Society (CES) is an association of economists in the Czech Republic. It follows the heritage of Česká společnost národohospodářská, founded in 1896, and the Czechoslovak Economic Society, established in 1962.

CES holds frequent economic seminars and holds a bi-annual conference attended both by Czech and foreign economists.

The CES runs competitions among young economists in the Czech Republic, the "Young Economist of the Year" and "Karel Engliš Prize." In 2004, the "CES Price for a Long-Term Contribution to Czech Economic Thought" was established and awarded for the first time.

The CES informs its members about economic events and its activities on its website and by issuing an electronic Newsletter. It supports contacts among Czech economists and contributes to further developments of economic research and education.

‹ Doctoral Student Consortium Sponsor ‹

CERGE-EI is a joint workplace in the field of Economics, associated with two highly respected institutions, Charles University in Prague and the Academy of Sciences of the Czech Republic.

The Center for Economic Research and Graduate Education of Charles University (CERGE) was founded in 1991 as an American-style PhD program in Economics taught entirely in English. In 1992, the Economics Institute of the Academy of Sciences of the Czech Republic (EI) was created as an economics research institution, seeking to carry out topical research of the highest international standards.

Recognizing their overlapping goals and interests, the two institutions entered into a cooperation agreement in 1993, which later evolved into a formal joint workplace agreement in 1999. This partnership represents a unique example of cooperation in the Czech Republic and serves as a model of how to break down the artificial division between universities and research institutions that existed throughout the communist period. CERGE-EI reinforces the relationship of teaching and research by creating an environment of intellectual curiosity and scientific rigor.

‹ Doctoral Student Consortium Sponsor ‹

Media partners

The weekly "Profit" was created by business and entrepreneurs and is designed for the general public. Since its establishment, 14 yearly volumes have been published. During this time, Profit has created an excellent reputation among its faithful readers. The current publisher is Stanford.

Czech Business Weekly is published weekly with a Monday issue date by Stanford.

Server iPoint.cz is an independent financial server which specializes in the area of capital markets, investments, and economy. iPoint is run by the Czech capital information agency (CEKIA), the main national provider of economic information with the purpose of providing high-quality, professional information support to investors.

Meeting Arrangements Company

If we know the target, together we will find the path to it …

2008 FMA European Conference Program - 7 2008 FMA European Conference Program

Wednesday, 4 June 1:30 (13:30) pm – 3:00 (15:00) pm

Session 01 Sponsored By International Competitiveness of US Financial Markets Wednesday, 4 June, 1:30 pm - 3:00 pm – Karlin I (Level "M")

The panel will analyze recent well-publicized studies that conclude that the US is losing world financial market share to verify the evidence and, if so, in which markets and whether it matters for the efficient allocation of credit worldwide. The panel will also suggest potential changes in public policy that may correct any declines in US market shares that may be attributed to undue interference with market forces. Moderator George Kaufman, John F Smith, Jr Professor of Finance and Economics Loyola University Chicago Panelists Marshall Blume, Elroy Dimson Franklin Edwards Howard Butcher III Professor of Financial BGI Professor of Investment Management Arthur F Burns Professor of Free and Management Faculty Governor Competitive Enterprise Professor of Finance London Business School Director, Center for the Study of Futures Wharton School, Universty of Pennsylvania Markets Columbia University

Session 02 Investment Policy for Firms Wednesday, 4 June, 1:30 pm - 3:00 pm - Karlin II (Level "M") Chairperson James Ang, Florida State University Firm Diversification and the Value of Evolution of Control of Cross-Listed The Impact of a Stock Listing on Investment Corporate Cash Holdings Companies Policy Zhenxu Tong, University of Exeter Wissam Abdallah, Lebanese American Univ Frederiek Schoubben, KU-Leuven & Marc Goergen, University of Sheffield & Lessius University European Corporate Management Institute Cynthia Van Hulle, KU-Leuven Discussant Discussant Discussant Bogdan Stacescu, University of Zurich James Ang, Florida State University Christian Andres, University of Bonn

Session 03 Incentives and Managerial Compensation Wednesday, 4 June, 1:30 pm - 3:00 pm - Karlin III (Level "M") Chairperson Bruce Rosser, University of Adelaide At -the-Money Stock Options, Incentives, and Tests of Two Optimal Incentive Models Backdating and Directors Incentives: Greed Shareholder Wealth Jean M Canil, University of Adelaide or Reputation? Don M Chance, Louisiana State University Bruce A Rosser, University of Adelaide Kristina Minnick, Bentley College Tung-Hsiao Yang, National Chung Hsing Univ Mengxin Zhao, Bentley College Discussant Discussant Discussant Ebru Reis, Miami University Ohio Abdullah Yavas, Penn State University Stavroula Iliopoulou, Royal Holloway University of London

Session 04 Risk and Return Wednesday, 4 June, 1:30 pm - 3:00 pm - Tyrolka (Level "M") Chairperson Joseph Yagil, Haifa University The Long-Run World-Consumption Risk of Can Political Factors Explain the Behavior of Do Fama French Factors Work in the Visegrad International Stock Markets Stock Prices Beyond the Standard Present Countries? Jesper Rangvid, Copenhagen Bus School Value Models? Petr Zemcik, CERGE-EI Tomasz Piotr Wisniewski, Univ of Leicester Magdelena Morgese Borys, CERGE-EI Discussant Discussant Discussant Joseph Yagil, Haifa University Nur Ata, University of Oxford Jan Antell, Swedish School of Economics & Business Administration

2008 FMA European Conference Program - 8

Session 05 Growth Opportunities and Firm Value Wednesday, 4 June, 1:30 pm - 3:00 pm - Hercovka (Level "M") Chairperson Alexander Wagner, University of Zurich Costs of Intangibles and Rents from Market Do Investors Recognize the Implicit Economic How Do Firms React to R&D Subsidies? Power in the Valuation and Investment of the Benefits from the R&D Spending of the Firm? Evidence from Regression Discontinuity Multi-Assets Firm A Case of Technology Mergers and Design Alfredo Martin-Oliver, Banco de España Acquisitions Nicolas Serrano-Velarde, European Univ Inst Vicente Salas-Fumás, Univ de Zaragoza Juha-Pekka Kallunki, University of Oulu Elina Lämpsä, University of Oulu Tomi Laamanen, Helsinki Univ of Technology Discussant Discussant Discussant João Leitão, University of Beira Interior Alfredo Martin-Oliver, Banco de España Alexander Wagner, University of Zurich

Session 06 Stock Return Predictability Wednesday, 4 June, 1:30 pm - 3:00 pm - Rokoska (Level "M") Chairperson Martjin Cremers, Yale School of Management Predictive Regressions with Time-Varying Which Parts of the Distribution of Stock Deviations from Put-Call Parity and Stock Coefficients Returns are Predictable? Return Predictability Thomas Dangl, Vienna Univ of Technology Tolga Cenesizoglu, HEC Montreal Martijn Cremers, Yale School of Mgmt Michael Halling, University of Utah Allan Timmermann, University of California David Weinbaum, Cornell University San Diego and CREATES Discussant Discussant Discussant Laurent Bodson, University of Liege Denitsa Stefanova, HEC Montréal Chayawat Ornthanalai, McGill University

Session 07 Information and Market Efficiency Wednesday, 4 June, 1:30 pm - 3:00 pm - Palmovka (Level "M") Chairperson Seppo Pynnonen, University of Vaasa Asset Prices and Exchange Rate Risk: A Legal Corporate Insider Trading and the Price The Value-Relevance of Foreign Currency Measurement Problem Impact of Private Information: Evidence for Derivatives Disclosures Johan Knif, Swedish School of Economics Germany Willem FC Verschoor, Radboud Univ Nijmegen James Kolari, Texas A&M University Wolfgang Aussenegg, Vienna Univ of Tech Aline Muller, Radboud University Nijmegen Seppo Pynnönen, University of Vaasa Robert Ranzi, Vienna Univ of Tech Discussant Discussant Discussant Alex Kostakis, University of York André Betzer, University of Bonn Michael Naylor, Massey University

Session 08 Dynamic Investment Strategies Wednesday, 4 June, 1:30 pm - 3:00 pm - Amsterdam (Level "L") Chairperson Ako Doffou, Sacred Heart University Black Swans and Market Timing: How Not to Common Effects in Imbalances and Returns: Dynamic Hedge Fund Style Analysis with Generate Alpha Style-Based Comovement and Flight-To- Errors in Variables Javier Estrada, IESE Business School Quality Laurent Bodson, University of Liège Aditya Kaul, University of Alberta Alain Coën, University of Quebec Volkan Kayacetin, University of Alberta Georges Hübner, University of Liège Discussant Discussant Discussant Juliana Caicedo-Llano, Univ Paris X-Nanterre Hâkan Jankensgård, Lund University Thomas Dangl, Vienna Univ of Technology

Session 09 Issues in Derivatives Wednesday, 4 June, 1:30 pm - 3:00 pm - Athens (Level "L") Chairperson Robert Dubil, University of Utah Dynamic Hedging with Futures that are Matching Non-Synchronous Observations in On Forecasting Daily Stock Volatility: The Subject to Price Limits Derivative Markets: Choosing Windows and Role of Intraday Information and Market Jonathan Dark, University of Melbourne Efficient Estimators Conditions Jimmy E Hilliard, Louisiana State University Ana Maria Fuertes, Cass Business School Jitka Hilliard, Louisiana State University Marwan Izzeldin, Lancaster University Elena Kalotychou Cass Business School Discussant Discussant Discussant Robert Dubil, University of Utah William Lin, Tamkang University Marcus Larson, Lund University

2008 FMA European Conference Program - 9

Session 10 Consumer Debt Issues Wednesday, 4 June, 1:30 pm - 3:00 pm – Barcelona (Level "L") Chairperson Philip Cooley, Trinity University US and European Household Debt and Credit Long Run Growth in Mortgage and Consumer Hybrid Interest Rate Choice in the Subprime Constraints: Comparitive Micro Evidence Credit: New Perspectives Mortgage Market: An Analysis of Borrower from the Last 15 Years Thomas A Durkin, George Washington Univ Decisions Jonathan Crook, University of Edinburgh David A Walker, Georgetown University Gregory Elliehausen, Federal Reserve System Stefan Hochguertel, VU Univ Amsterdam Min Hwang, George Washington University Jeehoon Park, George Washington University Discussant Discussant Discussant Gregory Elliehausen, Federal Reserve System Gabriele Sabato, ABN AMRO Michal Mejstrik, Charles University

Wednesday, 4 June 3:00 (15:00) pm – 3:30 (15.30) pm

Coffee Break (Chez Louis Salon, Mezzanine Leve)

Wednesday, 4 June 3:30 (15.30) pm – 5:00 (17.00) pm

Session 11 Sponsored By Evolving Equity Markets: A Global Perspective Wednesday, 4 June, 3:30 pm - 5:00 pm – Karlin I (Level "M")

Financial markets today are very different than what the markets were ten or twenty years ago. Markets are realigning and overhauling globally. Examples of changing markets include, but are not limited to growing regional and intercontinental mergers, changing governance from member owned not for profit model to shareholder owned for profit business model, and replacement of trading systems from floor to electronic pathways. This session will discuss the direction, magnitude, and extent of changes taking place in financial markets across globe and the implications of these changes for inter-market competition, and for various stake holders such as retail and institutional investors, regulators, exchange owners, market makers, and finance academics, and practitioners.

Moderators Walayet Khan, University of Evansville

Panelists Frank Hatheway Albert Menkveld Robert A Schwartz Yair Orgler Chief Economist Professor of Finance Professor of Finance Former CEO & Chairman NASDAQ OMX Vrije Uniersiteit Baruch College Tel Aviv Stock Exchange

Session 12 Mergers and Acquisitions Wednesday, 4 June, 3:30 pm - 5:00 pm - Karlin II (Level "M") Chairperson Ken Eades, University of Virginia Top Brass Wheeling and Dealing in M&A Accepting or Rejecting the Bid? The Target's Managerial Incentives and Takeover Wealth Targets Response to Takeover Offers Based on its Gains Jerry Coakley, University of Essex Valuation and Managerial Ownership Ebru Reis, Miami University in Ohio Stavroula Iliopoulou, Royal Holloway Carsten Brueckner, Universitat Leipzig University of London Discussant Discussant Discussant Linus Siming, Stockholm Sch of Economics Ken Eades, University of Virginia Carsten Brueckner, Universitat Leipzig

Session 13 Management Compensation Wednesday, 4 June, 3:30 pm - 5:00 pm - Karlin III (Level "M") Chairperson Ralph Walkling, Drexel University What are the Real Concerns in the Design of Shareholders’ Say on Pay: Does It Create Is there a Social Circle Premium in CEO CEO Compensation Contracts? Value? Compensation? Stephen Sapp, University of Western Ontario Jay Cai, Drexel University James S Ang, Florida State University Murray Bryant, University of Western Ontario Ralph A Walkling, Drexel University Gregory Nagel, Mississippi State University June Cotte, University of Western Ontario Jun Yang, Indiana University Discussant Discussant Discussant Ralph Walkling, Drexel University Laura Starks, University of Texas Neslihan Ozkan, University of Bristol

2008 FMA European Conference Program - 10

Session 14 Asset Pricing I Wednesday, 4 June, 3:30 pm - 5:00 pm - Tyrolka (Level "M") Chairperson Elena Kalotychou, Cass Business School How Do Commodity Futures Respond to Pricing of Currency Risk in Stock Market: Asset Liquidity and Corporate Hedging Macroeconomic News? Evidence from Finland and Sweden 1970-2005 Niclas Andren, Lund University Dieter Hess, University of Cologne Jan Antell, Swedish School of Economics and Hâkan Jankensgård, Lund University He Huang, University of Cologne Business Administration Alexandra Niessen, University of Cologne Mika Vaihekoski, Lappeenranta University of Technology Discussant Discussant Discussant Ken-ichi Tatsumi, Gakushuin University Elena Kalotychou, Cass Business School Sotiris Staikouras, Cass Business School

Session 16 Macroeconomics and Stock Returns Wednesday, 4 June, 3:30 pm - 5:00 pm - Rokoska (Level "M") Chairperson Jesper Rangvid, Copenhagen Business School Macroeconomic Risk and Secular Bull and Regime Changes in the Relationship between Monetary Policy and the Cross-Section of Bear Markets of the Twentieth Century Stock Returns and the Macroeconomy Equity Returns: Small versus Large and Value Mark C Freeman, Bradford University Don Bredin, University College Dublin versus Growth Stuart Hyde, Manchester Business School Paulo Maio, Bilkent University José Tavares, Universidade Nova de Lisboa Discussant Discussant Discussant Deniz Kebabci, San Francisco State University Mark Freeman, Bradford University Jesper Rangvid, Copenhagen Bus School

Session 17 Clientele Effects Wednesday, 4 June, 3:30 pm - 5:00 pm - Palmovka (Level "M") Chairperson Yun-lan Tseng, National Ping Tung Institute of Commerce Taxes and Foreign Investors' Trading Top-Down or Bottom-Up: Commonality in The Stock Market Reaction to Oil Price Behavior Around Ex-Dividend Days Disagreement and Asset Pricing Changes Yun-lan Tseng, National Ping-Tung Jialin Yu, Columbia University Sridhar Gogineni, University of Oklahoma Institute of Commerce Shing-yang Hu, National Taiwan University Discussant Discussant Discussant Jialin Yu, Columbia University Volkan Kayecetin, University of Alberta Yun-lan Tseng, National Ping Tung Institute of Commerce

Session 18 Portfolio Management and Risk Wednesday, 4 June, 3:30 pm - 5:00 pm - Amsterdam (Level "L") Chairperson Ako Doffou, Sacred Heart University Dynamic Downside Risk Measure and Optimal Dependence Modeling of Joint Extremes via The Economic Value of Predicting Correlation Investment Behaviors Copulas: A Dynamic Portfolio Allocation For Asset Allocation Xun Li, Hong Kong Polytechnic University Perspective He Huang, University of Cologne Zhenyu Wu, University of Saskatchewan Denitsa Stefanova, HEC Montreal Georg Keienburg, University of Cologne Duane R Stock, University of Oklahoma Discussant Discussant Discussant Steinar Ekern, Norwegian School of Zhenyu Wu, University of Saskatchewan Javier Estrada, IESE Business School Economics & Business Administration

Session 19 Credit Risk Wednesday, 4 June, 3:30 pm - 5:00 pm - Athens (Level "L") Chairperson David S Sun, Taiwan Academy of Banking & Finance Information Sharing Arrangements in the Are Credit Spreads Too Low or Too High? A Estimating Conservative Loss Given Default Credit Industry: Ownership and Coverage Hybrid Barrier Option Approach Gabriele Sabato, ABN AMRO Artashes Karapetyan, University of Zurich William T Lin, Tamkang University Bogdan Stacescu, University of Zurich David S Sun, Taiwan Academy of Bank & Fin Discussant Discussant Discussant Robert Edmister, Bowling Green State Univ Dai Tian-Shyr, National Chiao-Tung University Jonathan Crook, University of Edinburgh

2008 FMA European Conference Program - 11

Session 20 Banking and Discipline Wednesday, 4 June, 3:30 pm - 5:00 pm - Barcelona (Level "L") Chairperson Rob Bliss, Wake Forest University Requiem for Market Discipline and the Market Discipline in the Banking Industry: Divergence of Bank Risk Indicators and the Specter of TBTF in Japanese Banking Evidence from Spread Dispersion Conditions for Market Discipline in Banking Adrian Pop, University of Nantes Giuliano Iannotta, Universita' Bocconi Jens Forssbaeck, Lund University & Diana Pop, Univ Paris 1 Panthéon-Sorbonne Copenhagen Business School Discussant Discussant Discussant Isabelle Distinguin, Univ de Limoges, LAPE Rob Bliss, Wake Forest University Giuliano Iannotta, Universita' Bocconi

Wednesday, 4 June Keynote Address 6:00 pm – Keynote Address sponsored by

John J McConnell Professor of Finance Emanuel T Weiler Distinguished Professor of Management Krannert School of Management Purdue University

7:00 pm – Welcome Reception The Welcome reception will take place in the Conference Center of The Czech National Bank, situated in the former Corn Welcome Reception Exchange building in a splendid functionalistic hall with art deco fittings. sponsored by

The neo-renaissance building of the Corn Exchange was built at the end of 19th century. After the constitution of independent Czechoslovakia in 1928 and relating growth of exchange activity an extension to the building was constructed in following years. The building extension represents a functionalistic formulation of the main façade neo- renaissance principles. After closing of the exchange in 1948 the former Corn Exchange was in the possession of the Czechoslovak National Bank, and later it was adapted to the needs of the Czechoslovak Television in 1994, after one hundred years of its existence, the substantially devastated building was re-bought by the Czech National Bank and was recently renovated together with the reconstruction of the Czech National Bank main building. The former Corn Exchange is nowadays established as a National Monument.

Thursday, 5 June 8:30 am – 10:00 am

Session 21 Portfolio Construction and Optimization Techniques Thursday, 5 June, 8:30 am - 10:00 am – Karlin I (Level "M") Mean-variance analysis offers an elegant framwork for forming portfolios. This presentation will show how it can be adapted to address optimal currency hedging, asymmetries arising from performance fees, and dowside risk. Moderator Mark Kritzman, Windham Capital Management Panelists Javier Estrada Will Kinlaw IESE Business School State Street

Session 22 Distress Thursday, 5 June, 8:30 am - 10:00 am - Karlin II (Level "M") Chairperson Craig Lewis, Vanderbilt University Multidimensional Distance to Collapse Point Financial versus Social Efficiency of Resolution of Financial Distress under and Sovereign Default Prediction Corporate Bankruptcy Law: The French Chapter 11: A Dynamic Game Approach Roberto Savona, University of Brescia Dilemma? Amira Annabi, HEC Montreal Marika Vezzoli, University of Brescia Régis Blazy, Luxembourg University Michèle Breton, HEC Montreal Bertrand Chopard, Nancy Université Pascal François, HEC Montreal Agnès Fimayer, Luxembourg University Jean-Daniel Guigou, Luxembourg University Discussant Discussant Discussant Craig Lewis, Vanderbilt University Nico Dewaelheyns, Lessius University College Régis Blazy, Luxembourg University

2008 FMA European Conference Program - 12

Session 23 Ownership Structure and Financial Decisions Thursday, 5 June, 8:30 am - 10:00 am - Karlin III (Level "M") Chairperson Janikan Supanvanij, St Cloud State University The Impact of Ownership Characteristics on Family Ownership, Financing Constraints and Ownership Changes and Investment in Persistent High-Cash and Low-Leverage Investment Decisions Transition Countries Policies: Evidence from UK Firms Christian Andres, University of Bonn Klaus Gugler, University of Vienna Alfonsina Iona, Aston Business School Evgeni Peev, University of Vienna Leone Leonida, Queen Mary Univ of London Aydin Ozkan, University of York

Discussant Discussant Discussant Sridhar Gogineni, University of Oklahoma Wendy Rotenberg, University of Toronto Zuzana Fungacova, Bank of Finland

Session 25 SOX Thursday, 5 June, 8:30 am - 10:00 am - Hercovka (Level "M") Chairperson Betty Simkins, Oklahoma State University The Effect of the Sarbanes-Oxley Act on CEO Executive Compensation: New versus Old The Impact of the Sarbanes-Oxley Act on the Pay For Luck Economy and the Impact of Nasdaq Crash Costs of Going Public - an Empirical Analysis Teodora Paligorova, Bank of Canada and Sarbanes Oxley Act Christoph Kaserer, TU Munich João Paulo Vieito, Polytecnhic Institute of Alfred A Mettler, Georgia State University Viana do Castelo Stefan Obernberger TU Munich António Cerqueira, FEP- University of Porto Elisio Brandão, FEP - University of Porto Walayet Khan, University of Evansville Discussant Discussant Discussant Tomas Jandik, University of Arkansas Jianhua Zhang, University of Gothenberg Betty Simkins, Oklahoma State University

Session 26 Security Analysts and Informed Trading Thursday, 5 June, 8:30 am - 10:00 am - Rokoska (Level "M") Chairperson Tunde Kovacs, Northeastern University Informed Trading before Analyst Dispersion in Analysts' Earnings Forecasts Strategic Trading by Corporate Insiders Downgrades: Evidence from Short Sellers and Credit Rating André Betzer, University of Bonn Stephen E Christophe, George Mason Univ Doron Avramov, University of Maryland Daniel Metzger, London School of Economics Michael G Ferri, George Mason University Tarun Chordia, Emory University Erik Thiessen University of Bonn Jim Hsieh, George Mason University Gergana Jostova, George Washington Univ Alexander Philipov, George Mason University Discussant Discussant Discussant Gordon Alexander, University of Minnesota Tunde Kovacs, Northeastern University Peter de Goeij, Tilburg University

Session 27 Studies in Volatility Thursday, 5 June, 8:30 am - 10:00 am - Palmovka (Level "M") Chairperson John Kensinger, University of North Texas How Asymmetric Is US Stock Market Pricing Interest Rate Derivatives under Volatility Forecasting and Liquidity: Large Volatility? Stochastic Volatility Sample Evidence Using Individual Stocks Louis H Ederington, University of Oklahoma Nabil Tahani, York University Peter Brous, Seattle University Wei Guan, University of South Florida – Xiaofei Li, York University Ufuk Ince, University of Washington, Bothell St Petersburg Ivilina Popova Seattle University Discussant Discussant Discussant John Kensinger, University of North Texas Ivilina Popova Seattle University Louis Ederington, University of Oklahoma

Session 28 Contagion Thursday, 5 June, 8:30 am - 10:00 am - Amsterdam (Level "L") Chairperson Jorg Bley, American University of Sharjah Banking and Currency Crises in Emerging Risk Contagion among International Stock The Contagion Effects of Financial Crises on Market: The Magnified Effect of Twin Crises Markets Stock Markets of Developed Countries on Output Hossein Asgharian, Lund University Manuel Rocha Armada, University of Minho Cesario Mateus, University of Greenwich Marcus Nossman, Lund University João Leitão, University of Beira Interior Li Shun Yeoh, University of Greenwich Júlio Lobão University Lusíada Discussant Discussant Discussant Willem Verschoor, Radboud Univ Nijmgen Jorg Bley, American University of Sharjah Marcus Nossman, Lund University

2008 FMA European Conference Program - 13

Session 29 Bank Regulation I Thursday, 5 June, 8:30 am - 10:00 am - Athens (Level "L") Chairperson Tim Curry, FDIC & George Mason University Banking Passivity and Regulatory Failure in The Use of Accounting and Stock Market Data Deposit Insurance Coverage, Ownership, and Emerging Markets: Theory and Evidence from to Predict Bank Rating Changes: The Case of Banks’ Risk-Taking in Emerging Markets the Czech Republic Southeast Asia Clas Wihlborg, Chapman University Jan Hanousek, CERGE-EI Isabelle Distinguin, Univ de Limoges, LAPE Apanard Angkinand, Univ of Illinois, Springfield Gerard Roland, Univ of California Berkeley Amine Tarazi, Université de Limoges, LAPE Discussant Discussant Discussant Stanley Nollen, Georgetown University Tim Curry, FDIC & George Mason University Maria Fabiana Penas, Tilburg University

Session 30 Behavioral Finance I Thursday, 5 June, 8:30 am - 10:00 am - Barcelona (Level "L") Chairperson Greg Elliehausen, Federal Reserve System Small Chances and Large Gains: Why Riskier Firms Grant More Self Control and Debt: Evidence from Data on Credit Counselling Employee Stock Options Nur Ata Nurcan, University of Oxford Oliver Spalt, University of Mannheim Alena Bicakova, CERGE-EI Discussant Discussant Valeri Zakamouline, University of Agder Greg Elliehausen, Federal Reserve System

Thursday, 5 June 10:00 am – 10:30 am Coffee Break (Chez Louis Salon, Mezzanine Level)

Thursday, 5 June 10:30 am – 12:00 noon

Session 31 Sponsored By Monetary Policy, Market Liquidity, and Financial Stability Thursday, 5 June, 10:30 am - 12:00 noon – Karlin I (Level "M") Recent events in the credit markets have highlighted the role of monetary policy in determining the risk-taking of the banks and the role of liquidity for financial stability. This panel will summarize recent research on this issue and discuss their policy implications. Moderator Steven Ongena, Tilburg University and Centre for Economic Policy Research Panelists Jose Luis Peydro Alcalde Martin Summer Christian Upper Jan Cermak European Central Bank Oesterreichische Nationalbank Bank for International Settlements CSOB

Session 32 Global Markets Thursday, 5 June, 10:30 am - 12:00 noon - Karlin II (Level "M") Chairperson Nargess Kayhani, Mount Saint Vincent University Asymmetric Linkages between High- Improving the Financial Setting for FDI European Stock Market Integration: Fact or frequency DEM/USD and GBP/USD Exchange Inflows into Czech Republic and Slovakia Fiction? Rates Edward M Jankovic, Fairfield University & Jorg Bley, American University of Sharjah Kate Phylaktis, Cass Business School Pace University Long Chen, Cass Business School Discussant Discussant Discussant Stuart Hyde, Manchester Business School Nargess Kayhani, Mount Saint Vincent University Kate Phylaktis, Cass Business School

Session 33 Managers and Boards Thursday, 5 June, 10:30 am - 12:00 noon - Karlin III (Level "M") Chairperson Yair Orgler, Tel Aviv University Managerial Power and Shareholder The Diversity of Corporate Board Committees The Market For Corporate Directors Intervention and Financial Performance Changmin Lee, Indiana University Pablo Ruiz-Verdú, Univ Carlos III de Madrid David A Carter, Oklahoma State University Frank D'Souza, Loyola College Maryland Betty J Simkins, Oklahoma State University W Gary Simpson, Oklahoma State University Discussant Discussant Discussant David Tan, University of New South Wales Urs Waelchli, Universitat Bern Tom Berglund, Swedish School of Economics & Business Administration 2008 FMA European Conference Program - 14

Session 34 Asset Pricing II Thursday, 5 June, 10:30 am - 12:00 noon - Tyrolka (Level "M") Chairperson Jonathan Dark, University of Melbourne Failure of Asset Pricing Models: Transaction Asset Pricing with Heterogeneous Modeling and Forecasting of Realized Cost, Irrationality, or Missing Factors Consumers: When the Data Has Yet to Meet a Volatility Based on High-Frequency Data: Joon Chae, Seoul National University Theory it Likes Evidence from an Emerging Market Cheol-Won Yang, Seoul National University Olesya Grishchenko, Penn State University Huimin Chung, National Chiao Tung University Marco Rossi, Penn State University Chin-Sheng Huang, National Yunlin University of Science and Technology Tseng-Chan Tseng, National Yunlin University of Science and Technology Discussant Discussant Discussant Amira Annabi, HEC Montreal Petr Zemcik, CERGE-EI Jonathan Dark, University of Melbourne

Session 35 Cost of Capital and Firm Value Thursday, 5 June, 10:30 am - 12:00 noon - Hercovka (Level "M") Chairperson John Finnerty, Fordham University Company Valuation Risk Sharing and the Estimating the Intrinsic Value of an Enterprise Asset Allocation under Bivariate Regime Government's Cost of Capital with an Integrated Financial Management Switching FIGARCH with Maturity Effects Daniel Kreutzmann, University of Cologne System Jonathan Dark, University of Melbourne Soenke Sievers, University of Cologne James A Gentry, University of Illinois Ron Guido, State Street Global Advisors Frank K Reilly, University of Notre Dame Kathleen Walsh, Univ of New South Wales Discussant Discussant Discussant Massimiliano Barbi, Catholic Univ of Milan John Finnerty, Fordham University Petko Kalev, Monash University

Session 36 Equity Pricing I Thursday, 5 June, 10:30 am - 12:00 noon - Rokoska (Level "M") Chairperson Wolfgang Aussenegg, Vienna University of Technology Cross-Industry Diversification: Integration or IPO Pricing: Growth Rates Implied in Offer Market Reactions to Intangible Information: Bubble? Prices Underreaction, Overreaction, and Firm Emilio Grisolia, Lehman Brothers Giordano Maria Cogliati, University of Bergamo Characteristics Marco Navone, Universita Bocconi Stefano Paleari, University of Bergamo Yen-cheng Chang, University of Washington Silvio Vismara, University of Bergamo Discussant Discussant Discussant Xijuan (Angel) Liao, University of Edinburgh Wolfgang Aussenegg, Vienna Univ of Tech Paulo Maio, Bilkent University

Session 37 Option Pricing I Thursday, 5 June, 10:30 am - 12:00 noon - Palmovka (Level "M") Chairperson Bruce Benet, Central Michigan University American Put Index Options Early Exercise Option Pricing and Momentum The Structure of Jumps in Returns and Premium Estimation Juan Carlos Rodríguez, Tilburg University & Volatility: Evidence from Returns with Ako Doffou, Sacred Heart University CentER Implications for Option Pricing Peter Christoffersen, McGill University Kris Jacobs, McGill University Chayawat Ornthanalai McGill University Discussant Discussant Discussant Bruce Benet, Central Michigan University Jitka Hilliard, Louisiana State University Juan Carlos Rodriguez, Tilburg University & CentER

Session 38 Portfolio Management Strategies Thursday, 5 June, 10:30 am - 12:00 noon - Amsterdam (Level "L") Chairperson Iraj Fooladi, Dalhousie University Simplifying and Generalizing Some Efficient The Price of Socially Responsible Investment Syndication to Overcome Transaction Costs Frontier and CAPM Related Results Javier Gil-Bazo, Univ Carlos III de Madrid of Cross-Border Investments? Evidence from Steinar Ekern, NHH - Norwegian School of André Portela, Universidad Carlos III de Madrid a Worldwide Private Equity Deals' Dataset Economics and Business Administration Pablo Ruiz-Verdú, Univ Carlos III de Madrid Tereza Tykvová, ZEW Mannheim Andrea Schertler, Kiel University Discussant Discussant Discussant Pierre Six, University of Paris 1 Sorbonne Iraj Fooladi, Dalhousie University Christophe Godlewski, Univ of Strasbourg

2008 FMA European Conference Program - 15 Session 39 Policy Information and Consequences Thursday, 5 June, 10:30 am - 12:00 noon - Athens (Level "L") Chairperson Stephen Christophe, George Mason University Do Foreigners Facilitate Information Can the Market Fix a Wrong Administrative Australia's Monetary Policy and the Bank Bill Transmission? Decision? Massive Delisting on the Prague Term Premium Kee-Hong Bae, Queen's University Stock Exchange David Tan, Univ of New South Wales Arzu Ozoguz, UNC-Chapel Hill Zuzana Fungáĉová, Bank of Finland Kathleen Walsh, Univ of New South Wales Hongping Tan, Univ of No British Columbia Discussant Discussant Discussant Stephen Christophe, George Mason University Evzen Kocenda, CERGE-EI Delroy Hunter, University of South Florida

Session 40 Institutional Investors Thursday, 5 June, 10:30 am - 12:00 noon - Barcelona (Level "L") Chairperson Dalia Marciukaityte, Louisiana Tech University Disposition Bias and Overconfidence in Do Institutional Trades Stabilize the Retail The Impact of Manager Changes on Fund Institutional Trades Investor Dominated Market? Performance Jan Annaert, Antwerp University Wei Li, Hong Kong Polytechnic University Andrew Clare, Cass Business School Dries Heyman, Ghent University Steven Shuye Wang, Hong Kong Polytechnic Svetlana Sapuric, Cass Business School Michèle Vanmaele, Ghent University University Natasa Todorovic Cass Business School Sofieke Van Osselaer, Ghent University Discussant Discussant Discussant Dalia Marciukaityte, Louisiana Tech University Natasha Todorovic, Cass Business School Steven Shuye Wang, Hong Kong Poly Univ

Thursday, 5 June 12:00 noon – 2:00 (14.00) pm

Luncheon Atrium Restaurant (Lobby Level)

Thursday, 5 June 2:00 (14.00) pm – 3:30 (15.30) pm

Session 41 Current Issues in Corporate Governance Thursday, 5 June, 2:00 pm - 3:30 pm – Karlin I Governance rules and regulations tend to come about in response to crises and problems, real or otherwise. Knowing what we now know about corporate governance, what should an effective system of governance look like if one were to start from scratch? What issues would be the most important to address? CDA (compensation disclosure and analysis) as required by the SEC? Risk oversight by boards with perhaps a focus on risks like those exposed by the subprime crisis? Shareholder access to the proxy or the election of directors? Say on Pay?

Join four well-known experts in governance as they discuss what might make sense, what might not, and what unexpected consequences might result from poorly structured approaches.

Moderator Charles Elson, University of Delaware Panelists Ralph Walkling Laura Starks Jonathan Karpoff Drexel University University of Texas University of Washington

Session 42 Capital Structure and Investment Thursday, 5 June, 2:00 pm - 3:30 pm - Karlin II (Level "M") Chairperson Roberto Mura, Manchester Business School Is the Corporate Diversification Decision a Financial Flexibility and Investment A Test of the Substitution between Debt and Financial Matter? Decisions: Evidence from Low- Leverage Leases Using Sale-and-Leaseback Maurizio La Rocca, University of Calabria Firms Transactions Tiziana La Rocca, University of Calabria Roberto Mura, Manchester Business School James Schallheim, University of Utah Raffaele Staglianò, University of Toulouse Maria Teresa Marchica, Manchester Business Kyle Wells, Dixie State College School Ryan Whitby, Texas Tech University Discussant Discussant Discussant Roberto Mura, Manchester Business School Laurent Frésard, University of Neuchatel Philip Valta, University of Lausanne

2008 FMA European Conference Program - 16

Session 43 International Corporate Governance Thursday, 5 June, 2:00 pm - 3:30 pm - Karlin III (Level "M") Chairperson Cesario Mateus, University of Greenwich Do Investors React to Corporate Governance The Impacts of Corporate Governance on the Multiple Blockholders and Firm Valuation: News? An Empirical Analysis for the Spanish Performance of Privatized Firms in Vietnam Evidence from the Czech Republic Market. Giang Tran, University Paris Dauphine Ondrej Nezdara, Swedish School of Ecnomics Natalia Utrero González, Universitat de and Business Administration Autònoma Barcelona Francisco José Callado Muñoz, Universitat de Girona Discussant Discussant Discussant Cesario Mateus, University of Greenwich John Goodell, Baldwin-Wallace College Francisco Callado Muñoz, Univ de Girona

Session 44 Issues in IPOs I Thursday, 5 June, 2:00 pm - 3:30 pm - Tyrolka (Level "M") Chairperson Carole Gresse, University Paris Dauphine Why European Firms Go Public? Idiosyncratic Risk, Short-Sale Constraints, The Role of Uninformed Investors in an Franck Bancel, ESCP-EAP and Other Market Frictions in IPO Stocks Optimal IPO Mechanism Usha R Mittoo, University of Manitoba Rodney Boehme, Wichita State University Alexey Malakhov, University of Arkansas Gönül Colak, Florida State University Discussant Discussant Discussant Johanna Koeter-Kant, VU Univ Amsterdam Jean-Marc Suret, Laval University Carole Gresse, Université Paris-Dauphine

Session 45 Firm Value Thursday, 5 June, 2:00 pm - 3:30 pm - Hercovka (Level "M") Chairperson An Rommens, University of Antwerp Political Connectedness and Firm Shareholder Value: Principles, Declarations, Interlocking Directorates and Business Performance - Evidence from Germany and Actions Groups: Belgian Evidence Alexandra Niessen, University of Cologne & Petra Joerg, Universität Bern An Rommens, University of Antwerp Centre for Financial Research Claudio Loderer, Universität Bern Ludo Cuyvers, University of Antwerp Stefan Ruenzi, University of Cologne & Lukas Roth, Penn State University Marc Deloof University of Antwerp Centre for Financial Research Urs Waelchli, Universität Bern Discussant Discussant Discussant Maria Teresa Marchica, Manchester Business An Rommens, University of Antwerp Don Chance, Louisiana State University School

Session 46 Factors Affecting Equity Returns Thursday, 5 June, 2:00 pm - 3:30 pm - Rokoska (Level "M") Chairperson Oliver M Rui, Chinese University of Hong Kong The Market Valuation of Bonus Issues in an The Impact of Transfer Restrictions on Stock Consideration and Release of Trading Inflationary Environment Prices Constraint Cahit Adaoglu, Eastern Mediterranean Univ John D Finnerty, Fordham University & Wenxuan Hou, Bradford University M Ameziane Lasfer, Cass Business School Finnerty Economic Consulting Sydney Howell, Manchester Business School Discussant Discussant Discussant Kathleen Walsh, Univ of New South Wales Wenxuan Hou, Bradford University Oliver M Rui, Chinese University of Hong Kong

Session 47 Option Pricing II Thursday, 5 June, 2:00 pm - 3:30 pm - Palmovka (Level "M") Chairperson Spencer Case, Texas State University Integrating Multiple Commodities in a Model The Impact of Options Introduction on the Volatilities Implied by Price Changes in the of Stochastic Price Dynamics Price and Volatility of Underlying Securities: S&P 500 Options and Futures Contracts Raphael Paschke, University of Mannheim A Study of American Depository Receipts Jitka Hilliard, Louisiana State University Marcel Prokopczuk, University of Mannheim Spencer A Case, Texas State University Janet Payne, Texas State University Discussant Discussant Discussant Spencer Case, Texas State University Dries Heyman, Ghent University Adrian Pop, Université de Nantes

2008 FMA European Conference Program - 17

Session 48 Optimal Portfolio Management Thursday, 5 June, 2:00 pm - 3:30 pm - Amsterdam (Level "L") Chairperson Keith Brown, University of Texas Stock Selection with Full-Scale Optimization Optimal Consumption and Portfolio Strategies How Good are the Investment Options and Differential Evolution when Relative Risk Aversion from Provided by Defined Contribution Plan Bjorn Hagstromer, Aston Business School Consumption Differs from Relative Risk Sponsors? Jane M Binner, Aston Business School Aversion from Wealth Keith C Brown, University of Texas Pierre Six, University of Paris 1 Sorbonne W Van Harlow, Fidelity Investments Discussant Discussant Discussant Keith Brown, University of Texas Björn Hagströmer, Aston Business School Joachim Inkmann, Tilburg University

Session 49 International Investing Thursday, 5 June, 2:00 pm - 3:30 pm - Athens (Level "L") Chairperson Kai Li, University of British Columbia Privatization with Negotiation: Evidence from Patterns of International Portfolio Investment: Does Emerging Market Liberalization Help or the Split Share Structure Reform in China The Role of Expropriation Risk At Home and Hinder Local Monetary Policy? Kai Li, University of British Columbia Destination Bill B Francis, Rensselaer Polytechnic Institute Tan Wang, University of British Columbia Woochan Kim, University of Texas at Austin Delroy M Hunter, University of South Florida Yan-Leung Cheung, City Univ of Hong Kong Taeyoon Sung, Yonsei University Patrick J Kelly University of South Florida Ping Jiang, City University of Hong Kong Shang-Jin Wei, Columbia University Discussant Discussant Discussant Huimin Chung, National Chiao Tung University Kai Li, University of British Columbia Iuliana Ismailescu, Univ of Massachusetts

Session 50 Behavioral Finance II Thursday, 5 June, 2:00 pm - 3:30 pm - Barcelona (Level "L") Chairperson Stefan Ruenzi, University of Cologne Gender Differences Among Analyst The Efficiency of Stock-Based Incentives: Managerial Biases and Selective Hedging Recommendations Experimental Evidence Tim R Adam, National University of Singapore Peter de Goeij, Tilburg University and CentER Steven Huddart, Penn State University Chitru S Fernando, University of Oklahoma Kristien Smedts, Catholic University of Leuven Abdullah Yavas, Penn State University Evgenia Golubeva University of Oklahoma Discussant Discussant Discussant Stefan Ruenzi, University of Cologne Juha-Pekka Kallunki, University of Oulu Oliver Spalt, University of Mannheim

Thursday, 5 June 3:30 (15.30) pm – 4:00 (16.00) pm Coffee Break(Chez Louis, Mezzanine Level)

Thursday, 5 June 4:00 (16.00) pm – 5:30 (17.30) pm

Session 51 Behavioral Finance Thursday, 5 June, 4:00 pm - 5:30 pm – Karlin I This session is organized to discuss the past and future of behavioural finance. Theoretical work incorporating behavioural preferences into a single cogent framework as well as supporting empirical work and work based on other methodologies including experiments surveys and interviews will be discussed. Emphasis will be on future "where is behavioural finance headed"? Has a process of moving to the middle already begun? Moderator Sotiris Staikouras, Cass Business School Panelists Hersh Shefrin Werner DeBondt Gulnur Muradoglu Santa Clara University DePaul University Cass Business School

2008 FMA European Conference Program - 18

Session 52 Taxes Thursday, 5 June, 4:00 pm - 5:30 pm - Karlin II (Level "M") Chairperson James Kolari, Texas A&M University A Martingale Approach to Compute the Value Revisiting MM’s Tax Correction Model: A Measuring the Tax Subsidy in Private Equity of Debt Tax Shields Comparative Static Analysis of Shareholder and Hedge Fund Compensation Massimiliano Barbi, Catholic Univ of Milan Tax Gains Thomas J Brennan, Drexel University James W Kolari, Texas A&M University Karl S Okamoto, Drexel University Discussant Discussant Discussant Raphael Paschke, University of Mannheim Soenke Sievers, University of Cologne James Kolari, Texas A&M University

Session 53 Ownership Thursday, 5 June, 4:00 pm - 5:30 pm - Karlin III (Level "M") Chairperson Frederiek Schoubben, KU Leuven On the Relevance of Ownership Structure in The Role of Families in Acquisition Decisions: Equity Markets Don't Fit All Companies: An Determining the Maturity of Debt Evidence from Large European Companies Analysis of Public-To-Private Deals in Maria-Teresa Marchica, Manchester Business Lorenzo Caprio, Universita' Cattolica-Milano Continental Europe School Ettore Croci, Universita' di Milano-Bicocca Manuela Geranio, Università Bocconi Alfonso Del Giudice, Univ Cattolica Milano Giovanna Zanotti, Università Bocconi Discussant Discussant Discussant Diego Cueto, Concordia University Frederiek Schoubben, KU Leuven Edith Ginglinger, University Paris Dauphine

Session 54 Compensation Issues around the World Thursday, 5 June, 4:00 pm - 5:30 pm - Tyrolka (Level "M") Chairperson Joao Paulo Vieito, Polytechnic Institute of Viana do Castelo CEO Compensation and Firm Performance: Top Management Pay in China Executive Compensation and Macroeconomic an Empirical Investigation of UK Panel Data Michael Firth, Lingnan University of Hong Kong Fluctuations Neslihan Ozkan, University of Bristol TY Leung, City University of Hong Kong Lars Oxelheim, Lund University Oliver M Rui, Chinese University of Hong Kong Clas Wihlborg, Chapman University Jianhua Zhang, University of Göteborg Discussant Discussant Discussant Francesca Arnaboldi, Universita degli Studi João Paulo Vieito, Polytechnic Institute of Zhenxu Tong, University of Exeter di Milano Viana do Castelo

Session 55 Management and Value Thursday, 5 June, 4:00 pm - 5:30 pm - Hercovka (Level "M") Chairperson Stephen Sapp, University of Western Ontario The Executive Turnover Risk Premium Financing Decisions and Discretionary Is Management Quality Value Relevant? Florian S Peters, University of Zurich Accruals: Managerial Manipulation or Vineet Agarwal, Cranfield School of Mgmt Alexander F Wagner, University of Zurich & Managerial Overoptimism Richard Taffler, University of Edinburgh Harvard University Dalia Marciukaityte, Louisiana Tech University Mike Brown Nottingham Trent University Samuel H Szewczyk, Drexel University Discussant Discussant Discussant Claudio Loderer, Universitat Bern Stephen Sapp, University of Western Ontario Marco Bigelli, University of Bologna

Session 56 International Equity Pricing Thursday, 5 June, 4:00 pm - 5:30 pm - Rokoska (Level "M") Chairperson Benton Gup, University of Alabama Equity Premia in Emerging Markets: An The Reaction of Asset Prices to Is the Long-Run Performance of Cross-Listed Investigation of National Characteristics Macroeconomic Announcements in New EU Firms Anomalous? Raj Aggarwal, University of Akron Markets: Evidence from Intraday Data Cécile Carpentier, Laval University John W Goodell, Baldwin-Wallace College Jan Hanousek, CERGE-EI Jean-François L'Her, La Caisse de dépôt et Evžen Kočenda, CERGE-EI placement du Quebec Ali M Kutan, SIU Edwardsville Jean-Marc Suret, Laval University Discussant Discussant Discussant Benton Gup, University of Alabama Magdalena Malinowska, Universität zu Köln Suherman, State University of Jakarta

2008 FMA European Conference Program - 19

Session 57 Funds and Funds of Funds Thursday, 5 June, 4:00 pm - 5:30 pm - Palmovka (Level "M") Chairperson Oliver Schwindler, Bamberg University Mutual Fund Starts: Performance, Reputation and Mutual Fund Choice Selectivity and Timing Performance of Funds Characteristics and the Relation with Stock Laura T Starks, University of Texas at Austin of Hedge Funds: A Time-Varying Approach Markets Michael C Yates, Auburn University Marco Rummer, Oxford University Aymen Karoui, HEC Montreal Oliver A Schwindler, Bamberg University Iwan Meier, HEC Montreal Discussant Discussant Discussant Vaneesha Boney, University of Denver Pablo Ruiz-Verdú, Univ Carlos III de Madrid Roberto Savona, University of Brescia

Session 58 Risk Management Thursday, 5 June, 4:00 pm - 5:30 pm - Amsterdam (Level "L") Chairperson Jun Yang, Bank of Canada Default Dependence: The Equity Default Relationship Risk Management with Value-at-Risk and Stress Testing: An Stuart M Turnbull, University of Houston Alternative to Conditional Value-at-Risk Jun Yang, Bank of Canada Gordon J Alexander, University of Minnesota Alexandre M Baptista, George Washington Univ Shu Yan, University of South Carolina Discussant Discussant Evgenia Golubeva, University of Oklahoma Gabriele Sabato, ABN AMRO

Session 59 Bank Regulation II Thursday, 5 June, 4:00 pm - 5:30 pm - Athens (Level "L") Chairperson Jens Forssbaeck, Lund University Does Bank Monitoring Benefit or Hurt Shareholders? Mergers for The Welfare Cost of Banking Regulation Coinsurance During Japan’s Banking Crisis in the 1990s Fulbert Tchana Tchana, Univ of Cape Town Huong N Higgins, Worcester Polytechnic Inst Discussant Discussant Fulbert Tchana Tchana, Univ of Cape Town Jens Forssbaeck, Lund University

Session 60 Bank Regulation II Thursday, 5 June, 4:00 pm - 5:30 pm – Barcelona (Level "L") Chairperson Brian Bolton, University of New Hampshire Manager Characteristics and Capital Financial Strength and Product Market Strategic Behavior, Financing, and Stock Structure: Theory and Evidence Performance: The Real Effects of Corporate Returns Sanjai Bhagat, University of Colorado, Boulder Cash Holdings Philip Valta, University of Lausanne Brian Bolton, University of New Hampshire Laurent Fresard, University of Neuchâtel Ajay Subramanian, Georgia State University Discussant Discussant Discussant Aydin Ozkan, Hull University Brian Bolton, University of New Hampshire James Gentry, University of Illinois

Thursday, 5 June 7:00 (19.00) pm Sponsored by Gala Dinner (advanced reservations required)

The Gala dinner will take place in the Smetana Hall of the Municipal House, Prague's most prominent Art Nouveau building. The history of the site where Prague's Municipal House now stands is both interesting and complex. The adjacent Powder Tower, a unique fragment of Prague's Old Town fortifications dating from the Gothic period, recalls the times when an important trade route arrived at this point. This was probably only one of many reasons why King Wenceslas IV decided in the late 14th century to establish his residence in this area, beside the fortification walls. The residence was given the name King's Court. From the 16th century - time of Habsburgs' reign in Bohemia - the former royal residence was unoccupied

2008 FMA European Conference Program - 20 Friday, 6 June 8:30 am – 10:00 am

Session 61 Employee Stock Options: How Can They be Redesigned to Improve their Economic Efficiency? Friday, 6 June, 8:30 am - 10:00 am - Karlin I (Level "M")

The panel will explore the reasons why employee stock options have often produced undesirable incentive effects and suggest modifications that might improve the instrument’s economic efficiency. The panel will include an employee compensation consultant who will identify important differences in ESO structures between the US and Europe and explain the rationale for the main differences. It will also address the valuation problems and the social, ethical, and public policy issues that arise on both sides of the Atlantic especially with the more complex ESO structures. Moderator John Finnerty, Professor of Finance Fordham University Panelists John Boatright Robert Kolb Andy Restaino Professor of Management Professor of Finance Principal Loyola University Chicago Loyola University Chicago Towers Perrin

Session 62 Dividend Policy Friday, 6 June, 8:30 am - 10:00 am - Karlin II (Level "M") Chairperson Narayanan Jayaraman, Georgia Tech Impact of Inclusion in the S&P 500 Index on a International Differences in Dividend Policy: Market Participation and Dividend Clienteles Stock's Trading Volume and Return Volatility Catering, Legal, and Cultural Effects Marco Rossi, Penn State University Eric Lin, Sacramento State University Stephen P Ferris, University of Missouri John Kensinger, University of North Texas Narayanan Jayaraman, Georgia Tech Sanjiv Sabherwal, Univ of Texas Arlington Discussant Discussant Discussant Blake Phillips, University of Alberta Cahit Adaoglu, Eastern Mediterranean Univ Narayanan Jayaraman, Georgia Tech

Session 63 Activists, Owners, and Control Friday, 6 June, 8:30 am - 10:00 am - Karlin III (Level "M") Chairperson Peter Brous, Seattle University Ownership, Control and Market Liquidity Hedge Funds as Shareholder Activists from Hedge Funds versus Private Equity Funds as Edith Ginglinger, Université Paris-Dauphine 1994-2005 Shareholder Activists – Differences in Value Jacques Hamon, Université Paris-Dauphine Nicole M Boyson, Northeastern University Creation Robert M Mooradian, Northeastern University Denis Schweizer, European Business School Mark Mietzner, European Business School Discussant Discussant Discussant Ariadna Dumitrescu, ESADE Business School Peter Brous, Seattle University Karl S Okamoto, Drexel University

Session 64 Issues in IPOs II Friday, 6 June, 8:30 am - 10:00 am - Tyrolka (Level "M") Chairperson Richard Taffler, University of Edinburgh Venture Capital and Timing of IPO Initial Public Debt Issues and Accompanying The Impact of Effective Investor Relations on Donia Trabelsi, Université of Paris 1 - Corporate Behavior Market Value Panthéon-Sorbonne Laurence Booth, University of Toronto Vineet Agarwal, Cranfield School of Mgmt Sean Cleary, Saint Mary's University Angel Liao, University of Edinburgh Lynnette Purda, Queen's University Elly Nash Richard J Taffler, University of Edinburgh Discussant Discussant Discussant Giordano Maria Cogliati, Univ of Bergamo Richard J Taffler, University of Edinburgh Sean Cleary, Saint Mary's University

2008 FMA European Conference Program - 21

Session 65 Bankruptcy and Reorganization Friday, 6 June, 8:30 am - 10:00 am - Hercovka (Level "M") Chairperson Wendy Rotenburg, University of Toronto Filtering Speed in a Continental European How Does Creditor's Liquidation Decision Financial Distress and Bankruptcy in Highly Reorganization Procedure Affect Debt and Equity Values? Levered Transactions: The Comparative Nico Dewaelheyns, KU Leuven & Keunho Hwang, KAIST Business School Roles of Debt Composition and Governance Lessius University Jangkoo Kang, KAIST Business School Changes Cynthia Van Hulle, KU Leuven Paul Halpern, University of Toronto Robert Kieschnick, University of Texas Dallas Wendy Rotenberg University of Toronto Discussant Discussant Discussant Keunho Hwang, KAIST Business School Agnes Fimayer, Luxembourg University Chao-Rung Ho, National Chengchi University

Session 66 Factors Affecting Returns Friday, 6 June, 8:30 am - 10:00 am - Rokoska (Level "M") Chairperson Zaher Zantout, American University of Sharjah International Price and Earnings Momentum Empirical Evidence on Corporate R&D Predictors of Stock Markets in Emerging Markus Leippold, Imperial College London Investment, Risk and Security Returns Equity Markets Harald Lohre, Union Investment Institutional Mohsen Saad, American University of Sharjah Juliana Caicedo-Llano, Univ Paris X-Nanterre GmbH & University of Zurich Zaher Zantout, American University of Sharjah Thomas Dionysopoulos, SGCIB Discussant Discussant Discussant Zaher Zantout, American University of Sharjah Yen-Cheng Chang, University of Washington Tomasz Piotr Wisniewski, Univ of Leicester

Session 67 Accounting for Return Asymmetries in Performance Friday, 6 June, 8:30 am - 10:00 am - Palmovka (Level "M") Chairperson Janikan Supanvanij, St Cloud State University Liquidity Shocks, Size and the Relative Performance Measures and Incentives: Accounting for Skewness Preferences in Performance of Hedge Fund Strategies Loading Negative Coskewness to Outperform Investment Decisions Bill Ding, University at Albany SUNY the CAPM Steen Koekebakker, University of Agder Hany A Shawky, University at Albany SUNY Alexandros Kostakis, University of York Valeri Zakamouline, University of Agder Jianbo Tian, University at Albany SUNY Discussant Discussant Discussant Wenxuan Hou, Manchester Business School Hany A Shawky, University at Albany Kathleen Walsh, Univ of New South Wales

Session 68 Venture Capital Friday, 6 June, 8:30 am - 10:00 am - Amsterdam (Level "L") Chairperson Donia Trabelsi, Université Paris I Panthéon-Sorbonne Stock Exchange Markets For New Ventures The Effect of Venture Capital on Innovation Strategies Cécile Carpentier, Laval University Marco Da Rin, CentER-Tilburg University, Jean-François L'Her, La Caisse de dépót et ECGI & IGIER placement du Quebec María Fabiana Penas, CentER-Tilburg Jean-Marc Suret, Laval University University & TILEC Discussant Discussant Donia Trabelsi, Université Paris I Panthéon-Sorbonne Diego Liechti, Universitat Bern

Session 69 Banking, Reputation, and Stability Friday, 6 June, 8:30 am - 10:00 am - Athens (Level "L") Chairperson Richard Sweeney, Georgetown University Canadian-Bank Stability during the Great International Correspondent Bank Reputation Hamilton, Madison and the Restoration of Depression: The Role of Bank-Note Issuance Lucy Chernykh, Bowling Green State Univ United States Credit: An Option Approach to and Finance-Act Advances Robert O Edmister, Bowling Green State Univ Defaulted Government Debt John D Wagster, Wayne State University Richard Sweeney, Georgetown University Discussant Discussant Discussant Richard J Sweeney, Georgetown University Steven Ongena, CentER-Tilburg University & Session Participants CEPR

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Session 70 International Finance Friday, 6 June, 8:30 am - 10:00 am - Barcelona (Level "L") Chairperson Jie (Jay) Cai, Drexel University What Matters More for European Private Does Country Characteristics Matter for Share Legal Systems, Information Asymmetry, and Equity Cross-Border Deals: Fund or Firm Issue Privatizations? Firm Boundaries: Cross-Border Choices to Regulation? Juliet D'Souza, Georgia Gwinnett College Diversify through Mergers, Joint Ventures, or Andrea Schertler, Kiel University Robert Nash, Wake Forest University Strategic Alliances Tereza Tykvová, ZEW Mannheim William Megginson, University of Oklahoma Tomas Jandik, University of Arkansas Raja Kali, University of Arkansas Discussant Discussant Discussant William Megginson, University of Oklahoma Jie (Jay) Cai, Drexel University Usha Mittoo, University of Manitoba

Friday, 6 June 10:00 am – 10:30 am Coffee Break (Chez Louis Salon, Mezzanine Level)

Friday, 6 June 10:30 am – 12:00 noon

Session 71 Privatization in Emerging Economies Friday, 6 June, 10:30 am - 12:00 noon – Karlin I (Level "M") Moderator William Megginson Fulbright Tocqueville Distinguished Chair in American Studies, Universite Paris Dauphine Rainbolt Chair in Finance, University of Oklahoma Presentations The Political Determinants of the Cost of Equity: Auditor Choice in Privatized Firms: Empirical The Financial Impact of Sovereign Wealth Evidence from Newly Privatized Firms Evidence on the Role of State and Foreign Owners Fund Investments in Listed Companies Hamdi Ben Nasr Omrane Guedhami Veljko Fotak Laval University University of South Carolina University of Oklahoma Narjess Boubakri Jeffrey Pittman William Megginson HEC Montreal Hong Kong University of Science Universite Paris Dauphine American University of Sharjah and Technology University of Oklahoma Jean-Claude Cosset Walid Saffar HEC Montreal HEC Montreal

Session 72 Market Microstructure I Friday, 6 June, 10:30 am - 12:00 noon - Karlin II (Level "M") Chairperson Marios Panayides, University of Utah The Price Formation of Substitute Markets: Best Execution and Competition Between Where Did All the Information Go? Trade in Theory and Empirical Application Markets: The Curious Case of Japan the Corporate Bond Market Michael Tuan Chng, University of Melbourne Asli Ascioglu, Bryant University Tavy Ronen, Rutgers University Aihua Xia, University of Melbourne Carole Comerton-Forde, University of Sydney Xing Zhou, Rutgers University John B McDermott, Fairfield University Thomas H McInish, University of Memphis Discussant Discussant Discussant John B McDermott, Fairfield University Marios A Panayides, University of Utah Frank Reilly, University of Notre Dame

Session 73 Governance: Insiders and Compensation Friday, 6 June, 10:30 am - 12:00 noon - Karlin III (Level "M") Chairperson John Wagster, Wayne State University Option Grants to CEOs of Target Firms: Rent Corporate Governance, Regulatory Banking Mergers and Acquisitions ’ Extraction Or Incentive Alignment? Compliance and Insider Trading Performance and Executive Compensation in Jay Cai, Drexel University Emanuele Bajo, University of Bologna Europe Eliezer M Fich, Drexel University Marco Bigelli, University of Bologna Rym Ayadi, Centre for European Policy Studies Anh L Tran, Drexel University David Hillier, University of Leeds Francesca Arnaboldi, Universita degli Studi Barbara Petracci, University of Bologna di Milano Discussant Discussant Discussant Teodora Paligorova, Bank of Canada Piotr Korczak, University of Bristol John Wagster, Wayne State University

2008 FMA European Conference Program - 23 Session 74 Derivative Pricing Friday, 6 June, 10:30 am - 12:00 noon - Tyrolka (Level "M") Chairperson Jim Hilliard, Louisiana State University Pricing Interest Rate Options The Bino-Trinomial Tree: A Simple Model for Duration, Trading Volume and the Price Xiaoquan Liu, University of Essex Efficient and Accurate Option Pricing Impact of Trades in an Emerging Futures Jing-Ming Kuo, University of Essex Tian-Shyr Dai, National Chiao-Tung University Market Jerry Coakley, University of Essex Yuh-Dauh Lyuu, National Taiwan University Mike Bowe, Manchester Business School Stuart Hyde, Manchester Business School Lavern McFarlane, Manchester Business School Discussant Discussant Discussants Ako Doffou, Sacred Heart University Jim Hilliard, Louisiana State University Session Participants

Session 75 Bond Prices Friday, 6 June, 10:30 am - 12:00 noon - Hercovka (Level "M") Chairperson Frank Skinner, University of Surrey The Impact of Bond Rating Changes on Internal Liquidity Risk in Corporate Bond Missing the Marks: Dispersion in Corporate Corporate Bond Prices Credit Spreads Bond Valuations Across Mutual Funds Anthony D May, University of Oklahoma Hsien-hsing Liao, National Taiwan University Gjergji Cici, College of William & Mary Pei-Ling Tsai , Taiwan Cooperative Bank Scott Gibson, College of William & Mary John J Merrick, Jr, College of William & Mary Discussant Discussant Discussant Paula C Hill, University of Bristol Frank Skinner, University of Surrey Hsien-hsing Liao, National Taiwan University

Session 76 Security Analysts I Friday, 6 June, 10:30 am - 12:00 noon - Rokoska (Level "M") Chairperson Nandu Nayar, Lehigh University Do German Security Analysts Herd? Regulating the Financial Analysis Industry: Is Unraveling a Puzzle: The Case of Value Line Marcel Naujoks, University of Tuebingen the European Directive Effective? Timeliness Rank Upgrades Kevin Aretz, Lancaster University Michel Dubois, University of Neuchâtel Nandu Nayar, Lehigh University Alexander Kerl, University of Tuebingen Pascal Dumontier, University of Geneva Ajai K Singh, Case Western Reserve University Andreas Walter, University of Tuebingen Wen Yu, University of St Thomas Discussant Discussant Discussant Nandu Nayar, Lehigh University Huong N Higgins, Worcester Polytechnic Inst Alexander Kerl, University of Tuebingen

Session 77 Pension Plans Friday, 6 June, 10:30 am - 12:00 noon - Palmovka (Level "M") Chairperson Yul (Eugene) Lee, University of Rhode Island The Impact of Taxation on Optimal Portfolio Pension Liability Valuation and Asset Do Corporations Manipulate Earnings to Meet Rules of Pension Funds Allocation in the Presence of Funding Risk or Beat Analysts' Forecasts? Evidence from Katarzyna Romaniuk, University of Paris 1 Joachim Inkmann, CentER & Netspar & Pension Plan Assumption Changes Panthéon-Sorbonne Tilburg University Yul Lee, University of Rhode Island David Blake, Cass Business School Ting Zhang, University of Rhode Island Discussant Discussant Discussant Yul (Eugene) Lee, University of Rhode Island Katarzyna Romaniuk, University of Paris 1 Iain Clacher, Leeds University Panthéon-Sorbonne

Session 78 Banking and Information Sharing Friday, 6 June, 10:30 am - 12:00 noon – Amsterdam (Level "L") Chairperson Robert Edmister, Bowling Green State University What Drives the Arrangement Timetable of Capital Market Regimes and Bank Do Credit Watch Procedures Affect the Bank Loan Syndication? Competition in Europe Information Content of Sovereign Credit Christophe J Godlewski, Louis Pasteur Univ Ronald E Shrieves, University of Tennessee Rating Changes? Drew Dahl, Utah State University Paula Hill, University of Bristol Michael F Spivey, Clemson University Robert Faff, Monash University Discussant Discussant Discussant Drew Dahl, Utah State University Andrea Schertler, University Kiel Anthony May, University of Oklahoma

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Session 79 Markets and Rates Friday, 6 June, 10:30 am - 12:00 noon - Athens (Level "L") Chairperson Nikiforos Laopodis, Fairfield University Credit Spreads and Real Activity Government Bond Market Integration with in the European Union Philippe Mueller, Columbia University Nikiforos T Laopodis, Fairfield University Discussant Discussant Nikiforos Laopodis, Fairfield University Ed Jankovic, Fairfield University & Pace University

Session 80 Experimental Economics Friday, 6 June, 10:30 am - 12:00 noon – Barcelona (Level "L") Chairperson Elena Asparouhova, University of Utah Rational Bubbles in the Laboratory Overreaction and Investment Choices: An Prices and Holdings in Dynamically Complete Sebastien Pouget, University of Toulouse Experimental Analysis Experimental Asset Markets Sophie Moinas, University of Toulouse Bruno Biais, University of Toulouse Debrah Meloso, Universita Bocconi Alen Nosic, University of Mannheim Peter Bossaerts, Lausanne University Martin Weber, University of Mannheim William Zame, UCLA

Discussant Discussant Discussants Elena Asparouhova, University of Utah Michael Lemmon, University of Utah Sebastien Pouget, University of Toulouse

Friday, 6 June 12:00 noon – 2:00 (14.00) pm Luncheon

Atrium Restaurant (Lobby Level)

Friday, 6 June – 2:00 (14.00) pm – 3:30 (15.30) pm

Session 81 Sponsored By IPOs Friday, 6 June, 2:00 pm - 3:30 pm, Karlin I (Level "M") This thought-provoking session will begin with a general overview of IPOs and raising capital, then address special issues that have arisen as countries try to privatize various assets and raise the capital to support the privatization. The role of exchanges in raising capital in emerging economies and the special challenges inherent therein will be explored. The panel discussion will conclude with an overview of what has worked and what has not. Moderator Jan Hanousek Full Professor CERGE-EI Panelists Cynthia Campbell William Megginson Petr Koblic Associate Professor of Finance Universite Paris Dauphine CEO Iowa State University University of Oklahoma Prague Stock Exchange

Session 82 Market Microstructure: Liquidity Friday, 6 June, 2:00 pm - 3:30 pm - Karlin II (Level "M") Chairperson Alessia Falsarone, AIG Investments Liquidity Provision in Periods of High Stock Price Synchronicity and Liquidity Liquidity and Optimal Market Transparency Information Flow Kalok Chan, Hong Kong University of Science Ariadna Dumitrescu, ESADE Business School Dieter Hess, University of Cologne and Technology Magdalena Malinowska, University of Cologne Allaudeen Hameed, National University of Singapore Wenjin Kang, National University of Singapore Discussant Discussant Discussant Allaudeen Hameed, National Univ of Singapore He Huang, University of Cologne Alessia Falsarone, AIG Investments

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Session 83 Accounting and Information Friday, 6 June, 2:00 pm - 3:30 pm - Karlin III (Level "M") Chairperson Praveen Sinha, Chapman University Fair Value Accounting and Managerial Should Firms Really be Obliged to Provide The Efficacy of Regulation Fair Disclosure Discretion Financial Interim Reports? Christopher Gadarowski, Rowan University Alistair Byrne, University of Edinburgh Marisa Nöldeke, University of Zurich Praveen Sinha, Chapman University Iain Clacher, University of Leeds Christoph Jorns, University of Zurich David Hillier, University of Leeds Allan Hodgson, Universiteit van Amsterdam Discussant Discussant Discussant Pascal Dumontier, University of Geneva Praveen Sinha, Chapman University Jan Jindra, Cornerstone Research

Session 84 Derivatives and the Underlying Friday, 6 June, 2:00 pm - 3:30 pm - Tyrolka (Level "M") Chairperson Emanuele Bajo, University of Bologna Option Introduction, Short Sale Constraints The Risk-Shifting Effect and the Value of A An Economic Analysis of Bonus Certificates: and the Speed of Stock Price Adjustment to Warrant Second-Generation of Structured Products Negative News Emanuele Bajo, University of Bologna Rodrigo Hernandez, Radford University Blake Phillips, University of Alberta Massimiliano Barbi, Catholic University of Jorge Brusa, Texas A&M Intl Univ Milan Pu Liu, University of Arkansas Discussant Discussant Discussant Emanuele Bajo, University of Bologna Nabil Tahani, York University Giovanna Zanotti, Universitá Bocconi

Session 85 Valuing Debt Friday, 6 June, 2:00 pm - 3:30 pm - Hercovka (Level "M") Chairperson Johanna Koeter-Kant, VU University Amsterdam How Do Relationship Lenders Price Loans to Small Firms? Hold-up Debt Maturity and Relationship Lending: An Analysis of European Costs, Transparency, and Private and Public Security Smes Wako Watanabe, Keio University Johanna Koëter-Kant, VU University Amsterdam Ginés Hernández-Cánovas, Polytechnic University of Cartagena Discussant Discussant Duane Stock, University of Oklahoma Wako Watanabe, Keio University

Session 86 Market Efficiency Friday, 6 June, 2:00 pm - 3:30 pm - Rokoska (Level "M") Chairperson Kyle Wells, Dixie State College An Empirical Analysis of Mean Reversion of To Trade or Not to Trade: The Strategic Is the Post-Earnings Announcement Drift the S&P 500's P/E Ratios Trading of Insiders around News Rational or Behavioral? Evidence from Intra- Benton Gup, University of Alabama Announcements Industry Information Transfers Junsoo Lee, University of Alabama Adriana Korczak, Manchester Business School Tunde Kovacs, Northeastern University Piotr Korczak, University of Bristol Meziane Lasfer, Cass Business School Discussant Discussant Discussant Kyle Wells, Dixie State College Joon Chae, Seoul National University Sirajum Munira, Cass Business School

Session 87 People and Performance Friday, 6 June, 2:00 pm - 3:30 pm - Palmovka (Level "M") Chairperson Richard Evans, University of Virginia The Influence of Management Structure on The Impact of Workgroup Diversity on Understanding the Relationship between the Performance of Fund of Funds Performance: Large Sample Evidence from Insider Ownership and Performance in Laurie Prather, Bond University the Mutual Fund Industry Europe William J Bertin, Bond University Michaela Baer, University of Cologne & Inês Lisboa, Institute Polytechnic of Leiria Centre for Financial Research José Paulo Esperanca, University Institute for Alexandra Niessen, University of Cologne & Social Sciences Centre for Financial Research Stefan Ruenzi, University of Cologne & University of Texas at Austin Discussant Discussant Discussant Richard B Evans, University of Virginia Iwan Meier, HEC Montreal Giang Tran, University Paris Dauphine

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Session 88 Real Estate Friday, 6 June, 2:00 pm - 3:30 pm - Amsterdam (Level "L") Chairperson Cary Collins, Bryant University Mortgage Brokers and Mortgage Rate Spreads A Study on the Key Elements of the Real Estate Investment Trust: An M Cary Collins, Bryant University Application of Grey Relational Analysis and Artificial Neural Network Keith D Harvey, Boise State University Jo-Hui Chen, Chung Yuan Christian University Ting-Tzu Chang, Chung Yuan Christian University Chao-Rung Ho, National Chengchi University Discussant Discussants Andrea Heuson, University of Miami Session Participants

Session 89 Foreign Banks Friday, 6 June, 2:00 pm - 3:30 pm - Athens (Level "L") Chairperson Wook Sohn, KDI School of Public Policy & Management Transmission of Monetary Policy via The Effect of Foreign Bank Entry on the Cost Lending By Example: Direct and Indirect Domestic and Foreign Banks in Emerging of Credit in Transition Economies. Effects of Foreign Bank Entry in Emerging Economies: Evidence from Bank-Level Data Hans Degryse, Tilburg University & Markets Ji Wu, Drexel University KU Leuven Mariassunta Giannetti, Stockholm School of Alina Cristina Luca, Drexel University Olena Havrylchyk, CEPII Economics & CEPR & ECGI Bang Nam Jeon, Drexel University Emilia Jurzyk, KU Leuven Steven Ongena, CentER-Tilburg University & Sylwester Kozak, National Bank of Poland CEPR Discussant Discussant Discussant Wook Sohn, KDI School of Public Policy Alina Luca, Drexel University Emilia Jurzyk, KU Leuven & Management

Friday, 6 June 3:30 (15.30) pm – 4:00 (16.00) pm Coffee Break (Chez Louis Salon, Mezzanine Level)

Friday, 6 June 4:00 (16.00) pm – 5:30 (17.30) pm

Session 92 Market Microstructure II Friday, 6 June, 4:00 pm - 5:30 pm - Karlin II (Level "M") Chairperson Amber Anand, Syracuse University Geographic Proximity and Price Discovery: Serial Correlation in the Limit Order Flow: Order Aggressiveness of Institutional and Evidence from Nasdaq Causes and Impact Individual Investors Amber Anand, Syracuse University Wee Yong Yeo, National Univ of Singapore Huu Nhan Duong, Monash University Vladimir A Gatchev, Univ of Central Florida Petko S Kalev, Monash University Leonardo Madureira, Case Western Res Univ Chandrasekhar Krishnamurti, Auckland Christo A Pirinsky, Cal State Fullerton University of Technology Shane Underwood, Rice University Discussant Discussant Discussant Tavy Ronen, Rutgers University Michael Chng, University of Melbourne Wee Yong Yeo, National Univ of Singapore

Session 93 Corporate Governance and Firm Performance Friday, 6 June, 4:00 pm - 5:30 pm - Karlin III (Level "M") Chairperson Marisa Nöldeke, University of Zurich The Causes and Consequences of CEO, COB, Are Busy Directors Good or Bad for Firm Substitute and Complementary Corporate and Board Turnover Performance? Governance Mechanisms: A Simultaneous Urs Waelchli, Universität Bern Laura Arranz-Aperte, Swedish School of Equation Approach. Economics and Business Administration & Diego Cueto, Concordia University HECER Tom P Berglund, Swedish School of Economics and Business Administration & HECER Discussant Discussant Discussant Marisa Nöldeke, University of Zurich Pu Liu, University of Arkansas Wissam Abdallah, Lebanese American Univ

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Session 94 IPO Pricing Friday, 6 June, 4:00 pm - 5:30 pm - Tyrolka (Level "M") Chairperson Jan Jindra, Cornerstone Research IPO Underpricing, Post-Listing Liquidity, and Price Cap Effect in the Performance of Greek Market Sentiment, IPO Valuation and Information Asymmetry in the Secondary IPOs Underpricing Market Christos Nounis, University of Athens Cynthia J Campbell, Iowa State University Jean-François Gajewski, Université de Savoie Dimitrios Gounopoulos, University of Surrey Yan (Daphne) Du, Barclays Global Investors Carole Gresse, Université Paris Dauphine Andreas Merikas, University of Piraeus S Ghon Rhee, University of Hawaii - Manoa Ning (Tony) Tang, Wilfrid Laurier University Discussant Discussant Discussant Dimitrios Gounopoulos, University of Surrey Cecile Carpentier, Laval University Emir Hrnjic, National University of Singapore

Session 95 Issues in Debt and Debt Markets Friday, 6 June, 4:00 pm - 5:30 pm - Hercovka (Level "M") Chairperson John Merrick, College of William & Mary Is the Bright Line Between Agency and Is There Any Contagion in Emerging Debt Currency Denomination of Bank Loans: Corporate Debt Dim? Markets? Evidence from Small Firms in Transition Timothy R Burch, University of Miami Iuliana Ismailescu, Univ of Mass Amherst Countries Andrea J Heuson, University of Miami Hossein Kazemi, Univ of Mass Amherst Martin Brown, Swiss National Bank Steven Ongena, CentER - Tilburg University & CEPR Pinar Yesin, Swiss National Bank Discussant Discussant Discussant John J Merrick,Jr, College of William & Mary Lucia Morales, University of Limerick Clas Wihlborg, Chapman University

Session 96 Security Analysts II Friday, 6 June, 4:00 pm - 5:30 pm - Rokoska (Level "M") Chairperson Laurie Prather, Bond University The Impact of Blog Recommendations on The Roles of Cognitive Bias and Conflicts of Do Financial Analysts Restrain Insiders’ Security Prices and Trading Volumes Interest in Analyst Stock Recommendations Informational Advantage? Veljko Fotak, University of Oklahoma Thabang Mokoteli, University of Witwatersrand Andrew Ellul, Indiana University Richard Taffler, University of Edinburgh Marios A Panayides, University of Utah Discussant Discussant Discussant Laurie Prather, Bond University Veljko Fotak, University of Oklahoma Amber Anand, Syracuse University

Session 97 Measuring Performance Friday, 6 June, 4:00 pm - 5:30 pm - Palmovka (Level "M") Chairperson Manuel Rocha Armada, University of Minho Cost of Capital Estimation: Something Better Survivorship Bias and Mutual Fund The Incubation Bias than the Standard CAPM? Performance: Relevance, Significance and Richard Evans, University of Virginia Kathryn Barraclough, Vanderbilt University Methodical Differences. Kathleen Walsh, Univ of New South Wales Martin Rohleder, Catholic University of Geoff Warren, Russell Investment Group & Eichstaett-Ingolstadt University of New South Wales Hendrik Scholz, Catholic University of Eichstaett-Ingolstadt Marco Wilkens, Catholic University of Eichstaett-Ingolstadt Discussant Discussant Discussant Ines Lisboa, Institute Poly of Leiria Manuel Rocha Armada, University of Minho Martin Rohleder, Catholic University of Eichstaett-Ingolstadt

Session 98 Reputation Friday, 6 June, 4:00 pm - 5:30 pm - Amsterdam (Level "L") Chairperson Jonathan Clarke, Georgia Tech Reputation Concerns and Effort Choices of Security Analysts: Theory Your Former Employees Matter: Private Equity Firms and their and Evidence Financial Advisors Jonathan Clarke, Georgia Tech Linus Siming, Stockholm School of Economics Ajay Subramanian, Georgia State University Discussant Discussant Alexey Malakhov, University of Arkansas Jonathan Clarke, Georgia Tech

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Session 99 Currencies and Commodities Friday, 6 June, 4:00 pm - 5:30 pm - Athens (Level "L") Chairperson Petko Kalev, Monash University Volatility Spillovers Between Stock Returns Covered Interest Rate Parity in Emerging An Agent-based Network Model of Currency and Foreign Exchange Rates: Evidence from Markets Cascades Four Eastern European Countries Frank S Skinner, University of Surrey Michael J Naylor, Massey University Lucia Morales, University of Limerick Lawrence C Rose, Massey University Brendan J Moyle, Massey University

Session 100 International Investing Friday, 6 June, 4:00 pm - 5:30 pm - Barcelona (Level "L") Chairperson Harald Lohre, Union Inv Inst GmbH & University of Zurich An Event Study of Price Movements Decomposition of Momentum Returns: Which Matching Algorithms of International Following Realized Jumps Component Contributes Most? Exchanges Hossein Asgharian, Lund University Sirajum Munira, Cass Business School Karel Janeček, RSJ Invest Mia Holmfeldt, Lund University Gulnur Muradoglu, Cass Business School Martin Kabrhel, RSJ Invest Marcus Larson, Lund University Soosung Hwang GSA Capital, Discussant Discussant Discussants Jing-Ming Kuo, University of Essex Harald Lohre, Union Inv Inst GmbH & Hossein Asgharian, Lund University and University of Zurich session participants

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Wednesday, 4 June

Karlin I Karlin II Karlin III Tyrolka Hercovka Rokoska Palmovka Amsterdam Athens Barcelona Level "M" (Mezzanine) Level "L" (Lobby) 1:30 01 02 03 04 05 06 07 08 09 10 pm – International Investment Incentives and Risk and Growth Stock Return Information Dynamic Issues in Consumer 3:00 Competitiveness Policy for Managerial Return Opportunities Predictability and Market Investment Derivatives Debt pm of US Financial Firms Compensation and Firm Efficiency Strategies Issues Markets Value 3:00 – Coffee Break 3:30 Chez Louis (Level "M", Mezzanine) pm 3:30 11 12 13 14 16 17 18 19 20 pm – Evolving Equity Mergers and Management Asset Macroeconomics Clientele Portfolio Credit Risk Banking 5:00 Markets: A Acquisitions Compensation Pricing I and Stock Returns Effects Management and pm Global and Risk Discipline Perspective

6:00 pm 7:00 pm Keynote Address Welcome Reception Czech National Bank Czech National Bank

Keynote Address sponsored by Welcome Reception sponsored by

Thursday, 5 June

Karlin I Karlin II Karlin III Tyrolka Hercovka Rokoska Palmovka Amsterdam Athens Barcelona Level M Level L 8:30 21 22 23 25 26 27 28 29 30 am – Portfolio Distress Ownership SOX Security Studies in Contagion Bank Regulation Behavioral 10:00 Construction Structure and Analysts and Volatility I Finance I am and Financial Informed Optimization Decisions Trading Techniques 10:00 – Coffee Break 10:30 Chez Louis (Level "M", Mezzanine) am 10:30 31 32 33 34 35 36 37 38 39 40 am – Monetary Global Managers Asset Pricing II Cost of Capital Equity Pricing Option Portfolio Policy Institutional 12:00 Policy, Markets and Boards and Firm I Pricing I Management Information and Investors Market Value Strategies Consequences Liquidity, and Financial Stability 12:00 Luncheon noon – Atrium Restaurant (Level "L") 2:00 pm 2:00 41 42 43 44 45 46 47 48 49 50 pm – Current Capital International Issues in IPOs Firm Value Factors Option Optimal International Behavioral 3:30 Issues in Structure Corporate II Affecting Pricing II Portfolio Investing Finance II pm Corporate and Governance Equity Management Governance Investment Returns 3:30 Coffee Break pm – Chez Louis (Level "M", Mezzanine) 4:00 pm 4:00 51 52 53 54 55 56 57 58 59 60 pm – Behavioral Taxes Ownership Compensation Management International Fund and Risk Bank Regulation Firm 5:30 Finance Issues around and Value Equity Pricing Funds of Management II Financing pm the World Funds Decisions

Sponsored by 7:00 pm Gala Dinner (advance reservations required) Municipal House, Smetana Hall

Special Panel Sessions appear in shaded boxes.

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Friday, 6 June

Karlin I Karlin II Karlin III Tyrolka Hercovka Rokoska Palmovka Amsterdam Athens Barcelona Level M (Mezzanine) Level L (Lobby) 8:30 61 62 63 64 65 66 67 68 69 70 am – Employee Dividend Policy Activists, Issues in Bankruptcy and Factors Accounting Venture Banking, International 10:00 Stock Owners, and IPOs II Reorganization Affecting for Return Capital Reputation, Finance am Options Control Returns Asymmetries and Stability in Performance 10:00 Coffee Break am – Chez Louis (Level "M", Mezzanine) 10:30 am 10:30 71 72 73 74 75 76 77 78 79 80 am – Privatization Market Governance: Derivative Bond Prices Security Pension Banking and Markets and Experimental 12:00 in Emerging Microstructure I Insiders and Pricing Analysts I Plans Information Rates Economics Economies Compensation Sharing 12:00 Luncheon noon Atrium Restaurant (Level "L") – 2:00 pm 2:00 81 82 83 84 85 86 87 88 89 pm – IPOs Market Accounting and Derivatives Valuing Debt Market People and Real Estate Foreign 3:30 Microstructure: Information and the Efficiency Performance Banks pm Liquidity Underlying 3:30 Coffee Break pm – Chez Louis (Level "M", Mezzanine) 4:00 pm 4:00 92 93 94 95 96 97 98 99 100 pm – Market Corporate IPO Issues in Debt Security Measuring Reputation Currencies International 5:30 Microstructure Governance and Pricing and Debt Analysts II Fund and Investing pm II Firm Markets Performance Commodities Performance

Special Panel Sessions appear in shaded boxes.

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Level "M" (Mezzanine)

Coffee Breaks & Exhibits

Meeting Rooms 1. Palmovka 5. Karlin III 2. Rokoska 6. Karlin II 3. Hrecovka 7. Karlin I 4. Tyrolka

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Level "L" (Lobby)

Conference Registration Luncheons

Meeting Rooms 1. Amsterdam 5. Brussels 10. Paris 2. Athens 6. Business Center 11. London 3. Barcelona 7. Dublin 12. Istanbul 4. Berlin 8. Venice 13. Budapest 9. Sofia

2008 FMA European Conference Program - 33 2008 FMA European Conference Index of Participants Session(s) Name 55 Brown, Mike 66 Dionysopoulos, Thomas 02, 93 Abdallah, Wissam 12 Brueckner, Carsten 20, 29 Distinguin, Isabelle 50 Adam, Tim 84 Brusa, Jorge 08, 18, 37, 74 Doffou, Ako 46, 62 Adaoglu, Cahit 13 Bryant, Murray 33 D'Souza, Frank 55, 64 Agarwal, Vineet 95 Burch, Timothy R 70 D'Souza, Juliet 56 Aggarwal, Raj 83 Byrne, Alistair 94 Du, Yan (Daphne) 31 Alcalde, Jose Luis Peydro 09 Dubil, Robert 26, 58 Alexander, Gordon 13, 70, 73 Cai, Jay 76 Dubois, Michel 92, 96 Anand, Amber 08, 66 Caicedo-Llano, Juliana 63, 82 Dumitrescu, Ariadna 14 Andren, Niclas 81, 94 Campbell, Cynthia J 76, 83 Dumontier, Pascal 02, 23 Andres, Christian 03 Canil, Jean M 92 Duong, Huu Nhan 02, 13 Ang, James S 53 Caprio, Lorenzo 10 Durkin, Thomas A 29 Angkinand, Apanard 56, 68, 94 Carpentier, Cecile 22, 34 Annabi, Amira 33 Carter, David A 12 Eades, Ken 40 Annaert, Jan 47 Case, Spencer A 27 Ederington, Louis 04, 14 Antell, Jan 06 Cenesizoglu, Tolga 19, 69, 78 Edmister, Robert 76 Aretz, Kevin 25 Cerqueira, António 01 Edwards, Franklin 28, 97 Armada, Manuel Rocha 34, 86 Chae, Joon 18, 38 Ekern, Steinar 54, 73 Arnaboldi, Francesca 82 Chan, Kalok 10, 30 Elliehausen, Gregory 93 Arranz-Aperte, Laura 03, 45 Chance, Don M 96 Ellul, Andrew 72 Ascioglu, Asli 88 Chang, Ting-Tzu 41 Elson, Charles 28, 100 Asgharian, Hossein 36, 66 Chang, Yen-cheng 87 Esperanca, Jose Paulo 80 Asparouhova, Elena 88 Chen, Jo-Hui 08, 18, 21 Estrada, Javier 04, 30 Ata, Nur 32 Chen, Long 87, 97 Evans, Richard 07, 36 Aussenegg, Wolfgang 58 Chernobai, Anna 26 Avramov, Doron 69 Chernykh, Lucy 78 Faff, Robert 73 Ayadi, Rym 49 Cheung, Yan-Leung 82 Falsarone, Alessia 72, 92 Chng, Michael Tuan 50 Fernando, Chitru 39 Bae, Kee-Hong 22 Chopard, Bertrand 26 Ferri, Michael G 87 Baer, Michaela 26 Chordia, Tarun 62 Ferris, Stephen P 73, 84 Bajo, Emanuele 37 Christoffersen, Peter 73 Fich, Eliezer M 44 Bancel, Franck 26, 39 Christophe, Stephen E 22, 65 Fimayer, Agnès 58 Baptista, Alexandre M 34, 49 Chung, Huimin 35, 46, 61 Finnerty, John 35, 52, 84 Barbi, Massimiliano 75 Cici, Gjergji 54 Firth, Michael 97 Barraclough, Kathryn 77, 83 Clacher, Iain 38 Fooladi, Iraj 37 Benet, Bruce 40 Clare, Andrew 20, 59 Forssbaeck, Jens 33, 93 Berglund, Tom 98 Clarke, Jonathan 71, 96 Fotak, Veljko 87 Bertin, William J 64 Cleary, Sean 49 Francis, Bill B 07, 26 Betzer, Andre 12, 74 Coakley, Jerry 22 Francois, Pascal 60 Bhagat, Sanjai 08 Coën, Alain 16 Freeman, Mark Charles 80 Biais, Bruno 36, 64 Cogliati, Giordano Maria 42, 60 Fresard, Laurent 30 Bicakova, Alena 44 Colak, Gonul 09 Fuertes, Ana Maria 55, 73 Bigelli, Marco 88 Collins, M. Cary 23, 39 Fungacova, Zuzana 48 Binner, Jane M 72 Comerton-Forde, Carole 77 Blake, David 10 Cooley, Philip 83 Gadarowski, Christopher 22 Blazy, Regis 71 Cosset, Jean-Claude 94 Gajewski, Jean-François 28, 32 Bley, Jorg 13 Cotte, June 92 Gatchev, Vladimir A 20 Bliss, Rob 06 Cremers, Martijn 35, 60 Gentry, James A 01 Blume, Marshall 53 Croci, Ettore 53 Geranio, Manuela 61 Boatright, John 10, 19 Crook, Jonathan 89 Giannetti, Mariassunta 06, 08 Bodson, Laurent 53, 93 Cueto, Diego 75 Gibson, Scott 44 Boehme, Rodney 29 Curry, Tim 38 Gil-Bazo, Javier 60 Bolton, Brian 45 Cuyvers, Ludo 53, 63 Ginglinger, Edith 57 Boney, Vaneesha 38, 78 Godlewski, Christophe 64 Booth, Laurence 68 Da Rin, Marco 02 Goergen, Marc 04 Borys, Magdelena M 78 Dahl, Drew 17, 23 Gogineni, Sridhar 80 Bossaerts, Peter 74 Dai, Tian-Shyr 50, 58 Golubeva, Evgenia 71 Boubakri, Narjess 06, 08 Dangl, Thomas 43 González, Natalia Utrero 74 Bowe, Mike 09, 34, 35 Dark, Jonathan 43, 56 Goodell, John 63 Boyson, Nicole M 26, 50 de Goeij, Peter 94 Gounopoulos, Dimitrios 25 Brandão, Elisio 51 DeBondt, Werner 44, 94 Gresse, Carole 16 Bredin, Don 89 Degryse, Hans 34 Grishchenko, Olesya 52 Brennan, Thomas J 53 Del Giudice, Alfonso 36 Grisolia, Emilio 22 Breton, Michele 45 Deloof, Marc 27 Guan, Wei 27, 63 Brous, Peter 22, 65 Dewaelheyns, Nico 71 Guedhami, Omrane 48 Brown, Keith C 01 Dimson, Elroy 23 Gugler, Klaus 95 Brown, Martin 67 Ding, Bill 35 Guido, Ron 2008 FMA European Conference Program - 34 22 Guigou, Jean-Daniel 09, 14 Kalotychou, Elena 45, 55 Loderer, Claudio 56, 86 Gup, Benton 65 Kang, Jangkoo 66, 100 Lohre, Harald 82 Kang, Wenjin 89 Luca, Alina 48 Hagstromer, Bjorn 19 Karapetyan, Artashes 74 Lyuu, Yuh-Dauh 06 Halling, Michael 57 Karoui, Aymen 65 Halpern, Paul 41 Karpoff, Jonathan 92 Madureira, Leonardo 82 Hameed, Allaudeen 25 Kaserer, Christoph 16, 36 Maio, Paulo 63 Hamon, Jacques 01 Kaufman, George 44, 98 Malakhov, Alexey 29, 56, 81 Hanousek, Jan 08 Kaul, Aditya 56, 82 Malinowska, Magdalena 48 Harlow, W Van 08, 17 Kayacetin, Volkan 42, 45, 53 Marchica, Maria Teresa 88 Harvey, Keith D 32 Kayhani, Nargess 40, 55 Marciukaityte, Dalia 11 Hatheway, Frank 95 Kazemi, Hossein 05 Martin-Oliver, Alfredo 89 Havrylchyk, Olena 16 Kebabci, Deniz 28, 43 Mateus, Cesario 84 Hernandez, Rodrigo 18 Keienburg, Georg 75, 78 May, Anthony D 85 Hernández-Cánovas, Ginés 49 Kelly, Patrick J Keynote McConnell, John 14, 82 Hess, Dieter 27, 62 Kensinger, John 72 McDermott, John B 88, 95 Heuson, Andrea 76 Kerl, Alexander 74, 98 McFarlane, Lavern 40, 47 Heyman, Dries 11, 25 Khan, Walayet 72 McInish, Thomas H 59, 76 Higgins, Huong N 65 Kieschnick, Robert 70, 71, 81 Megginson, William 75, 78 Hill, Paula 49 Kim, Woochan 57, 87 Meier, Iwan 09, 74 Hilliard, Jimmy E 21 Kinlaw, Will 10 Mejstrik, Michal 09, 37, 47 Hilliard, Jitka 07 Knif, Johan 80 Meloso, Debrah 73, 83 Hillier, David 81 Koblic, Petr 11 Menkveld, Albert 65, 88 Ho, Chao-Rung 39, 56 Kocenda, Evzen 94 Merikas, Andreas 10 Hochguertel, Stefan 67 Koekebakker, Steen 75, 95 Merrick, John 83 Hodgson, Allan 44, 85 Koeter-Kant, Johanna 25 Mettler, Alfred 100 Holmfeldt, Mia 07. 52 Kolari, James 26 Metzger, Daniel 46, 67 Hou, Wenxuan 61 Kolb, Robert 63 Mietzner, Mark 46 Howell, Sydney 86 Korczak, Adriana 03 Minnick, Kristina 94 Hrnjic, Emir 73, 86 Korczak, Piotr 44, 70 Mittoo, Usha 26 Hsieh, Jim 07, 67 Kostakis, Alexandros 80 Moinas, Sophie 17 Hu, Shing-Yang 26, 86 Kovacs, Tunde 96 Mokoteli, Thabang 34 Huang, Chin-Sheng 89 Kozak, Sylwester 63 Mooradian, Robert M 14, 18, 82 Huang, He 35 Kreutzmann, Daniel 95, 99 Morales, Lucia 08 Hübner, Georges 92 Krishnamurti, Chandrasekhar 99 Moyle, Brendan J 50 Huddart, Steven 21 Kritzmann, Mark 79 Mueller, Philippe 39, 49 Hunter, Delroy 74, 100 Kuo, Jing-Ming 07 Muller, Aline 65 Hwang, Keunho 56 Kutan, Ali M 86, 100 Munira, Sirajum 10 Hwang, Min 43 Muñoz, Francisco 100 Hwang, SooSung 42 La Rocca, Maurizio 42 Mura, Roberto 16, 74 Hyde, Stuart 42 La Rocca, Tiziana 51, 100 Muradoglu, Gulnur 05 Laamanen, Tomi 20 Iannotta, Giuliano 05 Lampsa, Elina 13 Nagel, Gregory 03, 12 Iliopoulou, Stavroula 79 Laopodis, Nikiforos T 64 Nash, Elly 27 Ince, Ufuk 09, 100 Larson, Marcus 70 Nash, Robert 48, 77 Inkmann, Joachim 46, 86 Lasfer, M Ameziane 71 Nasr, Hamdi Ben 23 Iona, Alfonsina 33 Lee, Changmin 76 Naujoks, Marcel 49, 95 Ismailescu, Iuliana 86 Lee, Junsoo 36 Navone, Marco 09 Izzeldin, Marwan 77 Lee, Yul (Eugene) 76 Nayar, Nandu 66 Leippold, Markus 07, 99 Naylor, Michael 37 Jacobs, Kris 05, 28 Leitao, Joao 43 Nezdara, Ondrej 25, 70 Jandik, Tomas 80 Lemmon, Michael 14, 45, 87 Niessen, Alexandra 100 Janecek, Karel 23 Leonida, Leone 83, 93 Nöldeke, Marisa 08, 14 Jankensgard, Hakan 54 Leung, TY 29 Nollen, Stanley 32, 79 Jankovic, Ed 22 Lewis, Craig 80 Nosic, Alen 62 Jayaraman, Narayanan 56, 68 L'Her, Jean-Francois 28 Nossman, Marcus 89 Jeon, Bang Nam 49 Li, Kai 94 Nounis, Christos 49 Jiang, Ping 40 Li, Wei 83, 94 Jindra, Jan 27 Li, Xiaofei 25 Obernberger, Stefan 45 Joerg, Petra 18 Li, Xun 52, 63 Okamoto, Karl 58 Jorion, Philippe 75 Liao, Hsien-hsing 05 Oliver, Alfredo Martin 83 Jorns, Christoph 36, 64 Liao, Xijuan (Angel) 31, 69, 89, 95 Ongena, Steven 26 Jostova, Gergana 68 Liechti, Diego 11, 33 Orgler, Yair 89 Jurzyk, Emilia 62 Lin, Eric 06, 37 Ornthanalai, Chayawat 09, 19 Lin, William 54 Oxelheim, Lars 100 Kabrhel, Martin 87, 97 Lisboa, Ines 23, 60 Ozkan, Aydin 35, 92 Kalev, Petko 84, 93 Liu, Pu 13, 54 Ozkan, Neslihan 70 Kali, Raja 74 Liu, Xiaoquan 39 Ozoguz, Arzu 05, 50 Kallunki, Juha-Pekka 28 Lobão, Julio 2008 FMA European Conference Program - 35 36 Paleari, Stefano 63 Schweizer, Denis 25, 73 Paligorova, Teodora 57 Schwindler, Oliver 14 Vaihekoski, Mika 72, 96 Panayides, Marios 05 Serrano-Velarde, Nicolas 42, 60 Valta, Philip 10 Park, Jeehoon 67 Shawky, Hany 02, 65 Van Hulle, Cynthia 47, 52 Paschke, Raphael 51 Shefrin, Hersh 40 Van Osselaer, Sofieke 47 Payne, Janet 78 Shrieves, Ronald E 40 Vanmaele, Michèle 23 Peev, Evgeni 35, 52 Sievers, Soenke 07, 28 Verschoor, Willem 29, 68 Penas, Maria Fabiana 12, 98 Siming, Linus 22 Vezzoli, Marika 55 Peters, Florian S 25, 33 Simkins, Betty 25, 54 Vieito, Joao Paulo 73 Petracci, Barbara 33 Simpson, W Gary 36 Vismara, Silvio 26 Philipov, Alexander 76 Singh, Ajai K 62, 84 Phillips, Blake 83 Sinha, Praveen 33, 45, 93 Waelchli, Urs 32 Phylaktis, Kate 38, 48 Six, Pierre 05, 55 Wagner, Alexander 92 Pirinsky, Christo A 75, 99 Skinner, Frank 69, 73 Wagster, John D 71 Pittman, Jeffrey 50 Smedts, Kristien 10, 11 Walker, David A 20, 47 Pop, Adrian 89 Sohn, Wook 13, 41 Walkling, Ralph A 20 Pop, Diana 30, 50 Spalt, Oliver 35, 39, 46, 67, Walsh, Kathleen 27 Popova, Ivilina 78 Spivey, Michael F 97 38 Portela, André 19 Stacescu, Bogdan 76 Walter, Andreas 80 Pouget, Sebastien 42 Stagliano, Raffaele 40 Wang, Steven Shuye 87, 96 Prather, Laurie 14, 51 Staikouras, Sotiris 49 Wang, Tan 47 Prokopczuk, Marcel 13, 41, 57 Starks, Laura 97 Warren, Geoff 64 Purda, Lynnette 06, 18 Stefanova, Denitsa 85 Watanabe, Wako 07 Pynnonen, Seppo 18, 85 Stock, Duane 80 Weber, Martin 60, 98 Subramanian, Ajay 49 Wei, Shang-Jin 04, 16 Rangvid, Jesper 56 Suherman, 06 Weinbaum, David 07 Ranzi, Robert 31 Summer, Martin 42, 86 Wells, Kyle 35, 72 Reilly, Frank K 19 Sun, David S 42 Whitby, Ryan 03, 12 Reis, Ebru 49 Sung, Taeyoon 29, 54, 95 Wihlborg, Clas 61 Restaino, Andy 23, 67 Supanvanij, Janikan 97 Wilkens, Marco 94 Rhee, S Ghon 44, 56, 68 Suret, Jean-Marc 04, 66 Wisniewski, Tomasz Piotr 37 Rodríguez, Juan Carlos 69 Sweeney, Richard 89 Wu, Ji 97 Rohleder, Martin 55 Szewczyk, Samuel H 18 Wu, Zhenyu 29 Roland, Gerard 77 Romaniuk, Katarzyna 55, 64, 96 Taffler, Richard 72 Xia, Aihua 45 Rommens, An 27, 84 Tahani, Nabil 72, 92 Ronen, Tavy 33, 39 Tan, David 04 Yagil, Joseph 99 Rose, Lawrence C 39 Tan, Hongping 58 Yan, Shu 03 Rosser, Bruce A 94 Tang, Ning (Tony) 34 Yang, Cheol-Won 34, 62 Rossi, Marco 29 Tarazi, Amine 13, 58 Yang, Jun 23, 65 Rotenberg, Wendy 14 Tatsumi, Ken-ichi 03 Yang, Tung-Hsiao 45 Roth, Lukas 16 Tavares, Jose 57 Yates, Michael C 45, 50, 87 Ruenzi, Stefan 59 Tchana Tchana, Fulbert 03, 50 Yavas, Abdullah 46, 54 Rui, Oliver M 26 Thiessen, Erik 92 Yeo, Wee Yong 33, 38, 57 Ruiz-Verdu, Pablo 67 Tian, Jianbo 28 Yeoh, Li Shun 57 Rummer, Marco 19 Tian-Shyr, Dai 95 Yesin, Pinar 06 Timmermann, Allan 58 Yu, Fan 66 Saad, Mohsen 02, 40 Todorovic, Natasha 17 Yu, Jialin 10, 19, 58 Sabato, Gabriele 54 Tong, Zhenxu 76 Yu, Wen 62 Sabherwal, Sanjiv 64, 68 Trabelsi, Donia 71 Saffar, Walid 73 Tran, Anh L 30, 67 Zakamouline, Valeri 05 Salas-Fumas, Vicente 43, 87 Tran, Giang 80 Zame, William 13, 55 Sapp, Stephen 75 Tsai, Pei-Ling 53, 84 Zanotti, Giovanna 40 Sapuric, Svetlana 34 Tseng, Tseng-Chan 66 Zantout, Zaher 22, 57 Savona, Roberto 17 Tseng, Yun-Lan 04, 34 Zemcik, Petr 42 Schallheim, James 58 Turnbull, Stuart 25, 54 Zhang, Jianhua 38, 70, 78 Schertler, Andrea 38, 70 Tykvova, Tereza 77 Zhang, Ting 97 Scholz, Hendrik 03 Zhao, Mengxin 53 Schoubben, Frederiek 92 Underwood, Shane 72 Zhou, Xing 11 Schwartz, Robert A 31 Upper, Christian

2008 FMA European Conference Program - 36 2008 FMA European Conference Dahl, Drew Hilton Roster of Attendees Dai, Tian-Shyr Hilton 6/3/2008 6/6/2008 Dangl, Thomas Dark, Jon Hilton 6/2/2008 6/7/2008 Name Hotel Arrival Departure De Goeij, Peter Abbassi, Wajih Hilton 6/3/2008 6/5/2008 Dewaelheyns, Nico Hilton Abdallah, Wissam Distinguin, Isabelle Adaoglu, Cahit Hilton 6/3/2008 6/7/2008 Doffou, Ako Hilton 6/3/2008 6/8/2008 Agarwal, Vineet Dumitrescu, Ariadna Hilton 6/3/2008 6/7/2008 Alexander, Gordon Hilton 6/3/2008 6/8/2008 Dumontier, Pascal Hilton 6/4/2008 6/7/2008 Anand, Amber Hilton 6/3/2008 6/7/2008 Andres, Christian Ederington, Lou Hilton 6/3/2008 6/7/2008 Ang, James Edmister, Bob Annabi, Amira Hilton 6/4/2008 6/8/2008 Ekern, Steinar Antell, Jan 6/3/2008 6/8/2008 Elliehausen, Greg Armada, Manuel Erkut, Emre Hilton 6/3/2008 6/7/2008 Arnaboldi, Francesca Hilton 6/4/2008 6/8/2008 Estrada, Javier Hilton 6/4/2008 6/8/2008 Asparouhova, Elena Hilton Evans, Richard Hilton 6/4/2008 6/7/2008 Aussenegg, Wolfgang Hilton 6/3/2008 6/6/2008

Ayadi, Rym Hilton 6/3/2008 6/7/2008 Faff, Robert

Finayer, Agnes Hilton Bajo, Emanuele Finnerty, John Hilton 6/4/2008 6/8/2008 Barbi, Massimiliano Hilton 6/4/2008 6/7/2008 Fooladi, Iraj Ben Nasr, Hamdi Hilton Forssbaeck, Jens Berchtold, Rachel Fotak, Veljko Hilton 6/4/2008 6/8/2008 Berglund, Tom Freeman, Mark Hilton 6/3/2008 6/8/2008 Bertin, Will Hilton 6/4/2008 6/6/2008 Fresard, Laurent Hilton 6/4/2008 6/7/2008 Betzer, André Fungacova, Zuzana Bigelli, Marco Hilton 6/3/2008 6/8/2008

Bilinski, Pawel Gajewski, Jean- Blazy, Régis François Bley, Jorg Gentry, Jim Hilton 6/3/2008 6/7/2008 Blume, Marshall Alchymist 6/1/2008 6/5/2008 Gibson, Scott Boatright, John Hilton 6/4/2008 6/7/2008 Gil-Bazo, Javier Bodson, Laurent Hilton 6/3/2008 6/7/2008 Ginglinger, Edith Bolton, Brian Hilton 6/3/2008 6/6/2008 Godlewski, Booth, Laurence Hilton 6/4/2008 6/8/2008 Christophe Brous, Peter Hilton 6/4/2008 6/8/2008 Gogineni, Sridhar Brown, Keith 6/3/2008 6/7/2008 Golubeva, Janya Hilton 6/4/2008 6/8/2008 Brueckner, Carsten Goodell, John 6/4/2008 6/7/2008 Bugeja, Martin Grand Hotel 6/3/2008 6/7/2008 Gounopoulos, Dimitris Praha Gresse, Carole

Grishchenko, Olesya Hilton Cai, Jay Gugler, Klaus Hilton 6/4/2008 6/6/2008 Caicedo-Llano, Guido, Ron Juliana Gup, Benton Hilton 6/3/2008 6/7/2008 Callado-Muñoz, Hilton

Francisco Hagstromer, Bjorn Campbell, Cynthia Halling, Petra Hilton 6/3/2008 6/6/2008 Carpentier, Cecile Hilton 6/3/2008 6/7/2008 Hameed, Allaudeen Hilton 6/3/2008 6/7/2008 Case, Spencer Hilton 6/4/2008 6/7/2008 Hanhardt, Andreas 6/3/2008 6/7/2008 Cenesizoglu, Tolga Hilton 6/3/2008 6/8/2008 Hanousek, Jan Chae, Joon Hilton 6/3/2008 6/7/2008 Harlow, Van Chance, Don Heuson, Andrea Hilton 6/1/2008 6/6/2008 Chang, Yen-cheng Heyman, Dries Mucha Hotel 6/4/2008 6/7/2008 Chernobai, Anna Hilton 6/3/2008 6/7/2008 Higgins, Huong Hilton 6/3/2008 6/8/2008 Chng, Michael Hilton 6/3/2008 6/8/2008 Hill, Paula Christophe, Steve Hilton Hilliard, Jim Prague Marriott Chung, Huimin Hilliard, Jitka Clacher, Iain Ho, Chao-Rung Hilton 6/4/2008 6/6/2008 Clark, James 6/3/2008 6/7/2008 Hoffmeister, Ron Clarke, Jonathan Hilton Hou, Wenxuan Cleary, Sean Hilton 6/3/2008 6/7/2008 Hrnjic, Emir Hilton 6/4/2008 6/8/2008 Cogliati, Giordano Hilton 6/3/2008 12:00:00 AM Huang, He Colak, Gonul Hunter, Delroy Hilton 6/3/2008 6/7/2008 Collins, Cary Hilton 6/2/2008 6/7/2008 Hwang, Keunho Cooley, Phil Hilton 6/3/2008 6/9/2008 Hyde, Stuart Hilton 6/4/2008 6/7/2008 Cremers, Martijn 6/4/2008 6/6/2008

Croci, Ettore 6/3/2008 6/7/2008 Iannotta, Giuliano Hilton 6/3/2008 6/6/2008 Crook, Jonathan Iliopoulou, Stav 6/3/2008 6/6/2008 Cueto, Diego 6/3/2008 6/6/2008 Inkmann, Joachim Curry, Tim Hilton 6/1/2008 6/6/2008 Ismailescu, Iuliana

2008 FMA European Conference Program - 37 Jandik, Tomas Hilton 6/4/2008 6/7/2008 Minnick, Kristina Hilton 5/27/2008 5/31/2008 Janecek, Karel Mittoo, Usha Jankensgård, Håkan Mooradian, Bob Hilton 6/2/2008 6/8/2008 Jankovic, Edward Morales, Lucia Hilton 6/3/2008 6/7/2008 Jayaraman, Hilton 6/3/2008 6/7/2008 Mueller, Philippe Narayanan Munira, Sirajum Jedlicka, Petr Hilton Mura, Roberto Hilton 6/4/2008 6/5/2008 Jorns, Christoph Dalimil 6/4/2008 6/7/2008 Muradoglu, Gulnur Hilton Jostova, Gergana Hilton 6/2/2008 6/5/2008 Jurzyk, Emilia Navone, Marco Hilton 6/4/2008 6/8/2008 Nayar, Nandu 6/3/2008 6/7/2008 Kallunki, Juha-Pekka Naylor, Mike Kalotychou, Elena Hilton Nelson, Randy K&K Central 6/2/2008 6/7/2008 Kapitsinas, Spiros Nezdara, Ondrej Kaufman, George Nielsen, Niels Kayacetin, Volkan Hilton 6/3/2008 6/8/2008 Niessen, Alexandra Hilton 6/3/2008 6/7/2008 Kayhani, Nargess 5/31/2008 6/8/2008 Nosic, Alen Kensinger, John Nossman, Marcus Hilton 6/4/2008 6/7/2008 Kerl, Alexander Hilton 6/4/2008 6/6/2008 Novak, Jiri Kim, Woochan Hilton 6/3/2008 12:00:00 AM Nöldeke, Marisa Hilton 6/3/2008 6/6/2008 Knif, Johan Nurcan, Nur Ata Hilton 6/4/2008 6/8/2008 Kocenda, Evzen Kolari, Jim Hilton 6/3/2008 6/9/2008 Obernberger, Stefan Hotel U 6/4/2008 6/8/2008 Kolb, Bob Medvidku Korczak, Piotr Okamoto, Karl Hilton 6/1/2008 6/7/2008 Kostakis, Alex Orgler, Yair Hilton 6/3/2008 6/9/2008 Kovacs, Tunde Ornthanalai, Chay Hilton 6/4/2008 6/8/2008 Kowalik, Michal Ozkan, Aydin Koëter-Kant, Anjo 6/4/2008 6/7/2008 Ozkan, Neslihan Kritzman, Mark Hilton 6/3/2008 6/7/2008 Ozoguz, Arzu Hilton Kuo, Jing-Ming Paligorova, Teodora La Rocca, Maurizio Hilton 6/4/2008 6/7/2008 Panayides, Marios Hilton 6/4/2008 6/7/2008 Laopodis, Nick Hilton 6/4/2008 6/7/2008 Park, Jeehoon Sofitel 6/3/2008 6/9/2008 Larson, Marcus Hilton Paschke, Raphael Lee, Changmin Hilton 6/3/2008 6/6/2008 Patel, Ajay Hilton 6/4/2008 6/6/2008 Lee, Eugene Hilton 6/4/2008 6/7/2008 Penas, Fabiana Lemmon, Mike Hilton Phillips, Blake Leung, Yan Phylaktis, Kate Lewis, Craig Pop, Adrian 6/3/2008 6/7/2008 Li, Kai Hilton 6/3/2008 6/7/2008 Pop, Diana 6/3/2008 6/7/2008 Liao, Angel Popova, Ivilina Hilton 6/4/2008 6/8/2008 Liao, Hsien-Hsing Prather, Laurie Hilton 6/4/2008 6/6/2008 Liechti, Diego Hilton 6/4/2008 6/7/2008 Pynnonen, Seppo Lin, William Hilton 6/4/2008 6/6/2008 Lisboa, Inês City Partner 6/3/2008 6/7/2008 Rader, Jack Hilton Hotel Atos Rangvid, Jesper Hilton 6/3/2008 6/5/2008 Liu, Daniel Hilton 6/3/2008 6/7/2008 Ranzi, Robert Hilton 6/3/2008 6/6/2008 Loderer, Claudio Hilton 6/4/2008 6/7/2008 Reilly, Frank Lohre, Harald Hilton 6/4/2008 6/6/2008 Reis, Ebru Hilton Luca, Alina Hilton 6/4/2008 6/6/2008 Rodriguez, Juan Luque, Jaime Hilton 6/3/2008 6/7/2008 Rohleder, Martin Lyssimachou, Platan Pension 6/3/2008 6/7/2008 Roland, Gerard Danielle Romaniuk, Katarzyna Rommens, An Maio, Paulo Ronen, Tavy Hilton 6/1/2008 6/9/2008 Malakhov, Alexey Hilton 6/4/2008 6/7/2008 Rosa, Mark Malinowska, Rosser, Bruce Hilton 6/3/2008 6/7/2008 Magdalena Rotenberg, Wendy Hilton 6/3/2008 6/8/2008 Marchica, Maria- Hilton 6/4/2008 6/5/2008 Ruenzi, Stefan Teresa Rui, Oliver Marciukaityte, Dalia Hotel Elysee 6/3/2008 6/9/2008 Ruiz-Verdu, Pablo Martin, Jens Hilton 6/3/2008 6/6/2008 Martin-Oliver, Alfredo Hilton Sabato, Gabriele Hilton 6/4/2008 6/8/2008 Mateus, Cesario Saffar, Walid Hilton 6/5/2008 6/8/2008 May, Anthony Hilton 6/4/2008 6/8/2008 Sapp, Stephen Hilton 6/3/2008 6/6/2008 McConnell, John Sapuric, Svetlana Hilton 6/4/2008 6/7/2008 McDermott, John Hilton 6/3/2008 6/8/2008 Savona, Roberto Hilton 6/4/2008 6/7/2008 McFarlane, Lavern Hilton 6/3/2008 6/7/2008 Schallheim, Jim Hilton 6/4/2008 6/7/2008 Megginson, Bill Schertler, Andrea Hilton Menkveld, Albert Hilton 6/3/2008 6/6/2008 Schoubben, Frederiek Hilton 6/3/2008 6/7/2008 Merrick, John Schwartz, Bob Hilton 6/3/2008 6/8/2008 Mian, Mujtaba Hilton 6/3/2008 6/7/2008 Schweizer, Denis Hilton 2008 FMA European Conference Program - 38 Schwindler, Oliver Tykvova, Tereza Serrano-Velarde, Nicolas Upper, Christian Hilton 6/4/2008 6/5/2008 Shawky, Hany Hilton 6/3/2008 6/6/2008 Utrero-Gonzalez, Shi, Zhen Natalia Shon, Sangho Hilton 6/3/2008 6/7/2008 Shyn, Yong Hilton 6/3/2008 6/9/2008 Vaihekoski, Mika Hilton 6/3/2008 12:00:00 AM Sievers, Soenke Valta, Philip Siming, Linus Hilton 6/3/2008 6/7/2008 Verschoor, Willem Simkins, Betty Hilton 6/3/2008 6/7/2008 Vieito, João Singh, Ajay Certovka 6/3/2008 6/8/2008 Sinha, Praveen Hilton 6/1/2008 6/8/2008 Waelchli, Urs Hilton 6/4/2008 6/7/2008 Six, Pierre Wagner, Alex Hilton 6/4/2008 6/6/2008 Skinner, Frank Hilton 6/4/2008 6/8/2008 Wagster, John Sohn, Wook Hilton 6/3/2008 6/7/2008 Walker, David Hilton 6/3/2008 6/7/2008 Spalt, Oliver 6/4/2008 6/6/2008 Walkling, Ralph Hilton 6/4/2008 6/6/2008 Stacescu, Bogdan Walsh, Kathy Hilton 6/3/2008 6/7/2008 Staglianò, Raffaele Walsh, Shannon Staikouras, Sotiris Hilton Wang, Steven Starks, Laura Hilton 6/3/2008 6/6/2008 Watanabe, Wako Stefanova, Denitsa Hilton 6/3/2008 6/6/2008 Weinbaum, David Hilton Stock, Duane Hilton 6/2/2008 6/7/2008 Wells, Kyle Hilton 6/4/2008 6/6/2008 Strong, Bob Hilton 6/4/2008 6/7/2008 Wihlborg, Clas Hilton 6/4/2008 6/6/2008 Suherman 6/3/2008 Wisniewski, Tomasz Sun, David Hilton 6/4/2008 6/6/2008 Wright, Karen Supanvanij, Janikan Hilton 6/4/2008 6/6/2008 Wu, Zhenyu Suret, Jean-Marc Hilton 6/3/2008 6/7/2008 Wunderli, Dan Hilton 6/3/2008 6/6/2008 Sweeney, Dick Hilton Wölfle, Marco Hotel Atlantic 6/3/2008 6/6/2008

Taffler, Richard Yang, Jun Tahani, Nabil Yavas, Abdullah Tan, David Hilton Yeo, Wee Yong Tang, Ning 6/5/2008 6/8/2008 Yermack, David Tatsumi, Ken Hilton 6/3/2008 6/7/2008 Yu, Jialin Tchana Tchana, Hilton 6/3/2008 6/6/2008 Fulbert Zakamouline, Valeri Hilton 6/3/2008 6/7/2008 Todorovic, Natasa Hilton Zanotti, Giovanna Hilton 5/6/2008 6/6/2008 Tong, Zhenxu Hilton 6/3/2008 6/6/2008 Zantout, Zaher Hilton Trabelsi, Donia Hotel Salvator 6/3/2008 6/7/2008 Zemcik, Petr Tran, Giang Zhang, Jianhua Hilton 6/4/2008 6/8/2008 Tseng, Yun-lan 6/2/2008 6/6/2008 Tsoutsoura, Margarita

2008 FMA European Conference Program - 39

Financial Management Association International

First Call for Papers and Participation 2009 FMA European Conference

3 June – 5 June, 2009 Turín, Italy

Craig M. Lewis Antonio Mele 2009 FMA European Conference Program Co-Chairs

Ruggero Bertelli 2009 FMA European Conference Meeting Arrangements Co-Chair

Submission Fee: US$25/ US $35 for non-members

For information on submission procedures, go to

www.fma.org/Turin/

You are cordially invited to submit your research for the Thirteenth Annual European Conference of the Financial Management Association International (FMA)

June 3 through June 5, 2009 in Turin (Torino), Italy.

FMA’s European Conference brings together academicians and practitioners with interests in financial decision-making, research, and practice.

DEADLINE SUMMARY Program Committee Member Application: November 17, 2008 Completed Papers and Abstracts: December 1, 2008 Panel Discussion Proposals: December 1, 2008 Requests to serve as session chairperson or paper discussant: February 2, 2009 Doctoral Student Seminar Applications: February 2, 2009

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Financial Management Association International

First Call for Papers and Participation 2009 FMA Asian Conference

6 May – 8 May, 2009 Xiamen, China

FMA International is pleased to announce its First Annual Asian Conference in Xiamen, China. This will be a new type of meeting for FMA International - smaller than our traditional meetings and operating only a few high-quality concurrent sessions. We therefore seek strong papers from scholars in all fields of finance.

Criteria used to select papers for the program include the nature of the research problem, implications of the proposed research, the quality of the research design, and the expected contribution of the research to the literature.

Reena Aggarwal, Georgetown University Qian Sun, Xiamen University Shinong Wu, Xiamen University Martin Young, Massey University 2009 FMA Asian Conference Program Co-Chairs

The conference host, Xiamen University (XMU), is one of China’s key universities designated for full state support. The university operates in the Special Economic Zone on the coast of the Taiwan Straits.

Xiamen, located at the southeast coast of China in Fujian Province, is a tourist city famous for its attractive seascape. A major seaport since ancient times, Xiamen means 'the gate of a grand mansion' and has long been an important entry point to China.

Submission Fee: US $25/ US $35 for non-members

For information on submission procedures, go to

www.fma.org/Xiamen/

DEADLINE SUMMARY Program Committee Member Application: October 1, 2008 Completed Papers and Abstracts: November 14, 2008 Panel Discussion Proposals: November 14, 2008 Requests to serve as session chairpersons or paper discussants: January 15, 2009 Doctoral Student Consortium Applications: January 15, 2009

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