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Indiana University Bloomington

Department of Finance

Biennial Symposium

Our biennial symposium attracts internationally known scholars to Kelley to share their research.

Biennial Symposium

14th Annual Financial Economics and Accounting Conference

October 31-November 1, 2003
Friday, October 31
12:30-1:30 p.m.

Welcome lunch in the Graduate Education and Executive Center Dining Room CG0036

Session I: 2:00-3:30 p.m.
International Finance
Strategic Choice of Control Allocation and Ownership Distribution in Closely Held Corporations
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Authors:
Morten Bennedsen, Centre for Business and Economic Research
Mogens Fosgerau, Centre for Business and Economic Research
Kasper Nielsen, University of Copenhagen
Discussant:
Gordon Bodnar, Johns Hopkins University
Cross-Section of International Cost of Capital
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Authors:
Charles Lee, Cornell University
David Ng, Cornell University
Bhaskaran Swaminathan, Cornell University
Discussant:
Ludger Hentschel, University of Rochester
To Steal or Not to Steal: Firm Attributes, Legal Environment and Valuation
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Authors:
Art Durnev, University of Miami
Han Kim, University of Michigan
Discussant:
Andrey Ukhov, Indiana University
Accounting: Earnings Management
A Temporal Analysis of Thresholds: Propensities and Valuation Consequences
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Authors:
Lawrence D. Brown, Georgia State University
Marcus L. Caylor, Georgia State University
An Alternative Interpretation of the Discontinuity in Earnings Distributions
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Authors:
William H. Beaver, Stanford University
Maureen F. McNichols, Stanford University
Karen K. Nelson, Rice University
Earnings Quality, Insider Trading, and Cost of Capital
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Authors:
David Aboody, University of California
John Hughes, University of California
Jing Liu, University of California
Discussant:
Leslie Hodder, Indiana University
3:30-3:45 p.m.

Coffee break

Session II: 3:45-5:30 p.m.
Finance: Empirical Asset Pricing
Efficiency and the Bear: Short Sales and Markets around the World
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Authors:
Arturo Bris, Yale University
William Goetzman, Yale University
Ning Zhu, Yale University
Discussant:
Christian Lundblad, Indiana University
Asset Return Predictability and Bayesian Model Averaging
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Author:
Youngjun Tang, University of Texas at Austin
Discussant:
Doron Avramov, University of Maryland
Asymmetries in Stock Returns: Statistical Tests and Economic Evaluation
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Authors:
Youngmiao Hong, Cornell University
Jun Tu, Washington University-St. Louis
Goufu Zhou, Washington University- St. Louis
Discussant:
Joseph Chen, Massachusetts Institute of Technology
Corporate Bond Liquidity and its Effect on Yield Spreads
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Authors:
Long Chen, Michigan State University
David Lesmond, Tulane University
Jason Wei, University of Toronto
Discussant:
Yakov Amihud, New York University
Session II: 3:45-5:15 p.m.
Accounting: Analyst Forecasts
Leaders and Followers among Security Analysts: Analysis of Impact and Accuracy
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Authors:
Pervin K. Shroff, University of Minnesota
Ramgopal Venkatatarman, University of Minnesota
Baohua Xin, University of Minnesota
Do Analysts’ Earnings Forecasts Allow for Accounting Conservatism?
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Authors:
Jinhan Pae, Queen's University, Ontario, Canada
Dan Thornton, Queen's University, Ontario, Canada
When Accruals Meet Growth: Do Analysts’ Forecasts Fully Reflect the Future Earnings Implications of Accruals and Growth?
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Author:
Daphne W. Lui, London Business School
Discussant:
Bala Dharan, Rice University
6:30-7:30 p.m.

Cocktail reception at the Tudor Room in the Indiana Memorial Union

7:30-9:30 p.m.

Dinner and keynote address by Robert Schiller at the Tudor Room in the Indiana Memorial Union

Saturday, November 1
7:30-8:30 a.m.

Continental breakfast in the Graduate Education and Executive Center Dining Room CG036

Session III: 8:30-10:00 a.m.
Finance: Microstructure
Impact of Legal and Political Institutions on Equity Trading Costs: A Cross Country Analysis
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Authors:
Venkat Eleswarapu, Southern Methodist University
Kumar Venkataram, Southern Methodist University
Discussant:
Venky Panchapagesan, Washington University-St. Louis
Informed Trading in Parallel Auction and Dealer Markets: An Analysis of the London Stock Exchange
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Authors:
Pankaj Jain, University of Memphis
Christine Jiang, University of Memphis
Nareerat Taechapiroontong, Thomas McInish, University of Memphis
Discussant:
Hans Heidle, University of Notre Dame
Order Submission: The Choice between Limit and Market Orders
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Authors:
Ingrid Lo, University of New Zealand
Stephen Sapp, University of Western Ontario
Discussant:
Andrew Ellul, Indiana University
Session III: 8:30-10:30 a.m.
Accounting: Theory
Discretionary Disclosures over Time
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Authors:
Thomas F. Cosimano, University of Notre Dame
Bjorn N. Jorgensen Columbia University
Ramachandran Ramanan, University of Notre Dame
Disclosure to a Credulous Audience: The Role of Limited Attention
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Authors:
David Hirshleifer, Ohio State University
Sonya Seongyeon Lim, DePaul University
Siew Hong Teoh, Ohio State
Diversification and the Accounting for New Projects On or Off the Balance Sheet
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Authors:
K. Sivaramakrishnan, University of Houston
Lynda Thoman, Purdue University
Discussant:
Reed Smith, Indiana University-Indianapolis
10:00-10:15 a.m.

Coffee break

Session IV: 10:30 a.m.- 12:00 p.m.
Finance: Investments
Evaluating Fixed Income Performance with Stochastic Discount Factors
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Authors:
Wayne Ferson, Boston College
Darren Kisgen, University of Washington
Tyler Henry, University of Washington
Discussant:
Heber Farnsworth, Washington University-St Louis
How much of the corporate-treasury spread is due to credit risk?
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Authors:
Jing-zhi Huang, New York University
Ming Huang, Stanford University
Discussant:
Levent Guntay, Indiana University
Price Impact and Survival of Irrational Traders
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Authors:
Leonid Kogan, MIT
Stephen Ross, MIT
Jiang Wang, MIT
Mark Westerfield, MIT
Discussant:
Philip Dybvig, Washington University-St. Louis
Session IV: 10:30-11:45 a.m.
Accounting: Corporate Governance, Incentives, and Managerial Behavior
Accounting Choice, Corporate Governance, and Firm Performance
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Authors:
Robert M. Bowen, University of Washington
Shiva Rajgopal, University of Washington
Mohan Venkatachalam, Duke University
Structure of Option Repricings: Determinants and Consequences
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Author:
Fabrizio Ferri, New York University
Influence of Equity-based Compensation on CEO’s Incentive to Report Strings of Consecutive Earnings Increases
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Author:
Bin Ke, Pennsylvania State University
Discussant:
Wayne Guay, University of Pennsylvania
12:00-1:30 p.m.

Lunch and distinguished speaker: Josha Ronen, New York UNiversity at the Graduate Education and Executive Center Dining Room CG0036

Session V: 2:00-3:30 p.m.
Finance: Applied Corporate Finance
Prospect Theory and the long-run performance of IPO stocks
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Authors:
Tongshu Ma, University of Utah
Yiyu Shen, University of Texas at Dallas
Discussant:
Alan Poteshman, University of Illinois
Price Informativeness and Investment Sensitivity to Stock Price
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Authors:
Qi Chen, Duke University
Italy Goldstein, Duke University
Wei Jiang, Columbia University
Discussant:
Robert Neal, Indiana University-Indianapolis
Understanding the Recovery Rates on Defaulted Securities
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Authors:
Viral Acharya, London Business School
Sreedhar Bharath, University of Michigan
Anand Srinivasan, University of Georgia
Discussant:
Amy Dittmar, University of Michigan
Session V: 2:00-3:30 p.m.
Accounting: Capital Markets
Dividend Taxes and Implied Cost of Capital
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Authors:
Dan S. Dhaliwal, University of Arizona
Linda Krull, University of Texas-Austin
Oliver Li, University of Notre Dame
William Moser, University of Arizona
Sarbanes-Oxley Act of 2002 and Market Liquidity
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Authors:
Pankaj K. Jain, University of Memphis
Jang-Chul Kim, University of Memphis
Zabihollah Rezaee, University of Memphis
Revenue Investment, Accounting Conservatism, and the Valuation of Loss Making Firms
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Author:
John McCallig, University College Dublin
Discussant:
Joe Piotroski, University of Chicago
3:30-3:45 p.m.

Coffee break

Session V: 3:45-5:30 p.m.
Finance: Dynamics of Corporate Finance
Informational Efficiency and Liquidity Premium as the Determinants of Capital Structure
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Authors:
Chun Chang, University of Minnesota
Xiaoyun Yu, Indiana University
Discussant:
Sugato Bhattacharya, University of Michigan
Valuation Waves and Merger Activity: The Empirical Evidence
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Authors:
Mathew Rhodes-Kropf, Columbia University
David Robinson, Columbia University
S. Viswanathan, Duke University
Discussant:
Jayanathi Sunder, Northwestern University
Do Firms Rebalance Their Capital Structure?
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Authors:
Mark Leary, Duke University
Michael Roberts, Duke University
Discussant:
Thomas Noe, Tulane University
Discretionary Contracts and Bank-Firm Relationships
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Author:
Anjolein Schmeits, Washington University-St. Louis
Discussant:
Dirk Hackbarth, Indiana University
Session VI: 3:45-5:15 p.m.
Accounting: Management Forecasts and Voluntary Disclosures
Why Do Managers Fail to Meet Their Own Forecasts?
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Author:
Shuping Chen, University of Washington
Governance Role of Institutional Investors and Outsider Directors on the Properties of Management Earnings Forecasts
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Authors:
Bipin Ajinkya, University of Florida
Sanjeev Bhojraj, Cornell University
Partha Sengupta, University of Maryland
Do Firms Strategically Emphasize Performance Metrics in Their Earnings Press Releases?
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Authors:
Robert M. Bowen, University of Washington
Angela K. Davis, Washington University
Dawn A. Matsumoto, University of Washington
Discussant:
Carol Marquardt, New York University