Conference Program
22nd Annual Conference on Financial Economics and Accounting
Indiana University, 2011
All Sessions will be held in the Godfrey Graduate and Executive Education Center
November 18 Friday 8:30-10:00
Corporate Finance I
Session Chair: Lemma Senbet, University of
Maryland
The Sarbanes-Oxley Act and
Cross-listed Foreign Private Issuers
Author: Xi Li
Boston College
Discussant: Jennifer Marietta Westburg,
Securities and Exchange Commission
Conglomerate Industry Spanning
Authors: Gerard Hoberg and Gordon Phillips,
University of Maryland
Discussant: Merih Sevilir, Indiana
University
Acquisitions as Lotteries:
Do Managerial Gambling Attitudes Influence Takeover Decisions?
Authors: Christoph Schneider University of
Mannheim and Oliver Spalt, Tilburg
University
Discussant: Radha Goplan,
Washington University St. Louis
Analysts and the Stock Market
Session Chair: Larry Brown,
Georgia State University
A New Approach to Predicting
Analyst Forecast Errors: Implications for Investment Decisions
Author: Eric So, Stanford
University
Discussant: Michael Clement, University of
Texas
Meeting and Beating Individual
Analyst Expectations
Authors: Marcus Kirk, David Reppenhagen, and Jennifer Tucker,
University of Florida
Discussant: Stephanie Larocque,
University of Notre Dame
Equity Analysts’ Response to
Mutual Fund Flow-Driven Mispricing
Authors: Johan Sulaeman, Southern
Methodist University, and Kelsey Wei,
University of Texas - Dallas
Discussant: Mozaffar Kahn,
University of Minnesota
November 18 Friday 10:15-12:00
Corporate Finance II
Session Chair: Kose John, New York
University
Stock Price Correlation and
the Method of Payment in Corporate Acquisitions
Authors: Vineet Bhagwat and Robert Dam,
Northwestern University
Discussant: Xiaoyun Yu, Indiana
University
Default Risk, Stock Returns,
and the 1978 Bankruptcy Reform Act
Authors: Dirk Hackbarth, University
of Illinois, Rainer Haselmann, Bonn
Graduate School of Economics and David Schoenherr,
Bonn Graduate School of Economics
Discussant: Jens Hilscher, Brandeis
Univeristy
Are busy Boards Detrimental?
Authors: Laura Field, Penn State
University; Michelle Lowry, Penn State
University; and Anahit Mkrtchyan Penn
State University;
Discussant: Dalida Kadyrzhanova,
University of Maryland
Attention, Information and Pricing
Session Chair: Adam Reed ,
University of North Carolina Chapel Hill
Why Returns around
Earnings Announcement Days are More Informative than Other Days
Authors: Jeffery Abarbanell
University of North Carolina at Chapel Hill and Sangwan Kim, University of North Carolina at Chapel
Hill
Discussant: Matt Ringgenberg,
Washington University in St. Louis
Information Acquisition
and Investor Trading: Daily Analysis
Authors: Eric Yeung, University of
Georgia, Oliver Li, National
University of Singapore, and Lei
Gao, University of Georgia
Discussant: Ryan Israelsen, Indiana
University
Earnings Announcements and Attention
Constraints: The role of Market Design
Authors: Bidsha Chakrabarty, St.
Louis University, and Pamela Moulton,
Cornell University
Discussant: Michael Crawley, Indiana
University
Friday 12:00-1:30 Luncheon Speaker Martin Fridson
November 18 Friday 1:30-3:15
Delegated Portfolios
Session Chair: Zoran Ivkovich, Michigan
State University
No Place
Like Home: Familiarity in Mutual Fund Manager Portfolio Choice
Authors: Scott E Yonker, Noah Stoffman, and Veronika Pool,
Indiana University
Discussant: Scott Weisbenner ,
University of Illinois
Spillover Effects in
Mutual Fund Companies
Authors: Clemens Sialm University
of Texas at Austin and Mandy Tham,
Nanyang Technological University;
Discussant: Ranadeb Chaudhri, Oakland
University
The Dynamics of Hedge Fund Fees
Authors: Youchang Wu University of Wisconsin; Prachi
Deuskar, University of Illinois; Zhi J
Wang University of Illinois;, and Quoc H Nguyen University of Illinois;
Discussant: Sugata Ray, University of
Florida.
Leveling the Playing Field:
Financial Regulation and Disappearing Local Bias of Institutional Investors
Authors: Gennaro Bernile,
University of Miami, Alok Kumar,
University of Miami and Johan Sulaeman,
University of Texas at Austin
Discussant: Rocco Huang, Michigan
State University
The Effectiveness of Governance Mechanisms
Session Chair: Chris Hogan,
Michigan State University
The Continuing Impact of CEO
Power on Audit Committee Effectiveness in the Post-SOX Era
Authors: Yan Zhang, SUNY at Binghamton, Ling Lisic,
George Mason University, and Terry
Neal, University of Tennessee
Discussant: Marcy Shepardson,
Indiana University
Actuarial Independence,
Client Importance and Pension Assumptions
Author: Divya Anantharaman, Rutgers
University
Discussant: Kris Allee, Michigan
State University
Skin in the Game versus Skimming
the Game: Governance, Share Restrictions, and Insider
Authors: Ronnie Sadka, Boston College, and Gideon Ozik, EDHEC
Discussant: Veronika Pool, Indiana
University
November 18 Friday 3:30-5:15
Asset Pricing I
Session Chair: George Constantinides,
University of Chicago
Asset Pricing in Production
Economies with Extrapolative Expectations
Author: Jiang Feng Yu, University
of Minnesota
Discussant: Allen Huang, University
of Waterloo
Do Jumps Contribute to the
Dynamics of the Equity Premium?
Authors: Xiaofei Zhao, University
of Toronto John M Maheu
University of Toronto, and Thomas H
McCurdy, University of Toronto.
Discussant: Neil Pearson,
University of Illinois
Option Market Overreaction to
Stock Price Changes
Authors: Elizabeth A Risik, University of
Illinois; Eric Gettleman
University of Illinois, and Brandon R
Julio, London Business School.
Discussant: Robert Battalio, Notre
Dame University
Yes, U.S. Stocks are Getting
Riskier
Authors: William Waller
University of North Carolina at Chapel Hill
and Gregory W Brown, University of North
Carolina at Chapel Hill
Discussant: Huseyin Gulen, Purdue
University
Earnings Management
Session Chair: Jeffery Abarbanell,
University of North Carolina Chapel Hill
Earnings Management, Initial
Public Offerings, and Shareholder Lawsuits
Authors: Mary Billings, New York University & University of
Pennsylvania, and
Melissa Lewis, University of Utah
Discussant: Chris Williams,
University of Michigan
Bank Monitoring and Accounting
Recognition: The Case of Aging-report Requirements
Authors: Xiumin Martin, Washington
University in St. Louis,
Richard Frankel, Washington University in
St. Louis, Bong Kim, American
University, and Tao Ma,
Washington University in St. Louis
Discussant: Dan Amiram, Columbia
University
The Deterrence Effects of SEC
Enforcement and Class Action Litigation
Authors: Simi Kedia, Rutgers
University, Jared Jennings, University
of Washington, and Shivaram Rajgopal,
Emory University
Discussant: Justin Hopkins,
University of North Carolina at Chapel Hill
November 18 Friday
Reception 6:30-7:30
Dinner 7:30 - 9:00
Tudor Room, Indiana Memorial Union
Keynote Speech:
George Constantinides
November 19 Saturday 8:30-10:00
Asset Pricing II
Session Chair: Ravi Jagannathan,
Northwestern University
Beyond the Disposition
Effect: Do Investors Really Like Realizing Gains More than Losses?
Authors: Itzhak Ben-David
The Ohio State University
and David Hirshleifer, University of
California, Irvine.
Discussant: Paul Gao, Notre Dame
University
Liquidity Biases and the
Pricing of Cross-Sectional Idiosyncratic Volatility Around the World
Authors: David A Lesmond Tulane
University, Yufeng Han
University of Colorado, and Ting Hu, Tulane University
Discussant: Xiaoyan Zhang, Purdue
University
Linear Beta Pricing with
Inefficient Benchmarks
Authors: David Feldman, University
of New South Wales and George Diacogiannis,
University of Piraeus
Discussant: Soohun Kim, Northwestern University
SEC Disclosure Policies and Practices
Session Chair: Ross Jennings,
University of Texas at Austin
Disclosure Timing and
Information Asymmetry
Authors: Preeti Choudhary,
Georgetown University, Jason Schloetzer,
Georgetown University, and Kenneth
Merkley, Cornell University
Discussant: Jeffrey Ng,
Massachusetts Institute of Technology
The Demand for Mandatory
Disclosure: Evidence from Investors’ Use of SEC EDGAR
Authors: Michael Drake, Brigham
Young University, Darren Roulstone,
The Ohio State University, and Jacob Thornock,
University of Washington
Discussant: Alastair Lawrence,
University of California - Berkeley
The Information Content of
Mandatory Risk Factor Disclosures in Corporate Filings
Authors: John Campbell, University
of Georgia, Dan Dhaliwal, University
of Arizona, and Logan Steele,
University of Connecticut
Discussant: Feng Li, University of
Michigan
November 19 Saturday 10:15-12:00
Governance, Local Bias and Q Theory
Session Chair: Michael Weisbach, The Ohio
State University
The Effect of Liquidity on
Governance
Authors: Alex Edmans,
Wharton School, University of Pennsylvania; Vivian W. Fang, Rutgers
University, Emanuel Zur, Baruch College, The City University of New York
Discussant: Lukas Roth, University of
Alberta
Home Away From Home: Economic
Relevance and Local Investors
Authors: Gennaro Bernile,
University of Miami, Alok Kumar,
University of Miami and Johan Sulaeman,
University of Texas at Austin
Discussant: Scott Yonker, Indiana
University
Delegated Investment, Q Theory, and
Firm Dynamics
Authors: Hengjie Ai Duke University
and Rui Li, University of Wisconsin
Discussant: Jun Yang, Indiana University
Voluntary Disclosure
Session Chair: John Hassell, Indiana
University - IUPUI
What do (Some) Management
Forecasts Convey about the Macroeconomy?
Authors: Sam Bonsall, Penn State
University, Zahn Bozanic, The Ohio
State University, and Paul Fischer,
University of Pennsylvania
Discussant: Brian Miller, Indiana
University
To Tell the Truth:
Management Forecasts in Periods of Accounting Fraud
Authors: Stephen Baginski,
University of Georgia, Sean McGuire,
Texas A&M University, Nathan Sharp,
Texas A&M University, and Brady Twedt,
Texas A&M University
Discussant: Susan Watts, Purdue
University
Why do Firms Gravitate to
Selective Disclosure?
Authors: Bjorn Jorgensen,
University of Colorado, Jing Li,
Carnegie Mellon University, and Nahum Melumad,
Columbia University
Discussant: Mark Bagnoli, Purdue
University