Skip to: search, navigation, or content.

Indiana University Bloomington

The Kelley Advantage

By assembling prominent researchers from prestigious Universities around the world, the highly competitive FEA conference gives Kelley faculty access to cutting-edge management tools and ideas in both finance and accounting.

Conference Program

Print out the PDF Version

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