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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

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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