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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

RFS-IU Conference on the Causes and Consequences of Recent Financial Market Bubbles

August 12-13, 2005
Friday, August 12
11:00 a.m.- 1:45 p.m.

Registration and lunch, Kelley School of Business

1:45-1:50 p.m.

Welcome by Robert Jennings, chair, Department of Finance, Kelley School of Business

1:50-1:55 p.m.

Welcome by Dan Smith, Dean, Kelley School of Business

1:55-2:00 p.m.

Welcome by Maureen O’Hara, former executive editor, RFS

Session 1: 2:00-3:20 p.m.
Relative Wealth Concerns and Financial Bubbles
Download Research Paper
Authors:
Peter M. DeMarzo, Stanford Graduate School of Business
Ron Kaniel, Fuqua School of Business at Duke University
Ilan Kremer, Stanford Graduate School of Business
3:20-3:40 p.m.

Coffee break

Session 2: 3:40-5:00 p.m.
What made the Internet Bubble burst? A butterfly flapping its wings, or how little things can make a big difference.
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Author:
Teodoro D. Cocca, University of Zurich, Switzerland
6:00-7:00 p.m.

Cocktails at Deer Park Manor

7:00 p.m.

Dinner and keynote address by Professor Michael Jensen at Deer Park Manor

Saturday, August 13
8:00-9:00 a.m.

Breakfast

Session 3: 9:00-10:20 a.m.
Booms, Busts, and Fraud
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Authors:
Paul Povel, University of Minnesota
Rajdeep Singh, University of Minnesota
Andrew Winton, University of Minnesota
Financial Liberalization and Banking Crises: The Role of Capital Inflows and Lack of Transparency
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Author:
Mariassunta Gianetti, Stockholm School of Economics
10:20-10:40 a.m.

Coffee break

Session 4: 10:40-12:00 p.m.
Bubble Investors: What Were They Thinking?
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Authors:
Ravi Dhar, Yale University
William N. Goetzmann, Yale University
Mutual Funds and Bubbles: The surprising role of contractual incentives
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Authors:
Nishant Dass, INSEAD
Massimo Massa, INSEAD
Rajdeep Patgiri, INSEAD
12:00-2:00 p.m.

Lunch and distinguished address by Professor Maureen O’Hara at the IU art museum. Lunch sponsored by CRA International.

Session 5: 2:00-3:20 p.m.
Housing Prices and Inflation: What Fuels Housing Bubbles?
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Authors:
Markus K. Brunnermeier, Princeton University
Christian Julliard, London School of Economics
The Real Effects of Asset Market Bubbles: Loan- and Firm-Level Evidence of a Lending Channel
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Author:
Jie Gan, Hong Kong University of Science and Technology
3:20-3:40 p.m.

Coffee break

Session 6: 3:40-5:00 p.m.
Can market price diverge from fundamentals for an extended period? Evidence from the late 1990’s
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Author:
Asher Curtis, University of New South Wales
Bubbles and Panics in a Frictionless Market with Heterogeneous Expectation
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Authors:
H. Henry Cao, Cheung Kong Graduate School of Business
Hui Ou-Yang, Fuqua School of Business at Duke University
6:30 p.m.

Informal dinner at Scholar’s Inn

Are Bubbles and Penny-Stock Valuations Part of the CAPM?
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Author:
Haim Kedar-Levy, Ben-Gurion University of the Negev