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Proceedings from Conference "2012 ANNUAL MEETING OF THE EUROPEAN FINANCE ASSOCIATION"

 

Are Control Rights Less Valuable When Shareholders Lack Information?
Abhiroop Mukherjee
Hong Kong University of Science & Technology

 

Do Firms Choose Their Stock Liquidity? A Study of Innovative Firms and Their Stock Liquidity
Nishant Dass, Vikram Nanda, Steven Chong Xiao
Georgia Institute of Technology

 

Does Family Control Matter? International Evidence from the 2008-2009 Financial Crisis
Karl Lins, Paolo Volpin, Hannes Wagner
University of Utah; London Business School; Bocconi University

 

Capital Structure, Product Market Dynamics, and the Boundaries of the Firm
Dirk Hackbarth, Richmond Mathews, David Robinson
University of Illinois; University of Maryland; Duke University

 

Credit Market Frictions and Capital Structure Dynamics
Erwan Morellec, Julien Hugonnier, Semyon Malamud
Ecole Polytechnique Fédérale de Lausanne (EPFL)

 

Granularity of Corporate Debt: Theory and Tests
Jaewon Choi1, Dirk Hackbarth1, Josef Zechner2
1University of Illinois; 2Vienna University of Economics and Business

 

Firm Investment and Stakeholder Choices: A Top-Down Theory of Capital Budgeting
Zhaohui Chen1, Andres Almazan2, Sheridan Titman2
1University of Virginia; 2University of Texas at Austin

 

Real Effects of Stock Underpricing
Sandy Lai1, Harald Hau2
1University of Hong Kong; 2University of Geneva

 

The Real Effects of Stock Market Prices
Gustavo Grullon, Sebastien Michenaud, James P. Weston
Rice University

 

Collateral-Motivated Financial Innovation
Hongjun Yan1, Ji Shen2, Jinfan Zhang1
1Yale University; 2London School of Economics

 

Financial Innovation: The Bright and the Dark Sides
Thorsten Beck1, Tao Chen2, Chen Lin2, Frank M. Song3
1Tilburg University and CEPR; 2The Chinese University of Hong Kong; 3University of Hong Kong

 

Contingent Capital: the case of COERCS
Theo Vermaelen1, Christian Wolff2, George Pennacchi3
1INSEAD; 2Luxembourg School of Finance; 3University of Illinois

 

Quantitative Easing, Portfolio Choice and International Capital Flows
Marco Lo Duca, Marcel Fratzscher, Roland Straub
European Central Bank

 

Dealer Financial Conditions and the Term Securities Lending Facility: Was Bagehot Right After All?
Asani Sarkar1, Viral Acharya2, Michael Fleming1, Warren Hrung1
1Federal Reserve of New York; 2NYU Stern School of Business

 

Liquidity of Financial Markets and the Demand for Reserves
Puriya Abbassi1, Falko Fecht2
1Deutsche Bundesbank; 2EBS Business School

 

Dealer Networks
Norman Schuerhoff1,3,4, Dan Li2
1University of Lausanne; 2Federal Reserve Board; 3Swiss Finance Institute; 4CEPR

 

Belief-Free Market Making
Johannes Hörner1, Stefano Lovo2, Tristan Tomala2
1Yale University; 2HEC Paris

 

Opaque Trading, Disclosure and Asset Prices: Implications for Hedge Fund Regulation
Liyan Yang1, David Easley2, Maureen O'Hara2
1University of Toronto; 2Cornell University

 

Asset Prices and Business Cycles with Financial Shocks
Ctirad Slavik1, Mahdi Nezafat2
1Goethe University Frankfurt; 2Georgia Institute of Technology

 

The Impact of Fiscal Policy on Stock Returns
Mitch Warachka1, Zhi Da2, Hayong Yun2
1Singapore Management University; 2University of Notre Dame

 

Monetary Policy Shocks and Stock Returns: Identification through Unholy Trinity
Ali Ozdagli, Yifan Yu
Federal Reserve Bank of Boston

 

Young, Old, Conservative, and Bold: The Implications of Heterogeneity and Finite Lives for Asset Pricing
Stavros Panageas1, Nicolae Garleanu2
1University of Chicago - Booth School of Business; 2UC Berkeley - Haas School of Business

 

 

Dynamic Equilibrium with Heterogeneous Agents and Risk Constraints
Rodolfo Prieto
Boston University

 

Equilibrium Existence and Approximation for Incomplete Market Models with Substantial Heterogeneity
Thomas Michael Mertens
New York University

 

Credit Lines as Monitored Liquidity Insurance: Theory and Evidence
Viral Acharya1, Heitor Almeida2, Filippo Ippolito3, Ander Perez3
1New York University, CEPR & NBER; 2University of Illinois & NBER; 3Univ Pompeu Fabra & Barcelona GSE

 

Endogenous Liquidity Cycles
Günter Strobl
UNC and Frankfurt School of Finance & Management

 

Liquidity Risk and Maturity Management over the Credit Cycle
Joao Santos1, Atif Mian2
1Federal Reserve Bank of New York; 2University of California - Berkeley

 

Growth Option Exercise and Capital Structure
Amiyatosh Purnanandam, Uday Rajan
University of Michigan - Ann Arbor

 

Real estate prices and firm capital structure
Dragana Cvijanovic
HEC Paris

 

Strategic Cash Holdings and R&D Competition: Theory and Evidence
Berardino Palazzo, Evgeny Lyandres
Boston University

 

Networks and Productivity: Causal Evidence from Editor Rotations
Jonathan Brogaard
University of Washington

 

Financial Overconfidence over Time - Foresight, Hindsight, and Insight of Investors
Christoph Merkle
University of Mannheim

Are Red or Blue Companies More Likely to go Green? Politics and Corporate Social Responsibility
Alberta Di Giuli1, Leonard Kostovetsky2
1ESCP Europe; 2University of Rochester, Simon Graduate School of Business

 

CEO Overconfidence in Banking
Felix Suntheim, Andrea Sironi
Bocconi University

 

Within-Syndicate Conflicts and Financial Contracts: Evidence from Bank Loans
Nishant Dass, Vikram Nanda, Qinghai Wang
Georgia Institute of Technology

 

Issuance Costs in Today’s Equity Market: The Causal Effect of Accelerating Seasoned Equity
Matthew Gustafson
University of Rochester

 

A Macroeconomic Model of Endogenous Systemic Risk Taking
Javier Suarez1, David Martinez-Miera2
1CEMFI; 2Universidad Carlos III

 

The Quiet Run of 2011: Money Market Funds and the European Debt Crisis
Sergey Chernenko1, Adi Sunderam2
1Ohio State University; 2Harvard Business School

 

Default Risk in an Interconnected Banking System with Endogenous Asset Markets
Marcel Bluhm1,2, Jan Pieter Krahnen2,3
1Wang Yanan Institute for Studies in Economics at Xiamen University; 2Center for Financial Studies at Goethe University Frankfurt; 3Goethe University Frankfurt

 

Heterogeneity in Target-Date Funds and the Pension Protection Act of 2006
Jonathan Michael Reuter, Pierluigi Balduzzi
Boston College

 

Participating Payout Life Annuities: Lessons from Germany
Raimond Maurer, Ralph Rogalla, Ivonne Siegelin
Goethe University Frankfurt

 

Health and Mortality Delta: Assessing the Welfare Cost of Household Insurance Choice
Ralph Koijen1, Stijn van Nieuwerburgh2, Motohiro Yogo3
1University of Chicago; 2NYU Stern; 3Minneapolis FED

 

A Robust Analysis of the Risk-Structure of Equilibrium Term Structures of Bond Yields
Anh Le1, Ken Singleton2
1University of North Carolina; 2Stanford University

 

Unbiased Estimation of Dynamic Term Structure Models
Michael Bauer1, Glenn Rudebusch1, Cynthia Wu2
1Federal Reserve Bank of San Francisco; 2Chicago Booth School of Business

 

 

Macro fundamentals and risk premia in the yield curve at announcement events
Peter Hördahl1, Eli Remolona1, Giorgio Valente2
1Bank for International Settlements; 2Essex Business School

 

Forecasting the Equity Risk Premium: The Role of Technical Indicators
Chris Neely1, David Rapach2, Jun Tu3, Guofu Zhou4
1Federal Reserve Bank of Saint Louis; 2Saint Louis University; 3Singapore Management University; 4Washington University in Saint Louis

 

Bayesian Estimation of Time-Changed Default Intensity Models
Pawel Szerszen, Michael Gordy
Federal Reserve Board

 

Robust Econometric Inference for Stock Return Predictability
Alexandros Kostakis1, Tassos Magdalinos2, Michalis Stamatogiannis3
1University of Liverpool; 2University of Southampton; 3University of Groningen

 

The Brain Gain of Corporate Boards: A Natural Experiment from China
Mariassunta Giannetti1, Guanmin Liao2, Xiaoyun Yu2
1Stockholm School of Economics; 2Indiana University

 

Governance in Executive Suites
E Han Kim1, Yao Lu2
1University of Michigan; 2Tsinghua University

 

To Delegate or Not to Delegate to Stock Markets? The Case of Boards with Related Industry Expertise
Bunyamin Onal
Aalto University School of Business

 

How Important is Financial Risk?
Gregory Brown1, Sohnke Bartram2, William Waller1
1University of North Carolina; 2University of Warwick

 

Board Structure and Capital Structure
Beatriz Mariano3, Miguel Ferreira2, Daniel Ferreira1
1London School of Economics; 2Nova School of Business and Economics; 3University Carlos III

 

The Pre-Borrowing Motive: A Model of Coexistent Debt and Cash Holdings
Maria Chaderina
Carnegie Mellon University

 

Asset Sales and the Role of Buyers: Strategic Buyers versus Private Equity
Ulrich Hege1, Stefano Lovo1, Myron Slovin1, Marie Sushka1,2
1HEC Paris; 2Arizona State University

 

Financing Bidders in Takeover Auctions
Vladimir Vladimirov
University of Amsterdam

 

Market reactions to European merger regulation: A reexamination of the protectionism hypothesis
Marieke Delanghe2,1, Nihat Aktas1, Eric de Bodt2,1, Richard Roll3
1SKEMA Business School; 2Univ.Lille Nord de France; 3UCLA – Anderson School of Management

 

Firm policies and the cross-section of CDS spreads
Alessio Saretto1, Andrea Gamba2
1Univerity of Texas at Austin; 2University of Warwick

 

Credit spreads across the business cycle
Mads Stenbo Nielsen
Copenhagen Business School

 

Inflation Risk in Corporate Bonds
Carolin E Pflueger, Johnny Kang
Harvard Business School

 

Market Crashes and Large Bets
Albert Kyle, Anna Obizhaeva
University of Maryland

 

Illiquidity contagion and liquidity crashes
Giovanni Cespa1, Thierry Foucault2
1Cass Business School; 2HEC Paris

 

Market Run-Ups, Market Freezes, Inventories, and Leverage
Yaron Leitner1, Philip Bond2
1Federal Reserve Bank of Philadelphia; 2University of Minnesota

 

The Economic Consequences of the U.S. Supreme Court’s Morrison v. National Australia Bank Decision for Foreign Stocks Cross-listed in U.S. Markets
Louis Gagnon1, Andrew Karolyi2
1Queen's University; 2Cornell University

 

Importing Governance: A Multinational Study of the Determinants and Effects of Having Foreign Independent Directors
Annette Poulsen1, Mihail Miletkov2, M. Babajide Wintoki3
1University of Georgia; 2University of New Hampshire; 3University of Kansas

 

The Determinants of Liquidity Co-Exceedances Across Markets
Dimitris Vagias
Rotterdam School of Management, Erasmus University

 

Volatility, the Macroeconomy and Asset Prices
Ravi Bansal1, Dana Kiku2, Ivan Shaliastovich2, Amir Yaron2
1Duke University; 2University of Pennsylvania

 

Fourth-quarter economic growth and expected returns
Stig Vinther Møller1, Jesper Rangvid2
1Aarhus University; 2Copenhagen Business School

 

Industries and Stock Return Reversals
Allaudeen Hameed1, Mujtaba Mian2
1National University of Singapore1; 2Hong Kong Polytechnic University

 

Reacting to Short-Term Versus Long-Term Circumstances in Investors’ Asset Allocation Decisions
Mahmoud Botshekan1, Andre Lucas1,2
1VU University Amsterdam; 2Duisenberg School of Finance and Tinbergen Institute

 

Can Large Pension Funds Beat the Market? Asset Allocation, Market Timing, Security Selection, and the Limits of Liquidity
Aleksandar Andonov1, Rob Bauer1, Martijn Cremers2
1Maastricht University; 2Yale University

 

A Theoretical and Empirical Comparison of Systemic Risk Measures
Sylvain Benoit1, Gilbert Colletaz1, Christophe Hurlin1, Christophe Pérignon2
1University of Orléans; 2HEC Paris

 

Financial Regulation: Regulatory Arbitrage and Regulatory Harmonization
Norvald Instefjord1, Pascal Frantz2
1Essex Business School, University of Essex; 2London School of Economics

 

Optimal Capital Regulation with Two Banking Sectors
Taejin Kim, Vishal Mangla
Northwestern University

 

Leveling the Playing Field: Financial Regulation and Disappearing Local Bias of Institutional Investors
Gennaro Bernile1, Johan Sulaeman2, Alok Kumar3
1University of Miami; 2Southern Methodist University; 3University of Miami

 

Family Firms and Top Management Compensation Incentives
Zhi Li1, Harley E. Ryan2, Lingling Wang1
1Tulane University; 2Georgia State University

 

CEO Incentive Dynamics and Their Effect on Firm Value
Zhonglan Dai1, Li Jin2, Weining Zhang3
1University of Texas at Dallas; 2 Oxford University and Peking University; 3Cheung Kong Graduate School of Business

 

Does Transparency Increase Executive Compensation?
Cornelius Schmidt1,2
1University of Lausanne; 2Swiss Finance Insitute

 

Cash is King - Revaluation of Targets after Merger Bids
Marcus Matthias Opp1, Ulrike Malmendier1, Farzad Saidi2
1University of California, Berkeley; 2NYU

 

Does the dearth of mergers mean more competition?
Bart Taub1, Dirk Hackbarth2
1Durham University Business School; 2University of Illinois Business School

 

Stock Price Correlation and the Method of Payment in Corporate Acquisitions
Robert Dam, Vineet Bhagwat
Kellogg School of Management, Northwestern University

 

Bank funding, securitization and loan terms: evidence from foreign currency lending
Karolin Kirschenmann1, Martin Brown2, Steven Ongena3
1Aalto University School of Economics; 2University of St. Gallen; 3Tilburg University

 

Loan officer incentives and the limits of hard information
Tobias Berg1, Manju Puri2, Jörg Rocholl3
1Humboldt-Univ zu Berlin; 2Duke University and NBER; 3ESMT European School of Management and Technology

 

Incentivizing Calculated Risk-Taking: Evidence from a Series of Experiments with Commercial Bank Loan Officers
Martin Kanz1, Shawn Cole2, Leora Klapper1
1The World Bank; 2Harvard Business School

 

Financial sector linkages and the dynamics of bank and sovereign credit spreads
Rene Kallestrup, David Lando, Agatha Murgoci
Copenhagen Business School

 

The Impact of Government Ownership on Bank Risk
Giacomo Nocera, Giuliano Iannotta, Andrea Sironi
Bocconi University

 

The Euro and European Equity Market (Dis)Integration
Vidhi Chhaochharia, Sandro Andrade
University of Miami

 

Housing price forecastability: A factor analysis
Lasse Bork, Stig V. Møller
Aalborg University

 

Arbitrage in Unfamiliar Places: The International Residential Real Estate Market
Maurice Levi, Thomas Ruf
UBC

 

Did Local Lenders Forecast the Bust? Evidence from the Real Estate Market
Kristle Cortes
Boston College

 

The Term Structure of Variance Swaps, Risk Premiums, and Expectation Hypothesis
Yacine Ait-Sahalia, Mustafa Karaman, Loriano Mancini
Ecole Polytechnique Federale de Lausanne (EPFL)

 

In Search of Aggregate Jump and Volatility Risk in the Cross-Section of Stock Returns
Michael Halling1, Martijn Cremers2, David Weinbaum3
1 Stockholm School of Economics/University of Utah; 2Yale School of Management; 3Syracuse University

 

Coherent Model-Free Implied Volatility: A Corridor Fix for Hugh-Frequency VIX
Torben G. Andersen1, Oleg Bondarenko2, Maria Theresa Gonzalez-Perez3
1Kellogg School, Northwestern University; 2University of Illinois at Chicago; 3CUNEF

 

Does Local Access To Finance Matter? Evidence from U.S. Oil and Natural Gas Shale Booms
Erik Gilje
Boston College

 

Investor Beliefs and State Price Densities in the Crude Oil Market
Xuhui (Nick) Pan
McGill University

 

Determinants of Trader Profits in Commodity Futures Markets
Michael Dewally1, Louis H. Ederington2, Chitru Fernando2
1Towson University; 2University of Oklahoma

 

Equity Ownership and Product Prices
Ramin Baghai
Stockholm School of Economics

 

Coordination Costs, Institutional Investors, and Firm Value
Jiekun Huang
National University of Singapore

 

Soft Shareholder Activism
Doron Levit
University of Pennsylvania

 

The Costs and Benefits of Long-Term CEO Contracts
Moqi Xu
London School of Economics & Political Science

 

Agency, Firm Growth, and Managerial Turnover
Ronald W. Anderson, M. Cecilia Bustamante, Stephane Guibaud
London School of Economics

 

Clawback Provisions
John Bizjak2, Ilona Babenko1, Benjamin Bennet1, Jeffrey Coles1
1Arizona State University; 2Texas Christian University

 

Excess Value and Restructurings by Diversified Firms
Gayane Hovakimian
Fordham University

 

Financial Buyers vs. Strategic Buyers
Marc Martos-Vila1, Matthew Rhodes-Kropf2, Jarrad Harford3
1University of California Los Angeles; 2Harvard University; 3University of Washington

 

Do Anti-takeover Provisions spur corporate innovation?
Thomas Chemmanur1, Xuan Tian2
1Boston College; 2Indiana University

 

The Roles of Corporate Governance in Bank Failures during the Recent Financial Crisis
Bjorn Imbierowicz1, Christian Rauch1, Allen N. Berger2
1Goethe University Frankfurt; 2University of South Carolina

 

Covenant Violations, Loan Contracting, and Default Risk of Bank Borrowers
Felix Freudenberg1, Björn Imbierowicz1, Sascha Steffen2, Anthony Saunders3
1Goethe University Frankfurt; 2ESMT European School of Management and Technology; 3New York University

 

Lender Moral Hazard and Reputation in Originate-to-Distribute Markets
Andrew Winton1, Vijay Yerramilli2
1University of Minnesota; 2University of Houston

 

Bank stability and market discipline: The effect of contingent capital on risk taking and default probability
Alon Raviv, Jens Hilscher
Brandeis University
Discussant: Darrell Duffie, Stanford University

 

A theory of bank liquidity requirements
Charles Calomiris2, Florian Heider1, Marie Hoerova1
1European Central Bank; 2Columbia University, Graduate School of Business

 

Liquidity Hoarding
Douglas Gale1, Tanju Yorulmazer2
1New York University; 2Federal Reserve Bank of New York

Parametric Inference, Testing and Dynamic State Recovery from Option Panels with Fixed Time Span
Nicola Fusari, Torben Andersen, Viktor Todorov
Northwestern University, Kellogg school of Management

 

Cross-Market and Cross-Firm Effects in Implied Default Probabilities and Recovery Values
Robert F Dittmar1, Jennifer Conrad2, Allaudeen Hameed3
1University of Michigan; 2University of North Carolina; 3National University of Singapore

 

Investors' and Central Bank's Uncertainty Measures Embedded in Index Options
Alexander David1, Pietro Veronesi2
1University of Calgary, Haskayne School of Business; 2University of Chicago, Booth School of Business

 

Understanding bond risk premia
Anna Cieslak1, Pavol Povala2
1Northwestern University; 2University of Lugano, Institute of Finance

 

Understanding Asset Correlations
Henrik Hasseltoft, Dominic Burkhardt
University of Zurich / Swiss Finance Institute

Is the Potential for International Diversification Disappearing? A Dynamic Copula Approach
Kris Jacobs1, Peter Christoffersen2, Vihang Errunza3, Hugues Langlois3
1University of Houston; 2University of Toronto; 3McGill University

Fiduciary Responsibility, "Star" Cultures, and Reputation
William J Wilhelm1, Zhaohui Chen2, Alan Morrison3
1University of Virginia; 2University of Virginia; 3University of Oxford

 

Portfolio Delegation and Fiduciary Management
Maria Putintseva
University of Zurich

Contracting in Delegated Portfolio Management: The Case of Alternative Assets
Wei Li, Ashish Tiwari
University of Iowa

Activist Investors and Performance in Private Equity
Adair Morse
University of Chicago, Booth School of Business

 

Private Equity and Employees
Martin Olsson1, Joacim Tåg2
1Stockholm University and the Research Institute of Industrial Economics (IFN); 2Research Institute of Industrial Economics (IFN)

 

Valuing Private Equity
Morten Sorensen1, Neng Wang1, Jinqiang Yang2
1Columbia Business School; 2Shanghai University of Finance and Economics

 

A Theory of Income Smoothing When Insiders Know More Than Outsiders
Viral Acharya1, Bart Lambrecht2
1NYU-Stern; 2Lancaster University Management School

 

Executive Compensation and Horizon Incentives: an Empirical Investigation of Corporate Cash Payout
Sheng Huang
Singapore Management University

 

Financial Expert CEOs: Corporate Policies, CEO Choice, and the Firm Life Cycle
Daniel Metzger1, Claudia Custodio2
1Stockholm School of Economics; 2Arizona State University – W. P. Carey School of Business

 

Extrapolation Errors in IPOs
Chris Yung1, Ying Xiao2
1University of Virginia; 2Mount Saint Mary College

 

Categorization Bias in the Stock Market
Philipp Krueger1, Augustin Landier2, David Thesmar3
1Geneva Finance Research Institute, Universite de Geneve; 2Toulouse School of Economics and CEPR; 3HEC Paris and CEPR

 

The Dividend Month Premium
Samuel Hartzmark, David Solomon
University of Southern California, Marshall School of Business

 

Why are Banks Highly Interconnected?
Alexander David, Alfred Lehar
University of Calgary

 

Syndication, Interconnectedness, and Systemic Risk
Sascha Steffen1, Jian Cai2, Anthony Saunders3
1European School of Management and Technology (ESMT); 2Fordham University; 3New York University

 

Dynamic Debt Runs: Evidence from a Structural Estimation
Enrique Schroth1, Gustavo Suarez2, Lucian Taylor3
1University of Amsterdam; 2Federal Reserve Board; 3Wharton School of Business, University of Pennsylvania

 

Margin Requirements and Asset Prices
Johannes Brumm1, Michael Grill2, Felix Kubler1, Karl Schmedders1
1University of Zurich; 2Deutsche Bundesbank

 

Dynamic Trading with Predictable Returns and Transaction Costs
Nicolae Garleanu1, Lasse Heje Pedersen2
1University of California Berkeley; 2NYU and Copenhagen Business School

 

The dynamics of limits to arbitrage: An empirical investigation
Murat Menguturk1, Andrea Buraschi2, Emrah Sener3
1Imperial College London; 2University of Chicago; 3Ozyegin University

 

The Share of Systematic Variation in Bilateral Exchange Rates
Adrien Verdelhan
MIT Sloan

 

Asset Prices and Real Exchange Rates with Deep Habits
Christian Heyerdahl-Larsen
London Business School

 

Explaining the Value Premium around the World: Risk or Mispricing?
Andy C.W. Chui1, Sheridan Titman2, K.C. John Wei3, Feixue Xie4
1The Hong Kong Polytechnic University; 2University of Texas at Austin and NBER; 3Hong Kong University of Science and Technology; 4University of Texas at El Paso

 

The Relative Leverage Premium
Roberto Steri1, Filippo Ippolito2, Claudio Tebaldi1
1Bocconi University; 2Universitat Pompeu Fabra

 

The Cross-Section of Credit Risk Premia and Equity Returns
Nils Friewald, Christian Wagner, Josef Zechner
Vienna University of Economics and Business

 

Credit Ratings and Credit Risk
Jens Hilscher1, Mungo Wilson2
1Brandeis University; 2Oxford University

 

Are Ratings the Worst Form of Credit Assessment Apart from All the Others?
Andreas Blöchlinger1, Markus Leippold2, Basile Maire1
1Zürcher Kantonalbank; 2University of Zurich and Swiss Finance Institute

 

Can skin-in-the-game discipline credit rating agencies?
Dion Bongaerts
Rotterdam School Of Management

 

Are Credit Ratings Still Relevant?
Sudheer Chava, Rohan Ganduri, Chayawat Ornthanalai
Georgia Institute of Technology

 

Corporate Financial Health and Politics: Evidence From the Stimulus Act
Manuel Adelino1, Serdar Dinc2
1 Duke University's Fuqua School of Business; 2Rutgers University

 

How Costly is Corporate Bankruptcy for Top Executives?
Espen Eckbo1, Karin Thorburn2, Wei Wang3
1Dartmouth College; 2Norwegian School of Economics; 3Queen's University

 

The Causal Effect of Bankruptcy Law on the Cost of Finance
Nicolas Serrano-Velarde1, Giacomo Rodano2, Emanuele Tarantino3
1Oxford University; 2Bank of Italy; 3University of Bologna

 

Do Shareholder Rights affect Syndicate Structure? Evidence from a Natural Experiment.
Sreedhar Bharath1, Sandeep Dahiya2, Issam Hallak3
1Arizona State University; 2Georgetown University; 3Bocconi University

 

Going Public - Going Private: The Case of VC-backed Firms
Uwe Walz, Andrej Gill
Goethe University Frankfurt

 

Political Contributions and CEO Pay
Yaniv Grinstein1, Hadiye Aslan2
1Cornell University; 2University of Houston

 

What is in a Name? Mutual Fund Flows When Managers Have Foreign Sounding Names
Oliver Spalt3, Alok Kumar1, Alexandra Niessen-Ruenzi2
1Tilburg University; 2University of Miami; 3University of Mannheim

 

Financial education, investor protection and international portfolio diversification
Maela Giofré
CeRP-Collegio Carlo Alberto

 

Seasonal Asset Allocation: Evidence from Mutual Fund Flows
Mark Kamstra1, Lisa Kramer2, Maurice Levi3, Russell Wermers4
1York University; 2University of Toronto; 3University of British Columbia; 4Maryland University

 

The Effects of a Megabank Merger on Firm-Bank Relationships
Iichiro Uesugi1, Taisuke Uchino2
1Hitotsubashi University; 2RIETI

 

Who Borrows? Firm Performance Predictability of Bank Lending Decisions to Small Firms.
Aksel Mjøs, Ove Rein Hetland
Norwegian School of Economics

 

The Role of Government Regulation in Cross-Border Bank Acquisitions
Alvaro Taboada1, G. Andrew Karolyi2
1University of Tennessee; 2Cornell University

 

Are CDS Auctions Biased?
Songzi Du1, Haoxiang Zhu2
1 Simon Fraser University; 2 MIT Sloan School of Management

 

The Anatomy of the CDS Market
Adam Zawadowski1, Martin Oehmke2
1Boston University, School of Management; 2Columbia Business School

 

Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk
Marti Subrahmanyam1, Dragon Tang2, Sarah Wang2
1Stern School of Business, New York University; 2The University of Hong Kong

 

What Are We Meeting For? The Consequences of Private Meetings with Investors
David Solomon1, Eugene Soltes2
1University of Southern California; 2Harvard Business School

 

Cross-listed Bonds, Information Asymmetry and Rating Conservatism
Yigit Atilgan1, Aloke Ghosh2, Jieying Zhang3
1Sabanci University; 2Baruch College; 3University of Southern California

 

Information Diversity and Market Efficiency Spirals
Itay Goldstein1, Liyan Yang2
1University of Pennsylvania - Wharton School; 2University of Toronto

 

Individual Investor Activity and Performance
Jose Vicente Martinez1, Magnus Dahlquist2, Paul Soderlind3
1Said Business School, University of Oxford; 2Stockholm School of Economics, Institute for Financial Research (SIFR), CEPR; 3University of St. Gallen, Swiss Institute of Banking and Finance, CEPR

 

Risk Aversion and Wealth: Evidence from Person-to-Person Lending Portfolios
Enrichetta Ravina, Daniel Paravisini, Veronica Rappoport
Columbia University

 

Dynamic Stock Market Participation of Households
Natalia Khorunzhina
Copenhagen Business School

 

Sell-Side Analysts’ Responses to Mutual Fund Flow-Driven Mispricing
Johan Sulaeman1, Kelsey Wei2
1Southern Methodist University; 2University of Texas at Dallas

 

Contrarian Hedge Funds and Momentum Mutual Funds
Massimo Massa1, Andrei Simonov2, Shan Yan3
1INSEAD; 2Eli Broad Graduate School of Management, Michigan State University and CEPR; 3Eli Broad Graduate School of Management, Michigan State University

 

Outsourcing in the International Mutual Fund Industry: An Equilibrium View
Oleg Chuprinin, Massimo Massa, David Schumacher
INSEAD

 

A Critical Analysis of Databases Used in Financial Misconduct Research
Jonathan M. Karpoff1, Allison Koester2, D. Scott Lee3, Gerald S. Martin4
1University of Washington; 2Texas A&M University; 3Georgetown University; 4American University

 

Can Socially Responsible Firms Survive Competition? An Analysis of Corporate Employee Matching Grants
Ning Gong, Bruce D. Grundy
University of Melbourne

 

Which firms benefit from bribes, and by how much? Evidence from corruption cases worldwide
Raghavendra Rau1, Yan Leung Cheung2, Aris Stouraitis2
1Judge Business School; 2Hong Kong Baptist University

 

Private Equity and the Resolution of Financial Distress
Per J Strömberg1, Edie Hotchkiss2, David C. Smith3
1Stockholm School of Economics; 2Boston College; 3University of Virginia

 

Conflicts of interest on corporate boards: The effect of creditor‐directors on acquisitions
Elif Sisli Ciamarra, Jens Hilscher
Brandeis University

 

Government Ownership and the Cost of Debt: Evidence from Government Investments in Publicly Traded Firms
Ginka Borisova1, Veljko Fotak2, Kate Holland2, William Megginson2
1Iowa State University; 2university of Oklahoma

 

Financing and managerial support with (some) optimistic entrepreneurs
Laurent Vilanova
University Lyon 2

 

Financing from Family and Friends
Samuel Lee1, Petra Persson2
1New York University; 2Columbia University

 

Why Do Employees Like To Be Paid With Options? A Multi-period Prospect Theory Approach
Lei Sun1, Martin Widdicks2
1HSBC School of Business, Peking University; 2Department of Finance, University of Illinois at Urbana-Champaign

 

Flight to Where? Evidence from Bank Investments During the Financial Crisis
Alexander Schulz1, Thomas Hildebrand2, Jörg Rocholl2
1Deutsche Bundesbank; 2ESMT Berlin

 

How do banks react to increased asset risk? Evidence from Hurricane Katrina
Claudia Lambert, Felix Noth, Ulrich Schüwer
Goethe University Frankfurt

 

Banks’ Liability Structure and Mortgage Lending During the Crisis
Jihad Dagher, Kazim Kazimov
International Monetary Fund

 

Inefficient Investment Waves
Peter Kondor1, Zhiguo He2
1Central European University; 2Chicago Booth School of Business

 

Concentrated Ownership and Equilibrium Asset Prices
Valentin Haddad
University of Chicago
 

 

An Intertemporal CAPM with Stochastic Volatility
Christopher Polk1, John Campbell2, Stefano Giglio3, Robert Turley2
1London School of Economics; 2Harvard University; 3University of Chicago

 

What’s Not There: The Odd-Lot Bias in TAQ Data
Mao Ye1, Maureen O'Hara2, Chen Yao1
1University of Illinois, Urbana-Champaign; 2Cornell University

 

Diving into Dark Pools
Ingrid Werner1, Sarina Buti2, Barbara Rindi3
1Ohio State University; 2University of Toronto; 3Bocconi University

 

Identifying Cross-Sided Liquidity Externalities
Elvira Sojli1, Wing Wah Tham2, Johannes Skjeltorp3
1Rotterdam School of Management, Erasmus University; 2 Erasmus University; 3Norges Bank

Dividend Strips and the Term Structure of Equity Risk Premia: A Case Study of Limits to Arbitrage
Oliver Boguth1, Murray Carlson2, Adlai Fisher2, Mikhail Simutin3
1Arizona State University; 2University of British Columbia; 3University of Toronto

 

Financing Constraints, Product Market Competition, and Business Cycle Sensitivity
Peter Pontuch
Universite Paris-Dauphine

 

Does Academic Research Destroy Stock Return Predictability?
David McLean2, Jeffrey Pontiff1
1Alberta and MIT; 2Boston College

 

Strategic Mutual Fund Tournaments
Neal Stoughton1, Joe Chen2, Eric Hughson3
1Vienna University of Economics and Business; 2UC Davis; 3Claremont McKenna

 

The Geography of Mutual Funds: The Advantage of Distant Investors
Miguel Ferreira1, Massimo Massa2, Pedro Matos3
1Nova School of Business and Economics; 2INSEAD; 3University of Virginia, Darden School of Business

 

Incentives and Endogenous Risk Taking: Implications for Hedge Fund Alphas
Worrawat Sritrakul1, Andrea Buraschi1,2, Robert Kosowski1
1Imperial College London Business School; 2The University of Chicago

 

Does the Location of Directors Matter? Information Acquisition and Board Decisions
Mark A. Chen1, Zinat S. Alam2, Conrad S. Ciccotello1, Harley E. Ryan. Jr.1
1Georgia State University; 2Florida Atlantic University

 

How Do Firms and Directors Choose Each Other? Evidence from a Two-sided Matching Model of the Director Labor Market
Egor Matveyev
University of Rochester

 

Reputation Concerns of Independent Directors: Evidence from Individual Director Voting
Shan Zhao1, Wei Jiang2, Hualin Wan3
1Shanghai University of Finance and Economics; 2Columbia Business School; 3Shanghai Lixin University of Commerce

 

Agency Costs, Information, and the Structure of Corporate Debt Covenants
Malcolm Wardlaw1, Richard Lowery2
1University of Texas at Dallas; 2University of Texas at Austin

 

Convertible debt and investment timing
Alexei Zhdanov1, Evgeny Lyandres2
1University of Lausanne, Swiss Finance Institute; 2Boston University

 

Dividend-protected convertible bonds and the disappearance of call delay
Patrick Verwijmeren1, Bruce D. Grundy2
1VU University Amsterdam; 2University of Melbourne

 

Equilibrium Growth, Inflation, and Bond Yields
Howard Kung
Duke University

 

The Economics of Options-Implied Inflation
Yuriy Kitsul1, Jonathan Wright2
1Federal Reserve Board; 2Johns Hopkins University

 

Beliefs about Inflation and the Term Structure of Interest Rates
Paul Ehling2, Michael Gallmeyer3, Christian Heyerdahl-Larsen4, Philipp Illeditsch1
1Wharton School; 2BI - Norwegian Business School; 3The McIntire School of Commerce, University of Virginia; 4London Business School

 

Multiple-Bank Lending, Creditor Rights and Information Sharing
Marco Pagano1, Alberto Bennardo2, Salvatore Piccolo3
1Università di Napoli Federico II; 2Università di Salerno; 3Università Cattolica di Milano

 

Interbank network and bank bailouts: Insurance mechanism for non-insured creditors?
Christian Eufinger1, Tim Eisert2
1Goethe University Frankfurt; 2Goethe University Frankfurt

 

Strategic Risk Taking with Systemic Externalities
Andrea M Buffa
Boston University

 

Dynamic Networks and Asset Pricing
Andrea Buraschi1,2, Paolo Porchia3
1University of Chicago Booth School; 2Imperial College London; 3IE Business School

 

Political Uncertainty and Risk Premia
Lubos Pastor, Pietro Veronesi
University of Chicago, Booth School

 

Infrequent Renegotiation of Wages: A Solution to Several Asset Pricing Puzzles
Jack Favilukis1, Xiaoji Lin2
1London School of Economics; 2Ohio State University

 

International Correlation Risk
Philippe Mueller1, Andreas Stathopoulos2, Andrea Vedolin1
1London School of Economics; 2University of Southern California

 

Conditional Currency Risk Premia
Michael Weber, Martin Lettau, Matteo Maggiori
UC Berkeley, Haas School of Business

 

Liquidity in the Foreign Exchange Market: Measurement, Commonality, and Risk Premiums
Loriano Mancini1, Angelo Ranaldo2, Jan Wrampelmeyer3
1University of St. Gallen; 2Swiss Finance Institute EPFL; 3University of St. Gallen

 

Unknown Unknowns: Vol-of-Vol and the Cross Section of Stock Returns
Guido Baltussen, Sjoerd Van Bekkum
Erasmus University

 

Cumulative Prospect Theory and the Volatility Premium
Juan M. Londono1, Lieven Baele2, Joost Driessen2, Oliver Spalt2
1Federal Reserve Board; 2Tilburg University

 

Illiquidity Premia in the Equity Options Market
Peter Christoffersen1, Mehdi Karoui2, Kris Jacobs3, Ruslan Goyenko2
1University of Toronto; 2McGill University; 3University of Houston

 

Mutual Fund Competition and Profiting from the Post Earnings Announcement Drift
Xuanjuan Chen1, Tong Yao2, Ashiq Ali3, Tong Yu4
1Kansas State University; 2University of Iowa; 3University of Texas at Dallas; 4University of Rhode Island

 

Do Private Equity Managers Earn their Fees? Compensation, Ownership and Cash Flow Performance
David T Robinson1, Berk Sensoy2
1Duke University; 2Ohio State University

 

The Valuation of Hedge Funds' Equity Positions
Gjergji Cici2, Alexander Kempf1, Alexander Puetz1
1University of Cologne; 2College of William & Mary


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