Finance Sessions

Friday, November 14

Lunch: 12:00 PM - 1:30 PM, Salon C

Session 1: Private Equity and Takeovers (Nagpurnanand Prabhala, University of Maryland) 1:30 - 3:00 PM
Earnings Quality and Ownership Structure: The Role of Private Equity Sponsors by Sharon Katz, Harvard University.
Discussant: Laura Lindsey, Arizona State University

Do Private Equity Consortiums Impede Takeover Competition? by Audra Leigh Boone, University of Kansas, and Harold Mulherin, University of Georgia
Discussant: Rich Matthews, Duke University

Target Firm Earnings Management and the Method of Sale: Evidence from Auctions and Negotiations by Carol Anilowski, Purdue University, Antonio Macias, Purdue University, and Juan Manuel Sanchez, University of Arkansas.
Discussant: Rajdeep Singh, University of Minnesota

Session 2: Arbitrage and Information (Adam Reed, University of North Carolina at Chapel Hill) 3:30 – 5:00 PM
The Impact of Seasonal Affective Disorder on Financial Analysts and Equity Market Returns by Kin Lo, University of British Columbia, and Serena Shuo Wu, University of British Columbia
Discussant: Kelsey Wei, University of Texas at Dallas

Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation by
Martijn Cremers, Yale School of Management, Antti Petajisto, Yale School of
Management, and Eric Zitzewitz, Dartmouth College
Discussant: Claudia Moise, Case Western Reserve University

Do Insiders Act as Arbitrageurs? by Itzhak Ben-David, The Ohio State University, and
Darren Roulstone, The Ohio State University
Discussant: Long Chen, Washington University

Reception (Cash Bar): 6:00 – 7:00 PM (Sponsored by CRA International)

Dinner: 7:00 PM – 9:00 PM

Keynote Speaker: Dave Larcker, Stanford University

Saturday Morning, November 15

Breakfast: 7:30 - 8:30 AM - Foyer outside Classrooms 101 & 102

Session 3: Law and Corporate Governance (Simi Kedia, Rutgers University) 8:30 – 10:00 AM
Law, Agency Costs, and Project Finance by Krishnamurthy Subramanian, Emory University,
Frederick Tung, Emory University, and Xue Wang, Emory University
Discussant: George Allayannis, University of Virginia

The Effect of Board Structure on Firm Value: A Multiple Identification Strategies
Approach Using Korean Data by Bernard Black, University of Texas at Austin, and Woochan Kim,
KDI School of Public Policy and Management
Discussant: Karen Wruck, The Ohio State University

Political Rights and the Cost of Debt by Yaxuan Qi, Concordia University, Lukas Roth,
Penn State University, and John K. Wald, University of Texas at San Antonio
Discussant: Mark Chen, Georgia State University

Session 4: Issues in Capital Markets (Robert Jennings, Indiana University) 10:30 AM – 12:00 PM
Are ETFs Replacing Index Mutual Funds? by Ilan Guedj, University of Texas at Austin,
and Jennifer Huang, University of Texas at Austin
Discussant: Charles Trzcinka, Indiana University

A Multiple-Lender Approach to Understanding Supply and Demand in the Equity Lending
Market by Adam C. Kolasinski, University of Washington, Adam V. Reed, University of North Carolina at Chapel Hill, and Mathew C. Ringgenberg, University of North Carolina at Chapel Hill
Discussant: Robert Battalio, University of Notre Dame

Higher Risk and Lower Returns: What Hedge Fund Investors Really Earn by IIia Dichev, University of Michigan, and Gwen Yu, University of Michigan,
Discussant: Clemens Sialm, University of Texas at Austin

Saturday Afternoon, November 15

Lunch: 12:00 - 1:30 PM

Session 5: Compensation and Corporate Governance (Jennifer Carpenter, New York University) 1:30 – 3:00 PM
The Temporal Structure of Equity Compensation by Sugato Bhattacharyya, University of Michigan,
and Jonathan Cohn, University of Michigan and University of Texas at Austin
Discussant: Nina Baranchuk, University of Texas at Dallas

Litigation Risk and Executive Compensation by Zhonglan Dai, University of Texas at
Dallas, Li Jin, Harvard University, and Weining Zhang, University of Texas at Dallas
Discussant: Shane Johnson, Texas A & M

Corporate Governance Consequences of Accounting Scandals: Evidence from Top
Management, CFO and Auditor Turnover, by Anup Agrawal, University of Alabama, and Tommy
Cooper, Kansas State University.
Discussant: Simi Kedia, Rutgers University

Session 6: Financing Issues (Sheridan Titman, University of Texas at Austin) 3:30 – 5:00 PM
The Information Content of IPO Prospectuses by Kathleen Weiss Hanley, Securities and
Exchange Commission, and Gerard Hoberg, University of Maryland
Discussant: Lubomir Litov, Washington University

How Do Defaults Affect Lead Arranger Reputation and Activity in the Loan Syndication
Market? by Radhakrishnan Gopalan, Washington University, Vikram Nanda, Arizona State University, and Vijay Yerramilli, Indiana University
Discussant: Chris Parsons, University of North Carolina at Chapel Hill

Geography, Staging, and Venture Capital Financing by Xuan Tian, Indiana University
Discussant: Aydogan Alti, University of Texas at Austin