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Cavalcade Program
Monday, May 23, 2011 12:00-1:30pm Welcome Lunch
Corporate Finance 1: Finance and Innovation
Session Chair: Gustavo Manso (MIT)
1:30-2:30 Acquiring Innovation
Merih Sevilir (Indiana) and Xuan Tian (Indiana)
Discussant: Amit Seru (Chicago)
2:45-3:45 Financing Risks and Bubble of Innovation
Matthew Rhodes-Kropf (Harvard) and Ramana Nanda (Harvard)
Discussant: Uday Rajan (Michigan)
4:00-5:00 Corporate Venture Capital, Value Creation and Innovation
Thomas Chemmanur (Boston College), Elena Loutskina (Virginia), and Xuan Tian (Indiana)
Discussant: Manju Puri (Duke)
Asset Pricing 1: The Cross-Section of Stock Prices and Returns
Session Chair: Rob Stambaugh (Wharton)
1:30-2:30 Information Quality and the Cross-Section of Expected Returns
Christopher Armstrong (Wharton), Snehal Banerjee (Northwestern), and Carlos Corona (Carnegie Mellon)
Discussant: Praveen Kumar (Houston)
2:45-3:45 Market Expectations and the Cross Section of Present Values
Bryan Kelly (Chicago) and Seth Pruitt (Federal Reserve Board of Governors)
Discussant: Jules van Binsbergen (Northwestern)
4:00-5:00 The Asset Growth Effect: Insights from International Equity Markets
Akiko Watanabe (University of Alberta), Yan Xu (University of Rhode Island), Tong Yao (University of Iowa), and Tong Yu (University of Rhode Island)
Discussant: Dongmei Li (University of California, San Diego)
6:00pm Cornerstone Research cocktail reception
Tuesday, May 24, 2011
7:30-8:30am Breakfast
Corporate Finance 2: Financial Crises
Session Chair: Robert Marquez (Boston University)
8:30-9:30 The Flight Home Effect: Evidence From the Syndicated Loan Market
During Financial Crises
Mariassunta Giannetti (Stockholm School of Economics) and Luc Laeven (International Monetary Fund)
Discussant: Deniz Yavuz (Purdue)
9:45-10:45 Investor and Central Bank Uncertainty and Fear Measures Embedded in Index Options
Alexander David (Calgary) and Pietro Veronesi (Chicago)
Discussant: Francisco Palomino (Michigan)
11:00-12:00 Bank Bailout Menus
Sudipto Bhattacharya (London School of Economics) and Kjell Gustav Nyborg (University of Zurich)
Discussant: Kenichi Ueda (IMF)
Asset Pricing 2: Consumer Finance
Session Chair: Bruce Carlin (UCLA)
8:30-9:30 The Role of Mortgage Brokers in the Subprime Crisis
Antje Berndt (Carnegie Mellon), Burton Hollifield (Carnegie Mellon), and Patrik Sandås (University of Virginia)
Discussant: Amir Seru (Chicago)
9:45-10:45 Complex Mortgages
Gene Amromin (Federal Reserve Bank of Chicago), Jennifer Huang (UT Austin), Clemens Sialm (UT Austin), and Edward Zhong (Wisconsin-Madison)
Discussant: Justin Murfin (Yale)
11:00-12:00 What is the Impact of Financial Advisors on Retirement Portfolio Choices and Outcomes?
John Chalmers (Oregon) and Jonathan Reuter (Boston College)
Discussant: Scott Weisbenner (Illinois)
12:00-2:00 Lunch
Corporate Finance 3: Agency and Acquisitions
Session Chair: Anil Shivdasani (UNC)
2:00-3:00 Agency Conflicts and Cash: Estimates From a Structural Model
Boris Nikolov (Rochester) and Toni M. Whited (Rochester)
Discussant: Arthur Korteweg (Stanford)
3:15-4:15 CEO Preferences and Acquisitions
Dirk Jenter (Stanford) and Katharina Lewellen (Dartmouth)
Discussant: Simi Kedia (Rutgers)
Asset Pricing Session 3: Asset Pricing
Session Chair: Jonathan Berk (Stanford)
2:00-3:00 Intangible Assets and Cross-Sectional Stock Returns: Evidence from Structural Estimation
Erica Li (Michigan) and Laura Liu (Hong Kong University of Science and Technology)
Discussant: Jules van Binsbergen (Northwestern)
3:15-4:15 Human Capital as an Asset Class; Implications From a General Equilibrium Model
Miguel Palacios (Vanderbilt)
Discussant: Nikolai Roussanov (Wharton)
6:00pm Mitsui Center Dinner
Wednesday, May 25, 2011
7:30-8:30am Breakfast
Corporate Finance 4: Agency and Corporate Structure
Session Chair: Praveen Kumar (Houston)
8:30-9:30 Lost in Translation? The Effect of Cultural Values on Mergers around the World
Kenneth Ahern (Michigan), Daniele Daminelli (Politecnico di Milano), and Cesare Fracassi (UT Austin)
Discussant: Matthew Rhodes-Kropf (Harvard)
9:45-10:45 Expropriation Risk, Corporate Transparency, and Growth
Artyom Durnev (McGill) and Sergei Guriev (New Economic School)
Discussant: Kathleen Hagerty (Northwestern)
11:00-12:00 Trade Credit, Relation-Specific Investment, and Product Market Power
Jayant R. Kale (Georgia State), Nishant Dass (Georgia Institute of Technology), and
Vikram Nanda (Georgia Institute of Technology)
Discussant: Gordon Phillips (Maryland)
Asset Pricing 4: Information, Behavior, and Stock Prices
Session Chair: David Solomon (USC)
8:30-9:30 Frog in the Pan: Continuous Information and Momentum
Zhi Da (Notre Dame), Umit Gurun (UT Dallas), and Mitch Warachka (Singapore Management University)
Discussant: Tyler Shumway (Michigan)
9:45-10:45 Journalists and the Stock Market
Casey Dougal (UNC), Joseph
Engelberg
(UNC), Diego
García (UNC), and Christopher Parsons (UNC)
Discussant: Denis Sosyura (Michigan)
11:00-12:00 Geographic Dispersion and Stock Returns
Øyvind Norli (Norwegian School) and Diego
García (UNC)
Discussant: Tim Loughran (Notre Dame)
12:00-2:00 Lunch
Corporate Finance 5: Shareholder Control
Session Chair: Uday Rajan (Michigan)
2:00-3:00 The Costs of Shareholder Activism: Evidence From a Sequential Decision Model
Nickolay M. Gantchev (UNC)
Discussant: David Denis (Purdue)
3:15-4:15 On the Optimality of Shareholder Control: Evidence From the Dodd-Frank Reform Act
Stuart Gillan (Texas Tech), Jonathan B. Cohn (UT Austin), and Jay Hartzell (UT Austin)
Discussant: Daniel Bergstresser (Harvard)
Asset Pricing 5: Liquidity and Trading
Session Chair: Adam Reed (UNC)
2:00-3:00 The Cost of Short-Selling Liquid Securities
Jeremy Graveline (Minnesota) and Snehal Banerjee (Northwestern)
Discussant: Michael Fleming (Federal Reserve Bank of New York)
3:15-4:15 Middlemen in Limit-Order Markets
Boyan Jovanovic (NYU) and Albert Menkveld (VU University Amsterdam)
Discussant: Burton Hollifield (Carnegie Mellon)
6:00pm: Meet the Editors cocktail party sponsored by Oxford University Press
Thursday, May 26, 2011
7:30-8:30am Breakfast
Corporate Finance 6: Boards
Session Chair: Amiyatosh Purnanandam (Michigan)
8:30-9:30 Co-opted Boards
Jeffrey Coles (Arizona State), Naveen Daniel (Drexel), and Lalitha Naveen (Temple)
Discussant: Jun Yang (Indiana)
9:45-10:45 Effects of Local Director Markets on Corporate Boards
Anzhela Knyazeva (Rochester), Diana Knyazeva (Rochester), and Ronald Masulis (University of New South Wales)
Discussant: Ola Bengtsson (UIUC)
11:00-12:00 Generalists versus Specialists: Managerial Skills and CEO Pay
Cláudia Custódio (Arizona State), Miguel Ferreira (Universidade Nova de Lisboa), and Pedro Matos (USC)
Discussant: Charles Hadlock (MSU)
Asset Pricing Session 6: Long Run Risk
Session Chair: Guofu Zhou (Washington University in St. Louis)
8:30-9:30 Risk Sharing for the Long Run. A General Equilibrium Approach to International Finance with Recursive Preferences and Long-Run Risks
Riccardo Colacito (UNC) and Mariano M. Croce (UNC)
Discussant: Andreas Stathopoulos (University of Southern California)
9:45-10:45 Long Run Labor Income Risk
Robert Dittmar (Michigan) and Francisco Palomino (Michigan)
Discussant: Wei Yang (University of Rochester)
11:00-12:00 Two Trees the EZ Way
Christian Schlag (Goethe University), Nicole Branger (University of Münster), Ioana
Dumitrescu (Goethe University), and Vesela Ivanova (Goethe University)
Discussant: Ivan Shaliastovich (University of Pennsylvania)
12:00-2:00 Lunch
Corporate Finance 7: Internal Capital Markets
Session Chair: Naveen Khanna (Michigan State)
2:00-3:00 Divisional Managers and Internal Capital Markets
Ran Duchin (Michigan) and Denis Sosyura (Michigan)
Discussant: Ted Fee (Michigan State)
3:15-4:15 Firm Investment and Stakeholder Choices: A Top-Down Theory of Capital Budgeting
Andres Almazan (UT Austin), Zhaohui Chen (Virginia), and Sheridan Titman (UT Austin)
Discussant: Ing Cheng (Michigan)
Asset Pricing 7: Nontraditional Fund Management
Session Chair: Zoran Ivkovich (Michigan State)
2:00-3:00 Capitalizing on Capitol Hill: Informed Trading by Hedge Fund Managers
Jiekun Huang (National University of Singapore) and Meng Gao (National University of Singapore)
Discussant: Pedro Matos (USC)
3:15-4:15 A Neoclassical Model of Managed Distribution Plans: Theory and Evidence
Martin Cherkes (Columbia), Jacob S. Sagi (Vanderbilt), and Jay Wang (OIUC)
Discussant: Shimon Kogan (UT Austin)
6:00pm: SFS Dinner and SFS Retiring Officer's Keynote Adress: Matthew Spiegel
Friday, May 27, 2011
7:30-8:30am Breakfast
Corporate Finance 8: Investment and the Cost of Capital
Session Chair: Neng Wang (Columbia)
8:30-9:30 Stochastic Volatility, Bond Yields, and the Q Theory of Investment
Michael Michaux (Marshall School of Business) and François Gourio (Boston University)
Discussant: Lu Zhang (OSU)
9:45-10:45 Stategic Investments, Technological Uncertainty, and Expected Return Externalities
Jan Bena (British Columbia) and Lorenzo Garlappi (British Columbia)
Discussant: Miguel Palacios (Vanderbilt)
11:00-12:00 Anchoring and the Cost of Capital
Casey Dougal (UNC), Joseph Engelberg (UNC), Christopher Parsons (UNC), and Edward Van Wesep (UNC)
Discussant: Hui Chen (MIT)
Asset Pricing 8: Behavioral Finance
Session Chair: Joseph Engelberg (UNC)
8:30-9:30 Trading Complex Assets
Shimon Kogan (UT Austin), Bruce Carlin (UCLA), and Richard Lowery (UT Austin)
Discussant: Jernej Copic (UCLA)
9:45-10:45 Asymmetric Attention and Stock Returns
Jordi Mondria (Toronto) and Thomas Wu (UC Santa Cruz)
Discussant: Paul Gao (Notre Dame)
11:00-12:00 How Important Is Mispricing?
Paul Tetlock (Columbia) and
Aydogan Alti (UT Austin)
Discussant: Erica Li (Michigan)
12:00-2:00 Concluding Lunch
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