22 Annual Conference on Financial Economics and Accounting ...


22 Annual Conference on Financial Economics and Accounting ...

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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 -


Discussant: Mozaffar Kahn, University of Minnesota

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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 Maryland

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

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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


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

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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

Friday 7:00-9:00 Dinner Tudor Room, Indiana Memorial Union, Keynote Speech: George


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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


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

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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

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