Registered User's Area
	Marriott, San Antonio RiverCenter Hotel February 27-March 1, 2008
Thursday, February 28, 2008, 8.00 am - 9.30 am CR-5 (Third Floor) A01 Executive Options Session Chair: Mingxin Xu - University of North Carolina-Charlotte Paper 1 Exercises of Executive Stock Options on the Vesting Date Authors: Xudong Fu - University of Alabama Discussant: PengCheng Zhu - Carleton University Paper 2 Executive Stock Option Exercise and Seasoned Equity Offerings Authors: Brandon Cline - Clemson University Xudong Fu - University of Alabama Discussant: Xiaoying Chen - CalState-Long Beach Paper 3 An Investigation Of Option Compensation To American CEOs Authors: Xiaoying Chen - Cal State-Long Beach Mark Holder - Kent State University Discussant: Francis Laatsch - Bowling Green State University Thursday, February 28, 2008, 8.00 am - 9.30 am CR-7 (Third Floor) A02 Payout Policy Session Chair: Brian Lucey - Trinity College Dublin Paper 1 How Relevant is Dividend Policy under Low Shareholder Protection? Authors: Peter Szilagyi - University of Cambridge Luc Renneboog - Tilburg University and ECGI Discussant: Dror Parnes - University of South Florida Paper 2 The Dynamic Relation Among Investment, Earnings and Dividends Authors: Lee Dunham - University of Nebraska - Lincoln Richard DeFusco - University of Nebraska - Lincoln John Geppert - University of Nebraska - Lincoln Discussant: Gabriela Mundaca - Frisch Centre for Economic Research Paper 3 A Model for Risky Cash Flows and Tax Shields Authors: Dean Johnson - Michigan Tech University Discussant: Steve Beach - Radford University Thursday, February 28, 2008, 8.00 am - 9.30 am CR-8 (Third Floor) A03 Boards and Diversity Session Chair: Richard Dowen - Northern Illinois University Paper 1 Directors, Outsiders and Efficiency : An Analysis of How Board Characteristics Influence Firm Productivity Authors: Paroma Sanyal - Brandeis University Laarni Bulan - Brandeis University Zhipeng Yan - Brandeis University Discussant: Soku Byoun - Baylor University Paper 2 Gender Diversity and Corporate Governance: Evidence from Audit Fees of the S&P 500 Firms Authors: Sami Vähämaa - University of Vaasa Kim Ittonen - University of Vaasa Johanna Miettinen - University of Vaasa Discussant: Paroma Sanyal - Brandeis University Paper 3 Evidence on Board Committee Diversity: Are Women Underrepresented? Authors: Kenneth Small - Coastal Carolina University Hong Zhu - Loyola College in Maryland Susan Flaherty - Towson University Discussant: Niranjan Chipalkatti - Seattle University Symposium Session Thursday, February 28, 2008, 8.00 am - 9.30 am CR-17 (Third Floor) B01 Default Risk Premia Session Chair: Nikola Tarashev - BIS Paper 1 Market Expectations and Default Risk Premium in Credit Default Swap Prices: A Study of Argentine Default Authors: Frank Zhang - Morgan Stanley Discussant: Ru Xie - Frankfurt University Paper 2 Macroeconomic Variables, Pricing Kernels and Expected (Default-Free and Defaultable) Bond Returns Authors: Airu Cheng - UC-Santa Cruz Yuriy Kitsul - Georgia State University Discussant: Thomas Breuer - PPE Research Centre Paper 3 The Slope of Spot Credit Spread Curves Authors: Jingzhi Huang - Penn State Xiongfei Zhang - Moody's KMV Discussant: Harvey Stein - Bloomberg LP Paper 4 The Pricing of Correlated Default Risk: Evidence from the Credit Derivatives Market Authors: Haibin Zhu - Bank for International Settlements Nikola Tarashev - Bank for International Settlements Discussant: David Berger - Washington State University Symposium Session Thursday, February 28, 2008, 8.00 am - 9.30 am CR-18 (Third Floor) C01 Banking and Monetary Policy Session Chair: Geoffrey Hirt - DePaul University Paper 1 The Role of Interbank Markets in Monetary Policy Authors: Xavier Freixas - Universitat Pompeu Fabra and CEPR Jose Jorge - CEMPRE and Universidade Porto Discussant: Alexandra Niessen - University of Cologne Paper 2 Nonlinearities in The British Interest Rate Transmission Mechanism Authors: Elena Kalotychou - Cass Business School Ana Fuertes - Cass Business School Shelagh Heffernan - Cass Business School Discussant: Levent Yildiran - Bogazici University Paper 3 Integrated with Their Feet: Cross-Border Lending at the German-Austrian Border Authors: Jarko Fidrmuc - University of Munich Christa Hainz - University of Munich Discussant: John Wald - University of Texas-San Antonio Thursday, February 28, 2008, 8.00 am - 9.30 am CR-10 (Third Floor) C02 Banking Relations and Pricing Arrangements Session Chair: Carl Chen - University of Dayton Paper 1 How Do Relationship Lenders Price Loans to Small Firms? “Hold-Up” Costs, Transparency, and Private and Public Security Authors: Wako Watanabe - Keio University Discussant: Barry Williams - Bond University Paper 2 Market Power in Local Banking Monopolies Authors: Paolo Coccorese - University of Salerno Discussant: Ricardo Correa - Federal Reserve Board Paper 3 Geographic Deregulation and Competition in the U.S. Banking Industry Authors: Sunil Mohanty - University of St. Thomas Semih Yildirim - York University Discussant: Tian-Shyr Dai - National Central University Taiwan Thursday, February 28, 2008, 8.00 am - 9.30 am CR-11 (Third Floor) C03 Time Varying Bank Competition and Credit Risk Session Chair: Gabriela Siller - Tecnológico de Monterrey Paper 1 Checking Account Information and Credit Risk of Bank Customers Authors: Lars Norden - Indiana University Martin Weber - University of Mannheim Discussant: Laetitia Lepetit - University of Limoges Paper 2 How Banking Competition Changed over Time Authors: Jacob Bikker - De Nederlandsche Bank Laura Spierdijk - University of Groningen Discussant: Katherine Wyatt - New York State Banking Department Paper 3 Competition, Capital Regulation, and Bank Risk Taking Authors: Patrick Behr - Goethe University Frankfurt Reinhard Schmidt - Goethe University Frankfurt Ru Xie - Goethe University Frankfurt Discussant: TeWhan Hahn - Auburn University Montgomery Thursday, February 28, 2008, 8.00 am - 9.30 am CS-530 (Fifth Floor) D01 Optimal Real and Financial Investments Session Chair: Yung-Ming Shiu - National Cheng Kung University Paper 1 Anatomy of An Unusual Merger: ABI Authors: Daniel Tessoni - Rochester Institute of Technology Stan Hoi - Rochester Institute of Technology Ashok Robin - Rochester Institute of Technology Discussant: Marlene Reed - Baylor University Paper 2 Selecting the Best” Government-sponsored Defined Benefit Annuity Authors: Joseph McCormack - U. of Houston-Clear Lake Discussant: Pat Obi - Purdue University Paper 3 The Airbus A380 Authors: Andreas Schueler - Universitaet der Bundeswehr Munich Gerald Feslmeier - Universitaet der Bundeswehr Munich Discussant: Karl Borden - University of Nebraska-Kearney Thursday, February 28, 2008, 8.00 am - 9.30 am CS-544 (Fifth Floor) D02 Mutual funds: Fee Structure, Pricing and Performance Session Chair: Angelo Baglioni - Catholic University Milan Paper 1 Survivorship Bias and Mutual Fund Performance: Relevance, Significance, and Methodical Differences Authors: Hendrik Scholz - Catholic University of Eichstaett-Ingolstadt Martin Rohleder - Catholic University of Eichstaett-Ingolstadt Marco Wilkens - Catholic University of Eichstaett-Ingolstadt Discussant: Scott Yonker - Ohio State Paper 2 Performance Analysis of New Mutual Funds: a Bayesian Approach Authors: Aymen Karoui - HEC Montréal Discussant: Yoon Shin - Loyola College in Maryland Paper 3 Mutual Fund Starts: Performance, Characteristics and the Relation with Stock Markets Authors: Aymen Karoui - HEC Montréal Iwan Meier - HEC Montréal Discussant: Chintal Desai - George Washington University Paper 4 A Dynamic Model of Mutual Fund Management Fees Authors: Scott Yonker - Ohio State Discussant: Gökçe Soydemir - University of Texas – Pan American Thursday, February 28, 2008, 8.00 am - 9.30 am CR-6 (Third Floor) D03 Excess Returns, Risk Aversion and Volatility Session Chair: Jaya Bishwal - University of North Carolina at Charlotte Paper 1 A Decomposition of Holding Period Empirical Excess Returns Authors: George Chang - Grand Valley State Philip Horvath - Bradley University Discussant: Kridsda Nimmanunta - Chulalongkorn University Paper 2 Time Variability in Market Risk Aversion Authors: David Berger - Washington State University Harry Turtle - Washington State University Discussant: Steven Dennis - University of North Dakota Paper 3 Earnings Forecasts and Idiosyncratic Volatilities Authors: Sana Mohsni - Concordia University Lawrence Kryzanowski - Concordia University Discussant: Jose Olivares - Universidad de Desarrollo Symposium Session Thursday, February 28, 2008, 8.00 am - 9.30 am CR-9 (Third Floor) F01 International Asset Market Volatility Session Chair: Jim Estes - Cal State- San Bernardino Paper 1 Return and Volatility Linkages across Countries: An Empirical Examination of Selected Southeast Asian Countries Authors: Rafiqul Bhuyan - Cal State-San Bernardino Syed Ahmed - Cameron University Mohammed Ansari - Cal State-San Bernardino Discussant: Carol Osler - Brandeis International Business School Paper 2 International Transmission Effects of Volatility between Financial Markets in the G-7 since the introduction of the Euro Authors: Lucia Morales - Dublin Institute of Technology Mary O'Donnell - University of Limerick Discussant: Qiang Bu - Penn State Harrisburg Paper 3 Asymmetric Impact of News on Return Volatility Authors: Joon Song - University of Findlay Discussant: Neven Valev - Georgia State University Panel Session Thursday, February 28, 2008, 8.00 am - 9.30 am Salon J (Third Floor) I01 Research Grant Opportunities in Equipment Leasing Panel Chair: James Johnson - Northern Illinois University Panel Member 1: Harry Kaplun - Frost National Bank Panel Member 2: Lisa Levine - Equipment Leasing and Finance Foundation The panelists will discuss the commercial leasing problems businesses encounter and the types of research problems they are seeking to fund. They will also address opportunities for publishing in Journal of Equipment Lease Financing and discuss the proprietary database that is available for use in leasing research. Equipment Leasing and Finance Foundation expects to fund $250,000 in research grants this year. Panel Session Thursday, February 28, 2008, 8.00 am - 9.30 am CS-514 (Fifth Floor) I02 Teaching Tools in Finance Panel Chair: Larry Belcher - Stetson University Panel Member 1: Frank Wyrostek - University of St. Francis Panel Member 2: Jean Snavely - Western Kentucky University Panelists will discuss hands-on training in managing funds, technology, and developments in interactive learning systems for the efficient delivery of new concepts in finance. In particular the authors will critically analyze the benefits of clicker systems, adobe Breeze software in the instructional process. They will also evaluate the growth of student managed investment funds and the managerial challenges faced by faculty advisers. Symposium Session Thursday, February 28, 2008, 10.00 am - 11.30 am CR-9 (Third Floor) A03S Cross Border Mergers and Acquisitions I Session Chair: Richard Dowen - Northern Illinois University Paper 1 Price Pressure Effect in Indian Cross-Border Acquisitions Authors: PengCheng Zhu - Carleton University Shavin Malhotra - Carleton University Discussant: Ha-Chin Yi - Texas State University Paper 2 Cross-border Bank Acquisitions: Is there a Performance Effect? Authors: Ricardo Correa - Federal Reserve Board Discussant: Rasoul Rezvanian - Northeastern Illinois University Paper 3 Acquisition Premiums: Evidence of Home Bias Authors: Paul Komiak - Texas A&M International University Discussant: Gilles Cigerza - Washington University Thursday, February 28, 2008, 10.00 am - 11.30 am Salon J (Third Floor) A04 Stock Repurchases Session Chair: Zaur Rzakhanov - Analysis Group, Inc. Paper 1 Short-term Returns of UK Share Buyback Activity Authors: Zhiqi Wang - University of Reading Carol Padgett - University of Reading Discussant: Evgenia Golubeva - University of Oklahoma Paper 2 UK Share Repurchase Activity: The Effects of Free Cash Flow and Signalling Authors: Zhiqi Wang - University of Reading Carol Padgett - University of Reading Discussant: Suk Lee - Loyola University Paper 3 Do Stockholders Benefit From Repurchases? Authors: Joan Wiggenhorn - Barry University Dave Jackson - UT-Pan American Discussant: Gabriel de la Fuente - University of Valladolid Thursday, February 28, 2008, 10.00 am - 11.30 am CR-5 (Third Floor) A05 Corporate Governance and Pension Funding Session Chair: Sebastian Lobe - University of Regensburg Paper 1 Corporate Governance and Ownership Structure in Emerging Markets: Evidence from Latin America Authors: Diego Cueto - Concordia University Discussant: Hiroyuki Aman - Nagasaki University Paper 2 The Effect of Internationally Accepted Accounting Principles and Other Determinants on Pension Funding in Germany Authors: Sebastian Lobe - University of Regensburg Christian Stadler - University of London Discussant: Cynthia Campbell - Iowa State University Paper 3 Valuation of a Hydro-Electricity Power Project: An Emerging Market Investment Proposal Authors: Richard Ottoo - Pace University Discussant: Stefano Mazzotta - Kennesaw State University Thursday, February 28, 2008, 10.00 am - 11.30 am CS-514 (Fifth Floor) A06 Project Expansion, Entry Modes and Executive Option Contracts Session Chair: James Refalo - Cal State Los Angeles Paper 1 Real Options in The Electricity Sector: ENDESA’S Expansion in Latin America Authors: Susana Alonso - University of Valladolid Valentín Azofra - University of Valladolid Gabriel de la Fuente - University of Valladolid Discussant: John Theis - Columbus State University Paper 2 Foreign Direct Investment and Economic: An Empirical Investigation Authors: John Theis - Columbus State University Kirk Heriot - Columbus State University Noel D. Campbell - University of Central Arkansas Discussant: Susana Alonso - University of Valladolid Paper 3 Valuation Of Options and Grants In Cases of Wrongful Termination Authors: Douglas Berg - Sam Houston State Robert Stretcher - Sam Houston State Discussant: Timothy Michael - University of Houston Thursday, February 28, 2008, 10.00 am - 11.30 am CS-530 (Fifth Floor) A07 Valuation and Culture Session Chair: Marlene Reed - Baylor University Paper 1 Creditor Protection and Accrual Quality:The Effect of State Laws Authors: Mei Cheng - University of Arizona Sattar Mansi - Virginia Tech John Wald - UT-San Antonio Discussant: Sam Tibbs - East Carolina University Paper 2 Valuation of a Target: Barclays Banks’ Proposed Acquisition of Nile Bank Authors: Richard Ottoo - Pace University Discussant: Daniel Tessoni - E. Philip Saunders College of Business: RIT Paper 3 Wendy's Sugar Shack: Effective Rate Calculations for Credit Card Merchant Contracts Authors: Karl Borden - University of Nebraska Discussant: Susana Alonso - University of Valladolid Thursday, February 28, 2008, 10.00 am - 11.30 am CR-7 (Third Floor) A08 Compensation Incentives Session Chair: Vahe Lskavyan - Ohio University Paper 1 Golden Parachutes As Managerial Incentives Authors: Jorge Brusa - Texas A&M International Wayne Lee - University of Arkansas Carole Shook - University of Arkansas Discussant: Emmanuel Morales-Camargo - University of New Mexico Paper 2 Vulnerable Executive Compensation Authors: Alexander Wagner - University of Zurich Florian Peters - University of Zurich Discussant: Aiyaswami Prasad - Ohio Northern University Paper 3 Is Executive Compensation Different Across S&P Listed Firms? Authors: João Vieito - Polytecnhic Institute of Viana do Castelo Antonio Cerqueira - Porto University Elísio Brandão - Porto University Walayet Khan - University of Evansville Discussant: Sheng Huang - Washington University Thursday, February 28, 2008, 10.00 am - 11.30 am CR-6 (Third Floor) B02 Large Risks Session Chair: Jason Wei - University of Toronto Paper 1 Distress Risk Premia in Stock and Bond Returns Authors: Andrew Zhang - University of Arizona Discussant: Kris Boudt - Katholieke Universiteit Leuven Paper 2 Bubbles and Crashes with Multidimensional Uncertainty Authors: Antonio Doblas-Madrid - Michigan State University Discussant: Antonio Camara - Oklahoma State Paper 3 The Real Nature of Credit Rating Transitions Authors: Axel Eisenkopf - University of Frankfurt Discussant: Andrew Zhang - University of Arizona Symposium Session Thursday, February 28, 2008, 10.00 am - 11.30 am CR-17 (Third Floor) B03 Ratings and Credit Risk Session Chair: Jean Helwege - Penn State Paper 1 A Generalized Single Factor Model of Portfolio Credit Risk Authors: Paul Kupiec - FDIC Discussant: Duc Khuong Nguyen - ISC Paris School of Management, France Paper 2 Forced Selling of Fallen Angels Authors: Brent Ambrose - Penn State Nianyun Cai - University of Michigan -Dearborn Jean Helwege - Penn State Discussant: Kenneth Daniels - VCU Paper 3 Impact of Information Asymmetry on Municipal Bond Yields: An Empirical Analysis Authors: Demissew Ejara - University of New Haven Kenneth Daniels - Virginia Commonwealth University Discussant: Sunti Tirapat - Chulalongkorn University Symposium Session Thursday, February 28, 2008, 10.00 am - 11.30 am CR-18 (Third Floor) C04 Financial Stability Session Chair: Paul Kupiec - FDIC Paper 1 Effects of International Interbank Lendings on Twin Crises Authors: Levent Yildiran - Bogazici University Erhan Uluceviz - Bogazici University Discussant: Nadia Doytch - GC CUNY Paper 2 The Effect of Industry Consolidation and Deposit Insurance Reform on the Resiliency of the U.S. Bank Insurance Fund Authors: Kenneth Jones - FDIC Robert Oshinsky - FDIC Discussant: Christine Bradley - FDIC Paper 3 Financial Linkages, Shocks to Fundamentals and Contagion Authors: Augusto Hasman - Universidad Carlos III de Madrid Margarita Samartín - Universidad Carlos III de Madrid Discussant: Rima Turk-Ariss - Lebanese American University Thursday, February 28, 2008, 10.00 am - 11.30 am CR-10 (Third Floor) C05 Banks and Financial System Risks Session Chair: John Schatzberg - University of New Mexico Paper 1 Tests on the Accuracy of Basel II Authors: Simone Varotto - University of Reading Discussant: Aneta Hryckiewicz - Johann Wolfgang Goethe-University Paper 2 Downturn Credit Portfolio Forecasts Authors: Daniel Rösch - Leibniz University Harald Scheule - University of Melbourne Discussant: Simone Varotto - University of Reading Paper 3 Financial System Architecture and Systematic Risk Authors: Jose Jorge - CEMPRE and Universidade de Porto Discussant: Nusret Muslim - Bogazici University Thursday, February 28, 2008, 10.00 am - 11.30 am CR-8 (Third Floor) D04 Pricing, Hedging, and Diversification Session Chair: Sergey Barabanov - University of St. Thomas Paper 1 Analysis of the Investment Potential and Inflation-Hedging Ability of Precious Metals Authors: James McCown - Oklahoma City University John Zimmerman - Oklahoma City University Discussant: Sotiris Staikouras - Cass Business School Paper 2 Price Delay and Price Delay-adjusted Asset Pricing Model Authors: Ping-Wen Sun - LSU Discussant: James Hackard - Southern Illinois University Edwardsville Paper 3 Non Gaussian Diversification Authors: François Desmoulins-Lebeault - University of Paris XII Discussant: Subhankar Nayak - Wilfrid Laurier University Thursday, February 28, 2008, 10.00 am - 11.30 am CR-11 (Third Floor) D05 Institutional Ownership Session Chair: Fabio Castiglionesi - Tilburg University Paper 1 Why Managers Hold Shares of Their Firm: An Empirical Analysis Authors: Stefan Ruenzi - University of Cologne Ulf von Lilienfeld-Toal - University of Frankfurt Discussant: Larry Holland - University of Arkansas at Little Rock Paper 2 The Persistence and Transition of Institutional Ownership Authors: Xuying Cao - University of Texas- Dallas Discussant: Stefan Ruenzi - Centre for Financial Research- Cologne Paper 3 Price Momentum and Institutional Holding Authors: Jiunlin Chen - Louisiana State Shuya Chuang - Tainan University of Technology Discussant: Laurence Blose - Grand Valley State University Paper 4 Does Institutional Ownership Create Value? Authors: Dar-Hsin Chen - National Taipei University, Jianguo Chen - Massey University Lloyd Blenman - University of North Carolina-Charlotte Discussant: Robert Irons - Dominican University Thursday, February 28, 2008, 10.00 am - 11.30 am CS-544 (Fifth Floor) H01 Market Quality Session Chair: Wako Watanabe - Keio University Paper 1 Internalization and Market Quality: An Empirical Investigation Authors: Norris Larrymore - Quinnipiac University Albert Murphy - SUNY- Old Westbury Discussant: Jeff Whitworth - University of Houston-Clear Lake Paper 2 NYSE Execution Quality Subsequent to Migration to Hybrid Authors: Jose Gutierrez - UT-San Antonio Yiuman Tse - UT-San Antonio Discussant: Camilla Mazzoli - Università Politecnica Marche Paper 3 Limit Orders, Trading Activity, and Transactions Costs in Equity Futures in an Electronic Trading Environment: Evidence from the Montreal Exchange Authors: Lorne Switzer - Concordia University Haibo Fan - Concordia University Discussant: Kuan-Cheng Ko - National Central University Thursday, February 28, 2008, 1.30 pm - 3.00 pm CR-5 (Third Floor) A09 Issues in Takeovers Session Chair: Jianguo Chen - Massey University Paper 1 Mega vs. Boutique:Who is the Better Financial Advisor in Mergers and Acquisitions? Authors: Jie Wei - University of Cincinnati Weihong Song - University of Cincinnati Discussant: Xiaolou Yang - Humboldt State University Paper 2 The Relation among R&D Capital of Targets, Acquirers' Return, and IPRD Write-offs Authors: Kyojik Song - Sungkyunkwan University Kathy Hsu - University of Louisiana-Lafayette Youngsang Kim - Northern Kentucky University Discussant: Sergey Barabanov - University of St. Thomas Paper 3 Market Misvaluation, Managerial Horizon, and Acquisitions Authors: Huasheng Gao - University of British Columbia Discussant: Jie Wei - University of Cincinnati Thursday, February 28, 2008, 1.30 pm - 3.00 pm CR-6 (Third Floor) A10 Equity Issuance Session Chair: Kenneth Daniels - VCU Paper 1 In Good Times or in Bad: Market Conditions, Fundamentals, and The Equity Issuance Decision Authors: Alexander Butler - UT-Dallas Yin Li - UT-Dallas Discussant: Renata Herrerias - Instituto Tecnologico Autonomo de Mexico Paper 2 Liquidity Changes around Seasoned Public Equity Offerings and Private Equity Placements: Transaction Costs, Trading Activity, and Price Impacts Authors: Hong Qian - Oakland University Discussant: John Schatzberg - University of New Mexico Paper 3 Do Seasoned Offerings Really Signal Anything Significant from Insiders? Authors: Rob Hull - Washburn University Sungkyu Kwak - Washburn University Rosemary Walker - Washburn University Discussant: Jarkko Peltomäki - University of Vaasa Thursday, February 28, 2008, 1.30 pm - 3.00 pm CR-7 (Third Floor) A11 Corporate Governance Session Chair: Wallace Davidson - Southern Illinois University Paper 1 Corporate Governance As a Commitment and Signalling Device Authors: Angelo Baglioni - Catholic University Milan Discussant: Amanda Carmignani - Bank of Italy Paper 2 Aggregate Governance Quality and Capital Structure Authors: Young Kim - Northern Kentucky University Pornsit Jiraporn - Penn State Jang-Chul Kim - North Dakota State University Discussant: Angelo Baglioni - Catholic University Milan Paper 3 Corporate Governance: Theory and Evidence Authors: Indraneel Chakraborty - University of Pennsylvania Discussant: Andy Kim - University of Minnesota Thursday, February 28, 2008, 1.30 pm - 3.00 pm CR-11 (Third Floor) A12 Dividend Changes Session Chair: Stefan Ruenzi - Centre for Financial Research- Cologne Paper 1 The Announcement Effect of Cash Dividend Changes on Share Prices: An Empirical Analysis of China Authors: Dar-Hsin Chen - National Taipei University Chun-Da Chen - Tennessee State University, Wan-Wei Tang - Vanderbilt University Chien-Chung Nieh - Tamkang University Discussant: Sebastian Lobe - University of Regensburg Paper 2 Who Smooth Dividends Authors: Zhaoxia Xu - Bank of Canada Laurence Booth - University of Toronto Discussant: Paper 3 Dividend Initiation Returns and Unemployment Authors: Vahap Uysal - University of Oklahoma Evgenia Golubeva - University of Oklahoma Discussant: Christian Stadler - University of London Symposium Session Thursday, February 28, 2008, 1.30 pm - 3.00 pm CR-17 (Third Floor) B04 Correlated Defaults Session Chair: Jun Yang - Acadia University Paper 1 Default Dependence: the Equity Default Nexus Authors: Jun Yang - Bank of Canada Discussant: Jason Wei - University of Toronto Paper 2 Modelling Simultaneous Defaults: A Top-Down Approach Authors: Michael Kunisch - Universität Karlsruhe Marliese Uhrig-Homburg - Universität Karlsruhe Discussant: Greg Roth - New Mexico State University Paper 3 On Pricing CDOs with Meixner Distribution Authors: Kridsda Nimmanunta - Chulalongkorn University Anant Chiarawongse - Chulalongkorn University Sunti Tirapat - Chulalongkorn University Discussant: Aslan Behnamian - University of Alberta Thursday, February 28, 2008, 1.30 pm - 3.00 pm CS-514 (Fifth Floor) C06 Bank Loan Syndication, Spreads and Failure Prediction Session Chair: Socorro Quintero - Oklahoma City University Paper 1 Macroeconomic Disturbances, Intermediation Spread and Bank Supervision Authors: Suheyla Ozyildirim - Bilkent University Discussant: Paulo Maio - Bilkent University Paper 2 Prior Stock-Splits and Volatility Changes Surrounding the Corporate Restructuring Announcements Authors: Chintal Desai - George Washington University Robert Savickas - George Washington University Discussant: Wan-Wei Tang - Vanderbilt University Paper 3 Government, Public Budgeting and Financial Crisis Authors: Augusto Hasman - Universidad Carlos III de Madrid Ángel López - IESE Business School Discussant: Vahap Uysal - University of Oklahoma Thursday, February 28, 2008, 1.30 pm - 3.00 pm CR-10 (Third Floor) C07 Asset Restructuring, Mergers and Banking Efficiency Session Chair: Gordon Alexander - University of Minnesota Paper 1 Why Do Banks Securitize Assets? Authors: Alfredo Martin-Oliver - Bank of Spain Jesus Saurina - Bank of Spain Discussant: Natalya Delcoure - University of St. Thomas Paper 2 How Much Would Banks Be Willing To Pay To Become Too-Big-To-Fail and To Capture Other Benefits? Authors: Julapa Jagtiani - Federal Reserve Bank of Kansas City Elijah Brewer - DePaul University Discussant: Bradley Stevenson - The University of Akron Paper 3 The Impact of Bank Mergers on Efficiency: Empirical Evidence from the German Banking Industry Authors: Galia Georgiev - University of Hohenheim Hans-Peter Burghof - University of Hohenheim Discussant: Lili Xie - Ball State University Thursday, February 28, 2008, 1.30 pm - 3.00 pm CS-530 (Fifth Floor) D06 Retirement and Mutual Funds Session Chair: Larry Prather - Southeastern Oklahoma State Paper 1 Deferred Compensation for Career Employees in Public Defined Benefit Pension Plans: The Colorado PERa Case Authors: Elizabeth Cooperman - University of Colorado - Denver Michael Mannino - University of Colorado-Denver Discussant: Frank Wyrostek - University of St. Francis Paper 2 Index funds or ETFs: the case of the S&P 500 Authors: Larry Prather - Southeastern Oklahoma State Ting-Heng Chu - East Tennessee State John Topuz - Southeastern Oklahoma State Imtiaz Mazumder - SUNY Institute of Technology Discussant: Hua Chen - Georgia State University Paper 3 Diversification, Expenses, and Performance for 401(k) Plans: A Blended Six Index Funds Approach Authors: Haiwei Chen - Cal State- San Bernardino Jim Estes - Cal State- San Bernardino Discussant: Mihai Badescu - Holy Family University Symposium Session Thursday, February 28, 2008, 1.30 pm - 3.00 pm CR-18 (Third Floor) F03 Relationships in Financial Transactions Session Chair: Xiaoying Chen - CalState-Long Beach Paper 1 The Relationship Between Borrower Risk and Loan Maturity: New Evidence From Small Business Lending Authors: Karolin Kirschenmann - University of Heidelberg, Germany Lars Norden - Indiana University Discussant: Umesh Kumar - UT-San Antonio Paper 2 Relationship Banking - Not only a Lending Phenomenon Authors: Oliver Vins - Johann Wolfgang Goethe University, Frankfurt Thomas Bloch - Johann Wolfgang Goethe University, Frankfurt Discussant: Régis Blazy - University of Luxembourg Paper 3 Does Distance Still Matter? Evidence from the Venture Capital Market Authors: Mehmet Goktan - UT-Dallas Alexander Butler - UT-Dallas Discussant: Thomas Zorn - University of Nebraska Lincoln Symposium Session Thursday, February 28, 2008, 1.30 pm - 3.00 pm CR-9 (Third Floor) F04 Cross Border Mergers and Acquisitions II Session Chair: Sabrina Khanniche - University Paris X Paper 1 How can Financial Sector FDI Spur Growth in Emerging Europe? Authors: Markus Eller - Center for Economic and Financial Research, Moscow Peter Haiss - Vienna University Katharina Steiner - Vienna University Discussant: Diego Cueto - Concordia University Paper 2 Depositary Receipts and Firm Value: Evidence From Firms Domiciled in Eastern Europe and Russia Authors: Elena Smirnova - SUNY-Old Westbury Discussant: Axel Grossmann - Radford University Paper 3 Ownership Control and Valuation Changes For Earnings Announcements Around US Cross-listings By Canadian Firms Authors: Arturo Rubalcava - University of Regina Lawrence Kryzanowski - Concordia University Discussant: Mika Vaihekoski - Lappeenranta University of Technology and Bank of Finland Thursday, February 28, 2008, 1.30 pm - 3.00 pm CS-544 (Fifth Floor) H02 Liquidity Session Chair: Valeria Martinez - Fairfield University Paper 1 What Is The Relationship Between Investor Holding Period and Liquidity? Authors: Bernt Odegaard - Norwegian School of Management Randi Naes - Norges Bank Discussant: Brett Olsen - University of Idaho Paper 2 A Cross-Country Model for The Influence of the Pre-Trade Transparency on Market Liquidity and Price Volatility Authors: Caterina Lucarelli - Università Politecnica Marche Camilla Mazzoli - Università Politecnica Marche Giulio Palomba - Università Politecnica Marche Discussant: Melanie Cao - York University Paper 3 Underpricing and Liquidity Authors: Emmanuel Morales-Camargo - University of New Mexico Discussant: Isabella Massa - Ca' Foscari University Panel Session Thursday, February 28, 2008, 1.30 pm - 3.00 pm Salon J (Third Floor) I03 BATS: Changing Faces of Exhanges Panel Chair: James Angel - Georgetown University Panel Member 1: Randy Williams - BATS Trading Panel Member 2: Ken Conklin - BATS Trading In just two years of operation, the BATS ECN has captured nearly 10 percent market share in U.S. equities and filed an application to become an exchange. Prof. James Angel of Georgetown University and Randy Williams of BATS will discuss the company’s impact on the marketplace, as well as the overall impact of alternative trading venues on sell-side and buy-side institutions. Thursday, February 28, 2008, 1.30 pm - 3.00 pm CR-8 (Third Floor) J01 Southwestern Publishing Special Focus Group (By Invitation Only) Session Chair: Add a paper to this session Edit Discussants and Chair Email Session Participants Thursday, February 28, 2008, 3.30 pm - 5.00 pm CR-5 (Third Floor) A13 Global and Cross-Listed Equity Session Chair: Jacques Préfontaine - Sherbrooke University Paper 1 The Decision to Cross-List: The Case of Chinese IPOs and ADRs Authors: Tao-Hsien King - University of North Carolina-Charlotte Cinder Zhang - University of North Carolina-Charlotte Discussant: Julapa Jagtiani - Federal Reserve Bank of Kansas City Paper 2 Valuation Effects of the Sarbanes-Oxley Act on Cross-listed Canadian Firms Authors: Vishaal Baulkaran - Wilfrid Laurier University Discussant: Elena Smirnova - SUNY, College at Old Westbury Paper 3 Changes in Underwriters’ Practice and the Underpricing of U.S. Global Initial Public Offerings Authors: Nianyun Cai - University of Michigan - Dearborn Heiwai Lee - University of Michigan - Dearborn Magali Valero - University of Michigan - Dearborn Discussant: Arze Karam - University Paris X Thursday, February 28, 2008, 3.30 pm - 5.00 pm CR-6 (Third Floor) A14 Capital Budgeting Decisions Session Chair: MaryAnn Lawrence - Key Corp & Cleveland State University Paper 1 EVA Revisited Authors: Tarun Mukherjee - University of New Orleans Prakash Deo - University of Houston Discussant: MaryAnn Lawrence - Key Corp & Cleveland State University Paper 2 Valuation of Strategic Abandonment Decision Authors: Chien-Chih Peng - Morehead State University Ming-Long Wang - National Cheng-Kung University Discussant: Dror Parnes - University of South Florida Paper 3 The Cost of A Generalized Term Loan and Internal Equity Mix for Capital Budgeting Analysis Authors: Keishiro Matsumoto - University of the Virgin Islands Eustace Esdaille - University of the Virgin Islands Aubrey Washington - University of the Virgin Islands Discussant: Fabian Gleisner - Johann Wolfgang Goethe-University Symposium Session Thursday, February 28, 2008, 3.30 pm - 5.00 pm CR-9 (Third Floor) A15 Cross-Border Takeovers and FDI Session Chair: Chu-Sheng Tai - Texas Southern University Paper 1 Ownership Concentration and Foreign Direct Investment Authors: Vahe Lskavyan - Ohio University Mariana Spatareanu - Rutgers University Discussant: Alexander Groh - GSCM - Montpellier Business School Paper 2 Acquiring Foreign Firms Far Away Might Be Hazardous To Your Share Price: Evidence from Germany Authors: Michael Grote - Goethe University Fabian Ruecker - Goethe University Discussant: Charles Beauchamp - Middle Tennessee State University Paper 3 The Impact of Country Risk Factors on U.S. Financials in Cross-border Acquisitions Authors: Halil Kiymaz - Rollins College Discussant: James Nguyen - Johnson C. Smith University Symposium Session Thursday, February 28, 2008, 3.30 pm - 5.00 pm CR-18 (Third Floor) C08 Banking Structure Session Chair: Richard Buttimer - University of North Carolina-Charlotte Paper 1 Banking Competition and Capital Ratios Authors: Klaus Schaeck - Cass Business School Martin Cihak - International Monetary Fund Discussant: Agnès Fimayer - University of Luxembourg Paper 2 The Impact of Market Structure, Contestability and Institutional Environment on Banking Competition Authors: Jacob Bikker - De Nederlandsche Bank Laura Spierdijk - University of Groningen Discussant: Alfredo Martin-Oliver - Bank of Spain Paper 3 Information Sharing, Foreign Bank Entry, and Access to Credit Authors: Lili Xie - Ball State University Charles Kahn - University of Illinois Discussant: Anna Chernobai - Syracuse University, Whitman School of Mngt Thursday, February 28, 2008, 3.30 pm - 5.00 pm CS-514 (Fifth Floor) C09 Monetary Policy Effects, Bank Entry and Insurance Guarantees Session Chair: Kenneth Jones - FDIC Paper 1 Loss Sharing Rules for Bank Holding Companies: An Assessment of the Federal Reserve's Source of Strength Policy and the FDIC's Cross-Guarantee Authority Authors: Kenneth Jones - FDIC Chris Bradley - FDIC Discussant: Wendy Edelberg - Federal Reserve Board Paper 2 Economic Determinants and Entry Modes of Foreign Banks into Central and Eastern Europe Authors: Oskar Kowalewski - Warsaw School of Economics Aneta Hryckiewicz - Johann Wolfgang Goethe-University Discussant: Celso Brunetti - Johns Hopkins University Paper 3 A Theory of Linkage between Monetary Policy and Banking Failure in Developing Countries Authors: Raulin Cadet - Université de Rennes Discussant: Pierre Yourougou - Syracuse University Thursday, February 28, 2008, 3.30 pm - 5.00 pm CR-7 (Third Floor) C10 Board of Directors Issues Session Chair: Elena Kalotychou - Cass Business School Paper 1 Director Tenure and the Compensation of Bank CEOs Authors: Elizabeth Cooperman - University of Colorado-Denver John Byrd - University of Colorado-Denver Glenn Wolfe - University of Toledo Discussant: Scott Yonker - Ohio State Paper 2 Corporate Board Networks and Corporate Governance Authors: Mihai Badescu - Holy Family University Parveen Gupta - Lehigh University James Dearden - Lehigh University Discussant: Eduardo Pablo - IESA Paper 3 What Has Happened over the Past 10 years to the Selection of Retired CEOs as Board Members? Authors: Changmin Lee - Indiana University Discussant: Andreas Schueler - Universitaet der Bundeswehr Munich Thursday, February 28, 2008, 3.30 pm - 5.00 pm CR-10 (Third Floor) C11 Integrated Credit and Market Risks in Bank Portfolios Session Chair: Dan Jubinski - St. Joseph's University Paper 1 The Standardized Approach in the U.S.: Credit Risk Mitigation and Other Options Authors: Katherine Wyatt - New York State Banking Department Discussant: Albert Murphy - SUNY- Old Westbury Paper 2 Inter-Risk Diversification Effects of Integrated Market and Credit Risk Analysis Authors: Thomas Breuer - PPE Research Centre Martin Jandacka - Vorarlberg University of Applied Sciences Klaus Rheinberger - Vorarlberg University of Applied Sciences Martin Summer - Austrian National Bank Discussant: Mark Holder - Kent State University Paper 3 Specification and Calibration Errors in Measures of Portfolio Credit Risk: The Case of the ASRF Model Authors: Nikola Tarashev - Bank for International Settlements Haibin Zhu - Bank for International Settlements Discussant: Iwan Meier - HEC Montréal Thursday, February 28, 2008, 3.30 pm - 5.00 pm CR-11 (Third Floor) C12 Banking Competition and Risk Assessment Session Chair: John Wald - University of Texas-San Antonio Paper 1 Factors Determining Bank Risk: A European Perspective Authors: Richard Heaney - Royal Melbourne Institute of Technology Mamiza Haq - Royal Melbourne Institute of Technology Discussant: Zhaoxia Xu - Bank of Canada Paper 2 The Causal Relationship Between Bank Capital and Profitability Authors: Raymond Cox - University of Ontario Institute of Technology David E. Hutchison - Westwood Development Group Discussant: Edward Lawrence - Florida International University Paper 3 Lending to Uncreditworthy Borrowers Authors: Rajdeep Sengupta - Federal Reserve Bank of St. Louis Discussant: Joseph Vu - DePaul University Thursday, February 28, 2008, 3.30 pm - 5.00 pm CR-8 (Third Floor) D07 Asset Pricing and Valuation Theory Session Chair: Frank Zhang - Morgan Stanley Paper 1 A Two-Factor Asset Pricing Model based on the Fat Tail Distribution of Firm Sizes Authors: Yannick Malevergne - Ecole de Management de Lyon Didier Sornette - ETH Zurich Discussant: Lei Zhang - INSEAD Paper 2 A Simple and Flexible Valuation Model in Continuous Time Authors: Larry Holland - University of Arkansas at Little Rock Discussant: Liuren Wu - Baruch College Paper 3 Measuring Agency Cost Premium in Funds Management Authors: Socorro M. Quintero - Oklahoma City University Ronnie J. Shaw - Oklahoma City University Michael Baur - Ball State University Lloyd Blenman - University of North Carolina-Charlotte Discussant: Hening Liu - Northern Illinois University Thursday, February 28, 2008, 3.30 pm - 5.00 pm CR-17 (Third Floor) D08 Optimal Portfolio Estimation Session Chair: Steven Clark - University of North Carolina-Charlotte Paper 1 Modeling the Dependence Structure between Bonds and Stocks: A Multidimensional Copula Approach Authors: Long Kang - Indiana University Discussant: Alejandro Garcia - Bank of Canada Paper 2 Portfolio Optimization under Parameter Uncertainty Authors: Daniel Niedermayer - Universität Basel Discussant: Steinar Ekern - NHH - Norwegian School of Economics and Business Administration Paper 3 Simplifying and Generalizing Some Efficient Frontier and CAPM Related Results Authors: Steinar Ekern - Norwegian School of Economics and Business Administration Discussant: Aymen Karoui - HEC Montréal Thursday, February 28, 2008, 3.30 pm - 5.00 pm CS-530 (Fifth Floor) G01 Guarantee Fees, Insurance Purchase and Swap Risks Session Chair: Svetlana Boyarchenko - University of Texas, Austin Paper 1 LIBOR Market Model with Jump Risk: An Empirical Analysis for Pricing Quanto Range Accrual Interest Rate Swap Authors: Shin-Yun Wang - National Dong Hwa University Shih-Kuei Lin - National University of Kaohsiung Discussant: Svetlana Boyarchenko - University of Texas, Austin Paper 2 Revisiting the Main Determinants of Insurance Purchase: An Empirical Study on Crop Insurance Policies in France Authors: Geoffroy Enjolras - University of Montpellier I Patrick Sentis - Montpellier Business School Discussant: Yunbi An - University of Windsor Paper 3 Pricing of Principal-Protected Funds in China: Are the Guarantee Fees High? Authors: Yunbi An - University of Windsor Chonghui Jiang - University of Electronic Science and Technology of China Yongkai Ma - University of Electronic Science and Technology of China Discussant: Geoffroy Enjolras - University of Montpellier I Thursday, February 28, 2008, 3.30 pm - 5.00 pm CS-544 (Fifth Floor) H03 Trading Volume and Productivity Growth Session Chair: Maxim Zagonov - Cass Business School Paper 1 Not All Trading Volumes Are Created Equal: Capital Gains Overhang and Volume Premium after Earnings Announcements Authors: Kenton Hoyem - University of Alberta Wonseok Choi - JP Morgan Jung-Wook Kim - University of Alberta Discussant: Ana Serra - CEMPRE and University of Porto Paper 2 Duration, Trading Volume and The Price Impact of Trades in An Emerging Futures Market Authors: Lavern McFarlane - Manchester Business School Discussant: Christoph Müller - University of Cologne Paper 3 Cost Efficiency, Technological Progress and Productivity Growth of Public, Private, and Foreign Banks in People’s Republic of China: Evidence from Pre and Post WTO Accession Authors: Seyed Mehdian - University of Michigan-Flint Rasoul Rezvanian - Northeastern Illinois University Rima Turk-Ariss - Lebanese American University Discussant: Jens Grunert - University of Tuebingen Panel Session Thursday, February 28, 2008, 3.30 pm - 5.00 pm Salon J (Third Floor) I04 Fundamental Indexing Panel Chair: Jack Wildermuth - Research Affiliates Panel Member 1: Michael Sebastian - Ennis Knupp + Associates Panel Member 2: Robert Arnott - Research Affiliates Rob Arnott, Chairman of Research Affiliates, will "challenge the challengers" of the Fundamental Indexing concept. Rob will attempt to refute criticisms of the concept levied by cap weighting proponents Jack Bogle of Vanguard, Harvard Professor Andre Perold, Princeton Professor Burt Malkiel and Stanford Professor Emeritus Bill Sharpe.Join us for a lively debate. Friday, February 29, 2008, 8.00 am - 9.30 am CR-2 (Third Floor) A16 Small Business Investment Session Chair: Viviana Fernandez - University of Chile Paper 1 Capital Budgeting Practices of Small Businesses: Evidence from Rural America Authors: Larry Prather - Southeastern Oklahoma State Dan Benco - Southeastern Oklahoma State John Topuz - Southeastern Oklahoma State David Romer - Southeastern Oklahoma State Discussant: Larry Bauer - Memorial University of Newfoundland Paper 2 Compensating Balances and Smaller Businesses: Empirical Evidence Authors: James Johnson - Northern Illinois University Natalie Churyk - Northern Illinois University Discussant: Young Kim - Northern Kentucky University Paper 3 The Financial Growth Life Cycle: An Empirical Examination of Irish SMEs Authors: Ciarán Mac an Bhaird - Trinity College Dublin Brian Lucey - Trinity College Dublin Discussant: Abdullah Makame - Birmingham Business School (UK) Friday, February 29, 2008, 8.00 am - 9.30 am CR-3 (Third Floor) A17 Valuation Session Chair: Haigang Zhou - Cleveland State University Paper 1 Company Valuation, Risk Sharing and the Government's Cost of Capital Authors: Soenke Sievers - University of Cologne Daniel Kreutzmann - University of Cologne Discussant: Vishaal Baulkaran - Wilfrid Laurier University Paper 2 Effect of Regulation FD: Firm Disclosures and Structural Changes in Asset Pricing Models Authors: Edward Lawrence - Florida International University Arun Prakash - Florida International University Gordon Karels - University of Nebraska Discussant: Jennifer Bethel - Babson College Paper 3 Misvaluation and Corporate Spin-offs Authors: Ying-Chou Lin - University of Missouri-Rolla Discussant: Norris Larrymore - Quinnipiac University Friday, February 29, 2008, 8.00 am - 9.30 am CR-4 (Third Floor) A18 Liquidity Effects and Creditor Concentration Session Chair: Amanda Carmignani - Bank of Italy Paper 1 Costs and Benefits of Creditor Concentration: An Empirical Approach Authors: Amanda Carmignani - Bank of Italy Massimo Omiccioli - Bank of Italy Discussant: Fariz Huseynov - University of Memphis Paper 2 Warrants, Ownership Concentration, and Liquidity Authors: Brett Olsen - University of Idaho Paul Brockman - University of Missouri Discussant: Ritesh Kumar - Indian Institute of Management Paper 3 Liquidity, a Blessing or Curse for Block Holders Authors: Yan Zhang - Indiana University Discussant: Augusto Hasman - Universidad Carlos III de Madrid Friday, February 29, 2008, 8.00 am - 9.30 am CR-5 (Third Floor) A19 Bankruptcy Issues Session Chair: Peter Szilagyi - University of Cambridge Paper 1 Valuing Options when Stockholders Face Bankruptcy Risk Authors: Antonio Camara - Oklahoma State Betty Simkins - Oklahoma State Discussant: Peter Szilagyi - University of Cambridge Paper 2 The Systematic Module of Bankruptcy Risk Authors: Dror Parnes - University of South Florida Discussant: Jens Forssbaeck - Lund University Paper 3 Financial or Social Efficiency under Corporate Bankruptcy? The French Dilemma Authors: Régis Blazy - University of Luxembourg Bertrand Chopard - University of Nancy 2 Jean-Daniel Guigou - University of Luxembourg Agnès Fimayer - University of Luxembourg Discussant: Hendrik Scholz - Catholic University of Eichstaett-Ingolstadt Friday, February 29, 2008, 8.00 am - 9.30 am CR-1 (Third Floor) C13 Bank Lending and Firm Performance Session Chair: Yannick Malevergne - EM-Lyon Paper 1 Firm Volatiliy and Banks: Evidence from US Banking Deregulation Authors: Gustavo Suarez - Federal Reserve Board Ricardo Correa - Federal Reserve Board Discussant: Zhiqi Wang - University of Reading Paper 2 Banks’ Ownership Structure, Risk and Performance Authors: Romulo Magalhaes - Universidad Carlos III de Madrid Maria Gutierrez - Universidad Carlos III de Madrid Josep Tribo - Universidad Carlos III de Madrid Discussant: Marcel Marekwica - University of Regensburg Paper 3 Variance and Semivariance Decomposition in Emerging Market Equities: The Impact of Market Integration Authors: Steve Beach - Radford University Discussant: Halil Kiymaz - Rollins College Friday, February 29, 2008, 8.00 am - 9.30 am CS-514 (Fifth Floor) C14 Bank Margins, Mutual Funds and Growth Session Chair: Hong Qian - Oakland University Paper 1 On Performance & Tracking Error in Exchange-Traded Funds and Index Mutual Funds Authors: Steven Welch - St. Cloud State University Discussant: Sergiy Rakhmayil - Ryerson University Paper 2 Determinants of Bank Net Interest Margins and Noninterest Income: a System Estimation Approach Authors: James Nguyen - Johnson C. Smith University Discussant: Argyro Panareto - Lancaster University Paper 3 Motivations behind the Acquisition of Mutual Funds Authors: Xiyu Zhou - University of Alaska Kevin Chiang - University of Vermont Discussant: Steven Welch - St. Cloud State University Friday, February 29, 2008, 8.00 am - 9.30 am CR-11 (Third Floor) C15 Efficiency and Discipline in Emergent Banking Markets Session Chair: Mark Holder - Kent State University Paper 1 Financial Intermediation in Transitional Economies: Case Study of Russian Banks Authors: Natalya Delcoure - Sam Houston State University Discussant: Nont Dhiensiri - University of Texas at Brownsville Paper 2 Measuring Efficiency of Thai Commercial Banks Using Combined Parametric and Non-Parametric Frontier Approach: Pre- vs. Post-1997 Financial Crisis Authors: Li Li - University of the Thai Chamber of Commerce Pornchai Chunhachinda - Thammasat University Discussant: Mamiza Haq - Royal Melbourne Institute of Technology Paper 3 An Event Study Analysis Of International Ventures Between Banks and Insurance Firms Authors: Sotiris Staikouras - Cass Business School Discussant: Mehmet Goktan - The University of Texas at Dallas Friday, February 29, 2008, 8.00 am - 9.30 am CR-8 (Third Floor) D09 Performance in Options and Stock Markets Session Chair: Pedro Gurrola - ITAM Paper 1 Behavioral Heterogeneity in the Options Market Authors: Thorsten Lehnert - Maastricht University Bart Frijns - Radboud University Nijmegen Remco Zwinkels - Radboud University Nijmegen Discussant: Nikola Tarashev - BIS Paper 2 Heterogeneous Beliefs and Option-implied Volatility Smile Authors: Yi Zhang - University of Nebraska-Lincoln Thomas Zorn - University of Nebraska-Lincoln Discussant: Michael Finke - Texas Tech University Paper 3 The Use of Options and Hedge Fund Performance Authors: Jarkko Peltomäki - University of Vaasa Discussant: Thorsten Lehnert - Maastricht University Paper 4 Volume, Volatility, and Information Linkages in the Stock and Options Markets Authors: Kinyip Ho - Cornell University and Colgate University Lin Zheng - Cornell University Discussant: Phil McKnight - University of Wisconsin Friday, February 29, 2008, 8.00 am - 9.30 am CR-10 (Third Floor) D10 Decision Making by Portfolio Managers Session Chair: Bernard Murphy - University of Limerick Paper 1 Evaluating the Trading and Risk Management Style of Fixed-Income Hedge Fund Managers Authors: Bernard Murphy - University of Limerick John Frain - Trinity College Dublin Mark Cummins - University of Limerick Discussant: Dirk Broeders - De Nederlandsche Bank Paper 2 Stock Market Performance and Pension Fund Investment Policy: Rebalancing, Free Float, or Market Timing? Authors: Jacob Bikker - De Nederlandsche Bank Dirk Broeders - De Nederlandsche Bank Jan de Dreu - ABN-AMRO Discussant: Sungkyu Kwak - Washburn University Paper 3 Are Bonds Desirable in Tax-Deferred Accounts? Authors: Marcel Marekwica - University of Frankfurt Discussant: Paolo Coccorese - University of Salerno Symposium Session Friday, February 29, 2008, 8.00 am - 9.30 am CR-7 (Third Floor) E01 Portfolio and Risk Management Session Chair: Mingxin Xu - University of North Carolina-Charlotte Paper 1 Calibration of a Commodity Price Model with Unobserved Factors: The Case of Real Estate Index Futures Authors: Steven Clark - University of North Carolina-Charlotte Lindsay Baran - University of North Carolina-Charlotte Richard Buttimer - University of North Carolina-Charlotte Discussant: Qiang Shi - University of North Carolina-Charlotte Paper 2 Risk minimizing Portfolio Optimization and Hedging With Conditional Value-at-Risk Authors: Jing Li - University of North Carolina-Charlotte Mingxin Xu - University of North Carolina-Charlotte Discussant: Roger Lee - University of Chicago Paper 3 Valuing Real Options under Persistent Shocks Authors: Jaya Bishwal - University of North Carolina-Charlotte Discussant: Yuh-Dauh Lyuu - National Taiwan University Symposium Session Friday, February 29, 2008, 8.00 am - 9.30 am CR-9 (Third Floor) F05 Governance and Culture Session Chair: Thomas McInish - University of Memphis Paper 1 The Effects of Macro Corporate Governance Mechanisms Authors: Ike Mathur - Southern Illinois University Wanrapee Banchuenvijit - University of the Thai Chamber of Commerce Discussant: Zhou Zhang - University of Regina Paper 2 Effects of Cultural Difference and Liquidity on Cross Country Mergers and Acquisitions Authors: Ha-Chin Yi - Texas State University Kiyoung Chang - Indiana University Yewmun Yip - University of South Dakota Discussant: Qiang Bu - Penn State Harrisburg Paper 3 Determinants Of Home Bias In Equity Portfolio Investment Authors: Xuan Vinh Vo - The University of New South Wales Discussant: Usha Mittoo - University of Manitoba Friday, February 29, 2008, 8.00 am - 9.30 am Salon J (Third Floor) G02 Volume, Liquidity and Price Adjustments: International perspectives Session Chair: Gabriela Mundaca - Frisch Centre for Economic Research Paper 1 Price Adjustment to News with Uncertain Precision Authors: Christoph Müller - University of Cologne Dieter Hess - University of Cologne Nikolaus Hautsch - Humboldt-Universität zu Berlin Discussant: Steven Clark - University of North Carolina-Charlotte Paper 2 A First Look at the Liquidity of Japanese REITs Authors: Yunqing Wang - St. Cloud State University Peihwang Wei - University of New Orleans Discussant: John Kensinger - University of North Texas Paper 3 Changes in Price and Trading Volume: Bull vs. Bear Markets Authors: Ki Han - Suffolk University Suk Hun Lee - Loyola University Chicago David Y. Suk - Rider University Discussant: Johannes Rieks - University of Regensburg Friday, February 29, 2008, 8.00 am - 9.30 am CS-530 (Fifth Floor) H04 Modeling Spreads and Basis Relations Session Chair: Wasseem Mina - United Arab Emirates University Paper 1 Bayesian Student-t GARCH Model For Asian FX Data Authors: Wantanee Surapaitoolkorn - Chulalongkorn University Discussant: Sotiris Staikouras - Cass Business School Paper 2 Estimating Marketability Discounts: A Comparison Between Bid-Ask Spreads and Longstaff's Upper Bound Authors: Lawrence Levine - RSM McGladrey Carl Luft - DePaul University Niranjan Chipalkatti - Seattle University Discussant: Xin Zhou - University of Texas at Dallas Paper 3 The Nonlinear Dynamic Relationship between the TAIEX Index Futures and Spot Before and After the Reduction of Tick Size on the Taiwan Stock Exchange: A Threshold VECM Approach Authors: Feng-Shun Bin - University of Illinois-Springfield Dar-Hsin Chen - National Taipei University Po-Chun Chiu - National Chiao-Tung University Fang He - Southern Illinois University-Carbondale Discussant: Syed Ahmed - Cameron University Friday, February 29, 2008, 8.00 am - 9.30 am CS-544 (Fifth Floor) H05 Market Quality and Information Session Chair: Melanie Cao - York University Paper 1 Commonality in Liquidity: Evidence from the Option Market Authors: Jason Wei - University of Toronto Melanie Cao - York University Discussant: Qin Wang - University of Arizona Paper 2 Analysts’ Information Based Trading and Market Making Authors: Arze Karam - University Paris X Discussant: Katharina Steiner - Vienna University of Economics and BA Paper 3 Price Discovery and Market Quality of Crude Oil Futures Market Authors: Yiuman Tse - UT-San Antonio Elena Skouratova - UT-SAn Antonio Discussant: Xuguang Sheng - SUNY at Albany Friday, February 29, 2008, 8.00 am - 9.30 am CR-6 (Third Floor) J04 Pearson Special Focus Group (By Invitation Only) Session Chair: Add a paper to this session Edit Discussants and Chair Email Session Participants Friday, February 29, 2008, 10.00 am - 11.30 am CR-1 (Third Floor) A20 Capital Structure Session Chair: Jingzhi Huang - Penn State Paper 1 Macroeconomic Conditions and Capital Structure Adjustment Speed Authors: Tian Tang - University of Alabama Douglas Cook - University of Alabama Discussant: Cinder Zhang - University of North Carolina-Charlotte Paper 2 Leverage and Asymmetric Volatility: The Firm Level Evidence Authors: Stefano Mazzotta - Kennesaw State Jan Ericsson - McGill University Xiao Huang - Kennesaw State Discussant: Andreas Park - University of Toronto Paper 3 Target Capital Application to a Financial Sector Authors: Etti Baranoff - VCU Tom Sager - University of Texas-Austin Tom Shively - University of Texas-Austin Discussant: Seyed Mehdian - University of Michigan-Flint Friday, February 29, 2008, 10.00 am - 11.30 am CR-2 (Third Floor) A21 Executive Impacts Session Chair: Levent Yildiran - Bogazici University Paper 1 Optimal Executive Compensation in the Presence of Managerial Hedging: Theory and Evidence Authors: Huasheng Gao - University of British Columbia Discussant: Florian Peters - University of Zurich Paper 2 Executives’ Characteristics and Capital Structure Authors: Yan Xie - University of Michigan-Dearborn Sheen Liu - Washington State University Discussant: Stuart Michelson - Stetson University Paper 3 Information Asymmetry and Investors’ Response: Evidence from Departure Announcements of CEOs and CFOs Authors: Andy Kim - University of Minnesota Discussant: Jenny Zhang - Missouri State University Friday, February 29, 2008, 10.00 am - 11.30 am CR-4 (Third Floor) A22 IPOs Session Chair: Antonio Doblas-Madrid - Michigan State Paper 1 IPO Pricing and Equity Return Swaps Authors: Francis Laatsch - Bowling Green State James Brau - Brigham Young University Mingsheng Li - Bowling Green State Discussant: Sunil Mohanty - University Of St. Thomas Paper 2 Underpricing, Ex Ante Uncertainty and After-Market Risk of IPOs Authors: TeWhan Hahn - Auburn University Montgomery Discussant: Leonard de Haan - De Nederlandsche Bank Paper 3 IPOs in Emerging Markets: A Comparison of Brazil, India and China Authors: Jairo Procianoy - Universidade Federal do Rio Grande do Sul Gilles Cigerza - Washington University Discussant: Sabrina Khanniche - University Paris X Paper 4 Do Underwriters Have an Information Advantage? Evidence from Institutional Investor Holdings around IPO-Related Securities Class Action Announcements Authors: Sergey Barabanov - University of St. Thomas Thomas Walker - Concordia University Onem Ozocak - Brock University Discussant: Sheng-Te Chou - Yuan Ze University Friday, February 29, 2008, 10.00 am - 11.30 am CR-5 (Third Floor) A23 Compensation, Creditor Protection and Firm Value Session Chair: Julapa Jagtiani - Federal Reserve Bank of Kansas City Paper 1 Outside Successor Compensation Authors: Wallace Davidson - Southern Illinois University Eahab Elsaid - University of Windsor Discussant: Santiago Carbo-Valverde - University of Granada Paper 2 CEO Characteristics, CEO-Firm Match and Corporate Refocus Value Authors: Sheng Huang - Washington University Discussant: Gabriela Siller - Tecnológico de Monterrey Paper 3 Too Much Pay Performance Sensitivity? Authors: Ivan Brick - Rutgers University Oded Palmon - Rutgers University John Wald - University of Texas-San Antonio Discussant: Ki Han - Suffolk University Friday, February 29, 2008, 10.00 am - 11.30 am CR-11 (Third Floor) A24 Dividend Policy, Cost of Capital and Firm Valuation Session Chair: Robert Stretcher - Sam Houston State University Paper 1 Family Furniture Corporation: Analyzing The Effects of A Pure Capital Structure Change On The Value Of A Firm Authors: Robert Irons - Dominican University Robert A. Weigand - Washburn University Discussant: Richard Ottoo - Pace University Paper 2 Dividend Policy At Tennessee Publishers, Inc. Authors: Robert Stretcher - Sam Houston State Timothy Michael - University of Houston Discussant: Karl Borden - University of Nebraska-Kearney Paper 3 Olympic Optical Company:Valuing A Business Authors: Colene Coldwell - Baylor University Marlene M. Reed - Baylor University Discussant: Robert Stretcher - Sam Houston State University Friday, February 29, 2008, 10.00 am - 11.30 am CS-514 (Fifth Floor) C16 Bank Merger Costs and Growth Session Chair: Suheyla Ozyildirim - Bilkent University Paper 1 Terminated Mergers in Banking Authors: Elijah Brewer - DePaul University Joseph Vu - DePaul University Discussant: Steven Cox - Indiana University Paper 2 Hidden Costs of Mergers Among Regional Banks Authors: Thomas Bloch - Goethe University Frankfurt Oliver Vins - Goethe University Frankfurt Discussant: Sijing Zong - CSU Stanislaus Paper 3 The Maturity Structure of Credit: Determinants and Effects on Economic Growth Authors: Neven Valev - Georgia State University Nikola Tasic - Georgia State University Discussant: Elijah Brewer - DePaul University Friday, February 29, 2008, 10.00 am - 11.30 am CR-3 (Third Floor) D11 Value and Attitudes Towards Risk Session Chair: Alejandro Garcia - Bank of Canada Paper 1 Measuring Hedge Fund Risks Authors: Sabrina Khanniche - University Paris X Discussant: Mazin Al Janabi - United Arab Emirates University Paper 2 Disaggregating Marketplace Attitudes toward Risk: A Contingent-Claim-Based Model Authors: Jun Yang - Acadia University Edwin H. Neave - Queen's University Michael N. Ross - Scotiabank Inverlat Discussant: Wantanee Surapaitoolkorn - Sasin At Chulalongkorn University Paper 3 Integrating Liquidity Risk Factor into a Parametric Value At Risk Method Authors: Mazin Al-Janabi - United Arab Emirates University Discussant: Jun Yang - Acadia University Paper 4 Currency risk and devalution expectations: Evidence from Finland and Sweden 1970-2005 Authors: Mika Vaihekoski - Lappeenranta University of Technology Jan Antell - HANKEN Swedish School of Economics and Business Administration Discussant: Joon Song - University of Findlay Friday, February 29, 2008, 10.00 am - 11.30 am CR-6 (Third Floor) D12 Earnings Session Chair: Brian Peterson - Diamond Management Consultants Paper 1 Finding Earnings Potential in Momentum Stocks Authors: Glenn Pettengill - Grand Valley State Susan Edwards - Grand Valley State Frank Griggs - Grand Valley State Discussant: Yannick Malevergne - EM-Lyon Paper 2 A New Measure of Analyst Earnings Forecast Dispersion Authors: Wenjuan Xie - University of Wisconsin-Madison Discussant: Brian Peterson - Diamond Management Consultants Paper 3 Panel Cointegration Test of the Ohlson Model Authors: Shih-Cheng Lee - Yuan Ze University Min-Teh Yu - Providence University Discussant: Daniel Rösch - Leibniz University Hannover Friday, February 29, 2008, 10.00 am - 11.30 am CR-8 (Third Floor) D13 Business Profits, Risk and Optimal Hedges Session Chair: Beverly Frickel - University of Nebraska at Kearney Paper 1 Business (De-)Valuation Authors: Yassin Hankir - Johann Wolfgang Goethe-University Discussant: Rafiqul Bhuyan - CalState-San Bernardino Paper 2 Terrorism and Stock Market Sentiment: Evidence from Implied Probability Densities of the FTSE 100 Index Authors: Sami Vähämaa - University of Vaasa Jussi Nikkinen - University of Vaasa Discussant: Leyuan You - University of Alaska Paper 3 Player Salaries in National Baseball, Team Revenues, and Profits Authors: Nancy Beneda - University of North Dakota Susan Nelson - University of North Dakota Steve Dennis - University of North Dakota Discussant: Yassin Hankir - Johann Wolfgang Goethe-University Paper 4 Minimum Variance Optimal Hedge Ratios With Natural Gas Futures Authors: Soojong Kwak - Samsung Economic Research Institute Hyunsoo Park - Samsung Economic Research Institute Discussant: Scott Fung - California State University East Bay Friday, February 29, 2008, 10.00 am - 11.30 am CR-9 (Third Floor) D14 Venture Capital and Valuation Session Chair: Hans-Peter Burghof - University of Hohenheim Paper 1 Allocation Determinants of Institutional Investments in Venture Capital and Private Equity Limited Partnerships in Central Eastern Europe Authors: Alexander Groh - Montpellier Business School Heinrich Liechtenstein - IESE Business School - Barcelona Miguel Canela - University of Barcelona Discussant: Dean Johnson - Michigan Tech University Paper 2 Empirical Equivalence of Dividend, Free Cash Flow and Residual Income Equity Value Estimates: Valuation Errors Resulting from Implementation Approximations Authors: Soenke Sievers - University of Cologne Diester Hess - University of Cologne Carsten Homburg - University of Cologne Discussant: Alexander Groh - GSCM - Montpellier Business School Paper 3 Security Choice in German Venture Capital Finance Authors: Georg Keienburg - University of Cologne Thomas Hartmann-Wendels - University of Cologne Discussant: Rajdeep Sengupta - Federal Reserve Bank of St. Louis Symposium Session Friday, February 29, 2008, 10.00 am - 11.30 am CR-7 (Third Floor) E02 Options Pricing (I) Session Chair: Denys Glushkov - University of Pennsylvania Paper 1 Systematic Risk and Option Prices Authors: David Horn - University of Frankfurt Eva Schneider - University of Frankfurt Discussant: Douglas Berg - Sam Houston State University Paper 2 A Simple, and Efficient Tree Model for Option Pricing Authors: Tian-Shyr Dai - National Central Taiwan University Yuh-Dauh Lyuu - National Taiwan University Tzu-Chun Chen - National Taiwan University Discussant: Harvey Stein - Bloomberg LP Paper 3 American Options in Regime-switching Models with Stochastic Interest Rates Authors: Svetlana Boyarchenko - UT-Austin Sergey Levendorskiy - UT-Austin Discussant: Michael Kunisch - Universität Karlsruhe Friday, February 29, 2008, 10.00 am - 11.30 am CR-10 (Third Floor) F06 Emerging Markets and Integration Session Chair: Yen-Chih Liu - Old Dominion University Paper 1 Volatility Spillovers between Equity and Money Markets: Evidence from selected Latin American countries Authors: Lucia Morales - Dublin Institute of Technology Mary O'Donnell - University of Limerick Discussant: Chu-Sheng Tai - Texas Southern University Paper 2 Go Long or Short in Pyramids? News from the Egyptian Stock Market Authors: Isabella Massa - Ca' Foscari University Andreas Billmeier - International Monetary Fund Discussant: Antonio Doblas-Madrid - Michigan State Paper 3 Integration Analysis of Latin American Stock Markets 1993-2007 Authors: QiYu Zhang - Trinity College Dublin Brian Lucey - Trinity College Dublin Discussant: David Suk - Rider University Friday, February 29, 2008, 10.00 am - 11.30 am CS-530 (Fifth Floor) H06 Market Microstructure Issues Session Chair: Palani-Rajan Kadapakkam - UT-San Antonio Paper 1 Heterogeneous VAR Dynamics of Limit Order Book Depth, Trade Imbalance, and Volatility on the NYSE Authors: Hao Yin - Indiana University Eldar Nigmatullin - State Street Global Advisors Konstantin Tyurin - Indiana University Discussant: Pia Bandyopadhyay - Cal State-Long Beach Paper 2 Tick Size, Taxes, and the Ex-Dividend Stock Price Behavior of REITs Authors: Jeff Whitworth - University of Houston-Clear Lake David Carter - Oklahoma State University Discussant: Elena Skouratova - UT-SAn Antonio Paper 3 Technical Trading Revisited: Persistence Tests, Transaction Costs, and False Discoveries Authors: Pierre Bajgrowicz - University of Geneva Olivier Scaillet - Swiss Finance Institute and University of Geneva Discussant: Jose Gutierrez - The University of Texas at San Antonio Paper 4 Do Futures Lead Price Discovery in Electronic Foreign Exchange Markets? Authors: Jian Yang - University of Colorado-Denver Tao Wang - Queens College and CUNY Juan Cabrera - Queens College and CUNY Discussant: Guan Jun Wang - Florida A & M University Friday, February 29, 2008, 10.00 am - 11.30 am CS-544 (Fifth Floor) H07 Short Interest, Adverse Selection and Settlement Session Chair: Ana Serra - CEMPRE and University of Porto Paper 1 Understanding The Information Content of Short Interest Authors: Xin Zhou - University of Texas at Dallas Discussant: Valeria Martinez - Fairfield University Paper 2 Impact of Settlement Differences on the Law of One Price Authors: Umesh Kumar - UT-San Antonio Palani-Rajan Kadapakkam - UT-San Antonio Discussant: Marianna Caccavaio - Bocconi University Paper 3 Simulation Tests of Typical Adverse Selection Measures Authors: Qin Wang - University of Arizona Discussant: Syed Ahmed - Cameron University Panel Session Friday, February 29, 2008, 10.00 am - 11.30 am Salon J (Third Floor) I05 Financial Exchange Consolidation and Competition Panel Chair: Paul Bennett - NYSE Euronext Panel Member 1: Ekkehart Boehmer - Texas A&M University Panel Member 2: James Angel - Georgetown University Panel Member 3: Pankaj Jain - University of Memphis Stock, options, and futures exchanges have been competing vigorously, as well as undergoing mergers and acquisitions, domestically and across national borders. Why? What industry structure is emerging? What are the benefits and risks? Three leading researchers into exchange structures will present their views and lead a discussion on research possibilities in this field. Friday, February 29, 2008, 1.30 pm - 3.00 pm CR-1 (Third Floor) A25 Earnings Management and Coverage Session Chair: Kenneth Carow - Indiana University Paper 1 Managerial Decisions on Annual Earnings Announcement Timing: Authors: Xialou Yang - Humboldt State University Rong Yang - SUNY -Brockport Discussant: Hong Qian - Oakland University Paper 2 The Value Impact of Analyst Coverage Authors: Nont Dhiensiri - UT- Brownsville Akin Sayrak - University of Pittsburgh Discussant: Linus Wilson - University of Louisiana at Lafayette Paper 3 Earnings Management Prior to Initial Public Offerings: Evidence from Secondary Share Dats Authors: Brett Cotten - East Carolina University Discussant: Xuying Cao - The University of Texas at Dallas Friday, February 29, 2008, 1.30 pm - 3.00 pm CR-2 (Third Floor) A26 Equity Pricing: Registration and Allocation Decisions Session Chair: Liuren Wu - Baruch College Paper 1 Managing the Costs of Issuing Common Equity: The Role of Registration Choice Authors: Jennifer Bethel - Babson College Laurie Krigman - Babson Collge Discussant: Caterina Lucarelli - Università Politecnica Marche Paper 2 The Role of Uncertainty and Information Asymmetry in Determining Rational Market Prices: Evidence from the Hot Issue Market for Internet Stocks Authors: Karyn Neuhauser - SUNY Plattsburgh David Beard - University of Arkansas Little Rock Tomas Mantecon - University of Nevada Las Vegas Discussant: Kenneth Small - Coastal Carolina University Paper 3 Restrictions on Allocation Discretion: Evidence from Clawbacks in Hong Kong IPOs Authors: Emmanuel Morales-Camargo - University of New Mexico Discussant: John Neumann - St. John's University Friday, February 29, 2008, 1.30 pm - 3.00 pm CR-4 (Third Floor) A27 Corporate Investment and Operational Risk Management Session Chair: Jian Yang - University of Colorado Denver Paper 1 Market Reaction to Announcements to Invest in Enterprise Resource Planning Systems Authors: Larry Prather - Southeastern Oklahoma State Daniel Benco - Southeastern Oklahoma State Discussant: Dave Jackson - UT-Pan American Paper 2 On the Dynamics of Operational Loss Clustering Authors: Anna Chernobai - Syracuse University, Whitman School of Mngt Yildiray Yildirim - Syracuse University, Whitman School of Mngt Discussant: Bernard Murphy - University of Limerick Paper 3 Is the Stock Market still a Sideshow for Corporate Investments? Authors: Scott Fung - Cal State- East Bay Shih-Chuan Tsai - Taiwan Ling Tung University Discussant: Stephen Easton - University of Newcastle, Australia Paper 4 An Option-Based Operational Risk Management on Pandemics Authors: Hua Chen - Georgia State University Discussant: Pedro Gurrola - ITAM Friday, February 29, 2008, 1.30 pm - 3.00 pm CR-5 (Third Floor) A28 Entrepreneurs and Investment Session Chair: Lin Zheng - Cornell University Paper 1 Bank Lending, Financing Constraints and SME Investment Authors: Santiago Carbo-Valverde - University of Granada Francisco Rodriguez - University of Granada Gregory Udell - Indiana University Discussant: Sarayut Nathaphan - Thammasat University Paper 2 What Boosts The Growth of Small and Medium Italian Enterprises? Authors: Valentina Salotti - Iowa State University and University of Bologna Discussant: Lin Zheng - Cornell University Paper 3 Moral Hazard When The Entrepreneur Seeks Outside Equity Authors: Gabriela Siller - Tec de Monterrey German Otalara - Tec de Monterrey Discussant: Young Kim - Northern Kentucky University Friday, February 29, 2008, 1.30 pm - 3.00 pm CS-514 (Fifth Floor) B05 Yield Bonds, Returns and Recovery Rates Session Chair: Yiuman Tse - University of Texas-San Antonio Paper 1 Recovery Rates of Commercial Lending: Empirical Evidence for Germany Authors: Jens Grunert - University of Tuebingen Martin Weber - University of Tuebingen Discussant: Axel Eisenkopf - University of Frankfurt Paper 2 Estimating Prices and Sensitivities for Multitype Multiple defaultable Bonds by Simulation Authors: Inwon Jang - Merrimack College Heung-Sik Park - Sejong University Discussant: Airu Cheng - UC- Santa Cruz Paper 3 Returns-Based Style Analysis of High-Yield Bonds Authors: Dale Domian - York University William Reichenstein - Baylor University Discussant: Zaur Rzakhanov - Analysis Group, Inc. Friday, February 29, 2008, 1.30 pm - 3.00 pm CR-9 (Third Floor) C17 Risk and Profitability in Banking Session Chair: Cynthia Campbell - Iowa State University Paper 1 A Tension Model of Financial Crashes Authors: George Chang - Grand Valley State James Feigenbaum - University of Pittsburgh Discussant: Sridhar Sundaram - Grand Valley State University Paper 2 Competition in the Payment System: Credit Card Market in Turkey with the New Empirical Evidence Authors: Ahmet Aysan - Bogazici University Nusret Muslim - Bogazici University Discussant: Sami Vähämaa - University of Vaasa Paper 3 Profitability and Risk of Derivative Contracts Used by U.S. Commercial Banks Authors: Sridhar Sundaram - GVSU Thomas Willey - GVSU Discussant: Prakash Singh - IIM, Lucknow Friday, February 29, 2008, 1.30 pm - 3.00 pm CR-3 (Third Floor) D15 Analysts: Coverage and Independence Session Chair: Diane Docking - Northern Illinois University Paper 1 Equity Underwriting Relationships and Analyst Independence in Europe Authors: Phil McKnight - University of Wisconsin Charlie Weir - Aberdeen Business School Discussant: Karsten Lieser - IESE Business School - Barcelona Paper 2 Short-Term Share Performance Following Changes in Analyst Coverage Intensity Authors: Greg Roth - New Mexico State University Rich Fortin - New Mexico State University Discussant: João Paulo Torre Vieito - Polytecnhic Institute of Viana do Castelo-Portugal Paper 3 Are Experienced Analysts More Accurate? Authors: Stuart Michelson - Stetson University Jim Gilkeson - University of Central Florida Rich Fortin - New Mexico State University Discussant: Han Kang - Illinois State University Friday, February 29, 2008, 1.30 pm - 3.00 pm CS-530 (Fifth Floor) D16 International Markets Session Chair: Marianna Caccavaio - Bocconi University Paper 1 Asset Float and Stock Prices: Evidence from the Chinese Stock Market Authors: Marianna Caccavaio - Bocconi University Andrea Beltratti - Bocconi University Discussant: Eric Lin - California State University, Sacramento Paper 2 Stock Returns and Trading Activity Around Earnings Announcements for Chinese A-Shares Authors: Jenny Zhang - Missouri State University Henk Berkman - Massey University Paul Koch - University of Kansas Discussant: Sana Mohsni - Concordia University Paper 3 Do Price Shocks Indicate a Short-term Overreaction on the German Capital Market? Authors: Sebastian Lobe - University of Regensburg Johannes Rieks - University of Regensburg Discussant: James Hackard - Southern Illinois University Edwardsville Friday, February 29, 2008, 1.30 pm - 3.00 pm CS-544 (Fifth Floor) D17 Market Integration, Risk and Country Funds Session Chair: James McCown - Oklahoma city University Paper 1 An Ever Closer Union? Examining The Evolution Of The Integration Of European Equity Markets Via Minimum Spanning Trees Authors: Brian Lucey - Trinity College Dublin Claire Gilmore - King's College Marian Boscia - King's College Discussant: Haksoon Kim - Louisiana State University Paper 2 Contagion and Investor Sentiment: Evidence from Closed-End Country Funds Authors: Chu-Sheng Tai - Texas Southern University Discussant: Diego Cueto - Concordia University Paper 3 A Test for Inherent Characteristic Bias in Betting Markets Authors: Steven Dennis - University of North Dakota William Dare - Oklahoma State Discussant: Sunti Tirapat - Chulalongkorn University Paper 4 Can Default Risk Explain Stock Return? Authors: Bob Li - Monash University Paul Labcygier - Monash University SY Guo - Monash University Xiaoying Chen - Cal State-Long Beach Discussant: Jung-Wook Kim - University of Alberta Friday, February 29, 2008, 1.30 pm - 3.00 pm CR-6 (Third Floor) D18 Volatilities and Risks in Markets Session Chair: Bernt Arne Odegaard - Norwegian School of Management BI Paper 1 An Examination of Implied Options and Intraday Volatilities in Pre Event Time Authors: Pat Obi - Purdue University Discussant: Kinyip Ho - Cornell University and Colgate University Paper 2 Volatility Dynamics of the Greater China Stock Markets: A Multivariate Asymmetric Approach Authors: Kinyip Ho - Cornell University and Colgate University Discussant: Viviana Fernandez - University of Chile Paper 3 Correlation, Risk and International Diversification Authors: Leyuan You - University of Alaska Robert Daigler - Florida International University Discussant: Shantanu Dutta - St. Francis Xavier University Friday, February 29, 2008, 1.30 pm - 3.00 pm CR-8 (Third Floor) D19 Mutual funds Session Chair: Stefan Ruenzi - Centre for Financial Research- Cologne Paper 1 The Impact of Work Group Diversity on Performance: Large Sample Evidence from the Mutual Fund Industry Authors: Alexandra Niessen - University of Cologne Michaela Baer - University of Cologne Stefan Ruenzi - University of Cologne Discussant: Kenton Hoyem - University of Alberta Paper 2 Follow The Market or Follow the Leader? An analysis of mutual fund trading strategies Authors: Qiang Bu - Penn State Harrisburg Discussant: Wako Watanabe - Keio University Paper 3 ETFs: Asset Structure, Institutional Arrangements and Mispricing Potential Authors: Patricia Wollan - Rochester Institute of Technology Ashok Robin - Rochester Institute of Technology Discussant: Suheyla Ozyildirim - Bilkent University Friday, February 29, 2008, 1.30 pm - 3.00 pm CR-10 (Third Floor) D20 Cross-sectional Returns Session Chair: Kurtay Ogunc - University of Texas at Dallas Paper 1 Gold Betas in the Fama French Context, 1978-2006 Authors: ViJay Ghodhalekar - Grand Valley State Laurence Blose - Grand Valley State Discussant: Elena Kalotychou - Cass Business School Paper 2 What Does the Cross-section Tell About Itself? An Asset Pricing Model with Cross-sectional Moments Authors: Paulo Maio - Bilkent University Discussant: Qin Wang - University of Arizona Paper 3 The FED policy and the cross section of stock returns Authors: Paulo Maio - Bilkent University José Tavares - Universidade Nova de Lisboa Discussant: Huei-Wen Teng - Penn State University Symposium Session Friday, February 29, 2008, 1.30 pm - 3.00 pm CR-7 (Third Floor) E03 Hedging Session Chair: Roger Lee - University of Chicago Paper 1 Basis Risk and Optimal Hedging Of a Purchase Decision Authors: Latha Shanker - Concordia University Narayanaswamy Balakrishnan - MacMaster University Discussant: Tian-Shyr Dai - National Central University Taiwan Paper 2 Hedging Options in the Presence of Microstructural Noise Authors: David Horn - University of Frankfurt Eva Schneider - University of Frankfurt Grigory Vilkov - University of Frankfurt Discussant: Jaya Bishwal - University of North Carolina at Charlotte Paper 3 A Convertible-Bond-Pricing Method Based on Bond Prices on Markets Authors: You-Lan Zhu - University of North Carolina-Charlotte Qiang Shi - University of North Carolina-Charlotte Discussant: Natalia Sizova - Duke University Paper 4 Robust Replication of Volatility Derivatives Authors: Roger Lee - University of Chicago Peter Carr - NYU Discussant: Kridsda Nimmanunta - Chulalongkorn University Symposium Session Friday, February 29, 2008, 1.30 pm - 3.00 pm CR-11 (Third Floor) F07 Cross-border Acquisitions: Value and Benefits Session Chair: James Refalo - Cal State Los Angeles Paper 1 Financial Determinants of FDI - Evidence from European Firms' Cross-border Acquisitions Authors: Jens Forssbaeck - Lund University Lars Oxelheim - Lund University Discussant: Nancy Beneda - University of North Dakota Paper 2 What Determines The Number And Value of Bank Mergers And Acquisitions Around The Globe? Authors: Keven Yost - Auburn University James Barth - Auburn University John Jahera - Auburn University Triphon Phumiwasana - Milken Institute Discussant: Fabian Gleisner - Johann Wolfgang Goethe-University Paper 3 Early-Mover Benefits in Cross-border Mergers and Consequences on Rival Bidders Authors: Tanja Steigner - Emporia State University Ninon Kohers Sutton - University of South Florida Discussant: Nianyun Cai - University of Michigan-Dearborn Panel Session Friday, February 29, 2008, 1.30 pm - 3.00 pm Salon J (Third Floor) I06 Chicago Mercantile Exchange: CME Risk Management Products Panel Chair: John Labuszewski - Chicago Mercantile Exchange Panel Member 1: Mark Holder - Kent State University Panel Member 2: Jim Moser - CFTC “Institutional Application of Futures Markets” Highlighting how futures markets have changed the financial landscape from the perspective of an academic, a regulator and an exchange. This session includes discussions of · Are derivatives substitutes or complements for traditional bank lending activities? This discussion includes a review of Diamond’s “Delegated Monitoring” suggesting that derivatives complement bank lending by reducing systematic risks allowing banks to take greater advantage of diversification opportunities. · The growth of “portable alpha” programs and the hedge fund industry. We provide the rationale for and operation of portable alpha programs and demonstrate how futures contracts are utilized to provide beta exposure.Increasingly, investors are turning to hedge funds to provide alpha exposures with the aim of providing superior investment returns. · The emergence of customized over-the-counter products offered by derivatives dealers. We discuss risk-transfer products including deal contingent forwards on commodities and forex and how they are used to mitigate institutional risks. Further discussion regarding how these dealers develop customized products for customers while laying off those risk using standardized exchange traded derivatives. Friday, February 29, 2008, 3.30 pm - 5.00 pm CR-2 (Third Floor) A29 R&D Valuation and Advertising Expenditures Session Chair: Carl Luft - DePaul University Paper 1 Advertising Expenditures and Stockholder Returns: A Tobin’s Q Approach Authors: John Schatzberg - University of New Mexico George Hozier - Fort Lewis College Laurie Schatzberg - Univeristy of New Mexico Discussant: Hamid Rahman - Alliant International University Paper 2 Stock Market Valuation of R&D Expenditure - Role of R&D Measures Authors: Aiyaswami Prasad - Ohio Northern University Discussant: Michael Kunisch - Universität Karlsruhe Paper 3 Stock Market Valuation of R&D Expenditure- Impact of Government Regulation of Industry Authors: Aiyaswami Prasad - Ohio Northern University Discussant: Raymond Cox - University of Ontario Institute of Technology Friday, February 29, 2008, 3.30 pm - 5.00 pm CR-3 (Third Floor) A30 Corporate Management Issues Session Chair: Michael Grote - Goethe University, Frankfurt Paper 1 Equity Financing and External Contracting at Biopharmaceutical Firms: Evidence from PIPEs Authors: Jenny Zhang - Missouri State University Chris Anderson - University of Kansas Discussant: Yan Zhang - Indiana University Paper 2 What Kind of Firms Would Benefit from Diversification?: Authors: Sijing Zong - Cal State-Stanislaus Raj Aggarwal - Akron University Discussant: Raymond Cox - University of Ontario Institute of Technology Paper 3 Stock Market Returns and Size Premium Authors: Jungshik Hur - Louisiana Tech Vivek Sharma - University of Michigan-Dearborn Discussant: Tian Tang - University of Alabama Friday, February 29, 2008, 3.30 pm - 5.00 pm CR-4 (Third Floor) A31 Corporate Events, Market Reaction, and Litigation Session Chair: Karyn Neuhauser - SUNY Plattsburgh Paper 1 The Effect of Statutory Indemnity on Securities Class Action Litigation Settlements: A First Look Authors: Zaur Rzakhanov - Analysis Group, Inc. Gaurav Jetley - Analysis Group, Inc. Discussant: Soenke Sievers - University of Cologne Paper 2 The UK Equity Market Around the Ex-Split Date Authors: Maxim Zagonov - Cass Business School Elena Kalotychou - Cass Business School Sotiris K. Staikouras - Cass Business School Discussant: Etti Baranoff - VCU Paper 3 Investor Sentiment, Timing of Self-Selected Corporate Events and Market Reactions Authors: Subhankar Nayak - Wilfrid Laurier University Discussant: Edward Lawrence - Florida International University Friday, February 29, 2008, 3.30 pm - 5.00 pm CR-5 (Third Floor) A32 Bondholder Effects Session Chair: Larry Holland - University of Arkansas at Little Rock Paper 1 Developments in Corporate Creditworthiness around Ownership Events Authors: Dror Parnes - University of South Florida Discussant: Pankaj Jain - University of Memphis Paper 2 Bond Performance in Mergers and Acquisitions: The Impact and Spillover of Governance and Legal Standards Authors: Peter Szilagyi - University of Cambridge Luc Renneboog - Tilburg University and ECGI Discussant: Larry Belcher - Stetson University Paper 3 Bondholder Wealth Effects in Going Private Transactions Authors: Tao-Hsien King - University of North Carolina-Charlotte Lindsay Baran - University of North Carolina-Charlotte Discussant: Jan Ericsson - McGill University Friday, February 29, 2008, 3.30 pm - 5.00 pm CS-514 (Fifth Floor) B06 Asset Analysis, Analysts and Credit Session Chair: Elena Smirnova - SUNY, College at Old Westbury Paper 1 Equity Credit, Credit Rating Targeting, and Treasury Stock: Evidence of a Symbiotic Relationship Authors: Sam Tibbs - East Carolina University Mark McCarthy - East Carolina University Doug Schneider - East Carolina University Discussant: Nina Boyarchenko - University of Chicago GSB Paper 2 Analysis of Mortgage Backed Securities Authors: Harvey Stein - Bloomberg LP Alexander Belikoff - Bloomberg LP Kirill Levin - Bloomberg LP Xusheng Tian - Bloomberg LP Discussant: Demissew Ejara - University of New Haven Paper 3 Are Analysts Right? Regime Switching in the Term Structure of Interest Rates Authors: Nina Boyarchenko - University of Chicago GSB Discussant: Paul Kupiec - FDIC Friday, February 29, 2008, 3.30 pm - 5.00 pm CR-10 (Third Floor) C18 Currency and Hedge Funds Issues Session Chair: Celso Brunetti - Johns Hopkins University Paper 1 Hedge Funds Are Not Destabilizing Authors: Celso Brunetti - Johns Hopkins University Michael Haigh - CFTC Discussant: Martin Rohleder - Catholic University of Eichstaett-Ingolstadt Paper 2 Investigating the PPP Hypothesis Using Constructed U.S. Dollar Equilibrium Exchange Rate Misalignments over the Post-Bretton Woods Period Authors: Axel Grossmann - Radford University Marc W. Simpson - University of Texas - Pan American Teofilo Ozuna - University of Texas - Pan American Discussant: Georges Tsafack - Saywer School of Management, Suffolk University Paper 3 Overconfidence In Currency Markets Authors: Carol Osler - Brandeis University Thomas Oberlechner - Webster University Vienna Discussant: David Horn - University of Frankfurt Friday, February 29, 2008, 3.30 pm - 5.00 pm CR-11 (Third Floor) C19 Investment Styles and Bank Expansion Strategies Session Chair: Huasheng Gao - University of British Columbia Paper 1 Strategic IPO underpricing: Empirical Evidence From the Indian Markets With a Special Focus on Banking and Financial Services Offerings Authors: Prakash Singh - Indian Institute of Management Discussant: Raulin Cadet - Université de Rennes 1 Paper 2 Sex Matters: Gender Differences in a Professional Setting Authors: Stefan Ruenzi - University of Cologne Alexandra Niessen - University of Cologne Discussant: Frank Strobel - University of Birmingham Paper 3 Migration and the Retail Banking Industry Authors: Fabian Gleisner - Johann Wolfgang Goethe-University Discussant: Kenneth Jones - FDIC Friday, February 29, 2008, 3.30 pm - 5.00 pm Salon J (Third Floor) D21 Risk Sharing and Investment Strategy Session Chair: Susana Alonso - University of Valladolid Paper 1 The Rebalancing Policies with a Standard Deviation Trigger for a Constant Mix Strategy Authors: Bolong Cao - Ohio University Discussant: Crystal Yan Lin - Eastern Illinois University Paper 2 Estimating The Limit Hit Probability Under Price Limit Regimes Authors: Joseph Yagil - Haifa University Tamir Levy - Netanya Academic College Discussant: Walayet Khan - University of Evansville Paper 3 Short-term Performance, Deal Characteristics, and Corporate Governance: Canadian Evidence on M&As Authors: Shantanu Dutta - St. Francis Xavier University H. Kent Baker - American University Samir Saadi - Queens University Peng Cheng Zhu - Carleton University Discussant: Nancy Beneda - University of North Dakota Friday, February 29, 2008, 3.30 pm - 5.00 pm CR-1 (Third Floor) D22 Sin, Sin Stocks and Market Returns Session Chair: Francis Laatsch - Bowling Green State University Paper 1 Sin Stock Returns over the Business Cycle Authors: Julie Salaber - Paris-Dauphine University Discussant: Valentina Salotti - Iowa State University and University of Bologna Paper 2 The Determinants of Sin Stock Returns: Evidence on the European Market Authors: Julie Salaber - Paris-Dauphine University Discussant: Denys Glushkov - University of Pennsylvania Paper 3 Payoffs to Virtue and Sin: Social Responsibility and Stock Returns Authors: Denys Glushkov - University of Pennsylvania Meir Statman - Santa Clara University Discussant: MaryAnn Lawrence - Key Corp & Cleveland State University Friday, February 29, 2008, 3.30 pm - 5.00 pm CS-530 (Fifth Floor) D23 Market Impact, Credit Interest Rates and Taxes Session Chair: Wendy Edelberg - Federal Reserve Board Paper 1 Racial Disperson in Consumer Credit Interest Rates Authors: Wendy Edelberg - Federal Reserve Board Discussant: Giulio Palomba - Università Politecnica Marche Paper 2 Do Tax Law Changes Influence Ex-Dividend Stock Price Behavior? Evidence from 1926-2005 Authors: Jeff Whitworth - University of Houston-Clear Lake Ramesh P. Rao - Oklahoma State University Discussant: Randi Naes - Norges Bank Paper 3 Market Impact of International Sporting and Cultural Events Authors: Anna Serra - Universidad de Porto Antonio Martins - Universidad de Porto Discussant: Lei Zhang - INSEAD Friday, February 29, 2008, 3.30 pm - 5.00 pm CR-6 (Third Floor) D24 Research and Information Session Chair: Joseph Vu - DePaul University Paper 1 Pedigree or Placement? An Analysis of Research Productivity in Finance Authors: Kam Chan - Western Kentucky University Carl Chen - University of Dayton Hung-Gay Fung - University of Missouri-St Louis Discussant: Beverly Frickel - University of Nebraska at Kearney Paper 2 Why are British Premium Bonds So Successful? The Effect of Saving with a Thrill Authors: Sebastian Lobe - University of Regensburg Alexander Hoelzl - University of Regensburg Discussant: Jingzhi Huang - Penn State Paper 3 The Relative Importance of Strength and Weight in Processing New Information in the College Football Wagering Market Authors: Mukunthan Santhanakrishnan - Idaho State University Gregory Durham - Montana State University Discussant: Frank Griggs - Grand Valley State University Friday, February 29, 2008, 3.30 pm - 5.00 pm CR-8 (Third Floor) D25 Asset Allocation Session Chair: Donald Lien - University of Texas at San Antonio Paper 1 Dynamic Asset Allocation and Consumption under Ambiguity for Regime Switching Mean Returns Authors: Hening Liu - Northern Illinois University Discussant: Xudong Fu - University of Alabama Paper 2 The Economic Value of Predicting Correlation for Asset Allocation Authors: He Huang - University of Cologne Georg Keienburg - University of Cologne Duane Stock - University of Oklahoma Discussant: Xiaolou Yang - Humboldt State University Paper 3 Optimal Tax-Timing and Asset Allocation when Tax-Rebates on Capital Losses are Limited Authors: Marcel Marekwica - University of Frankfurt Discussant: Stuart Michelson - Stetson University Friday, February 29, 2008, 3.30 pm - 5.00 pm CR-9 (Third Floor) D26 Investment Behavior Session Chair: John Wingender - Creighton University Paper 1 Investor Behavior Insights via an Analysis of the Mad Money “Lightning Round” Authors: John Neumann - St. John's University Peppi Kenny - Western Illinois University Discussant: Jussi Nikkinen - University of Vaasa Paper 2 Stock Price Effects Associated With Socially Responsible Index Constituent Changes Authors: Steven P. Clark - University of North Carolina-Charlotte Judson W. Russell - University of North Carolina-Charlotte Discussant: Thomas Mann - Lewis University Paper 3 Shrinkage Bayesian Portfolio Incorporating Factor Model in Optimal Portfolio Selection: An Empirical Study Authors: Sarayut Nathaphana, - Mahidol University International College Pornchai Chunhachinda - Thammasat Business School Chalie Charoenwong - Nanyang Technological University Discussant: Sybille Grob - De Nederlandsche Bank Symposium Session Friday, February 29, 2008, 3.30 pm - 5.00 pm CR-7 (Third Floor) E04 Options Pricing (II) Session Chair: Pierre Yourougou - Syracuse University Paper 1 GARCH and Diffusions: Speed of Convergence and Market Completeness Authors: Amine Trifi - University Paris Sorbonne Discussant: Paper 2 An Economic Analysis of Bonus Certificates-second Generation of Structured Products Authors: Jorge Brusa - Texas A&M International University Rodrigo Hernandez - Radford University Pu Liu - University of Arkansas Discussant: Lourdes Trevino-Villarreal - Universidad Autonoma de Nuevo Leon Paper 3 Efficient and Unbiased Greeks of Rainbow and Path-Dependent Options Using Importance Sampling Authors: Yuh-Dauh Lyuu - National Taiwan University Huei-Wen Teng - Pennsylvania State University Discussant: Jing Li - University of North Carolina-Charlotte Paper 4 Volatility Smile and Black-Scholes Model Authors: Pierre Yourougou - Syracuse University Guan Jun Wang - Florida A & M University Discussant: Kinyip Ho - Cornell University and Colgate University Friday, February 29, 2008, 3.30 pm - 5.00 pm CS-544 (Fifth Floor) F08 Joint Ventures, Private Capital Flows and FDI Session Chair: Leyuan You - University of Alaska Paper 1 The Determinants of Cross-Border M&A Transactions in Latin America Authors: Eduardo Pablo - IESA Discussant: Xuan Vinh Vo - The University of New South Wales Paper 2 Does Political Stability Affect Foreign Direct Investment?: Evidence From the Quality of Government Authors: Haksoon Kim - Louisiana State University Discussant: Erhan Uluceviz - Bogazici University Paper 3 On the Impact of Private Capital Flows on Economic Growth and Development Authors: Laurent Gheeraert - Universite Libre de Bruxelles Malek Mansour - Universite Libre de Bruxelles Discussant: Chien-Chung Nieh - Tamkang University Saturday, March 1, 2008, 9.00 am - 10.30 am CR-6 (Third Floor) A33 Real Effects of Financing Session Chair: Andrew Zhang - University of Arizona Paper 1 Financial Pressure and the Dynamics of Agency Cost Measures: Evidence from Panel Data VARs Authors: Bolong Cao - Ohio University Discussant: Elizabeth Cooperman - University of Colorado at Denver and Health Sciences Center Paper 2 Corporate Investment, Cash Flow Level, and Market Imperfections Authors: Gabriela Mundaca - University of Oslo Discussant: Latha Shanker - Concordia University Paper 3 Hidden Debt and the Selectivity of Professional Partnerships Authors: Linus Wilson - University of Lousinana at Lafayette Discussant: Francisco Rodriguez - University of Granada Saturday, March 1, 2008, 9.00 am - 10.30 am CR-15 (Third Floor) C20 Loan Supply, Charge Offs and Net Margins Session Chair: Frank Strobel - University of Birmingham Paper 1 The Chicken or The Egg? The Trade-off Between Bank Non-interest Income and Net Interest Margins Authors: Barry Williams - Bond Univeristy Gulasekaran Rajaguru - Bond University Discussant: Victor Murinde - University of Birmingham Paper 2 The Impact of Capital Requirements in Banks' Loan Supply: An Application to Brazilian Banking Authors: Marcio Nakane - University of Sao Paulo Denis Blum - Tendências Consultoria Integrada Discussant: Kevin Chiang - University of Vermont Paper 3 Does Uncertainty Matter for Loan Charge-offs? Authors: Frank Strobel - University of Birmingham Laetitia Lepetit - University of Limoges Discussant: Harald Scheule - University of Melbourne Saturday, March 1, 2008, 9.00 am - 10.30 am CR-16 (Third Floor) C21 Mutual Funds, Pension Funds and Credit Ratings Agencies Session Chair: Hwagyun Kim - Texas A&M University Paper 1 Effects of National Recognition on the Influence of Credit Rating Agencies Authors: Yoon Shin - Loyola College - Maryland William Moore - University of South Carolina Discussant: Kenneth Carow - Indiana University Paper 2 Pension Fund Finance and Sponsoring Companies: Empirical Evidence Authors: Leonard de Haan - De Nederlandsche Bank Philip Davis - Brunel University Sybille Grob - De Nederlandsche Bank Discussant: Sami Vähämaa - University of Vaasa Paper 3 Demutualization: Determinants and Consequences of the Mutual Holding Company Choice Authors: Kenneth Carow - Indiana University Steven Cox - Indiana University Dianne Roden - Indiana University Discussant: Gustavo Suarez - Federal Reserve Board Saturday, March 1, 2008, 9.00 am - 10.30 am CR-12 (Third Floor) D27 Fairness, Disclosure and Risk Assessment Session Chair: Kurtay Ogunc - University of Texas at Dallas Paper 1 Measuring Idiosyncratic Risks in Leveraged Buyout Transactions Authors: Alexander Groh - Montpellier Business School Rainer Baule - University of Goettingen Oliver Gottschalg - HEC School of Management Discussant: Long Kang - Indiana University Bloomington Paper 2 Has Regulation Fair Disclosure Increased the Importance of Public Information to Analysts?: The Case of Earnings Announcements Authors: TeWhan Hahn - Auburn University Montgomery Minsup Song - Sogang University Discussant: Li Li - University of the Thai Chamber of Commerce Paper 3 Fairness Opinions and Capital Markets: Evidence from Germany, Switzerland and Austria Authors: Sebastian Lobe - University of Regensburg Nils-Christian Schenk - University of Regensburg Discussant: Jose Jorge - CEMPRE and Universidad de Porto Saturday, March 1, 2008, 9.00 am - 10.30 am CR-7 (Third Floor) D28 Managerial Sentiment and Acquisition Decisions Session Chair: Patricia Wollan - Rochester Institute of Technology Paper 1 Investor Sentiment and Acquisitions: Is M&A Bidding Premium Driven by Market Sentiment? Authors: Xiaotian Zhu - Old Dominion University Yen-Chih Liu - Old Dominion University Discussant: M. Imtiaz Mazumder - SUNY Inst. of Technology Paper 2 Cosmetic Mergers: The Effect of Style Investing on the Market for Corporate Control Authors: Lei Zhang - INSEAD Massimo Massa - INSEAD Discussant: Patricia Wollan - Rochester Institute of Technology Paper 3 Managerial Sentiment and Project Selection Authors: Arvi Arunachalam - Florida International University Edward R. Lawrence - Florida International University Arun Prakash - Florida International University Discussant: Carl Luft - DePaul University Saturday, March 1, 2008, 9.00 am - 10.30 am CR-8 (Third Floor) D29 Anomalies Refuted Session Chair: Julie Salaber - Paris-Dauphine University Paper 1 A Refutation of the Existence of the Other January Effect Authors: Stephen Easton - University of Newcastle, Australia Sean Pinder - University of Newcastle, Australia Discussant: Yan Xie - University of Michigan-Dearborn Paper 2 Information Content of S&P 500 Index Additions: A Reexamination using Russell 1000 Reconstitutions Authors: Mukunthan Santhanakrishnan - Idaho State University Swaminathan Kalpathy - Washington State University Discussant: Daniel Niedermayer - University of Basel Paper 3 Noise Trading and 'Illusory Correlations' in U.S. Equity Markets Authors: Jennifer Bender - MSCI Barra Carol Osler - Brandeis University Discussant: Halil Kiymaz - Rollins College Saturday, March 1, 2008, 9.00 am - 10.30 am CR-9 (Third Floor) D30 Trading, Market Linkages and Returns Session Chair: Hening Liu - Northern Illinois University Paper 1 Spatial Linkages in International Financial Markets Authors: Viviana Fernandez - University of Chile Discussant: Haiwei Chen - Cal State -San Bernardino Paper 2 The Global Switch to Electronic Trading in Financial Markets Authors: Chinmay Jain - University of Memphis Pankaj Jain - University of Memphis Discussant: Ping-Wen Sun - LSU Paper 3 Market Pricing of Economic Risks and Stock Returns Authors: Yi Tang - Baruch College, CUNY Liuren Wu - Baruch College, CUNY Discussant: Kiseok Nam - Yeshiva University Saturday, March 1, 2008, 9.00 am - 10.30 am CR-10 (Third Floor) D31 Equity And Futures Markets Session Chair: Camilla Mazzoli - Università Politecnica Marche Paper 1 Asymmetry in the Market Price of Risk: Evidence from Latin America Authors: Gökçe Soydemir - University of Texas Pan American Rahul Verma - University of Houston Jose Moreno - University of Texas Pan American Discussant: Jacob Bikker - De Nederlandsche Bank Paper 2 Competition for Order Flow and Market Quality in the Gold and Silver Futures Markets Authors: Valeria Martinez - Fairfield University Zi Ning - UT-San Antonio Yiuman Tse - UT-San Antonio Discussant: Brett Cotten - East Carolina University Paper 3 The Effect of Stock Splits on iShare Exchange-Traded Funds Authors: James Hackard - Southern Illinois University Pia Bandyopadhyay - Cal State- Long Beach Yiuman Tse - University of Texas-San Antonio Discussant: Pierre Bajgrowicz - University of Geneva Saturday, March 1, 2008, 9.00 am - 10.30 am CR-14 (Third Floor) E05 Volume and Volatility Information Session Chair: Lavern McFarlane - Manchester Business School Paper 1 The Conditional Dependence Between Volatility Futures and Equity Cash Market Authors: Sotiris Staikouras - Cass Business School Paul Dawson - Kent State University Discussant: Soojong Kwak - Samsung Economic Research Institute Paper 2 Interrelationships Between Options, Futures and Stock Markets Authors: Scott Fung - Cal State- East Bay Shih-Chuan Tsai - Taiwan Ling Tung University Discussant: Lavern McFarlane - Manchester Business School Paper 3 Changes in Trading Volume and Return Volatility Associated with S&P 500 Index Additions and Deletions Authors: Eric Lin - Cal State-Sacramento John Kensinger - University of North Texas Discussant: George Chang - Grand Valley State Saturday, March 1, 2008, 9.00 am - 10.30 am CR-5 (Third Floor) F09 International Issues Session Chair: Zhiqi Wang - University of Reading Paper 1 NAFTA Effect on Company Values and Performance Authors: Sergiy Rakhmayil - Ryerson University Ayse Yuce - Ryerson University Discussant: Arturo Rubalcava - University of Regina Paper 2 The Impact of China on World Oil Markets Authors: James Refalo - Cal State-Los Angeles Guangzhong Li - Baruch College Lifan Wu - Sun Yat-Sen University and Cal State -Los Angeles Discussant: Leo Bin - University of Illinois at Springfield Paper 3 The Global Competitiveness Challenge and Tax Structure from a Firm's Financial Stakeholder Perspective Authors: Fariz Huseynov - University of Memphis Ronald W Spahr - University of Memphis Pankaj Jain - University of Memphis Discussant: Dale Domian - York University Saturday, March 1, 2008, 9.00 am - 10.30 am CS-514 (Fifth Floor) F10 International Exchange Listing Choice Session Chair: Xiao Huang - Kennesaw State Paper 1 Cross-Listing Pursuit of Unseasoned Foreign Firms After Going Public in the U.S. Authors: Magali Valero - University of Michigan- Dearborn Hei-Wai Lee - University of Michigan- Dearborn Nianyun Cai - University of Michigan- Dearborn Discussant: Jean-Claude Cosset - HEC Montréal Paper 2 The Choice of ADRs Authors: Anis Samet - HEC Montréal Narjess Boubakri - HEC Montréal Jean-Claude Cosset - HEC Montréal Discussant: Mukunthan Santhanakrishnan - Idaho State University Paper 3 Industry Dynamics and Impacts of Cross-listings on the Home Markets Authors: Yan Zhang - Indiana University Discussant: Lucia Morales - Dublin Institute of Technology Saturday, March 1, 2008, 9.00 am - 10.30 am CS-530 (Fifth Floor) F11 Exchange Rates and Exposure Session Chair: Stefano Mazzotta - Kennesaw State University Paper 1 Foreign Exchange Exposure of U.S. Firms and Macroeconomic Conditions: Is There a Link? Authors: Stefano Mazzotta - Kennesaw State University Ines Chaieb - University of Amsterdam Discussant: Laurent Gheeraert - ULB, Solvay Business School, Centre Emile Bernheim Paper 2 How Do Fund Managers Invest: Self Strategy or Herding in Private Pension Funds Authors: Jean Sepulveda - Universidad del Desarrollo-Chile Jose Olivares - Universidad del Desarrollo Discussant: Paper 3 Diversification Gains in the Market of Provincial Bonds Authors: Valentina Galvani - University of Alberta Aslan Behnamian - University of Alberta Discussant: Inwon Jang - Merrimack College Saturday, March 1, 2008, 9.00 am - 10.30 am CR-13 (Third Floor) H08 Macroeconomic News, Mortality, and Volatility Persistence Session Chair: Dan Jubinski - St. Joseph's University Paper 1 The Early News Catches the Attention: On the Relative Price Impact of Similar Economic Indicators Authors: Alexandra Niessen - University of Cologne Dieter Hess - University of Cologne Discussant: Tanja Steigner - Emporia State University Paper 2 Modeling Mortality with Jumps: Transitory Effects and Pricing Implication to Mortality Securitization Authors: Hua Chen - Georgia State University Samuel Cox - University of Manitoba Discussant: Dan Jubinski - St. Joseph's University Paper 3 Observable Firm Characteristics and Individual Equity Volatility Persistence Authors: Dan Jubinski - St. Joseph's University Discussant: Lee Dunham - University of Nebraska - Lincoln Saturday, March 1, 2008, 11.00 am - 12.30 pm CR-5 (Third Floor) A34 Leverage for Small Firms Session Chair: Dar-Hsin Chen - National Taipei University Paper 1 Determinants of the Capital Structure of SMEs: A Seemingly Unrelated Regression Approach Authors: Ciarán Mac an Bhaird - Trinity College Dublin Brian Lucey - Trinity College Dublin Discussant: Anahi Briozzo - Universidad Nacional del Sur - CONICET Paper 2 The Role of Financial Flexibility in Financial Decisions Authors: Soku Byoun - Baylor University Discussant: Thomas Bloch - Goethe University Frankfurt Paper 3 A Demand-Side Approach To SME’s Capital Structure: Evidence From Argentina Authors: Anahi Briozzo - Universidad Nacional del Sur - CONICET Hernán Vigier - Universidad Nacional del Sur Discussant: Huasheng Gao - University of British Columbia Saturday, March 1, 2008, 11.00 am - 12.30 pm CR-13 (Third Floor) C22 Bank Ownership Mode, Efficiency and Profitability Session Chair: Bradley Stevenson - The University of Akron Paper 1 The Effects of Public versus Private Ownership on Bank Holding Company Profit Efficiency: 1996 - 2006 Authors: Bradley Stevenson - University of Akron Aigbe Akhigbe - University of Akron James McNulty - Florida Atlantic University Discussant: Romulo Magalhaes - Universidad Carlos III de Madrid Paper 2 Characteristics Determining The Efficiency of Foreign Banks in Australia Authors: Barry Williams - Bond University Discussant: Klaus Schaeck - Cass Business School Paper 3 Bid-Ask Spreads and Volume: The Role of Trade Timing Authors: Andreas Park - University of Toronto Discussant: Gregory Durham - Montana State University Saturday, March 1, 2008, 11.00 am - 12.30 pm CS-530 (Fifth Floor) C23 Alternative Investments and Financial Systems Session Chair: Arturo Rubalcava - University of Regina Paper 1 Alternative Finance for Poor and Low-income people Authors: Alvin Ndip - University of Otago Discussant: Jean Snavely - Western Kentucky University Paper 2 Optimal Fragile Financial Network Authors: Fabio Castiglionesi - Tilburg University Noemi Navarro Prada - Universidad de Málaga Discussant: Aymen Karoui - HEC Montréal Paper 3 Microfinance Subsidies: Lessons from Grameen Bank Authors: Abdullah Makame - University of Birmingham Victor Murinde - University of Birmingham Discussant: Maxim Zagonov - Cass Business School Saturday, March 1, 2008, 11.00 am - 12.30 pm CR-16 (Third Floor) D33 Household Finance, Advice and Financial Research Session Chair: Beverly Frickel - University of Nebraska at Kearney Paper 1 Whither Finance - Trend of Financial Research in Premier Journals Authors: Hamid Rahman - Alliant International University Kenneth Yung - Old Dominion University Crystal Yan Lin - Eastern Illinois University Discussant: Yunbi An - University of Windsor Paper 2 Household Investment Asset Variation and Wealth Authors: Michael Finke - Texas Tech University Nathan Harness - University of Georgia Swarnankur Chatterjee - University of Georgia Discussant: Bolong Cao - Ohio University Paper 3 Can Taxes Save Dollar Cost Averaging? Authors: Thomas Mann - Finance Research Associates Robert Atra - Lewis University Discussant: Joseph McCormack - U. of Houston-Clear Lake Saturday, March 1, 2008, 11.00 am - 12.30 pm CR-7 (Third Floor) D34 Anomalies Session Chair: Caterina Lucarelli - Università Politecnica Marche Paper 1 Profitability of Nonlinear Dynamics under Technical Strategies: Evidence from Pacific-Basin Stock Markets Authors: Kiseok Nam - Yeshiva University Joshua Krausz - Yeshiva University Sa-Young Lee - Chungbuk National University Discussant: Aslan Behnamian - University of Alberta Paper 2 Do Relative Leverage and Relative Distress Really Explain Size and BM Anomalies? Authors: Kuan-Cheng Ko - National Central University Pin-Huang Chou - National Central University Shin-Juh Lin - National Chengchi University Discussant: M. Imtiaz Mazumder - SUNY Inst. of Technology Paper 3 Accruals, Net Stock Issues and Value-Glamour Anomalies Authors: Tao Wang - CUNY Gikas Hardouvelis - University of Piraeus George Papanastasopoulos - University of Peloponnese Dimitrios Thomakos - University of Peloponnese Discussant: Oliver Vins - Johann Wolfgang Goethe University, Frankfurt Saturday, March 1, 2008, 11.00 am - 12.30 pm CR-8 (Third Floor) D35 Private Equity: Value Creation Session Chair: Michael Sebastian - Ennis Knupp + Associates Paper 1 The Attractiveness of Central Eastern European Countries for Venture Capital and Private Equity Investors Authors: Alexander Groh - Montpellier Business School Heinrich Liechtenstein - IESE Business School - Barcelona Karsten Lieser - IESE Business School - Barcelona Discussant: Jennifer Bender - MSCI Barra Paper 2 Hedge Funds vs. Private Equity Funds as Shareholder Activists – Differences in Value Creation Authors: Mark Mietzner - European Business School Denis Schweizer - European Business School Discussant: Yen-Chih Liu - Old Dominion University Paper 3 Measuring Performance within the Private Equity Industry: The Effects of Fund Reported Residual Values Authors: Charles Beauchamp - Middle Tennessee State University Michael Highfield - Mississippi State University Larry White - East Tennessee State University Discussant: Denis Schweizer - European Business School Saturday, March 1, 2008, 11.00 am - 12.30 pm CR-9 (Third Floor) D36 Portfolio Selection Session Chair: Yong Bao - Temple University Paper 1 The Approximate Bias and Mean Squared Error of the Estimated Sharpe Ratio in the Presence of Nonnormality Authors: Yong Bao - Temple University Discussant: Wenjuan Xie - University of Wisconsin-Madison Paper 2 Long-Short Portfolio Selection Models In Presence Of CVaR Risk Measures Authors: Ritesh Kumar - Indian Institute of Management Subir Bhattacharya - Indian Institute of Management Discussant: Nusret Muslim - Bogazici University Paper 3 Managing Adverse Dependence for Portfolios of Collateral Authors: Alejandro Garcia - Bank of Canada Ramazan Gencay - Simon Fraser University Discussant: Niranjan Chipalkatti - Seattle University Saturday, March 1, 2008, 11.00 am - 12.30 pm CR-14 (Third Floor) E06 Futures Price Behavior Session Chair: Yiuman Tse - University of Texas-San Antonio Paper 1 Maturity Effects in the Mexican Interest Rates Futures Market Authors: Renata Herrerias - Instituto Tecnologico Autonomo de Mexico Pedro Gurrola - Instituto Tecnologico Autonomo de Mexico Discussant: Tao Wang - Queens College and CUNY Paper 2 Structure and Concentration of Organized Derivatives Trade, 1994-2006 Authors: Lourdes Trevino-Villarreal - Universidad Autonoma de Nuevo Leon Discussant: Zi Ning - University of Texas at San Antonio Paper 3 Order Imbalance In Futures Markets: Electronic Versus Open Outcry Trading Authors: Zi Ning - UT-San Antonio Yiuman Tse - UT-San Antonio Discussant: Haibo Fan - Concordia University Saturday, March 1, 2008, 11.00 am - 12.30 pm CS-544 (Fifth Floor) F14 Country Studies, Default and Liquidity Risks Session Chair: Arnold Cowan - Iowa State University and Eventus Paper 1 Risk Management with Options and Futures under Liquidity Risk Authors: Axel Adam-Muller - University of Trier Argyro Panaretou - Lancaster University Discussant: François Desmoulins-Lebeault - University of Paris XII Paper 2 Methods for Multi-Country Event Studies Authors: Cynthia Campbell - Iowa State Arnold Cowan - Iowa State and Eventus Valentina Salotti - University of Bologna and Iowa State University Discussant: James McCown - Oklahoma city University Paper 3 Country-of-Origin Determinants of Value Creation in International Joint Ventures: A Comparison of Hong Kong and U.S. Investments in China Authors: Zhou Zhang - University of Regina Usha Mittoo - University of Manitoba Dennis Chung - Simon Fraser University Discussant: Wanrapee Banchuenvijit - The University of the Thai Chamber of Commerce Saturday, March 1, 2008, 11.00 am - 12.30 pm CR-10 (Third Floor) F15 Financial Markets and Growth Session Chair: Yan Xie - University of Michigan-Dearborn Paper 1 Financing through Bond Issues and the Nexus with Economic Growth Authors: Ulrike Moser - Vienna University Gerhard Fink - Vienna University Peter Haiss - Vienna University Herwig Kirchner - Vienna University Discussant: Yiuman Tse - UT-San Antonio Paper 2 What Drives Stock Market Development in the Middle East and Central Asia - Institutions, Remittances, or Natural Resources? Authors: Isabella Massa - Ca' Foscari University Andreas Billmeier - International Monetary Fund Discussant: Ying-Chou Lin - Missouri University of Science and Technology Paper 3 Does the worldwide shift of FDI from manufacturing to services accelerate economic growth a GMM estimation study. Authors: Nadia Doytch - CUNY Merih Uctum - CUNY Discussant: Socorro Quintero - Oklahoma City University Saturday, March 1, 2008, 11.00 am - 12.30 pm CR-12 (Third Floor) G03 Risk Management Session Chair: Demissew Ejara - University of New Haven Paper 1 Estimation and Decomposition of Downside Risk for Portfolios with Non-Normal Returns Authors: Brian Peterson - Diamond Management Consultants Kris Boudt - Katholieke Universiteit Leuven Discussant: Donald Lien - University of Texas at San Antonio Paper 2 Asymmetric Dependence Implications for Extreme Risk Management Authors: Georges Tsafack - Suffolk University Discussant: Indraneel Chakraborty - University of Pennsylvania Paper 3 Does Risk Aversion Change over Business Cycles? Authors: Jian Yang - University of Colorado-Denver Hui Guo - University of Cincinnati Zijun Wang - Texas A&M University Discussant: Bernt Arne Odegaard - Norwegian School of Management BI Paper 4 Tradeable Measures of Risk Authors: Libor Pospisil - Columbia University Jan Vecer - Columbia University Mingxin Xu - University of North Carolina-Charlotte Discussant: Jaya Bishwal - University of North Carolina at Charlotte Panel Session Saturday, March 1, 2008, 11.00 am - 12.30 pm CR-6 (Third Floor) I07 Current Issues in Finance Panel Chair: John Wingender - Creighton University Paper 1: Martketing Response to the Announcements of Backdating Stock Options Authors: Lalatendu Misra, University of Texas at San Antonio Yilun Shi, University of Texas at San Antonio Paper 2: The Value Relevance of Alternative Accounting Methods in the Oil and Gas Industry Authors: Jeffery Boone, University of Texas at San Antonio Wael Aguir, University of Texas at San Antonio Paper 3: Price Discovery in International Copper Futures: Evidence from London, New York, and Shanghai Markets Authors: Don Lien, University of Texas at San Antonio Li Yang, University of Texas at San Antonio Paper 1: Market Response to the Announcements of Business-to-Business E-commerce Sourcing by the Firm Authors: James Groff, University of Texas at San Antonio John Wingender, Creighton University Saturday, March 1, 2008, 7.30 am - 9.00 am Salon J (Third Floor) Z152 MFA Breakfast & Business Meeting The association’s officers will present reports on the status of the organization, current plans, the annual meeting and and the sites of future meetings. All academic and service awards will be handed out at this meeting, which will also feature the James A Gentry Distinguished Financial Executive Lecture.(This event requires a conference pass.) Thursday, February 28, 2008, 11.45 am - 1.15 pm Salon H (Third Floor) Z161 MFA Program Committee Luncheon (By Invitation only) All members of the Program Committee who RSVP'd are invited to hear a talk by Professor Harold Black and have lunch with him.(This event requires a conference pass.) Thursday, February 28, 2008, 5.00 pm - 6.00 pm Salon J (Third Floor) J3 MFA Distinguished Speaker Lecture Dr. Thaleia Zariphopoulou is V. F. Neuhaus Centennial Professor of Finance and Professor of Mathematics at the University of Texas. She has held visiting positions at Cambridge University, Brown University and University of Paris IX-Dauphine. She was previously Laun Professor of Business at University of Wisconsin. In 1995 she received a Sloan Fellowship. She has served as President of The Bachelier Society and is a member of the American Mathematical Society and the Society For Industrial and Applied Mathematics. Dr. Zariphopoulou is Associate Editor of SIAM Journal on Control and Optimization, Finance and Stochastics, Decisions in Economics and Finance, Mathematical Finance, and Annals of Applied Probability. She is widely published in Mathematical Finance, Journal of Economic Dynamics and Control, Journal of Economic Theory and other major journals. Her work focuses on control theory in stochastic processes with applications to leading edge finance problems. She regularly holds workshops around the world in Mathematical Finance and consults with banks and brokerage houses. Thursday, February 28, 2008, 6.00 pm - 7.30 pm Salon H (Third Floor) Z166 2008 MFA Distinguished Speakers’ Reception Come and help us celebrate and honor the presence of all the Distinguished Speakers, who gave of their time and energy to contribute to the success of the conference. All conference attendees are welcome. Friday, February 29, 2008, 11.45 am - 1.15 pm Salon H (Third Floor) Z162 MFA General Membership Luncheon Come and enjoy lunch with us. We will also be treated to a talk by Edward Kane, our 2008 MFA Distinguished Scholar. Survey award winners will be announced and the prizes distributed. (This event requires a conference pass.) Friday, February 29, 2008, 5.00 pm - 6.00 pm Salon J (Third Floor) J6 MFA Distinguished Speaker Lecture Dr. Keith R. Phillips is a Senior Policy Adviser of the Federal Reserve Bank of Dallas. His areas of concentration include regional economics and economic forecasting. He has developed business-cycle indexes for Texas and metro areas throughout the state, which he uses to analyze business conditions in those regions. He is a contributing member of the Western Blue Chip Economic Forecasting Group, where he has been the most accurate Texas forecaster for seven out of the past 11 years. His research and analysis have been covered by CNN, The News Hour with Jim Lehrer, USA Today, Business Week, The Wall Street Journal, The New York Times and media throughout Texas. He obtained his Ph.D. in economics from Southern Methodist University. Wednesday, February 27, 2008, 3.00 pm - 6.00 pm Registration 2 (Third Floor) Z159 Midwest Finance Association Registration The registration area is where you can pick up your name tags, passes and do on-site registration if you have not previously done so. All tags and passes will be issued in your registration name. We will also distribute a survey form at the MFA registration Desk and at the Wednesday night, MFA President’s Reception. To encourage your full participation, we offer the following prizes (a) 10 cash $25 prizes or 10 MFA annual membership prizes (b) $250 cash or MFA lifetime membership (c) 5 copies of SmartDraw 2008 (d) 2 free registrations at MFA 2009 annual meeting. Please return the forms at the MFA meeting to any one of the Association’s officers, before 11.30 am on Friday. All survey award winners will be announced at the General Membership meeting Friday 29th February, 2008. Thursday, February 28, 2008, 8.00 am - 5.00 pm Salon I (Third Floor) Z160 Midwest Finance Association Exhibit Area Please ensure that you stop by and visit the booths of all the Exhibitors who have brought the newest and most exciting of their books and other products to put on display.The coffee break areas are near the display area. Friday, February 29, 2008, 8.00 am - 5.00 pm CR-18 (Third Floor) Z163 MFA Board Meeting The Board of the MFA meets to discuss current matters on its agenda. Friday, February 29, 2008, 8.00 am - 5.00 pm Salon I (Third Floor) Z168 Midwest Finance Association Exhibit Area Please ensure that you stop by and visit the booths of all the Exhibitors who have brought the newest and most exciting of their books and other products to put on display.The coffee break areas are near the display area. Thursday, February 28, 2008, 8.15 am - 5.00 pm Registration 2 (Third Floor) Z158 Midwest Finance Association Registration The registration area is where you can pick up your name tags, passes and do on-site registration if you have not previously done so. All tags and passes will be issued in your registration name. We will also distribute a survey form at the MFA registration Desk and at the Wednesday night, MFA President’s Reception. To encourage your full participation, we offer the following prizes (a) 10 cash $25 prizes or 10 MFA annual membership prizes (b) $250 cash or MFA lifetime membership (c) 5 copies of SmartDraw 2008 (d) 2 free registrations at MFA 2009 annual meeting. Please return the forms at the MFA meeting to any one of the Association’s officers, before 11.30am on Friday. All survey award winners will be announced at the General Membership meeting Friday 29th February, 2008. Friday, February 29, 2008, 8.15 am - 5.00 pm Registration 2 (Third Floor) Z167 Midwest Finance Association Registration The registration area is where you can pick up your name tags, passes and do on-site registration if you have not previously done so. All tags and passes will be issued in your registration name. We will also distribute a survey form at the MFA registration Desk and at the Wednesday night, MFA President’s Reception. To encourage your full participation, we offer the following prizes (a) 10 cash $25 prizes or 10 MFA annual membership prizes (b) $250 cash or MFA lifetime membership (c) 5 copies of SmartDraw 2008 (d) 2 free registrations at MFA 2009 annual meeting. Please return the forms at the MFA meeting to any one of the Association’s officers, before 11.30am on Friday. All survey award winners will be announced at the General Membership Luncheon on Friday 29th February, 2008. Thursday, February 28, 2008, 12.00 pm -1.15pm Salon H (Third Floor) J2 MFA Distinguished Speaker Lecture Dr. Harold Black,is Smith Professor of Financial Institutions at the University of Tennessee. He has previously held positions at University of North Carolina-Chapel Hill, University of Florida and American University. He was also Deputy Director of Economic Research at the OCC and Board Member of the FDIC, and Chair of the Credit Union Policy Advisory Group. He is Past President of EFA and previous Editor of the Financial Review, and the International Review of Financial Analysis. He has conducted Executive seminars at University of North Carolina, US Treasury, LSU Banking School, University of Santiago, University of Malaysia and consulted to major commercial banks, savings banks and credit unions. His work is published in Journal of Finance, American Economic Review, Journal of Money Credit and Banking, Journal of Monetary Economics and other finance journals. His work focuses on financial intermediation, rigidities in the mortgage markets and other imperfections in the provision of credit. Friday, February 29, 2008, 12.00 pm - 1.15 pm Salon H (Third Floor) J5 2008 MFA Distinguished Scholar Lecture Dr. Edward Kane, 2008 MFA Distinguished Scholar, is James F. Cleary Professor in Finance at Boston College. He previously held the Everett D. Reese Chair in Banking and Monetary Economics at Ohio State University and was also on the faculty at Princeton University and Iowa State University. He has held visiting Professorships at University of Arizona, Arizona State University, Simon Fraser University and Istanbul University among others. He has been or currently is the Advisory Editor and Editor of many journals including Journal of Finance, Journal of Money Credit and Banking, Journal of Banking and Finance, Journal of Financial Services Research, Journal of Empirical Finance, Quarterly Review of Economics and Finance, Pacific-Basin Finance Journal, Multinational Finance Journal and the Atlantic Economic Journal. He is advisory board member of the Economic Policy Review of Federal Reserve Bank of New York. Professor Kane is consultant to major banks and central banks around the world. He has consulted with the Reserve Bank of Australia, the World Bank, Federal Reserve Banks of New York, Boston, Chicago and San Francisco, The Federal Home Loan Bank and many others. He is an Associate of the National Bureau of Economic Research since 1979. Professor Kane has won many major honors in the finance profession. He is a Fellow of The American Finance Association, Past President of the North American Finance Association, winner of the Life Time Achievement Award of the Society for Financial Intermediation, and winner of the Distinguished Scholar Award of the National Science Foundation of Taiwan. He has been the Distinguished Scholar at the Eastern Finance Association and has won prizes at all the major finance conferences. He was also a member of the board of the Midwest Finance Association. His work is widely published in all the major finance and economic journals including Econometrica, Journal of Finance and American Economic Review. He is the author of several books on banking and is a Past President of the American Finance Association. Saturday, March 1, 2008, 8.00 am - 9.00 am Salon J (Third Floor) J7 James A Gentry Distinguished Financial Executive Lecture Mr. Frank Holmes is Chairman, Chief Executive Officer and Chief Investment Officer of U.S. Global Investors, Inc. U.S. Global Investors, a registered investment adviser, manages approximately $2 billion in 13 no-load mutual funds for U.S. Global Investors Funds and U.S. Global Accolade Funds. Mr. Holmes had extensive experience, in-depth knowledge and multiple responsibilities in the investment-banking world. He was formerly President and Chairman of the Toronto Society of the Investment Dealers Association and a member of the Toronto Stock Exchange's Listing Committee. Mr. Holmes has also been a member seat holder on the leading stock exchanges in Canada. He has been a keynote speaker at countless national and international investment conferences as well as a guest commentator on the financial television networks CNBC, CNN, Bloomberg TV and Report on Business TV (ROBtv). Mr. Holmes has also been quoted and profiled in many financial publications such as The Wall Street Journal, Barron’s, Investor’s Business Daily and the Financial Times. Thursday, February 28, 2008, 9.00 am - 11.00 am Salon I (Third Floor) Z169 Coffee Break Sponsored by: University of Texas-San Antonio and Federal Reserve Bank of Cleveland Friday, February 29, 2008, 9.00 am - 11.00 am Salon I (Third Floor) Z171 Coffee Break Sponsored by: Key Corporation Bank and by University of Iowa Thursday, February 28, 2008, 3.00 pm - 4.00 pm Salon I (Third Floor) Z170 Coffee Break Sponsored by: Moody’s Friday, February 29, 2008, 3.00 pm - 4.00 pm Salon I (Third Floor) Z172 Coffee Break Sponsored by:Texas A&M International University and University of Michigan-Flint Saturday, March 1, 2008, 10.00 am - 11.00 am Salon I (Third Floor) Z173 Coffee Break Sponsored by: New York Stock Exchange Wednesday, February 27, 2008, 6.00 pm - 7.30 pm CR 17-18 Z164 2008 MFA President’s Reception 2008 is a historic year for the Midwest Finance Association. Please join with us as we celebrate the start of our first meeting entirely separate from our sister association the MEA. Make sure you get a copy of the survey and meet our officers. All conference attendees are welcome. Friday, February 29, 2008, 6.00 pm - 7.30 pm Salon H (Third Floor) Z165 2008 MFA Distinguished Scholar’s Reception Please join us as we further celebrate with and honor Edward Kane, who almost became a President of the MFA. All conference attendees are welcome.