Accepted Papers

EFA 2009 BERGEN MEETINGS

Bergen, Norway     August 19, 2009 through August 22, 2009

Asset Pricing: Theoretical

Jørgen Haug, Norwegian School of Economics and Business Administration (NHH)

Jøril Mæland, Norwegian School of Economics and Business Administration (NHH)

Information, Expected Utility, and Portfolio Choice

Jun Liu , University of California, San Diego

Ehud Peleg , University of California, Los Angeles

Avanidhar Subrahmanyam , University of California, Los Angeles

Incomplete Information, Idiosyncratic Volatility and Stock Returns

Julien N. Hugonnier , University of Lausanne

Tony Berrada , University of Geneva

Are We Extracting the True Risk Neutral Density from Option Prices? A Question with No Easy Answer

James Huang , Lancaster University

Dynamic Hedging in Incomplete Markets: A Simple Solution

Suleyman Basak , London Business School

Georgy Chabakauri , London Business School

Relative Wealth Concerns and Complementarities in Information Acquisition

Diego Garcia , University of North Carolina at Chapel Hill

Günter Strobl , University of North Carolina at Chapel Hill

The Term Structure of Interest Rates in an Equilibrium Economy with Short Term and Long Term Investments

Carles Vergara-Alert , University of Navarra

Dynamic Margin Constraints

Oleg Rytchkov , University of Texas at Austin

How Does Illiquidity Affect Delegated Portfolio Choice?

Luis Goncalves-Pinto , University of Southern California - Marshall School of Business - Finance and Business Economics Department

Term Premium Dynamics and the Taylor Rule

Michael F. Gallmeyer , Texas A&M University

Burton Hollifield , Carnegie Mellon University

Francisco Palomino , University of Michigan at Ann Arbor

Stanley E. Zin , Carnegie Mellon University

Asset Pricing in General Equilibrium with Constraints

Georgy Chabakauri , London Business School

Growth to Value: Option Exercise and the Cross-Section of Equity Returns

Hengjie Ai , Duke University

Dana Kiku , University of Pennsylvania

High Water Marks in Competitive Capital Markets

Susan Kerr Christoffersen , McGill University

David K. Musto , University of Pennsylvania

Liquidity and Congestion

Gara M. Afonso , Federal Reserve Banks

The Long-Term Discount Rate

Christine A. Parlour , University of California, Berkeley

Richard H. Stanton , University of California, Berkeley

Johan Walden , University of California, Berkeley

Vanishing Liquidity, Market Runs, and the Welfare Impact of Tarp

Christian Ewerhart , University of Zurich - Faculty of Business Administration - Institute for Empirical Research in Economics (IEW)

Multiple Trees Subject to Event Risk

Paolo Porchia , University of St. Gallen

Fabio Trojani , Swiss Finance Institute

Uncertainty Aversion and the Term Structure of Interest Rates

Frode Brevik , VU University Amsterdam

Ambiguity Aversion, Risk Aversion, and Asset Pricing

Philipp K. Illeditsch , University of Pennsylvania

Expected Option Returns and the Structure of Jump Risk Premia

Nicole Branger , University of Muenster

Alexandra Hansis , House of Finance (HoF)

Christian Schlag , Goethe University Frankfurt

Generalized Transform Analysis of Affine Processes and Asset Pricing Applications

Hui Chen , Massachusetts Institute of Technology (MIT)

Scott Joslin , Massachusetts Institute of Technology (MIT)

Leaders, Followers, and Risk Dynamics in Industry Equilibrium

Murray D. Carlson , University of British Columbia

Engelbert J. Dockner , University of Vienna

Adlai J. Fisher , University of British Columbia

Ron Giammarino , University of British Columbia

Keynes Meets Markowitz: The Tradeoff between Familiarity and Diversification

Phelim P. Boyle , Wilfrid Laurier University

Lorenzo Garlappi , University of Texas at Austin

Raman Uppal , London Business School

Tan Wang , University of British Columbia

The Federal Reserve and the Cross-Section of Stock Returns

Erica X. N. Li , University of Michigan at Ann Arbor

Francisco Palomino , University of Michigan at Ann Arbor

Asset Pricing: Empirical

Carsten Bienz, Norwegian School of Economics and Business Administration (NHH)

Per Östberg, Norwegian School of Economics and Business Administration (NHH)

The Determinants of Stock and Bond Return Comovements

Geert Bekaert , Columbia University, Columbia Business School - Economics Department

Lieven Baele , Tilburg University

Koen Inghelbrecht , Ghent University

The Cross-Section and Time-Series of Stock and Bond Returns

Ralph S. J. Koijen , University of Chicago

Hanno N. Lustig , University of California, Los Angeles

Stijn Van Nieuwerburgh , New York University

The Price of Interest Rate Variance Risk and Optimal Investments in Interest Rate Derivatives

Anders B. Trolle , Copenhagen Business School

Capital Structure Effects on Prices of Firm Stock Options: Tests Using Implied Market Values of Corporate Debt

Robert L. Geske , University of California, Los Angeles

Yi Zhou , University of Oklahoma

The Diminishing Liquidity Premium

Azi Ben-Rephael , Tel Aviv University

Ohad Kadan , Washington University, St. Louis

Avi Wohl , Tel Aviv University

The Mispricing Return Premium

Michael J. Brennan , University of California, Los Angeles

Ashley Wang , University of California, Irvine

Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation

Martijn Cremers , Yale School of Management

Antti Petajisto , Yale School of Management

Eric Zitzewitz , Dartmouth College

Pension Fund Performance and Risk-Taking Under Decentralized Investment Management

David P. Blake , City University London

Allan G. Timmermann , University of California, San Diego

Ian Tonks , University of Exeter Business School

Russ R. Wermers , University of Maryland

Option-Implied Correlation and Factor Betas Revisited

Adrian Buss , Goethe University Frankfurt - House of Finance (HoF) - Graduate Program in Finance and Monetary Economics

Grigory Vilkov , Goethe University Frankfurt

Assessing Misspecified Asset Pricing Models with Empirical Likelihood Estimators

Caio Almeida , Getulio Vargas Foundation (FGV)

Rene Garcia , EDHEC Business School

Correlation in Corporate Defaults: Contagion or Conditional Independence?

David Lando , Copenhagen Business School

Mads Stenbo Nielsen , Copenhagen Business School

Modern Portfolio Management with Conditioning Information

I-Hsuan Ethan Chiang , University of North Carolina at Charlotte

Price Adjustment to News with Uncertain Precision

Dieter Hess , University of Cologne

Nikolaus Hautsch , Humboldt University of Berlin

Christoph Müller , University of Cologne

The Role of Heterogeneity in Asset Pricing: The Effect in Clustering Approach

Olesya V. Grishchenko , New York University

Marco Rossi , Pennsylvania State University

Consumption Volatility Risk

Oliver Boguth , University of British Columbia

Lars-Alexander Kuehn , Carnegie Mellon University

Technology Prospects and the Cross-Section of Stock Returns

Po-Hsuan Hsu , University of Connecticut

Dayong Huang , West Virginia University

Heterogeneous Background Risks, Portfolio Choice, and Asset Returns: Evidence from Micro-Level Data

Darius Palia , Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics

Yaxuan Qi , Concordia University

Yangru Wu , Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics

The Performance of European Equity Mutual Funds

Allan G. Timmermann , University of California, San Diego

Ayelen Banegas , University of California, San Diego

Benjamin J. Gillen , University of California, San Diego

Russ R. Wermers , University of Maryland

Wealth Effects of Hedge Fund Activism

Hadiye Aslan , Cornell University

Hilda Maraachlian , University of Houston

Are Stocks Really Less Volatile in the Long Run?

Lubos Pastor , University of Chicago

Robert F. Stambaugh , University of Pennsylvania

Being Locked Up Hurts

Frans A. de Roon , Tilburg University

Jinqiang Guo , Tilburg University

Jenke R. ter Horst , Tilburg University

Brain Drain: Are Mutual Funds Losing Their Best Minds?

Leonard Kostovetsky , William E. Simon Graduate School of Business Administration

Does Beta Move with News? Systematic Risk and Firm-Specific Information Flows

Andrew J. Patton , University of Oxford

Michela Verardo , London School of Economics & Political Science (LSE)

Forecasting Stock Market Returns: The Sum of the Parts is More than the Whole

Miguel A. A. Ferreira , New University of Lisbon

Pedro Santa-Clara , New University of Lisbon

Measuring and Modeling Default Dependence: Evidence from CDO, CDS and Equity Data

Peter F. Christoffersen , McGill University

Jan Ericsson , McGill University

Kris Jacobs , McGill University

Xisong Jin , McGill University

Mispricing of Dual-Class Shares: Profit Opportunities, Arbitrage, and Trading

Paul H. Schultz , University of Notre Dame

Sophie Shive , University of Notre Dame

Return Predictability and Labor Market Frictions in a Real Business Cycle Model

Harjoat Singh Bhamra , University of British Columbia

Lars A. Lochstoer , Columbia University

Riding Bubbles

Nadja Guenster , University of Maastricht

Erik Kole , Erasmus University Rotterdam (EUR)

Ben Jacobsen , Massey University

Hedge Fund Predictability Under the Magnifying Glass: Forecasting Individual Fund Returns Using Multiple Predictors

Doron Avramov , University of Maryland

Laurent Barras , McGill University

Robert Kosowski , Imperial College London

What Does Equity Sector Orderflow Tell Us About the Economy?

Alessandro Beber , University of Amsterdam

Kenneth A. Kavajecz , University of Wisconsin - Madison

Michael W. Brandt , Duke University

Why Ratings Matter: Evidence from Lehman's Index Rating Rule Change

Zhihua Chen , HEC University of Lausanne

Aziz A. Lookman , University of Pittsburgh

Norman Schürhoff , University of Lausanne

Duane J. Seppi , Carnegie Mellon University

Commonality in Disagreement and Asset Pricing

Jialin Yu , Columbia University, Columbia Business School - Economics Department

Mutual Fund's R2 as Predictor of Performance

Yakov Amihud , New York University

Ruslan Goyenko , McGill University

Real Investment, Risk and Risk Dynamics

Ilan Cooper , Norwegian School of Management (BI)

Richard Priestley , Norwegian School of Management (BI)

Real-Nominal Uncertainty and Asset Prices

Anna Cieslak , University of St. Gallen

Andrea Vedolin , Università di Lugano (USI)

Inflation and the Stock Market: Understanding the 'Fed Model'

Geert Bekaert , Columbia University, Columbia Business School - Economics Department

Eric C. Engstrom , Government of the United States of America

Is Shareholders' Strategic Default Behavior Priced? Evidence from the International Cross-Section of Stocks

Giovanni Favara , HEC University of Lausanne

On Tournament Behavior in Hedge Funds: High Water Marks, Managerial Horizon, and the Backfilling Bias

Vikram K. Nanda , Georgia Institute of Technology

George O. Aragon , Arizona State University

Performance Persistence of Individual Investors

Limei Che , Norwegian School of Management (BI)

Oyvind Norli , Norwegian School of Management (BI)

Richard Priestley , Norwegian School of Management (BI)

A Unique View of Hedge Fund Derivatives Usage: Safeguard or Speculation?

George O. Aragon , Arizona State University

J. Spencer Martin , Carnegie Mellon University

Oil Price Shocks and Stock Return Predictability

Lars Qvigstad Sørensen , Norwegian School of Economics and Business Administration (NHH)

The Effects of Investor Sentiment on Speculative Trading and Prices of Stock and Index Options

Michael L. Lemmon , University of Utah

Sophie X. Ni , Hong Kong University of Science & Technology (HKUST)

When Uncertainty Blows in the Orchard: Comovement and Volatility Risk Premia

Andrea Buraschi , Imperial College London

Fabio Trojani , Swiss Finance Institute

Andrea Vedolin , Università di Lugano (USI)

Individual Investor Trading and Return Patterns Around Earnings Announcements

Ron Kaniel , Duke University

Shuming Liu , San Francisco State University

Gideon Saar , Cornell University

Sheridan Titman , University of Texas at Austin

Consumption, Liquidity and the Cross-Sectional Variation of Expected Returns

Elena Marquez , Complutense University of Madrid

Belen Nieto , Universidad de Alicante

Gonzalo Rubio , University Cardenal Herrera-CEU

Dynamic Bond Portfolio Choice with Macroeconomic Information

Alexandros Kostakis , University of Glasgow

Peter Spencer , University of York (UK)

How Predictable are Components of the Aggregate Market Portfolio?

Aiguo Kong , Fudan University

David Rapach , Saint Louis University

Jack Strauss , Saint Louis University

Jun Tu , Singapore Management University

Guofu Zhou , Washington University, St. Louis

Hedge Funds and Prime Brokers: The Role of Funding Risk

Benjamin Klaus , Goethe University Frankfurt

Bronka Rzepkowski , affiliation not provided to SSRN

Inflation Ambiguity and the Term Structure of Arbitrage-Free U.S. Government Bonds

Maxim Ulrich , Columbia University

Corporate Finance: Theoretical

Kristian Miltersen, Norwegian School of Economics and Business Administration (NHH)

Corporate Fraud, Governance and Auditing

Giovanni Immordino , Università degli Studi di Salerno

Marco Pagano , University of Naples Federico II

Signaling in Tender Offer Games

Mike C. Burkart , Stockholm School of Economics

Samuel Lee , Stockholm School of Economics

Some Unpleasant General Equilibrium Implications of Executive Incentive Compensation Contracts

John B. Donaldson , Columbia University

Natalia Gershun , Pace University

Marc P. Giannoni , Columbia University, Columbia Business School - Economics Department

Liquidity and Feasible Debt Relief

Josef Zechner , Vienna University of Economics and Business Administration

Chris Hennessy , University of California, Berkeley

Leverage Choice and Credit Spread Dynamics When Managers Risk Shift

Murray D. Carlson , University of British Columbia

Ali Lazrak , University of British Columbia

Optimal Design of Rating-Trigger Step-Up Bonds: Agency Conflicts versus Asymmetric Information

Christian Koziol , University of Mannheim

Jochen Lawrenz , University of Innsbruck

Valuing Corporate Financing Strategies

Andrea Gamba , George Washington University

Alexander J. Triantis , University of Maryland

The Effect of Investment and Financing Policies on Credit Risk

Andrea Gamba , George Washington University

Mamen Maria Aranda , University of Navarra

Credit Constraints, Firms' Precautionary Investment, and the Business Cycle

Ander Perez , Universitat Pompeu Fabra

Strategic IPOs and Product Market Competition

Jiri Chod , Boston College

Evgeny Lyandres , Boston University

Conflicts in Bankruptcy and the Sequence of Debt Issues

Arturo Bris , IMD International

S. Abraham Ravid , University of Pennsylvania

Ronald Sverdlove , New Jersey Institute of Technology

Corporate Finance: Empirical

Carsten Bienz, Norwegian School of Economics and Business Administration (NHH)

Per Östberg, Norwegian School of Economics and Business Administration (NHH)

Soft vs. Tough Bankruptcy Law. Evidence from the US and Germany

Vladimir N. Vladimirov , Goethe University Frankfurt

The Defeasance of Control Rights

Carsten Bienz , Norwegian School of Economics and Business Administration (NHH)

Antoine Faure-Grimaud , London School of Economics & Political Science (LSE)

Zsuzsanna Fluck , Michigan State University

The Value Implications of Creditor Intervention

Greg Nini , University of Pennsylvania

Amir Sufi , University of Chicago

David C. Smith , University of Virginia

What Gives? A Study of Firms' Reactions to Cash Shortfalls

Tor-Erik Bakke , University of Wisconsin - Madison

Toni M. Whited , William E. Simon Graduate School of Business Administration

The Cost of Financial Distress and the Timing of Default

Redouane Elkamhi , McGill University

Christopher A. Parsons , University of North Carolina at Chapel Hill

Jan Ericsson , McGill University

Corporate Savings and Price Informativeness

Laurent Fresard , HEC Paris

Agency Costs of Idiosyncratic Volatility, Corporate Governance, and Investment

Kose John , New York University

Dalida Kadyrzhanova , University of Maryland

Political Uncertainty and Corporate Investment Cycles

Brandon Julio , London Business School

Youngsuk Yook , University of North Carolina at Chapel Hill

Costs and Benefits of 'Friendly' Boards during Mergers and Acquisitions

Breno Schmidt , University of Southern California - Marshall School of Business - Finance and Business Economics Department

Capital Gains Tax Overhang and Payout Policy

Jonathan B. Cohn , University of Texas at Austin

Stephanie A. Sikes , Duke University

Negotiation Under the Threat of an Auction

Nihat Aktas , EMLYON Business School

Eric de Bodt , University of Lille II

Richard W. Roll , University of California, Los Angeles

Dividend Policies in an Unregulated Market: The London Stock Exchange 1895-1905

Lyndon Moore , University of Montreal

Fabio Braggion , Tilburg University

Hiring Cheerleaders: Board Appointments of 'Independent' Directors

Lauren Cohen , Harvard Business School

Andrea Frazzini , University of Chicago

Christopher J. Malloy , Harvard Business School

The Shareholder Base and Payout Policy

Andriy Bodnaruk , University of Notre Dame

Per Östberg , Norwegian School of Economics and Business Administration (NHH)

Why are CEOS Rarely Fired? Evidence from Structural Estimation

Lucian A. Taylor , University of Pennsylvania

Seasoned Equity Offerings, Quality Signalling, and Private Benefits of Control

Balasingham Balachandran , La Trobe University

Robert W. Faff , Monash University

Michael F. Theobald , University of Birmingham

Eswaran Velayutham , Monash University

How Corporate Governance Affects Firm Value: Evidence on Channels from Korea

Bernard S. Black , University of Texas at Austin

Woochan Kim , KDI School of Public Policy and Management

Hasung Jang , Korea University

Kyung Suh Park , Korea University

Internal Debt and Multinationals' Tax Planning - Empirical Evidence from Panel Data

Thiess Buettner , CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

Georg Wamser , CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

Estimating Equity Premia from CDS Spreads

Christoph Kaserer , Munich University of Technology

Tobias Berg , Munich University of Technology

Industry Technological Changes, Venture Capital Incubation, and Post-IPO Firm Innovation and Performance

Scott H.C Hsu , University of Wisconsin - Milwaukee

IPO Lockup Arrangements and Trading by Insiders

Hafiz Hoque , City University London

Meziane Lasfer , City University London

The Value of Independent Directors: Evidence from Sudden Deaths

Bang Dang Nguyen , Chinese University of Hong Kong (CUHK)

Kasper Meisner Nielsen , Chinese University of Hong Kong (CUHK)

Why Do Convertible Issuers Simultaneously Repurchase Stock? An Arbitrage-Based Explanation

Abe de Jong , Erasmus University Rotterdam (EUR)

Marie Dutordoir , University of Manchester

Patrick Verwijmeren , Erasmus University Rotterdam (EUR)

A Servant to Many Masters: Competing Shareholder Preferences and Limits to Catering

Massimo Massa , INSEAD

Alberto Manconi , INSEAD

Management Quality and Anti-Takeover Provisions

Thomas J. Chemmanur , Boston College

Imants Paeglis , Concordia University

Karen Simonyan , Suffolk University

The Effect of Credit Rationing on the Shape of the Competition-Innovation Relationship

Jan Bena , London School of Economics & Political Science (LSE)

The Life Cycle of Family Ownership: A Comparative Study of France, Germany, Italy and the U.K.

Julian R. Franks , London Business School

Colin Mayer , University of Oxford

Paolo F. Volpin , London Business School

Hannes F. Wagner , Bocconi University

The Effect of Search Frictions in Mergers

Marc Martos-Vila , University of California, Los Angeles

Filippos Papakonsantinou , Princeton University

CEOs Under Fire: Pressure from within - The Effects of Inside Directors on CEO Compensation and Turnover

H. Shawn Mobbs , University of Alabama

Club Deals in Leveraged Buyouts

Micah S. Officer , Loyola Marymount University

Oguzhan Ozbas , University of Southern California - Marshall School of Business - Finance and Business Economics Department

Berk A. Sensoy , University of Southern California - Marshall School of Business - Finance and Business Economics Department

Corporate Governance in a Free Contracting Environment

Charlotte Ostergaard , Norwegian School of Management (BI)

David C. Smith , University of Virginia

Inheritance Law and Investment in Family Firms

Andrew Ellul , Indiana University Bloomington

Marco Pagano , University of Naples Federico II

Fausto Panunzi , Bocconi University

Investing in Chapter 11 Stocks: Liquidity and Performance

Yuanzhi Li , affiliation not provided to SSRN

Zhaodong Zhong , Rutgers, The State University of New Jersey

Subscription Patterns, Offer Prices and the Underpricing of IPOs

Arif Khurshed , University of Manchester

Alok Pande , IIM Bangalore

Ajai K. Singh , Case Western Reserve University

The Pay Divide: (Why) are U.S. Top Executives Paid More?

Nuno G. Fernandes , IMD International

Miguel A. A. Ferreira , New University of Lisbon

Pedro P. Matos , University of Southern California - Marshall School of Business - Finance and Business Economics Department

Kevin J. Murphy , University of Southern California

When Shareholders are Creditors: Effects of the Simultaneous Holding of Equity and Debt by Institutional Investors

Wei Jiang , Columbia University

Kai Li , University of British Columbia

Pei Shao

Blockholder Intervention Versus Threat of Exit

David R. Gallagher , University of Technology, Sydney

Peter Gardner , University of New South Wales

Peter L. Swan , University of New South Wales

Liquidity and Shareholder Activism

Oyvind Norli , Norwegian School of Management (BI)

Charlotte Ostergaard , Norwegian School of Management (BI)

Ibolya Schindele , Norwegian School of Management (BI)

Stock Option Grants to Target CEOs During Private Merger Negotiations

Eliezer M. Fich , Drexel University

Jie Cai , Drexel University

Anh L. Tran , Drexel University

Does Debtor Protection Really Protect Debtors? Evidence from the Small Business Credit Market

Allen N. Berger , University of South Carolina

Geraldo Cerqueiro , Tilburg University

Maria Fabiana Penas , Tilburg University

Capital Structure Decisions in Family Firms - Empirical Evidence from a Bank-Based Economy

Markus Ampenberger , Munich University of Technology

Thomas Schmid , Munich University of Technology

Ann-Kristin Achleitner , Munich University of Technology

Christoph Kaserer , Munich University of Technology

Dividends and Stakeholder Conflicts

Pål Erik Steen , affiliation not provided to SSRN

Morten G. Josefsen , Norwegian School of Management (BI)

Øyvind Bøhren , Norwegian School of Management (BI)

Financial Intermediation and Institutions: Theoretical

Tommy Stamland, Norwegian School of Economics and Business Administration (NHH)

Ernst-Ludwig von Thadden, University of Mannheim

Optimal Casualty Insurance, Repair and Regulation in the Presence of a Securities Market

Philip H. Dybvig , Washington University, St. Louis

An Chen , University of Bonn

The Inefficiency of Diversification in Economies With Endogenous Liquidation Costs

Wolf Wagner , Tilburg University

Internal Reporting Systems, Compensation Contracts, and Bank Regulation

Gyongyi Loranth , University of Cambridge

Alan D. Morrison , University of Oxford

Gold Rush Dynamics of Private Equity

Samuel Lee , Stockholm School of Economics

Tage Daniel Sunesson , Stockholm School of Economics

The Credit Ratings Game

Patrick Bolton , Columbia University, Columbia Business School - Economics Department

Xavier Freixas , Universitat Pompeu Fabra

Joel David Shapiro , Universitat Pompeu Fabra

Investment Banking Careers

Ulf Axelson , Institute for Financial Research (SIFR)

A. Philip Bond , University of Pennsylvania

The Credit Channel and Asset Prices

Christine A. Parlour , University of California, Berkeley

Richard H. Stanton , University of California, Berkeley

Johan Walden , University of California, Berkeley

Interest Rates in Trade Credit Markets

Klenio Barbosa , University of Toulouse 1

Humberto Moreira , Getulio Vargas Foundation (FGV)

Walter Novaes , Pontifical Catholic University of Rio de Janeiro (PUC-Rio)

Aggregate Liquidity, Financial Constraints, and Corporate Investment

Ander Perez , Universitat Pompeu Fabra

The Optimality of Interbank Liquidity Insurance

Fabio Castiglionesi , Tilburg University

Wolf Wagner , Tilburg University

Financial Intermediation and Institutions: Empirical

Tommy Stamland, Norwegian School of Economics and Business Administration (NHH)

Ernst-Ludwig von Thadden, University of Mannheim

The Dark Side of Financial Innovation

Brian J. Henderson , George Washington University

Neil D. Pearson , University of Illinois at Urbana-Champaign

The Failure of Models that Predict Failure: Distance, Incentives and Defaults

Uday Rajan , University of Michigan at Ann Arbor

Amit Seru , University of Chicago

Vikrant Vig , London Business School

Multiple Ratings and Credit Spreads

Dion Bongaerts , University of Amsterdam

Martijn Cremers , Yale School of Management

William N. Goetzmann , Yale School of Management

Conflict-of-Interest Reforms and Analysts' Research Biases

Yuyan Guan , City University of Hong Kong (CityUHK)

Hai Lu , University of Toronto

M.H. Franco Wong , University of Toronto

Do Fund Managers Manipulate Share Prices? Evidence from Their Daily Trades

Gang Hu , Babson College

R. David McLean , University of Alberta

Jeffrey E. Pontiff , Boston College

Qinghai Wang , Georgia Institute of Technology

Foreign Currency Borrowing by Small Firms

Martin Brown , Swiss National Bank

Steven R. G. Ongena , Tilburg University

Pinar Ayse Yesin , Swiss National Bank

Contracting Frictions and Cross-Border Capital Flows: Evidence from Venture Capital

Laura Anne Lindsey , Arizona State University

Ana Laura Balcarcel , affiliation not provided to SSRN

Michael G. Hertzel , Arizona State University

The Real Effect of Foreign Banks

Robert B. H. Hauswald , American University

Institutional Investment in Syndicated Loans

Debarshi Nandy , York University

Pei Shao

The Costs of Being Private: Evidence from the Loan Market

Anthony Saunders , New York University

Sascha Steffen , University of Mannheim

Access to Credit after Bankruptcy: Does it Pay to Be a Deadbeat?

Ethan Cohen-Cole , University of Maryland

Burcu Duygan-Bump , Federal Reserve Banks

Judit Montoriol-Garriga , Federal Reserve Banks

The Effect of Litigation on Venture Capitalist Reputation

Vladimir A. Atanasov , College of William and Mary

Vladimir I. Ivanov , Vanderbilt University

Kate Litvak , University of Texas at Austin

Bank Capital, Borrower Power, and Loan Rates

João A.C. Santos , Federal Reserve Banks

Andrew Winton , University of Minnesota - Twin Cities

The Option Value of Consumer Bankruptcy: Can Uninsured Idiosyncratic Risk Explain Bankruptcy Patterns?

Ethan Cohen-Cole , University of Maryland

Controlling Shareholders and the Agency Cost of Debt: Evidence from Syndicated Loans

Praveen Kumar , University of Houston

Hadiye Aslan , Cornell University

Informed and Uninformed Investment in Housing: The Downside of Diversification

Elena Loutskina , University of Virginia

Philip E. Strahan , Boston College

Tests of Ex Ante versus Ex Post Theories of Collateral Using Private and Public Information

Allen N. Berger , University of South Carolina

W. Scott Frame , Federal Reserve Banks

Vasso Ioannidou , Tilburg University

Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Norwegian Savings Banks

Charlotte Ostergaard , Norwegian School of Management (BI)

Ibolya Schindele , Norwegian School of Management (BI)

Bent Vale , Central Bank of Norway

Determinants of Outstanding Mortgage Loan to Value Ratios: Evidence from the Netherlands

M. Ricardo Cunha , affiliation not provided to SSRN

Bart M. Lambrecht , Lancaster University

Grzegorz Pawlina , Lancaster University

Market Microstructure

Soeren Hvidkjaer, Copenhagen Business School

Arbitrage Opportunities: A Blessing or a Curse?

Roman Kozhan , University of Warwick

Wing Wah Tham , Erasmus University Rotterdam (EUR)

Liquidity Cycles and Make/Take Fees in Electronic Markets

Thierry Foucault , HEC Paris

Ohad Kadan , Washington University, St. Louis

Eugene Kandel , Hebrew University of Jerusalem

Market Makers as Information Providers: The Natural Experiment of STAR

Pietro Perotti , Bocconi University

Barbara Rindi , Bocconi University

Can Liquidity Shifts Explain the Lockup Expiration Effect in Stock Returns?

Chandrasekhar Krishnamurti , Auckland University of Technology

Avanidhar Subrahmanyam , University of California, Los Angeles

Tiong Yang Thong , Singapore Management University

Managerial Decisions, Asset Liquidity, and Stock Liquidity

Radhakrishnan Gopalan , Washington University, St. Louis

Ohad Kadan , Washington University, St. Louis

Mikhail Pevzner , George Mason University

Optimal Liquidation in Dark Pools

Peter Kratz , Quantitative Products Laboratory

Torsten Schoeneborn , AHL (Man Investments)

Hiding Behind the Veil: Pre-Trade Transparency, Informed Traders and Market Quality

Kiran Kumar Kotha , National Institute of Securities Markets

Pradeep K. Yadav , University of Oklahoma

Ramabhadran S. Thirumalai , Indian School of Business

Do Financial Analysts Restrain Insiders' Informational Advantage?

Marios A. Panayides , University of Utah

Andrew Ellul , Indiana University Bloomington

Liquidity, Volume, and Price Behavior: The Impact of Order vs. Quote Based Trading

Katya Malinova , University of Toronto

Andreas Park , University of Toronto

Information Percolation with Equilibrium Search Dynamics

Darrell Duffie , Stanford Graduate School of Business

Semyon Malamud , Swiss Federal Institute of Technology Zurich

Gustavo Manso , Massachusetts Institute of Technology (MIT)

Behavioral Finance

Soeren Hvidkjaer, Copenhagen Business School

Do Financial Counseling Mandates Improve Mortgage Choice and Performance? Evidence from a Legislative Experiment

Sumit Agarwal , Federal Reserve Banks

Gene Amromin , Federal Reserve Banks

Itzhak Ben-David , Ohio State University

Souphala Chomsisengphet , Government of the United States of America

Douglas D. Evanoff , Federal Reserve Banks

Learning from the Outcomes of Others: Stock Market Experiences of Local Peers and New Investors Market Entry

Markku Kaustia , Helsinki School of Economics

Samuli Knüpfer , London Business School

Information Disclosure, Cognitive Biases and Payday Borrowing

Marianne Bertrand , University of Chicago

Adair Morse , University of Chicago

Red and Blue Investing: Values and Finance

Harrison G. Hong , Princeton University

Leonard Kostovetsky , William E. Simon Graduate School of Business Administration

Religious Beliefs, Gambling Attitudes, and Financial Market Outcomes

Alok Kumar , University of Texas at Austin

Jeremy K. Page , University of Texas at Austin

Oliver G. Spalt , University of Texas at Austin

The Dark Side of the Moon: Structured Products from the Customer's Perspective

Thorsten Hens , University of Zurich

Marc Oliver Rieger , Swiss Federal Institute of Technology Zurich

Managerial Biases and Corporate Risk Management

Tim Rene Adam , Humboldt University of Berlin

Chitru S. Fernando , University of Oklahoma

Evgenia V. Golubeva , University of Oklahoma

Is Investor Rationality Time Varying? Evidence from the Mutual Fund Industry

Vincent Glode , University of Pennsylvania

Burton Hollifield , Carnegie Mellon University

Marcin T. Kacperczyk , New York University

Shimon Kogan , University of Texas at Austin

Prospect Theory, Partial Liquidation and the Disposition Effect

Vicky Henderson , University of Oxford

Asset Market Games of Survival

Rabah Amir , Catholic University of Louvain

Igor V. Evstigneev , University of Manchester

Klaus Reiner Schenk-Hoppé , University of Leeds

Myopic Extrapolation, Price Momentum, and Price Reversal

Long Chen , Washington University, St. Louis

Claudia E. Moise , Case Western Reserve University

Shelly Zhao , Kent State University

Do Investment Flows Drive the Disposition Effect on Fund Managers?

Min-Hsieng Chiang , National Cheng Kung University

Hsin-Yi Huang , National Cheng Kung University

International Finance: Theoretical

Kristian Miltersen, Norwegian School of Economics and Business Administration (NHH)

Competing Capital Constraints

Astrid V. Schornick , INSEAD

International Finance: Empirical

Kristian Miltersen, Norwegian School of Economics and Business Administration (NHH)

Is There a Trend in Idiosyncratic Volatility?

Geert Bekaert , Columbia University, Columbia Business School - Economics Department

Robert J. Hodrick , Columbia University

Xiaoyan Zhang , Cornell University

Contagion in the Presence of Stochastic Interdependence

Clifford A. Ball , Vanderbilt University

Walter N. Torous , University of California, Los Angeles

Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms?

Sohnke M. Bartram , Lancaster University

Gregory W. Brown , University of North Carolina at Chapel Hill

Rene M. Stulz , Ohio State University

Informed Trading Around the World

Sandy Lai , Singapore Management University

Lilian K. Ng , University of Wisconsin - Milwaukee

Bohui Zhang , University of New South Wales

Cross Listing Waves

Sergei Sarkissian , McGill University

Michael J. Schill , University of Virginia

The Forward Volatility Bias in Foreign Exchange

Pasquale Della Corte , University of Warwick

Lucio Sarno , City University London

Ilias Tsiakas , University of Warwick

Crash Risk in Currency Markets

Emmanuel Farhi , Harvard University

Samuel P. Fraiberger , New York University

Xavier Gabaix , New York University

Romain Ranciere , International Monetary Fund (IMF)

Adrien Verdelhan , Boston University

Why are Some Currencies Viewed as Benchmarks? The Roles of Interest Rates, Economic Size, and Exchange-Rate Regime

Fang Liu , Catholic University of Leuven (KUL)

Piet M. F. A. Sercu , Catholic University of Leuven (KUL)

Carry Trades and Global Foreign Exchange Volatility

Lukas Menkhoff , University of Hannover

Lucio Sarno , City University London

Maik Schmeling , University of Hannover

Andreas Schrimpf , Centre for European Economic Research (ZEW)

The Dynamics of Sovereign Credit Risk

Alexandre Jeanneret , University of Lausanne

Financial Econometrics

Allan Timmermann, University of California, San Diego

Forecasting Interest Rates and Inflation: Blue Chip Clairvoyants or Econometrics?

Albert Lee Chun , Copenhagen Business School

No-Arbitrage Near-Cointegrated VAR(p) Term Structure Models, Term Premia and GDP Growth

Caroline Jardet , Banque de France

A. Monfort , National Institute of Statistics and Economic Studies (INSEE)

Fulvio Pegoraro , Banque de France

Long-Run Factors and Fluctuations in Dividend/Price*

Carlo A. Favero , Bocconi University

Arie Eskenazi Gozluklu , Bocconi University

Andrea Tamoni , Bocconi University

Efficient Estimation of Firm-Specific Betas and its Benefits for Asset Pricing Tests and Portfolio Choice

Mathijs Cosemans , University of Maastricht

Rik G.P. Frehen , University of Maastricht

Peter C. Schotman , University of Maastricht

Rob Bauer , University of Maastricht

Jumps in Equilibrium Prices and Market Microstructure Noise

Suzanne S. Lee , Georgia Institute of Technology

Per A. Mykland , University of Chicago

A New Class of Asset Pricing Models with Levy Processes: Theory and Applications

Chayawat Ornthanalai , Georgia Institute of Technology

Multi-Period Forecasts of Volatility: Direct, Iterated, and Mixed-Data Approaches

Eric Ghysels , University of North Carolina at Chapel Hill

Rossen I. Valkanov , University of California, San Diego

Antonio Rubia , Universidad de Alicante-Dpto. Economía Financiera

The Equity Premium and The Volatility Spread : The Role of Risk-Neutral Skewness

Bruno Feunou , Duke University

Jean-Sebastien Fontaine , Government of Canada

Roméo Tédongap , Stockholm School of Economics

Special Session: Private Equity and Funds of Private Equity

Carsten Bienz, Norwegian School of Economics and Business Administration (NHH)

Informational Hold-Up and Performance Persistence in Venture Capital

Yael V. Hochberg , Northwestern University

Alexander Ljungqvist , New York University

Annette Vissing-Jorgensen , Northwestern University

Leverage and Pricing in Buyouts: An Empirical Analysis

Ulf Axelson , Institute for Financial Research (SIFR)

Per Johan Strömberg , Institute for Financial Research (SIFR)

Tim Jenkinson , University of Oxford

Michael S. Weisbach , Ohio State University

Private Equity Investments: Performance and Diseconomies of Scale

Florencio Lopez de Silanes , EDHEC Business School

Ludovic Phalippou , University of Amsterdam

Are Buyout Sponsors Market Timers in RLBOs?

Jerry Cao , Boston College, Singapore Management University

Private Equity and Long-Run Investment: The Case of Innovation

Morten Sorensen , Columbia University

Per Johan Strömberg , Institute for Financial Research (SIFR)

Josh Lerner , Harvard Business School

Managerial Incentives and Value Creation: Evidence from Private Equity

Phillip Leslie , Stanford Graduate School of Business

Paul Oyer , Stanford Graduate School of Business

Venture Capital and Sequential Investments

Dirk Bergemann , Yale University

Ulrich Hege , HEC Paris

Liang Peng , University of Cincinnati

Why SPAC Investors Should Listen to the Market

Tim Jenkinson , University of Oxford

Miguel Sousa , University of Oxford

Special Session: Liquidity and Financial Crises

Philipp Hartmann , European Central Bank (ECB)

Kjell Nyborg, Norwegian School of Economics and Business Administration (NHH)

Rollover Risk and Market Freezes

Viral V. Acharya , London Business School

Douglas M. Gale , New York University

Tanju Yorulmazer , Federal Reserve Banks

Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk

Florian Heider , European Central Bank (ECB)

Marie Hoerova , European Central Bank (ECB)

Cornelia Holthausen , European Central Bank (ECB)

The Capital Structure of Financial Institutions and Liquidity Crisis

Xuewen Liu , Imperial College London

Antonio S. Mello , University of Wisconsin - Madison

Securitization, Transparency and Liquidity

Marco Pagano , University of Naples Federico II

Paolo F. Volpin , London Business School

Bank Lending During the Financial Crisis of 2008

Victoria Ivashina , Harvard Business School

David S. Scharfstein , Harvard Business School

On the Real Effects of Bank Bailouts: Micro-Evidence from Japan

Mariassunta Giannetti , Stockholm School of Economics

Andrei Simonov , Michigan State University

Monetary Policy and Credit Crunch: Identifying Simultaneously the Bank Lending and Balance Sheet Channels

Steven R. G. Ongena , Tilburg University

Jose Luis Peydro , European Central Bank (ECB)

Jesus Saurina Salas , Bank of Spain

Gabriel Jimenez , Bank of Spain

Bank Competition and Economic Stability: The Role of Monetary Policy

Sylvain Champonnois , University of California, San Diego

Funding Liquidity Risk in a Quantitative Model of Systemic Stability

David Aikman , Bank of England

Piergiorgio Alessandri , Bank of England

Bruno Eklund , Bank of England

Prasanna Gai , Bank of England

Sujit Kapadia , Bank of England

Elizabeth Martin , affiliation not provided to SSRN

Nada Mora , American University of Beirut

Gabriel Sterne , Bank of England

Matthew Willison , Bank of England

Bond Liquidity Premia

Jean-Sebastien Fontaine , Government of Canada

Rene Garcia , EDHEC Business School

The Same Bond at Different Prices: Identifying Search Frictions and Demand Pressures

Peter Feldhütter , Copenhagen Business School

The Joint Pricing of Volatility and Liquidity

Federico M. Bandi , University of Chicago

Claudia E. Moise , Case Western Reserve University

Jeffrey Russell , University of Chicago

Funding Liquidity Risk: Definition and Measurement

Mathias Drehmann , Bank for International Settlements (BIS)

Kleopatra Nikolaou , European Central Bank (ECB)

Market Pricing of Banks' Fair Value Assets Reported under SFAS 157 During the 2008 Economic Crisis

Beng Wee Goh , Singapore Management University

Jeffrey Ng , Massachusetts Institute of Technology (MIT)

Kevin Ow Yong , Singapore Management University

The Dark Side of Bank Wholesale Funding

Rocco Huang , Federal Reserve Banks

Lev Ratnovski , Bank of England

Corporate Bond Liquidity Before and after the Onset of the Subprime Crisis

Jens Dick-Nielsen , Copenhagen Business School

Peter Feldhütter , Copenhagen Business School

David Lando , Copenhagen Business School

Special Session: Financial Architecture

Philipp Hartmann , European Central Bank (ECB)

Kjell Nyborg, Norwegian School of Economics and Business Administration (NHH)

The Stabilizing Effects of Risk-Sensitive Bank Capital

Frédéric Boissay , European Central Bank (ECB)

Christoffer Kok Sorensen , European Central Bank (ECB)

Special Session: The Role of Sovereign Wealth Funds

Kjell Nyborg, Norwegian School of Economics and Business Administration (NHH)

Sovereign Wealth Fund Investment Patterns and Performance

Bernardo Bortolotti , Fondazione Eni Enrico Mattei (FEEM)

Veljko Fotak , University of Oklahoma

William L. Megginson , University of Oklahoma

William Miracky , Monitor Group

Sovereign Wealth Funds: Investment Choices and Implications Around the World

Nuno G. Fernandes , IMD International

Special Session: Energy Markets, Securities, and Prices

Jøril Mæland, Norwegian School of Economics and Business Administration (NHH)

Duane Seppi, Carnegie Mellon University

Fundamentals, Trader Activity and Derivative Pricing

Bahattin Buyuksahin , Commodity Futures Trading Commission (CFTC)

Michael S. Haigh , K2 Advisors

Jeffrey H. Harris , University of Delaware

James A. Overdahl , Commodity Futures Trading Commission (CFTC)

Michel A. Robe , American University

Limits to Arbitrage and Hedging: Evidence from Commodity Markets

Viral V. Acharya , London Business School

Lars A. Lochstoer , Columbia University

Tarun Ramadorai , University of Oxford

The European Commission and EUA Prices: A High-Frequency Analysis of the EC's Decision on Second NAPs

Christian Conrad , University of Heidelberg

Daniel Rittler , University of Heidelberg

Waldemar Rotfuss , Centre for European Economic Research (ZEW)

Valuation of Electricity Futures: Reduced-Form vs. Dynamic Equilibrium Models

Wolfgang Bühler , University of Mannheim

Jens Müller-Merbach , University of Mannheim

Forward Hedging and Vertical Integration in Electricity Markets

Arnaud Porchet , Princeton University

René Aïd , EDF Energy

Nizar Touzi , National Institute of Statistics and Economic Studies (INSEE)

Gilles Chemla , Imperial College London

Derivative Price Information Use in Hydroelectric Scheduling

Stein-Erik Fleten , Norwegian University of Science and Technology (NTNU)

Jussi Keppo , University of Michigan at Ann Arbor

Vivi K. Weiss , affiliation not provided to SSRN

Helga K. Lumb , affiliation not provided to SSRN

Realized Volatility and Price Spikes in Electricity Markets: The Importance of Observation Frequency

Carl J. Ullrich , Virginia Polytechnic Institute & State University