Finance Program

12:00pm – 1:00pm Lunch (6th floor lounge, Buckhead Center)
1:00pm – 1:15pm Opening Remarks (room 1203, Buckhead Center)
1:15pm – 2:45pm Finance Session 1
room 1203, Buckhead Center
Chair: Omesh Kini (Georgia State University)
Hard Marriage with Heavy Burdens: Labor Unions as Takeover Deterrents Wenyu Wang (Indiana University - Bloomington) and Xuan Tian (Indiana University - Bloomington)

Discussant: Nishant Dass (Georgia Institute of Technology)

Taxes, capital structure choices, and firm value Jin Xu (Virginia Tech) and Mara Faccio (Purdue University)

Discussant: Vikram Nanda (Rutgers University)

Product Market Competition in a World of Cross-Ownership: Evidence from Institutional Blockholdings Jiekun Huang (University of Illinois at Urbana Champaign) and Jie He (University of Georgia)

Discussant: Lalitha Naveen (Temple University)

2:45pm – 3:05pm Refreshments Break (6th floor lounge, Buckhead Center)
3:05pm – 4:35pm Finance Session 2
room 1203, Buckhead Center
Chair: Harley (Chip) Ryan (Georgia State University)
The Determinants of Bank Mergers: A Revealed Preference Analysis J. Anthony Cookson (University of Colorado Boulder), Oktay Akkus (Bates White), and Ali Hortacsu (University of Chicago)

Discussant: David Becher (Drexel University)

Anomalies and Market (Dis)Integration Jaewon Choi (University of Illinois at Urbana Champaign) and Yongjun Kim (University of Illinois at Urbana Champaign)

Discussant: Nishad Kapadia (Tulane University)

Do Empty Creditors Matter? Evidence from Distressed Exchange Offers Andras Danis (Georgia Tech)

Discussant: Jean Helwege (University of South Carolina)

5:00pm – 6:00pm Executive Committee Meeting (Buckhead Club)
6:00pm – 7:00pm Reception (Buckhead Club)
7:00pm onwards Dinner (Buckhead Club)
Keynote Speech by Franklin Allen (Imperial College London)

8:00am – 8:30am Breakfast (6th floor lounge, Buckhead Center)
8:30 am – 10:00am Finance Session 3
Room 1203, Buckhead Center
Chair: Vikas Agarwal (Georgia State University)
Mutual Fund Competition, Managerial Skill and Alpha Persistence Nitin Kumar (Indian School of Business), Gerard Hoberg (University of Maryland), and Nagpurnanand Prabhala (University of Maryland)

Discussant: Charles Trzcinka (Indiana University)

Portfolio Manager Ownership and Mutual Fund Risk Taking Yuehua Tang (Singapore Management University) and Linlin Ma (Northeastern University)

Discussant: Naveen Daniel (Drexel University)

Passive versus Active Fund Performance: Do Index Funds Have Skill? Alan Crane (Rice University) and Kevin Crotty (Rice University)

Discussant: Sugata Ray (University of Florida)

10:00am – 10:20am Refreshments Break (6th floor lounge, Buckhead Center)
10:20am – 11:50am Finance Session 4
Room 1203, Buckhead Center
Chair: Ajay Subramanian (Georgia State University)
Offshore Activities and Financial vs Operational Hedging Katie Moon (Securities and Exchange Commission) and Gerard Hoberg (University of Southern California)

Discussant: Vijay Yerramilli (University of Houston)

Uncertainty and Capital Investment: Real Options or Financial Frictions? Hitesh Doshi (University of Houston), Praveen Kumar (University of Houston), and Vijay Yerramilli (University of Houston)

Discussant: Baozhong Yang (Georgia State University)

The Real Costs of Corporate Credit Ratings Taylor Begley (London Business School)

Discussant: Dalida Kadryzhanova (Georgia State University)

11:50am – 12:50pm Lunch (6th floor lounge, Buckhead Center)
12:50pm – 2:20pm: Finance Session 5
Room 1203, Buckhead Center
Chair: Lixin Huang (Georgia State University)
Good Disclosure, Bad Disclosure Liyan Yang (University of Toronto) and Itay Goldstein (University of Pennsylvania)

Discussant: Edwige Cheynel (Columbia University)

When transparency improves, must prices reflect fundamentals better? Snehal Banerjee (Northwestern University), Jesse Davis (Northwestern University), and Naveen Gondhi (Northwestern University)

Discussant: Efstathios Avdis (University of Alberta)

Unique Durable Assets Christophe Spaenjers (HEC Paris) and Stefano Lovo (HEC Paris)

Discussant: Di Li (Georgia State University)

2:20pm – 2:40pm Refreshments Break (6th floor lounge, Buckhead Center)
2:40pm – 4:10pm Finance Session 6
Room 1203, Buckhead Center
Chair: Mark Chen (Georgia State University)
Do Short-Sellers Profit From Mutual Funds? Evidence from Daily Trades Salman Arif (Indiana University - Bloomington), Charles Lee (Stanford University), and Azi Ben-Rephael (Indiana University - Bloomington)

Discussant: Clifton Green (Emory University)

Does Law and Finance Matter? Lessons From Externally Imposed Courts James Brown (Iowa State University), J. Anthony Cookson (University of Colorado at Boulder), and Rawley Heimer (Federal Reserve Bank of Cleveland)

Discussant: Jill Popadak (Duke University)

Are All Analysts Created Equal? Industry Expertise and Monitoring Effectiveness of Financial Analysts Fei Xie (Clemson University), Daniel Bradley (University of South Florida), Sinan Gokkaya (Ohio University), and Xie Liu (Ohio University)

Discussant: Sebastien Michenaud (Rice University)