Docstoc

p95 Program sessions revised Feb 26

Document Sample
p95 Program sessions revised Feb 26 Powered By Docstoc
					Session     1-1                       Thursday, April 10, 2003                                      Coronado M
                                            8:15 - 9:45
                                      Psychology and Finance

          Chair: Thomas E. Willey, Grand Valley State University
Papers:
      Interest Sensitive Stocks and Flights to Safe Havens
                 P.V. Viswanath, Pace University
                 Gordon Tang, Hong Kong Baptist University
        Discussant: Thomas E. Willey, Grand Valley State University
      An Experimental Study of Subjective Discount Rates
               Joseph Yagil, Haifa University and Columbia University
               Uri Benzion, The Technion Israel Institute of Technology and Ben Gurion University
       Discussant: James E. Owers, Georgia State University
      What's in a Name? An Experimental Examination of Investment Behavior
                Lucy Ackert, Kennesaw State University
                Bryan Church, Georgia Institute of Technology
                James G. Tompkins, Kennesaw State University
                Ping Zhang, University of Toronto
       Discussant: Beverly B. Marshall, Auburn University




Session     1-2                       Thursday, April 10, 2003                                      Coronado N
                                            8:15 - 9:45
                                     Mutual Fund Performance

          Chair: Benedicte Reyes, Monmouth University
Papers:
      Hybrid Fund Manager Behavior During Financial Crises
               George Comer, Georgetown University
       Discussant: Barrie A. Bailey, Monmouth University
      Identifying Superior Performing Equity Mutual Funds
                 Ravi Shukla, Syracuse University
        Discussant: Amy F. Lipton, Lehigh University
      Mutual Fund Performance -- What Really Matters: Style or Risk?
               Steven Krull, Hofstra University
       Discussant: Lucy Ackert, Kennesaw State University
Session      1-3                        Thursday, April 10, 2003                               Coronado P
                                              8:15 - 9:45
                           Board Composition & Corporate Misconduct

          Chair: Jayant Kale, Georgia State University
Papers:
      The Important of Board Composition in the Event of a CEO Death
               Kelly Brunarski, Miami University at Ohio
               Kenneth Borokhovich, Cleveland State University
               Yvette Harman, Miami University at Ohio
               Maura Skill, University of Dayton
       Discussant: Melissa B. Frye, University of Central Florida
      The Board Structure of Socially Responsible Firms
               Elizabeth Webb, Drexel University
       Discussant: Harley "Chip" E. Ryan, Jr., Louisiana State University
      Determinants of the Stock Price Reaction to Allegations of Corporate Misconduct: Firm Size, Earnings and
      Risk Effects
                  Deborah Murphy, University of Tennessee
                  Ronald E. Shrieves, University of Tennessee
                  Samuel L. Tibbs, University of Tennessee
          Discussant: Janet D. Payne, Southwest Texas State University




Session      1-4                        Thursday, April 10, 2003                               Coronado Q
                                              8:15 - 9:45
                                Finance and Economic Development

          Chair: Bharat Bhalla, Fairfield University
Papers:
      Patterns of Industrial Development Revisited: The Role of Finance
                Raymond Fisman, Columbia University
                Inessa Love, World Bank
       Discussant: Alicia Garcia-Herrero, Bank of Spain
      Why do Countries Develop More Financially than Others?
               Lucia Cuadro-Saez, Banco de Espana
               Alicia Garcia-Herrero, Bank of Spain
               Sonsoles Gallego, Bank of Spain
       Discussant: Jim McIntyre, Jacksonville State University
      Intra Industry Effects of Privatization Announcements. Evidence from Developed and Developing Countries.
                 Isaac Otchere, University of Melbourne
        Discussant: Melinda Newman, University of Akron
Session      1-5                       Thursday, April 10, 2003                                    Coronado R
                                             8:15 - 9:45
                                          Regulating Liquidity

          Chair: Harald Henke, Europa University Viadrina
Papers:
      Decimalization and the Ex-dividend-day Behavior of Stock Prices
               Dan French, New Mexico State University
               Natalya Delcoure, University of South Alabama
       Discussant: George Schatz, Maine Maritime Academy
      Does Price Quote Matter?
               Ehsan Nikbakht, Hofstra University
       Discussant: Peter R. Locke, George Washington University
      A Transaction-Level Analysis of Price Change Volatility and Autocorrelation after the Decimalization
               Yan He, San Francisco State University
               Chunchi Wu, Syracuse University
       Discussant: Michael Haigh, University of Maryland




Session      1-6                       Thursday, April 10, 2003                                    Coronado S
                                             8:15 - 9:45
                                 Debt Contracts and Firm Defaults

          Chair: Helen L. Bowers, University of Delaware
Papers:
      Corporate Governance and Debt Structure
               Sara Robicheaux, Birmingham-Southern College
               James A. Ligon, University of Alabama
       Discussant: Rodolfo Apreda, Universidad Del Cema
      The Zero Debt Puzzle
                William Wells, Georgia Sothern University
       Discussant: Phyllis Y. Keys, Ohio State University
      Detecting the Nonlinear Structure in the Relationship of Financial Ratios and Firm Default
                Zheng Wang, Baruch College - City University of New York
       Discussant: Claire E. Crutchley, Auburn University




Panel Session 1-7                      Thursday, April 10, 2003                                        Cancun
                                             8:15 - 9:45
                                       GSEs and Systemic Risk

          Chair: Gerald A. Hanweck, George Mason University
Panelists:

                    Gerald A. Hanweck, George Mason University

                    Robert S. Seiler, Jr., Office of Federal Housing Enterprise Oversight

                    Bernard Shull, City University of New York
Session      2-1                        Thursday, April 10, 2003                              Coronado M
                                             10:00 - 11:30
                                 Insurance and Financing Companies

          Chair: William A. Scroggings, Jacksonville State University
Papers:
      Assessing the Contestability of the Hong Kong Banking Industry: 1991 - 2000
               Rongrong Zhang, University of Tennessee
               George Philippatos, University of Tennessee
       Discussant: Jim McIntyre, Jacksonville State University
      The Effect of the Gramm-Leach-Bliley Act on the Insurance Industry
                Faith R. Neale, Florida State University
                Wendy D. Habegger, Florida State University
                Pamela P Peterson, Florida State University
       Discussant: Larry Lynch, Roanoke College
      Inter-industry Contagion and the Competitive Effects of Financial Distress Announcements: Evidence from
      Commercial Banks and Life Insurance Companies
                  Elijah Brewer III, Federal Reserve Bank of Chicago
                  William E. Jackson III, University of North Carolina
          Discussant: Christopher Westley, Jacksonville State University




Session      2-2                        Thursday, April 10, 2003                              Coronado N
                                             10:00 - 11:30
                        Additional Evidence on Mutual Fund Performance

          Chair: Paula Tkac, Federal Reserve Bank of Atlanta
Papers:
      Simulating a Socially Screened Enhanced Index Fund
                Lloyd Kurtz, Harris Bretall Sullivan & Smith
                Dan D. DiBartolomeo, Northfield Information Services
                Sandy Warrick, Northfield Information Services
       Discussant: Kimberly C. Gleason, Bentley College
      The Relationship Between the Consumer Sentiment Index and the Stock Market
                Ronnie Clayton, Jacksonville State University
       Discussant: Juan Dempere, Florida Atlantic University
      US-based Global Government Bond Fund: Style Analysis and Performance Measurement
               Sirapat Polwitoon, Susquehanna University
       Discussant: Anita K. Pennathur, Florida Atlantic University
Session     2-3                       Thursday, April 10, 2003                                  Coronado P
                                           10:00 - 11:30
                                        Managerial Incentives

          Chair: Douglas Lamdin, University of Maryland - Baltimore County
Papers:
      The Impact of Stock Option Incentives on Investment and Firm Value
               Daniel Pasternack, Swedish School of Economics and Business Administration
               Matts Rosenberg, Swedish School of Economics and Business Administration
       Discussant: Kuldeep Shastri, University of Pittsburgh
      Managerial incentives and executive stock option repricing: A study of US casino executives
               Daniel A. Rogers, Portland State University
       Discussant: Matts Rosenberg, Swedish School of Economics and Business Administration
      Delegated Portfolio Management and Agency
               Saltuk Ozerturk, Southern Methodist University
       Discussant: Gerald P. Dwyer, Jr., Federal Reserve Bank of Atlanta




Session     2-4                       Thursday, April 10, 2003                                 Coronado Q
                                           10:00 - 11:30
                  Government Influence on Financial Markets and Instruments

          Chair: Raj Aggarwal, Kent State University
Papers:
      Renegotiations on Sovereign Debt: Reduce or Reschedule?
               Pascal Francois, HEC Montreal
       Discussant: John H. Thornton, Jr., Kent State University
      Impact of Capital Control on Stock Returns: Evidence from Malaysia
                Yewmun Yip, San Francisco State University
        Discussant: Tara N. Rice, Federal Reserve Bank of Chicago
      Emerging Financial Issues and Strategies for Multinational Investments
               Kashi Nath Tiwari, KNT's Academic Financial Research
       Discussant: Seyed Mehdian, University of Michigan - Flint


Session     2-5                       Thursday, April 10, 2003                                 Coronado R
                                           10:00 - 11:30
                               Competition, Behavior and Liquidity

          Chair: Pankaj Jain, University of Memphis
Papers:
      Do Professional Traders Exhibit Myopic Loss Aversion? An Experimental Analysis
               Michael Haigh, University of Maryland
               John List, University of Maryland
       Discussant: Damir Tokic, University of Houston - Downtown
      Microstructure Differences Between the Two Classes of Dual-Class Firms
                Premal P. Vora, Pennsylvania State University - Harrisburg
                John R. Ezzell, Pennsylvania State University
       Discussant: Chad Zutter, University of Pittsburgh
      The Impact of Competition on Intraday Spreads: QQQ Example
               Asli Ascioglu, Bryant College
               Murat Aydogdu, Bryant College
       Discussant: Liang Peng, University of Cincinnati
Session      2-6                         Thursday, April 10, 2003                                Coronado S
                                              10:00 - 11:30
                                             Bankruptcy Costs

          Chair: Pamela P Peterson, Florida State University
Papers:
      A Real Options Approach to Bankruptcy Costs: Evidence from failed commercial banks during the 1990s
               Joseph R. Mason, Drexel University
       Discussant: Scott Besley, University of South Florida
      Corporate Diversification and Industry Shocks: Evidence from Competitors' Bankruptcy Filings
               Peter J. DaDalt, Georgia State University
               Jacqueline L. Garner, Drexel University
               Bing-Xuan Lin, University of Rhode Island
       Discussant: Ninon Kohers, University of South Florida
      Optimization of Corporate Capital Structure. A Quantitative Approach Based on a Joint Probabilistic
      Prognosis of Event and Time of Bankruptcy
                  Vladimir Philosophov, Interregional Bankruptcy Service for Central Russia
                  Leonid Philosophov, Moscow Committee of Bankruptcy Affairs
          Discussant: Michael Gombola, Drexel University




Special Session 2-7                      Thursday, April 10, 2003                                     Cancun
                                              10:00 - 11:30
                                      Teaching Technical Analysis

          Chair: Julie Dahlquist, University of Texas - San Antonio




Session      3-1                         Thursday, April 10, 2003                               Coronado M
                                               11:45 - 1:15
                                     Bank Lending and Production

          Chair: M. Cary Collins, University of Tennessee
Papers:
      The Composition of Loan Portfolios
               Andreas Pfingsten, University of Muenster
               Kai Rudolph, University of Muenster
       Discussant: Alistair Milne, City University Business School, London
      Examining the Sources of Productivity Developments in Banks of Emerging Markets
               Ihsan Isik, Rowan University
       Discussant: Seyed Mehdian, University of Michigan - Flint
      Efficiencies and Thrift Takeovers: Evidence from the 1990s
                 A. Sinan Cebenoyan, Hofstra University
                 Elizabeth S. Cooperman, University of Colorado - Denver
                 Fatma Cebenoyan, City University of New York
       Discussant: Tara N. Rice, Federal Reserve Bank of Chicago
Session      3-2                          Thursday, April 10, 2003                              Coronado N
                                                11:45 - 1:15
                                              Mutual Fund Fees

          Chair: Stephen Pruitt, University of Missouri - Kansas City
Papers:
      Economies of Scale in Equity Mutual Funds
               Miles Livingston, University of Florida
               Edward S. O'Neal, Wake Forest University
       Discussant: David Shrider, University of South Carolina
      How do Agency Problems Impact Mutual Fund Investor Decisions?
               David Shrider, University of South Carolina
       Discussant: Paula Tkac, Federal Reserve Bank of Atlanta
      Economies of Scale in the Management of Mutual Funds
               D. K. Malhotra, Philadelphia University
               Rand Martin, Bloomsburg University
       Discussant: Melissa B. Frye, University of Central Florida



Session      3-3                          Thursday, April 10, 2003                              Coronado P
                                                11:45 - 1:15
                                   Executive Compensation Structure

          Chair: Ramesh Rao, Oklahoma State University
Papers:
      Indexed Executive Stock Options With Ratchet Mechanism and Average Prices
                Jian Wu, Rouen Graduate School of Management - France
        Discussant: Claire E. Crutchley, Auburn University
      Golden Parachutes: Managerial Opportunism or Compensation Mechanism
               Kenneth Small, University of Tennessee - Knoxville
       Discussant: Rodolfo Apreda, Universidad Del Cema
      Does Option Compensation Induce Managers to Increase Risk-taking?
               Joseph H. Meredith, Elon University
       Discussant: Helen L. Bowers, University of Delaware




Session      3-4                          Thursday, April 10, 2003                              Coronado Q
                                                11:45 - 1:15
                                     Issues in Cross-Border Growth

          Chair: Beverly B. Marshall, Auburn University
Papers:
      Intra-Industry Effects of Successful and Unsuccessful Cross Border Acquisitions: A Test of the Acquisition
      Probability Hypothesis
                  Edwina Ip, University of Melbourne
                  Isaac Otchere, University of Melbourne
          Discussant: Rejin Guo, University of Illinois - Chicago
      Risk and Wealth Effects of U.S. Firm Joint Venture Activity
               Karen Denning, West Virginia University
               Heather Hulburt, West Virginia University
               Stephen Ferris, University of Missouri - Columbia
       Discussant: Robert S. Parti, Florida State University
      Managerial Incentives and International Acquisition Decisions
               Dong-Kyoon Kim, State University of New York
       Discussant: Janet D. Payne, Southwest Texas State University
Session     3-5                       Thursday, April 10, 2003                              Coronado R
                                            11:45 - 1:15
                                  Trading Systems and Liquidity

          Chair: Thomas H. McInish, University of Memphis
Papers:
      Financial Market Design and Equity Premium: Electronic versus Floor Trading
                Pankaj Jain, University of Memphis
       Discussant: Jacqueline L. Garner, Drexel University
      When Continuous Trading Becomes Continuous
               Harald Henke, Europa University Viadrina
       Discussant: Haiwei Chen, Westminster College
      Liquidity Providers on an Electronic Order-Driven Market
                 Edward Chow, National Chengchi University
       Discussant: Premal P. Vora, Pennsylvania State University - Harrisburg




Session     3-6                       Thursday, April 10, 2003                              Coronado S
                                            11:45 - 1:15
                                            Measuring risk

          Chair: Jinliang Li, Northeastern University
Papers:
      The Impact of Clearing on the Credit Risk of a Derivatives Portfolio
               Carsten Murawski, University of Zurich
       Discussant: Wei Zhang, State University of New York -- Fredonia
      How to Include Liquidity in a Market VAR Statistic?
                Robert Dubil, San Jose State University
       Discussant: Yan He, San Francisco State University
      The Estimation of a Firm's Hedging Effects: Marginal Value at Risk (M-Var) Approach
               Sam Chung, Long Island University
       Discussant: Jinliang Li, Northeastern University




Special Session 3-7                   Thursday, April 10, 2003                                 Cancun
                                            11:45 - 1:15
             Incorporating CFP Board Requirements into a Finance Curriculum

          Chair: Anne Kern, CFP Board of Standards
Session      4-1                      Thursday, April 10, 2003                                 Coronado M
                                            1:30 - 3:00
                                Economic Effects on Bank Returns

          Chair: Seyed Mehdian, University of Michigan - Flint
Papers:
      Bank Stock Return Sensitivities to the Long-term and Short-term Interest Rates: A Multivariate GARCH
               Iqbal Mansur, Widener University
               Elyas Elyasiani, Temple University
       Discussant: Sridhar Sundaram, Grand Valley State University
      An Investigation of the Mid-Loan Relationship Between Bank-Lenders and Borrowers
                Aron Gottesman, Pace University
                Gordon Roberts, York University
       Discussant: Yaman Erzurumlu, University of Central Florida
      Can a Lack of Information be Informative? The Evidence from Approved and Denied Loans
               Eugene Bland, Francis Marion University
       Discussant: Vitaly Guzha, University of Central Florida




Session      4-2                      Thursday, April 10, 2003                                 Coronado N
                                            1:30 - 3:00
                                    The Pricing of Mutual Funds

          Chair: D. K. Malhotra, Philadelphia University
Papers:
      Assessing Diversification Benefits of Hedge Funds by Kernel Fit
               Muzaffer Balta, City University of New York
       Discussant: Erik Lueders, University of Konstanz
      The Effect of Demand on Stock Prices: Evidence from Index Fund Rebalancing
                Ernest Biktimirov, Brock University
       Discussant: Ray Sturm, Florida Atlantic University
      Clientele Differences in the Market for Exchange-Traded Funds: A Comparison of the Trading Characteristics
      of ETFs vis-à-vis their Underlying Equities
                  Stephen Pruitt, University of Missouri - Kansas City
                  John M. Clark, University of Missouri - Kansas City
                  Bonnie F. Van Ness, University of Mississippi
          Discussant: Jian Wu, Rouen Graduate School of Management - France
Session     4-3                        Thursday, April 10, 2003                               Coronado P
                                             1:30 - 3:00
                            Executive Ownership and Compensation

          Chair: Anita K. Pennathur, Florida Atlantic University
Papers:
      Who is in Whose Pocket? Director Compensation, Bargaining Power and Board Independence
                Harley "Chip" E. Ryan, Jr., Louisiana State University
                Roy A. Wiggins III, Bentley College
       Discussant: Stuart L. Gillan, University of Delaware
      Executive Loans
                Kathleen M. Kahle, University of Pittsburgh
                Kuldeep Shastri, University of Pittsburgh
       Discussant: Harley "Chip" E. Ryan, Jr., Louisiana State University
      Ownership Structure and Risk: A Canadian Empirical Analysis
               Mohamed Ayadi, Brock University
               Yoser Gadhoum, University of Quebec in Montreal
       Discussant: Mengxin Zhao, University of Pittsburgh/Bentley College




Session     4-4                        Thursday, April 10, 2003                               Coronado Q
                                             1:30 - 3:00
                                       International Investment

          Chair: Brian M Lucey, University of Dublin
Papers:
      Market Concentration Liquidity and Emerging Markets Performance
               Harri Ramcharran, University of Akron
       Discussant: Lei Zhou, Miami University of Ohio
      Diffusion Indicies for Capital Markets
                 Lawrence Pohlman, Panagora
                 Daniel Morillo, Panagora
       Discussant: Angela J. Black, University of Aberdeen
      The Impact of Sovereign Country Risk and Market Integration on European Stock Markets
               Anthony Chambet, University of Zurich
               Rajna Gibson, University of Zurich
       Discussant: Shiyun Wang, University of Manchester
Session      4-5                      Thursday, April 10, 2003                                     Coronado R
                                            1:30 - 3:00
                                           Time and Volume

          Chair: Yan He, San Francisco State University
Papers:
      Trading Takes Time
                Liang Peng, University of Cincinnati
       Discussant: Ahmet K. Karagozoglu, Hofstra University
      A First Look at the Interrelationships Between Priors, Information, Investor Interpretations and Trading
                Stephanie Rauterkus, Louisiana State University
       Discussant: Peter R. Locke, George Washington University
      Option Trading Around Information Events
                Dennis J. Whalen, Otterbein College
       Discussant: Pankaj Jain, University of Memphis




Tutorial Session 4-6                  Thursday, April 10, 2003                                     Coronado S
                                            1:30 - 3:00
             Conditional Value-at-Risk, Methodology and Applications: Overview

          Chair: Stanislav Uryasev, University of Florida




Panel Session 4-7                     Thursday, April 10, 2003                                          Cancun
                                            1:30 - 3:00
             The Large Lecture Classroom: What are the benefits? What are the
                                        pitfalls?

          Chair: Pamela P Peterson, Florida State University
Panelists:
                    Joel Houston, University of Florida
                    Anthony Byrd, University of Central Florida




Session      5-1                      Thursday, April 10, 2003                                     Coronado M
                                            3:15 - 4:45
                                Helping Students Understand Risk

          Chair: Raj Aggarwal, Kent State University
Papers:
      The Retrospective Life Insurance Method: A Pedagogic Spreadsheet Application
               Betty J. Simkins, Oklahoma State University
               David R. Lange, Auburn University at Montgomery
       Discussant: Larry Lynch, Roanoke College
      Monte Carlo Simulation: A Hand's On Capital Budgeting Case Study Using @ Risk
               Samuel C. Weaver, Lehigh University
       Discussant: Lei Zhou, Miami University of Ohio
      A Pedagogical Note on the Recognition and Management of Financial Risk
               Mike Barth, Georgia Southern University
               John J. Hatem, Georgia Southern University
       Discussant: Samuel C. Weaver, Lehigh University
Session     5-2                       Thursday, April 10, 2003                              Coronado N
                                            3:15 - 4:45
                             The Behavior of Mutual Fund Managers

          Chair: Oliver Schnusenberg, St. Joseph's University
Papers:
      Universal versus Segmented Competition in the Mutual Funds Industry
                Marco Navone, Bocconi University
       Discussant: Stefan Ruenzi, University of Cologne
      Tournaments in the Mutual Fund Industry
               Alexander Kempf, University of Cologne
               Stefan Ruenzi, University of Cologne
       Discussant: Ray Sturm, Florida Atlantic University
      Mutual Fund Ownership and the Number Effect
               Ken P. Johnston, Georgia Southern University
       Discussant: Andrea J. Heuson, University of Miami




Session     5-3                       Thursday, April 10, 2003                              Coronado P
                                            3:15 - 4:45
                             Incentive and Corporate Restructuring

          Chair: Douglas Lamdin, University of Maryland - Baltimore County
Papers:
      The Price of Corporate Acquisition: An Analysis of Merger Premia
                Vijay Gondhalekar, University of Michigan - Flint
                Raymond Sant, Schweser Study Program, Kaplan, Inc.
                Stephen Ferris, University of Missouri - Columbia
       Discussant: Alan Gart, Indiana University of Pennsylvania
      Earnings Management, Stock Performance and the Role of Buyout Specialists in Reverse Leveraged Buyouts
               De-Wai Chou, National Chung Cheng University
               Michael Gombola, Drexel University
               Feng-Ying Liu, Rider University
       Discussant: Speros Margetis, University of South Florida
      Poison Pills: Do they affect takeover activity?
                Ozkan Ozfidan, Virginia Department of Planning and Budget
                Ramesh Rao, Oklahoma State University
       Discussant: Peter J. DaDalt, Georgia State University
Session     5-4                      Thursday, April 10, 2003                         Coronado Q
                                           3:15 - 4:45
                                   International equity markets

          Chair: Andy Naranjo, University of Florida
Papers:
      What Predicts Volume?
               Boyce Watkins, Syracuse University
       Discussant: Shaikh Hamid, Southern New Hampshire University
      Return Autocorrelation and Institutional Investors in the ADRS Market
               Kenneth Yung, Old Dominion University
               Diane DeQing Li, University of Maryland - Eastern Shore
       Discussant: Nikiforos Laopodis, Fairfield University
      Implied Cost of Equity and its Determinants: A Case of Emerging Market Equity
                Dev R. Mishra, Memorial University of Newfoundland
        Discussant: C. Mitchell Conover, University of Richmond




Session     5-5                      Thursday, April 10, 2003                         Coronado R
                                           3:15 - 4:45
                                   International Liquidity Issues

          Chair: Peter R. Locke, George Washington University
Papers:
      Order Imbalance, Return and Volatility During Thailand Financial Crisis
               Nuttawat Visaltanachoti, Nanyang Business School
       Discussant: Yan He, San Francisco State University
      The Interrelation of Price Volatility and Trading Volume of Currency Options
                Ghulam Sarwar, St. Cloud State University
       Discussant: Karthik Krishnan, University of Connecticut
      Price Formation in FX Market
                Ryosuke Wada, Otaru University of Commerce
       Discussant: Kashi Nath Tiwari, KNT's Academic Financial Research
Session     5-6                      Thursday, April 10, 2003                        Coronado S
                                           3:15 - 4:45
                              Risk Measurement and Management

          Chair: Gerald Gay, Georgia State University
Papers:
      Risk Management and Portgolio Optimization with Conditional Drawdown-at-Risk
               Alexei Chekhlov, Thor Asset Management, Inc.
               Stanislav Uryasev, University of Florida
       Discussant: Anand Venkateswaran, Georgia State University
      Model Risk and Regulatory Capital
               Jeroen Kerkhof, Tilburg University and Center
               Bertrand Melenberg, Tilburg University and Center
               Hans Schumacher, Tilburg University and Center
       Discussant: Jouahn Nam, Pace University
      Does the Choice of a Risk Measure Matter?
                Andreas Pfingsten, University of Muenster
                Carsten Hahn, University of Muenster
                Peter Wagner, University of Muenster
       Discussant: Chen-Miao Lin, Georgia State University




Special Session 5-7                  Thursday, April 10, 2003                           Cancun
                                           3:15 - 4:45
                                      Financial Issues Ahead

          Chair: Vincent G. Massaro, Long Island University
Topics/Panelists:
      Monetary Policy and Asset Price Inflation
               Robert McGee, U.S. Trust Company of New York
      The Changing Nature of the Transmission Mechanism of Monetary Policy
               Albert E. DePrince, Jr., Middle Tennessee State University
      Does Monetary Policy Matter?
              Vincent G. Massaro, Long Island University
      Default Risk with Endogenous Interest Rates
                Christopher D. McGee, Assumption College
Session     6-1                         Friday, April 11, 2003                                 Coronado M
                                             8:15 - 9:45
           Corporate Government, Auditor Monitoring, and Accounting Scandals

          Chair: Robert Schweitzer, University of Delaware
Papers:
      The Auditor to Client Revolving Door and Earnings Management
               David S. North, University of Richmond
               Brendan O'Connell, Deakin University
               Marshall Geiger, University of Richmond
       Discussant: Terry L. Campbell II, University of Delaware
      Accounting and Governance Deficiencies as Contributors to the Crisis of Confidence
               James E. Owers, Georgia State University
               Chen-Miao Lin, Georgia State University
               Ronald C. Rogers, University of South Carolina
       Discussant: Phyllis Y. Keys, Ohio State University
      Climate for Scandal: Financial Environments that Contribute to Fraud
                Beverly B. Marshall, Auburn University
                Claire E. Crutchley, Auburn University
                Marlin Jensen, Auburn University
       Discussant: M. Andrew Fields, University of Delaware




Session     6-2                         Friday, April 11, 2003                                  Coronado N
                                             8:15 - 9:45
                                Symposium: Financial Institutions

          Chair: Lawrence G. Goldberg, University of Miami
Papers:
      Payments Services and Commercial Banks
               Robert DeYoung, Federal Reserve Bank of Chicago
               Tara N. Rice, Federal Reserve Bank of Chicago
       Discussant: Steven A. Dennis, East Tennessee State University
      The Relative Cost Efficiency of Stock versus Mutual Thrifts: Does Organizational Form Matter?
                James M. Sfiridis, University of Connecticut
                Kenneth N. Daniels, Virginia Commonwealth University
       Discussant: Sylvia C. Hudgins, Old Dominion University
      Loan Loss Provisioning: Cross-Country Evidence
               Iftekhar Hasan, Rensselaer Polytechnic Institute
               Larry D. Wall, Federal Reserve Bank of Atlanta
       Discussant: Julie A Elston, University of Central Florida
Session      6-3                         Friday, April 11, 2003                                Coronado P
                                              8:15 - 9:45
                                         Models of Risk Premia

          Chair: Gergana Jostova, George Washington University
Papers:
      Time-Varying Risk Premia and the Cross Section of Stock Returns
                Hui Guo, Federal Reserve Bank of St. Louis
        Discussant: Lei Zhou, Miami University of Ohio
      Firm-Specific Determinants of Nominal Stock Return Risk
               Kenneth Kopecky, Temple University
               Tai Yi, University of Sioux Falls
       Discussant: Shiyun Wang, University of Manchester
      The Pricing Kernel and Time-Series Characteristics of Asset Returns
                Erik Lueders, University of Konstanz
       Discussant: Alexander Philipov, Boston College




Session      6-4                         Friday, April 11, 2003                                Coronado Q
                                              8:15 - 9:45
                                        IPO Costs and Returns

          Chair: Richard Ajayi, University of Central Florida
Papers:
      Why do Underwriters Charge Lower Underwriting Fees for IPO in Taiwan?
               Hsuan-Chi Chen, Yuan Ze University
               Robert C.W. Fok, Shippensburg University
               Yu-Jen Wang, Fu Jen Catholic University
       Discussant: Alicia Garcia-Herrero, Bank of Spain
      How do Different Types of Investors React to New Financial Statement Information?
               Anders Ekholm, Swedish School of Economics and Business Administration
       Discussant: Seyed Mehdian, University of Michigan - Flint
      Overconfidence and Investor Size (The Negative News Threshold -- an Explanation for Negative Skewness in
      Stock Returns)
                  Anders Ekholm, Swedish School of Economics and Business Administration
                  Daniel Pasternack, Swedish School of Economics and Business Administration
          Discussant: Richard Ajayi, University of Central Florida
Session     6-5                         Friday, April 11, 2003                                Coronado R
                                             8:15 - 9:45
                                Information and Market Efficiency

          Chair: Douglas Dyer, Tarleton State University
Papers:
      Earnings Surprise and the Relative Information Content of Short Interest
               Jose Mercado-Mendez, Central Missouri State University
               Roger J. Best, Central Missouri State University
               Ronald W. Best, State University of West Georgia
       Discussant: Iftekhar Hasan, Rensselaer Polytechnic Institute
      Herd Behavior in Financial Markets
               Wenjin Kang, University of California - Los Angeles
       Discussant: J. R. Norsworthy, Rensselaer Polytechnic Institute
      Evidence on the Foreign Share Discount Puzzle in China: Liquidity or Information Asymmetry?
               Albert J. Menkveld, Vrije Universiteit Amsterdam
               Kalok Chan, Hong Kong University of Science and Technology
               Zhishu Yang, Tsinghua University
       Discussant: Rifat Gorener, Rensselaer Polytechnic Institute




Session     6-6                         Friday, April 11, 2003                                Coronado S
                                             8:15 - 9:45
                                     Dividend Policy & Markets

          Chair: Yi Liu, Drexel University
Papers:
      Public Debt Markets and Dividend Policy
               Vorouj Aivozian, University of Toronto
               Laurence Booth, University of Toronto
               Sean Cleary, St. Mary's University -- Halifax, Nova Scotia, Canada
       Discussant: Yingmei Cheng, Florida State University
      Agency Costs and the Decision to Pay Special or Regular Dividends
               Kelly Brunarski, Miami University at Ohio
               Yvette Harman, Miami University at Ohio
               James Kehr, Miami University at Ohio
       Discussant: Joseph H. Meredith, Elon University
      Corporate Dividends and Earnings: Is there a long-run equilibrium relationship?
               Asim Ghosh, St. Joseph's University
               Robert Boldin, Indiana University of Pennsylvania
               Christopher Coyne, St. Joseph's University
       Discussant: Huanliang (Mark) Liu, Boston College
Session     6-7                          Friday, April 11, 2003                                 Coronado T
                                              8:15 - 9:45
                                   International Financial Markets

          Chair: Ronnie Clayton, Jacksonville State University
Papers:
      Observable and Stationary Risk Premia on Foreign Exchange
               Kyung-Chun Mun, Truman State University
       Discussant: Asim Ghosh, St. Joseph's University
      International Financial Market Integration: Evidence from Latin America
                 Bharat Bhalla, Fairfield University
                 Anand Shetty, Iona College
        Discussant: Kenneth Small, University of Tennessee - Knoxville
      International Linkages Among Real Long-Term Interest Rates and Their Impact on Monetary Policy
                 Nikiforos Laopodis, Fairfield University
        Discussant: Inessa Love, World Bank




Special Session 7-1                      Friday, April 11, 2003                                 Coronado M
                                             10:00 - 11:30
            Finance Assessment: Taking Advantage of Classroom Assignments

          Chair: Claire S. Bronson, Western New England College




Session     7-2                          Friday, April 11, 2003                                 Coronado N
                                             10:00 - 11:30
                                     Symposium: Bank Lending

          Chair: Lawrence G. Goldberg, University of Miami
Papers:
      The Effect of Credit Scoring on Small Business Lending in Low and Moderate-Income Areas
                W. Scott Frame, Federal Reserve Bank of Atlanta
                Michael S. Padhi, Federal Reserve Bank of Atlanta
                Lynn Woosley, Federal Reserve Bank of Atlanta
       Discussant: Seung-Hun Han, University of Central Florida
      Maturity and Corporate Loan Pricing
                Aron Gottesman, Pace University
                Gordon Roberts, York University
       Discussant: Melissa B. Frye, University of Central Florida
      The Determinants of Secured Loans
               John S. Gonas, Belmont University
               Michael J Highfield, Louisiana Tech University
               Donald J. Mullineaux, University of Kentucky
       Discussant: Seyed Mehdian, University of Michigan - Flint
Session      7-3                         Friday, April 11, 2003                                   Coronado P
                                             10:00 - 11:30
                                            Portfolio Choice

          Chair: Natalya Delcoure, University of South Alabama
Papers:
      Investing for the Short Run When Return Volatility is Predictable
                 Leping Wang, University of Pennsylvania
        Discussant: Harikumar Sankaran, New Mexico State University
      Dynamic Portfolio Optimization Under Tracking Error Constraints
               Isabelle Bajeux-Besnainou, George Washington University
               Roland Portait, Conservatoire National des Arts et Métiers and ESSEC
               Guillaume Tergny, Conservatoire National des Arts et Métiers and La Compagnie Financière E.
                De Rotschild
       Discussant: Dan French, New Mexico State University
      Another Correlation Risk in Portfolio Optimization
               Takaki Hayashi, Columbia University
       Discussant: Natalya Delcoure, University of South Alabama




Session      7-4                         Friday, April 11, 2003                                   Coronado Q
                                             10:00 - 11:30
                                        Initial Public Offerings

          Chair: Angela J. Black, University of Aberdeen
Papers:
      Valuation Effects of Domestic and International Seasoned Canadian Offerings by Firms Cross-Listed on the
      NYSE/AMEX or NASDAQ
                  Arturo Rubalcava, Concordia University
                  Lawrence Kryzanowski, Concordia University
          Discussant: Andrea J. Heuson, University of Miami
      Management Behaviour and Market Response
               Josef Schuster, London School of Economics
               Jinhui Luo, London School of Economics
       Discussant: Oliver Schnusenberg, St. Joseph's University
      IPO: Internet Stocks and the Bubble Economy
                Yuli Su, San Francisco State University
                Ming-ngar Tsoi, San Francisco State University
        Discussant: Brian M Lucey, University of Dublin
Session     7-5                         Friday, April 11, 2003                             Coronado R
                                            10:00 - 11:30
                                    Markets, Crises and Crashes

          Chair: Anita K. Pennathur, Florida Atlantic University
Papers:
      Introduction of Derivatives Exchanges in Emerging Markets
                Ahmet K. Karagozoglu, Hofstra University
                Hatice Pinar Ersen, Undersecretariat for Foreign Trade Prime Ministry
        Discussant: Nivine Richie, Susquehanna University
      The Asymptotic Distribution of Extreme Changes in Asian Exchange Rates
               Raj Aggarwal, Kent State University
               Min Qi, Kent State University
       Discussant: Marilyn K. Wiley, Florida Atlantic University
      Modeling Market Crashes as Phase Transition and Traders' Behavior
               Rossitsa Yalamova, Kent State University
       Discussant: Terrance R. Skantz, Florida Atlantic University




Session     7-6                         Friday, April 11, 2003                             Coronado S
                                            10:00 - 11:30
                                            Dividend Policy

          Chair: Malcolm Baker, Harvard Business School
Papers:
      Dividend Surprises, Agency Costs and Corporate Monitoring
                Kelly Brunarski, Miami University at Ohio
                Yvette Harman, Miami University at Ohio
                James Kehr, Miami University at Ohio
       Discussant: Phyllis Y. Keys, Ohio State University
      An Examination of the Long-run Market Reaction to Announcement of Dividend Omissions and Reductions
               Yi Liu, Drexel University
               Samuel H. Szewczyk, Drexel University
               Zaher Zantout, Rider University
       Discussant: Robert Boldin, Indiana University of Pennsylvania
      A Catering Theory of Dividends
                Malcolm Baker, Harvard Business School
                Jeffrey Wurgler, New York University
       Discussant: Gerald P. Dwyer, Jr., Federal Reserve Bank of Atlanta
Session     7-7                         Friday, April 11, 2003                                  Coronado T
                                            10:00 - 11:30
                           Foreign Exchange Exposure and Hedging

          Chair: Bharat Bhalla, Fairfield University
Papers:
      Derivatives Hedging, Geographical Diversification, and Firm Market Value
                Bengt Pramborg, Stockholm University
       Discussant: Larry Fauver, University of Miami
      Transaction vs. Economic Exposure: Which has Greater Cash Flow Consequences?
                Anna D. Martin, Fairfield University
                Laurence Mauer, St. John's University
       Discussant: Dev R. Mishra, Memorial University of Newfoundland
      Hedging Foreign Exchange Risk: A Multifactor Analysis
               James Ross McCown, Florida Atlantic University
               Ky-Hwang Yuhn, Florida Atlantic University
       Discussant: Ronnie Clayton, Jacksonville State University




Panel Session 7-8                       Friday, April 11, 2003                                       Cancun
                                            10:00 - 11:30
                            Analyzing a Country's Financial Stability

          Chair: Philip F. Bartholomew, International Monetary Fund




Session     8-1                         Friday, April 11, 2003                                  Coronado M
                                             2:00 - 3:30
                                          Emerging Markets

          Chair: George W. Trivoli, Jacksonville State University
Papers:
      Predictability in Emerging Sovereign Debt Markets
                Gergana Jostova, George Washington University
       Discussant: Pascal Francois, HEC Montreal
      On Return and Return Dispersion in Emerging Capital Markets
               Eric Girard, Indiana State University
               Amit Sinha, Indiana State University
       Discussant: Walter Hlawitschka, Fairfield University
      Markov Chains in Predictive Models of Currency Crises -- With Applications to Southeast Asia
               Tayyeb Shabbir, University of Pennsylvania
       Discussant: Bengt Pramborg, Stockholm University
Session      8-2                          Friday, April 11, 2003                                Coronado N
                                               2:00 - 3:30
                                    Regulation, Policy, and Capital

          Chair: Scott Besley, University of South Florida
Papers:
      Efficiency and Factor Substitution in U.S. Savings Institutions: The Impact of Regulatory Changes
                 Harri Ramcharran, University of Akron
       Discussant: David Leahigh, King's College
      National Treatment in U.S. Regulatory Policy: Evidence From Financial Modernization Reform
                Rajesh Narayanan, Ohio University
                Nanda Rangan, Ohio University
                Sridhar Sundaram, Grand Valley State University
       Discussant: Vladimir Kotomin, University of Central Florida
      Bank Capital Regulation and Incentives for Risk-Taking
               Alistair Milne, City University Business School, London
               A. Elizabeth Whalley, University of Warwick
       Discussant: Alan Gart, Indiana University of Pennsylvania




Session      8-3                          Friday, April 11, 2003                                 Coronado P
                                               2:00 - 3:30
                                            Market Efficiency

          Chair: Richard Ajayi, University of Central Florida
Papers:
      The Merger and Acquisition Process from Beginning to the End: A Short-Run versus Long-run Performance of
      Canadian Bidder Firms
                  George Athanassakos, Wilfrid Laurier University
          Discussant: Weishen Wang, University of Central Florida
      An Examination of the Market Reaction to Stock Splits
               Roger J. Best, Central Missouri State University
               Ronald W. Best, State University of West Georgia
       Discussant: Seyed Mehdian, University of Michigan - Flint
      The Market to Book Controversy: An Analysis from the Viewpoint of Expected Earnings
               Richard J. Kish, Lehigh University
               David H. Myers, Lehigh University
       Discussant: Roger J. Best, Central Missouri State University
Session     8-4                        Friday, April 11, 2003                                  Coronado Q
                                            2:00 - 3:30
                    Equity Issue Performance, Shareholder, and Analysts

          Chair: George Papaioannou, Hofstra University
Papers:
      The Long-run Consequences of Dual-Class IPOs: A Comparison of Dual- and Single-Class Long-run
               Chad Zutter, University of Pittsburgh
       Discussant: Craig Dunbar, University of Western Ontario
      The Evolution of Equity Financing: A Comparison of Dual-Class and Single-Class SEOs
               Chad Zutter, University of Pittsburgh
               Scott Smart, Indiana University
       Discussant: John C. Yeoman, North Georgia College and State University
      Initiation of Analyst Coverage and Long-Term Market Performance of Newly Public Firms
                  Rejin Guo, University of Illinois - Chicago
                  Somnath Das, University of Illinois - Chicago
                  Huai Zhang, University of Illinois - Chicago
        Discussant: Christopher Gadarowski, Cornell University




Session     8-5                        Friday, April 11, 2003                                  Coronado R
                                            2:00 - 3:30
                                      Bond Portfolio Analysis

          Chair: J. Edward Graham, University of North Carolina at Wilmington
Papers:
      Plain and Enlarged Separation Portfolios: On their Use when Arbitraging and Synthesizing Securities
                Rodolfo Apreda, Universidad Del Cema
       Discussant: Pradipkumar Ramanial, University of Central Florida
      The Information in Forward Rates -- Evidence from U.S. Treasury STRIPS
                Qing (Grace) Hao, University of Florida
                Miles Livingston, University of Florida
       Discussant: James T. Lindley, University of Southern Mississippi
      A Highly Accurate Measure of Bond Price Sensitivity to Interest Rates
                Miles Livingston, University of Florida
                Lei Zhou, Miami University of Ohio
       Discussant: Oliver Schnusenberg, St. Joseph's University
Session      8-6                          Friday, April 11, 2003                              Coronado S
                                               2:00 - 3:30
                                          Investment Decisions

          Chair: Claire E. Crutchley, Auburn University
Papers:
      Acquiring Privately-Held Firms: A Costly Search Perspective
                Jouahn Nam, Pace University
                P.V. Viswanath, Pace University
       Discussant: Leonard L. Lundstrum, North Carolina State University
      Does costly long-term informed trading cause under-investment in projects with long-term cashflows? The
      LEAPS evidence
                  Leonard L. Lundstrum, North Carolina State University
                  Craig Holden, Indiana University
          Discussant: Helen L. Bowers, University of Delaware
      An analytical theory of project investment
                Jing Chen, University of Northern British Columbia
       Discussant: David A. Carter, Oklahoma State University




Session      8-7                          Friday, April 11, 2003                              Coronado T
                                               2:00 - 3:30
                                Incentives and Operating Performance

          Chair: Julie Cagle, Xavier University
Papers:
      Operating Performance and Free Cash Flow of Asset Buyers
                Steven Freund, University of Detroit - Mercy
                Alexandros Prezas, Suffolk University
                Gopala K. Vasudevan, Northeastern University
       Discussant: Terry D. Nixon, Miami University
      CEO Incentives, Cash Flow, and Investment
               John Paul Broussard, Rutgers University
               Sheree Buchenroth, West Chester University
               Eugene Pilotte, Rutgers University
       Discussant: Thomas Coe, Quinnipiac University
      E-Commerce and Value Added?
               Karen Denning, West Virginia University
               Heather Hulburt, West Virginia University
       Discussant: James E Pawlukiewicz, Xavier University
Special Session 8-8                       Friday, April 11, 2003                                      Cancun
                                               2:00 - 3:30
                              Corporate Governance at the Crossroads

          Chair: Janet D. Payne, Southwest Texas State University
Topics/Panelists:
      The Current Legal Environment As It Relates To Corporate Governance Panelist
               Stuart L. Gillan, University of Delaware
      The Role of Institutional Investors in Corporate Governance
                Paula Tkac, Federal Reserve Bank of Atlanta
      CEO/Board Compensation
              Helen L. Bowers, University of Delaware
      Board of Director Composition
                Stephen Ferris, University of Missouri - Columbia




Session      9-1                          Friday, April 11, 2003                                 Coronado M
                                               3:45 - 5:15
                                 Banking and Financial Market Risks

          Chair: Anand Shetty, Iona College
Papers:
      Expectations and Asset Prices: Evidence from Prospect Theory
                Ding Li, Rensselaer Polytechnic Institute
                Irvin Morgan, Rensselaer Polytechnic Institute
                Richard Shuler, New York Department of Public Service
                J. R. Norsworthy, Rensselaer Polytechnic Institute
                Rifat Gorener, Rensselaer Polytechnic Institute
       Discussant: Jouahn Nam, Pace University
      The Threat of Systemic Risk in Banking -- Evidence for Europe
               Martin Schueler, Centre for European Economic Research
       Discussant: Thomas Lutton, Office of Federal Housing Enterprise Oversight
      Crisis in the Jamaican Financial Sector: Can Interest Rate Risk Explain Profitability and Solvency Problems
      Facing the Financial Sector?
                  Ruth Clarke, Nova Southeastern University
                  Twila-Mae Logan, Nova Southeastern University
                  Dorothy Alexander-Smith, University of the West Indies
          Discussant: Beverly B. Marshall, Auburn University
Session     9-2                         Friday, April 11, 2003                                    Coronado N
                                             3:45 - 5:15
                                       Small Business Lending

          Chair: Robert Schweitzer, University of Delaware
Papers:
      Small Business and the Value of Community Financial Institutions
               Jonathan A. Scott, Temple University
               William C. Dunkelberg, Temple University
       Discussant: Robert DeYoung, Federal Reserve Bank of Chicago
      An Investigation into Small Business Lending Performance at Large and Small Banks
                David A. Carter, Oklahoma State University
                James E. McNulty, Florida Atlantic University
       Discussant: Harold A. Black, University of Tennessee
      Revisiting Lender Liability Under CERCLA
                James E Pawlukiewicz, Xavier University
                Julie Cagle, Xavier University
       Discussant: Terry L. Campbell II, University of Delaware




Session     9-3                         Friday, April 11, 2003                                     Coronado P
                                             3:45 - 5:15
                                            GARCH models

          Chair: Gregory Bauer, University of Rochester
Papers:
      Information Transmission amoung Major Equity Markets: Common Effects vs. Competitive Effects
                Chin-Wen Hsin, Yuan Ze University
        Discussant: Gerald Madden, Suffolk University
      Bayesian Analysis of Stochastic Betas
               Gergana Jostova, George Washington University
               Alexander Philipov, Boston College
       Discussant: Lance Young, University of Rochester
      Intraday Periodicity and Volatility Spillovers between International Stock Index Futures Markets
                Jinliang Li, Northeastern University
                Chunchi Wu, Syracuse University
        Discussant: Keith Vorkink, Brigham Young University
Session      9-4                          Friday, April 11, 2003                              Coronado Q
                                               3:45 - 5:15
                      Equity Offerings: Sweeteners and Other Seasonings

          Chair: Manak C. Gupta, Temple University
Papers:
      Do Investors Ever Learn from Seasoned Equity Offerings? Evidence from Recurring SEOs
                Michael Gombola, Drexel University
                Yueh-Fang Ho, Drexel University
                Feng-Ying Liu, Rider University
       Discussant: Zheng Wang, Baruch College - City University of New York
      Total Equity Risk and Seasoned Stock Offerings
                Richard Gregory, University of South Carolina - Spartanburg
                Mojib Ahmed, University of the South Pacific
       Discussant: Dalia Marciukaityte, Louisiana Tech University
      Why do Firms Issue Private Placements of Equity with Warrants: Sweetener, Signaling, or Staged Financing?
               Dalia Marciukaityte, Louisiana Tech University
               Anita K. Pennathur, Florida Atlantic University
       Discussant: Jun Qian, Boston College




Session      9-5                          Friday, April 11, 2003                              Coronado R
                                               3:45 - 5:15
                               Bond Yields and Issue Characteristics

          Chair: Wei Zhang, State University of New York -- Fredonia
Papers:
      The Choice between Mandatory and Ordinary Convertible Securities: An Examination of Signaling and Agency
      Effects
                  Shantaram Hegde, University of Connecticut
                  Karthik Krishnan, University of Connecticut
          Discussant: Lei Zhou, Miami University of Ohio
      Explaining Credit Spread Changes: Some New Evidence from Option-Adjusted Spreads on Bond Indexes
                Weipeng Kong, Pennsylvania State University
                Jing-zhi Huang, Pennsylvania State University
       Discussant: Yewmun Yip, San Francisco State University
      The Role of Debt Insurance
                Sergei A. Davydenko, London Business School
       Discussant: Patricia Clarke, Simmons College
Session      9-6                         Friday, April 11, 2003                                  Coronado S
                                              3:45 - 5:15
                                              Stock Pricing

          Chair: George Athanassakos, Wilfrid Laurier University
Papers:
      A Family of Proxies for Tests of Behavioral Effects
                Ricardo J. Rodriguez, University of Miami
       Discussant: Barry Marchman, Florida State University
      The Nonlinear Behavior of Stock Prices
                Douglas Patterson, Virginia Polytechnic Institute
                Debra Skaradzinski, University of Massachusetts - Boston
       Discussant: Mohamed Ayadi, Brock University
      Derivation of Theoretical Model to Value Internet Stocks
                Damir Tokic, University of Houston - Downtown
       Discussant: James M. Sfiridis, University of Connecticut




Session      9-7                         Friday, April 11, 2003                                  Coronado T
                                              3:45 - 5:15
                          Governance, Performance and Compensation

          Chair: M. Andrew Fields, University of Delaware
Papers:
      Agency Conflicts in Financial Institutions: the Influence of Fiduciary, Block and Dispersed Ownership on
      Executive Compensation
                  Peter Went, Bucknell University
          Discussant: John F. Manley, Iona College
      Are banks differently affected by changing credit market conditions? Evidence from bank stock returns
               Astrid Van Landschoot, Ghent University
               Rudi Vander Vennet, Ghent University
               Lieven Baele, Ghent University
       Discussant: James Murtagh, Rensselaer Polytechnic Institute
      The Performance Characteristics of Financial Holding Companies
                James Murtagh, Rensselaer Polytechnic Institute
       Discussant: David Nawrocki, Villanova University




Tutorial Session 9-8                     Friday, April 11, 2003                                       Cancun
                                              3:45 - 5:15
                                             Islamic Finance

          Chair: Shaikh Hamid, Southern New Hampshire University
Session      10-1                        Saturday, April 12, 2003                             Coronado M
                                               8:30 - 10:00
                                        Timing Effects in Markets

          Chair: Marilyn K. Wiley, Florida Atlantic University
Papers:
      Time Varying Equity Market Integration in Europe
                Raj Aggarwal, Kent State University
                Brian M Lucey, University of Dublin
                Cal Muckley, University of Dublin
        Discussant: Ravi Shukla, Syracuse University
      The Weekend Effect in the U.S. Stock Market: A New Look
               Samer A.M. Al-Rjoub, Hashimite University
               M. Kabir Hassan, University of New Orleans
               Oscar Varela, University of New Orleans
       Discussant: Patricia Clarke, Simmons College
      Is the January Effect Economically Exploitable? Evidence from Athens Stock Exchange
                Shiyun Wang, University of Manchester
                Theocharis Koutianoudis, University of Manchester
        Discussant: Sergei A. Davydenko, London Business School




Session      10-2                        Saturday, April 12, 2003                              Coronado N
                                               8:30 - 10:00
                                             Bank Relationship

          Chair: Stephen D. Smith, Georgia State University
Papers:
      Financial Performance of Microfinance Institutions: A Comparison of Performance with Regional Commercial
      Banks by Geographic Regions
                  Michael Tucker, Fairfield University
          Discussant: Iftekhar Hasan, Rensselaer Polytechnic Institute
      The Value of Banking Relationships During a Financial Crisis: Evidence from Failures of Japanese Banks
                Elijah Brewer III, Federal Reserve Bank of Chicago
                Hesna Genay, Federal Reserve Bank of Chicago
                William Curt Hunter, Federal Reserve Bank of Chicago
                George Kaufman, Loyola University - Chicago
       Discussant: Adrian Cowan, University of Alabama - Birmingham
      Bank relationships in France
                Benedicte Reyes, Monmouth University
       Discussant: Thomas Lutton, Office of Federal Housing Enterprise Oversight
Session     10-3                       Saturday, April 12, 2003                              Coronado P
                                             8:30 - 10:00
                                        Mergers & Acquisitions

          Chair: Jayant Kale, Georgia State University
Papers:
      Mergers Among Debt Underwriters
               Wei-ling Song, Drexel University
               Lawrence G. Goldberg, University of Miami
       Discussant: Harley "Chip" E. Ryan, Jr., Louisiana State University
      Opportunity in Mergers and Acquisitions
               James S. Ang, Florida State University
               Yingmei Cheng, Florida State University
       Discussant: M. Andrew Fields, University of Delaware
      The Value of Being Public: The use of Reverse Takeovers as a Mechanism to Obtain an Exchange Listing
                Kimberly C. Gleason, Bentley College
                Leonard Rosenthal, Bentley College
                Chip Wiggins, Bentley College
       Discussant: Jacqueline L. Garner, Drexel University




Session     10-4                       Saturday, April 12, 2003                              Coronado Q
                                             8:30 - 10:00
                              Information, Trading, and Stock Price

          Chair: Douglas Dyer, Tarleton State University
Papers:
      Financial Institutions Stock Reaction to Stock Splits
                 Sunil Mohanty, University of St. Thomas
                 Doocheol Moon, SUNY -- Old Westbury
       Discussant: Cameli Rotaru, Florida Atlantic University
      How Profitable Day Traders Trade: An Examination of Trading Profits
                Ryan Garvey, Duquesne University
                Anthony Murphy, University College Dublin
       Discussant: Douglas Dyer, Tarleton State University
      On the Efficacy of Regulation Fair Disclosure: Theory & Evidence
                Christopher Gadarowski, Cornell University
                Praveen Sinha, Cornell University
       Discussant: George Papaioannou, Hofstra University
Session      10-5                       Saturday, April 12, 2003                                  Coronado R
                                              8:30 - 10:00
                         The Impact of a Terrorist Attack on U.S. Equities

          Chair: William H. Dare, Oklahoma State University
Papers:
      Has Investment in the Stock Market Become Riskier Due to the Events of September 11?
                Angela J. Black, University of Aberdeen
       Discussant: Jose Mercado Mendez, Central Missouri State University
      The Market's Reaction to Unexpected, Catastrophic Events: The Case of Airline Stock Returns and the
      September 11th Attacks
                  Betty J. Simkins, Oklahoma State University
                  David A. Carter, Oklahoma State University
          Discussant: William H. Dare, Oklahoma State University
      Share Price Volatility of Transportation Companies Before and After September 11, 2001 and an Analysis of
      Earnings and Share Prices of Transportation Companies Filing for Bankruptcy Protection After September 11,
                  George Schatz, Maine Maritime Academy
          Discussant: Betty J. Simkins, Oklahoma State University




Session      10-6                       Saturday, April 12, 2003                                   Coronado S
                                              8:30 - 10:00
                                              Industry Effects

          Chair: Tarun K. Mukherjee, University of New Orleans
Papers:
      Executive Compensation and Corporate Production Efficiency: A Stochastic Frontier Approach
                H Young Baek, Nova Southeastern University
                Jose A. Pagan, University of Texas - Pan American
       Discussant: Carmen Cotei, University of New Orleans
      Executive Compensation and Excess Performance
                H Young Baek, Nova Southeastern University
                Joung W. Kim, Concordia University
       Discussant: Elisabetha Pana, University of New Orleans
      The Impact of the 1992 Energy Policy Act on Financial Decisions of the Electric Utility Industry: A Survey
               Tarun K. Mukherjee, University of New Orleans
               Wei He, University of New Orleans
       Discussant: David R Wolfe, University of New Orleans
Session      10-7                         Saturday, April 12, 2003                               Coronado T
                                                8:30 - 10:00
                                              Trading Strategies

          Chair: Jonathan Clarke, Georgia Institute of Technology
Papers:
      Market Timing via Dividend Yields and Interest Rates
                William J. Trainor, Jr., Western Kentucky University
       Discussant: Karyl Leggio, University of Missouri - Kansas City
      Evaluating the Effectiveness of Dollar-Cost Averaging Using Risk-Adjusted Performance Measures
                Karyl Leggio, University of Missouri - Kansas City
                Donald Lien, University of Texas - San Antonio
       Discussant: Erik Lueders, University of Konstanz
      The Effect of Pre-Formation Price on Momentum Profits
                Robert Savickas, George Washington University
                Zhan Onayev, George Washington University
       Discussant: Jonathan Clarke, Georgia Institute of Technology




Session      10-8                         Saturday, April 12, 2003                                  Cancun
                                                8:30 - 10:00
                                           Investment and MBOs

          Chair: Isaac Otchere, University of Melbourne
Papers:
      Real Options, Irreversible Investment and Firm Uncertainty: New Evidence from U.S. Firms
                Laarni Bulan, Brandeis University
       Discussant: John C. Yeoman, North Georgia College and State University
      MBO Withdrawals and Determinants of Shareholders' Wealth
               Pornsit Jiraporn, Texas A&M International
               Wallace N. Davidson III, Southern Illinois University - Carbondale
               Hong Qian, Pennsylvania State University
       Discussant: John H. Thornton, Jr., Kent State University
      Why Are Some MBOs Never Consummated? An Analysis of Corporate Governance, Firm Characteristics and
      Stock Market Reactions
                  Portnsit Jiraporn, Texas A&M International University
                  Young Kim, Southern Illinois University - Carbondale
                  Wallace N. Davidson III, Southern Illinois University - Carbondale
                  Hong Qian, Pennsylvania State University
          Discussant: Isaac Otchere, University of Melbourne
Session      11-1                        Saturday, April 12, 2003                                Coronado M
                                              10:15 - 11:45
                                          Mispricing in Equities

          Chair: Kashi Nath Tiwari, KNT's Academic Financial Research
Papers:
      A Robust Test for Bubbles in Emerging Stock Markets
               Ako Doffou, Claremont Graduate University
       Discussant: Alexander Philipov, Boston College
      Pinpointing Stock Market Overreaction and Under-reaction for Losers
                Stephen J. Larson, Eastern Illinois University
       Discussant: Angela J. Black, University of Aberdeen
      Are We Discounting the Future... or the Hereafter? Bubbles versus Growth Stocks: The U.S. Auto Industry as
      a Case Study
                  Michael Long, Rutgers University
                  Robert Porter, Rutgers University
          Discussant: Jing Chen, University of Northern British Columbia




Session      11-2                        Saturday, April 12, 2003                                Coronado N
                                              10:15 - 11:45
                                              M&A in Banking

          Chair: Hesna Genay, Federal Reserve Bank of Chicago
Papers:
      The Consolidation and Efficiency in the U.S. Banking Industry: The Impact of Regulations
               Harri Ramcharran, University of Akron
       Discussant: Ihsan Isik, Rowan University
      Long-Term Bank Performance following a Merger/Acquisition in the 1990s
               Terry D. Nixon, Miami University
               Julie Cagle, Xavier University
       Discussant: Kenneth Small, University of Tennessee - Knoxville
      Can Post-Merger Success in Bank Holding Company Mergers Be Predicted Before the Fact?
               Morris Knapp, Miami-Dade Community College
               Alan Gart, Indiana University of Pennsylvania
       Discussant: M. Cary Collins, University of Tennessee
Session     11-3                      Saturday, April 12, 2003                                   Coronado P
                                           10:15 - 11:45
                                            Debt Financing

          Chair: Ehsan Nikbakht, Hofstra University
Papers:
      Pricing inflation-indexed and foreign currency linked convertible bonds with credit risk
                 Alon Raviv, Hebrew University
                 Yoram Landskroner, New York University and Hebrew University
       Discussant: Cesare Robotti, Federal Reserve Bank of Atlanta
      Multifactor Closed-Form Term Structure Solution Arising from the Heath-Jarrow-Morton Methodology
                Chen Guo, University of Ottawa
       Discussant: Weipeng Kong, Pennsylvania State University
      A Mathematical Model of Optimal Debt Financing Policy for a Firm
               Manak C. Gupta, Temple University
       Discussant: Haiwei Chen, Westminster College




Session     11-4                      Saturday, April 12, 2003                                   Coronado Q
                                           10:15 - 11:45
            The Information Content of Analysts and Corporate Announcements

          Chair: Thomas Coe, Quinnipiac University
Papers:
      Buy-side Analysts, Sell-side Analysts, and Information Transmission: Theory and Evidence
                Yingmei Cheng, Florida State University
                Huanliang (Mark) Liu, Boston College
                Jun Qian, Boston College
       Discussant: Laarni Bulan, Brandeis University
      Do Analysts' Overweight Earnings Information?
               Alexander von Nandelstadh, Swedish School of Economics and Business Administration
       Discussant: James E Pawlukiewicz, Xavier University
      The Reaction of Corporate Bond Values to Call Announcements
               Thomas Coe, Quinnipiac University
       Discussant: Wendy D. Habegger, Florida State University
Session     11-5                     Saturday, April 12, 2003                               Coronado R
                                          10:15 - 11:45
                               The Effect of News on Stock Prices

          Chair: Boyce Watkins, Syracuse University
Papers:
      Asset Price Processes Under Hara-Utility
                Erik Lueders, University of Konstanz
       Discussant: Boyce Watkins, Syracuse University
      Contagion and Industry Risk: Evidence from Banking Industry
               Chu-Sheng Tai, Texas A&M University - Kingsville
       Discussant: Christopher Richardson, Department of Justice
      Large Price Declines, News, Liquidity, and Trading Strategies: An Intraday Analysis
                Vladimir Zdorovtsov, University of South Carolina
                Frank Fehle, University of South Carolina
       Discussant: Stephanie Rauterkus, Louisiana State University




Session     11-6                     Saturday, April 12, 2003                               Coronado S
                                          10:15 - 11:45
                   Corporate Value Creaters and Killers -- Myth or Reality

          Chair: Bhavesh Patel, Myers University
Papers:
      Intangible Capital in the Pharmaceutical & Chemical Industry
                Katherine Gleason, University of New Orleans
                Mark Klock, George Washington University
        Discussant: Sabyasachi Sengupta, XLRI
      The impact of strikes on shareholders' wealth: Empirical evidence from the 1990s
               Sherry Wang, San Francisco State University
               Yewmun Yip, San Francisco State University
               Yuli Su, San Francisco State University
       Discussant: Pornsit Jiraporn, Texas A&M International
      The Valuation Effects of Naming Rights Deals
               Edward Waller, University of Houston - Clear Lake
               Yvette Bendeck, University of Houston - Clear Lake
               Sue Neeley, University of Houston - Clear Lake
       Discussant: Joseph Farhut, University of New Orleans
Session     11-7                      Saturday, April 12, 2003                                  Coronado T
                                           10:15 - 11:45
                                              Real Estate

          Chair: Elijah Brewer III, Federal Reserve Bank of Chicago
Papers:
      The Returns to Homeownership: An MSA Level Analysis from 1989 to 1999
               Christopher Brown, Western Kentucky University
               Indudeep Chhachhi, Western Kentucky University
       Discussant: Ricardo J. Rodriguez, University of Miami
      The Effects of Charm Listing Prices on House Transaction Prices
                Marcus Allen, Florida Atlantic University
                William H. Dare, Oklahoma State University
       Discussant: Harold A. Black, University of Tennessee
      Alternatives to Home Investment
                Ki C. Han, Suffolk University
                Suk Hun Lee, Loyola University - Chicago
                David Y. Suk, Rider University
       Discussant: Paul Calem, Federal Reserve Board




Session     11-8                      Saturday, April 12, 2003                                         Cancun
                                           10:15 - 11:45
                          Diversification Discount and Agency Issues

          Chair: Thomas Chen, St. John's University
Papers:
      The Effect of Agency Costs on the Value of Single Segment and Multi-Segment Firms
                John H. Thornton, Jr., Kent State University
                Jouahn Nam, Pace University
       Discussant: H Young Baek, Nova Southeastern University
      The Role of Information Asymmetry Due to Diversification in Explaining the Firm Value Discount
                Young Kim, Southern Illinois University - Carbondale
                Ike Mathur, Southern Illinois University - Carbondale
                Jouahn Nam, Pace University
       Discussant: Lloyd P. Blenman, University of North Carolina - Charlotte
      Optimal Pricing in a Principal-Agent Framework: Why Ticket Rationing Occurs so Frequently
                John C. Yeoman, North Georgia College and State University
                Steven L. Jones, Indiana University
       Discussant: Ramon P. DeGennaro, University of Tennessee

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:7
posted:3/25/2012
language:
pages:36
yaohongm yaohongm http://
About