2010 Program45th Annual Conference

of theWestern Finance Association

The Fairmont EmpressVictoria, British Columbia

June 20 - 23, 2010

WESTERN FINANCE ASSOCIATIONWe are a professional society administered in the United States and Canada for academicians and practitioners with a scholarly interest in the development and application of research in finance.

Our purpose is (1) to serve as a focal point for communication among members, (2) to improve teaching and scholarship, and (3) to provide for the dissemination of information, including the holding of meetings and the support of publications.

The Association is an international organization with membership open to individuals from both the academic and professional community, and to institutions. Two classes of membership are available: lifetime membership ($150.00) and three-year membership ($50.00). Members of the Association are entitled to receive a reduction in the registration fee at the annual meetings. You are invited to join or renew on-line at the WFA’s informational web site, http://www.westernfinance.org.

Correspondence regarding membership and other business aspects of the Association should be addressed to:

Professor Duane SeppiSecretary-Treasurer, WFATepper School of BusinessCarnegie Mellon UniversityPittsburgh, PA 15213-3890Email: ds64@andrew.cmu.eduTelephone: (412) 268-2298

A call for papers and participants for the 2011 Conference of the Western Finance Association appears at the end of this program.

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REGISTRATION AND HOTEL INFORMATIONAll sessions and conference functions will be held in the Victoria Conference Centre. On-site registration for the conference will be located in the Victoria Conference Centre Main Lobby Area on the following schedule:

Sunday, June 20, 2010, 4:00 pm – 8:00 pmMonday, June 21, 2010, 8:00 am – 4:00 pm Tuesday, June 22, 2010, 8:00 am – 12:00 noon

PRE-REGISTRATIONPre-registration is at our web site, http://www.westernfinance.org. Those who pre-register are entitled to a discount on registration fees. To qualify for these discounted rates you must pre-register by May 20, 2010. See the web site for details. Checks must be sent to MaryAnn O’Brien or to the Secretary-Treasurer at the address referenced on page 1.

FEE SCHEDULE Pre-Registration On-site Registration

WFA member $ 75 $125Non-member $125 $175Student No Charge $ 30

SPECIAL EVENT REGISTRATIONRegistration for the WFA Annual Meeting Luncheon and other special events will be done at the time of pre-registration on the WFA website and on-site (subject to availability) for those who do not pre-register. Because space is limited, registration is required for any of the breakfasts, luncheons, or evening receptions. The WFA makes every attempt to make these events free to registrants, but reserves the right to charge for these events if sponsorships do not cover the full cost.

SOCIETY FOR FINANCIAL STUDIES MEMBERSHIP MEETINGAll members of the Society for Financial Studies are invited to attend the Annual Meeting to be held on Tuesday, June 22 from 5:30 – 6:00 pm in Colwood 1 & 2, 2nd Floor. All subscribers to the Review of Financial Studies are members of the Society for Financial Studies.

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WESTERN FINANCE ASSOCIATION

Officers and Executive Committee: 2009-2010President William Goetzmann, Yale UniversityPresident Elect Peter DeMarzo, Stanford UniversityVice President Francis Longstaff, University of California, Los AngelesSecretary-Treasurer Duane Seppi, Carnegie Mellon University

Directors Jeffrey Coles, Arizona State University John Graham, Duke University Michael Fishman, Northwestern University Monika Piazzesi, Stanford University Antoinette Schoar, Massachusetts Institute of Technology Josef Zechner, Vienna University of Economics and Business Administration

Presidents: 1965-20101965-66 Kenneth L. Trefftzs University of Southern California1966-67 Edward Reed University of Oregon1967-68 Robert Carr Fresno State College1968-69 Burton Kolb University of Colorado1969-70 Lester Stickler Oregon State University1970-71 Harold Stevenson Arizona State University1971-72 W. Scott Bauman University of Oregon1972-73 David Eiteman University of California, Los Angeles1973-74 James Wert University of Arizona1974-75 George Kaufman University of Oregon1975-76 John Herzog Simon Fraser University1976-77 A. Blaine Huntsman University of Utah1977-78 David Pyle University of California, Berkeley1978-79 Guilford Babcock University of Southern California1979-80 Donald Farrar University of Utah1980-81 Charles D’Ambrosio University of Washington1981-82 James Van Horne Stanford University1982-83 Edward Dyl University of Wyoming1983-84 Nils Hakansson University of California, Berkeley1984-85 Seha Tinic University of Texas at Austin1985-86 Alan Kraus University of British Columbia1986-87 Gerald Bierwag University of Arizona1987-88 Robert Litzenberger University of Pennsylvania1988-89 Alan Hess University of Washington

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1989-90 Lemma Senbet University of Maryland1990-91 Eduardo Schwartz University of California, Los Angeles1991-92 Stephen Brown New York University1992-93 Hans Stoll Vanderbilt University1993-94 Kenneth Singleton Stanford University1994-95 Milton Harris University of Chicago1995-96 Chester S. Spatt Carnegie Mellon University1996-97 Michael J. Brennan University of California, Los Angeles1997-98 Maureen O’Hara Cornell University1998-99 Franklin Allen University of Pennsylvania1999-00 Richard C. Green Carnegie Mellon University2000-01 Wayne Ferson University of Washington2001-02 Douglas W. Diamond University of Chicago2002-03 Philip H. Dybvig Washington University in St. Louis2003-04 René M. Stulz Ohio State University2004-05 Ravi Jagannathan Northwestern University2005-06 Mark Grinblatt University of California, Los Angeles2006-07 Sheridan Titman University of Texas at Austin2007-08 Campbell R. Harvey Duke University2008-09 Artur Raviv Northwestern University2009-10 William Goetzmann Yale University

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Distinguished Speakers

WFA Annual Meeting Speakers 1979-2010

Year Location Speaker 1979 San Francisco Nils Hakansson 1980 San Diego Kenneth Arrow 1981 Jackson Lake Eugene Fama 1982 Portland Stephen Ross 1983 Long Beach Myron Scholes 1984 Vancouver Richard Roll 1985 Scottsdale Robert Litzenberger 1986 Colorado Springs Merton Miller 1987 San Diego Edward Kane 1988 Napa Sanford Grossman 1989 Seattle William Sharpe 1990 Santa Barbara Michael Brennan 1991 Jackson Lake Fischer Black 1992 San Francisco Myron Scholes 1993 Whistler Alan Kraus 1994 Santa Fe Mark Rubinstein 1995 Aspen Kenneth French 1996 Sunriver Joseph Williams 1997 San Diego Richard Thaler 1998 Monterey Milton Harris 1999 Santa Monica Andrei Shleifer 2000 Sun Valley Kenneth Singleton 2001 Tucson Robert Shiller 2002 Park City Albert S. “Pete” Kyle 2003 Los Cabos Richard Kihlstrom 2004 Vancouver Michael C. Jensen 2005 Portland Douglas Breeden 2006 Keystone Douglas Diamond 2007 Big Sky John Y. Campbell 2008 Waikoloa René M. Stulz 2009 San Diego Chester Spatt 2010 Victoria Mark Grinblatt

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2010 Program Committee

Program Chair Peter DeMarzo, Stanford University

Program Committee Associate ChairpersonsAnat Admati, Stanford UniversityJonathan Berk, Stanford UniversitySteve Grenadier, Stanford UniversityJoy Ishii, Stanford UniversityDirk Jenter, Stanford UniversityArthur Korteweg, Stanford UniversityIlan Kremer, Stanford UniversityStefan Nagel, Stanford UniversityFrancisco Perez-Gonzalez, Stanford UniversityPaul Pfleiderer, Stanford UniversityIlya Strebulaev, Stanford UniversityJeff Zwiebel, Stanford University

Program Committee Members Viral Acharya, New York UniversityRajesh Aggarwal, Carlson School of ManagementReena Aggarwal, Georgetown UniversityAnup Agrawal, University of AlabamaAshwini Agrawal, New York UniversityYacine Ait-Sahalia, Princeton UniversityCindy Alexander, Securities and Exchange CommissionGeorge (Yiorgos) Allayannis, University of VirginiaAndres Almazan, University of Texas-AustinHeitor Almeida, University of Illinois-Urbana-ChampaignAydogan Alti, University of Texas-AustinAndrew Ang, Columbia UniversityElena Asparouhova, University of UtahDoron Avramov, University of MarylandUlf Axelson, London School of EconomicsWarren Bailey, Cornell UniversityMalcolm Baker, Harvard UniversityKlaas Baks, Emory UniversityGurdip Bakshi, University of MarylandSnehal Banerjee, Northwestern UniversityRavi Bansal, Duke UniversityBrad Barber, University of California-Davis

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Sohnke Bartram, Lancaster UniversitySuleyman Basak, London Business SchoolDavid Bates, University of IowaBo Becker, Harvard UniversityEffi Benmelech, Harvard UniversityLuca Benzoni, Federal Reserve Bank of ChicagoNittai Bergman, Massachusetts Institute of TechnologyDaniel Bergstresser, Harvard UniversityElazar Berkovitch, IDCAntonio Bernardo, University of California-Los AngelesMarianne Bertrand, University of ChicagoHank Bessembinder, University of UtahSanjai Bhagat, University of Colorado-BoulderUtpal Bhattacharya, Indiana UniversityNick Bollen, Vanderbilt UniversityPhilip Bond, University of PennsylvaniaArnoud Boot, University of AmsterdamPeter Bossaerts, California Institute of TechnologyJacob (Kobi) Boudoukh, IDCChrista Bouwman, Case Western Reserve UniversityMichael Brandt, Duke UniversityAlon Brav, Duke UniversityMark Broadie, Columbia UniversityDavid Brown, University of Wisconsin-MadisonGregory Brown, University of North Carolina-Chapel HillStephen Brown, New York UniversityMarkus Brunnermeier, Princeton UniversityJeffrey Busse, Emory UniversityMurillo Campello, University of Illinois-Urbana-ChampaignBruce Carlin, University of California-Los AngelesMurray Carlson, University of British ColumbiaJennifer Carpenter, New York UniversityDavid Chapman, Boston CollegeThomas Chemmanur, Boston CollegeAndrew Chen, Southern Methodist UniversityHui Chen, Massachusetts Institute of TechnologyJoseph Chen, University of California-DavisMark Chen, Georgia State UniversityZhiwu Chen, Yale UniversityMikhail Chernov, London Business SchoolJames Choi,Yale UniversityTarun Chordia, Emory UniversityBhagwan Chowdhry, University of California-Los AngelesStijn Claessens, International Monetary FundJoao Cocco, London Business School

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Lauren Cohen, Harvard UniversityShawn Cole, Harvard UniversityJeffrey Coles, Arizona State UniversityPierre Collin-Dufresne, Columbia UniversityJennifer Conrad, University of North Carolina-Chapel HillFrancesca Cornelli, London Business SchoolJohn Cotter, University College DublinJosh Coval, Harvard UniversityMartijn Cremers, Yale UniversityMagnus Dahlquist, Institute for Financial Research (SIFR)Kent Daniel, Goldman SachsAmil Dasgupta, London School of EconomicsAdolfo De Motta, McGill UniversityHarry DeAngelo, University of Southern CaliforniaDiane Del Guercio, University of OregonDavid Denis, Purdue UniversityDiane Denis, Purdue UniversityMihir Desai, Harvard UniversityAmy Dittmar, University of MichiganRobert Dittmar, University of MichiganCraig Doidge, University of TorontoJames Dow, London Business SchoolJoost Driessen, Tilburg UniversityGreg Duffee, Johns Hopkins UniversityPhil Dybvig, Washington University-St. LouisJanice Eberly, Northwestern UniversityEspen Eckbo, Dartmouth CollegeAlex Edmans, University of PennsylvaniaAndrea Eisfeldt, Northwestern UniversityVihang Errunza, McGill UniversityRudiger Fahlenbrach, Ecole Polytechnique Fédérale de LausanneMichael Faulkender, University of MarylandWayne Ferson, University of Southern CaliforniaLaura Field, Penn State UniversityAdlai Fisher, University of British ColumbiaMike Fishman, Northwestern UniversityMark Flannery, University of FloridaFritz Foley, Harvard UniversityThierry Foucault, HEC ParisJulian Franks, London Business SchoolCarola Frydman, Massachusetts Institute of TechnologyPaolo Fulghieri, University of North Carolina-Chapel HillXavier Gabaix, New York UniversityLouis Gagnon, Queens UniversityVito Gala, London Business School

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Lorenzo Garlappi, University of British ColumbiaNicolae Garleanu, University of California-BerkeleyMark Garmaise, University of California-Los AngelesSimon Gervais, Duke UniversityRon Giammarino, University of British ColumbiaScott Gibson, William and MaryThomas Gilbert, University of WashingtonItay Goldstein, University of PennsylvaniaRobert Goldstein, University of MinnesotaFrancisco Gomes, London Business SchoolTodd Gormley, University of PennsylvaniaGary Gorton, Yale UniversityAmit Goyal, Emory UniversityJohn Graham, Duke UniversityJeremy Graveline, University of MinnesotaClifton Green, Emory UniversityRobin Greenwood, Harvard UniversityJohn Griffin, University of Texas-AustinYaniv Grinstein, Cornell UniversityGustavo Grullon, Rice UniversityBruce Grundy, University of MelbourneIlan Guedj, University of Texas-AustinDirk Hackbarth, University of Illinois-Urbana-ChampaignKathleen Hagerty, Northwestern UniversityBing Han, University of Texas-AustinMatthew C. Harding, Stanford UniversityJarrad Harford, University of WashingtonBhamra Harjoat, University of British ColumbiaJeff Harris, University of DelawareLarry Harris, University of Southern CaliforniaMilton Harris, University of ChicagoJay Hartzell, University of Texas-AustinJoel Hasbrouck, New York UniversityTarek Hassan, University of ChicagoPing He, Tsinghua UniversityZhiguo He, University of ChicagoJohn Heaton, University of ChicagoUlrich Hege, HEC ParisThomas Hellmann, University of British ColumbiaJean Helwege, University of South CarolinaAi Hengji, Duke UniversityChristopher Hennessy, University of California-BerkeleySteven Heston, University of MarylandPierre Hillion, INSEADDavid Hirshleifer, University of California-Irvine

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Yael Hochberg, Northwestern UniversityCraig Holden, Indiana UniversityBurton Hollifield, Carnegie Mellon UniversityHarrison Hong, Princeton UniversityEdie Hotchkiss, Boston CollegeKewei Hou, Ohio State UniversityDavid Hsieh, Duke UniversityJennifer Huang, University of Texas-AustinEric Hughson, University of Southern CaliforniaChuan-Yang Hwang, Nanyang Tech UniversityDavid Ikenberry, University of Illinois-Urbana-ChampaignPhilipp Illeditsch, University of PennsylvaniaRonen Israel, IDCVictoria Ivashina, Harvard UniversityZoran Ivkovic, Michigan State UniversityRajkamal Iyer, Massachusetts Institute of TechnologyJagannathan Jagannathan, Northwestern UniversityNarashimhan Jegadeesh, Emory UniversityWei Jiang, Columbia UniversityLi Jin, Harvard UniversityMichael Johannes, Columbia UniversityKose John, New York UniversityTim Johnson, University of Illinois-Urbana-ChampaignCharles Jones, Columbia UniversityChristopher Jones, University of Southern CaliforniaPhilippe Jorion, University of California-IrvineScott Joslin, Massachusetts Institute of TechnologyBrandon Julio, London Business SchoolJakub Jurek, Princeton UniversityMarcin Kacperczyk, New York UniversityRaymond Kan, University of TorontoJun-Koo Kang, Nanyang Tech UniversityRon Kaniel, Duke UniversitySteve Kaplan, University of ChicagoJason Karceski, LSV Asset ManagementAndrew Karolyi, Cornell UniversityAnastasia Kartasheva, University of PennsylvaniaGautam Kaul, University of MichiganKenneth Kavajecz, University of Wisconsin-MadisonSimi Kedia, Rutgers UniversityDonald Keim, University of PennsylvaniaMatti Keloharju, Helsinki School Of Economics & BusinessSusan Kerr Christoffersen, McGill UniversityBong-Chan Kho, Seoul National UniversityJohan Knif, Hanken School of Economics

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Samuli Knüpfer, London Business SchoolKees Koedijk, Tilburg UniversityLeonid Kogan, Massachusetts Institute of TechnologyShimon Kogan, University of Texas-AustinRalph Koijen, University of ChicagoPeter Kondor, Central European UniversityRobert Korajczyk, Northwestern UniversityJennifer Koski, University of WashingtonLars-Alexander Kuehn, Carnegie Mellon UniversityCamelia Kuhnen, Northwestern UniversityAlbert Kyle, University of MarylandChris Leach, University of Colorado-BoulderMark Leary, Cornell UniversityCharles Lee, Stanford UniversityMichael Lemmon, University of UtahJosh Lerner, Harvard UniversityMartin Lettau, University of California-BerkeleyJonathan Lewellen, Dartmouth CollegeKatharina Lewellen, Dartmouth CollegeBing Liang, University of MassachusettsErik Lie, University of IowaEva Liljeblom, Hanken School of EconomicsJames Linck, University of GeorgiaLindsey Lindsey, Arizona State UniversityJuhani Linnainmaa, University of ChicagoKarl Lins, University of UtahMarc Lipson, University of VirginiaCrocker Liu, Cornell UniversityJun Liu, University of California-San DiegoDmitry Livdan, University of California-BerkeleyAlexander Ljungqvist, New York UniversityAndrew Lo, Massachusetts Institute of TechnologyLars Lochstoer, Columbia UniversityClaudio Loderer, Universitaet BernFrancis Longstaff, University of California-Los AngelesMichelle Lowry, Penn State UniversityChristian Lundblad, University of North Carolina-Chapel HillHanno Lustig, University of California-Los AngelesEvgeny Lyandres, Boston UniversityAnthony Lynch, New York UniversityCraig MacKinlay, University of PennsylvaniaAnanth Madhavan, Barclays Global InvestorsPascal Maenhout, INSEADIgor Makarov, London Business SchoolVojislav Maksimovic, University of Maryland

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Chris Malloy, Harvard UniversityUlrike Malmendier, University of California-BerkeleyGustavo Manso, Massachusetts Institute of TechnologyRobert Marquez, Boston UniversityIan Martin, Stanford UniversityMarc Martos-Vila, University of California-Los AngelesMassimo Massa, INSEADRon Masulis, Vanderbilt UniversityRich Mathews, Duke UniversityPedro Matos, University of Southern CaliforniaDavid Matsa, Northwestern UniversityGregor Matvos, University of ChicagoDavid Mauer, University of Texas at DallasErnst Maug, University of MannheimRobert McDonald, Northwestern UniversityRajnish Mehra, University of CaliforniaAndrew Metrick, Yale UniversityAtif Mian, University of ChicagoRoni Michaely, Cornell UniversityTodd Milbourn, Washington University-St. LouisKonstantin Milbradt, Massachusetts Institute of TechnologyDarius Miller, Southern Methodist UniversityKristian Miltersen, Copenhagen Business SchoolBernadette Minton, Ohio State UniversityRandall Morck, University of AlbertaErwan Morellec, Ecole Polytechnique Fédérale de LausanneAdair Morse, University of ChicagoToby Moskowitz, University of ChicagoPamela Moulton, Fordham UniversityHolger Mueller, New York UniversityDavid Musto, University of PennsylvaniaTom Noe, Oxford UniversityKjell Nyborg, University of ZurichTerrance Odean, University of California-BerkeleyMartin Oehmke, Columbia UniversityMaureen OHara, Cornell UniversityBarbara Ostdiek, Rice UniversityHui Ou-Yang, Nomura Securities and CKGSBOguzhan Ozbas, University of Southern CaliforniaMarco Pagano, Università di Napoli Federico IIDarius Palia, Rutgers UniversityJun Pan, Massachusetts Institute of TechnologyStavros Panageas, University of ChicagoMarios Panayides, University of UtahDimitris Papanikolaou, Northwestern University

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Daniel Paravisini, Columbia UniversityJonathan Parker, Northwestern UniversityChristine Parlour, University of California-BerkeleyRobert Parrino, University of Texas-AustinLubos Pastor, University of ChicagoAnna Pavlova, London Business SchoolLasse H. Pedersen, New York UniversityLiang Peng, University of Colorado-BoulderGeorge Pennacchi, University of Illinois-Urbana-ChampaignEnrico Perotti, University of AmsterdamMitchell Petersen, Northwestern UniversityGordon Phillips, University of MarylandKate Phylaktis, City University, LondonMonika Piazzesi, Stanford UniversityTomasz Piskorski, Columbia UniversityGuillaume Plantin, Toulouse UniversityChristopher Polk, London School of EconomicsJoshua Pollet, Michigan State UniversityJeffrey Pontiff, Boston CollegeN.R. Prabhala, University of MarylandManju Puri, Duke UniversityUday Rajan, University of MichiganAdriano Rampini, Duke UniversityRaghu Rau, Purdue UniversityJoshua Rauh, Northwestern UniversityS. Abraham (Avri) Ravid, Rutgers UniversityEnrichetta Ravina, Columbia UniversityMark Ready, University of Wisconsin-MadisonAdam Reed, University of North Carolina-Chapel HillMatt Rhodes-Kropf, Harvard UniversityMichael Roberts, University of PennsylvaniaDavid Robinson, Duke UniversityRichard Roll, University of California-Los AngelesTavy Ronen, Rutgers UniversityEhud I. Ronn, University of Texas-AustinNikolai Roussanov, University of PennsylvaniaBryan Routledge, Carnegie Mellon UniversityGeert Rouwenhorst, Yale UniversityKristian Rydqvist, Binghamton UniversityGideon Saar, Cornell UniversityPatrik Sandas, University of VirginiaPedro Santa-Clara, Auburn UniversityPavel Savor, University of PennsylvaniaScott Schaefer, University of UtahLukas Schmid, Duke University

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Philipp Schnabl, New York UniversityJan Schneider, University of Texas-AustinPaul Schultz, University of Notre DameLemma Senbet, University of MarylandDuane Seppi, Carnegie Mellon UniversityPiet Sercu, Katholieke Universiteit LeuvenAmit Seru, University of ChicagoHenri Servaes, London Business SchoolJay Shanken, Emory UniversityAnn Sherman, DePaul UniversityMia Sherman, University of Massachusetts-AmherstAnil Shivdasani, University of North Carolina-Chapel HillTyler Shumway, University of MichiganClemens Sialm, University of Texas-AustinGustav Sigurdsson, University of PennsylvaniaRaj Singh, University of MinnesotaErik Sirri, Babson CollegeCostis Skiadas, Northwestern UniversityMorten Sorensen, Columbia UniversitySorin Sorescu, Texas A&M UniversityChester Spatt, Carnegie Mellon UniversityDavid Sraer, Princeton UniversityBharath Sreedhar, University of MichiganErik Stafford, Harvard UniversityLaura Starks, University of Texas-AustinHans Stoll, Vanderbilt UniversityNeal Stoughton, University of New South WalesPer Strömberg, Stockholm Institute for Financial ResearchMichael Stutzer, University of Colorado-BoulderAvanidhar Subrahmanyam, University of California-Los AngelesAjay Subramanian, Georgia State UniversityAmir Sufi, University of ChicagoSuresh Sundaresan, Columbia UniversityBhaskaran (Swami) Swaminathan, LSV Asset ManagementRyan Taliaferro, Harvard UniversityGeoffrey Tate, University of California-Los AngelesAlexei Tchistyi, University of California-BerkeleyChris Telmer, Carnegie Mellon UniversityMelvyn Teo, Singapore Management UniversityPaul Tetlock, Columbia UniversityAnjan Thakor, Washington University-St. LouisSheri Tice, Tulane UniversityStathis Tompaidis, University of Texas-AustinHeather Tookes, Yale UniversityWalter Torous, University of California-Los Angeles

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Alex Triantis, University of MarylandCharles Trzcinka, Indiana UniversitySergey Tsyplakov, University of South CarolinaPeter Tufano, Harvard UniversityAndrey Ukhov, Northwestern UniversityMaxim Ulrich, Columbia UniversityRaman Uppal, London Business SchoolRossen Valkanov, University of California-San DiegoJules H. Van Binsbergen, Stanford UniversityStijn Van Nieuwerburgh, New York UniversityDimitri Vayanos, London School of EconomicsAdrien Verdelhan, Massachusetts Institute of TechnologyPietro Veronesi, University of ChicagoLuis Viceira, Harvard UniversityVikrant Vig, London Business SchoolBelen Villalonga, Harvard UniversityAnnette Vissing-Jorgensen, Northwestern UniversityS. (Vish) Viswanathan, Duke UniversityPaolo Volpin, London Business SchoolErnst-Ludwig (Elu) von Thadden, University of MannheimJessica Wachter, University of PennsylvaniaJohan Walden, University of California-BerkeleyNancy Wallace, University of California-BerkeleyNeng Wang, Columbia UniversityTan Wang, University of British ColumbiaZhenyu Wang, Federal Reserve Bank of New YorkPierre-Oliver Weill, University of California-Los AngelesMichael Weisbach, Ohio State UniversityScott Weisbenner, University of Illinois-Urbana-ChampaignIvo Welch, Brown UniversityRuss Wermers, University of MarylandIngrid Werner, Ohio State UniversityMark Westerfield, University of Southern CaliforniaBob Whaley, Vanderbilt UniversityLucy White, Harvard UniversityToni Whited, University of RochesterRobert Whitelaw, New York UniversityRohan Williamson, Georgetown UniversityAndrew Winton, University of MinnesotaAvi Wohl, Tel-Aviv UniversityDaniel Wolfenzon, Columbia UniversityKent Womack, Dartmouth CollegeJeff Wurgler, New York UniversityWei Xiong, Princeton UniversityYuhai Xuan, Harvard University

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Pradeep Yadav, University of OklahomaHong Yan, University of South CarolinaHongjun Yan, Yale UniversityAmir Yaron, University of PennsylvaniaAyako Yasuda, University of California-DavisDavid Yermack, New York UniversityBilge Yilmaz, University of PennsylvaniaMotohiro Yogo, University of PennsylvaniaJialin Yu, Columbia UniversityRebecca Zarutskie, Duke UniversityJosef Zechner, University of ViennaJaime Zender, University of Colorado-BoulderLu Zhang, University of MichiganXiaoyan Zhang, Cornell UniversityLu Zheng, University of California-IrvineGuofu Zhou, Washington University-St. LouisNing Zhu, University of California-Davis

AcknowledgmentsThe Program Chair would like to express his deep gratitude to his colleagues and Associate Chairpersons at Stanford University, who were key participants in all aspects of the program logistics. Thanks also to Carolina Sturla and Leigh Ann Clark for their dedicated assistance, and to the Tepper School of Business at Carnegie Mellon and Jeff Easter, Rosemarie Lang, and MaryAnn O’Brien for their excellent support. I would like to extend particular thanks to Mike Fishman, Will Goetzmann, Francis Longstaff, Art Raviv and Duane Seppi for their advice and guidance. Finally, a deep appreciation to the many sponsors and donors for their continuing support of the WFA.

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SAC CAPITAL PHD CANDIDATE AWARD FOR OUTSTANDING RESEARCH 2010

Sergey Chernenko, Harvard University

Umut Gokcen, Boston College

Alexander Gorbenko, Stanford University

Travis Johnson, Stanford University

Kyu Ho Kang, Washington University-St. Louis

Bryan Kelly, New York University

Doron Levit, Stanford University

Andrey Malenko, Stanford University

Nadya Malenko, Stanford University

Justin Murfin, Duke University

Luis Goncalves-Pinto, University of Southern California

Eric So, Stanford University

Adi Sunderam, Harvard University

Yue Tang, Emory University

Margarita Tsoutsoura, Columbia University

Andrea Vedolin, University of Lugano

Scott Yonker, Ohio State University

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BEST PAPER AWARDS

USC MARSHALL SCHOOL OF BUSINESS TREFFTZS AWARDFOR THE BEST STUDENT PAPER

The Effect of Succession Taxes on Family Firm Investment: Evidence from a Natural Experiment

Margarita TsoutsouraColumbia University

ANALYSIS GROUP AWARDFOR THE BEST PAPER ON FINANCIAL INSTITUTIONS AND MARKETS

Liar’s Loan? Effects of Loan Origination Channel and Loan Sale on Delinquency

Wei JiangColumbia University

Ashlyn NelsonIndiana UniversityEdward VytlacilYale University

CHARLES RIVER ASSOCIATES AWARD FOR THE BEST PAPER ON CORPORATE FINANCE

What’s Bank Reputation Worth? The Effect of Fraud on Financial Contracts and Investment

Hannah LinInternational Monetary Fund

Daniel ParavisiniColumbia University

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NASDAQ OMX AWARDFOR THE BEST PAPER ON ASSET PRICING

Is the Volatility of the Market Price of Risk due to Intermittent Portfolio Re-balancing?

Yi-Li ChienPurdue University

Harold ColeUniversity of Pennsylvania

Hanno LustigUniversity of California-Los Angeles

WHARTON SCHOOL-WRDS AWARD

FOR THE BEST EMPIRICAL FINANCE PAPER

The Causal Impact of Media in Financial Markets

Joseph EngelbergUniversity of North Carolina-Chapel Hill

Christopher ParsonsUniversity of North Carolina-Chapel Hill

CME GROUP AWARD FOR THE BEST PAPER ON DERIVATIVES MARKETS

On the Relative Pricing of Long Maturity SP 500 Index Options and CDX Tranches

Pierre Collin-DufresneColumbia University

Robert GoldsteinUniversity of Minnesota

Fan YangUniversity of Minnesota

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PROGRAM SUMMARY

Sunday, June 20, 20104:00 pm – 8:00 pm

On-site Registration – Victoria Conference Centre Main Lobby Area

6:00 pm – 8:00 pm

WFA Reception – Fairmont Empress Hotel Crystal Ballroom

Monday, June 21, 20108:00 am – 4:00 pm

On-site Registration – Victoria Conference Centre Main Lobby Area

8:15 am – 10:00 am

Debt Runs – Salon A, 2nd FloorJump and Volatility Risk Premia – Lecture TheatreExternal Governance – Oak BayMarket Structure and Connectedness – SaanichContracts and Incentives – EsquimaltMarket Microstructure: Theory – Sidney, 2nd Floor

10:00 am – 10:15 am

Oxford University Press Coffee Break – Victoria Conference Centre Main Lobby Area, 1st Floor and Salon A Foyer, 2nd Floor

10:15 am – 12:00 noon

Credit Risk – Salon A, 2nd FloorThe Financial Sector and Market Crises – Lecture TheatreGovernance and Firm Value – Oak BayShort Sale Bans – SaanichAsset Management – EsquimaltReal Investment – Sidney, 2nd Floor

12:30 pm – 2:00 pm

NASDAQ OMX Luncheon – Salons B and C, 2nd Floor

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2:45 pm – 4:30 pm

Bailouts – Salon A, 2nd FloorNew Perspectives on Old Problems – Lecture Theatre Time-Varying Risk Premia – Oak BayM&A: Theory and Evidence – SaanichPreferences & Behavior – EsquimaltCapital Structure Theory – Sidney, 2nd Floor

5:00 pm – 6:30 pm

WFA Executive Committee and Board of Directors Meeting – Colwood 1, 2nd Floor

6:00 pm – 8:00 pm

Cornerstone Research Reception – Fairmont Empress Hotel Crystal Ballroom

Tuesday, June 22, 20108:00 am – 12:00 noon

On-site Registration – Victoria Conference Centre Main Lobby Area

8:15 am – 10:00 am

Asset Pricing with Frictions – Salon A, 2nd FloorImpact of Behavior on Asset Prices – Lecture TheatreBanking in the Crisis – Oak BayCash Policy – SaanichShareholder Voting – Esquimalt Market Microstructure: Empirical – Sidney, 2nd Floor

10:00 am – 10:15 am

University of Victoria, Faculty of Business Coffee Break – Victoria Conference Centre Main Lobby Area, 1st Floor and Salon A Foyer, 2nd Floor

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10:15 am – 12:00 noon

Causes of the Crisis – Salon A, 2nd FloorMutual Funds – Lecture TheatreLoan Markets – Oak BayPolitical Influence – Saanich Distress Costs – EsquimaltHigher Moments in Returns – Sidney, 2nd Floor

12:30 pm – 2:00 pm

WFA Annual Luncheon sponsored by LECG – Salons B and C, 2nd Floor Distinguished Speaker: Mark Grinblatt, University of California, Los Angeles

2:45 pm – 4:30 pm

Managing Liquidity in the Crisis – Salon A, 2nd FloorEmpirical Capital Structure – Lecture Theatre Investor Behavior – Oak BayInside Information – SaanichMonitoring by Boards – EsquimaltOptions – Sidney, 2nd Floor

5:30 pm – 6:00 pm

Society for Financial Studies Annual Meeting – Colwood 1 & 2, 2nd Floor

6:00 pm – 9:00 pm

Review of Financial Studies Reception co-sponsored by The Society for Financial Studies and BlackRock, Inc. – Fairmont Empress Hotel Crystal Ballroom

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Wednesday, June 23, 20108:15 am – 10:00 am

Liquidity – Salon A, 2nd FloorSecuritization and Loan Sales – Lecture TheatreThe Market For CEOs – Oak BayTerm Structure – SaanichM&A Activity – EsquimaltInformation and Strategic Trading – Sidney, 2nd Floor

10:00 am – 10:15 am

Pearson Prentice Hall Coffee Break – Victoria Conference Centre Main Lobby Area, 1st Floor and Salon A Foyer, 2nd Floor

10:15 am – 12:00 noon

Real Estate & the Macro Economy – Salon A, 2nd FloorLarge Shareholders: Family and Government Ownership – Lecture TheatreInternational Asset Pricing – Oak BayTail Risk – SaanichRelationship Lending – EsquimaltCompetition and Firm Behavior – Sidney, 2nd Floor

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PROGRAM DETAIL

Monday, June 21, 2010, 8:15 am – 10:00 am Debt Runs – Salon A, 2nd Floor Peter DeMarzo, Stanford University

The Hazards of Debt: Dynamic Debt Runs, Agency, and Bailouts Ing-Haw Cheng, University of MichiganKonstantin Milbradt, Massachusetts Institute of Technology The Maturity Rat RaceMarkus Brunnermeier, Princeton UniversityMartin Oehmke, Columbia University

Rollover Risk and Credit RiskWei Xiong, Princeton UniversityZhiguo He, University of Chicago

Discussants: Robert Marquez, Boston UniversityLars-Alexander Kuehn, Carnegie Mellon UniversityS. “Vish” Viswanathan, Duke University

Jump and Volatility Risk Premia – Lecture Theatre Scott Joslin, Massachusetts Institute of Technology

Uncertainty and Leveraged Lucas Trees: The Cross Section of Equilibrium Volatility Risk Premia Andrea Vedolin, University of Lugano Comovement and Equilibrium Volatility Risk Premia Andrea Buraschi, Imperial College LondonFabio Trojani, University of LuganoAndrea Vedolin, London School of Economics and Universita’ di Lugano The Market Jump Risk and the Price Structure of Individual Equity OptionsChayawat Ornthanalai, Georgia Institute of TechnologyRedouane Elkamhi, University of Iowa

Discussants:Ivan Shaliastovich, University of PennsylvaniaChristian Heyerdahl-Larsen, SIFR - Institute for Financial ResearchJefferson Duarte, Rice University

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External Governance – Oak BayJay Hartzell, University of Texas-Austin

Voting with Their Feet or Activism? Institutional Investors’ Impact on CEO Turnover Jean Helwege, University of South CarolinaVincent Intintoli, Southern Illinois University CarbondaleAndrew Zhang, University of Nevada - Las Vegas

Distance Matters! Shareholder Proximity and Corporate Policies Alexandra Niessen, University of MannheimAlok Kumar, University of Texas-AustinVidhi Chhaochharia, University of Miami

Discipline or Disruption? Stakeholder Relationships and the Effect of Takeover Threat Sudipto Dasgupta, Hong Kong University of Science and TechnologyRik Sen, Hong Kong University of Science and TechnologyLing Cen, University of Toronto

Discussants: Laura Starks, University of Texas-AustinSimi Kedia, Rutgers UniversityDavid Matsa, Northwestern University

Market Structure and Connectedness – Saanich Paul Pfleiderer, Stanford University

Information Percolation in Segmented Markets Gustavo Manso, Massachusetts Institute of TechnologyDarrell Duffie, Stanford UniversitySemyon Malamud, Ecole Polytechnique Fédérale de Lausanne

Connected Stocks Christopher Polk, London School of EconomicsMiguel Anton, London School of Economics

Strategic Relationships in Over-the-Counter Markets Ana Babus, University of Cambridge Discussants: Richard Lowery, University of Texas-AustinJonathan Cohn, University of Texas-AustinAdolfo de Motta, McGill University

26

Contracts and Incentives – EsquimaltJeffrey Zwiebel, Stanford University

Dynamic Incentive AccountsXavier Gabaix, New York UniversityAlex Edmans, University of PennsylvaniaTomasz Sadzik, New York UniversityYuliy Sannikov, Princeton University

Renegotiation Design: Evidence from NFL Roster BonusesGregor Matvos, University of Chicago

Contractual Resolutions of Financial DistressStefano Rossi, Imperial College Business SchoolNicola Gennaioli, CREI Universitat Pompeu Fabra

Discussants: Tomasz Piskorski, Columbia UniversityBruce Carlin, University of California-Los AngelesAdriano Rampini, Duke University

Market Microstructure: Theory – Sidney, 2nd Floor Snehal Banerjee, Northwestern University

Market Microstructure InvariantsAnna Obizhaeva, University of MarylandAlbert S. Kyle, University of Maryland

Liquidity and Information in Order Driven MarketsIoanid Rosu, University of Chicago

Prospect Theory and Market LiquidityPaolo Pasquariello, University of Michigan

Discussants:Eric Hughson, Claremont McKenna CollegeDmitri Livdan, University of California-BerkeleyJan Schneider, University of Texas-Austin

Monday, June 21, 2010, 10:15 am – 12:00 noon Credit Risk – Salon A, 2nd FloorKenneth Singleton, Stanford University

27

Corporate Bond Default Risk: A 150-Year PerspectiveStephen Schaefer, London Business SchoolKay Giesecke, Stanford UniversityFrancis Longstaff, University of California-Los AngelesIlya Strebulaev, Stanford University

On the Relative Pricing of Long Maturity SP 500 Index Options and CDX TranchesRobert Goldstein, University of MinnesotaPierre Collin-Dufresne, Columbia UniversityFan Yang, University of Minnesota

Time-Varying Credit Risk and Liquidity Premia in Bond and CDS MarketsMonika Trapp, University of CologneWolfgang Bühler, University of New South Wales

Discussants:Tyler Shumway, University of MichiganErik Stafford, Harvard UniversityFan Yu, Claremont McKenna College

The Financial Sector and Market Crises – Lecture TheatreNeng Wang, Columbia University

A Macroeconomic Model with a Financial SectorYuliy Sannikov, Princeton UniversityMarkus Brunnermeier, Princeton University

Market Freeze and Recovery: Trading Dynamics Under Optimal Intervention by a Market-Maker-of-Last-ResortJonathan Chiu, Bank of CanadaThorsten Koeppl, Queens University

Diversification DisastersDwight Jaffee, University of California-BerkeleyRustam Ibragimov, Harvard UniversityJohan Walden, University of California-Berkeley

Discussants:Anastasia Kartasheva, University of PennsylvaniaMichael Gallmeyer, University of VirginiaVito Gala, London Business School

28

Governance and Firm Value – Oak BayGeoffrey Tate, University of California-Los Angeles

Industries, Governance, and Equity PricesStefan Lewellen, Yale UniversityAndrew Metrick, Yale University

Creditor Control Rights, Corporate Governance, and Firm ValueGreg Nini, University of PennsylvaniaAmir Sufi, University of ChicagoDavid Smith, University of Virginia

Why Are U.S. Firms Listed in Foreign Markets Worth More?Michael Schill, University of VirginiaSergei Sarkissian, McGill University

Discussants:Shane Johnson, Texas A&MMitchell Petersen, Northwestern UniversityFrank Warnock, University of Virginia

Short Sale Bans – SaanichIngrid Werner, Ohio State University

Short-Selling Bans Around the World: Evidence from the 2007-09 Crisis Alessandro Beber, University of AmsterdamMarco Pagano, University of Naples

Do Option Markets Undo Restrictions on Short Sales? Evidence from the 2008 Short-Sale Ban Bruce Grundy, University of MelbourneBryan Lim, University of MelbournePatrick Verwijmeren, University of Melbourne

Regulatory Uncertainty and Market Liquidity: The 2008 Short Sale Ban’s Impact on Equity Option Markets Robert Battalio, University of Notre DamePaul Schultz, University of Notre Dame

Discussants: Craig Holden, Indiana UniversityCharles Jones, Columbia UniversityKarl Diether, Ohio State University

29

Asset Management – Esquimalt David Chapman, Boston College

Strategic Asset Allocation in Money ManagementDmitry Makarov, New Economic SchoolSuleyman Basak, London Business School

Multi-Market Delegated Asset ManagementZhiguo He, University of ChicagoWei Xiong, Princeton University

On the Size of the Active Management IndustryLubos Pastor, University of ChicagoRobert Stambaugh, University of Pennsylvania

Discussants:Alan Moreira, University of ChicagoPeter Kondor, Central European UniversityDimitris Papanikolaou, Northwestern University

Real Investment – Sidney, 2nd Floor Robert McDonald, Northwestern University

Real Options Signaling Games with Applications to Corporate FinanceSteve Grenadier, Stanford UniversityAndrey Malenko, Stanford University

The Real Consequences of Market SegmentationSergey Chernenko, Harvard UniversityAdi Sunderam, Harvard University

Investment Timing and Financing Under Asymmetric InformationErwan Morellec, Ecole Polytechnique Fédérale de LausanneNorman Schuerhoff, University of Lausanne

Discussants:Maria Bustamante, London School of EconomicsAmit Seru, University of ChicagoBart Lambrecht, Lancaster University

30

Monday, June 21, 2010, 2:45 pm – 4:30 pm Bailouts – Salon A, 2nd Floor Josef Zechner, Vienna University

On the Real Effects of Bank Bailouts: Micro-Evidence from JapanAndrei Simonov, Michigan State UniversityMariassunta Giannetti, Stockholm School of Economics

TARP Investments: Financials and PoliticsDenis Sosyura, University of MichiganRan Duchin, University of Michigan

Assessing TARPAnil Shivdasani, University of North Carolina-Chapel HillDinara Bayazitova, University of North Carolina-Chapel Hill

Discussants:Kathryn Dewenter, University of WashingtonDaniel Ferreira, London School of EconomicsChenyang (Jason) Wei, Federal Reserve Bank of New York

New Perspectives on Old Problems – Lecture TheatreRick Green, Carnegie Mellon University

Limited Capital Market Participation and Human Capital Risk Jonathan Berk, Stanford UniversityJohan Walden, University of California-Berkeley The Implied Cost of Capital: A New Approach Kewei Hou, Ohio State UniversityMathijs van Dijk, Erasmus University RotterdamYinglei Zhang, Chinese University of Hong Kong

Revisiting Asset Pricing Anomalies in an Exchange Economy Johan Walden, University of California-BerkeleyChristine Parlour, University of California-BerkeleyRichard Stanton, University of California-Berkeley

Discussants:Kerry Back, Rice UniversityCharles Lee, Stanford UniversityIan Martin, Stanford University

31

Time-Varying Risk Premia – Oak BayRavi Bansal, Duke University

Is the Volatility of the Market Price of Risk due to Intermittent Portfolio Re-balancing? Hanno Lustig, University of California-Los AngelesHarold Cole, University of PennsylvaniaYi-Li Chien, Purdue University

The Social Cost of Near-Rational Investment Tarek Hassan, University of ChicagoThomas Mertens, New York University

The Fourth-Quarter Consumption Growth Rate: A Pure-Macro, Not-Estimated Stock Return Predictor That Works In-Sample and Out-of-Sample Stig Møller, Aarhus School of BusinessJesper Rangvid, Copenhagen Business School

Discussants: Lukas Schmid, Duke UniversityHengjie Ai, Duke UniversityCaio Almeida, Getulio Vargas Foundation

M&A: Theory and Evidence – SaanichS. “Vish” Viswanathan, Duke University

Strategic and Financial Bidders in Takeover Auctions Alexander Gorbenko, Stanford UniversityAndrey Malenko, Stanford University

Preemptive Bidding, Target Resistance and Takeover Premia: An Empirical Investigation Stefano Sacchetto, Carnegie Mellon UniversityTheodosios Dimopoulos, London Business School

Do Merger Synergies Exist? Scott Bauguess, Securities and Exchange CommissionGennaro Bernile, University of Miami

Discussants: Matthew Rhodes-Kropf, Harvard UniversityNagpurnanand Prabhala, University of MarylandB. Espen Eckbo, Dartmouth University

32

Preferences & Behavior – EsquimaltTerry Odean, University of California-Berkeley

Nature or Nurture: What Determines Investor Behavior?Henrik Cronqvist, Claremont McKenna CollegeAmir Barnea, Claremont McKenna CollegeStephan Siegel, University of Washington

The Origin of Behavior Thomas Brennan, Northwestern UniversityAndrew Lo, Massachusetts Institute of Technology

Commitment ContractsGustav Sigurdsson, University of PennsylvaniaPhilip Bond, University of Pennsylvania Discussants: Günter Strobl, University of North Carolina-Chapel HillElena Asparouhova, University of UtahAndres Almazan, University of Texas-Austin

Capital Structure Theory – Sidney, 2nd Floor Jaime Zender, University of Colorado

Legal-System Arbitrage and MNC Capital StructureSuman Banerjee, Nanyang Tech UniversityThomas Noe, Oxford University

The Defeasance of Control RightsCarsten Bienz, Norwegian School of Economics and Business Admin (NHH)Antoine Faure-Grimaud, London School of EconomicsZsuzsanna Fluck, Michigan State University

Capital Structure under Heterogeneous BeliefsHae Won Jung, Georgia State UniversityAjay Subramanian, Georgia State University

Discussants:Paul Povel, University of HoustonPaolo Fulghieri, University of North Carolina-Chapel HillThomas Chemmanur, Boston College

33

Tuesday, June 22, 2010, 8:15 am – 10:00 am Asset Pricing with Frictions – Salon A, 2nd Floor Tan Wang, University of British Columbia

Asset Pricing Under Heterogeneous Information Weiyang Qiu, Massachusetts Institute of TechnologyJiang Wang, Massachusetts Institute of Technology

Liquidity and Asset Prices: A Unified Framework Jiang Wang, Massachusetts Institute of TechnologyDimitri Vayanos, London School of Economics

Margin-Based Asset Pricing and Deviations from the Law of One Price Lasse H. Pedersen, New York UniversityNicolae Garleanu, University of California-Berkeley

Discussants: Thomas Gilbert, University of WashingtonHaitao Li, University of MichiganRon Kaniel, Duke University

Impact of Behavior on Asset Prices – Lecture TheatreTyler Shumway, University of Michigan

The Causal Impact of Media in Financial Markets Christopher Parsons, University of North Carolina-Chapel HillJoseph Engelberg, University of North Carolina-Chapel Hill

Myopic Extrapolation, Price Momentum, and Price ReversalXinlei Zhao, Office of the Comptroller of the CurrencyLong Chen, Washington University-St. LouisClaudia Moise, Western Reserve University

Geographic Location, Media Coverage and Investor ReactionsDevin Shanthikumar, Harvard UniversityGreg Miller, University of Michigan

Discussants: Sergey Chernenko, Harvard UniversityJonathan Lewellen, Dartmouth UniversityClemens Sialm, University of Texas-Austin

34

Banking in the Crisis – Oak Bay George Pennacchi, University of Illinois

Credit Supply: Identifying Balance-Sheet Channels with Loan Applications and Granted LoansJose-Luis Peydro, European Central BankGabriel Jiménez, Bank of SpainSteven Ongena, Tilburg UniversityJesus Saurina, Bank of Spain

Market Value of Banking Relationships: New Evidence from the Financial Crisis of 2008Umut Gokcen, Boston College

Global Retail Lending in the Aftermath of the US Financial Crisis: Distinguishing between Supply and Demand EffectsJörg Rocholl, ESMT European School of Management and TechnologyManju Puri, Duke UniversitySascha Steffen, University of Mannheim

Discussants:Todd Gormley, University of PennsylvaniaAmiyatosh Purnanandam, University of MichiganBerk Sensoy, Ohio State University

Cash Policy – SaanichIlya Strebulaev, Stanford University

Agency Conflicts and Cash: Estimates from a Structural Model Toni Whited, University of RochesterBoris Nikolov, University of Rochester

Aggregate Risk and the Choice between Cash and Lines of CreditHeitor Almeida, University of Illinois-Urbana-ChampaignViral Acharya, New York UniversityMurillo Campello, University of Illinois-Urbana-Champaign

Cash Flow Hedging and Liquidity Choices Breno Schmidt, Emory UniversityDavid Disatnik, Tel-Aviv UniversityRan Duchin, University of Michigan

35

Discussants: Neng Wang, Columbia UniversityRobert McDonald, Northwestern UniversityNathalie Moyen, University of Colorado

Shareholder Voting – EsquimaltBilge Yilmaz, University of Pennsylvania

The Market Value of the Vote: A Contingent Claims Approach Shagun Pant, Texas A&M UniversityAvner Kalay, University of Utah

Non-Binding Voting for Shareholder Proposals Nadya Malenko, Stanford UniversityDoron Levit, Stanford University

The Vote is Cast: The Effect of Corporate Governance on Shareholder Value Vicente Cuñat, London School of EconomicsMaria Guadalupe, Columbia UniversityMireia Gine, University of Pennsylvania

Discussants: David Musto, University of PennsylvaniaErnst Maug, University of MannheimAshwini Agrawal, New York University

Market Microstructure: Empirical – Sidney, 2nd FloorPamela Moulton, Fordham University

Is Market Fragmentation Harming Market Quality? Maureen O’Hara, Cornell UniversityMao Ye, Cornell University

Does Option Market Volume Signal Bad News? Eric So, Stanford UniversityTravis Johnson, Stanford University

Price Pressures Albert Menkveld, VU University AmsterdamTerrence Hendershott, University of California-Berkeley

36

Discussants: Emiliano Pagnotta, New York UniversityGideon Saar, Cornell UniversityDavid Veredas, Universite libre de Bruxelles

Tuesday, June 22, 2010, 10:15 am – 12:00 noon Causes of the Crisis – Salon A, 2nd Floor Josef Zechner, Vienna University

Why are We in a Recession? The Financial Crisis is the Symptom Not the Disease!Ravi Jagannathan, Northwestern UniversityMudit Kapoor, Indian School of BusinessErnst Schaumburg, Northwestern University

Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09Philipp Schnabl, New York UniversityViral Acharya, New York University

The Behavior of Intoxicated Investors: The Role of Institutional Investors in Propagating the Financial Crisis of 2007-2008Ayako Yasuda, University of California-DavisMassimo Massa, INSEADAlberto Manconi, INSEAD

Discussants:George Pennacchi, University of IllinoisAndres Almazan, University of TexasClemens Sialm, University of Texas

Mutual Funds – Lecture Theatre Charles Trzcinka, Indiana University

Is Investor Rationality Time Varying? Evidence from the Mutual Fund Industry Marcin Kacperczyk, New York UniversityVincent Glode, University of PennsylvaniaBurton Hollifield, Carnegie Mellon UniversityShimon Kogan, University of Texas-Austin

37

On Economies of Scale and Persistent Performance in Corporate Bond Mutual Funds William Maxwell, Southern Methodist UniversityRoberto Gutierrez, University of OregonDanielle Xu, Gonzaga University Reverse Survivorship Bias Juhani Linnainmaa, University of Chicago

Discussants: Joshua Pollet, Michigan State UniversityBing Han, University of Texas-AustinJay Wang, University of Illinois

Loan Markets – Oak Bay Mark Leary, Cornell University

Commercial Paper, Lines of Credit, and the Real Effects of the Financial Crisis of 2008: Firm-Level Evidence from the Manufacturing IndustryHayong Yun, University of Notre DamePengjie Gao, University of Notre Dame

The Supply-Side Determinants of Loan Contract StrictnessJustin Murfin, Duke University

The Costs of Being Private: Evidence from the Loan MarketSascha Steffen, University of MannheimAnthony Saunders, New York University

Discussants:Oguzhan Ozbas, University of Southern CaliforniaAndrew Winton, University of MinnesotaRebecca Zarutskie, Duke University

Political Influence – Saanich Michael Fishman, Northwestern University

Precarious Politics and Returns VolatilityHitesh Doshi, McGill UniversityArt Durnev, McGill UniversityMaria Boutchkova, University of LeicesterAlexander Molchanov, Massey University

38

Do Powerful Politicians Cause Corporate Downsizing?Joshua Coval, Harvard UniversityChristopher Malloy, Harvard UniversityLauren Cohen, Harvard University

Political Capital and Moral HazardLeonard Kostovetsky, University of Rochester

Discussants:Brandon Julio, London Business SchoolFrancisco Perez-Gonzalez, Stanford UniversityAmit Seru, University of Chicago

Distress Costs – Esquimalt Michael Hertzel, Arizona State University

Is Shareholders’ Strategic Default Behavior Priced? Evidence from an International Cross Section of StocksEnrique Schroth, University of AmsterdamGiovanni Favara, International Monetary FundPhilip Valta, Ecole Polytechnique Fédérale de Lausanne

Macroeconomic Risks and Debt OverhangHui Chen, Massachusetts Institute of TechnologyGustavo Manso, Massachusetts Institute of Technology

Are The Bankrupt Skies the Friendliest? Carola Schenone, University of VirginiaFederico Ciliberto, University of Virginia

Discussants: Ronald Giammarino, University of British ColumbiaDavid Mauer, University of Texas-DallasSergei Davydenko, University of Toronto

Higher Moments in Returns – Sidney, 2nd Floor Adlai Fisher, University of British Columbia

Ex Ante Skewness and Expected Stock ReturnsRobert Dittmar, University of MichiganJennifer Conrad, University of North Carolina-Chapel HillEric Ghysels, University of North Carolina-Chapel Hill

39

Market Skewness Risk and the Cross-Section of Stock ReturnsPeter Christoffersen, McGill UniversityBo-Young Chang, McGill UniversityKris Jacobs, McGill University

Do Higher-Moment Equity Risks Explain Hedge Fund Returns?Gurdip Bakshi, University of MarylandVikas Aarwal, Georgia State UniversityJoop Huij, Eramus University

Discussants:John Griffin, University of Texas-AustinAmit Goyal, Emory UniversityAlexi Savov, University of Chicago

Tuesday, June 22, 2010, 2:45 pm – 4:30 pm Managing Liquidity in the Crisis – Salon A, 2nd Floor Ravi Jagannathan, Northwestern University

Liquidity Management in the Financial CrisisVictoria Ivashina, Harvard UniversityDavid Scharfstein, Harvard University

Precautionary Hoarding of Liquidity and Inter-Bank Markets: Evidence from the Sub-prime CrisisViral Acharya, New York UniversityOuarda Merrouche, European University Institute

Liquidity Management and Corporate Investment During a Financial CrisisErasmo Giambona, University of AmsterdamMurillo Campello, University of Illinois-Urbana-ChampaignJohn Graham, Duke UniversityCampbell Harvey, Duke University

Discussants:Antoinette Schoar, Massachusetts Institute of TechnologyEnrichetta Ravina, Columbia UniversityIlya Strebulaev, Stanford University

40

Empirical Capital Structure – Lecture TheatreArthur Korteweg, Stanford University

Do Peer Firms Affect Corporate Financial Policy Michael Roberts, University of PennsylvaniaMark Leary, Cornell University

What Does CEOs’ Personal Leverage Tell Us About Corporate Leverage? Anil Makhija, Ohio State UniversityHenrik Cronqvist, Claremont McKenna CollegeScott Yonker, Ohio State University

Labor and Capital: Is Debt a Bargaining Tool? Elena Simintzi, London Business SchoolPaolo Volpin, London Business SchoolVikrant Vig, London Business School

Discussants: Murray Frank, University of MinnesotaMichael Lemmon, University of UtahToni Whited, University of Rochester

Investor Behavior – Oak Bay Simon Gervais, Duke University

IQ and Stock Market ParticipationMark Grinblatt, University of California-Los AngelesMatti Keloharju, Helsinki School of Economics & BusinessJuhani Linnainmaa, University of Chicago

Transaction Costs and Investment Decisions of Individual InvestorsDeniz Anginer, World Bank Group

The Sum of All FEARS: Investor Sentiment, Noise Trading and Aggregate VolatilityZhi Da, University of Notre DameJoseph Engelberg, University of North Carolina-Chapel HillPengjie Gao, University of Notre Dame

Discussants:George Korniotis, Federal Reserve Board of GovernorsNing Zhu, University of California-DavisShimon Kogan, University of Texas-Austin

41

Inside Information – Saanich Ron Kaniel, Duke University

Do Hedge Funds Trade on Private Information? Evidence from Syndicated Lending and Short-SellingDebarshi Nandy, York UniversityNadia Massoud, York UniversityAnthony Saunders, New York UniversityKeke Song, York University

Business Connections and Informed Trading of Mutual Fund ManagersYue Tang, University of Florida

Decoding Inside InformationLukasz Pomorski, University of TorontoLauren Cohen, Harvard UniversityChristopher Malloy, Harvard University

Discussants:David Musto, University of PennsylvaniaYael Hochberg, Northwestern UniversityBryan Routledge, Carnegie Mellon University

Monitoring by Boards – EsquimaltLaura Lindsey, Arizona State University

Authority Versus Loyalty: Social Incentives and Modes of Governance Samuel Lee, New York UniversityPetra Persson, Columbia University

Monitoring Managers: Does it Matter? Alexander Ljungqvist, New York UniversityFrancesca Cornelli, London Business SchoolZbigniew Kominek, European Bank for Reconstruction and Development (EBRD) The Changing of the Boards: The Value Effect of a Massive Exogenous Shock Amy Dittmar, University of MichiganKenneth Ahern, University of Michigan

42

Discussants: Daniel Ferreira, London School of EconomicsGeoffrey Tate, University of California-Los AngelesJeffrey Coles, Arizona State University

Options – Sidney, 2nd Floor Costis Skiadas, Northwestern University

Improving Portfolio Selection Using Option-Implied Volatility and SkewnessRaman Uppal, London Business SchoolVictor DeMiguel, London Business SchoolYuliya Plyakha, Goethe University FrankfurtGrigory Vilkov, Goethe University Frankfurt

Monotonicity of the Stochastic Discount Factor and Expected Option ReturnsMark Schroder, Michigan State UniversityRanadeb Chaudhuri, Oakland University

Probability Weighting Functions Implied by Options PricesValery Polkovnichenko, University of Texas-DallasFeng Zhao, University of Texas-Dallas

Discussants:Luca Benzoni, Federal Reserve Bank of ChicagoMark Loewenstein, University of MarylandFousseni Chabi-Yo, Ohio State University

Wednesday, June 23, 2010, 8:15 am – 10:00 am Liquidity – Salon A, 2nd Floor Nicolae Garleanu, University of California-Berkeley

Liquidity Risk of Corporate Bond Returns Yakov Amihud, New York UniversityViral Acharya, New York UniversitySreedhar Bharath, University of Michigan

Hedge Funds as Liquidity Providers: Evidence From the Lehman BankruptcyGeorge Aragon, Arizona State UniversityPhilip Strahan, Boston College

43

How Does Illiquidity Affect Delegated Portfolio Choice? Luis Goncalves-Pinto, University of Southern California

Discussants: Hank Bessembinder, University of UtahPaolo Pasquariello, University of MichiganIgor Makarov, London Business School

Securitization and Loan Sales – Lecture Theatre Nancy Wallace, University of California-Berkeley

Liar’s Loan? Effects of Loan Origination Channel and Loan Sale on DelinquencyWei Jiang, Columbia UniversityAshlyn Nelson, Indiana UniversityEdward Vytlacil, Yale University

Optimal Securitization with Moral HazardAlexei Tchistyi, University of California-BerkeleyBarney Hartman-Glaser, University of California-BerkeleyTomasz Piskorski, Columbia University

The Impact of Secondary Mortgage Market Activity on the Expansion of Subprime CreditTaylor Nadauld, Brigham Young UniversityShane Sherlund, Federal Reserve Board of Governers

Discussants:Kose John, New York UniversityBilge Yilmaz, University of PennsylvaniaTomasz Piskorski, Columbia University

The Market For CEOs – Oak BayDirk Jenter, Stanford University

The Price of a CEO’s Rolodex Joseph Engelberg, University of North Carolina-Chapel HillChristopher Parsons, University of North Carolina-Chapel HillPengjie Gao, University of Notre Dame

Geography & the Market for CEOs Scott Yonker, Ohio State University

44

CEO Turnover in a Competitive Assignment Framework Andrea Eisfeldt, Northwestern UniversityCamelia Kuhnen, Northwestern University

Discussants: Antoinette Schoar, Massachusetts Institute of TechnologyKatharina Lewellen, Dartmouth UniversityCarola Frydman, Massachusetts Institute of Technology

Term Structure – Saanich Torben Andersen, Northwestern University

Long Run Risks in the Term Structure of Interest Rates: EstimationTaeyoung Doh, Federal Reserve Bank of Kansas City

Term Structure of Interest Rates in a Regime Switching Dynamic Stochastic General Equilibrium ModelKyu Ho Kang, Washington University-St. Louis

Sharpe Ratios in Term Structure ModelsGreg Duffee, Johns Hopkins University

Discussants:Anisha Ghosh, Carnegie Mellon UniversityScott Joslin, Massachusetts Institute of TechnologyOlesya Grishchenko, Penn State University

M&A Activity – Esquimalt Jarrad Harford, University of Washington

World Markets for Mergers and AcquisitionsMichael Weisbach, Ohio State UniversityIsil Erel, Ohio State UniversityRose Liao, Rutgers University

Board Connections and M&A TransactionsMerih Sevilir, University of North Carolina-Chapel HillYe Cai, University of North Carolina-Chapel Hill

Private and Public Merger WavesVojislav Maksimovic, University of MarylandGordon Phillips, University of MarylandLiu Yang, University of California-Los Angeles

45

Discussants:Pedro Matos, University of Southern CaliforniaJay Hartzell, University of Texas-AustinJarrad Harford, University of Washington

Information and Strategic Trading – Sidney, 2nd Floor Anat Admati, Stanford University

A Model of Portfolio Delegation and Strategic TradingAlbert S. Kyle, University of MarylandHui Ou-yang, Cheung Kong Graduate School of BusinessBin Wei, Baruch College

Information Sales and Strategic TradingFrancesco Sangiorgi, Stockholm School of EconomicsDiego Garcia, University of North Carolina-Chapel Hill

Uncertainty, Information Acquisition, and Price Swings in Asset MarketsAntonio Mele, London School of EconomicsFrancesco Sangiorgi, Stockholm School of Economics

Discussants:Michael Fishman, Northwestern UniversityPierre-Olivier Weill, University of California-Los AngelesSimon Gervais, Duke University

Wednesday, June 23, 2010, 10:15 am – 12:00 noon Real Estate & the Macro Economy – Salon A, 2nd Floor Jefferson Duarte, Rice University

Systemic Risk and the Refinancing Ratchet EffectAndrew Lo, Massachusetts Institute of TechnologyAmir Khandani, Morgan StanleyRobert Merton, Harvard University

Asset Pricing and Housing Supply in a Production EconomyIvan Jaccard, European Central Bank

Testing the Efficiency of the Commercial Real Estate Market: Evidence from the 2007-2009 Financial CrisisOtto Van Hemert, AQR Capital ManagementJoost Driessen, Tilburg University

46

Discussants:Nancy Wallace, University of California-BerkeleyFrederico Belo, University of MinnesotaRichard Stanton, University of California-Berkeley

Large Shareholders: Family and Government Ownership – Lecture Theatre Francisco Perez-Gonzalez, Stanford University

Adoptive Expectations: Rising Sons in Japanese Family FirmsVikas Mehrotra, University of AlbertaRandall Morck, University of AlbertaJungwook Shim, Hitotsubashi UniversityYupana Wiwattanakantang, Hitotsubashi University

The Effect of Succession Taxes on Family Firm Investment: Evidence from a Natural ExperimentMargarita Tsoutsoura, Columbia University

The Real Effects of Government Owned Banks: Evidence from an Emerging MarketDaniel Carvalho, University of Southern California

Discussants:Hernan Ortiz-Molina, University of British ColumbiaAndrew Ellul, Indiana UniversitySerdar Dinc, Massachusetts Institute of Technology

International Asset Pricing – Oak Bay Christian Lundblad, University of North Carolina-Chapel Hill

International Asset Pricing with Risk-Sensitive Rare EventsRiccardo Colacito, University of North Carolina-Chapel HillMariano M. Croce, University of North Carolina-Chapel Hill

Monetary Policy and the Uncovered Interest Rate Parity PuzzleChris Telmer, Carnegie Mellon UniversityDavid Backus, New York UniversityFederico Gavazzoni, Carnegie Mellon UniversityStanley Zin, New York University

Asset Prices and Risk Sharing in Open EconomiesAndreas Stathopoulos, University of Southern California

47

Discussants:Lorenzo Garlappi, University of British ColumbiaAdrien Verdelhan, Massachusetts Institute of TechnologyNikolai Roussanov, University of Pennsylvania

Tail Risk – Saanich Ian Martin, Stanford University

Risk Premia and the Conditional Tails of Stock ReturnsBryan Kelly, New York University

Learning, Confidence, and Option PricesIvan Shaliastovich, University of Pennsylvania

Tails, Fears and Risk PremiaViktor Todorov, Northwestern UniversityTim Bollerslev, Duke University

Discussants:Joe Chen, University of California-DavisJakub Jurek, Princeton UniversityYuhang Xing, Rice University

Relationship Lending – Esquimalt Manju Puri, Duke University

Relationship Bank Behavior During Borrower Distressand BankruptcyAnand Srinivasan, National University of SingaporeYan Li, Korea University

What’s Bank Reputation Worth? The Effect of Fraud on Financial Contracts and InvestmentHannah Lin, International Monetary FundDaniel Paravisini, Columbia University

Skin in the Game: The Incentive Structure in Online Social LendingThomas Hildebrand, European School of Management and TechnologyManju Puri, Duke UniversityJörg Rocholl, European School of Management and Technology

48

Discussants:Lori Santikian, Harvard UniversityS. Abraham (Avri) Ravid, Rutgers UniversityNagpurnanand Prabhala, University of Maryland

Competition and Firm Behavior – Sidney, 2nd Floor Thomas Chemmanur, Boston College

How Did Increased Competition Affect Credit Ratings?Bo Becker, Harvard UniversityTodd Milbourn, Washington University-St. Louis

The Effect of Credit Rationing on the Shape of the Competition-Innovation RelationshipJan Bena, University of British Columbia

Trade Credit, Product Market Power, and Relation-specific InvestmentVikram Nanda, Georgia Institute of TechnologyJayant Kale, Georgia State UniversityNishant Dass, Georgia Institute of Technology

Discussants:Anastasia Kartasheva, University of PennsylvaniaPaul Povel, University of HoustonMichael Faulkender, University of Maryland

49

IndexAAarwal, Vikas 39Acharya, Viral 34, 36, 39, 42Admati, Anat 45Agrawal, Ashwini 35Ahern, Kenneth 41Ai, Hengjie 31Almazan, Andres 32, 36Almeida, Caio 31Almeida, Heitor 34Amihud, Yakov 42Andersen, Torben 44Anginer, Deniz 40Anton, Miguel 25Aragon, George 42Asparouhova, Elena 32

BBabus, Ana 25Back, Kerry 30Backus, David 46Bakshi, Gurdip 39Banerjee, Snehal 26Banerjee, Suman 32Bansal, Ravi 31Barnea, Amir 32Basak, Suleyman 29Battalio, Robert 28Bauguess, Scott 31Bayazitova, Dinara 30Beber, Alessandro 28Becker, Bo 48Belo, Frederico 46Bena, Jan 48Benzoni, Luca 42Berk, Jonathan 30Bernile, Gennaro 31Bessembinder, Hank 43Bhagat, Sanjai 28Bharath, Sreedhar 42

Bienz, Carsten 32Bollerslev, Tim 47Bond, Philip 32Boutchkova, Maria 37Brennan, Thomas 32Brunnermeier, Markus 24, 27Bühler, Wolfgang 27Buraschi, Andrea 24Bustamante, Maria 29

CCai, Ye 44Campello, Murillo 34, 39Carlin, Bruce 26Carvalho, Daniel 46Cen, Ling 25Chabi-Yo, Fousseni 42Chang, Bo-Young 39Chapman, David 29Chaudhuri, Ranadeb 42Chemmanur, Thomas 32, 48Chen, Hui 38Chen, Joe 47Chen, Long 33Cheng, Ing-Haw 24Chernenko, Sergey 29, 33Chhaochharia, Vidhi 25Chien, Yi-Li 31Chiu, Jonathan 27Christoffersen, Peter 39Ciliberto, Federico 38Cohen, Lauren 38, 41Cohn, Jonathan 25Colacito, Riccardo 46Cole, Harold 31Coles, Jeffrey 42Collin-Dufresne, Pierre 27Conrad, Jennifer 38Cornelli, Francesca 41Coval, Joshua 38Croce, Mariano M. 46

50

Cronqvist, Henrik 32, 40Cuñat, Vicente 35

DDa, Zhi 40Dasgupta, Sudipto 25Dass, Nishant 48Davydenko, Sergei 38de Motta, Adolfo 25DeMarzo, Peter 24DeMiguel, Victor 42Dewenter, Kathryn 30Diether, Karl 28Dimopoulos, Theodosios 31Dinc, Serdar 46Disatnik, David 34Dittmar, Amy 41Dittmar, Robert 38Doh, Taeyoung 44Doshi, Hitesh 37Driessen, Joost 45Duarte, Jefferson 24, 45Duchin, Ran 30, 34Duffee, Greg 44Duffie, Darrell 25Durnev, Art 37

EEckbo, B. Espen 31Edmans, Alex 26Eisfeldt, Andrea 44Elkamhi, Redouane 24Ellul, Andrew 46Engelberg, Joseph 33, 40, 43Erel, Isil 44

FFaulkender, Michael 48Faure-Grimaud, Antoine 32Favara, Giovanni 38Ferreira, Daniel 30, 42Fisher, Adlai 38Fishman, Michael 37, 45Fluck, Zsuzsanna 32

Frank, Murray 40Frydman, Carola 44Fulghieri, Paolo 32

GGabaix, Xavier 26Gala, Vito 27Gallmeyer, Michael 27Gao, Pengjie 37, 40, 43Garcia, Diego 45Garlappi, Lorenzo 47Garleanu, Nicolae 33, 42Gavazzoni, Federico 46Gennaioli, Nicola 26Geravis, Simon 45Ghosh, Anisha 44Ghysels, Eric 38Giambona, Erasmo 39Giammarino, Ronald 38Giannetti, Mariassunta 30Giesecke, Kay 27Gilbert, Thomas 33Gine, Mireia 35Glode, Vincent 36Gokcen, Umut 34Goldstein, Robert 27Goncalves-Pinto, Luis 43Gorbenko, Alexander 31Gormley, Todd 34Goyal, Amit 39Graham, John 39Green, Rick 30Grenadier, Steve 29Griffin, John 39Grinblatt, Mark 40Grishchenko, Olesya 44Grundy, Bruce 28Guadalupe, Maria 35Gutierrez, Roberto 37

HHan, Bing 37Harford, Jarrad 45Hartman-Glaser, Barney 43

51

Hartzell, Jay 25, 45Harvey, Campbell 39Hassan, Tarek 31He, Zhiguo 24, 29Helwege, Jean 25Hendershott, Terrence 35Hertzel, Michael 38Heyerdahl-Larsen, Christian 24Hildebrand, Thomas 47Hochberg, Yael 41Holden, Craig 28Hollifield, Burton 36Hou, Kewei 30Huang, Jennifer 36Hughson, Eric 26Huij, Joop 39

IIbragimov, Rustam 27Intintoli, Vincent 25Ivashina, Victoria 39

JJaccard, Ivan 45Jacobs, Kris 39Jaffee, Dwight 27Jagannathan, Ravi 36, 39Jenter, Dirk 43Jiang, Wei 43Jiménez, Gabriel 34John, Kose 43Johnson, Shane 28Johnson, Travis 35Jones, Charles 28Joslin, Scott 24, 44Julio, Brandon 38Jung, Hae Won 32Jurek, Jakub 47

KKacperczyk, Marcin 36Kalay, Avner 35Kale, Jayant 48Kang, Kyu Ho 44

Kaniel, Ron 33, 41Kapoor, Mudit 36Kartasheva, Anastasia 27, 48Kedia, Simi 25Kelly, Bryan 47Keloharju, Matti 40Khandani, Amir 45Koeppl, Thorsten 27Kogan, Shimon 36, 40Kominek, Zbigniew 41Kondor, Peter 29Korniotis, George 40Korteweg, Arthur 40Kostovetsky, Leonard 38Kuehn, Lars-Alexander 24Kuhnen, Camelia 44Kumar, Alok 25Kyle, Albert S. 26, 45

LLambrecht, Bart 29Leary, Mark 37, 40Lee, Charles 30Lee, Samuel 41Lemmon, Michael 40Levit, Doron 35Lewellen, Jonathan 33Lewellen, Katharina 44Lewellen, Stefan 28Li, Haitao 33Li, Yan 47Liao, Rose 44Lim, Bryan 28Lin, Hannah 47Lindsey, Laura 41Linnainmaa, Juhani 37, 40Livdan, Dmitri 26Ljungqvist, Alexander 41Lo, Andrew 32, 45Loewenstein, Mark 42Longstaff, Francis 27Lowery, Richard 25Lundblad, Christian 46Lustig, Hanno 31

52

MMakarov, Dmitry 29Makarov, Igor 43Makhija, Anil 40Maksimovic, Vojislav 44Malamud, Semyon 25Malenko, Andrey 29, 31Malenko, Nadya 35Malloy, Christopher 38, 41Manconi, Alberto 36Manso, Gustavo 25, 38Marquez, Robert 24Martin, Ian 30, 47Massa, Massimo 36Massoud, Nadia 41Masulis, Ronald W. 44Matos, Pedro 45Matsa, David 25Matvos, Gregor 26Mauer, David 38Maug, Ernst 35Maxwell, William 37McDonald, Robert 29, 35Mehrotra, Vikas 46Mele, Antonio 45Menkveld, Albert 35Merrouche, Ouarda 39Mertens, Thomas 31Merton, Robert 45Metrick, Andrew 28Milbourn, Todd 48Milbradt, Konstantin 24Miller, Greg 33Moise, Claudia 33Molchanov, Alexander 37Møller, Stig 31Morck, Randall 46Morellec, Erwan 29Moulton, Pamela 35Moyen, Nathalie 35Murfin, Justin 37Musto, David 35, 41

NNadauld, Taylor 43Nanda, Vikram 48Nandy, Debarshi 41Nelson, Ashlyn 43Niessen, Alexandra 25Nikolov, Boris 34Nini, Greg 28Noe, Thomas 32

OObizhaeva, Anna 26Odean, Terry 32Oehmke, Martin 24O’Hara, Maureen 35Ongena, Steven 34Opp, Christian 29Ornthanalai, Chayawat 24Ortiz-Molina, Hernan 46Ou-yang, Hui 45Ozbas, Oguzhan 37

PPagano, Marco 28Pant, Shagun 35Papanikolaou, Dimitris 29Paravisini, Daniel 47Parlour, Christine 30Parsons, Christopher 33, 43Pasquariello, Paolo 26, 43Pastor, Lubos 29Pedersen, Lasse H. 33Pennacchi, George 34, 36Perez-Gonzalez, Francisco 38, 46Persson, Petra 41Petersen, Mitchell 28Peydro, Jose-Luis 34Pfleiderer, Paul 25Phillips, Gordon 44Piskorski, Tomasz 26, 43Plyakha, Yuliya 42Polk, Christopher 25Polkovnichenko, Valery 42

53

Pollet, Joshua 37Pomorski, Lukasz 41Povel, Paul 32, 48Prabhala, Nagpurnanand 31, 48Puri, Manju 34, 47Purnanandam, Amiyatosh 34

QQiu, Weiyang 33

RRampini, Adriano 26Rangvid, Jesper 31Ravid, S. Abraham (Avri) 48Ravina, Enrichetta 39Rhodes-Kropf, Matthew 31Roberts, Michael 40Rocholl, Jörg 34, 47Rossi, Stefano 26Rosu, Ioanid 26Roussanov, Nikolai 47Routledge, Bryan 41

SSaar, Gideon 36Sacchetto, Stefano 31Sadzik, Tomasz 26Sangiorgi, Francesco 45Sannikov, Yuliy 26, 27Santikian, Lori 48Sarkissian, Sergei 28Saunders, Anthony 37, 41Saurina, Jesus 34Savov, Alexi 39Schaefer, Stephen 27Scharfstein, David 39Schaumburg, Ernst 36Schenone, Carola 38Schill, Michael 28Schmid, Lukas 31Schmidt, Breno 34Schnabl, Philipp 36Schneider, Jan 26Schoar, Antoinette 39, 44

Schroder, Mark 42Schroth, Enrique 38Schuerhoff, Norman 29Schultz, Paul 28Sen, Rik 25Sensoy, Berk 34Seru, Amit 29, 38Sevilir, Merih 44Shaliastovich, Ivan 24, 47Shanthikumar, Devin 33Sherlund, Shane 43Shim, Jungwook 46Shivdasani, Anil 30Shumway, Tyler 27, 33Sialm, Clemens 33, 36Siegel, Stephan 32Sigurdsson, Gustav 32Simintzi, Elena 40Simonov, Andrei 30Singleton, Kenneth 26Skiadas, Costis 42Smith, David 28So, Eric 35Song, Keke 41Sosyura, Denis 30Srinivasan, Anand 47Stafford, Erik 27Stambaugh, Robert 29Stanton, Richard 30, 46Starks, Laura 25Stathopoulos, Andreas 46Steffen, Sascha 34, 37Strahan, Philip 42Strebulaev, Ilya 27, 34, 39Strobl, Günter 32Subramanian, Ajay 32Sufi, Amir 28Sunderam, Adi 29

TTang, Yue 41Tate, Geoffrey 42Tchistyi, Alexei 43Telmer, Chris 46Thakor, Anjan 47

54

Todorov, Viktor 47Trapp, Monika 27Trojani, Fabio 24Trzcinka, Charles 36Tsoutsoura, Margarita 46

UUppal, Raman 42

VValta, Philip 38van Dijk, Mathijs 30Van Hemert, Otto 45Vayanos, Dimitri 33Vedolin, Andrea 24Verdelhan, Adrien 47Veredas, David 36Veronesi, Pietro 30Verwijmeren, Patrick 28Vig, Vikrant 40Vilkov, Grigory 42Viswanathan, S. “Vish” 24, 31Volpin, Paolo 40Vytlacil, Edward 43

WWalden, Johan 27, 30Wallace, Nancy 43, 46Wang, Jay 37Wang, Jiang 33Wang, Neng 27, 35Wang, Tan 33Warnock, Frank 28Wei, Bin 45Wei, Chenyang (Jason) 30Weill, Pierre-Olivier 45Weisbach, Michael 44Werner, Ingrid 28Whited, Toni 34, 40Winton, Andrew 37Wiwattanakantang, Yupana 46

XXing, Yuhang 47Xiong, Wei 24, 29Xu, Danielle 37

YYang, Fan 27Yang, Liu 44Yasuda, Ayako 36Ye, Mao 35Yilmaz, Bilge 35, 43Yonker, Scott 40, 43Yu, Fan 27Yun, Hayong 37

ZZarutskie, Rebecca 37Zechner, Josef 36Zender, Jaime 32Zhang, Andrew 25Zhang, Yinglei 30Zhao, Feng 42Zhao, Xinlei 33Zhu, Ning 40Zin, Stanley 46Zwiebel, Jeffrey 26

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2011 ANNUAL MEETINGS OF THE WESTERN FINANCE ASSOCIATION

JUNE 19-22, 2011ELDORADO HOTEL & SPA AND

HILTON SANTA FE HISTORIC PLAZASANTA FE, NEW MEXICO

Members and friends of the Western Finance Association are invited to submit papers to be considered for presentation at the 2011 Annual Meetings. Papers on any topic related to finance will be considered. Submission of papers: Papers should be submitted electronically at the WFA web site, www.westernfinance.org, which will contain full instructions for submission, including required on-line registration, creation of the required cover page, the submission fee, and other vital instructions. We will begin taking submissions on October 1, 2010. The deadline for submissions will be midnight PST November 18, 2010. Papers will be reviewed anonymously by two mem-bers of the Program Committee, and authors will be notified of the Program Committee’s decisions at the end of March, 2011. Best Paper Awards (subject to change): USC Marshall School of Business Trefftzs Award of $5,000 for the best student paper.

Analysis Group Award of $5,000 for the best paper on financial institutions and markets.

CME Group Award of $5,000 for the best paper on derivatives markets.

Charles River Associates Award of $5,000 for the best paper on corporate finance.

NASDAQ OMX Award of $5,000 for the best paper on asset pricing.

Wharton School – WRDS Award of $5,000 for the best empirical finance paper.

2011 Program Chair:

Francis Longstaff, University of California, Los Angeles

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The Victorial Conference CenterLevel One

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The Victorial Conference CenterLevel Two