Annual Conference 2005

May 24-25, 2005

The Arison School of Business, Interdisciplinary Center (IDC), Herzliya


Conference Co-Organizers:
Jacob Boudoukh and Roni Michaely


Tuesday, May 24

08:30 – 8:50 Coffee and Registration

08:50 – 9:00 Opening: Jacob Boudoukh, the Caesarea Center

09:00 – 10:30 Corporate Finance
Session Chair: Roni Michaely, IDC Herzliya and Cornell University

Evidence of Strategic Capital Structure: How Firms Use Debt to Influence Collective Bargaining
David Matsa, Department of Economics, Massachusetts Institute of Technology (Presenter).

Quid Pro Quo in IPOs: Why Book-building is Dominating Auctions
Kent Womack, Tuck School of Business, Dartmouth College (Presenter)
Francois Degeorge, University of Lugano and CEPR
Francois Derrien, Rotman School of Management, University of Toronto

Discussant: David Goldreich, London Business School

11:00 – 12:30 Pension Funds and Mutual Funds
Session Chair: Zvi Bodie, Boston University School

Company Stock, Market Rationality, and Legal Reform
Shlomo Benartzi, The Anderson School at UCLA (Presenter)
Richard H. Thaler, University of Chicago
Stephen P. Utkus, Vanguard Center for Retirement Research
Cass R. Sunstein, University of Chicago Law School

Discussant: Shmuel Kandel, Tel-Aviv University

How Does Investor Short-termism Affect Mutual Fund Manager Short-termism
Author: Li Jin, Harvard Business School (Presenter)

Discussant: Leonid Kogan, MIT Sloan School of Management

12:30 – 14:00 LUNCH

14:00 – 15:30 Asset Pricing Theory
Session Chair: Amir Barnea, IDC Herzliya

Intermediation and Value Creation in an Incomplete Market: Implications for Securitization
Marti G. Subrahmanyam, Stern School of Business, NYU (Presenter)
Vishal Gaur, Stern School of Business, NYU
Sridhar Seshadri, Stern School of Business, NYU

Discussant: Jacob Sagi, Haas School of Business, U.C. Berkeley

A Search-Based Theory of the On-the-Run Phenomenon
Pier Olivier Weill, Stern School of Business, NYU (Presenter)
Dimitri Vayanos, London School of Economics, London

Discussant: Abraham Lioui, Bar-Ilan University


Wednesday, May 25

09:00 – 10:30 Corporate Governance
Session Chair: Alon Brav, Fuqua School of Business, Duke University

Flights of Fancy: Corporate Jets, CEO Perquisites, and Inferior Shareholder Returns
Author: David Yermak, Stern School of Business, NYU (Presenter)

Discussant: Yaniv Grinstein, Cornell University

The Congruence of Shareholder and Bondholder Governance
Martijn Cremers, International Center of Finance at Yale University (Presenter)
Vinay B. Nair, Wharton School at University of Pennsylvania and
Chenyang Wei, Stern School of Business, NYU

Discussant: Itai Goldstein, Wharton School University of Pennsylvania

11:00 – 12:30 Market Imperfections
Session Chair: Avner Kalay, Tel Aviv University

The Effects of Biased Self-Perceptions in Teams
Simon Gervais, Fuqua School of Business Duke University (Presenter)
Itay Goldstein, Wharton School University of Pennsylvania

Discussant: Yael Hochberg, Northwestern University and Cornell University

Demand-Based Option Pricing
Allan M. Poteshman, University of Illinois at Urbana-Champaign (Presenter)
Nicolae Garleanu, Wharton School of Business, University of Pennsylvania,
Lasse Heje Pedersen, NYU and National Bureau of Economic Research (NBER)

Discussant: Menachem Brener, Stern School of Business, NYU

12:30 – 14:00 LUNCH

14:00 – 15:30 Empirical Asset Pricing
Session Chair: Yakov Amihud, Stern School of Business, NYU

Forecasting the Market
Elroy Dimson, London Business School (Presenter)
Paul Marsh, London Business School
Mike Staunton London Business School

Discussant: David Weinbaum, Cornell University

Tightening Credit Standards: Fact or Fiction?
Authors: Philip Jorion, University of California at Irvine (Presenter)
Charles Shi, University of California at Irvine
Sanjian Zhang, University of California at Irvine

Discussant: Barbara Ostdiek, Rice University

19:30 Dinner