​Annual Conference 2008

Monday-Tuesday ,12-13 may , 2008

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


Conference Co-Organizers:
Jacob Boudoukh (IDC)
Roni Michaely (Cornell and IDC)


Monday, 12 May 2008

08:30 Registration and coffee

09:00 The Changing Nature
Session chair: Jim Schalleim (University of Utah)

Sreedhar T. Bharath (Ross School of Business, University of Michigan)
"The Changing Nature of Chapter 11"

Discussant: Kai Li (Sauder School of Business, University of British Columbia)

Eric Zitzewitz (Dartmouth College)
"An Eliot Effect? Prosecutorial Discretion in Mutual Fund Settlement Negotiations, 2003-7"

Discussant: Richard S. Ruback (Harvard Business School


10:30 Coffee Break


10:45 Credit
Session chair: Prof. Jacob Boudoukh (The Caesarea Center, IDC and NBER)

Michael B. Gordy (Board of Governors of the Federal Reserve System)
"The Bank as Grim Reaper: Debt Composition and Recoveries on Defaulted Debt"

Discussant: Mark Leary (The Johnson School at Cornell University)

Nikunj Kapadia (University of Massachusetts)
"Limited Arbitrage between Equity and Credit Markets"

Discussant: Lu Zhang (Ross School of Business, University of Michigan)


12:30 Lunch


13:30 Corporate
Session chair: Alon Brav (Duke University and NBER)

Jonathan Berk (University of California Berkley, and NBER)
"Human Capital, Bankruptcy, and Capital Structure"

Discussant: David Goldreich (Rotman School of Management, University of Toronto)

Efraim Benmelech (Harvard University and NBER)
"Stock-Based Compensation and CEO (Dis)Incentives "

Discussant: Ilan Kremer (Stanford University)


19:30 Dinner


Tuesday, 13 May, 2008

09:00 Investments and Methodology
Session chair: Elena-Claudia Moise, (Case Western Reserve University)

Mattew Spiegel (Yale School of Management)
"Equity Issuance and Expected Returns: Theory and New Evidence"

Discussant: Jacob Sagi (Owen School of Management, Vanderbilt University)

Roni Michaely (Cornell and IDC)
"Corporate Payout Policy and Product Market Competition"

Discussant: Amir Barnea (University of Texas at Austin


10:30 Coffee Break


10:45 Empirical Investments

Session chair: Kent L. Womack, Tuck School of Business, Dartmouth College

Evgeny Lyandres (Rice University, Huston TX)
"Real Options, Uncertainty, and Stock Returns"

Discussant: Lauren Cohen (Harvard Business School.

Joel Peress (INSEAD, Department of Finance)
"Product Market Competition, Insider Trading and Stock Market Efficiency"

Discussant: Yaniv Grinstein (Johnson School, Cornell University


12:15 Lunch


13:30 Empirical Corporate
Session chair: Yael Hochberg (Kellogg School of Management, Northwestern University)


Enrique Schroth (HEC Lausanne and Swiss Finance Institute)
Determinants of the Block Premium and of Private Benefits of Control

Discussant: Gennaro Bernile (University of Miami)

Li Jin (Harvard Business School)
"Institutional Tax Clienteles and Payout Policy"

Discussant: Scott Weisbenner (University of Illinois and NBER)

15:00 Closing Ceremony
Best Paper Award
Cocktail party


Paper Selection Committee Members:

Alon Brav (Duke), Jacob Boudoukh (program co-chair, IDC Herzliya), Yaniv Grinstein (Cornell), Gustavo Grullon (Rice), Michael Lemmon (Utah), Roni Michaely (program co-chair, Cornell & IDC Herzliya), Michael Roberts (Pennsylvania), Jacob Sagi (Vanderbilt), Oded Sarig (IDC Herzliya), Dimitri Vayanos (LSE), Jiang Wang (MIT), David Weinbaum (Cornell)

19:30 Dinner