Academic Annual Conference 2009
Monday-Tuesday ,25-26 May , 2009
The Arison School of Business, Interdisciplinary Center (IDC), Herzliya
Jacob Boudoukh (IDC and NBER)
Roni Michaely (Cornell and IDC)
Monday, 25 May 2009
Location: Sami Ofer Building, Room C 108
08:30 Registration and coffee
09:00 "Executive Compensation"
Session chair: Julian Franks, London Business School
"The Pay Divide: (Why) Are U.S. Top Executives Paid More?"
Nuno Fernandes, IMD International
Miguel A. Ferreira, Faculdade de Economia, Universidade Nova de Lisboa
Pedro Matos, Marshall School of Business, University of Southern California
Kevin J. Murphy, Marshall School of Business, University of Southern California
Discussant: Vidhan Goyal (HKUST Business School , Hong Kong University)
"Perks and Excess: Evidence from the New Executive Compensation Disclosure Rules"
Yaniv Grinstein, Johnson Graduate School of Management, Cornell University
David Weinbaum, Johnson Graduate School of Management, Cornell University
Nir Yehuda, Johnson Graduate School of Management, Cornell University
Discussant: Jay Ritter, College of Business Administration, University of Florida
10:30 Coffee Break
10:45 "Empirical Investments"
Session chair: Menachem Brenner (Stern School of Business, New York University)
"The Fundamentals of Commodity Futures Returns"
Gary B. Gorton ,Yale School of Management; National Bureau of Economic Research (NBER)
Fumio Hayashi , University of Tokyo; National Bureau of Economic Research (NBER)
Geert Rouenhorst, School of Management, Yale University
Discussant: Ilan Cooper, Department of Financial Economics, BI, Norwegian School of Management and the Tel Aviv University
Maxing Out: Stocks as Lotteries and the Cross-Section of Expected Returns
Turan G. Bali, Zicklin School of Business, Baruch College
Nusret Cakici, School of Business, Fordham University
Robert F. Whitelaw, Stern School of Business, New York University
Discussant: Evgeny Lyandres, Boston University School of Management
Session chair: Amir Rubin, Simon Fraser University
"The Economic Content of Interest Rates, Monetary Policy and Time-Varying Risk Premia"
Francisco Palomino, Ross School of Business, The University of Michigan
Discussant: Jacob Sagi, Haas School of Business, U.C. Berkeley
Leonid Kogan, Sloan School of Management, MIT and NBER
Stephen Ross, Sloan School of Management, MIT and NBER
Jiang Wang, Sloan School of Management, MIT, CCFR and NBER
Mark Westerfield, University of Southern California
Discussant: Ilan Kremer, Graduate School of Business, Stanford University
Tuesday, 26 May 2009
Location: Sami Ofer Building, Room – C 108
Session chair: Yakov Amihud, Stern School of Business, New York University
"Taxes, Dividends and International Portfolio Choice"
Dhammika Dharmapala, Department of Economics, University of Connecticut
Mihir A. Desai, Graduate School of Business, Harvard University and NBER
Discussant: Clemens Sialm, McCombs School of Business, University of Texas at Austin
"The Failure of Models That Predict Failure: Distance, Incentives and Defaults"
Uday Rajan, Ross School of Business, University of Michigan
Amit Seru, GSB, University of Chicago
Vikrant Vig, London Business School
Discussant: Anat Admati, Graduate School of Business, Stanford University
"The Effects of Investor Sentiment on Speculative Trading and Prices of Stock and Index Options"
Michael Lemmon, David Eccles School of Business, University of Utah
Sophie X. Ni, Hong Kong University of Science and Technology
Discussant: Ohad Kadan, Olin Business School, Washington University in St. Louis
11:15 Coffee Break
Session chair: Yael Hochberg, Kellogg School of Management, Northwestern University
"The pricing of volatility risk across asset classes and the Fama-French factors"
Zhi Da, Mendoza College of Business, University of Notre Dame
Ernst Schaumburg, Kellogg School of Management, Northwestern University
Discussant: Robert Whitelaw, Stern School of Business, New York University
"The Volatility Premium"
Bijorn Eraker, Wisconsin School of Business, University of Wisconsin
Discussant: Hui Guo, College of Business, University of Cincinnati
14:00 Corporate Finance
Session chair: Eli Berkovitch, IDC
"A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management"
Patrick Bolton, Columbia University, NBER and CEPR
Hui Chen, MIT Sloan School of Management
Neng Wang, Columbia Business School and NBER
Discussant: Yelena Larkin, Johnson School of Management, Cornell University
"Bank Lending During the Financial Crisis of 2008"
David Scharfstein, Harvard Business School and NBER
Victoria Ivashina, Harvard Business School
Discussant: Itay Goldstein, Wharton School, University of Pennsylvania
15:30 Closing Ceremony
Best paper Award
Paper Selection Committee Members:
Jonathan Berk (Stanford), Alon Brav (Duke), Bernard Dumas (University of Lausanne), Itay Goldstein (Wharton), Yaniv Grinstein (Cornell), Gustavo Grullon (Rice), Ron Kaniel (Duke), Ilan Kremer (Stanford), Michael Lemmon (Utah), Marco Pagano (University of Naples), Michael Roberts (Pennsylvania), Jacob Sagi (Vanderbilt), Dimitri Vayanos (LSE).