Annual Conference 2006

May 15-16, 2006

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

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

Monday, May 15

08:15– 08:40 Coffee and Registration

08:40 – 8:45 Opening: Roni Michaely, Cornell and IDC

08:45 – 10:30 Corporate Finance
Session Chair: Maurizio Murgia, Free University of Bolzano

Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structure
Author: Michael R. Roberts, the Wharton School, University of Pennsylvania

Discussant: Avri Ravid, Rutgers University

Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut
Authors:
Scott Weisbenner, University of Illinois at Urbana-Champaign and NBER (Presenter).
Nellie Liang, Federal Reserve Board
Jeffrey R. Brown, University of Illinois at Urbana-Champaign and NBER

Discussant: Gustavo Grullon, Rice University

10:45 – 12:30 AP Theory

Session Chair: Abraham Lioui, Bar Ilan University

A Liquidity-Based Theory of Closed-End Funds
Authors:
Jacob Sagi, Haas School of Business, U.C. Berkeley (Presenter).
Richard Stanton, Haas School of Business, U.C. Berkeley
Martin Cherkes, Princeton University;

Discussant: Itay Goldstein, Wharton School, University of Pennsylvania

Information Acquisition and Portfolio Under-Diversification
Author:
Laura Veldkamp, New York University, Stern School of Business (Presenter).
Stijn Van Nieuwerburgh, New York University, Stern School of Business and NBER

Discussant: Abraham Lioui, Bar Ilan University

12:30 – 13:30 LUNCH

13:30– 15:45 Empirical
Session Chair: Yakov Amihud, Stern school of Business, NYU

Who Gains More by Trading – Individuals or Institutions?
Author: Granit San, Tel - Aviv University

Discussant: Dr. Soeren Hvidkjaer, University of Mary land

Corporate Bond Credit Spreads and Forecast Dispersion
Authors:
Dirk Hackbarth, Washington University (Presenter).
Levent Guntay, Indiana Universiy

Discussant: Doron Avramov, University of Maryland

Tuesday, May 16

08:45 – 10:30 Corporate Governance
Session Chair: Avi Vohl

Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs
Authors:
Paul A. Gompers, Harvard Business School and NBER (Presenter)
David Scharfstein, Harvard Business School
Josh Lerner, Harvard Business School
Anna Kovner, Harvard Business School

Discussant: Yael Hochberg; Kellogg School of Management Northwestern University

CEO Turnover, and Relative Performance Evaluation
Authors:
Dirk Jenter, MIT Sloan School of Management (Presenter).
Fadi Kanaan, MIT Sloan School of Management

Discussant: Yaniv Grinstein, The Johnson School, Cornell University

10:45 – 12:30 AP Empirical
Session Chair: Shmulik Kandel

Risk, Uncertainty, and Asset Prices
Authors: Geert Bekaert, Columbia Business School, Uris Hall (Presenter)
Discussant: stijn van neighburg; New York University, Stern School of Business and NBER

CEO Compensation and Board Oversight
Authors:
Yaniv Grinstein, Cornell University, Johnson School of Management (Presenter)
Vidhi Chhaochharia, the World Bank

Discussant: Amir Rubin, Simon Frazer University

12:30 – 13:45 LUNCH

13:45– 15:30 Investors Rationality
Session Chair: Oded Sarig, Arison School of Business, IDC

Sports Sentiment and Stock Returns

Authors:
Alex Edmans, Sloan School of Management at MIT (Presenter).
Diego Garc´ıa, Tuck School of Business at Dartmouth
Øyvind Norli, Norwegian School of Management

Discussant: Ohad Kadan, University of Washington, Saint Louis

Relative Wealth Concerns and Financial Bubbles
Authors:
Ron Kaniel, Fuqua School of Business at Duke University (Presenter).
Peter M. DeMarzo, affiliated with the Stanford Graduate School of Business
Ilan Kremer, affiliated with the Stanford Graduate School of Business

Discussant: Michael Fishman, Northwestern

19:30 Dinner