Annual Conference 2007 May 15-16, 2007

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

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

Monday, 14 May

07:45 - 08:15: Registration and coffee

08:15 – 10:45: Market Imperfections
Session chair: Jacob Boudoukh (The Caesarea Center, IDC and NBER)

08:15 – 09:00: David Musto (University of Pennsylvania):
"Valuable Information and Costly Liquidity: Evidence from Individual Mutual Fund Trades"
Discussant: Shimon Kogan (Carnegie Mellon, Tepper School of Business)

09:00 – 09:45: Jiang Wang (MIT Sloan School of Management)
"Asset Prices under Short-Sale Constraints"
Discussant: Jacob Sagi (Haas School of Business, U.C. Berkeley)

09:45 – 10:00 Coffee Break

10:00 – 10:45 Mihir A. Desai (Harvard Business School and NBER)
"Multinational Firms, FDI Flows and Imperfect Capital Markets"
Discussant: Xiaoyan Zhang (Johnson School of Management, Cornell University)

11:00 – 12:30: Taxes
Session chair: Avner Kalay (Recanati School of Management, Tel Aviv University)

11:00 – 11:45: Clemens Sialm (University of Michigan and NBER)
"Investment Taxes and Equity Returns"
Discussant: Amir Rubin (Simon Fraser University, FBA)

11:45 – 12:30: Kristian Rydqvist (Binghamton University and CEPR)
"Direct Evidence of Dividend Tax Clienteles"
Discussant: Michael Lemmon (David Eccles School of Business, the University of
UTAH)

12:30 – 13:45 Lunch Talk: Quantitative Management of Bond Portfolios
Lev Dynkin, Head of the Quantitative Portfolio Strategies Group in Fixed Income
Research, Managing Director, Lehman Brothers, New York

13:45 – 15:15: Behavioral Finance
Session chair: Roni Michaely (Arison School of Business, IDC and Cornell)

13:45 – 14:30: Kent L.Womack (Amos Tuck School of Business, Dartmouth College)
"Changes in Analyst Coverage: Does the Stock Market Overreact?"
Discussant: Mitchell Warachka (Singapore Management University (SMU), Lee Kong
Chian School of Business)

14:30 – 15:15: Itzhak Ben-David (University of Chicago)
"Managerial Overconfidence and Corporate Policies"
Discussant: Wei Jiang (Columbia Business School)

19:30 Dinner

Tuesday, 15 May

07:45 - 08.15: Registration and coffee

08:15 – 10:45: Asset Pricing
Session chair: Menachem Berenner ( Stern School of Business, NYU)

08:15 – 09:00: Eduardo Schwartz (UCLA Anderson School of Management):
"Real options with uncertain maturity and competition"
Discussant: Abraham Lioui (Department of Economics, Bar Ilan University)

09:00 – 09:45: Dimitris Papanikolaou (MIT Sloan School of Management)
"Investment-Specific Technological Change and Asset Prices"
Discussant: Ilan Cooper (BI, Norwegian School of Management)

09:45 – 10:00 Coffee Break

10:00 – 10:45 Jesper Rangvid (Department of Finance, Copenhagen Business School)
"Stock Return Predictability in a Monetary Economy"
Discussant: Hui Guo, (Senior Economist, Federal Reserve Bank of St. Louis)

11:00 – 12:30: VC and Alliances
Session chair: Yakov Amihud (Stern School of Business, NYU)

11:00 – 11:45: David Scharfstein (Harvard Business School)
The Finance of Science
Discussant: Yaniv Grinstein (Johnson School, Cornell University)

11:45 – 12:30: Yael Hochberg (Kellogg School of Management, Northwestern University)
"Networks as a Barrier to Entry and the Competitive Supply of Venture Capital"
Discussant: Richard S. Ruback (Harvard Business School)

12:30 – 13:45 Lunch

13:45 – 15:15 Capital Structure
Session chair: Oded Sarig (Arison School of Business, IDC)

13:45 – 14:30: Amir Barnea (University of Texas at Austin)
"Sympathetic Boards: Director Networks and Firm Governance"
Discussant: Michael R. Roberts (Wharton School, University of Pennsylvania)

14:30 – 15:15: Nittai K. Bergman (MIT Sloan School of Management)
"Liquidation Values and the Credibility of Financial Contract Renegotiation"
Discussant: Avri Ravid (Rutgers University)

15:30-16:15 Closing Ceremony
* Best Paper Award
* Cocktail party