Academic Annual Conference 2011

Sunday-Monday, 22-23 May, 2011

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

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

Sunday, 22 May 2011
Location: Sami Ofer Building, Room CB 07​
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08:30​ Registration and coffee​
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09:00​ Opening remarks
Professor Yair Tauman, Dean of the Arison School of Business at IDC Herzliya
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09:05​ Financial Implications of Economic Links
Session Chair: Jacob Boudoukh, IDC
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​ "Privately versus Publicly Optimal Skin in the Game: Optimal Mechanism and Security Design"
Gilles Chemla, Business School, Imperial College London
Christopher Hennessy, London Business School

Discussant: Doron Levit, Wharton School, University of Pennsylvania​
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​ "Merger synergies along the supply chain"
Gennaro Bernile, School of Business Administration, University of Miami
Evgeny Lyandres, School of Management, Boston University

Discussant: Ernst Maug, Business School, University of Mannheim
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09:30​ Coffee Break

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11:00 Credit​
Session chair: Amir Yaron, Wharton School, University of Pennsylvania ​
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​ "A Pyrrhic Victory? -- Bank Bailouts and Sovereign Credit Risk"
Viral V. Acharya, Stern School of Business, New York University
Itamar Drechsler, Stern School of Business, New York University
Philipp Schnabl, Stern School of Business, New York University

Discussant: Ilan Kremer, Graduate School of Business, Stanford University
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​ "Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data"
Daniel Paravisini, Graduate School of Business, Columbia University
Veronica Rappoport, Graduate School of Business, Columbia University
Philipp Schnabl, Stern School of Business, New York University
Daniel Wolfenzon, Graduate School of Business, Columbia University

Discussant: Efraim Benmelech, Department of Economics, Harvard University ​
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12:30​ Lunch​
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13:45​ Financial Markets
Session chair: Adriano Rampini, Fuqua School of Business, Duke University​
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​ "Monetary Policy and Uncovered Interest Rate Parity Puzzle"
David K. Backus, Stern School of Business, New York University
Federico Gavazzoni, Tepper School of Business, Carnegie Mellon University
Chris Telmer, Tepper School of Business, Carnegie Mellon University
Stanley E. Zin, Stern School of Business, New York University

Discussant: Isaac Kleshchelski, Olin Business School, Washington University in St. Louis
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​ "Shopping for information? Diversification and the network of industries"
Fernando Anjos, McCombs School of Business, University of Texas at Austin
Cesare Fracassi, McCombs School of Business, University of Texas at Austin

Discussant: Michael Lemmon, David Eccles School of Business, University of Utah

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19:30​ Dinner​
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Monday, 23 May 2011
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08:30​ Coffee​
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09:00​ Information and the Firm
Session chair: Ohad Kadan, Olin Business School, Washington University in St. Louis

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​"The Real Effects of Analyst Coverage"
Francois Derrien, HEC Paris
Ambrus Kecskes, Pamplin College of Business Virginia Tech

Discussant: Eliezer Fich, Lebow College of Business, Drexel University​
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"Who Writes the News? Corporate Press Releases during Merger Negotiations"
Kenneth R. Ahern, Ross School of Business, University of Michigan
Denis Sosyura, Ross School of Business, University of Michigan

Discussant: Todd A. Gormley, Wharton School, University of Pennsylvania
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10:30 Coffee​ Break​
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11:00​ Asset Management
Session chair: Shimon Kogan, McCombs School of Business, University of Texas at Austin
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​ "The Impact of Mutual Fund Ownership on Corporate Investment: Evidence from a Natural Experiment"
Roni Kisin, Olin Business School, Washington University in St. Louis

Discussant: David Sraer, Department of Economics, Princeton University
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​ "Is Bigger Better? Size and Performance in Pension Plan Management"
Alexander Dyck, Rotman School of Management, University of Toronto
Lukasz Pomorski, Rotman School of Management, University of Toronto

Discussant: Yael V. Hochberg, Kellogg School of Management, Northwestern University
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12:30​ Lunch
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13:30​ Empirical Corporate
Session Chair: Stefano Rossi, Business School, Imperial College London

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​ "Product Demand Characteristics, Brand Perception, and Financial Policy"
Yelena Larkin, Johnson Graduate School of Management, Cornell University

Discussant: David Thesmar, HEC Paris
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​ "Do non-executive employees have information? Evidence from employee stock purchase plans"
Ilona Babenko, Arizona State University and Hong Kong University of Science and Technology
Rik Sen, Hong Kong University of Science and Technology

Discussant: Nittai K. Bergman, Sloan School of Management, MIT
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15:00​ Closing Ceremony
Best Paper Award
Best Discussant Award
Cocktail party

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​ Paper Selection Committee Members:​
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​ Anat Admati (Stanford), Alon Brav (Duke), Itay Goldstein (Wharton), Vidan Goyal (Hong Kong), Yaniv Grinstein (Cornell), Gustavo Grullon (Rice), Yael Hochberg (kellogg), Ohad Kadan (Washington), Avner Kalay (Utah), Ron Kaniel (Duke), Shimon Kogan (Texas), David Lando (Copenhagen), Evgeny Lyandres (Boston), Uday Rajan (Michigan), Adriano Rampini (Duke), Jay Ritter (Cornell), Amir Rubin (Simon Fraser), Jacob Sagi (Vanderbilt), Clemens Sialm (Texas at Austin), Dimitri Vayanos (LSE), Avi Wohl (TAU), Amir Yaron (Wharton). ​
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16:00 End of Schdule