Rothschild Caesarea Center 9th Annual Academic Conference

Sunday-Monday, 20-21 May, 2012

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

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

Sunday, 20 May 2012
​Location: School of Sustainability Building Room E103​
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08:30​ Registration and coffee​
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09:00​ Opening remarks
Professor Ron Shachar, Dean of the Arison School of Business at IDC Herzliya ​

09:05​ Day 1 Session 1
Session chair: Simon Gervais, Fuqua School of Business, Duke University
​"Information Acquisition in Rumor-Based Bank Runs"
Zhiguo He, Booth School of Business, University of Chicago
Asaf Manela, Olin Business, Washington University in St. Louis

Discussant: Doron Levit, Wharton School, University of Pennsylvania
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"Cultural Proximity and Loan Outcomes"
Raymond Fisman, Columbia Business School
Daniel Paravisini, Columbia Business School and London School of Economics
Vikrant Vig, London Business School

Discussant: Vidhan K. Goyal, Department of Finance, HKUST Business School
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10:30​ Coffee Break
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11:00 Day 1 Session 2
​ Session chair: Robert E. Whaley, Owen Graduate School of Management, Vanderbilt University ​
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​"The evolution of capital structure and operating performance after leveraged buyouts: Evidence from U.S. corporate tax returns"
Jonathan B. Cohn, Red McCombs school of Business, University of Texas at Austin
Lillian F. Mills, Red McCombs school of Business, University of Texas at Austin
Erin M. Towery, Red McCombs school of Business, University of Texas at Austin

Discussant: Vikrant Vig, London Business School
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​ "Growth Option Exercise and Capital Structure"
Amiyatosh Purnanandam, Ross school of Business, University of Michigan
Uday Rajan, Ross school of Business, University of Michigan

Discussant: Yelena Larkin, Smeal College of Business, Pennsylvania State University
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12:30​ Lunch​
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13:45​ Day 1 Session 3
Session chair: Kent L. Womack, Rotman School of Management, University of Toronto
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​ "Coordination Costs, Institutional Investors, and Firm Value"
Jiekun Huang, National University of Singapore

Discussant: Roni Kisin, Olin Business School, Washington University in St. Louis
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​ "Sex Matters: Gender and Prejudice in the Mutual Fund Industry"
Alexandra Niessen-Ruenzi, University of Mannheim
Stefan Ruenzi, University of Mannheimb

Discussant: Shimon Kogan, McCombs School of Business, University of Texas at Austin​
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15:15 Coffee Break
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15:30 Day 1 Session 4
Session chair: Avraham Kamara, Michael G. Foster School of Business, University of Washington
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​ "Money and liquidity in financial markets"
Kjell G. Nyborg, University of Zurich and Swiss Finance Institute
Per Ostberg, University of Zurich and Swiss Finance Institute

Discussant: Yakov Amihud, Stern School of Business, New York University ​
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"The Mutual Fund Industry Worldwide: Explicit and Closet Indexing, Fees, and Performance"
Martijn Cremers, Yale School of Management
Miguel Ferreira, NOVA School of Business and Economics
Pedro Matos, Darden School of Business, University of Virginia
Laura Starks, Red McCombs school of Business, University of Texas at Austin

Discussant: Michela Verardo, Department of Finance London School of Economics​
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19:30​​ Dinner​​

Monday, 21 May 2012

​ Location: School of Sustainability Building Room E103 ​
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08:30​ Coffee​
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09:00​ Day 2 Session 1
Session chair: Adriano A. Rampini, The Fuqua School of Business, Duke University

​ "Pride and Prestige: Why Some Firms Pay Their CEOs Less"
Ernst Maug, University of Mannheim
Alexandra Niessen-Ruenzi, University of Mannheim
Evgenia Zhivotova, University of Mannheim

Discussant: Joan Farre Mensa, Harvard Business School, Harvard University
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​ "Competitive Pressure and Corporate Policies"
Laurent Fresard, Robert H. Smith School of Business, University of Maryland
Philip Valta, HEC Paris

Discussant: Gopalan Radhakrishnan, Olin Business, Washington University in St. Louis
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10:30 Coffee​ Break​
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11:00​ Day 2 Session 2
Session chair: S. Abraham Ravid, Yeshiva University

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​ "The Media and the Diffusion of Information in Financial Markets: Evidence from Newspaper Strikes"
Joel Peress, INSEAD

Discussant: Enrichetta Ravina, Finance and Economics Division Columbia Business School
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"Legislating Stock Prices"
Lauren Cohen, Harvard Business School
Karl Diether, Dartmouth College
Christopher Malloy, Harvard Business School

Discussant: Effi Benmelech, Department of Economics, Harvard University
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12:30​ Lunch
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13:30​​ Day 2 Session 3
Session chair: Andrea Frazzini, AQR Capital Management ​
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​ "Value, momentum, and short-term interest rates"
Paulo Maio, Hanken school of Economics
Pedro Santa-Clara, Nova School of Business and Economics

Discussant: Hank Bessembinder, Department of Finance, University of Utah
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"Investment-Based Corporate Bond Pricing"
Lars-Alexander Kuehn, Tepper School of Business, Carnegie Mellon University
Lukas Schmid, Fuqua School of Business, Duke University

Discussant: Luke Taylor, Wharton School, University of Pennsylvania
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15:00​ Closing Ceremony
Best Paper Award
Best Discussant Award
Cocktail party
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​Paper Selection Committee Members:
Alon Brav (Duke), François Derrien (HEC Paris), Joseph Engelberg (UNC), Simon Gervais (Duke), Itay Goldstein (Wharton), Vidan Goyal (Hong Kong), Yaniv Grinstein (Cornell), Gustavo Grullon (Rice),Yael Hochberg (Kellogg), Victoria Ivashina (HBS), Ohad Kadan (Washington), Shimon Kogan (Texas at Austin), Mark Leary (Washington), Michael Lemmon (UTHA) Evgeny Lyandres (Boston), Daniel Parvisini (Columbia) Uday Rajan (Michigan), Adriano Rampini (Duke), Michael Roberts (Wharton), Stefano Rossi (Imperial College) , Amir Rubin (Simon Fraser), Jacob Sagi (Vanderbilt), David Scharfstein (HBS) Clemens Sialm (Texas at Austin), Michela Verardo (LSE), Avi Wohl (TAU), Kent Womack (University of Toronto), Amir Yaron (Wharton), Joseph Zechner (University of Vienna)


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16:00 End of Schdule