I have gone to the U. S. on November 13, 2002 to jointly in charge of the 13th Annual Conference on Financial Economics and Accounting with Professors Lemma W. Senbet, Gurdin Bakshi, Oliver Kim, and Lawrence A. Gordon. The 13th Conference on Finance Economics and Accounting was held at the University of Maryland on November 15-16, 2002.
The result was both exciting and outstanding. This conference has become one of the most prestigious academic conferences in finance and accounting nationally and internationally.
See the attached program for the details of the two-day event.
The fifteen-member executive committee (alphabetically) coordinated the program are as follows: Walter G. Blacconiere, Indiana University; Lawrence Brown, Georgia State
University; Martin Gruber, New York University; D. Erich Hirst, University of Texas at Austin;
Bikki Jaggi, Rutgers University; Frank C. Jen, SUNY at Buffalo; Jayant R. Kale, Georgia State University; E. Han Kim, University of Michigan; Oliver Kim, University of Maryland;
Cheng-few Lee (conference coordinator), Rutgers University; Joe Ogden, SUNY at Buffalo;
Joshua Ronen, New York University; Ehud I. Ronn, University of Texas at Austin; Lemma W.
Senbet, University of Maryland; and Charles A. Trizcinka, Indiana University.
The detailed program is as follows:
November 15, 2002
12:00 Noon – 1:30 p.m. Lunch and Check-in at Inn & Conference Center 2:00 p.m. – 3:30 p.m.
Finance
❧ Session I: Corporate Finance and Governance (1511 VMH) Chairperson: Kose John, New York University
1. Corporate Governance Convergence by Contract: Evidence from Cross-Border Mergers
Arturo Bris, Yale University Christos Cabolis, Yale University
2. Horses and Rabbits? Optimal Dynamic Capital Structure from Shareholder and Manager Perspectives
Allen Poteshman, University of Illinois Nengjiu Ju, University of Maryland
Robert Parrino, University of Texas-Austin Michael Weisbach, University of Illinois
3. Organizational Form and Product Market Competition: Are Focused Firms Weak Competitors?
Sheri Tice, Tulane University
Naveen Khanna, Michigan State University
Discussants:
1. Toni Whited, University of Iowa
2. Robert McDonald, Northwestern University 3. Gordon Phillips, University of Maryland Accounting
❧ Session I: Pro-forma Earnings and Other Voluntary Disclosure (1505 VMH) Chairperson: Joshua Ronen, New York University
1. Voluntary Disclosures, Information Asymmetry and Reg FD Stephen Brown, Emory University
Stephen Hillegeist, Northwestern University Kin Lo, University of British Columbia
2. Earnings Quality and Strategic Disclosure: An Empirical Examination of Pro Forma Earnings
Carol Marquardt, New York University
Barbara Lougee, University of California, Irvine 3. Are Investors Misled by “Pro Forma” Earnings?
William Schwartz Jr., University of Arizona Bruce Johnson, University of Iowa
Session Discussant:
Bala Dharan, Rice University
3:30 p.m. – 3:45 p.m. Break (Grand Atrium, VMH)
3:30 p.m. – 5:30 p.m.
Finance
❧ Session II: Asset Pricing (1511 VMH)
Chairperson: Craig MacKinlay, University of Pennsylvania 1. Testing Portfolio Efficiency with Conditioning Information
Wayne Ferson, Boston College
Andrew Siegel, University of Washington
2. Market Myopia, Market Mania, or Market Efficiency? An Examination of Stock and Bond Price Reactions to R&D Increases and Subsequent Performance
Allan Eberhart, Georgetown University Akhtar Siddique, Georgetown University William Maxwell, University of Arizona 3. Revenue Growth and Stock Returns
Narasimhan Jegadeesh, University of Illinois
4. Testing Behavioral Finance Theories Using Trends and Sequences in Financial Performance
Richard Frankel, MIT Wesley Chan, MIT S.P. Kothari, MIT
Discussants:
1. Anthony Lynch, New York University 2. Guojun Wu, University of Michigan 3. Jonathan Lewellen, MIT
4. Tarun Chordia, Emory University
❧ Session II: Earnings Management (1505 VMH)
Chairperson: Walter Blacconiere, Indiana University
1. Managers’ Guidance of Analysts: International Evidence Lawrence Brown, Georgia State University
Huong Ngo Higgins, Worcester Polytechnic Institute
2. The Relation Between Incentives to Avoid Debt Covenant Default and Insider Trading
Messod Beneish, Indiana University Eric Press, Temple University
Mark Vargus, University of Texas, Dallas
3. Using Large Changes in Asset Turnover as a Signal of Potential Earnings Management
Ivo Jansen, Georgetown University Teri Yohn, Georgetown University
Session Discussant:
David Burgstahler, University of Washington 6:30 p.m. – 7:30 p.m. Cocktail Reception
7:30 p.m. – 9:00 p.m. Dinner and Keynote Address
(Inn & Conference Center – Main Ballroom)
Keynote Speaker: Michael J. Brennan, UCLA
November 16, 2002
8:00 a.m. – 8:30 a.m. Continental Breakfast (Grand Atrium, Van Munching Hall)
8:30 a.m. – 10:00 a.m.
Finance
❧ Session III: Contract Design and Financial Intermediation (1511 VMH) Chairperson: Anjan Thakor, University of Michigan
1. The Impact of Organizational Form on Information Collection and the Value of the Firm
Eitan Goldman, University of North Carolina 2. Optimal Contracts for Teams of Money Managers
Pegaret Pichler, Boston College
3. Does the Source of Capital Affect Capital Structure?
Michael Faulkender, Washington University in St. Louis Mitchell Petersen, Northwestern University
Discussants:
1. Simi Kedia, Harvard University 2. Amar Gande, Vanderbilt University
3. Hamid Mehran, Federal Reserve Bank of New York Accounting
❧ Session III: The Role of Formal Models in Interpreting Empirical Evidence (1505 VMH)
Chairperson: Thomas Hemmer, University of Chicago 1. Accruals, Returns, and Earnings
Carolyn Levine, Carnegie Mellon University Michael Smith, Duke University
2. The Effects of True and Perceived Ability Qi Chen, Duke University
Wei Jiang, Columbia University
3. On the Not so Obvious Relation between Risk and Incentives in Principal-Agent-Relations
Thomas Hemmer, University of Chicago
Session Discussant:
Bharat Sarath, CUNY, Baruch College 10:00 a.m. – 10:15 a.m. Break (Grand Atrium, VMH)
10:15 a.m. – 11:45 a.m.
Finance
❧ Session IV: Market Microstructure (1511 VMH) Chairperson: Charles Trzcinka, Indiana University
1. Evidence on the Speed of Convergence to Market Efficiency Avanidhar Subrahmanyam, UCLA
Tarun Chordia, Emory University Richard Roll, UCLA
2. Liquidity of Emerging Markets
David Lesmond, Tulane University
3. Institutional Trading Costs on Nasdaq: Have They Been Decimated?
Ingrid Werver, Ohio State University
Discussants:
1. Elizabeth Odders-White, University of Wisconsin - Madison 2. Patrick Sandas, University of Pennsylvania
3. Charles Cao, Pennsylvania State University Accounting
❧ Session IV: Analyst Forecasts of Earnings (1505 VMH) Chairperson: Lawrence Brown, Georgia State University
1. Who is Afraid of Reg FD? The Behavior and Performance of Sell-Side Analysts Following the SEC’s Fair Disclosure Rules
Anup Agrawal, University of Alabama Sahiba Chadha, University of Alabama
2. Has Regulation Fair Disclosure Affected Financial Analysts’ Ability to Forecast Earnings?
Partha Mohanram, New York University Shyam Sunder, New York University
3. Analysts’ Forecasts in “Good-News” and “Bad-News” Environments:
Evidence of Differential Timing of Information Arrival
Pradyot Sen, University of Cincinnati
Session Discussant:
Eric Zitzewitz, Stanford University
12:00 – 1:30 p.m. Lunch (Grand Atrium, VMH)
Distinguished Speaker: Robert E. Verrecchia, The Wharton School
1:45 p.m. – 3:15 p.m.
Finance
❧ Session V: International Finance (1511 VMH)
Chairperson: Vojislav “Max” Maksimovic, University of Maryland
1. Institutions, Markets and Growth: A Theory of Comparative Corporate Governance
Kose John, New York University Simi Kedia, Harvard University
2. Patterns of Industrial Development Revisited: The Role of Finance Rqymond Fisman, Columbia University
Inessa Love, The World Bank 3. The World Price of Earnigns Opacity
Utpal Bhattacharya, Indiana University
Discussants:
1. Sugato Bhattacharyya, University of Michigan 2. Reena Aggarwal, Georgetown University 3. Raj Aggarwal, Dartmouth College
Accounting
❧ Session V: Extending the Analysis of the Earnings Returns Relation (1505 VMH) Chairperson: Jeffery Abarbanell, University of North Carolina
1. Earnings Quality and Price Quality Ran Hoitash, Rutgers University Murgie Krishnan, Rutgers University
Srinivason Sankaraguruswamy, Georgetown University
2. Rational Exuberance: The Fundamentals of Pricing Firms, from Blue Chip to “Dot-Com”
Mark Kamstra, Atlanta Federal Reserve Bank 3. Loss Reversals and Valuation
Peter Joos, MIT George Plesko, MIT
Session Discussant:
Sudhakar Balachandran, Columbia University 3:15 p.m. – 3:30 p.m. Break (Grand Atrium, VMH)
3:45 p.m. – 5:45 p.m.
Finance
❧ Session VI: Derivatives and Risk Management (1511 VMH) Chairperson: Ehud Ronn, University of Texas - Austin 1. Overconfidence and Speculative Bubbles
Wei Xiong, Princeton University Jose Scheinkman, Princeton University
2. Idiosyncratic Risk and Creative Destruction in Japan Yasushi Hamao, University of Southern California Jianping Mei, New York University
Yexiao Xu, University of Texas - Dallas
3. Fed Funds Rate Targeting, Monetary Regimes and the Term Structure of Interbank Rates: Explaining the Predictability Smile
Vassil Donstantinov, University of Wyoming 4. Modeling Credit Risk and Partial Information
Yildiray Yildirim, Syracuse University Unut Cetin, Cornell University
Robert Jarrow, Cornell University Philip Protter, Cornell University
Discussants:
1. Michael Gallmayer, Carnegie Mellon University 2. Burton Hollifield, Carnegie Mellon University 3. David Chapman, University of Texas - Austin 4. Greg Duffee, University of California - Berkeley Accounting
❧ Session VI: International Accounting (1505 VMH) Chairperson: Larry Gordon, University of Maryland
1. (Non) Convergence in International Accrual Accounting: The Role of Institutional Factors and Real Operating Effects
Peter Joos, MIT Peter Wysocki, MIT
2. Economic Consequences from Mandatory Adoption of IASB Standards in the European Union
Joseph Comprix, Arizona State University Karl Muller, Pennsylvania State University Mary Stanford-Harris, Texas Christian University
3. Stock Exchange Disclosure and Market Liquidity: An Analysis of 50 International Exchanges
Carol Frost, Dartmouth College Elizabeth Gordon, Rutgers University Andrew Hayes, Ohio State University
Session Discussant:
Christian Leuz, University of Pennsylvania
6:30 – 8:00 p.m. Optional Dinner (Inn & Conference Center - Chasen Family Room)