Corporate Finance 2006

UNC – Duke 2006 Corporate Finance Program
Friday September 15 and Saturday September 16, 2006
Rizzo Conference Center, Chapel Hill, NC

Preliminary Program

Friday September 15th

10:30 – 12:30 CONFERENCE REGISTRATION – Loudermilk Lobby; Guest Room check-in in McLean Hall

11:20 – 12:20 LUNCH – Magnolia Room AB, Loudermilk

12:30 – 5:50 SESSIONS – Magnolia Room C, Loudermilk

Session:  Private vs Public Firms
Session Chair: Jeremy Stein (Harvard University)

12:30 – 1:10 pm  The Dividend Policies of Private Firms: Insights into Smoothing, Agency Costs, and Information Asymmetry
Roni Michaely (Cornell University and IDC) and Michael Roberts (University of Pennsylvania)
Discussant: Doug Skinner (University of Chicago)

1:10 – 1:50  To Be or Not to Be (Public): Using Going Private Transactions to Examine Why Firms Go Public
Sreedhar Bharath (University of Michigan) and Amy Dittmar (University of Michigan)
Discussant: Gordon Phillips (University of Maryland)

1:50 – 2:30  The Variability of IPO Initial Returns
Michelle Lowry (Pennsylvania State University), Micah Officer (University of Southern California) and William Schwert (University of Rochester)
Discussant: Jay Ritter (University of Florida)

2:30 – 2:50 COFFEE BREAK – Breakout room 141 is available for email communications/printing. Wireless available.

Session:  Incentives
Session Chair: Roni Michaely (Cornell University and IDC)

2:50 – 3:30  Rewriting History
Alexander Ljungqvist (New York University), Christopher Malloy (London Business School) and Felicia Marston (University of Virginia)
Discussant:  Kent Womack (Dartmouth College)

3:30 – 4:10  Firm Expansion and CEO Pay
Lucian Bebchuk (Harvard University) and Yaniv Grinstein (Cornell University)
Discussant: Belen Villalonga (Harvard University)

4:10 – 4:30 COFFEE BREAK – Breakout room 141 is available for email communications/printing. Wireless available.

Session:  Mergers and Stock Returns
Session Chair: William Schwert (University of Rochester)

4:30 – 5:10  Stock Returns in Mergers and Acquisitions
Dirk Hackbarth (Washington University St. Louis) and Erwan Morellec (HEC Lausanne)
Discussant: Diego Garcia (University of North Carolina)

5:10 – 5:50  Takeovers and the Cross Section of Returns
Martijn Cremers (Yale University), Vinay Nair (University of Pennsylvania), and Kose John (New York University)
Discussant: Rich Mathews (Duke University)

6:30 – 9:00 DINNER – Magnolia Room AB, Loudermilk
Keynote Speaker:  Steve Kaplan (University of Chicago)

Saturday September 16th

6:30 – 8:30 am BREAKFAST for McLean Hall guests in Dining Room A, Du Bose House

8:30 – 11:30 SESSIONS – Classroom 107, Loudermilk

Session: Corporate Governance
Session Chair: Kose John (New York University)

8:30 to 9:10  Stakeholder Capitalism, Corporate Governance and Firm Value
Franklin Allen (University of Pennsylvania), Elena Carletti (Center for Financial Studies) and Robert Marquez (Arizona State University)
Discussant: Merih Sevilir (University of North Carolina)

9:10 to 9:50  A Lobbying Approach to Evaluating the Sarbanes-Oxley Act of 2002
Yael Hochberg (Northwestern University), Paola Sapienza (Northwestern University) and Annette Vissing-Jorgensen (Northwestern University)
Discussant:  Wei Jiang (Columbia University, visiting Wharton)

9:50 – 10:10 COFFEE BREAK – Breakout rooms 121 and 127 are available for email communications/printing. Wireless available.

Session:  Corporate Fraud
Session Chair:  Michael Lemmon (University of Utah)

10:10-10:50  Overinvestment and Corporate Fraud in Efficient Capital Markets
Praveen Kumar (University of Houston) and Nisan Langberg (University of Houston)
Discussant: Itay Goldstein (University of Pennsylvania)

10:50-11:30  Who Blows the Whistle on Corporate Fraud?
Alexander Dyck (University of Toronto), Adair Morse (University of Michigan) and Luigi Zingales (University of Chicago)
Discussant:  Adriano Rampini (Duke University)

11: 45 – 12:45 LUNCH – Dining Room A&B, Du Bose House

1:00 pm         Shuttle to RDU Airport  from McLean Hall

Conference seating is limited due to space constraints.

Other Contact Information:

External Program Committee:
Patrick Bolton (Columbia University)
Douglas Diamond (University of Chicago)
Mitchell Petersen (Northwestern University)
Jeremy Stein (Harvard University)
Luigi Zingales (University of Chicago)