Corporate Finance 2008

UNC – Duke 2008 Corporate Finance Program

Friday October 31 and Saturday November 1, 2008
Rizzo Conference Center, Chapel Hill, NC

Friday, October 31

6:30 – 9:00 BREAKFAST BUFFET – Dining Room A&B, DuBose House (overnight guests)

10:30 – 12:30 CONFERENCE REGISTRATION – Loudermilk East 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:  Corporate Governance

Session Chair: Paolo Fulghieri (University of North Carolina)

12:30 – 1:10  Governance through Exit and Voice: A Theory of Multiple Blockholders
Alex Edmans (Wharton School) and Gustavo Manso (MIT)
Discussant: Andrew Winton (University of Minnesota)

1:10 – 1:50  Why Do Firms Appoint CEOs as Outside Directors?
Rüdiger Fahlenbrach (Ohio State University), Angie Low (Nanyang Technological University) and René Stulz (Ohio State University)
Discussant: Jeffrey Coles (Arizona State)

1:50 – 2:10  COFFEE BREAK

Session:  Credit Markets

Session Chair: John Graham (Duke University)

2:10 – 2:50  Public Information and Coordination: Evidence from a Credit Registry Expansion
Andrew Hertzberg (Columbia University), Jose Maria Liberti (DePaul University) and Daniel Paravisini (Columbia University)
Discussant: Philipp Schnabl (NYU)

2:50 – 3:30  Creditor Rights and Corporate Risk-Taking
Viral Acharya (London Business School), Yakov Amihud (NYU) and Lubomir Litov (Washington University)
Discussant: Nathalie Moyen (University of Colorado)

3:30 – 4:10  Love & Loans: The Effect of Beauty and Personal Characteristics in Credit Markets
Enrichetta Ravina (Columbia University)
Discussant: Adair Morse (University of Chicago)

4:10 – 4:30  COFFEE BREAK

Session:  Equity Markets

Session Chair: René Stulz (Ohio State University)

4:30 – 5:10  Determinants of Private Benefits of Control
Rui Albuquerque (Boston University) and Enrique Schroth (University of Lausanne)
Discussant: Chris Parsons (University of North Carolina)

5:10 – 5:50  Imperfect Monitoring and Fixed Spreads in the Market for IPOs
Richard Lowery (Carnegie Mellon University)
Discussant: Bilge Yılmaz (Stanford University)

5:50 – 6:30  SOCIAL – Loudermilk East Lobby

6:30 – 9:00  DINNER – Magnolia Room AB, Loudermilk
Keynote Speaker:  Jeremy Stein (Harvard University)

Saturday, November 1

6:30 – 8:30 BREAKFAST – Dining Room A, DuBose House (for McLean Hall guests)

8:30 – 12:10  SESSIONS – Magnolia Room C, Loudermilk

Session: Governance and Ownership Structure

Session Chair: S. “Vish” Viswanathan (Duke University)

8:30 – 9:10  Relative Governance
Kose John (NYU) and Dalida Kadyrzhanova (University of Maryland)
Discussant: Espen Eckbo (Dartmouth University)

9:10 – 9:50  Pyramids: Empirical Evidence on the Costs and Benefits of Family Business Groups
Ronald Masulis (Vanderbilt University), Peter Kien Pham (Australian School of Business) and Jason Zein (Australian School of Business)
Discussant: Heitor Almeida (University of Illinois)

9:50 – 10:30  When Shareholders Are Creditors: Effects of the Simultaneous Holding of Equity and Debt by Institutional Investors
Wei Jiang (Columbia University), Kai Li (University of British Columbia) and Pei Shao (University of Northern British Columbia)
Discussant: Paige Ouimet (University of North Carolina)

10:30 – 10:50  COFFEE BREAK

Session:  Dynamic Models

Session Chair: Kose John (NYU)

10:50 – 11:30  A Bayesian Approach to Real Options: The Case of Distinguishing Between Temporary and Permanent Shocks
Steven Grenadier (Stanford University) and Andrei Malenko (Stanford University)
Discussant: Lukas Schmid (Duke University)

11:30 – 12:10  Time Varying Corporate Capital Stocks and the Cross Section and Intertemporal Variation in Stock Returns
Jacob Sagi (Vanderbilt University), Matthew Spiegel (Yale University) and Masahiro Watanabe (Rice University)
Discussant: Tom Chemmanur (Boston College)

12:15 – 1:15  LUNCH – Dining Room A&B, DuBose House

1:30 Shuttle to RDU Airport from McLean Hall

Conference seating is limited due to space constraints.

CONTACT: Camelia Rosu, Kenan-Flagler Business School: (919) 962-0487

Other Contact Information:

External Program Committee:

  • Franklin Allen (Wharton School)
  • Malcolm Baker (Harvard Business School)
  • Milton Harris (University of Chicago)
  • Michael Lemmon (University of Utah)
  • Antoinette Schoar (MIT)