Corporate Finance 2013

UNC-Duke 2013 Corporate Finance Conference

March 8-9,
Rizzo Conference Center, Chapel Hill, NC

Friday, March 8

6:30 – 8:00 BREAKFAST BUFFET – DuBose House (overnight guests)

11:00 – 1:20 CONFERENCE REGISTRATION – Seminar 145, McLean Hall; Guest room check-in in McLean Hall

12:00 – 1:20  LUNCH – Magnolia, Loudermilk

1:30 – 5:20  SESSIONS – Seminar 145, McLean Hall

Session:  Labor and Politics

Session Chair: John Graham (Duke)

1:30 – 2:10  Labor Representation in Governance as an Insurance Mechanism
E. Han Kim (University of Michigan), Ernst Maug (University of Mannheim) and Christoph Schneider (University of Mannheim)
Discussant: David Matsa (Northwestern)

2:10 – 2:50  Informed Trading and High Compensation in Finance
Vincent Glode (Wharton) and Richard Lowery (UT Austin)
Discussant: Ed Van Wesep (UNC)

2:50 – 3:30  Political Connections and Firm Value: Evidence from the Regression Discontinuity Design of Close Gubernatorial Elections
Quoc-Anh Do (Sciences Po), Yen-Teik Lee (Singapore Management University) and Bang Dang Nguyen (University of Cambridge)
Discussant: Chris Parsons (UC San Diego)

3:30 – 4:00  COFFEE BREAK

Session:  Behavioral Corporate Finance

Session Chair: Anil Shivdasani (UNC)

4:00 – 4:40  Acquirer Valuation and Acquisition Decisions: Identifying Mispricing Using Short Interest
Itzhak Ben-David (Ohio State University), Michael Drake (Brigham Young University) and Darren Roulstone (Ohio State University)
Discussant: Alex Edmans (Wharton)

4:40 – 5:20  Industry Window Dressing
Huaizhi Chen (London School of Economics), Lauren Cohen (Harvard University) and Dong Lou (London School of Economics)
Discussant: Belén Villalonga (NYU)

6:00 – 7:00  RECEPTION – DuBose House, 2nd floor

7:00 – 9:00  DINNER – Meadowmont Room

Saturday, March 9

7:30 – 8:30 CONTINENTAL BREAKFAST – Outside of Seminar 145, McLean Hall

8:30 – 12:20  SESSIONS – Seminar 145, McLean Hall

Session:  Taxes and Investment

Session Chair: Ron Giammarino (UBC)

8:30 – 9:10  Beyond Q: Estimating Investment without Asset Prices
Vito Gala (London Business School) and Joao Gomes (Wharton School)
Discussant: Hui Chen (MIT)

9:10 – 9:50  As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes
Florian Heider (European Central Bank) and Alexander Ljungqvist (New York University)
Discussant: Todd Gormley (Wharton)

9:50 – 10:30  Capital Structure and Taxes: What Happens when you (also) Subsidize Equity
Frédéric Panier (Stanford University), Francisco Pérez-González (Stanford University) and Pablo Villanueva (Stanford University)
Discussant: Margarita Tsoutsoura (Chicago)

10:30 – 11:00  COFFEE BREAK

Session:  Financing and Asymmetric Information

Session Chair: Paolo Fulghieri (UNC)

11:00 – 11:40  How Much does Credit Matter for Entrepreneurial Success in the United States?
Cesare Fracassi (UT Austin), Mark Garmaise (UCLA), Shimon Kogan (UT Austin) and Gabriel Natividad (New York University)
Discussant: Manuel Adelino (Duke)

11:40 – 12:20  Dynamic Information Asymmetry, Financing, and Investment Decisions
Ilya Strebulaev (Stanford University), Haoxiang Zhu (MIT) and Pavel Zryumov (Stanford University)
Discussant: Zhiguo He (Chicago)

12:30 – 2:00  LUNCH – DuBose House

2:00 Shuttle to RDU Airport from McLean Hall

Please note that conference seating is limited due to space constraints.

CONTACT: Marion Strandh, Kenan-Flagler Business School, (919) 962-3174

Other Contact Information:

Simon Gervais:
Paige Ouimet:
Geoff Tate:
Ming Yang:

External Program Committee:
Effi Benmelech (Northwestern University)
Ron Giammarino (University of British Columbia)
Steven Kaplan (University of Chicago)
Atif Mian (Princeton University)
Mitchell Petersen (Northwestern University)
Michael Weisbach (Ohio State University)