MID-ATLANTIC RESEARCH CONFERENCE IN FINANCE  (MARC)

March 26, 2010

Villanova University, Villanova School of Business,

800 Lancaster Ave., Villanova, PA 19085

Bartley Hall, Room 1011 (Auditorium)

SUMMARY OF CONFERENCE PROGRAM

LINK TO ON-LINE REGISTRATION

LODGING & DIRECTIONS

Radnor Hotel

Villanova Conference Center

DIRECTIONS to VILLANOVA UNIVERSITY

 

CONFERENCE SCHEDULE and PAPERS:

8:15     Registration and Coffee Session

8:40     Opening Remarks

8:45     Deanís Welcome and Remarks

9:00     Market Microstructure Session:  Chair: Michael Pagano, Villanova U.

Market Crashes and Institutional Trading: Evidence from U.S. Equities during the financial crisis of 2007-2008

Amber Anand, Syracuse U., Paul Irvine, U. of Georgia,

Andy Puckett, U. of Tennessee, and Kumar Venkataraman, Southern Methodist U.

Discussant:  George Aragon, Arizona State U.  /  Securities and Exchange Commission

 

A Match in the Dark: Understanding Crossing Network Liquidity

Sugata Ray, U. of Florida

Discussant:  Mao Ye, Cornell U.

 

Liquidity, Ownership, and the Firm Monitoring Life Cycle

            Scott Bauguess, Securities and Exchange Commission

Discussant:  Paul Brockman, Lehigh U.

 

10:30   Coffee Break

 

10:45   Financial Institutions Session:  Chair:  Carlos Ramirez, George Mason U.

Non-Interest Income Diversification and Information Asymmetry of Bank Holding Companies

Elyas Elyasiani, Temple U., and Yong Wang, Temple U.

Discussant:  Paul Kupiec, FDIC

 

            Securitization and Mortgage Default: Reputation vs. Adverse Selection

            Ronel Elul, Federal Reserve Bank of Philadelphia

Discussant:  Indraneel Chakraborty, U. of Pennsylvania / Wharton

 

The Role of Banks in Dividend Policy

Linda Allen, Baruch College-CUNY, Aron Gottesman, Pace U.,

Anthony Saunders, New York U., and Yi Tang, Fordham U.

Discussant:  David Becher, Drexel U.

 

12:15   Lunch and Keynote Speaker  

            "The Future of Financial Reforms"    

            Related Articles by Prof. Acharya:  Critical Review paper    Brookings Institute paper

            Viral Acharya, New York University

 

1:30     Corporate Finance Session:  Chair: Lalitha Naveen, Temple U.

Shareholder Activism and CEO Pay

            Yonca Ertimur, Duke U., Fabrizio Ferri, Harvard Business School, and

Volkan Muslu, U. of Texas at Dallas

Discussant:  Alexei Ovtchinnikov, Vanderbilt U.

 

Why do CEO retirement policies affect firm value?

            Murali Jagannathan, Binghamton U., and Y.C. Loon, Binghamton U.

Discussant:  Lalitha Naveen, Temple U.

 

Cash Flow and Product Market Competition: An Empirical Analysis

Tilan Tang, Clemson U.

Discussant:  Jan Sokolowsky, U. of Michigan

 

3:00     Coffee Break

 

3:15     Investments Session:  Chair: Nikunj Kapdia, U. of Massachusetts

            Equity Risk and Treasury Bond Pricing

Naresh Bansal, St. Louis U., Robert Connolly, U. of North Carolina, Chapel Hill, and Chris Stivers, U. of Georgia

Discussant:  Matthew Pritsker, Federal Reserve Board

 

            Analyst Disagreement and Aggregate Volatility Risk

            Alexander Barinov, U. of Georgia

Discussant:  Yi Tang, Fordham U.

 

Stock Return Predictability in Volatility Time

            Stefan Jacewitz, FDIC, and Joon Y. Park, Texas A&M / Indiana U.

Discussant:  Oleg Rytchkov, Temple U.

 

4:45     Wine & Beer Reception