Third Annual Mid-Atlantic Research Conference - 2008

8:15 Registration and Coffee Session
8:40 Opening Remarks
8:45 Dean’s Welcome and Senior Associate Dean’s Remarks
Dean James Danko and Senior Associate Dean Ron Hill
9:00

Financial Institutions Session: Chair: Todd Vermilyea, Federal Reserve Bank of Philadelphia

Product Diversification and Performance in the Financial Industry: FHCs’ Expansion into Insurance Activities
Mu-Sheng Chang, Temple U. and Elyas Elyasiani, Temple U.
Discussant:
Kristine Hankins, U. of Kentucky

Securitizations as Financings or Sales? Financial Evidence for Accounting and Regulatory Balance Sheet Treatment in a World of Structured Finance
Eric Higgins, Kansas State U., Joseph Mason, Drexel University, and Adi Mordel, Drexel University
Discussant:
Andrew Kish, Federal Reserve Bank of Philadelphia

Segmentation, Probability of Default and Basel II Capital Measures for Credit Card Portfolios
Dennis Ash, Federal Bank of Philadelphia, Shannon M. Kelly, HSBC, William W. Lang, Federal Reserve Bank of Philadelphia, William Nayda, Capital One Corp., and Haining Yin, Capital One Corp.
Discussant: Rajdeep Sengupta, Federal Reserve Bank of St. Louis

10:30 Coffee Break
10:45

Investments Session: Chair: Shawn Howton, Villanova U.

What Drives Stock Price Movement?
Long Chen, Michigan State U. and Xinlei Zhao, Kent State U.

Discussant:
Michael Boldin, U. of Pennsylvania

Tight bounds on the impact of nonsynchronous trading on portfolio cross-autocorrelations
Dan Bernhardt, U. of Illinois, and Ryan Davies, Babson College
Discussant:
Paul Chiou, Shippensburg U.

Dynamic Liquidity Preferences of Mutual Funds
Jiekun Huang, Boston College

Discussant:
Paul Zurek, U. of Pennsylvania

12:15

Lunch and Keynote Speaker

Why Do Large Financial institutions Hold So Much Capital?
Mark Flannery, University of Florida

1:30

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

Earnings Quality and Information Asymmetry: Evidence from Trading Costs
Neil Bhattacharya, Southern Methodist U., Hemang Desai, Southern Methodist U., and Kumar Venkataraman, Southern Methodist U.

Discussant:
Jay Coughenour, U. of Delaware

Does Removing the Short-sale Constraint Improve Liquidity? Evidence from Hong Kong
Pengjie Gao, Northwestern U., Jia Hao, U. of Utah, and Tongshu Ma, Binghamton U.

Discussant:
Srinivasan Krishnamurthy, SUNY - Binghamton

Geographic Proximity and Price Discovery: Evidence from Nasdaq
Amber Anand, Syracuse University, Vladimir Gatchev, U. of Central Florida, Leonardo Madureira, Case Western U., Christo Pirinsky, California State U., Fullerton, and Shane Underwood, Rice U.

Discussant: 
Paul Laux, U. of Delaware

3:00 Coffee Break
3:15

Corporate Finance Session:  Chair: David Becher, Drexel U.

Shareholders’ Say on Pay: Does It Create Value?
Jie Cai, Drexel U., and Ralph Walkling, Drexel U.
Discussant:
Jay Dahya, Baruch College / CUNY

Dividends, Investment, and Financial Flexibility
Naveen Daniel, Drexel U., David Denis, Purdue U., & Lalitha Naveen, Temple U.
Discussant:
David Cicero, U. of Delaware

Evidence on Board Size and Its Impact on CEO Pay-Performance Sensitivity
Ning Gao, Towson U., Joanne Li, Towson U., and Kenneth Small, Coastal Carolina U.

Discussant:
Anne Anderson, Lehigh U.

4:45 Wine and Beer Reception

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