Conference Program

12th Annual Mid-Atlantic Research Conference in Finance Program

The Radnor Hotel, Radnor, PA
591 Lancaster Ave, Wayne, PA 19087
March 17, 2017

8:15     
Registration and Coffee Session
8:40   
Opening Remarks
8:45 Dean’s Welcome
9:00

Financial Institutions Session:  Chair: Yunjee Kim, Boston University

Non-Recourse Mortgage Law and Housing Speculation

Tong Yob Nam, Office of the Comptroller of the Currency, and Seungjoon Oh, Peking U.

Discussant:  Gonzalo E. Maturan, Emory University

On Deposit Stability in Failing Banks

Christopher Martin, FDIC, Manju Puri, Duke U., and Alexander Ufier, FDIC

Discussant:  Diana Knyazeva, Securities and Exchange Commission

10:15

Distinguished Speaker:  Burton Hollifield, Carnegie Mellon U.

Preventing Controversial Catastrophes

10:45 Coffee Break
11:00

Corporate Finance Session:  Chair: Hayong Yun, Michigan State U

Why do Boards Exist? Governance Design in the Absence of Corporate Law

Mike Burkart, London School of Economics / Swedish House of Finance, Salvatore Miglietta, BI Norwegian Business School and Charlotte Ostergaard, BI Norwegian Business School

Discussant:  Lalitha Naveen, Temple U.

Cash, Financial Flexibility, and Product Prices: Evidence from a Natural Experiment in the Airline Industry

Sehoon Kim, Ohio State U.

Discussant:   Jongsub Lee, U. of Florida

12:15

Lunch and Keynote Speaker

Philip Strahan, Boston College

Bank Quality, Judicial Efficiency and Borrower Runs: Loan Repayment Delays in Italy

1:30

Investments Session: Chair: Raisa Velthuis, Villanova University

Sensation Seeking, Sports Cars, and Hedge Funds

Stephen Brown, New York U., Yan Lu, U. of Central Florida, Sugata Ray, U. of Florida, and Melvyn Teo, Singapore Management U.

Discussant: Richard Evans, U. of Virginia

Absolving Beta of Volatility’s Effects

Jianan Liu, U. of Pennsylvania, Robert F. Stambaugh, U. of Pennsylvania, and Yu Yuan, Shanghai Jiao Tong U.

Discussant:  Wes Gray, Alpha Architect

2:45

Distinguished Speaker:  Marc Lipson, U. of Virginia

 Diseconomies of Scale in Mutual Fund Management

3:15 Coffee Break
3:30

Financial Markets Session:  Chair: Oleg Rytchkov, Temple U

Hidden in Plain Sight: Equity Price Discovery with Informed Private Debt

Jawad M. Addoum, Cornell U., and Justin R. Murfin, Yale U.

Discussant: Xiaofei Zhao, University of Texas, Dallas

Make-Take Fees versus Order Flow Inducements: Evidence from the NASDAQ OMX PHLX Exchange

Robert Battalio, U. of Notre Dame, Todd Griffith, U. of Mississippi, and Robert A. Van Ness, U. of Mississippi

Discussant:  Giang Nguyen, Penn State University                        

4:45 Reception

MARC Program Track Chairs:

Corporate Finance:  Hayong Yun, Michigan State University

Financial Institutions:  Hadiye Aslan, Georgia State University

Financial Markets / Market Microstructure:  Bidisha Chakraborty, Saint Louis University

Investments:  Rabih Moussawi, Villanova University

MARC Outstanding Paper Award:

Cash, Financial Flexibility, and Product Prices: Evidence from a Natural Experiment in the Airline Industry

Sehoon Kim, Ohio State U.