Conference Program

11th Annual Mid-Atlantic Research Conference in Finance Program

Villanova School of Business
Villanova Conference Center, Radnor, PA

March 11, 2016

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

Financial Institutions Session: 

Chair: Abigail Hornstein, Wesleyan U.
The Systemic Effects of Benchmarking

Diogo Duarte, Boston University, Kyounghwan Lee, Boston University and Gustavo Schwenkler, Boston University

Discussant:
Indraneel Chakraborty, U. of Miami

Spreading the Fire: Investment and Product Market Effects of Corporate Bond Fire Sales
Hadiye Aslan, Georgia State University and Praveen Kumar, University of Houston          
Discussant: Teng Wang, Federal Reserve Board of Governors

10:30 Coffee Break
10:45

Corporate Finance Session: 

Chair: Mi Luo, Villanova University
Corporate Control Activism

Doron Levit, U. of Pennsylvania and Adrian Aycan Corum, U. of Pennsylvania

Discussant:
Mitchell Berlin, Federal Reserve Bank of Philadelphia

Family Feud: Succession Tournaments and Risk-Taking in Korean Chaebols
Jongsub Lee, University of Florida, Hojong Shin, Michigan State University and Hayong Yun, Michigan State University

Discussant:
Yrjo Koskinen, U. of Pennsylvania

12:15 Lunch and Keynote Speaker:
Robert Stambaugh, University of Pennsylvania

Topic: Living with Mispricing
1:30

Investments Session:

Chair: Jennifer L. Juergens, Drexel U.
Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds

Oleg Chuprinin, U. of New South Wales and Denis Sosyura, U. of Michigan

Discussant:
Rawley Heimer, Federal Reserve Bank of Cleveland

Outsourcing vs. Integration in the Mutual Fund Industry: The Puzzle of Lower Returns
Peter Marcel Debaere, U. of Virginia / CEPR and Richard B. Evans, U. of Virginia

Discussant:
Kevin Mullally, Georgia State University

3:00 Coffee Break
3:15

Financial Markets Session:

Chair: Dexin Zhou, Baruch College / CUNY
Where Do Informed Traders Trade First? Option Trading Activity, News Releases, and Stock Return Predictability

Martijn Cremers, University of Notre Dame, Andy Fodor, Ohio University and David Weinbaum, Syracuse University

Discussant:
Wei Wu, Texas A&M University

Complexity and Information Content of Financial Disclosures: Evidence from Evolution of Uncertainty Following 10-K Filings
Jun Li, University of Texas at Dallas and Xiaofei Zhao, University of Texas at Dallas

Discussant:
Baolian Wang, Fordham University                                   

4:45 Reception

MARC Program Track Chairs:

Corporate Finance:  Ambrus Kecskes, York University and Mi Luo, Villanova University

Financial Institutions:  Leming Lin, University of Pittsburgh

Financial Markets / Market Microstructure:  Sophia Zhengzi Li, Michigan State University

Investments:  William Gerken, University of Kentucky

MARC Outstanding Paper Award:

Family Feud: Succession Tournaments and Risk-Taking in Korean Chaebols
Jongsub Lee, University of Florida, Hojong Shin, Michigan State University and Hayong Yun, Michigan State University