||Registration and Coffee Session
||Dean’s Welcome and Senior Associate Dean’s Remarks
Dean James Danko and Senior Associate Dean Ron Hill
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
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
Lunch and Keynote Speaker
Why Do Large Financial institutions Hold So Much Capital?
Mark Flannery, University of Florida
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
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.
||Wine and Beer Reception