FBF CHair of Corporate Finance
HEC University od Paris Dauphine Fédération bancaire française FBF Chair in Corporate FinanceProgram
Thursday May, 28, 2009
12:00 Registration and Lunch Buffet
13:00 Welcome
Session I: Ownership Structure
Chairperson: Myron Slovin (HEC Paris)
13:05 - 13:50 Do Differences in Legal Protections Explain Differences in Ownership
Concentration? 
Presenter: Clifford Holderness (Boston College)
Discussant: Oyvind Norli (BI Norwegian School of Management)
13:50 - 14:35 Quantifying Private Benefits of Control From a Structural Model of Block Trades
Presenter: Rui Albuquerque (Boston University School of Management and CEPR)
Enrique Schroth (Finance Group, University of Amsterdam)
Discussant: Jörg Rocholl (ESMT Berlin)
14:35 - 15:20 The Structure and Formation of Business Groups: Evidence From Korean
Chaebols
Presenter: Marti Subrahmanyam (Stern School of Business, New York University)
Heitor Almeida (University of Illinois)
Sang Yong Park (Yonsei University)
Daniel Wolfenzon (Columbia University)
Discussant: Paolo Volpin (London Business School)
15:20 - 15:50 Coffee Break
Session II Bankruptcy, Creditor Rights, Bank Control
Chairperson: Benjamin Esty (Harvard University)
15:50 - 16:35 Conflicts in Bankruptcy and the Sequence of Debt Issues
Presenter: S. Abraham Ravid (Rutgers Business School and Wharton School, University of Pennsylvania)
Arturo Bris (IMD, Yale International Center for Finance, ECGI)
Ronald Sverdlove (School of Management-New Jersey Institute of Technology)
Discussant: Francesca Cornelli (London Business School)
16:35 - 17:20 Creditor Rights and Corporate Risk-Taking
Presenter: Lubomir Litov (Olin School of Business, Washington University)
Viral V. Acharya (London Business School and CEPR)
Yakov Amihud (Stern School of Business, New York University)
Discussant: Eric de Bodt (Ecole supérieure des Affaires, Université Lille 2)
17:20 - 18:05 Universal Banks and Corporate Control: Evidence from the Global Syndicated
Loan Market
Presenter: Pedro Matos (Marshall School of Business, University of Southern California)
Miguel A. Ferreira (Faculdade de Economia, Universidade Nova de Lisboa)
Discussant: Tim Jenkinson (Saïd Business School, Oxford University)
Friday May, 29, 2009
Session III Corporate Finance and Politics
Chairperson: George Allayannis (Darden School of Business, University of Virginia)
8:30 - 09:15 The Decision to Privatize: Finance, Politics and Patronage
Presenter: Nandini Gupta (Kelley School of Business, Indiana University)
I. Serdar Dinç (Sloan School of Management, MIT)
Discussant: Kent Womack (Tuck School of Business, Dartmouth College)
09:15 - 10:00 Corporate Political Cycles
Presenter: Brandon Julio (London Business School)
Youngsuk Yook (Sungkyunkwan University)
Discussant: Zsuzsanna Fluck (Eli Broad College of Business, Michigan State University)
10:00 - 10:30 Coffee Break
Session IV Market Information and Incentives
Chairperson: Michelle Lowry (SMEAL College of Business, PennState)
10:30 - 11:15 Managerial Incentives and Stock Price Manipulation
Presenter: Ailsa Roëll (School of International and Public Affairs, Columbia University)
Lin Peng (Zicklin School of Business, Baruch College, CUNY)
Discussant: François Degeorge (Swiss Finance Institute, University of Lugano)
11:15 - 12:00 Public Information and Coordination: Evidence from a Credit Registry
Expansion
Presenter: Daniel Paravisini (Columbia Business School and BREAD)
Andrew Hertzberg (Columbia Business School)
Jose Maria Liberti (DePaul University)
Discussant: Jie Gan (Hong Kong University of Science and Technology)
12:00 - 13:00 Keynote Address - Andrei Shleifer, Harvard University
13:00 - 14:30 Lunch Buffet
Session V Market Fluctuations and Market Timing
Chairperson: Marc Lipson (University of Virginia)
14:30 - 15:15 Goldrush Dynamics of Private Equity
Presenter: Tage Daniel Sunesson (Stockholm School of Economics)
Samuel Lee (Stockholm School of Economics)
Discussant: Jose Miguel Gaspar (ESSEC)
15:15 - 16:00 Cross Listing Waves and the Search for Value Gains
Presenter: Serguei Sarkissian (McGill University)
Michael J. Schill (University of Virginia)
Discussant: Jay Ritter (University of Florida)
16:00 - 16:30 Coffee Break
16:30 - 18:00 Round Table: "The Financial Crisis and Corporate Finance"
Panel members:
Erik Berglöf (Chief Economist, European Bank for Reconstruction and Development)
Thierry Francq (Secretaire General, Autorité des Marchés Financiers [AMF])
Hubert Reynier (Vice-Director, Caisse des Dépôts et Consignations [CDC])
Dario Scannapieco (Vice President, European Investment Bank)
Andrei Shleifer (Professor of Economics, Harvard University)
Panel moderator:
Bill Megginson (University of Oklahoma and Université Paris-Dauphine)
