FBF CHair of Corporate Finance
HEC University od Paris Dauphine Fédération bancaire française FBF Chair in Corporate FinanceProgram
Third Paris Spring Corporate Finance Conference
May 19-20, 2011
co-sponsored by the Review of Financial Studies
Program and Time Schedule
Thursday, May 19, 2011
12:00 Registration and Lunch Buffet
13:00 Welcome
Session I Private Firms
Chairperson: Daniel Ferreira (London School of Economics)
13:05 - 13:50 Why Are Most Firms Privately-held?
* Joan Farre-Mensa (New York University)
Discussant: Gordon Phillips (R.H. Smith School of Business, University of Maryland)
13:50 - 14:35 Does capital market myopia affect plant productivity? Evidence from going private transactions
* Sreedhar Bharath (Arizona State University)
Amy Dittmar (University of Michigan)
Jagadeesh Sivadasan (University of Michigan)
Discussant: Francesca Cornelli (London Business School)
14:35 - 15:00 Coffee Break
Session II Corporate Debt
Chairperson: Toni Whited (University of Rochester)
15:00 - 15:45 The Hazards of Debt: Rollover Freezes, Incentives, and Bailouts
* Ing-Haw Cheng (University of Michigan)
Konstantin Milbradt (MIT)
Discussant: Philip Valta (HEC Paris)
15:45 - 16:30 Are Consumers Affected by Durable Goods Makers' Financial Distress? The Case of Auto Manufacturers
Ali Hortaçsu (University of Chicago)
* Gregor Matvos (University of Chicago)
Chad Syverson (University of Chicago)
Sriram Venkataraman (Emory University)
Discussant: Karin Thorburn (Norwegian School of Economics and Business Administration)
16:30 - 16:50 Tea
Session III Incentives for Innovation
Chairperson: Laura Starks (McCombs School of Business, University of Texas at Austin)
16:50 - 17:35 Wrongful Discharge Laws and Innovation
Viral Acharya (New York University)
* Ramin Baghai (London Business School)
Krishnamurthy Subramanian (Indian School of Business)
Discussant: Milo Bianchi (Université Paris-Dauphine)
17:35 - 18:20 Does Stock Liquidity Enhance or Impede Firm Innovation?
* Vivian Fang (Rutgers University)
Xuan Tian (Indiana University)
Sheri Tice (Tulane University)
Discussant: François Degeorge (University of Lugano)
Friday, May 20, 2011
Session IV Credit Supply
Chairperson: Benjamin Esty (Harvard Business School)
08:45 - 09:30 Liquidity and Financial Crises
* Enisse Kharroubi (Bank for International Settlements)
Discussant: Tom Noe (Oxford University)
09:30 - 10:15 Optimal Interventions in Markets with Adverse Selection
* Thomas Philippon (New York University)
Vasiliki Skreta (New York University)
Discussant: Thomas Gehrig (University of Vienna)
10:15 - 11:00 Cyclicality of Credit Supply: Firm Level Evidence
* Bo Becker (Harvard University)
Victoria Ivashina (Harvard University)
Discussant: Eric de Bodt (Université Lille 2)
11:00 - 11:30 Coffee Break
11:30 - 12:30 Keynote Address - Franklin Allen (Wharton School, University of Pennsylvania)
Stakeholder Capitalism, Corporate Governance and Firm Value
12:30 - 14:00 Lunch Buffet
Session V Mergers and Acquisitions
Chairperson: Chitru Fernando (University of Oklahoma)
14:00 - 14:45 R&D and the Market for Acquisitions
Gordon Phillips (R.H. Smith School of Business, University of Maryland)
* Alexei Zhdanov (University of Lausanne)
Discussant: Ulf Axelson (London School of Economics)
14:45 - 15:30 Merger Negotiations with Stock Market Feedback
Sandra Betton (John Molson School of Business, Concordia University)
* Espen Eckbo (Tuck School of Business at Dartmouth)
Rex Thompson (Cox School of Business, Southern Methodist University)
Karin Thorburn (Norwegian School of Economics and Business Administration)
Discussant: Annette Poulsen (Terry College of Business, University of Georgia)
15:30 - 16:00 Coffee
Session VI Investment Policy: Market Feedback Effects and Agency
Chairperson: Andrew Karolyi (Cornell University)
16:00 - 16:45 Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis
* Laurent Fresard (HEC Paris)
Thierry Foucault (HEC Paris)
Discussant: Robert Hansen (Tulane University)
16:45 - 17:30 Agency Conflicts and Cash: Estimates from a Structural Model
* Boris Nikolov (University of Rochester)
Toni Whited (University of Rochester)
Discussant: Erwan Morellec (EPFL Lausanne)
* presenting author.
