Posted 6/12/09
CONFERENCE PROGRAM
CENTRE FOR ANALYTICAL FINANCE, ISB, HYDERABAD, INDIA
SUMMER RESEARCH CONFERENCE 2009 IN FINANCE
RECENT ADVANCES IN CORPORATE FINANCE
July 16-19, 2009
Hyderabad, India
The Centre for Analytical Finance (CAF) at the Indian
School of Business (ISB) will hold its annual flagship
Summer Research Conference in Finance during July 16-19,
2009 on the ISB campus in Hyderabad, India. This year the
conference will focus on recent advances in corporate
finance. Ravi Jagannathan, Kellogg and CAF Academic Fellow
2009, will deliver the keynote address at the conference.
The best paper presented at the conference will receive a
USD 5,000 award funded by Citi Foundation. The conference
program committee comprised Viral Acharya, Franklin Allen,
Arnoud Boot, Glenn Boyle, Bhagwan Chowdhry, Stijn
Claessens, Francesca Cornelli, Sudipto Dasgupta, Asli
Demirguc-Kunt, Joseph Fan, Charles Hadlock, Kose John, Han
Kim, Kai Li, Vojislav Maksimovic, Tom Noe, Terry Odean, NR
Prabhala, Manju Puri, Subrata Sarkar, and Anjan Thakor.
FURTHER INFORMATION:
Please see the conference agenda below. For all
conference-related questions, please visit:
http://www.isb.edu/financeconference2009/
or send mail to:
Email: MAILTO:FinanceConference09@isb.edu
For more information about CAF, please visit CAF site:
http://www.isb.edu/CAF
AGENDA:
July 16, 2009, evening
RECEPTION FOR CONFERENCE PARTICIPANTS
July 17, 2009, morning
CORPORATE GOVERNANCE AT HOME AND ABROAD
Chair: Bhagwan Chowdhry (UCLA)
Reena Aggarwal (Georgetown University), Isil Erel (Ohio
State University), Miguel Ferreira (Universidade Nova de
Lisboa) and Pedro Matos (University of Southern California)
DOES GOVERNANCE TRAVEL AROUND THE WORLD? EVIDENCE FROM
INSTITUTIONAL INVESTORS
Discussant: Mariassunta Giannetti (Stockholm School of
Economics, CEPR and ECGI)
Sonali Hazarika (Baruch College), Jonathan Karpoff
(University of Washington) and Rajarishi Nahata (Baruch
College)
INTERNAL CORPORATE GOVERNANCE, CEO TURNOVER AND EARNINGS
MANAGEMENT
Discussant: N R Prabhala (University of Maryland)
Sridhar Gogineni, Scott Linn and Pradeep Yadav (University
of Oklahoma)
EMPIRICAL EVIDENCE ON OWNERSHIP STRUCTURE, MANAGEMENT
CONTROL AND AGENCY COSTS
Discussant: Kasper Meisner Nielsen (Chinese University of
Hong Kong)
July 17, 2009, afternoon
PRODUCT MARKETS AND OWNERSHIP CHOICE
Chair: Ravi Jagannathan (Kellogg)
Jiri Chod (Boston College) and Evgeny Lyandres (Boston
University)
STRATEGIC IPOS AND PRODUCT MARKET COMPETITION
Discussant: Sudipto Dasgupta (Hong Kong University of
Science and Technology)
Pehr-Johan Norbäck, Lars Persson and Joacim Tag (Research
Institute of Industrial Economics)
A PRODUCT MARKET THEORY OF PRIVATE EQUITY BUYOUTS
Discussant: Ramana Sonti (Indian School of Business)
Meghana Ayyagari (George Washington University),
Radhakrishnan Gopalan (Washington University-St. Louis)
and Vijay Yerramilli (Indiana University)
INVESTMENT DECISIONS OF BUSINESS GROUPS: THE CHOICE BETWEEN
INTEGRATION AND NON-INTEGRATION
Discussant: Subrata Sarkar (Indira Gandhi Institute of
Development and Research)
July 17, 2009, evening
CAF ANNIVERSARY DINNER
July 18, 2009, morning
LAW, INSTITUTIONS AND FINANCE
Chair: Reena Aggarwal (Georgetown University)
Franklin Allen (Wharton), Jun Qian (Boston College), Elena
Carletti (European University Institute), Robert Cull
(World Bank) and Lemma Senbet (University of Maryland)
NO FINANCE, NO GROWTH? THE AFRICAN EXPERIENCE
Discussant: Meghana Ayyagari (George Washington
University)
Mariassunta Giannetti (Stockholm School of Economics, CEPR
and ECGI) and Yishay Yafeh(Hebrew University, CEPR and
ECGI)
DO CULTURAL DIFFERENCES BETWEEN CONTRACTING PARTIES MATTER?
EVIDENCE FROM SYNDICATED BANK LOANS
Discussant: Radhakrishnan Gopalan (Washington University-
St. Louis)
Viral Acharya (NYU and CEPR), Ramin Baghai-Wadji (London
Business School) and Krishnamurthy Subramanian (Emory
University)
LABOR LAWS AND INNOVATION
Discussant: Anusha Chari (University of North Carolina)
July 18, 2009, afternoon
INCENTIVES AND COMPENSATION
Chair: Manju Puri (Duke University and NBER)
Sumit Agarwal (Federal Reserve Bank of Chicago) and Faye
Wang (University of Illinois)
MOTIVATING LOAN OFFICERS: AN ANALYSIS OF SALARIES AND PIECE
RATES COMPENSATION
Discussant: Evgeny Lyandres (Boston University)
Radhakrishnan Gopalan and Todd Milbourn (Washington
University-St. Louis) and Fenghua Song (Pennsylvania State
University)
STRATEGIC FLEXIBILITY AND OPTIMALITY OF PAY FOR LUCK
Discussant: Raj Aggarwal (University of Minnesota)
July 18, 2009, evening
Chair: Sankar De (Indian School of Business)
KEYNOTE ADDRESS
Ravi Jagannathan (Kellogg, CAF Academic Fellow 2009)
CITI FOUNDATION BEST PAPER AWARD PRESENTATION
July 19, 2009, morning
FINANCIAL CRISIS: CAUSES AND CONSEQUENCES
Chair: Franklin Allen (Wharton)
Geetesh Bhardwaj (Vanguard) and Rajdeep Sengupta (Federal
Reserve Bank, St. Louis)
WHERE'S THE SMOKING GUN? A STUDY OF UNDERWRITING STANDARDS
FOR US SUBPRIME MORTGAGES
Discussant: Thierry Tressel (International Monetary Fund)
Uday Rajan (University of Michigan), Amit Seru (University
of Chicago) and Vikrant Vig (London Business School)
THE FAILURE OF MODELS THAT PREDICT FAILURE: DISTANCE,
INCENTIVES AND DEFAULTS
Discussant: Manju Puri (Duke University and NBER)
Deniz Igan, Prachi Mishra and Thierry Tressel
(International Monetary Fund)
A FISTFUL OF DOLLARS: LOBBYING AND FINANCIAL CRISIS
Discussant: Mudit Kapoor (Indian School of Business)
Manju Puri (Duke University and NBER), Jorg Rocholl
(European School of Management and Technology) and Sascha
Steffen (Goethe University)
THE IMPACT OF THE U.S. FINANCIAL CRISIS ON GLOBAL RETAIL
LENDING
Discussant: Sumit Agarwal (Federal Reserve Bank of
Chicago)