Seventh Annual Mid-Atlantic Research Conference in Finance Program

Villanova University, Villanova Conference Center, March 23, 2012

In conjunction with the Villanova School of Business, William Stewart (VSB '88), and the WRDS data service, we invite finance researchers to attend the Seventh Annual Mid-Atlantic Research Conference in Finance (MARC). This 1-day, 1-track MARC meeting on Friday, March 23, 2012, will be held at Villanova University, from 8:15 am until 5:00 pm. We will be sharing high quality research papers in all areas of finance through a free, 1-day conference which will also include Prof. Albert "Pete" Kyle of the University of Maryland as our distinguished keynote luncheon speaker.

PROGRAM:
9:00 Market Microstructure Session:
To Pay or be Paid? The Impact of Taker Fees and Order Flow Inducements on Trading Costs in U.S. Options Markets
Robert Battalio, U. of Notre Dame, Andriy Shkilko, Wilfrid Laurier U., and Robert Van Ness, U. of Mississippi

Sunshine Trading: Flashes of Trading Intent at the NASDAQ
Johannes A. Skjeltorp, Norges Bank, Elvira Sojli, Erasmus U./Duisenberg School of Finance, and Wing Wah Tham, Erasmus U.

10:45 Investments Session:
Determinants and Implications of Fee Changes in the Hedge Fund Industry
Vikas Agarwal, Georgia State U., and Sugata Ray, U. of Florida

Can Credit Risk be Hedged in Equity Markets?
Xuan Che, U., U. of Massachusetts, Amherst, and Nikunj Kapadia, U. of Massachusetts, Amherst

12:15 Lunch and Keynote Speaker
Albert "Pete" Kyle, Washington University in St. Louis

1:30 Corporate Finance Session:
Does Security Choice Matter in Venture Capital? The Case of Venture Debt
Indraneel Chakraborty, Southern Methodist U., and Michael Ewens, Carnegie Mellon U.

Unethical Executives and Corporate Misbehavior
Lee Biggerstaff, U. of Tennessee, David C. Cicero, U. of Tennessee, and Andy Puckett, U. of Tennessee

3:15 Financial Institutions Session:
How Did the Crisis in International Funding Markets Affect Bank Lending? Balance Sheet Evidence from the U.K.
Shekhar Aiyar, International Monetary Fund

Cross-Market Spillover of Economic Shocks through Multi-Market Banks
Jose Berrospide, Board of Governors of the Federal Reserve System, Lamont Black, Board of Governors of the Federal Reserve System, and William Keeton, Federal Reserve Bank of Kansas City

4:45 Networking Reception

MARC PROGRAM TRACK CHAIRS:
Pankaj K. Jain, U. of Memphis
Yoon Shin, Loyola U., Maryland
Ben Sopranzetti, Rutgers U.
Tina Yang, Villanova U.

REGISTRATION: We encourage you to attend this free 1-day conference. If you wish to attend, then please follow the MARC conference link to register on-line and find out about lodging options: http://www1.villanova.edu/villanova/events/marc.html

FURTHER INFORMATION: If you have any questions about the conference, then please contact the MARC Program Chair, Prof. Michael Pagano, at Michael.Pagano@villanova.edu