Conference Announcement
Eighth Annual Mid-Atlantic Research Conference in Finance Program

March 22, 2013, Villanova Conference Center, Villanova University

In conjunction with the Villanova School of Business and the WRDS data service, we invite finance researchers to attend the Eighth Annual Mid-Atlantic Research Conference in Finance (MARC). This 1-day, 1-track MARC meeting on Friday, March 22, 2013, 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. Rene Stulz of Ohio State University as our distinguished keynote luncheon speaker.

9:00 Financial Markets Session: Chair: Jay Coughenour, U. of Delaware
Institutional Ownership and Return Predictability Across Economically Unrelated Stocks
George P. Gao, Cornell University, Pamela C. Moulton, Cornell University, and David T. Ng, Cornell University
Discussant: David Musto, U. of Pennsylvania/Wharton

The Externalities of High-Frequency Trading
Jiading Gai, U. of Illinois at Urbana-Champaign, Chen Yao, U. of Illinois at Urbana-Champaign, and Mao Ye, U. of Illinois at Urbana-Champaign
Discussant: Pankaj K. Jain, U. of Memphis/SEC

10:45 Corporate Finance Session: Chair: Ajai Singh, Lehigh U.
Political Values, Culture, and Corporate Litigation
Irena Hutton, Florida State U., Danling Jiang, Florida State U., and Alok Kumar, University of Miami
Discussant: Ke Yang, Lehigh U.

Is Managerial Flexibility Good for Shareholders? Evidence from Share Repurchases
Alice A. Bonaime, U. of Kentucky, Kristine W. Hankins, U. of Kentucky, and Bradford D. Jordan, U. of Kentucky
Discussant: James Hsieh, George Mason University

12:15 Lunch and Keynote Speaker
Rene Stulz, Ohio State University
Topic: Lessons from the Crisis

1:30 Investments Session: Chair: John Fulkerson, Loyola U., Maryland
How Much Do Analysts Influence Each Other's Forecasts?
Jonathan B. Cohn, University of Texas at Austin, and Jennifer L. Juergens, Drexel U.
Discussant: Revansiddha Khanapure, U. of Delaware

Discretionary Liquidity: Hedge Funds, Side pockets, and Gates
Adam L. Aiken, Quinnipiac University, Christopher P. Clifford, U. of Kentucky, and Jesse Ellis, U. of Alabama
Discussant: Wesley Gray, Drexel U.

3:15 Financial Institutions Session: Chair: TBD
A Theory of Reverse Asset Substitution
Franklin Allen, U. of Pennsylvania/Wharton, and Indraneel Chakraborty, Southern Methodist U.
Discussant: Michael Imerman, Lehigh U.

Institutional Investment and Intermediation in the Hedge Fund Industry
Vikas Agarwal, Georgia State U., Vikram Nanda, Georgia Institute of Technology, and Sugata Ray, U. of Florida
Discussant: TBD

MARC Program Track Chairs:
Corporate Finance: Mi (Meg) Luo, Villanova U.
Financial Institutions: Claire Rosenfeld, College of William & Mary
Investments: Yoon Shin, Loyola U., Maryland
Financial Markets: Andriy Shkilko, Wilfrid Laurier 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