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AFA 2009 San Francisco Meetings (Archive)

Please Note: Some AFA program papers are not available, at their authors' requests.

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Viewing: 1 - 50 of 144 papers

1.

The Cross-section of Managerial Ability, Incentives, and Risk Preferences

EFA 2008 Athens Meetings Paper, AFA 2009 San Francisco Meetings Paper
Number of pages: 88 Posted: 23 Mar 2009 Last Revised: 17 Oct 2012
Working Paper Series
Ralph S. J. Koijen
University of Chicago - Booth School of Business
Downloads 2,495
2.

Cross-Sectional Stock Option Pricing and Factor Models of Returns

EFA 2008 Athens Meetings Paper, AFA 2009 San Francisco Meetings Paper
Number of pages: 46 Posted: 23 Dec 2008 Last Revised: 04 Jan 2009
Working Paper Series
Mihaela Serban, John P. Lehoczky and Duane J. Seppi
Morgan Stanley, Carnegie Mellon University and Carnegie Mellon University - David A. Tepper School of Business
Downloads 711
3.

AFA/ASE Panel: Implications of the Credit Crisis for the Regulation of Non-Bank Financial Firms

AFA 2009 San Francisco Meetings Paper, Rock Center for Corporate Governance Working Paper No. 40
Number of pages: 1 Posted: 26 Aug 2008 Last Revised: 29 Sep 2009
Working Paper Series
Darrell Duffie, Edward J. Kane, Paul McCulley and David Modest
Stanford University - Graduate School of Business, Boston College - Department of Finance, PIMCO Europe Ltd. and Azimuth Alternative Assets Management LLLP
Downloads 521
4.

Are All Inside Directors the Same? Evidence from the External Directorship Market.

Journal of Finance, Forthcoming, ECGI - Finance Working Paper No. 241/2009, 3rd Annual Conference on Empirical Legal Studies Papers, AFA 2009 San Francisco Meetings Paper
Number of pages: 90 Posted: 22 Apr 2008 Last Revised: 04 Sep 2012
Accepted Paper Series
Ronald W. Masulis and Shawn Mobbs
University of New South Wales, Sydney and University of Alabama - Culverhouse College of Business Administration
Downloads 1,651
5.

Corporate Governance and Capital Structure Dynamics

AFA 2009 San Francisco Meetings Paper
Number of pages: 58 Posted: 27 Mar 2008 Last Revised: 25 Dec 2010
Working Paper Series
Erwan Morellec, Boris Nikolov and Norman Schürhoff
Ecole Polytechnique Fédérale de Lausanne, University of Lausanne and Swiss Finance Institute - HEC Lausanne

Multiple version iconThere are 2 versions of this paper

Downloads 2,757
6.

What Segments Equity Markets?

Netspar Discussion Paper No. 02/2011-031, AFA 2009 San Francisco Meetings Paper, National Bank of Poland Working Paper No. 76
Number of pages: 61 Posted: 27 Mar 2008 Last Revised: 19 Sep 2012
Working Paper Series
Geert Bekaert, Campbell R. Harvey, Christian T. Lundblad and Stephan Siegel
Columbia Business School - Finance and Economics, Duke University - Fuqua School of Business, University of North Carolina Kenan-Flagler Business School and University of Washington - Michael G. Foster School of Business

Multiple version iconThere are 3 versions of this paper

Downloads 2,175
7.

The Impact of Iceberg Orders in Limit Order Books

AFA 2009 San Francisco Meetings Paper
Number of pages: 49 Posted: 27 Mar 2008 Last Revised: 02 Jun 2009
Working Paper Series
Stefan Frey, Stefan Frey and Patrik Sandås
Leibniz Universität HannoverCentre for Financial Research (CFR) and University of Virginia
Downloads 1,091
8.

The Interim Trading Skills of Institutional Investors

AFA 2009 San Francisco Meetings Paper
Number of pages: 46 Posted: 27 Mar 2008 Last Revised: 10 Jun 2010
Working Paper Series
Andy Puckett and Xuemin Sterling Yan
University of Tennessee, Knoxville and Lehigh University - College of Business

Multiple version iconThere are 2 versions of this paper

Downloads 716
9.

Uncertainty About Average Profitability and the Diversification Discount

Journal of Financial Economics (JFE), Vol. 96, pp. 463-484, 2010, AFA 2009 San Francisco Meetings Paper
Posted: 27 Mar 2008 Last Revised: 19 Oct 2010
Working Paper Series
John Hund, Donald Monk and Sheri Tice
University of Georgia, Fisher School of Accounting and Tulane University - A.B. Freeman School of Business
10.

When Active Fund Managers Deviate from Their Peers: Implications for Fund Performance

AFA 2009 San Francisco Meetings Paper , Journal of Banking and Finance, Forthcoming
Number of pages: 62 Posted: 26 Mar 2008 Last Revised: 03 Dec 2012
Accepted Paper Series
Swasti Gupta-Mukherjee
Loyola University Chicago - Department of Finance
Downloads 483
11.

What Does Individual Option Volatility Smirk Tell Us About Future Equity Returns?

AFA 2009 San Francisco Meetings Paper
Number of pages: 38 Posted: 26 Mar 2008 Last Revised: 15 Aug 2008
Working Paper Series
Xiaoyan Zhang, Rui Zhao and Yuhang Xing
Tsinghua University - PBC School of Finance, BlackRock, Inc. and Rice University
Downloads 6,360
12.

Buy High and Sell Low

Number of pages: 42 Posted: 26 Mar 2008 Last Revised: 10 Jan 2011
Working Paper Series
Kevin Q. Wang
University of Toronto - Joseph L. Rotman School of Management
Downloads 2,255
13.

When Do Firms Default? A Study of the Default Boundary

EFA Moscow Meetings Paper, AFA San Francisco Meetings Paper, WFA Keystone Meetings Paper
Number of pages: 46 Posted: 26 Mar 2008 Last Revised: 06 Nov 2012
Working Paper Series
Sergei Davydenko
University of Toronto - Finance Area
Downloads 1,919
14.

Corporate Credit Spreads under Parameter Uncertainty

AFA 2009 San Francisco Meetings Paper
Number of pages: 45 Posted: 26 Mar 2008 Last Revised: 30 Nov 2009
Working Paper Series
Arthur G. Korteweg and Nick Polson
University of Southern California - Marshall School of Business and University of Chicago - Booth School of Business
Downloads 1,633
15.

Risk Allocation and Flexibility in Acquisitions: The Economic Impact of Material-Adverse-Change (MACs) Clauses

AFA 2009 San Francisco Meetings Paper
Number of pages: 61 Posted: 26 Mar 2008 Last Revised: 21 Apr 2009
Working Paper Series
Antonio J. Macias
Baylor University
Downloads 703
16.

The Shareholder Base and Payout Policy

AFA 2009 San Francisco Meetings Paper, Swiss Finance Institute Research Paper No. 12-11
Number of pages: 62 Posted: 26 Mar 2008 Last Revised: 01 Feb 2014
Working Paper Series
Andriy Bodnaruk and Per Östberg
University of Illinois at Chicago and University of Zurich - Department of Banking and Finance
Downloads 692
17.

Disclosure and Agency Conflict in Delegated Investment Management: Evidence from Mutual Fund Commission Bundling

AFA 2009 San Francisco Meetings Paper
Number of pages: 48 Posted: 26 Mar 2008 Last Revised: 15 May 2011
Working Paper Series
Roger M. Edelen, Richard B. Evans and Gregory B. Kadlec
Virginia Tech, University of Virginia - Darden School of Business and Virginia Polytechnic Institute & State University - Pamplin College of Business
Downloads 505
18.

Why Do Small Stock Acquirers Underperform in the Long-Term?

AFA 2009 San Francisco Meetings Paper
Number of pages: 37 Posted: 26 Mar 2008
Working Paper Series
Itzhak Ben-David and Darren T. Roulstone
Ohio State University (OSU) - Department of Finance and Ohio State University (OSU) - Fisher College of Business
Downloads 483
19.

Investor Expectations, Business Conditions, and the Pricing of Beta-Instability Risk

AFA 2009 San Francisco Meetings Paper, EFA 2007 Ljubljana Meetings Paper, Yale ICF Working Paper
Number of pages: 56 Posted: 25 Mar 2008 Last Revised: 27 Jan 2013
Working Paper Series
William N. Goetzmann, Akiko Watanabe and Masahiro Watanabe
Yale School of Management - International Center for Finance, University of Alberta - School of Business and University of Alberta - School of Business
Downloads 1,151
20.

Market Participation and Dividend Clienteles

AFA 2009 San Francisco Meetings Paper
Number of pages: 28 Posted: 25 Mar 2008 Last Revised: 20 Mar 2013
Working Paper Series
Marco Rossi
Texas A&M
Downloads 199
21.

Weather and Time Series Determinants of Liquidity in a Limit Order Market

AFA 2009 San Francisco Meetings Paper
Number of pages: 37 Posted: 25 Mar 2008 Last Revised: 13 Mar 2013
Working Paper Series
Juhani T. Linnainmaa and Ioanid Rosu
Dartmouth College - Tuck School of Business and HEC Paris - Finance Department
Downloads 452
22.

Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies

Review of Financial Studies, Forthcoming, AFA 2009 San Francisco Meetings Paper
Number of pages: 58 Posted: 25 Mar 2008 Last Revised: 13 Jan 2015
Working Paper Series
Arthur G. Korteweg and Morten Sorensen
University of Southern California - Marshall School of Business and Dartmouth College - Tuck School of Business

Multiple version iconThere are 3 versions of this paper

Downloads 1,273
23.

Aggregate Idiosyncratic Volatility

AFA 2009 San Francisco Meetings Paper, EFA 2009 Bergen Meetings Paper
Number of pages: 63 Posted: 25 Mar 2008 Last Revised: 28 Jun 2011
Working Paper Series
Geert Bekaert, Robert J. Hodrick and Xiaoyan Zhang
Columbia Business School - Finance and Economics, Columbia Business School - Finance and Economics and Tsinghua University - PBC School of Finance

Multiple version iconThere are 3 versions of this paper

Downloads 1,863
24.

Sequential Learning, Predictability, and Optimal Portfolio Returns

Journal of Finance, Forthcoming, AFA 2009 San Francisco Meetings Paper
Number of pages: 58 Posted: 25 Mar 2008 Last Revised: 04 Apr 2013
Accepted Paper Series
Michael S. Johannes, Arthur G. Korteweg and Nick Polson
Columbia Business School - Finance and Economics, University of Southern California - Marshall School of Business and University of Chicago - Booth School of Business
Downloads 1,578
25.

Opening the Black Box: Internal Capital Markets and Managerial Power

Journal of Finance 68, 2013, 1577-1631 , EFA 2007 Ljubljana Meetings Paper, AFA 2009 San Francisco Meetings Paper
Number of pages: 112 Posted: 25 Mar 2008 Last Revised: 30 Jan 2015
Working Paper Series
Markus Glaser, Florencio Lopez de Silanes and Zacharias Sautner
Ludwig Maximilian University of Munich (LMU) - Faculty of Business Administration (Munich School of Management), SKEMA Business School and Frankfurt School of Finance & Management
Downloads 1,555
26.

Lending Relationships and Loan Contract Terms

AFA 2009 San Francisco Meetings Paper, Review of Financial Studies, Forthcoming
Number of pages: 68 Posted: 25 Mar 2008 Last Revised: 29 Feb 2012
Working Paper Series
Sreedhar T. Bharath, Sandeep Dahiya, Anthony Saunders and Anand Srinivasan
Arizona State University (ASU) - Finance Department, Georgetown University - Department of Finance, New York University - Leonard N. Stern School of Business and National University of Singapore - Department of Finance
Downloads 1,277
27.

Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China

Journal of Financial and Quantitative Analysis (JFQA), Vol. 45, No. 6, pp.1391-1417, 2010, AFA 2009 San Francisco Meetings Paper
Number of pages: 46 Posted: 25 Mar 2008 Last Revised: 01 Mar 2011
Accepted Paper Series
Henk Berkman, Rebel A. Cole and Jiang Lawrence Fu
University of Auckland Business School, Florida Atlantic University and Standard Charter Bank
Downloads 1,218
28.

Empty Voting and the Efficiency of Corporate Governance

AFA 2009 San Francisco Meetings Paper
Number of pages: 52 Posted: 25 Mar 2008 Last Revised: 27 Mar 2010
Working Paper Series
Alon Brav and Richmond D. Mathews
Duke University - Fuqua School of Business and University of Maryland - Department of Finance
Downloads 1,130
29.

Short Selling Around Seasoned Equity Offerings

AFA 2009 San Francisco Meetings Paper
Number of pages: 61 Posted: 25 Mar 2008 Last Revised: 03 May 2017
Working Paper Series
Tyler R. Henry and Jennifer L. Koski
Miami University and University of Washington - Michael G. Foster School of Business
Downloads 986
30.

Family Control of Firms and Industries

Financial Management, Forthcoming
Number of pages: 60 Posted: 25 Mar 2008 Last Revised: 21 Dec 2011
Working Paper Series
Belen Villalonga and Raphael ('Raffi") H. Amit
New York University (NYU) - Leonard N. Stern School of Business and The Wharton School UPENN
Downloads 922
31.

Intermediated Investment Management

Journal of Finance, Vol. 66, No. 3, pp. 947-980, 2011, EFA 2007 Ljubljana Meetings Paper, AFA 2009 San Francisco Meetings Paper
Number of pages: 47 Posted: 25 Mar 2008 Last Revised: 18 Mar 2012
Accepted Paper Series
Neal Stoughton, Youchang Wu and Josef Zechner
Vienna University of Economics and Business, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 922
32.

Market Selection

AFA 2009 San Francisco Meetings Paper
Number of pages: 54 Posted: 25 Mar 2008 Last Revised: 16 Nov 2016
Working Paper Series
Leonid Kogan, Stephen A. Ross, Jiang Wang and Mark M. Westerfield
Massachusetts Institute of Technology (MIT) - Sloan School of Management, Massachusetts Institute of Technology (MIT) - Sloan School of Management, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Washington

Multiple version iconThere are 3 versions of this paper

Downloads 827
33.

Stochastic House Appreciation and Optimal Mortgage Lending

AFA 2009 San Francisco Meetings Paper
Number of pages: 59 Posted: 25 Mar 2008 Last Revised: 20 Aug 2011
Working Paper Series
Tomasz Piskorski and Alexei Tchistyi
Columbia Business School - Finance and Economics and Cornell SC Johnson College of Business
Downloads 729
34.

Is Noise Trading Cancelled Out by Aggregation?

Yale ICF Working Paper No. 08-10, AFA 2009 San Francisco Meetings Paper
Number of pages: 38 Posted: 25 Mar 2008 Last Revised: 08 Feb 2010
Working Paper Series
Hongjun Yan
DePaul University
Downloads 674
35.

Economic Implications of Nonlinear Pricing Kernels

AFA 2009 San Francisco Meetings Paper, Management Science, vol 63, number 10, 2017
Number of pages: 41 Posted: 25 Mar 2008 Last Revised: 01 Jun 2021
Accepted Paper Series
Caio Almeida and René Garcia
Princeton University and Université de Montréal
Downloads 641
36.

Sheltering Corporate Assets from Political Extraction

AFA 2009 San Francisco Meetings Paper
Number of pages: 51 Posted: 25 Mar 2008 Last Revised: 29 Jun 2009
Working Paper Series
Lorenzo Caprio, Mara Faccio and John J. McConnell
Università Cattolica del Sacro Cuore, Milano, Purdue University - Krannert School of Management and Purdue University
Downloads 630
37.

Reduced-Form Valuation of Callable Corporate Bonds: Theory and Evidence

AFA 2009 San Francisco Meetings Paper
Number of pages: 44 Posted: 25 Mar 2008 Last Revised: 12 Oct 2008
Working Paper Series
Robert A. Jarrow, Haitao Li, Sheen Liu and Chunchi Wu
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Michigan - Stephen M. Ross School of Business, Washington State University - Vancouver and SUNY at Buffalo - School of Management

Multiple version iconThere are 2 versions of this paper

Downloads 473
38.

Liquidity Risk and Syndicate Structure

AFA 2009 San Francisco Meetings Paper, 21st Australasian Finance and Banking Conference 2008 Paper
Number of pages: 47 Posted: 25 Mar 2008
Working Paper Series
Evan Gatev and Philip E. Strahan
Simon Fraser University and Boston College - Department of Finance

Multiple version iconThere are 2 versions of this paper

Downloads 453
39.

Do Banks Price Their Informational Monopoly?

EFA 2007 Ljubljana Meetings Paper, AFA 2009 San Francisco Meetings Paper
Number of pages: 48 Posted: 25 Mar 2008 Last Revised: 29 Mar 2008
Working Paper Series
Galina Hale and João A. C. Santos
University of California, Santa Cruz and Federal Reserve Bank of New York

Multiple version iconThere are 2 versions of this paper

Downloads 444
40.

Real Investment, Risk and Risk Dynamics

AFA 2009 San Francisco Meetings Paper
Number of pages: 46 Posted: 25 Mar 2008 Last Revised: 12 Jun 2009
Working Paper Series
Ilan Cooper and Richard Priestley
BI Norwegian Business School and Norwegian Business School
Downloads 390
41.

Investment Horizon of the Bond Investor Base and the Leverage of the Firm

AFA 2009 San Francisco Meetings Paper
Number of pages: 54 Posted: 25 Mar 2008 Last Revised: 12 Oct 2010
Working Paper Series
Massimo Massa, Ayako Yasuda and Lei Zhang
INSEAD - Finance, University of California, Davis - Graduate School of Management and City University of Hong Kong (CityU)

Multiple version iconThere are 2 versions of this paper

Downloads 354
42.

Crisis Resolution and Bank Liquidity

AFA 2009 San Francisco Meetings Paper
Number of pages: 50 Posted: 25 Mar 2008 Last Revised: 11 Nov 2010
Working Paper Series
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
ProfessorNew York University - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University

Multiple version iconThere are 5 versions of this paper

Downloads 329
43.

Voluntary Disclosures and the Exercise of CEO Stock Options

AFA 2009 San Francisco Meetings Paper
Number of pages: 62 Posted: 25 Mar 2008 Last Revised: 20 Jun 2009
Working Paper Series
Paul Brockman, Xiumin Martin and Andy Puckett
Lehigh University - College of Business, Washington University in Saint Louis - Olin School of Business and University of Tennessee, Knoxville
Downloads 325
44.

Shareholders' Say on Pay: Does it Create Value?

AFA 2009 San Francisco Meetings Paper
Number of pages: 58 Posted: 25 Mar 2008 Last Revised: 28 Jul 2011
Working Paper Series
Jie Cai and Ralph A. Walkling
Drexel University and Drexel University - Lebow College of Business

Multiple version iconThere are 3 versions of this paper

Downloads 283
45.

The Role of Options in Long Horizon Portfolio Choice

AFA 2009 San Francisco Meetings Paper
Number of pages: 44 Posted: 25 Mar 2008
Working Paper Series
Sinan Tan
Fordham University - Gabelli School of Business
Downloads 178
46.

Does Favorable Investor Sentiment Lead to Costly Decisions to Go Public?

Journal of Corporate Finance, Forthcoming
Posted: 25 Mar 2008 Last Revised: 17 Apr 2015
Accepted Paper Series
Azizjon Alimov and Wayne H. Mikkelson
IESEG School of Management LEM-CNRS UMR 9221 and University of Oregon - Department of Finance
47.

Are ETFs Replacing Index Mutual Funds?

AFA 2009 San Francisco Meetings Paper
Number of pages: 41 Posted: 24 Mar 2008 Last Revised: 17 Nov 2009
Working Paper Series
Jennifer C. Huang and Ilan Guedj
University of Texas at Austin - Department of Finance and Bates White, LLC
Downloads 3,223
48.

Do Non-Financial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers

Review of Finance, Forthcoming
Number of pages: 47 Posted: 24 Mar 2008 Last Revised: 28 Sep 2010
Working Paper Series
Huafeng (Jason) Chen, Marcin T. Kacperczyk and Hernan Ortiz-Molina
Fudan University - Fanhai International School of Finance (FISF), Imperial College London - Accounting, Finance, and Macroeconomics and University of British Columbia (UBC) - Sauder School of Business
Downloads 1,304
49.

Does Credit Competition Affect Small-Firm Finance?

Journal of Finance, Forthcoming
Number of pages: 81 Posted: 24 Mar 2008 Last Revised: 28 Jul 2009
Accepted Paper Series
Tara Rice and Philip E. Strahan
Bank for International Settlements (BIS) and Boston College - Department of Finance
Downloads 614
50.

CEO Deal-Making Activities and Compensation

AFA 2009 San Francisco Meetings Paper, Journal of Financial Economics (JFE), Forthcoming
Number of pages: 55 Posted: 24 Mar 2008 Last Revised: 24 Dec 2013
Accepted Paper Series
Eliezer M. Fich, Laura T. Starks and Adam S. Yore
Drexel University - Department of Finance, University of Texas at Austin - Department of Finance and University of Missouri at Columbia - Department of Finance
Downloads 560