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2003 HKUST Finance Symposium December 14-16, 2003
Program
SUNDAY, DECEMBER 14
6:00 - 9:00 p.m.
Welcome Reception and Cocktail at Pacific Club
DAY 1 : MONDAY, DECEMBER 15
8:15 a.m. Pick up, Macro Polo Prince
9:00 - 9:15 a.m. Coffee and Conference Registration, Room 7336, Council Chamber, HKUST
9:15 - 9:20 a.m. Opening remarks by Professor K.C. Chan, Dean, School of Business and Management
SESSION I: ECONOMIC GROWTH, INDUSTRY EVOLUTION, AND FINANCE
Session Chair: Tim Riddiough, University of Wisconsin-Madison
9:20 - 10:10 a.m. Economic Growth and Equity Returns
Jay Ritter, University of Florida
Discussant: K.C. John Wei, HKUST
10:10 - 11:00 a.m. The Industry Life-Cycle and Financial Dependence: Does Firm Organization Matter?
Gordon M. Phillips, University of Maryland and NBER
Vojislav Maksimovic, University of Maryland
Discussant: Vidhan Goyal, HKUST
11:00 - 11:30 a.m. Coffee Break
11:30 - 12:20 p.m. Collateral channel and credit cycle: evidence from the land-price collapse in Japan
Jie Gan, HKUST
Discussant: Chris James, University of Florida
12:20 - 2:00 p.m. Lunch, G/F Chinese Restaurant, HKUST
SESSION II: INFORMATION, MARKET TIMING, AND FINANCE
Session Chair: Jay Ritter, University of Florida
2:00 - 2:50 p.m. Market Reactions to Tangible and Intangible Information
Kent Daniel, Northwestern University
Sheridan Titman, University of Texas
Discussant: Wei Xiong, Princeton University
2:50 - 3:40 p.m. What a Difference a Month Makes: Stock Analysts Valuations Following Initial Public Offerings
Joel Houston, University of Florida
Chris James, University of Florida
Jason Karceski, University of Florida
Discussant: N. Prabhala, University of Maryland
3:40 - 4:10 p.m. Coffee Break
4:10 - 5:00 p.m.
What Drives Merger Waves?
Jarrad Harford, University of Washington
Discussant: Vidhan Goyal, HKUST
Conference Dinner (for conference speakers only)
5:15 p.m.
Leave Piazza to The Peak
6:00 - 9:00 p.m.
Dinner at Café Deco, The Peak
9:15 p.m.
Depart to Marco Polo/HKUST
DAY 2: TUESDAY, DECEMBER 16
9:00 - 9:20 a.m. Coffee
SESSION III: FINANCIAL CONSTRAINTS AND CAPITAL STRUCTURE
Session Chair: Henri Servaes, London Business School and CEPR
9:20 - 10:10 a.m.
Theory and Evidence on the Resolution of Financial Distress
David Brown, University of Florida
Brian Ciochetti, University of North Carolina at Chapel Hill
Tim Riddiough, University of Wisconsin-Madison
Discussant: Jie Gan, HKUST
10:10 - 11:00 a.m.
Hedging, Speculation and Shareholder Value
Tim Adam, HKUST
Chitru Fernando, University of Oklahoma
Discussant: Gordon Phillips, University of Maryland
11:00 - 11:20 a.m. Coffee Break
11:20 - 12:10 a.m.
Financial Constraints, Hurdle Rates, and Investment Activity: Implications From a Multi-Period Model
Sudipto Dasgupta, HKUST
Kunal Sengupta, University of Sydney
Discussant: Rajesh Aggarwal, University of Virginia
12:100 - 1:40 p.m. Lunch, University Center Bistro, HKUST
SESSION IV: GOVERNANCE AND CONTROL
Session Chair: Chris James, University of Florida
1:40 - 2:30 p.m.
Executive Stock Option Repricing: The Cost to Firms and Value to Executives
N. K. Chidambaran, Rutgers University
N. Prabhala, University of Maryland
Discussant: Jarrad Harford, University of Oregon
2:30 - 3:20 p.m. Changes in Equity Ownership and Changes in Firm Value
Karl Lins, University of Utah
John McConnell, Purdue University
Henri Servaes, London Business School and CEPR
Discussant: Sudipto Dasgupta, HKUST
3:20 - 3:40 p.m. Coffee Break
3:40 - 4:30 p.m.
Access, Common Agency and Board Size
Rajesh Aggarwal, University of Virginia
Dhananjay Nanda, Duke University
Discussant: Yi Lin Wu, HKUST
4:30 - 5:20 p.m. Executive Compensation and Short-termist Behavior in Speculative Markets
Patrick Bolton, Princeton University
José Scheinkman, Princeton University
Wei Xiong, Princeton University
Discussant: Jiang Luo, HKUST
5:20 - 5:30 p.m. Closing Remarks by Program Director
End of Conference
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