December 3-4, 2004
Fisher College of Business, Columbus, Ohio
the Federal Reserve Bank of New York
the Journal of Financial Economics
(JFE), and
the
of the Ohio State University
Organizers:
Hamid Mehran, Federal Reserve Bank of New York
René Stulz, Fisher College of Business, The Ohio State University
The Dice Center gratefully acknowledges financial help from the Shackelford
Family Foundation.
Overview
This conference aims to promote a better understanding of the economic relevance
of conflicts of interest in financial intermediaries by examining: whether the
conflicts were particularly worse at the end of the 1990s; how conflicts are
managed within financial institutions; how contracting, legal, and reputation
mechanisms affect conflicts; and the role of regulatory authorities and regulations
in overseeing conflicts.
Friday December 3
7:15 am Registration and Continental Breakfast
________________________________________________________________________
8: 00 am Welcoming remarks
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Session 1: Analyst Behavior
8:15 am
Daniel J. Bradley, Clemson University
Bradford D. Jordan, University of Kentucky
Jay R. Ritter, University of Florida
Analyst Behavior Following IPOs: The "Bubble
Period" Evidence
Xia Chen, University of British Columbia
Analyst ranking, affiliation, and the market reaction to stock recommendations for IPOs
Brad M. Barber, University of California at Davis
Reuven Lehavy, University of Michigan
Brett Trueman, University of California at Los Angeles
Comparing the Stock Recommendation Performance
of Investment Banks and Independent Research Firms
Discussant: Maureen McNichols, Stanford University
10: 15 am Break
10: 45 am
Ulrike Malmendier, Stanford University
Devin Shanthikumar, Harvard Business School
Are Investors Naïve About Incentives?
Discussant: Paul Schultz, University of Notre Dame
Amanda Cowen, Harvard Business School
Boris Groysberg, Harvard Business School
Paul Healy, Harvard Business School
Which types of analyst firms make more optimistic
forecasts?
Discussant: Richard G. Sloan, University of Michigan
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12: 30 pm Lunch
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Session 2: Banking Relationships
2:00 pm
Jonathan Reuter, University of Oregon
Are IPO Allocations For Sale? Evidence from Mutual
Funds
John M. Griffin, University of Texas at Austin
Jeffrey H. Harris, University of Delaware
Selim Topaloglu, Queen's University
Why are IPO Investors Net Buyers through Lead Underwriters?
Discussant: Reena Aggarwal, Georgetown University
Patrick Bolton, Princeton University
Xavier Freixas, Universitat Pompeu Fabra
Joel Shapiro, Universitat Pompeu Fabra
Conflicts of Interest, Information Provision, and
Competition in Banking
Discussant: Doug Diamond, University of Chicago
3: 45 pm Break
4: 15 pm
Luc Laeven, The World Bank
Ross Levine, University of Minnesota
Is There a Diversification Discount in Financial
Conglomerates?
Discussant: Vojislav Maksimovic, University of Maryland
Sreedhar Bharath, University of Michigan
Sandeep Dahiya, Georgetown University
Anthony Saunders, New York University
Anand Srinivasan, University of Georgia
So what do I get? A bank's view of lending relationships
Discussant: Christopher James, University of Florida
________________________________________________________________________
7 pm Reception and Dinner
Distinguished Speaker: Chester Spatt, Securities Exchange Commission
________________________________________________________________________
Saturday, December 4
7:30 am Continental Breakfast
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Session 3: Institutional investors and the money management industry
8:15 am
Ajay Khorana, Georgia Institute of Technology
Henri Servaes, London Business School
Conflicts of Interest and Competition in the Mutual Fund Industry
Ajay Khorana, Georgia Institute of Technology
Peter Tufano, Harvard Business School
Lei Wedge, Georgia Institute of Technology
Board Structure, Mergers and Shareholder Wealth: A Study of the Mutual Fund Industry
Discussant: Russell Wermers, University of Maryland
Alexander Ljungqvist, New York University
Felicia Marston, University of Virginia
Laura T. Starks, University of Texas at Austin
Kelsey D. Wei, SUNY at Binghamton
Hong Yan, University of Texas at Austin
Conflicts of Interest in Sell-Side Research and
the Moderating Role of Institutional Investors
Discussant: S.P.Kothari, MIT
10:15 am Break
10:45 am
E. Han Kim, University of Michigan
Jerry Davis, University of Michigan
Would Mutual Funds Bite the Hand that Feeds Them?
Conflicts of Interest in Proxy Voting and Business Ties
Discussant: Bernard S. Black, University of Texas at Austin and Stanford University
Eric Zitzewitz, Stanford University
How Widespread is Late Trading in Mutual Funds?
Discussant: Edwin Elton, New York University
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12: 30 pm Lunch and Adjournment
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