Sponsored by UNC’s Wachovia Center for Corporate Finance
and Duke Global Capital Markets Center

September 30-October 1, 2004

Durham/Chapel Hill, NC

Program

Thursday,  September 30
Location:  Duke University

Session 1:  2-3:40 p.m.
Location: Duke - Fuqua School of Business - Conference Room 11 and 12

Accounting and Finance
Session Chair: Michael Fishman (Northwestern)

• “Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments ”
           Michael Greenstone (MIT And NBER)
           Paul Oyer (Stanford University and NBER)
           Annette Vissing-Jørgensen (Northwestern University and NBER)

                 Discussant:  Jeff Coles (Arizona State University)

•  “Investment Banking and Analyst Objectivity:  Evidence from Forecasts and Recommendations of Analysts Affiliated with M&A Advisors”
           Adam C. Kolasinski (MIT)
           S. P. Kothari (MIT)

                 Discussant:  Richard Willis (Duke)

Session 2:   4-5:40 p.m.

Managerial Decisions
Session Chair:  Steve Kaplan (University of Chicago)

• “Limits of Arbitrage and Corporate Financial Policy”
           Massimo Massa (INSEAD)
           Urs Peyer (INSEAD)
           Zhenxu Tong (INSEAD)

                 Discussant: Ulrike Malmendier (Stanford)

• “How are Firms Sold?”
           Audra Boone (College of William & Mary)
           J. Harold Mulherin (Claremont McKenna College)

                 Discussant: David Robinson (Duke)

5:45-6:30 p.m.   Reception

6:30-8:30 p.m.   Dinner
               Dinner Speaker:  David Yermack (NYU), “Flights of Fancy:  Corporate Jets, CEO Perquisites, and Inferior Shareholder Returns”    

Friday, October 1
Location:  UNC

Breakfast: 7:30-8:10 a.m.
8:15 am: Bus departs for UNC Kenan-Flagler Business School

Session 3:   9-10:40 a.m.
Room: 204 Kenan Center

Ownership Structure
Session Chair: René Stulz (Ohio State University)

• “A Theory of Pyramidal Ownership and Family Business Groups”
           Heitor Almeida (NYU)
           Daniel Wolfenzon (NYU)

                 Discussant: Matthias Kahl (UNC)

• “How Do Family Ownership, Management, and Control Affect Firm Value?”
           Belén Villalonga (Harvard Business School)
           Raphael Amit (University of Pennsylvania) 

                 Discussant:  Yiorgos Allayannis (Virginia)

Session 4: 11 a.m. -12:40 p.m.
Room: 204 Kenan Center

Corporate Governance
Session Chair: Ken French (Dartmouth University)

• “Mixing Family With Business:  A Study of Thai Business Groups and the Families Behind Them”
           Marianne Bertrand (University of Chicago, NBER and CEPR)
           Simon Johnson (MIT and NBER)
           Krislert Samphantharak (UC San Diego)
           Antoinette Schoar (MIT, NBER, and CEPR)

                 Discussant:  Utpal Bhattacharyra (Indiana University)

• “Determinants of the Size and Structure of Corporate Boards: 1935-2000”
           Kenneth Lehn (University of Pittsburgh)
           Sukesh Patro (University of Pittsburgh)
           Mengxin Zhao (Bentley College)

                 Discussant:  David Denis (Purdue University)

12:45-1:45 p.m.  Lunch

Session 5: 1:50 - 4:20 p.m.
Room: 204 Kenan Center

Corporate Diversification and Internal Capital Markets
Session Chair: David Scharfstein (Harvard Business School)

• “Shelters From the Storm:  Multinational and Local Firm Responses to Currency Crises”
           Mihir A. Desai (Harvard University and NBER)
           C. Fritz Foley (University of Michigan)
           Kristin J. Forbes (MIT and NBER)

                 Discussant:  Greg Brown (UNC)

•  “The Industry Life-Cycle and Acquisitions and Investment:  Does Firm Organization Matter?”
           Vojislav Maksimovic (University of Maryland)
           Gordon Phillips (University of Maryland and NBER)

                 Discussant: Michael Lemmon (University of Utah)

• “Stock Market Valuations and Corporate Investment:  Evidence from FDI Flows”
           Malcolm Baker (Harvard Business School and NBER)
           C. Fritz Foley (University of Michigan)
           Jeffrey Wurgler (NYU)

                 Discussant:  Henri Servaes (London Business School)

Conference ends at 4:20 p.m.

4:30 pm: Shuttle departs to RDU airport

4:30-5:30 pm: Wine and cheese in Kenan Lounge