Full papers appear on line only.Authorsí 10-page summaries will be available at the meeting

 

Authors, please upload your paper here.

 

 

 

NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

 

 

 

SUMMER INSTITUTE 2009

 

 

 

Corporate Finance Workshop

 

 

 

Raghuram G. Rajan and Amir Sufi, Organizers

 

 

 

July 6-7, 2009

 

 

 

Royal Sonesta Hotel

 

Ballroom A

 

40 Edwin H. Land Blvd.

 

Cambridge, MA

 

 

 

PROGRAM

 

 

 

MONDAY, JULY 6:

 

 

8:30 am

Coffee and Pastries

 

 

 

Session: Disclosure

 

 

9:00 am

CHRISTIAN LEUZ, University of Chicago and NBER

 

CATHERINE SCHRAND, University of Pennsylvania

 

Disclosure and the Cost of Capital: Evidence from Firmsí Responses to the Enron Shock

 

 

 

Discussant:PAOLA SAPIENZA, Northwestern University

 

 

10:00 am

Break

 

 

 

Session: Corporate Theory

 

 

10:20 am

OLIVER HART, Harvard University and NBER

 

BENGT HOLMSTROM, MIT and NBER

 

A Theory of Firm Scope

 

 

 

Discussant:DOUGLAS DIAMOND, University of Chicago and NBER

 

 

11:10 am

ULF AXELSON, Stockholm School of Economics and NBER

 

PHILIP BOND, University of Pennsylvania

 

Investment Banking Careers

 

 

 

Discussant:CAMELIA KUHNEN, Northwestern University

 

 

12:00 pm

Lunch

 

 

1:20 pm

Session: Corporate Debt

 

 

 

DARREN KISGEN, Boston College

 

PHILIP STRAHAN, Boston College and NBER

 

Do Regulations Based on Credit Ratings Affect a Firmís Cost of Capital?

 

 

 

ANDREW ELLUL, Indiana University

 

CHOTIBHAK LOTIKASTHIRA, University of North Carolina

 

CHRISTIAN LUNDBLAD, University of North Carolina

 

Regulatory Pressure and Fire Sales in the Corporate Bond Market

 

 

 

Discussant for both papers:MICHAEL ROBERTS, University of Pennsylvania

 

 

2:30 pm

Break

 

 

2:50 pm

Session: Sovereign Wealth Funds

 

 

 

NUNO FERNANDES, IMD

 

Sovereign Wealth Funds: Investment Choices and Implications around the World

 

 

 

SHAI BERNSTEIN, Harvard University

 

JOSH LERNER, Harvard University and NBER

 

ANTOINETTE SCHOAR, MIT and NBER

 

The Investment Strategies of Sovereign Wealth Funds

 

 

 

Discussant for both papers:RANDALL MORCK, University of Alberta and NBER

 

 

4:00 pm

Session: Behavioral Corporate Finance

 

 

 

MALCOLM BAKER, Harvard University and NBER

 

XIN PAN, Harvard University

 

JEFFREY WURGLER, New York University and NBER

 

A Reference Point Theory of Mergers and Acquisitions

 

 

 

Discussant:GORDON PHILLIPS, University of Maryland and NBER

 

 

4:50 pm

Adjourn

 

 

TUESDAY, JULY 7:

 

 

8:20 am

Coffee and Pastries

 

 

 

Session: Corporate Governance

 

 

8:50 am

ASHWINI AGRAWAL, New York University

 

The Impact of Investor Protection Law on Corporate Policy: Evidence from the Blue Sky Laws

 

 

 

Discussant:DIRK JENTER, Stanford University and NBER

 

 

9:40 am

FRANCESCA CORNELLI, London Business School

 

ZBIGNIEW KOMINEK, European Bank for Reconstruction and Development

 

ALEXANDER LJUNGQVIST, New York University

 

Monitoring Managers: Does It Matter?

 

 

 

Discussant:DANIEL PARAVISINI, Columbia University

 

 

10:30 am

Break

 

 

10:50 am

Session: Household Finance

 

 

 

ALBERTO ALESINA, Harvard University and NBER

 

FRANCESCA LOTTI, Bank of Italy

 

PAOLO EMILIO MISTRULLI, Bank of Italy

 

Do Women Pay More for Credit? Evidence from Italy

 

 

 

MARIANNE BERTRAND, University of Chicago and NBER

 

ADAIR MORSE, University of Chicago

 

Information Disclosure, Cognitive Biases, and Payday Borrowing (not online)

 

 

 

Discussant for both papers: SHAWN COLE, Harvard University

 

 

12:00 n

Adjourn

 

 

1:15 pm

Project on Market Institutions and Financial Market Risk

 

 

 

 

 

 

 

 

 

 

 

6/20/09