NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

 

SUMMER INSTITUTE 2005

 

Corporate Finance

 

 Jeremy Stein and Steven Kaplan, Organizers

 

Royal Sonesta Hotel

5 Cambridge Parkway

Cambridge, Massachusetts

 

PRELIMINARY PROGRAM

 

MONDAY, AUGUST 1:

 

 

 8:30 am

Coffee and Pastries

 

 

SESSION 1:

Corporate Governance

 

 

 9:00 am

AUGUSTIN LANDIER, New York University

 

DAVID SRAER, CREST-INSEE

 

DAVID THESMAR, ENSAE-CREST

 

Bottom-Up Corporate Governance

 

 

 

Discussant: VINAY NAIR, University of Pennsylvania

 

 

 9:50 am

ULRIKE MALMENDIER, Stanford University and NBER

 

GEOFFREY TATE, University of Pennsylvania

 

Superstar CEO’s

 

 

 

Discussant: LUIGI ZINGALES, University of Chicago and NBER

 

 

10:40 am

Break

 

 

11:00 am

ULF AXELSON, Stockholm Institute for Financial Research

 

PER STROMBERG, University of Chicago and NBER

 

MICHAEL WEISBACH, University of Illinois and NBER

 

Why Are Buyouts Leveraged? The Financial Structure of Private Equity Funds

 

 

 

Discussant: ANTOINETTE SCHOAR, MIT and NBER

 

 

11:50 am

Lunch

 

 

SESSION 2:

Capital Structure

 

 

 1:00 pm

VIRAL ACHARYA, London Business School 

 

HEITOR ALMEIDA, New York University and NBER

 

MURILLO CAMPELLO, University of Illinois

 

Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

 

 

 

Discussant: MALCOLM BAKER, Harvard University and NBER

 

 

 1:50 pm

JOHN GRAHAM, Duke University

 

ALAN TUCKER, Pace University

 

Tax Shelters and Corporate Debt Policy

 

 

 

Discussant: MIHIR DESAI, Harvard University and NBER

 

 

  2:40 pm

Break

 

 

  3:00 pm

GORDON PHILLIPS, University of Maryland and NBER

 

ARMANDO GOMES, University of Pennsylvania

 

Why Do Public Firms Issue Private and Public Securities?

 

 

 

Discussant: JEFFREY WURGLER, New York University and NBER

 

 

  3:50 pm

SERGEY CHERNENKO, Harvard University

 

MICHAEL FAULKENDER and TODD MILBOURN, Washington University

 

Why Are Firms Using Interest Rate Swaps to Time the Yield Curve?

 

 

 

Discussant: BERNADETTE MINTON, Ohio State University

 

 

  4:40 pm

Adjourn

 

 

  6:00 pm

Clambake, Harvard Faculty Club, 20 Quincy Street, Cambridge, MA

 

 

TUESDAY, AUGUST 2:

 

 

  8:00 am

Coffee and Pastries

 

 

SESSION 3:

Banking

 

 

  8:30 am

ASIM IJAZ KHWAJA, Harvard University

 

ATIF MIAN, University of Chicago

 

Tracing the Impact of Bank Liquidity Shocks

 

 

 

Discussant:  DAVID SCHARFSTEIN, Harvard University and NBER

 

 

  9:20 am

MARIASSUNTA GIANNETTI, Stockholm School of Economics

 

STEVEN ONGENA, Norwegian School of Management

 

Financial Integration and Entrepreneurial Activity: Evidence from Foreign Bank Entry in Emerging Markets

 

 

 

Discussant:  PHILIP STRAHAN, Boston College and NBER

 

 

10:10 am

Break

 

 

10:25 am

JOSE LIBERTI, London Business School

 

How Does Organizational Form Matter? 

 

Communication, Distance and Soft Information

 

 

 

Discussant:  MITCH PETERSEN, Northwestern University and NBER

 

 

SESSION 4:

Liquidity Constraints

 

 

11:15 am

ANDREA EISFELDT and  ADRIANO RAMPINI, Northwestern University

 

New or Used? Investment with Credit Constraints

 

 

 

Discussant: JOSH RAUH, University of Chicago and NBER

 

 

12:05 pm

Lunch

 

 

 1:10 pm

JOSH COVAL, Harvard University and NBER

 

ERIK STAFFORD, Harvard University

 

Asset Fire Sales (and Purchases) in Equity Markets

 

 

 

Discussant: ANDREW METRICK, University of Pennsylvania and NBER

 

 

SESSION 5:

Explorations in Finance

 

 

 2:00 pm

MANJU PURI, Duke University and NBER

 

DAVID ROBINSON, Duke University

 

Optimism and Economic Choice

 

 

 

Discussant: PAOLA SAPIENZA, Northwestern University and NBER

 

 

 2:50 pm

Break

 

 

 3:10 pm

SENDHIL MULLAINATHAN and ANDREI SHLEIFER,

 

Harvard University and NBER

 

Persuasion in Finance

 

 

 

Discussant: OWEN LAMONT, Yale University and NBER

 

 

 4:00 pm

Adjourn

 

 

 

 

 

 

 

 

 

 

 

 

7/5/05