10th Mitsui Life Symposium on Global Financial Markets Institutional Investors: Issues in Asset Management and Governance

Ross School of Business
University of Michigan
Ann Arbor, Michigan
June 3 - 4, 2005

Keynote Address: Martin Gruber, Nomura Professor of Finance at New York University

Friday, June 3
Session 1
Moderator: E. Han Kim, University of Michigan

Board Structure, Mergers and Shareholder Wealth: A Study of the Mutual Fund Industry
Ajay Khorana (Georgia Institute of  Technology), Peter Tufano (Harvard Business School and NBER), Lei Wedge (Georgia Institute of Technology)
Discussant: Mike Weisbach (University of Illinois)

The Selection and Termination of Investment Managers by Plan Sponsors
Amit Goyal (Emory University), Sunil Wahal (Arizona State University)
Discussant: Charles Hadlock (Michigan State University)

Session 2
Moderator: Vikram Nanda, University of Michigan

Do Board Members Pay Attention When Institutional Investors ‘Just Vote No’?
Diane Del Guercio (University of Oregon), Laura Wallis (University of Tennessee), Tracie Woidtke (University of Tennessee)
Discussant:  Jay Hartzell (University of Texas)

Monitoring: Which Institutions Matter?
Xia Chen (University of British Columbia), Jarrad Harford (University of Washington), Kai Li (University of British Columbia)
Discussant:  Laura Field (Penn State University)

Session 3
Moderator: Amy Dittmar, University of Michigan

Participation Costs and the Sensitivity of Fund Flows to Past Performance
Jennifer Huang (University of Texas), Kelsey D. Wei (Binghamton University SUNY), Hong Yan (University of Texas)
Discussant: Erik Sirri (Babson College)

Saturday, June 4
Session 4
Moderator: M.P. Narayanan, University of Michigan

Who Loses from Trade? Evidence from Taiwan
Brad Barber (University of California- Davis), Yi-Tsung Lee (National Chenchi University), Yu-Jane Liu (National Chengchi University), Terry Odean (University of California – Berkeley)
Discussant: Josh Coval (Harvard University)

Change is Good or the Disposition Effect among Mutual Fund Managers
Li Jin (Harvard University) and Anna Scherbina (Harvard University)
Discussant: Bing Han (Ohio State University)

Session 5
Moderator: Sugato Bhattacharyya, University of Michigan

Competition, Incentives and Herding in the Mutual Fund Industry
Massimo Massa (INSEAD) and Rajdeep Patgiri (INSEAD)
Discussant: Jaime Zender (University of Colorado)

Outsourcing Mutual Fund Management: Firm Boundaries, Incentives and Performance
Joseph Chen (University of Southern California), Harrison Hong (Princeton University), Jeffrey D. Kubik (Syracuse University)
Discussant: Clemens Sialm (University of Michigan)

Lunch Panel: Issues in the Mutual Fund Industry – Perspectives from Inside Out

Brian Reid (Investment Company Institute)
Rudi Schadt (OppenheimerFunds, Inc.)


Session 6
Moderator: Gautam Kaul, University of Michigan

The Economics of Mutual-Fund Brokerage: Evidence from the Cross Section of Investment Channels
Susan Christoffersen (McGill University and CIRANO), Richard Evans (Boston College), David Musto (University of Pennsylvania)
Discussion: Lu Zheng (University of Michigan)

Madison Avenue Meets Wall Street: Mutual Fund Families, Competition and Advertising
Steven Gallaher (University of Texas), Ron Kaniel (Duke University), Laura Starks (University of Texas)
Discussant: Eric Zitzewitz (Stanford University)

Session 7
Moderator: David Brophy, University of Michigan

Investing in Mutual Funds When Returns are Predictable
Doron Avramov (University of Maryland) and Russ Wermers (University of Maryland)
Discussant: Klaas Baks (Emory University)