13th Mitsui Finance Symposium on Global Financial Markets Value Creation: Financing and Organizing the Firm

Stephen M. Ross School of Business
University of Michigan

Ann Arbor, MI
June 8 – 9, 2007

Keynote Address: Jerry York, CEO, Harwinton Capital Corporation

Friday, June 8
Session 1:  Innovation
Chair:  E. Han Kim (University of Michigan)
Bankruptcy Codes and Innovation
Krishnamurthy Subramanian (Emory University) and Viral Acharya (London Business School)
Discussant: Amir Sufi (University of Chicago)
Dynamic Competition, Innovation and Strategic Financing
Matthew Spiegel (Yale University) and Heather Tookes (Yale University)
Discussant: Uday Rajan (University of Michigan)

 Session 2:  Ownership and Control
Chair: Sugato Bhattacharyya (University of Michigan)
Conflicts of Interest among Shareholders: The Case of  Corporate Acquisitions
Dirk Jenter (MIT), Jarrad Harford (University of Washington), and Kai Li (University of British Columbia)
Discussant: Frederik Schlingemann (University of Pittsburgh)
Why Do Public Firms Issue Private and Public Securities? 
Gordon Phillips (University of Maryland) and Armando Gomes (Washington University of St. Louis)
Discussant: Michael Roberts (University of Pennsylvania)

Session 3:  Agency Costs
Chair: Gautam Kaul (University of Michigan)
Overinvestment, Corporate Governance, and Dividend Initiations 
Micah Officer (University of Southern California)
Discussant: Gustavo Grullon (Rice University)
Agency Problems at Dual-Class Companies 
Ron Masulis (Vanderbilt University), Cong Wang (Vanderbilt University), and Fei Xie (San Diego State University)
Discussant: Anil Shivdasani (University of North Carolina)

Session 4:  Compensation
Chair: Tyler Shumway (University of Michigan)
Executive Pay, Hidden Compensation, and Managerial Entrenchment
Camelia Kuhnen (Northwestern University) and Jeffrey Zwiebel (Stanford University)
Discussant: Jaime Zender (University of Colorado)
Neighborhood Matters: The Impact of  Location on Broad Based Stock Option Plans
Simi Kedia (Rutgers University) and Shiva Rajgopal (University of Washington)
Discussant: Paul Oyer (Stanford University)

Saturday, June 9
Session 5:  Labor and Finance
Chair: Lu Zhang (University of Michigan)
Labor Market Institutions and Global Strategic Adaptation: Evidence from Lincoln Electric
Jordan Siegel (Harvard University) and Barbara Zepp Larson (Harvard University)
Discussant: Paola Sapienza (Northwestern University)
ESOP Fables: The Impact of Employee Stock Ownership Plans on Labor Disputes
Hamid Mehran (Federal Reserve Bank of New York), Peter Cramton (University of Maryland), and Joseph Tracy (Federal Reserve Bank of New York)
Discussant: Yaniv Grinstein (Cornell University)

Session 6:  Financial Policy
Chair: M. P. Narayanan (University of Michigan)
Temporary vs. Permanent Shocks: Explaining Corporate Financial Policies
Ilya Strebulaev (Stanford University) and Alexander Gorbenko (Stanford University)
Discussant: Dmitry Livdan (Texas A&M University)
Corporate Financial and Investment Policies When Future Financing Is Not Frictionless
Michael Weisbach (University of Illinois), Heitor Almeida (New York University), and Murillo Campello (University of Illinois)
Discussant: Antonio Mello (University of Wisconsin)