ÿþ<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=Content-Type content="text/html; charset=unicode"> <meta name=ProgId content=Word.Document> <meta name=Generator content="Microsoft Word 14"> <meta name=Originator content="Microsoft Word 14"> <link rel=File-List href="program_files/filelist.xml"> <title>TRIO Conference</title> <!--[if gte mso 9]><xml> <o:DocumentProperties> <o:Author>maranjian</o:Author> <o:LastAuthor>maranjian</o:LastAuthor> <o:Revision>42</o:Revision> <o:TotalTime>58</o:TotalTime> <o:Created>2017-03-08T14:02:00Z</o:Created> <o:LastSaved>2017-06-12T11:55:00Z</o:LastSaved> <o:Pages>1</o:Pages> <o:Words>404</o:Words> <o:Characters>2306</o:Characters> <o:Company>Your Company</o:Company> <o:Lines>19</o:Lines> <o:Paragraphs>5</o:Paragraphs> <o:CharactersWithSpaces>2705</o:CharactersWithSpaces> <o:Version>14.00</o:Version> </o:DocumentProperties> <o:OfficeDocumentSettings> <o:AllowPNG/> </o:OfficeDocumentSettings> </xml><![endif]--> <link rel=themeData href="program_files/themedata.thmx"> <link rel=colorSchemeMapping href="program_files/colorschememapping.xml"> <!--[if gte mso 9]><xml> <w:WordDocument> <w:Zoom>120</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-US</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> <w:SplitPgBreakAndParaMark/> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="&#45;-"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true" DefSemiHidden="true" DefQFormat="false" DefPriority="99" LatentStyleCount="267"> <w:LsdException Locked="false" Priority="0" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Normal"/> <w:LsdException Locked="false" Priority="9" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="heading 1"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/> <w:LsdException Locked="false" Priority="39" Name="toc 1"/> <w:LsdException Locked="false" Priority="39" Name="toc 2"/> <w:LsdException Locked="false" Priority="39" Name="toc 3"/> <w:LsdException Locked="false" Priority="39" Name="toc 4"/> <w:LsdException Locked="false" Priority="39" Name="toc 5"/> <w:LsdException Locked="false" Priority="39" Name="toc 6"/> <w:LsdException Locked="false" Priority="39" Name="toc 7"/> <w:LsdException Locked="false" Priority="39" Name="toc 8"/> <w:LsdException Locked="false" Priority="39" Name="toc 9"/> <w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/> <w:LsdException Locked="false" Priority="10" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Title"/> <w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/> <w:LsdException Locked="false" Priority="11" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/> <w:LsdException Locked="false" Priority="22" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Strong"/> <w:LsdException Locked="false" Priority="20" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/> <w:LsdException Locked="false" Priority="59" SemiHidden="false" UnhideWhenUsed="false" Name="Table Grid"/> <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/> <w:LsdException Locked="false" Priority="1" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 1"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 1"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 1"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/> <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/> <w:LsdException Locked="false" Priority="34" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/> <w:LsdException Locked="false" Priority="29" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Quote"/> <w:LsdException Locked="false" Priority="30" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 1"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 1"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 2"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 2"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 2"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 2"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 2"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 3"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 3"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 3"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 3"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 3"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 4"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 4"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 4"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 4"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 4"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 5"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 5"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 5"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 5"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 5"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 6"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 6"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 6"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 6"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 6"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/> <w:LsdException Locked="false" Priority="19" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/> <w:LsdException Locked="false" Priority="21" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/> <w:LsdException Locked="false" Priority="31" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/> <w:LsdException Locked="false" Priority="32" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/> <w:LsdException Locked="false" Priority="33" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Book Title"/> <w:LsdException Locked="false" Priority="37" Name="Bibliography"/> <w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/> </w:LatentStyles> </xml><![endif]--> <style> <!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast;} a:link, span.MsoHyperlink {mso-style-priority:99; color:blue; text-decoration:underline; text-underline:single;} a:visited, span.MsoHyperlinkFollowed {mso-style-noshow:yes; mso-style-priority:99; color:purple; text-decoration:underline; text-underline:single;} span.confpapertitle {mso-style-name:confpapertitle; mso-style-unhide:no; font-style:italic;} span.st {mso-style-name:st; mso-style-unhide:no;} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt;} @page WordSection1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.WordSection1 {page:WordSection1;} --> </style> <!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} </style> <![endif]--><!--[if gte mso 9]><xml> <o:shapedefaults v:ext="edit" spidmax="1026"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'> <div class=WordSection1> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=627 style='width:470.25pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'><!--<div id="topstuff" style="text-align:center"> -->Authors, please upload your paper <a href="http://www.nber.org/confsubmit/backend/form?id=TRIO17">here</a>. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=625 style='width:468.75pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center'><span style='color:black'>26th NBER-TCER-CEPR Conference on<br> </span><i style='mso-bidi-font-style:normal'>Corporate Governance<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></i><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align: center'><span style='color:black'>Organizers:<span style='mso-spacerun:yes'>  </span>Franklin Allen, Shin-ichi Fukuda, and Takeo Hoshi</span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align: center'><span style='mso-fareast-font-family:"Times New Roman"'>June 22, 2017 <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center'>University of Tokyo<br> Kojima Hall<br> Hongo, Bunkyo-ku <br> Tokyo, Japan<span style='mso-fareast-font-family:"Times New Roman"'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> </table> </td> </tr> <tr style='mso-yfti-irow:2'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center'><b><u><span style='mso-fareast-font-family:"Times New Roman"'>Program</span></u></b><span style='mso-fareast-font-family:"Times New Roman"'> <o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br> <b style='mso-bidi-font-weight:normal'><a href="partlist.pdf">List of Participants</a><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></b></span></p> <table class=MsoNormalTable border=0 cellpadding=0 style='mso-cellspacing:1.5pt; mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td colspan=2 valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><u><span style='mso-fareast-font-family:"Times New Roman"'><!-- </div> -->Thursday, June 22<o:p></o:p></span></u></b></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=815 colspan=2 valign=top style='width:610.95pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'><br> Chair:<span style='mso-spacerun:yes'>  </span>Takeo Hoshi, Stanford University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>10:00 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Franklin Allen, Imperial College London, CEPR, and NBER<br> Elena Carletti, Bocconi University and CEPR<br> Yaniv Grinstein, IDC Herzliya and ECGI<br> <i><a href="Allen.pdf">International Evidence on Firm Level Decisions in Response to the Crisis:<span style='mso-spacerun:yes'>  </span>Shareholders vs. Other Stakeholders</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Kenichi Ueda, University of Tokyo<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>11:00 am<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Hideaki Miyajima, Waseda University<br> Ryo Ogawa, Waseda University<br> Takuji Saito, Keio University<br> </span><i style='mso-bidi-font-style:normal'><a href="President%20turnover%20Miyajima,%20Ogawa%20and%20Saito%20final.pdf">Changes in Corporate Governance and President Turnover: The Evidence from Japan</a></i><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Yupana Wiwattanakantang, </span><em><span style='font-style:normal;mso-bidi-font-style:italic'>Development Bank of Japan</span></em><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>12:00 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=815 colspan=2 valign=top style='width:610.95pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Chair:<span style='mso-spacerun:yes'>  </span>Junichi Nakamura, </span><em><span style='font-style:normal;mso-bidi-font-style:italic'>Development Bank of Japan</span></em><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>1:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Randall Morck, University of Alberta and NBER<br> </span><span lang=EN-SG style='mso-ansi-language:EN-SG'>M. Deniz Yavuz, Purdue University<br> Bernard Yeung, National University of Singapore</span><span style='mso-fareast-font-family: "Times New Roman"'><br> </span><i style='mso-bidi-font-style:normal'><span lang=EN-SG style='mso-ansi-language:EN-SG'><a href="Morck_Yavuz_Yeung.pdf">State-Run Banks, Money Growth, and the Real Economy</a></span></i><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span></span><em><span style='font-style:normal;mso-bidi-font-style:italic'>Re</span></em><span class=st><i style='mso-bidi-font-style:normal'>-</i></span><em><span style='font-style:normal;mso-bidi-font-style:italic'>Jin Guo, University of Illinois at Chicago</span></em><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>2:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Naoshi Ikeda, Tokyo Institute of Technology<br> Kotaro Inoue, Tokyo Institute of Technology<br> Sho Watanabe, Tokyo Institute of Technology<br> <i><a href="Inoue.pdf">Enjoying the Quiet Life: Corporate Decision-Making by Entrenched Managers</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Masao Nakamura, University of British Columbia<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>3:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Coffee Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=815 colspan=2 valign=top style='width:610.95pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Chair:<span style='mso-spacerun:yes'>  </span></span><span style='color:black'>Shin-ichi Fukuda, </span><span style='mso-fareast-font-family: "Times New Roman"'>University of Tokyo<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>3:45 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Benjamin Hermalin, University of California at Berkeley<br> <i><a href="Hermalin.pdf">Biased Monitors: Corporate Governance When Managerial Ability is Mis-Assessed</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Heather Montgomery, International Christian University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>4:45 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Takeo Hoshi, Stanford University and NBER<br> </span><i style='mso-bidi-font-style:normal'><a href="Hoshi.pdf">Decline of Bank-Led Restructuring in Japan: 1980-2010</a></i><i style='mso-bidi-font-style: normal'><span style='mso-fareast-font-family:"Times New Roman"'><br> </span></i><span style='mso-fareast-font-family:"Times New Roman"'><br> Discussant:<span style='mso-spacerun:yes'>  </span>Yoshiaki Ogura, Waseda University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>5:45 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>6:30 pm<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Dinner at </span><em><span style='font-style:normal; mso-bidi-font-style:italic'>DBJ Nogizaka Club, Development Bank of Japan </span></em><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14;mso-yfti-lastrow:yes'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>************<o:p></o:p></span></p> </td> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> </tr> </table> <p class=MsoNormal><u><span style='color:black'>Sponsors:</span></u><span style='color:black'> <br> </span>Center for Economic Policy Research (CEPR)<br> National Bureau of Economic Research (NBER)<br> Tokyo Center for Economic Research (TCER)<br> <br> <u><span style='color:black'>Co-Sponsors:</span></u> <br> The Center for Advanced Research in Finance (CARF)<br> Center for International Research on the Japanese Economy (CIRJE)<br> Research Institute of Capital Formation (RICF)<br> Development Bank of Japan<span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </body> </html>