NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

 

SUMMER INSTITUTE 2008

 

CORPORATE FINANCE PROGRAM MEETING

 

Raghuram G. Rajan, Organizer

 

Royal Sonesta Hotel, Parkview Room

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

 

July 29-30, 2008

 

PROGRAM

 

Tuesday, July 29:

 

 

8:30 a.m.

Coffee and Pastries

 

 

9:00 a.m.

Session 1: Takeovers: Valuation and Efficiency

 

 

 

HOLGER M. MUELLER, New York University, CEBR, and ECGI

 

XAVIER GIROUD, New York University

 

Does Corporate Governance Matter in Competitive Industries?

 

 

 

WEI JIANG, Columbia Business School

 

ALEX EDMANS, University of Pennsylvania

 

ITAY GOLDSTEIN, University of Pennsylvania

 

Takeover Activity and Target Valuations:  Feedback Loops in Financial Markets

 

 

 

Discussant: RANDALL MORCK, University of Alberta and NBER

 

 

10:20 a.m.

Break

 

 

10:50 a.m.

Session 2: Leverage

 

 

 

MICHAEL S. WEISBACH, University of Illinois at Urbana-Champaign and NBER

 

ULF AXELSON, SIFR and Stockholm School of Economics

 

TIM JENKINSON, Saïd Business School, Oxford University, and CEPR

 

PER STRÖMBERG, SIFR, Stockholm School of Economics, CEPR, and NBER

 

Leverage and Pricing in Buyouts: An Empirical Analysis

 

 

 

AYAKO YASUDA, University of Pennsylvania

 

MASSIMO MASSA, INSEAD

 

LEI ZHANG, INSEAD

 

Institutional Investors, Credit Supply Uncertainty, and the Leverage of the Firm

 

 

 

Discussant: MALCOLM BAKER, Harvard University and NBER

 

 

12:10 p.m.

Lunch

 

 

1:10 p.m.

Session 3: Public Information

 

 

 

ANDREW HERTZBERG, Northwestern University

 

JOSE MARIA LIBERTI, DePaul University

 

DANIEL PARAVISINI, Columbia Business School and BREAD

 

Public Information and Coordination: Evidence from a Credit Registry Expansion

 

 

 

TODD MILBOURN, Washington University in St. Louis

 

BO BECKER, University of Illinois at Urbana-Champaign

 

Reputation and Competition: Evidence from the Credit Rating Industry

 

 

 

Discussant: MITCHELL PETERSEN, Northwestern University and NBER

 

 

2:30 p.m.

Break

 

 

3:00 p.m.

Session 4: Laws and Finance

 

 

 

JULIAN FRANKS, London Business School, CEPR, and ECGI

 

COLIN MAYER, Saïd Business School, CEPR, and ECGI

 

HIDEAKI MIYAJIMA, Waseda University, WIAS, and RIETI

 

Equity Markets and Institutions: The Case of Japan

 

 

 

FAUSTO PANUNZI, University of Bocconi, CEPR, and ECGI

 

ANDREW ELLUL, Indiana University

 

MARCO PAGANO, University of Naples Federico II, CEPR, and ECGI

 

Inheritance Law and Investment in Family Firms

 

 

 

MARK J. ROE, Harvard Law School

 

HOWELL E. JACKSON, Harvard Law School

 

Public and Private Enforcement of Securities Laws: Resource-Based Evidence

 

 

 

Discussant: SIMON JOHNSON, IMF and NBER

 

 

4:40 p.m.

Adjourn

 

 

Wednesday, July 30

 

 

8:30 a.m.

Coffee and Pastries

 

 

9:00 a.m.

Session 5: Macro Finance

 

 

 

THOMAS PHILIPPON, New York University, NBER, and CEPR

 

Why Has the U.S. Financial Sector Grown so Much? The Role of Corporate Finance

 

 

 

KRISTIN J. FORBES, MIT and NBER

 

Why Do Foreigners Invest in the United States?

 

 

 

Discussant:  FRANK WARNOCK, University of Virginia and NBER

 

 

10:20 a.m.

Break

 

 

10:50 a.m.

Session 6: Innovation

 

 

 

MORTEN SØRENSEN, University of Chicago, NBER, and SIFR

 

JOSH LERNER, Harvard University and NBER

 

PER STRÖMBERG, SIFR, Stockholm School of Economics, CEPR, and NBER

 

Private Equity and Long-Run Investment: The Case of Innovation

 

 

 

AJAY SUBRAMANIAN, Georgia State University

 

HARESH SAPRA, University of Chicago

 

KRISHNAMURTHY SUBRAMANIAN, Emory University

 

Corporate Governance and Innovation: Theory and Evidence

 

 

 

Discussant: VIRAL ACHARYA , London Business School

 

 

12:10 p.m.

Lunch

 

 

1:10 p.m.

Session 7

 

 

 

MANJU PURI, Duke University and NBER

 

RAJKAMAL IYER, University of Amsterdam

 

Understanding Bank Runs: The Importance of Depositor-Bank Relationships and Networks

 

 

 

I. SERDAR DINÇ, MIT

 

NANDINI GUPTA, Indiana University

 

The Decision to Privatize: Finance, Politics, and Patronage

 

 

 

Discussant: ATIF MIAN, University of Chicago and NBER

 

 

2:30 p.m.

Break

 

 

3:00 p.m.

Session 8: Firm Structures, Contracting, and Finance

 

 

 

HEITOR ALMEIDA, University of Illinois at Urbana-Champaign & NBER

 

SANG YONG PARK, Yonsei University

 

MARTI SUBRAHMANYAM, New York University

 

DANIEL WOLFENZON, New York University and NBER

 

Beyond Cash Flow and Voting Rights: Valuation and Performance of Firms in Complex Ownership Structures

 

 

 

JULIE WULF, Harvard University

 

MARIA GUADALUPE, Columbia University

 

The Flattening Firm and Product Market Competition: The Effect of Trade Liberalization

 

 

 

ANTOINETTE SCHOAR, MIT and NBER

 

RAJKAMAL IYER, University of Amsterdam

 

The Importance of Hold Up in Contracting: Evidence from a Field Experiment

 

 

 

Discussant: LUIGI ZINGALES, University of Chicago and NBER

 

 

4:40 p.m.

Adjourn

 

 

 

 

 

 

7/2/08