NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

8:00 AM Shuttle Van Departs the Royal Sonesta Hotel for 1050 Mass Avenue.

8:30 AM Shuttle Van Departs the Royal Sonesta Hotel for 1050 Mass. Avenue.

8:30 AM Continental Breakfast

9:00 AM MICHAEL C. JENSEN, Harvard University

Paying People to Lie: The Truth About the Budget Process

Discussant: JEREMY STEIN, Harvard University and NBER

9:50 AM MIHIR A. DESAI, Harvard University and NBER

C. FRITZ FOLEY, Harvard University

JAMES R. HINES Jr., University of Michigan and NBER

Dividend Policy Inside the Firm

Discussant: STEWART MYERS, MIT and NBER

10:40 AM Break

11:00 AM DAVID SCHARFSTEIN, MIT AND NBER

DENIS GROMB, London Business School

Entrepreneurial Activity in Equilibrium

Discussant: PER STROMBERG, University of Chicago

11:50 AM MICHAEL S. WEISBACH, University of Illinois and NBER

ROBERT PARRINO, University of Texas

ALLEN M. POTESHMAN, University of Illinois

Measuring Investment Distortions when Risk-Averse Managers Decide Whether to Undertake Risky Projects

Discussant: PETER TUFANO, Harvard University and NBER

12:40 PM Lunch

Over, Please!

Corporate Finance Meeting Program, Page 2 :

1:40 PM LUIGI ZINGALES, University of Chicago and NBER

LUIGI GUISO, University of Sassari, Ente "Luigi Einaudi,"

PAOLA SAPIENZA, Northwestern University

The Real Effects of Local Financial Development

Discussant: ANDREI SHLEIFER, Harvard University and NBER

2:30 PM Break

2:50 PM HEITOR ALMEIDA, New York University

RENE B. ADAMS, Federal Reserve Bank of New York

DANIEL FERREIRA, University of Chicago

Fallible Executives, Centralization of Decision-Making

and Corporate Performance

Discussant: LAURIE HODRICK, Columbia University

3:40 PM HARRISON HONG, Stanford University

JEFFREY D. KUBIK, Syracuse University

Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts

Discussant: BENGT HOLMSTROM, MIT

4:30 PM Adjourn

Presenters will have 30 minutes, discussants 10 minutes, and the rest will be devoted to a general discussion.

10/18/01