NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2001

CORPORATE FINANCE

Ivo Welch and Gary Gorton, Organizers

Royal Sonesta Hotel

5 Cambridge Parkway

Cambridge, Massachusetts

August 6 - 7, 2001

PRELIMINARY PROGRAM

SUNDAY, AUGUST 5:

7:00 PM Informal Dinner. (Dinner expenses are not covered by the NBER.)

Location to be announced. Please email ivo.welch@yale.eduby June 6

if you would like to attend.

MONDAY, AUGUST 6:

8:30 AM Coffee and Doughnuts

9:00 AM AYDOGAN ALTI, Carnegie Mellon University

How Sensitive is Investment to Cash Flow When Financing is Frictionless

Discussant: AMNON LEVY, New York University

10:00 AM SIMEON DJANKOV, CARLEE MCLEISH, and

TATIANA NENOVA, World Bank

ANDREI SHLEIFER, Harvard University and NBER

Who Owns the Media?

Discussant: To Be Announced

11:00 AM Break

11:30 AM PAUL GOMPERS and JOY ISHII, Harvard University

ANDREW METRICK, Harvard University and NBER

Does Corporate Governance Matter? Evidence from Stock Prices, Returns, and Corporate Performance in the 1990's

Discussant:SENDHIL MULLAINATHAN, MIT and NBER

12:30 PM Lunch

SI01 CF Program

page two

1:30 PM New Format: 8 "Quick Presentations." Each presentation is strictly limited

to 5 minutes (with a buzzer!) with up to 5 minutes of discussion.

The intent is to give brief introductions of who is working on which topic, and to solicit possible feedback, mostly after adjourning.

Please send an email to ivo.welch@yale.edu if you want to present such a "quickie." First come, first served. If fewer than 8 requests arrive, there will be a sign-up sheet in the morning.

3:00 PM Adjourn

6:00 PM Clambake

Harvard Faculty Club

20 Quincy St.

Cambridge, MA

TUESDAY, AUGUST 7:

8:30 AM Coffee and Doughnuts

9:00 AM GEORGE BAKER, Harvard University

THOMAS HUBBARD, Harvard University and NBER

Make vs Buy in Trucking: Asset Ownership, Job Design and Information

Discussant: LUIGI ZINGALES, University of Chicago and NBER

10:00 AM MATTHIAS KAHL, UC, Los Angeles

Financial Distress as a Selection Mechanism: Performance and Survival from the Onset to the Resolution of Financial Distress

Discussant: MANJU PURI, Stanford University

11:00 AM Break

11:30 AM ROBERT MCDONALD, Northwestern University

The Tax (Dis-) Advantage of a Firm Issuing Options on its Own Stock

Discussant: CHESTER SPATT, Carnegie Mellon University

12:30 PM Lunch

1:30 PM BERNADETTE MINTON and KAREN WRUCK, Ohio State University

Financial Conservatism: Evidence on Capital Structure from

Low Leverage Firms

Discussant: JEFF WURGLER, Yale University

5/29/01