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1997 FMA Annual Meeting Program - Academic=20 Sessions

Thursday,
8:00 am - 9:30 am=20
Thursday,
9:45 am - 11:15 am=20
Thursday,
11:30 am - 1:00 pm=20
Thursday,
2:00 pm - 3:30 pm=20
Thursday,
3:45 pm - 5:15 pm=20
Friday,
8:30 am - 10:00 am=20
Friday,
10:15 am - 11:45 am=20
Friday,
2:00 pm - 3:30 pm=20
Friday,
3:45 pm - 5:15 pm=20
Saturday,
8:30 am - 10:00 am=20
Saturday,
10:15 am - 11:45 am=20

007 FINANCIAL SLACK=20

MANAGERIAL CHOICE OF CASH FLOW VOLATILITY
NING GONG=20 WASHINGTON UNIV
Phone/Fax/Email Address: 314 935 7155 / 314 935 = 6359 /=20 GONG@SIMON.WUSTL.EDU

Discussant
Chairperson

007=20

OPTIMAL SLACK POLICY UNDER ASYMMETRIC INFORMATION =
PETER=20 ANTUNOVICH NORTHWESTERN UNIV

Discussant
Chairperson =

007=20

THE DETERMINANTS OF CORPORATE HOLDINGS OF LIQUID ASSETS LEE=20 PINKOWITZ OHIO STATE UNIV
Phone/Fax/Email Address: 614 292 2830 / = 614 292=20 2418 / PINKOWITZ.1@OSU.EDU
TIM OPLER Phone/Fax/Email Address: 614 = 292 0280=20 / / RENE STULZ OHIO STATE UNIV ROHAN WILLIAMSON OHIO STATE=20 UNIV
Phone/Fax/Email Address: 614 292 7562 / /
Discussant=20
Chairperson

008=20

SHAREHOLDER WEALTH EFFECTS OF MANAGER DECISIONS AND THE = FORCED=20 REMOVAL OF CEOS KATHLEEN A FARRELL UNIV OF = NEBRASKA-LINCOLN
Phone/Fax/Email=20 Address: (402)472-3005 / / KFARRELL@UNLINFO.UNL.EDU
DAVID A WHIDBEE =
Discussant
Chairperson JAMES G TOMPKINS KENNESAW STATE=20 UNIV
Phone/Fax/Email Address: 770-499-3326 / 770-423-3209 /=20 JTOMPKINS@KSCMAIL.KENNESAW.EDU

008 CEO TURNOVER=20

SUPERIOR PERFORMANCE AND PERSISTENCE IN THE MANAGEMENT OF = REAL=20 ASSETS JAMES S ANG FLORIDA ST UNIV
Phone/Fax/Email Address: = (904)644-8208 /=20 (904)644-4225 / JANG@COB.FSU.EDU
ROGER J BEST Phone/Fax/Email = Address:=20 (816)543-8617 / (816)543-8885 / = RBEST@CMSUVMB.CMSU.EDU

Discussant=20
Chairperson

008=20

THE VALUE OF REPLACING FOUNDER-CEOs AT SMALLER FIRMS JOHN D = MARTIN=20 UNIV OF TEXAS
Phone/Fax/Email Address: (512)471-5781 / = (512)471-5073 /=20 JMARTIN@MAIL.UTEXAS.EDU
MARK M MCNABB Phone/Fax/Email Address:=20 (804)924-0882 / (804)924-7074 / MM3V@VIRGINIA.EDU

Discussant=20
Chairperson

008=20

TOP MANAGEMENT INCENTIVES AND EXECUTIVE RETENTION PETER = WOODLOCK=20 YOUNGSTOWN STATE UNIV
Phone/Fax/Email Address: 330 742 1873 / 330 = 742 1459=20 /
Discussant
Chairperson

009=20

FIRM DIVERSIFICATION, MANAGERIAL OWNERSHIP, AND FREE CASH = FLOW=20 CARL R CHEN UNIV OF DAYTON
Phone/Fax/Email Address: (513)229-2418 / = (513)229-2477 / CHEN@UDAYTON.EDU
THOMAS L STEINER Phone/Fax/Email = Address:=20 (513)229-2563 / (513)229-2477 /
Discussant HENRI SERVAES = UNC-CHAPEL=20 HILL
Phone/Fax/Email Address: 919 962 3145 / 919 962 0054 /=20 SERVAESH.BSACD1@MHS.UNC.EDU
Chairperson ANIL SHIVDASANI UNC-CHAPEL = HILL
Phone/Fax/Email Address: 517 353 2257 / 919 962 0054 /=20 SHIVDASA@PILOT.MSU.EDU

009=20

LEVERAGE BUYOUTS: AN EMPIRICAL ANALYSIS OF FREE CASH FLOW,=20 FINANCIAL DISTRESS AND TAX PREDICTIONS JAMES C BRAU FLORIDA ST=20 UNIV
Phone/Fax/Email Address: (904)877-4461 / (904)644-4225 /=20 JBRAU@GARNET.ACNS.FSU.EDU

Discussant CHARLES HADLOCK UNIV OF=20 ILLINOIS
Phone/Fax/Email Address: 217 333 2110 / 217 244 3102 /=20 HADLOCK@DALE.CBA.UFL.EDU
Chairperson

009 EMPIRICAL EVIDENCE ON AGENCY CONFLICTS=20

AGENCY CONFLICTS AND CAPITAL STRUCTURE: THE CASE OF FOUNDING = FAMILY CONTROLLED FIRMS DANIEL L MCCONAUGHY ROSARY = COLL
Phone/Fax/Email=20 Address: (708)524-6964 / (708)366-5360 / = DANMCCON@EMAIL.ROSARY.EDU
CHANDRA=20 S MISHRA Phone/Fax/Email Address: (541)737-3016 / (541)737-4890 /=20 MISHRA@BVS.ORST.EDU

Discussant RANDALL MORCK UNIV OF=20 ALBERTA

Chairperson

010 MUTUAL FUND MANAGEMENT=20

THE SOFT DOLLAR DEBATE: THEORY AND EVIDENCE STEPHEN M HORAN = ST=20 BONAVENTURE UNIV
Phone/Fax/Email Address: (716)375-2111 / = (716)375-2191 /=20 SHORAN@SBU.EDU
D BRUCE JOHNSEN Phone/Fax/Email Address: 703 993 = 8066 / /=20 DJOHNSEN@GMC.EDU

Discussant
Chairperson AHMAD ETABARI UNIV = OF NEW=20 HAMPSHIRE
Phone/Fax/Email Address: 603 862 3359 / 603 862 1447 /=20 AHMAD.ETEBARI@UNH.EDU

010=20

INCENTIVE EFFECTS OF SYMMETRIC AND CONVEX PAYOFF STRUCTURES = WITH=20 EVALUATION AGAINST A STOCHASTIC BENCHMARK PORTFOLIO DEREK WHITE UNIV = OF=20 TEXAS
Phone/Fax/Email Address: 512 471 4368 / 512 471 5073 /=20 FIBAS01@UTXVMS.CC.UTEXAS.EDU

Discussant
Chairperson =

010=20

PERFORMANCE CHARACTERISTICS OF MUTUAL FUND MANAGERS WITH = LONG=20 TENURES NARAYANAN JAYARAMAN GEORGIA TECH
Phone/Fax/Email Address:=20 (404)894-4389 / (404)894-6030 / NARAYAN.JAYARAM@MGT.GATECH.EDU
AJAY = KHORANA=20 Phone/Fax/Email Address: (404)894-5110 / /
Discussant =
Chairperson=20

011 ACCOUNTING INFORMATION AND SECURITY RETURNS=20

ADJUSTING POSITIVE EARNINGS FORECASTS FOR BIAS: A MULTIPLE=20 DISCRIMINANT ANALYSIS APPROACH KITT C BUTLER MICHIGAN ST=20 UNIV
Phone/Fax/Email Address: (517)432-0035 / /=20 BUTLER@PILOT.MSU.EDU
HAKAN SARAOGLU Phone/Fax/Email Address: 401 = 232 6450 /=20 401 232 6319 / SARAOGLU@KEYNES.BRYANT.EDU

Discussant PHILLIP = GHAZANFARI=20 CALIFORNIA STATE UNIV - POMONA
Phone/Fax/Email Address: 909 869 = 4486 / 909=20 869 2124 / FGHAZANFARI@POP.IS.CSUPOMONS.EDU
Chairperson PAMELA = PETERSON=20 FLORIDA STATE UNIV
Phone/Fax/Email Address: 904-644-7895 / = 904-644-4225 /=20 PPETERS@GARNET.ACNS.FSU.EDU

011=20

ACCOUNTING INFORMATION SYSTEMS AND THE SPEED OF STOCK PRICE=20 ADJUSTMENTS MIKE SLAUBAUGH INDIANA UNIV-PURDUE-FT = WAYNE
Phone/Fax/Email=20 Address: 219 481 6471 / / SLAUBAU@CVAX.IPFW.INDIANA.EDU
MANEESH K = SHARMA=20 Phone/Fax/Email Address: (219)481-6484 / (219)481-5472 /=20 SHARMAM@CVAX.IPFW.INDIANA.EDU

Discussant BRUCE COSTA FLORIDA = STATE=20 UNIV
Phone/Fax/Email Address: 850-644-3869 / 850-644-4225 /=20 BAC4979@GARNET.ACNS.FSU.EDU
Chairperson

011=20

THE DIFFERENTIAL PREDICTIVE ABILITY OF OPAQUE AND = TRANSPARENT=20 FIRMS EARNINGS NUMBERS
KENNETH S LOREK NORTHERN ARIZONA=20 UNIV
Phone/Fax/Email Address: (520) 523-7406 / (520) 523-7331 /=20 KEN.LOREK@NAU.EDU
MARY STONE Phone/Fax/Email Address: (205) = 348-2915 /=20 (205) 348-8453 / MSTONE@ALSTON.CBA.UA.EDU
G LEE WILLINGER UNIV OF = OKLAHOMA=20 Phone/Fax/Email Address: (405) 325-4221 / (405) 325-7348 /=20 LWINNING@OU.EDU

Discussant MAJED MUHTASEB CALIFORNIA STATE UNIV = -=20 POMONA
Phone/Fax/Email Address: 909 869 4436 / 909 869 2124 /=20 MMUHTASEB@CSUPOMONA.EDU
Chairperson

012=20

DECIMALIZATION AND MARKET QUALITY DANIEL G WEAVER BARUCH=20 COLLEGE
Phone/Fax/Email Address: (414)288-1462 / (414)288-5756 /=20 WEAVERD@VMS.CSD.MU.EDU
DAVID PORTER
Discussant
Chairperson = MICHAEL=20 GOLDSTEIN NYSE
Phone/Fax/Email Address: 212-356-3000 / 212-656-2401 = /=20 MICHAEL.GOLDSTEIN@COLORADO.EDU

012=20

THE RELATION BETWEEN DECIMAL TRADING, ORDER FRAGMENTATION = AND=20 MARKET-MAKING BEHAVIOR MARK D GRIFFITHS LEHIGH=20 UNIV
MGRIFFITHS@ALPHAZ.CSD.UWM.EDU
BRIAN F SMITH Phone/Fax/Email = Address: (519)884-1970 / (519)884-0201 / = BSMITH@MACH1.WLU.CA
ALASDAIR=20 TURNBULL MEMORIAL UNIV OF NEWFOUNDLAND Phone/Fax/Email Address: = (709)737-2615=20 / (709)737-7680 / ALASDAIR@OLEANDER.BUSI.MUN.CA
ROBERT W WHITE UNIV = OF=20 WESTERN ONTARIO
Phone/Fax/Email Address: 519 661 3293 / 519 661 = 3285 /=20 RWWHITE@IVEY.UWO.CA

Discussant
Chairperson

012 MICROSTRUCTURE: DECIMALIZATION AND LISTING=20

OPTIMAL LISTING STRATEGY: WHY MICROSOFT AND INTEL DO NOT = LIST ON=20 THE NYSE JAMES ANGEL GEORGETOWN UNIV
Phone/Fax/Email Address: = (202)687-3765=20 / (202)687-4031 / ANGELJ@GUNET.GEORGETOWN.EDU
REENA AGGARWAL=20 Phone/Fax/Email Address: (202)687-3784 / (202)687-4031 /=20 AGGARWAL@GUNET.GEORGETOWN.EDU

Discussant JERRY BOSWELL METRO = STATE=20 COLLEGE OF DENVER
Phone/Fax/Email Address: 303 556 3006 / 303 556 = 6173 /=20 BOSWELLJ@MSCD.EDU
Chairperson

013=20

THE DISSEMINATION OF ADVERSE INFORMATION PRIOR TO THE BANK = OF NEW=20 ENGLAND FAILURE: "WHAT WE HAVE HERE IS A FAILURE TO COMMUNICATE" JOE = PEEK=20 FEDERAL RESERVE BANK OF BOSTON
Phone/Fax/Email Address: = (617)973-3089 /=20 (617)973-3957 / ERIC ROSENGREN Phone/Fax/Email Address: (617)973-3909 = /=20 (617)973-3957 /
Discussant LARRY WALL FED RESERVE BANK OF=20 ATLANTA
Phone/Fax/Email Address: 404-521-8937 / 404-521-8810 /=20 LARRY.WALL@ATL.FRB.ORG
Chairperson JOHN WAGSTER WAYNE STATE=20 UNIV
Phone/Fax/Email Address: 313-577-4537 / 313-577-0058 /=20 JWAGSTE@CMS.CC.WAYNE.EDU

013 MONITORING AND DISCIPLINING DEPOSIT INSTITUTION WEAKNESS

FORBEARANCE, DEPOSIT INSURANCE AND THE MARKET VALUE OF = SAVINGS AND=20 LOAN ASSOCIATIONS JACKY C SO SOUTHERN ILLINOIS = UNIV-EDWARDS
Phone/Fax/Email=20 Address: (618)692-2638 / / JSO@ENIAC.AC.SIUE.EDU
JASON Z WEI=20 Phone/Fax/Email Address: (306)966-8420 / (306)966-8709 /=20 WEIJ@SASK.USASK.CA

Discussant JULAPA JAGTIANI BARUCH COLL -=20 CUNY
Phone/Fax/Email Address: 212-802-6385 / 203-325-1939 / =
Chairperson=20

013=20

INCENTIVE-COMPATIBLE, RISK-SENSITIVE DEPOSIT INSURANCE = PRICING=20 SCHEME AND PUT-CALL PARITY
YUXING YAN MCGILL = UNIV

Discussant=20 JAMES GILKENSON UNIV OF CENTRAL FLORIDA
Phone/Fax/Email Address:=20 407-823-5756 / 407-823-6676 / JGILKENSON1@AOL.COM
Chairperson =

014=20

DIVIDEND POLICY REVISITED: THE ROLE OF CASH FLOW UNCERTAINTY = MICHAEL BRADLEY DUKE UNIV
BRADLEY@MAIL.DUKE.EDU
DENNIS R CAPOZZA = Phone/Fax/Email Address: 313 764 1269 / / CAPOZZA@UMICH.EDU
PAUL J = SEGUIN=20 UNIV OF MICHIGAN Phone/Fax/Email Address: (313)764-9286 / = (313)936-0274 /=20 PSEGUIN@UMICH.EDU

Discussant MARC ZENNER UNIV OF NORTH=20 CAROLINA
Phone/Fax/Email Address: 919-962-3133 / 919-962-0054 /=20 ZENNERM.BSACD1@MHS.UNC.EDU
Chairperson NARAYANAN JAYARMAN GEORGIA=20 TECH
Phone/Fax/Email Address: 404-894-4389 / 404-894-6030 /=20 NARAYAN.JAYARAMAN@MGT.GATECH.EDU

014 CONSIDERATIONS IN DIVIDEND POLICY=20

The Information Signaling Hypothesis Of Dividends: Evidence = From=20 Cointegration And Causality Tests MBODJA MOUGOUE WAYNE ST=20 UNIV
Phone/Fax/Email Address: (313)577-4538 / (313)577-0058 /=20 MMOUGOU@CMS.CC.WAYNE.EDU
RAMESH RAO Phone/Fax/Email Address: = (806)742-3298=20 / / OORAO@COBA.TTU.EDU

Discussant ROHINTON M KARANJIA McGILL=20 UNIV
Phone/Fax/Email Address: 514 398 4000 / 514 398 3876 / =
Chairperson=20

014=20

ANNOUNCEMENTS OF SPECIALLY DESIGNATED DIVIDENDS: REDUCTION = IN FREE=20 CASH FLOW OR SIGNAL? SCOTT C LINN UNIV OF OKLAHOMA
Phone/Fax/Email = Address:=20 (405)325-3444 / (405)325-1957 / SLINN@CBAFAC.CBA.UOKNOR.EDU
GURMEET = S=20 BHABRA Phone/Fax/Email Address: (412)687-5114 / / = GSBST1@PITT.EDU
GARY L=20 CATON UNIV OF OTAGO Phone/Fax/Email Address: *(643)479-8310 / = (643)479-8193 /=20 GCATON@OTAGO.AC.NZ

Discussant SRINIVASAN KRISHNAMURHTY TULANE=20 UNIV
Phone/Fax/Email Address: 504-862-8000 X2893 / 504-865-6751 /=20 SRINI@MAILHOST.TCS.TULANE.EDU
Chairperson

015 CHOICES IN SECURITY DESIGN=20

SELF-SELECTION ADN THE EFFECTS OF POISON PUT/CALL COVENANTS = ON THE=20 REOFFERING YIELDS OF CORPORATE BONDS KHALIL M TORABZADEH RADFORD=20 UNIV
Phone/Fax/Email Address: 540 831 5537 / 540 231 6626 /=20 KTORABZA@RUNET.EDU
JOHN ROUFAGALAS Phone/Fax/Email Address: 540 831 = 5892 /=20 / CRISS G WOODRUFF TEXAS A&M UNIV Phone/Fax/Email Address: = (512)994-6018 /=20 (512)994-2725 / CWOODRUFF@FALCON.TAMUCC.EDU

Discussant BHARATH=20 THOTHADRI PURDUE UNIV
Phone/Fax/Email Address: / 765-494-9658 /=20 THOTHADR@VM.CC.PURDUE.EDU
Chairperson DEON STRICKLAND OHIO STATE=20 UNIV
Phone/Fax/Email Address: 614-292-1875 / 614-292-2418 /=20 STRICKLA@COB.OHIO-STATE.GDU

015=20

THE TIMING OF STOCK AND BOND ISSUES JINWOO PARK HANKUK=20 UNIV
Phone/Fax/Email Address: (913)532-4372 / (2)960-7898 / = CATHERINE=20 SHENOY Phone/Fax/Email Address: (913)864-7519 / (913)864-5328 /=20 CSHENOY@STAT1.CC.UKANS.EDU

Discussant KATHY KAHLE UNIV OF=20 PITTSBURG
Phone/Fax/Email Address: 412-648-1519 / 412-648-1693 /=20 KKHALE@KATZ.BUSINESS.PITT.EDU
Chairperson

015=20

DIRECT OR INTERMEDIATED CREDIT? THE RELATIONSHIP BETWEEN = FIRM=20 CHARACTERISTICS AND CHOICES

Discussant LENA BOOTH AMERICAN = GRAD=20 SCH OF INT'L MGMT
Phone/Fax/Email Address: 602-978-7418 / = 602-439-5432 /=20
Chairperson

016 PRICING EFFICIENCY IN THE JAPANESE CAPITAL MARKETS=20

THE "ICHIBAN" BLUE-CHIP PORTFOLIO EFFECT AND CROSS-SECTIONAL = PRICING EFFICIENCY IN THE JAPANESE STOCK MARKET TAKATO HIRAKI = INTERNATIONAL=20 UNIV OF JAPAN
Phone/Fax/Email Address: *(81)257-791516 / = (81)257-794443 /=20 THIRAKI@IUJ.AC.JP
HITOSHI TAKEHARA Phone/Fax/Email Address: 81 298 = 53 6206=20 / 81 298 55 3849 / TAKEHARA@SHAKO.SK.TSUKUBA.AC.JP

Discussant = DAVID M=20 WALSH UNIV OF WESTERN AUSTRALIA
Phone/Fax/Email Address: = 61-9-380-2844 /=20 61-9-380-1047 / DWALSH@ECEL.UWA.EDU.AU
Chairperson LUC A SOENEN = CALIFORNIA=20 POLY STATE UNIV
Phone/Fax/Email Address: 805-756-2821 / = 805-756-1473 /=20 LSOENEN@OBOE.AIX.CALPOLY.EDU

016=20

MARKETING OF STOCKS BY BROKERAGE FIRMS: THE ROLE OF = FINANCIAL=20 ANALYSTS HOJE JO SANTA CLARA UNIV
Phone/Fax/Email Address: = (408)554-4779 /=20 / KEE-HO CHUNG Phone/Fax/Email Address: (901)678-2436 / / =
Discussant=20 GRAEME CAMP UNIV OF AUCKLAND
Phone/Fax/Email Address: 64-9-373-7599 = X7321 /=20 64-9-373-7406 / G.CAMP@AUCKLAND.AC.NZ
Chairperson

016=20

THE ROLE OF SECURITY ANALYSTS IN JAPAN HOJE JO SANTA CLARA=20 UNIV
Phone/Fax/Email Address: (408)554-4779 / / MOON H SONG = Phone/Fax/Email=20 Address: 619 594 5334 / 619 594 3272 / = SONG1@MAIL.SDSU.EDU

Discussant=20 LU A SOENEN CAL POLY STATE UNIV
Phone/Fax/Email Address: = 805-756-2821 /=20 805-756-1473 / LSOENEN@OBOE.AIX.CALPOLY.EDU
Chairperson =

017 GLOBAL PORTFOLIO DIVERSIFICATION=20

MAINBANKS, CORPORATE GOVERNANCE, AND INVESTMENT EFFICIENCY = IN=20 FINANCIAL DISTRESS DAVID M REEB WORCESTER POLYTECHNIC = INST
Phone/Fax/Email=20 Address: (508)831-5467 / / REEB@WPI.EDU
CHUCK C.Y. KWOK = Phone/Fax/Email=20 Address: (803)777-3606 / (803)777-3609 /
Discussant WILLIAM T = CALLAHAN=20 UNIV OF ARKANSAS/ GRAND VALLEY STATE UNIV
Phone/Fax/Email Address:=20 616-895-2149 / 616-895-3286 / CALLAHANW@GVSU.EDU
Chairperson L = MICK SWARTZ=20 GRAND VALLEY STATE UNIV/ACADEMIC
Phone/Fax/Email Address: = 616-895-3460 /=20 616-895-3286 / SWARTZL@GVSU.EDU

017=20

INTERNATIONAL EVIDENCE ON THE VALUE OF CORPORATE=20 DIVERSIFICATION KARL LINS UNIV OF NC-CHAPEL = HILL
Phone/Fax/Email=20 Address: 919 962 1652 / 919 962 0054 / LINSK.ESTV@MHA.UNX.WSU
HENRI = SERVAES=20 Phone/Fax/Email Address: 919 962 3145 / 919 962 5539 /=20 SERVAESH.BSACD1@MHS.UNC.EDU

Discussant DAVID STANGELAND UNIV OF = MANITOBA
Phone/Fax/Email Address: 204-474-6743 / 204-474-8967 /=20
Chairperson

017=20

EXTREME OBSERVATIONS AND DIVERSIFICATION IN LATIN AMERICAN=20 EMERGING EQUITY MARKETS LATHA RAMCHAND UNIV OF = HOUSTON
Phone/Fax/Email=20 Address: (713)743-4769 / (713)743-4789 / = RAMCHAND@JETSONIUH.EDU
RAUL SUSMEL=20 Phone/Fax/Email Address: (713) 743-4763 / (713) 743-4760 / =
Discussant=20 GREGG DIMKOFF GRAND VALLEY STATE UNIV
Phone/Fax/Email Address: = 616-895-2157=20 / 616-895-3286 / DIMKOFFG@GVSU.EDU
Chairperson

018 FUTURES TRADING AND MARKET VOLATILITY=20

VOLUME AND PRICE RELATIONSHIPS: HYPOTHESES AND TESTING FOR=20 AGRICULTURAL FUTURES A G MALLIARIS LOYOLA UNIV
JORGE L URRUTIA=20 Phone/Fax/Email Address: (312)915-7072 / (312)915-8508 /=20 JURRUTI@LUC.EDU

Discussant THOMAS HENKER UNIV OF MASS,=20 AMHERST
Phone/Fax/Email Address: 413-545-3180 / 413-545-3858 /=20 TH@SOM.UMASS.EDU
Chairperson MIRANDA DETZLER UNIV OF MASS,=20 BOSTON
Phone/Fax/Email Address: 617-287-7678 / 617-287-7725 /=20 DETZLER@UMBSKY.CC.UMB.EDU

018=20

FUTURES COMMITMENTS AND EXCHANGE RATE VOLATILITY BAHRAM = ADRANGI=20 UNIV OF PORTLAND
Phone/Fax/Email Address: (503)621-3071 / = (503)978-4081 /=20 ADRANGI@UOFPORT.EDU
ARJUN CHATRATH Phone/Fax/Email Address: = (216)639-7850 /=20 (216)352-3533 /
Discussant JORGE URRUTIA LOYOLA = UNIV
Phone/Fax/Email=20 Address: 312-915-7072 / 312-915-8508 / JURRUTI@LUC.EDU
Chairperson =

018=20

TRADING COSTS AND PRICE DISCOVERY ACROSS STOCK INDEX FUTURES = AND=20 CASH MARKETS MINHO KIM CHONBUK NATIONAL UNIV
Phone/Fax/Email = Address:=20 (82)652-70-3048 / (82)652-70-2982 / KIMMH@MOAK.CHONBUK.AC.KR
ANDREW = C=20 SZAKMARY Phone/Fax/Email Address: (618)453-1425 / (618)453-5626 /=20 SZAKMARY@SIU.EDU
THOMAS V SCHWARZ S ILL UNIV AT CARBONDALE = Phone/Fax/Email=20 Address: (618)453-1423 / (618)453-2931 / = SCHWARZ@SIU.EDU

Discussant=20 KARYN WILLIAMS ARIZONA STATE UNIV
Phone/Fax/Email Address: = 602-965-3131 /=20 602-965-8539 / KARYN.WILLIAM3@ASU.EDU
Chairperson

020 REAL ESTATE VALUATION=20

The Effect Of The Tax Reform Act of 1986 And Overbuilt = Markets On=20 Commercial Office Property Values STANLEY D SMITH UNIV OF CENTRAL=20 FLORIDA
Phone/Fax/Email Address: (407)823-5756 / /=20 SDSMITHX@COMP.UARK.EDU
LARRY R WOODWARD Phone/Fax/Email Address:=20 (501)575-3225 / / CRAIG SCHULMAN
Discussant J SA-ADU UNIV OF=20 IOWA
Phone/Fax/Email Address: 319-335-0930 / 319-335-3690 /=20 JSA-AADU@UIOWA.EDU
Chairperson GEORGE OVERSTREET UNIV OF=20 VIRGINIA
Phone/Fax/Email Address: 804-924-7063 / 804-924-7074 /=20 GAO@VIRGINIA.EDU

020=20

TEMPORAL AND SPATIAL INFORMATION DIFFUSION IN REAL ESTATE = PRICE=20 CHANGES AND VARIANCE
WALTER DOLDE UNIV OF=20 CONNECTICUT
Phone/Fax/Email Address: (860)228-4945 / (860)228-1775 = /=20 DOLDE@UCONNVM.UCONN.EDU
DOGAN TIRTIROGLU
Discussant =
Chairperson=20

020=20

APPRAISAL SMOOTHING: THE OTHER SIDE OF THE STORY KO WANG = CALIF ST=20 UNIV-FULLERTON
Phone/Fax/Email Address: (714)773-2217 / / TSONG-YUE = LAI=20 Phone/Fax/Email Address: 714 773 2161 / 714 773 2161 /=20 TYLAI@FULLERTON.EDU

Discussant JOSEPH LIPSCOMB TEXAS CHRISTIAN=20 UNIV
Phone/Fax/Email Address: 817-921-7546 / 817-921-7227 /=20 LIPSCOMB@ZETM.IS.TCU.EDU
Chairperson

021 PREDICTING SECURITY RETURNS=20

RETURNS ON GOLD AND GOLD-MINE SHARES SCOTT A HOOVER INDIANA=20 UNIVERSITY
Phone/Fax/Email Address: (812)331-1346 / (812)855-5875 / = SHOOVER@UCS.INDIANA.EDU
DAVID P BROWN Phone/Fax/Email Address:=20 (202)942-8023 / (202)942-9657 / BROWND@INDIANA.EDU

Discussant = RICHARD L=20 PETERSON TEXAS TECH UNIV
Phone/Fax/Email Address: 806 742 3365 / = 806 742=20 2099 / ODPTR@COBA2.TTU.EDU
Chairperson STEVE SEARS TEXAS TECH=20 UNIV
Phone/Fax/Email Address: 806 742 3377 / 806 742 2099 /=20 ODRSS@COBA2.TTU.EDU

021=20

THE CROSS-AUTOCORRELATION OF SIZE-BASED PORTFOLIO RETURNS IS = NOT=20 AN ARTIFACT OF PORTFOLIO AUTOCORRELATION TERRY RICHARDSON GEORGIA = SOUTHERN=20 UNIV
Phone/Fax/Email Address: (912)681-0259 / (912)681-0292 /=20 TRICHARD@GSAIX2.CC.GASOU.EDU
DAVID R PETERSON Phone/Fax/Email = Address:=20 (904)644-8200 / (904)644-4225 /
Discussant STEVEN R THORLEY = BRIGHAM YOUNG=20 UNIV
Phone/Fax/Email Address: 801 378 6065 / 801 378 5984 /=20 STEVEN_THORLEY@BYU.EDU
Chairperson

021=20

THE ECONOMIC SIGNIFICANCE OF THE CROSS-SECTIONAL = AUTOREGRESSIVE=20 MODEL: FURTHER ANALYSIS
KOK CHEW LIM CITY UNIV OF HONG=20 KONG
Phone/Fax/Email Address: 882 2788 7943 / 852 2788 8806 /=20 EFKCLIM@CITYU.EDU.HK
HAIM LEVY
Discussant ADAM GEHR DePAUL=20 UNIV
Phone/Fax/Email Address: 312 362 8219 / 312 362 6566 /=20 AGEHR@MOZART.FIN.DEPAUL.EDU
Chairperson

022 DYNAMICS OF HIGH FREQUENCY EXCHANGE RATES AND RETURNS=20

THE GLOBAL TRANSMISSION OF VOLATILITY IN THE FOREIGN = EXCHANGE=20 MARKET BETTINA M PEIERS ARIZONA ST UNIV
Phone/Fax/Email Address:=20 (602)965-3531 / (602)965-0748 / BPEIERS@ASUVM.INRE.ASU.EDU
MICHAEL = T MELVIN=20 Phone/Fax/Email Address: / 602 965 0748 /=20 ATMTM@ASUVM.INRE.ASU.EDU

Discussant MARIA EUGENIA DE BOYRIE = FLORIDA=20 INT'L UNIV
Phone/Fax/Email Address: 305-348-4244 / 305-348-4245 /=20 DEBOYRIE@SERVMS.FIU.EDU
Chairperson NUSRET CAKICI CITY COLL OF=20 NY
Phone/Fax/Email Address: 212-650-6204 / / CAKICI@IBM.NET =

022=20

INTRADAY FOREIGN EXCHANGE VOLATILITY AND TRADING DYNAMICS = JUNE Y=20 HOANG UNIV OF MICHIGAN B-SCHOOL
Phone/Fax/Email Address: 313 763 = 7674 / 313=20 647 2285 / JHOANG@UMICH.EDU

Discussant T JITHENDRANATHAN ST = THOMAS=20 UNIV
Phone/Fax/Email Address: 612-962-5123 / 612-962-5093 /=20 T9JITHENDRAN@STTHOMAS.EDU
Chairperson

022=20

TIME VARIATION IN THE CORRELATIONS STRUCTURE OF EXCHANGE = RATES:=20 HIGH FREQUENCY ANALYSIS JAYARAM MUTHUSWAMY AARON LOW SUDIPTO SARKAR = COLUMBIA=20 UNIV Phone/Fax/Email Address: (212)854-2836 / /
Discussant = MOHAMMED G=20 ROBBANI ALABAMA A&M UNIV
Phone/Fax/Email Address: 205-851-5085 = /=20 205-851-5874 / AAMMGROI@ASNAAM.AAMU.EDU
Chairperson

029=20

GROWTH OPPORTUNITIES, FREE CASH FLOW, AND PERFORMANCE-BASED=20 INCENTIVES CHANDRA S MISHRA OREGON ST UNIV
Phone/Fax/Email Address: = (541)737-3016 / (541)737-4890 / MISHRA@BVS.ORST.EDU
DANIEL L = MCCONAUGHY=20 Phone/Fax/Email Address: (708)524-6964 / (708)366-5360 /=20 DANMCCON@EMAIL.ROSARY.EDU

Discussant SHERI TICE MICHIGAN STATE=20 UNIV
Phone/Fax/Email Address: 517 353 2983 / 517 432 1080 / =
Chairperson=20 ANUP AGRAWAL NORTH CAROLINA STATE UNIV
Phone/Fax/Email Address: 919 = 515=20 5567 / 919 515 6993 /

029=20

ACADEMIC TENURE, COMPENSATION AND THE HORIZON PROBLEM =
JOHN=20 D MCGINNIS PENN ST GREAT VALLEY
Phone/Fax/Email Address: = (610)648-3292 /=20 (610)889-1334 / JDM114@PSU.EDU

Discussant RICHARD SIMONDS = MICHIGAN=20 STATE UNIV
Phone/Fax/Email Address: 517 353 2004 / 517 432 1080 /=20
Chairperson

029 COMPENSATION CONTRACING=20

EXECUTIVE LONG-TERM PERFORMANCE CONTRACTS: AN EMPIRICAL = ANALYSIS=20 OF LEVERAGE AND MARKET RISK IN THE POST-ADOPTION PERIOD
THOMAS = J VOGEL=20 SYRACUSE UNIV
Phone/Fax/Email Address: (315)443-3586 / 315 443 5457 = /=20 TVOGEL@SOM.SYR.EDU
JOHN D MCGINNIS Phone/Fax/Email Address: = (610)648-3292 /=20 (610)889-1334 / JDM114@.PSU.EDU

Discussant ANUP AGRAWAL NORTH = CAROLINA=20 STATE UNIV
Phone/Fax/Email Address: 919 515 5567 / 919 515 6943 /=20
Chairperson

030=20

SHAREHOLDER ACTIVISM AND POISON PILL REPEALS ANDREW C = SPIELER=20 INDIANA UNIV
Phone/Fax/Email Address: 718-698-9827 / 516-829-6165 / = ASPIELER@INDIANA.EDU

Discussant
Chairperson

030=20

Marginal Investor Votes Versus Shareholder Votes: Evidence = From=20 Proposals To Grant Options To Directors JAMES S ANG FLORIDA ST=20 UNIV
Phone/Fax/Email Address: (904)644-8208 / (904)644-4225 /=20 JANG@COB.FSU.EDU
PHILIP G SWICEGOOD Phone/Fax/Email Address: = (904)644-9735=20 / /
Discussant
Chairperson

030=20

SHAREHOLDER PROPOSAL TO RESCIND POISON PILLS: ALL BARK AND = NO=20 BITE? CHRISTOPHER MARQUETTE TEXAS A&M UNIV
Phone/Fax/Email = Address: 409=20 845 354 / 409 845 3884 / CJM1606@TAMUMI.TAMU.EDU
JOHN M BIZJAK=20 Phone/Fax/Email Address: (409)845-4858 / /
Discussant =
Chairperson=20

030 IMPACT OF SHAREHOLDER VOTING=20

OF WHAT VALUE ARE SHAREHOLDER PROPOSALS SPONSORED BY PUBLIC=20 PENSION FUNDS ANDREW K PREVOST MASSEY UNIV
Phone/Fax/Email Address: = (06)350-4555 / / A.K.PREVOST@MASSEY.AC.NZ
RAMESH RAO = Phone/Fax/Email=20 Address: (806)742-3298 / / OORAO@COBA.TTU.EDU

Discussant=20
Chairperson

031=20

MERGERS AND VALUE CREATION: EVIDENCE FROM THE TURN OF THE = CENTURY=20 (1897-1903) AJEYO BANERJEE UNIV OF COLORADO-DENVER
Phone/Fax/Email = Address:=20 (303)556-5838 / (303)556-5899 / ABANERJEE@CASTLE.CUDENVER.EDU
E = WOODROW=20 ECKARD Phone/Fax/Email Address: 303 556 5897 / 303 556 5899 /=20 WECKARD@CASTLE.CUDENVER.EDU

Discussant
Chairperson =

031=20

THE WEALTH TRANSFER HYPOTHESIS IN CORPORATE ACQUISITIONS KEN = C=20 YOOK ST CLOUD ST UNIV
Phone/Fax/Email Address: (612)255-2241 /=20 (612)255-3986 / KYOOK@TIGGER.STCLOUD.MSUS.EDU
WILLIAM C HUDSON=20 Phone/Fax/Email Address: 701 858 3289 / 701 857 3111 /=20 IL27@UNTVM1.EDU
GEORGE McCABE UNIV OF NEBRASKA Phone/Fax/Email = Address: 402=20 472 3309 / / GMCCABE@UNLINFO.UNL.EDU
NON MEMBER NON=20 EXISTENT
Phone/Fax/Email Address: NON EXISTENT / NON EXISTENT / NON = EXISTENT

Discussant
Chairperson

031 CORPORATE CONTROL AND SHAREHOLDER WEALTH=20

EFFECT OF ACQUISITION PROGRAMS ON SHAREHOLDERS OF POTENTIAL = TARGET=20 FIRMS: EMPIRICAL EVIDENCE, 1966-1992 GURMEET S BHABRA UNIV OF=20 PITTSBURGH
Phone/Fax/Email Address: (412)687-5114 / /=20 GSBST1@PITT.EDU
ANIL K MAKHIJA Phone/Fax/Email Address: = (412)648-1709 /=20 (412)648-1693 / MAKHIJA@KATZ.BUSINESS.PITT.EDU
KULDEEP SHASTRI UNIV = OF=20 PITTSBURGH Phone/Fax/Email Address: (412)648-1708 / (412)648-1693 /=20 SHASTRI@KATZ.BUSINESS.PITT.EDU

Discussant
Chairperson =

031=20

THE EFFECTS OF OWNERSHIP STRUCTURE & BOARD COMPOSITION = ON=20 SHAREHOLDER WEALTH FOR FIRMS ENTERING STANDSTILL AGREEMENTS =
FAROOQ=20 ISMAT CHAUDHRY ARIZONA ST UNIV
Phone/Fax/Email Address: = (602)965-3131 /=20 (602)655-1040 / AGFIC@ASUVM.INRE.ASU.EDU
DREW E FONES = Phone/Fax/Email=20 Address: 602 965 3131 / 602 336 8614 / GEORGE GALLINGER ARIZONA STATE = UNIV=20 Phone/Fax/Email Address: 602 965 4221 / 602 965 8539 /=20 GEORGE.GALLINGER@ASU.EDU

Discussant
Chairperson =

032=20

UNIVERSITY ENDOWMENTS: INVESTMENT STRATEGIES AND LONG TERM=20 PERFORMANCE WILLIAM O BROWN CLAREMONT MCKENNA COLL
Phone/Fax/Email = Address:=20 (909)607-4138 / / WBROWN@BENSON.MCKENNA.EDU

Discussant THOMAS S = COE=20 XAVIER UNIV
Phone/Fax/Email Address: 504 483 7510, X 3210 / 504 482 = 0224 /=20 TCOE@MAIL.XULA.EDU
Chairperson EDWARD MOSES ROLLINS=20 COLLEGE
Phone/Fax/Email Address: 407 646 2249 / 407 646 1550 /=20 EMOSES@ROLLINS.EDU

032=20

ARE EDUCATIONAL ENDOWMENTS AND TRUSTS ACTIVE ENOUGH? = EVIDENCE FROM=20 PRIVATE INFORMATION MARKETS LEE MICK SWARTZ GRAND VALLEY ST=20 UNIV
Phone/Fax/Email Address: (616)895-3460 / (616)895-3286 /=20 SWARTZ@GVSU.EDU
TIM CAIRNEY Phone/Fax/Email Address: 616 895 3460 / = 616 895=20 3286 / SWARTZL@GVSU.EDU

Discussant BRUCE D BAGAMERY CENTRAL = WASHINGTON=20 UNIV
Phone/Fax/Email Address: 206 524 7361 / 206 640 1488 /=20 BAGAMERY@RICHOCHET.NET
Chairperson

032 ENDOWMENT AND PENSION FUND MANAGEMENT=20

INDEXING IN PENSION FUND MANAGEMENT: THEORY AND EVIDENCE = STEPHEN M=20 HORAN ST BONAVENTURE UNIV
Phone/Fax/Email Address: (716)375-2111 /=20 (716)375-2191 / SHORAN@SBU.EDU

Discussant KENNETH R ARTEAGA US = AIR=20 FORCE ACADEMY
Phone/Fax/Email Address: 719 333 4130 / 719 333 2964 = /=20 ARTEAGAKR@DFM.USAFA.AF.MIL
Chairperson

033 TERM STRUCTURE MODELS=20

GENERALIZED SQUARED-AUTOREGRESSIVE-INDEPENDENT-VARIABLE = NOMINAL=20 TERM STRUCTURE MODEL DONG AYUN AHN UNC - CHAPEL = HILL
Phone/Fax/Email=20 Address: / 919 962 0054 / AHND.BSACD1@MHS.UNC.EDU

Discussant = ROBERT=20 BLISS FED RESERVE BANK OF ATLANTA
Phone/Fax/Email Address: = 404-521-8757 /=20 404-521-8814 / ROBERT.BLISS@ATL.FRB.ORG
Chairperson ROBERT BLISS = FED=20 RESERVE BANK OF ATLANTA
Phone/Fax/Email Address: 404-521-8757 /=20 404-521-8814 / ROBERT.BLISS@ATL.FRB.ORG

033=20

A SIMPLIFIED MULTI-FACTOR, TIME-DEPENDENT PARAMETER MODEL = FOR THE=20 TERM STRUCTURE OF INTEREST RATES RENRAW CHEN UNIV OF=20 ILLINOIS
Phone/Fax/Email Address: (217)333-4522 / / TYLER T YANG=20 Phone/Fax/Email Address: (703)741-2544 / (703)741-1616 /=20 TYLER_YANG@NOTES.PW.COM

Discussant RAMAPRASAD BHAR UNIV OF TECH = -=20 SYDNEY
Phone/Fax/Email Address: 61-2-9514-5422 / 61-2-9281-0364 /=20 RAMB@ACS.ITD.UTS.EDU.AU
Chairperson

033=20

THREE STATE BOND PRICING MODEL AND TRADITIONAL UNBIASED=20 EXPECTATION HYPOTHESIS
KYUNG WON KIM KYUNGNAM = UNIV
Phone/Fax/Email=20 Address: 082 0551 49 2432 / 082 0551 23 1655 /
Discussant STEVE = RAYMAR=20 FORDHAM UNIV
Phone/Fax/Email Address: 212-636-6159 / 212-765-5573 / = RAYMAR@MARY.FORDHAM.EDU
Chairperson

034 SOES IMPACT=20

SPREADS AND EVEN-EIGHTS QUOTATIONS ON NASDAQ GEORGE J = BENSTON=20 EMORY UNIV
Phone/Fax/Email Address: (404)727-7831 / (404)727-0868 / = GEORGE_BENSTON@BUS.EMORY.EDU
ROBERT A WOOD, JR
Discussant DAVID = M ELLIS=20 TEXAS A&M UNIV
Phone/Fax/Email Address: 409-845-1224 / = 409-845-3884 /=20 DMELLIS@TAMU.EDU
Chairperson MICHAEL S MCCORRY UNIV OF=20 SYDNEY
Phone/Fax/Email Address: 61-2-9351-6449 / 61-2-9351-6461 /=20 MIKEM@FINANCE.ECON.SU.OZ.AU

034=20

SOES TRADING AND MARKET VOLATILITY ROBERT H BATTALIO INDIANA = UNIV
Phone/Fax/Email Address: (812)855-8568 / (812)855-5875 /=20 RBATTALI@INDIANA.EDU
BRIAN C HATCH Phone/Fax/Email Address: = (302)831-4680 /=20 (302)831-3061 / BHATCH@UDEL.EDU
ROBERT H JENNINGS INDIANA UNIV=20 Phone/Fax/Email Address: (812)855-2696 / (812)855-5875 /=20 JENNINGS@INDIANA.EDU

Discussant ROBERT VAN NESS CHRISTIAN = BROTHERS=20 UNIV
Phone/Fax/Email Address: 901-321-3547 / / = RAV@ISSM5.MEMPHIS.EDU=20
Chairperson

034=20

THE TRADING PROFITS OF SOES BANDITS JEFFREY H HARRIS OHIO = STATE=20 UNIV
Phone/Fax/Email Address: 614 292 1899 / 614 292 2418 /=20 HARRIS.237@OSU.EDU
PAUL H SCHULTZ Phone/Fax/Email Address: 614 292 = 0229 /=20 614 292 2418 / SCHULTZ.9@OSU.EDU

Discussant MICHAEL S MCCORRY = UNIV OF=20 SYDNEY
Phone/Fax/Email Address: 61-2-9351-6449 / 61-2-9351-6461 /=20 MIKEM@FINANCE.ECON.SU.OZ.AU
Chairperson

035=20

ON THE VALUE OF BANK LENDING RELATIONSHIPS: THE MARKET VALUE = IMPACT OF THE FDIC IMPROVEMENT ACT OF 1991 ON BANK COMMERCIAL CREDIT = CUSTOMERS=20 CURTIS J BACON SOUTHERN OREGON UNIV
Phone/Fax/Email Address: = (541)552-6487=20 / (541)552-6715 / BACON@WPO.SOSC.OSSHE.EDU

Discussant WILLIAM E = JACKSON=20 II UNIV OF NORTH CAROLINA, CHAPEL HILL
Phone/Fax/Email Address:=20 919-962-3214 / 919-962-2068 / JACKSONW.BSACD1@MHS.UNC.EDU =
Chairperson=20 WILLIAM E JACKSON II UNIV OF NORTH CAROLINA, CHAPEL = HILL
Phone/Fax/Email=20 Address: 919-962-3214 / 919-962-2068 / JACKSONW.BSACD1@MHS.UNC.EDU =

035=20

WHAT CAN WE EXPECT FROM INTERSTATE BRANCHING: EVIDENCE FROM = US=20 SAVINGS AND LOAN HOLDING COMPANIES IN THE 1990'S DANIEL L BAUER = BELLARMINE=20 COLL
Phone/Fax/Email Address: (502)452-8026 / / A SINAN CEBENOYAN=20 Phone/Fax/Email Address: (410)837-4928 / (410)837-5722 /=20 ASCEBENOYAN@UBMAIL.UBALT.EDU
ELIZABETH S COOPERMAN UNIV OF COLORADO = AT=20 DENVER Phone/Fax/Email Address: (303)556-5858 / (303)556-5914 /=20 ECOOPERMAN@CASTLE.CUDENVER.EDU
CHARLES A REGISTER MISSISSIPPI STATE = UNIV
Phone/Fax/Email Address: (601)325-1985 / /
Discussant = YVETTE M=20 BENEDECK UNIV OF HOUSTON, CLEAR LAKE
Phone/Fax/Email Address: = 281-283-3212=20 / 281-334-5636 /
Chairperson

035 ISSUES IN FINANCIAL INSTITUTION COMPETITION=20

ANNOUNCEMENTS OF ASSET-QUALITY PROBLEMS, CONTAGION EFFECTS = AND=20 INFORMATIONAL ASYMMETRIES AMONG FIRMS DEALING IN COMMERCIAL REAL = ESTATE=20 JEFFREY P BALLOU NORTHWESTERN UNIV
Phone/Fax/Email Address: 847 491 = 8215 /=20 847 491 4064 / J-BALLOU@NWU.EDU
ELIJAH BREWER Phone/Fax/Email = Address:=20 (312)322-5813 / / WILLIAM E JACKSON, III UNIV OF NC-CHAPEL HILL=20 Phone/Fax/Email Address: (919)962-3214 / (919)962-0054 /=20 JACKSONW.BSACD1@MHS.UNC.EDU

Discussant DONALD J MULLINEAUX UNIV = OF=20 KENTUCKY
Phone/Fax/Email Address: 606-257-2890 / 606-257-3577 /=20 MULLINEA@UKCC.UKY.EDU
Chairperson

036 DIVIDEND NEWS=20

DOES GOOD NEWS FOLLOW BAD NEWS? THE CASE OF DIVIDENDS = CAROLYN=20 CARROLL UNIV OF ALABAMA-TUSCALOOSA
Phone/Fax/Email Address: = (205)348-9791 /=20 205 348 050 / CCARROLL@ALSTON1.CBA.UA.EDU
HERMAN MANAKYAN = Phone/Fax/Email=20 Address: (502)745-2925 / (502)745-3893 / HERMAN.MANAKYAN@WKU.EDU
J = LEW=20 SILVER UNIV OF ALABAMA Phone/Fax/Email Address: 205 348 8991 / /=20
Discussant JOHN L HOUSTON DePAUL UNIV
Phone/Fax/Email Address: = 312 362=20 8359 / 312 362 6566 / JHOUSTON@WPPOST.DEPAUL.EDU
Chairperson J = RONALD=20 HOFFMEISTER ARIZONA STATE UNIV
Phone/Fax/Email Address: 602 965 = 4389 / 602=20 965 8539 / RON.HOFFMEISTER@ASU.EDU

036=20

THE ADJUSTMENT OF EARNINGS FORECASTS TO INFORMATION INFERRED = FROM=20 STOCK SPLIT ANNOUNCEMENTS SAMUEL H SZEWCZYK DREXEL = UNIV
Phone/Fax/Email=20 Address: (215)895-1741 / 215 895 2955 / GEORGE TSETSEKOS = Phone/Fax/Email=20 Address: (215)895-1742 / (215)895-2955 /
Discussant RAYMOND M = BROOKS UNIV=20 OF MISSOURI
Phone/Fax/Email Address: 573 882 1931 / 573 882 0365 /=20 FINRMB@SHOWME.MISSOURI.EDU
Chairperson

036=20

THE RELATIONSHIP BETWEEN SPLITS AND DIVIDENDS: EVIDENCE FROM = CONDITIONAL ANNOUNCEMENT EFFECTS NAGPURNANAND R PRABHALA YALE=20 UNIV
Phone/Fax/Email Address: (203)432-6030 / (203)432-3003 /=20 PRABHALA@HOMEY.SOM.YALE.EDU
SUB HANKAR NAYAK Phone/Fax/Email = Address: 203=20 432 6030 / 203 432 3003 / SNAYAK@HORUS.COM.YALE.EDU

Discussant = ROBERT C=20 HIGGINS UNIV OF WASHINGTON
Phone/Fax/Email Address: 206 543 4379 / = 206 616=20 7351 / RHIGGINS@U.WASHINGTON.EDU
Chairperson

037=20

DOES THE ROLE OF THE UNDERWRITER EXPLAIN A POSITIVE STOCK = PRICE=20 REACTION TO THE ANNOUNCEMENT OF SEASONED EQUITY ISSUES IN JAPAN? =
JOHN=20 COONEY KANSAS ST UNIV
Phone/Fax/Email Address: (913)532-6884 /=20 (913)532-7024 / COONEYJ @KSU.EDU
KIYOSHI KATO Phone/Fax/Email = Address:=20 (052)832-3111 / / KATO@IC.NANZAN-U.AC.JP
JAMES S SCHALLHEIM UNIV OF = UTAH=20 Phone/Fax/Email Address: (801)581-4434 / (801)581-7214 /=20 FINJS@BUSINESS.UTAH.EDU

Discussant STEPHEN C HENRY UNIV OF=20 GEORGIA
Phone/Fax/Email Address: 706-542-3665 / 706-542-9434 /=20 HENRY@RIGE1.ECON.UGA.EDU
Chairperson JAMES A VERBRUGGE UNIV OF=20 GEORGIA
Phone/Fax/Email Address: 706-542-3657 / 706-542-9434 /=20 JVERBRUGGE@CBACC.CBA.UGA.EDU

037=20

WHY DO FIRMS (NOT) GO PUBLIC? SOME EVIDENCE FROM GERMANY = EKKEHART=20 BOEHMER HUMBOLDT UNIV
Phone/Fax/Email Address: *(49)302093-5661 /=20 (49)302093-5666 / BOEHMER@WIWI-HU-BERLIN.DE
A LJUNGQVIST =
Discussant=20 RICARDO P LEAL UNIV OF NEVADA
Phone/Fax/Email Address: 702-784-6811 = /=20 702-784-1769 / RLEAL@SCS.UNR.EDU
Chairperson

037 IPOs: INTERNATIONAL EVIDENCE=20

THE UNDERPRICING AND AFTERMARKET PERFORMANCE OF NEW PUBLIC = EQUITY=20 OFFERINGS BY RECENTLY PRIVATIZED FIRMS -- AN INTERNATIONAL TEST =
QI=20 HUANG NEW YORK UNIV
Phone/Fax/Email Address: (201)963-8048 / = (201)222-7805=20 / QHUANG@STERN.NYU.EDU

Discussant LAURA ROBINSON MILKIN=20 INST
Phone/Fax/Email Address: 310-998-2639 / 310-998-2626 /=20 ROBINSON@MIJCF.ORG
Chairperson

038 ANALYSIS OF PORTFOLIO RETURNS=20

ASSESSING ESTIMATION ERROR IN A TRACKING ERROR VARIANCE=20 MINIMIZATION FRAMEWORK DAVID M WALSH UNIV OF WESTERN=20 AUSTRALIA
Phone/Fax/Email Address: *(61)9-380-2844 / (61)9-380-1047 = /=20 DWALSH@ECEL.UWA.EDU.AU
KATHLEEN WALSH Phone/Fax/Email Address:=20 *(61)9-3021615 / / JOHN P EVANS UNIV OF ILLINOIS-URBANA/CHAMPAIGN=20
Discussant SHUH-CHYI DOONG FENG-CHIA UNIV
Phone/Fax/Email = Address:=20 886-4-451-7250 / 886-4-451-3796 / SCDOONG@FCUCC.NCU.EDU.TW =
Chairperson=20 MIN-THE YU NATIONAL CENTRAL UNIV
Phone/Fax/Email Address: = 886-3-426-7275 /=20 886-3-425-2961 / MTYU@CC.NCU.EDU.TW

038=20

PORTFOLIO SELECTION AND EFFICIENCY ANALYSIS IN TAIWAN EQUITY = MARKETS: A MARGINAL CONDITIONAL STOCHASTIC DOMINANCE APPROACH = CHANG-PYING=20 JOSEPH SHIEH NATIONAL CHENGCHI UNIV
Phone/Fax/Email Address: = *939-3091-3621=20 / / K VICTOR CHOW Phone/Fax/Email Address: (304)293-7888 / /=20 CHOW@WVUBE1.BE.WVU.EDU

Discussant DAVID M WALSH UNIV OF WESTER=20 AUSTRALIA
Phone/Fax/Email Address: 61-9-380-2844 / 61-9-380-1047 /=20 DWALSH@ECEL.UMA.EDU.AU
Chairperson

038=20

MARKET INTEGRATION AND CONDITIONAL EXPECTED RETURNS: A CASE = STUDY=20 OF THE NEW ZEALAND STOCK MARKET J B CHAY UNIV OF = AUCKLAND
Phone/Fax/Email=20 Address: *64-9-373-7599 / / VENKAT ELESWARAPU Phone/Fax/Email Address: = *373-7599 / 91-80-644050 / VENKATR@IIMB.ERNET.IN

Discussant = PIN-HUANG=20 CHOW NATIONAL CENTRAL UNIV
Phone/Fax/Email Address: 886-3-425-2961 = / /=20
Chairperson

039 PRICING OF INTERNATIONAL ASSETS=20

MARKET SEGMENTATION AND PRICING OF CLOSED-END COUNTRY FUNDS: = AN=20 EMPIRICAL ANALYSIS
DILIP K PATRO UNIV OF = MARYLAND
Phone/Fax/Email=20 Address: (301)422-6628 / (301)314-9157 / = DILIPK@WAM.UMD.EDU

Discussant=20 FREDERICK AMLING GEORGE WASHINGTON UNIV
Phone/Fax/Email Address: = 202 676=20 6670 / 202 994 5014 / FAMLING@GW152.CIRC.AOH.EDU
Chairperson KAM C = CHAN=20 UNIV OF WISCONSIN-PARKSIDE
Phone/Fax/Email Address: 414 595 2719 / = 414 595=20 2680 / CHAN@IT.UWP.EDU

039=20

A MODEL OF INTERNATIONAL ASSET PRICING WITH NOISE TRADERS = AND=20 INVESTMENT BARRIERS VIHANG ERRUNZA MCGILL UNIV
KED HOGAN = Phone/Fax/Email=20 Address: (514)398-4060 / / HOGAN@MANAGEMENT.MCGILL.CA
MAO-WEI HUNG = NATIONAL=20 TAIWAN UNIV Phone/Fax/Email Address: *(0118862)369-0833 / = (0118862)369-0833 /=20 HUNG@HAYDN.NTU.EDU.TW

Discussant TSONG-YUE LAI CAL=20 STATE-FULLERTON
Phone/Fax/Email Address: 714 773 2217 / 714 773 = 2161 /=20 TYLAI@FULLERTON.EDU
Chairperson

039=20

AN ALTERNATIVE EXPLANATION OF THE HOME ASSET PREFERENCE = BASED ON=20 RISK PERCEPTIONS AND DIFFERENTIAL INFORMATION LEIGH A RIDDICK UNIV OF=20 MARYLAND/AMERICAN UNIV
Phone/Fax/Email Address: (202)885-1944 /=20 (202)885-1946 / RIDDICK@AMERICAN.EDU
DEBRA GLASSMAN
Discussant = MARILYN=20 ETTINGER JERSEY CITY STATE COLLEGE
Phone/Fax/Email Address: 201 200 = 3353 /=20 201 200 3141 / ETTINGER@JCS1.JCSTATE.EDU
Chairperson

040 HEDGING WITH FUTURES CONTRACTS=20

MINIMUM VARIANCE HEDGE RATIOS ON THE SYDNEY FUTURES EXCHANGE = G=20 MACDONALD CURTIN UNIV OF TECH
Phone/Fax/Email Address: 61 9 351 = 7408 / 61 9=20 351 3026 / G.MACDONALD@BA1.CURTIN.EDU.AU
N SOUNESS
Discussant = JORGE L=20 URRUTIA LOYOLA UNIV OF CHICAGO
Phone/Fax/Email Address: = 312-915-7072 /=20 312-915-8508 / JURRUTI@LUC.EDU
Chairperson DAVID A BURNIE WESTERN = MICHIGAN=20 UNIV
Phone/Fax/Email Address: 616-387-5764 / 616-387-5710 /=20 DAVID.BURNIE@WMICH.EDU

040=20

ANALYZING THE DURATION-CONVEXITY HEDGE RATIO: SIMULATION AND = EMPIRICAL RESULTS ROBERT T DAIGLER FLORIDA INT'L = UNIV
Phone/Fax/Email=20 Address: (305)348-3325 / (305)348-4245 / DAIGLERR@FIU.EDU
MARK = COPPER=20 Phone/Fax/Email Address: 305 348 2680 / /
Discussant DAVID A = BURNIE=20