Finance Group

(PhDBA 239S)
Fall 2007
Updated: Nov. 27, 2007

The seminars are scheduled every Thursday from 4:10-5:40 pm in Room C210 Cheit Hall (except for October 16 & 31 and November 1). These seminars are free and are open to the public.

August 30 Thursday

Introductory Session

September 6 Thursday

TBA (Affiliation)
Topic TBA

September 13 Thursday

Moto Yogo (University of Pennsylvania)
Why Do Household Portfolio Shares Rise in Wealth? (with Jessica Wachter, University of Pennsylvania)  (pdf file)

September 20 Thursday

Daniel Paravisini (Columbia University)
Information and Incentives Inside the Firm: Evidence from Loan Officer Rotation (with Andrew Hertzberg and Jose Maria Liberti, Northwestern University)  (pdf file)

September 27 Thursday

David Sraer (ENSAE Paris)
The Corporate Wealth Effect: From Real Estate Shocks to Corporate Investment (with Thomas Chaney, University of Chicago; and David Thesmar, HEC and CEPR)  (pdf file)

October 4 Thursday

Robert Marquez (Arizona State University)
Stakeholder Capitalism, Corporate Governance and Firm Value (with Franklin Allen, University of Pennsylvania; and Elena Carletti, Center for Financial Studies)   (pdf file)

October 11 Thursday

Michael Weisbach (University of Illinois)
Leverage and Pricing in Buyouts
Main Paper (with Ulf Axelson, Swedish Institute for Financial Research; Tim Jenkinson, Oxford University; and Per Strömberg, Swedish Institute for Financial Research):  (pdf file)
Related Paper (with Ulf Axelson and Per Strömberg, SIFR):  (pdf file)

October 16 Tuesday 3:30-5:00, Room C330 Cheit

Michael Roberts (University of Pennsylvania)
Control Rights and Capital Structure:  An Empirical Investigation  (with Amir Sufi, University of Chicago)  (pdf file)

October 18 Thursday

Martin Lettau (Columbia University)
The Term Structures of Equity and Interest Rates   (with Jessica Wachter, University of Pennsylvania)   (pdf file)

October 25 Thursday

Wayne Ferson (University of Southern California)
Testing Portfolio Efficiency with Conditioning Information  (with Andrew Siegel, University of Washington)   (pdf file)

October 31 Wednesday 4:10-5:40 pm, Room C325 Cheit

Brad Barber (UC Davis)
Do Retail Trades Move Markets? (with Terrance Odean, UC Berkeley; and Ning Zhu, UC Davis)   (pdf file)

November 1 Thursday

Joint Stanford-Berkeley Seminar at Stanford
3:00-6:20 pm, Room 107 Littlefield

3:00-4:30:  Ilya Strebulaev, Stanford
The Levered Equity Risk Premium and Credit Spreads:  A Unified Framework (with Harjoat Bhamra and Lars-Alexander Kuehn, University of British Columbia)   (pdf file)

Discussant:  Dmitry Livdan, Berkeley

4:30-4:50:  Coffee Break

4:50-6:20:  Richard Stanton, Berkeley
Optimal Exercise of Executive Stock Options and Implications for Firm Cost (with Jennifer Carpenter, New York University; and Nancy Wallace, UC Berkeley)   (pdf file)

Discussant:  Steven Grenadier, Stanford

November 8 Thursday

Ronnie Sadka (University of Washington)
Aggregate Earnings and Asset Prices  (with Ray Ball, University of Chicago; and Gil Sadka, Columbia University)   (pdf file)

November 15 Thursday

Jessica Wachter (University of Pennsylvania)
What is the Chance that the Equity Premium Varies over Time? Evidence from Predictive Regressions  (with Missaka Warusawitharana, Board of Governors of the Federal Reserve)  (pdf file)

November 22 Thursday

No Seminar -- Thanksgiving Holiday

November 29 Thursday

Armando Gomes (Washington University, St. Louis)
Dynamics of Mergers and Acquisitions with Exernalities: The Coalitional Bargaining Approach
Two papers together  (pdf file)

December 6 Thursday

Thomas Gilbert (UC Berkeley)
Dispersed Macroeconomic Information: Announcements, Revisions & Stock Returns  (pdf file)

For more information about the Finance Seminars, please contact June Wong, faculty assistant, at (510)642-1499 or e-mail her:

Faculty Coordinator, Fall Seminars: Professor Christopher Hennessy