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Corporate Finance and Risk Management conference

Solstrand, 25-26 May 2007

Generously supported by
The Dr Frederik Paulsen Foundation through the LSE FMG Project "Corporate Finance and Risk Management"
SNF (Institute for Research in Economics and Business Administration)
Organizers: Ron Anderson (LSE FMG and CEPR) and Kjell G. Nyborg (NHH and CEPR)
Conference Administration: Kristin Reichel Teigland (NHH) and Ingrid Put (CEPR)

 

Programme

Friday 25th of May

 

09:00-9:50 Why have Exchange-Traded Catastrophe Instruments Failed to Displace Reinsurance?

Michel Habib (University of Zurich and CEPR)
with Rajna Gibson (University of Zurich)
Alexandre Ziegler (Université de Lausanne)

 
Discussant Jan Bena (LSE)

 
09:50-10:40 Environmental Risk Insurance under Dynamic Moral Hazard

Jean Charles Rochet (Toulouse University and CEPR)
with Bruno Biais(Université des Sciences Sociales and CEPR)
Thomas Marriotti (LSE)
Stephane Villeneuve(University of Toulouse)

 
Discussant Ronald W Anderson (LSE and CEPR)

 
10:40-11:10 Break

 
11: 10-12:00 Cash Holdings and Credit Spreads

Sergei Davydenko(University of Toronto)
with Viral Acharya (London Business School and CEPR)
Ilya Strebulaev (Stanford University)

 
Discussant Andrew Carverhill (Hong Kong University)

 
12:00-12:50 Liquidity and Transparency in Bank Risk Management

Lev Ratnovski (Bank of England and University of Amsterdam)

 
Discussant Per Østberg, NHH (Norwegian School of Economics and Business Administration)

 
12:50-14:10 Lunch

 
14:10-15:00 Control Motivations and Capital Structure Decisions

Andrew Ellul (Indiana University)

 
Discussant: Stefano Rossi (Stockholm School of Economics)

 
15:00-15:50 Pension Reform, Ownership Structure, and Corporate Governance: Evidence from Sweden

Mariassunta Giannetti (Stockholm School of Economics and CEPR)
with Luc Laeven (IMF and CEPR)

 
Discussant: Matti Suominen (Helsinki School of Economics)

 
15:50-16:20 Break

 
16:20-17:10 Evolution of Decision and Control Rights in Venture Capital Contracts: An Empirical Analysis

Additional tables

Carsten Bienz (NHH)
with Uwe Walz (The Goethe University Frankfurt)

 
Discussant: Ibolya Schindele, Norwegian School of Management

 
Saturday 26th of May

 
08:30-9:20 Automatic Bankruptcy Auctions and Fire-sales

Karin S Thorburn (Dartmouth College and CEP)
with Espen Eckbo(Dartmouth Collegs)

 
Discussant: Yishay Yafeh, Hebrew University, Jerusalem

 
09:20-10:10 Coordinated and Uncoordinated Liquidation Decisions of Creditors

Max Bruche (CEMFI)

 
Discussant: Eirik Kristiansen (NHH)

 
10:10-10:30 Break

 
10:30-11:20 Taxes and Corporate Dynamics: The Product Market Effect

Gilles Chemla (Imperial College and CEPR)
with Ralph Winter (University of Ontario)

 
Discussant: Loran Chollete (NHH)

 
11:20-12:10 A Dynamic Theory of Corporate Finance Based Upon Repeated Signalling

Chris Hennessy (University of California, Berkeley)
with Dmitry Livdan (Texas A&M) and Bruno Miranda (UCLA)

 
Discussant: Sudipto Bhattacharya (LSE and CEPR)

 
12:30-13:40 Lunch

 
13:40-14:30 Which Firms Benefit More from Financial Development

Jan Bena (LSE FMG) and Stepan Jurajda (CERGE-EI and CEPR)

 
Discussant Discussant: Vasillis Hajivasilliou (LSE)

 
14:30-15:20 A Dynamic Equilibrium Model of Firm's Life Cycle and Mergers as Efficient Reallocation

Masako Ueda (University of Wisconsin and CEPR)
With Kyriakos Frantzeskakis(University of Wisconsin)

 
Discussant Discussant: Daniel Ferreira (LSE and CEPR)

 
15:20-15:40 Break

 
15:40-16:30 Directed Share Programs in IPO Underwriting and Agency Problems

Rina Ray (Indiana University and NHH)

 
Discussant Andriy Bodnaruk (University of Maastricht)

 
17:00 Dinner

 
18:45 Transportation from Solstrand to Bergen for concert at Haakonshallen
(20:00 - 21:30)

 
23:00 Transportation back to Solstrand

 

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