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Program for the Tenth Annual Meeting of the

Financial Research Association

Caesars Palace Conference Center

Emperors 1

ay December 14, 2013 --Emperors 1

12:30 PM Pre-Meeting Coffee

1:00 PM Introductory Remarks

1:10 PM to 3:10 PM Session 1
Chairperson: Micah Officer

Internal information asymmetry, internal capital markets, and firm value
Authors: Matthew Billet, Chen Chen, Xiumin Martin, and Xin Wang
Discussant/Presenter: Dirk Jenter

Learning by doing: The value of experience and the origins of skill for mutual fund managers
Authors: Elisabeth Kemph, Alberto Manconi, and Oliver Spalt
Discussant/Presenter: Roger Edelen

The shadow cost of capital requirements
Authors: Roni Kisin and Asaf Manela
Discussant/Presenter: Justin Murfin

3:10 PM to 3:40 PM Break

3:40 PM to 5:00 PM Session 2
Mark Huson

Common factors in stock market seasonalities
Authors: Matti Keloharju, Juhani Linnainmaa, and Peter Nyberg
Discussant/Presenter: Jonathan Lewellen

A simple multimartket measure of information asymmetry
Authors: Travis Johnson and Eric So
Discussant/Presenter: Terrence Hendershott

Wine Tasting--Wines of Washington State. The tasting will occur immediately after session 2 in Bruce Carlin's suite. The room number will be announced at the conference.

Sunday December 15, 2013 ----Emperors 1

12:30 PM Pre-Meeting Coffee

1:00 PM to 3:00 PM Session 3
Eli Fich

The convergence and divergence of investors' opinions around earnings news: Evidence from a social network
Authors: Paul Irvine, Robert Giannini, and Tao Shu
Discussant/Presenter: Anna Scherbina

Equity vesting and managerial myopia
Authors: Alex Edmans, Vivian Fang, and Katharina Lewellen
Discussant/Presenter: Tho
mas Bates

The worst, the best, ignoring all the rest: The rank effect and trading behavior
Author: Samuel Hartzmark
Discussant/Presenter: Denis Sosyura

3:00 PM to 3:30 PM Break

3.30 PM to 5:00 PM Session 4: Early Ideas
Robert Parrino

Wayne Ferson (with Yong Chen)
      How many good and bad fund managers are there, really?

Alberto Manconi (with Massimo, Massa and Andy Bodnaruk)
     Permanently reinvested earnings and corporate bond yields

Ryan Israelsen
     Disclosed risks and factor portfolios

Walter Pohl
     The aggregate price/dividend ratio anomaly

Anna Scherbina
     Economic linkages inferred from news stories and the predictability of stock returns

Bruce Carlin
     Millennial Learning

6:15 PM Dinner-Mix in the Mandalay Bay



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