OCTOBER 21, 1994

"Exchange rate and term structure dynamics"
Jesus Saa Requejo, University of Chicago
Discussant: Jim Bodurtha, University of Michigan

"The forward premium anomaly: three examples in search of a solution"
Silverio Foresi, New York University
Discussant: Andrew Karolyi, Ohio State University

"Firm performance, corporate governance, and top executive turnover in Japan"
Jun-Koo Kang, University of Rhode Island & Anil Shivdasani, Michigan State University
Discussant: M.P. Narayanan, University of Michigan

Valuation and Accounting Earnings
S.P. Kothari, Moderator

"Do prices behave as if accounting is conservative?: cross-sectional evidence from the Feltham-Ohlson valuation model"
Thomas L. Stober, Indiana University

"Earnings smoothing and equity value"
Susan E. Moyer & Terry Shevlin, University of Washington

"Earnings, adaptation, and equity value"
David Burgstahler & Ilia Dichev, University of Washington

Discussant: Richard Sloan, University of Pennsylvania

Corporate Finance and Control
G. William Schwert, Moderator

"Mark-up pricing in mergers and acquisitions"
William Schwert, University of Rochester
Discussant: Michael Bradley, University of Michigan

"Reversal of fortune: dividend policy and the disappearance of sustained earnings growth"
Doug Skinner, University of Michigan, and Harry DeAngelo and Linda DeAngelo, University of Southern California
Discussant: Rene Stulz, Ohio State University

"The determination of the seniority structure of debt: theory and evidence"
Sheng-Syan Chen, Frank Jen, and Dosoung Choi, SUNY-Buffalo
Discussant: Gordon Philllips, Purdue University

Investor Behavior and Price Formation
Charles Lee, Moderator

"Evidence that stock prices do not fully reflect the implications of current earnings for future earnings -- an experimental approach"
Michael Calegari, University of Arizona, and Neil Fargher, University of Oregon

"Market reactions to window dressing in the laboratory"
Robert Bloomfield and Robert Libby, Cornell University

"Asset allocation strategies of mutual fund managers"
Ajay Khorana, Georgia Institute of Technology

Discussant: William Cready, Texas A & M

KEYNOTE SPEAKER Eugene Fama, University of Chicago

OCTOBER 22, 1994

Explaining Returns on Stocks and Bonds
John McConnell, Moderator

"Issues in evaluating the performand of value vesus glamour stocks"
Louis K.C. Chan, Narasimhan Jegadeesh, and Josef Laknishok, University of Illinois
Discussant: Paul Seguin, University of Michigan

"On selection biases in book-to-market based tests of asset pricing models"
Willam J. Breen and Robert A. Korajczyk, Northwestern University
Discussant: John Binder, University of Illinois

"The 1920¹s boom, the great crash, and after"
George Bittlingmayer, University of California-Davis
Discussant: Mark Flannery, University of Florida

Shareholder Litigation
Katherine Schipper, Moderator

"The effects of legal cost allocation rules and auditors reputations for settling on non-meritorious suits against auditors"
C. Bryan Cloyd, University of Texas, and James r. Frederickson and John W. Hill, Indiana University

"Earnings management, voluntary disclosures and shareholder litigation"
Sri S. Sridhar, Northwestern University, and John H. Evans, University of Pittsburgh

"Auditor litigation: research and database development"
Zoe-Vanna Palmrose, University of Southern California

Market Microstructure
Chester Spatt, Moderator

"In search of liquidity: block trades in the upstairs and downstairs markets"
Minder Cheng, University of California-Berkeley, and Ananth Madhavan, University of Southern California
Discussant: Duane Seppi, Carnegie-Mellon University

"Option trading and earnings news dissemination"
Kaushik Amin, Lehman Brothers, and Charles Lee, University of Michigan
Discussant: John O¹Brien, Carnegie-Mellon University

"Information aggregation in a specialist market"
Robert Bloomfield, Cornell University

Voluntary Financial Disclosure
Russell Lundholm, Moderator

"Causes and consequences of changes in disclosure strategies"
Paul M. Healy, MIT, Krishna G. Palepu and Amy P. Sweeney, Harvard University

"Voluntary disclosure and reputation in capital markets"
Mandira Roy Sankar, University of Southern California

"Discretion in financial reporting: the use of self-constructed peer groups in proxy statement performance groups"
John Byrd, Hickman and Associates, Marilyn F. Johnson, University of Michigan, and Susan Porter, University of Texas

Strategic Positioning in Corporate Finance
David Hirshleifer, Moderator

"Pricing strategies and financial policy"
Sudipto Dasgupta, Hong Kong University of Science and Technology, and Sheridan Titman, Boston College
Discussant: Elazar Berkovitch, University of Michigan

"Strategic competition in R&D and firm values"
Anant K. Sundaram, University of Michigan, Teresa A. John and Kose John, New York University
Discussant: Kent Daniel, University of Chicago

"Capital structure and product market behavior: an examination of plant exit and investment decisions"
Dan Kovenock and Gordon Phillips, Purdue University
Discussant: Timothy Opler, Ohio State University

Financial Statement Analysis
Jim Ohlson, Moderator

"The contributions of earnings components to forecasts of future profitability"
Patricia Fairfield, Richard Sweeney, and Teri Yohn, Georgetown University

"Financial statements analysis and analysts¹ forecasts of earnings"
Somnath Das, University of California-Berkeley
Discussant: Jim Ohlson, Columbia University

Options and Futures
Cheng-few Lee, Moderator

"Options markets, self-fulfilling prophecies, and implied volatilities"
Joseph A. Charian, Boston University, and Robert Jarrow, Cornell University
Discussant: Catherine Shalen, Chicago Mercantile Exchange

"Pricing the risks of default"
Dilip B. Madan and Haluk Unal, University of Maryland
Discussant: Peter Ritchken, Case Western Reserve University

"Implied covariance in PHLX deutschemark and yen option values"
James N. Bodurtha, Jr. and Qi Shen, University of Michigan
Discussant: Narasimhan Jegadeesh, University of Illinois at Champaign-Urbana

Financial Accounting
Joshua Ronen, Moderator

"Postannouncement drift in rational expectations models"
Alex Dontoh, Joshua Ronen, and Bharat Sarath, New York University
Discussant: Hal Varian, University of Michigan

"Accounting choices and the information environment: theory and evidence"
Eli Bartov, New York University, and Gordon Bodnar, University of Pennsylvania
Discussant: Steve Huddart, University of Michigan