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Financial Contracting: Theory and Evidence

University of Mannheim, 20-21 April 2007

A conference organized by the University of Mannheim, the Journal of Financial Intermediation, the European Corporate Governance Institute, the German National Science Foundation, and the Center for Financial Studies

University of Mannheim Journal of Financial Intermediation The European Corporate Governance Institute Sonderforschungsbereich (SFB) 504 Center for Financial Studies
Friday, 20 April 2007
08:15 Registration
08:45 Welcome
09:00 Session 1 (Lending)
S. Drucker (Columbia University)
M. Puri (Duke University)
Loan Sales, Loan Contracting, and Lending Relationships
G. Nini (BoG, Federal Reserve)
D. Smith (University of Virginia)
A. Sufi (University of Chicago)  
Creditor Control Rights and Firm Investment Policy
  Coffee Break  

I. Ben- David (University of Chicago)

Fraud and Moral Hazard in Financial Contracts: Do Borrowers Cheat more when Lenders Care less?
12:45 Lunch  
14:15 Session 2 (Venture Capital)
  R. Masulis (Vanderbilt University)
R. Nahata (Baruch College)
Strategic Investing and Financial Contracting in Start-ups: Evidence from Corporate Venture Capital
  D. Skeie (Federal Reserve New York) Vesting and Control in Venture Capital Contracts
  Coffee Break  
16:40 Session 3  
  A. Gavazza (Yale University) Asset Liquidity, Boundaries of the Firm and Financial Contracts: Evidence from Aircraft Leases
17:45 Keynote Address:
Contracts versus Institutions: A Critique of Corporate-Governance Theory
  M. Hellwig (Max-Planck Institut, Bonn)  
18:30 End of sessions  
20:00 Dinner  

Saturday, 20 April 2007

08:45 Session 4 (Bankruptcy)  
  T. Chang (MIT)
A. Schoar (MIT)

The Effect of Judicial Bias in Chapter 11 Reorganization

  N. Gennaioli (Stockholm School of Economics)
S. Rossi (Stockholm School of Economics)   
Optimal Resolutions of Financial Distress by Contract
  Coffee break  
  Session 5:  
  M. Hellwig (Max-Planck Institute Bonn) A Reconsideration of the Jensen-Meckling Model of Outside Finance
12:30 Lunch  
14:00 Session 6 (Compensation)  
  G. Aragon (Arizona State University)
J. Qian (Boston College)
The Role of High Water Marks in Hedge Fund Compensation
  N. Baranchuk (University of Texas)
G. MacDonald (Washington University)
J. Yang (Indiana University)
The Economics of Super Managers
  Coffee Break  
  I. Dittmann (University of Rotterdam)
E. Maug (Universität Mannheim)
O. Spalt (Universität Mannheim)
Executive Stock Options when Managers Are Loss Averse
  R. Inderst (Universität Frankfurt)
H. Müller (New York University)
CEO Compensation and Private Information: An Optimal Contracting Perspective
18:30 End of sessions  
20:00 Dinner