Session 4 : Options 2


*The Price of News Arrivals: Evidence from Equity Options

--Yoontae Jeon (Ryerson Univ.)


*Volatility Information and Derivatives Trading

--Yaw-Huei Wang (UNSW Business School)
Kuang-Chieh Yen (Soochow Univ.)


*Optimal Investment in Mutually Exclusive Projects and Operating Leverage

--Detemple, Jerome (Boston Univ.)
Yerkin Kitapbayev (MIT)



Session 5 : Market Microstructure 2


*Heterogeneity and Netting Efficiency under Central Clearing: A Stochastic Network Analysis

--Injun Hwang (Korea Univ.)
Baeho Kim (Korea Univ.)


*Flow Toxicity of High Frequency Trading and Its Impact on Price Volatility: Evidence from the KOSPI 200 Futures Market

--Jangkoo Kang (KAIST)
Kyung Yoon Kwon (Univ. of Strathclyde)
Wooyeon Kim (KAIST)


*Are Disposition Effect and Skew Preference Correlated? Evidence from Account-Level ELW Transactions

--Youngsoo Choi (Hankuk University of Foreign Studies)
Woojin Kim (Seoul National Univ.)
Eunji Kwon( Hankuk University of Foreign Studies)



Session 6 : Investment 2


*Countercyclical Stockholders’ Consumption Risk and Tests of Conditional CCAPM
--Redouane Elkamhi (Univ. of Toronto)
Chanik Jo (Univ. of Toronto)



*Sitting Bucks: Zero Returns in Fixed Income Funds

--Jaewon Choi (Univ. of Illinois at Urbana-Champaign)
Mathias Kronlund (Univ. of Illinois at Urbana-Champaign)
Ji Yeol Jimmy Oh(Hanyang Univ.)


*Stock Liquidity and Corporate Diversification: Evidence from Index Reconstitution

--Hursit S. Celil (Peking University HSBC Business School)
Seungjoon Oh (Peking University HSBC Business School)
Srinivasan Selvam (Peking University HSBC Business School)
Xueying Shangi (Peking University HSBC Business School)