Humboldt-Universität zu Berlin - Wirtschaftswissen\=schaftliche Fakultät

We would like to invite you to the 29th Annual Meeting of the European Finance Association. The meeting will start with a welcome reception in the evening of August 21 and will end on Saturday afternoon, August 24, 2002. It will take place in the main building of Humboldt University which is situated in the historical center of Berlin.

Berlin is a young city by European standards. During the last 200 years its history has been closely linked to that of Germany as a whole. This complex history – it includes the periods of Napoleon, the German emperors, the Nazis, and the Cold War – is reflected in the many sightseeing attractions which are close to the university and the hotels. The reunification of Germany in 1990 was followed by an extensive process of reconstruction. Berlin today is a vibrant, multicultural, and cosmopolitan metropolis – you should definitely plan to spend some additional time for sightseeing!

Humboldt University, founded in 1810, is an integral part of this history. The concepts of Wilhelm von Humboldt were later adopted by many other universities. Between 1900 and 1933 it was one of the world’s leading universities. 29 Nobel prizes were awarded to its faculty members in this time period. Since the unification of Germany Humboldt University has put great efforts into becoming a leading research university again.

We look forward to welcoming you in Berlin in August!

Prof. Richard Stehle
Program Chair

Paper Submission

Contributions are welcome in all fields of Finance. All submitted papers will be evaluated by two referees in a double-blind process.
To enable this process, the cover page of the submitted paper should contain the title of the manuscript, the name and affiliation of all the authors. The first page of text should contain the title, an abstract of about 100 words, and the appropriate JEL classification code, but not the author’s name.
Only electronic submissions (in form of pdf-files) will be accepted. Please use the following 2-step procedure:

• Step 1: Register at our website through the submission form. Please register as soon as possible. This will help us to prepare the refereeing process efficiently. If your paper is already available in the SSRN system, please put its id-number, a six digit number at the end of the SSRN address of your paper, in the 'comment' field of Step 1. Deadline for registration is March 1, 2002.
• Step 2: Upload your paper as a pdf-document into the SSRN system (if not already available). 

Deadline for registering and uploading papers is March 1, 2002.

A SSRN-form needs to be filled out. On the form, please select "EFA 2002 Submission" as Recommended Abstract Appearance. If you do not select other SSRN Subject Matter Journals, your submission will not be shown to and will not be accessible by the public, but only by the program chair. Note that if you choose to submit the paper to other SSRN Subject Journals at the same time, either on the same form or separately, SSRN will publish the paper in the regular way without mentioning that it is also an EFA submission.
If a paper is accepted for conference presentation it will be included in the "EFA 2002 Presentations Journal". The first issues of this electronic journal will be published by SSRN in June.
Because of the large number of submissions, many high quality papers had to be rejected during the past years. To promote academic discussions during the meeting a second journal will be published. If a paper is not accepted for presentation but is judged "above average" by the referees it may be included in the "EFA 2002 Discussion Journal" if the submitting author wishes to do so and at least one of the authors attends the conference. The first issue of this electronic journal will be published by SSRN in July. Both journals will remain publically accessible in the SSRN system for the near future.
If a submitted paper is not included in either journal it will be included in the SSRN e-library or deleted, at the discretion of the submitting author and the SSRN editors.

Conference Schedule

Academic program at-a-glance

Sessions on August 22 (Thu)

Sessions on August 23 (Fri)

Sessions on August 24 (Sat)

list of papers    list of participants

Best paper prizes

Barclays Global Investors Prizes

• Best Conference Paper: "An examination of Heterogeneous Beliefs with a Short Sale Constraint"
  by Michael F. Gallmeyer and Burton Hollifield
• Best Symposium Paper: "The Tax (Dis)Advantage of a Firm Issuing Options on its Own Stock"
  by Robert McDonald
• Best Paper by a PhD Student: "Diversification Discount or Premium? New Evidence from BITS Establishment-level Data"
  by Belén Villalonga

Registration

To register for EFA 2002 you must complete the registration form.

Deadline for advance registration is August 19. After that date, all registrations must take place at the on-site registration desk.

Registration fees:

	before June 15	after June 15
Academics	400 EUR	475 EUR
Practitioners	800 EUR	875 EUR
Doctoral students*	200 EUR	275 EUR

_{*Only applies to full-time Ph.D. students who pre-pay. Students must send a letter from their department’s chair confirming their status (for our address see "About EFA 2002 / Organization").}

The Registration fee covers:

• admission to all scientific sessions
• mandatory membership of the European Finance Association for 2003 (incl. subscription to the European Finance Review for 2003)
• two receptions (time and locations to be confirmed; accompanying persons are welcome at both events)
• lunch on Thursday in the Adlon Hotel ('Berlin's finest'). Luncheon speaker: Maureen O'Hara, President, American Finance Association
• lunch on Friday
  
• buffet lunch on Saturday
• coffee service during the meeting

The registration fee does not fully cover the conference dinner. The conference dinner on Friday evening, August 23, will take place in the Atrium of the DEBIS Building situated on the Potsdamer Platz, one of Berlin’s major tourist attractions. An extra fee of 25 EUR will be charged for each attending person (participants as well as accompanying persons).

Social Program

• EFA 2002 offers three excursions (not included in the registration fee):
• Berlin tour by bus (Thursday, August 22, starting 10:00, duration 3.5 h)
• Berlin tour by boat (Friday, August 23, starting 10:00, duration 3.5h)
• Potsdam tour & dinner (Saturday, August 24, starting 15:00, return about 22:00)

Early booking is recommended, as on-site availability cannot be guaranteed. Excursions may be cancelled or subject to modification if the minimum number of participants is not met. Reservations will be accepted on a ‘first-come first-served’ basis.
Excursions depart from and return to Humboldt University. Cancellations must be notified by e-mail or by fax. If your cancellation is made before August 15, a full refund will be made.

Registration desk

The registration desk is located in the foyer of the main building of Humboldt University.
Opening hours:

August 21 (Wed)	17:00 - 21:00
August 22 (Thu)	08:00 - 18:30
August 23 (Fri)	08:00 - 18:30
August 24 (Sat)	08:00 - 13:00

Payment

All payments are made in Euro. You can choose between three methods of payment:

• Payment by credit cards (Visa, Eurocard, and Mastercard)
• Payment by bank cheques
• Payment by direct bank transfer

Cancellation

If cancellation of a registration is received in writing (regular mail, fax or e-mail) by August 10, 2002, payments will be refunded less an administration fee of 50. If the cancellation is received before August 20, we will refund 50% of the fee. Refunds will be made after the meeting. No refunds are possible for cancellations received after August 20, or for no-shows.

Social Program

Social Program & Lunches:

Wednesday, August 21 - 18:00-21:00:
We are pleased to invite you to a Welcome Reception, starting at 18:00 at the Deutsche Staatsoper, just across the street of Humboldt University. Please feel free to join us with your partner and/or any accompanying persons at any time during the evening. Guided tours will start at 19:30, 20:30, and 21:00

Thursday, August 22 - Lunch:
Thursday's lunch at the Hotel Adlon (Unter den Linden 77) is sponsored by New York Stock Exchange. The location is within a 10 minute walk from Humboldt University along Unter den Linden in the direction of the Brandenburg Gate. We will provide transportation for those persons who do not wish to walk. The Hotel Adlon can be also reached by bus 100, 200, or 348 (exit: 'S-Bahn Unter den Linden').

Friday, August 23 - Lunch:
Lunch will be served in three different locations. Please find your assigned location on your lunch ticket.

'Referee's lunch' in the Restaurant Käfer at the top of the Reichstag: Coach buses will shuttle people from Humboldt University, starting at 12:10. Please be on time because of a special security procedure at the Reichstag building. Don't forget to bring along you id card or passport! Buses will leave the Reichstag at 14:10 for the return trip.

Lunch at the Television Tower (Alexanderplatz):  The Tower is within a 10 minute walk from Humboldt University. We will provide transportation for those persons who do not wish to walk.

Lunch at Restaurant XII Apostel (Georgenstr. 2):  The 'XII Apostel' restaurant is located under the S-Bahn viaducts near Pergamon Museum, a two minute walk starting from the back side of Humboldt University.

Friday, August 23 - 20:00-23:00:
The gala dinner will take place on Friday, August 23 at the Atrium of DaimlerChrysler Services, located at Potsdamer Platz. The dress code for the evening is recommended to be business attire. After the dinner the general assembly will take place, and the BGI prizes will be awarded. Bus shuttles will be provided starting at 19:15 from the official hotels. Please note that only those who have booked in advance will be allowed to attend.

Saturday, August 24 - 12:00-15:00:
A farewell party with a light summer buffet in 'Berlin' style will finalize the 2002 conference at the Atrium of the Deutsche Bank - building - Guggenheim Museum (Unter den Linden 13-15), across the street of Humboldt University, right side. Please note that the entrance is around the corner (Charlottenstr. 37-38). Please feel free to bring along your partner and/or any accompanying persons.

Additional touristical Topic:

Berlin tour by bus

This tour will show you the highlights of the capital. Starting (and ending) at Humboldt University you will see the Boulevard 'Unter den Linden', Brandenburg Gate, Reichstag, Government Area Chancellery, Tiergarten, Bellevue Palace, Siegessäule, Charlottenburg Palace, Olympic Stadium, Grunewald Forest, Radio Tower, ICC, Kurfürstendamm, Kaiser-Wilhelm-Memorial Church, Europe-Centre, Bauhaus Museum, New National Gallery, Philharmonic Hall, Potsdam Square/Sony-Center, Jewish Museum, Gendarmenmarkt, Alexander Square, St.-Nicolai-Quarter, City Hall of Berlin, TV-Tower, the Berlin Cathedral, Zeughaus and State Opera. The tour includes a guided visit to the Pergamon Museum at the Museuminsel.

August 22 (Thu)

10:00 - 13:30

Tickets: 15 EUR per person (lunch not included)

Berlin tour by boat

Berlin from a quite different view – within three hours you will see a lot of most interesting and beautiful places of the city. You will get an excellent impression of the historical and modern Berlin and the flair of its different quarters: Mitte, Kreuzberg, Tiergarten, and Charlottenburg.

August 23 (Fri)

10:00 - 13:30

Tickets: 10 EUR per person (lunch not included)

_{Please meet at the EFA 2002 registration desk at Humboldt University at 9:30. A bus shuttle will take you to Jannowitzbrücke. The boat will return around 13:30 to Jannowitzbrücke. (No bus will be available to bring you back to the university, but it is only one S-Bahn or U-Bahn station away from Alexanderplatz.)}

Potsdam tour & dinner

Potsdam, the residence of Prussian kings and German Kaisers before World War I., is surrounded by picturesque parks and palaces. One of the smaller palaces but a masterpiece of German Rococo architecture is Sanssouci. The palace gave its name to the beautiful park including several other Palaces. You will have a visit to the comparatively new palace Cecilienhof. Here, the leaders of the victorious powers held the Potsdam Conference after World War II. in order to re-structure post-war Central Europe. You will also have a look at the historical city center of Potsdam with the so-called Dutch Quarter. A dinner will be served at an exclusive location near the park of Sanssouci.

August 24 (Sat)

15:00 - 22:30

Tickets: 50 EUR per person (dinner included)

_{The bus tour for Potsdam starts and ends in front of the main building of Humboldt-Universität zu Berlin.}

Walking Tours

In addition to the official EFA 2002 sightseeing program, we offer a couple of interesting walking tours on specific topics. Each tour will take approx. 1.5 h. You have the possibility to sign up for these tours at the on-site registration desk. Price per tour and per attending person: 5 EUR

August 22 (Thu)	10:30-12:00	Tour 1: Checkpoint Charlie and the Wall Friedrichstraße, Checkpoint Charlie, Zimmerstraße, remnant of the wall, Topography of Terror, ending at Potsdamer Platz (way back via bus or underground)
	14:30-16:00	Tour 2: Historical Center, Western Part Bebelplatz, Gendarmenmarkt, Friedrichstraße, Boulvard Unter den Linden, Brandenburg Gate, Pariser Platz, Holocaust Memorial
	16:30-18:00	Tour 3: Spandauer Vorstadt Hackesche Höfe and other courtyards, New Synagogue and traces of Jewish life, art, culture, nightlife
August 23 (Thu)	08:30-10:00	Tour 4: Parliament and Government District Reichstag building (if possible including the glass dome), Parliament buildings, Federal Chancellery
	10:30-12:00	Tour 5: Historical Center of Berlin Bebelplatz, Boulevard Unter den Linden, Lustgarten (Berlin Cathedral, Museum Island), Schloßplatz, Gendarmenmarkt, Friedrichstraße
	14:30-16:00	Tour 6: Historical Center, Eastern Part Bebelplatz, Schloßplatz, Nikolai Quarter, Lustgarten, Boulevard Unter den Linden

Exhibitors

• The MIT Press
• Massachusetts Institute of Technology
• Oxford University Press
• Princeton University Press
• Kluwer Academic Publishers
• Design Science Inc.
• Blackwell Publishing
• Elsevier ScienceJohn Wiley & Sons, Ltd.
• The University of Chicago Press
• Wiley-VCH Verlag GmbH
• Center for Financial Studies
• Taylor & Francis GroupSweet & Maxwell
• SAS PublishingDuncker & Humblot GmbH
• Pearson Education
• McGraw-Hill Education
• Wharton Research Data Services (WRDS)

Supporters

We gratefully acknowledge the following support:

Several EFA 2002 events were directly sponsored:

• BGI best paper prizes:

• Lunch in the Adlon Hotel:

• Reception in the Jewish Museum:

Locations for events were kindly provided by:

• Gala dinner on Friday, August 23:

• Farewell party on Saturday, August 24:

• Doctoral Tutorial Dinner on Tuesday, August 20:

Financial support was given by:

• Deutsche Forschungsgemeinschaft (DFG)
• SAP AG
• Barclays Capital
• European Central Bank
• DaimlerChrysler AG
• HypoVereinsbank
• WestLB
• Landeszentralbank in Berlin und Brandenburg
• Deutsche Bank AG
• KPMG Consulting AG
• Union Investment
• Dresdner Bank AG
• RWE
• Henkel KGaA
• Schering AG
• Landesbank Baden-Württemberg
• Energie Baden-Württemberg AG

Humboldt-Universität and the Wirtschaftswissenschaftliche Gesellschaft an der Humboldt-Universität zu Berlin e.V. not only provided financial but also invaluable non-financial support.

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EFA 2002 - Contact

Prof. Dr. Richard Stehle, Ph.D. (Program chair)
Prof. Rajna Gibson (Doctoral tutorial)

Xenia Krüger (Co-ordinator)

Local organization:

Julie Hausladen (Exhibitors)
Christine Jahnke (Registration)
Ute Töpfer
Sven Brüsewitz

Scientific program:

Stefan Daske
Imre Kiss
Udo Seifert

Webmaster:

Camilo Petzoldt

European Finance Association, Brussels:
Place De Brouckère Plein 31, 1000 Brussels – Belgium