Dear «FirstName»«LastName»,

I am writing to you in your role as a session chair at the EFA meeting this week. I have attached the session changes that were communicated to me as of today. In addition to the changes below, Raj Aggarwal, Howard Nemiroff, and Chu-Sheng Tai should be sending discussion comments to someone in the appropriate session since they are not attending the conference.

Most of your sessions look to be lining up very well and I am sure that you will have a great discussion. However, I would appreciate you sending an e-mail reply to me after the conference to let me know of any additional withdrawn papers or missing discussants.

See you in a couple of days. Thanks, af

M. Andrew Fields

Associate Professor and Chair

Department of Finance

University of Delaware

Newark, DE 19716

(302) 831-1762 (P)

(302) 831-3061 (F)

EFA Program Addendum
John McConnell's Distinguished Scholar address has been re-titled "Outside Directors."
1-2 / Benedicte Millet-Reyes, Long Island University, will replace Stephanie Rauterkus (Discussant).
1-3 - / "Asset Prices and Alternative Characterizations of the Pricing Kernel" has been withdrawn.
- / "Ex Ante Cost of Equity Estimates for US Stocks: Global Versus Domestic CAPM"
Robert S. Harris, University of Virginia
Felicia C. Marston, University of Virginia
Dev R. Mishra, Memorial University of Newfoundland
Thomas J. O'Brien, University of Connecticut
has been added and will be discussed by Stephen Ciccone, University of New Hampshire.
1-4 / "Multinational Diversification and Corporate Performance: Evidence from European Firms" has been withdrawn.
1-6 / Jay Coughenour, University of Delaware, will replace Michael A. Goldstein (Discussant).
2-2 - / "Board Composition and Earnings Manipulation in Canada" has been withdrawn.
- / Harley Ryan, Jr., Louisiana State University, will replace Stephanie Rauterkus (Discussant).
2-4 / "Looking for Risk Premium and Contagion in Forward Foreign Exchange Markets: Evidence from the 1997 Asian Crisis" has been withdrawn.
3-2 / "Corporate Bankruptcy Prognosis: An Attempt at a Combined Prediction of the Bankruptcy Event and Time Interval of Its Occurrence" has been withdrawn.
3-5 / N. Asli Ascioglu, Bryant College, will replace Michael A. Goldstein (Chair).
3-6 / George Panayotov, University of Maryland, will replace James T. Moser (Discussant).
4-3 / "An Empirical Analysis of the Effects of the Issuance of Puttable/Callable Reset Bonds" has been withdrawn.
4-6 / "Trading on the Information Content of Open Interest: Evidence from the US Equity Options Market has been withdrawn.
4-8 / N. Asli Ascioglu, Bryant College, will replace Michael A. Goldstein (Discussant).
5-4 / Thomas F. Gosnell will not serve as a panelist.
6-4 / Rodolfo Apreda, Universidad del Cema, will replace Tong Yu (Discussant).
7-3 - / Philip Baird, Duquesne University, will replace Chu-Sheng Tai (Chair).
- / "The Persistence and Asymmetry of Time-Varying Correlations" has been withdrawn.
7-4 / Li-Gang Liu, Asian Development Bank Institute, will replace Giovanni Ferri (Discussant).
8-4 / "Efficiency Tests of the French Index (CAC 40) Options Market" has been withdrawn.
8-6 / "Transparency, Liquidity and Price Formation" has been withdrawn.
8-8 / Bryan Feierstein, Algorithmics, will serve as a panelist.
9-4 - / Rodolfo Apreda, Universidad del Cema, will replace Mo Chaudhury (Chair).
- / "Asset Price Processes and Alternative Characterizations of the Information Flow" has been withdrawn.
- / "Optimal Liquidation of Large Security Holdings in Thin Markets"
Robert Dubil, University of Connecticut has been added and will be discussed by Yan He, San Francisco State University.
- / Robert Dubil, University of Connecticut, will replace Erik Lueders (Discussant).
9-5 - / "Risk and Performance of Closed-End Funds" has been withdrawn.
- / Jeff Harris, University of Delaware, will replace Thomas F. Gosnell (Discussant).
10-6 / Yue Wang, University of Maryland, will replace Frank Zhang (Discussant).
11-3 / Tommy Stamland, University of Wyoming, will replace Rodolfo Apreda (Discussant).
11-6 / Robert P. Maine, University of Bridgeport, will replace Tong Yu (Discussant).
11-8 / Andrea Heuson, University of Miami, will replace Thomas F. Gosnell (Discussant).