twenty-sixth annual conference of the … · 2019. 5. 8. · twenty-sixth annual conference of the...

TWENTY-SIXTH ANNUAL CONFERENCEOF THE MULTINATIONAL FINANCE SOCIETY(As of May 8, 2019 - Preliminary and subject to change)

June 30 - July 3, 2019Jerusalem School of Business AdministrationThe Hebrew University of JerusalemMount Scopus 9190501Jerusalem, Israel

SESSION 1 Monday 8:30 - 10:00 a.m. Room 1

ASSET PRICING ISession Chair: TBA

"Multiple Criteria Portfolio Choice with Variance Decomposition onto Half Spaces"Kian Lim - Singapore Management University, SingaporeHao Cheng - Singapore Management University, Singapore

Discussant: TBA

"Minimal Dynamic Equilibria"David Feldman - UNSW Sydney, AustraliaDietmar Leisen - University of Mainz, Germany

Discussant: TBA

"Bias in Predictive Regressions"Xiaoquan Jiang - Florida International Univeristy, USAQiang Kang - Florida International University, USA

Discussant: TBA


BEHAVIORAL ISession Chair: TBA

"Aggressive Versus Passive Trading Returns in Australian Company Takeovers; Investigating theUnderlying Trading Motive Using Structural Equation Modelling"Chris McAdam - Nottingham Trent University, UK

Discussant: TBA

"In Search of Peace of Mind: Who Exactly Uses Financial Advice?"Liron Reiter Gavish - Haifa University, IsraelMahmoud Qadan - University of Haifa, IsraelJoseph Yagil - University of Haifa, and Western Galilee College, Israel

Discussant: TBA

"Credit Default Swaps and Firm Risk"Hai Lin - VIctoria University of Wellington, New ZealandBinh Nguyen - Victoria University of Wellington, New Zealand

1

Junbo Wang - City University of Hong Kong, Hong KongCheng Zhang - Victoria University of Wellington, New Zealand

Discussant: TBA


CORPORATE GOVERNANCE ISession Chair: TBA

"Women on Boards and Gender Pay Gaps: The Need of Reaching the Critical Mass"Valentina Tarkovska - University Witten/Herdecke, GermanyPatricia Gabaldón - IE Business School, Spain

Discussant: TBA

"Internal Governance and Investment Policies. Surrounding CEO Turnover"Ivan Brick - Rutgers University, USADarius Palia - Rutgers University, USAYankuo Qiao - Rutgers University, USA

Discussant: TBA

"Is Say on Pay Working? Evidence from the UK"Radha Shiwakoti - Brunel University, UKAbdullah Iqbal - University of Kent, UKRobin Jarvis - Brunel University, UK

Discussant: TBA


ACCOUNTING ISSUES ISession Chair: TBA

"Un-Faithful Representations of Financial Statements: Issues in Accounting for FinancialInstruments"Rashad Abdel-khalik - University of Illinois, USA

Discussant: TBA

"Short Sale Constraints, Divergence of Opinions, and Optimism in Analyst Forecasts"Zhaoyang Gu - Chinese University of Hong Kong, Hong KongSumi Jung - Chinese University of Hong Kong, Hong Kong

Discussant: TBA

"The Effect of Fair Value Method Adoption: Evidence from Real Estate Firms in the EU"Chinmoy Ghosh - University of Connecticut, USAMingwey Liang - Syracuse University, USAMilena Petrova - Syracuse University, USA

Discussant: TBA

2


FIXED INCOME SECURITIESSession Chair: TBA

"The Role of Economist Forecasts in Over-The-Counter Treasury Bond Markets"Robert James - University of Sydney, AustraliaElvis Jarnecic - University of Sydney, AustraliaHenry Leung - University of Sydney, Australia

Discussant: TBA

"Liquidity Premium and Buyback Auctions in Domestic Brazilian Government Bonds"Gyorgy Varga - FCE Consulting, Brazil

Discussant: TBA

"A New Perspective on Gaussian Shadow Rate Term Structure Models"Adam Golinski - University of York, UKPeter Spencer - University of York, UK

Discussant: TBA


FINANCIAL ECONOMETRICS ISession Chair: TBA

"Bootstrap Unit Root Testing for Explosive Behaviour Using Covariates"Ioannis Korkos - University of Essex, UKSam Astill - University of Essex, UKNeil Kellard - University of Essex, UKRobert Taylor - University of Essex, UK

Discussant: TBA

"Economic Policy Uncertainty and Bitcoin"Pankaj Chandorkar - Northumbria University, UK

Discussant: TBA

"International Financial US Linkages: A Network Theory and MS-VAR Approach"Miriam Sosa Castro - Universidad Nacional Autónoma de México, MexicoHector Díaz-Rodríguez - Universidad Nacional Autónoma de México, MexicoAlejandra Cabello - Universidad Nacional Autónoma De México, Mexico

Discussant: TBA

3


CORPORATE FINANCE ISession Chair: TBA

"The Effect of Stock Liquidity on the Firm’s Investment and Production"Yakov Amihud - NYU-Stern, USAShai Levi - Tel Aviv University, Israel

Discussant: TBA

"The Impact of the CEO-worker Pay Ratio on Firm Value"Steven Balsam - Temple University, USAJongmoo Choi - Temple University, USAKose John - New York University, USAMing Ju - Louisiana Tech University, USA

Discussant: TBA

"Soft and Hard Information and Signal Extraction in Securities Crowdfunding"Vladimir Ivanov - U.S. Securities and Exchange Commission, USAAnzhela Knyazeva - US Securities and Exchange Commission, USA

Discussant: TBA

Refreshments 10:00 - 10:15 a.m.


ASSET PRICING IISession Chair: TBA

"Liquidity Risk and Expected Option Returns"Siu Kai Choy - King’s College London, UKJason Wei - University of Toronto, Canada

Discussant: TBA

"The Return on Investment of Big Containerships: The Impact of Port Time, Vessel Size andMultiple Ports of Call"Shmuel Yahalom - State University of New York Maritime College, USAChang Guan - US Merchant Marine Academy, USA

Discussant: TBA

"Common Factors in Equity Option Returns"Alex Horenstein - University of Miami, USAAurelio Vasquez - ITAM, MexicoXiao Xiao - Erasmus University, Netherlands

Discussant: TBA

4


BEHAVIORAL IISession Chair: TBA

"Technological Deepening and Financial Inclusion Among SMEs; A Panel Evidence fromSouth-East Asian (SEA) Countries"Francis Agyekum - EmployNZ, New ZealandStuart Locke - University of Waikato, New ZealandNirosha Wellalage - University of Waikato, New Zealand

Discussant: TBA

"What Were They Thinking? Firms’ Expectations on the Availability of External Finance"Annalisa Ferrando - European Central Bank, GermanyIoannis Ganoulis - European Central Bank, GermanyCarsten Preuss - European Central Bank, Germany

Discussant: TBA

"The Impact of Media Tone and Ownership Structure on Information Asymmetry FollowingCorporate Misconduct"Li Li - Montpellier Business School, FranceMeena Andiappan - Montpellier Business School, France

Discussant: TBA


CORPORATE GOVERNANCE IISession Chair: TBA

"Letting Companies Choose Between One-Tier and Two-Tier Board Models: An EmpiricalAnalysis of European Jurisdictions"Martin Gelter - Fordham University, USAMathias Siems - Durham University, UK

Discussant: TBA

"Director Appointments and The Market for Directors with Acquisition Experience"Sueng Hee Choi - The College of New Jersey, USATirimba Obonyo - Creighton University, USASamuel Szewczyk - Drexel University, USAGeorge Tsetsekos - Drexel University, USA

Discussant: TBA

"Corporate Governance in the Shipping Industry"Anastasia Angelaki - Deree College, GreeceAnna Merika - Deree College, GreeceAnna Triantafyllou - Deree College, Greece

Discussant: TBA

5


ACCOUNTING ISSUES IISession Chair: TBA

"Idiosyncratic Risk and Textual Analysis Attributes of SEC Comment Letters"Dimitrios V. Kousenidis - Aristotle University of Thessaloniki, GreeceAnestis C. Ladas - University of Macedonia, GreeceChristos Negkakis - University of Macedonia, Greece

Discussant: TBA

"No News is Bad News: The Case of Attention Prior to Earnings Surprises"Matthias Bank - University of Innsbruck, AustriaAlexander Kupfer - University of Innsbruck, AustriaAlexander Neuschmid - University of Innsbruck, Austria

Discussant: TBA

"Foreign Institutional Ownership and Demand for Accounting Conservatism: Evidence from anEmerging Market"Mohamed Khalil - University of Hull, UKAydin Ozkan - University of Huddersfield, UKYilmaz Yildiz - Hacettepe University, Turkey

Discussant: TBA


FINANCIAL OPTIONSSession Chair: TBA

"Time Variation in Options Expected Returns"Ryan McKeon - University of San Diego, USA

Discussant: TBA

"Heterogeneity of Heterogeneous Belief Across Financial Markets and Stock Price Crash Risk"Yiming Ma - Central University of Finance and Economics, ChinaYangru Wu - Rutgers University, USARui Zhong - University of Western Australia, Australia

Discussant: TBA

"Investors Expect More than is Commonly Assumed, and itMatters"Wolfgang Schadner - University of Innsbruck, Austria

Discussant: TBA


FINANCIAL ECONOMETRICS IISession Chair: TBA

"The Study of Long-term Memory and Forecasting for the Bond ETFs"Jo-Hui Chen - Chung Yuan Christian University, TaiwanYi-Chen Tsai - Chung Yuan Christian University, Taiwan

Discussant: TBA

6

"Direct versus Iterated Multi-Period Volatility Forecasts: Why MIDAS is King"Eric Ghysels - University of North Carolina, USAAlberto Plazzi - Universita della Svizzera italiana, SwitzerlandRossen Valkanov - UCSD, USAAntonio Rubia - University of Alicante, SpainAsad Dossani - Colorado State University, USA

Discussant: TBA

"Forecasting Volatility with Multiple Horizon Extreme Values: The Multiple Horizon ConditionalAutoregressive Range (MHCARR) Model"Ray Chou - Academia Sinica, TaiwanChen-Sheng Lin - National Cheng-Chi University, TaiwanShou-Yung Yin - National Taipei University, Taiwan

Discussant: TBA


CORPORATE FINANCE IISession Chair: TBA

"The Impact of Innovation Input and Output on IPO Pricing and Long-termPerformance--Evidence from the Bio-Pharmaceutical Industry in China"Chao Chen - Fudan University, ChinaHaoping Xu - Fudan University, China

Discussant: TBA

"Dividend Initiations, Information Content and Free Cash Flow - The Impact of the 2003 DividendTax Cut"Balasingham Balachandran - La Trobe University, AustraliaHuu Nhan Duong - Monash University, AustraliaMichael Theobald - University of Birmingham, UKYun Zhou - La Trobe University, Australia

Discussant: TBA

"Largest Shareholder and Agency costs: International Evidence"Thanh Truong - RMIT University, Australia

Discussant: TBA

LUNCHEON

11:45 - 12:45 p.m. Place (TBA)

KEYNOTE SPEECH

12:45 - 1:45 p.m. Place (TBA)

Professor Roni Michaely University of Geneva, Switzerland

7

SESSION 15 Monday 1:45 - 3:15 p.m. Room 1

ASSET PRICING IIISession Chair: TBA

"A Unified Duration-based Explanation of the Value, Profitability, and Investment Anomalies"Shan Chen - City University of Hong Kong, Hong KongTao Li - City University of Hong Kong, Hong Kong

Discussant: TBA

"Illiquidity Shocks and Asymmetric Stock Market Reactions around the World: Is Underreactionor Illiquidity Spiral the Culprit?"Te-Feng Chen - Hong Kong Polytechnic University, Hong KongK.C. John Wei - Hong Kong Polytechnic University, Hong Kong

Discussant: TBA

"Skewness Preference and Market Anomalies"Alok Kumar - University of Miami, USAMehrshad Motahari - University of Warwick, UKRichard Taffler - University of Warwick, UK

Discussant: TBA


BEHAVIORAL IIISession Chair: TBA

"How are Investor Trading Activity and Performance Affected by Major Lifecycle Events? TheCase of Divorce"Andrew Grant - University of Sydney, AustraliaPetko Kalev - Latrobe University, AustraliaAvanidhar Subrahmanyam - UCLA, USAJoakim Westerholm - University of Sydney, Australia

Discussant: TBA

"When Investors Care about Causes: Learning from Political Divestiture During Apartheid andthe Sudan Crises for the Transition to Renewable Energy via Green Bonds"Julia Puaschunder - The New School, USA

Discussant: TBA

"All Roads Lead to Jerusalem: Using Arabic Proverbs for Teaching Finance to Arabic-SpeakingStudents"Ernest Biktimirov - Brock University, Canada

Discussant: TBA

8


CORPORATE GOVERNANCE IIISession Chair: TBA

"Corporate Social Responsibility Activities and the Labor Market for Corporate Directors"Tirimba Obonyo - Creighton University, USASijing Wei - Creighton University, USA

Discussant: TBA

"Skin in the Game, Wealth and Risk-taking: Evidence from Private Equity Funds"Carsten Bienz - Norwegian School of Economics, NorwayKarin S. Thorburn - Norwegian School of Economics, NorwayUwe Walz - Goethe University of Frankfurt, Germany

Discussant: TBA

"CSR Performance: Governance Insights into Dual-Class Firms"Charles Cullinan - Bryant University, USALois Mahoney - Eastern Michigan University, USALinda Thorne - York University, CanadaWalid Ben Amar - University of Ottawa, Canada

Discussant: TBA


ACCOUNTING ISSUES IIISession Chair: TBA

"Informativeness of Pro Forma Earnings? Evidence from Bank Loans and Credit Ratings"Ling Chu - Wilfrid Laurier University, CanadaRobert Mathieu - Wilfrid Laurier University, CanadaChima Mbagwu - Wilfrid Laurier University, CanadaPing Zhang - University of Toronto, Canada

Discussant: TBA

"Cost Stickiness as a Consequence of Capital Market Signaling"Eti Einhorn - Tel Aviv University, IsraelEfrat Shust - The Open University of Israel, Israel

Discussant: TBA

"Capturing the Straw in the Wind: Do Short Sellers Trade on Customer Information?"In-Mu Haw - Texas Christian University, USAWenming Wang - Hong Kong Baptist University, Hong KongWenlan Zhang - Zhongnan University of Economics and Law, ChinaXu Zhang - University of Macau, Macao

Discussant: TBA

9


RISK MANAGEMENTSession Chair: TBA

"The Valuation of CCIRS with a New Wesign"Huaying Guo - School of Mathematical Sciences, Tongji University, ChinaJin Liang - Tongji University, China

Discussant: TBA

"Use of Deep Neural Network in Credit Risk Evaluation and Analysis. (Does Data Normalizationand Dimensionality Reduction Matter for Model Accuracy?)"Chioma Nwafor - Glasgow Caledonian University, UK

Discussant: TBA

"Systemic Risk Analysis of Chinese Banking System Based on Dynamic Vine Copula Models"Jie Li - Beihang University, ChinaPing Li - Beihang University, ChinaYingwei Han - China University of Geosciences, China

Discussant: TBA


HEDGE FUNDSSession Chair: TBA

"Hedge Fund Strategies: A non-Parametric Analysis"Alessandra Canepa - University of Turin, ItalyMaría De La O. González - University of Castilla–La Mancha, SpainFrank Skinner - Brunel University, UK

Discussant: TBA

"Death and the Life Hereafter - A Study of Re-launched Hedge Funds"Juan Yao - University of Sydney, AustraliaBochen Wu - University of Melbourne, Australia

Discussant: TBA

"Role of Loan only Credit Default Index on Banks’ Risk Sharing Behavior"Zagdbazar Davaadorj - Texas A&M International University, USAJorge Brusa - Texas A&M International University, USA

Discussant: TBA


CORPORATE FINANCE IIISession Chair: TBA

"Causes of Insolvency from Bankruptcy Filings:Empirical Evidence from the Italian SMEContext"Ludovico Maria Cocco - Ca' Foscari University of Venice, ItalyElisa Cavezzali - Ca' Foscari University of Venice, Italy

10

Ugo Rigoni - Ca' Foscari University of Venice, ItalyGiorgia Simion - Vienna University of Economics and Business, Austria

Discussant: TBA

"Understanding the Nature and Drivers of Inequality in Africa"Godfred Alufar Bokpin - University of Ghana, Ghana

Discussant: TBA

"Chairman’s Independence and Firm’s Mergers & Acquisition Performance"Edward R. Lawrence - Florida International University, USADung Nguyen - Florida International University, USAArun Upadhyay - Florida International University, USA

Discussant: TBA

Refreshments 3:15 - 3:30 p.m.


ASSET PRICING IVSession Chair: TBA

"The Permanent-Transitory Confusion: Implications for Tests of Market Efficiency and forExpected Inflation During Turbulent and Tranquil Times"Alex Cukierman - Tel-Aviv University and Interdisciplinary Center, IsraelThomas Lustenberger - Swiss National Bank, SwitzerlandAllan Meltzer - Carnegie-Mellon University, USA

Discussant: TBA

"The Bail-in Effect: Does Bond Yield Follow the Hierarchy of Risk After BRRD?"Doriana Cucinelli - University of Milan Bicocca, ItalyLorenzo Gai - University of Florence, ItalyFederica Ielasi - University of Florence, Italy

Discussant: TBA

"Risk Arbitrage Opportunities for Stock Index Options"Thierry Post - Nazarbayev University GSB, KazakhstanInaki Rodríguez Longarela - Stockholm University, Sweden

Discussant: TBA


BEHAVIORAL ISSUES IVSession Chair: TBA

"Speculative Bubbles and Investor Emotions: The Chinese Experience"Richard Taffler - University of Warwick, UKXijuan Bellotti - AspiringPi Solutions Ltd, UKVineet Agarwal - Cranfield School of Management, UK

Discussant: TBA

11

"Macroeconomic Variables Versus Differences Between Market Prices and Fundamental Values"Stella Spilioti - Athens University of Economics and Business, Greece

Discussant: TBA

"Deep Learning & Neural Network Architectures. Applications in Forecasting Security Prices.Comparative Study and Performance Testing on FX, Derivatives and Cryptocurrencies"Sam Morris - Nhillite, AustraliaMalick Sy - RMIT University, Australia

Discussant: TBA


CORPORATE GOVERNANCE IVSession Chair: TBA

"The Role of Social Networking in Capital Sourcing"Ameeta Jaiswal-Dale - University of St. Thomas, USAFanny Simon- Lee - University of Caen, FranceGiovanna Zanotti - University of Bergamo, ItalyPeter Cincinelli - University of Bergamo, Italy

Discussant: TBA

"Executive Compensation, Sustainability, Climate, Environmental Concerns and CompanyFinancial Performance: Evidence from Indonesian Commercial Banks"Eriana Kartadjumena - Widyatama University, IndonesiaWaymond Rodgers - University of Hull, UK

Discussant: TBA

"Should They Stay or Should They Go?CEO Appointments and Performance in a TransitionalEconomy"Katarzyna Byrka-Kita - University of Szczecin, PolandMateusz Czerwinski - University of Szczecin, PolandStephen P. Ferris - University of Colorado, College of Business, USAAgnieszka Pres-Perepeczo - The University of Szczecin, PolandTomasz Wisniewski - University of Szczecin, Poland

Discussant: TBA


ACCOUNTING ISSUES IVSession Chair: TBA

"Capital Market Consequences of Integrated Reporting: Evidence from Research Analysts"Diogenis Baboukardos - University of Essex, UKAnastasia Kopita - University of Warwick, UK

Discussant: TBA

"A Theoretical Framework and Perspective Regarding the Accounting and the Technology Issuesin Greece"Maria Dimitriou - University of Macedonia, Greece

Discussant: TBA

12

"The Impact of Asset Retirement Obligations on Equity and Debt Market Participants"Ling Chu - Wilfrid Laurier University, CanadaRobert Mathieu - Wilfrid Laurier University, CanadaChima Mbagwu - Wilfrid Laurier University, CanadaBruce McConomy - Wilfrid Laurier University, Canada

Discussant: TBA


REGULATION AND DISCLOSURESession Chair: TBA

"Resolving the Funding Gap of State Funded Pension Plans: A Long Run Floor Rate Approach"Robinson Reyes - Florida International University, USAKrishnan Dandapani - Florida International University, USAEdward Lawrence - Florida International University, USA

Discussant: TBA

"Global Systemically Important Banks Regulation: “Blessing” or “Curse”?"Stelios Markoulis - University of Cyprus, CyprusSpiros Martzoukos - University of Cyprus, CyprusElena Patsalidou - University of Cyprus, Cyprus

Discussant: TBA

"Do Financial Regulations Enhance or Impede Bank Operational Efficiency Measured by SORM?Evidence Across 102 Countries and 5 Economic Blocs"Ali Shaddady - King Abdulazia University, Saudi ArabiaTomoe Moore - Brunel University London, UK

Discussant: TBA


CORPORATE RISK MANAGEMENTSession Chair: TBA

"Corporate Liquidity Strategies when Financial Assets are Highly Profitable"Rene Coppe Pimentel - University of Sao Paulo, Brazil

Discussant: TBA

"International Business Activities and Hedging Choices: Evidence from Canada"Wendy Rotenberg - University of Toronto, CanadaRobert Kieschnick - University of Texas at Dallas, USA

Discussant: TBA

"Powerful CEOs and Their Legacy: Evidence from Credit Risk Around CEO Turnovers"Marcus Braga Alves - Pace University, USAIuliana Ismailescu - Pace University, USAKaustav Sen - Pace University, USA

Discussant: TBA

13


TUTORIAL: CORPORATE FINANCE ISSUES

"Tutorial Session"Laurence Booth - University of Toronto, Canada

SESSION 29 Tuesday 8:30 - 10:00 a.m. Room 1

STOCHASTIC DOMINANCE. AN ALTERNATIVE PARADIGM FOR PRICING OPTIONS(PALGRAVE MACMILLAN, 2019)

"Panel Session"Stylianos Perrakis - Concordia University, Canada

Discussants:Thierry Post - Nazarbayev University, KazakhstanAlon Raviv - Bar Ilan University, IsraelAmnon Schreiber - Bar Ilan University, Israel


IPOSSession Chair: TBA

"Investor Protection, IPO Appraisal, and Institutional Investors’ Bidding Behavior"Sagi Akron - University of Haifa, IsraelTaufique Samdani - University of Toledo, USA

Discussant: TBA

"Do Underwriters Misuse Discretionary Powers?"Nirav Parikh - RMIT University, AustraliaVijaya Marisetty - University of Hyderabad, IndiaMonica Tan - RMIT University, Australia

Discussant: TBA

"IPO Waves, Local Information, and the Going Public Decision"Giulia Baschieri - University of Bologna, ItalyAndrea Carosi - University of Sassari, ItalyStefano Mengoli - University of Bologna, Italy

Discussant: TBA


CORPORATE GOVERNANCE VSession Chair: TBA

"Corporate Cash Holdings in Energy Industry: Evidence from European Firms"Yilmaz Yildiz - Hacettepe University, TurkeyMehmet Karan - Hacettepe University, Turkey

Discussant: TBA

14

"Commercial Corporate Governance Ratings, Stock Returns, and Institutional Investors"Paul Guest - King's College London, UKMarco Nerino - King's College London, UK

Discussant: TBA

"Pension Deficits and Financial Distress in an Innovative Environment"Hui Zhu - University of Ontario Institute of Technology, Canada

Discussant: TBA


FIRM VALUATIONSession Chair: TBA

"Accounting Adjustments For Apraising Smes in Greece Under the New Greek AccountingStandards"Athanasios Karampouzis - University of Macedonia, GreeceEmmanouil Ginoglou - Private Sector, GreeceDimitrios Ginoglou - University of Macedonia, Greece

Discussant: TBA

"The Application of Proxy Methods for Computing the Cost of Private Equity: Evidence fromListed Firms"Juan Sebastian Sandoval - Pontificia Universidad Javeriana, ColombiaJulio Sarmiento-Sabogal - Pontificia Universidad Javeriana, ColombiaMehdi Sadeghi - Macquarie University, AustraliaEdgardo Cayon - CESA, Colombia

Discussant: TBA

"Geographic Location and the Pricing of Earnings"Joseph Micale - Fordham, USABenjamin Segal - Hebrew University, IsraelIbrahim Siraj - Long Island University Post, USAMaya Waisman - Fordham, USA

Discussant: TBA


FINANCIAL INTERMEDIARIES ISession Chair: TBA

"The Roles of Alternative Data and Machine Learning in Fintech Lending: Evidence from theLendingClub Consumer Platform"Julapa Jagtiani - FRB Philadelphia, USACatharine Lemieux - FRB Chicago, USA

Discussant: TBA

"The Effect of the 2008 Global Financial Crisis on the Efficiency and Productivity Growth of theU.S. Large Commercial Banks"Seyed Mehdian - University of Michigan Flint, USARasoul Rezvanian - Ithaca College, USA

15

Ovidiu Stoica - Alexandru Ioan Cuza University of Iasi, Romania

Discussant: TBA

"Unemployment Insurance as an Automatic Economic Stabilizer — Evidence from Bank Lending"Yuehua Li - Shanghai University of Finance and Economics, ChinaZhentao Liu - Xiamen University, ChinaSha Pei - National University of Singapore, Singapore

Discussant: TBA


INFORMED TRADINGSession Chair: TBA

"Are Trades of Networked Insiders More Informative? Evidence from Europe"Mansoor Afzali - Hanken School of Economics, FinlandMinna Martikainen - Hanken School of Economics, Finland

Discussant: TBA

"High Frequency Trading: Strategic Competition Between Slow and Fast Traders"Herve Boco - Toulouse Business School, FranceLaurent Germain - Toulouse Business School, FranceFabrice Rousseau - Maynooth University, Ireland

Discussant: TBA

"Twitter Volume Option Implied Volatility and Continuous Disclosure"Ross Hosmann - Macquarie Graduate School of Management, AustraliaPetko Kalev - La Trobe University, AustraliaIvy Zhou - University of Wollongong, Australia

Discussant: TBA


VALUE INVESTINGSession Chair: TBA

"Value Investing: Who, What and Why"George Athanassakos - Ivey Business School of Business, Western University, Canada

Discussant: TBA

"Investor Behavior and Stock Returns"Oriana Rahman - York University, CanadaAndrei Semenov - York University, Canada

Discussant: TBA

"Do Emotions Expressed in the Social and News Media Impact on Investor Behaviour?"Ahmed Khan - Waikato Management School, New ZealandRon Bird - Waikato Management School, New ZealandPeter Huang - Waikato Management School, New ZealandDanny Yeung - University of Technology Sydney, Australia

Discussant: TBA

16

Refreshments 10:00 - 10:15 a.m.


PORTFOLIO MANAGEMENT ISession Chair: TBA

"Diversification Benefits of European Small Cap Stocks After the Global Financial Crisis andBrexit"Thien D. Nguyen - Concordia University, CanadaLorne Switzer - Concordia University, Canada

Discussant: TBA

"Cryptocurrencies as an Asset Class?"Sinan Krückeberg - Hamburg School of Business Administration, GermanyPeter Scholz - Hamburg School of Business Administration, Germany

Discussant: TBA

"Benefits of Cross-Border Investments into Emerging Markets"Heung-Joo Cha - Univeristy of Redlands, USA

Discussant: TBA


MERGERS AND ACQUISITIONSSession Chair: TBA

"Equity-Based Golden Parachutes in Mergers and Acquisitions"Jing He - Macquarie University, AustraliaJoshua Shemesh - Monash Business School, Australia

Discussant: TBA

"Coordinated Monitoring and Mergers and Acquisitions"Ettore Croci - Università Cattolica del Sacro Cuore, ItalyMieszko Mazur - IESEG School of Management, FranceGalla Salganik-Shoshan - Ben-Gurion University, Israel

Discussant: TBA

"The Valuation Effect of Changes to Delaware Corporate Law: The Case of Top-Up Options"Erik Devos - University of Texas at El Paso, USABill Elliott - John Carroll University, USAHilmi Songur - University of Arizona, USA

Discussant: TBA

17


CORPORATE GOVERNANCE VISession Chair: TBA

"Corporate Governance and Internal Audit Function Quality in Listed Companies at the AthensStock Exchange"Christina Vadasi - University of the Aegean, GreeceMichalis Bekiaris - University of the Aegean, GreeceAndreas Andrikopoulos - University of the Aegean, Greece

Discussant: TBA

"Creditor’s Holdup and the Setting of Private Appropriation in a Control Contract BetweenShareholders"Hubert De La Bruslerie - University Paris Dauphine - PSL, FranceSimon Gueguen - University of Cergy-Pontoise, France

Discussant: TBA

"Does Corporate Outside Counsel Better Serve Shareholders or Managers?"Eti Einhorn - Tel-Aviv University, IsraelShai Levi - Tel-Aviv University, IsraelBenjamin Segal - Hebrew University, Israel

Discussant: TBA


TUTORIAL: ACCOUNTING ISSUES

"Tutorial Session"Rashad Abdel-khalik - University of Illinois, USA


FINANCIAL INTERMEDIARIES IISession Chair: TBA

"P2P Lending Revisited: The Default Determinants"Christophe Croux - EDHEC Business School, FranceTarunsai Korivi - EDHEC Business School, FranceMilos Vulanovic - EDHEC Business School, France

Discussant: TBA

"Global Financial Crisis and Efficiencies of Islamic Banks: Are Islamic Bank Loan and DepositEfficiencies Stable? Evidence from Malaysian Islamic Banks"Abdus Samad - Utah Valley University, USAShahina Rahman - Hayfield Secindary School, USA

Discussant: TBA

"Does Regulation Influence Insurer Soundness at the Micro-Level?"Lisa Van Den Branden - KULeuven, BelgiumFrederiek Schoubben - KULeuven, BelgiumCynthia Van Hulle - KULeuven, Belgium

Discussant: TBA

18


MONEY AND CAPITALSession Chair: TBA

"The Link Between Federal Funds Rate and Banking System Distress: An Empirical Investigation"Mustafa Akcay - Temple University, USAElyas Elyasiani - Temple University, USA

Discussant: TBA

"Climate Change and Africa’s Inclusive Growth"Francis Adzei - University of Ghana, GhanaGodfred Bokpin - University of Ghana, Ghana

Discussant: TBA

"Short Selling, Trading Activity and Volatility in Corporate Bond Market"Huu Nhan Duong - Monash University, AustraliaPetko Kalev - LaTrobe University, AustraliaXiao Tian - LaTrobe University, Australia

Discussant: TBA


VENTURE CAPITALSession Chair: TBA

"Drivers of Fundraising Success in Equity Crowdfunding"Sandra Correia - School of Economics and Management of the University of Porto, PortugalMiguel Sousa - School of Economics and Management of the University of Porto, PortugalElísio Brandão - School of Economics and Management of the University of Porto, Portugal

Discussant: TBA

"Strategic Exits in Secondary Venture Capital Markets"Guillaume Andrieu - Group Sup de Co Montpellier Business School, FranceAlexander Groh - EmLyon Business School, France

Discussant: TBA

"The Effect of Venture Capital Backing on Companies’ Subsequent Lobbying Efforts"Ekin Alakent - California State University, East Bay, USAMine Ozer - SUNY Onienta, USAMehmet Goktan - California State University, East Bay, USA

Discussant: TBA

LUNCHEON

11:45 - 12:45 p.m. Place (TBA)

19

KEYNOTE SPEECH

12:45 - 1:45 p.m. Place (TBA)

Professor Eti Einhorn Tel Aviv University, Israel

SESSION 43 Tuesday 1:45 - 3:15 p.m. Room 1

PORTFOLIO MANAGEMENT IISession Chair: TBA

"Benchmarking Asset Allocation"Laurence Booth - University of Toronto, Canada

Discussant: TBA

"Margin-Restricted Mean-Variance Portfolio Deleveraging Under Market Impact"Chanaka Edirisinghe - Rensselaer Polytechnic Institute, USAJaehwan Jeong - Radford University, USA

Discussant: TBA

"A Performance Evaluation of Weight-Constrained Conditioned Portfolio Optimization"Marc Boissaux - University of Luxembourg, LuxembourgJang Schiltz - University of Luxembourg, Luxembourg

Discussant: TBA


CAPITAL STRUCTURE ISession Chair: TBA

"Bank Bailouts, Bail-ins, or No Regulatory Intervention? A Dynamic Model and Empirical Testsof Optimal Regulation"Allen N. Berger - University of South Carolina, USACharles P. Himmelberg - Goldman Sachs & Co., USARaluca A. Roman - Federal Reserve Bank of Philadelphia, USASergey Tsyplakov - University of South Carolina, USA

Discussant: TBA

"The Problem of Debt Overhang: Canadian Evidence"Varouj Aivazian - University of Toronto, CanadaYiming Xu - University of Toronto, Canada

Discussant: TBA

"The Role of Capital Expenditure Forecasts in Debt Contracting"Ashiq Ali - University of Texas at Dallas, USAZhongwen Fan - University of Texas at Dallas, USANingzhong Li - University of Texas at Dallas, USA

Discussant: TBA

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CORPORATE GOVERNANCE VIISession Chair: TBA

"How Does the Global Microfinance Industry Determine its Targeting Strategy Across Cultureswith Differing Gender Values?"Issy Drori - Vrie Universiteit, NetherlandsRonny Manos - College of Management, IsraelEstefania Santacreu-Vasut - ESSEC Business School and THEMA, FranceAmir Shoham - Fox School of Business, Temple University, USA

Discussant: TBA

"Stock Trading, Ownership Dispersion, and Corporate Governance: Evidence from China’sSplit-Share-Structure Reform"Xiaolin Qian - University of Macau, MacaoLewis Tam - University of Macau, Macao

Discussant: TBA

"Are Mutual Funds Satisfied with Corporate and Mutual Fund Directors who Overlap?"Rachel Li - Eli Broad College of Business, USAMiriam Schwartz-Ziv - Michigan State University, USA

Discussant: TBA


EXECUTIVE COMPENSATION ISession Chair: TBA

"Cannot Afford to Let Go: CEO Risk-taking Incentives When their Predecessors are FirmCreditors"Angelica Gonzalez - University of Edinburgh, UKJens Hagendorff - University of Edinburgh, UKGeorgios Voulgaris - University of Warwick, UK

Discussant: TBA

"Bankers’ Pay in State-Owned Banks - How Important are Governance and Political-EconomicFactors?"Gabrielle Wanzenried - Lucerne University of Applied Sciences and Arts, Switzerland

Discussant: TBA

"The Bright Side of Diversification: Evidence from Economic Policy Uncertainty"Btrian Clark - Rensselaer Polytechnic Institute, USABill Francis - Rensselaer Polytechnic Institute, USAGilna Samuel - California State University San Bernadino, USA

Discussant: TBA

21


FINANCIAL INTERMEDIARIES IIISession Chair: TBA

"What do Almost 20 years of Micro Data and two Crises Say About the Relationship BetweenCentral Bank and Interbank Market Liquidity? Evidence from Italy"Massimiliano Affinito - Bank of Italy, Italy

Discussant: TBA

"Real Estate as a Common Risk Factor in the Financial Sector: International Evidence"Benoit Carmichael - Universite Laval, CanadaAlain Coen - University of Quebec in Montreal, Canada

Discussant: TBA

"Getting Ahead of the New Curve in Reference Rates. Implications of EONIA and EURIBORreform on banks and how to manage the transition"Andreas Bohn - The Boston Consulting Group, GermanyMichael Buser - The Boston Consulting Group, GermanyBernhard Kronfellner - Vienna University of Technology, AustriaMichele Rigoni - The Boston Consulting Group, GermanyPascal Vogt - The Boston Consulting Group, Germany

Discussant: TBA


EXCHANGE RATESSession Chair: TBA

"Long Memory in Volatility in African Foreign Exchange Markets"Saint Kuttu - University of Ghana, Ghana

Discussant: TBA

"Extreme Volatility Dependence in Exchange Rate"Miriam Sosa Castro - Universidad Nacional Autónoma de México, MexicoChristian Bucio Pacheco - Universidad Autónoma del Estado de México, MexicoEdgar Ortiz Calisto - Universidad Nacional Autónoma de México, Mexico

Discussant: TBA

"Currency Hedging of Global Equity Portfolios"Iwan Meier - HEC Montreal, Canada

Discussant: TBA

22


MARKET MICROSTRUCTURESession Chair: TBA

"Financial Attention: An International Examination"Mahmoud Qadan - University of Haifa, Israel

Discussant: TBA

"Was The Global Price of Oil Impacted by Unconventional U.S. Monetary Policy?"Anastasios Malliaris - Loyola University Chicago, USAMary Malliaris - Loyola University Chicago, USA

Discussant: TBA

"Mutual Fund Ownership and Price Clustering"Ahmed Baig - Texas Tech University, USABen Blau - Utah State University, USAJared DeLisle - Utah State University, USA

Discussant: TBA

Refreshments 3:15 - 3:30 p.m.


PORTFOLIO MANAGEMENT IIISession Chair: TBA

"Importance of Transaction Costs for Asset Allocations in FX Markets"Thomas Maurer - Washington University in St. Louis, USALuca Pezzo - University of New Orleans, USAMark Taylor - Washington University in St. Louis, USA

Discussant: TBA

"Brexit and Correlations of Equity Returns in France, Germany, Italy, Spain, and the U.K."Sylvia Gottschalk - Middlesex University, UK

Discussant: TBA

"The Impact of Global Interaction on International Portfolio Investment"Wen-Lin Wu - Feng Chia University, Taiwan

Discussant: TBA


CAPITAL STRUCTURE IISession Chair: TBA

"The Role of the Sovereign Debt Crisis and Financial Development in Trade Credit: Evidence fromthe Euro Area"Filipa Da Silva Fernandes - University of Aberdeen, UKAlessandra Guariglia - University of Birmingham, UK

23

Alexandros Kontonikas - University of Essex, UKSerafeim Tsoukas - University of Glasgow, UK

Discussant: TBA

"The Agency Costs of Investment Opportunities and Debt Contracting: Evidence from ExogenousShocks to Government Spending"Jeffrey Callen - University of Toronto, CanadaMahfuz Chy - University of Missouri, USA

Discussant: TBA

"Determinants of Capital Structure: An Expanded Assessment"Toshi Fukui - Brigham Young University, USATodd Mitton - Brigham Young University, USARobert Schonlau - Miami University, USA

Discussant: TBA


FAMILY FIRMSSession Chair: TBA

"The Impact of Market and Industry Risk on Family Succession"Yin-Hua Yeh - National Chiao Tung University, TaiwanChen-Chieh Liao - National Chengchi University, Taiwan

Discussant: TBA

"Family Control and Environmental, Social and Governance (ESG) Engagement – Evidence fromAustria, Germany and Switzerland"Eva Wagner - Johannes Kepler University Linz, AustriaGabrielle Wanzenried - Lucerne University of Applied Sciences and Arts, Switzerland

Discussant: TBA

"Executive Incentive Pay and Dividend Payouts in Family Firms: An Auditor’s Perspective"Pattarin Adithipyangkul - Curtin University, AustraliaH.Y. Hung - Open University of Hong Kong, Hong KongTak Yan Leung - Open University of Hong Kong, Hong Kong

Discussant: TBA


EXECUTIVE COMPENSATION IISession Chair: TBA

"Trust, Incomplete Contracting, and Corporate Innovation"Fei Xie - University of Delaware, USABohui Zhang - Chinese University of Hong Kong, Shenzhen, ChinaWenrui Zhang - Chinese University of Hong Kong, Hong Kong

Discussant: TBA

24

"Implications of Inside Debt on Corporate Forward Guidance"Steven Xuanrui Zhu - University of Toronto, Canada

Discussant: TBA

"The Ratchet Effect of Transparency in Executive Compensation"Jose Guedes - Catholic University of Portugal, Portugal

Discussant: TBA


FINANCIAL CRISISSession Chair: TBA

"Deleveraging, Market Liquidity, and Funding Liquidity Crisis: Evidence from a NaturalExperiment"Buhui Qiu - The University Of Sydney, AustraliaGary Tian - Macquarie University, AustraliaHaijian Zeng - Guangxi University, China

Discussant: TBA

"Evidence of Financial Contagion Caused by Subprime and Global Financial Crisis in NAFTAStock Markets"Christian Bucio - Universidad Autónoma del Estado de Mexico, MexicoRaúl De Jesús - Universidad Autónoma del Estado de México, Mexico

Discussant: TBA

"Audit Quality and the Effect of the Banking Sector CEO Skill in Eurozone"Panagiotis Tahinakis - University of Macedonia, GreeceMichail Samarinas - University of Macedonia, Greece

Discussant: TBA


INFORMATION ASYMMETRYSession Chair: TBA

"Large and Small Firms: Is the Causal Relationship Asymmetric Nonlinear?"Geoffrey Ngene - Mercer University, USA

Discussant: TBA

"Clear and Liquid: The Interaction of Firm Disclosure and Trader Competition"Efstathios Avdis - University of Alberta, CanadaSanjay Banerjee - University of Alberta, Canada

Discussant: TBA

"Do Different Firms Achieve Different Results While Trading Own Stock? A Market TimingApproach."Dinis Santos - University of Coimbra, PortugalPaulo Gama - University of Coimbra, Portugal

Discussant: TBA

25


FINANCIAL MARKETSSession Chair: TBA

"Cryptocurrencies: The New Common Good or a 'Pig in Lipstick'?"John Vaz - Monash University, AustraliaKym Brown - Monash University, Australia

Discussant: TBA

"Private Bank Deposits and Macro/Fiscal Risk in the Euro-Area"Michael G. Arghyrou - Cardiff University, UKLola Gadea Rivas - University of Zaragoza, Spain

Discussant: TBA

"Comovement and Dynamic Relationships Between Stocks and Bonds"Kelly Cai - University of Michigan Dearborn, USAJingZhi Huang - Penn State University, USAXiaoquan Jiang - Florida International University, USA

Discussant: TBA

KEYNOTE SPEECH

7:30 - 8:30 p.m. Place (TBA)

Professor Dan Galai Hebrew University of Jerusalem, Israel

GALA DINNER

8:30 - 11:00 p.m. Place (TBA)

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twenty-sixth annual conference of the … · 2019. 5. 8. · twenty-sixth annual conference of the...

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