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World Finance Conference: July 29-31, 2016
World Finance Conference: July 29-31, 2016
WORLD
FINANCE
CONFERENCE
July 29-31, 2016
For almost ninety years the Tobin College of Business has offered
opportunities for individuals from throughout the world to study in
New York City’s dynamic business and cultural environment. The
curriculum offered by the business school emphasizes a strong
cross-functional understanding of business practice, experiential
learning, and a global perspective, all in a values-based context.
Many Tobin alumni currently lead great organizations worldwide.
WELCOME ADDRESS
JULY 2016
Welcome to the World Finance Conference in New York, United
States. I would like to thank Professor Iftekhar Hasan, Corrigan
Chair in International Business and Finance at Gabelli School of
Business, Fordham University, Professor René M. Stulz, Chair of
Banking and Monetary Economics and Director of The Dice Center
for Financial Economics, Ohio State University, and Professor
Markus K. Brunnermeier, Edwards S. Sanford Professor of
Economics and Director of the Bendheim Center for Finance,
Princeton University.
Welcome to the 2016 World Finance Conference at St. John’s University’s Manhat-
tan campus.
The Peter J. Tobin College of Business at St. John’s University is very proud to host
this important conference that grapples with world financial issues. We believe
that being here in the heart of the financial capital of the world is invigorating—and
we hope that it is intellectually stimulating to the conference.
The study of economics and finance is foundational to all of our programs at the
Tobin College of Business. Moreover, we have undergraduate degrees (Bachelor
of Science) that specialize in economics or finance, and a master’s degree (Mas-
ter of Science) in investment management, preparing students for the Chartered
Financial Analyst (CFA) certification. Our Student Managed Investment Funds,
both undergraduate and graduate, provide an experiential learning experience
for students that is exceptional—and an added bonus is that both funds typically
yield higher than expected returns. The programs offered by the Tobin College of
Business are accredited by AACSB—International. The faculty in our Department
of Economics & Finance are outstanding scholars, with a wide array of intellectual
contributions that range from the top-level theoretical journals to popularly ac-
cessible practical journals and books.
In the face of the current disequilibrium in the global economy and pundits touting
a pending crisis in the global financial system, it is important for scholars from
around the world to gather to share their views. We hope that the speakers, pa-
per presentations, special sessions, and most importantly, the discussions at this
conference will promote a valuable exchange of ideas in research, teaching, and
managerial practices and will provide fertile ground for cross-country collabora-
tions that might bring us closer to resolving the current economic dilemma.
The Tobin College of Business at St. John’s University is delighted to have been
selected as this year’s hosts for the World Finance Conference. We are grateful to
the Conference Chair, Joao Paulo Vieito, School of Business Studies, Polytechnic
Institute of Viana do Castelo, and to Conference Co-Chair, Mikael Bergbrant, Tobin
College of Business, St. John’s University, for affording us this opportunity. We
hope that you find the conference meaningful and that you take away a treasure
of valuable insights. We also hope that you will find some time to enjoy the many
attractions of The Big Apple. Welcome to New York!
Although there are so many different things to do in NYC that your trip here
will only allow you to start scratching the surface of the city, here are a few
things that I enjoy and would recommend you to do while you are here:
1. Take a walk in Central Park (or perhaps a morning run)..........................
2. Attend a Broadway show (you can buy tickets directly at the theaters
or discounted tickets at “TKTS Discount Booth” in Time Square).............
3. Visit one of the many museums NYC has to offer (my favorites are the
Museum of Modern Art (MOMA) and the Guggenheim Museum).............
4. Take a ride to the Statue of Liberty and Ellis Island (or jump on the
free Staten Island ferry to view the Statue from a distance).............
5. Walk over the Brooklyn Bridge (and if time allows, stroll around Brook-
lyn Bridge Park where the view of the Manhattan skyline is amazing).....
6. The views from Rockefeller Center are great, especially around sunset.
If you prefer to have a drink while taking in the views, 230 5th Avenue
has a rooftop bar with beautiful views........................................................
7. Stop by the market in Union Square and buy some locally sourced food
(to eat or bring home)
Very special thanks go to Dean Victoria Shoaf and the Peter J. Tobin College of
Business at St. John's University for making this conference possible. I would
also like to thank João Paulo Vieito for providing us the opportunity to host
this conference.
Finally, thank you for visiting us. If you have any questions about anything re-
garding our University, conference or city, just ask!
Mikael Bergbrant, MBA, MSF, Ph.D.
Assistant Professor of Finance
Peter J. Tobin College of Business
St. John’s University
SCIENTIFIC COMMITEE
(Alphabetical Order)
Chairman:
João Paulo Vieito
Polytechnic Institute of Viana do Castelo, Portugal
SCIENTIFIC COMMITEE
reviewers
(Alphabetical Order)
reviewers
• Guldem Gokcek - New York University & University • Laurence Booth - University of Toronto
of LIverpool • Laurence Lescourret - ESSEC Business School
• Guneratne Wickremasinghe - Victoria University • Lawrence Kryzanowski - Concordia University
• Gunnar Grass - HEC Montreal • Lei Mao - University of Warwick
• Gunter Dufey - University of Michigan & NTU/NBS • Lihui Tian - Institute of Finance & Development at
Singapore Nankai University
• Gurdip Bakshi - University of Maryland • Linda Sandris Larsen - University of Southern
• Hamza Bahaji - University of Paris Dauphine Denmark
• Hanane Dakhli - University of Paris 1 Pantheon • Lora Dimitrova - University of Exeter
Sorbonne / Champagne School of Management • Lorenzo Preve - IAE Business School
• Harjeet Bhabra - Concordia University • Lorne Switzer - Concordia University
• Helen Wong - The Hong Kong Polytechnic University • Lu Liu - Lund University
• Henry Leung - Sydney University • M. Humayun Kabir - Massey University
• Hitesh Doshi - University of Houston • Marcel Prokopczuk - Leibniz University Hannover
• Holly Yang - Singapore Management University • Mario di Filippo - Banque de France
• Hong Zhang - PBC School of Finance • Martin Dutto Giolongo - Universidad Nacional Del
• HONGJUN YAN - Rutgers Business School Litoral
• Hua Shang - Southwestern University of Finance • Massimo Guidolin - Bocconi University
and Economics • Matthijs Lof - Aalto University School of Business
• Ines Chaieb - University of Geneva • Meziane Lasfer - Cass Business School, City
• Inun Jariya Achchi Mohamed - South Eastern University London
University of Sri Lanka • Michael Gallmeyer - University of Virginia
• Irina Zviadadze - Stockholm School of Economics • Mieszko Mazur - IESEG School of Management
• Ivan Shaliastovich - The Wharton School, University • Mira Farka - California State University
of Pennsylvania • Miroslav Mateev - American University in The
• Jack Strauss - University of Denver Emirates
• James Yae - University of Houston • Mo Chaudhury - McGill University
• Jan Bartholdy - Aarhus University • Mulatu Zerihun - Tshwane University of Technology
• Jan Bena - University of British Columbia • N K Chidambaran - Fordham University
• Jang Schiltz - University of Luxembourg • Naaguesh Appadu - Cass Business School
• Javier Villar Burke - European Commission • Necdet Saglam - Anadolu University
• Jayant Kale - Northeastern University • Nick Baltas - UBS Investment Bank, Imperial
• Jerome Detemple - Boston University College Business School and Queen Mary Univer-
• Jian Zhang - National University Singapore sity of London
• Jocelyn Martel - ESSEC Business School • Nikos Loukeris - University of Macedonia
• Joel Barber - Florida International University • Ning Zhu - Shanghai Advanced Institute of Finance
• Johan Knif - Hanken School of Economics and UC Davis
• John Nofsinger - University of Alaska Anchorage • Nisan Langberg - University of Houston and Tel
• John Olukuru - Strathmore University Aviv University
• John Wingender - Creighton University • Noriyoshi Yanase - Tokyo Keizai University
• Jose Liberti - Northwestern University • Offer Shapir – New York University, Shanghai
• Jun Chen - Auckland University of Technology • Onur Arugaslan - Western Michigan University
• Junye Li - ESSEC business school • Pablo Fernandez - IESE Business School
• Justin Birru - The Ohio State University • Padma Kadiyala - Pace University
• Karl Schmedders - University of Zurich • Paolo Colla - Bocconi University
• Katarzyna Kochaniak - Cracow University of • Paolo Saona - Saint Louis University
Economics • Pasquale Della Corte - Imperial College London
• Katrin Gottschalk - Auckland University of Tech- • Paul Moon Sub Choi - Ewha School of Business
nology • Pawel Smaga - Warsaw School of Economics
• Kazuo Yamada - Nagasaki University • Per Östberg - University of Zurich
• Ki Young Park - Yonsei University • Philip Gharghori - Monash University
• Konstantinos Stathopoulos - Manchester Business • Philipp Illeditsh - The Wharton School, University
School of Pennsylvania
reviewers
10
Keynote Speaker Prof. René Stulz 2016-07-29 13:45/13:55 The Great Hall at Cooper Union
Photo with all the
Photo with all the Participants 2016-07-29 13:45/13:55 The Great Hall at Cooper Union
Participants
Keynote Speaker Prof. Markus Brunnermeier 2016-07-30 13:45/13:55 The Great Hall at Cooper Union
Best Paper Award 2016-07-30 13:45/13:55 The Great Hall at Cooper Union
TIMETABLE
JULY 29 — 31
2016-07-28 14:30/17:30 St. John's University - Manhattan Campus
2016-07-29 08:00/17:30 St. John's University - Manhattan Campus
Conference Registration
2016-07-30 08:00/17:30 St. John's University - Manhattan Campus
2016-07-31 08:00/12:30 St. John's University - Manhattan Campus
Galla
9 Investments 2016-07-29 10:30/12:00 203
Salganik-Shoshan
11
TIMETABLE
JULY 29 — 31
27 Currency Markets and Exchange Rates 2016-07-29 14:00/15:30 205 Saskia Ellen
12
TIMETABLE
JULY 29 — 31
47 Capital Structure and Cost of Capital 2016-07-29 16:00/18:00 209 Alfonsina Iona
JULY 30
59 Mutual Funds, Closed-End Funds, and Etfs 2016-07-30 08:30/10:00 206 Simon Gueguen
Konstantinos
60 Corporate Governance and Agency 2016-07-30 08:30/10:00 207
Stathopoulos
13
TIMETABLE
JULY 29 — 31
87 Big Events and House Markets 2016-07-30 14:00/15:30 107 Zbigniew Drewniak
14
TIMETABLE
JULY 29 — 31
100 Market Efficiency and Anomalies 2016-07-30 16:00/17:30 C-06 Jerchern Lin
101 Venture Capital and Private Equity 2016-07-30 16:00/17:30 c-07 Xueyong Zhang
Yves
102 Futures and Forwards 2016-07-30 16:00/17:30 107
Rakotondratsimba
Danilo Valerio
104 Small Business Finance 2016-07-30 16:00/17:30 203
Mascia
Portfolio Management and Perform-
105 2016-07-30 16:00/17:30 205 Eric Jondeau
ance Evaluation
106 Risk Measures and Asset Prices 2016-07-30 16:00/17:30 206 Stavros Zenios
108 Bankruptcy and Financial Distress 2016-07-30 16:00/17:30 208 Todd Kaplan
109 Dividend and Payout Policy 2016-07-30 16:00/18:00 209 Humberto Valencia
110 Corporate Governance and Agency 2016-07-30 16:00/17:30 210 Josep A. Tribo
JULY 31
117 Liquidity and Asset Prices 2016-07-31 08:30/10:00 107 David Feldman
James O.G.
118 Behavioral Investments 2016-07-31 08:30/10:00 108
Thewissen
119 Market Efficiency and Anomalies 2016-07-31 08:30/10:00 203 Andreas Dietrich
15
TIMETABLE
JULY 29 — 31
Session EVENT DATE TIME ROOM CHAIR
120 Regulation of Depository Institutions 2016-07-31 08:30/10:00 205 Xiaofeng Liu
122 Capital Structure and Cost of Capital 2016-07-31 08:30/10:00 207 Alberto Dell`Acqua
123 Banking and Financial Institutions 2016-07-31 08:30/10:00 208 Travis Selmier II
124 Currency Markets and Exchange Rates 2016-07-31 08:30/10:00 209 Beniamino Moro
127 Corporate Governance and Agency 2016-07-31 08:30/10:00 212 David-Jan Jansen
133 Banking and Financial Institutions 2016-07-31 10:30/12:00 107 Svatopluk Kapounek
135 Emerging Markets and Adr’s 2016-07-31 10:30/12:00 203 Xiuping Hua
137 Corporate Governance and Agency 2016-07-31 10:30/12:00 206 Aurobindo Ghosh
140 Market Efficiency and Anomalies 2016-07-31 10:30/12:00 209 Henk Berkman
Frederiek
145 Corporate Governance and Agency 2016-07-31 10:30/12:00 214
Schoubben
16
KEYNOTE SPEAKER
JULY 29, 09:20 — 10:00
Location: The Great Hall at Cooper Union
Iftekhar Hasan
Fordham University, New York
17
KEYNOTE SPEAKER
JULY 29, 13:00 — 13:45
Location: The Great Hall at Cooper Union
René M. Stulz
The Ohio State University
René M. Stulz is the Everett D. Reese for twelve years. He is on the editorial
Chair of Banking and Monetary Eco- board of more than ten academic and
nomics and the Director of the Dice practitioner journals. Further, he is a
Center for Research in Financial Eco- member of the Asset Pricing and Cor-
nomics at The Ohio State University. He porate Finance Programs and the direc-
has also taught at the Massachusetts tor of the Risk of Financial Institutions
Institute of Technology, the University of Group of the National Bureau of Eco-
Chicago, and the University of Roches- nomic Research. He is also a member
ter. He received his Ph.D. from the Mas- of the Squam Lake Group. He has pub-
sachusetts Institute of Technology. He lished more than sixty papers in finance
was awarded a Marvin Bower Fellow- and economics journals, including the
ship from the Harvard Business School, Journal of Political Economy, the Jour-
a Doctorat Honoris Causa from the Uni- nal of Financial Economics, the Journal
versity of Neuchâtel, and the Risk Man- of Finance, and the Review of Financial
ager Award of the Global Association of Studies. He is the author of a textbook
Risk Professionals. In 2004, the mag- titled Risk Management and Deriva-
azine Treasury and Risk Management tives, a co-author of the Squam Lake
named him one of the 100 most influ- Report: Fixing the Financial System,
ential people in finance. A recent study and has edited several books, including
found that he was the sixth most often the Handbook of the Economics of Fi-
cited contributor to the top journals in nance. René M. Stulz has taught in exec-
financial economics from 2003 to 2008. utive development programs in the U.S.,
He is a past president of the American Europe, and Asia. He has consulted for
Finance Association and of the Western major corporations, law firms, the New
Finance Association, and a fellow of the York Stock Exchange, the IMF, and the
American Finance Association, of the World Bank. He is a director of Banque
Financial Management Association, and Bonhote, the president of the Gamma
of the European Corporate Governance Foundation, and a trustee of the Global
Institute. René M. Stulz was the editor of Association of Risk Professionals.
the Journal of Finance, the leading aca-
demic publication in the field of finance,
18
KEYNOTE SPEAKER
JULY 30, 13:00 — 13:45
Location: The Great Hall at Cooper Union
Markus K. Brunnermeier
Princeton University
19
Conference Registration
Date: 2016-07-28 • Time: 14:30-17:30 • St. John's University - Manhattan Campus
Date: 2016-07-29 • Time: 08:00-17:30 • St. John´s University - Manhattan Campus
______________________________________________________________________________________________
Iftekhar Hasan
Fordham University, New York
______________________________________________________________________________________________
______________________________________________________________________________________________
Ownership Structure, Corporate Boards, and Management Earnings Forecasts: Evidence From China
Min Wang Xian
Jiaotong-Liverpool University
20
Paper: Tunneling Proceeds from Seasoned Equity Offering: The China Experience
Authors:
E. Han Kim - University of Michigan (United States)
Heuijung Kim - Sungkyunkwan University (South Korea)
Yuan Li - University of Southern California (United States)
Yao Lu - Tsinghua University (China)
Xinzheng Shi - Tsinghua University (China)
Presenter: Yao Lu - Tsinghua University (China)
Discussant: William Megginson - University of Oklahoma (United States)
Paper: Corporate Governance and Equity Returns: Evidence from Switzerland and the 2008 Financial Crisis
Authors:
Pascal Gantenbein - University of Basel (Switzerland)
Andreas Rehrauer - University of Basel (Switzerland)
Presenter: Pascal Gantenbein - University of Basel (Switzerland)
Discussant: Gil Cohen - Carmel Academic Center (Israel)
Paper: The Real Effects of Short Selling on Firm Risk-Taking: Evidence from a Quasi-Natural Experiment in
China
Authors:
Xiaoran Ni - University of Michigan (China)
Presenter: Xiaoran Ni - University of Michigan (United States)
Discussant: Dawood Ashraf - Islamic Research & Training Institute (Saudi Arabia)
______________________________________________________________________________________________
Paper: Momentum and Reversal Trading in Russian Stock Market: How to Limit Losses
Authors:
Tamara Teplova - National Research University- Higher School of Economics (Russia)
Evgeniia Mikova - National Research University - Higher School of Economics (Russia)
Presenter: Evgeniia Mikova - National Research University Higher School of Economics (Russia)
Discussant: Aparna Gupta - Rensselaer Polytechnic Institute (United States)
Paper: Size and Value Matter, But Not The Way You Thought
Authors:
Marie Lambert - University of Liege, HEC Management School (Belgium)
Boris Fays - University of Liege, HEC Management School (Belgium)
Georges Hübner - University of Liege, HEC Management School (Belgium)
Presenter: Marie Lambert - University of Liege, HEC Management School (Belgium)
Discussant: Philip Gharghori - Monash University (Australia)
21
______________________________________________________________________________________________
Paper: Internal Capital Markets and Dividend Policy: Evidence from Indian Corporates
Authors:
Elena Goldman - Pace University (United States)
Plachikkat Viswanath - Pace University (United States)
Presenter: Plachikkat Viswanath - Pace University (United States)
Discussant: Le Vu - La Trobe University (Australia)
______________________________________________________________________________________________
22
SESSION: 9 • INVESTMENTS
Room: 203 • Date: 2016-07-29 • Time: 10:30-12:00
Chair: Galla Salganik-Shoshan - Ben-Gurion University of the Negev (Israel)
Paper: Investment Decision to Generate Income: Leasing of Real Estate versus Real Estate Investment Funds
– REIT, in the Brazilian Market
Authors:
Claudio Antonio Rojo - UNIOESTE (Brazil)
Geysler Rogis Flor Bertolini - UNIOESTE (Brazil)
Pang Lien Hsu - UNIOESTE (Brazil)
Presenter: Claudio Antonio Rojo - UNIOESTE (Brazil)
Discussant: Garrison Song - Mount St. Joseph University (United States)
Paper: Socially Responsible Investment Portfolios: Does the Optimization Process Matter?
Authors:
Ioannis Oikonomou - ICMA Centre, University of Reading (United Kingdom)
Emmanouil Platanakis - University of Reading (United Kingdom)
Charles Sutcliffe - University of Reading (United Kingdom)
Presenter: Ioannis Oikonomou - ICMA Centre, University of Reading (United Kingdom)
Discussant: Arco Van Oord - De Nederlandsche Bank (Netherlands)
______________________________________________________________________________________________
______________________________________________________________________________________________
23
Paper: Optimal Catastrophe Reinsurance Contract Design Using Tail Risk Measures
Authors:
Nanjun Zhu - Peking University (China)
Yulin Feng - Stanford University (United States)
Presenter: Yulin Feng - Stanford University (United States)
Discussant: Stavros Zenios - University of Cyprus (Cyprus)
Paper: Macroeconomic News Announcements, Systemic Risk, Financial Market Volatility and Jumps
Authors:
Xin Huang - Federal Reserve Board (United States)
Presenter: Xin Huang - Federal Reserve Board (United States)
Discussant: Jose Faias - Universidade Catolica Portuguesa (Portugal)
______________________________________________________________________________________________
______________________________________________________________________________________________
24
Paper: The Route of Listing and Acquisition: Does an IPO Help Mitigate an M&A underperformance
Authors:
Yang Bai - University of Edinburgh (United Kingdom)
Jo Danbolt - University of Edinburgh (United Kingdom)
Ufuk Gucbilmez - University of Edinburgh (United Kingdom)
Presenter: Yang Bai - University of Edinburgh (United Kingdom)
Discussant: Jana Fidrmuc - Warwick Business School (United Kingdom)
______________________________________________________________________________________________
Paper: The Effects of Dodd-Frank Act on Bank Risk: The Case of Global Systemically Important Banks
(G-SIBs)
Authors:
Sunil Mohanty - City University of New York (United States)
Aigbe Akhigbe - University of Akron (United States)
Abdulrahman Basheikh - King Abdulaziz University (Saudi Arabia)
Haroon Khan - King Abdulaziz University (Saudi Arabia)
Presenter: Sunil Mohanty - City University of New York (United States)
Discussant: Johannes Reeg - Uni Wuerzburg (Germany)
Paper: Interest Rates on - Time Deposits and Savings Accounts Before and During the Crisis: How Important
is Creditworthiness?
Authors:
Jacob Bikker - De Nederlandsche Bank (Netherlands)
Dirk Gerritsen - Utrecht University (Netherlands)
Steffie Schwillens - De Nederlandsche Bank (Netherlands)
Presenter: Jacob Bikker - De Nederlandsche Bank (Netherlands)
Discussant: Vasilios Sogiakas - University of Glasgow (United Kingdom)
25
SESSION: 15 • OPTIONS
Room: 210 • Date: 2016-07-29 • Time: 10:30-12:00
Chair: Jerry Coakley - University of Essex (United Kingdom)
______________________________________________________________________________________________
Paper: Bank Debt and Trade Credit for SMEs: International Evidence
Authors:
Guillaume Andrieu - Montpellier Business School (France)
Raffaele Stagliano - Montpellier Business School (France)
Peter Van der Zwan - Erasmus School of Economics (Netherlands)
Presenter: Guillaume Andrieu - Montpellier Business School (France)
Discussant: Tomas Williams - Universitat Pompeu Fabra (Spain)
Paper: In Love With the Debit Card But Still Married to Cash
Authors:
Lola Hernandez - De Nederlandsche Bank/ Dutch Central Bank (Netherlands)
Carin van der Cruijsen - De Nederlandsche Bank/ Dutch Central (Netherlands)
Nicole Jonker - De Nederlandsche Bank/ Dutch Central (Netherlands)
Presenter: Lola Hernandez Hernandez - De Nederlandsche Bank/ Dutch Central Bank (Netherlands)
Discussant: Ji Yeong Chung - Seoul National University (South Korea)
______________________________________________________________________________________________
26
Paper: To Tweet or Not to Tweet: Can Twitter Help Companies Lower Their Cost of Equity Capital?
Authors:
Mohamed Al Guindy - Queens University (Canada)
Presenter: Mohamed Al Guindy - Queens University (Canada)
Discussant: Alya Al Nasseri - Brunel University (United Kingdom)
______________________________________________________________________________________________
SESSION: 18 • BANKING II
Room: 213 • Date: 2016-07-29 • Time: 10:30-12:00
Chair: Liqun Du - Peking University (China)
Paper: The Informational Content of the Loan Market: An Equity Portfolio-Based Approach
Authors:
Claudia Champagne - Sherbrooke University (Canada)
Stéphane Chrétien - Laval University (Canada)
Frank Coggins - Sherbrooke University (Canada)
Presenter: Claudia Champagne - Sherbrooke University (Canada)
Discussant: José Manuel Feria-Dominguez - Pablo de Olavide University of Seville (Spain)
Paper: Research into the Effect of Monetary Supply on Effectiveness of China’s Monetary Policy
Authors:
Liqun Du - Peking University (China)
Wenzhong Li - Bank of China (China)
Presenter: Liqun Du - Peking University (China)
Discussant: Giuseppe Cappelletti - European Central Bank (Germany)
______________________________________________________________________________________________
27
Paper: The Impact of Stock Liquidity on Idiosyncratic Volatility: Evidence Using Decimalization
Authors:
Ozkan Haykir - University of Exeter (United Kingdom)
Abhay Abhyankar - University of Exeter (United Kingdom)
Richard Harris - University of Exeter (United Kingdom)
Presenter: Ozkan Haykir - University of Exeter (United Kingdom)
Discussant: Clément Goulet - Université Paris 1 / LabEx ReFi (France)
______________________________________________________________________________________________
SESSION: 20 • LUNCH
Room: The Great Hall at Cooper Union • Date: 2016-07-29 • Time: 12:00-13:00
______________________________________________________________________________________________
René M. Stulz
The Ohio State University
Photo with all the participants 2016-07-29 13:45/13:55 The Great Hall at Cooper Union
28
Paper: Scale Economies in Pension Fund Investments: A Dissection of Investment Costs Across Asset Classes
Authors:
David Rijsbergen - De Nederlandsche Bank NV (Netherlands)
Dirk Broeders - De Nederlandsche Bank NV (Netherlands)
Arco van Oord - De Nederlandsche Bank NV (Netherlands)
Presenter: David Rijsbergen - De Nederlandsche Bank NV (Netherlands)
Discussant: Henk Berkman - University of Auckland (New Zealand)
______________________________________________________________________________________________
Paper: Analyst Target Price Accuracy and the Incidence of Cash Flow Forecasts
Authors:
Noor Hashim - Lancaster University (United Kingdom)
Norman Strong - Manchester University (United Kingdom)
Presenter: Noor Hashim - Lancaster University (United Kingdom)
Discussant: Angela Maddaloni - European Central Bank (Germany)
Paper: Stock Exchange Mergers and Risk Diversification? The case of NASDAQ and OMX
Authors:
Jens Henriksson - NASDAQ OMX Stockholm (Sweden)
João Paulo Vieito - Polytechnic Institute of Viana do Castelo (Portugal)
Wing-Keung Wong - Hong Kong Baptist University (Hong Kong)
Wenjing Xie - Hong Kong Baptist University (Hong Kong)
Presenter: João Paulo Vieito - Polytechnic Institute of Viana do Castelo (Portugal)
Discussant: Marta Gomez-Puig - Universitat de Barcelona (Spain)
Paper: Price Drift before U.S. Macroeconomic News: Private Information about Public Announcements?
Authors:
Alexander Kurov - West Virginia University (United States)
Alessio Sancetta - Royal Holloway, University of London (United Kingdom)
Georg Strasser - European Central Bank (Germany)
Marketa Halova Wolfe - Skidmore College (United States)
Presenter: Alexander Kurov - West Virginia University (United States)
Discussant: Matthias Saerens - KU Leuven (Belgium)
______________________________________________________________________________________________
29
SESSION: 24 • OPTIONS
Room: 107 • Date: 2016-07-29 • Time: 14:00-15:30
Chair: Jian Wu - Neoma Business School - Rouen Campus (France)
Paper: How to Make Finance more Responsible? The Case of Applications of Exotic Options in Corporate
Finance
Authors:
Jian WU - Neoma Business School (France)
Presenter: Jian Wu - Neoma Business School (France)
Discussant: Jose P. Dapena - Universidad del CEMA (Argentina)
______________________________________________________________________________________________
Paper: “Great Expectations” or “Side Effects”? Bankruptcy Law Reforms and Bank Credit for SMEs
Authors:
Marco Ghitti - Edhec Risk Institute (United Kingdom)
Presenter: Marco Ghitti - Edhec Rick Institute (United Kingdom)
Discussant: Tom Vanacker - Ghent University (Belgium)
Paper: Default Risk Premium in Credit and Equity Market: A New Approach for Structural Model Estimation
Authors:
Raffaele Corvino - Cass Business School (United Kingdom)
Gianluca Fusai - Cass Business School (United Kingdom)
Alessandro Beber - Cass Business School (United Kingdom)
Presenter: Raffaele Corvino - Cass Business School (United Kingdom)
Discussant: Berardino Palazzo - Boston University (United States)
______________________________________________________________________________________________
30
Paper: Ownership Structure and Mergers and Acquisitions Decisions: Are Family Firms Different Acquirers?
Authors:
Nicolas Eugster - University of Fribourg (Switzerland)
Presenter: Nicolas Eugster - University of Fribourg (Switzerland)
Discussant: Edward Jones - Heriot-Watt University (United Kingdom)
______________________________________________________________________________________________
Paper: Modelling - Time: Varying Conditional Discrete Jumps in Sub-Saharan African Foreign Exchange
Markets
Authors:
Saint Kuttu - University of Ghana (Ghana)
Anthony Aboagye - University of Ghana (Ghana)
Gofred Bokpin - University of Ghana (Ghana)
Presenter: Saint Kuttu - University of Ghana (Ghana)
Discussant: George Adu - The Nordic Africa Institute (Sweden)
Paper: Liquidity, Information and the Size of the Forward Exchange Rate Bias
Authors:
Lloyd Blenman - University of North Carolina Charlotte (United States)
Guan Jun Wang - Savannah State University (United States)
Presenter: Guan Jun Wang - Savannah State University (United States)
Discussant: Patrycja Klusak - Norwich Business School (United Kingdom)
______________________________________________________________________________________________
31
Paper: Controlling Shareholders and CEO Pay Monitoring: Evidence from a Panel Threshold Model in French
Companies
Authors:
Lionel Almeida - University of Paris Ouest - EconomiX (France)
Presenter: Lionel Almeida - University Paris Ouest - EconomiX (France)
Discussant: Yunbi An - University of Windsor (Canada)
______________________________________________________________________________________________
Paper: Is there a Sacrifice Cost of Leverage Constraints? The Case of Islamic Equity Investments
Authors:
Dawood Ashraf - Islamic Research and Training Institute (Saudi Arabia)
Karl Felixson - Hanken school of Economics (Finland)
Mohsin Khawaja - King Fahd University of Petroleum & Minerals (Saudi Arabia)
Syed Mujahid Hussain - Hanken school of Economics (Finland)
Presenter: Dawood Ashraf - Islamic Research and Training Institute (Saudi Arabia)
Discussant: Bilel Ouesleti - Enda Inter-arabe (Tunisia)
Paper: Oil Price Shocks; Heterogeneity in Response and Implications for the Energy Sector stock and UK’s
Equity Market
Authors:
Muhammad Ali Nasir - Leeds Beckett University (United Kingdom)
Sabih Abbas Rizvi - Leeds Beckett University (United Kingdom)
Matteo Rossi - University of Sannio (Italy)
Presenter: Muhammad Ali Nasir - Leeds Beckett University (United Kingdom)
Discussant: Giulio Cifarelli - University of Florence (Italy)
______________________________________________________________________________________________
32
Paper: (In)Efficient Asset Trade, Differential Borrowing Cost and Central Bank Policy
Authors:
Tobias Dieler - Ecole Polytechnique Federale de Lausanne (Switzerland)
Presenter: Tobias Dieler - Ecole Polytechnique Fédérale de Lausanne (Germany)
Discussant: Anastassia Fedyk - Harvard Business School (United States)
______________________________________________________________________________________________
Paper: Liquidity, Taxes and Yield Spreads between Tax-exempt and Taxable Bonds
Authors:
Woongsun Yoo - Saginaw Valley State University (United States)
Presenter: Woongsun Yoo - Saginaw Valley State University (United States)
Discussant: Josephine Gemson - Loyola Institute of Business Administration (India)
Paper: Corporate Bonds or Bank Loans? The Choice of Funding Sources and Information Disclosure of Polish
Listed Companies
Authors:
Anna Białek-Jaworska - University of Warsaw (Poland)
Tomasz Krawczyk - University of Warsaw (Poland)
Presenter: Anna Białek-Jaworska - University of Warsaw (Poland)
Discussant: Grace Ofori-Abebrese - Kwame NKrumah University of Science and Technology (Ghana)
______________________________________________________________________________________________
33
SESSION: 32 • BANKING II
Room: 210 • Date: 2016-07-29 • Time: 14:00-15:30
Chair: Saquib Aziz - ESC Rennes School of Business & University of Rennes 1 (France)
Paper: Housing Price Expectations and Subprime Lending: The Incremental Role of Securitization
Authors:
Guodong Chen - University of Michigan (United States)
Presenter: Guodong Chen - University of Michigan (United States)
Discussant: MeiChi Huang - National Taipei University (Taiwan)
Paper: Risk Exposure, Liquidity and Bank Governance: Are They Different Before, During and After the Recent
Financial Crisis?
Authors:
Petko Bachvarov - IBM (Bulgaria)
Miroslav Mateev - American University in the Emirates Dubai (United Arab Emirates)
Presenter: Petko Bachvarov - IBM (Bulgaria)
Discussant: J.B. Kim - Oklahoma State University (United States)
______________________________________________________________________________________________
______________________________________________________________________________________________
34
SESSION: 34 • INVESTMENTS
Room: 212 • Date: 2016-07-29 • Time: 14:00-15:30
Chair: Bjarne Astrup Jensen - Copenhagen Business School (Denmark)
Paper: Value at Risk (VaR) as a Risk Measurement Tool in the Indian Mutual Funds Industry
Authors:
Raj S. Dhankar - Ansal University (India)
R. Srinivasan - Indian Institute of Management (India)
Presenter: Raj S. Dhankar - Ansal University (India)
Discussant: Ying Wang - University at Albany – State University of New York (United States)
______________________________________________________________________________________________
Paper: A New Perspective on the Size, Value, and Momentum Effects: Broad Sample Evidence from Europe
Authors:
James Foye - University of Ljubljana (Slovenia)
Presenter: James Foye - University of Ljubljana (Slovenia)
Discussant: Marcel Prokopczuk - Leibniz University Hannover (Germany)
Paper: Disentangling the Effects of State Ownership on Investment – Evidence From Europe
Authors:
Patrick Jaslowitzer - Philipps-Universität Marburg, Germany (Germany)
William L Megginson - University of Oklahoma (United States)
Marc Steffen Rapp - Philipps-Universität Marburg (Germany)
Presenter: William L Megginson - University of Oklahoma (United States)
Discussant: Eric Jondeau - University of Lausanne (Switzerland)
______________________________________________________________________________________________
35
Paper: Pricing and Analysis of a Cyber Liability Insurance using Gumbel Copula – A case for Cyber Risk Index
Authors:
Anand Shah - Tata Consultancy Services (TCS) (India)
Presenter: Anand Shah - Tata Consultancy Services (TCS) (India)
Discussant: Emeka Lawrence Chukwunyere - Coventry University (United Kingdom)
______________________________________________________________________________________________
36
______________________________________________________________________________________________
Paper: The Number of Bank Relationships and Bank Lending to New Firms: Evidence from Firm-level Data in Japan
Authors:
Yuta Ogane - Nagoya University (Japan)
Presenter: Yuta Ogane - Nagoya University (Japan)
Discussant: Gene Ambrocio - Bank of Finland (Finland)
37
Paper: Does the Stock Market React Differently to Intangible Asset Investments than to Tangible Asset Investments?
Authors:
Neeraj Gupta - Elon University (United States)
Joseph Golec - University of Connecticut (United States)
Carmelo Giaccotto - University of Connecticut (United States)
Presenter: Neeraj Gupta - Elon University (United States)
Discussant: Xiao Zhong - University of Utah (United States)
Paper: Does Firm Age Moderate the Relationship between Debt and Stock Returns?
Authors:
Bolaji Tunde Matemilola - University Putra Malaysia (Malaysia)
Bany-Ariffin A.N - University Putra Malaysia (Malaysia)
Annuar Md Nassir - University Putra Malaysia (Malaysia)
Azman Saini W.N.W - University Putra Malaysia (Malaysia)
Presenter: Bolaji Tunde Matemilola - University Putra Malaysia (Malaysia)
Discussant: Saint Kuttu - University of Ghana (Ghana)
Paper: The Importance of Being Special: Repo Markets During the Crisis
Authors:
Angela Maddaloni - European Central Bank (Germany)
Stefano Corradin - European Central Bank (Germany)
Presenter: Angela Maddaloni - European Central Bank (Germany)
Discussant: Karoll Gomez - Universidad Nacional de Colombia (Colombia)
Paper: Rational Investor Bahaviour and Market Mispricing - The Resale Option Pricing Effect
Authors:
Kenth Skogsvik - Stockholm School of Economics (Sweden)
Henrik Andersson - Stockholm School of Economics (Sweden)
Presenter: Henrik Andersson - Stockholm School of Economics (Sweden)
Discussant: Saskia ter Ellen - Norges Bank (Norway)
Paper: The Effect of Relative Mispricing on the Cross-listing Decision and Premium
Authors:
Kee-Hong Bae - York University (Canada)
Yi Ding - The Chinese University of Hong (China)
Xiaoqiao Wang - Nanjing University (China)
Presenter: Kee-Hong Bae - York University (Canada)
Discussant: Kyung Suh Park - Korea University (South Korea)
38
Paper: New Evidence on the Relationship Between Earnings Quality and the Value Premium: What is Driving
the Relationship – Risk, Mispricing or Both?
Authors:
George Athanassakos - University of Western Ontario (Canada)
Presenter: George Athanassakos - University of Western Ontario (Canada)
Discussant: Sungbin Sohn - Peking University HSBC Business School (China)
______________________________________________________________________________________________
SESSION: 42 • PORTFOLIO MANAGEMENT AND PERFORMANCE EVALUATION
Room: 203 • Date: 2016-07-29 • Time: 16:00-17:30
Chair: George Tauchen - Duke University (United States)
Paper: Efficient Parallel Solution Methods for Dynamic Portfolio Choice Models in Discrete Time:
Authors:
Vanya Horneff - Goethe University Frankfurt (Germany)
Raimond Maurer - Goethe University Frankfurt (Germany)
Peter Schober - Goethe University Frankfurt (Germany)
Presenter: Peter Schober - Goethe University Frankfurt (Germany)
Discussant: Le Thi Dieu Huyen - Banking Academy of Vietnam (Vietnam)
Paper: The Effects of the Global Financial Crisis on the Colombian Local Currency Bonds Prices: An Event Study
Authors:
Edgardo Cayon - CESA Business School (Colombia)
Julio Sarmiento - Pontificia Universidad Javeriana (Colombia)
Ravi Shukla - Syracuse University (United States)
Presenter: Edgardo Cayon - CESA Business School (Colombia)
Discussant: Plachikkat Viswanath - Pace University (United States)
Paper: Who knows Better in an Emerging Market? Performance of Institutions, Foreigners and Individuals.
Authors:
Diego A. Agudelo - Universidad EAFIT (Colombia)
James E. Byder - Universidad EAFIT (Colombia)
Paula A. Yepes - Universidad EAFIT (Colombia)
Presenter: Diego A. Agudelo - Universidad EAFIT (Colombia)
Discussant: Cristhian Mellado-Cid - U. Católica de la Santísima Concepcion (Chile)
Paper: Monetary Policy and Bank Risk-taking: Evidence from Emerging Economies
Authors:
Bang Nam Jeon - Drexel University (United States)
Ji Wu - Southwestern University of Finance and Economics (China)
Minghua Chen - Southwestern University of Finance and Economics (China)
Rui Wang - Southwestern University of Finance and Economics (China)
Presenter: Ji Wu - Southwestern University of Finance and Economics (China)
Discussant: Pawel Wnuczak - Kozminski University (Poland)
39
Paper: The Role of Corporate Governance for Acquisitions by the Emerging Market Multinationals: Evidence
from India
Authors:
Burcin Col - Pace University (United States)
Kaustav Sen - Pace University (United States)
Presenter: Kaustav Sen - Pace University (United States)
Discussant: Petra Posedel Šimović - Zagreb School of Economics and Management (Croatia)
______________________________________________________________________________________________
Paper: Director Excess Compensation and Firm Future Performance: The Perspective of Corporate Governance
Authors:
Jin Ying Wang - Ming Chuan University (Taiwan)
Presenter: Jin Ying Wang - Ming Chuan University (Taiwan)
Discussant: Helen Spiropoulos - University of Technology Sydney (Australia)
40
Paper: Bank Loan Pricing and Top Executive Gender: A Cross-Cultural Perspective
Authors:
Clarissa Hauptmann - Maastricht University (Netherlands)
Stefanie Kleimeier - Maastricht University (Netherlands)
Stefan Straetmans - Maastricht University (Netherlands)
Presenter: Clarissa Hauptmann - Maastricht University (Netherlands)
Discussant: Yao Lu - Tsinghua University (China)
Paper: The Weighted Average Cost of Capital Over the Lifecycle of the Firm: Is the Overinvestment Problem of
Mature Firms Intensified by a Higher WACC?
Authors:
Carlos García - EAFIT University (Colombia)
Jimmy Saravia - EAFIT University (Colombia)
David Yepes - EAFIT University (Colombia)
Presenter: Jimmy Saravia - EAFIT University (Colombia)
Discussant: Eric Duca - Colegio Universitario de Estudios Financieros (CUNEF) (Spain)
Paper: The Contest to the Control and Firm Value: An Analysis of Latin American Firms
Authors:
Mauricio Jara-Bertin - Universidad de Chile (Chile)
Felix López-Iturriaga - Universidad de Valladolid (Spain)
Pablo San Martin-Mosqueira - Universidad Catolica de la Santisima Concepcion (Chile)
Paolo Saona-Hoffmann - Saint Louis University- Madrid Campus (Spain)
Presenter: Paolo Saona-Hoffmann - Saint Louis University - Madrid Campus (Spain)
Discussant: Jannine Poletti-Hughes - University of Liverpool Management School (United Kingdom)
Paper: Stock Liquidity and Second Blockholder as Drivers of Corporate Value: Evidence from Latin America
Authors:
Carlos Pombo - Universidad del los Andes (Colombia)
Rodrigo Taborda - Universidad de los Andes (Colombia)
Presenter: Rodrigo Taborda - Universidad de los Andes (Colombia)
Discussant: Christos Mavis - Surrey Business School (United Kingdom)
______________________________________________________________________________________________
Paper: Is Cost of Equity a Mere Function of Leverage? The Case of The Bond IPO.
Authors:
Paul Dion - Queen’s University (Canada)
Tashfeen Hussain - Smith School of Business at Queen’s University (Canada)
Presenter: Paul Dion - Queens University (Canada)
Discussant: Min Wang - Xian Jiaotong-Liverpool University (China)
41
Paper: Economic Freedom, Firm Investment and Financing Constraints. Theory and Empirical Evidence.
Authors:
Alfonsina Iona - Queen Mary University of London (United Kingdom)
Leone Leonida - King’s College London (United Kingdom)
Dario Maimone Ansaldo Patti - University of Messina (Italy)
Pietro Navarra - University of Messina (Italy)
Presenter: Alfonsina Iona - Queen Mary University of London (United Kingdom)
Discussant: Leandro Medina - International Monetary Fund (United States)
______________________________________________________________________________________________
SESSION: 48 • BANKING II
Room: 210 • Date: 2016-07-29 • Time: 16:00-18:00
Chair: Rashid Mehmood - State Bank of Pakistan (Pakistan)
Paper: Investigating the Nexus Between Stock Exchange and Economic Growth in Ghana
Authors:
Grace Ofori-Abebrese - Kwame Nkrumah University of Science and Technology (Ghana)
Presenter: Grace Ofori-Abebrese - Kwame NKrumah university of science and Technology (Ghana)
Discussant: Cécile Godfroid – Université de Mons (Belgium)
Paper: E-Banking Services as a Competitive Edge in Pakistan Banking Sector: Recent Adopters Prospective
Authors:
Sundas Rauf - University of Central Punjab (Pakistan)
Rashid Mehmood - State Bank of Pakistan (Pakistan)
Mehwish Rauf - (Pakistan)
Presenter: Rashid Mehmood - State Bank of Pakistan (Pakistan)
Discussant: Daniel Makina - University of South Africa (South Africa)
_____________________________________________________________________________________________
42
Paper: Can Weight-based Measures Distinguish between Informed and Uninformed Fund Managers?
Authors:
Junbo Wang - Louisiana State University (United States)
Presenter: Junbo Wang - Louisiana State University (United States)
Discussant: Raj S. Dhankar - Ansal University (India)
43
SESSION: 51 • INVESTMENTS
Room: 213 • Date: 2016-07-29 • Time: 16:00-17:30
Chair: Robert Vermeulen - De Nederlandsche Bank (Netherlands)
Paper: An Improvement of the Global Minimum Variance Portfolio Using a Black-Litterman Approach
Authors:
Maximilian Adelmann - University of Zurich (Switzerland)
Presenter: Maximilian Adelmann - Universtiy of Zurich (Switzerland)
Discussant: Robert Vermeulen - De Nederlandsche Bank (Netherlands)
Paper: Relationship between Aggregate Stock Returns and Macroeconomic Factors in BRICS Stock Markets
- Short Run Analysis
Authors:
Vanita Tripathi - University of Delhi (India)
Arnav Kumar - University of Delhi (India)
Presenter: Vanita Tripathi - University of Delhi (India)
Discussant: Giulia Baschieri - Ca’ Foscari University of Venice (Italy)
______________________________________________________________________________________________
______________________________________________________________________________________________
44
Paper: Income and Funding Structures, Banking Regulation and Bank Risk-Taking: The Role of Ownership in
Central and Eastern European Banks
Authors:
Ion Lapteacru - University of Bordeaux (France)
Presenter: Ion Lapteacru - University of Bordeaux (France)
Discussant: Razvan Vlahu - Dutch Central Bank (Netherlands)
Paper: Time-Varying Mark-Up and the ECB Monetary Policy Transmission in a Highly Non-Linear Framework
Authors:
Giulio Cifarelli - University of Florence (Italy)
Giovanna Paladino – Intesa Sanpaolo and Luiss University (Italy)
Presenter: Giulio Cifarelli - University of Florence (Italy)
Discussant: Javier Villar Burke - Universidade de Santiago de Compostela (Spain)
______________________________________________________________________________________________
SESSION: 54 • OPTIONS
Room: C-07 • Date: 2016-07-30 • Time: 08:30-10:00
Chair: Yeqin Zeng - ICMA Centre, Henley Business School, University of Reading (United Kingdom)
Paper: Financial Hedging and Firm Performance: Evidence from Cross-Border Mergers and Acquisitions
Authors:
Yeqin Zeng - ICMA Centre, University of Reading (United Kingdom)
Bo Han - Central Washington University (United States)
Zhong Chen - ICMA Centre, University of Reading (United Kingdom)
Presenter: Yeqin Zeng - ICMA Centre, University of Reading (United Kingdom)
Discussant: Feng Zhan - John Carroll University (United States)
Paper: The Waterline Tree: A Binomial Tree for Separable Local-Volatility Models
Authors:
U Hou Lok - National Taiwan University (Taiwan)
Yuh-Dauh Lyuu - National Taiwan University (Taiwan)
Presenter: U Hou Lok - National Taiwan University (Taiwan)
Discussant: Liu Hong - University of Arkansas (United States)
______________________________________________________________________________________________
45
Paper: Insurance Companies’ Trading Behaviour during the European Sovereign Debt Crisis: Flight Home or
Flight to Quality?
Authors:
Robert Vermeulen - De Nederlandsche Bank (Netherlands)
Melle Bijlsma - De Nederlandsche Bank (Netherlands)
Presenter: Robert Vermeulen - De Nederlandsche Bank (Netherlands)
Discussant: Yulin Feng - Stanford University (United States)
Paper: Extreme Daily Returns and the Cross-section of Expected Returns: Evidence from Brazil
Authors:
Edmundo R Lizarzaburu - ESAN University (Peru)
Luis Berggrun - Universidad ICESI (Colombia)
Emilio Cardona Magne - Universidad de los Andes (Colombia)
Presenter: Emilio Cardona Magne - Universidad de los Andes (Colombia)
Discussant: Ramona Jimborean - Banque de France (France)
Paper: Analysis of the Gold Price in Dollars Through Time Series and Intelligent Systems
Authors:
Celeste Karen Ramirez Martinez - Universidad Nacional Autonoma de México (Mexico)
Arturo Morales Castro - Universidad Nacional Autonoma de México (Mexico)
Presenter: Celeste Karen Ramirez Martinez - Universidad Nacional Autonoma de México (Mexico)
Discussant: Diego A. Agudelo - Universidad EAFIT (Colombia)
______________________________________________________________________________________________
46
Paper: Econometric Analysis of the Long-term Relationship Among the Macroeconomic Variables for a Single
Currency Union in the GCC Region
Authors:
Abdussalam Aljadani - De Montfort University (United Kingdom)
Fred Mear - De Montfort University (United Kingdom)
Raimi Luqman - De Montfort University (United Kingdom)
Presenter: Abdussalam Aljadani - De Montfort University (United Kingdom)
Discussant: David Sun - Kainan University (Taiwan)
Paper: What does the Tail of the Distribution of Current Stock Prices Tell us About Future Economic Activity?
Authors:
Gustavo Araujo - Central Bank of Brazil (Brazil)
Jose Vicente - Central Bank of Brazil (Brazil)
Presenter: Gustavo Araujo - Central Bank of Brazil (Brazil)
Discussant: Paulo Maio - Hanken School of Economics (Finland)
______________________________________________________________________________________________
Paper: The Dog Has Barked for a Long Time: Dividend Growth is Predictable
Authors:
Andrew Detzel - University of Denver (United States)
Jack Strauss - University of Denver (United States)
Presenter: Andrew Detzel - University of Denver (United States)
Discussant: Xiao Qiao - University of Chicago Booth School of Business (United States)
______________________________________________________________________________________________
47
Paper: The Performance of Islamic Versus Conventional Mutual Funds: Malaysian Evidence
Authors:
Fadillah Mansor - La Trobe University (Australia)
M. Ishaq Bhatti - La Trobe University (Australia)
Presenter: M. Ishaq Bhatti - La Trobe University (Australia)
Discussant: Kuan-Hui Lee - Seoul National University (South Korea)
Paper: Commonality and the Dynamics of the Stock Market Volatility Spillover on US Mutual Funds: A New Approach
Authors:
I Premachandra - Department of Accountancy and Finance (New Zealand)
Duminda Kuruppuarachchi - University of Sri Jayewardenepura (Sri Lanka)
John Watson - Monash Business School (Australia)
Don U.A. Galagedera - Moansh Business School (Australia)
Presenter: John Watson - Monash Business School (Australia)
Discussant: Lei Jiang - Tsinghua University (China)
______________________________________________________________________________________________
Paper: The Effect of Family Control on Value and Risk-Taking in Mexico: A Socioemotional Wealth Approach
Authors:
Jannine Poletti-Hughes - University of Liverpool Management School (United Kingdom)
Jonathan Williams - Bangor University (United Kingdom)
Presenter: Jannine Poletti-Hughes - University of Liverpool Management School (United Kingdom)
Discussant: James O.G. Thewissen - Katholieke Universiteit Leuven (Belgium)
Paper: Is Board Turnover Driven by Performance? Evidence from Closely-Held Family Firms
Authors:
Maximiliano Gonzalez - INALDE Business School (Colombia)
Alexander Guzmán - CESA School of Business (Colombia)
Eduardo Pablo - Minnesota State University (United States)
Maria-Andrea Trujillo - CESA School of Business (Colombia)
Presenter: Maximiliano Gonzalez - INALDE Business School (Colombia)
Discussant: Humberto Valencia - EGADE Business School (Mexico)
48
Paper: Does Low Efficiency Turn Into High Risk? An Empirical Examination of Cooperative Banks
Authors:
Johannes Reeg - University of Wuerzburg (Germany)
Markus Stralla - University of Wuerzburg (Germany)
Presenter: Markus Stralla - University of Wuerzburg (Germany)
Discussant: Svatopluk Kapounek - Mendel University in Brno (Czech Republic)
Paper: Diversification and Bank Performance in a Developing Economy: Evidence from Bangladesh
Authors:
A.K.M. Atiqur Rahman - North South University (Bangladesh)
Presenter: A.K.M. Atiqur Rahman - North South University (Bangladesh)
Discussant: Yong Tan - University of Huddersfield (United Kingdom)
Paper: Account Ownership and Use of Financial Services among Individuals: Evidence from Selected Sub-Sa-
haran Economies
Authors:
Letenah Ejigu Wale - University of South Africa (South Africa)
Daniel Makina - University of South Africa (South Africa)
Presenter: Daniel Makina - University of South Africa (South Africa)
Discussant: Linh Nguyen - University of St Andrews (United Kingdom)
______________________________________________________________________________________________
Paper: Strategic Spoofing Order Trading by Different Types of Investors in the Futures Markets
Authors:
Yun-Yi Wang - Feng Chia University (Taiwan)
Presenter: Yun-Yi Wang - Feng Chia University (Taiwan)
Discussant: Peter Lerner - Wenzhou university (United States)
Paper: Information About Price and Volatility Jumps Inferred from Options Prices
Authors:
Stephen J. Taylor - Lancaster University (United kingdom)
Chi-Feng Tzeng - National Tsing Hua University (Taiwan)
Martin Widdicks - Lancaster University (United Kingdom)
Presenter: Chi-Feng Tzeng - National Tsing Hua University (Taiwan)
Discussant: Mikhail Oet - Federal Reserve Bank of Cleveland (United States)
______________________________________________________________________________________________
49
Paper: Quantitative Easing Policy: Changes the Volatility of the Assets in Brazil?
Authors:
Milton Biage - Universidade Federal de Santa Catarina (Brazil)
Helberte Joao França Almeida - Universidade Federal de Santa Catarina (Brazil)
Adilson Giovanini - Universidade Federal de Santa Catarina (Brazil)
Kleverton Saath - Universidade Federal de Santa Catarina (Brazil)
Presenter: Milton Biage - Universidade Federal de Santa Catarina (Brazil)
Discussant: Edgardo Cayon - CESA Business School (Colombia)
______________________________________________________________________________________________
Paper: What Matters Most: The CEO Pay Slice, Inside Debt, or Overconfidence?
Authors:
Randy Beavers - Seattle Pacific University (United States)
Presenter: Randy Beavers - Seattle Pacific University (United States)
Discussant: Suparna Ray - Business School (United Kingdom)
______________________________________________________________________________________________
50
Paper: Comparative Study of Exchange Rate Performance: South African Rand versus Currencies of Selected
Emerging Economies
Authors:
Mulatu Fekadu Zerihun - University of Pretoria and Tshwane University of Technology (South Africa)
Martinus C. Breitenbach - University of Pretoria (South Africa)
Presenter: Mulatu Fekadu Zerihun - University of Pretoria and Tshwane University of Technology (South
Africa)
Discussant: Deepak Tandon - International Management Institute (India)
Paper: Exchange Rate Impact on Stock Price: New Evidence from Free-Floating Economies
Authors:
Alireza Zarei - Sunway University (Malaysia)
Mohamed Ariff - University Putra Malaysia (Malaysia)
Siong Hook Law - University Putra Malaysia (Malaysia)
Annuar Md Nassir - University Putra Malaysia (Malaysia)
Presenter: Alireza Zarei - Sunway University (Malaysia)
Discussant: Ferdinand Owoundi - University of Poitiers (France)
Paper: US Monetary Spillovers to Latin America: The Role of Long-term Interest Rates
Authors:
Elias Albagli - Central Bank of Chile (Chile)
Leiva Danilo - Central Bank of Chile (Chile)
Diego Saravia - Central Bank of Chile (Chile)
Presenter: Diego Saravia - Central Bank of Chile (Chile)
Discussant: Lu Liu - Stockholm Business School (Sweden)
______________________________________________________________________________________________
SESSION: 66 • INVESTMENTS
Room: 213 • Date: 2016-07-30 • Time: 08:30-10:00
Chair: Vanita Tripathi - University of Delhi (India)
Paper: Do Ants Turn Into Grasshoppers?: The Habit of Thrift and Retirement Spending
Authors:
Tao Guo - William Paterson University (United States)
Michael Finke - Texas Tech University (United States)
Presenter: Tao Guo - William Paterson University (United States)
Discussant: James Foye - University of Ljubljana (Slovenia)
______________________________________________________________________________________________
51
SESSION: 67 • BANKING II
Room: 214 • Date: 2016-07-30 • Time: 08:30-10:00
Chair: Paolo Mistrulli - Bank of Italy (Italy)
Paper: NPA (Non Performing Assets) Index as a Credit Risk Management Tool A Case Study of Indian Banking System
Authors:
Dr. Alok Mohan Sherry - National Institute of Financial Management (An Autonomous Institute of Ministry of
Finance, Government of India) (India)
Dr. Pramod Kumar Pandey - National Institute of Financial Management (An Autonomous Institute of Ministry
of Finance, Government of India) (India)
Saurabh Maheshwari - National Institute of Financial Management (An Autonomous Institute of Ministry of
Finance, Government of India) (India)
Presenter: Alok Sherry - National Institute of Financial Managament (India)
Discussant: Bolaji Tunde Matemilola - Universiti Putra Malaysia (Malaysia)
______________________________________________________________________________________________
52
Paper: Customer Risk and The Choice Between Cash and Lines of Credit
Authors:
Thomas David - Paris Dauphine University (France)
Presenter: Thomas David - Paris Dauphine University (France)
Discussant: Mark Raun Moritzen - University of Southern Denmark (Denmark)
Paper: Listing Status, Financial Crisis, and the Provision of Trade Credit
Authors:
Yomna Abdulla - University of Bahrain (Bahrain)
Viet Anh Dang - University of Manchester (United Kingdom)
Arif Khurshed - Alliance Manchester Business School (United Kingdom)
Presenter: Viet Anh Dang - University of Manchester (Vietnam)
Discussant: Antoine Renucci Renucci - Université de Pau (France)
______________________________________________________________________________________________
Paper: Testing VaR Accuracy for CDS Portfolios Using Historical Simulation and Delta-Normal Approaches
Authors:
Viviane Y. Naimy - Notre Dame University (Lebanon)
Presenter: Viviane Y. Naimy - Notre Dame University (Lebanon)
Discussant: Mario Krali - Technical University of Munich (Germany)
53
Paper: Liquidity Provision in Sovereign Debt Markets and Bank Lending: Evidence from Colombia
Authors:
Tomas Williams - Universitat Pompeu Fabra (Spain)
Presenter: Tomas Williams - Universitat Pompeu Fabra (Spain)
Discussant: Andrea Veller - Cà Foscari University (Italy)
______________________________________________________________________________________________
SESSION: 72 • INVESTMENTS
Room: 108 • Date: 2016-07-30 • Time: 10:30-12:00
Chair: Takeshi Kobayashi - Nagoya University Commerce and Business (Japan)
Paper: Dynamic Term Structure Modeling under Macro-economic Driven Regime Shifts
Authors:
Takeshi Kobayashi - Nagoya University of Commerce and Business (Japan)
Presenter: Takeshi Kobayashi - Nagoya University of Commerce and Business (Japan)
Discussant: Ales Marsal - Charles University (Czech Republic)
Paper: Does the Degree of Shari’ah Compliance Affect the Volatility? Evidence from the MENA Region
Authors:
Neveen Ahmed - The American University in Cairo (Egypt)
Omar Farooq - (Egypt)
Mohammed Bouaddi - The American University in Cairo (Egypt)
Presenter: Neveen Ahmed - The American University in Cairo (Egypt)
Discussant: Saad Alnefaee - Saudi Electronic University (Saudi Arabia)
54
______________________________________________________________________________________________
Paper: Bringing the Future Forward: The Impact of Corporate Social Responsibility on the Returns-Earnings
Relation
Authors:
Ahmed Marhfor - Université du Québec en Abitibi (Canada)
Kais Bouslah - University of St Andrews (United Kingdom)
Bouchra M’ Zali - Université du Québec en Abitibi (Canada)
Presenter: Ahmed Marhfor - Université du Québec en Abitibi (Canada)
Discussant: Vicente Pina - University of Zaragoza (Spain)
Paper: The Impact of the Competitive Environment on the Link between Environmental and Economic Perfor-
mance
Authors:
Roel Brouwers – K.U. Leuven (Belgium)
Frederiek Schoubben – K.U. Leuven (Belgium)
Cynthia Van Hulle – K.U. Leuven (Belgium)
Presenter: Frederiek Schoubben – K.U. Leuven (Belgium)
Discussant: Beatriz Mariano – London School of Economics (United Kingdom)
Paper: New Financial Tools for Small Business: A commitment Mechanism, Bank Finding, Binary Options
Market and Purchase Contract Securitization
Authors:
Nahum Biger - Carmel Academic Center- Haifa (Israel)
Noam Sher - Carmel Academic Center - Haifa (Israel)
Presenter: Nahum Biger - Carmel Academic Center - Haifa (Israel)
Discussant: Mikko Makinen - Bank of Finland (Finland)
55
______________________________________________________________________________________________
Paper: Impact of Loan Contract Characteristics on Monetary Transmission and Consumer Rent
Authors:
Javier Villar Burke - European Commission and University of Santiago de Compostela (Spain)
Presenter: Javier Villar Burke - European Commission and University of Santiago de Compostela (Spain)
Discussant: Sunil Mohanty - Brooklyn College-City University of New York (United States)
56
Paper: Hide and Seek Search: Why Angels Hide and Entrepreneurs Seek
Authors:
Merwan Engineer - University of Victoria (Canada)
Paul Schure - University of Victoria (Canada)
Dan Hieu Vo - Hartwick College (United States)
Presenter: Dan Hieu Vo - Hartwick College (United States)
Discussant: Guido Mantovani - Ca Foscari University (Italy)
______________________________________________________________________________________________
Paper: Financial Stress Transmission in EMU Sovereign Bond Market Volatility: A Connectedness Analysis
Authors:
Fernando Fernández-Rodríguez - Universidad de Las Palmas de Gran Canária (Spain)
Marta Gómez-Puig - Universitat de Barcelona (Spain)
Simon Sosvilla-Rivero - Universidad Complutense de Madrid (Spain)
Presenter: Marta Gomez-Puig - Universitat de Barcelona (Spain)
Discussant: Fred Mear - De Montfort University (United Kingdom)
Paper: What Drives Private Non-Financial Sector Borrowing in Emerging Market Economies?
Authors:
Ramona Jimborean - Banque de France (France)
Presenter: Ramona Jimborean - Banque de France (France)
Discussant: Muhamed Zulkhibri - Islamic Development Bank (Saudi Arabia)
Paper: How International Orientation of Top Managerial Teams May (not) Moderate the Performance of Serial
Acquirers?
Authors:
Suparna Ray - University of Exeter Business School (United Kingdom)
Grzegorz Trojanowski - University of Exeter Business School (United Kingdom)
Dorota Piaskowska - University College Dublin (Ireland)
Rajesh Tharyan - University of Exeter Business School (United Kingdom)
Presenter: Suparna Ray - University of Exeter Business School (United Kingdom)
Discussant: Ruidi Huang - University of Illinois at Urbana-Champaign (United States)
57
Paper: Volatility Spillover of the Agriculture sector on the Nairobi Securities Exchange
Authors:
Michael Chuchu - Strathmore University (Kenya)
John Olukuru - Strathmore University (Kenya)
Presenter: John Olukuru - Strathmore University (Kenya)
Discussant: Emilio Cardona Magne - UNIANDES (Colombia)
Paper: Effect of Macroeconomic News Releases on Bond Yields in India China and Japan
Authors:
Sreejata Banerjee - Chennai Mathematical Institute (India)
Divya Sinha - The Smart Cube (India)
Presenter: Sreejata Banerjee - Chennai Mathematical Institute (India)
Discussant: Javier Pantoja - Universidad EAFIT (Colombia)
Paper: Conditional Value Premium: Belief Difference, Short-Sale Constraints, and Institutional Ownership
Authors:
Hogyu Jhang - Previously Georgia Institute Technology (United States)
Emmanuel Alanis - Texas State University (United States)
Presenter: Emmanuel Alanis - Texas State University (United States)
Discussant: Rui Chen – Central University of Finance and Economics (China)
______________________________________________________________________________________________
Paper: Gender Quota Inside the Boardroom: Female Directors as New Keyplayers?
Authors:
Antoine Rebérioux - Université Paris-Diderot LADYSS (France)
Gwenael Roudaut - Ecole Polytechnique, Paris (France)
Presenter: Gwenael Roudaut - Ecole Polytechnique, Paris (France)
Discussant: Xiaojing Yuan - University of Massachusetts Lowell (United States)
Paper: Can Online Annual General Meetings Increase Shareholders’ Participation in Corporate Governance?
Evidence from China
Authors:
Huasheng Gao - Nanyang Technological University (Singapore)
Jun Huang - Shanghai University of Finance and Economics (China)
Presenter: Jun Huang - Shanghai University of Finance and Economics (China)
Discussant: Xiuping Hua - University of Nottingham Ningbo China (China)
58
SESSION: 81 • BANKING II
Room: 212 • Date: 2016-07-30 • Time: 10:30-12:00
Chair: Stephen Ong - Federal Reserve Bank of Cleveland (United States)
Paper: Unsolicited Sovereign Ratings and the Sovereign-Bank Ceiling: An Unintended Consequence of Regu-
latory Disclosure
Authors:
Patrycja Klusak - Norwich Business School (United Kingdom)
Owain ap Gwilym - Bangor Business School (United Kingdom)
Rasha Alsakka - Bangor Business School (United Kingdom)
Presenter: Patrycja Klusak - Norwich Business School (United Kingdom)
Discussant: Hussein Al-Tamimi - University of Sharjah (United Arab Emirates)
______________________________________________________________________________________________
Paper: Study on Chinese Stock Market Returns and its Policy Implications
Authors:
Zhenya Liu - Renmin University of China (China)
Shixuan Wang - University of Birmingham (United Kingdom)
Presenter: Shixuan Wang - University of Birmingham (United Kingdom)
Discussant: Claudio Morana - Università di Milano-Bicocca (Italy)
Paper: Overnight Strategy of Foreign Day-traders and Their Performance: An Empirical Study from the Korea
Stock Exchange
Authors:
Kyung Suh Park - Korea University Business School (South Korea)
Hye-hyun Park - Korea University Business School (South Korea)
Presenter: Kyung Suh Park - Korea University Business School (South Korea)
Discussant: Thiago Souza - University of Southern Denmark (Denmark)
59
SESSION: 83 • LUNCH
Room: The Great Hall at Cooper Union • Date: 2016-07-30 • Time: 12:00-13:00
______________________________________________________________________________________________
Markus K. Brunnermeier
Princeton University
Best Paper Award 2016-07-30 13:45/13:55 The Great Hall at Cooper Union
______________________________________________________________________________________________
Paper: How to Reconcile Financial Incentives and Pro-social Motivations of Loan Officers in Microfinance?
Authors:
Cécile Godfroid – University of Mons (Belgium)
Julie de Pril - University of Mons (Belgium)
Presenter: Cécile Godfroid - University of Mons (Belgium)
Discussant: Marlis Schairer - University of Hohenheim (Germany)
Paper: This Time the Financial Crisis is not the Same for the Nordic Banks
Authors:
Tom Berglund - Hanken School of Economics (Finland)
Mikko Makinen - Bank of Finland (Finland)
Presenter: Mikko Makinen - Bank of Finland (Finland)
Discussant: Davide Salvatore Mare - University of Edinburgh Business School (United Kingdom)
60
Paper: The Impacts of Accrual-Based and Real Earnings Management on Executive Compensation: Evidence
from Private Sector Firms in China
Authors:
Fangzhao Zhou - University of Windsor (Canada)
Lei Wang - University of Windsor (Canada)
Zenan Zhang - University of Windsor (Canada)
Yunbi An - University of Windsor (Canada)
Presenter: Yunbi An - University of Windsor (Canada)
Discussant: Lionel Almeida - University Paris Ouest - EconomiX (France)
Paper: Do Investors Learn From the Past? Evidence from Follow-On Equity Issues
Authors:
Eric Duca - Colegio Universitario de Estudios Financieros (CUNEF), Madrid (Spain)
Presenter: Eric Duca - Colegio Universitario de Estudios Financieros (CUNEF), Madrid (Spain)
Discussant: David Burnie - Western Michigan University (United States)
______________________________________________________________________________________________
Paper: Major Sporting Events Impact on the Basis of UEFA Euro 2012 Championships
Authors:
Zbigniew Drewniak - WSB University in Torun (Poland)
Presenter: Zbigniew Drewniak - WSB University in Torun (Poland)
Discussant: Anand Shah - Tata Consultancy Services (India)
61
Paper: Default and Recovery Rate in Chapter 11 with Multiple Debt Structure
Authors:
Xiyang Wang - University of Nottingham (United Kingdom)
David Newton - University of Nottingham (United Kingdom)
Presenter: Xiang Wang - The University of Nottingham (United Kingdom)
Discussant: Marco Ghitti - Edhec Rick Institute - Europe (United Kingdom)
______________________________________________________________________________________________
Paper: Do Exchange Rate Misalignments Really Affect Economic Growth? The Case of Sub-Saharan African
Countries
Authors:
Ferdinand Owoundi - University of Poitiers (France)
Presenter: Ferdinand Owoundi - University of Poitiers (France)
Discussant: Robert Ready - University of Rochester (United States)
Paper: Did Quantitative Easing Affect Interest Rates Outside the US? New Evidence Based on Interest Rate
Differentials
Authors:
Ansgar Belke - University of Duisburg-Essen (Germany)
Daniel Gros - Centre for European Policy Studies (Belgium)
Thomas Osowski - University of Duisburg-Essen (Germany)
Presenter: Ansgar Belke - University of Duisburg-Essen (Germany)
Discussant: Arie Gozluklu - Warwick Business School (United Kingdom)
62
Paper: Ratings vs. Guarantees: Issuer Choices and their Impact on Bond Yields
Authors:
Seung Hun Han - KAIST (South Korea)
Michael Pagano - Villanova University (United States)
Yoon Shin - Loyola University Maryland (United States)
Presenter: Yoon Shin - Loyola University Maryland (United States)
Discussant: Andrea Zaghini - Banca Itali (Italy)
Paper: Valuation, Simulation and Sensitivities Under Low and High Interest Rate Regimes
Authors:
Stephane Dang-Nguyen - Alef-servizi Spa (Italy)
Yves Rakotondratsimba - ECE School of Engineering (France)
Presenter: Stephane Dang-Nguyen - Alef servizi Spa (Italy)
Discussant: Haitham Al-Zoubi - Alfaisal University (Saudi Arabia)
______________________________________________________________________________________________
Paper: The Impact of Corporate Social Responsibility on Default Risk: Empirical evidence from US Firms
Authors:
Muhammad Suhail Rizwan - NUST Business School (Pakistan)
Asfia Obaid - NUST Business School (Pakistan)
Dawood Ashraf - Islamic Research & Training Institute (Saudi Arabia)
Presenter: Dawood Ashraf - Islamic Research & Training Institute (Saudi Arabia)
Discussant: Emmanuel Alanis - Texas State University (United States)
Paper: Who Joins a Sinking Ship and Why? Some Evidence on Independent Directors Who Join Fraudulent
Firms.
Authors:
Martin Bugeja - University of Technology Sydney (Australia)
Samir Ghannam - University of Technology Sydney (Australia)
Zoltan Matolcsy - University of Technology Sydney (Australia)
Helen Spiropoulos - University of Technology Sydney (Australia)
Presenter: Helen Spiropoulos - University of Technology Sydney (Australia)
Discussant: Jin Ying Wang - Ming Chuan University (Taiwan)
63
SESSION: 92 • INVESTMENTS
Room: 207 • Date: 2016-07-30 • Time: 14:00-15:30
Chair: Alex Huang - National Chiao Tung University (Taiwan)
Paper: Influences of Public Investment on Debt Sustainability and Some Recommendations about Public
Investment in Vietnam
Authors:
Thi Dieu Huyen Le - Banking Academy of Vietnam (Vietnam)
Thi Cam Giang Nguyen - Banking Academy of Vietnam (Vietnam)
Presenter: Thi Dieu Huyen Le - Banking Academy of Vietnam (Vietnam)
Discussant: Celeste Karen Ramirez Martinez - Universidad Nacional Autonoma de Mexico (Mexico)
Paper: Analysis of an Approach to Implementing Cash Flow Valuation Models within Student-Managed Invest-
ment Funds
Authors:
John Neumann - St. John’s University (United States)
Presenter: Jonh Neumann - St. John’s University (United States)
Discussant: Yoram Kroll - Ono academic College (Israel)
______________________________________________________________________________________________
Paper: Risk Diversification Gains From Housing Assets: Evidence From Dynamic Optimal Portfolios Including
Metropolitan Housing Assets In the US
Authors:
MeiChi Huang - National Taipei University (Taiwan)
Presenter: MeiChi Huang - National Taipei University (Taiwan)
Discussant: Danika Wright - The University of Sydney (Australia)
64
Paper: Short Sales Restrictions and Market Quality: Evidence from Korea
Authors:
Yunsung Eom - Hansung University (South Korea)
Jaehoon Hahn - Yonsei University (South Korea)
Wook Sohn - Bank of Korea Economic Research Institute (South Korea)
Presenter: Wook Sohn - Bank of Korea Economic Research Institute (South Korea)
Discussant: Alexander Kurov - West Virginia University (United States)
Paper: Does Short Selling affect Market Quality Equally?: International Evidence from a set of Natural Experi-
ments
Authors:
Xiaohu Deng - University of Memphis (United States)
Xiao Zhong - University of Utah (United States)
Presenter: Xiao Zhong - University of Utah (United States)
Discussant: Ozkan Haykir - University of Exeter (United Kingdom)
Paper: Inflation and Physical Capital Accumulation: Does the Level of Inflation Matter?
Authors:
Muhammad Khan - IQRA University (Pakistan)
Arslan Tariq Rana - University of Orléans (France)
Presenter: Muhammad khan - IQRA University (Pakistan)
Discussant: Yen-Ju Hsu - National Taiwan University (Taiwan)
______________________________________________________________________________________________
Paper: The Impact of Institutions in Influencing IPO Firm Voluntary Disclosure of CEO Salary
Authors:
Bruce Hearn - University of Sussex (United Kingdom)
Lars Oxelheim - Lund University (Sweden)
Trond Randoy - University of Agder (Norway)
Presenter: Lars Oxelheim - Lund University (Sweden)
Discussant: Kaustav Sen - Pace University (United States)
65
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Paper: Financial Inclusion of Women Through Self Help Groups in Thane District of Maharashtra State
Authors:
Ganapatrao Shitole - S.N.D.T. Arts and Commerce College for Women (India)
Presenter: Ganapatrao Shitole - S.N.D.T. Arts and Commerce College for Women (India)
Discussant: Dmytro Holod - Stony Brook University (United States)
Paper: Is the M&A Announcement Effect Different Across Europe? More Evidences from Continental Europe
and the UK
Authors:
Miroslav Mateev - American University in the Emirates (Bulgaria)
Presenter: Miroslav Mateev - American University in the Emirates (United Arab Emirates)
Discussant: Yue Liu - University of Edinburgh (United Kingdom)
Paper: Empirical Study on M&A Behaviors in International Oil Industry: A Competitive-Dynamics Perspective
Authors:
Qing Xue - China University of Petroleum at Beijing (China)
Qianyu Wu - Queen’s University, Smith School of Business (Canada)
Zhen Wang - China University of Petroleum at Beijing (China)
Mingming Liu - China University of Petroleum at Beijing (China)
Presenter: Qing Xue - China University of Petroleum at Beijing (China)
Discussant: Håkan Jankensgård - Lund University (Sweden)
66
SESSION: 98 • BANKING II
Room: 213 • Date: 2016-07-30 • Time: 14:00-15:30
Chair: Guillermo Dumrauf - Universidad del CEMA (Argentina)
Paper: Consumer Credit Demand After Great Recession - The Impact of Auto Lending at the Zero-Lower
Bound
Authors:
Christopher Henderson - Federal Reserve Bank of Philadelphia (United States)
Jason Keegan - Federal Reserve Bank of Philadelphia (United States)
Presenter: Christopher Henderson - Federal Reserve Bank of Philadelphia (United States)
Discussant: Xinxin Shang - Macquarie University (Australia)
Paper: Corporate Tax Policy Changes and Its Effect On Firms’ Value
Authors:
Aslam Izah Selamat - Universiti Putra Malaysia (Malaysia)
Mohamed Ariff - University Putra Malaysia (Malaysia)
Presenter: Mohamed Ariff - University Putra Malaysia (Malaysia)
Discussant: Guillermo Dumrauf - Universidad del CEMA (Argentina)
Paper: Financial Deepening, Trade Openness, Capital Inflow and Growth In India–An Evidence From Co-Inte-
gration
Authors:
Mahendra Pal - Delhi School of Economics (India)
Presenter: Mahendra Pal - Delhi School of Economics (India)
Discussant: Liqun Du - Peking University (China)
______________________________________________________________________________________________
67
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Paper: Alone or Ally: Private Equity Investing Preferences in Large Projects with New Structures and Environments
Authors:
Josephine Gemson - Loyola Institute of Business Administration (India)
A. Thillai Rajan - Indian Institute of Technology Madras (India)
Presenter: Josephine Gemson - Loyola Institute of Business Administration (India)
Discussant: MIngming Liu - China University of Petroleum-Beijing (China)
Paper: Addressing Financial Challenges of Public Private Partnerships in Infrastructure in Developing Asia
Authors:
Simrit Kaur - University of Delhi (India)
Harpreet Kaur - University of Delhi (India)
Presenter: Simrit Kaur - University of Delhi (India)
Discussant: Rabi Teja K. - Indian Institute of Technology (India)
68
Paper: Effectiveness of Commodity Futures as Opposed to Crop Insurance In Curbing Spot Price Volatility Risk
Authors:
Rancy Chepchichir - Strathmore University (Kenya)
John Olukuru - Strathmore University (Kenya)
Presenter: John Olukuru - Strathmore University (Kenya)
Discussant: Xingzhi Yao - Lancaster University (United Kingdom)
______________________________________________________________________________________________
Paper: Securitization Process Integration In Modern Financial Systems: Evidence From The EU Securitization
Market During Recent Financial Crisis
Authors:
Dina Vasic - Zagreb School of Economics and Management (Croatia)
Zoran Bubas - Zagreb School of Economics and Management (Croatia)
Dario Sulejmanovic - Zagreb School of Economics and Management (Croatia)
Presenter: Dina Vasic - Zagreb School of Economics and Management (Croatia)
Discussant: Dima Leshchinskii - Menlo College (United States)
Paper: Does the IPO Market Provide an Efficient Tool to Facilitate Industry Restructuring?
Authors:
Magnus Blomkvist - Audencia Business School (France)
Presenter: Magnus Blomkvist - Audencia Business School (France)
Discussant: Mohamed Ariff - University Putra Malaysia (Malaysia)
69
Paper: Microcredit Price Modelling for Microfinance Institutions using Risk Premium Analysis
Authors:
Juan Lara-Rubio - University of Granada (Spain)
Antonio Blanco-Oliver - University of Seville (Spain)
Presenter: Juan Lara-Rubio - University of Granada (Spain)
Discussant: Jinghua Wang - Stockton University (United States)
Paper: Local Banking Development and the Use of Debt Financing by Start-ups
Authors:
Marc Deloof - University of Antwerp (Belgium)
Maurizio La Rocca - University of Calabria (Italy)
Tom Vanacker - Ghent University (Belgium)
Presenter: Tom Vanacker - Ghent University (Belgium)
Discussant: Paulo Regis - Xi an Jiaotong - Liverpool University (China)
______________________________________________________________________________________________
70
Paper: The Determinants of Country´s Risk Premium Volatility: Evidence from Panel VAR Model
Authors:
Petra Pali - Institute of Economics (Croatia)
Petra Posedel Šimovi - Zagreb School of Economics and Management (Croatia)
Maruška Vizek - Institute of Economics (Croatia)
Presenter: Petra Posedel Šimović - Zagreb School of Economics and Management (Croatia)
Discussant: Madhu Vij - University of Delhi (India)
______________________________________________________________________________________________
71
72
Paper: Banks’ Equity Holdings and Their Impact on Security Issues in Different Institutional Settings
Authors:
Josep A Tribo - Universidad Carlos III (Spain)
Presenter: Josep A. Tribo - Universidad Carlos III (Spain)
Discussant: Wissam Abdallah - Cardiff University (United Kingdom)
Paper: Does The Corporate Governance Profile Really Impact On Firm Performance and Bank Allowances?
Authors:
Guido Max Mantovani - Ca Foscari University - Venice (Italy)
Elisabetta Castellan - Ca Foscari University - Venice (Israel)
Presenter: Guido Mantovani - Ca Foscari University - Venice (Italy)
Discussant: Paolo Saona - Saint Louis University (Spain)
Paper: The Nature of Organizational Hybrids: Exploring the Evolutionary Dynamics of Israeli Business Groups,
1995-2008.
Authors:
Konstantin Kosenko - Bank of Israel (Israel)
Presenter: Konstantin Kosenko - Bank of Israel (Israel)
Discussant: Arzu Uluc - Bank of England (United Kingdom)
______________________________________________________________________________________________
Paper: Basel Liquidity Regulation and Credit Risk Market Perception: Evidence From Large European Banks
Authors:
Giorgia Simion - Ca’ Foscari University (Italy)
Ugo Rigoni - Ca’ Foscari University (Italy)
Elisa Cavezzali - Ca’ Foscari University (Italy)
Andrea Veller - Ca’ Foscari University (Italy)
Presenter: Andrea Veller – Ca’ Foscari University (Italy)
Discussant: Sundas Rauf - University of Central Punjab (Pakistan)
Paper: Readiness of the UAE Banks for the Implementation of Basel III
Authors:
Hussein Hassan Al-Tamimi - University of Sharjah (United Arab Emirates)
Mohammed Warsame - University of Sharjah (United Arab Emirates)
Andi Duqi - University of Sharjah (United Arab Emirates)
Presenter: Hussein Hassan Al-Tamimi - University of Sharjah (United Arab Emirates)
Discussant: Markus Stralla - University of Wuerzburg (Germany)
73
Paper: Audit Market Concentration in Turkey: an Empirical Investigation of the Relationship Between the Audit
Firm Characteristics
Authors:
Necdet Saglam - Anadolu University (Turkey)
Abdullah Orhan - Anadolu University (Turkey)
Presenter: Necdet Saglam - Anadolu University (Turkey)
Discussant: loannis Oikonomou - ICMA Centre, University of Reading (United Kingdom)
Paper: An Examination of Public Companies Accounting Oversight Board (PCAOB) Reviews Before and After
the 2008 Financial Collapse
Authors:
David Burnie - Western Michigan University (United States)
Sheldon Langsam - Western Michigan University (United States)
Presenter: David Burnie - Western Michigan University (United States)
Discussant: Abdussalam Aljadani - De Montfort University (United Kingdom)
Paper: The Market vs Book Leverage Ratio Dilemma: An Analysis of the Lead-Lag Relationship and Speed of Adjustment
Authors:
Jan Hanousek - CERGE-EI (Czech Republic)
Anastasiya Shamshur - University of East Anglia (United Kingdom)
Jiri Tresl - University of Nebraska (United States)
Presenter: Anastasiya Shamshur - University of East Anglia (United Kingdom)
Discussant: Derek Strocher - Calvert Social Investment Foundation (United States)
_____________________________________________________________________________________________
Paper: Risk Neutral Moments for Pricing and Hedging S&P 500 Options
Authors:
Sol Kim - Hankuk University of Foreign Studies (South Korea)
Presenter: Sol Kim - Hankuk University of Foreign Studies (South Korea)
Discussant: Stephane Dang-Nguyen - Alef-servizi Spa (Italy)
74
______________________________________________________________________________________________
Paper: Application of the Concept of Actual Dividends in Project Finance Venture Valuation: Theoretical Over-
view and Practical Implications
Authors:
Krzysztof Jackowicz - Kozminski University in Warsaw (Poland)
Pawel Mielcarz - Kozminski University in Warsaw (Poland)
Pawel Wnuczak - Kozminski University in Warsaw (Poland)
Presenter: Pawel Wnuczak - Kozminski University (Poland)
Discussant: Ji Wu - Southwestern University of Finance and Economics (China)
Paper: Earnings Announcements, Stock Price Reaction and Market Efficiency-The Case of Saudi Arabia
Authors:
Ali Murad Syed - University of Dammam (Saudi Arabia)
Ishtiaq Ahmad Bajwa - University of Dammam (Saudi Arabia)
Presenter: Ali Murad Syed - University of Dammam (Saudi Arabia)
Discussant: Sangwon Suh - Chung-Ang University (South Korea)
Paper: Climbing the Corporate Ladder: Whom Do Highly Skilled CEOs Work For?
Authors:
Jason Kotter - Penn State University (United States)
Yelena Larkin - York University (Canada)
Presenter: Yelena Larkin - York University (Canada)
Discussant: Jefferson Duarte - Rice University (United States)
75
Paper: A Network Approach to Unravel Asset Prices Co-movements Using Minimal Dependence Structures
Authors:
Pablo J. C. de Carvalho - Rensselaer Polytechnic Institute (United States)
Aparna Gupta - Rensselaer Polytechnic Institute (United States)
Presenter: Aparna Gupta - Rensselaer Polytechnic Institute (United States)
Discussant: Chiraz Labidi - United Arab Emirates University (United Arab Emirates)
Paper: Conditional Moment Restriction Estimation of Asset Pricing Models: Some Preliminary Results
Authors:
Luis Martins - ISCTE (Portugal)
Vasco Gabriel - University of Surrey (United Kingdom)
Marco Fernandes - ISCTE (Portugal)
Presenter: Vasco Gabriel - University of Surrey (United Kingdom)
Discussant: Yuting Meng - Florida State University (United States)
______________________________________________________________________________________________
Paper: Difference in Political Ideology and Its Impact on Mergers and Acquisitions
Authors:
Dongnyoung Kim - Texas A&M University (United States)
Angela Passarelli - College of Charleston (United States)
Weishen Wang - College of Charleston (United States)
Presenter: Weishen Wang - College of Charleston (United States)
Discussant: Yelena Larkin - York University (Canada)
Paper: Acquiring Social Value: Target Corporate Social Responsibility and Acquirer Performance
Authors:
Mine Ertugrul - University of Massachusetts Boston (United States)
Lucia Gao - University of Massachusetts Boston (United States)
Presenter: Lucia Gao - University of Massachusetts Boston (United States)
Discussant: Aaron Gilbert - Auckland University of Technology (New Zealand)
76
Paper: Does Liquidity Risk Premium Affect Optimal Portfolio Holdings of U.S Treasury Securities?
Authors:
Karoll Gomez - Universidad Nacional de Colombia (Colombia)
Presenter: Karoll Gomez - Universidad Nacional de Colombia (Colombia)
Discussant: Andrea Schertler - University of Lueneburg (Germany)
______________________________________________________________________________________________
Paper: The First Cut is the Deepest: Stock Market Re-entry Decision and Hot Stove Effect
Authors:
Ozlem Arikan - University of Warwick (United Kingdom)
Arie E. Gozluklu - Warwick Business School (United Kingdom)
Gi H. Kim - University of Warwick (United Kingdom)
Hiroaki Sakaguchi - University of Warwick (United Kingdom)
Presenter: Arie E. Gozluklu - Warwick Business School (United Kingdom)
Discussant: Vlado Kysucky - Shenzhen International Business School (China)
Paper: Jockeying for Position in CEO Letters: Impression Management and Sentiment Analytics
Authors:
Kris Boudt - Vrije Universiteit Brussel (Belgium)
James O.G. Thewissen - Katholieke Universiteit Leuven (Belgium)
Presenter: James O.G. Thewissen - Katholieke Universiteit Leuven (Belgium)
Discussant: Mathieu Trepanier - SIAW - University of St.Gallen (Switzerland)
77
Paper: Could the Extended Trading of CSI 300 Index Futures Facilitate its Role of Price Discovery?
Authors:
Sungbin Sohn - Peking University HSBC Business School (China)
Xiaofeng Zhang - Helijin Technology Shanghai Ltd. (China)
Presenter: Sungbin Sohn - Peking University HSBC Business School (China)
Discussant: Muhammad Ali Nasir - Leeds Beckett University (United Kingdom)
Paper: What Drives the Interest Rates in the P2P Consumer Lending Market? Empirical Evidence from Swit-
zerland
Authors:
Andreas Dietrich - Lucerne University of Applied Sciences (Switzerland)
Reto Wernli - Lucerne University of Applied Sciences (Switzerland)
Presenter: Andreas Dietrich - Lucerne University of Applied Sciences (Switzerland)
Discussant: Krystallia Moysidou - University of Hamburg (Germany)
______________________________________________________________________________________________
Paper: A Horserace or Boost In a Market Power? Banking Sector Competition After Foreign Bank Exits
Authors:
Aneta Hryckiewicz-Gontarczyk - Kozminski University (Poland)
Lukasz Kozlowski - Kozminski University (Poland)
Presenter: Aneta Hryckiewicz-Gontarczyk - Kozminski University (Poland)
Discussant: Miguel A. Duran - University of Malaga (Spain)
Paper: The Effectiveness of Insider Trading Regulation and CEO Compensation: A Theoretical Model
Authors:
Xiaofeng Liu - Nankai Univeristy, Columbia University Visiting Scholar (China)
Hua Cao - Nankai University, Columbia University Visiting Scholar (China)
Presenter: Xiaofeng Liu - Nankai Univeristy, Columbia University Visiting Scholar (China)
Discussant: Yang Bai - University of Edinburgh (United Kingdom)
78
Paper: Dynamics of Bond Market During the EMU Crisis: Theoretical and Empirical Approaches in a Portfolio
Framwork
Authors:
Franck Martin - University of Rennes 1 (France)
Jiangxingyun Zhang - University of Rennes 1 (France)
Presenter: Franck Martin - University of Rennes 1 (France)
Discussant: Roberto De Santis - European Central Bank (Germany)
Paper: The Association between Corporate Bond Yields and Oil Returns
Authors:
Juan Huang - Temple University (United States)
Elyas Elyasiani - Temple University (United States)
Presenter: Juan Huang - Temple University (United States)
Discussant: Yoon Shin - Loyola University Maryland (United States)
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Paper: Voluntary Disclosure and Market Competition: Theory and Evidence from The U.S. Services Sector
Authors:
Nathan Dong - Columbia University (United States)
Eda Orhun - Zayed University Campus (United Arab Emirates)
Presenter: Eda Orhun - Zayed University Campus (United Arab Emirates)
Discussant: Anna Białek-Jaworska - Uniwersytet Warsawski (Poland)
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Paper: Systemic Risk and Systemic Importance: Differences, and Their Integration Within A Unique Frame-
work (More Systemic More Risky?)
Authors:
Sergio Masciantonio - European Commission (Belgium)
Andrea Zaghini - Banca d’Italia (Italy)
Presenter: Andrea Zaghini - Banca Itali (Italy)
Discussant: Claudia Champagne - Sherbrooke University (Canada)
______________________________________________________________________________________________
Paper: An Empirical Analysis of Exchange Rate Dynamics and Pass-Through Effects on Domestic Prices in
Ghana
Authors:
George Adu - Nordic Africa Institute, Uppsala University & KNUST (Sweden)
Amin Karimu - Umea University (Sweden)
Justice Tei Mensah - Swedish University of Agricultural Sciences, Uppsala (Sweden)
Presenter: George Adu - Nordic Africa Institute, Uppsala University & KNUST (Sweden)
Discussant: Guan Jun Wang - Savannah State University (United States)
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Paper: Do as I Say not as I do: How Much Risk the Bankers take with their Own Money?
Authors:
Yacine Bekrar - Toulon University (France)
Nicolas Aubert - Aix Marseille University and INSEEC Business School (France)
Thomas Rapp - Paris Descartes University and Harvard Harkness fellow (United States)
Presenter: Nicolas Aubert - Aix Marseille University and INSEEC Business School (France)
Discussant: Moustafa Abuelfadl - Ithaca College (United States)
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Paper: Can Media Consumption Explain The Relationship Between Political Preferences and Households’
Views On Inflation?
Authors:
David-Jan Jansen - De Nederlandsche Bank (Netherlands)
Matthias Neuenkirch - Trier University (Germany)
Presenter: David-Jan Jansen - De Nederlandsche Bank (Netherlands)
Discussant: Stefania Patrizia Sonia Rossi - University of Cagliari (Italy)
______________________________________________________________________________________________
Paper: The CAPM Misspecification, Portfolio Sorts, and the Size Related Regularities
Authors:
Thiago de Oliveira Souza - University of Southern Denmark (Denmark)
Presenter: Thiago de Oliveira Souza - University of Southern Denmark (Denmark)
Discussant: Michael Donadelli - Goethe University Frankfurt (Germany)
Paper: Reconsidering Stock Markets, Banks, and Economic Growth: A System Approach
Authors:
Jaebeom Kim - Oklahoma State University (United States)
Tolina Fufa - Oklahoma State University (United States)
Presenter: Jaebeom Kim - Oklahoma State University (United States)
Discussant: Kee-Hong Bae - York University (Canada)
Paper: Real Stock Prices and the Long-Run Money Demand in Saudi Arabia
Authors:
Saad Alnefaee - Saudi Electronic University (Saudi Arabia)
Presenter: Saad Alnefaee - Saudi Electronic University (Saudi Arabia)
Discussant: Claudia Williamson - Mississippi State University (United States)
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Paper: Do Fund Managers Herd Intentionally During Financial Crises? Evidence from Bulgaria
Authors:
Konstantinos Gavriilidis - University of Stirling (United Kingdom)
Vasileios Kallinterakis - University of Liverpool (United Kingdom)
Nikolay Yordanov - Ernst & Young (Bulgaria)
Presenter: Konstantinos Gavriilidis - University of Stirling (United Kingdom)
Discussant: Ivan Stetsyuk - Temple University (United States)
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Paper: Informational Criteria for Positive and Negative Bubbles: an Experiment in Forensic Finance.
Authors:
Peter Lerner - Wenzhou university (United States)
Presenter: Peter Lerner - Wenzhou University (United States)
Discussant: Kritika Mathur - Faculty of Management Studies (India)
84
Paper: Bank Lending Activities in the EU Countries: Difference Between Bank-based and Market-based Systems
Authors:
Svatopluk Kapounek - Mendel University in Brno (Czech Republic)
Zuzana Kucerova - VSB-Technical University of Ostrava (Czech Republic)
Presenter: Svatopluk Kapounek - Mendel University in Brno (Czech Republic)
Discussant: Cristina Pereira - CEFAGE-UE, Universidade de Évora (Portugal)
Paper: Financing Channels, Monetary Policy and Bank-Characteristics: Evidence from Non-Interest Banking
in Indonesia
Authors:
Muhamed Zulkhibri - Islamic Development Bank (Saudi Arabia)
Raditya Sukmana - Universitas Airlangga (Indonesia)
Presenter: Muhamed Zulkhibri - Islamic Development Bank (Saudi Arabia)
Discussant: A.K.M. Rahman - North South University (Bangladesh)
______________________________________________________________________________________________
Paper: Risk, Competition and Efficiency: Evidence From The Chinese Banking Industry
Authors:
Yong Tan - University of Huddersfield (United Kingdom)
Presenter: Yong Tan - University of Huddersfield (United Kingdom)
Discussant: Anna Samarina - University of Groningen (Netherlands)
Paper: Colombia’s Central Bank Communications and The Financial System: A Content Analysis Approach
Authors:
Carlos Alberto Velasquez Restrepo - EAFIT University (Colombia)
Javier Pantoja Robayo - EAFIT University (Colombia)
Presenter: Javier Pantoja Robayo - EAFIT University (Colombia)
Discussant: Sreejata Banerjee - Chennai Mathematical Institute (India)
85
Paper: Financial Constraints, Government Subsidies, and Innovation: Evidence from the Chinese Automotive
and Electronics Industries
Authors:
Xiuping Hua - Nottingham University Business School China (China)
Xiaoquan Liu - Nottingham University Business School China (China)
Miao Wang - Nottingham University Business School China (China)
Presenter: Xiuping Hua - Nottingham University Business School China (China)
Discussant: Nikolaos Loukeris - University of Macedonia (Greece)
Paper: Dynamic Spillovers between GCC and Global Markets: The Role of Economic Uncertainty
Authors:
Theo Berger - University of Bremen (Germany)
Chiraz Labidi - United Arab Emirates University (United Arab Emirates)
Gazi Salah Uddin - Linköping University (Sweden)
Jonathan Siverskog - Linköping University (Sweden)
Presenter: Chiraz Labidi - United Arab Emirates University (United Arab Emirates)
Discussant: Simrit Kaur - University of Delhi (India)
______________________________________________________________________________________________
Paper: What Drives Sovereign Spreads in the Euro Area? The Importance of the Alignment of Views Between
Investors and Policymakers.
Authors:
Renaud Beaupain - IESEG School of Management (France)
Alexandre Girard - University of Namur (Belgium)
Presenter: Alexandre Girard - University of Namur (Belgium)
Discussant: Mahendra Pal - University of Delhi (India)
86
Paper: Governance Matter: Morningstar Stewardship Grades and Mutual Fund Performance
Authors:
Ghosh Aurobindo - Singapore Management University (Singapore)
Jerry Cao - Singapore Management University (Singapore)
Jeremy Goh - Singapore Management University (Singapore)
Wee Seng Ng - National University of Singapore (Singapore)
Presenter: Aurobindo Ghosh - Singapore Management University (Singapore)
Discussant: John Watson - Monash University (Australia)
______________________________________________________________________________________________
Paper: Has Takeover Regulation Altered Value Creation: Evidence from the European M&A Market
Authors:
Sapnoti Eswar - University of Cincinnati (United States)
Presenter: Sapnoti Eswar - University of Cincinnati (United States)
Discussant: Miroslav Mateev - American University in the Emirates (United Arab Emirates)
87
Paper: Monetary Policy, Medium- and Long-term Yields at the Zero Lower Bound: International Evidence
Authors:
Pierre Siklos - Wilfrid Laurier University (Canada)
Domenico Lombardi - Centre for International Governance Innovation (Canada)
Samantha St. Amand - Centre for International Governance Innovation (Canada)
Presenter: Pierre Siklos - Wilfrid Laurier University (Canada)
Discussant: Kwaku Opong - University of Glasgow (United Kingdom)
______________________________________________________________________________________________
Paper: Access to Credit and Investment Decisions of SMEs in China: Size Matters
Authors:
Paulo Regis - Xi’an Jiaotong-Liverpool University (China)
Presenter: Paulo Regis – Xi’an Jiaotong-Liverpool University (China)
Discussant: Lourdes Torres - University of Zaragoza (Spain)
88
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Paper: Do Intrinsic Values Calculated By Equity Valuation Models Reflect Correct Market Share Prices?
Authors:
John Hall - University of Pertoria (South Africa)
Elda du Toit - University of Pretoria (South Africa)
Munyaradzi Kafesu - University of Pretoria (South Africa)
Presenter: Elda du Toit - University of Pretoria (South Africa)
Discussant: Rodrigo Taborda - Universidad de Los Andes (Colombia)
89
Paper: When Time Is Not on Our Side: The Costs of Regulatory Forbearance in the Closure of Insolvent Banks
Authors:
Rebel Cole - DePaul University (United States)
Lawrence White - Stern School of Business, New York University (United States)
Presenter: Lawrence White - Stern School of Business, New York University (United States)
Discussant: Stephane Fourneaux - NEOMA Business School (France)
______________________________________________________________________________________________
90
Paper: Market Reaction To The Disclosure of Active Vs Passive Blockholders: Does the Purpose of Transaction
Matter ?
Authors:
Simon Gueguen - University of Paris-Dauphine (France)
Olivier Ramond - University of Paris-Dauphine (France)
Presenter: Simon Gueguen - University of Paris Dauphine (France)
Discussant: Frederiek Schoubben – K. University of Leuven (Belgium)
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Sardinia, Italy
26 — 28 ⋅ JULY ⋅ 2017
SEE YOU IN
Bangkok, Thailand
14 — 15 ⋅ DECEMBER ⋅ 2017
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