World Finance Conference

Sardinia, July 26-28, 2017

Welcome Reception

Room: Auditorium
Date/Time: 2017-07-25-18:30 20:00
Opening Session

Room: Auditorium
Date/Time: 2017-07-26-08:45 09:15
Prof. Maria Del Zompo, Rector of the University of Cagliari Prof. Paolo Mattana, Director of the Department of Economics and Management, University of Cagliari Prof. Beniamino Moro, Co-Chair of the World Finance Conference - Cagliari Prof. João Vieito, Chair - World Finance Conference
Session: 1-Capital Structure and Cost of Capital

Room: 1
Date/Time: 2017-07-26-09:30 11:00
Chair: Timothy Riddiough - University of Wisconsin - Madison (United States)
Paper: Corporate Debt Maturity and Stock Price Crash Risk
Authors:
Viet Anh Dang - Alliance Manchester Business School (United Kingdom)
Edward Lee - Alliance Manchester Business School (United Kingdom)
Yangke Liu - Alliance Manchester Business School (United Kingdom)
Cheng Zeng - Alliance Manchester Business School (United Kingdom)
Presenter: Viet Dang - Alliance Manchester Business School (United Kingdom)

Discussant: Sergio Puente - Bank of Spain (Spain)

Paper: Risk and Information Tranching, Security Governance, and Incentive Compatible Capital Structure Design
Authors:
Timothy Riddiough - University of Wisconsin (United States)
Jun Zhu - Urban Institute (United States)
Presenter: Timothy Riddiough - University of Wisconsin - Madison (United States)

Discussant: Bjarne Astrup Jensen - Copenhagen Business School (Denmark)

Paper: How does access to the unsecured debt market effect investment?
Authors:
Kizkitza Biguri - BI Norwegian Business School (Norway)
Presenter: Kizkitza Biguri - BI Norwegian Business School (Norway)

Discussant: Anne Epaulard - University of Paris Dauphine (France)

Session: 2-CAPM and Portfolio Theory

Room: 2
Date/Time: 2017-07-26-09:30 11:00
Chair: Elisabete Vieira - Universidade de Aveiro (Portugal)
Paper: How Do Chief Financial Offcers A ffect Corporate Cash Policies?
Authors:
Chris Florackis - University of Liverpool (United Kingdom)
Sushil Sainani - University of Liverpool (United Kingdom)
Presenter: Sushil Sainani - University of Liverpool (United Kingdom)

Discussant: Harikumar Sankaran - New Mexico State University (United States)

Paper: Board of Directors Characteristics and Performance in Family Firms under Crisis
Authors:
Elisabete Vieira - GOVCOPP Unit, University of Aveiro, ISCA-UA (Portugal)
Presenter: Elisabete Vieira - Universidade de Aveiro (Portugal)

Discussant: Abongeh Tunyi - The University of Sheffield (United Kingdom)

Paper: Bankers on the board and stock price crash risk
Authors:
Min Jung Kang - University of Michigan, Flint (United States)
Qunfeng Liao - University of Michigan, Flint (United States)
Y.Han (Andy) Kim - SungKyunKwan University (South Korea)
Presenter: Min Jung Kang - University of Michigan - Flint (United States)

Discussant: Omrane Guedhami - University of South Carolina (United States)

Session: 3-Mutual Funds, Closed-End Funds, and ETFs

Room: 3
Date/Time: 2017-07-26-09:30 11:00
Mutual Funds, Closed- End Funds, and ETFs
Chair: Matthijs Breugem - Frankfurt School of Management and Finance gGmbH (Germany)
Paper: Diseconomies of Scale in the Actively-Managed Mutual Fund Industry Revisited
Authors:
John Adams - University of Texas Arlington (United States)
Darren Hayunga - University of Georgia (United States)
Sattar Mansi - Virginia Tech (United States)
Presenter: Sattar Mansi - Virginia Tech (United States)

Discussant: Zeynep Senyuz - Federal Reserve Board (United States)

Paper: The Value of the Active Mutual Fund Industry: An International Perspective
Authors:
Teodor Dyakov - VU Amsterdam (Netherlands)
Evert Wipplinger - VU Amsterdam (Netherlands)
Presenter: Teodor Dyakov - VU Amsterdam (Netherlands)

Discussant: Jonathan Witmer - Bank of Canada (Canada)

Paper: Information Aggregation In Large Markets With Institutional Investors
Authors:
Matthijs Breugem - Frankfurt School of Finance and Management (Germany)
Adrian Buss - INSEAD (France)
Presenter: Matthijs Breugem - Frankfurt School of Management and Finance gGmbH (Germany)

Discussant: Antonio Miguel - ISCTE (Portugal)

Session: 4-Banking and Financial and Institutions

Room: 4
Date/Time: 2017-07-26-09:30 11:00
Chair: Giacomo Nocera - Audencia Business School (France)
Session: 5-Personal Finance

Room: 5
Date/Time: 2017-07-26-09:30 11:00
Chair: Natalia Khorunzhina - Copenhagen Business School (Denmark)
Paper: Should the government be paying investment fees on $3 trillion of tax-deferred retirement assets?
Authors:
Mattia Landoni - Southern Methodist University (United States)
Stephen Zeldes - Columbia University (United States)
Presenter: Mattia Landoni - Southern Methodist University (United States)

Discussant: Philippe Astous - HEC Montreal (Canada)

Paper: Social capital, attitude towards globalization, and financial development: Evidence from the household financial markets participation
Authors:
Araceli Carvallo - Erasmus University Rotterdam (Netherlands)
Vadym Volosovych - Erasmus University Rotterdam (Netherlands)
Presenter: Vadym Volosovych - Erasmus University Rotterdam (Netherlands)

Discussant: Donald Parsons - George Washington University (United States)

Paper: Housing Decisions under Divorce Risk
Authors:
Marcel Fischer - Copenhagen Business School and University of Konstanz (Germany)
Natalia Khorunzhina - Copenhagen Business School (Denmark)
Presenter: Natalia Khorunzhina - Copenhagen Business School (Denmark)

Discussant: Alvaro Mezza - Federal Reserve Board (United States)

Session: 6-Monetary and Economic Policy

Room: 6
Date/Time: 2017-07-26-09:30 11:00
Chair: Leonard de Haan - De Nederlandsche Bank (Netherlands)
Paper: Unconventional monetary policy and market expectations: some evidence for the euro area
Authors:
Leo de Haan - De Nederlandsche Bank (Netherlands)
Jan Willem van den End - De Nederlandsche Bank (Netherlands)
Presenter: Leonard de Haan - De Nederlandsche Bank (Netherlands)

Discussant: Alyssa Anderson - Federal Reserve Board of Governors (United States)

Paper: The impact of unconventional monetary policy on the sovereign bank nexus within and across EU countries. A time-varying conditional correlation analysis
Authors:
Giulio Cifarelli - University of Florence (Italy)
Giovanna Paladino - IntesaSanPaolo Bank (Italy)
Presenter: Giulio Cifarelli - DISEI-University of Florence (Italy)

Discussant: George Karras - University of Illinois at Chicago (United States)

Paper: Finance and economic growth: financing structure and nonlinear impact
Authors:
Péter Benczúr - European Commission, Joint Research Center (Italy)
Stylianos Karagiannis - European Commission, Joint Research Center (Italy)
Virmantas Kvedaras - European Commission, Joint Research Center (Italy)
Presenter: Virmantas Kvedaras - European Commission, Joint Research Center (Italy)

Discussant: Tomas Havranek - Faculty of Social Sciences, Charles University, Prague (Czech Republic)

Session: 7-Corporate Governance

Room: 7
Date/Time: 2017-07-26-09:30 11:00
Chair: Samuel Mongrut - Universidade del Pacifico (Peru)
Paper: Firm Value and its Size: A model of cooperation and agency costs
Authors:
Julian Benavides - Universidad Icesi (Colombia)
Presenter: Julian Benavides - Universidad Icesi (Colombia)

Discussant: Keyur Thaker - Indian Institute of Management Indore (India)

Paper: Corporate Governance and Dividend Policy in Colombia
Authors:
Samuel Mongrut - Universidad del Pacifico (Mexico)
Julian Usma - Universidad EAFIT (Colombia)
Carlos Ramírez - Universidad EAFIT (Colombia)
Presenter: Samuel Mongrut - Universidade del Pacifico (Peru)

Discussant: Mike Dempsey - RMIT University (Australia)

Paper: Corporate governance compliance of family and non-family listed firms in Latin American emerging markets
Authors:
Guadalupe del Carmen Briano Turrent - Universidad Autónoma de San Luis Potosí (Mexico)
Jannine Poletti-Hughes - University of Liverpool (United Kingdom)
Presenter: Jannine Poletti-Hughes - University of Liverpool Management School (United Kingdom)

Discussant: MICHAIL BEKIARIS - UNIVERSITY OF THE AEGEAN (Greece)

Session: 8-Merger and Acquisitions

Room: 8
Date/Time: 2017-07-26-09:30 11:00
Chair: Zoltan Matolcsy - University of Technology Sydney (Australia)
Paper: Escape from the USA: Government Debt to GDP Ratio, Country Tax Competitiveness, and U.S.-OECD Cross-border Acquisitions
Authors:
Ying Gan - Erasmus University Rotterdam (Netherlands)
Buhui Qiu - University of Sydney (Australia)
Presenter: Ying Gan - Erasmus University Rotterdam (Netherlands)

Discussant: Arie Melnik - University of Haifa (Israel)

Paper: Strategic Alliances and Readability of 10-Ks
Authors:
Abu Jalal - Suffolk University (United States)
Anand Jha - Wayne State University (United States)
Mufaddal Baxamusa - University of St. Thomas (United States)
Presenter: Abu Jalal - Suffolk University (United States)

Discussant: Robert Loveland - California State University, East Bay (United States)

Paper: The Role of Powerful Non-Executive Chairman in Mergers and Acquisitions
Authors:
Zoltan Matolcsy - University of Technology Sydney (Australia)
Samir Ghanam - University of Technology Sydney (Australia)
Helen Spiropoulos - University of Technoplogy Sydney (Australia)
Nathan Thai - University of Technology Sydney (Australia)
Presenter: Zoltan Matolcsy - University of Technology Sydney (Australia)

Discussant: Evangelos Vaganos-Nanos - University of Glasgow (United Kingdom)

Session: 9- Boards

Room: 9
Date/Time: 2017-07-26-09:30 11:00
Chair: Naaguesh Appadu - Cass Business School (United Kingdom)
Paper: Superstar Directors
Authors:
Marc Steffen Rapp - Philipps-Universität Marburg (Germany)
Thomas Schmid - University of Hong Kong (Hong Kong)
Daniel Urban - Technische Universit at Munchen (Germany)
Presenter: Marc Steffen Rapp - Marburg University, HHL and Copenhagen Business School (Germany)

Discussant: Naaguesh Appadu - Cass Business School (United Kingdom)

Paper: Managerial Entrenchment and the Market for Talent
Authors:
Fabio Feriozzi - IE Business School (Spain)
Presenter: Fabio Feriozzi - IE Business School (Spain)

Discussant: Smaili Nadia - UQAM (Canada)

Paper: Dividend Payout and Performance Compensation Policy in an Emerging Market
Authors:
Ravichandran Subramaniam - Monash University Malaysia (Malaysia)
Chee Ghee Teh - Monash University Malaysia (Malaysia)
Sakthi Mahenthiran - Monash University Malaysia (United States)
Presenter: Teh Chee Ghee - Monash University Malaysia (Malaysia)

Discussant: Jose Guedes - Universidade Catolica Portuguesa (Portugal)

Session: 10-Asset Pricing

Room: 10
Date/Time: 2017-07-26-09:30 11:00
Chair: Marie Lambert - HEC Liège (Belgium)
Paper: A Mean-Variance Benchmark for Household Portfolios over the Life Cycle
Authors:
Claus Munk - Copenhagen Business School (Denmark)
Presenter: Claus Munk - Copenhagen Business School (Denmark)

Discussant: Yoko Shirasu - Aoyama Gakuin University (Japan)

Paper: The surface of implied firm's asset volatility
Authors:
Lidija Lovreta - Universitat Autonoma de Barcelona (Spain)
Florina Silaghi - Universitat Autonoma de Barcelona (Spain)
Presenter: Lidija Lovreta - Universidad Autonoma de Barcelona (UAB) (Spain)

Discussant: Zoltan Schepp - University of Pecs (Hungary)

Paper: Market efficiency and hedge fund trading strategies
Authors:
Marie Lambert - HEC Liège, Management School of the University of Liege (Belgium)
Nicolas Papageorgiou - HEC Montréal (Canada)
Federico Platania - Ecole de Management Léonard De Vinci (EMLV) (France)
Presenter: Marie Lambert - HEC Liège (Belgium)

Discussant: Emre Yoldas - Federal Reserve Board (United States)

Session: 11-PHD Tutorial Session
(PHD Toturial)

Room: 11
Date/Time: 2017-07-26-09:30 13:00
Chair: Vincenzo Merella - University of Cagliari (Italy)
Paper: A Theoretical Approach on Financial Literacy and Cultural traits: Are they determinants of Financial Behavior?
Authors:
Izzat Ramadan - Universidade Do Minho (Portugal)
Manuel Jose Rocha Armada - Universidade Do Minho (Portugal)
Cristiana Cerqueira Leal - Universidade Do Minho (Portugal)
Presenter: IZZAT RAMADAN - university of minho (Portugal)


Paper: How Do Political Connections and Corruption Shape the Banking Pool Structure in Emerging Markets?
Authors:
Hong Van Vu - University Lille Droit et Sante (France)
Presenter: Hong Van VU - Skema Business School (France)


Paper: Basel III Capital Accord Implementation: Impacts and Implications on Banking System Stability
Authors:
Alex Kae Lun Lee - Monash University Malaysia (Malaysia)
Jothee Sinnakkannu - Monash University Malaysia (Malaysia)
Sockalingam R. Ramasamy - Monash University Malaysia (Malaysia)
Presenter: Alex Kae Lun Lee - Monash University Malaysia (Malaysia)


Paper: Agency Issues in Corporate Bond Trading
Authors:
Alessio Ruzza - University of California Berkeley, USI - Università della Svizzera Italiana and Swiss Finance Institute (United States)
Presenter: Alessio Ruzza - USI - Università della Svizzera Italiana, UC Berkeley and Swiss Finance institute (United States)


Paper: Financial implications on data breaches
Authors:
Ivika Jäger - Stockholm School of Economics (Sweden)
Presenter: Ivika Jager - Swedish House of Finance, Stockholm School of Economics (Sweden)


Paper: A study on leverage in stock companies in times of recession and expansion: evidence from the BRICs
Authors:
Samuel de Paiva Naves Mamede - Mackenzie Presbiterian University (Brazil)
Presenter: Samuel Mamede - Mackenzie Presbiterian University (Brazil)


Paper: Forecasting Equilibrium Exchange rates for maximizing portfolio returns: the case of Turkey
Authors:
Simona Bonifazi di Statte - International University of Monaco ()
Kamar Bassem - International Monetary Fund ()
Presenter: Simona Statte - International University of Monaco (France)


Paper: Modelling of Optimal Taxation System of the Farmers
Authors:
Erika Besuspariene - Aleksandras Stulginskis university (Lithuania)
Presenter: Erika Besuspariene - Aleksandras Stulginskis university (Lithuania)


Paper: Forecasting Stock Market Returns Considering Near Unit Root and Model Uncertainty
Authors:
Hakan Gunes - Middle East Technical University (Turkey)
Dilem Yildirim - Middle East Technical University (Turkey)
Presenter: Hakan Gunes - Middle East Technical University (Turkey)


Session: 12-Coffee Break

Room: Restaurant
Date/Time: 2017-07-26-11:00 11:30
Session: 13-Boards

Room: 1
Date/Time: 2017-07-26-11:30 13:00
Chair: Julien Le Maux - HEC Montreal (Canada)
Paper: Board Centrality, Groupthink and Overinvestment in R&D: A Novel Analysis Using Research Quotient
Authors:
Subramanian Iyer - University of New Mexico (United States)
Harikumar Sankaran - New Mexico State University (United States)
Presenter: Harikumar Sankaran - New Mexico State University (United States)

Discussant: Gabrielle Wanzenried - Lucerne University of Applied Sciences and Arts (Switzerland)

Paper: Using the annual report readability for a better corporate bankruptcy prediction
Authors:
Julien Le Maux - HEC Montreal (Canada)
Nadia Smaili - UQAM (Canada)
Presenter: Julien Le Maux - HEC Montreal (Canada)

Discussant: Carlos Pombo - Universidad de los Aandes (Colombia)

Paper: The performance effects of bank mergers and acquisitions: The foreign institutional investors matter in Asian-Pacific countries
Authors:
Yoko Shirasu - Aoyama Gakuin University (Japan)
Yukihiro Yasuda - Hitotsubashi University (Japan)
Presenter: Yoko Shirasu - Aoyama Gakuin University (Japan)

Discussant: Michela Rancan - European Commission Joint Research Centre (Italy)

Session: 14-Options and Derivatives

Room: 2
Date/Time: 2017-07-26-11:30 13:00
Chair: Edward Kao - University of Houston (United States)
Paper: A Finite Element Method for Pricing Swing Options under Stochastic Volatility
Authors:
Edward P. C. Kao - University of Houston (United States)
Muhu Wang - Dynergy (United States)
Presenter: Edward Kao - University of Houston (United States)

Discussant: Onur Bayar - University of Texas at San Antonio (United States)

Paper: A General Formula for the Discount for Lack of Marketability
Authors:
John Finnerty - Fordham University (United States)
Presenter: John Finnerty - Fordham University (United States)

Discussant: Loic Belze - EM LYON (France)

Paper: The Cross-Section of Currency Volatility Premia
Authors:
Pasquale Della Corte - Imperial College London (United Kingdom)
Roman Kozhan - University of Warwick (United Kingdom)
Anthony Neuberger - City, University of London (United Kingdom)
Presenter: Roman Kozhan - University of Warwick (United Kingdom)

Discussant: Marie Lambert - HEC Liège (Belgium)

Session: 15-Risk Measure and Asset pricing

Room: 3
Date/Time: 2017-07-26-11:30 13:00
Chair: Ansgar Belke - University Duisburg-Essen (Germany)
Paper: Long-Run or Short-Run Betas Does it Matter for Equity Pricing?
Authors:
Hossein Asgharian - Lund University (Sweden)
Charlotte Christiansen - Aarhus University (Denmark)
Ai Jun Hou - Stockholm Uninversity (Sweden)
Presenter: Hossein Asgharian - Lund University (Sweden)

Discussant: Yves Rakotondratsimba - ECE Paris (France)

Paper: Economic policy uncertainty and cost of equity capital: Evidence from discounting of seasoned equity offerings
Authors:
Yue-Cheong Chan - The Hong Kong Polytechnic University (Hong Kong)
Walid Saffar - The Hong Kong Polytechnic University (Hong Kong)
K.C. John Wei - The Hong Kong Polytechnic University (Hong Kong)
Presenter: Yue Cheong Chan - Hong Kong Polytechnic University (Hong Kong)

Discussant: ROI TAUSSIG - Ariel University (Israel)

Paper: Policy Uncertainty and International Financial Markets: The Case of Brexit
Authors:
Ansgar Belke - University of Duisburg-Essen & Centre for European Policy Studies, Brussels (Germany)
Irina Dubova - University of Duisburg-Essen (Germany)
Thomas Osowski - University of Duisburg-Essen (Germany)
Presenter: Ansgar Belke - University Duisburg-Essen (Germany)

Discussant: Jean-Pierre Gueyie - University of Quebec in Montreal (Canada)

Session: 16-Corporate Governance

Room: 4
Date/Time: 2017-07-26-11:30 13:00
Chair: Sattar Mansi - Virginia Tech (United States)
Paper: The Economic Impact of Forming a European Company
Authors:
Lars Hornuf - University of Trier (Germany)
Abdulkadir Mohamed - Cranfield School of Management (United Kingdom)
Armin Schwienbacher - Université Côte d'Azur – SKEMA Business School (France)
Presenter: Lars Hornuf - University of Trier (Germany)

Discussant: Fabio Feriozzi - IE Business School (Spain)

Paper: Women on compensation committees and CEO contract design: Evidence from Sweden.
Authors:
Katarzyna Cieslak - Uppsala University (Sweden)
Presenter: Katarzyna Cieslak - Uppsala University (Sweden)

Discussant: Yun-Chi Lee - Ming Chuan University (Taiwan)

Paper: Retail Investors’ Attention and Insider Trading
Authors:
Sattar Mansi - Virginia Tech (United States)
Jianping Qi - University of South Florida (United States)
Han Shi - University of South Florida (United States)
Presenter: Sattar Mansi - Virginia Tech (United States)

Discussant: Sagi Akron - Univeristy of Haifa (Israel)

Session: 17-Basel Norms
(PHD student)

Room: 5
Date/Time: 2017-07-26-11:30 13:00
Chair: Ragnar Juelsrud - Bi Norwegian Business School (Norway)
Paper: Determinants of Bank Liquidity in Vietnam: A Dynamic Panel Data Analysis
Authors:
Anh D. Pham - Banking Academy of Vietnam (Vietnam)
Loan T. Q. Nguyen - National Economics University (Vietnam)
Presenter: Anh D. Pham - Banking Academy of Vietnam (Vietnam)

Discussant: Salvatore Perdichizzi - Universita degli studi di Milano - Bicocca (Italy)

Paper: Backtesting Basel III: Evaluating the Market Risk of Past Crises in Brazil through the Current Regulation
Authors:
Marcelo Zeuli - Banco Central do Brasil (Brazil)
Andre Carvalhal - BNDES- NationalBank of Development (Brazil)
Presenter: Marcelo Zeuli - Banco Central do Brasil (Brazil)

Discussant: Sonia Dissem - Skema Business School (France)

Paper: The consequences of increasing risk-based capital requirements for banks: Evidence from a 2013 policy reform in Norway
Authors:
Ella Getz Wold - Brown University (United States)
Ragnar Enger Juelsrud - BI Norwegian Business School (Norway)
Presenter: Ragnar Juelsrud - Bi Norwegian Business School (Norway)

Discussant: Usman Gilani - Univeristy of Leeds (United Kingdom)

Session: 18-Financial Crises

Room: 6
Date/Time: 2017-07-26-11:30 13:30
Chair: Leandro Medina - International Monetary Fund (United States)
Paper: International House Price Cycles, Monetary Policy and Credit
Authors:
Gregory Bauer - Bank of Canada (Canada)
Presenter: Gregory Bauer - Bank of Canada (Canada)

Discussant: Adam Golinski - University of York (United Kingdom)

Paper: Equilibrium Real Interest Rates and Secular Stagnation: An Empirical Analysis for Euro Area Member Countries
Authors:
Jens Klose - THM Business School (Germany)
Ansgar Belke - University of Duisburg-Essen (Germany)
Presenter: Jens Klose - THM Business School (Germany)

Discussant: Vadym Volosovych - Erasmus University Rotterdam (Netherlands)

Paper: The Effects of Commodity Price Shocks on Fiscal Aggregates in Latin America
Authors:
Leandro Medina - International Monetary Fund (United States)
Presenter: Leandro Medina - International Monetary Fund (United States)

Discussant: Adam Gersl - Joint Vienna Institute (Austria)

Paper: Relative Performance Banker Compensation and Systemic Risk
Authors:
Rui Albuquerque - Boston College (United States)
Luis Cabral - New York University (United States)
Jose Guedes - Universidade Católica Portuguesa (Portugal)
Presenter: Jose Guedes - Universidade Catolica Portuguesa (Portugal)

Discussant: Johan Walden - UC Berkeley (United States)

Session: 19-Banking and Financial Institutions

Room: 7
Date/Time: 2017-07-26-11:30 13:00
Chair: Helen Louri - Athens University of Economics and Business (Greece)
Paper: Covered Bonds, Asset Encumbrance and Bank Risk: Evidence from the European Banking Industry
Authors:
Emilia Garcia-Appendini - University of St. Gallen (Switzerland)
Stefano Gatti - Bocconi University (Italy)
Giacomo Nocera - Audencia Business School (France)
Presenter: Giacomo Nocera - Audencia Business School (France)

Discussant: Yann Braouezec - IESEG School of Management (France)

Paper: The Macroeconomics of Central-Bank-Issued Digital Currencies
Authors:
John Barrdear - Bank of England (United Kingdom)
Michael Kumhof - Bank of England (United Kingdom)
Presenter: Michael Kumhof - Bank of England (United Kingdom)

Discussant: Francesco Bianchi - DUKE University (United States)

Paper: Can Government Save the Stock Market?
Authors:
Yeguang Chi - Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University (China)
Xiaoming Li - Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University (China)
Presenter: Yeguang Chi - Shanghai Jiaotong University, Shanghai Advanced Institute of Finance (China)

Discussant: Kym Brown - Monash University (Australia)

Paper: Bank Lending Margins in the Euro Area: Funding Conditions, Fragmentation and ECB's Policies
Authors:
Helen Louri - Athens University of Economics and Business (Greece)
Petros Migiakis - Bank of Greece (Greece)
Presenter: Helen Louri - Athens University of Economics and Business (Greece)

Discussant: Antonio Della Bina - University of Bologna (Italy)

Session: 20-Market Efficiency and Anomalies

Room: 8
Date/Time: 2017-07-26-11:30 13:00
Chair: Maurizio Montone - Erasmus School of Economics (Netherlands)
Paper: Long-Run Stock Returns Following the Disclosures of Internal Control Weaknesses
Authors:
Aloke (Al) Ghosh - City University of New York (United States)
Emma-Riikka Myllymäki - Aalto University School of Business (Finland)
Sihvonen Jukka - University of Vaasa (Finland)
Presenter: Emma-Riikka Myllymäki - Aalto University School of Business (Finland)

Discussant: Gbenga Ibikunle - University of Edinburgh (United Kingdom)

Paper: Beta, Value, and Growth
Authors:
Maurizio Montone - Erasmus School of Economics, Erasmus University Rotterdam (Netherlands)
Presenter: Maurizio Montone - Erasmus School of Economics (Netherlands)

Discussant: Jiri Tresl - Central Michigan University and CERGE-EI (United States)

Paper: Does the Stock Market Benefit the Economy?
Authors:
Kee-Hong Bae - York University (Canada)
Jisok Kang - University of Cambridge (United Kingdom)
Presenter: Jisok Kang - University of Cambridge (United Kingdom)

Discussant: Aaron Gilbert - Auckland University of Technology (New Zealand)

Session: 21-Ethical and Socially Responsible Investment

Room: 9
Date/Time: 2017-07-26-11:30 13:00
Chair: Othmar Lehner - University of Applied Sciences Upper Austria (Austria)
Paper: The impact of screening and portfolio ethicality on socially responsible investment fund performance
Authors:
Raphael Park - Monash University (Australia)
Simon Xu - Monash University (Australia)
Francis In - Monash University (Australia)
Daniel Chai - Monash University (Australia)
Presenter: Francis In - Griffith University (Australia)

Discussant: Claudia Champagne - University of Sherbrooke (Canada)

Paper: Investor Horizons and Employee Satisfaction
Authors:
Arthur Petit-Romec - ESCP Europe (France)
Alexandre Garel - Auckland University of Technology (New Zealand)
Presenter: Alexandre Garel - Auckland University of Technology (New Zealand)

Discussant: Grzegorz Trojanowski - University of Exeter Business School (United Kingdom)

Paper: Debt and Equity based Crowdfunding of Social Ventures
Authors:
Othmar M. Lehner - University of Oxford (United Kingdom)
Christoph Eisl - University of Applied Sciences Upper Austria (Austria)
Theresa Harrer - University of Applied Sciences Upper Austria (Austria)
Presenter: Othmar Lehner - University of Applied Sciences Upper Austria (Austria)

Discussant: Iraj Fooladi - Dalhousie University (Canada)

Session: 22-Spreads, Market Depth and Volatility

Room: 10
Date/Time: 2017-07-26-11:30 13:00
Chair: Emre Yoldas - Federal Reserve Board (United States)
Paper: Business-Linkage Volatility Spillover Between Us Industries
Authors:
Linh Xuan Diep Nguyen - University of Nottingham, Business School (United Kingdom)
Simona Mateut - University of Nottingham, Business School (United Kingdom)
Thanaset Chevapatrakul - University of Nottingham, Business School (United Kingdom)
Presenter: Simona Mateut - The University of Nottingham (United Kingdom)

Discussant: Lidija Lovreta - Universidad Autonoma de Barcelona (UAB) (Spain)

Paper: Quantitative Easing and Liquidity in the Japanese Government Bond Market
Authors:
Kentaro Iwatsubo - Kobe University (Japan)
Tomoki Taishi - Osaka Exchanges (Japan)
Presenter: Kentaro Iwatsubo - Kobe University (Japan)

Discussant: Seongkyu (Gilbert) Park - Hong Kong Polytechnic University (Hong Kong)

Paper: Financial Stress and Equilibrium Dynamics in Term Interbank Funding Markets
Authors:
Emre Yoldas - Federal Reserve Board (United States)
Zeynep Senyuz - Federal Reserve Board (United States)
Presenter: Emre Yoldas - Federal Reserve Board (United States)

Discussant: Elvis Jarnecic - University of Sydney (Australia)

Session: 23-Lunch

Date/Time: 2017-07-26-13:00 14:00
Session: 24-Keynote Speaker - Peter Tufano

Room: Auditorium
Date/Time: 2017-07-26-14:00 15:00
Peter Moores Dean and Professor of Finance at Saïd Business School University of Oxford United Kingdom
Session: 25-Corporate Governance

Room: 1
Date/Time: 2017-07-26-15:00 16:30
Chair: Aaron Gilbert - Auckland University of Technology (New Zealand)
Paper: Not all clawbacks are the same: Consequences of deterrent vs. non-deterrent clawback provisions
Authors:
Michael Erkens - ERASMUS University (Netherlands)
Ying Gan - ERASMUS University (Netherlands)
Burcin Yurtoglu - WHU – Otto Beisheim School of Management (Germany)
Presenter: Ying Gan - Erasmus University Rotterdam (Netherlands)

Discussant: Natalia Matanova - The Pennsylvania State University (United States)

Paper: Impact of Corporate Governance on Overinvestment and Underinvestment: An Examination of ASX Listed Companies
Authors:
Sanauallah Farooq - Auckland University of Technology (New Zealand)
Aaron Gilbert - Auckland University of Technology (New Zealand)
Alireza Tourani-Rad - Auckland University of Technology (New Zealand)
Presenter: Aaron Gilbert - Auckland University of Technology (New Zealand)

Discussant: Amama Shaukat - Brunel University London (United Kingdom)

Paper: State Ownership and Corporate Cash Holdings
Authors:
Ruiyuan Chen - University of South Carolina (United States)
Sadok El Ghoul - University of Alberta (Canada)
Omrane Guedhami - University of South Carolina (United States)
Robert Nash - Wake Forest University (United States)
Presenter: Omrane Guedhami - University of South Carolina (United States)

Discussant: James Ang - Florida State University (United States)

Session: 26-Boards

Room: 2
Date/Time: 2017-07-26-15:00 16:30
Chair: Sagi Akron - Univeristy of Haifa (Israel)
Paper: Gender Composition of Corporate Boards and Firm Performance: Evidence from Russia
Authors:
Alexander Muravyev - Higher School of Economics, St. Petersburg campus (Russia)
Tatiana Garanina - Graduate School of Management, St. Petersburg State University (Russia)
Presenter: Alexander Muravyev - Higher School of Economics, St. Petersburg Campus (Russia)

Discussant: Katarzyna Cieslak - Uppsala University (Sweden)

Paper: Executive Compensation and Corporate Performance Implications of a Regulatory Change
Authors:
Sagi Akron - University Haifa (Israel)
Samuel Bulmash - University of South Florida (United States)
Nilesh Sah - University of Wisconsin - Green Bay (United States)
Dror Parnes - Texas A&M University – Commerce (United States)
Presenter: Sagi Akron - Univeristy of Haifa (Israel)

Discussant: Jannine Poletti-Hughes - University of Liverpool Management School (United Kingdom)

Paper: The effects of executive compensation and outside monitoring on firms’ pre-repurchase disclosure behavior and post-repurchase performance
Authors:
Sheng-Syan Chen - National Taiwan University (Taiwan)
Robin K. Chou - National Chengchi University (Taiwan)
Yun-Chi Lee - Ming Chuan University (Taiwan)
Presenter: Yun-Chi Lee - Ming Chuan University (Taiwan)

Discussant: Chandra Thapa - University of Strathclyde (United Kingdom)

Session: 27-Corporate Governance and Performances

Room: 3
Date/Time: 2017-07-26-15:00 16:30
Chair: Gabrielle Wanzenried - Lucerne University of Applied Sciences and Arts (Switzerland)
Paper: Risk Exposure, Liquidity and Bank Performance: New Evidence from the Recent Financial Crisis of 2007-2008
Authors:
Miroslav Mateev - American University in the Emirates (United Arab Emirates)
Petko Bachvarov - School of Management, University of Bath (United Kingdom)
Presenter: Petko Bachvarov - Experian UK/University of Bath (Bulgaria)

Discussant: Gennady Iyakir - Fashion Institute of Technology (United States)

Paper: Determinants of Firm Growth – Empirical Evidence for Switzerland
Authors:
Gabrielle Wanzenried - Lucerne University of Applied Sciences and Arts (Switzerland)
Marcio Genovevo da Costa - Bantleon Bank AG (Switzerland)
Nils Donner - Jones Lang LaSalle AG (Switzerland)
Presenter: Gabrielle Wanzenried - Lucerne University of Applied Sciences and Arts (Switzerland)

Discussant: Sattar Mansi - Virginia Tech (United States)

Paper: THE GENDER CONTRIBUTION TO THE CORPORATE GOVERNANCE AND THE CORPORATE PERFORMANCE
Authors:
Daniela Arzu - Ca’ Foscari University (Italy)
Guido Max Mantovani - HERMES-Universities & Ca' Foscari University (Italy)
Presenter: Guido Max Mantovani - Ca Foscari University (Italy)

Discussant: Lars Hornuf - University of Trier (Germany)

Session: 28-capital structure and cost of capital

Room: 4
Date/Time: 2017-07-26-15:00 16:30
Chair: Michela Altieri - SAFE - Goethe University of Frankfurt (Germany)
Paper: Product market competition and debt choice
Authors:
Sabri Boubaker - Champagne School of Management and Université Paris Est (France)
Walid Saffar - The Hong Kong Polytechnic University (France)
Syrine Sassi - IRG, Université Paris Est (France)
Presenter: Walid Saffar - Hong Kong Polytechnic University (Hong Kong)

Discussant: Timothy Riddiough - University of Wisconsin - Madison (United States)

Paper: The LifeCycle of Beta
Authors:
Ludwig Chincarini - University of San Francisco (United States)
Fabio Moneta - Queens University (Canada)
Daehwan Kim - KonKuk University (South Korea)
Presenter: Fabio Moneta - Queens University (Canada)

Discussant: Shigeki Kuneda - Hitotsubashi University (Japan)

Paper: The Role of Subsidiary Debt for the Borrowing Cost of Diversified Firms
Authors:
Michela Altieri - Goethe University of Frankfurt (Germany)
Presenter: Michela Altieri - SAFE - Goethe University of Frankfurt (Germany)

Discussant: Raffaele Stagliano - Montepllier Business School (France)

Session: 29-Banking and Financial Crises

Room: 5
Date/Time: 2017-07-26-15:00 16:30
Chair: Sergio Puente - Bank of Spain (Spain)
Paper: The Fellowship of LIBOR: A Study of Spurious Interbank Correlations by the Method of Wigner-Ville Function
Authors:
Peter Lerner - Wenzhou Kean Business School (China)
Presenter: Peter Lerner - Wenzhou Kean University (United States)

Discussant: Damiano Bruno Silipo - Universita della Calabria (Italy)

Paper: High growth firms in employment and productivity: Dynamic interactions and the role of financial constraints
Authors:
Cristina Guillamón - Banco de España (Spain)
Enrique Moral-Benito - Banco de España (Spain)
Sergio Puente - Banco de España (Spain)
Presenter: Sergio Puente - Bank of Spain (Spain)

Discussant: Jan Henrik Wosnitza - Deutsche Bundesbank (Germany)

Paper: Uncertainty Effects on Functioning of Financial Intermediaries: International Evidence
Authors:
Mustafa Caglayan - Heriot-Watt University (United Kingdom)
Bing Xu - Heriot-Watt University (United Kingdom)
Presenter: Bing Xu - Heriot-Watt University (United Kingdom)

Discussant: Agnieszka Alinska - Warsaw School of Economics (Poland)

Session: 30-CAPM and Portfolio Theory

Room: 6
Date/Time: 2017-07-26-15:00 16:30
Chair: Haim Shalit - Ben Gurion University of the Negev (Israel)
Paper: The Shapley Value Decomposition of Optimal Portfolios
Authors:
Haim Shalit - Ben Gurion University of the Negev (Israel)
Presenter: Haim Shalit - Ben Gurion University of the Negev (Israel)

Discussant: Hossein Asgharian - Lund University (Sweden)

Paper: Managing the risk of the “betting-against-beta” anomaly: does it pay to bet against beta?
Authors:
Pedro Barroso - University of New South Wales (Australia)
Paulo Maio - Hanken School of Economics (Finland)
Presenter: Paulo Maio - Hanken School of Economics (Finland)

Discussant: Sermin Gungor - Bank of Canada (Canada)

Paper: The Value of High-Frequency Data for Beta Estimation
Authors:
Fabian Hollstein - Leibniz University Hannover (Germany)
Marcel Prokopczuk - Leibniz University Hannover (Germany)
Chardin Wese Simen - University of Reading (United Kingdom)
Presenter: Fabian Hollstein - Leibniz University Hannover (Germany)

Discussant: Alexandros Kontonikas - University of Essex (United Kingdom)

Session: 31-IPOs and SEOs

Room: 7
Date/Time: 2017-07-26-15:00 16:30
Chair: Jiri Svec - The University of Sydney (Australia)
Paper: The Rise Before the Close
Authors:
Sean Foley - The University of Sydney (Australia)
Amy Kwan - The University of Sydney (Australia)
Siyuan Adrian Low - The University of Sydney (Australia)
Jiri Svec - The University of Sydney (Australia)
Presenter: Jiri Svec - The University of Sydney (Australia)

Discussant: Zachary Smith - Saint Leo University (United States)

Paper: Valuation, earnings management and future performance of STEM IPOs
Authors:
Tatiana Fedyk - University of San Francisco (United States)
Mark Soliman - University of Southern California (United States)
Zvi Singer - McGill University (Canada)
Presenter: Tatiana Fedyk - University of San Francisco (United States)

Discussant: Catalina Hurwitz - University of the District of Columbia (United States)

Paper: Wealth Effects Of Seasoned Equity Offerings: A Meta Analysis
Authors:
Chris Veld - (Australia)
Patrick Verwijmeren - Erasmus University Rotterdam (Netherlands)
Yuriy Zabolotnyuk - (Canada)
Presenter: Yuriy Zabolotnyuk - Carleton University (Canada)

Discussant: Gianluca Mattarocci - University of Rome Tor Vergata (Italy)

Session: 32-Monetary Economic Policy

Room: 8
Date/Time: 2017-07-26-15:00 16:30
Chair: Alyssa Anderson - Federal Reserve Board of Governors (United States)
Paper: Does Daylight Saving Save Energy? A Meta-Analysis
Authors:
Zuzana Irsova - Charles University, Prague (Czech Republic)
Tomas Havranek - Czech National Bank (Czech Republic)
Dominik Herman - Charles University, Prague (Czech Republic)
Presenter: Tomas Havranek - Faculty of Social Sciences, Charles University, Prague (Czech Republic)

Discussant: Wei Song - Coventry University (United Kingdom)

Paper: When Is Lower Inflation Less Stable? Evidence from Eight Developing Economies
Authors:
George Karras - University of Illinois at Chicago (United States)
Presenter: George Karras - University of Illinois at Chicago (United States)

Discussant: Senay Agca - George Washington University (United States)

Paper: Monetary Policy Implementation and Private Repo Displacement: Evidence from the Overnight Reverse Repurchase Facility
Authors:
Alyssa Anderson - Federal Reserve Board of Governors (United States)
John Kandrac - Federal Reserve Board of Governors (United States)
Presenter: Alyssa Anderson - Federal Reserve Board of Governors (United States)

Discussant: Matej Marinc - Faculty of Economics, University of Ljubljana (Slovenia)

Session: 33-Options and Other Derivatives

Room: 9
Date/Time: 2017-07-26-15:00 16:30
Chair: Yoram Kroll - Ono Academic College (Israel)
Paper: Pricing model management: Evidence from employee stock option (un)fair valuation
Authors:
Loic BELZE - EMLYON Business School (France)
Lorenz Schneider - EMLYON Business School (France)
François Larmande - EMLYON Business School (France)
Presenter: Loic Belze - EM LYON (France)

Discussant: David Simon - Bentley University (United States)

Paper: Investment in High Frequency Trading Technology: A Real Options Approach
Authors:
Laura Delaney - City University London (United Kingdom)
Presenter: Laura Delaney - City University London (United Kingdom)

Discussant: John Finnerty - Fordham University (United States)

Paper: A simple intuitive NPV-IRR consistent ranking
Authors:
Yoram Kroll - Ono Academic College (OAC) Israel (Israel)
Moshe Ben-Horin - Ono Academic College(OAC) Israel (Israel)
Presenter: Yoram Kroll - Ono Academic College (Israel)

Discussant: Roman Kozhan - University of Warwick (United Kingdom)

Session: 34-Market Efficiency and Anomalies

Room: 10
Date/Time: 2017-07-26-15:00 16:30
Chair: Todd Kaplan - University of Exeter (United Kingdom)
Paper: Does it Pay to Participate? Asymmetric Broker Response to Earnings Conference Calls
Authors:
Andrew Grant - University of Sydney (Australia)
Elvis Jarnecic - University of Sydney (Australia)
Daniel Luke - University of Sydney (Australia)
Presenter: Elvis Jarnecic - University of Sydney (Australia)

Discussant: Fadi Hassan - Bank of Italy and Trinity College Dublin (Italy)

Paper: Are U.S. Analysts’ Recommendation Changes for Cross-Listed Stocks More Informative than Local Analysts’?
Authors:
Amir Amel-Zadeh - University of Oxford (United Kingdom)
Antonio Carlo Francesco Della Bina - University of Bologna (Italy)
Presenter: Antonio Della Bina - University of Bologna (Italy)

Discussant: Neveen Ahmed - AUC (United Arab Emirates)

Paper: Information Aggregation in Arrow-Debreu Security Markets
Authors:
Lawrence Choo - Nuremburg (Germany)
Todd Kaplan - University of Haifa and University of Exeter Business School (Israel)
Ro'i Zultan - Ben Gurion University (Israel)
Presenter: Todd Kaplan - University of Exeter (United Kingdom)

Discussant: Emma-Riikka Myllymäki - Aalto University School of Business (Finland)

Session: 35-Behavioral Investments
(PHD student)

Room: 11
Date/Time: 2017-07-26-15:00 16:30
Chair: Andreas Thomann - University of Zurich (Switzerland)
Paper: Regional sentiment and stock return predictability
Authors:
Zhengyi Zhou - Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University (China)
Presenter: Zhengyi Zhou - Shanghai Jiao Tong University (China)

Discussant: Nataliya Gerasimova - University of Lausanne (Switzerland)

Paper: The SKEW Index: Everything That Has Been Left. Evidence from SP500 and EUROSTOXX50.
Authors:
Mattia Bevilacqua - University of Kent (United Kingdom)
Radu Tunaru - University of Kent (United Kingdom)
Presenter: Mattia Bevilacqua - University of Kent (United Kingdom)

Discussant: Nikolas Topaloglou - Athens University of Economics (Greece)

Paper: Trading Indicator Performance Testing in a Semi-Parametric Multi-Asset Scenario Building Environment
Authors:
Andreas Thomann - University of Zurich (Switzerland)
Presenter: Andreas Thomann - University of Zurich (Switzerland)

Discussant: Charikleia Kaffe - University of Cambridge (United Kingdom)

Session: 36-Coffee Break

Room: Restaurant
Date/Time: 2017-07-26-16:30 17:00
Session: 37-Central Banking
(PHD student)

Room: 1
Date/Time: 2017-07-26-17:00 18:30
Chair: Giacomo Nocera - Audencia Business School (France)
Paper: The response of euro area sovereign spreads to the ECB unconventional monetary policies
Authors:
Hans Dewachter - National Bank of Belgium (Belgium)
Leonardo Iania - Université Catholique de Louvain (Belgium)
Jean-Charles Wijnandts - Université Catholique de Louvain (Belgium)
Presenter: Jean-Charles Wijnandts - Universitat Catholique de Louvain (Belgium)

Discussant: Sophia Kassidova - University of National& World Economy (Bulgaria)

Paper: Ambiguity and Interbank Market Participation: Relationship and Transactional banking
Authors:
Reina Renard - KU Leuven (Belgium)
Presenter: Reina Renard - KU Leuven (Belgium)

Discussant: Giacomo Nocera - Audencia Business School (France)

Paper: Time Varying Parameter Taylor Rule for the Hungarian Monetary Policy
Authors:
Gallusz Abaligeti - PTE KTK (Hungary)
Kristóf Németh - PTE KTK (Hungary)
Zoltán Schepp - PTE KTK (Hungary)
Presenter: Kristof Nemeth - University of PECS (Hungary)

Discussant: Emiliano Carlevaro Peressan - Universidad Nacional del Litoral (Argentina)

Session: 38-Cpital Structure and Cost of Capital

Room: 2
Date/Time: 2017-07-26-17:00 18:30
Chair: Bjarne Astrup Jensen - Copenhagen Business School (Denmark)
Paper: The role of debt-renegotiation scheme in firm's decisions
Authors:
Anne Epaulard - University of Paris Dauphine (France)
Aude Pommeret - City University of Hong Kong (Hong Kong)
Presenter: Anne Epaulard - University of Paris Dauphine (France)

Discussant: Virmantas Kvedaras - European Commission, Joint Research Center (Italy)

Paper: CEOs Personal Portfolio and Corporate Policies
Authors:
Hamid Boustanifar - BI Norwegian Business School (Norway)
Danielle Zhang - BI Norwegian Business School (Norway)
Presenter: Hamid Boustanifar - BI Nowegian Business School (Norway)

Discussant: Kizkitza Biguri - BI Norwegian Business School (Norway)

Paper: The debt tax shield in general equilibrium
Authors:
Bjarne Astrup Jensen - Coopenhagen Business School (Denmark)
Marcel Fischer - Copenhagen Business School (Denmark)
Presenter: Bjarne Astrup Jensen - Copenhagen Business School (Denmark)

Discussant: Ansgar Belke - University Duisburg-Essen (Germany)

Session: 39-Portfolio Management and Performance Evalutaion

Room: 3
Date/Time: 2017-07-26-17:00 18:30
Chair: Nikolaos Tessaromatis - EDHEC Business School (United Kingdom)
Paper: Global Equity Country Allocation: An Application of Factor Investing
Authors:
Timotheos Angelidis - University of Peloponnese (Greece)
Nikolaos Tessaromatis - EDHEC Business School (France)
Presenter: Nikolaos Tessaromatis - EDHEC Business School (United Kingdom)

Discussant: Giuliano Curatola - Goethe University Frankfurt and SAFE (Germany)

Paper: Performance of US Equity Mutual Funds in Different Economic Regimes
Authors:
Ali Fatemi - DePaul University (United States)
Iraj Fooladi - Dalhousie University (Canada)
Yonggan Zhao - Dalhousie University (Canada)
Zongming Ma - Dalhousie University (Canada)
Presenter: Iraj Fooladi - Dalhousie University (Canada)

Discussant: Chanaka Edirisinghe - Rensselaer Polytechnic Institute (United States)

Paper: Corporate Bond Portfolios: Bond-Specific Information and Macroeconomic Uncertainty
Authors:
Maximilian Bredendiek - Vienna Graduate School of Finance (VGSF) (Austria)
Giorgio Ottonello - Vienna Graduate School of Finance (VGSF) (Austria)
Rossen Valkanov - University of California, San Diego (United States)
Presenter: Rossen Valkanov - University California, Sand Diego (United States)

Discussant: Teodor Dyakov - VU Amsterdam (Netherlands)

Session: 40-Options and Derivatives

Room: 4
Date/Time: 2017-07-26-17:00 18:30
Chair: Gabriel Power - University of Laval (Canada)
Paper: Beyond the Variance Risk Premium: Stock Market Index Return Predictability and Option-Implied Information
Authors:
Marie-Hélène Gagnon - Université Laval (Canada)
Gabriel Power - Université Laval (Canada)
Dominique Toupin - Université Laval (Canada)
Presenter: Gabriel Power - University of Laval (Canada)

Discussant: Michael Hanke - University of Liechtenstein (Liechtenstein)

Paper: Skewness-Adjusted Binomial Equilibrium and Calibration Models
Authors:
Robert Stafford Johnson - Xavier University (United States)
Amit Sen - Xavier University (United States)
Presenter: Robert Stafford Johnson - Xavier University (United States)

Discussant: Mariano Mendez Suarez - ESIC Business & Marketing School (Spain)

Paper: An Efficient Scheme of Static Hedging Barrier Options: Richardson Extrapolation Techniques
Authors:
Jia-Hau Guo - National Chiao Tung University (Taiwan)
Lung-Fu Chang - National Taipei University of Business (Taiwan)
Presenter: Jia-Hau Guo - National Chiao Tung University (Taiwan)

Discussant: Andreas Andrikopoulos - University of the Aegean (Greece)

Session: 41-Risk Management

Room: 5
Date/Time: 2017-07-26-17:00 18:30
Chair: Jean-Pierre Gueyie - University of Quebec in Montreal (Canada)
Paper: An Econometric Investigation of Hedging Performance of Multi-Scale Hedge Ratios
Authors:
Mohammad S. Hasan - University of Kent (United Kingdom)
Jahangir Sultan - Bentley University (United States)
Antonis Alexandridis - University of Kent (United Kingdom)
Presenter: Mohammad Hasan - University of Kent (United Kingdom)

Discussant: Fabio Moneta - Queens University (Canada)

Paper: Loan Terms and Collateral: Evidence from the Bilateral Repo Market
Authors:
Jun Kyung Auh - Georgetown University (United States)
Mattia Landoni - Southern Methodist University (United States)
Presenter: Mattia Landoni - Southern Methodist University (United States)

Discussant: Pablo Fernandez - IESE Business School (Spain)

Paper: Dynamic Corporate Risk Management:Motivations and Real Implications
Authors:
Georges Dionne - HEC Montreal (Canada)
Jean-Pierre Gueyie - University of Quebec in Montreal (Canada)
Mohamed Mnasri - HEC-Montreal (Canada)
Presenter: Jean-Pierre Gueyie - University of Quebec in Montreal (Canada)

Discussant: Yi Hong - Xi’an Jiaotong Liverpool University and Shanghai Jiaotong University (China)

Session: 42-Emerging Markets and ADR

Room: 6
Date/Time: 2017-07-26-17:00 18:30
Chair: Domenico Tarzia - Peking University HSBC Business School (China)
Paper: Measuring economic policy uncertainty for European emerging markets
Authors:
Alexander Kupfer - University of Innsbruck (Austria)
Josef Zorn - University of Innsbruck (Austria)
Presenter: Alexander Kupfer - University of Innsbruck (Austria)

Discussant: Jin Suk Park - Coventry University (United Kingdom)

Paper: Recent Regulation and the Value of ADR Listings: Evidence from Operating Performance And Market Reaction
Authors:
Cynthia Campbell - Iowa State University (United States)
George J. Papaioannou - Hofstra University (United States)
Anoop Rai - Hofstra University (United States)
Presenter: Cynthia Campbell - Iowa State University (United States)

Discussant: Jisok Kang - University of Cambridge (United Kingdom)

Paper: Carry Trade Dynamics under Capital Controls: The Case of China
Authors:
Xiao Zhang - BNP Paribas (China)
Domenico Tarzia - Peking University HSBC Business School (China)
Christopher Balding - Peking University HSBC Business School (China)
Presenter: Domenico Tarzia - Peking University HSBC Business School (China)

Discussant: Hugues Langlois - HEC Paris (France)

Session: 43-International Corporate Finance
(PHD student)

Room: 7
Date/Time: 2017-07-26-17:00 18:30
Chair: Prabesh Luitel - KU Leuven (Belgium)
Paper: Subjectivity in sovereign credit ratings
Authors:
Prabesh Luitel - KU Leuven (Belgium)
Rosanne Vanpée - KU Leuven (Belgium)
Lieven De Moor - Vrije Universiteit Brussel (Belgium)
Piet Sercu - KU Leuven (Belgium)
Presenter: Prabesh Luitel - KU Leuven (Belgium)

Discussant: Andreas Hecht - University of Hohenheim (Germany)

Paper: Cross-Country Evidence on Capital Market Development, Institutions, and Firm Peer Effects in Corporate Financial Policy
Authors:
Aaron Brauner - University of Florida (United States)
Andy Naranjo - University of Florida (United States)
Jongsub Lee - University of Florida (United States)
Presenter: Aaron Brauner - University of Florida (United States)

Discussant: Jian Liu - University of Exeter (United Kingdom)

Session: 44-Market Microstructure

Room: 8
Date/Time: 2017-07-26-17:00 18:30
Chair: Gbenga Ibikunle - University of Edinburgh (United Kingdom)
Paper: Aggregated Market Quality Implications of Dark Trading
Authors:
Gbenga Ibikunle - University of Edinburgh (United Kingdom)
Matteo Aquilina - Financial conduct Authority (United Kingdom)
Yuxin Sun - University of Edinburgh (United Kingdom)
Ivan Diaz-Rainey - University of Otago (New Zealand)
Presenter: Gbenga Ibikunle - University of Edinburgh (United Kingdom)

Discussant: Haim Kedar-Levy - Ben Gurion University of the Negev (Israel)

Paper: Optimal execution with uncertain order fills
Authors:
Marina Di Giacinto - Università degli studi di Cassino e Università Cattolica del Sacro Cuore (Italy)
Tai-Ho Wang - Baruch College - The City University of New York (United States)
Xue Cheng - Peking University (China)
Presenter: Marina Di Giacinto - Universita degli studi di Cassino (Italy)

Discussant: Simona Mateut - The University of Nottingham (United Kingdom)

Paper: Speed and Trading Behavior in an Order-Driven Market: An Analysis on a High Quality Dataset
Authors:
Seongkyu (Gilbert) Park - Hong Kong Polytechnic University (Hong Kong)
Doojin Ryu - Sungkyunkwan University (South Korea)
Presenter: Seongkyu (Gilbert) Park - Hong Kong Polytechnic University (Hong Kong)

Discussant: Ping-Wen Sun - Jiangxi University of Finance and Economics (China)

Session: 45-Risk Measures and Asset Pricing

Room: 9
Date/Time: 2017-07-26-17:00 18:30
Chair: Francesco Bianchi - DUKE University (United States)
Paper: Small-sample tests for stock return predictability with possibly non-stationary regressors and GARCH-type effects
Authors:
Sermin Gungor - Bank of Canada (Canada)
Richard Luger - Universite Laval (Canada)
Presenter: Sermin Gungor - Bank of Canada (Canada)

Discussant: Maurizio Montone - Erasmus School of Economics (Netherlands)

Paper: Monetary Policy and Asset Valuation
Authors:
Francesco Bianchi - Duke University (United States)
Martin Lettau - University California Berkeley (United States)
Sydney Ludvigson - NYU - New York University (United States)
Presenter: Francesco Bianchi - DUKE University (United States)

Discussant: Margarethe Rammerstorfer - Vienna University of Economics and Business (Austria)

Paper: Seemingly Unrelated Stock Market Anomalies: Profitability, Distress, Lotteryness and Volatility
Authors:
Lenos Trigeorgis - U. Cyprus, King's College London and MIT ()
Neophytos Lambertides - Cyprus Unive. of Technology (Cyprus)
Luca Del Viva - Esade Buiness School (Spain)
Turan G. Bali - Georgetown University, (United States)
Presenter: Lenos Trigeorgis - University of Cyprus (Cyprus)

Discussant: Joel Barber - Florida International University (United States)

Session: 46-Asset Pricing
(PHD student)

Room: 1
Date/Time: 2017-07-27-09:00 10:30
Chair: Charikleia Kaffe - University of Cambridge (United Kingdom)
Paper: Expectations, Fundamentals, and Asset Returns: Evidence from the Commodity Markets
Authors:
Jacopo Piana - Cass Business School (United Kingdom)
Alessandro Beber - Cass Business School (United Kingdom)
Presenter: Jacopo Piana - Cass Business School (United Kingdom)

Discussant: Andreas Thomann - University of Zurich (Switzerland)

Paper: U.S. University Endowments Over the Long Run
Authors:
Charikleia Kaffe - University of Cambridge - Judge Business School (United Kingdom)
Presenter: Charikleia Kaffe - University of Cambridge (United Kingdom)

Discussant: Ravi Kashyap - City University of Hong Kong (Hong Kong)

Paper: Local and Global Discount Rates
Authors:
Josef Zorn - University of Innsbruck (Austria)
Jochen Lawrenz - University of Innsbruck (Austria)
Presenter: Josef Zorn - University of Innsbruck (Austria)

Discussant: Alev Yildirim - City University of New York (United States)

Session: 47-Banking and Financial Institutions

Room: 2
Date/Time: 2017-07-27-09:00 10:30
Chair: Zeynep Senyuz - Federal Reserve Board (United States)
Paper: Window-Dressing and Trading Relationships in the Tri-party Repo Market
Authors:
Sriya Anbil - Federal Reserve Board (United States)
Zeynep Senyuz - Federal Reserve Board (United States)
Presenter: Zeynep Senyuz - Federal Reserve Board (United States)

Discussant: Helen Louri - Athens University of Economics and Business (Greece)

Paper: Credit-based early warning indicators of banking crises in emerging markets
Authors:
Adam Gersl - Joint Vienna Institute (Austria)
Martina Jasova - Princeton University (United States)
Presenter: Adam Gersl - Joint Vienna Institute (Austria)

Discussant: Ella Getz Wold - Brown University (Norway)

Paper: Following the Money: Evidence for the Portfolio Balance Channel of Quantitative Easing
Authors:
Itay Goldstein - Wharton School, University of Pennsylvania (United States)
Jonathan Witmer - Bank of Canada (Canada)
Jing Yang - Bank of Canada (Canada)
Presenter: Jonathan Witmer - Bank of Canada (Canada)

Discussant: Gaiyan Zhang - Univ. of Missouri-St. Louis (United States)

Session: 48-Liquidity and Asset Pricing

Room: 3
Date/Time: 2017-07-27-09:00 10:30
Chair: Haim Kedar-Levy - Ben Gurion University of the Negev (Israel)
Paper: Investors’ Heterogeneity and Trading Activity: Is More indeed Better?
Authors:
Shmuel Hauser - Ono Academic College, and Ben Gurion University (Israel)
Haim Kedar-Levy - Ben Gurion University (Israel)
Presenter: Haim Kedar-Levy - Ben Gurion University of the Negev (Israel)

Discussant: sjoerd van bekkum - Erasmus University (Netherlands)

Paper: The Information Content of Limit Hits for Informationally Connected Stocks
Authors:
Jia-Hau Guo - National Chiao Tung University (Taiwan)
Lung-Fu Chang - National Taipei University of Business (Taiwan)
Mao-Wei Hung - National Taiwan University (Taiwan)
Presenter: Lung-fu Chang - National Taipei University of Bussiness (Taiwan)

Discussant: Gabriel Power - University of Laval (Canada)

Paper: Financialization, Intraday Institutional Trading, and Commodity Market Quality
Authors:
Vikas Raman - Warwick University (United Kingdom)
Michel Robe - American University (United States)
Pradeep Yadav - University of Oklahoma (United States)
Presenter: Michel Robe - American University (United States)

Discussant: Nicholas Apergis - University of Piraeus (Greece)

Session: 49-Financial Crises and Bank Performances

Room: 4
Date/Time: 2017-07-27-09:00 10:30
Chair: Laivi Laidroo - Tallinn University of Technology (Estonia)
Paper: Banking Market Competition in Europe – Financial Stability or Fragility Enhancing?
Authors:
Kalle Ahi - Tallinn University of Technology (Estonia)
Laivi Laidroo - Tallinn University of Technology (Estonia)
Presenter: Laivi Laidroo - Tallinn University of Technology (Estonia)

Discussant: Maria Rosa Borges - ISEG / ULisboa / UECE (Portugal)

Paper: Bank Regulation and Market Structure
Authors:
Carsten Nielsen - Catholic University of Milan (Italy)
Gerd Weinrich - Catholic University of Milan (Italy)
Presenter: Gerd Weinrich - Universita  Cattolica del Sacro Cuore Milano (Italy)

Discussant: Fumiko Takeda - University of Tokyo (Japan)

Paper: Consumer cash usage in the euro area: evidence from the Survey on the Use of Cash by Households
Authors:
Lola Hernandez Hernandez - European Central Bank/DNB (Germany)
Lola Hernandez - European Central Bank/DNB (Germany)
Presenter: Lola Hernandez Hernandez - European Central Bank/DNB (Germany)

Discussant: Leonard de Haan - De Nederlandsche Bank (Netherlands)

Session: 50-Interest Rates

Room: 5
Date/Time: 2017-07-27-09:00 10:30
Chair: Joel Barber - Florida International University (United States)
Paper: Estimating the term structure with linear regressions: Getting to the roots of the model
Authors:
Adam Golinski - University of York (United Kingdom)
Peter Spencer - University of York (United Kingdom)
Presenter: Adam Golinski - University of York (United Kingdom)

Discussant: Vladimir Klyuev - International Monetary Fund (United States)

Paper: Interest Rate Risk in a World of Negative Yields
Authors:
Joel Barber - Florida International University (United States)
Krishnan Dandapani - Florida International University (United States)
Presenter: Joel Barber - Florida International University (United States)

Discussant: Luca Del Viva - ESADE Business School (Spain)

Paper: Forecasting yield-curve distribution under the Negative Interest Rate Policy
Authors:
Jae Yun Kim - ECE Paris (France)
Victor Lebreton - Quant Hedge (France)
Yves Rakotondratsimba - ECE Paris (France)
Presenter: Yves Rakotondratsimba - ECE Paris (France)

Discussant: Gregory Bauer - Bank of Canada (Canada)

Session: 51-Money and Capital Markets

Room: 6
Date/Time: 2017-07-27-09:00 10:30
Chair: Giuliano Curatola - Goethe University Frankfurt and SAFE (Germany)
Paper: Market Standards in Financial Contracting
Authors:
Andreas Engert - University of Mannheim (Germany)
Lars Hornuf - University of Trier (Germany)
Presenter: Lars Hornuf - University of Trier (Germany)

Discussant: Andrea Morone - Università degli Studi di Bari "Aldo Moro" (Italy)

Paper: A pact with the Devil: When Countries Turn to Dirty Money
Authors:
Maria Elisa Farias - Universidad de Chile (Chile)
Monica Arruda De Almeida - Georgetown University (United States)
Presenter: Maria Elisa Farias - Universidad Diego Portales (Chile)

Discussant: Toshio Serita - Aoyama Gakuin University (Japan)

Paper: International portfolio diversification and macroeconomic fluctuations when preferences are time-varying
Authors:
Giuliano Curatola - Goethe university Frankfurt and SAFE (Germany)
Ilya Dergunov - Goethe university Frankfurt and SAFE (Germany)
Presenter: Giuliano Curatola - Goethe University Frankfurt and SAFE (Germany)

Discussant: Alexander Kupfer - University of Innsbruck (Austria)

Session: 52-Portfolio Management and Performance Evaluation

Room: 7
Date/Time: 2017-07-27-09:00 10:30
Chair: Chanaka Edirisinghe - Rensselaer Polytechnic Institute (United States)
Paper: Duration-adjusted bond fund performance
Authors:
Markus Natter - University of Augsburg (Germany)
Martin Rohleder - University of Augsburg (Germany)
Marco Wilkens - University of Augsburg (Germany)
Presenter: Martin Rohleder - University of Augsburg (Germany)

Discussant: Niall O Sullivan - University College Cork (Ireland)

Paper: The Implicit Value of Tracking the Market
Authors:
Brian Clark - Rensselaer Polytechnic Institute (United States)
Chanaka Edirisinghe - Rensselaer Polytechnic Institute (United States)
Majeed Simaan - Rensselaer Polytechnic Institute (United States)
Presenter: Chanaka Edirisinghe - Rensselaer Polytechnic Institute (United States)

Discussant: Wolfgang Bessler - Justus-Liebig University Giessen (Germany)

Paper: Understanding Commodity Investing
Authors:
Ludwig Chincarini - University of San Francisco & USCF Investments (United States)
John Love - USCF Investments (United States)
Robert Nguyen - USCF Investments (United States)
Fabio Moneta - Queens University (Canada)
Presenter: Fabio Moneta - Queens University (Canada)

Discussant: Marta Gomez Puig - Universitat de Barcelona (Spain)

Session: 53-Behavioral Investments

Room: 8
Date/Time: 2017-07-27-09:00 10:30
Chair: Nikolas Topaloglou - Athens University of Economics (Greece)
Paper: Money Illusion, Heterogeneous Beliefs, and Mispricing
Authors:
Yuna Heo - Hong Kong Polytechnic University (Hong Kong)
Presenter: Yuna Heo - Hong Kong Polytechnic University (Hong Kong)

Discussant: Natalia Khorunzhina - Copenhagen Business School (Denmark)

Paper: Testing for Prospect and Markowitz stochastic dominance efficiency
Authors:
Nikolas Topaloglou - Athens University of Economics and Business (Greece)
Stelios Arvanitis - Athens University of Economics and Business (Greece)
Presenter: Nikolas Topaloglou - Athens University of Economics (Greece)

Discussant: Ido Kallir - Ono College (Israel)

Paper: Do Stock Markets Price Expected Stock Skewness? New Evidence from Quantile Regression Skewness Forecasts
Authors:
Kevin Aretz - Manchester Business School (United Kingdom)
Yakup Eser Arisoy - Université Paris-Dauphine (France)
Presenter: Yakup Eser Arisoy - University Paris-Dauphine (France)

Discussant: Todd Kaplan - University of Exeter (United Kingdom)

Session: 54-Options and Derivatives

Room: 9
Date/Time: 2017-07-27-09:00 11:00
Chair: Alberto Asquer - SOAS University of London (United Kingdom)
Paper: Do Central Counterparts Improve the Stability of Derivatives Market? Some Evidence from an Agent-Based Model
Authors:
Inna Krachkovskaya - University of Cagliari (Italy)
Alberto Asquer - SOAS University of London (United Kingdom)
Presenter: Alberto Asquer - SOAS University of London (United Kingdom)

Discussant: Reza Rahgozar - University of Wisconsin, River Falls (United States)

Paper: Real options valuation and stress test analysis
Authors:
Federico Platania - Pole Universitaire Leonard de Vinci (France)
Marie Lambert - University of Liege (Belgium)
Manuel Moreno - University of Castilla la Mancha (Spain)
Presenter: Marie Lambert - HEC Liège (Belgium)

Discussant: Mohammad Hasan - University of Kent (United Kingdom)

Paper: Event-related Exchange Rate Forecasts Combining Betting Quotes and Risk-neutral Densities from Option Prices
Authors:
Michael Hanke - University of Liechtenstein (Liechtenstein)
Rolf Poulsen - University of Copenhagen (Denmark)
Alex Weissensteiner - Free University of Bozen/Bolzano (Italy)
Presenter: Michael Hanke - University of Liechtenstein (Liechtenstein)

Discussant: Edward Kao - University of Houston (United States)

Paper: Valuing Customers with Real Options. Expanding the Customer Lifetime Value (CLV) approach
Authors:
Mariano Mendez Suarez - ESIC Business & Marketing School (Spain)
Jaime Romero - Universidad Autonoma de Madrid (Spain)
Presenter: Mariano Mendez Suarez - ESIC Business & Marketing School (Spain)

Discussant: Juan Carlos Arismendi Zambrano - University of Reading (United Kingdom)

Session: 55-Investments

Room: 10
Date/Time: 2017-07-27-09:00 10:30
Chair: Senay Agca - George Washington University (United States)
Paper: Fiscal Consolidation Policies and Corporate Investment Patterns
Authors:
Senay Agca - George Washington University (United States)
Deniz Igan - International Monetary Fund (United States)
Xiangming Fang - International Mondetary Fund (United States)
Presenter: Senay Agca - George Washington University (United States)

Discussant: Lourdes Torres - University of Zaragoza-Q5018001G (Spain)

Paper: Corporate Governance and Foreign Ownership: The Impact of Stricter Regulatory Sanctions
Authors:
Bibek Bhatta - Abertay University (United Kingdom)
Andrew Marshall - University of Strathlcyde (United Kingdom)
Suman Neupane - Griffith University (Australia)
Chandra Thapa - University of Strathclyde (United Kingdom)
Presenter: Chandra Thapa - University of Strathclyde (United Kingdom)

Discussant: Nader Atawnah - La Trobe University (Australia)

Paper: To Advise, or Not to Advise - How Robo-Advisors Evaluate the Risk Preferences of Private Investors
Authors:
Michael Tertilt - Hamburg School of Business Administration (Germany)
Peter Scholz - Hamburg School of Business Administration (Germany)
Presenter: Peter Scholz - HSBA (Germany)

Discussant: Domenico Tarzia - Peking University HSBC Business School (China)

Session: 56-Var Measures and Testing

Room: 11
Date/Time: 2017-07-27-09:00 11:00
Chair: Daniel Velasquez - EAFIT (Colombia)
Paper: Optimal and Coherent Asset Allocation with Liquidity-Adjusted Value-at-Risk (LVaR) Constraints: Empirical Relevance to Commodity Portfolio Management
Authors:
Mazin A Al Janabi - EGADE Business School, Tecnológico de Monterrey (Mexico)
Presenter: Mazin Al Janabi - EGADE Business School (Mexico)

Discussant: Milton Biage - Federal University of Santa Catarina- SC- Brazil (Brazil)

Paper: Impact of Futures Trading on Spot Markets: Price Discovery
Authors:
Kelvin Kamau - Strathmore University (Kenya)
John Olukuro - Strathmore University (Kenya)
Presenter: KELVIN KAMAU - STRATHMORE UNIVERSITY (Kenya)

Discussant: S. Mehmet Ozsoy - Ozyegin University (Turkey)

Paper: Real options and asymmetric volatility
Authors:
Roi D. Taussig - Ariel University (Israel)
Presenter: ROI TAUSSIG - Ariel University (Israel)

Discussant: Marcin Faadziaski - Nicolaus Copernicus University. Gagarina 11, 87-100 Torun. Poland (Poland)

Paper: Backtesting Expected Shortfall: An Application to Emerging Market Stock Indices
Authors:
Andres Mora Valencia - Universidad de los Andes (Colombia)
Daniel Velasquez Gaviria - Universidad EAFIT (Colombia)
Presenter: Daniel Velasquez - EAFIT (Colombia)

Discussant: Claudio Conversano - Università degli Studi di Cagliari (Italy)

Session: 57-Coffee Break

Room: Restaurant
Date/Time: 2017-07-27-10:30 11:00
Session: 58-Asset pricing

Room: 1
Date/Time: 2017-07-27-11:00 12:30
Chair: Wolfgang Bessler - Justus-Liebig University Giessen (Germany)
Paper: The Value of True Liquidity
Authors:
Robin Borcherding - University of Duisburg-Essen (Germany)
Michael Stein - University of Duisburg-Essen (Germany)
Presenter: Michael Stein - University of Freiburg (Germany)

Discussant: Mazin Al Janabi - EGADE Business School (Mexico)

Paper: Stock Return Dependence and Product Market Linkages
Authors:
Hossein Asgharian - Lund University (Sweden)
Lu Liu - Stockholm Business School (Sweden)
Presenter: Hossein Asgharian - Lund University (Sweden)

Discussant: Lung-fu Chang - National Taipei University of Bussiness (Taiwan)

Paper: Optimal Asset-Allocation Strategies for International Equity Portfolios: Country- vs. Sector-Allocation
Authors:
Wolfgang Bessler - University of Giessen (Germany)
Georgi Taushanov - University of Giessen (Germany)
Dominik Wolff - Deka Investment GmbH (Germany)
Presenter: Wolfgang Bessler - Justus-Liebig University Giessen (Germany)

Discussant: Georgios Kouretas - IPAG Business School & Athens University of Economics and Business (Greece)

Session: 59-Corporate Finance

Room: 2
Date/Time: 2017-07-27-11:00 12:30
Chair: Yukihiro Yasuda - Hitotsubashi University (Japan)
Paper: Internal and External Lending by Business and the Supply of Bank Credit
Authors:
Hyonok Kim - Tokyo Keizai University (Japan)
James Wilcox - University of California at Berkeley (United States)
Yukihiro Yasuda - Hitotsubashi University (Japan)
Presenter: Yukihiro Yasuda - Hitotsubashi University (Japan)

Discussant: Hery Razafitombo - University of Lorraine (France)

Paper: Market Undervaluation and Inter-Company Borrowings
Authors:
Sujiao ZHAO - Bank of Portugal (Portugal)
Patrice Fontaine - CNRS (France)
Presenter: Sujiao Zhao - Banco de Portugal (Portugal)

Discussant: Michela Altieri - SAFE - Goethe University of Frankfurt (Germany)

Session: 60-Behavioral Investments

Room: 3
Date/Time: 2017-07-27-11:00 12:30
Chair: Svatopluk Kapounek - Mendel University in Brno (Czech Republic)
Paper: Households’ Saving Behaviour in Reaction to the External Macroeconomic Shocks and Behavioral Attention
Authors:
Vilma Deltuvait? - Kaunas University of Technology (Lithuania)
Svatopluk Kapounek - Mendel University in Brno (Czech Republic)
Petr Koráb - Mendel University in Brno (Czech Republic)
Presenter: Svatopluk Kapounek - Mendel University in Brno (Czech Republic)

Discussant: Andrew Mason - Surrey University (United Kingdom)

Paper: Smart or Dumb Money? The Timing Abilityof Mutual Fund Investors in an EmergingMarket
Authors:
Ignacio Arango Gómez - EAFIT university (Colombia)
James Byder - EAFIT University (Colombia)
Presenter: Ignacio Arango Gomez - Universidad Eafit (Colombia)

Discussant: Efrim Boritz - University of Waterloo (Canada)

Paper: Stock exchange consolidation and cross-border investment: an empirical assessment
Authors:
Maela Giofré - University of Turin (Italy)
Presenter: Maela Giofre - University of Turin (Italy)

Discussant: Amale Scally - Monash University (Australia)

Session: 61-Trading Behavior

Room: 4
Date/Time: 2017-07-27-11:00 12:30
Chair: David Simon - Bentley University (United States)
Paper: Can agents sensitive to cultural, organizational and environmental issues avoid herding?
Authors:
Natividad Blasco - Universidad de Zaragoza (Spain)
Pilar Corredor - Universidad Pública de Navarra (Spain)
Sandra Ferreruela - Universidad de Zaragoza (Spain)
Presenter: Natividad Blasco - University of Zaragoza (Spain)

Discussant: Adam Czerniak - Warsaw School of Economics (Poland)

Paper: Investor Sentiment and flows into Treasury Funds
Authors:
Padma Kadiyala - Pace University (United States)
Presenter: Padma Kadiyala - Pace University (United States)

Discussant: Harmindar (Mindi) Nath - Monash Univ ersity (Australia)

Paper: Sector Option Implied Volatility Dynamics and Predictability
Authors:
David Simon - Bentley University (United States)
Joseph Marks - Bentley University (United States)
Presenter: David Simon - Bentley University (United States)

Discussant: Peter Scholz - HSBA (Germany)

Session: 62-Merger and Acquisitions

Room: 5
Date/Time: 2017-07-27-11:00 12:30
Chair: Arie Melnik - University of Haifa (Israel)
Paper: Telecommunications Deregulation and the Motives for Mergers
Authors:
Kevin Okoeguale - Saint Mary's College of California (United States)
Robert Loveland - California State University East Bay (United States)
Presenter: Robert Loveland - California State University, East Bay (United States)

Discussant: Mehmet Caglar Kaya - Lund University and Research Institute of Industrial Economics (Sweden)

Paper: Financial Advisor Centrality in Mergers and Acquisitions
Authors:
Evangelos Vagenas-Nanos - University of Glasgow (United Kingdom)
Amna Noor - University of Glasgow (United Kingdom)
Alexandros Kontonikas - University of Essex (United Kingdom)
Presenter: Evangelos Vaganos-Nanos - University of Glasgow (United Kingdom)

Discussant: Ying Gan - Erasmus University Rotterdam (Netherlands)

Paper: How Costly is it to initiate a Merger in the Financial Sector
Authors:
Rebel Cole - Florida Atlantic University (United States)
Kenneth Ferris - Arizona State University (United States)
Arie Melnik - University of Haifa (Israel)
Presenter: Arie Melnik - University of Haifa (Israel)

Discussant: Henning Schroeder - University Of Hamburg (Germany)

Session: 63-IPOs and SEOs

Room: 6
Date/Time: 2017-07-27-11:00 13:00
Chair: Tatiana Fedyk - University of San Francisco (United States)
Paper: Determinants of Globalization
Authors:
Catalina Hurwitz - University of the District of Columbia (United States)
Wen-Hsiu Chou - Florida International University (United States)
Chun-Hao Chang - Florida International University (United States)
Presenter: Catalina Hurwitz - University of the District of Columbia (United States)

Discussant: Yuriy Zabolotnyuk - Carleton University (Canada)

Paper: Does the quiet period be quiet on Wall Street?
Authors:
Wen-Chuan Leevan Miao - Aletheia University (Taiwan)
Hsiou-Wei William Lin - National Taiwan University (Taiwan)
Presenter: Wen-Chuan Miao - Aletheia University (Taiwan)

Discussant: Jiri Svec - The University of Sydney (Australia)

Paper: REITs’ Financing Decisions and the Switching Effect
Authors:
Lucia Gibilaro - University of Bergamo (Italy)
Gianluca Mattarocci - University of Rome Tor Vergata (Italy)
Presenter: Gianluca Mattarocci - University of Rome Tor Vergata (Italy)

Discussant: Tatiana Fedyk - University of San Francisco (United States)

Paper: IPOs in the U.S from 2005 to 2015: Using the Spline Regression Technique to Estimate Aggregate Issuance and Performance
Authors:
Zachary Smith - Saint Leo University (United States)
Muhammad Mumtaz - National University of Sciences and Technology (Pakistan)
Presenter: Zachary Smith - Saint Leo University (United States)

Discussant: Xiuping Hua - Nottingham University Business School (China)

Session: 64-Bankruptcy and Financial Distress

Room: 7
Date/Time: 2017-07-27-11:00 12:30
Chair: Alvaro Mezza - Federal Reserve Board (United States)
Paper: Write-Down Bonds and Bank Capital Structure
Authors:
Ping Li - Beihang University (China)
Feihui Yu - Peking University (China)
Presenter: Ping Li - Beihang University (China)

Discussant: Min Jung Kang - University of Michigan - Flint (United States)

Paper: On The Effect of Student Loans On Access to Homeownership
Authors:
Alvaro Mezza - Federal Reserve Board of Governors (United States)
Daniel Ringo - Federal Reserve Board of Governors (United States)
Shane Sherlund - Federal Reserve Board of Governors (United States)
Kamila Sommer - Federal Reserve Board of Governors (United States)
Presenter: Alvaro Mezza - Federal Reserve Board (United States)

Discussant: Julien Le Maux - HEC Montreal (Canada)

Paper: Vulture Funds and the Fresh Start Valuation of Firms Emerging from Bankruptcy
Authors:
Miles Gietzmann Gietzmann - Bocconi University (Italy)
Helena Isidro - ISCTE IUL Business School (Portugal)
Ivana Raonic - Cass Business School (United Kingdom)
Presenter: Helena Isidro - ISCTE (Portugal)

Discussant: Yuliya Demyanyk - Federal Reserve Bank of Cleveland (United States)

Session: 65-Portfolio Management and Performances Evaluation

Room: 8
Date/Time: 2017-07-27-11:00 13:00
Chair: Stephane Chretien - Laval University (Canada)
Paper: Style Drift Behaviour in Mutual Fund Tournament: Evidence from China
Authors:
Angeline Chua - RMIT University (Australia)
OnKit Tam - RMIT University (Australia)
Monica Tan - RMIT University (Australia)
Presenter: Angeline Chua - RMIT University (Australia)

Discussant: Petko Bachvarov - Experian UK/University of Bath (Bulgaria)

Paper: The tournement effect for winning and losing funds analyzed with ex-ante risk measures
Authors:
Claudia Champagne - University of Sherbrooke (Canada)
Stéphane Chrétien - Laval University (Canada)
Frank Coggins - University of Sherbrooke (Canada)
Presenter: Frank Coggins - Sherbrooke University (United States)

Discussant: Jimmy Saravia - Universidad EAFIT (Colombia)

Paper: Mutual Fund Skill in Timing Market Volatility and Liquidity
Authors:
Niall O'Sullivan - University College Cork (Ireland)
Jason Foran - University College Cork (Ireland)
Presenter: Niall O Sullivan - University College Cork (Ireland)

Discussant: David Nanigian - California State University, Fullerton (United States)

Paper: Optimal Portfolio Choice under Turnover Aversion and Parameter Uncertainty
Authors:
Chulwoo Han - Durham University (United Kingdom)
Presenter: Chulwoo Han - Durham University (United Kingdom)

Discussant: Nikolaos Tessaromatis - EDHEC Business School (United Kingdom)

Session: 66-Managerial Compensation
(PHD student)

Room: 9
Date/Time: 2017-07-27-11:00 12:30
Chair: Alev Yildirim - City University of New York (United States)
Paper: The Intangible Value of Key Talent: Decomposing Organization Capital
Authors:
Alev Yildirim - City University of New York (United States)
Linda Allen - Baruch College (United States)
Presenter: Alev Yildirim - City University of New York (United States)

Discussant: Ella Getz Wold - Brown University (Norway)

Paper: Board Control: Inside vs Outside Directors
Authors:
Aytac Erdemir - NMBU-HH &NIBIO (Norway)
Olvar Bergland - NMBU (Norway)
Helge Berglann - NIBIO (Norway)
Presenter: Aytac Erdemir - NIBIO (Norway)

Discussant: Shushu Liao - Lancaster University (United Kingdom)

Session: 67-Banking and Financial Institutions
(PHD student)

Room: 10
Date/Time: 2017-07-27-11:00 12:30
Chair: Jose Martin Flores - ESCP Europe (France)
Paper: Is Bank Capital Sensitive to a Tax Allowance on Marginal Equity?
Authors:
Jose M. Martin Flores - ESCP Europe Business School (France)
Christophe Moussu - ESCP Europe Business School (France)
Presenter: Jose Martin Flores - ESCP Europe (France)

Discussant: Markus Merz - University of Tuebingen (Germany)

Paper: Outside CEOs as directors on Bank Boards: The Importance of the Industry Expertise.
Authors:
Usman Gilani - Leeds University Business School (United Kingdom)
Kevin Keasey - Leeds University Business School (United Kingdom)
Francesco Vallascas - Leeds University Business School (United Kingdom)
Presenter: Usman Gilani - Univeristy of Leeds (United Kingdom)

Discussant: Zeinab Said - University Grenoble Alpes (France)

Session: 68-Investments

Room: 11
Date/Time: 2017-07-27-11:00 12:30
Chair: Massimo Mariani - LUM Jean Monnet (Italy)
Paper: On The Effect of “Green Projects” on Bond Yields: Empirical Evidence on the Primary Market Spreads
Authors:
Massimo Mariani - LUM Jean Monnet (Italy)
Alessandra Caragnano - LUM Jean Monnet (Italy)
Pierluigi Patruno - LUM Jean Monnet (Italy)
Paola Amoruso - LUM Jean Monnet (Italy)
Presenter: Alessandra Caragnano - Lum Jean Monnet (Italy)

Discussant: Blazej Podgorski - Kozminski University (Poland)

Paper: The Impact of UCITS IV Directive on European Mutual Funds Performance
Authors:
Veasna Khim - University of Lorraine (France)
Hery Razafitombo - University of Lorraine (France)
Presenter: Veasna KHIM - University of Lorraine (France)

Discussant: Andrea Carosi - University of Sassari (Italy)

Paper: Distress Risk, Product Market Competition, and Corporate Bond Yield Spreads
Authors:
Han-Hsing Lee - National Chiao Tung University (Taiwan)
Presenter: Han-Hsing Lee - National Chiao Tung University (Taiwan)

Discussant: Guilherme Ribeiro de Macedo - UFRGS (Brazil)

Session: 69-Lunch

Room: Auditorium
Date/Time: 2017-07-27-12:30 13:30
Session: 70-Keynote Speaker - Elroy Dimson

Room: Auditorium
Date/Time: 2017-07-27-13:30 14:30
Chairs the Newton Centre for Endowment Asset Management at Cambridge Judge Business School, and is Emeritus Professor of Finance at London Business School
Session: 71-Portfolio Management and Performance Evaluation
(PHD student)

Room: 1
Date/Time: 2017-07-27-14:30 16:00
Chair: Nataliya Gerasimova - University of Lausanne (Switzerland)
Paper: Multivariate Momentum Model in Risk Investment Management
Authors:
Juan Mascareñas - Universidad Complutense de Madrid (Spain)
Fangyuan Yan - Universidad Complutense de Madrid (Spain)
Presenter: Fangyuan Yan - University Complutense of Madrid (Spain)

Discussant: Herbert Mayer - University of Augsburg (Germany)

Paper: House of Funds
Authors:
Nataliya Gerasimova - University of Lausanne, Swiss Finance Institute (Switzerland)
Presenter: Nataliya Gerasimova - University of Lausanne (Switzerland)

Discussant: Prabesh Luitel - KU Leuven (Belgium)

Paper: Securities Lending Strategies, Valuation of Term Loans using Option Theory
Authors:
Ravi Kashyap - City University of Hong Kong (Hong Kong)
Presenter: Ravi Kashyap - City University of Hong Kong (Hong Kong)

Discussant: Gayane Sargsyan - Ohio University (Armenia)

Session: 72-Behavioral Finance

Room: 2
Date/Time: 2017-07-27-14:30 16:30
Chair: Fujio Toriumi - University of Tokyo (Japan)
Paper: Fairness Dominating Human Behavior in International Ultimatum Bargaining Game
Authors:
Marc Piazolo - University of Applied Sciences Kaiserslautern (Germany)
Presenter: Marc Piazolo - University of Applied Sciences Kaiserslautern, Germany (Germany)

Discussant: Patricia Bachiller - University of Zaragoza (Spain)

Paper: Classifying Restatements: An Application of Machine Learning and Textual Analytics
Authors:
Louise Hayes - University of Guelph (Canada)
J. Efrim Boritz - University of Waterloo (Canada)
Presenter: Efrim Boritz - University of Waterloo (Canada)

Discussant: Svatopluk Kapounek - Mendel University in Brno (Czech Republic)

Paper: An Analysis of the Impact of Group Behavior Bias on Financial Markets by Artificial Market
Authors:
Yating Wang - The University of Tokyo (Japan)
Fujio Toriumi - The University of Tokyo (Japan)
Masayuki Susai - Nagasaki University (Japan)
Presenter: Yating Wang - The University of Tokyo (Japan)

Discussant: Natividad Blasco - University of Zaragoza (Spain)

Paper: CONFIDENCE AND OVERCONFIDENCE IN BANKING
Authors:
Damiano Bruno Silipo - Università della Calabria (Italy)
Giovanni Verga - Università di Parma (Italy)
Sviatlana Hlebik - Cariparma-Crédit Agricole (Italy)
Presenter: Damiano Bruno Silipo - Universita della Calabria (Italy)

Discussant: Ignacio Arango Gomez - Universidad Eafit (Colombia)

Session: 73-Bankruptcy and Financial Distress

Room: 3
Date/Time: 2017-07-27-14:30 16:00
Chair: sjoerd van bekkum - Erasmus University (Netherlands)
Paper: Monetary Policy and Corporate Bond Returns
Authors:
Alexandros Kontonikas - Essex Business School (United Kingdom)
Paulo Maio - Hanken School of Economics (Finland)
Zivile Zekaite - Adam Smith Business School (United Kingdom)
Presenter: Alexandros Kontonikas - University of Essex (United Kingdom)

Discussant: Claus Munk - Copenhagen Business School (Denmark)

Paper: Dynamics among global asset portfolios: investors’ benefits from advanced vs. emerging markets
Authors:
Theodoros Bratis - Athens University of Economics and Business (Greece)
Nikiforos Laopodis - ALBA Graduate Business School American College of Greece (Greece)
Georgios Kouretas - Athens University of Economics and Business (Greece)
Presenter: Georgios Kouretas - IPAG Business School & Athens University of Economics and Business (Greece)

Discussant: Martin Rohleder - University of Augsburg (Germany)

Paper: Indexing and Stock Market Serial Dependence Around the World
Authors:
Guido Baltussen - Erasmus University (Netherlands)
Sjoerd van bekkum - Erasmus University (Netherlands)
Zhi Da - University of Notre Dame (United States)
Presenter: sjoerd van bekkum - Erasmus University (Netherlands)

Discussant: Helena Isidro - ISCTE (Portugal)

Session: 74-Small Business Finance

Room: 4
Date/Time: 2017-07-27-14:30 16:00
Chair: Guillaume Andrieu - Montpellier Business School (France)
Paper: Run for Home: SME Lening and the Headquarters bias
Authors:
Tianshu Zhao - University of Birmingham (United Kingdom)
Kul Luintel - Cardiff University (United Kingdom)
Kent Matthews - Cardiff University (United Kingdom)
Presenter: Kent Matthews - Cardiff Business School (United Kingdom)

Discussant: Guido Max Mantovani - Ca Foscari University (Italy)

Paper: How to Motivate Fundamental Innovation: Subsidies versus Prizes and the Role of Venture Capital
Authors:
Onur Bayar - University of Texas at San Antonio (United States)
Thomas Chemmanur - Boston College (United States)
Mark H. Liu - University of Kentucky (United States)
Presenter: Onur Bayar - University of Texas at San Antonio (United States)

Discussant: Marc Steffen Rapp - Marburg University, HHL and Copenhagen Business School (Germany)

Paper: Optimal contracts with strategic exit of short-termists investors: a model
Authors:
Guillaume ANDRIEU - Montpellier Business School (France)
Presenter: Guillaume Andrieu - Montpellier Business School (France)

Discussant: Joerg Stahl - Universidade Católica Portuguesa (Portugal)

Session: 75-Interest Rates

Room: 5
Date/Time: 2017-07-27-14:30 16:00
Chair: Silvio Contessi - Monash Business School (Australia)
Paper: The Implications of Tail Dependency for Counterparty Credit Risk Pricing
Authors:
Juan Carlos Arismendi - ICMA Centre, University of Reading (United Kingdom)
Herbert Kimura - University of Brasília (Brazil)
Vladimir Belitsky - University of Sao Paulo (Brazil)
Vinicius Amorim Sobreiro - University of Brasília (Brazil)
Presenter: Juan Carlos Arismendi Zambrano - University of Reading (United Kingdom)

Discussant: Mattia Landoni - Southern Methodist University (United States)

Paper: Near-Explosive Dynamics and Risk Migration in Fixed Income Markets
Authors:
Pierangelo De Pace - Pomona College (United States)
Silvio Contessi - Monash Business School (Australia)
Presenter: Silvio Contessi - Monash Business School (Australia)

Discussant: Jia-Hau Guo - National Chiao Tung University (Taiwan)

Paper: Liquidity Premium in Domestic Brazilian Government Bonds
Authors:
Gyorgy Varga - FCE - Brazil (Brazil)
Presenter: Gyorgy Varga - FCE Brazil (Brazil)

Discussant: Han-Hsing Lee - National Chiao Tung University (Taiwan)

Session: 76-market Integration, Segmentation and Efficiency

Room: 6
Date/Time: 2017-07-27-14:30 16:00
Chair: Adam Czerniak - Warsaw School of Economics (Poland)
Paper: Chinese Lunar New Year Effect, Investor Sentiment, and Market Deregulation
Authors:
Chia-Chen Teng - Chung Yuan Christian University (Taiwan)
Jimmy Yang - Oregon State University (United States)
Presenter: Chia-Chen Teng - Chung Yuan Christian University (Taiwan)

Discussant: Lucivjanska Katarina - Safarik University in Kosice (Slovakia)

Paper: The risk of asset price bubbles after joining the common currency area
Authors:
Adam Czerniak - Warsaw School of Economics (Poland)
Jakub Borowski - Warsaw School of Economics (Poland)
Dariusz Rosati - Warsaw School of Economics (Poland)
Jakub Boraty?ski - University of Lodz (Poland)
Presenter: Adam Czerniak - Warsaw School of Economics (Poland)

Discussant: Karoly Miklos Kiss - Centre for Economic and Regional Studies of the Hungarian Academy of Sciences (Hungary)

Paper: Market Integration and Return Predictability in the Frontier Stock Markets: Comparative Study with the Advanced and the Emerging Markets
Authors:
Mohammad Khaleq Newaz - Coventry University (United Kingdom)
Jin Suk Park - Coventry University (United Kingdom)
Presenter: Jin Suk Park - Coventry University (United Kingdom)

Discussant: Maela Giofre - University of Turin (Italy)

Session: 77-Investments

Room: 7
Date/Time: 2017-07-27-14:30 16:00
Chair: Lee M Swartz - University of Southern California (United States)
Paper: A Behavioral Model of Risk Factors Affecting the Returns of Global Macro Hedge Fund categories
Authors:
L. Mick Swartz - University of Southern California (United States)
Presenter: Lee M Swartz - University of Southern California (United States)

Discussant: Padma Kadiyala - Pace University (United States)

Paper: Does it pay off? The NPV of Advertising Pension Funds
Authors:
Ido Kallir - Ono Academic College (Israel)
Oren Kaplan - College of Management (Israel)
Presenter: Ido Kallir - Ono College (Israel)

Discussant: Yakup Eser Arisoy - University Paris-Dauphine (France)

Paper: Beyond Market Mood: Stock Sentiment and the Response to Corporate Earnings Announcements
Authors:
Andrew Mason - Surrey University (United Kingdom)
Nick Karampatsas - Surrey University (United Kingdom)
Soheila Malekpour - Surrey University (United Kingdom)
Presenter: Andrew Mason - Surrey University (United Kingdom)

Discussant: Massimo Mariani - LUM Jean Monnet (Italy)

Session: 78-Corporate Finance and Investments

Room: 8
Date/Time: 2017-07-27-14:30 16:00
Chair: Rebecca Tekula - Pace University (United States)
Paper: The speed of adjustment of corporate cash holdings
Authors:
Keyur Thaker - IIM Indore (India)
K T Vigneswara Rao - IIM Indore (India)
Presenter: Keyur Thaker - Indian Institute of Management Indore (India)

Discussant: Abdelmajid Hmaittane - Ibn Zohr University (Morocco)

Paper: Accretio ad absurdum: Program Related Investments and Payout Rates in U.S. Foundations
Authors:
Rebecca Tekula - Pace University (United States)
Eileen Lee-Fung - Pace University (United States)
Presenter: Rebecca Tekula - Pace University (United States)

Discussant: Laszlo Lorincz - Hungarian Academy of Sciences (Hungary)

Paper: Financial performance and effective tax rates of Czech subsidiaries under foreign control
Authors:
David Procházka - University of Economics, Prague (Czech Republic)
Cristina Procházková Ilinitchi - University of Economics, Prague (Czech Republic)
Presenter: David Prochazka - University of Economics, Prague (Czech Republic)

Discussant: Alexander Guzman - CESA School of Business (Colombia)

Session: 79-Mutual Funds, Closed- End Funds and ETFs

Room: 9
Date/Time: 2017-07-27-14:30 16:30
Chair: David Nanigian - California State University, Fullerton (United States)
Paper: Mutual Fund Closures: A Method to Sustain Outperformance?
Authors:
Philip Gibson - Winthrop University (United States)
Terrance Martin - University of Texas Rio Grande Valley (United States)
David Nanigian - California State University, Fullerton (United States)
Presenter: David Nanigian - California State University, Fullerton (United States)

Discussant: Fabio Moneta - Queens University (Canada)

Paper: Do Mutual Funds Improve Stock Market Liquidity and ETFs Harm It?
Authors:
Christoph Kaserer - TU München ()
Wenting Zhao - TU München ()
Presenter: Christoph Kaserer - Technische Universitat Munchen (Germany)

Discussant: Alexandre Garel - Auckland University of Technology (New Zealand)

Paper: Use of Options, Short Sales, and Leverage by Mutual Funds
Authors:
Selim Topaloglu - Queen's University (Canada)
Paul Calluzzo - Queen's University (Canada)
Fabio Moneta - Queen's University (Canada)
Presenter: Fabio Moneta - Queens University (Canada)

Discussant: Stephane Chretien - Laval University (Canada)

Paper: Mutual Fund Size versus Fees: When big boys become bad boys
Authors:
Aneel Keswany - ISCTE (United Kingdom)
Antonio Miguel - ISCTE –Lisbon University Institute (Portugal)
Sofia Ramos - ESSEC – Business School (France)
Presenter: Antonio Miguel - ISCTE (Portugal)

Discussant: Matthijs Breugem - Frankfurt School of Management and Finance gGmbH (Germany)

Session: 80-Banking
(PHD student)

Room: 10
Date/Time: 2017-07-27-14:30 16:30
Chair: Salvatore Perdichizzi - Universita degli studi di Milano - Bicocca (Italy)
Paper: Shadow Banking System: A complement to other regular financial systems? Evidence from International Data
Authors:
Zeinab SAID - Université Grenoble Alpes (France)
Presenter: Zeinab Said - University Grenoble Alpes (France)

Discussant: Reina Renard - KU Leuven (Belgium)

Paper: The impact of ECB’s conventional and unconventional monetary policies on European banks indexes return.
Authors:
Salvatore Perdichizzi - Catholic University of Sacred Heart - Milan and University of Milan - Bicocca (Italy)
Presenter: Salvatore Perdichizzi - Universita degli studi di Milano - Bicocca (Italy)

Discussant: Jose Martin Flores - ESCP Europe (France)

Paper: Liquidity Provision on Demand in the Argentine Banking System
Authors:
Martin Leandro Dutto Giolongo - National University of Litoral (Argentina)
Emiliano Carlevaro - National University of Litoral (Argentina)
Presenter: Emiliano Carlevaro Peressan - Universidad Nacional del Litoral (Argentina)

Discussant: Yeguang Chi - Shanghai Jiaotong University, Shanghai Advanced Institute of Finance (China)

Paper: Access to Banking and its Value in Developed Countries: Evidence from the U.S. Marijuana Industry
Authors:
Markus Merz - University of Tuebingen (Germany)
Jan Riepe - University of Tuebingen (Germany)
Presenter: Markus Merz - University of Tuebingen (Germany)

Discussant: Anh D. Pham - Banking Academy of Vietnam (Vietnam)

Session: 81-Depository Institutions

Room: 11
Date/Time: 2017-07-27-14:30 16:30
Chair: David Toscano-Pardo - University of Huelva (Spain)
Paper: Diversi cation or internalization?: M&A strategies and Basel III net stable funding ratio
Authors:
Kim Cuong Ly - Swansea University (United Kingdom)
Katsutoshi Shimizu - Nagoya University (Japan)
Presenter: Kim Cuong Ly - Swansea University (United Kingdom)

Discussant: Nikolaos Milonas - National and Kapodistrian University of Athens (Greece)

Paper: A Meta-analysis on the impacts of monetary policy on aggregate demands and price level in emerging and developing countries
Authors:
Thi Mai Lan Nguyen - International Institute of Social Sudies (Netherlands)
Presenter: Thi Mai Lan Nguyen - International Institute of Social Sudies (Netherlands)

Discussant: David Toscano-Pardo - University of Huelva (Spain)

Paper: The influence of social media and Internet presence on small, local banks’ market power: New evidence from an emerging economy
Authors:
Dariusz Filip - UKSW (Poland)
Krzysztof Jackowicz - Kozminski University (Poland)
?ukasz Koz?owski - Kozminski University (Poland)
Presenter: Krzysztof Jackowicz - Kozminski University (Poland)

Discussant: Amir Khorasgani - Coventry University (United Kingdom)

Paper: Asset sales and the financial conglomerate discount
Authors:
Claudia Curi - Free University of Bolzano-Bozen (Italy)
Maurizio Murgia - Free University of Bolzano-Bozen (Italy)
Presenter: Claudia Curi - Free University of Bolzano-Bozen (Italy)

Discussant: Arthur Petit-Romec - ESCP EUROPE (France)

Session: 82-Coffee Break

Room: Restaurant
Date/Time: 2017-07-27-16:00 16:30
Session: 83-Investments

Room: 1
Date/Time: 2017-07-27-16:30 18:00
Chair: David Sun - Kainan University (Taiwan)
Paper: Leading or Lagging Indicators of Risk? The Informational Content of Extra-Financial Performance Scores
Authors:
Amos Sodjahin - Moncton University (Canada)
Claudia Champagne - Sherbrooke University (Canada)
Frank Coggins - Sherbrooke University (Canada)
Roland Gillet - Université Paris1 Panthéon-Sorbonne (France)
Presenter: Claudia Champagne - University of Sherbrooke (Canada)

Discussant: K V Bhanu Murthy - University of Delhi (India)

Paper: Loss of Investors of Fire Sale? Asymmetric Behavior in Mutual Fund Investing
Authors:
David Sun - Kainan University (Taiwan)
Presenter: David Sun - Kainan University (Taiwan)

Discussant: Dariusz Filip - Cardeal Stefan Wyszynski Universidade de Varsóvia (Poland)

Paper: Transmission of Foreign Versus Local Bank Shock Events During Crisis Periods
Authors:
Priyank Gandhi - University of Notre dame (United States)
George Issa - University of Sydney (Australia)
Elvis Jarnecic - University of Sydney (Australia)
Presenter: Elvis Jarnecic - University of Sydney (Australia)

Discussant: Alberto Asquer - SOAS University of London (United Kingdom)

Session: 84-Bankruptcy and Financial Distress

Room: 2
Date/Time: 2017-07-27-16:30 18:00
Chair: Amir Khorasgani - Coventry University (United Kingdom)
Paper: Evaluation of Internal Rating Based Approach for UK Small Firms: Is Basel III Capital Requirement Efficient for SMEs?
Authors:
Amir Khorasgani - Coventry University (United Kingdom)
Presenter: Amir Khorasgani - Coventry University (United Kingdom)

Discussant: Danilo Mascia - University of Cagliari (Italy)

Paper: Corporate defined benefit pension plans in bankruptcy reorganization
Authors:
Milka Dimitrova - CUNEF- Colegio Universitario De Estudios Financieros (Spain)
Presenter: Milka Dimitrova - CUNEF (Spain)

Discussant: Claudia Curi - Free University of Bolzano-Bozen (Italy)

Paper: Mergers Between Savings Banks. The Solution for Improving Risk In The Spanish Banking Sector?
Authors:
Vicente Pina - University of Zaragoza (Spain)
Lourdes Torres - University of Zaragoza (Spain)
Patricia Bachiller - University of Zaragoza (Spain)
Presenter: Patricia Bachiller - University of Zaragoza (Spain)

Discussant: Kent Matthews - Cardiff Business School (United Kingdom)

Session: 85-International Finance

Room: 3
Date/Time: 2017-07-27-16:30 18:00
Chair: Andrea Ferrero - University of Oxford (United Kingdom)
Paper: Labour market adjustments to financing conditions under sectoral rigidities in the euro area
Authors:
Simon Savsek - Europen Central Bank (Germany)
Sebastian Weber - European Central Bank (Germany)
Arno Hantzsche - University of Nottingham (United Kingdom)
Presenter: Simon Savsek - European Central Bank (Germany)

Discussant: Calvin W. H. Cheong - Taylor University (Malaysia)

Paper: Persuasion in Islamic Finance
Authors:
Saad Azmat - Lahore University of Management Science (Pakistan)
Haiqa Ali - Lahore University of Management Science (Pakistan)
Michael Skully - Monash University (Australia)
Kym Brown - Monash University (Australia)
Presenter: Kym Brown - Monash University (Australia)

Discussant: Sujiao Zhao - Banco de Portugal (Portugal)

Paper: Global Liquidity, Leverage, House Prices and Exchange Rates
Authors:
Ambrogio Cesa Bianchi - Bank of England (United Kingdom)
Andrea Ferrero - Oxford University (United Kingdom)
Alessandro Rebucci - Johns Hopkins Carey Business School (United States)
Presenter: Andrea Ferrero - University of Oxford (United Kingdom)

Discussant: Michael Stein - University of Freiburg (Germany)

Session: 86-Banking and Financial Institutions

Room: 4
Date/Time: 2017-07-27-16:30 18:30
Chair: Jan Henrik Wosnitza - Deutsche Bundesbank (Germany)
Paper: Assumptions on prepayment ratios implied in German mortgage rates
Authors:
Jan Henrik Wosnitza - Deutsche Bundesbank (Germany)
Presenter: Jan Henrik Wosnitza - Deutsche Bundesbank (Germany)

Discussant: Paolo Emilio Mistrulli - Bank of Italy-Naples Branch (Italy)

Paper: The determinants of European banks' capital structure during the last decade and the role played by regulation and supervision: Do they really matter?
Authors:
Vitor Oliveira - Bank of Portugal (Portugal)
Clara Raposo - ISEG Lisbon School of Economics and Management (Portugal)
Presenter: Clara Raposo - ISEG Lisbon SchooL of Econ. & Management (Portugal)

Discussant: Giovanni Verga - University of Parma (Italy)

Paper: Market Reactions to Stock Rating and Target Price Changes in Analyst Reports: Evidence from Japan
Authors:
Shohei Ishigami - University of Tokyo (Japan)
Fumiko Takeda - University of Tokyo (Japan)
Presenter: Fumiko Takeda - University of Tokyo (Japan)

Discussant: Krzysztof Jackowicz - Kozminski University (Poland)

Paper: Competition and Bank Stability
Authors:
Martin Goetz - Goethe University Frankfurt (Germany)
Presenter: Martin Goetz - Goethe University Frankfurt (Germany)

Discussant: Ehsan Nikbakht - Hofstra University (United States)

Session: 87-International Finance

Room: 5
Date/Time: 2017-07-27-16:30 18:00
Chair: Mustafa Caglayan - Heriot Watt University (United Kingdom)
Paper: Cash Conversion Cycle: A Cross-Country Analysis
Authors:
Shahriar Khaksari - Suffolk University (United States)
Abu Jalal - Suffolk University (United States)
Presenter: Abu Jalal - Suffolk University (United States)

Discussant: Roman Horvath - Faculty of Social Sciences, Charles University (Czech Republic)

Paper: Turn-of-the-Month, Around the World: Evidence from G7 Markets
Authors:
Nuri Volkan Kayacetin - Ozyegin University (Turkey)
Senad Lekpek - Ozyegin University (Turkey)
Presenter: Nuri Volkan Kayacetin - Ozyegin University (Turkey)

Discussant: Jairo Andres Rendon Gamboa - Pontificia Universidad Javeriana (Colombia)

Paper: Exchange Rate Movements, Skill-Content and Direction of Trade
Authors:
Mustafa Caglayan - Heriot-Watt University (United States)
Firat Demir - University of Oklahoma (United States)
Presenter: Mustafa Caglayan - Heriot Watt University (United Kingdom)

Discussant: Yuhuilin Chen - Nottingham University Business School (China)

Session: 88-Crises & Financial Institutions

Room: 6
Date/Time: 2017-07-27-16:30 18:00
Chair: Agnieszka Alinska - Warsaw School of Economics (Poland)
Paper: The balance sheet accounts on the stress tests
Authors:
Salvador Climent-Serrano - University of Valencia (Spain)
Presenter: Salvador Climent-Serrano - University of Valencia (Spain)

Discussant: Walayet Khan - University of Evansville (United States)

Paper: The Nexus of Financial Stability and Fiscal - Monetary Policy
Authors:
Agnieszka ALINSKA - Warsaw School of Economics (Poland)
Mariusz Prochniak - Warsaw School of Economics (Poland)
Katarzyna Wasiak - Warsaw School of Economics (Poland)
Presenter: Agnieszka Alinska - Warsaw School of Economics (Poland)

Discussant: Peter Lerner - Wenzhou Kean University (United States)

Paper: Regionally differentiated debt cap rules: a Hungarian perspective
Authors:
Marton Nagy - Hungarian Central Bank (Hungary)
Aniko Szombati - Hungarian Central Bank (Hungary)
Peter Faykiss - Hungarian Central Bank (Hungary)
Presenter: Marton Nagy - Magyar Nemzeti Bank (Hungary)

Discussant: Federica Sist - lumsa (Italy)

Session: 89-Corporate Finance
(PHD student)

Room: 7
Date/Time: 2017-07-27-16:30 18:00
Chair: Evgeny Petrov - Swiss Finance Institute at EPFL (Switzerland)
Paper: Are Female Managers More Informative?
Authors:
Chiara De Amicis - Cass Business School (United Kingdom)
Sonia Falconieri - Cass Business School (United Kingdom)
Mesut Tastan - London School of Economics (United Kingdom)
Presenter: Chiara De Amicis - Cass Business School (United Kingdom)

Discussant: Angeline Chua - RMIT University (Australia)

Paper: What Explains the Declining Time-series Pattern of Investment-cash flow Sensitivity
Authors:
Shushu Liao - Lancaster University (United Kingdom)
Grzegorz Pawlina - Lancaster University (United Kingdom)
Ingmar Nolte - Lancaster University (United Kingdom)
Presenter: Shushu Liao - Lancaster University (United Kingdom)

Discussant: Aaron Brauner - University of Florida (United States)

Paper: Voluntary Disclosure and Informed Trading
Authors:
Evgeny Petrov - Swiss Finance Institute at EPFL (Switzerland)
Presenter: Evgeny Petrov - Swiss Finance Institute at EPFL (Switzerland)

Discussant: Mattia Bevilacqua - University of Kent (United Kingdom)

Session: 90-Risk Measures and Asset Prices

Room: 8
Date/Time: 2017-07-27-16:30 18:00
Chair: Tomas Cipra - Charles University (Prague)| (Czech Republic)
Paper: Reputational risk measurement: Brazilian banks.
Authors:
Luiz Alberto D´Ávila de Araujo - Banco do Brasil (Brazil)
Fernando da Silva Vinhado - Banco do Brasil (Brazil)
Presenter: Luiz Alberto Araujo - Banco do Brasil (Brazil)

Discussant: Michel Robe - American University (United States)

Paper: Risk analysis based on MES: The Czech stock market study
Authors:
Tomas Cipra - Charles University (Prague) (Czech Republic)
Radek Hendrych - Charles University (Prague) (Czech Republic)
Presenter: Tomas Cipra - Charles University (Prague) (Czech Republic)

Discussant: KELVIN KAMAU - STRATHMORE UNIVERSITY (Kenya)

Paper: Rational Functions: An Alternative Approach to Asset Pricing
Authors:
Nilanjana Chakraborty - Self Employed (India)
Mohammed Elgammal - Qatar University (Qatar)
David McMillan - University of Stirling (United Kingdom)
Presenter: Nilanjana Chakraborty - Self Employed (India)

Discussant: Deniz Ozenbas - Montclair State University (United States)

Session: 91-Corporate Social Responsability and Ethics

Room: 9
Date/Time: 2017-07-27-16:30 18:00
Chair: Walid Saffar - Hong Kong Polytechnic University (Hong Kong)
Paper: Corporate Environment Management Practices: International Evidence on Carbon Emission Disclosures
Authors:
Saqib Aziz - Rennes School of Business (France)
Sabrina Chikh - SKEMA Business (France)
Michael Dowling - Rennes School of Business (France)
Dhoha Trabelsi - ESCE International Business School (France)
Presenter: Dhoha TRABELSI - ESCE - International Business School (France)

Discussant: Kim Cuong Ly - Swansea University (United Kingdom)

Paper: Inter-relations among Corporate Environmental Performance, Environmental Disclosures, Financial Performance, and Risk
Authors:
Amama Shaukat - Brunel Business School, Brunel University London (United Kingdom)
Grzegorz Trojanowski - University of Exeter Business School (United Kingdom)
Presenter: Grzegorz Trojanowski - University of Exeter Business School (United Kingdom)

Discussant: Francis In - Griffith University (Australia)

Paper: Political Uncertainty and CSR Investment: International Evidence
Authors:
Bryan Husted - EGADE Business School, Tecnologico de Monterrey (Mexico)
Walid Saffar - The Hong Kong Polytechnic University (Hong Kong)
Presenter: Walid Saffar - Hong Kong Polytechnic University (Hong Kong)

Discussant: Othmar Lehner - University of Applied Sciences Upper Austria (Austria)

Session: 92-Portfolio Management and Performance Evaluation
(PHD student)

Room: 10
Date/Time: 2017-07-27-16:30 18:00
Chair: Chao Yin - ICMA Centre,Henley Business School, University of Reading (United Kingdom)
Paper: Testing Momentum Strategies for the us Equities Market and Comparing with Passive Options Investment Strategies
Authors:
Jose P Dapena - Universidad del CEMA (Argentina)
Julian Siri - Universidad del CEMA (Argentina)
Juan Serur - Universidad del CEMA (Argentina)
Presenter: Juan Andreas Serur - UCEMA (Argentina)

Discussant: IZZAT RAMADAN - university of minho (Portugal)

Paper: Motivated Monitoring Institutional Investors and Firm
Authors:
Charles Ward - ICMA Centre, Henley Business School, University of Reading (United Kingdom)
Yeqin Zeng - ICMA Centre, Henley Business School, University of Reading (United Kingdom)
Chao Yin - ICMA Centre, Henley Business School, University of Reading (United Kingdom)
Presenter: Chao Yin - ICMA Centre,Henley Business School, University of Reading (United Kingdom)

Discussant: Alessio Ruzza - USI - Università della Svizzera Italiana, UC Berkeley and Swiss Finance institute (United States)

Session: 93-Capital Structure and Cost of Capital

Room: 11
Date/Time: 2017-07-27-16:30 18:00
Chair: Shigeki Kuneda - Hitotsubashi University (Japan)
Paper: Debt, Investment and Production in the U.S. Oil Industry: An Analysis of the 2014 Oil Price Shock
Authors:
Kenneth Lehn - University of Pittsburgh (United States)
Pengcheng Zhu - University of Pittsburgh (United States)
Presenter: Kenneth Lehn - University of Pittsburgh (United States)

Discussant: Elton Casagrande - São Paulo State University (Brazil)

Paper: Taxes and the Debt Policy of Japanese Firms
Authors:
Shigeki Kunieda - Hitotsubashi University (Japan)
Junichiro Takahata - Dokyo University (Japan)
Haruna Yada - The Dai-ichi Life Insurance Company (Japan)
Presenter: Shigeki Kuneda - Hitotsubashi University (Japan)

Discussant: Ping Li - Beihang University (China)

Session: 94-Gala Dinner

Date/Time: 2017-07-27-20:00 23:00
Session: 95-Capital Structure and Cost of Capital

Room: 1
Date/Time: 2017-07-28-09:00 10:30
Chair: Kenneth Lehn - University of Pittsburgh (United States)
Paper: Financial Development Shaping Life-Cycle in SMEs Capital Structure
Authors:
Maurizio La Rocca - University of Calabria (Italy)
Fabiola Montalto - University of Calabria (Italy)
Raffaele Staglianò - Montpellier Business School (France)
Marc Deloof - Antwerp Management School (Belgium)
Presenter: Raffaele Stagliano - Montepllier Business School (France)

Discussant: Kenneth Lehn - University of Pittsburgh (United States)

Paper: Capital Change and the Cost of Equity: Evidence from Bulgarian Banks
Authors:
Sophia Kassidova - (Bulgaria)
Presenter: Sophia Kassidova - University of National& World Economy (Bulgaria)

Discussant: Alexander Muravyev - Higher School of Economics, St. Petersburg Campus (Russia)

Paper: Does CSR affect the cost of equity in controversial industry sectors?
Authors:
Abdelmajid Hmaittane - ENCG-Agadir, Ibn Zohr University (Morocco)
Kais Bouslah - School of Management University of St Andrews (United Kingdom)
Presenter: Abdelmajid Hmaittane - Ibn Zohr University (Morocco)

Discussant: Godfred Afrifa - Canterbury Christ Church University (United Kingdom)

Session: 96-Market Efficiency and Anomalies

Room: 2
Date/Time: 2017-07-28-09:00 11:00
Chair: Raj S. Dhankar - University of Delhi (India)
Paper: Testing for the Random Walk Theory and Exploring Investment Strategies Under Price Independence
Authors:
Reza Rahgozar - University of Wisconsin (United States)
Presenter: Reza Rahgozar - University of Wisconsin, River Falls (United States)

Discussant: Yating Wang - The University of Tokyo (Japan)

Paper: Time-varying Linear Dependence: Test of Adaptive Markets Hypothesis in Indian Stock Markets
Authors:
Raj S. Dhankar - University of Delhi and Amity University (India)
Presenter: Raj S. Dhankar - University of Delhi (India)

Discussant: Nuri Volkan Kayacetin - Ozyegin University (Turkey)

Paper: Productivity spillovers through labor flows
Authors:
Károly Miklós Kiss - Hungarian Academy of Sciences and University of Pannonia (Hungary)
Zsolt Csáfordi - Hungarian Academy of Sciences (Hungary)
Balázs Lengyel - Hungarian Academy of Sciences (Hungary)
Laszló Lorincz - Hungarian Academy of Sciences ()
Presenter: Karoly Miklos Kiss - Centre for Economic and Regional Studies of the Hungarian Academy of Sciences (Hungary)

Discussant: Marton Nagy - Magyar Nemzeti Bank (Hungary)

Paper: Measuring the true efficiency of the JSE
Authors:
André Heymans - North-West University (South Africa)
Leonard Santana - North-West University (South Africa)
Presenter: André Heymans - North-West University (South Africa)

Discussant: Harold Contreras - University of Chile (Chile)

Session: 97-Corporate Finance

Room: 3
Date/Time: 2017-07-28-09:00 10:30
Chair: James Ang - Florida State University (United States)
Paper: Debt and private benefits appropriation by a controlling shareholder: Introducing a creditors’ holdup effect
Authors:
Hubert de la Bruslerie - University Paris Dauphine (France)
Presenter: hubert de la bruslerie - University Paris Dauphine (France)

Discussant: Yukihiro Yasuda - Hitotsubashi University (Japan)

Paper: Power to the Small Investors: The Role of Social Media in Corporate Governance
Authors:
Chaopeng Wu - Xiamen University (China)
James Ang - Florida State University (United States)
Di Tang - Xiamen University (China)
Presenter: James Ang - Florida State University (United States)

Discussant: Neslihan Ozkan - University of Bristol (United Kingdom)

Paper: FOUNDING FAMILY OWNERSHIP AND AGENCY COSTS: EVIDENCE FROM THE MARGINAL VALUE OF CASH
Authors:
Daniel Powell - Philipps-Universität, Marburg (Germany)
Marc Steffen Rapp - Philipps-Universität, Marburg; Copenhagen Business School (Germany)
Presenter: Marc Steffen Rapp - Marburg University, HHL and Copenhagen Business School (Germany)

Discussant: Thomas Hauner - City University of New York (CUNY), Graduate Center (United States)

Session: 98-Financial Institutions

Room: 4
Date/Time: 2017-07-28-09:00 10:30
Chair: Danilo Mascia - University of Cagliari (Italy)
Paper: National culture and risk-taking of European banks in CEECs
Authors:
Federica Sist - Lumsa University Rome (Italy)
Panu Kalmi - Vaasa University (Finland)
Presenter: Federica Sist - lumsa (Italy)

Discussant: Vicente Pina - University of Zaragoza (Spain)

Paper: What Determines Financial Development? Bayesian Model Averaging Evidence
Authors:
Roman Horvath - Charles University (Czech Republic)
Eva Horvatova - University of Economics, Bratislava (Slovakia)
Maria Siranova - University of Economics, Bratislava (Slovakia)
Presenter: Roman Horvath - Faculty of Social Sciences, Charles University (Czech Republic)

Discussant: Milka Dimitrova - CUNEF (Spain)

Paper: The Impact of the Internal-Rating-Based Approach on Lending Growth and the Cost of Financial Intermediation
Authors:
Danilo Valerio Mascia - University of Cagliari (Italy)
Kevin Keasey - Leeds University Business School (United Kingdom)
Francesco Vallascas - Leeds University Business School (United Kingdom)
Presenter: Danilo Mascia - University of Cagliari (Italy)

Discussant: Thi Mai Lan Nguyen - International Institute of Social Sudies (Netherlands)

Session: 99-Corporate Governance

Room: 5
Date/Time: 2017-07-28-09:00 10:30
Chair: Christoph Kaserer - Technische Universitat Munchen (Germany)
Paper: Take a chance? Implications of auditor going concern opinions for IPO investors
Authors:
Natalia Matanova - The Pennsylvania State University (United States)
Tanja Steigner - Emporia State University (United States)
James Qiancheng Zheng - Emporia State University (United States)
Presenter: Natalia Matanova - The Pennsylvania State University (United States)

Discussant: Christoph Kaserer - Technische Universitat Munchen (Germany)

Paper: Do institutional investors unbind firm financial constraints? Evidence from emerging markets
Authors:
Carlos Pombo - Universidad de los Andes (Colombia)
Mauricio Jara - Universidad de Chile (Chile)
Roberto Alvarez - Universidad de Chile (Chile)
Presenter: Carlos Pombo - Universidad de los Aandes (Colombia)

Discussant: Walid Saffar - Hong Kong Polytechnic University (Hong Kong)

Paper: Capital Gain: The Returns to Locating in the Capital City
Authors:
Joerg Stahl - Católica Lisbon School of Business & Economics (Portugal)
Presenter: Joerg Stahl - Universidade Católica Portuguesa (Portugal)

Discussant: Sushil Sainani - University of Liverpool (United Kingdom)

Session: 100-Portfolio Management and Performance Evaluation

Room: 6
Date/Time: 2017-07-28-09:00 10:30
Chair: Jean-Guy Simonato - HEC Montreal (Canada)
Paper: A Rule Based Portfolio Construction Approach Based on Golden Ratio
Authors:
Daniele Bernardi - DIAMAN SCF SRL (Italy)
Ruggero Bertelli - University of Siena (Italy)
Gabriele Turissini - Investors Magazine Italia srl (Italy)
Presenter: Daniele Bernardi - DIAMAN SCF Srl (Italy)

Discussant: Yuna Heo - Hong Kong Polytechnic University (Hong Kong)

Paper: Discrimination, Social Risk, and Portfolio Choice
Authors:
Yosef Bonaparte - University of Colorado at Denver (United States)
George Korniotis - University of Miami (United States)
Alok Kumar - University of Miami (United States)
Presenter: Yosef Bonaparte - University of Colorado at Denver (United States)

Discussant: Ekaterina Damianova - Durham University (United Kingdom)

Paper: Dynamic asset allocation with event risk, transaction costs and predictable returns
Authors:
Jean-Guy Simonato - HEC Montréal (Canada)
Presenter: Jean-Guy Simonato - HEC Montreal (Canada)

Discussant: Chulwoo Han - Durham University (United Kingdom)

Session: 101-Banking and Financial Institutions

Room: 7
Date/Time: 2017-07-28-09:00 10:30
Chair: John Holland - University of Glasgow (United Kingdom)
Paper: Rethinking theoretical narratives of banks and financial institutions through field research and theoretical development
Authors:
John Holland - Universiry of Glasgow (United Kingdom)
Presenter: John Holland - University of Glasgow (United Kingdom)

Discussant: Namwon Hyung - University of Seoul (South Korea)

Paper: Informational Role of Options Markets: Evidence From FOMC Announcements
Authors:
Robert Loveland - California State University, East Bay (United States)
Scott Fung - California State University, East Bay (United States)
Brian Du - California State University, East Bay (United States)
Presenter: Robert Loveland - California State University, East Bay (United States)

Discussant: Laivi Laidroo - Tallinn University of Technology (Estonia)

Paper: Mandatory Clearing of Derivatives and Systemic Risk of Bank Holding Companies
Authors:
Shaofang Li - Southeast University (China)
Matej Marinc - University of Ljubljana (Slovenia)
Presenter: Matej Marinc - Faculty of Economics, University of Ljubljana (Slovenia)

Discussant: Silvio Contessi - Monash Business School (Australia)

Session: 102-Financial Risk Management
(PHD student)

Room: 8
Date/Time: 2017-07-28-09:00 11:00
Chair: Sonia Dissem - Skema Business School (France)
Paper: The Consequences of Reacting Fast - The Flux of EEX Energy Prices and the Influence of Weather Parameter
Authors:
Saskia Stoerch - Leuphana University Lueneburg (Germany)
Presenter: Saskia Störch - Leuphana University Lueneburg (Germany)

Discussant: Kristof Nemeth - University of PECS (Hungary)

Paper: Political risk and stock market uncertainty in China
Authors:
Hui Chen - WHU-Otto Beisheim School of Management (Germany)
Mei Wang - WHU-Otto Beisheim School of Management (Germany)
Presenter: Hui Chen - WHU-Otto Beisheim School of Management (Germany)

Discussant: Jean-Charles Wijnandts - Universitat Catholique de Louvain (Belgium)

Paper: Are Risk Managers Affected by Behavioral Biases in Currency Risk Management?
Authors:
Andreas Hecht - University of Hohenheim (Germany)
Presenter: Andreas Hecht - University of Hohenheim (Germany)

Discussant: Josef Zorn - University of Innsbruck (Austria)

Paper: Correlation between the 2014 EU-Wide Stress test and market based measures of systemic risk
Authors:
Sonia Dissem - Université de Lille, Skema Business School (France)
Fréderic Lobez - Université de Lille (France)
Presenter: Sonia Dissem - Skema Business School (France)

Discussant: David Vidal-Tomas - Universitat Jaume I (Spain)

Session: 103-Financial Crises

Room: 9
Date/Time: 2017-07-28-09:00 10:30
Chair: Gregory Bauer - Bank of Canada (Canada)
Paper: The Fallacy of Fiscal Discipline - Paolo Canofari, Alessandro Piergallini and Giovanni Piersanti
Authors:
Paolo Canofari - Luiss School of European Political Economy (Italy)
Alessandro Piergallini - Università degli Studi di Roma "Tor Vergata" (Italy)
Giovanni Piersanti - Università degli Studi di Teramo (Italy)
Presenter: Giovanni Piersanti - University of Teramo (Italy)

Discussant: Robert Stafford Johnson - Xavier University (United States)

Paper: Estimating the yield curve in Brazil including periods of economic crises
Authors:
Guilherme Ribeiro de Macedo - UFRGS (Brazil)
Igor Alexandre Clemente de Morais - UCR - University of California Riverside (United States)
Jorge Augusto Dias Samsonescu - UNISINOS (Brazil)
Eduarda Martins Correa da Silveira - UNISINOS (Brazil)
Presenter: Guilherme Ribeiro de Macedo - UFRGS (Brazil)

Discussant: Paolo Mattana - University of Cagliari (Italy)

Session: 104-Market Microstruture

Room: 10
Date/Time: 2017-07-28-09:00 11:00
Chair: Yi Hong - Xi’an Jiaotong Liverpool University and Shanghai Jiaotong University (China)
Paper: Asymmetric Information and the Distribution of Trading Volume
Authors:
Matthijs Lof - Aalto University (Finland)
Jos van Bommel - University of Luxembourg (Luxembourg)
Presenter: Jos van Bommel - University of Luxembourg (Luxembourg)

Discussant: Kentaro Iwatsubo - Kobe University (Japan)

Paper: Market Risk Analysis of Volatility Futures within GARCH-Type Models
Authors:
Yi Hong Hong - Xi’an Jiaotong Liverpool University and Shanghai Jiaotong University (China)
Hong Yan - Shanghai Advanced Institute of Finance, Shanghai Jiaotong University (China)
Presenter: Yi Hong - Xi’an Jiaotong Liverpool University and Shanghai Jiaotong University (China)

Discussant: Lenos Trigeorgis - University of Cyprus (Cyprus)

Paper: Effects of Nikkei 225 ETFs on stock markets: Impacts of purchases by Bank of Japan
Authors:
Toshio Serita - Aoyama Gakuin University (Japan)
Hideki Hanaeda - Chuo University (Japan)
Presenter: Toshio Serita - Aoyama Gakuin University (Japan)

Discussant: Hanns de la Fuente-Mella - Pontificia Universidad Católica de Valparaíso (Chile)

Paper: Individual and Institutional Informed Trading in Competing Firms around Earnings Announcements
Authors:
Priyantha Mudalige - University of South Australia (Australia)
Petko S. Kalev - University of South Australia (Australia)
Kartick Gupta - University of South Australia (Australia)
Huu Nhan Duong - Monash University (Australia)
Presenter: Petko Kalev - La Trobe University (Australia)

Discussant: Jieun Lee - Bank of Korea (South Korea)

Session: 105-International Finance
(PHD student)

Room: 11
Date/Time: 2017-07-28-09:00 10:30
Chair: Saira Saleem - Middlesex University (United Kingdom)
Paper: Stock Market Return Reaction to the Arab Spring Events: Was It Really a Spring or a Fall?
Authors:
Naime Usul - Bilkent University (Turkey)
Tanseli Sava?er - Bilkent University (Turkey)
Ba?ak Tanyeri - Bilkent University (Turkey)
Presenter: Naime Usul - Bilkent University (Turkey)

Discussant: Muneer Shaik - Institute for Financial Management and Research (India)

Paper: Financial constraint and export decision in Pakistan
Authors:
saira saleem - Middle sex University (United Kingdom)
Presenter: Saira Saleem - Middlesex University (United Kingdom)

Discussant: Soheila Malekpourkolbadinejad - University of Surrey (United Kingdom)

Paper: Lead-lag relationship between spot and futures stock indexes: Intraday data and Regime Switching Models
Authors:
Nuria Alemany - Universitat Jaume I (Spain)
Vicent Aragó - Universitat Jaume I (Spain)
Enrique Salvador - Universitat Jaume I (Spain)
Presenter: Nuria Alemany - Universitat Jaume I (Spain)

Discussant: Eva Camacho Cuena - Universitat Jaume I (Spain)

Session: 106-Coffee Break

Room: Restaurant
Date/Time: 2017-07-28-10:30 11:00
Session: 107-Personal Finance

Room: 1
Date/Time: 2017-07-28-11:00 12:30
Chair: Donald Parsons - George Washington University (United States)
Paper: Consumption, Debt, and Delinquency Responses to an Anticipated Increase in Cash-on-Hand
Authors:
Philippe d'Astous - HEC Montréal (Canada)
Presenter: Philippe Astous - HEC Montreal (Canada)

Discussant: Ragnar Juelsrud - Bi Norwegian Business School (Norway)

Paper: First-Best Unemployment Insurance
Authors:
Donald O. Parsons - George Washington University (United States)
Presenter: Donald Parsons - George Washington University (United States)

Discussant: Michael Tertilt - Hamburg School of Business Administration (Germany)

Paper: The joint distribution of income and wealth in Uruguay
Authors:
Graciela Sanroman - Universidad de la República (Uruguay)
Guillermo Santos - Universidad de la República (Uruguay)
Presenter: Graciela Sanroman - DECON-FCS-UDELAR (Uruguay)

Discussant: Mari Robertson - University of Cincinnati (United States)

Session: 108-Corporate Finance

Room: 2
Date/Time: 2017-07-28-11:00 12:30
Chair: Mike Dempsey - RMIT University (Australia)
Paper: The Saudi Entrepreneur Generation: The Unique Role of Marriage Dowries in Gender Specific Business Trajectories
Authors:
Robert D. Manning - Prince Mohammad Bin Fahd University (Saudi Arabia)
Esam A. Halawani - Prince Mohammad Bin Fahd University (Saudi Arabia)
Presenter: Robert Manning - Prince Mohammad University (Saudi Arabia)

Discussant: Naime Usul - Bilkent University (Turkey)

Paper: Is trade credit channel value enhancing? Evidence from shareholder value.
Authors:
Godfred Afrifa - Canterbury Christ Church University (United Kingdom)
Presenter: Godfred Afrifa - Canterbury Christ Church University (United Kingdom)

Discussant: Samuel Mongrut - Universidade del Pacifico (Peru)

Paper: The Association between Dividend Payouts and Firm Growth: Australian Evidence
Authors:
Mike Dempsey - RMIT University (Australia)
Abeyratna Gunasekarage - Monash Unversity (Australia)
Thanh Truong - RMIT University (Australia)
Presenter: Mike Dempsey - RMIT University (Australia)

Discussant: Elisabete Vieira - Universidade de Aveiro (Portugal)

Session: 109-Frauds, Regulation and BASEL

Room: 3
Date/Time: 2017-07-28-11:00 12:30
Chair: John Adams - University of Texas Arlington (United States)
Paper: Risk-based capital requirements and optimal liquidation in a stress scenario
Authors:
Yann Braouezec - IESEG School of Management (France)
Lakshithe Wagalath - IESEG School of Management (France)
Presenter: Yann Braouezec - IESEG School of Management (France)

Discussant: Jean-Guy Simonato - HEC Montreal (Canada)

Paper: Regulatory Disclosure Choice and Capital Market Impact
Authors:
Charlie X. Cai - Liverpool University Management School (United Kingdom)
Sabur Mollah - Hull University Business School (United Kingdom)
Joanna Y. Ye - Leeds University Business School (United Kingdom)
Presenter: Joanna Ying Ye - Leeds University Business School (United Kingdom)

Discussant: Clara Raposo - ISEG Lisbon SchooL of Econ. & Management (Portugal)

Session: 110-Financial Crisis

Room: 4
Date/Time: 2017-07-28-11:00 12:30
Chair: Yuliya Demyanyk - Federal Reserve Bank of Cleveland (United States)
Paper: Fiscal Stimulus and Consumer Debt
Authors:
Yuliya Demyanyk - federal Reserve Bank of Cleveland (United States)
Elena Loutskina - University of Virginia (United States)
Daniel Murphy - University of Virginia (United States)
Presenter: Yuliya Demyanyk - Federal Reserve Bank of Cleveland (United States)

Discussant: Andrea Ferrero - University of Oxford (United Kingdom)

Paper: Impact of QE on European sovereign bond market equilibrium
Authors:
Franck Martin - University of Rennes 1 and CREM-CNRS (France)
Jiangxingyun Zhang - University of Rennes 1 and CREM-CNRS (France)
Presenter: Franck Martin - University of Rennes 1 (France)

Discussant: Silvio Contessi - Monash Business School (Australia)

Paper: Does trust among banks matter for bilateral trade? Evidence from shocks in the interbank market
Authors:
Silvia Del Prete - Bank of Italy (Italy)
Stefano Federico - Bank of Italy (Italy)
Presenter: Silvia Del Prete - Bank of I (Italy)

Discussant: Rym Ayadi - HEC Montreal (Canada)

Session: 111-Central Banking

Room: 5
Date/Time: 2017-07-28-11:00 12:30
Chair: Johan Walden - UC Berkeley (United States)
Paper: Evaluation of Bank Systemic Risk
Authors:
Harald A. Benink - Center for Economic Research (CentER), Tilburg University Financial Markets Group, London School of Economics (Netherlands)
Namwon Hyung - University of Seoul (South Korea)
Casper G. de Vries - Erasmus School of Economics (Netherlands)
Presenter: Namwon Hyung - University of Seoul (South Korea)

Discussant: Simone Alfarano - Universitat Jaume I of Castellón (Spain)

Paper: Making Money: Commercial Banks, Liquidity Transformation and the Payment System
Authors:
Christine Parlour - University of California, Berkeley (United States)
Uday Rajan - University of Michigan (United States)
Johan Walden - University of California, Berkeley (United States)
Presenter: Johan Walden - UC Berkeley (United States)

Discussant: Michael Kumhof - Bank of England (United Kingdom)

Paper: Liquidity effects of institutional investment horizons
Authors:
Zhen Lei - Hong Kong Polytechnic University (Hong Kong)
Ping-Wen Sun - Jiangxi University of Finance and Economics (China)
Bin Yu - Zhejiang University (China)
Presenter: Ping-Wen Sun - Jiangxi University of Finance and Economics (China)

Discussant: Antonio Scalia - Bank of Italy (Italy)

Session: 112-Risk Measures and Asset pricing

Room: 6
Date/Time: 2017-07-28-11:00 12:30
Chair: Jimmy Saravia - Universidad EAFIT (Colombia)
Paper: Governed by the Cycle: Direct and Inverted Interest-Rate Sensitivity of Emerging Market Corporate Debt
Authors:
Mariya Gubareva - Lisbon Accounting and Business School (ISCAL-IPL) & Lisbon School of Economics and Management (ISEG-UL) (Portugal)
Maria Rosa Borges - Lisbon School of Economics and Management (ISEG-UL) & UECE (Research Unit on Complexity and Economics) (Portugal)
Presenter: Maria Rosa Borges - ISEG / ULisboa / UECE (Portugal)

Discussant: Yue Cheong Chan - Hong Kong Polytechnic University (Hong Kong)

Paper: The Determinants of Systematic Risk: A Firm Lifecycle Perspective
Authors:
Jimmy Saravia - EAFIT University (Colombia)
Carlos García - EAFIT University (Colombia)
Paula Almonacid - EAFIT University (Colombia)
Presenter: Jimmy Saravia - Universidad EAFIT (Colombia)

Discussant: Lee M Swartz - University of Southern California (United States)

Paper: Fundamental factors of stock returns: evidence from Asian stock markets
Authors:
Dazhi Zheng - West Chester University of PA (United States)
Thomas Chiang - Drexel University (United States)
Ed Nelling - Drexel University (United States)
Presenter: Dazhi Zheng - West Chester University of PA (United States)

Discussant: Chia-Chen Teng - Chung Yuan Christian University (Taiwan)

Session: 113-Behavior Finance

Room: 7
Date/Time: 2017-07-28-11:00 12:30
Chair: Yu-Chen Wei - National Kaohsiung First University of Science and Technology (Taiwan)
Paper: Does a local bias exist in equity crowdfunding? The impact of investor types and portal design
Authors:
Matthias Schmitt - Max Planck Institute for Innovation and Competition (Germany)
Lars Hornuf - University of Trier and Max Planck Institute for Innovation and Competition (Germany)
Presenter: Lars Hornuf - University of Trier (Germany)

Discussant: Yu-Chen Wei - National Kaohsiung First University of Science and Technology (Taiwan)

Paper: Initial Public Offerings and Firm Location
Authors:
Giulia Baschieri - Ca’ Foscari University of Venice (Italy)
Andrea Carosi - University of Sassari (Italy)
Stefano Mengoli - University of Bologna (Italy)
Presenter: Andrea Carosi - University of Sassari (Italy)

Discussant: Wen-Chuan Miao - Aletheia University (Taiwan)

Paper: Investors’ reaction to changes in management earnings forecasts: the impact of investor sentiment and gender
Authors:
Maria Strydom - Monash University (Australia)
Amale Scally - Monash University (Australia)
John Watson - Monash University (Australia)
Presenter: Amale Scally - Monash University (Australia)

Discussant: Maria Elisa Farias - Universidad Diego Portales (Chile)

Session: 114-Stock Markets
(PHD student)

Room: 8
Date/Time: 2017-07-28-11:00 12:30
Chair: Jacopo Piana - Cass Business School (United Kingdom)
Paper: Impact of the information on tax burden on the stock market
Authors:
Jolana Stejskalová - Mendel University in Brno (Czech Republic)
Presenter: Jolana Stejskalová - Mendel university in Brno (Czech Republic)

Discussant: Chao Yin - ICMA Centre,Henley Business School, University of Reading (United Kingdom)

Paper: Financialization of Commodity Markets – Evidence from European Certificates Markets
Authors:
Herbert Mayer - University of Augsburg (Germany)
Andreas Rathgeber - University of Augsburg (Germany)
Markus Ulze - University of Augsburg (Germany)
Markus Wanner - University of Augsburg (Germany)
Presenter: Herbert Mayer - University of Augsburg (Germany)

Discussant: Juan Andreas Serur - UCEMA (Argentina)

Paper: Herding behaviour in stock markets
Authors:
David Vidal-Tomás - Universitat Jaume I (Spain)
Simone Alfarano - Universitat Jaume I (Spain)
Presenter: David Vidal-Tomas - Universitat Jaume I (Spain)

Discussant: Jacopo Piana - Cass Business School (United Kingdom)

Session: 115-Asset Pricing

Room: 9
Date/Time: 2017-07-28-11:00 13:00
Chair: Margarethe Rammerstorfer - Vienna University of Economics and Business (Austria)
Paper: Correlations and Diversification Benefits
Authors:
S. Mehmet Ozsoy - Ozyegin University (Turkey)
Presenter: S. Mehmet Ozsoy - Ozyegin University (Turkey)

Discussant: Gyorgy Varga - FCE Brazil (Brazil)

Paper: A New Mechanism for Anticipating Price Exuberance
Authors:
Afonso Moreira - CMVM (Portugal)
Luis Filipe Martins - ISCTE-IUL (Portugal)
Presenter: Luis Filipe Martins| - ISCTE (Portugal)

Discussant: Fabian Hollstein - Leibniz University Hannover (Germany)

Paper: DEA Portfolio Modelling - The case of socially responsible investing
Authors:
margarethe rammerstorfer - WU Wien (Austria)
stephan gasser - WU Wien (Austria)
Karl Weinmayer - WU Wien (Austria)
Presenter: Margarethe Rammerstorfer - Vienna University of Economics and Business (Austria)

Discussant: Jos van Bommel - University of Luxembourg (Luxembourg)

Session: 116-Spreads, Market Depth and Volatility

Room: 10
Date/Time: 2017-07-28-11:00 12:30
Chair: Paolo Mattana - University of Cagliari (Italy)
Paper: Intraday Volatility and the Implementation of a Closing Call Auction at Borsa Istanbul
Authors:
Deniz Ozenbas - Bryant University (United States)
A. Can Inci - Bryant University (United States)
Presenter: Can Inci - Bryant University (United States)

Discussant: Marina Di Giacinto - Universita degli studi di Cassino (Italy)

Paper: Sovereign and Bank CDS Spreads During The European Debt Crisis: Laying The Foundation for SMEs’ Financial Distress
Authors:
Danilo Valerio Mascia - University of Cagliari (Italy)
Paolo Mattana - University of Cagliari (Italy)
Stefania Patrizia Sonia Rossi - University of Cagliari (Italy)
Presenter: Paolo Mattana - University of Cagliari (Italy)

Discussant: Vilma Deltuvaitė - Kaunas University of Technology (Lithuania)

Paper: Minority shareholders and information asymmetry in the Chilean capital market
Authors:
David Cademartori - Pontificia Universidad Catolica de Valparaiso (Chile)
Ricardo Campos - Pontificia Universidad Catolica de Valparaiso (Chile)
Hanns De la Fuente - Pontificia Universidad Catolica de Valparaiso (Chile)
Berta Silva - Pontificia Universidad Catolica de Valparaiso (Chile)
Presenter: David Cademartori - Pontificia Universidad Catolica de Valparaiso (Chile)

Discussant: Rossen Valkanov - University California, Sand Diego (United States)

Session: 117-Network and Public Information
(PHD student)

Room: 11
Date/Time: 2017-07-28-11:00 12:30
Chair: Thomas Hauner - City University of New York (CUNY), Graduate Center (United States)
Paper: A Network Model of Wealth Inequality and Financial Instability
Authors:
Thomas Hauner - City University of New York (United States)
Presenter: Thomas Hauner - City University of New York (CUNY), Graduate Center (United States)

Discussant: Saira Saleem - Middlesex University (United Kingdom)

Paper: An experimental study on overweighting of public information
Authors:
Alba Ruiz-Buforn - Universitat Jaume I (Spain)
Simone Alfarano - Universitat Jaume I (Spain)
Eva Camacho-Cuena - Universitat Jaume I (Spain)
Presenter: Alba Ruiz-Buforn - Universitat Jaume I (Spain)

Discussant: Fangyuan Yan - University Complutense of Madrid (Spain)

Session: 118-Lunch

Date/Time: 2017-07-28-12:30 14:00
Session: 119-Monetary Economic Policy

Room: 1
Date/Time: 2017-07-28-14:00 15:30
Chair: Mari Robertson - University of Cincinnati (United States)
Paper: Calculated Exuberance: Monetary Policy, Real Estate, and the Great Recession
Authors:
Jocelyn Evans - College of Charleston (United States)
Timothy Jones - Xavier University (United States)
Mari Robertson - University of Cincinnati (United States)
Presenter: Mari Robertson - University of Cincinnati (United States)

Discussant: Graciela Sanroman - DECON-FCS-UDELAR (Uruguay)

Paper: Forward-Looking Taylor Rules without Forward-Looking Data: Reserve Bank of Australia
Authors:
Gennady Lyakir - Fashion institute of technology (United States)
David Kemme - University of Memphis (United States)
Presenter: Gennady Iyakir - Fashion Institute of Technology (United States)

Discussant: Salvador Climent-Serrano - University of Valencia (Spain)

Paper: Stock market bubbles and monetary policy effectiveness
Authors:
Olga Fullana - CEU Cardenal Herrera University (Spain)
Javier Ruiz - Huelva University (Spain)
David Toscano - Huelva University (Spain)
Presenter: David Toscano-Pardo - University of Huelva (Spain)

Discussant: Beatrice Venturi - Universita degli Studi di Cagliari (Italy)

Session: 120-Asset Pricing
(PHD student)

Room: 2
Date/Time: 2017-07-28-14:00 15:30
Chair: Hui Chen - WHU-Otto Beisheim School of Management (Germany)
Paper: Oil Price Risk in the U.S. Transportation Sector Returns
Authors:
Gayane Sargsyan - Ohio University (United States)
Presenter: Gayane Sargsyan - Ohio University (Armenia)

Discussant: Hui Chen - WHU-Otto Beisheim School of Management (Germany)

Paper: ROBUST VOLATILITY ESTIMATION WITH AND WITHOUT THE DRIFT PARAMETER
Authors:
MUNEER SHAIK - Institute for Financial Management and Research, Chennai (India)
S Maheswaran - Institute for Financial Management and Research, Chennai (India)
Presenter: Muneer Shaik - Institute for Financial Management and Research (India)

Discussant: Marcelo Zeuli - Banco Central do Brasil (Brazil)

Session: 121-Risk Measures and Asset Prices

Room: 3
Date/Time: 2017-07-28-14:00 15:30
Chair: Mira Farka - California State University, Fullerton (United States)
Paper: Centralizing information increases market efficiency more than augmenting information: Results from experimental asset markets Abstract
Authors:
Iván Barreda-Tarrazona - Universitat Jaume I (Spain)
Gianluca Grimalda - Kiel Institute for the World Economy (Germany)
Andrea Morone - University of Bari (Italy)
Simone Nuzzo - University of Bari (Italy)
Andrea Teglio - Universitat Jaume I (Spain)
Presenter: Andrea Morone - Università degli Studi di Bari "Aldo Moro" (Italy)

Discussant: Mira Farka - California State University, Fullerton (United States)

Paper: Fractal analysis of Dow Jones Industrial Index returns
Authors:
Claudio Conversano - Università degli Studi di Cagliari (Italy)
Ambrogio Pili - Università degli Studi di Cagliari (Italy)
Beatrice Venturi - Università degli Studi di Cagliari (Italy)
Presenter: Claudio Conversano - Università degli Studi di Cagliari (Italy)

Discussant: Tomas Cipra - Charles University (Prague) (Czech Republic)

Paper: CAPM: an absurd model
Authors:
Pablo Fernandez - IESE Business School (Spain)
Presenter: Pablo Fernandez - IESE Business School (Spain)

Discussant: Luis Filipe Martins| - ISCTE (Portugal)

Session: 122-Investments

Room: 4
Date/Time: 2017-07-28-14:00 15:30
Chair: Nicholas Apergis - University of Piraeus (Greece)
Paper: Explaining of performance of Polish mutual funds
Authors:
Dariusz Filip - Cardinal Stefan Wyszynski University in Warsaw (UKSW), (Poland)
Presenter: Dariusz Filip - Cardeal Stefan Wyszynski Universidade de Varsóvia (Poland)

Discussant: Veasna KHIM - University of Lorraine (France)

Paper: Correlation asymmetry: The role of volatility
Authors:
S. Mehmet Ozsoy - Ozyegin University (Turkey)
Senad Lekpek - Ozyegin University (Turkey)
Presenter: S. Mehmet Ozsoy - Ozyegin University (Turkey)

Discussant: David Cademartori - Pontificia Universidad Catolica de Valparaiso (Chile)

Paper: Blessing or Curse? The Impact of Fracking Developments on Oklahoma’s House Prices
Authors:
Emmanuel Apergis - University of Kent (United Kingdom)
Nicholas Apergis - University of Piraeus (Greece)
Presenter: Nicholas Apergis - University of Piraeus (Greece)

Discussant: Yoram Kroll - Ono Academic College (Israel)

Session: 123-International Finance

Room: 5
Date/Time: 2017-07-28-14:00 15:30
Chair: Wei Song - Coventry University (United Kingdom)
Paper: Determinants for the Development of Innovation Agencies In Brazil – an Evaluation of the UNESP Agency (AUIN)
Authors:
Elton Eustáquio Casagrande - São Paulo State University - UNESP (Brazil)
Fabíola Spiandorello - UNESP Agency for Innovation (AUIN) (Brazil)
Rita Costoya - UNESP Agency for Innovation (AUIN) (Brazil)
Presenter: Elton Casagrande - São Paulo State University (Brazil)

Discussant: David Prochazka - University of Economics, Prague (Czech Republic)

Paper: Financial development and economic growth: Linear and nonlinear causal relationship
Authors:
Sheung Chi Chow - Hang Seng Management College (China)
Cuizhen Niu - School of Statistics, Beijing Normal University (China)
João Paulo Vieito - UNIAG Reserach center and Polytechnic Institute of Viana do Castelo (Portugal)
Wing-Keung Wong - Big Data Research Center and Asia University (Taiwan)
Presenter: João Paulo Vieito - World Finance Conference (Portugal)

Discussant: Bing Xu - Heriot-Watt University (United Kingdom)

Paper: Reconsider a Currency Union in Asia
Authors:
Wei Song - Coventry University, Coventry Business School (United Kingdom)
Weiyue Wang - Coventry University, Coventry Business School (United Kingdom)
Presenter: Wei Song - Coventry University (United Kingdom)

Discussant: Dazhi Zheng - West Chester University of PA (United States)

Session: 124-Banking and Financial Institutions

Room: 6
Date/Time: 2017-07-28-14:00 15:30
Chair: Gaiyan Zhang - Univ. of Missouri-St. Louis (United States)
Paper: Using Annual Report Tone as a Proxy for Financial Distress in U.S. Banks
Authors:
Priyank Gandhi - University of Notre Dame (United States)
Tim Loughran - University of Notre Dame (United States)
Bill McDonald - University of Notre Dame (United States)
Presenter: Tim Loughran - University of Notre Dame (United States)

Discussant: John Holland - University of Glasgow (United Kingdom)

Paper: Credit Supply and Uncertainty: The Role of Social Capital
Authors:
Maddalena Galardo - Bank of Italy (Italy)
Maurizio Lozzi - Bank of Italy (Italy)
Paolo Emilio Mistrulli - Bank of Italy (Italy)
Presenter: Paolo Emilio Mistrulli - Bank of Italy-Naples Branch (Italy)

Discussant: Mustafa Caglayan - Heriot Watt University (United Kingdom)

Paper: Retail Payments and the Real Economy
Authors:
Iftekhar Hasan - Fordham University (United States)
Tania De Renzis - European Securities and Market Authority (France)
Heiko Schmiedel - European Central Bank (Germany)
gaiyan zhang - University of Missouri-St. Louis (United States)
Presenter: Gaiyan Zhang - Univ. of Missouri-St. Louis (United States)

Discussant: Simon Savsek - European Central Bank (Germany)

Session: 125-Asset Pricing

Room: 7
Date/Time: 2017-07-28-14:00 15:30
Chair: Milton Biage - Federal University of Santa Catarina- SC- Brazil (Brazil)
Paper: Performance of Volatility Estimators in Testing for Granger Causality in Risk on International Capital Markets
Authors:
Marcin Faldzinski - Nicolaus Copernicus University (Poland)
Magdalena Osinska - Nicolaus Copernicus University (Poland)
Presenter: Marcin Faadziaski - Nicolaus Copernicus University. Gagarina 11, 87-100 Torun. Poland (Poland)

Discussant: Luiz Alberto Araujo - Banco do Brasil (Brazil)

Paper: Effects of Frequency Components of Returns on Daily Value-At-Risk, of Shares In Emerging And Developed Markets
Authors:
Milton Biage - Federal University of Santa Catarina (Brazil)
Andre Pereira de Souza Duarte - Federal University of Santa Catarina (Brazil)
Presenter: Milton Biage - Federal University of Santa Catarina- SC- Brazil (Brazil)

Discussant: Nilanjana Chakraborty - Self Employed (India)

Paper: Global and Regional Risk in Currency Returns
Authors:
Jairo Andres Rendon - Pontificia Universidad Javeriana (Colombia)
Presenter: Jairo Andres Rendon Gamboa - Pontificia Universidad Javeriana (Colombia)

Discussant: Marta Wisniewska - University of East Anglia (United Kingdom)

Session: 126-Corporate Governance
(PHD student)

Room: 8
Date/Time: 2017-07-28-14:00 15:30
Chair: Francesca Toscano - Boston College (United States)
Paper: Rating change and CEO turnover
Authors:
Anna Maria C. Menichini - University of Salerno and CSEF (Italy)
Francesca Toscano - Boston College (United States)
Presenter: Francesca Toscano - Boston College (United States)

Discussant: Evgeny Petrov - Swiss Finance Institute at EPFL (Switzerland)

Paper: Does Foreign Competition Affect Stock Market Liquidity?
Authors:
Nader Atawnah - La Trobe University (Australia)
Balasingham Balachandran - La Trobe University. (Australia)
Huu Nhan Duong - Monash University. (Australia)
Edward Podolski - Deakin University (Australia)
Presenter: Nader Atawnah - La Trobe University (Australia)

Discussant: Alba Ruiz-Buforn - Universitat Jaume I (Spain)

Paper: Does Corporate Ownership Matter in Reducing Information Asymmetry: U.S. Evidence
Authors:
Mable Soon Hong Lim - MONASH University Malaysia (Malaysia)
Chee Ghee Teh - MONASH University Malaysia (Malaysia)
Zhang Liang - MONASH University Malaysia (Malaysia)
Gary John Rangel - Universiti Sains Malaysia (Malaysia)
Presenter: Teh Chee Ghee - Monash University Malaysia (Malaysia)

Discussant: Zhengyi Zhou - Shanghai Jiao Tong University (China)

Session: 127-Media Reputation and Investments

Room: 9
Date/Time: 2017-07-28-14:00 16:00
Chair: Ghon Rhee - University of Hawaii (United States)
Paper: Investor Returns in REITS: Timing and Capacity Constraints
Authors:
Ekaterina Damianova - Durham University Business School (United Kingdom)
Presenter: Ekaterina Damianova - Durham University (United Kingdom)

Discussant: Daniel Velasquez - EAFIT (Colombia)

Paper: The Impact of Media Reputation on the Firm Performance in Construction Industry- Integrated Analysis of Green Building, Chief Executive Officer and Overall Reputation
Authors:
Yu-Chen Wei - National Kaohsiung First University of Science and Technology (Taiwan)
Yang-Cheng Lu - Ming Chuan University (Taiwan)
Yi-Ling Tsai - LUXGEN Motor Co.,Ltd. (Taiwan)
Yen-Ju Hsu - National Taiwan University (Taiwan)
Presenter: Yu-Chen Wei - National Kaohsiung First University of Science and Technology (Taiwan)

Discussant: Rebecca Tekula - Pace University (United States)

Paper: Residual Momentum and Investor Underreaction in Japan
Authors:
Rosita Chang - University of Hawaii (United States)
Kuan-Cheng Ko - National Chi Nan University (Taiwan)
Shinji Nakano - T&D Asset Management Co., Ltd (Japan)
Ghon Rhee - University of Hawaii (United States)
Presenter: Ghon Rhee - University of Hawaii (United States)

Discussant: David Sun - Kainan University (Taiwan)

Paper: The other January effect on stock exchange in the EU enlargement countries in 2004 and 2007.
Authors:
Blazej Podgorski - Kozminski University (Poland)
Presenter: Blazej Podgorski - Kozminski University (Poland)

Discussant: Peter Molnar - University of Stavanger (Norway)

Session: 128-Market Efficiency and Anomalies

Room: 10
Date/Time: 2017-07-28-14:00 15:30
Chair: Cynthia Campbell - Iowa State University (United States)
Paper: Understanding Asset Pricing Anomalies Across the Globe:The Role of Newswatchers
Authors:
Peng Li - Leeds University Business School (United Kingdom)
Qi Zhang - Durham University Business School (United Kingdom)
Charlie X Cai - Liverpoool University Management School (United Kingdom)
Kevin Keasey - Leeds University Business School (United Kingdom)
Presenter: Charlie X Cai - Liverpoool University Management School (United Kingdom)

Discussant: Cynthia Campbell - Iowa State University (United States)

Paper: Is Liquidity Risk Priced in Partially Segmented Markets?
Authors:
Ines Chaieb - University of Geneva and SFI (Switzerland)
Vihang Errunza - McGill University (Canada)
Hugues Langlois - HEC Paris (France)
Presenter: Hugues Langlois - HEC Paris (France)

Discussant: hubert de la bruslerie - University Paris Dauphine (France)

Paper: Risk-reward trade-offs and Volatility Performance of Islamic versus Conventional Stock Indices: A Global Empirical Evidence
Authors:
Ahmad Abu-Alkheil - German Jordanian University (Jordan)
Walayet A. Khan - University of Evansville (United States)
Bhavik Parikh - St Francis Xavier University (Canada)
Presenter: Walayet Khan - University of Evansville (United States)

Discussant: Can Inci - Bryant University (United States)

Session: 129-Foreign Direct Investment

Room: 11
Date/Time: 2017-07-28-14:00 15:30
Chair: Xiuping Hua - Nottingham University Business School (China)
Paper: Location-takeover choices of Chinese multinationals: strategic asset seeking motive with firm heterogeneity explanation
Authors:
Yuhuilin Chen - Nottingham University Business School China (China)
Saileshsingh Gunessee - Nottingham University Business School China (China)
Xiuping Hua - Nottingham University Business School China (China)
Presenter: Xiuping Hua - Nottingham University Business School (China)

Discussant: Jakub Borowski - Warsaw School of Economics (Poland)

Paper: Analysis of Spillover Effects of Foreign Direct Investment in Indian Manufacturing Industries using Malmquist Index
Authors:
K.V. Bhanu Murthy - University of Delhi (India)
Deepa Saran - University of Delhi. (India)
Meghna Malhotra - University of Delhi (India)
Presenter: K V Bhanu Murthy - University of Delhi (India)

Discussant: Sadun Alheety - Al-Madinah International University (Malaysia)

Paper: The Long-Term Relationship Between FDI Inflows and House Price In Malaysia
Authors:
Ema Izati Zull Kepili - Universiti Sains Malaysia (Malaysia)
Tajul Ariffin Masron - Universiti Sains Malaysia (Malaysia)
Presenter: Ema Izati Zull Kepili - Universiti Sains Malaysia (Malaysia)

Discussant: Miroslav Mateev - American University in the Emirates, Dubai (United Arab Emirates)

Session: 130-Coffee Break

Room: Restaurant
Date/Time: 2017-07-28-15:30 16:00
Session: 131-Venture and Working Capital
(PHD student)

Room: 1
Date/Time: 2017-07-28-16:00 17:30
Chair: Jian Liu - University of Exeter (United Kingdom)
Paper: Value of financial flexibility, investment efficiency and adjustment speed of working capital
Authors:
Sang Le Quang - University of Southampton (United Kingdom)
Presenter: Le Quang Sang - University of Southampton (United Kingdom)

Discussant: Chiara De Amicis - Cass Business School (United Kingdom)

Paper: Sources of Financing in Different Forms of Corporate Liquidity and the Performance of M&As
Authors:
Jian Liu - University of Exeter (United Kingdom)
Zhenxu Tong - University of Exeter (United Kingdom)
Presenter: Jian Liu - University of Exeter (United Kingdom)

Discussant: Aytac Erdemir - NIBIO (Norway)

Paper: A Theory of Gazelle Growth: Competition, Venture Capital Finance and Policy
Authors:
Caglar Mehmet Kaya - Lund University (Sweden)
Lars Persson - The Research Institute of Industrial Economics (Sweden)
Presenter: Mehmet Caglar Kaya - Lund University and Research Institute of Industrial Economics (Sweden)

Discussant: Nuria Alemany - Universitat Jaume I (Spain)

Session: 132-Asset Pricing

Room: 2
Date/Time: 2017-07-28-16:00 18:00
Chair: Marcel Rindisbacher - Boston University (United States)
Paper: Asset pricing with beliefs-dependent utility and learning
Authors:
Tony Berrada - University of Geneva (Switzerland)
Jerome Detemple - Boston University (United States)
Marcel Rindisbacher - Boston University (United States)
Presenter: Marcel Rindisbacher - Boston University (United States)

Discussant: Yosef Bonaparte - University of Colorado at Denver (United States)

Paper: Asset Pricing Puzzles in an OLG Economy with Generalized Preferences
Authors:
Amadeu DaSilva - California State University Fullerton (United States)
Mira Farka - California State University, Fullerton (United States)
Presenter: Mira Farka - California State University, Fullerton (United States)

Discussant: Haim Shalit - Ben Gurion University of the Negev (Israel)

Paper: The Consumer Confidence Puzzle: A Novel Asset Pricing Perspective
Authors:
Vincenzo Merella - University of Cagliari (Italy)
Stephen Satchell - Trinity College, University of Cambridge (United Kingdom)
Presenter: Vincenzo Merella - University of Cagliari (Italy)

Discussant: Marcel Rindisbacher - Boston University (United States)

Paper: The effect of market volatility on liquidity and stock returns in the Korean stock market
Authors:
Jieun lee - Bank of Korea (South Korea)
Kee H Chung - State University of New York (SUNY), Buffalo (United States)
Presenter: Jieun Lee - Bank of Korea (South Korea)

Discussant: Charlie X Cai - Liverpoool University Management School (United Kingdom)

Session: 133-Corporate Governance

Room: 3
Date/Time: 2017-07-28-16:00 18:00
Chair: Ehsan Nikbakht - Hofstra University (United States)
Paper: What should I do next CEO succession and subsequent corporate strategy
Authors:
Naaguesh Appadu - Cass Business School, City University of London (United Kingdom)
Presenter: Naaguesh Appadu - Cass Business School (United Kingdom)

Discussant: Teh Chee Ghee - Monash University Malaysia (Malaysia)

Paper: What you say and how you say it: Information disclosure in Latin American firms
Authors:
Maximiliano Gonzalez - INALDE Business School (Colombia)
Alexander Guzman - CESA School of Business (Colombia)
Diego Tellez - Universidad de los Andes and Universidad EAFIT (Colombia)
Maria-Andrea Trujillo - CESA School of Business (Colombia)
Presenter: Alexander Guzman - CESA School of Business (Colombia)

Discussant: Amira Tarek - German University in Cairo (Egypt)

Paper: The Effect of Board of Directors' Characteristics and Ownership Structure on Bank Performance in Africa
Authors:
Amira Tarek - German University in Cairo (Egypt)
Ehab Mohamed - German University in Cairo (Egypt)
Presenter: Amira Tarek - German University in Cairo (Egypt)

Discussant: Dhoha TRABELSI - ESCE - International Business School (France)

Paper: The performances of the US companies involved in sustainability during the global financial crisis of 2007-2011
Authors:
Ehsan Nikbakht - Hofstra University (United States)
Paul Martorana - Hofstra University (United States)
Presenter: Ehsan Nikbakht - Hofstra University (United States)

Discussant: Julian Benavides - Universidad Icesi (Colombia)

Session: 134-Investment

Room: 4
Date/Time: 2017-07-28-16:00 17:30
Chair: Fadi Hassan - Bank of Italy and Trinity College Dublin (Italy)
Paper: Optimal Granularity for Portfolio Choice
Authors:
Nicole Branger - University of Muenster (Germany)
Katarina Lucivjanska - Safarik University in Kosice (Slovakia)
Alex Weissensteiner - Free University of Bozen-Bolzano (Italy)
Presenter: Lucivjanska Katarina - Safarik University in Kosice (Slovakia)

Discussant: Daniele Bernardi - DIAMAN SCF Srl (Italy)

Paper: Political risk and the timing of oil exploration
Authors:
Kristine Bøe - Norwegian University of Science and Technology (Norway)
Therese Jordal - Norwegian University of Science and Technology (Norway)
Štepán Mikula - Masaryk University (Czech Republic)
Peter Molnár - University of Stavanger (Norway)
Presenter: Peter Molnar - University of Stavanger (Norway)

Discussant: Martin Goetz - Goethe University Frankfurt (Germany)

Paper: Banks Credit and Productivity Growth
Authors:
Fadi Hassan - Trinity College Dublin and CEP (Ireland)
Filippo di Mauro - National University of Singapore (Singapore)
Gianmarco Ottaviano - London School of Economics (United Kingdom)
Presenter: Fadi Hassan - Bank of Italy and Trinity College Dublin (Italy)

Discussant: Martin Goetz - Goethe University Frankfurt (Germany)

Session: 135-Corporate Finance

Room: 5
Date/Time: 2017-07-28-16:00 17:30
Chair: Michela Rancan - European Commission Joint Research Centre (Italy)
Paper: Cash Holdings and Debt Issuance
Authors:
Francesca Campolongo Campolongo - European Commission Joint Research Centre (Belgium)
Jessica Cariboni - European Commission Joint Research Centre (Belgium)
Issam Hallak - European Commission Joint Research Centre (Belgium)
Michela Rancan - European Commission Joint Research Centre ()
Presenter: Michela Rancan - European Commission Joint Research Centre (Italy)

Discussant: Hamid Boustanifar - BI Nowegian Business School (Norway)

Paper: Employment Protection Laws and Corporate Liquidity Management
Authors:
Neslihan Ozkan - University of Bristol (United Kingdom)
Ahmet Karpuz - University of Bristol (United Kingdom)
Kirak Kim - University of Bristol (United Kingdom)
Presenter: Neslihan Ozkan - University of Bristol (United Kingdom)

Discussant: Guillaume Andrieu - Montpellier Business School (France)

Paper: Corporate Life-Cycle Dynamics of Cash Holdings
Authors:
Henning Schröder - University of Hamburg (Germany)
Wolfgang Drobetz - University of Hamburg (Germany)
Michael Halling - Stockholm School of Economics (Sweden)
Presenter: Henning Schroeder - University Of Hamburg (Germany)

Discussant: Maria-Andrea Trujillo - CESA School of Business (Colombia)

Session: 136-Currency Markets and Monetary Policy

Room: 6
Date/Time: 2017-07-28-16:00 17:30
Chair: Vladimir Klyuev - International Monetary Fund (United States)
Paper: No More Clubbing: Evolution of Exchange Rate Behavior in the ASEAN5 Countries
Authors:
Vladimir Klyuev - International Monetary Fund (IMF) (United States)
To-Nhu Dao - International Monetary Fund (IMF) (United States)
Presenter: Vladimir Klyuev - International Monetary Fund (United States)

Discussant: André Heymans - North-West University (South Africa)

Paper: The Dynamic Relation Between Foreign Exchange and stock Volatility: Evidence from the MENA Region
Authors:
Neveen Ahmed - The American University in Cairo (Egypt)
Presenter: Neveen Ahmed - AUC (United Arab Emirates)

Discussant: Leif Atle Beisland - University of Agder (Norway)

Session: 137-International Finance

Room: 7
Date/Time: 2017-07-28-16:00 17:30
Chair: Michael Stein - University of Freiburg (Germany)
Paper: Heterogeneity in the debt-growth nexus: Evidence from EMU countries
Authors:
Marta Gomez-Puig - Universitat de Barcelona (Spain)
Simon Sosvilla-Rivero - Universidad Compluitense de Madrid (Spain)
Presenter: Marta Gomez Puig - Universitat de Barcelona (Spain)

Discussant: John Adams - University of Texas Arlington (United States)

Paper: Explaining the Correlation Changes between the Risk-Free Rate and Sovereign Yields of Euro Area Countries
Authors:
Roberto De Santis - European Central Bank (Germany)
Michael Stein - University of Duisburg-Essen (Germany)
Presenter: Michael Stein - University of Freiburg (Germany)

Discussant: Giulio Cifarelli - DISEI-University of Florence (Italy)

Paper: Market timing and performance attribution in the ECB reserve management framework
Authors:
Antonio Scalia - Bank of Italy (Italy)
Francesco Potente - Bank of Italy (Italy)
Presenter: Antonio Scalia - Bank of Italy (Italy)

Discussant: Abu Jalal - Suffolk University (United States)

Session: 138-Market Efficiency

Room: 8
Date/Time: 2017-07-28-16:00 17:30
Chair: Jiri Tresl - Central Michigan University and CERGE-EI (United States)
Paper: Re-examining Intra-industry Information Transfers: Cross-industry Abnormal Returns and Trading Volume upon Earnings Announcements
Authors:
Jiri Tresl - Central Michigan University and CERGE-EI (United States)
Jan Hanousek - CERGE-EI (Czech Republic)
Iuliia Brushko - Moody's (Czech Republic)
Presenter: Jiri Tresl - Central Michigan University and CERGE-EI (United States)

Discussant: Fangyuan Yan - University Complutense of Madrid (Spain)

Paper: Seasonality in cross sectional stock returns: advanced markets versus emerging markets
Authors:
Huacheng Zhang - Southwestern University of Finance and Economics (China)
Dazhi Zheng - West Chester University of PA (United States)
Fengyun Li - Renmin University (China)
Presenter: Dazhi Zheng - West Chester University of PA (United States)

Discussant: Tim Loughran - University of Notre Dame (United States)

Paper: Does persistence in idiosyncratic risk proxy return-reversals?
Authors:
Harmindar B. Nath - Monash University (Australia)
Vasilis Sarafidis - Monash University (Australia)
Presenter: Harmindar (Mindi) Nath - Monash Univ ersity (Australia)

Discussant: Laura Delaney - City University London (United Kingdom)

Session: 139-BASEL III and Financial Institutions

Room: 9
Date/Time: 2017-07-28-16:00 17:30
Chair: Rym Ayadi - HEC Montreal (Canada)
Paper: The Islamic Gold Dinar: A Hedge Against Exchange Rate Volatility
Authors:
Calvin W. H. Cheong - Taylor's University (Malaysia)
Presenter: Calvin W. H. Cheong - Taylor University (Malaysia)

Discussant: Giovanni Piersanti - University of Teramo (Italy)

Paper: Financial Choice and International Trade
Authors:
Silvio Contessi - Monash Business School (Australia)
Ilyun Cho - University of California - Davis (United States)
Kathryn Russ - University of California - Davis (United States)
Diego Valderrama - Franklin Templeton Associates (United States)
Presenter: Silvio Contessi - Monash Business School (Australia)

Discussant: Franck Martin - University of Rennes 1 (France)

Paper: Bridging TLAC and MREL: Do Bank Business Models Matter?
Authors:
Rym Ayadi - HEC Montreal (Canada)
Michel Keoula - HEC Montreal (Canada)
Giovanni Ferri - Lumsa university (Italy)
Presenter: Rym Ayadi - HEC Montreal (Canada)

Discussant: Gerd Weinrich - Universita  Cattolica del Sacro Cuore Milano (Italy)

Session: 140-Corporate Finance II

Room: 10
Date/Time: 2017-07-28-16:00 17:30
Chair: Keng-Yu Ho - National Taiwan University (Taiwan)
Paper: SOCIAL NETWORKS IN AUDITING RESEARCH
Authors:
Andreas Andrikopoulos - University of the Aegean (Greece)
Michalis Bekiaris - University of the Aegean (Greece)
Konstantinos Kostaris - Queen Mary, University of London (United Kingdom)
Presenter: Andreas Andrikopoulos - University of the Aegean (Greece)

Discussant: Xue Cheng - Peking University (China)

Paper: Decoupling management inefficiency: Myopia, Hyperopia and Takeovers
Authors:
Abongeh Tunyi - University of Sheffield (United Kingdom)
Collins Ntim - University of Southampton (United Kingdom)
Jo Danbolt - University of Edinburgh (United Kingdom)
Presenter: Abongeh Tunyi - The University of Sheffield (United Kingdom)

Discussant: Silvia Del Prete - Bank of I (Italy)

Paper: CEO Overconfidence and Corporate Cash Holdings
Authors:
Yenn-Ru Chen - National Chengchi University (Taiwan)
Keng-Yu Ho - National Taiwan University (Taiwan)
Chia-Wei Yeh - National Taiwan University (Taiwan)
Presenter: Keng-Yu Ho - National Taiwan University (Taiwan)

Discussant: Sviatlana Hlebik - Credit Agricole Cariparma, Italy (Italy)