2019 FMA Global Conference in Latin America · Excursion to the Catedral de Sal de Zipaquirá (the Salt Cathedral of Zipaquirá) Saturday, 25 May Declared as the First Wonder of Colombia,

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CONFERENCE PROGRAM

2019 FMA Global Conferencein Latin America

22 - 24 May 2019 |Bogotá, Colombia

www.FMA.org/Bogotawww.FMA.org/Bogota

¡Bienvenido a la Conferencia Global de Finanzas FMA 2019 en América Latina!

Dear Participants,

Welcome to the 2019 FMA Global Finance Conference in Latin America in Bogotá! We are delighted that you

have joined us.

We hope that you will enjoy the program’s many opportunities to exchange ideas. The 2019 FMA Global

Conference in Latin America is the second FMA conference in Latin America and is based on the successful

model used in previous FMA conferences in Europe and the Asia/Pacific region. A total of 151 papers were

submitted for the conference, of which 74 were accepted for an acceptance ratio of 49%. Criteria used to

select papers for the program included the nature of the research problem, implications of the proposed

research, the quality of the research design, and the expected contribution of the research to the literature.

The final result, we believe, is a very strong program.

Each submitted paper was blindly reviewed by several Program Committee members, and reviewer comments

were provided whenever possible. In addition, we have invited eight senior scholars to discuss their current

research. You will find a total of 25 sessions to attend, each of which offers a valuable opportunity for the

discussion of important academic and practical issues in finance.

A feature of the meeting, as with other FMA meetings, is that we have organized a Consortium for doctoral

students in finance from universities across the globe. This Consortium offers a rare chance for young scholars

to be exposed to current research issues in finance and obtain feedback on their research from top scholars

in the field. We would like to thank the many people who have contributed to the success of the program.

Those who submitted papers and offered to participate in the meeting or to serve as discussants, those who

served as members of the Program Committee, those who are session chairs, and those who accepted

invitations to discuss their research in the program are keys to the program’s success.

Additionally, our thanks goes out to G. Andrew Karolyi of the SC Johnson Graduate School at Cornell

University who has agreed to give the keynote address and to he and Aurelio Vasquez, Instituto Tecnológico

Autónomo de México (ITAM) who will moderate the Doctoral Student Consortium. Very special thanks go

to Pontificia Universidad Javeriana and, in particular, the Department of Administration – Faculty of Economic

and Administrative Sciences for their generous support in hosting the meeting. Thank you for coming and have

a great meeting!

Sincerely,

Darius Miller, Caruth Chair of Financial Management, Southern Methodist University

Jairo Andrés Rendón, Assistant Professor of Business Administration, Pontificia Universidad Javeriana

Daniel Wolfenzon, Stefan H. Robock Professor of Finance and Economics, Columbia University

2019 FMA Global Finance Conference in Latin America Program - 1

2019 FMA Global Conference in Latin America Program

Table of Contents

Registration Hours, Exhibit Hours, & Social Events ..................................................................... 2

Schedule at a Glance ............................................................................................................................ 3

Area Map.................................................................................................................................................. 4

Sponsors ................................................................................................................................................... 5

Exhibitors ................................................................................................................................................ 6

Doctoral Student Consortium ........................................................................................................... 7

Full Program and Sessions .................................................................................................................. 8

Thursday ............................................................................................................................................. 8

Friday ................................................................................................................................................... 11

Participant Index ........................................................................................................................................... 15

Program Co-Chairs, Best Paper Award Review and Program Committee Members............ 16

Attendees ................................................................................................................................................. 17

FMA International Officers, Directors, Trustees and Editors .................................................... 18

Save the Date! 2019 FMA Annual Meeting ....................................................................................... 19

University Map ............................................................................................................... Inside Back Cover


Registration – Exhibits – Social Events

Registration Desk Location & Hours

Edificio Jorge Hoyos Vasquez (Carrera 7, #40B)

Registration Desk, Sala B, Auditorio Alfonso Quintana, S.J. Foyer (Third Floor)

Wednesday 22 May: 12:00 noon – 5:00 pm

Thursday, 23 May: 8:30 am – 5:30 pm

Friday, 24 May: 8:30 am – 5:30 pm

Exhibit Hours Thursday, 23 May: 9:00 am – 4:00 pm

Friday, 23 May: 9:00 am – 4:15 pm Auditorio Alfonso Quintana, S.J. (Third Floor)

Social Events **Advance registration is required.

Gala Dinner**

Thursday, 23 May, 7:00 pm

Edificio Gabriel Giraldo (Top Floor) (Calle 40) Reception**

Friday, 24 May, 6:00 pm – 7:30 pm

Edificio Jorge Hoyos Vasquez (Terrace, Fifth Floor) (Carrera 7, #40B)

Coffee Breaks

Sala B, Auditorio Alfonso Quintana, S.J. Foyer (Third Floor)

Thursday: 10:45 am – 11:15 am and 3:30 pm – 4:00 pm

Friday: 10:30 am – 11:00 am and 3:45 pm – 4:15 pm

Luncheons

Edificio Gabriel Giraldo, Restaurante El Mirador (Top Floor)

Thursday: 12:30 pm – 1:45 pm

Friday: 12:45 pm – 2:00 pm

Excursion to the Catedral de Sal de Zipaquirá (the Salt Cathedral of Zipaquirá)

Saturday, 25 May

Declared as the First Wonder of Colombia, the Salt Cathedral of Zipaquirá is an underground Roman Catholic

church built within the tunnels of a salt mine 200 metres (220 yd) underground in a halite mountain near the

town of Zipaquirá, in Cundinamarca, Colombia

The tour group will depart from the conference venue (Edificio Jorge Hoyos Vásquez) at 7:00 am and will return

at (approximately) 4:30 pm.

Advance registration was required for this event.


Schedule at a Glance

(All sessions are located on the third floor)

THURSDAY Room 20 - 301 Room 20 - 302 Room 20 - 303 Room 20 - 304 9:15 am – 10:45 am 1

Corporate Governance

2

Investment Returns

3

Options & Derivatives

4

Information in the

Markets

10:45 am – 11:15 am COFFEE BREAK Sala B, Auditorio Alfonso Quintana, S.J. Foyer (Third Floor)

11:15 am– 12:30 pm KEYNOTE

An Inconvenient Void: The State of Research on Climate Finance Sala B, Auditorio Alfonso Quintana, S.J (Third Floor)

12:30 pm – 1:45 pm LUNCHEON

Edificio Gabriel Giraldo, Restaurante El Mirador (Top Floor) (Calle 40)

2:00 pm – 3:30 pm 5 IPOs

6 No Session Scheduled

7 Options

8 Firm Growth, Risk &

Capital

3:30 pm – 4:00 pm COFFEE BREAK


4:00 pm – 5:30 pm 9

Governance,

Ownership &

Corporate Social

Responsibility

10

No Session Scheduled

11

Top Papers in Financial

Management (FM)

12

Behavioral Finance -

Investments

7:00 pm GALA DINNER

Edificio Gabriel Giraldo (Top Floor) (Calle 40)

(Advanced reservation required)

FRIDAY Room 20 - 301 Room 20 - 302 Room 20 - 303 Room 20 - 304 Sala B, Auditorio Alfonso Quintana S.J.

9:00 am – 10:30 am 13

Information &

Corporate

Governance

14

Asset Pricing

Models

15

Bank Lending

16

Panel Session on

Pensions in Latin

America

10:30 am – 11:00 am COFFEE BREAK


11:00 am – 12:30 pm 17

Issues in

Corporate Finance

18

Models & Tests

19

Housing Market

20

Equity Return

Predictions

12:45 pm – 2:00 pm LUNCHEON

Edificio Gabriel Giraldo, Restaurante El Mirador (Top Floor) (Calle 40)

2:15 pm – 3:45 pm 21

Labor

22

Mutual Funds

23

Lending

24

Trading

3:45 pm – 4:15 pm COFFEE BREAK


4:15 pm – 5:45 pm 25

Governance

26

Portfolios

27

Management of

Financial

Institutions

28

No Session

Scheduled

6:00 pm – 7:30 pm RECEPTION

Fifth Floor Terrace

(Advanced reservation required)


Campus Map Edificio Jorge Hoyos Vasquez

Carrera 7

Registration, sessions, coffee breaks, Friday reception

Edificio Gabriel Giraldo

Calle 40

Luncheons and Gala Dinner

20 20

3


Thank you to our Conference Sponsor

Pontificia Universidad Javeriana Pontificia Universidad Javeriana is a private higher education institution, founded in 1623. It is one of the oldest and most prestigious

universities in Colombia, with its main campus in Bogota and a branch campus in Cali. It is one of the 31 universities entrusted to

the Society of Jesus in Latin America and one of the 186 existing higher education institutions worldwide, which includes

Georgetown University, Boston College, Fordham University, the Pontifical University of Comillas and the Pontifical Catholic

University of Rio de Janeiro, to name a few. Pontificia Universidad Javeriana, Bogotá has 18 faculties, 62 departments, 13 institutes1

and 187 undergraduate and graduate academic programs. These programs address different areas of expertise, which grants the

University a multidisciplinary nature. The main campus has a modern infrastructure and a master plan for the development of its

facilities in the next 20 years. It currently has 46 buildings constructed over 18 hectares of land and is located in a strategic part of

the city which is easily accessible.

It provides excellent teaching, research and service as an integrated university in a country of regions, with a global and

interdisciplinary perspective, and aims to provide: a holistic education for persons who excel in their human, ethical, academic and

professional qualities and for their social responsibility; and, the creation and development of knowledge and culture from a critical

and innovative perspective, for the achievement of a society that is just, sustainable, inclusive, democratic, compassionate and

respectful of human dignity.

The campus of the Pontificia Universidad Javeriana Cali is located in the south of the city, in Pance, at the foot of the Farallones de

Cali, part of the Cordillera Central, Andes, in a totally rural environment where vegetation and fauna abound. The campus consists

of eight buildings (Las Palmas, Guayacanes, classrooms block, administration, Saman, Almendros, continuing education, and the

recently opened Las Acacias). The campus also includes Alfonso Borrero Cabal auditorium; Central Library, one of the most

complete in the Colombian Southwest; Loyola Sports Center; the office of entrepreneurship "Campus Nova", which fosters

entrepreneurial talent within the university; and the Javeriano Writing Center, highly regarded for helping students develop writing

skills.

The university has 35 research groups attached to the government Administrative Department of Science, Technology and

Innovation; and a station, Javeriana Stereo FM 107.5 with a wide audience in the Colombian Southwest. It offers students

opportunities in more than 87 countries and boasts 120 academic cooperation agreements with universities abroad. In March

2012, the Pontificia Universidad Javeriana Cali received the Institutional Accreditation of High Quality from the Ministry of

Education for eight years, placing it among the more competitive private universities in the country.

Department of Administration

The Department of Administration is the academic unit that is responsible for the development of the Administration as scientific

and professional discipline. Fulfills its institutional role through the creation of an academic community oriented exercise teachers,

research and service work. All of the above in the light of the principles given by the Mission of the Pontificia Universidad Javeriana

of rigor and interdisciplinary breadth, and social relevance in terms of solving the critical problems of the country, also identified

in the Mission.

Our team is formed and defines the activities from the work of managers and companies taking into account their contribution to

national development. It is aimed at improving competitive training organizations and administrators with academic excellence. We

understand development as economic growth driven by competitive organizations acting in line with principles of justice, fairness

and transparency. Similarly, the business should be the basis for the development of capacities of individuals that they are.

Faculty of Economic and Administrative Sciences

The Faculty of Economics and Administrative Sciences is one of the oldest in the Javeriana University. In 1931 the University

resumed work with the Faculty of Economics and Law. Later in November 1963 the Faculty was divided, according to the

provisions of the Act of restoring the Javeriana University in: Faculty of Economics and Faculty of Law.

In 1971 the current Faculty of Economics and Administrative Sciences was created with racing Economics, Business Administration

and Public Accounting.

According to the Mission and the Educational Project of the University, the Faculty has the essential tasks of teaching, research

and service economic, administrative and accounting sciences.

The integral formation of excellent managers, Public Accountants and Economists, undergraduate and graduate, based on

appropriate research, teaching and service, from an interdisciplinary and international approach and in line with the mission of the

University processes.

https://en.wikipedia.org/wiki/Farallones_de_Cali

https://en.wikipedia.org/wiki/Farallones_de_Cali

https://en.wikipedia.org/wiki/Cordillera_Central_(Colombia)

https://en.wikipedia.org/wiki/Administrative_Department_of_Science,_Technology_and_Innovation

https://en.wikipedia.org/wiki/Administrative_Department_of_Science,_Technology_and_Innovation


Conference Exhibitor

Wharton Research Data Services (WRDS) is the award-winning research platform and business intelligence tool for

over 40,000+ corporate, academic, government and nonprofit clients at over 450+ institutions in 35+ countries.

WRDS provides the user with one location to access over 250 terabytes of data across multiple disciplines including

Accounting, Banking, Economics, Finance, ESG, and Statistics.

Flexible data delivery options include a powerful web query method that reduces research time, the WRDS Cloud for

executing research and strategy development, and the WRDS client server using PCSAS, Matlab, Python and R.

Our Analytics team, doctoral-level support and rigorous data review and validation give clients the confidence to tailor

research within complex databases and create a wide range of reliable data models.

WRDS provides access to S&P Capital IQ, CRSP, NYSE, Thomson Reuters, Bureau van Dijk, Global Insight,

OptionMetrics and other important business research databases.

Exhibit Hours

Auditorio Alfonso Quintana, S.J.

• Thursday, 23 May: 9:00 am – 4:00 pm

• Friday, 24 May: 9:00 am – 4:15 pm

Please join WRDS for coffee!


Thursday: 10:45 am – 11:15 am and 3:30 pm – 4:00 pm

Friday: 10:30 am – 11:00 am and 3:45 pm – 4:15 pm


2019 FMA Latin American Doctoral Student Consortium

(By invitation only)

Wednesday, 22 May 2019

Coordinators

G. Andrew Karolyi, Professor

Deputy Dean and Dean of Academic Affairs

Professor of Finance and Harold Bierman, Jr. Distinguished Professor of Management

Cornell SC Johnson College of Business

Aurelio Vasquez, Associate Professor

Instituto Tecnológico Autónomo de México (ITAM)

Accepted Students

Derrick Bonyuet, Oklahoma State University

Impact of Top Management Team Diversity on Firm Innovation The success and failure of companies can be attributed to many causes, but innovation is often cited as one of the key factors.

Innovation can be defined broadly as the successful exploitation of new ideas (Nathan & Lee, 2013). Though innovation has been

found to be a strong predictor of a firm’s future returns, factors contributing to successful corporate innovation are not fu lly

understood. One area recently attributed to innovation is diversity. According to Joshi & Jackson (2003), diversity can be defined

as “the distribution of personal attributes among interdependent members of a work unit.” As diversity propels ideas and

perspectives from different people, the creativity process is energized and thus, innovation rises. Innovation can be further

influenced at the top management team (TMT) level given the ability of this group to define the direction of the firm. The purpose

of my study is to assess whether diversity at the top management team level drives firm innovation and if so, what are the most

important diversity attributes. Diversity traits to be examined will include such attributes as gender, age, tenure, culture,

education and political affiliation. Innovation will be measured by patent filings and citations.

Oscar Guevara, Universidad Adolfo Ibáñez

The Effects of Bankruptcy Reform: The Colombian Experience 1995 – 2017 The effects of institutions on financial markets and economic development have been studied for several years (Laporta et al

1997, 1998; Levine, 1999; Djankov, 2008). One such institution is the corporate bankruptcy law, whose design is essential for

providing the right incentives, not only for filing firms (firms that fall into insolvency), but healthy firms and other agents (credit

suppliers, etc.). This study aims to provide new evidence of the effects of Bankruptcy Law reform on: i) the direct users of the

law, in other words, firms that fall into insolvency proceedings (reorganization or liquidation); and ii) other agentsin the economy,

that is, financially healthy firms and credit suppliers, whose incentives are influenced by these laws. To this end, this study will

review successive reforms to Colombia’s bankruptcy law from 1995-2017 that have modified relevant dimensions of insolvency

proceedings. These reforms include, inter alia, the maximum time allowed to reach an agreement, the priority given to different

creditor classes and to shareholders, voting requirements, the strengthening of creditors’ rights and continuity of the manager.

Preliminary results (specifically in the working paper I), show that the new law (pro creditor regime) is more efficient because it

improves post-bankruptcy performance, reduces the (indirect) costs of bankruptcy and has better screening capacity.

Obed Izaguirre, University of New Orleans

Financial Market Integration between Latin America and the US The two main objectives of this paper are to examine the degree of financial integration between Latin American countries and

the US, and to investigate the level of financial contagion between the countries in this region and the US. In addition, considering

the recent efforts to integrate the Latin American markets I intend to investigate whether these efforts have successfully

integrated the markets in this region. The methodology will consist mainly in a combination of multivariate GARCH models as

well as VAR models that will focus on capturing the degree of comovement among the examined countries. However, other

measures of financial market integration will also be taken into consideration. The results are of great importance in terms of

portfolio diversification and international policy creation.

Stig Xenomorph, The Hong Kong Polytechnic University

Does Investor Care about SEC Comment Letter? Evidence from Mutual Fund Industry The SEC comment letter process is designed to provide investor with useful and material information. This paper investigates how investor reacts to public disclosure of the SEC comment letters in the mutual fund industry. I find that underlying mutual

funds experience significantly lower net flow post-disclosure if the comment letters disclosed by the fund management company

are requested more by investors. In addition, funds with higher investor attention underperform subsequently. Taken together,

my findings suggest that the SEC review process can help investor make better investment decision. Taking advantage of the

unique disclosure structure of the SEC comment letter, I document that underlying mutual funds experience lower net flow

during the non-public pre-disclosure period, but not after the public disclosure. Given the usefulness of the SEC comment letter

and the flow reaction during the pre-disclosure period, I argue that the SEC may want to consider a timelier manner in disclosing

the comment letters.


CONFERENCE PROGRAM

THURSDAY, 23 MAY

Thursday, 23 May – 9:15 am – 10:45 am

Session #1: Corporate Governance Location: 20 - 301

Chairperson: John Bizjak, Texas Christian Univ

The Impact of CEO Pay Duration on Corporate

Investment: Evidence from FAS 123R

Adam Welker, Tulane Univ

Do Firms Respond to Gender Pay Gap

Transparency?

Morten Bennedsen, Univ of

Copenhagen & INSEAD

Elena Simintzi, UNC Chapel Hill &

NBER

Margarita Tsoutsoura, Cornell Univ &

NBER

Daniel Wolfenzon, Columbia Univ &

NBER

The Role of Peer Firm Selection in Explicit

Relative Performance Awards

John Bizjak, Texas Christian Univ

Swaminathan Kalpathy, Texas Christian

Univ

Zhichuan Frank Li, Western Univ

Brian Young, Wake Forest Univ

Presenter: Adam Welker Presenter: Margarita Tsoutsoura Presenter: John Bizjak

Discussant: John Bizjak

Texas Christian Univ

Discussant: Juan Camilo Rivera Ordónez

Pontificia Universidad Javeriana

Discussant: Ja Ryong Kim

Univ of Nottingham

Session #2: Investment Returns Location: 20 - 302

Chairperson: Yue Fang, Univ of Michigan

Corporate Taxes, Partisan Politics and Stock

Returns

Javier Mella, Christopher Newport Univ

Creditor Control Rights and the Information

Content of Global CDS Markets

Iftekhar Hasan, Fordham Univ &

Bank of Finland

Miriam Marra, Univ of Reading

Eliza Wu, Univ of Sydney

Gaiyan Zhang, Univ of Missouri St Louis

Mining Digital Gold: Boom or Bust for Organic

Growth in Cryptocurrency Mining Operations

Sterling Olson, Univ of New Mexico

Reilly S White, Univ of New Mexico

Presenter: Javier Mella Presenter: Eliza Wu Presenter: Reilly S White

Discussant: Oliver Enrique Pardo Reinoso


Discussant: Muris Hadzic

Lake Forest College

Discussant: Yue Fang

Univ of Michigan

Session #3: Options & Derivatives Location: 20 - 303

Chairperson: Juan-Miguel Londono-Yarce, Federal Reserve Board

Robust Estimation of Conditional Risk Measures

for Crude Oil and Natural Gas Futures Prices in

the Presence of Outliers

Joe Byers, Oklahoma State Univ

Ivilina Popova, Texas State Univ

Betty Simkins, Oklahoma State Univ

The Predictive Power of Convenience Yields

Viviana Fernandez, Universidad Adolfo

Ibañez

Variance Risk Premium Components and

International Stock Return Predictability

Juan-Miguel Londono-Yarce, Federal

Reserve Board

Nancy R Xu, Boston College

Presenter: Ivilina Popova Presenter: Viviana Fernandez Presenter: Juan M Londono

Discussant: Carlos Alberto Castro Iragorri

Universidad del Rosario

Discussant: Juan-Miguel Londono-Yarce

Federal Reserve Board

Discussant: Ivilina Popova

Texas State Univ

Session #4: Information in the Markets Location: 20 - 304

Chairperson: Alejandro Godoy, Pontificia Universidad Javeriana

Central Bank Tone and Currency Risk Premia

Asad Dossani, Colorado State Univ

Information Frictions in Securitization

Markets: Unsophisticated Investors or

Opaque Assets?

David Echeverry, Univ of Notre Dame

The Efficiency of LPE Prices: An Analysis of SEC

Filings

Yvonne Kreis, Schüllermann und Partner

Johannes W Licht, Gutenberg Univ Mainz

Presenter: Asad Dossani Presenter: David Echeverry Presenter: Yvonne Kreis

Discussant: David Echeverry

Univ of Notre Dame

Discussant: Alejandro Godoy


Discussant: G Andrew Karolyi

Cornell Univ

Thursday, 23 May – 10:45 am – 11:15 am

Coffee Break – Third Floor


Thursday, 23 May – 11:15 am – 12:30 pm

Keynote Presentation

Location: Sala B, Auditorio Alfonso Quintana, S.J. (Third Floor)

Andrew Karolyi

Deputy Dean and Dean of Academic Affairs

Professor of Finance and Harold Bierman Jr. Distinguished Professor of Management

Cornell SC Johnson College of Business “An Inconvenient Void: The State of Research on Climate Finance” Professor Karolyi is an internationally-known scholar in the area of investment management, with a

specialization in the study of international financial markets. He has published extensively in journals in

finance and economics, including the Journal of Finance, Journal of Financial Economics and Review of

Financial Studies, and has published several books and monographs.

His research has been covered extensively in print and electronic media, including The Wall Street Journal, Financial Times, The

Economist, Time, New York Times, Washington Post, Forbes, BusinessWeek, and CNBC.

He also authored the recently published book in the FMA Survey and Synthesis Series titled Cracking the Emerging Markets

Enigma.

Thursday, 23 May – 12:30 pm – 1:45 pm

Luncheon

Restaurante El Mirador, Edificio Gabriel Giraldo, Top Floor


Session #5: IPOs Location: 20 - 301

Chairperson: Wolfgang Bessler, Univ of Giessen

Informational Value of US Securities

Registration: Evidence from Secondary Public

Offerings, 1991-2015

Cindy R Alexander, US SEC

Mahendrarajah Nimalendran, Univ of

Florida

Lori Walsh, FINRA

Listing Gaps, Merger Waves and the

Privatization of American Equity Finance

Gabrielle Lattanzio, Univ of Oklahoma

William L Megginson, Univ of Oklahoma

& King Fahd Univ of Petroleum &

Minerals

Ali Sanati, American Univ

The Going Public Decision of Business Group

Firms

Borja Larrain, Pontificia Universidad

Católica de Chile

Giorgo Sertsios, Universidad de

los Andes

Francisco Urzúa I., Erasmus Rotterdam

Presenter: Mahendrarajah Nimalendran Presenter: William Megginson Presenter: Giorgo Sertsios

Discussant: Reilly White

Univ of New Mexico

Discussant: Wolfgang Bessler

Univ of Giessen

Discussant: Viviana Fernandez

Universidad Adolfo Ibañez

No Session Scheduled Location 20 - 302

Session #7: Options Location: 20 – 303

Chairperson: Greg Eaton, Oklahoma State Univ

Very Noisy Option Prices and Inferences Regarding Option Returns

Jefferson Duarte, Rice Univ

Christopher S Jones, Univ of Southern California

Junbo L Wang, Louisiana State Univ

Extracting Latent States from High-Frequency Option Prices

Diego Amaya, Wilfrid Laurier Univ

Jean-François Bégin, Simon Fraser Univ

Geneviève Gauthier, HEC Montreal & GERAD

Presenter: Jefferson Duarte Presenter: Diego Amaya

Discussant: Greg Easton

Oklahoma State Univ

Discussant: Julio Cacho-Diaz

Rice Univ

Session #8: Firm Growth, Risk & Capital Location: 20 - 304

Chairperson: Eliza Wu, Univ of Sydney

Changes in Personal Bankruptcy Protection

Laws: The Impact on Bank Lending to Small

Businesses

Rebel Cole, Florida Atlantic Univ

Jason Damm, Florida Atlantic Univ

Masim Suleymanov, Florida Atlantic Univ

Identifying and Spurring “Gazelles”: Evidence

from a Business Accelerator

Juanita Gonzalez-Uribe, London School

of Economics

Santiago Reyes, Inter-American

Development Bank

Financial Distress, Risk Shifting, and the Use of

Options

Håkan Jankensgård, Lund Univ

Niclas Andrén, Lund Univ

Presenter: Masim Suleymanov Presenter: Juanita Gonzalez-Uribe Presenter: Håkan Jankensgård

Discussant: Eliza Wu

Univ of Sydney

Discussant: Betty Simkins

Oklahoma State Univ

Discussant: Raffi Garcia

Rensselaer Polytechnic Institute



http://people.as.cornell.edu/people/andrew-karolyi

https://www.fma.org/survey-synthesis-series

https://global.oup.com/academic/product/cracking-the-emerging-markets-enigma-9780199336623?lang=en&cc=us

https://global.oup.com/academic/product/cracking-the-emerging-markets-enigma-9780199336623?lang=en&cc=us



Session #9: Governance, Ownership and Corporate Social

Responsibility

Location: 20 - 301

Chairperson: Håkan Jankensgård, Lund Univ

Insider Entrenchment and Corporate

Sustainability Around the World

Alexander Dyck, Univ of Toronto

Karl V Lins, Univ of Utah

Lukas Roth, Univ of Alberta

Mitch Towner, Univ of Arizona

Hannes F Wagner, Bocconi Univ

Evidence on a Social Demand Theory of

Corporate Social Responsibility

Lixiong Guo, Univ of Alabama

Zhiyan Wang, Univ of Alabama

Family Firms and Financial Performance. A

Meta-Regression Analysis

Maximiliano González, Universidad de

los Andes

Juan Idrobo, Universidad de los Andes

Rodrigo Taborda, Universidad de

los Andes

Presenter: Mitch Towner Presenter: Lixiong Guo Presenter: Maximiliano Gonzalez

Discussant: Håkan Jankensgård

Lund Univ

Discussant: Maxim Suleymanov

Florida Atlantic Univ

Discussant: Juanita Gonzalez-Uribe

London School of Ecoomics

No Session Scheduled Location: 20 - 302

Session #11: Top Papers in Financial Management (FM) Location: 20 - 303

Selected by the Executive Editors, Editors, and Associate Editors, this session will feature top papers which have appeared in the

Winter, 2018 issue of Financial Management.

Moderator: Utpal Bhattacharya, Hong Kong University of Science & Technology, Executive Editor, Financial Management

The Theory and Practice of Corporate Risk

Management: Evidence from the Field

Erasmo Giambona, Syracuse Univ

John R Graham, Duke Univ

Campbell R Harvey, Duke Univ

Gordon M Bodnar, Johns Hopkins Univ

Having a Finger in the Pie: Labor Power and

Corporate Payout Policy

In-Mu Haw, Texas Christian Univ

Bingbing Hu, Hong Kong Baptist Univ

Donghui Wu, Chinese Univ of Hong

Kong

Xu Zhang, Univ of Macau

Experience and Brokerage in Asset Markets:

Evidence from Art Auctions

Brunella Bruno, Bocconi Univ

Emilia Garcia-Appendini, Univ of Zurich

Giacomo Nocera, Audencia Business

School

Presenter: Erasmo Giambona

Session #12: Behavioral Finance - Investments Location: 20 - 304

Chairperson: Denada Ibrushi, St Mary’s Univ

An Alternative Measure of Disposition Effect

and Consequences: Reevaluating the Evidence

Among Sophisticated Market Participants

Julio Sarmiento, Pontificia Universidad

Javeriana

Jairo Rendon, Pontificia Universidad

Javeriana

Juan Sandoval, Pontificia Universidad

Javeriana

Edgardo Cayon, Colegio de Estudios

Superiores de Administracion

The Unintended Impact of Academic Research

on Asset Returns: The CAPM Alpha

Alex R Horenstein, Univ of Miami

News Content, Category Learning, and Stock

Return Predictability

Muris Hadzic, Lake Forest College

David Weinbaum, Syracuse Univ

Nir Yehuda, Univ of Texas Dallas

Presenter: Julio Sarmiento Presenter: Alex Horenstein Presenter: Muris Hadzic

Discussant: Caterina Santi

Univ College Cork

Discussant: Denada Ibrushi

St Mary's Univ

Discussant: Javier Mella

Christopher Newport Univ

Thursday, 23 May –7:00 pm

Gala Dinner

Edificio Gabriel Giraldo, Top Floor

(Advance Registration Required)


FRIDAY, 24 MAY

Friday 24 May – 9:00 am – 10:30 am

Session #13: Information & Corporate Governance Location: 20 - 301

Chairperson: Ajay Patel, Wake Forest Univ

Start Spreading the News - Does Greater

Media Freedom Contribute to More Effective

Corporate Governance?

Sadok El Ghoul, Univ of Alberta

Omrane Guedhami, Univ of South

Carolina

Robert Nash, Wake Forest Univ

Ajay Patel, Wake Forest Univ

State Ownership and Earnings Management:

Evidence from the Split Share Structure Reform

in China

Ja Ryong Kim, Univ of Nottingham

What You Say and How You Say It:

Information Disclosure in Latin American Firms

Maximiliano Gonzalez, Universidad de

los Andes

Alexander Guzman, CESA School of

Business

Diego Téllez, Universidad EAFIT

Maria-Andrea Trujillo, CESA School of

Business

Presenter: Ajay Patel Presenter: Ja Ryong Kim Presenter: Diego Téllez

Discussant: Aurelio Vasquez

ITAM

Discussant: Diego Téllez

Universidad EAFIT

Discussant: Ajay Patel

Wake Forest Univ

Session #14: Asset Pricing Models Location: 20 - 302

Chairperson: Mira Farka, Cal State Fullerton

A Simple Robust Asset Pricing Model Under Statistical Ambiguity

Ariel M Viale, Palm Beach Atlantic Univ

Time Variation in Cash Flows and Discount Rates

Tolga Cenesizoglu, HEC Montréal & Alliance Manchester

Business School

Denada Ibrushi, St Mary's Univ

Presenter: Ariel M Viale Presenter: Denada Ibrushi

Discussant: Francisco Palomino

Federal Reserve Board

Discussant: Mira Farka

Cal State Fullerton

Session #15: Bank Lending Location: 20 - 303

Chairperson: Delroy M Hunter, Univ of South Florida

Do Changes in Reserve Requirement Affect

Bank Lending and Economic Growth? Evidence

from US Microdata

Yue Fang, Univ of Michigan

How Does Currency Risk Impact Firms? New

Evidence from Bank Loan Contracts

Mikael C Bergbrant, St. John's Univ

Bill B Francis, Rensselaer Polytechnic

Institute

Delroy M Hunter, Univ of South Florida

Why are Commercial Loan Rates So Sticky? An

Analysis of the Effect of Private Information on

Loan Spreads

Cem Demiroğlu, Koç Univ

Christopher James, Univ of Florida

Guner Velioglu, Univ of Florida

Presenter: Yue Fang Presenter: Delroy M Hunter Presenter: Christopher James

Discussant: Jonathan Acosta Smith

Bank of England

Discussant: Adam Welker

Tulane Univ

Discussant: Delroy M Hunter

Univ of South Florida

Session #16: Special Session

Pensions in Latin America

Location: Sala B, Auditorio Alfonso

Quintana, S.J.

The primary types of pension systems in the region is diverse. Contributory pensions (those financed by workers’ and employers’

contributions) are most prevelant, but non-contributory pension programs (financed by general tax revenues) have gained

popularity in recent years. The panelists will discuss their stand on the current pension system and highlight the needs for reform.

Moderator

Oliver Enrique Pardo Reinoso, Assistant Professor of Business Administration

Pontificia Universidad Javeriana Panelists

Renata Herrerías Franco, Professor of Finance

Instituto Tecnologico Autonomo de Mexico (ITAM)

Luis Fernando Mejía, Head

Fedesarrollo

Luis Carlos Reyes, Director, Fiscal Observatory


Reilly White, Assistant Professor of Finance and Endowed Professor of Creative Enterprise

University of New Mexico

Friday, 24 May – 10:30 am – 11:00 am



Friday, 24 May – 11:00 am – 12:30 pm

Session #17: Issues in Corporate Finance Location: 20 - 301

Chairperson: MitchTowner, Univ of Arizona

Class Action Spillover Effects on Joint Venture

Partners

Eliezer M Fich, Drexel Univ

Rachel E Gordon, Towson Univ

Adam S Yore, Univ of Missouri

Financial Statement Comparability and

Corporate Dividend Payout Policy

Erik Devos, Univ of Texas El Paso

Mohammad Islam, Univ of New Mexico

Shofiqur Rahman, New Mexico

State Univ

What Happened to the Willingness of

Companies to Invest after the Financial Crisis?

Evidence from Latin American Countries

Aydin Ozkan, Univ of Huddersfield

Roberto J Santillán-Salgado, EGADE

Business School

Yilmaz Yildiz, Hacettepe Univ

María del Rocío Vega Zavala, EGADE

Business School

Presenter: Eliezer Fich Presenter: Erik Devos Presenter: Aydin Ozkan

Discussant: Mitch Towner

Univ of Arizona

Discussant: Francisco Marcet

Universidad de Chile

Discussant: Erik Devos

Univ of Texas El Paso

Session #18: Models & Tests Location: 20 - 302

Chairperson: Ariel Viale, Palm Beach Atlantic Univ

Distinguishing Factors and Characteristics with

Characteristic-Mimicking Portfolios

Ronald J Balvers, McMaster Univ

H Arthur Luo, Office of the Comptroller

of the Currency

Fundamental Factor Models and

Macroeconomic Risks - An Orthogonal

Decomposition

Wolfgang Bessler, Justus-Liebig Univ of

Giessen

Thomas Conlon, Univ College Dublin

Chris Adcock, SOAS Univ of London

Speculative Bubbles in Present-Value Models: A

Bayesian Markov-Switching State Space

Approach

Joshua CC Chan, Purdue Univ

Caterina Santi, Univ College Cork

Presenter: Ronald Balvers Presenter: Wolfgang Bessler Presenter: Caterina Santi

Discussant: Alex Horenstein

Univ of Miami

Discussant: Ariel Viale

Palm Beach Atlantic Univ

Discussant: Diego Amaya

Wilfrid Laurier Univ

Session #19: Housing Market Location: 20 – 303

Chairperson: Diego Escobari, Univ of Texas Rio Grande Valley

Getting On and Moving Up the Property Ladder: Real Hedging in the US

Housing Market Before and After the Crisis

Damian S Damianov, Durham Univ

Diego Escobari, Univ of Texas Rio Grande Valley

Responses to Saving Commitments: Evidence from Mortgage Run-offs

Steffen Andersen, Copenhagen Business School

Philippe d'Astous, HEC Montreal

Stephen Shore, Georgia State Univ

Jimmy Martinez-Correa, Copenhagen Business School

Presenter: Diego Escobari Presenter: Jimmy Martinez-Correa

Discussant: Darren Hayunga

Univ of Georgia

Discussant: Diego Escobari

Univ of Texas Rio Grande Valley

Session #20: Equity Return Predictions Location: 20 - 304

Chairperson: Asad Dossani, Colorado State Univ

Anomalies in Emerging Markets: The Case of

Mexico

Polux Diaz-Ruiz, ITAM

Renata Herrerías Franco, ITAM

Aurelio Vasquez, ITAM

Making Better Use of Option Prices to Predict

Stock Returns

Dmitriy Muravyev, Boston College


Wenzhi Wang, Boston College

Data Snooping in Equity Premium Prediction

Viktoria-Sophie Wendt, Univ of Hamburg

Hubert Dichtl, Univ of Hamburg

Wolfgang Drobetz, Univ of Hamburg

Andreas Neuhierl, Univ of Notre Dame

Presenter: Renata Herrerías Franco Presenter: Aurelio Vasquez Presenter: Viktoria-Sophie Wendt

Discussant: Viktoria-Sophie Wendt

Univ of Hamburg

Discussant: Asad Dossani

Colorado State Univ

Discussant: Ronald Balvers

McMaster Univ

Friday, 24 May – 12:45 pm – 2:00 pm

Luncheon

Restaurante El Mirador, Edificio Gabriel Giraldo, Top Floor


Friday, 24 May – 2:15 pm – 3:45 pm

Session #21: Labor Location: 20 - 301

Chairperson: Lixiong Guo, Univ of Alabama

Skilled Immigrants, Corporate Acquisitions, and

Shareholder Value

Phuong-Anh Nguyen, York Univ

Plant Behavior and Equal Pay: The Effect on

Female Employment, Capital Investments and

Productivity - A Difference-in-Discontinuity

Design

Raffi E Garcia, Rensselaer Polytechnic

Institute

Labor Force Demographics and Corporate

Innovation

François Derrien, HEC Paris

Ambrus Kecskés, York Univ

Phuong-Anh Nguyen, York Univ

Presenter: Phuong-Anh Nguyen Presenter: Raffi E Garcia Presenter: Ambrus Kecskés

Discussant: Lixiong Guo

Univ of Alabama

Discussant: Yun Zhu

St John's Univ

Discussant: Giorgo Sertsios

Universidad de los Andes

Session #22: Mutual Funds Location: 20 - 302

Chairperson: Kelsey Wei, Univ of Texas Dallas

Correlated Flows, Portfolio Overlap and Mutual

Fund Liquidity Management

Vikram Nanda, Univ of Texas Dallas

Kelsey D Wei, Univ of Texas Dallas

Returns to Scale in Active and Passive

Management

John Adams, Univ of Texas at Arlington

Darren Hayunga, Univ of Georgia

Sattar Mansi, Virginia Tech

Regulatory Oversight and Mutual Fund Risk-

Taking

Stig Xenomorph, Hong Kong

Polytechnic Univ

Presenter: Kelsey Wei Presenter: Darren Hayunga Presenter: Stig Xenomorph

Discussant: Jesus Ancizar Gómez Daza

Pontificia Universidad Javeriana Cali

Discussant: Kelsey Wei

Univ of Texas Dallas

Discussant: Phuong-Anh Nguyen

York Univ

Session #23: Lending Location: 20 - 303

Chairperson: Christopher James, Univ of Florida

Commitment or Constraint? The Effect of Loan Covenants on M&A

Activity

Gene Ambrocio, Bank of Finland

Gonul Colak, Hanken School of Economics

Iftekhar Hasan, Fordham Univ & Bank of Finland

The Effects of Information on Credit Market Competition: Evidence from

Credit Cards

Fritz Foley, Harvard Business School

Agustin Hurtado, Univ of Chicago

Andres Liberman, New York Univ

Alberto Sepulveda, SBIF

Presenter: Iftekhar Hasan Presenter: Andres Liberman

Discussant: Christopher James

Univ of Florida

Discussant: Diego Peláez

Pontificia Universidad Javeriana Cali

Session #24: Trading Location: 20 - 304

Chairperson: Harold Contreras, Universidad de Chile

Insider Trading Under Different Signals of Sell-side Analysts

Harold Contreras, Universidad de Chile

Francisco Marcet, Universidad de Chile

Measuring Institutional Trading Costs and the Implications for Finance

Research: The Case of Tick Size Reductions

Gregory Eaton, Oklahoma State Univ

Paul Irvine, Texas Christian Univ

Tingting Liu, Iowa State Univ

Presenter: Harold Contreras Presenter: Gregory Eaton

Discussant: Ambrus Kecskés

York Univ

Discussant: Harold Contreras

Universidad de Chile

Friday, 24 May – 3:45 pm – 4:15 pm



Friday, 24 May – 4:15 pm – 5:45 pm

Session #25: Governance Location: 20 - 301

Chairperson: Mario Daniele Amore, Bocconi Univ

Board Capital Diversity and Firm Performance:

Evidence from Latin-America

Cristian Pinto-Gutiérrez, Univ of

Connecticut

Carlos Pombo, Universidad de los Andes

Jairo Villamil-Díaz, Universidad de los

Andes & ONUDI. United Nations

Diversification Strategies, Family Ownership

and Debt Policy: New Evidence from

International Panel Data

Julio Pindado, Universidad de Salamanca

& Univ of Leeds

Ignacio Requejo, Universidad de

Salamanca

Juan Camilo Rivera Ordoñez, Pontificia

Universidad Javeriana

The Agency Cost of Shared Analysts' Coverage

and M&A Outcomes

Felipe Cortes, Northeastern Univ

Francisco Marcet, Universidad de Chile

Presenter: Carlos Pombo Presenter: Juan Camilo Rivera Ordoñez Presenter: Francisco Marcet

Discussant: Yvonne Kreis

Schüllermann und Partner AG

Discussant: Mario Daniele Amore

Bocconi Univ

Discussant: Carlos Pombo

Universidad de los Andres

Session #26: Portfolios Location: 20 - 302

Chairperson: Jimmy Martinez-Correa, Copenhagen Business School

Age-Dependent Increasing Risk Aversion and

the Equity Premium Puzzle

Amadeu DaSilva, California State Univ

Fullerton

Mira Farka, California State Univ

Fullerton

Hedge Fund Fee Structure and Risk Exposure:

Theory and Empirical Evidence

Matias Braun, Universidad Adolfo Ibañez

Hervé Roche, Universidad Adolfo Ibañez

Using Portfolio Returns to Estimate the

Probability of Large Jumps

Julio Cacho-Diaz, Rice Univ

Presenter: Mira Farka Presenter: Hervé Roche Presenter: Julio Cacho-Diaz

Discussant: Jimmy Martinez-Correa

Copenhagen Business School

Discussant: Mahendrarajah Nimalendran

Univ of Florida

Discussant: Hervé Roche

Universidad Adolfo Ibañez

Session #27: Management of Financial Institutions Location: 20 - 303

Chairperson: Renata Herrerías Franco, ITAM

Bank Capital and Liquidity Transformation

Jonathan Acosta Smith, Bank of England

Guillaume Arnould, Bank of England

Kristoffer Milonas, Moody's Analytics

Quynh-Anh Vo, Bank of England

Proactive Risk-Taking Strategy and Firm Performance: Evidence from

Bank Holding Companies

Iftekhar Hasan, Fordham Univ and Bank of Finland

Mingsheng Li, Bowling Green State Univ

Liuling Liu, Bowling Green State Univ

Yun Zhu, St John's Univ

Presenter: Jonathan Acosta Smith Presenter: Yun Zhu

Discussant: Renata Herrerías Franco

ITAM

Discussant: Maximiliano Gonzáles


No Session Scheduled á Location: 20 - 304

Friday, 24 May – 6:00 pm – 7:30 pm

Reception – Fifth Floor Terrace


Participant Index Session(s) Name

7 18 Diego Amaya

25 Mario Daniele Amore

18 20 Ronald Balvers

5 18 Wolfgang Bessler

11 Utpal Bhattacharya

1 John Bizjak

DSC (S) Derrick Bonyuet

7 26 Julio Cacho-Diaz

24 Harold Contreras

17 Erik Devos

4 20 Asad Dossani

7 Jefferson Duarte

7 24 Greg Easton

4 David Echeverry

19 Diego Escobari

2 15 Yue Fang

14 26 Mira Farka

3 5 Viviana Fernandez

17 Eliezer Fich

8 21 Raffi E Garcia

11 Erasmo Giambona

4 Alejandro Godoy

22 Jesus Ancizar Gómez Daza

9 27 Maximiliano Gonzalez

8 9 Juanita Gonzalez-Uribe

DSC (S) Oscar Guevara

9 21 Lixiong Guo

2 12 Muris Hadzic

23 Iftekhar Hasan

19 22 Darren Hayunga

16 20 27 Renata Herrerías Franco

12 18 Alex Horenstein

15 Delroy M Hunter

12 14 Denada Ibrushi

3 Carlos Alberto Castro Iragorri

DSC (S) Obed Izaguirre

15 23 Chris James

8 9 Håkan Jankensgård

DSC(C)

KEYNOTE

4

G Andrew Karolyi

21 24 Ambrus Kecskés

1 13 Ja Ryong Kim

4 25 Yvonne Kreis

23 Andres Liberman

3 Juan-Miguel Londono-Yarce

17 25 Francisco Marcet

19 26 Jimmy Martinez-Correa

5 William Megginson

16 Luis Fernando Mejía

2 12 Javier Mella

21 22 Phuong-Anh Nguyen

5 26 Mahendrarajah Nimalendran

1 25 Juan Camilo Rivera Ordónez

17 Aydin Ozkan

23 Diego Peláez

14 Francisco Palomino

13 Ajay Patel

25 Carlos Pombo

3 Ivilina Popova

2 16 Oliver Enrique Pardo Reinoso

16 Luis Carlo Reyes

26 Hervé Roche

12 18 Caterina Santi

12 Julio Sarmiento

5 21 Giorgo Sertsios

8 Betty Simkins

15 27 Jonathan Acosta Smith

8 9 Masim Suleymanov

13 Diego Telléz

9 17 Mitch Towner

1 Margarita Tsoutsoura

DSC (C)

13 20

Aurelio Vasquez

14 18 Ariel M Viale

22 Kelsey Wei

1 15 Adam Welker

20 Viktoriya-Sophie Wendt

2 5 16 Reilly S White

2 8 Eliza Wu

DSC (S) 22 Stig Xenomorph

21 27 Yun Zhu

Legend

DSC(C) – Doctoral Student Consortium Coordinator

DSC(S) – Invited Student, Doctoral Student Consortium

KEYNOTE – Keynote Speaker


Program Co-Chairs, Best Paper Award Review Committee & Program Committee Conference Co-Chairs

Darius Miller, Caruth Chair of Financial

Management & Academic Director, Kitt Investing

& Trading Center, Southern Methodist University

Jairo Andrés Rendón, Assistant Professor of

Business Administration Pontificia Universidad

Javeriana

Daniel Wolfenzon, Stefan H. Robock Professor of

Finance and Economics & Director, Family

Business Program, Columbia University

Best Paper Award Review Committee

Jefferson Duarte, Rice Univ

Eliezer Fich, Drexel Univ

G Andrew Karolyi, Cornell Univ

Andres Liberman, New York Univ

William Megginson, Univ of Oklahoma & King Fahd

University of Petroleum & Minerals

Eliza Wu, Univ of Sydney

Program Committee Members

Heitor Almeida, Univ of Illinois

Sabri Boubaker, South Champagne Business School

Oscar F Briones, SUNY New Paltz

Maria Cecilia Bustamante, Univ of Maryland

Andrea Carosi, Univ of Sassari

Jacelly Cespedes, Univ of Minnesota

Kevin Crotty, Rice Univ

Erik Devos, Univ of Texas El Paso

Wolfgang Drobetz, Univ of Hamburg

Nazam Dzolkarnaini, Edinburgh Napier Univ

Diego Escobari, Univ of Texas - Rio Grande Valley

Chitru S Fernando, Univ of Oklahoma

Laura Gonzalez, California State Univ Long Beach

Vidhan Krishan Goyal, HKUST

Andrea J Heuson, Univ of Miami

Delroy M Hunter, Univ of South Florida

Denada Ibrushi, St Mary's Univ

A Can Inci, Bryant Univ

Kris Jacobs, Univ of Houston

Xiaoquan Jiang, Florida International Univ

Torsten Jochem, Univ of Amsterdam

Chotibhak Jotikasthira, Southern Methodist Univ

Ambrus Kecskés, York Univ

Yvonne Kreis, Schüllermann und Partner AG

Chad Kwon, Univ of Texas Rio Grande Valley

Ugur Lel, Univ of Georgia

Evgeny Lyandres, Boston Univ

Peter Ian Mackay, HKUST

Anna D Martin, St John's Univ

Cesario Mateus, Univ of Roehampton

Javier Mella, Christopher Newport Univ

Grzegorz Michalski, Wroclaw Univ of Economics

Amit Mittal, Indian Institute of Management

Lucknow

Phuong-Anh Ha Nguyen, York Univ

Lars Norden, Brazilian School of Public and

Business Administration, Getulio Vargas

Foundation

Jaideep Oberoi, Univ of Kent

Eduardo Pablo, Minnesota State Univ Moorhead

Miguel Palacios, Univ of Calgary

Joshua R Pierce, Univ of Alabama

Raghavendra Rau, Univ of Cambridge

Hervé Jacques Roche, Universidad Adolfo Ibañez

Dasha Safonova, US SEC

Horacio Sapriza, Federal Reserve Board

Palanisamy Saravanan, Indian Inst of Mgmt

Tiruchirappalli

Michael J Schill, Univ of Virginia

Prabakaran Sellamuthu, Pontificia Universidad

Javeriana Cali

Yu Shan, Baruch College, CUNY

Prateek Sharma, Louisiana State Univ

Jaime Humberto Sierra González, Pontificia

Universidad Javeriana

Amit Kumar Sinha, Bradley Univ

Hilmi Songur, Univ of Arizona

Rémi Stellian, Pontificia Universidad Javeriana

Omer Unsal, Merrimack College


Diego Vega San Martin, Southern Methodist Univ

Milos Vulanovic, EDHEC Business School

Ching-Chang Wang, Southern Taiwan Univ of

Science and Technology

Xiaoqiong (Crystal) Wang, Indiana Univ Kokomo


Attendees

Name Affiliation

Gordon J Alexander University of Minnesota

Diego A Amaya Wilfrid Laurier University

Mario Amore Bocconi University

Fernando E Arellano University of Dallas

Ronald J Balvers McMaster University

David Andrés Londoño

Bedoya


Wolfgang Bessler University of Giessen

Utpal Bhattacharya Hong Kong University of Science & Technology

John M Bizjak Texas Christian University

Derrick Bonyuet Oklahoma State University

Jesús Ancizar Gómez Daza Pontificia Universidad Javeriana Cali

Julio Cacho-Diaz Rice University

Harold Contreras Universidad de Chile

Jason Daniel Damm Florida Atlantic University

Erik Devos University of Texas El Paso

Asad Dossani Colorado State University

Jefferson Duarte Rice University

Gregory Eaton Oklahoma State University

David Felipe Echeverry University of Notre Dame

Diego Escobari University of Texas Rio Grande Valley

Yue Fang University of Michigan

Mira Farka California State University Fullerton

Viviana Fernandez Universidad Adolfo Ibañez

Maximiliano Gonzalez

Ferrero


Eliezer Fich Drexel University

Renata Herrerías Franco ITAM

Raffi E Garcia Rensselaer Polytechnic Institute (RPI)

Brian C Gendreau University of Florida

Jaime Humberto Sierra González


Oscar Javier Guevara Universidad Adolfo Ibanez

Lixiong Guo University of Alabama

Alexander Guzman CESA

Muris Hadzic Lake Forest College

Iftekhar Hasan Fordham University

Darren Hayunga University of Georgia

Alex Ronen Horenstein University of Miami

Juan Sebastian Sandoval Hoyos


Delroy M Hunter University of South Florida

Denada Ibrushi St Mary's University

Obed Fernando Izaguirre University of New Orleans

Christopher James University of Florida

Håkan Jankensgård Lund University

G Andrew Karolyi Cornell University

Ambrus Kecskés York University

Victoria Kent WRDS

Ja Ryong Kim University of Edinburgh

Yvonne Kreis Schüllermann und Partner AG

Andres Liberman New York University

Michelle Lui FMA

Francisco Marcet University of Chile

Jimmy Martinez-Correa Copenhagen Business School

William L Megginson University of Oklahoma

Alina Gómez Mejía Pontificia Universidad Javeriana Cali

Luis Fernando Mejía Fedesarrollo

Javier Mella Christopher Newport University

Darius P Miller Southern Methodist University

Phuong-Anh Ha Nguyen York University

Mahendrarajah

Nimalendran

University of Florida

Sterling Olson University of New Mexico

Juan Camilo Rivera

Ordonez


Maria Antonieta Collazos Ortiz


Alejandro Oyala Pontificia Universidad Javeriana

Aydin Ozkan University of Huddersfield

Francisco Palomino Federal Reserve Board

Ajay Patel Wake Forest University

Diego Peláez Pontificia Universidad Javeriana Cali

Cristian A Pinto-Gutierrez Universidad Catolica del Norte

Carlos Pombo Universidad de los Andes

Ivilina T Popova Texas State University

Oliver Enrique Pardo Reinoso


Jairo Andres Rendon Pontificia Universidad Javeriana

Luis Carlos Reyes Pontificia Universidad Javeriana

Julio Riutort Universidad Adolfo Ibanez

Hervé Jacques Roche Universidad Adolfo Ibanez

Mark E Rosa University of New Orleans

Caterina Santi University College Cork

Julio Alejandro Sarmiento Pontificia Universidad Javeriana

Giorgo Sertsios Universidad de los Andes, Chile

Mobina Shafaati Louisiana State University

Betty J Simkins Oklahoma State University

Jonathan Acosta Smith Bank of England

Remi Jean Emile Stellian Pontificia Universidad Javeriana

Masim Suleymanov Florida Atlantic University

Diego Telléz Universidad EAFIT

Mitch Towner University of Arizona

Maria Andrea Trujillo CESA School of Business

Margarita Tsoutsoura Cornell University

Juanita Gonzalez Uribe London School of Economics

Aurelio Vasquez ITAM

Ariel M Viale Palm Beach Atlantic University

Patrick Bernard

Washington

Morehouse College/Emory University

Kelsey Wei University of Texas Dallas

Adam Welker Tulane University

Viktoria-Sophie Wendt University of Hamburg

Reilly S White University of New Mexico

Daniel Wolfenzon Columbia University

Eliza Wu University of Sydney

Stig Xenomorph Hong Kong Polytechnic University

Yun Zhu St John's University

Juan M Londono Yarce Federal Reserve Board

Sandra Zurdo WRDS

FINANCIAL MANAGEMENT ASSOCIATION INTERNATIONAL

OFFICERS – DIRECTORS – EDITORS – TRUSTEES

President

Serves as the chief spokesperson for the Association

2018-19 John Graham Duke University

2019-20 Jeffrey Coles University of Utah

2020-21 Ronald Masulis Univ of New South Wales

Secretary/Treasurer

Manages the financial affairs of the Association

2012-22 Andrea Heuson University of Miami

Vice President – Annual Meeting Program

Determines the type of program to be offered and selects the

participants

2019 Robert Parrino University of Texas Austin

2020 Reena Aggarwal Georgetown University

2021 Michelle Lowry Drexel University

Vice President – Financial Education

Responsible for developing and administering financial education

activities including the development of sessions on financial education

for the Annual Meeting program

2018-20 Betty Simkins Oklahoma State University

Vice President – Practitioner Services

Responsible for enhancing the value of practitioner membership and

promoting interaction between practitioners and academicians

2017-20 Amy Edwards US SEC

Vice President – Global Services

Responsible for developing and administering activities to globalize the

Association

2017-19 Iftekhar Hasan Fordham University

2019-21 Rohan Williamson Georgetown University

Academic Directors

Responsible for representing the needs of FMA’s academic members

and are members of the Nominating Committee

At-Large Academic Directors

2018-20 Murillo Campello Cornell University

2018-20 Diane DelGuercio University of Oregon

2018-20 Veronika Pool Indiana University

At-Large Regional Academic Director

2017-19 Tim Loughran University of Notre Dame

2019-21 David Yermack New York University

Asian/Oceania Academic Director

2017-19 Joseph Fan Chinese Univ of Hong Kong

2019-21 Ekkehart Boehmer Singapore Management Univ

European Academic Director

2017-19 Francesca Cornelli London Business School

2019-21 Mariassunta Giannetti Stockholm School of Econ

Editors

Responsible for their editorial staff and for the contents of their

respective publications

Financial Management

2016-22 Utpal Bhattacharya HKUST

Bing Han University of Toronto

Rajkamal Iyer Imperial College London

FMA Survey and Synthesis Series

2016-19 Laura Starks University of Texas Austin FMA Online

2019-22 John Banko University of Florida

Publications’ Committee Chairperson

2016-19 Jonathan Karpoff University of Washington

Student Chapters Committee Chairperson

Oversees the operation of the Student Chapters’ program and

represents the interests of FMA’s student members

2018-21 Rustin Yerkes Samford University

Practitioner Directors

Represent the interests of FMA’s practitioner members

2017-19 Recep Bildik Borsa Istanbul

2018-20 W Scott Frame Federal Res Bank Atlanta

2019-21 Frank Hatheway Nasdaq (retired)

2018-20 Mark Kritzman Windham Capital Mgmt & MIT

2019-21 Manju Puri Duke Univ & FDIC

2018-20 P Raghavendra Rau University of Cambridge

2019-21 Richard Rosen Federal Res Bank Chicago

2017-19 Anil Shivdasani UNC Chapel Hill

2017-19 Larry Wall Federal Res Bank Atlanta

FMA Board of Trustees

Responsible for insuring the long-term continuity of the Association and

have the authority to approve appointments or any other matter which

appears to affect the basic structure or operation of the Association

2013-20 Franklin Allen Imperial College London

2018-25 Brad Barber University of California, Davis

2017-24 William Christie* Vanderbilt University

2016-23 David Denis University of Pittsburgh

2014-21 Kose John New York University

2012-19 G Andrew Karolyi Cornell University

2018-23 Kai Li University of British Columbia

2014-19 Ajay Patel Wake Forest Univ 2015-22 Jay Ritter University of Florida

*Chairperson


Location, (3) Third Floor

Sala B - Auditorio

Alfonso Quintana,

S.J.

Elevators

Stairs

20-

301

20-

302

20-

303

20-

304

20-

305

Ba

thro

om

s

Coffee

point

Sala A - Auditorio

Alfonso Quintana,

S.J.

Main Hallway

Location, (5) Fifth Floor

Cocktail

Tent

Main Hall Number 2

Elevators

Door 1

Stairs Coffee Shops

Door 2

Main Hallway

University Floor Plan

www.FMA.org/Bogotá

Documents

2019 FMA Global Conference in Latin America · Excursion to the Catedral de Sal de Zipaquirá (the Salt Cathedral of Zipaquirá) Saturday, 25 May Declared as the First Wonder of Colombia,