PROGRAM - fmaconferences.orgManagement and a Visiting Assistant Professor of Finance at New York University's Stern School of Business, where he taught MBA-level elective courses on

2016 FMA European Conference

PROGRAM

9 & 10 Kesäkuu

Hanken School of Economics - Helsinki, finland

Tervetuloa Helsinkiin! Dear Colleagues:

Welcome to the 2016 FMA European Meeting in beautiful Helsinki, Finland! You will find a wide array of sessions to attend, each of which offers a unique opportunity for the discussion of timely academic and practical issues in finance. There are many outstanding papers being presented on this year's program – and many outstanding panel discussions as well as a number of opportunities for socializing.

We express a very special thank you to the members of this year's Scientific Committee who evaluated the academic paper submissions. We would also like to extend our appreciation to all of the participants on the program — Dr. Antti Petäjistö, our Keynote Speaker, Drs. Renée Adams and Iftekhar Hasan, our Doctoral Student Consortium Coordinators, the paper presenters, session chairpersons, discussants, panel session organizers and panelists, and attendees. Each of you makes a vital contribution to the program's success, and we are most appreciative. Finally, we offer our most sincere thanks to this year's conference sponsors. The support provided by these sponsors makes this a truly special event for all of us.

Thank you for joining us. We know you will enjoy this year’s program and social activities. Sincerely, Jennifer Koski, University of Washington Timo Korkeamäki, Hanken School of Economics 2016 FMA European Conference Program Co-chairs

2016 FMA European Conference Program - 1

2016 FMA European Conference Program

Table of Contents

Welcome ................................................................................................................................................ Ins Front Cover

Doctoral Student Consortium ........................................................................................................ 2

Special Events ...................................................................................................................................... 3

2016 European Conference Program Chairs ........................................................................... 4

Best Paper Award & Scientific Committees ............................................................................. 4

Conference Sponsors ........................................................................................................................ 6

Conference Program ......................................................................................................................... 7

Index of Participants ......................................................................................................................... 28

At-A-Glance Program ........................................................................................................................ 30

2017 European Conference Call for Papers & Participation ............................................. 32

Hanken School of Economics Floorplan .................................................................................... Ins Back Cover

Exhibitors

Exhibit Hours: Thursday & Friday, 8:30 am - 4:00 pm - Aula Foyer (Ground Level)

Follow the conversation

#FMAHelsinki2016

@finmgmtassoc www.facebook.com/FMA.org


2016 FMA European Doctoral Student Consortium

Coordinators

Renée Adams Professor of Finance & Commonwealth Bank Chair in Finance, University of New South Wales Iftekhar Hasan Professor of Finance & Corrigan Chair in International Business and Finance, Fordham University Scientific Advisor, Bank of Finland

Panelists Diane Denis, Katz Alumni Chair in Finance, Professor of Business Administration & Area Director for Finance University of Pittsburgh Petri Jylha, Assistant Professor Imperial College London Oguzhan Ozbas, Associate Professor of Finance University of Southern California Matti Suominen, Professor of Finance Aalto University Student Participants

Mohamed Al Guindy Queen's University

Mehmet Ihsan Canayaz University of Oxford

Tinghua Duan University of Edinburgh

Rogier Hanselaar Erasmus University Rotterdam

Patrick Herb Brandeis University

Shuang Jin Hong Kong University of Science & Technology

Mancy Luo Tilburg University

Nathan McNamee University of Surrey

Cagri Berk Onuk Cornell University

Ester Felez Vinas Stockholm Business School

Guosong Xu WHU - Otto Beisheim School of Management

Liping Zhao Hong Kong University of Science & Technology


Special Events

Thursday, June 9

Trends in European Corporate Governance

Special Panel Session 8:30 am - 10:00 am Room 210

Keynote Address 4:45 pm Aula (Ground Floor) Antti Petäjistö, BlackRock

Antti is a portfolio manager in BlackRock’s Scientific Active Equities group. His team is responsible for the management of all of BlackRock’s quantitative active equity portfolios in emerging markets. Previously, he was a researcher and portfolio manager in BlackRock’s Multi-Asset Strategies group, where his team's main responsibility was the development of active investment strategies for global tactical asset allocation. Prior to joining BlackRock, Antti was an Assistant Professor of Finance at the Yale School of Management and a Visiting Assistant Professor of Finance at New York University's Stern School of Business, where he taught MBA-level elective courses on investments and portfolio management as well as behavioral finance. His academic research includes topics such as active and passive portfolio management, performance evaluation of money managers, pricing inefficiencies in exchange-traded funds, and the price impact of passive indexing strategies. He also developed the Active Share measure which today is used by a number of practitioners. His research has been published and cited in academic journals and the popular press, and he has frequently presented his findings to both academic and practitioner audiences. Antti has a Ph.D. in Finance from MIT's Sloan School of Management and M.Sc. in Engineering Physics from the Helsinki University of Technology.

Gala Dinner 7:00 pm Pörssitalo (Helsinki NASDAQ OMX Building)

(Advance Reservations Required)

Friday, June 10

Innovations in Investment Strategy

Special Panel Session 8:30 am - 10:00 am Room 210

Macroprudential Issues in Banking

Special Panel Session 10:30 am - 12:00 noon Room 210

Regulatory Issues

Special Panel Session 1:30 pm - 3:00 pm Room 210

Closing Reception 5:15 pm Auditorium Maximum (Maxen) (Advance Reservations Required)


2016 FMA European Conference

Program Chairs

Jennifer Koski, Associate Professor of Finance & John B and Delores L Fery Faculty Fellow University of Washington Timo Korkeamäki, Pentti Professor of Finance Hanken School of Economics

Best Paper Award Review Committees

Ran Duchin Associate Professor of Finance William A Fowler Endowed Professor

University of Washington

Jonathan Karpoff Washington Mutual Endowed Chair in Innovation Professor of Finance

University of Washington

Matthijs Lof Assistant Professor of Finance Aalto University

Peter Nyberg Assistant Professor of Finance Aalto University

Edward Rice Associate Professor of Finance & Business Economics University of Washington

Scientific Committee

NAME AFFILIATION

Andrew Ainsworth University of Sydney

Ali C Akyol University of Melbourne

Aktham AlMaghaireh UAE University

Christian Andres WHU - Otto Beisheim School of Management

Davide Avino Swansea University

Jan Bartholdy Aarhus University

Mascia Bedendo Audencia Business School

Wolfgang Bessler University of Giessen

Pawel Bilinski Cass Business School

Ron Bird University of Technology Sydney

Sabri Boubaker Champagne School of Management

Hamid Boustanifar BI Norwegian Business School

Amit Bubna University of Maryland

Bonnie G Buchanan Seattle University

Deren Caliskan BBVA Compass

Maria Carapeto Cass Business School

Bill Christie Vanderbilt University

Stephen Christophe George Mason University

Lal C Chugh University of Massachusetts Boston

Gonul Colak Hanken School of Economics

Costanza Consolandi University of Siena

Brindusa Covaci Institute for World Economy

Arnold R. Cowan Iowa State University

Ettore Croci Universita' Cattolica del Sacro Cuore

Viet Anh Dang Manchester Business School

Andras Danis Georgia Institute of Technology

Sudip Datta Wayne State University

Sema Dube Yeditepe University

Nazam Dzolkarnaini University of Salford

Elyas Elyasiani Temple University

Vihang Errunza McGill University

Jocelyn D Evans College of Charleston

Vincenzo Farina University of Rome Tor Vergata

Chitru Fernando University of Oklahoma

Chris Florackis University of Liverpool

Emilios Galariotis Audencia Business School

Amar Gande Southern Methodist University

Aurobindo Ghosh Singapore Management University

Thomas Gilbert University of Washington

Guldem Gokcek New York University & University of Liverpool

Andrey Golubov University of Toronto

Laura Gonzalez Fordham University

Jocelyn Grira UAE University

Omrane Guedhami University of South Carolina

Andrea Heuson University of Miami

Arvid Hoffmann Maastricht University

Kenneth Högholm Hanken School of Economics

Martin Holmen University of Gothenburg

Huichou Huang University of Glasgow

Winifred Huang-Meier University of Essex

Mark C Hutchinson University College Cork

A Can Inci Bryant University

Dusan Isakov Université de Fribourg

Juha Joenväärä University of Oulu

Amrit Paul Judge Nottingham University

Sigitas Karpavicius University of Adelaide


Matti Keloharju Aalto University

Abby Kim US SEC

Ja Ryong Kim University of Nottingham

Johan Anders Knif Hanken School of Economics

Vladimir Kotomin Illinois State University

Yvonne Kreis Gutenberg University of Mainz

Ortenca Kume University of Kent

Van Son Lai Laval University

Asjeet Lamba University of Melbourne

Nikiforos Laopodis ALBA American College of Greece

Eva Liljeblom Hanken School of Economics

Abraham Lioui EDHEC Business School

Chen Liu Trinity Western University

Frederik Lundtofte Lund University

Evgeny Lyandres Boston University

Maria-Teresa Marchica Manchester Business School

Carmen Martí-Ballester Universitat Autònoma de Barcelona

Stephani Mason DePaul University

Pedro Matos University of Virginia

Mohamed Mekhaimer Clarkson University

Grzegorz Michalski Wroclaw University of Economics

Darius Miller Southern Methodist University

Dev R Mishra University of Saskatchewan

Shawn Mobbs University of Alabama

Roberto Mura Manchester Business School

Chris J Muscarella Penn State University

Tho Do Quoc Nguyen Vietnam Fatherland Front

Alexandra Niessen-Ruenzi University of Mannheim

Nimal Nimalendran University of Florida

Joao Pedro Vidal Nunes ISCTE-IUL Business School

Peter Mikael Nyberg Aalto University

Bunyamin Önal Aalto University

Jose Renato Ornelas Banco Central do Brasil

Charlotte Ostergaard BI Norwegian Business School

Neslihan Ozkan University of Bristol

Christine Panasian Saint Mary's University

Shams Pathan University of Queensland

Peter N Posch University of Dortmund

Thomas Post Maastricht University

Annette B Poulsen University of Georgia

Gabriel J Power Universite Laval

David Rakowski University of Texas at Arlington

Raghavendra Rau University of Cambridge

Leigh A Riddick American University

Kalle Rinne Luxembourg School of Finance

Astrid Juliane Salzmann RWTH Aachen University

Anis Samet American University of Sharjah

Christian H Schlag Goethe University Frankfurt

Florian Schulz University of Washington

Nicos A Scordis St John's University

John Sedunov Villanova University

Henri Servaes London Business School

Andriy Shkilko Wilfrid Laurier University

Stephan Siegel University of Washington

Linus Siming Bocconi University

Pierre Six Neoma Business School

Elvira Sojli Erasmus University

Hilmi Songur NW Missouri State University

Roberto Steri University of Lausanne

Duane Stock University of Oklahoma

Nuria Suarez CUNEF

Lingna Sun University of Mass Lowell

Lazaros Symeonidis University of East Anglia

Tuomas Takalo Hansen School of Economics

Artur Tamazian University of Southern California

Sami Torstila Aalto University

Serafeim Tsoukas University of Glasgow

Sami Vähämaa University of Vaasa

Mika Vaihekoski University of Turku

Pilar Velasco University of Alcala

Yulia Veld-Merkoulova Monash University

Kumar Venkataraman Southern Methodist University

Thanos Verousis University of Bath

João Paulo Torre Vieito Polytechnic Institute of Viana do Castelo

Silvio Vismara University of Bergamo

Milos Vulanovic City University of Hong Kong

Larry D Wall Federal Reserve Bank of Atlanta

Ching-chang Wang Southern Taiwan University of Science and Technology

Yingdi Wang Cal State Fullerton

Joshua T White University of Georgia

Feng (Harry) Wu Hong Kong Polytechnic University

Dan Xu Gonzaga University

Kazuo Yamada Nagasaki University

Erkan Yönder Ozyegin University

Marcellin Yovogan Sofia University

Mui Kuen Yuen Massey University

Burcin B Yurtoglu WHU - Otto Beisheim School of Management

Gulnara R Zaynutdinova West Virginia University

Jaime F Zender University of Colorado Boulder

Feng Zhan John Carroll University


2016 FMA EUROPEAN CONFERENCE

SPONSORS

Hanken School of Economics Hanken is a leading, internationally accredited university with over a hundred years of experience in education and research in economics and business administration. Its research is of an international high standard and is the foundation for all education. Hanken has close ties to the business community and an active alumni network with over 12 000 alumni working in more than 60 countries. The study environment is international and they operate in both Helsinki and Vaasa, Finland. Host Institution Conference Lanyard Sponsor Bank of Finland The Bank of Finland is the monetary authority and national central bank of Finland. It is also a part of the Eurosystem, which is responsible for euro area monetary policy and other central bank tasks. The Bank of Finland takes measures that foster economic stability. The Bank of Finland participates in the Eurosystem's monetary policy preparation, decision-making and communication, and is responsible for the implementation of monetary policy in Finland. The primary objective of monetary policy is price stability. Macroprudential Issues in Banking Sponsor (Session #56) CFA Institute CFA Institute is a global association of investment professionals. The organization offers the Chartered Financial Analyst designation, the Certificate in Investment Performance Measurement designation, and the Claritas Investment Certificate. It provides continuing education conferences, seminars, webcasts, and publications to allow members and other participants to stay current on developments in the investment industry. CFA Institute also oversees the CFA Institute Research Challenge for university students and the Research Foundation of CFA Institute. Thursday Luncheon Sponsor Elite Asset Management Plc Elite Group is a Finnish investment services company offering specialized asset management and fund investment services to private investors, institutions and investment professionals. Established in 2001, they employ 100 investment professionals and manage assets over 1.6 billion euros for 10,000 clients. Best Paper in Investments Award Sponsor

S&P Global Market Intelligence S&P Global Market Intelligence was born from the integration of S&P Capital IQ and SNL Financial. Driven by core tenets of accuracy, relevance, completeness, and timeliness, S&P Global Market Intelligence is a leading provider of financial and industry data, research, news and analytics to investment professionals, government agencies, corporations, and universities worldwide. By unifying the highest quality data and industry-leading solutions from S&P Capital IQ and SNL, they integrate news, comprehensive market and sector-specific data and analytics into a variety of tools to help clients track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuations, and assess credit risk.

Delegate Bag Sponsor Suomen Arvopaperimarkkinoiden Edistämissäätiö Stiftelsen för främjandet av värdepappersmarknaden i Finland The purpose of the charter of the foundation is to support and promote the ideological basis of broad-based securities saving, the development of securities markets, as well as risk capital formation of the Finnish economy through the stock market, and related research and publishing activities.

http://www.sae.fi/etusivu/

http://www.sae.fi/etusivu/


2016 FMA European Conference Program

Thursday, June 9 8:30 am -10:00 am

SESSION 01 Trends in European Corporate Governance

Thursday, 8:30 am - 10:00 am, Room 210 This special panel session will address the extent to which corporate ownership and governance practices in EU countries such as Germany, France, and the Nordic countries are "converging" with the capital markets-based governance practices in the U.S. and U.K. Also, are they also retaining important elements of their own ownership and governance systems - and are these elements sources of strength and competitive advantage or impediments to further valuable governance reforms? Moderator Donald A Chew, Founding Editor & Editor-in-Chief Journal of Applied Corporate Finance Panelists Tom Berglund, Professor of Economics Hanken School of Economics Wolfgang Bessler, Professor of Finance and Banking Justus-Liebig-Universität Giessen Charles Elson, Edgard S Woolard Jr Chair in Corporate Governance Professor of Finance Director, John L Weinberg Center for Corporate Governance University of Delaware Marc Steffen Rapp, Professor of Business and Head, Management Accounting Research Group Philipps-Universität Marburg

SESSION 02 NO SESSION SCHEDULED

Thursday, 8:30 am - 10:00 am, Room 309

SESSION 03 Repurchases & Stock Splits

Thursday, 8:30 am - 10:00 am, Room 303 Chairperson: Mohamed Al Guindy, Queen's Univ Insider Trading and Open Market Share Repurchase Announcements

Waqar Ahmed, Univ of Warwick

Stock Split Signalling: Evidence from Short Interest

M Fabricio Perez, Wilfrid Laurier Univ Andriy Shkilko, Wilfrid Laurier Univ Ning Tang, Wilfrid Laurier Univ

Buyback Persistence, Dilutive Stock Options and the Anti-Dilution Effect

Rohit Sonika, Univ of Exeter Mark B Shackleton, Lancaster Univ

Presenter: Waqar Ahmed Presenter: Andriy Shkilko Presenter: Rohit Sonika Discussant: Lingxiang Li

SUNY Old Westbury Discussant: Michael Xiaoran Ni

Tsinghua Univ & Univ of Michigan Discussant: Mahendrarajah Nimalendran

Univ of Florida

SESSION 04 Cross-Listed Firms

Thursday, 8:30 am - 10:00 am, Room 304 Chairperson: Yue (Lucy) Liu, Univ of Edinburgh A New Resolution of the China Foreign Share Discount Puzzle: Media Control and News Perception

Rong Ding, Univ of Warwick Wenxuan Hou, Univ of Edinburgh Yue (Lucy) Liu, Univ of Edinburgh John Zhang, Durham Univ

Cross-Delisting, Financial Constraints and the Investment Sensitivities

Gilberto Loureiro, Univ of Minho Sónia Silva, Univ of Minho

The Information Content and Investor Reaction to SEC Disclosures by Foreign Firms

Audra L Boone, US SEC Kathryn Schumann, James Madison Univ Joshua T White, Univ of Georgia

Presenter: Yue (Lucy) Liu Presenter: Gilberto Loureiro Presenter: Kathryn Schumann Discussant: Jun Myung Song

Univ of New South Wales Discussant: Nebojsa Dimic

Univ of Vaasa Discussant: Yue (Lucy) Liu

Univ of Edinburgh

PANEL SESSION


SESSION 05 Determinants of Cash Holdings 1

Thursday, 8:30 am - 10:00 am, Room 305 Chairperson: Patrick McColgan, Strathclyde Univ Local Bank Access, Financial Flexibility and Corporate Liquidity Management

Nhan Le, Univ of Mannheim Phong Ngo, Australian National Univ

Do Chief Financial Officers Affect Corporate Cash Policies?

Chris Florackis, Univ of Liverpool Sushil Sainani, Univ of Liverpool

The Determinants of Cash Holdings: Evidence from Meta-Regression Analysis

J Felix Weidemann, Univ of Cologne Presenter: Nhan Le Presenter: Chris Florackis Presenter: J Felix Weidemann Discussant: Patrick McColgan

Strathclyde Univ Discussant: Ajay Patel

Wake Forest Univ Discussant: Halit Gonenc

Univ of Groningen

SESSION 06 High Frequency Trading

Thursday, 8:30 am - 10:00 am, Room 306 Chairperson: Frederick H deB Harris, Wake Forest Univ Flash Crashes, Rallies and Spillovers

Bei Cui, Univ of Hong Kong Arie E Gozluklu, Univ of Warwick

Shackled High Speed Traders? Latency Reduction and Short Sale Bans

Bidisha Chakrabarty, Saint Louis Univ Pamela C Moulton, Cornell Univ Roberto Pascual, Univ of the Balearic

Islands

High Frequency Trading, Market Volatility and Trading Counterparty Performance

P Joakim Westerholm, Univ of Sydney

Presenter: Bei Cui Presenter: Roberto Pascual Presenter: Joakim Westerholm Discussant: Tugkan Tuzun

Federal Reserve Board (Comments presented by Frederick Harris)

Discussant: Frederick H deB Harris Wake Forest Univ

Discussant: Hanyu Zhang Univ of Reading

SESSION 07 Debt Structure & Borrowing Costs

Thursday, 8:30 am - 10:00 am, Room 307 Chairperson: Sadok El Ghoul, Univ of Alberta Bank Loan Pricing and Top Executive Gender: A Cross-Cultural Perspective

Clarissa Hauptmann, Maastricht Univ Stefanie Kleimeier, Maastricht Univ Stefan Straetmans, Maastricht Univ

Trade Credit: Elusive Insurance of Firm Growth

Dennis Bams, Maastricht Univ Jaap Bos, Maastricht Univ Magdalena Pisa, WHU Otto Beisheim

School of Management

Debt Structure and Credit Ratings Mascia Bedendo, Audencia Business

School Linus Siming, Bocconi Univ

Presenter: Stefanie Kleimeier Presenter: Magdalena Pisa Presenter: Linus Siming Discussant: Angelica Gonzalez

Univ of Edinburgh Discussant: Sadok El Ghoul

Univ of Alberta Discussant: Gi H Kim

Univ of Warwick

SESSION 08 Factor Models

Thursday, 8:30 am - 10:00 am, Room 308 Chairperson: Marie Lambert, Univ of Liege Are Stocks Priced to Yield a Resiliency Premium?

Nazli (Sila) Alan, Fairfield Univ Jian Hua, Baruch College CUNY Lin Peng, Baruch College CUNY Robert A Schwartz, Baruch College CUNY

Size and Value Matter, but Not the Way You Thought

Marie Lambert, Univ of Liege Boris Fays, Univ of Liege Georges Hübner, Univ of Liege

New Evidence on Conditional Factor Models

Paulo Maio, Hanken School of Economics

Presenter: Jian Hua Presenter: Marie Lambert Presenter: Paulo Maio Discussant: Paulo Maio

Hanken School of Economics Discussant: Kyung Yoon Kwon

KAIST Discussant: Marie Lambert

Univ of Liege


SESSION 09 Bank Risk Taking

Thursday, 8:30 am - 10:00 am, Room 408 Chairperson: Jens Forssbæk, Lund Univ Beyond the Corner Office: Employee Characteristics and Bank Performance

Vladimir Mukharlyamov, Harvard Univ

The Impact of Stakeholder Orientation on Bank Risk-Taking: Evidence from Natural Experiment

Woon Sau Leung, Cardiff Univ Wei Song, Swansea Univ Jie Chen, Cardiff Univ

Do Female CEOs and Chairwomen Constrain Bank Risk-Taking? Evidence from the Effects of Real Estate Shocks on Bank Performance

Ajay Palvia, Comptroller of the Currency Emilia Vähämaa, Hanken School of

Economics Sami Vähämaa, Univ of Vaasa

Presenter: Vladimir Mukharlyamov Presenter: Wei Song Presenter: Emilia Vähämaa Discussant: Lawrence Kryzanowksi

Concordia Univ Discussant: Jens Forssbæk

Lund Univ Discussant: Vathunyoo Sila

Univ of Edinburgh

SESSION 10 Credit Risk

Thursday, 8:30 am - 10:00 am, Room 409 Chairperson: Giorgio Ottonello, Vienna Univ of Economics & Business Credit Risk Analysis with Creditor's Option to Extend Maturities

Ryoichi Ikeda, Nanzan Univ Yoske Igarashi, Univ of Exeter

Systematic and Firm-specific Credit and Illiquidity Risks of CDS Spreads

Olga Kolokolova, Univ of Manchester Ming-Tsung Lin, Univ of Manchester Ser-Huang Poon, Univ of Manchester

Adjusting Warrant Prices to Credit Risk Changes: Fact or Fiction?

Andrea Schertler, Leuphana Univ Saskia Stoerch, Leuphana Univ

Presenter: Yoske Igarashi Presenter: Ming-Tsung Lin Presenter: Saskia Stoerch Discussant: Giorgio Ottonello

Vienna Univ of Economics & Business Discussant: Esa Jokivuolle

Bank of Finland Discussant: Steven Xiao

Univ of Texas Dallas

SESSION 11 Takeover Deal Premiums

Thursday, 8:30 am - 10:00 am, Room 411 Chairperson: Andrey Golubov, Univ of Toronto Price and Probability: Decomposing the Takeover Effects of Anti-Takeover Provisions

Vicente Cuñat, London School of Economics

Mireia Giné, WRDS Univ of Penn & IESE Business School

Maria Guadalupe, INSEAD, CEPR & IZA

How Much Does Your Banker's Target-Specific Experience Matter?

Richard Herron, Babson College

Founder Premiums and Acquirer Returns for Private Targets

Yamin Xie, Hanken School of Economics

Presenter: Mireia Giné Presenter: Richard Herron Presenter: Yamin Xie Discussant: Andrey Golubov

Univ of Toronto Discussant: Duc Duy (Louis) Nguyen

Univ of St Andrews Discussant: Mark Jansen

Univ of Texas

Coffee Break 10:00 am - 10:30 am Aula Foyer (Ground Floor)


Thursday - 10:30 am - 12:00 noon


Thursday, 10:30 am - 12:00 noon, Room 210

SESSION 13 Board Composition

Thursday, 10:30 am - 12:00 noon, Room 309 Chairperson: M Farooq Ahmad, Skema Business School Board Gender Diversity, Innovation and Firm Performance

Jie Chen, Cardiff Univ Woon Sau Leung, Cardiff Univ Kevin P Evans, Cardiff Univ

Spillover Effects of Women on Boards Vathunyoo Sila, Univ of Edinburgh Angelica Gonzalez, Univ of Edinburgh

Presenter: Jie Chen Presenter: Vathunyoo Sila Discussant: M Farooq Ahmad

Skema Business School Discussant: Emilia Vähämaa

Hanken School of Economics



SESSION 15 State Ownership

Thursday, 10:30 am - 12:00 noon, Room 304 Chairperson: Qian Sun, Fudan Univ State Ownership and Corporate Litigation in a Civil Law Jurisdiction: The Case of China

Jiafu An, Univ of Edinburgh Jo Danbolt, Univ of Edinburgh Wenxuan Hou, Univ of Edinburgh

Disentangling the Effects of State Ownership on Investment – Evidence from Europe

Patrick Jaslowitzer, Phillips-Universität Marburg

William L Megginson, Univ of Oklahoma Marc Steffen Rapp, Phillips-Universität

Marburg

Do Share Issue Privatizations Really Improve Firm Performance in China?

Bo Li, Shantou Univ William L Megginson, Univ of Oklahoma Zhe Shen, Xiamen Univ Qian Sun, Fudan Univ

Presenter: Jiafu An Presenter: Marc Steffen Rapp Presenter: Qian Sun Discussant: Haikun Zhu

Tilburg Univ Discussant: Qian Sun

Fudan Univ Discussant: Tinghua Duan

Univ of Edinburgh



SESSION 17 Bank Lending Risk

Thursday, 10:30 am - 12:00 noon, Room 306 Chairperson: Yoske Igarashi, Univ of Exeter LIBOR's Poker: Rigging, Signaling, and Colluding

Jiakai Chen, Univ of Hawaii Manoa Banks' Credit-Portfolio Choices and Risk-Based Capital Regulation

Caren Yinxia Nielsen, Lund Univ Presenter: Jiakai Chen Presenter: Caren Yinxia Nielsen Discussant: Andrea Heuson

Univ of Miami Discussant: Yoske Igarashi

Univ of Exeter


SESSION 18 Debt Maturity Structure

Thursday, 10:30 am - 12:00 noon, Room 307 Chairperson: Nhan Le, Univ of Mannheim International Debt Specialization: Role of Creditor Rights

Mahsa Kaviania, Concordia Univ Lawrence Kryzanowski, Concordia Univ

The Impact of Exporting on SME Capital Structure and Debt Maturity Choices

Elisabeth Maes, KU Leuven Nico Dewaelheyns, KU Leuven Catherine Fuss, National Bank of Belgium Cynthia Van Hulle, KU Leuven

The Influence of Cash Flow Volatility on Capital Structure and the Use of Debt of Different Maturities

Michael Keefe, Victoria Univ of Wellington

Mona Yaghoubi, Victoria Univ of Wellington

Presenter: Lawrence Kryzanowski Presenter: Elisabeth Maes Presenter: Mona Yaghoubi Discussant: Xiaoran Huang

Nanyang Technological Univ Discussant: Stefano Colonnello

IWH & Otto von Guericke Univ Discussant: Nhan Le

Univ of Mannheim

SESSION 19 Relative Pricing

Thursday, 10:30 am - 12:00 noon, Room 308 Chairperson: Guldem Gokcek, New York Univ & Univ of Liverpool The Correlation Risk Premium Term Structure

Gonçalo Faria, Católica Porto Business School

Robert Kosowski, Imperial College London, CEPR & Oxford-Man Institute of Quantitative Finance

Financial Market Integration Asymmetry and Contagion

Ralf Kellner, Universität of Regensburg Daniel Rösch, Universität of Regensburg

Not Risk Free: The Relative Pricing of Euro Area Inflation-Indexed and Nominal Bonds

Zorka Simon, Univ of Mannheim, Tilburg Univ & Netspar

Presenter: Gonçalo Faria Presenter: Ralf Kellner Presenter: Zorka Simon Discussant: Petar Sabtchevsky

London School of Economics Discussant: Astrid Schornick

INSEAD Discussant: Miles Livingston

Univ of Florida

SESSION 20 Crash Risk

Thursday, 10:30 am - 12:00 noon, Room 408 Chairperson: Guanming He, Univ of Warwick Insider Sales and Future Stock Price Crash Risk: Firm-Level Analysis

Guanming He, Univ of Warwick Helen Ren, Univ of Warwick Richard Taffler, Univ of Warwick

Corporate Accessibility, Private Communications and Stock Price Crash Risk

Michael Firth, Lingnan Univ Sonia Man-lai Wong, Lingnan Univ Xiaofeng Zhao, Chinese Univ of Hong Kong

Presenter: Guanming He Presenter: Xiaofeng Zhao Discussant: Wenrui Zhang

Chinese Univ of Hong Kong Discussant: Guanming He

Univ of Warwick

SESSION 21 Option Volatility

Thursday, 10:30 am - 12:00 noon, Room 409 Chairperson: Mahendrarajah Nimalendran, Univ of Florida Volatility and Directional Information-Based Trading in Options

Yong Jin, Univ of Florida Mahendrarajah Nimalendran, Univ of Florida Sugata Ray, Univ of Florida

Are there Gains from Using Information over the Term Structure of Implied Volatilities

Biao Guo, Renmin Univ of China Qian Han, Xiamen Univ Hai Lin, Victoria Univ of Wellington

Presenter: Mahendrarajah Nimalendran Presenter: Hai Lin Discussant: Hai Lin

Victoria Univ of Wellington Discussant: Gonçalo Faria

Católica Porto Business School


SESSION 22 Corporate Takeovers & Divestitures

Thursday, 10:30 am - 12:00 noon, Room 411 Chairperson: Linus Siming, Bocconi Univ How Information Asymmetry Affects Contract Design: Paying for Private Firms with IOUs

Mark Jansen, Univ of Texas

Refocusing Through Discontinued Operations, R&D Investment and Acquisitions

Richard A Lord, Montclair State Univ Yoshie Saito, Old Dominion Univ

The Impact of Political Uncertainty on Mergers and Acquisitions

Bunyamin Önal, Aalto Univ Mikael Paaso, Aalto Univ

Presenter: Mark Jansen Presenter: Richard Lord Presenter: Bunyamin Önal Discussant: Linus Siming

Bocconi Univ Discussant: Michele Meoli

Univ of Bergamo Discussant: Severin Zörgiebel

Goethe Univ

Luncheon 12:00 noon - 1:30 pm - Auditorium Maximum (Maxen) (Floor 2)

Luncheon Sponsored By

Thursday, 1:30 pm - 3:30 pm

SESSION 23 Bank Regulation Reform

Thursday, 1:30 pm - 3:00 pm, Room 210 Chairperson: Nikolaos I Papanikolaou, Univ of Sussex Home Sweet Home: Bank Lending and the Impact of the Global Financial Crisis

Aurore Burietz, Université Libre de Bruxelles, SBS-EM, CEB

Loredana Ureche-Rangau, Université de Picardie Jules Verne

The Impact of Banking Reform on Earnings Quality in Eastern Europe

Yiwei Fang, Illinois Institute of Technology

Iftekhar Hasan, Fordham Univ & Bank of Finland

Lingxiang Li, SUNY Old Westbury

Bank's Lending Behaviour and the Business Cycle in European Countries: Is there a Significant Procyclicality?

Katsutoshi Shimizu, Nagoya Univ Kim Cuong Ly, Univ of Glasgow

Presenter: Aurore Burietz Presenter: Lingxiang Li Presenter: Kim Cuong Ly Discussant: Nikolaos I Papanikolaou

Univ of Sussex Discussant: Yanlei Zhang

Universidad Carlos III de Madrid Discussant: Woon Sau Leung

Cardiff Univ

SESSION 24 Executive Compensation & Financing Structure

Thursday, 1:30 pm - 3:00 pm, Room 309 Chairperson: Gonul Colak, Hanken School of Economics Executive Compensation Structure and Credit Spreads

Stefano Colonnello, IWH & Otto-von-Guericke Univ

Giuliano Curatola, Goethe Univ Frankfurt Giang Ngoc Hoang

Industry Centrality: Implications for Industry Attributes and Nature of Managerial Contracting

Rasha Ashraf, Georgia State Univ Nishant Dass, Georgia Institute of

Technology Vikram Nanda, Univ of Texas Dallas

The Trade-Off Between Compensation Contracts and Debt Covenants in Financial Contracting

Bill B Francis, Rensselaer Polytechnic Institute

Iftekhar Hasan, Fordham Univ & Bank of Finland

Qi Liu, Peking Univ Xian Sun, Johns Hopkins Univ

Presenter: Stefano Colonnello Presenter: Nishant Dass Presenter: Xian Sun Discussant: Ping Sun

Univ of Manchester Discussant: Gonul Colak

Hanken School of Economics Discussant: Thomas Keusch

Erasmus Univ


SESSION 25 IPOs & SEOs

Thursday, 1:30 pm - 3:00 pm, Room 303 Chairperson: Marc Steffen Rapp, Philipps-Universitat Marburg Growth Strategies of Initial Public Offerings in Europe

Wolfgang Bessler, Justus-Liebig Universität Giessen

Colin Schneck, Justus-Liebig Universität Giessen

Jan Zimmermann, Justus-Liebig Universität Giessen

Staged Equity Financing – Who, When, and Why?

Timo Korkeamäki, Hanken School of Economics

Magnus Blomkvist, Audencia Business School

Valuation of IPOs with Negative Earnings

Severin Zörgiebel, Goethe Univ Frankfurt

Presenter: Wolfgang Bessler Presenter: Magnus Blomkvist Presenter: Severin Zörgiebel Discussant: Magnus Blomkvist

Audencia Business School Discussant: Wolfgang Bessler

Justus-Leibig Universität Giessen Discussant: Marc Steffen Rapp

Philipps-Universität Marburg

SESSION 26 Determinants of Cash Holdings 2

Thursday, 1:30 pm - 3:00 pm, Room 304 Chairperson: Chris Florackis, Univ of Liverpool Cyclicality of Growth Opportunities and the Value of Cash Holdings

Meike Ahrends, Univ of Hamburg Wolfgang Drobetz, Univ of Hamburg Tatjana Xenia Puhan, Univ of Mannheim

& Swiss Life Asset Managers

Corporate Live-Cycle Dynamics of Cash Holdings

Henning Schröder, Univ of Hamburg Michael Halling, Stockholm School of

Economics Wolfgang Drobetz, Univ of Hamburg

The Effects of Country and Firm-Level Governance on Cash Management

Halit Gonenc, Univ of Groningen Bruce Seifert, Old Dominion Univ

Presenter: Wolfgang Drobetz Presenter: Henning Schröder Presenter: Halit Gonenc Discussant: Chris Florackis

Univ of Liverpool Discussant: J Felix Weidemann

Univ of Cologne Discussant: John W Goodell

Univ of Akron

SESSION 27 Asset Pricing & Currency Markets

Thursday, 1:30 pm - 3:00 pm, Room 305 Chairperson: Mark Hutchinson, Univ College Cork Is Currency Momentum Driven by Global Economic Risk?

Klaus Grobys, Univ of Vaasa Jari-Pekka Heinonen, Univ of Vaasa James Kolari, Texas A&M Univ

Intraday Momentum in FX Markets: Disentangling Informed Trading from Liquidity Provision

Gert Elaut, Ghent Univ Michael Frömmel, Ghent Univ Kevin Lampaert, Ghent Univ

Currency Premia in Open Economies Astrid V Schornick, INSEAD

Presenter: Klaus Grobys Presenter: Kevin Lampaert Presenter: Astrid Schornick Discussant: Mark Hutchinson

Univ College Cork Discussant: Andrew Urquhart

Univ of Southampton Discussant: Guldem Gokcek

New York Univ & Univ of Liverpool

SESSION 28 Trading Strategies

Thursday, 1:30 pm - 3:00 pm, Room 306 Chairperson: Ming-Tsung Lin, Univ of Manchester Buffett’s Asset Allocation Advice: Take It … With a Twist

Javier Estrada, IESE Business School On Valuation and Liquidity Motivated Mutual Fund Trading

Martin Rohleder, Univ of Augsburg Dominik Schulte, Univ of Augsburg Janik Syryca, Univ of Augsburg Marco Wilkens, Univ of Augsburg

Presenter: Javier Estrada Presenter: Martin Rohleder Discussant: Ming-Tsung Lin

Univ of Manchester Discussant: Katja Ahoniemi

Imperial College London


SESSION 29 Debt Financing

Thursday, 1:30 pm - 3:00 pm, Room 307 Chairperson: Sung C Bae, Bowling Green State Univ Does Foreign Currency Debt Financing Increase Firm Value? Evidence from Korea Surrounding Global Financial Crisis

Sung C Bae, Bowling Green State Univ Hyeon Sook Kim, Chungnam National

Univ Taek Ho Kwon, Chungnam National Univ

The Impact of Political Risk on Foreign Lending: Evidence on Bilateral Investment Treaties, Expropriations, and Syndicated Loans

Veljko Fotak, Univ at Buffalo SUNY Hae Kwon Lee, Univ at Buffalo SUNY

Bank Size and Firm Investment Swarnava Biswas, Univ of Bristol Fabiana Gomez, Univ of Bristol Wei Zhai, Univ of Bristol

Presenter: Sung Bae Presenter: Veljko Fotak Presenter: Wei Zhai Discussant: Stefanie Kleimeier

Maastricht Univ Discussant: Wei Zhai

Univ of Bristol Discussant: Caren Yinxia Nielsen

Lund Univ

SESSION 30 Volatility

Thursday, 1:30 pm - 3:00 pm, Room 308 Chairperson: Fabian Hollstein, Leibniz Univ Hannover Aggregate Uncertainty Affects Stock Returns

Fabian Hollstein, Leibniz Univ Hannover Marcel Prokopczuk, Leibniz Univ

Hannover

Variance Risk Premia on Stocks and Bonds

Petar Sabtchevsky, London School of Economics

Andrea Vedolin, London School of Economics

Paul Whelan, Copenhagen Business School

Philippe Mueller, London School of Economics

Modelling Intraday Volatility in European Bond Markets: A Data Filtering Application

Hanyu Zhang, Univ of Reading Alfonso Dufour, Univ of Reading

Presenter: Fabian Hollstein Presenter: Petar Sabtchevsky Presenter: Hanyu Zhang Discussant: Jan Antell

Hanken School of Economics Discussant: Ilaria Piatti

Univ of Oxford Discussant: Veronica Veleanu

Univ of Surrey

SESSION 31 Investment Policy

Thursday, 1:30 pm - 3:00 pm, Room 408 Chairperson: Hursit Selcuk Celil, Peking Univ Q-Theory of Investment Revisited: Merton's q

Hursit Selcuk Celil, Peking Univ Mengyang Chi, Peking Univ

How is Corporate Diversification Coded into Real Options Language? The Interaction Between Growth Options, Diversification Scope and Relatedness

Pablo de Andrés, Autónoma Univ of Madrid

Gabriel de la Fuente, Univ of Valladolid Pilar Velasco, Univ of Alcalá

The Q Theory of Investment: New Evidence from a Time-Frequency Analysis

Fabio Verona, Bank of Finland

Presenter: Hursit Selcuk Celil Presenter: Pilar Velasco Presenter: Fabio Verona Discussant: Fabio Verona

Bank of Finland Discussant: Vikram Finavker

Birmingham City Univ Discussant: Hursit Selcuk Celil

Peking Univ

SESSION 32 R&D and Innovation

Thursday, 1:30 pm - 3:00 pm, Room 409 Chairperson: Howard Chan, Univ of Melbourne R&D Investment and Revolving Credit

Yilmaz Guney, Univ of Hull Ahmet Karpuz, Univ of Bristol Neslihan Ozkan, Univ of Bristol

Financial Constraints, R&D Investments and Competition

Danmo Lin, Univ of Maryland

Trust, Innovate, Grow Fei Xie, Univ of Delaware Bohui Zhang, Univ of New South Wales Wenrui Zhang, Chinese Univ of

Hong Kong Presenter: Ahmet Karpuz Presenter: Danmo Lin Presenter: Wenrui Zhang Discussant: Howard Chan

Univ of Melbourne Discussant: Sigitas Karpavicius

Univ of Adelaide Discussant: Richard Lord

Montclair State Univ


SESSION 33 Emerging Market Debt

Thursday, 1:30 pm - 3:00 pm, Room 411 Chairperson: Mark Mulcahy, Univ College Cork Bond-Equity Yield Ratio Market Timing in Emerging Markets

Nebojsa Dimic, Univ of Vaasa Vitaly Orlov, Univ of Vaasa Janne Äijö, Univ of Vaasa

What Determines Debt Structure in Emerging Markets: Transaction Costs or Public Monitoring?

John W Goodell, Univ of Akron Abhinav Goyal, Univ of Liverpool

Can Islamic Bonds Provide Diversification Benefits? Evidence from Global Sukuk and Conventional Bonds Markets

Alex Sclip, Univ of Udine Alberto Dreassi, Univ of Trieste Stefano Miani, Univ of Udine Andrea Paltrinieri, Univ of Udine

Presenter: Nebojsa Dimic Presenter: John Goodell Presenter: Alex Sclip Discussant: Andrea Paltrinieri

Univ of Udine Discussant: Katarzyna Byrka-Kita

Univ of Szczecin Discussant: Mark Mulcahy

Univ College Cork

Coffee Break 3:00 pm - 3:30 pm Aula Foyer (Ground Floor)

Thursday, 3:30 pm - 4:30 pm

SESSION 34 Bank Bailouts

Thursday, 3:30 pm - 4:30 pm, Room 210 Chairperson: Catharine Lemieux, Federal Reserve Bank Chicago TARP and Market Discipline: Evidence on the Moral Hazard Effects of Bank Recapitalizations

Jens Forssbæck, Lund Univ Caren Yinxia Nielsen, Lund Univ

To be Bailed Out or to be Left to Fail? A Dynamic Competing Risks Hazard Analysis

Charles M Kahn, Univ of Illinois at Urbana-Champaign Nikolaos I Papanikolaou, Univ of Sussex

Presenter: Jens Forssbæck Presenter: Nikolaos Papanikolaou Discussant: Aurore Burietz

Université Libre de Bruxelles, SBS-EM & CEB Discussant: Kim Cuong Ly

Univ of Glasgow

SESSION 35 Post IPO Performance

Thursday, 3:30 pm - 4:30 pm, Room 309 Chairperson: Tinghua Duan, Univ of Edinburgh Does Overseas Experience Matter? A Study of Returnee CEOs and IPOs of Chinese Entrepreneurial Firms

Tinghua Duan, Univ of Edinburgh Douglas Cumming, York Univ Wenxuan Hou, Univ of Edinburgh William Rees, Univ of Edinburgh

Does Spending Time in the Minors Pay Off? Michele Meoli, Univ of Bergamo J Ari Pandes, Univ of Calgary Michael Robinson, Univ of Calgary Silvio Vismara, Univ of Bergamo

Presenter: Tinghua Duan Presenter: Michele Meoli Discussant: Yamin Xie

Hanken School of Economics Discussant: Laurence Porteu de la Morandière

Groupe ESC Pau

SESSION 36 Board Performance

Thursday, 3:30 pm - 4:30 pm, Room 303 Chairperson: Wolfgang Drobetz, Univ of Hamburg Corporate Governance and its Effects on REIT Credit Ratings

Ramya Aroul, Ecole Hôtelière de Lausanne, HES-SO & Univ of Applied Sciences Western Switzerland

Thai Trang, Univ of Texas Arlington

The Contagion of Aggressive Earnings Management Through Board of Directors Interlock: The UK Evidence

Abdullah M Iqbal, Univ of Kent Nguyet TM Nguyen, Univ of Kent Radha K Shiwakoti, Brunel Univ

Presenter: Ramya Aroul Presenter: Abdullah Iqbal Discussant: Abdullah Iqbal

Univ of Kent Discussant: Ramya Aroul

Ecole Hôtelière de Lausanne, HES-SO & Univ of Applied Sciences Western Switzerland


SESSION 37 Trade Size & Liquidity

Thursday, 3:30 pm - 4:30 pm, Room 304 Chairperson: Vladimir Atanasov, College of William and Mary What Drives Shareholders’ Reaction and Wealth Effect in Block Trades – Empirical Evidence from the Warsaw Stock Exchange

Katarzyna Byrka-Kita, Univ of Szczecin Mateusz Czerwiński, Univ of Szczecin Agnieszka Perepeczo, Univ of Szczecin

Microstructure Invariance in US Stock Market Trades Albert S Kyle, Univ of Maryland Anna A Obizhaeva, New Economic School Tugkan Tuzun, Federal Reserve Board

Presenter: Katarzyna Byrka-Kita Presenter: Anna Obizhaeva Discussant: Vladimir Atanasov

College of William and Mary Discussant: Sergey Osmekhin

Hanken School of Economics & Nordea SESSION 38

External Determinants of Capital Structure Thursday, 3:30 pm - 4:30 pm, Room 305

Chairperson: Sigitas Karpavičius, Univ of Adelaide Does Distance Matter for Debtholder-Shareholder Conflicts?

Xiaoran Huang, Nanyang Technological Univ Jun-Koo Kang, Nanyang Technological Univ Lei Zhang, Nanyang Technological Univ

The Impact of Interest Rates on Firms’ Financing Policies Sigitas Karpavičius, Univ of Adelaide Fan Yu, Macquarie Univ

Presenter: Xiaoran Huang Presenter: Sigitas Karpavičius Discussant: Elisabeth Maes

KU Leuven Discussant: Mona Yaghoubi

Victoria Univ of Wellington SESSION 39

Algorithmic Trading Thursday, 3:30 pm - 4:30 pm, Room 306

Chairperson: Andriy Shkilko, Wilfrid Laurier Univ Algorithmic Trading and Post-Earnings Announcement Drift

Katja Ahoniemi, Imperial College London Petri Jylhä, Imperial College London

Fragmentation into the Dark and Algorithmic Trading: The Joint Impact on Market Quality

Michael J Aitken, Capital Markets CRC Drew Harris, Macquarie Univ Frederick H deB Harris, Wake Forest Univ

Presenter: Katja Ahoniemi Presenter: Frederick Harris Discussant: Andriy Shkilko

Wilfrid Laurier Univ Discussant: Roberto Pascual

Univ of the Balearic Islands SESSION 40

NO SESSION SCHEDULED Thursday, 3:30 pm - 4:30 pm, Room 307

SESSION 41

Skewness Thursday, 3:30 pm - 4:30 pm, Room 308

Chairperson: Javier Estrada, IESE Business School Skewness, Lottery-Like Features, and the Cross-Section of Stock Returns

Tse-Chun Lin, Univ of Hong Kong Xin (Andrew) Liu, Univ of Hong Kong

Do Mutual Funds Gamble? Evidence from the Skewness-Adjusting Behavior of Fund Manager

Eric C Chang, Univ of Hong Kong Yan Luo, Fudan Univ Jinjuan Ren, Univ of Macau

Presenter: Xin (Andrew) Liu Presenter: Yan Luo Discussant: Bei Cui

Univ of Hong Kong Discussant: Javier Estrada

IESE Business School SESSION 42

Sophisticated Investors Thursday, 3:30 pm - 4:30 pm, Room 408

Chairperson: Vladimir Mukharlyamov, Harvard Univ Institutional Investors: Striking the Balance with Dominant Owners

Sandra Dow, Middlebury Institute of International Studies Jean McGuire, Louisiana State Univ

Influencing Control: Jawboning in Risk Arbitrage Wei Jiang, Columbia Business School Tao Li, Univ of Warwick Danqing Mei, Columbia Business School

Presenter: Sandra Dow Presenter: Tao Li Discussant: Henning Schröder

Univ of Hamburg Discussant: Vladimir Mukharlyamov

Harvard Univ


SESSION 43 Futures Trading

Thursday, 3:30 pm - 4:30 pm, Room 409 Chairperson: Jr-Yan Wang, National Taiwan Univ The Basis Premium and its Relation with Momentum in the International Commodity Futures Markets

Jangkoo Kang, KAIST College of Business Kyung Yoon Kwon, KAIST College of Business

Price Dynamics of CO2 Emission Allowance and Theory of Storage

Mao-Wei Hung, National Taiwan Univ Yi-Chen Ko, National Taiwan Univ Jr-Yan Wang, National Taiwan Univ

Presenter: Kyung Yoon Kwon Presenter: Jr-Yan Wang Discussant: Jr-Yan Wang

National Taiwan Univ Discussant: Agnieszka Jach


SESSION 44 Firm Organization & Risk

Thursday, 3:30 pm - 4:30 pm, Room 411 Chairperson: Waqar Ahmad, Univ of Warwick Collective Bargaining and Takeover Activity Around the World

M Farooq Ahmad, Université de Lille & SKEMA Business School Thomas Lambert, Erasmus Univ

Employment Protection and Takeovers Olivier Dessaint, Univ of Toronto Andrey Golubov, Univ of Toronto Paolo Volpin, Cass Business School

Presenter: M Farooq Ahmad Presenter: Andrey Golubov Discussant: Waqar Ahmed

Univ of Warwick Discussant: Ahmet Karpuz

Univ of Bristol

Keynote Address 4:45 pm Aula (Ground Floor)

Antti Petäjistö BlackRock

Antti is a portfolio manager in BlackRock’s Scientific Active Equities group. His team is responsible for the management of all of BlackRock’s quantitative active equity portfolios in emerging markets. Previously, he was a researcher and portfolio manager in BlackRock’s Multi-Asset Strategies group, where his team's main responsibility was the development of active investment strategies for global tactical asset allocation.

Prior to joining BlackRock, Antti was an Assistant Professor of Finance at the Yale School of Management and a Visiting Assistant Professor of Finance at New York University's Stern School of Business, where he taught MBA-level elective courses on investments and portfolio management as well as behavioral finance. His academic research includes topics such as active and passive portfolio management, performance evaluation of money managers, pricing inefficiencies in exchange-traded funds, and the price impact of passive indexing strategies. He also developed the Active Share measure which today is used by a number of practitioners. His research has been published and cited in academic journals and the popular press, and he has frequently presented his findings to both academic and practitioner audiences.

Antti has a Ph.D. in Finance from MIT Sloan School of Management and M.Sc. in Engineering Physics from the Helsinki University of Technology.

Gala Dinner 7:00 pm Pörssitalo (Helsinki NASDAQ OMX Building)

Advance Reservations Required


Friday, June 10 8:30 am -10:00 am

SESSION 45 Innovations in Investment Strategy

Friday, 8:30 am - 10:00 am, Room 210

Presentations Errors Mark Kritzman, Founding Partner & Chief Executive Officer Windham Capital Management, LLC Facts about Factors Chirag Patel, Head, State Street Associates EMEA State Street Corporation Multi-factor Currency Strategies for Absolute and Relative Return Van Luu, Head of Currency & Fixed Income Strategy Russell Investments

SESSION 46 Executive Compensation Design

Friday, 8:30 am - 10:00 am, Room 309 Chairperson: Pilar Velasco, Univ of Alcala Board Independence and the Design of CEO Pay in Europe

Pablo de Andrés, Autonoma Univ of Madrid

Laura Arranz-Aperte, Hanken School of Economics

CEO Compensation Contagion via Peer Benchmarking: Effects of S&P 500 Index Additions

Gonul Colak, Hanken School of Economics

Jun Yang, Indiana Univ Pengfei Ye, Virginia Tech

CEO Stock Option Exercises: Study of French Companies

Nassima Selmane, IAE Toulouse

Presenter: Laura Arranz-Aperte Presenter: Gonul Colak Presenter: Nassima Selmane Discussant: Pilar Velasco

Univ of Alcala Discussant: Nassima Selmane

IAE Toulouse Discussant: Nihat Aktas

WHU Otto Beisheim School of Management

SESSION 47 Board Composition

Friday, 8:30 am - 10:00 am, Room 303 Chairperson: Kathryn Schumann, James Madison Univ 'Til Death Do Us Part: The Long Tenured Directors Puzzle

Stefano Bonini, Stevens Institute of Technology Justin Deng, New York Univ Mascia Ferrari, Univ of Modena & New York Univ Kose John, New York Univ

Closed-End Fund Advisory Contracts, Performance, and Board Governance

Mahmood Mohebshahedin, Concordia Univ Lawrence Kryznowski, Concordia Univ

Presenter: Stefano Bonini Presenter: Mahmood Mohebshahedin Discussant: Kathryn Schumann

James Madison Univ Discussant: Bunyamin Önal

Aalto Univ

SESSION 48 Dividend Policy

Friday, 8:30 am - 10:00 am, Room 304 Chairperson: Nicos Koussis, Frederick Univ Corporate Liquidity and Dividend Policy Under Uncertainty

Nicos Koussis, Frederick Univ Spiros H Martzoukos, Univ of Cyprus Lenos Trigeorgis, Univ of Cyprus

Uncertainty and Firm Dividend Policy – A Natural Experiment

Bonnie G Buchanan, Seattle Univ Xuying (Cathy) Cao, Seattle Univ Eva Liljeblom, Hanken School of Economics Susan Weihrich, Seattle Univ

Presenter: Nicos Koussis Presenter: Eva Liljeblom Discussant: Yan Luo

Fudan Univ Discussant: Nicos Koussis

Frederick Univ

PANEL SESSION


SESSION 49 Information Processing

Friday, 8:30 am - 10:00 am, Room 305 Chairperson: Danmo Lin, Univ of Maryland Are CEOs More Informative than the CFOs? Empirical Evidence from Contrarian Beliefs and Superior Information

Abu Chowdhury, Stockholm Univ Sabur Mollah, Stockholm Univ Mir A Zaman, Univ of Northern Iowa

Intellectual Property Protection and Financial Markets: Patenting versus Secrecy

Nishant Dass, Georgia Tech Vikram Nanda, Univ of Texas Dallas Steven Chong Xiao, Univ of Texas Dallas

Experience and Brokerage in Asset Markets: Evidence from Art Auctions

Brunella Bruno, Bocconi Univ Emilia Garcia-Appendini, Univ of St

Gallen Giacomo Nocera, Audencia Business

School

Presenter: Sabur Mollah Presenter: Steven Xiao Presenter: Giacomo Nocera Discussant: Giacomo Nocera

Audencia Business School Discussant: Danmo Lin

Univ of Maryland Discussant: J Kenny Phua

Nanyang Tech Univ


Friday, 8:30 am - 10:00 am, Room 306

SESSION 51 Asset Management Governance

Friday, 8:30 am - 10:00 am, Room 307 Chairperson: Robert Mooradian, Northeastern Univ The Impact of Public Pension Funds and Other Limited Partners on the Governance of Venture Capital Funds

Vladimir Atanasov, College of William and Mary

Thomas Hall, Christopher Newport Univ Vladimir Ivanov, US SEC Katherine Litvak, Northwestern Univ

Caring for Investors or Preying by Managers? Strategic Use of Dividend Payments by Mutual Funds

Xiao Jun, Jiangxi Univ of Finance & Economics

Mingsheng Li, Bowling Green State Univ Chen Yugang, Sun Yat-Sen Univ

Serial Activists Nicole M Boyson, Northeastern Univ Linlin Ma, Northeastern Univ Robert M Mooradian, Northeastern Univ

Presenter: Vladimir Atanasov Presenter: Mingsheng Li Presenter: Robert Mooradian Discussant: Mingsheng Li

Bowling Green State Univ Discussant: Alireza Tourani-Rad

Auckland Univ of Technology Discussant: Tao Li

Univ of Warwick

SESSION 52 Portfolio Construction

Friday, 8:30 am - 10:00 am, Room 308 Chairperson: Hilla Skiba, Colorado State Univ Using Out-of-Sample Errors in Portfolio Optimization

Pedro Barroso, Univ of New South Wales

House Prices and Consumption: Evidence from a Panel of Australian Households

Konark Saxena, Univ of New South Wales Peng Wang, Univ of New South Wales

What is the Cost of Faith? An Empirical Investigation of Islamic Purification

Mark C Hutchinson, Univ College Cork Mark Mulcahy, Univ College Cork John O'Brien, Univ College Cork

Presenter: Pedro Barroso Presenter: Peng Wang Presenter: Mark Mulcahy Discussant: Ralf Kellner

Universität Regensburg Discussant: Hilla Skiba

Colorado State Univ Discussant: Sabur Mollah

Stockholm Univ

SESSION 53 Hedge Fund Performance & Activism

Friday, 8:30 am - 10:00 am, Room 408 Chairperson: Veljko Fotak, Univ at Buffalo SUNY Skewness, Fund Flows and Hedge Fund Performance

Andrea J Heuson, Univ of Miami Mark C Hutchinson, Univ College Cork Alok Kumar, Univ of Miami

Information Content of Hedge Fund Equity Option Holdings

Juha Joenväärä, Univ of Oulu Mikko Kauppila, Univ of Oulu Pekka Tolonen, Univ of Oulu

Dancing with the Activists Lucian A Bebchuk, Harvard Univ Alon Brav, Duke Univ & NBER Wei Jiang, Columbia Univ Thomas Keusch, Erasmus Univ &

Harvard Univ Presenter: Mark Hutchinson Presenter: Juha Joenväärä Presenter: Thomas Keusch Discussant: Xin (Andrew) Liu

Univ of Hong Kong Discussant: Pedro Garcia Ares

Univ of Exeter Discussant: Veljko Fotak

Univ at Buffalo SUNY


SESSION 54 Liquidity Shocks

Friday, 8:30 am - 10:00 am, Room 409 Chairperson: Alexandros Kontonikas, Univ of Glasgow Does Funding Liquidity Cause Market Liquidity? Evidence from a Quasi-Experiment

Petri Jylhä, Imperial College London

Tracking the Real Effects of Monetary Policy: Evidence from European Central Bank’s SMP Purchases

Lisa Cycon, Frankfurt School of Finance & Management

Michael Koetter, Frankfurt School of Finance & Management, IWH, & Deutsche Bundesbank

Barbara Meller, European Central Bank

International Liquidity Shocks, the Real Economy, and Social Unrest: China, 1931-1935

Fabio Braggion, CentER Tilburg Univ Alberto Manconi, CentER Tilburg Univ Haikun Zhu, CentER Tilburg Univ

Presenter: Petri Jylha Presenter: Michael Koetter Presenter: Haikun Zhu Discussant: Zorka Simon

Univ of Mannheim, Tilburg Univ & Netspar

Discussant: Alexandros Kontonikas Univ of Glasgow

Discussant: Michael Koetter Frankfurt Sch of Fin & Mgmt, IWH & Deutsche Bundesbank

SESSION 55 Systemic Risk

Friday, 8:30 am - 10:00 am, Room 411 Chairperson: Maria Kasch, Univ of Mannheim Financial Institutions Externalities and Systemic Risk : Tales of Tails Symmetry

Saifeddine Ben Hadj, Université Catholique de Louvain &

Université Paris Panthéon Sorbonne

Systematic Risk and Share Turnover [or Beta as a Measure of Mispricing]

Maria Kasch, Univ of Mannheim

Stock Market Risk in the Financial Crisis Paul A Grout, Univ of Bristol, CEPR &

CMPO Ania Zalewska, Univ of Bath

Presenter: Saifeddine Ben Hadj Presenter: Maria Kasch Presenter: Ania Zalewska Discussant: Wei Song

Swansea Univ Discussant: Nikolaos Artavanis

Univ of Massachusetts Amherst Discussant: Huiyu (Evelyn) Huang

Grantham, Mayo, Van Otterloo & Co

Coffee Break 10:00 am - 10:30 am Aula Foyer (Ground Floor)

Friday - 10:30 am - 12:00 noon

SESSION 56 Macroprudential Issues in Banking

Friday, 10:30 am - 12:00 noon, Room 210 After the financial crisis of 2007-09, central banks and financial supervisors have adopted macroprudential policies to manage systemic risks in the financial system. The panel provides expert views from both research and policy on where we stand in terms of our understanding of systemic risks, what are effective tools to tackle them, and how to best implement the currently agreed policies.

Moderator Esa Jokivuolle Senior Research Adviser, Bank of Finland

Panelists Kasper Roszbach Head of Financial Stability Department, Bank of Sweden Professor of Banking and Finance, University of Groningen

Jouko Vilmunen Head of Research, Bank of Finland

Wolf Wagner Professor of Finance, Rotterdam School of Management, Erasmus University Fellow, CEPR

Session Sponsored By

PANEL SESSION


SESSION 57 Executive Compensation

Friday, 10:30 am - 12:00 noon, Room 309 Chairperson: Ania Zalewska, Univ of Bath CEO Incentives: Measurement, Determinants, and Impact on Performance

Lin Peng, Baruch College CUNY Ailsa Roell, Columbia Univ Hongfei Tang, Seton Hall

Do Compensation Consultants have Distinct Styles? Chen Cai, Georgia State Univ Omesh Kini, Georgia State Univ Ryan Williams, Univ of Arizona

Presenter: Ailsa Roell Presenter: Ryan Williams Discussant: Jan Schneemeier

Federal Reserve Board (Comments presented by Ania Zalewska)

Discussant: Ania Zalewska Univ of Bath

SESSION 58 Corruption, Fraud and Tax Evasion

Friday, 10:30 am - 12:00 noon, Room 303 Chairperson: Arnold R Cowan, Iowa State Univ VAT Rates and Tax Evasion: Evidence from the Restaurant Industry in Greece

Nikolaos Artavanis, Univ of Massachusetts Amherst

Local Information Environments and Corporate Fraud

Jens Hagendorff, Cardiff Univ Nhan Le, Univ of Mannheim Duc Duy (Louis) Nguyen, Univ of

St Andrews

Is Bread Gained by Deceit Sweet to a Man? Corruption and Firm Efficiency

Jan Hanousek, CERGE-EI Anastasiya Shamshur, Norwich Business

School & CERGE-EI Jiri Tresl, Univ of Nebraska Lincoln &

CERGE-EI Presenter: Nikolaos Artavanis Presenter: Duc Duy (Louis) Nguyen Presenter: Jiri Tresl Discussant: Tomislav Ladika

Univ of Amsterdam Discussant: Arnold R Cowan

Iowa State Univ Discussant: Robert M Mooradian

Northeastern Univ

SESSION 59 Intraday Patterns

Friday, 10:30 am - 12:00 noon, Room 304 Chairperson: Kevin Lampaert, Univ of Ghent Intraday Investors' Attention and Periodicity in the Cross-Section of Returns

Mor Haziza, Tel Aviv Univ

When No News Is Good News – The Decrease in Investor Fear After the FOMC Announcement

Adrian Fernandez-Perez, Auckland Univ of Technology

Bart Frijns, Auckland Univ of Technology Alireza Tourani-Rad, Auckland Univ of

Technology

Intraday Trading Invariance in the E-Mini S&P 500 Futures Market

Torben G Andersen, Northwestern Univ Oleg Bondarenko, Univ of Illinois Chicago Albert S Kyle, Univ of Maryland Anna A Obizhaeva, New Economic School

Presenter: Mor Haziza Presenter: Alireza Tourani-Rad Presenter: Anna A Obizhaeva Discussant: Kevin Lampaert

Univ of Ghent Discussant: Juha Joenväärä

Univ of Oulu Discussant: Ailsa Roell

Columbia Univ

SESSION 60 Firm Performance and the Media

Friday, 10:30 am - 12:00 noon, Room 305 Chairperson: Fumiko Takeda, Univ of Tokyo Political Proximity and US Media Sentiment

Thomas Ruf, Univ of New South Wales Jun Myung Song, Univ of New South

Wales Bohui Zhang, Univ of New South Wales

Characteristics and Stock Prices of Firms Flamed on the Internet: The Evidence from Japan

Yuta Adachi, Univ of Tokyo Fumiko Takeda, Univ of Tokyo

New Evidence on the Role of the Media in Corporate Social Responsibility

Sadok El Ghoul, Univ of Alberta Omrane Guedhami, Univ of South

Carolina Robert Nash, Wake Forest Univ Ajay Patel, Wake Forest Univ

Presenter: Jun Myung Song Presenter: Fumiko Takeda Presenter: Sadok El Ghoul Discussant: Fumiko Takeda

Univ of Tokyo Discussant: Tatyana Sokolyk

Brock Univ Discussant: CS Agnes Cheng

Hong Kong Polytechnic Univ


Friday, 10:30 am - 12:00 noon, Room 306


SESSION 62 Asset Management

Friday, 10:30 am - 12:00 noon, Room 307 Chairperson: Emmanouil Platanakis, Univ of Bradford Learning and Innovation: The Case of CAT Bonds

José Afonso Faias, Universidade Católica Portuguesa

José Guedes, Universidade Católica Portuguesa

Identifying Bull and Bear Returns in the S&P 500 with the VIX

Patrick O'Sullivan, Univ of Southampton Richard McGee, Univ of Southampton

On the Information Flow from Credit Derivatives to the Macroeconomy

Veronica Veleanu, Univ of Surrey Paul Mizen, Univ of Nottingham

Presenter: Jose Faias Presenter: Patrick O'Sullivan Presenter: Veronica Veleanu Discussant: Arnoldo Camacho

INCAE Business School Discussant: Jose Faias

Universidade Catolica Portuguesa Discussant: Patrick O'Sullivan

Univ of Southampton SESSION 63

Bond Pricing Friday, 10:30 am - 12:00 noon, Room 308

Chairperson: Hai Lin, Victoria Univ of Wellington The Cross-Section of Subjective Bond Risk Premia

Andrea Buraschi, Imperial College London

Ilaria Piatti, Univ of Oxford Paul Whelan, Copenhagen Business

School

Always and Everywhere Inflation? Treasuries Variance Decomposition and the Impact of Monetary Policy

Alexandros Kontonikas, Univ of Glasgow Charles Nolan, Univ of Glasgow Zivile Zekaite, Univ of Glasgow

The Structure of Investment Bank Syndicates and the Quality of Bond Underwriting

Arthur Krebbers, Univ of Strathclyde Andrew Marshall, Univ of Strathclyde Patrick McColgan, Univ of Strathclyde

Presenter: Ilaria Piatti Presenter: Alexandros Kontonikas Presenter: Patrick McColgan Discussant: Anna Obizhaeva

New Economic School Discussant: Hai Lin

Victoria Univ of Wellington Discussant: Nishant Dass

Georgia Tech SESSION 64

Mutual Fund Investors Friday, 10:30 am - 12:00 noon, Room 408

Chairperson: Ariadna Dumitrescu, ESADE Business School & Univ Ramon Llull Familiarity and Competition: The Case of Mutual Funds

Ariadna Dumitrescu, ESADE Business School & Univ Ramon Llull Javier Gil-Bazo, Univ Pompeu Fabra & Barcelona GSE

Are Investors for Sale? Evidence from Financial Mergers Mancy Luo, Tilburg Univ Alberto Manconi, Tilburg Univ David Schumacher, McGill Univ

Presenter: Ariadna Dumitrescu Presenter: Mancy Luo Discussant: Martin Rohleder

Univ of Augsburg Discussant: Petri Jylha

Imperial College London SESSION 65

Corporate Social Responsibility & Firm Performance Friday, 10:30 am - 12:00 noon, Room 409

Chairperson: Dara Duguay, Credit Builders Alliance Corporate Social Responsibility, Family Firm, and Firm Performance

CS Agnes Cheng, Hong Kong Polytechnic Univ

Paula Pao, Univ of California Irvine Joanna Ho, Univ of California Irvine

CSR Strengths and Weaknesses, Growth Risk, and Firm Capitalized Value

Carol Cain, Wake Forest Univ Frederick H deB Harris, Wake Forest

Univ Sean Hannah, Wake Forest Univ Naz Sayari, Wake Forest University

What Makes Social Responsibility Financially Valuable?

S Katie Moon, Tulane Univ Onur Kemal Tosun, Univ of Warwick

Presenter: CS Agnes Cheng Presenter: Carol Cain Presenter: Onur Tosun Discussant: Onur Tosun

Univ of Warwick Discussant: Yelin Zhang

York Univ Discussant: Nargess Kayhani

Mount St Vincent Univ SESSION 66

NO SESSION SCHEDULED Friday, 10:30 am - 12:00 noon, Room 411

Luncheon 12:00 noon - 1:30 pm Auditorium Maximum (Maxen) (Floor 2)


Friday - 1:30 pm - 3:00 pm

SESSION 67 Regulatory Issues

Friday, 1:30 pm - 3:00 pm, Room 210

This featured session will provide an overview of current regulatory initiatives in the U.S. and in Europe. Additionally, the panelists will discuss specific economic and regulatory issues such as the Capital Markets Union, bond market liquidity, SIFI designations, European sovereign debt, bank business models, and systemic risk issues. The speakers offer a diverse set of experiences as regulators, scholars and practitioners with unique insights sure to prove interesting and informative.

Moderator Nikolaos Papanikolaou, Assistant Professor of Banking & Finance University of Sussex Panelists Josina Kamerling, Head, Regulatory Outreach for Europe, Middle East & Africa CFA Institute

Craig Lewis, Madison S Wigginton Professor of Finance Vanderbilt Univ Former Chief Economist & Director, US SEC Division of Economic & Risk Analysis

Jörg Rocholl, President European School of Management and Technology (ESMT) Economic Advisory Board Member German Federal Ministry of Finance SESSION 68

CEOs & Firm Performance Friday, 1:30 pm - 3:00 pm, Room 309

Chairperson: Narayanan Jayaraman, Georgia Institute of Technology Female Leadership and Firm Performance: Evidence from China

Angelica Gonzalez, Univ of Edinburgh Lu Xing, Univ of Edinburgh

Does Combining the CEO and Chair Roles Cause Poor Firm Performance?

Narayanan Jayaraman, Georgia Institute of Technology

Vikram Nanda, Univ of Texas Dallas Harley E Ryan Jr, Georgia State Univ

The Effects of Culture on CEO Power: Evidence from Executive Turnover

Daniel Urban, Technische Universität München

Presenter: Angelica Gonzalez Presenter: Narayanan Jayaraman Presenter: Daniel Urban Discussant: Peng Wang

Univ of Southampton Discussant: Daniel Urban

Technische Universität München Discussant: Narayanan Jayaraman

Georgia Institute of Technology SESSION 69

NO SESSION SCHEDULED Friday, 1:30 pm - 3:00 pm, Room 303

SESSION 70

NO SESSION SCHEDULED Friday, 1:30 pm - 3:00 pm, Room 304

SESSION 71

Career Issues & Experience Friday, 1:30 pm - 3:00 pm, Room 305

Chairperson: Lena Jaroszek, Univ of Mannheim Career Experiences and Expectations of Professional Forecasters

Arvid Hoffmann, Maastricht Univ Zwetelina Iliewa, Centre for European

Economic Research Lena Jaroszek, Univ of Mannheim

The First Cut is the Deepest: Stock Market Re-Entry Decision and Hot Stove Effect

Ozlem Arikan, Univ of Warwick Arie E Gozluklu, Univ of Warwick Gi H Kim, Univ of Warwick Hiroaki Sakaguchi, Univ of Warwick

Evaluating Publications Across Business Disciplines: Inferring Interdisciplinary "Exchange Rates" from Intradisciplinary Author Rankings

Timo Korkeamäki, Hanken School of Economics

Jukka Sihvonen, Univ of Vaasa Sami Vähämaa, Univ of Vaasa

Presenter: Lena Jaroszek Presenter: Gi H Kim Presenter: Jukka Sihvonen Discussant: Jukka Sihvonen

Univ of Vaasa Discussant: Lena Jaroszek

Univ of Mannheim Discussant: Richard Herron

Babson College

PANEL SESSION


SESSION 72 Small Business Lending

Friday, 1:30 pm - 3:00 pm, Room 306 Chairperson: Valentina Salotti, Iowa State Univ Small Business Lending: Challenges and Opportunities for Community Banks – Before, During and After the Financial Crisis

Julapa A Jagtiani, Federal Reserve Bank Philadelphia Catherine Lemieux, Federal Reserve Bank Chicago

Who Needs Credit and Who Gets Credit? Evidence from the Surveys of Small Business Finances

Rebel Cole, DePaul Univ Tatyana Sokolyk, Brock Univ

Presenter: Catharine Lemieux Presenter: Tatyana Sokolyk Discussant: Magdalena Pisa

WHU Otto Beisheim School of Management Discussant: Valentina Salotti

Iowa State Univ SESSION 73

Analysts Friday, 1:30 pm - 3:00 pm, Room 307

Chairperson: Ajay Patel, Wake Forest Univ When do Analysts Impede Innovation?

Jonathan Clarke, Georgia Tech Nishant Dass, Georgia Tech Ajay Patel, Wake Forest Univ

Rising and Senior Stars in European Financial Analyst Rankings: The Talented and the Famous

Carole Gresse, Université Paris-Dauphine Laurence Porteu de la Morandière, Groupe ESC Pau

Presenter: Ajay Patel Presenter: Laurence Porteu de la Morandière Discussant: Tim Loughran

Univ of Notre Dame Discussant: Barbara Bliss

Univ of San Diego SESSION 74

Credit Ratings & Asymmetric Information Friday, 1:30 pm - 3:00 pm, Room 308

Chairperson: Stefano Bonini, Stevens Institute of Technology Reputational Shocks and the Information Content of Credit Ratings

Mascia Bedendo, Audencia Business School

Lara Cathcart, Imperial College London Lina El-Jahel, Univ of Auckland

Do Multiple Credit Ratings Facilitate the Going Public Process? Evidence from the US

Marc Goergen, Univ of Cardiff Dimitrios Gounopoulos, Univ of Sussex Antonios Kallias, Univ of Portsmouth

The New Rules of the Rating Game: Market Perception of Corporate Ratings

Rainer Jankowitsch, Vienna Univ of Economics and Business

Giorgio Ottonello, Vienna Graduate School of Finance

Marti G Subrahmanyam, New York Univ Presenter: Mascia Bedendo Presenter: Dimitrios Gounopoulos Presenter: Giorgio Ottonello Discussant: Gene Ambrocio

Bank of Finland Discussant: Mascia Bedendo

Audencia Business School Discussant: Stefano Bonini

Stevens Institute of Technology SESSION 75

Mutual Fund Portfolios Friday, 1:30 pm - 3:00 pm, Room 408

Chairperson: Blake Philipps, Univ of Waterloo Is Smart Beta that Smart?

Ron Bird, Univ of Technology Sydney Jeremy Davids, Univ of Technology

Sydney Danny Yeung, Univ of Technology

Sydney

Mutual Funds and Mispriced Stocks Doron Avramov, Hebrew Univ of

Jerusalem Si Cheng, Queen’s Univ Belfast Allaudeen Hameed, National Univ of

Singapore

The Volatility of Mutual Fund Performance

Miles B Livingston, Univ of Florida Lei Zhou, Northern Illinois Univ

Presenter: Ron Bird Presenter: Si Cheng Presenter: Miles Livingston Discussant: Si Cheng

Queen's Univ Belfast Discussant: Lin Peng

Baruch College, CUNY Discussant: Blake Phillips

Univ of Waterloo SESSION 76

Corporate Social Responsibility Investing Friday, 1:30 pm - 3:00 pm, Room 409

Chairperson: Iraj Fooladi, Dalhousie Univ The Performance of European Socially Responsible Fixed-Income Funds

Paulo Leite, Polytechnic Institute of Cávado and Ave

Maria Céu Cortez, Univ of Minho

Socially Responsible Investment Portfolios: Does the Optimization Process Matter?

Ioannis Oikonomou, Univ of Reading Emmanouil Platanakis, Univ of Bradford Charles Sutcliffe, Univ of Reading

Do Suppliers Value Socially Responsible Customers?

Yanlei Zhang, Universidad Carlos III de Madrid

Presenter: Paulo Leite Presenter: Emmanouil Platanakis Presenter: Yanlei Zhang Discussant: Emmanouil Platanakis

Univ of Bradford Discussant: Paulo Leite

Polytechnic Institute of Cávado and Ave Discussant: Iraj Fooladi

Dalhousie Univ


SESSION 77 Sovereign Risk

Friday, 1:30 pm - 3:00 pm, Room 411 Chairperson: Maria Kasch, Univ of Mannheim Unsolicited Sovereign Ratings and the Sovereign-Bank Ceiling: An Unintended Consequence of Regulatory Disclosure

Patrycja Klusak, Univ of East Anglia Rasha Alsakka, Bangor Univ Owain ap Gwilym, Bangor Univ

What Drives Differences of Opinion in Sovereign Ratings? The Roles of Political Risk and Transparency

Huong Vu, Coventry Univ Rasha Alsakka, Bangor Univ Owain ap Gwilym, Bangor Univ

Presenter: Patrycja Klusak Presenter: Huong Vu Discussant: Huong Vu

Coventry Univ Discussant: Patrycja Klusak

Univ of East Anglia

Coffee Break 3:00 pm - 3:30 pm Aula Foyer (Ground Floor)

Friday - 3:30 pm - 5:00 pm


Friday, 3:30 pm - 5:00 pm, Room 210

SESSION 79 Executive Compensation & Customer-Supplier Relationships

Friday, 3:30 pm - 5:00 pm, Room 309 Chairperson: Claire Yang Liu, Univ of New South Wales Executive Compensation and Deployment of Corporate Resources: Evidence from Working Capital

Nihat Aktas, WHU Otto Beisheim School of Management

Ettore Croci, Universita' Cattolica del Sacro Cuore

Oguzhan Ozbas, Univ of Southern California

Dimitris Petmezas, Univ of Surrey

When Does Stock Option Compensation Undercut Firm Performance? Evidence from Product Market Relationships

Claire Yang Liu, Univ of New South Wales Ronald Masulis, Univ of New South

Wales Jared Stanfield, Univ of New South Wales

Are Overconfident CEOs Good Leaders? Evidence from Stakeholder Commitments

J Kenny Phua, Nanyang Technological Univ

T Mandy Tham, Nanyang Technological Univ

Chishen Wei, Nanyang Technological Univ

Presenter: Nihat Aktas Presenter: Claire Yang Liu Presenter: J Kenny Phua Discussant: Claire Yang Liu

Univ of New South Wales Discussant: Ryan Williams

Univ of Arizona Discussant: Håkan Jankensgård

Lund Univ

SESSION 80 Sources of Information

Friday, 3:30 pm - 5:00 pm, Room 303 Chairperson: Huiyu (Evelyn) Huang Forecasting Emerging Markets Equities – The Role of Commodity Beta

Huiyu (Evelyn) Huang, Grantham, Mayo, Van Otterloo & Co

Information Decay and Financial Disclosures

Tim Loughran, Univ of Notre Dame Bill McDonald, Univ of Notre Dame

Investor Attention: Seasonal Patterns and Endogenous Allocations

Hongqi Liu, Baruch College CUNY Lin Peng, Baruch College CUNY

Presenter: Huiyu (Evelyn) Huang Presenter: Tim Loughran Presenter: Lin Peng Discussant: Klaus Grobys

Univ of Vaasa Discussant: Mohamed Al Guindy

Queen's Univ Discussant: Maria Kasch

Univ of Mannheim


SESSION 81 Market Efficiency, Trading Rules & Momentum

Friday, 3:30 pm - 5:00 pm, Room 304 Chairperson: Ron Bird, Univ of Technology Sydney Value, Momentum and Market Timing

Ilias Filippou, Univ of Warwick Pedro A Garcia Ares, Univ of Exeter

Investigating the Profitability of Technical Analysis Using Cross-Sectional Country Data

Robert Hudson, Univ of Hull Andrew Urquhart, Univ of Southampton Jian Wang, Univ of Hull

Fundamental Analysis and the Cross-Section of Stock Returns: A Data-Mining Approach

Xuemin (Sterling) Yan, Univ of Missouri Lingling Zheng, Renmin Univ of China

Presenter: Pedro A Garcia Ares Presenter: Andrew Urquhart Presenter: Xuemin (Sterling) Yan Discussant: Ron Bird

Univ of Technology Sydney Discussant: Xuemin (Sterling) Yan

Univ of Missouri Discussant: Pedro Barroso

Univ of New South Wales

SESSION 82 Short Selling

Friday, 3:30 pm - 5:00 pm, Room 305 Chairperson: Tyler Henry, Miami Univ The Real Effects of Short Selling on Firm Risk-Taking: Evidence from a Quasi-Natural Experiment in China

Michael Xiaoran Ni, Tsinghua Univ & Univ of Michigan

Short Sale, Margin Purchase, and Stock Price Crash Risk

Yan Luo, Fudan Univ Jinjuan Ren, Univ of Macau

Shelf versus Traditional Seasoned Equity Offerings: The Impact of Manipulative Short Selling

Marie Dutordoir, Univ of Manchester Norman Strong, Univ of Manchester Ping Sun, Univ of Manchester

Presenter: Michael Xiaoran Ni Presenter: Jinjuan Ren Presenter: Ping Sun Discussant: Jinjuan Ren

Univ of Macau Discussant: Xiaofeng Zhao

Chinese Univ of Hong Kong Discussant: Tyler Henry

Miami Univ

SESSION 83 Banking Theory

Friday, 3:30 pm - 5:00 pm, Room 306 Chairperson: Jiakai Chen, Univ of Hawaii Manoa Rational Exuberance Booms and Asymmetric Business Cycles

Gene Ambrocio, Bank of Finland

Bonus Caps, Deferrals, and Bankers' Risk-Taking

Esa Jokivuolle, Bank of Finland Jussi Keppo, National Univ Singapore Xuchuan Yuan, Harbin Institute of

Technology

A Reexamination of Contingent Convertibles with Stock Price Triggers

George Pennacchi, Univ of Illinois, Urbana-Champaign

Alexei Tchistyi, Univ of Illinois, Urbana-Champaign

Presenter: Gene Ambrocio Presenter: Esa Jokivuolle Presenter: Alexei Tchistyi Discussant: Saifeddine Ben Hadj

Univ Catholique de Louvain & Université Paris Panthéon Sorbonne

Discussant: Alexei Tchistyi Univ of Illinois, Urbana-Champaign

Discussant: Jiakai Chen Univ of Hawaii Manoa

SESSION 84 Accuracy of Analyst Forecasts

Friday, 3:30 pm - 5:00 pm, Room 307 Chairperson: Carol Cain, Wake Forest Univ The Value of Crowdsourcing: Evidence from Earnings Forecasts

Biljana Adebambo, Univ of San Diego Barbara A Bliss, Univ of San Diego

The Consequences of Prohibiting Selective Disclosure to Analysts: Evidence from Europe

Arnold R. Cowan, Iowa State Univ & Eventus

Valentina Salotti, Iowa State Univ

Limited Attention to Detail: Changes in Financial Analysts' Valuations Following Mandatory Option Expensing

Tomislav Ladika, Univ of Amsterdam Zacharias Sautner, Frankfurt School of

Finance Presenter: Barbara Bliss Presenter: Arnold Cowan Presenter: Tomislav Ladika Discussant: Carol Cain

Wake Forest Univ Discussant: Dimitrios Gounopoulos

Univ of Sussex Discussant: Mor Haziza

Tel Aviv Univ


SESSION 85 Cross Section of Returns

Friday, 3:30 pm - 5:00 pm, Room 308 Chairperson: Nuri Volkan Kayacetin, Ozyegin Univ Expected Return and Conditional Asset Pricing: A New Testing Approach

Jan Antell, Hanken School of Economics Mika Vaihekoski, Univ of Turku

Cash Flow Risk and Market Betas Nuri Volkan Kayacetin, Ozyegin Univ

Presenter: Jan Antell Presenter: Nuri Volkan Kayacetin Discussant: Nuri Volkan Kayacetin

Ozyegin Univ Discussant: Fabian Hollstein

Univ of Hannover

SESSION 86 Mutual Fund Managers

Friday, 3:30 pm - 5:00 pm, Room 408 Chairperson: Ilhan Demiralp, Univ of Oklahoma A Manager-Level Assessment of Mutual Fund Performance

Ilhan Demiralp, Univ of Oklahoma Chitru S Fernando, Univ of Oklahoma

Agency Incentives, Risk Shifting and Mutual Fund Performance

Blake Phillips, Univ of Waterloo Kuntara Pukthuanthong, Univ of Missouri P Raghavendra Rau, Univ of Cambridge

A Dissection of Mutual Fund Fees, Flows, and Performance

Douglas Cumming, York Univ Sofia Johan, York Univ & Tilburg Univ Yelin Zhang, York Univ

Presenter: Ilhan Demiralp Presenter: Blake Phillips Presenter: Yelin Zhang Discussant: Mancy Luo

Tilburg Univ Discussant: Ilhan Demiralp

Univ of Oklahoma Discussant: Mahmood Mohebshahedin

Concordia Univ

SESSION 87 Firm Investment & Decision Making

Friday, 3:30 pm - 5:00 pm, Room 409 Chairperson: Sandra Dow, Middlebury Institute of International Studies Organization Capital, Labor Market Flexibility and Stock Returns Around the World

Woon Sau Leung, Cardiff Univ Khelifa Mazouz, Cardiff Univ Jie Chen, Cardiff Univ

Do Long-Term Investors Improve Corporate Decision Making?

Jarrad Harford, Univ of Washington Ambrus Kecskés, York Univ Sattar Mansi, Virginia Tech

Presenter: Woon Sau Leung Presenter: Ambrus Kecskes Discussant: Ambrus Kecskés

York Univ Discussant: Sandra Dow

Middlebury Institute of International Studies

SESSION 88 Firm Risk Management with Derivatives

Friday, 3:30 pm - 5:00 pm, Room 411 Chairperson: Sheng-Hung Chen, Nanhua Univ Walking the Walk: Inside Ownership and Selective Hedging

Håkan Jankensgård, Lund Univ

The Effects of Derivative Use on the Probability of Financial Distress: Are Firms Using Derivatives for Hedging or Speculation?

Vikram Finavker, Birmingham City Univ Amrit Judge, Nottingham Univ

Time-Varying Hedge Ratio and Hedging Effectiveness in the US Natural Gas Market: The Role of Weather and Macroeconomic News

Song-Zan Chiou-Wei, National Kaohsiung Univ of Applied Sciences

Sheng-Hung Chen, Nanhua Univ Zhen Zhu, Univ of Central Oklahoma

Presenter: Håkan Jankensgård Presenter: Vikram Finavker Presenter: Sheng-Hung Chen Discussant: Sheng-Hung Chen

Nanhua Univ Discussant: Eva Liljeblom

Hanken School of Economics Discussant: Saskia Stoerch

Leuphana Univ

Reception 5:15 pm - 6:15 pm Auditorium Maximum (Maxen) (Floor 2)


Index of Participants

NAME SESSION(S)

Renée Adams DSC

M Farooq Ahmad 13 44

Waqar Ahmed 03 44

Katja Ahoniemi 28 39

Nihat Aktas 46 79

Mohamed Al Guindy DSC 03 80

Gene Ambrocio 74 83

Jiafu An 15 72

Jan Antell 30 85

Laura Arranz Aperte 46

Ramya Aroul 36

Nikolaos Artavanis 55 58

Vladimir Atanasov 37 51

Sung Bae 29

Pedro Barroso 52 81

Mascia Bedendo 74

Saif Ben Hadj 55 83

Tom Berglund 01

Wolfgang Bessler 01 25

Ron Bird 75 81

Barbara Bliss 73 84

Magnus Blomkvist 25

Stefano Bonini 47 74

Aurore Burietz 23 34

Katarzyna Byrka-Kita 33 37

Carol Cain 65 84

Hursit Selcuk Celil 31

Arnoldo Camacho 62

Mehmet Ihsan Canayaz DSC

Howard Chan 32

Jiakai Chen 17 83

Jie Chen 13

Sheng-Hung Chen 88

CS Agnes Cheng 60 65

Si Cheng 75

Donald Chew 01

Gonul Colak 24 46

Stefano Colonnello 18 24

Arnold Cowan 58 84

Bei Cui 06 41

Nishant Dass 24 63

Ilhan Demiralp 86

Diane Denis DSC

Nebojsa Dimic 04 33

Sandra Dow 42 87

Wolfgang Drobetz 26 36

Tinghua Duan DSC 15 35

Dara Duguay 65

Ariadna Dumitrescu 64 87

Sadok El Ghoul 07 60

Charles Elson 01

Javier Estrada 28 41

Jose Faias 62

Goncalo Faria 19 21

Vikram Finavker 31 88

Chris Florackis 05 26

Iraj Fooladi 76

Jens Forssbæck 09 34

Veljko Fotak 29 53

Pedro Garcia Ares 53 81

Mireia Giné 11

Guldem Gokcek 19 27

Andrey Golubov 11 44

Halit Gonenc 05 26

Angelica Gonzalez 07 68

John Goodell 26 33

Dimitrios Gounopoulos 74 84

Klaus Grobys 27 80

Rogier Hanselaar DSC

Frederick Harris 06 39

Iftekhar Hasan DSC

Mor Haziza 59 84

Guanming He 20

Patrick Herb DSC

Tyler Henry 82

Richard Herron 11 71

Andrea Heuson 17

Fabian Hollstein 30 85

Jian Hua 08

Huiyu (Evelyn) Huang 55 80

Xiaoran Huang 18 38

Mark Hutchinson 27 53

Yoske Igarashi 10 17

Abdullah Iqbal 36

Agnieszka Jach 43

Hakan Jankensgard 79 88

Mark Jansen 11 22

Lena Jaroszek 71

Narayanan Jayaraman 68

Shuang Jin DSC

Juha Joenvaara 53 59

Esa Jokivuolle 10 56 83

Petri Jylha DSC 54 64

Josina Kamerling 67

Sigitas Karpavicius 32 38

Ahmet Karpuz 32 44

Maria Kasch 55 80

Nuri Volkan Kayacetin 85

Nargess Kayhani 65

Ambrus Kecskes 87

Ralf Kellner 19 52

Thomas Keusch 24 53

Gi H Kim 07 71

Stefanie Kleimeier 07 29

Patrycja Klusak 77

Michael Koetter 54

Alexandros Kontonikas 54 63

Nicos Koussis 48

Mark Kritzman 45

Lawrence Kryzanowksi 09 18

Kyung Yoon Kwon 08 43

Tomislav Ladika 58 84

Marie Lambert 08

Kevin Lampaert 27 59

Nhan Le 05 18

Paulo Leite 76

Catharine Lemieux 34 72

Woon Sau Leung 23 87

Craig Lewis 67

Lingxiang Li 03 23

Mingsheng Li 51

Tao Li 42 51

Eva Liljeblom 48 88

Danmo Lin 32 49

Hai Lin 21 63

Ming-Tsung Lin 10 28

Claire Yang Liu 79

Xin (Andrew) Liu 41 53


Yue (Lucy) Liu 04

Miles Livingston 19 75

Richard Lord 22 32

Tim Loughran 73 80

Gilberto Loureiro 04

Mancy Luo DSC 64 86

Yan Luo 41 48

Van Luu 45

Kim Cuong Ly 23 34

Elisabeth Maes 18 38

Paulo Maio 08

Patrick McColgan 05 63

Nathan McNamee DSC

Michele Meoli 22 35

Mahmood Mohebshahedin

47 86

Sabur Mollah 49 52

Robert Mooradian 51 58

Vladimir Mukharlyamov 09 42

Mark Mulcahy 33 52

Duc Duy (Louis) Nguyen 11 58

Michael Xiaoran Ni 03 82

Caren Yinxia Nielsen 17 29

Mahendrarajah Nimalendran

03 21

Giacomo Nocera 49

Anna Obizhaeva 37 59 63

Bunyamin Önal 22 47

Cagri Berk Onuk DSC

Sergey Osmekhin 37

Patrick O'Sullivan 62

Giorgio Ottonello 10 74

Oguzhan Ozbas DSC

Andrea Paltrinieri 33

Nikolaos Papanikolaou 23 34 67

Roberto Pascual 06 39

Ajay Patel 05 73

Chirag Patel 45

Lin Peng 75 80

Antti Petäjistö KEYNOTE

Blake Phillips 75 86

J Kenny Phua 49 79

Ilaria Piatti 30 63

Magdalena Pisa 07 72

Emmanouil Platanakis 76

Laurence Porteu de la Morandiere

35 73

Marc Steffen Rapp 01 15 25

Jinjuan Ren 82

Jorg Rocholl 67

Ailsa Roell 57 59

Martin Rohleder 28 64

Kasper Roszbach 56

Petar Sabtchevsky 19 30

Valentina Salotti 72

Jan Schneemeier 57

Astrid Schornick 19 27

Henning Schröder 26 42

Kathryn Schumann 04 47

Alex Sclip 33

Nassima Selmane 46

Andriy Shkilko 03 39

Jukka Sihvonen 71

Vathunyoo Sila 09 13

Linus Siming 07 22

Zorka Simon 19 54

Hilla Skiba 52

Tatyana Sokolyk 60 72

Jun Myung Song 04 60

Wei Song 09 55

Rohit Sonika 03

Saskia Stoerch 10 88

Ping Sun 24 82

Qian Sun 15

Xian Sun 24

Matti Suominen DSC

Fumiko Takeda 60

Alexei Tchistyi 83

Onur Tosun 65

Alireza Tourani-Rad 51 59

Jiri Tresl 58

Tugkan Tuzun 06

Daniel Urban 68

Andrew Urquhart 27 81

Emilia Vahamaa 09 13

Pilar Velasco 31 46

Veronica Veleanu 30 62

Fabio Verona 31

Jouko Vilmunen 56

Ester Felez Vinas DSC

Huong Vu 77

Wolf Wagner 56

Jr-Yan Wang 43

Peng Wang (Southampton)

68

Peng Wang (UNSW) 52

Felix Weidemann 05 26

Joakim Westerholm 06

Ryan Williams 57 79

Steven Xiao 10 49

Yamin Xie 11 35

Guosong Xu DSC

Mona Yaghoubi 18 38

Xuemin (Sterling) Yan 81

Ania Zalewska 55 57

Wei Zhai 29

Hanyu Zhang 06 30

Wenrui Zhang 20 32

Yanlei Zhang 23 76

Yelin Zhang 65 86

Liping Zhao DSC

Xiaofeng Zhao 20 82

Haikun Zhu 15 54

Severin Zorgiebel 22 25

2016 FMA European Conference - 30

AT A GLANCE CONFERENCE PROGRAM

THURSDAY, 9 JUNE

SESSIONS

Room 210

Room 309

Room 303

Room 304

Room 305

Room 306

Room 307

Room 308

Room 408

Room 409

Room 411

SESSION → 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 8:30 am - 10:00 am

Trends in European Corporate Governance

Repurchases & Stock Splits

Cross-Listed Firms

Determinants of Cash Holdings 1

High Frequency Trading

Debt Structure & Borrowing Costs

Factor Models

Bank Risk Taking

Credit Risk Takeover Deal Premiums

10:00 AM - 10:30 AM - COFFEE BREAK - Aula Foyer (Ground Floor)

12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 10:30 am - 12:00 noon

Board Composition

State Ownership

Bank Lending Risk

Debt Maturity Structure

Relative Pricing

Crash Risk Option Volatility

Corporate Takeovers & Divestitures

12:00 NOON - 1:30 PM - LUNCHEON - Auditorium Maximum (Maxen) (Floor 2)

23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 1:30 pm - 3:00 pm

Bank Regulation Reform

Executive Compensation & Financing Structure

IPOs & SEOs

Determinants of Cash Holdings 2

Asset Pricing & Currency Markets

Trading Strategies

Debt Financing

Volatility Investment Policy

R&D and Innovation

Emerging Market Debt

3:00 PM - 3:30 PM - COFFEE BREAK - Aula Foyer (Ground Floor)

34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 3:30 pm - 4:30 pm

Bank Bailouts

Post-IPO Performance

Board Performance

Trade Size & Liquidity

External Determinants of Capital Structure

Algorithmic Trading

Skewness

Sophisticated Investors

Futures Trading

Firm Organization and Risk

4:45 PM - 6:00 PM - KEYNOTE ADDRESS Aula (Ground Floor)

Antti Petäjistö, Portfolio Manager BlackRock

7:00 PM - GALA DINNER Pörssitalo (Helsinki NASDAQ OMX Building)

Panel Sessions appear in shaded boxes

2016 FMA European Conference - 31

FRIDAY, 10 JUNE

SESSIONS

Room 210

Room 309

Room 303

Room 304

Room 305

Room 306

Room 307

Room 308

Room 408

Room 409

Room 411

SESSION → 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 8:30 am - 10:00 am

Innovations in Investment Strategy

Executive Compensation Design

Board Composition

Dividend Policy

Information Processing

Asset Management Governance

Portfolio Construction

Hedge Fund Performance & Activism

Liquidity Shocks

Systemic Risk

10:00 AM - 10:30 AM - COFFEE BREAK

Aula Foyer (Ground Floor)

56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 10:30 am - 12:00 noon

Macro- Prudential Issues in Banking

Executive Compensation

Corruption, Fraud and Tax Evasion

Intraday Patterns

Firm Performance & the Media

Asset Management

Bond Pricing Mutual Fund Investors

Corporate Social Responsibility & Firm Performance

12:00 NOON - 1:30 PM - LUNCHEON

Auditorium Maximum (Maxen) (Floor 2)

67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 1:30 pm - 3:00 pm

Regulatory Issues

CEOs & Firm Performance

Career Issues & Experience

Small Business Lending

Analysts Credit Ratings & Asymmetric Information

Mutual Fund Portfolios

Corporate Social Responsibility Investing

Sovereign Risk

3:00 PM - 3:30 PM - COFFEE BREAK

Aula Foyer (Ground Floor)

78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 3:30 pm - 5:00 pm

Executive Compensation & Customer-Supplier Relationships

Sources of Information

Market Efficiency, Trading Rules & Momentum

Short Selling Banking Theory

Accuracy of Analyst Forecasts

Cross Section of Returns

Mutual Fund Managers

Firm Investment & Decision Making

Firm Risk Manage-ment with Derivatives

5:15 PM - 6:15 PM - RECEPTION

Auditorium Maximum (Maxen) (Floor 2)

Panel Sessions appear in shaded boxes


Financial Management Association International First Call for Papers and Participation 2017 FMA European Conference June 22 - 23, 2017 Alexander Butler, Professor & Faculty Lead for Undergraduate Business Programs Rice University João Duque, Professor Instituto Superior de Economia e Gestão (ISEG) Veronika Krepely Pool, Associate Professor & Gregg T and Judith A Summerville Chair of Finance Indiana University 2017 FMA European Conference Program Co-chairs

Deadline Summary

Program Committee Member Applications November 18, 2016

Paper Submissions

December 1, 2016

Panel Discussion Proposals December 1, 2016

Session Chairperson/Paper Discussant Applications

February 17, 2017

Doctoral Student Consortium Applications February 17, 2017

Paper and Panel Proposal Decisions

February, 2017 The Twenty-First Annual European Conference of the Financial Management Association International (FMA) will be held June 22 & 23, 2017, at ISEG in beautiful Lisbon, Portugal. FMA’s European Conference brings together academicians and practitioners with interests in financial decision-making and provides a forum for presenting new research and discussing current issues in financial management and related topics. Presentations of research papers, panel discussions, and tutorials will begin Thursday morning and end Friday afternoon. The Doctoral Student Consortium will be held on Wednesday.

Submission Fee: US $50 for FMA members / US $60 for non-members

For information on submission procedures, go to

www.fma.org/Lisbon/

http://www.fma.org/Lisbon/


Main Entrance


Floor 3

Rooms 303, 304, 305, 306,

307, 308, & 309

Floor 4

Rooms 408, 409 & 411

Ground floor AULA

Keynote Address

AULA FOYER

Exhibits Coffee Breaks

CAFÉ FOYER Registration

Floor 2 Room 210 AUDITORIUM MAXIMUM (MAXEN) Luncheons Friday Reception

Stairs UP

Stairs UP

2017

See you in

Lisbon!

22 & 23 June

www.fma.org/Lisbon/

Documents

PROGRAM - fmaconferences.orgManagement and a Visiting Assistant Professor of Finance at New York University's Stern School of Business, where he taught MBA-level elective courses on