The 12th INFINITI Conference on International Finance · PDF fileINFINITI Conference on International Finance. 9-10 June 2014 Monash University Prato Centre, Prato, Italy ... or WRDS

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“Global Finance – Integration or Mere Convergence?”

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1

Welcome from the Conference Chair

Dear delegates,

I'm delighted to welcome you to this, the 12th INFINITI

Conference on International Finance. Our tradition of

excellent and informative speakers continues. This year

we are delighted to have Dirk Schoenmaker of the

Duisenberg School of Finance who will talk about the

challenges that lie ahead for international banking, and

Fabio Canova of the EUI who will discuss the use of

external information to sharpen inference about

prediction and policy analysis models.

We are here in Prato, a city that exemplifies many of the

themes of the conference. It is about being

international, with the largest (proportional) Chinese

population of any Italian city; it is about being

innovative as it has reinvented itself numerous times within the textile industry; and it is about

convergence, a key theme of the Monash University Prato Centre – convergence of the old and

the new, of finance and industry, and now of several hundred of us!

As ever we have a packed Conference with numerous special sessions and workshops, as well

as early stage paper presentations and regular scientific papers. We have panel sessions on

Meet the Deans, Meet the Editors, Women in Finance, Values and Ethics in Finance, and

National Culture in Finance. We have workshops on Trading Volatility, Financial Geography and

Elsevier’s EES System. This is the largest INFINITI conference to date and we have you, the

delegates, to thank for this.

Special thanks go to Monash University and Eventus Software for sponsoring the Conference.

Extra special thanks again go to Linda, whose organisational genius allows this to happen in the

smoothly efficient manner we all are in danger of taking for granted…

Finally, we hope to see you once again in 2015 at the University of Ljubljana in Slovenia!

Brian M Lucey, PhD, FTCD

Professor of Finance, School of Business, &

Research Associate, Institute for International Integration Studies

Trinity College Dublin

INFINITI 2014 @ Monash University Prato Centre

What and who are INFINITI?

INFINITI was constituted in Trinity College Dublin in the summer of 2003, and has three main

activities:

Running the annual INFINITI Conference on International Finance,

Hosting short- and long-term visitors through the IIIS, and

Maintaining an active research agenda. Our work is available from the IIIS, SSRN or

REPEC.

Conference Chair

Brian Lucey, Trinity College Dublin, Ireland

Conference Organiser

Linda Soriton

Other members include:

Elaine Hutson, Monash University, Australia

Colm Kearney, Monash University, Australia

Thomas Lagoarde-Segot, KEDGE Business School & Aix-Marseille School of Economics, Aix-

Marseille Université, France

Charles Larkin, Cardiff Metropolitan University, UK & Trinity College Dublin, Ireland

Maurice Peat, The University of Sydney, Australia

Local Organisers


Cecilia Hewlett, Director, Monash University Prato Centre, Italy

Cathy Cruppi, Centre Manager, Monash University Prato Centre, Italy

Sarah Gore, Reception and Events Officer, Monash University Prato Centre, Italy

INFINITI 2014

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3

Welcome from Monash University

Dear Colleagues,

I am delighted to welcome you to the 12th INFINITI Conference

on International Finance, which is hosted this year jointly by

Trinity College Dublin and Monash University. I am particularly

pleased to welcome you to Monash’s beautiful Prato Centre,

which I am confident you will enjoy exploring during the course

of the conference.

With almost 400 full-time academic staff from throughout the

world working in all the main business disciplines, Monash

Business School is one of the largest and most international business academies in the Asia-

Pacific region, and indeed in the southern hemisphere. We have ‘sister’ schools on Monash’s

campuses in Johannesburg and Kuala Lumpur, and we have recently commenced operations

on our new Suzhou campus in China. We are the only Australian Group of Eight (Go8) research-

intensive university with ‘triple crown’ accreditation. In our research, Monash Business School

leads the Asia-Pacific region and is amongst the world’s top-ranked universities in the areas of

econometrics and cognitive, behavioral and experimental analysis.

Please visit our website at www.buseco.monash.edu.au for more information about us and our

research strengths and rankings.

I look forward to meeting you in person during the conference.

Finally, I am sure you will join me in thanking the very many people who have worked feverishly

to make this conference such a success, particularly Brian Lucey and Linda Soriton from Trinity

College Dublin, Elaine Hutson from Monash Business School, and most importantly our hosts at

Prato including Director Cecilia Hewlett and Manager Cathy Crupi.

Have a great conference.

Professor Colm Kearney

Dean of Faculty and Head of School

Faculty of Business and Economics

http://www.buseco.monash.edu.au/


Special Issues

This year we will run four Special Issues:

The Journal of Banking and Finance will publish a Special Issue on the theme of: “International

Financial Integration and Transnational Banking”. Guest Editor: Brian Lucey, Trinity College

Dublin, Ireland

Emerging Markets Review will publish a Special Issue on the theme of: “Emerging Markets and

Global Financial Integration”. Guest Editor: Brian Lucey, Trinity College Dublin, Ireland

International Review of Financial Analysis will publish a Special Issue on the theme of: “Research

Design and Methodology in International Integration Studies”. Guest Editor: Maurice Peat, The

University of Sydney, Australia

The Journal of Behavioral and Experimental Finance will publish a special issue on the theme of:

“Behavioral and Experimental Insights into Financial Crises”. [Papers submitted for this Special

Issue must be presented at either the Society for Experimental Finance 2014 Conference or

INFINITI 2014.] Guest Editors: Utz Weitzel, Radboud University Nijmegen, The Netherlands & Jürgen

Huber, Universität Innsbruck, Austria

Authors of papers presented here at INFINITI 2014 are therefore invited to submit their papers to

the relevant journal for consideration in these special issues.

Papers submitted will go through the normal submission and review process including any

submission fees. Papers must be submitted online through EES at authors should specify “INFINITI

2014” for “Paper Type” during the submission process. Please go to the following sites and follow

the instructions for submission of a paper.

For the Journal of Banking and Finance:

http://www.journals.elsevier.com/journal-of-banking-and-finance/

For Emerging Markets Review:

http://www.journals.elsevier.com/emerging-markets-review/

For International Review of Financial Analysis:

http://www.journals.elsevier.com/international-review-of-financial-analysis/

For the Journal of Behavioral and Experimental Finance:

http://www.journals.elsevier.com/journal-of-behavioral-and-experimental-finance/

The time period for submitting papers through EES for the Special Issues is from 14 July 2014

through to 4 August 2014. You are strongly encouraged to address your Discussant’s comments

prior to submitting the paper.

Should you have any further questions regarding the submission of the paper for the Special

Issues, please do not hesitate to contact Brian Lucey ([email protected]).

http://www.journals.elsevier.com/journal-of-banking-and-finance/

http://www.journals.elsevier.com/emerging-markets-review/

http://www.journals.elsevier.com/international-review-of-financial-analysis/

http://www.journals.elsevier.com/journal-of-behavioral-and-experimental-finance/

mailto:[email protected]

INFINITI 2014

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5

Table of Contents

Welcome from the Conference Chair ............................................................................................................................ 1 What and who are INFINITI? .............................................................................................................................................. 2 Local Organisers .................................................................................................................................................................. 2 Welcome from Monash University ................................................................................................................................... 3 Special Issues ....................................................................................................................................................................... 4 Table of Contents ............................................................................................................................................................... 5 Reviewers ............................................................................................................................................................................. 6 Host an INFINITI? .................................................................................................................................................................. 8 INFINITI 2015 .......................................................................................................................................................................... 9 General Information ......................................................................................................................................................... 10

Completion of Registration ........................................................................................................................................ 10 Conference Location ................................................................................................................................................. 10 Conference Reception Desk ..................................................................................................................................... 10 Catering / Refreshments ............................................................................................................................................. 10 Dress Code .................................................................................................................................................................... 10 Internet Access / WIFI .................................................................................................................................................. 10 Mobile Phones .............................................................................................................................................................. 10 Papers ............................................................................................................................................................................ 10 Parallel Sessions ............................................................................................................................................................ 11 Social Events ................................................................................................................................................................. 11

Conference Gala Dinner ................................................................................................................................................ 12 Maps.................................................................................................................................................................................... 13

Prato ............................................................................................................................................................................... 13 Monash University Prato Centre ................................................................................................................................ 14 Palazzo delle Professioni ............................................................................................................................................. 15 Teatro Politeama.......................................................................................................................................................... 16

Keynotes ............................................................................................................................................................................. 19 Special Session Guests ..................................................................................................................................................... 20 Programme ........................................................................................................................................................................ 22

Sunday, 8 June 2014 .................................................................................................................................................... 22 Monday, 9 June 2014 .................................................................................................................................................. 22 Tuesday, 10 June 2014 ................................................................................................................................................ 25

Parallel Sessions ................................................................................................................................................................. 28 Monday, 0900-1030: Parallel Sessions 1 ................................................................................................................... 28 Monday, 1215-1300: Lunchtime Sessions ................................................................................................................ 35 Monday, 1300-1430: Parallel Sessions 2 ................................................................................................................... 36 Monday, 1500-1615: Special & Additional Sessions .............................................................................................. 43 Monday, 1630-1800: Parallel Sessions 3 ................................................................................................................... 45 Tuesday, 0830-1000: Parallel Sessions 4 ................................................................................................................... 52 Tuesday, 1245-1345: Lunchtime Sessions................................................................................................................. 60 Tuesday, 1400-1530: Parallel Sessions 5 ................................................................................................................... 61 Tuesday, 1600-1730: Parallel Sessions 6 ................................................................................................................... 68

Delegates ........................................................................................................................................................................... 76 Notes ................................................................................................................................................................................... 83


Reviewers

The Conference Organising Committee is very appreciative of the significant effort made by our

reviewers to provide constructive and valuable feedback. We would therefore like to thank all

those who volunteered their time and who were involved in the review process. They included:

Aarti Rughoo, University of Hertfordshire, UK

Abhijeet Chandra, Indian Institute of Technology, Madras,

India

Adam Geršl, Joint Vienna Institute, Austria

Adrian Ioana, University Politehnica of Bucharest, Romania

Agata Kocia, University of Warsaw, Poland

Aktham Maghyereh, United Arab Emirates University, UAE

Aleksandar Sevic, Trinity College Dublin, Ireland

Alin Marius Andries, Universitatea Alexandru Ioan Cuza,

Romania

Alistair Haig, The University of Edinburgh, UK

Ana-Maria Fuertes, City University London, UK

Ana Paula Matias, Universidade da Beira Interior, Portugal

Anand Gulati, Hanken University, Finland

Anatoly Peresetsky, Higher School of Economics, Russian

Federation

Anca Monteanu, Petru Maior University of Tirgu-Mures,

Romania

Andrea Cipollini, Università di Palermo, Italy

Andreas Tsopanakis, University of Glasgow, UK

Andrew Urquhart, University of Southampton, UK

Anh Tuan Bui, Macquarie University, Australia

Anmar Pretorius, North-West University, South Africa

Ansgar Belke, Universität Duisburg-Essen, Germany

Arnold Cowan, Iowa State University & Cowan Research

LC (Eventus), USA

Asta Klimaviciene, ISM University of Management and

Economics, Lithuania

Astrid Salzmann, RWTH Aachen University, Germany

Barry Feldman, Russell Investments, USA

Benoît Sévi, IPAG Business School & Aix Marseille School of

Economics, France

Bertram Steininger, RWTH Aachen University, Germany

Brian O’Toole, NHS National Health Service, UK

Calin-Adrian Comes, Petru Maior University of Tirgu-Mures,

Romania

Camelia Minoiu, IMF International Monetary Fund, USA

Carlo Artemi, Minister of Public Instruction, Italy

Carlos Castro, Universidad del Rosario, Colombia

Carlos Fernández Méndez, Universidad de Oviedo, Spain

Carmen Martí, Universitat Autònoma de Barcelona, Spain

Cesario Mateus, The University of Greenwich, UK

Cheng Zeng, University of Bristol, UK

Cherry Muijsson, University of Cambridge, UK

Chiara Oldani, Università degli Studi della Tuscia, Italy

Ching-Chang Wang, Southern Taiwan University of

Technology, Taiwan, ROC

Chinmoy Ghosh, University of Connecticut, USA

Chitru Fernando, The University of Oklahoma, USA

Chris Neely, Federal Reserve Bank of St Louis, USA

Christian Grisse, Swiss National Bank, Switzerland

Christine Brown, Monash University, Australia

Christophe Godlewski, Université de Haute Alsace & EM

Strasbourg, France

Ciarán mac an Bhaird, Dublin City University, Ireland

Costas Siriopoulos, University of Patras, Greece

Cristina Ruza, UNED National Distance Teaching University,

Spain

Daniel Roesch, Universität Regensburg, Germany

David Gomtsyan, Collegio Carlo Alberto, Italy

David-Jan Jensen, De Nederlandsche Bank, The

Netherlands

Davide Romelli, ESSEC Business School & THEMA-Université

de Cergy-Pontoise, France

Dimitrios Vortelinos, University of Lincoln, UK

Dirk Ulbricht, DIW German Institute for Economic Research,

Germany

Dong Wook Lee, Korea University, Republic of Korea

Duccio Martelli, Università degli Studi di Perugia, Italy

Eduard Baumöhl, University of Economics in Bratislava,

Slovakia


Elettra Agliardi, Università di Bologna, Italy

Elizaveta Mirgorodskaya, VU Vrije Universitet Amsterdam,

The Netherlands

Emmanouil Noikokyris, Kingston University, UK

Emmanuel Mamatzakis, University of Sussex, UK

Ewa Karwowski, SOAS University of London, UK

Fabian Gogolin, Dublin City University, Ireland

Faek Menla Ali, Brunel University, UK

Fangming Xu, University of Bristol, UK

Fengbin Lu, Chinese Academy of Sciences, China

Fergal O’Connor, Trinity College Dublin, Ireland

Gábor Dávid Kiss, University of Szeged, Hungary

Gabriel Power, Université Laval, Canada

Gazi Kara, The Federal Reserve Board of Governors, USA

George Filis, Bournemouth University, UK

George Palaiodimos, Bank of Greece, Greece

George Ryder, Advisorment Ltd, UK

Gianluigi Giorgioni, University of Liverpool, UK

Gilles de Truchis, Aix Marseille Université, France

Giuseppe Cappelletti, Banca d'Italia, Italy

Grégory Guilmin, Université de Namur, Belgium

Guillaume Horny, Banque de France, France

Helena Chuliá, Universitat de Barcelona, Spain

Idoya Ferrero Ferrero, Universitat Jaume I, Spain

Ingo Bordon, German Development Institute, Germany

Jacinta Bernadette Rico, Waseda University, Japan

Jamel Saadaoui, Université de Strasbourg, France

James Brown, Iowa State University, USA

Jan Willem van den End, De Nederlandsche Bank, The

Netherlands

Jarko Fidrmuc, Zeppelin University (ZU Friedrichshafen),

Germany

Javier Garayoa, SPAINSIF, Spain

Javier Vidal García, Universidad Complutense de Madrid,

Spain

Jeanne Diesteldorf, Westfälische Wilhelms-Universität

Münster, Germany

Jennifer Berrill, Trinity College Dublin, Ireland

Jennifer Itzkowitz, Seton Hall University, USA

Jesus Salas, Lehigh University, USA

John Burger, Loyola University Maryland, USA

John Goodell, The University of Akron, USA

John Vourdas, European University Institute, Italy

Jos van Bommel, Université du Luxembourg, Luxembourg

Joscha Beckmann, Universität Duisburg-Essen, Germany

Jose Olmo, University of Southampton, UK

José Rossi, INSPER Institute of Education and Research,

Brazil

Joung Hwa Choi, Seoul National University, Republic of

Korea

Juan Francisco Martinez, Banco Central de Chile, Chile

Katarzyna Sum, Warsaw School of Economics, Poland

Lena Suchanek, Bank of Canada, Canada

INFINITI 2014

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7

Leonardo Tariffi, Universidad de los Andes, Venezuela

Lewis Gaul, US Treasury, Office of the Comptroller of the

Currency, USA

Ludovic Gauvin, Banque de France & Université Paris Ouest

Nanterre La Défense, France

Luis Pereira Gomes, Politécnico do Porto, Portugal

Luiz Vitiello, University of Essex, UK

Marc Deloof, Universiteit Antwerpen, Belgium

Marcel Grupp, Goethe Universität Frankfurt am Main,

Germany

Marianne Ojo, North West University & Legal Scholarship

Network, USA

Mark Griffiths, Miami University, USA

Markus Hertrich, Universität Basel, Switzerland

Marta Gómez-Puig, Universitat de Barcelona, Spain

Martha O’Hagan Luff, Trinity College Dublin, Ireland

Marwan Izzeldin, Lancaster University, UK

Mary Pieterse-Bloem, Erasmus Universiteit Rotterdam, The

Netherlands

Massimo Guidolin, Università Bocconi, Italy

Mathias Lé, ACPR Autorité de Contrôe Prudentiel et de

Résolution, France

Mattias Nilsson, University of Colorado Boulder, USA

Maurice Peat, The University of Sydney, Australia

Michael Donadelli, Goethe Universität Frankfurt am Main,

Germany

Michael Dowling, Dublin City University, Ireland

Michael Lucey, Durham University, UK

Michael Viehs, University of Oxford, UK

Michaela Rankin, Monash University, Australia

Michela Rancan, EU Joint Research Centre, Italy

Mikhail V Oet, Case Western Reserve University & Federal

Reserve Bank of Cleveland, USA

Milos Vulanovic, City University of Hong Kong, Hong Kong

Mónika Pitz, University of Pécs, Hungary

Muhammed Altuntas, Universität zu Köln (University of

Cologne), Germany

Muhammad Ali Nasir, Leeds Metropolitan University, UK

Neophytos Kathitziotis, Universität Hamburg &

Commerzbank AG, Germany

Nikos Paltalidis, University of Portsmouth, UK

Nuria Suárez, Universidad Pública de Navarra, Spain

Orcun Kaya, Deutsche Bank, Germany

Paul Moon Sub Choi, Ewha School of Business, Republic of

Korea

Peter N Posch, Universität Ulm, Germany

Peter Sarlin, Goethe Universität Frankfurt am Main,

Germany

Peter Spencer, The University of York, UK

Pinar Uysal, EPFL École Polytechnique Fédérale de

Lausanne, Switzerland

Philip Brock, University of Washington, USA

Pilar Abad, Universidad Rey Juan Carlos, Spain

Priyanshi Gupta, University of Delhi, India

Radu Tunaru, University of Kent, UK

Raj Aggarwal, The University of Akron, USA

Rajeswari Sengupta, Indira Gandhi Institute of

Development Research (IGIDR), India

Remzi Uctum, Université Paris Ouest Nanterre La Défense,

France

Renatas Kizys, University of Portsmouth, UK

Robert Czudaj, Universität Duisburg-Essen, Germany

Robert Hudson, The University of Hull, UK

Robert Jung, Universität Hohenheim, Germany

Roberto Duncan, Ohio University, USA

Rodney Maddock, Monash University, Australia

Roman Horvath, Charles University in Prague, Czech

Republic

Roman Matousek, University of Sussex, UK

Salimuddin Dewan, ICFAI Business School, India

Sana Khan, Bar Council of Ireland, Ireland

Santiago Carbo-Valverde, Bangor University, UK

Sanvi Avouyi-Dovi, Banque de France, France

Satish Sharma, Northumbria University, UK

Selva Demiralp, Koç University, Turkey

Shann Turnbull, International Institute for Self-Governance,

Australia

Sheida Teimouri, University of Wisconsin-La Crosse, USA

Shuo Cao, University of Glasgow, UK

Simón Sosvilla-Rivero, Universidad Complutense de Madrid,

Spain

Sisira Jayasuriya, Monash University, Australia

Sofia Ramos, ISCTE Instituto Universitário de Lisboa, Portugal

Spiridon Kariofyllas, University of Patras, Greece

Srđan Marinković, University of Niš, Republic of Serbia

Štefan Lyócsa, University of Economics in Bratislava,

Slovakia

Stefan Reitz, Kiel Institute for the World Economy, Germany

Stefanie Kleimeier, Maastricht University, The Netherlands

Stefano Zedda, Università degli Studi di Cagliari, Italy

Suk-Joong Kim, The University of Sydney, Australia

Suren Pakhchanyan, Carl von Ossietzky Universität

Oldenburg, Germany

Tamara Marinicevaite, ISM University of Management and

Economics, Lithuania

Tatiana Fic, National Institute of Economic and Social

Research, UK

Tatsuyoshi Miyakoshi, Hosei University, Japan

Theodoros Stamatiou, Eurobank, Greece

Thibaut Duprey, Banque de France, France

Thomas Conlon, University College Dublin, Ireland

Thomas Lagoarde-Segot, KEDGE Business School, France

Thu Phuong Pham, University of Tasmania, Australia

Torsten Schmidt, RWI Essen, Germany

Udichibarna Bose, University of Glasgow, UK

Valeria Miceli, Università Cattolica del Sacro Cuore, Italy

Vanja Piljak, University of Vaasa, Finland

Vasileios Kallinterakis, University of Liverpool, UK

Volker Seiler, Universität Paderborn, Germany

Walid Hichri, Université Lumière Lyon 2 & GATE-LSE, France

Wasseem Mina, United Arab Emirates University, UAE

Willem Spanjers, Kingston University, UK

William Gavin, Federal Reserve Bank of St Louis, USA

Wolfgang Bessler, Justus-Liebig-Universität Giessen,

Germany

Wolfgang Breuer, RWTH Aachen University, Germany

Xiaoqing Maggie Fu, University of Macau, China

Yimiao Chen, KPMG, USA

Yrjo Koskinen, Boston University, USA

Zorobabel Bicaba, African Development Bank, Tunisia

Zsolt Darvas, Bruegel, Belgium & University of Pécs, Hungary

Zuzana Brixiova, African Development Bank, Tunisia

We also thank the Scientific Committee (Elaine Hutson, Colm Kearney, Thomas Lagoarde-Segot

and Maurice Peat) who judged the best papers.


Host an INFINITI?

You’ve seen what we do. What about becoming a part of the Local Organisation

team and bringing INFINITI to your country?

What do you get for hosting an INFINITI?

Eternal honour and glory, and of course recognition by your peers in International Finance. This is

an opportunity to show off your university/organisation, as well as the culture and sites of your

country. You will also get to host a most fantastic Conference Gala Dinner.

There will be free attendance to the INFINITI you are hosting, as well as to all future INFINITI

Conferences in the future (for up to 2 people from your organisation).

What we look for

As the host, we kindly ask you to be involved in providing as much local information/knowledge

as possible when setting up. We also look for the following:

18-20 classrooms (capacity 20-40) and 2 plenary theatres (capacity 300), preferably with

AV facilities

Special Issue(s) sponsorship (circa US$10,000)

And if possible, a climate warmer than Ireland’s....

Europe but also elsewhere

Besides the main INFINITI Conference in June in Europe (always on the 2nd Monday and Tuesday

in June), we are also open to considering an October INFINITI perhaps in North America or Asia.

Contact us

We’d love to hear from you. Email the Conference Chair, Brian Lucey, with your proposal at

[email protected].

INFINITI 2014

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9

INFINITI 2015

SAVE THE DATES: 8-9 JUNE 2015, LJUBLJANA, SLOVENIA

Continuing in a tradition of the past two years after we “set sail” from Dublin, we are happy to announce

that next year’s INFINITI Conference on International Finance will be held at Faculty of Economics at the

University of Ljubljana (FELU) in Slovenia.

FELU is part of University of Ljubljana, which was formally established in 1919 with its beginning going back

to 18th century. Today, the university has 23 faculties and 3 arts academies. Founded in 1946, FELU is the

largest of the faculties with approximately 6.000 students and is EQUIS, AACSB and TedQual accredited.

Ljubljana is the capital of Slovenia and a very “young city”, since it boast 50,000 students among its

population of about 280,000. Here, at the meeting point of the cultures of east and west the old comes

together in harmony with the new. In Ljubljana, the remainders of all five millenniums of its history are

preserved, including the legacy of the Roman settlement of Emona and the Old Town resting on the banks

of the river Ljubljanica, with its medieval castle, and Renaissance and Baroque facades with ornamented

portals and uneven roofs. Ljubljana is also a city of culture. It is home to numerous theaters, museums and

galleries and boasts one of the oldest philharmonic orchestras in the world. Over 10,000 cultural events

take place in the city every year, including 10 international festivals.

Slovenia lies at the heart of Europe, where the Alps and the Mediterranean meet the Pannonian plains and

the mysterious Karst. As a beautiful and picturesque country, Slovenia also makes a great tourist

destination. Mountains, lakes, waterfalls, forests, caves, hills, plains, rivers and the sea – you can find it all

within the country’s modest 20,272 square kilometers.

We will make sure that the social part of the conference programme will give you at least a taste of some

of it and we guarantee you a well-known warm Slovenian hospitality.

The closest airport is 23km northwest of the city - Ljubljana International Airport Jože Pučnik (Brnik), offering

several daily connections to major European airport hubs (Frankfurt, Munich, Vienna, Zurich, Brussels, Paris,

London). Ljubljana can also be reached by train with several good international rail connections.


General Information

Completion of Registration

All registration fees and other charges must

be paid in full in order to complete your

Registration. At this time, you will receive

your Conference Programme, as well as a

Conference Badge. Please wear your

badge at all times during the Conference,

as only participants with official Conference

ID will be allowed into any of the

Conference Sessions and functions.

Conference Location

The Conference will be held at the Monash

University Prato Centre, as well as the

Palazzo delle Professioni (upstairs in the

same building) and Teatro Politeamo.

Please refer to the maps for the specific

room locations.

There are Conference Assistants to help

guide you to the different venues and the

specific rooms.

Conference Reception Desk

The Conference Reception Desk will be at

the Monash University Prato Centre.

Catering / Refreshments

Tea, coffee and water will be served during

the breaks, as indicated in the Conference

Programme.

A simple lunch will also be provided on both

days in the Monash University Prato Centre.

Dress Code

The dress code for the Conference is smart

casual.

Internet Access / WIFI

There is no WIFI available at the centre;

however you may use the computer lab

(next to Salone Grollo) for internet access.

Please ask at the Conference Reception

Desk for an access code.

Mobile Phones

Please show respect by turning yours off or

putting it on silent during the sessions.

Papers

Full papers (and presentations) are only

available directly from the Authors.

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Parallel Sessions

All presenters may upload their

presentations in either MS PowerPoint or pdf

format. They are responsible for ensuring

that that their presentations are uploaded

onto the computer in the room in advance

of the start of their Session.

A Conference Assistant will be available on

each floor to assist in the process, 15 minutes

prior to the start of each Session – please

note that the rooms are available at the

following times:

Monday, 9 June 2014

0815-0900 hrs (except MON Salone Grollo

from 0815-0830 only and POLITEAMA Room

19 from 1415 hrs only)

1245-1300 hrs (except MON Salone Grollo

from 1200-1215 hrs only)

1445-1500 hrs

1615-1630 hrs

Tuesday, 10 June 2014

0915-0930 hrs

1230-1245 hrs (rooms with sessions at 1245)

1345-1400 hrs

1545-1600 hrs

Presentations may be uploaded during any

of the times indicated above, however only

on the same day that they will be

presented.

During the Parallel Sessions, each Presenting

Author will make a 15-20 minute

presentation on their paper (depending on

the number of papers in the Session). The

allocated Discussant will then have 5

minutes to respond to the presentation.

The Session Chair is responsible for directing

any Q&A and for ensuring that the Session

starts and ends on time. Any time left at the

end of the each Session will be devoted to

general Q&A on all papers presented during

the Session. Presenting Authors are therefore

asked to remain in their rooms until the end

of the Session.

Social Events

MONDAY EVENING FROM 1930 HRS

On Monday evening, you are invited to join

us at

Wallace Pub

for an informal social from 1930 hrs onwards.

You will be able to order and pay for food

here, although there are also many other

restaurants in the local vicinity that are

worth trying out.

TUESDAY EVENING CONFERENCE GALA

DINNER – COACHES LEAVE AT 1800 HRS

The Conference Gala Dinner will be held at

the Villa Fernandino. Coaches will be

leaving at 1800 hrs. Please listen for an

announcement after the Tuesday Keynote

for the exact street.


Conference Gala Dinner

The Conference Gala Dinner will be held at the Villa Medicia “La Ferdinanda”. The villa was

commissioned by the Grand Duke Ferdiando I, and was designed and built in 1596 by the

famed Bernando Buontalenti. It is set in the heart of the Tuscan countryside, where olive trees

and vineyards design the landscapes of the hills.

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Maps

Prato


Monash University Prato Centre

The Monash University Prato Centre is located on the first floor at Via Pugliesi, 26.

MON Salone Grollo (Room 2)

MON Break Out 2 (Room 4)

MON Meeting Room (Room 10)

MON Studio 1 (Room 12)

MON Sala Toscana (Room 14)

MON Sala Giochi (Room 15)

MON Sala Veneziana (Room 6)

http://test3.monash.it/files/pages/MUPC_pp_pt.jpg

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Palazzo delle Professioni


Teatro Politeama

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Keynotes

Dirk Schoenmaker is dean of the Duisenberg School of finance.

He is also a professor of Finance, Banking and Insurance at the

VU University Amsterdam and a member of the Advisory

Scientific Committee of the European Systemic Risk Board at the

ECB. He is a renowned expert in the areas of (inter)national

banking, financial supervision and stability, and European

financial integration. He is author of ‘Governance of

International Banking: The Financial Trilemma’ (Oxford University

Press) and co-author of the textbook ‘Financial Markets and

Institutions: A European Perspective’ (Cambridge University

Press). He earned his PhD in economics at the London School of

Economics.

He is a visiting scholar at the IMF, OECD and the European

Commission. Before joining the Duisenberg School in 2009, he had served at the Ministry of

Finance in the Netherlands. In the 1990s he served at the Bank of England.

Fabio Canova obtained his PhD from the University of Minnesota

He has been Assistant Professor at Brown University and University

of Rochester; Associate Professor at EUI and Brown University; and

Full Professor at the Universities of Catania, Modena and

Southampton, as well as Universitat Pompeu Fabra. He has held a

Chair in Monetary Economics at the University of Bern, has

been ICREA Research Professor, and currently holds the Pierre

Werner Chair in Monetary Union and is Professor of Econometrics

at the EUI. He has been an associate researcher with CREI,

CREMeD and Eprism, and is currently a researcher with the CEPR.

Fabio has taught classes in numerous universities around the world

and given professional courses at the Bank of England, Riksbank,

Bank of Italy, Bundesbank, ECB, Bank of Spain, Bank of Portugal, Bank of Hungary, Bank of

Argentina, Banco do Brazil, Banco de Peru, South African Central Bank, Central Bank of

Indonesia, Swiss National Bank, Banco de Mexico, Banco de La Republica de Colombia, Banco

de Venezuela, Banco de Chile, Bank of Israel, Monetary and Banking Institute of Iran, Waifem,

Central Bank of Chile, Central Bank of Korea, Bank of Albania, at the EABCN, at the Central

Bank course in Genzersee, the EU commission, the UK Foreign Office and UK treasury, among

others. He has held consultancy positions with the Bank of England, the ECB, the Bank of Italy

and the Bank of Spain and the IMF.

He is also Program Director of the Budapest School of Central Bank Studies, Director of the

International Association of Applied Econometrics, member of the scientific committee of the

EABCN, program chair for the European Meetings of the Econometric Society 2014, panelist of

ANVUR and a referee for ERC, NSF, and ESRC among others.

He is currently coeditor of the Journal of the European Economic Association and of the Journal

of Applied Econometrics. He has published over 80 articles in international journals and his

graduate textbook, Methods for Applied Macroeconomic Research, was published in 2007

by Princeton University Press.


Special Session Guests

“VALUES, ETHICS AND FINANCE”

Special Session organised by the AG2R LA MONDIALE Research Chair

“Finance reconsidered” at KEDGE Business School.

Bernard Paranque is Professor of Finance at KEDGE Business School. He

is now Director of “Euromediterranean affairs, emerging markets,

finance and common good” research department. He holds the

AG2R LA MONDIALE Chair “Finance Reconsidered: Investment,

Solidarities and Responsibility”. He is associate member Institute of

Labour Economics and Industrial Sociology AMU-LEST-CNRS-UMR 7317.

His research focuses on finance and common resources

management, and on employee ownership organisation as

cooperatives and their governance. He is also interested in the issue of

economic coordination, collective action, and in solidarity and social

Economy challenges. Some of his papers can be consulted online on

http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1633.

Robin Edme is Senior Advisor Responsible Finance to the

Commissioner General in charge of Sustainable Development the

French Ministry of Ecology, Sustainable Development and Energy.

He is the Ministry’s Rapporteur of the White Paper on Financing the

Ecological Transition. He currently focuses on designing new

investment and capital allocation frameworks through the

development of responsible and long term finance, as well as

identifying innovative financial instruments beneficial to the

ecological transition and low-carbon economies.

Last November, he was appointed Chair of the Group of Friends of

Paragraph 47 (of the Rio+20 Declaration), a government led

initiative promoting corporate sustainability reporting at

international, regional and national levels.

Prior to his current position, he was the founding and Managing Partner of Maqassar, a pioneer

Executive CSR & SRI consulting company. He is one of the founders and former President of the

Forum pour l’investissement responsable (French Social Investment Forum) and of Eurosif. He is

currently a Member of the Technical Advisory Committee of the GRI and of the Qualified

Personalities College of the French Institute of Directors, and serves as Board Member of

European Partners for the Environment.

He is today a recognised international expert for his capacity to tackle complex and high

impact CSR and SRI issues; he developed strong advocacy and lobbying expertise to national,

European and international public authorities (in particular in the fields of SRI, CSR reporting,

climate change and resilient economies financial tools as well as in Business & Human Rights).

He currently lectures European actors of the financial industry on advanced CSR & SRI issues, as

well as at several universities.

Born in 1956, Robin EDME has graduated from ENA and holds an MBA from HEC Business School;

he also graduated from IEP Paris, holds a Masters in Public Law and a Doctorate Degree in

Industrial Policy.

http://www.consultations-publiques.developpement-durable.gouv.fr/livre-blanc-sur-le-financement-de-a192.html

http://www.consultations-publiques.developpement-durable.gouv.fr/livre-blanc-sur-le-financement-de-a192.html

http://www.unep.org/resourceefficiency/Business/SustainableandResponsibleBusiness/CorporateSustainabilityReporting/GroupofFriendsofParagraph47/tabid/105011/Default.aspx

http://www.unep.org/resourceefficiency/Business/SustainableandResponsibleBusiness/CorporateSustainabilityReporting/GroupofFriendsofParagraph47/tabid/105011/Default.aspx

http://www.frenchsif.org/

http://www.eurosif.org/

https://www.globalreporting.org/network/network-structure/technical-advisory-committee/Pages/default.aspx

http://www.ifa-asso.com/association/englishversion.php?PHPSESSID=i39u5fus6ii588u5b7mnb77gc6

http://www.epe.be/

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Thomas Lagoarde-Segot is Associate Professor of Finance at KEDGE

Business School and a research associate at the Aix-Marseille School

of Economics. He holds a PhD in Finance from Trinity College Dublin

and a Habilitation in Economics from Aix-Marseille Université. He

currently serves as editor in chief of Research in International

Business and Finance and associate editor of International Review

of Financial Analysis. His research focuses on emerging market

finance, social finance, financial history and economic philosophy.

Christophe Faugère obtained his PhD in Economics from the

University of Rochester, USA, in 1993 and a Masters in

Mathematical Economics in 1987 from the University of Toulouse.

He is currently Professor of Finance and Chair of the Finance and

Economics Department at KEDGE Business School, Bordeaux. Prior

to this, he was an Associate Professor and Chair of the Finance

Department at the UAlbany School of Business, NY, USA.

His current research focuses on ethics, financial markets and

monetary economics. His main research program is on models of

asset valuation (gold, Treasuries, stock indexes) that combine

rational and irrational investor behaviour. He is the co-inventor of

Required Yield Theory; one of the most accurate theory for

valuing the S&P 500 and gold. He has extensively published in top

tier US academic journals such as the Journal of Portfolio Management and Financial Markets,

Institutions & Instruments. One of his published articles on “Sell Discipline” received extensive

coverage in the New York Times and International Herald Tribune in 2004.


Programme

Sunday, 8 June 2014

1730-1930 Welcome Reception and Early Registration Monash University Prato Centre

Monday, 9 June 2014

0800-1800 Conference Reception Open Monash University Prato Centre

0830-0900 Welcome MON Salone Grollo (Room 2)

Brian Lucey, Trinity College Dublin, Ireland


0900-1030 Parallel Sessions

1a Euro Crisis MON Salone Grollo (Room 2)

1b Central Banking MON Break Out 2 (Room 4)

1c Sudden Stops and Financial Crises MON Meeting Room (Room 10)

1d Public Finance MON Studio 1 (Room 12)

1e Banking Channels MON Sala Toscana (Room 14)

1f Foreign Exchange I MON Sala Giochi (Room 15)

1g Moving Markets MON Sala Veneziana (Room 6)

1h Firms in International Finance Palazzo delle P Sala Torre

1i Commodities I Palazzo delle P Sala Teatro

1j Banking Crises Palazzo delle P Sala Periti

1k Spillovers TEATRO POLITEAMA Room 7

1l Corporate Governance TEATRO POLITEAMA Room 8

1m International Investing TEATRO POLITEAMA Room 9

1n Current Account TEATRO POLITEAMA Room 16

1o NO SESSION TEATRO POLITEAMA Room 19

1030-1100 Coffee Break Monash University Prato Centre

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1100-1200 KEYNOTE TEATRO POLITEAMA Main Theatre

Dirk Schoenmaker, Duisenberg School of Finance, The Netherlands

“How Can We Save International Banking?”

The future of international banking is highly uncertain. The presentation employs the

financial trilemma to examine the trade-offs between internationally active banks and

national supervision. In the aftermath of the global financial crisis, we are witnessing a

reactionary push towards the decentralised banking model, by which banks are split in

national subsidiaries supervised by national supervisors. These national subsidiaries need

to maintain local liquidity pools and capital buffers, which can be very costly. But there

is an alternative route possible. We argue for international supervision of the large

global banks. The Bank for International Settlements (BIS) and the International

Monetary Fund (IMF) play a key role in this new international approach for banking

supervision and resolution. The precondition for an international approach is the

organisation of the fiscal backstop.

1200-1300 Lunch Monash University Prato Centre

1215-1300 PANEL SESSION: MEET THE DEANS MON Salone Grollo (Room 2)

Carol Alexander, University of Sussex, UK



1215-1300 INTERACTIVE POSTER SESSION Monash University Prato Centre

1300-1430 Parallel Sessions

2a Political Economy of the Eurozone MON Salone Grollo (Room 2)

2b Monetary Policy: Drivers MON Break Out 2 (Room 4)

2c Contagion Models MON Meeting Room (Room 10)

2d Behavioral MON Studio 1 (Room 12)

2e WORKSHOP: A Guide to Elsevier’s EES System MON Sala Toscana (Room 14)

2f Exchange Rates and Integration MON Sala Giochi (Room 15)

2g International Markets MON Sala Veneziana (Room 6)

2h Corporate Actions and Reactions Palazzo delle P Sala Torre

2i Gold I Palazzo delle P Sala Teatro

2j Regulating Banks Palazzo delle P Sala Periti

2k Stability and Spillovers in Emerging Markets TEATRO POLITEAMA Room 7

2l Capital Structure and Governance TEATRO POLITEAMA Room 8

2m Home Bias and International Investing I TEATRO POLITEAMA Room 9

2n Bond Spillovers and Integration TEATRO POLITEAMA Room 16

2o SMEs and Private Companies TEATRO POLITEAMA Room 19



1500-1615 PANEL SESSION: MEET THE EDITORS MON Salone Grollo (Room 2)

Carol Alexander, Journal of Banking and Finance

Brian Lucey, International Review of Financial Analysis &

Journal of Behavioral and Experimental Finance

Jonathan Batten, Emerging Markets Review

Jagna Mirska, Elsevier

1500-1615 Early Stage Research Presentations I MON Sala Veneziana (Room 6)

1500-1615 SPECIAL SESSION: “Values, Ethics and Finance” TEATRO POLITEAMA Room 7

Special Session organised by the AG2R LA MONDIALE

Research Chair “Finance reconsidered” at KEDGE

Business School.

Chaired by Bernard Paranque, KEDGE Business School, France.

Speakers:

Robin Edme, Ministry of Ecology, Sustainable Development and Energy,

France: the practitioner’s point of view

Thomas Lagoarde-Segot, KEDGE Business School, France: values, ethics versus

logical positivism in finance

Christophe Faugère, KEDGE Business School, France: Buddhism and ‘the noble

intent of finance’

The ongoing economic, social and environmental crisis has revealed the need to

redefine the finance function. Given its micro-normative intent, academic finance

bears significant responsibility in this process. In particular, the inclusion of sustainability

issues in financial practices requires the explicit incorporation of ethics and values into

financial theory. Such a change, however, appears incompatible with the current

epistemological structure of academic discourse in finance, which is heavily influenced

by logical positivism.

This paradox hinders the successful elaboration of the new tools and concepts

expected by the multiple stakeholders of academic finance (including the industry,

governments, and students). However, many private actors have begun to incorporate

environmental and social values into financial practices. This could serve as a stepping

stone for the rethinking of academic finance. This session will analyze these new

practices, discuss the epistemological obstacles to paradigmatic diversification in

finance, and attempt to carve out innovative paths for financial research in the 21st

century.


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1630-1800 Parallel Sessions 3

3a Real Economy and Finance MON Salone Grollo (Room 2)

3b Central Banks and Governments MON Break Out 2 (Room 4)

3c Volatility I MON Meeting Room (Room 10)

3d Herding and Overconfidence MON Studio 1 (Room 12)

3e Banks MON Sala Toscana (Room 14)

3f Foreign Exchange II MON Sala Giochi (Room 15)

3g Stock Prices MON Sala Veneziana (Room 6)

3h Corporate Control Palazzo delle P Sala Torre

3i Commodities II Palazzo delle P Sala Teatro

3j Capital, Banking and Growth Palazzo delle P Sala Periti

3k Emerging Markets and Capital Flows TEATRO POLITEAMA Room 7

3l New Approaches and Old Concepts TEATRO POLITEAMA Room 8

3m Funds TEATRO POLITEAMA Room 9

3n Bond and Debt Markets TEATRO POLITEAMA Room 16

3o SME Credit TEATRO POLITEAMA Room 19

1930 Monday night social Wallace Pub

Piazza Mercatale 24, Prato

Tuesday, 10 June 2014

0900-1700 Conference Reception Open Monash University Prato Centre


4a Eurozone Debt Issues MON Salone Grollo (Room 2)

4b Monetary Policy: Shocks MON Break Out 2 (Room 4)

4c Volatility II MON Meeting Room (Room 10)

4d Forecasting I MON Studio 1 (Room 12)

4e Banking Integration MON Sala Toscana (Room 14)

4f Interest Rates in Europe MON Sala Giochi (Room 15)

4g Regulation I MON Sala Veneziana (Room 6)

4h Corporate Wealth Creation and Destruction Palazzo delle P Sala Torre

4i Households Palazzo delle P Sala Teatro

4j Portfolio Composition and Management Palazzo delle P Sala Periti

4k Emerging Markets TEATRO POLITEAMA Room 7

4l Sentiment and Risk TEATRO POLITEAMA Room 8

4m Which Trades Matter? TEATRO POLITEAMA Room 9

4n Investment Research Approaches TEATRO POLITEAMA Room 16

4o Markets and Liquidity TEATRO POLITEAMA Room 19



1130-1230 KEYNOTE TEATRO POLITEAMA Main Theatre

Fabio Canova, European University Institute, Italy

“Using external information to sharpen inference about prediction and policy

analysis models”

Macroeconometric models leave out important information that policy makers and

forecasters typically find important. Is there any way to incorporate this information to

sharpen predictions and policy analysis with macroeconometric models? We consider

both survey data and financial markets information which typically have no

counterpart in standard models. We discuss ways to evaluate their predictive content

and how inference about certain features of the data change when this information is

used.

1230-1400 Lunch Monash University Prato Centre

1245-1345 PANEL SESSION: WOMEN IN FINANCE MON Salone Grollo (Room 2)

Is there a glass ceiling in finance and finance academia? If so, how can it be

breached? What, if any, are the particular challenges facing female academics in

finance? Panel members incude Christine Brown (Monash University, Australia), Sandra

Dow (Monterey Institute of International Studies, Middlebury College, USA), Elaine

Hutson (Monash University, Australia) and Kate Phylaktis (Cass Business School, City

University London, UK).

1245-1345 Early Stage Research Presentations II MON Sala Veneziana (Room 6)

1245-1345 SPONSORED WORKSHOP: EVENTUS – Palazzo delle P Sala Periti

MAXIMISE YOUR RESEARCH SUCCESS

How can Eventus help you publish in top journals? Professor Arnie Cowan, creator of

Eventus software, discusses trends in empirical research and how Eventus can help you.

The session will include demonstrations of research solutions in Eventus including

features in the new version being released this year.


5a Crisis MON Salone Grollo (Room 2)

5b Central Banking Objectives MON Break Out 2 (Room 4)

5c WORKSHOP: Financial Geography MON Meeting Room (Room 10)

5d Forecasting II MON Studio 1 (Room 12)

5e Banks Internationally MON Sala Toscana (Room 14)

5f WORKSHOP: SME Finance MON Sala Giochi (Room 15)

5g Regulation II MON Sala Veneziana (Room 6)

5h Credit and Credit Management Palazzo delle P Sala Torre

5i Commodities III Palazzo delle P Sala Teatro

5j WORKSHOP: Trading Volatility Palazzo delle P Sala Periti

5k National Effects TEATRO POLITEAMA Room 7

5l Risk and Risk Models TEATRO POLITEAMA Room 8

5m Trading and Markets TEATRO POLITEAMA Room 9

5n Long-Term Finance TEATRO POLITEAMA Room 16

5o New Monies New Regulation TEATRO POLITEAMA Room 19


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6a World Markets MON Salone Grollo (Room 2)

6b Monetary Policy: Effects MON Break Out 2 (Room 4)

6c Banking Operations and Financing MON Meeting Room (Room 10)

6d Modelling Returns and Levels MON Studio 1 (Room 12)

6e Bank Loans and Banking MON Sala Toscana (Room 14)

6f Capital Flows and Interest Rates MON Sala Giochi (Room 15)

6g International Financial Service Issues MON Sala Veneziana (Room 6)

6h Status Palazzo delle P Sala Torre

6i Gold II Palazzo delle P Sala Teatro

6j Dark Pools and Traders Palazzo delle P Sala Periti

6k PANEL SESSION: National Culture TEATRO POLITEAMA Room 7

6l Information and Expectations TEATRO POLITEAMA Room 8

6m International Portfolios TEATRO POLITEAMA Room 9

6n Home Bias and International Investing II TEATRO POLITEAMA Room 16

6o Banks and Liquidity TEATRO POLITEAMA Room 19

1800 Coaches leave for Conference Gala Dinner


Parallel Sessions

*Where there are multiple authors, an asterisk indicates the presenting author.

Monday, 0900-1030: Parallel Sessions 1

Session 1a | MONASH Salone Grollo (Room 2)

EURO CRISIS Chair: Jonathan Batten, Monash University, Australia

Capital flow waves to and from Switzerland before and after the financial crisis

Pinar Yeşin, Swiss National Bank, Switzerland

Discussant: Torsten Schmidt, RWI Essen, Germany

Hypnosis Before Wake-up Call?! The Revival of Sovereign Credit Risk Perception in the EMU-Crisis

Kai Daniel Schmid, Hans Böckler Foundation, Germany

Discussant: Pinar Yeşin, Swiss National Bank, Switzerland

Uncertainty and Episodes of Extreme Capital Flows in the Euro Area

*Torsten Schmidt, RWI Essen, Germany

Lina Zwick, RWI Essen, Germany

Discussant: Kai Daniel Schmid, Hans Böckler Foundation, Germany

Session 1b |MONASH Breakout 2 (Room 4)

CENTRAL BANKING Chair: Roman Horvath, Charles University in Prague, Czech Republic

Central Banks and Macroeconomic Policies: Relaxing the Trilemma

Andreas Steiner, Universität Osnabrück, Germany

Discussant: Roman Horvath, Charles University in Prague, Czech Republic

Effectiveness of Official FX Intervention - Evidence from the Regime Switching Model of Volatility

*Srđan Marinković, University of Niš, Republic of Serbia

Ognjen Radović, University of Niš, Republic of Serbia

Discussant: Andreas Steiner, Universität Osnabrück, Germany

Peer Effects of Central Banking

Roman Horvath, Charles University in Prague, Czech Republic

Discussant: Srđan Marinković, University of Niš, Republic of Serbia

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Session 1c| MONASH Meeting Room (Room 10)

SUDDEN STOPS AND FINANCIAL CRISIS Chair: Eduardo Cavallo, Inter-American Development Bank, USA

Sudden stop regimes and output: a Markov switching analysis

*Andreas Bachmann, Universität Bern, Switzerland

Stefan Leist, State Secretariat for Economic Affairs (SECO), Switzerland

Discussant: Eduardo Cavallo, Inter-American Development Bank, USA

Currency Crises and Dynamics of Real Wages

Sheida Teimouri, University of Wisconsin-La Crosse, USA

Discussant: Andreas Bachmann, Universität Bern, Switzerland

A New Taxonomy of Sudden Stops: Which Sudden Stops should countries be most concerned

about?

*Eduardo Cavallo, Inter-American Development Bank, USA

Andrew Powell, Inter-American Development Bank, USA

Mathieu Pedemonte, Inter-American Development Bank, USA

Pilar Tavella, Harvard University, USA

Discussant: Sheida Teimouri, University of Wisconsin-La Crosse, USA

Session 1d| MONASH Studio 1 (Room 12)

PUBLIC FINANCE Chair: Dominik Maltritz, Universität Erfurt, Germany

Regional political pressure and excessive credit growth in China

Weixing Cai, University of Bristol, UK

*Fangming Xu, University of Bristol, UK

Cheng Zeng, University of Bristol, UK

Discussant: Dominik Maltritz, Universität Erfurt, Germany

Testing for public debt sustainability using band spectrum regression analysis

*Andrea Cipollini, Università di Palermo, Italy

Iolanda Lo Cascio, Università di Palermo, Italy

Discussant: Fangming Xu, University of Bristol, UK

Determinants of Budget Deficits in Europe: The role and relations of fiscal rules, fiscal councils,

creative accounting and the Euro

*Dominik Maltritz, Universität Erfurt, Germany

Sebastian Wüste, Deutsche Bundestag, Germany

Discussant: Andrea Cipollini, Università di Palermo, Italy


Session 1e| MONASH Sala Toscana (Room 14)

BANKING CHANNELS Chair: Stefanie Kleimeier, Maastricht University, The Netherlands

Why is the Effective Fed Funds Rate Below the Theoretical Floor?

Kyle Allen, Texas Tech University, USA

*Mark Griffiths, Miami University, USA

Scott Hein, Texas Tech University, USA

Drew Winters, Texas Tech University, USA

Discussant: Stefanie Kleimeier, Maastricht University, The Netherlands

Transmission Channels of Systemic Risk and Contagion in the Banking Sector

*Nikos Paltalidis, University of Portsmouth, UK

Renatas Kizys, University of Portsmouth, UK

Discussant: Mark Griffiths, Miami University, USA

Interest Rate Pass-Through and Banking Crises

Joscha Beckmann, Universität Duisberg Essen, Germany

*Stefanie Kleimeier, Maastricht University, The Netherlands

Harald Sander, Cologne University of Applied Sciences, Germany

Discussant: Nikos Paltalidis, University of Portsmouth, UK

Session 1f | MONASH Sala Giochi (Room 15)

FOREIGN EXCHANGE I Chair: Ana-Maria Fuertes, City University London, UK

Forecasting Implied Volatility in Foreign Exchange Markets: A Robust Functional Linear Model

Approach

*Fearghal Kearney, Dublin City University, Ireland

Mark Cummins, Dublin City University, Ireland

Finbarr Murphy, University of Limerick, Ireland

Discussant: Ana-Maria Fuertes, City University London, UK

USD&EUR Cross Rate Self Similarity Divergence Analysis Using Hurst Parameter Estimation via

Wavelet Method

Suheyl Belviranli, Istanbul Technical University, Turkey

Discussant: Fearghal Kearney, Dublin City University, Ireland

Heads I Win, Tails You Lose: New Evidence of Long-Run Asymmetry in Exchange Rate Pass-

Through by Exporting Firms

Raphael Brun-Aguerre, JP Morgan, UK

*Ana-Maria Fuertes, City University London, UK

Matthew Greenwood-Nimmo, University of Melbourne, Australia

Discussant: Suheyl Belviranli, Istanbul Technical University, Turkey

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Session 1g | MONASH Sala Veneziana (Room 6)

MOVING MARKETS Chair: Christian Grisse, Swiss National Bank, Switzerland

The EMU effects on capital markets' integration and the recent financial crisis

*George Palaiodimos, Bank of Greece, Greece

Elias Tzavalis, Athens University of Economics and Business, Greece

Discussant: Christian Grisse, Swiss National Bank, Switzerland

Determinants of Time Varying Co-movements among International Stock Markets

*Asma Mobarek, Stockholm University, Sweden

Gulnur Muradoglu, Queen Mary, University of London, UK

Sabur Mollah, Stockholm University, Sweden

Discussant: George Palaiodimos, Bank of Greece, Greece

Time variation in asset price responses to macro announcements

*Christian Grisse, Swiss National Bank, Switzerland

Linda Goldberg, Federal Reserve Bank of New York, USA

Discussant: Asma Mobarek, Stockholm University, Sweden

Session 1h | Palazzo delle Professioni (upstairs) Sala Torre

FIRMS IN INTERNATIONAL FINANCE Chair: Sandra Dow, Middlebury College, USA

Is Your Fund's Board Watching Out for You?

*Javier Vidal García, Universidad Complutense de Madrid, Spain

Marta Vidal, Universidad Complutense de Madrid, Spain

Discussant: Sandra Dow, Middlebury College, USA

International Variations in Sovereign Default Risk Spill-over to Domestic Firms

*Paula Hill, University of Bristol, UK

Emawtee Bissoondoyal-Bheenick, Monash University, Australia

Robert Faff, University of Queensland, Australia

Discussant: Javier Vidal García, Universidad Complutense de Madrid, Spain

Family First: Who's on Second?

Sandra Dow, Middlebury College, USA

Discussant: Paula Hill, University of Bristol, UK


Session 1i | Palazzo delle Professioni (upstairs) Sala Teatro

COMMODITIES I Chair: Viviana Fernandez, Universidad Adolfo Ibáñez, Chile

Volatility Regimes in Commodity Prices

Ingo Bordon, German Development Institute, Germany

Discussant: Viviana Fernandez, Universidad Adolfo Ibáñez, Chile

Country-level effects of global commodity price determinants: evidence from 72 countries

Yousef Makhlouf, University of Essex, UK

Discussant: Ingo Bordon, German Development Institute, Germany

Commodity price excess co-movement from a historical perspective: 1900-2010

Viviana Fernandez, Universidad Adolfo Ibáñez, Chile

Discussant: Yousef Makhlouf, University of Essex, UK

Session 1j | Palazzo delle Professioni (upstairs) Sala Periti

BANKING CRISES Chair: Gerald P Dwyer, Clemson University, USA

On the relation between currency and banking crises in developing countries, 1980-2010

Zhongbo Jing, University of Groningen, The Netherlands

Discussant: Leone Leonida, Queen Mary, University of London, UK

Banking responses in the wake of the global financial crisis

*Diptes Bhimjee, ISCTE Instituto Universitário de Lisboa, Portugal

Sofia Ramos, ISCTE Instituto Universitário de Lisboa, Portugal

José Dias, ISCTE Instituto Universitário de Lisboa, Portugal

Discussant: Zhongbo Jing, University of Groningen, The Netherlands

Bank concentration, competition and crises: A tale of two tails

Giovanni Caggiano, Università degli studi di Padova, Italy

Pietro Calice, The World Bank, USA

*Leone Leonida, Queen Mary, University of London, UK

Discussant: Diptes Bhimjee, ISCTE Instituto Universitário de Lisboa, Portugal

INFINITI 2014

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Session 1k | TEATRO POLITEAMA Room 7 (upstairs)

SPILLOVERS Chair: Aarti Rughoo, University of Hertfordshire, UK

Dynamic Spillover Effects in Futures Markets

Nikolaos Antonakakis, University of Portsmouth, UK

Christos Floros, Technological Educational Institute of Crete, Greece

*Renatas Kizys, University of Portsmouth, UK

Discussant: Aarti Rughoo, University of Hertfordshire, UK

Is There Heterogeneity in Financial Integration Dynamics? Evidence from Emerging Country and

Industry Equity Indexes

*Michael Donadelli, Goethe Universität Frankfurt am Main, Germany

Antonio Paradiso, Università Ca' Foscari, Venezia, Italy

Discussant: Renatas Kizys, University of Portsmouth, UK

Asian Financial Integration: Global or Regional? Evidence from Money and Bond Markets

*Aarti Rughoo, University of Hertfordshire, UK

Ke Fei You, London Metropolitan University, UK

Discussant: Michael Donadelli, Goethe Universität Frankfurt am Main, Germany

Session 1l | TEATRO POLITEAMA Room 8 (upstairs)

CORPORATE GOVERNANCE Chair: Domenico Campa, Trinity College Dublin, Ireland

The Geography of Shareholder Engagement: Evidence from a Large British Institutional Investor

Rob Bauer, Maastricht University, The Netherlands

Gordon L Clark, University of Oxford, UK

*Michael Viehs, University of Oxford, UK

Discussant: Domenica Campa, Trinity College Dublin, Ireland

The Impact of Cross-Listing on Corporate Governance: A Test of the Governance Bonding

Hypothesis

Paul Brockman, Lehigh University, USA

*Jesus Salas, Lehigh University, USA

Andrey Zagorchev, Rhodes College, United States

Discussant: Michael Viehs, University of Oxford, UK

Non-Audit Services Provided to Audit Clients, Independence of Mind and Independence in

Appearance: Latest Evidence from Largest UK Listed Companies

*Domenico Campa, Trinity College Dublin, Ireland

Ray Donnelly, University College Cork, Ireland

Discussant: Jesus Salas, Lehigh University, USA


Session 1m | TEATRO POLITEAMA Room 9 (upstairs)

INTERNATIONAL INVESTING Chair: Aleksandar Sevic, Trinity College Dublin, Ireland

Financial integration and the information environment: evidence from emerging markets

*Qiyu Zhang, Lancaster University, UK

Wendy Beekes, Lancaster University, UK

Philip Brown, The University of Western Australia & University of New South Wales, Australia

Discussant: Martha O'Hagan-Luff, Trinity College Dublin, Ireland

How European unification has shaped the debate on measuring international financial

integration

*Mary Pieterse-Bloem, Erasmus Universiteit Rotterdam, The Netherlands

Sylvester Eijffinger, Tilburg University, The Netherlands

Discussant: Qiyu Zhang, Lancaster University, UK

Why home-based investing makes sense – evidence from the US market.

*Martha O'Hagan-Luff, Trinity College Dublin, Ireland


Discussant: Mary Pieterse-Bloem, Erasmus Universiteit Rotterdam, The Netherlands

Session 1n | TEATRO POLITEAMA Room 16 (upstairs)

CURRENT ACCOUNT Chair: Francesca Viani, Banco de España, Spain

Current Account and Real Exchange Rate changes: the impact of Trade Openness

*Davide Romelli, ESSEC Business School & THEMA-Université de Cergy-Pontoise, France

Cristina Terra, THEMA-Université de Cergy-Pontoise, France

Enrico Vasconcelos, Banco Central do Brazil, Brazil

Discussant: Francesca Viani, Banco de España, Spain

Effective exchange rates, current accounts and global imbalances

*Joscha Beckmann, Universität Duisberg Essen, Germany

Robert Czudaj, Universität Duisberg Essen, Germany

Discussant: Davide Romelli, ESSEC Business School & THEMA-Université de Cergy-Pontoise, France

Countries' safety and competitiveness, and the estimation of current account misalignments

*Francesca Viani, Banco de España, Spain

Teresa Sastre, Banco de España, Spain

Discussant: Joscha Beckmann, Universität Duisberg Essen, Germany

Session 1o | TEATRO POLITEAMA Room 19 (upstairs)

NO SESSION

INFINITI 2014

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Monday, 1215-1300: Lunchtime Sessions

Session | MONASH Salone Grollo (Room 2)

MEET THE DEANS

Carol Alexander, University of Sussex, UK



Session | LUNCH AREA

INTERACTIVE POSTER SESSION

We invite you to meet with the following authors who would be happy to talk to you about their

research.

Volatility Spillover between Food and Energy Markets

Alanoud Al-Maadid, Brunel University, UK

Economic Management Elements of Metals

Adrian Ioana, University Politehnica of Bucharest, Romania

An investigation into emerging market firms and if they are becoming more or less multi-national

Thomas Martin, Trinity College Dublin, Ireland

Corporate Governance and Ownership structure: The experience of GCC countries

Ruba Shira, Brunel University, UK

National Financial Structure & European SME Internationalisation

Lisa Spencer, Waterford Institute of Technology, Ireland




POLITICAL ECONOMY OF THE EUROZONE Chair: Charles Larkin, Cardiff Metropolitan University, UK, Trinity College Dublin & Seanad Eireann,

Ireland

Economic policy uncertainty and risk spillovers in the Eurozone

*Grégory Guilmin, Université de Namur, Belgium

Oscar Bernal, Université de Namur, Belgium

Jean-Yves Gnabo, Université de Namur, Belgium

Discussant: Charles Larkin, Cardiff Metropolitan University, UK, Trinity College Dublin & Seanad

Eireann, Ireland

Macro-networks as determinants of crises

Michela Rancan, EU Joint Research Centre, Italy

Peter Sarlin, Goethe Universität Frankfurt am Main, Germany

*Tuomas Peltonen, European Central Bank, Germany

Discussant: Grégory Guilmin, Université de Namur, Belgium

From Good example to horrible warning-and back? Irish lesson

Charles Larkin, Cardiff Metropolitan University, UK, Trinity College Dublin & Seanad Eireann,

Ireland

Discussant: Tuomas Peltonen, European Central Bank, Germany


MONETARY POLICY: DRIVERS Chair: Georgios Kouretas, IPAG Business School, France & Athens University of Economics and

Business, Greece

Determinants of Rapid Monetary Actions During Economic Downturns

Jacinta Bernadette Rico, Waseda University, Japan

Discussant: Georgios Kouretas, IPAG Business School, France & Athens University of Economics

and Business, Greece

The impact of foreign banks on monetary policy transmission during the global financial crisis of

2007-9: Evidence from Korea

Bang Jeon, Drexel University, USA

Hosung Lim, Bank of Korea, Republic of Korea

*Ji Wu, Southwestern University of Finance and Economics, China

Discussant: Jacinta Bernadette Rico, Waseda University, Japan

The Monetary Policy in the Eurozone, the UK and the US: Evidence from the pre- and post-crisis

periods

Evangelos Salachas, Athens University of Economics and Business, Greece

Nikiforos Laopodis, The American College of Greece, Greece

*Georgios Kouretas, IPAG Business School, France & Athens University of Economics and Business,

Greece

Discussant: Ji Wu, Southwestern University of Finance and Economics, China

INFINITI 2014

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CONTAGION MODELS Chair: Gabjin Oh, Chosun University, Republic of Korea

EMU sovereign debt markets crisis: Fundamental-based or pure contagion?

Marta Gómez-Puig, Universitat de Barcelona, Spain

*Simon Sosvilla-Rivero, Universidad Complutense de Madrid, Spain

Discussant: Gabjin Oh, Chosun University, Republic of Korea

Measuring systemic risk through contagion effect of industry sector

Ho-Yong Kim, Chosun University, Republic of Korea

*Gabjin Oh, Chosun University, Republic of Korea

Seok-won Ahn, Chosun University, Republic of Korea

Discussant: Simon Sosvilla-Rivero, Universidad Complutense de Madrid, Spain


BEHAVIORAL Chair: Wasseem Mina, United Arab Emirates University, UAE

Expectation formation in the foreign exchange market: a time-varying heterogeneity approach

using survey data

Georges Prat, Université Paris Ouest Nanterre La Défense, France

*Remzi Uctum, Université Paris Ouest Nanterre La Défense, France

Discussant: Wasseem Mina, United Arab Emirates University, UAE

Ethical Behavior, Stock Market and Macroeconomic Performance: A Post-Global Financial Crisis

Analysis

*Adam Ng, INCEIF The Global University of Islamic Finance, Malaysia

Mansor Ibrahim, INCEIF The Global University of Islamic Finance, Malaysia

Abbas Mirakhor, INCEIF The Global University of Islamic Finance, Malaysia

Discussant: Remzi Uctum, Université Paris Ouest Nanterre La Défense, France

But Most of All We Love Each Other: Does Social Cohesion Pay off? Evidence from FDI Flows to

Middle Income Countries

Wasseem Mina, United Arab Emirates University, UAE

Discussant: Georges Prat, Université Paris Ouest Nanterre La Défense, France


WORKSHOP: A GUIDE TO ELSEVIER’S EES SYSTEM Chair: Brian Lucey, Trinity College Dublin, Ireland



EXCHANGE RATES AND INTEGRATION Chair: Jamel Saadaoui, Université de Strasbourg, France

Exchange-rate adjustment and macroeconomic interdependence

Yoshiyasu Ono, Osaka University, Japan

Discussant: Jonathan Batten, Monash University, Australia

Exchange Rate Uncertainty and International Portfolio Flows

Guglielmo Maria Caporale, Brunel University, UK

*Faek Menla Ali, Brunel University, UK

Nicola Spagnolo, Brunel University, UK

Discussant: Yoshiyasu Ono, Osaka University, Japan

The Internationalisation of the RMB: New Starts, Jumps and Tipping Points

*Jonathan Batten, Monash University, Australia

Peter Szilagyi, University of Cambridge, UK & Central Eastern University, Hungary

Discussant: Faek Menla Ali, Brunel University, UK


INTERNATIONAL MARKETS Chair: Benoît Sévi, IPAG Business School & Aix Marseille School of Economics, France

Return convergence: evidence from 32 emerging and frontier markets

*Štefan Lyócsa, University of Economics in Bratislava, Slovakia

Eduard Baumöhl, University of Economics in Bratislava, Slovakia

Discussant: Benoît Sévi, IPAG Business School & Aix Marseille School of Economics, France

Downside Risk and Capital Asset Pricing: International Evidence

*Mo Sherif, Heriot-Watt University, UK

David Recker, Heriot-Watt University, UK

Discussant: Štefan Lyócsa, University of Economics in Bratislava, Slovakia

Is there a daily risk-return trade-off in international markets? Further evidence using the range

Benoît Sévi, IPAG Business School & Aix Marseille School of Economics, France

Discussant: Mo Sherif, Heriot-Watt University, UK

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CORPORATE ACTIONS AND REACTIONS Chair: William Megginson, The University of Oklahoma, USA & Université Paris Dauphine, France

Financial Disclosure, Corporate Transparency, and Innovation

*James Brown, Iowa State University, USA

Gustav Martinsson, Stockholm Institute for Financial Research & Swedish House of Finance,

Sweden

Discussant: Stefanie Kleimeier, Maastricht University, The Netherlands

Equator Principles Adoption: Peer Pressure or Piggybacking

Jaap Bos, Maastricht University, The Netherlands

*Martha Gabriela Contreras, Maastricht University, The Netherlands

Stefanie Kleimeier, Maastricht University, The Netherlands

Discussant: James Brown, Iowa State University, USA

Whence the privatized firm payout premium?

Abhinav Goyal, University of Liverpool, UK

Cal Muckley, University College Dublin, Ireland

Shrikant Jategaonkar, Southern Illinois University, Edwardsville, USA

*William Megginson, The University of Oklahoma, USA & Université Paris Dauphine, France

Discussant: Martha Gabriela Contreras, Maastricht University, The Netherlands


GOLD I Chair: Dirk Baur, University of Technology Sydney, Australia

A comprehensive model of the demand for gold

Fergal O'Connor, Trinity College Dublin, Ireland

Discussant: Dirk Baur, University of Technology Sydney, Australia

Why Do Firms Engage in Selective Hedging? Evidence from the Gold Mining Industry

Tim Adam, Humboldt University of Berlin, Germany

Chitru Fernando, University of Oklahoma, USA

*Jesus Salas, Lehigh University, USA

Discussant: Fergal O'Connor, Trinity College Dublin, Ireland

Exchange-Traded Funds on Gold – A Free Lunch?

Dirk Baur, University of Technology Sydney, Australia

Discussant: Jesus Salas, Lehigh University, USA



REGULATING BANKS Chair: Edward Kane, Boston College, USA

Market discipline and too big to fail: Do markets consider banks are too big to save?

*Matias Cabrera, Universidad Carlos III de Madrid, Spain

Gerald P Dwyer, Clemson University, USA

Margarita Samartín Sáenz, Universidad Carlos III de Madrid, Spain

Discussant: Edward Kane, Boston College, USA

Banking regulation and bank performance in the EU-countries-what should be in the scope of

the regulatory reform?

Katarzyna Sum, Warsaw School of Economics, Poland

Discussant: Matias Cabrera, Universidad Carlos III de Madrid, Spain

Shadowy Banking: Theft by Safety Net

Edward Kane, Boston College, USA

Discussant: Katarzyna Sum, Warsaw School of Economics, Poland


STABILITY AND SPILLOVERS IN EMERGING MARKETS Chair: Sanket Mohapatra, The World Bank, USA

Policy Uncertainty Spillovers To Emerging Markets - Evidence From Capital Flows

*Ludovic Gauvin, Banque de France & Université Paris Ouest Nanterre La Défense, France

Cameron McLoughlin, The Graduate Institute of International and Development Studies,

Switzerland

Dennis Reinhardt, Bank of England, UK

Discussant: Sanket Mohapatra, The World Bank, USA

A new metric for financial stability and its impact in emerging economies debt spreads

Juan Francisco Martinez Sepulveda, Banco Central de Chile, Chile

Discussant: Ludovic Gauvin, Banque de France & Université Paris Ouest Nanterre La Défense,

France

Global Corporate Bond Issuance: What Role for US Quantitative Easing?

*Marco Lo Duca, European Central Bank, Germany

Giulio Nicoletti, European Central Bank, Germany

Ariadna Vidal

Discussant: Juan Francisco Martinez Sepulveda, Banco Central de Chile, Chile

Tinker, Taper, QE, Bye? The Effect of Quantitative Easing on Financial Flows to Developing

Countries

Jamus Lim, The World Bank, USA

*Sanket Mohapatra, The World Bank, USA

Marc Stocker, The World Bank, USA

Discussant: Marco Lo Duca, European Central Bank, Germany

INFINITI 2014

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CAPITAL STRUCTURE AND GOVERNANCE Chair: Michael Viehs, University of Oxford, UK

A Sustainable Future for Corporate Governance Theory and Practice

Shann Turnbull, International Institute for Self-Governance, Australia

Discussant: Muhammed Altuntas, Universität zu Köln (University of Cologne), Germany

Does One Size Fit All? Determinants of Insurer Capital Structure Around the Globe

*Muhammed Altuntas, Universität zu Köln (University of Cologne), Germany

Thomas Berry-Stölzle, The University of Georgia, USA

Sabine Wende, Universität zu Köln (University of Cologne), Germany

Discussant: Shann Turnbull, International Institute for Self-Governance, Australia


HOME BIAS AND INTERNATIONAL INVESTING I Chair: John Burger, Loyola University Maryland, USA

Home Bias Revisited: The Role of Ambiguity

Burcu Erdogan, Universität Trier, Germany

Discussant: John Burger, Loyola University Maryland, USA

Are firms’ returns influenced by the regions where they do business?


Discussant: Burcu Erdogan, Universität Trier, Germany

International Investors in Local Bond Markets: Indiscriminate Flows or Discriminating Tastes?

*John Burger, Loyola University Maryland, USA

Rajeswari Sengupta, Indira Gandhi Institute of Development Research (IGIDR), India

Francis Warnock, University of Virginia, USA

Veronica Warnock, University of Virginia, USA

Discussant: Jennifer Berrill, Trinity College Dublin, Ireland


BOND SPILLOVERS AND INTEGRATION Chair: Helena Chuliá, Universitat de Barcelona, Spain

Bond Market Spillovers in a Fiscal Union: Evidence from US States

Rabah Arezki, IMF International Monetary Fund, USA

Bertrand Candelon, Maastricht University, The Netherlands

*Amadou Sy, The Brookings Institution, USA

Discussant: Helena Chuliá, Universitat de Barcelona, Spain

Global Spillovers into Domestic Bond Markets in Emerging Market Economies

*Laura Jaramillo, IMF International Monetary Fund, USA

Anke Weber, IMF International Monetary Fund, USA

Discussant: Amadou Sy, The Brookings Institution, USA

European Government bond markets integration in turbulent times


*Helena Chuliá, Universitat de Barcelona, Spain

Discussant: Laura Jaramillo, IMF International Monetary Fund, USA



SMES AND PRIVATE COMPANIES Chair: Michael Dowling, Dublin City University, Ireland

The effect of internationalization on SMEs probability of default: an empirical analysis of French

market

Karima Modrik, Université Angers, France

Discussant: Michael Dowling, Dublin City University, Ireland

Precautionary cash holdings in private firms

Valerio Poti, University College Dublin, Ireland

*Barbara Petracci, Università di Bologna, Italy

Pierpaolo Pattitoni, Università di Bologna, Italy

Massimo Spisni, Università di Bologna, Italy

Discussant: Karima Modrik, Université Angers, France

The influence of national culture on the financing and innovation strategies of SMEs in 14

European Countries

Colm O’Gorman, Dublin City University, Ireland

*Michael Dowling, Dublin City University, Ireland

Eric Clinton, Dublin City University, Ireland

Discussant: Barbara Petracci, Università di Bologna, Italy

INFINITI 2014

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Monday, 1500-1615: Special & Additional Sessions


MEET THE EDITORS Chair: Brian Lucey, Trinity College Dublin, Ireland

What does it take to get published? How should you choose a journal for your submission?

Beyond a good idea, what are editors looking for in a submission? How important is the role of

the reviewer? When should you challenge an editorial or review decision and how? This panel is

driven by the audience - ask us questions and we will answer.

Carol Alexander, Journal of Banking and Finance

Brian Lucey, International Review of Financial Analysis & Journal of Behavioral and Experimental

Finance

Jonathan Batten, Emerging Markets Review

Jagna Mirska, Elsevier

Session | MONASH Sala Veneziana (Room 6)

EARLY STAGE RESEARCH PRESENTATIONS I Chair: Jennifer Berrill, Trinity College Dublin, Ireland

Optimal Fiscal Policy in an Open Economy with Capital Income Shifting and Consumer Cross-

border Purchases

*Janusz Kudła, University of Warsaw, Poland

Katarzyna Kopczewska, University of Warsaw, Poland

Agata Kocia, University of Warsaw, Poland

Robert Kruszewski, Warsaw School of Economics, Poland

Konrad Walczyk, Warsaw School of Economics, Poland

Discussant: Dominik Maltritz, Universität Erfurt, Germany

Risk Preferences of Australian Households: A Panel Study

*Stamatios Tsigos, University of Western Sydney, Australia

Kevin Daly, University of Western Sydney, Australia

Discussant: Michael Lucey, Durham University, UK

Determinants of capital flows to emerging countries: would it be different during sudden stops?

Xichen Wang, Lancaster University, UK

Discussant: Shawn Chen-Yu Leu, La Trobe University, Australia


Session | TEATRO POLITEAMA Room 7 (upstairs)

PANEL SESSION: VALUES, ETHICS AND FINANCE Chair: Bernard Paranque, KEDGE Business School, France

Special Session organised by the AG2R LA MONDIALE Research Chair “Finance reconsidered” at

KEDGE Business School.

Robin Edme (founder of the Responsible Investment Forum and a member of the last cabinet in

France, where he was working on environmental policy): the practitioner's point of view

Thomas Lagoarde-Segot: values, ethics versus logical positivism in finance

Christophe Faugère: Buddhism and the 'noble intent of finance'

The ongoing economic, social and environmental crisis has revealed the need to redefine the

finance function. Given its micro-normative intent, academic finance bears significant

responsibility in this process. In particular, the inclusion of sustainability issues in financial practices

requires the explicit incorporation of ethics and values into financial theory. Such a change,

however, appears incompatible with the current epistemological structure of academic

discourse in finance, which is heavily influenced by logical positivism.

This paradox hinders the successful elaboration of the new tools and concepts expected by the

multiple stakeholders of academic finance (including the industry, governments, and students).

However, many private actors have begun to incorporate environmental and social values into

financial practices. This could serve as a stepping stone for the rethinking of academic finance.

This session will analyze these new practices, discuss the epistemological obstacles to

paradigmatic diversification in finance, and attempt to carve out innovative paths for financial

research in the 21st century.

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REAL ECONOMY AND FINANCE Chair: Renatas Kizys, University of Portsmouth, UK

Understanding Law-of-One-Price Deviations across Europe Before and After the Euro

*Marios Zachariadis, University of Cyprus, Cyprus

Marina Glushenkova, University of Cyprus, Cyprus

Discussant: Renatas Kizys, University of Portsmouth, UK

Real exchange rate and quality: product-level evidence from the Eurozone

Florence Mouradian, Université Paris Dauphine, France

Discussant: Marios Zachariadis, University of Cyprus, Cyprus

Monetary Policy and the Equity Risk Premium on Euro Area Real-Estate Stocks

*Renatas Kizys, University of Portsmouth, UK

Christian Pierdzioch, Helmut Schmidt Universität Hamburg, Germany

Discussant: Florence Mouradian, Université Paris Dauphine, France


CENTRAL BANKS AND GOVERNMENTS Chair: Hubert Gabrisch, Halle Institute for Economic Research, Germany

The interaction between the central bank and government in tail risk scenarios

*Jan Willem van den End, De Nederlandsche Bank, The Netherlands

Marco Hoeberichts, De Nederlandsche Bank, The Netherlands

Discussant: Alexander Erler, Universität Bayreuth, Germany

The real costs and profits of TARGET 2 balances

*Alexander Erler, Universität Bayreuth, Germany

Stefan Hohberger, Universität Bayreuth, Germany

Discussant: Jan Willem van den End, De Nederlandsche Bank, The Netherlands



VOLATILITY I Chair: Carol Alexander, University of Sussex, UK

Periodically collapsing Evans bubbles and stock-price volatility

*Benedikt Rotermann, Westfälische Wilhelms-Universität Münster, Germany

Bernd Wilfling, Westfälische Wilhelms-Universität Münster, Germany

Discussant: Gilles de Truchis, Aix Marseille Université, France

An empirical evaluation of pseudo-long-memory time-series models to predict the S&P 500

index-futures realized volatility


Discussant: Carol Alexander, University of Sussex, UK

Long memory and volatility linkages in European stock markets

*Gilles de Truchis, Aix Marseille Université, France


Discussant: Benedikt Rotermann, Westfälische Wilhelms-Universität Münster, Germany


HERDING AND OVERCONFIDENCE Chair: Laurent Vilanova, Université Lumière Lyon 2 – Coactis, France

Herding Dynamics in Exchange Groups: Evidence from EURONEXT

Fotini Economou, Open University of Cyprus, Cyprus

Konstantinos Gavriilidis, University of Stirling, UK

*Vasileios Kallinterakis, University of Liverpool, UK

Discussant: Laurent Vilanova, Université Lumière Lyon 2 – Coactis, France

Herding Behavior in Emerging Markets: A Comparative Analysis among BRICS Countries.

*Duccio Martelli, Università degli Studi di Perugia, Italy

Alberto Burchi, Università degli Studi di Perugia, Italy

Discussant: Vasileios Kallinterakis, University of Liverpool, UK

Entrepreneurial (over)confidence and the choice of financing and advising contracts: An

experimental investigation

*Laurent Vilanova, Université Lumière Lyon 2 – Coactis, France

Walid Hichri, Université Lumière Lyon 2 & GATE-LSE, France

Nadège Marchand, Université Lumière Lyon 2, France

Discussant: Duccio Martelli, Università degli Studi di Perugia, Italy

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BANKS Chair: Tuomas Peltonen, European Central Bank, Germany

Modeling US bank CDS spreads during the Global Financial Crisis with a deferred filtration pricing

model.

Peter Spencer, The University of York, UK

Discussant: Tuomas Peltonen, European Central Bank, Germany

Stress-Testing Bank Residential Mortgage Portfolios by Decomposing the Mean

Kassim Durani, The University of Sydney, Australia

*Maurice Peat, The University of Sydney, Australia

Discussant: Peter Spencer, The University of York, UK

Setting Countercyclical Capital Buffers based on Early Warning Models: Would it Work?

Markus Behn, Deutsche Bundesbank, Germany

Carsten Detken, European Central Bank, Germany

*Tuomas Peltonen, European Central Bank, Germany

Willem Schudel, European Central Bank, Germany

Discussant: Maurice Peat, The University of Sydney, Australia


FOREIGN EXCHANGE II Chair: Simon Sosvilla-Rivero, Universidad Complutense de Madrid, Spain

Global imbalances: should we use fundamental equilibrium exchange rates?

Jamel Saadaoui, Université de Strasbourg, France

Discussant: Kate Phylaktis, City University London, UK

Liquidity and Exchange Rates

José Rossi, INSPER Institute of Education and Research, Brazil

Discussant: Jamel Saadaoui, Université de Strasbourg, France

Do Trade Relations Really Matter in Currency Correlations?

*Ákos Uhrin, University of Szeged, Hungary

Beáta Udvari, University of Szeged, Hungary

Discussant: José Rossi, INSPER Institute of Education and Research, Brazil

FX Market Illiquidity and Funding Liquidity Constraints

*Kate Phylaktis, City University London, UK

Chiara Banti, University of Essex, UK

Discussant: Ákos Uhrin, University of Szeged, Hungary



STOCK PRICES Chair: Kannan Thuraisamy, Deakin University, Australia

The impact of insider’s behavior and earnings management on stock prices: An experimental

study

*Esther Del Brio, Universidad de Salamanca, Spain

Ilidio Lopes-e-Silva, Politécnico de Viseu, Portugal

Javier Perote, Universidad de Salamanca, Spain

Discussant: Kannan Thuraisamy, Deakin University, Australia

The Role of Public and Private Information in a Laboratory Financial Market

*Simone Alfarano, Universitat Jaume I, Spain

Eva Camacho Cuena, Universitat Jaume I, Spain

Andrea Morone, Universitat Jaume I, Spain

Discussant: Esther Del Brio, Universidad de Salamanca, Spain

Do CDS Spreads Predict Stock Returns?

Paresh Narayan, Deakin University, Australia

Susan Sharma, Deakin University, Australia

*Kannan Thuraisamy, Deakin University, Australia

Discussant: Simone Alfarano, Universitat Jaume I, Spain


CORPORATE CONTROL Chair: Santiago Carbo-Valverde, Bangor University, UK

The Influence of Leveraged Buyouts on Target Firms’ Competitors

*Marcel Grupp, Goethe Universität Frankfurt am Main, Germany

Christian Rauch, Goethe Universität Frankfurt am Main, Germany

Uwe Walz, Goethe Universität Frankfurt am Main, Germany

Discussant: Santiago Carbo-Valverde, Bangor University, UK

The role of judicial efficiency on the use of earnouts in M&A transactions: international evidence

*Luca Viarengo, Università Bocconi, Italy

Stefano Gatti, Università Bocconi, Italy

Annalisa Prencipe, Università Bocconi, Italy

Discussant: Marcel Grupp, Goethe Universität Frankfurt am Main, Germany

Do domestic M&As impact bank risk profiles? the case of spanish banks

*Santiago Carbo-Valverde, Bangor University, UK

Jens Hagendorff, The University of Edinburgh, UK

Maria J Nieto, Banco de España, Spain

Discussant: Luca Viarengo, Università Bocconi, Italy

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COMMODITIES II Chair: Gregory Bauer, Bank of Canada, Canada

Oil Price and FX-Rates Dependency


Theo Berger, Universität Bremen, Germany

*Robert Czudaj, Universität Duisberg Essen, Germany

Discussant: Gregory Bauer, Bank of Canada, Canada

Does global liquidity drive commodity prices?


Ansgar Belke, Universität Duisberg Essen, Germany

Robert Czudaj, Universität Duisberg Essen, Germany

Discussant: Kuhanathan Ano Sujithan, Université Paris Dauphine, France

Macroeconomic Drivers of Crude Oil Futures Risk Premia

Ron Alquist, Bank of Canada, Canada

*Gregory Bauer, Bank of Canada, Canada

Antonio Diez de los Rios, Bank of Canada, Canada

Discussant: Joscha Beckmann, Universität Duisberg Essen, Germany


CAPITAL, BANKING AND GROWTH Chair: Adam Geršl, Joint Vienna Institute, Austria

Macroeconomics and Financial Intermediation

*José Jorge, Universidade do Porto, Portugal

Joana Rocha, Universidade do Porto, Portugal

Discussant: Adam Geršl, Joint Vienna Institute, Austria

Finance, Potential Output and the Business Cycle: Empirical Evidence from Selected Advanced

and CESEE Economies

*Martin Gächter, Oesterreichische Nationalbank, Austria

Dominik Bernhofer, Oesterreichische Nationalbank, Austria

Octavio Fernández-Amador, Johannes Kepler Universität (JKU) Linz, Austria

Friedrich Sindermann, Universität Innsbruck, Austria

Discussant: José Jorge, Universidade do Porto, Portugal

Countercyclical Capital Buffers and Equilibrium Credit Level in Central and Eastern European

Countries

*Adam Geršl, Joint Vienna Institute, Austria

Jakub Seidler, Česká Národní Banka, Czech Republic

Discussant: Martin Gächter, Oesterreichische Nationalbank, Austria



EMERGING MARKETS AND CAPITAL FLOWS Chair: Sisira Jayasuriya, Monash University, Australia

Does China's Aid Increase Its ODI in African Countries?

*Yan Dong, Southwestern University of Finance and Economics, China

Cijun Fan, Southwestern University of Finance and Economics, China

Discussant: Sisira Jayasuriya, Monash University, Australia

The challenges of opening up India’s capital account

Abhijit Sengupta, Asian Development Bank, India

*Rajeswari Sengupta, Indira Gandhi Institute of Development Research (IGIDR), India

Discussant: Yan Dong, Southwestern University of Finance and Economics, China

Hot money in bank credit flows to emerging markets in recent years

Ana-Maria Fuertes, City University London, UK

Kate Phylaktis, City University London, UK

*Cheng Yan, City University London, UK

Discussant: Rajeswari Sengupta, Indira Gandhi Institute of Development Research (IGIDR), India

A SVAR Model Analysis of Capital Flows and Macroeconomic Performance in Indonesia

*Sisira Jayasuriya, Monash University, Australia

Chongwoo Choe, Monash University, Australia

Shawn Chen-Yu Leu, La Trobe University, Australia

Discussant: Cheng Yan, City University London, UK


NEW APPROACHES AND OLD CONCEPTS Chair: Michael Donadelli, Goethe Universität Frankfurt am Main, Germany

A paradigm that beats the standard paradigm in economics and finance

Kaz Falahati, Glasgow Caledonian University, UK

Discussant: Michael Donadelli, Goethe Universität Frankfurt am Main, Germany

International Capital Markets Structure, Preferences and Puzzles: A US-China World

Michael Donadelli, Goethe Universität Frankfurt am Main, Germany

Discussant: Kaz Falahati, Glasgow Caledonian University, UK

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FUNDS Chair: Keith Cuthbertson, City University London, UK

Mutual Fund Performance Measurement using Higher Moment Approach

Nathee Naktnasukanjn, Thammasat University, Thailand

Discussant: Keith Cuthbertson, City University London, UK

The Relation between Fees and Return Predictability in the Mutual Fund Industry



Discussant: Nathee Naktnasukanjn, Thammasat University, Thailand

Performance and Performance Persistence of UK Closed-End Equity Funds

*Keith Cuthbertson, City University London, UK

Don Bredin, University College Dublin, Ireland

Dirk Nitzsche, City University London, UK

Dylan Thomas, Swansea University, UK

Discussant: Javier Vidal García, Universidad Complutense de Madrid, Spain


BOND AND DEBT MARKETS Chair: Mary Pieterse-Bloem, Erasmus Universiteit Rotterdam, The Netherlands

A Comparative Analysis of Ex Ante Credit Spreads: Structured Finance versus Straight Debt

Finance

*João Monteiro Pinto, Universidade Católica Portuguesa, Portugal

William Megginson, The University of Oklahoma, USA & Université Paris Dauphine, France

Manuel Marques, Universidade do Porto, Portugal

Discussant: Shage Zhang, Trinity University, USA

Institutional Arrangements and Debt Financing

Shage Zhang, Trinity University, USA

Discussant: João Monteiro Pinto, Universidade Católica Portuguesa, Portugal


SME CREDIT Chair: Andreas Dietrich, Lucerne University of Applied Sciences, Switzerland

Institutional Environments and SME Credit Availability: A European Perspective

Andrea Mc Namara, Waterford Institute of Technology, Ireland

Discussant: Andreas Dietrich, Lucerne University of Applied Sciences, Switzerland

Discouraged borrowers? Evidence for Eurozone SMEs.

*Ciarán mac an Bhaird, Dublin City University, Ireland

Javier Sánchez Vidal, Universidad Politécnica de Cartagena, Spain

Brian M Lucey, Trinity College Dublin, Ireland

Discussant: Andrea Mc Namara, Waterford Institute of Technology, Ireland

SME Credit Availability Around the World: Evidence from the World Bank’s Enterprise Survey

Andreas Dietrich, Lucerne University of Applied Sciences, Switzerland

Discussant: Ciarán mac an Bhaird, Dublin City University, Ireland


Tuesday, 0830-1000: Parallel Sessions 4


EUROZONE DEBT ISSUES Chair: Jelena Stapf, Deutsche Bundesbank, Germany

Creditor moral hazard during EMU debt crisis

Theodoros Bratis, Athens University of Economics and Business, Greece

Nikiforos Laopodis, The American College of Greece, Greece

*Georgios Kouretas, IPAG Business School, France & Athens University of Economics and Business,

Greece

Discussant: Jelena Stapf, Deutsche Bundesbank, Germany

Foreign Bank Behavior During Financial Crises

Jonathon Adams-Kane, Humboldt State University, USA

*Julian Caballero, Inter-American Development Bank, USA

Jamus Lim, The World Bank, USA

Discussant: Georgios Kouretas, IPAG Business School, France & Athens University of Economics

and Business, Greece

Inflation expectations, deflation, and uncertainty: What drives euro area option-implied

probability density functions in the sovereign debt crisis?

Jelena Stapf, Deutsche Bundesbank, Germany

Discussant: Julian Caballero, Inter-American Development Bank, USA


MONETARY POLICY: SHOCKS Chair: Alexei Orlov, Radford University, USA

European Government Bond Markets and Monetary Policy Surprises: Returns, Volatility and

Integration

*Helena Chuliá, Universitat de Barcelona, Spain


Discussant: Alexei Orlov, Radford University, USA

Large Open Economy Monetary Policy Shocks and The Developing World: The Case of Sub-

Saharan Africa

Jeremy Kronick, Brandeis University, USA

Discussant: Helena Chuliá, Universitat de Barcelona, Spain

Understanding the Impact of Monetary Policy Shocks on the Corporate Bond Market in Good

and Bad Times: A Markov Switching Model


*Alexei Orlov, Radford University, USA

Manuela Pedio, UniCredit, Italy

Discussant: Jeremy Kronick, Brandeis University, USA

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VOLATILITY II Chair: Andrea Cipollini, Università di Palermo, Italy

Identifying Volatility Signals from Time-Varying Stock

*Till Strohsal, Freie Universität Berlin, Germany

Enzo Weber, Universität Regensburg, Germany

Discussant: Andrea Cipollini, Università di Palermo, Italy

Return and volatility spillovers between Vietnam and Asian stock markets

*Xuân Vinh Võ, University of Economics, Ho Chi Minh City, Vietnam

Craig Ellis, University of Western Sydney, Australia

Discussant: Till Strohsal, Freie Universität Berlin, Germany

Volatility co-movements: a time scale decomposition analysis

*Andrea Cipollini, Università di Palermo, Italy

Iolanda Lo Cascio, Università di Palermo, Italy

Silvia Muzzioli, Università degli Studi di Modena e Reggio Emilio, Italy

Discussant: Xuân Vinh Võ, University of Economics, Ho Chi Minh City, Vietnam


FORECASTING I Chair: Joscha Beckmann, Universität Duisberg Essen, Germany

How Stale Central Bank Interest Rate Projections Affect Interest Rate Uncertainty

*Gunda-Alexandra Detmers, Freie Universität Berlin, Germany

Dieter Nautz, Freie Universität Berlin, Germany

Discussant: Zsolt Darvas, Bruegel, Belgium & University of Pécs, Hungary

Does Pooling Improve Predictions on the Stock returns?

Domenica Di Virgilio, Università Bocconi, Italy

Discussant: Maurice Peat, The University of Sydney, Australia

Forecasting Equity Premia using Bayesian Dynamic Model Averaging


Rainer Schüssler, Westfälische Wilhelms-Universität Münster, Germany

Discussant: Gunda-Alexandra Detmers, Freie Universität Berlin, Germany



BANKING INTEGRATION Chair: Emmanuel Mamatzakis, University of Sussex, UK

Market Perception on Interbank Transmission: An Application to Eurozone Systemically Important

Institutions

Cherry Muijsson, University of Cambridge, UK

Discussant: Emmanuel Mamatzakis, University of Sussex, UK

Convergence in European Retail Payments

Emmi Martikainen, Finnish Competition and Consumer Authority, Finland

Heiko Schmiedel, European Central Bank, Germany

*Tuomas Takalo, Bank of Finland, Finland

Discussant: Cherry Muijsson, University of Cambridge, UK

Is there convergence in investment banking in the aftermath of the financial crisis?

*Emmanuel Mamatzakis, University of Sussex, UK

Theodora Bermpei, University of Sussex, UK

Discussant: Tuomas Takalo, Bank of Finland, Finland


INTEREST RATES IN EUROPE Chair: Guillaume Horny, Banque de France, France

Interest Rate Pass-through and Fragmentation in the Euro Area: Evidence from Micro Data

*Sarah Holton, Central Bank of Ireland, Ireland

Costanza Rodriguez d'Acri, European Central Bank, Germany

Discussant: Guillaume Horny, Banque de France, France

Has the Financial Crisis affected the Real Interest Rate Dynamics in Europe

Nektarios Aslanidis, Universitat Rovira i Virgili, Spain

Selva Demiralp, Koç University, Turkey

*(This paper will be presented by Selva’s Graduate Student, Ipek Mumcu.)

Discussant: Sarah Holton, Central Bank of Ireland, Ireland

The stability of interest rates pass-through in the euro area over crises

Sanvi Avouyi-Dovi, Banque de France, France

*Guillaume Horny, Banque de France, France

Patrick Sevestre, Université Paris 1 Panthéon-Sorbonne, France

Discussant: Ipek Mumcu, Koç University, Turkey

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REGULATION I Chair: Stephen Ong, Federal Reserve Bank of Cleveland, USA

The Role of the Financial Supervisory Architecture on Welfare and Inflation Bias

Diana Lima, University of Surrey, UK

*Ioannis Lazopoulos, University of Surrey, UK

Vasco Gabriel, University of Surrey, UK

Discussant: Stephen Ong, Federal Reserve Bank of Cleveland, USA

Financial Stress Index: A Lens for Supervising the Financial System

Mikhail Oet, Case Western Reserve University & Federal Reserve Bank of Cleveland, USA

Timothy Bianco, Federal Reserve Bank of Cleveland & University of Kentucky, USA

Dieter Gramlich, DHBW Duale Hochschule Baden-Wüttemberg, Germany

*Stephen Ong, Federal Reserve Bank of Cleveland, USA

Discussant: Ioannis Lazopoulos, University of Surrey, UK


CORPORATE WEALTH CREATION AND DESTRUCTION Chair: Milena Petrova, Università Bocconi, Italy

Is China’s Rare Earths Policy Value Destroying for Shareholders in U.S. Companies?

Maximilian Müller, WHU Otto Beisheim Graduate School of Management, Germany

Denis Schweizer, WHU Otto Beisheim Graduate School of Management, Germany

*Volker Seiler, Universität Paderborn, Germany

Discussant: Milena Petrova, Università Bocconi, Italy

Prestige without Purpose? Reputation, Differentiation, and Pricing in U.S. Equity Underwriting

Chitru Fernando, The University of Oklahoma, USA

Vladimir Gatchev, University of Central Florida, USA

Anthony May, Wichita State University, USA

*William Megginson, The University of Oklahoma, USA & Université Paris Dauphine, France

Discussant: Volker Seiler, Universität Paderborn, Germany

Voting Cap Regulation and Shareholder Wealth: The Case of Indian Banks

Chinmoy Ghosh, University of Connecticut, USA

James Hilliard, University of Georgia, USA

B V Phani, Indian Institute of Technology, Kanpur, India

*Milena Petrova, Università Bocconi, Italy

Discussant: William Megginson, The University of Oklahoma, USA & Université Paris Dauphine,

France



HOUSEHOLDS Chair: Zoltán Schepp, University of Pécs, Hungary

Does Financial Integration Increase Welfare? Evidence From International Household-Level Data

Christian Friedrich, Bank of Canada, Canada

Discussant: Mónika Pitz, University of Pécs, Hungary

Foreign Currency Loans and Loan Arrears of Households in Central and Eastern Europe

*Elisabeth Beckmann, Oesterreichische Nationalbank, Austria

Jarko Fidrmuc, Zeppelin University (ZU Friedrichshafen), Germany

Helmut Stix, Oesterreichische Nationalbank, Austria

Discussant: Christian Friedrich, Bank of Canada, Canada

Foreign currency borrowing by households: lessons from Hungary

*Mónika Pitz, University of Pécs, Hungary

Zoltán Schepp, University of Pécs, Hungary

Discussant: Elisabeth Beckmann, Oesterreichische Nationalbank, Austria


PORTFOLIO COMPOSITION AND MANAGEMENT Chair: Jacques Pezier, University of Sussex, UK

Can investment in cleaner production improve the financial performance of Spanish pension

plans?

Carmen Martí, Universitat Autònoma de Barcelona, Spain

Discussant: Jacques Pezier, University of Sussex, UK

Crystallization - the Hidden Dimension of Hedge Funds' Fee Structure

*Gert Elaut, Universiteit Gent, Belgium

Michael Frömmel, Universiteit Gent, Belgium

John Sjödin, Universiteit Gent, Belgium

Discussant: Carmen Martí, Universitat Autònoma de Barcelona, Spain

Dynamic Portfolio Rebalancing with Transaction Costs and Time-Varying Expected Return

Vladimir Zdorovenin

*Jacques Pezier, University of Sussex, UK

Discussant: Gert Elaut, Universiteit Gent, Belgium

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EMERGING MARKETS Chair: Thomas Lagoarde-Segot, KEDGE Business School, France

A Time-varying Measure of Fiscal Crowding-out based on Financial Integration: Divergence

between Advanced and Emerging Market Economies

*Ju Hyun Pyun, Korea University, Republic of Korea

Dooyeon Cho, Kookmin University, Republic of Korea

Discussant: Montfort Mlachila, IMF International Monetary Fund, USA

The impact of banking crises on sovereign bond yield spreads in emerging markets: Evidence

from an instrumental variable approach

Stefan Eichler, Otto-von-Guericke-Universität Magdeburg & Halle Institute for Economic

Research, Germany

Discussant: Ju Hyun Pyun, Korea University, Republic of Korea

Does Openness Matter for Financial Development in Africa?

Antonio David, IMF International Monetary Fund, USA

*Montfort Mlachila, IMF International Monetary Fund, USA

Ashwin Moheeput, IMF International Monetary Fund, USA

Discussant: Stefan Eichler, Otto-von-Guericke-Universität Magdeburg & Halle Institute for

Economic Research, Germany


SENTIMENT AND RISK Chair: Colm Kearney, Monash University, Australia

Idiosyncratic Risk and UK Mutual Fund Performance



Discussant: Elaine Hutson, Monash University, Australia

Do you trust sentiment?

*Fabian Gogolin, Dublin City University, Ireland


Mark Cummins, Dublin City University, Ireland

Discussant: Colm Kearney, Monash University, Australia

Media content and shock returns: a time-varying analysis at the firm level

Khurshid Ahmad, Trinity College Dublin, Ireland

*Elaine Hutson, Monash University, Australia


Sha Liu, Trinity College Dublin, Ireland

Discussant: Fabian Gogolin, Dublin City University, Ireland



WHICH TRADES MATTER? Chair: Frank McGroarty, University of Southampton, UK

Conservatism and representativeness in London Stock Exchange: Evidence from the recent

financial crisis

*Spiridon Kariofyllas, University of Patras, Greece

Costas Siriopoulos, University of Patras, Greece

Discussant: Frank McGroarty, University of Southampton, UK

Which Trades Matter and When: Evidence from High Frequency – Sector Data

*Marwan Izzeldin, Lancaster University, UK

Dennis Kristensen, University College London, UK

Peiran Shi, Lancaster University, UK

Discussant: Spiridon Kariofyllas, University of Patras, Greece

Was Intrade manipulated? Evidence from Cointegration and Granger Causality Tests

John Goodell, The University of Akron, USA

*Frank McGroarty, University of Southampton, UK

Andrew Urquhart, University of Southampton, UK

Discussant: Marwan Izzeldin, Lancaster University, UK


INVESTMENT RESEARCH APPROACHES Chair: Igor Lončarski, University of Ljubljana, Slovenia

On the Demand for Alternatives to Sell-Side Investment Research

Alistair Haig, The University of Edinburgh, UK

Discussant: Igor Lončarski, University of Ljubljana, Slovenia

Can oversight mitigate auditor’s motivated reasoning? An experimental study

*Igor Lončarski, University of Ljubljana, Slovenia

Sergeja Slapnicar, University of Ljubljana, Slovenia

Maja Zaman Groff, University of Ljubljana, Slovenia

Discussant: Alistair Haig, The University of Edinburgh, UK

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MARKETS AND LIQUIDITY Chair: Geir Høidal Bjønnes, BI Norwegian Business School, Norway

Illiquidity in the stock and FX markets: an investigation of their cross-market dynamics

Chiara Banti, University of Essex, UK

Discussant: Geir Høidal Bjønnes, BI Norwegian Business School, Norway

In Search of Concepts: The Effects of Speculative Demand on Returns and Volume

Owain ap Gwilym, Bangor University, UK

Iftekhar Hasan, Fordham University, USA

Qingwei Wang, Bangor University, UK

*Ru Xie, Bangor University, UK

Discussant: Chiara Banti, University of Essex, UK

The Cost of FX Liquidity: Empirical Tests of Competing Theories

Neophytos Kathitziotis, Universität Hamburg & Commerzbank AG, Germany

Carol Osler, Brandeis University, USA

*Geir Høidal Bjønnes, BI Norwegian Business School, Norway

Discussant: Ru Xie, Bangor University, UK


Tuesday, 1245-1345: Lunchtime Sessions


WOMEN IN FINANCE Chair: Jennifer Berrill, Trinity College Dublin, Ireland

Is there a glass ceiling in finance and finance academia? If so, how can it be breached? What,

if any, are the particular challenges facing female academics in finance? Panel members

incude Christine Brown (Monash University, Australia), Sandra Dow (Monterey Institute of

International Studies, Middlebury College, USA), Elaine Hutson (Monash University, Australia)

and Kate Phylaktis (Cass Business School, City University London, UK).

Session | Palazzo delle Professioni (upstairs) Sala Periti

SPONSORED SESSION: EVENTUS – MAXIMISE YOUR RESEARCH SUCCESS Chair: Arnold Cowan, Iowa State University & Cowan Research LC (Eventus), USA

How can Eventus help you publish in top journals? Professor Arnie Cowan, creator of Eventus

software, discusses trends in empirical research and how Eventus can help you. The session will

include demonstrations of research solutions in Eventus including features in the new version

being released this year.

Session | MONASH Sala Veneziana (Room 6)

EARLY STAGE RESEARCH PRESENTATIONS II Chair: Maurice Peat, The University of Sydney, Australia

Global stock price linkages around world financial crisis: UK evidence

Larisa Yarovaya, Northumbria University, UK

Discussant: Adam Ng, INCEIF The Global University of Islamic Finance, Malaysia

Fama - French model in Asian markets - a comparison with the US and European results

Hong-Tram Dang, Université de Rennes 1, France

Discussant: Frank McGroarty, University of Southampton, UK

Rituals of verification: Impression management and the audit profession

Neil Dunne, Trinity College Dublin, Ireland

Discussant: Igor Lončarski, University of Ljubljana, Slovenia

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CRISIS Chair: Roselyne Joyeux, Macquarie University, Australia

Capital Adequacy and Bank Risk-Taking during the Global Financial Crisis

*Thomas Conlon, University College Dublin, Ireland

John Cotter, University College Dublin, Ireland

Philip Molyneux, Bangor University, UK

Discussant: George Milunovich, Macquarie University, Australia

Sovereign Risk and the Impact of Crisis: Evidence from Latin America

*Jonathan Batten, Monash University, Australia

Gerard Gannon, Deakin University, Australia

Kannan Thuraisamy, Deakin University, Australia

Discussant: Thomas Conlon, University College Dublin, Ireland

Speculative Bubbles, Financial Crises and Convergence in Global Real Estate Investment Trusts

*Roselyne Joyeux, Macquarie University, Australia

George Milunovich, Macquarie University, Australia

Discussant: Jonathan Batten, Monash University, Australia


CENTRAL BANKING OBJECTIVES Chair: William Gavin, Federal Reserve Bank of St Louis, USA

When central banks should advocate adoption of the Euro. Evaluations with GARCH-in-Mean

modeling

Hubert Gabrisch, Halle Institute for Economic Research, Germany

Discussant: William Gavin, Federal Reserve Bank of St Louis, USA

Does Financial Stability Matter to the Fed?

*Mikhail Oet, Case Western Reserve University & Federal Reserve Bank of Cleveland, USA

Amanda Janosko, Federal Reserve Bank of Cleveland, USA

Stephen Ong, Federal Reserve Bank of Cleveland, USA

John Dooley, Federal Reserve Bank of Cleveland, USA

Discussant: Hubert Gabrisch, Halle Institute for Economic Research, Germany

The Stimulative Effect of Forward Guidance

*William Gavin, Federal Reserve Bank of St Louis, USA

Benjamin Keen, The University of Oklahoma, USA

Alexander Richter, Auburn University, USA

Nathaniel Throckmorton, Indiana University, USA

Discussant: Mikhail Oet, Case Western Reserve University & Federal Reserve Bank of Cleveland,

USA



WORKSHOP: FINANCIAL GEOGRAPHY Chair: Martin Sokol, Trinity College Dublin, Ireland

Not so long ago, in the context of finance, geography was proclaimed ‘dead’. Financial

globalisation, greatly aided by ICT developments, was said to diminish the importance of

distance, location and space. Indeed, the ability to move money around the globe in splits of

seconds was supposed to extinguish the ‘tyranny of geography’ forever. However, the recent

global financial crisis serves as a good reminder that geography in finance is ‘alive and kicking’.

In fact, some would argue that geography plays a key role in the operation of the financial

system and its crisis. So what is the role of geography in contemporary finance? This workshop is

aimed to provide a space for an informal discussion on the links between finance and

geography.


FORECASTING II Chair: Zsolt Darvas, Bruegel, Belgium & University of Pécs, Hungary

How Exactly Do Markets Adapt? Evidence from the Moving Average Rule in Three Developed

Markets

*Andrew Urquhart, University of Southampton, UK

Robert Hudson, The University of Hull, UK

Bartosz Gebka, Newcastle University, UK

Discussant: Zoltán Schepp, University of Pécs, Hungary

How Good Can Heuristic-Based Forecasts Be? A Comparative Performance of Econometric and

Heuristic Models for UK and US Asset Returns


*Alexei Orlov, Radford University, USA

Discussant: Andrew Urquhart, University of Southampton, UK

Forecasting exchange rates of major currencies with long maturity forward rates

*Zsolt Darvas, Bruegel, Belgium & University of Pécs, Hungary

Zoltán Schepp, University of Pécs, Hungary

Discussant: Alexei Orlov, Radford University, USA


BANKS INTERNATIONALLY Chair: Matej Marinč, University of Ljubljana, Slovenia

Granularity in Banking and Growth: Does Financial Openness Matter?

*Franziska Bremus, DIW German Institute for Economic Research, Germany

Claudia M Buch, Halle Institute for Economic Research, Germany

Discussant: Matej Marinč, University of Ljubljana, Slovenia

A cross-country analysis of bank bankruptcy regimes

*Matej Marinč, University of Ljubljana, Slovenia

Vasja Rant, University of Ljubljana, Slovenia

Discussant: Franziska Bremus, DIW German Institute for Economic Research, Germany

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WORKSHOP: SME FINANCE Chair: Ciarán mac an Bhaird, Dublin City University, Ireland

Small and medium sized firms constitute the majority of enterprises and account for over two

thirds of employment in almost every country. The provision of finance to the sector is a primary

concern for policy makers concerned with stubbornly high rates of unemployment. At this

workshop we present an overview of research on financing small firms, considering all types of

finance including angel investment, venture capital, debt and related banking issues, and

‘new’ forms of finance such as crowd funding. We discuss the state of the art in the literature,

including the need for greater theoretical development; provision of, and access to data; and

perennial questions, such as ‘Is there a financing gap for small firms?’. Our workshop will,

hopefully, provide a greater understanding of the breadth of research in the field and provoke

lively discussion about the support of policy makers, and whether such intervention is effective.


REGULATION II Chair: Rodney Maddock, Monash University, Australia

Systemic Risk and Heterogeneous Leverage in Banking Network: Implications for Banking

Regulation

Can Sever, Boğaziçi University, Turkey

Tolga Umut Kuzubaş, Boğaziçi University, Turkey

*Burak Saltoğlu, Boğaziçi University, Turkey

Discussant: Rodney Maddock, Monash University, Australia

Performance of Market Discipline on the Islamic Financial Instrument: Evidence from Indonesian

Islamic Gold Investment Scandal

*Erie Febrian, Universitas Padjadjaran, Indonesia

Aldrin Herwany, Universitas Padjadjaran, Indonesia

Dian Masyita, Universitas Padjadjaran, Indonesia

Wardhana Wardhana, Universitas Padjadjaran, Indonesia

Discussant: Burak Saltoğlu, Boğaziçi University, Turkey

Regulation and the nature of competition between bank and non-bank lenders

Stephen King, Monash University, Australia

*Rodney Maddock, Monash University, Australia

Discussant: Erie Febrian, Universitas Padjadjaran, Indonesia



CREDIT AND CREDIT MANAGEMENT Chair: Richard Simper, The University of Nottingham, UK

Credit Composition and the Growth Effect of Credit

Dirk Bezemer, University of Groningen, The Netherlands

Maria Grydaki, University of Stirling, UK

*Lu Zhang, University of Groningen, The Netherlands

Discussant: Richard Simper, The University of Nottingham, UK

The Interdependence between Credit and Real Business Cycles in Latin American Economies

José Gómez González, Banco de la Republica de Colombia, Colombia

*Jair Ojeda, Banco de la Republica de Colombia, Colombia

Fernando Tenjo-Galarza, CEMLA Centro de Estudios Monetarios Latinoamericanos, Mexico

Héctor Zárate, Banco de la Republica de Colombia, Colombia

Discussant: Lu Zhang, University of Groningen, The Netherlands

Explaining loan loss provisioning behavior in Vietnamese banking

Cormac Bryce, The University of Nottingham, UK

Aristeidis Dadoukis, The University of Nottingham, UK

Maximilian Hall, Loughborough University, UK

Linh Nguyen, Northumbria University, UK

*Richard Simper, The University of Nottingham, UK

Discussant: Jair Ojeda, Banco de la Republica de Colombia, Colombia


COMMODITIES III Chair: Jerry Coakley, University of Essex, UK

Has the Dollar Always Dominated Global Oil Markets? Evidence and Implications for the

International Monetary System

*Livia Chitu, European Central Bank, Germany

Barry Eichengreen, University of California, Berkeley, USA

Arnaud Mehl, European Central Bank, Germany

Discussant: Jerry Coakley, University of Essex, UK

On the determinants of food price volatility

Sanvi Avouyi-Dovi, Banque de France & Université Paris Dauphine, France

Lyes Koliai, Université Paris Dauphine, France

* Kuhanathan Ano Sujithan, Université Paris Dauphine, France

Discussant: Livia Chitu, European Central Bank, Germany

Bubbling Over Along the Oil Futures Yield Curve

Daniel Tsvetanov, University of Essex, UK

*Jerry Coakley, University of Essex, UK

Neil Kellard, University of Essex, UK

Discussant: Robert Czudaj, Universität Duisberg Essen, Germany

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WORKSHOP: TRADING VOLATILITY Chair: Carol Alexander, University of Sussex, UK

The first contribution of this extended paper is to present a comprehensive and up-to-date

description of the trading and statistical characteristics of volatility futures and their exchange-

traded products. This motivates a detailed study of their benefits to traditional investors seeking

to diversify exposure to equity and bonds. We ask: how high should the expected return on

volatility be so that investors perceive, ex-ante, that diversification into volatility is optimal? This

so-called `optimal diversification threshold' will depend on the parameters of the optimization

framework that is employed by the investor, including: the covariances between returns on

equity, bonds and volatility; the expected returns on equity and bonds; and possibly also on the

investor's risk aversion. We derive this threshold for standard mean-variance investors,

subsequently extending the analysis to include skewness preference and then to allow for

moderation of personal forecasts by equilibrium returns as in the Black-Litterman framework. The

final contribution of our paper is to provide an extensive empirical analysis of the potential

benefits of volatility diversification for investors in the US and EU markets. Using data from 2006 to

2013 we find that diversification of equity-bond portfolios by adding long positions in volatility

futures would frequently have been perceived as optimal, ex-ante; but the optimally-diversified

portfolios only out-performed traditional equity-bond portfolios during crisis periods.

Nevertheless, after accounting for transactions costs -- including the roll costs on volatility futures

which arise because the term structure is almost always in contango -- we still find that all the

investors considered (i.e. standard mean-variance, skewness-aware investors and those holding

personal views within the Black-Litterman framework) can benefit from volatility diversification, at

least when forecasts are based on very recent market data.


NATIONAL EFFECTS Chair: Astrid Juliane Salzmann, RWTH Aachen University, Germany

Governance Transparency among the Largest Multinationals: Influence of Firm, Industry, and

National Factors

Raj Aggarwal, The University of Akron, USA

*John W Goodell, The University of Akron, USA

Discussant: Astrid Juliane Salzmann, RWTH Aachen University, Germany

Optimism of financial analysts: a comparison between US and European countries

Hélène Honoré, CNRS, France

Discussant: John W Goodell, The University of Akron, USA

National culture and takeover performance

Wolfgang Breuer, RWTH Aachen University, Germany

*Astrid Juliane Salzmann, RWTH Aachen University, Germany

Discussant: Hélène Honoré, CNRS, France



RISK AND RISK MODELS Chair: Elaine Hutson, Monash University, Australia

Dependence and risk management in oil and stock markets. A wavelet-copula analysis

*Rania Jammazi, IPAG Business School, Tunisia

Juan Carlos Reboredo, Universidad de Santiago de Compostela, Spain

Discussant: Xisong Jin, Université du Luxembourg, Luxembourg

Investment Funds' Vulnerabilities: A Tail-risk Dynamic CIMDO Approach

*Xisong Jin, Université du Luxembourg, Luxembourg

Francisco Nadal de Simone, Banque Centrale du Luxembourg, Luxembourg

Discussant: Rania Jammazi, IPAG Business School, Tunisia


TRADING AND MARKETS Chair: Christine Brown, Monash University, Australia

Trading Intensity and Informed Trading in the Tunis Stock Exchange

*Rabaa Karaa, Institut des Hautes Etudes Commerciales (IHEC) Carthage, Tunisia

Skander Slim, University of Sousse, Tunisia

Dorra Mezzez Hmaied, Institut des Hautes Etudes Commerciales (IHEC) Carthage, Tunisia

Discussant: Christine Brown, Monash University, Australia

The curious case of changes in trading dynamics when firms switch from NYSE to Nasdaq

*Thu Phuong Pham, University of Tasmania, Australia

David Michayluk, University of Technology Sydney, Australia

Discussant: Rabaa Karaa, Institut des Hautes Etudes Commerciales (IHEC) Carthage, Tunisia

Institutional trading and wealth transfer: Evidence from Australian rights offers

Choy Yeing (Chloe) Ho, Monash University, Australia

*Christine Brown, Monash University, Australia

Hue Hwa Au Yong, Monash University, Australia

Chander Shekhar, The University of Melbourne, Australia

Discussant: Thu Phuong Pham, University of Tasmania, Australia

INFINITI 2014

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LONG-TERM FINANCE Chair: Dirk Ulbricht, DIW German Institute for Economic Research, Germany

Long-Term Stock Returns during the Euro Crisis: Evidence of a Credit Crunch?

Yrjo Koskinen, Boston University, USA

*Michael Manser, University of Colorado Boulder, USA

Mattias Nilsson, University of Colorado Boulder, USA

Discussant: Dirk Ulbricht, DIW German Institute for Economic Research, Germany

International Financial Integration and Banking over the Very Long-Run: Non-Linear Time Series

Evidence for Brazil since 1870

Nauro Campos, Brunel University, UK

Menelaos Karanasos, Brunel University, UK

*Panagiotis Koutroumpis, Brunel University, UK

Discussant: Michael Manser, University of Colorado Boulder, USA

Stock investments for old-age

Dirk Ulbricht, DIW German Institute for Economic Research, Germany

Discussant: Panagiotis Koutroumpis, Brunel University, UK


NEW MONIES NEW REGULATION Chair: Katarzyna Sum, Warsaw School of Economics, Poland

How should regulators control cell phone money?

Shann Turnbull, International Institute for Self-Governance, Australia

Discussant: Gerald P Dwyer, Clemson University, USA

The Economics of Private Digital Currency

Gerald P Dwyer, Clemson University, USA

Discussant: Shann Turnbull, International Institute for Self-Governance, Australia




WORLD MARKETS Chair: Stefan Reitz, Kiel Institute for the World Economy, Germany

Global Currency Misalignments, Crash Sensitivity, and Moment Risk Premia

*Huichou Huang, University of Glasgow, UK

Ronald MacDonald, University of Glasgow, UK

Yang Zhao, University of Glasgow, UK

Discussant: Stefan Reitz, Kiel Institute for the World Economy, Germany

Exchange rate pass-through to crude oil prices: New evidence from a wavelet-based nonlinear

ARDL model

Rania Jammazi, IPAG Business School, Tunisia

Discussant: Huichou Huang, University of Glasgow, UK

Liquidity Intermediation in the Euro Money Market

*Stefan Reitz, Kiel Institute for the World Economy, Germany

Falko Fecht, Frankfurt School of Finance & Management, Germany

Discussant: Rania Jammazi, IPAG Business School, Tunisia


MONETARY POLICY: EFFECTS Chair: Emmanouil Noikokyris, Kingston University, UK

Temporal distribution of extreme currency fluctuations â€“the role of monetary policy

Gábor Dávid Kiss, University of Szeged, Hungary

Discussant: Emmanouil Noikokyris, Kingston University, UK

The spillover effects of unconventional monetary policies in developed countries on developing

countries

Tatiana Fic, National Institute of Economic and Social Research, UK

Discussant: Gábor Dávid Kiss, University of Szeged, Hungary

U.S. Monetary Policy Surprises and International Equity Returns: The Implications of Policy

Synchronization

Georgios Chortareas, King's College London, UK

*Emmanouil Noikokyris, Kingston University, UK

Discussant: Tatiana Fic, National Institute of Economic and Social Research, UK

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BANKING OPERATIONS AND FINANCING Chair: Leone Leonida, Queen Mary, University of London, UK

Determinants of Operational Risk in Financial Institutions: Evidence from German-speaking

Countries

Jörg Prokop, Carl von Ossietzky Universität Oldenburg, Germany

*Suren Pakhchanyan, Carl von Ossietzky Universität Oldenburg, Germany

Discussant: Gianfranco Gianfrate, Università Bocconi, Italy

Systemic Risk Assessment: Stress Testing the French Banking System

Lyes Koliai, Université Paris Dauphine, France

Discussant: Suren Pakhchanyan, Carl von Ossietzky Universität Oldenburg, Germany

Does Relative Valuation Work for Banks?

*Gianfranco Gianfrate, Università Bocconi, Italy

Gianfranco Forte, Università degli Studi di Milano-Bicocca, Italy

Discussant: Lyes Koliai, Université Paris Dauphine, France


MODELING RETURNS AND LEVELS Chair: Anatoly Peresetsky, Higher School of Economics, Russian Federation

A calibration procedure for analyzing stock price dynamics in an agent-based framework

Maria Cristina Recchioni, Università Politecnica delle Marche, Italy

*Gabriele Tedeschi, Università Politecnica delle Marche, Italy

Mauro Gallegati, Università Politecnica delle Marche, Italy

Discussant: Anatoly Peresetsky, Higher School of Economics, Russian Federation

Data smoothing and filtering in real time using entropic kernel compression

Roger J Bowden, Victoria University of Wellington, New Zealand

Peter N Posch, Universität Ulm, Germany

*Thomas Blaesche, Universität Ulm, Germany

Discussant: Gabriele Tedeschi, Università Politecnica delle Marche, Italy

Extracting global stochastic trend from non-synchronous data

Iikka Korhonen, Bank of Finland, Finland

*Anatoly Peresetsky, Higher School of Economics, Russian Federation

Discussant: Thomas Blaesche, Universität Ulm, Germany



BANK LOANS AND BANKING Chair: Pinar Uysal, EPFL École Polytechnique Fédérale de Lausanne, Switzerland

Financial distress and accrual anomaly: Evidence from the Vietnamese stock market

Pascal Alphonse, Université Lille 2 Droit et Santé, France

*Thu Hang Nguyen, Université Lille 2 Droit et Santé, France

Discussant: Pinar Uysal, EPFL École Polytechnique Fédérale de Lausanne, Switzerland

Do Banks Really Use Financial Derivatives for Hedging?

*Matej Marinč, University of Ljubljana, Slovenia

Shaofang Li, University of Ljubljana, Slovenia

Discussant: Thu Hang Nguyen, Université Lille 2 Droit et Santé, France

Takeover Defense Provisions, Equity Volatility, and the Cost of Bank Loans

Lewis Gaul, US Treasury, Office of the Comptroller of the Currency, USA

Jonathan Jones, US Treasury, Office of the Comptroller of the Currency, USA

Ajay Palvia, US Treasury, Office of the Comptroller of the Currency, USA

*Pinar Uysal, EPFL École Polytechnique Fédérale de Lausanne, Switzerland

Discussant: Matej Marinč, University of Ljubljana, Slovenia


CAPITAL FLOWS AND INTEREST RATES Chair: Philip Brock, University of Washington, USA

International Interest Rate Shocks and Monetary Policy in a Small Open Economy

Hangyu Lee, Bank of Korea, Republic of Korea

Discussant: Philip Brock, University of Washington, USA

Capital Inflows and the Interest Premium Problem: Revisiting the effects of Monetary Sterilisation

in Selected Asian Economies

*Tony Cavoli, University of South Australia, Australia

Ramkishen Rajan, George Mason University, USA

Discussant: Hangyu Lee, Bank of Korea, Republic of Korea

Global Financial Shocks and Foreign Asset Repatriation: When do Local Investors Play a

Stabilizing Role?

Gustavo Adler, IMF International Monetary Fund, USA

Marie Louise Djigbenou, Banque de France, France

*Sebastian Sosa, IMF International Monetary Fund, USA

Discussant: Tony Cavoli, University of South Australia, Australia

Capital Adjustment Costs and the Gains from International Financial Integration: A q-Theory

Approach

Philip Brock, University of Washington, USA

Discussant: Sebastian Sosa, IMF International Monetary Fund, USA

INFINITI 2014

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INTERNATIONAL FINANCIAL SERVICE ISSUES Chair: Andrea Zaghini, Banca d'Italia, Italy

Borrowing beyond Borders: Foreign Assets, Lender Choice, and Loan Pricing in the Syndicated

Bank Loan Market

Joel Houston, University of Florida, USA

*Jennifer Itzkowitz, Seton Hall University, USA

Andy Naranjo, University of Florida, USA

Discussant: Andrea Zaghini, Banca d'Italia, Italy

A Tale of Fragmentation: the Euro-Area Corporate Bond Market

Andrea Zaghini, Banca d'Italia, Italy

Discussant: Jennifer Itzkowitz, Seton Hall University, USA


STATUS Chair: Volker Seiler, Universität Paderborn, Germany

Masters of the Stock Market

*Kristjan Liivamägi, Tallinn University of Technology, Estonia

Tarvo Vaarmets, Tallinn University of Technology, Estonia

Tõnn Talpsepp, Tallinn University of Technology, Estonia

Discussant: Yulia Plaksina, Dublin City University, Ireland

The Influence of Social Status on the Incidence of Financial Statement Fraud Committed by

Board Directors

*Paula Bolger, Trinity College Dublin, Ireland

Aleksandar Sevic, Trinity College Dublin, Ireland

Discussant: Kristjan Liivamägi, Tallinn University of Technology, Estonia

CEO Social Status and Corporate Investment Decisions

*Yulia Plaksina, Dublin City University, Ireland

Liam Gallagher, Dublin City University, Ireland


Discussant: Paula Bolger, Trinity College Dublin, Ireland



GOLD II Chair: Robert Czudaj, Universität Duisberg Essen, Germany

Is the Price of Gold Manipulated?


Discussant: Michael Lucey, Durham University, UK

Testing for the Existence of Psychological Barriers in Precious Metals Prices

*Fergal O'Connor, Trinity College Dublin, Ireland

Michael Lucey, Durham University, UK

Discussant: Dirk Baur, University of Technology Sydney, Australia

Gold Price Forecasts in a Dynamic Model Averaging Framework: Have the Determinants

Changed Over Time?



*Robert Czudaj, Universität Duisberg Essen, Germany

Discussant: Fergal O'Connor, Trinity College Dublin, Ireland


DARK POOLS AND TRADERS Chair: Frank Skinner, Brunel University, UK

Fragmentation and Consolidation of Dark Order Books

*Julia Henker, Bond University, Australia

Thomas Henker, Bond University, Australia

Jaroslaw Majtyka, Bond University, Australia

Discussant: Frank Skinner, Brunel University, UK

Persistent Doubt: An Examination of the performance of hedge funds

María de la O González, Universidad de Castilla-La Mancha, Spain

Nicolas Papageorgiou, HEC Montréal, Canada

*Frank Skinner, Brunel University, UK

Discussant: Julia Henker, Bond University, Australia


PANEL SESSION: NATIONAL CULTURE Chair: John W Goodell, The University of Akron, USA

The role of national cultural differences as a factor in economic decisions is well accepted in

international business and management but has only recently begun to penetrate into the

finance literature. This panel session will introduce you to the research, outlining how national

culture can be measured and how it can be proxied, recent findings and new approaches.

After a brief presentation by each panel member audience, questions will be welcomed.

Panel members are Astrid Salzmann, John Goodell and Michael Dowling.

INFINITI 2014

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INFORMATION AND EXPECTATIONS Chair: Arnold Cowan, Iowa State University & Cowan Research LC (Eventus), USA

Inflation Expectations Spillovers between the United States and Euro Area

Aleksei Netšunajev, Freie Universität Berlin, Germany

*Lars Winkelmann, Freie Universität Berlin, Germany

Discussant: Arnold Cowan, Iowa State University & Cowan Research LC (Eventus), USA

Search, Liquidity, and Retention: Signaling Multidimensional Private Information

Basil Williams, Duke University, USA

Discussant: Lars Winkelmann, Freie Universität Berlin, Germany

Did New EU Rules Reduce Information Risk? Evidence from Earnings Announcements

*Arnold Cowan, Iowa State University & Cowan Research LC (Eventus), USA

Valentina Salotti, Iowa State University, USA

Discussant: Basil Williams, Duke University, USA


INTERNATIONAL PORTFOLIOS Chair: Thomas Conlon, University College Dublin, Ireland

On the Index Tracking and the Statistical Arbitrage Choosing the Stocks by Means of

Cointegration. The Role of Stock Picking

*Fernando Fernández Rodríguez, Universidad de Las Palmas de Gran Canaria, Spain

Eduardo Acosta González, Universidad de Las Palmas de Gran Canaria, Spain

Reinaldo Armas Herrera, Universidad de Las Palmas de Gran Canaria, Spain

Discussant: Thomas Conlon, University College Dublin, Ireland

Time-Varying Systematic and Idiosyncratic Risk Exposures of US Bank Holding Companies

*Wolfgang Bessler, Justus-Liebig-Universität Giessen, Germany

Philipp Kurmann, Justus-Liebig-Universität Giessen, Germany

Tom Nohel, Loyola University Chicago, USA

Discussant: Fernando Fernández Rodríguez, Universidad de Las Palmas de Gran Canaria, Spain

Asset Allocation with Correlation

Rachael Carroll, University College Dublin, Ireland

*Thomas Conlon, University College Dublin, Ireland

John Cotter, University College Dublin, Ireland

Discussant: Wolfgang Bessler, Justus-Liebig-Universität Giessen, Germany



HOME BIAS AND INTERNATIONAL INVESTING II Chair: Alessio Ciarlone, Banca d'Italia, Italy

The role of education in international portfolios during the recent financial crisis

*Udichibarna Bose, University of Glasgow, UK

Ronald MacDonald, University of Glasgow, UK

Serafeim Tsoukas, University of Glasgow, UK

Discussant: Alessio Ciarlone, Banca d'Italia, Italy

Financial Development and Home Equity Bias

Ju Hyun Pyun, Korea University, Republic of Korea

Discussant: Udichibarna Bose, University of Glasgow, UK

Are Sovereign Wealth Funds Contrarian Investors?

*Alessio Ciarlone, Banca d'Italia, Italy

Valeria Miceli, Banca d'Italia, Italy

Discussant: Ju Hyun Pyun, Korea University, Republic of Korea


BANKS AND LIQUIDITY Chair: Mark Griffiths, Miami University, USA

Loan Supply and Demand in Germany’s Three-Pillar Banking System during the Financial Crisis

Torsten Schmidt, RWI Essen, Germany

*Lina Zwick, RWI Essen, Germany

Discussant: Mark Griffiths, Miami University, USA

Do Domestic Banks have a Liquidity Advantage? Evidence from a Syndicated Loan Market

*Christine Brown, Monash University, Australia

Viet Do, Monash University, Australia

Oscar Trevarthen, Monash University, Australia

Discussant: Lina Zwick, RWI Essen, Germany

TAF: Wall Street Bailout or Main Street Funding?

Ken B Cyree, The University of Mississippi, USA

*Mark Griffiths, Miami University, USA

Drew B Winters, Texas Tech University, USA

Discussant: Christine Brown, Monash University, Australia

INFINITI 2014

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Delegates

Aarti Rughoo | [email protected]

Senior Lecturer, Economics, Business School, University of

Hertfordshire, UK

Adam Ng | [email protected]

PhD Student, INCEIF The Global University of Islamic Finance,

Malaysia

Adam Geršl | [email protected]

Senior Economist, Joint Vienna Institute, Austria

Adrian Ioana | [email protected]

Senior Lecturer, Department of Metallic Materials Elaboration

Engineering and Management, University Politehnica of

Bucharest, Romania

Aine Murphy | [email protected]

PhD Student, School of Business, Waterford Institute of

Technology, Ireland

Ákos Uhrin | [email protected]

PhD Student, Institute of Finance and International Economic

Relations, University of Szeged, Hungary

Alanoud Al-Maadid | [email protected]

PhD Candidate, Department of Economics and Finance, Brunel

University, UK

Aleksandar Sevic | [email protected]

Lecturer, School of Business, Trinity College Dublin, Ireland

Alessio Ciarlone | [email protected]

Senior Economist, International Relations, Banca d'Italia, Italy

Alexander Erler | [email protected]

PhD Student, Chair of International Economics and Finance,

Universität Bayreuth, Germany

Alexei Orlov | [email protected]

Professor of Economics, Department of Economics, Radford

University, USA

Alistair Haig | [email protected]

Early Career Fellow in Finance, University of Edinburgh Business

School, The University of Edinburgh, UK

Amadou Sy | [email protected]

Senior Fellow, Global Economy and Development, The

Brookings Institution, USA

Ana-Maria Fuertes | [email protected]

Professor in Financial Econometrics, Cass Business School,

Faculty of Finance, City University London, UK

Anatoly Peresetsky | [email protected]

Professor, Economics Department, Higher School of Economics,

Russian Federation

Andrea Mc Namara | [email protected]

PhD Student, School of Business; Department of Accounting &

Economics, Waterford Institute of Technology, Ireland

Andrea Zaghini | [email protected]

Principal Economist, Research Department - CPM, Banca

d'Italia, Italy

Andrea Cipollini | [email protected]

Associate Professor, Department of Economics, Università di

Palermo, Italy

Andreas Steiner | [email protected]

Assistant Professor, Institute of Empirical Economic Research,

Universität Osnabrück, Germany

Andreas Bachmann | [email protected]

PhD Student, Department of Economics, Universität Bern,

Switzerland

Andreas Dietrich | [email protected]

Professor of Banking, Institut für Finanzdienstleistungen Zug IFZ,

Lucerne University of Applied Sciences, Switzerland

Andrew Urquhart | [email protected]

Lecturer of Finance, Southampton Management School,

University of Southampton, UK

Arnold Cowan | [email protected]; [email protected]

Professor of Finance and Wells Fargo Professor in Finance,

Department of Finance, Iowa State University, & President and

CEO,Cowan Research LC (Eventus), USA

Asma Mobarek | [email protected]

Associate Professor, School of Business, Finance Department,

Stockholm University, Sweden

Astrid Salzmann | [email protected]

Assistant Professor of Finance, School of Business and

Economics, Department of Finance, RWTH Aachen University,

Germany

Barbara Petracci | [email protected]

Assistant Professor of Corporate Finance, Department of

Management, Università di Bologna, Italy

Basil Williams | [email protected]

PhD Student, Fuqua School of Business, Finance Department,

Duke University, USA

Benedikt Rotermann | [email protected]

muenster.de

PhD Student, Department of Economics, Chair of Empirical

Economics, Westfälische Wilhelms-Universität Münster, Germany

Benoît Sévi | [email protected]

Associate Professor of Economics, IPAG Business School & Aix

Marseille School of Economics, France

Bernard Paranque | [email protected]

Professor of Finance, Chair "Finance Reconsidered", KEDGE

Business School, France

Brian Lucey | [email protected]

Conference Chair & Professor in Finance, School of Business,

Trinity College Dublin, Ireland

Burak Saltoğlu | [email protected]

Department of Economics, Boğaziçi University, Turkey

Burcu Erdogan | [email protected]

PostDoc Researcher, Universität Trier, Germany

Carmen Martí | [email protected]

Accredited Associate Professor, Business Department,

Universitat Autònoma de Barcelona, Spain

Carol Alexander | [email protected]

Professor of Finance & Head of Department, Department of

Business and Management, University of Sussex, UK

Charles Larkin | [email protected]; [email protected]

Lecturer in Economics & Finance, School of Business, Cardiff

Metropolitan University, UK, & Trinity College Dublin & Seanad

Eireann, Ireland

Cheng Yan | [email protected]

PhD Student, Cass Business School, City University London, UK

INFINITI 2014

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77

Cherry Muijsson | [email protected]

PhD Student, Faculty of Economics, University of Cambridge, UK

Chiara Banti | [email protected]

Lecturer, Essex Business School, University of Essex, UK

Christian Grisse | [email protected]

Senior Economist, Swiss National Bank, Switzerland

Christian Friedrich | [email protected]

Senior Analyst, Bank of Canada, Canada

Christine Brown | [email protected]

Professor and Discipline Head, Finance Research Director,

Department of Banking and Finance, Monash University,

Australia

Christophe Faugère | [email protected];

[email protected]

Professor of Finance, Bordeaux School of Management, KEDGE

Business School, France

Ciarán mac an Bhaird | [email protected]

Lecturer, Fiontar, Dublin City University, Ireland

Colm Kearney | [email protected]

Dean and Professor, Faculty of Business and Economics,

Monash University, Australia

Davide Romelli | [email protected]

PhD Candidate, ESSEC Business School & THEMA-Université de

Cergy-Pontoise, France

Diptes Bhimjee | [email protected]

Researcher, ISCTE-IUL Business School, ISCTE Instituto

Universitário de Lisboa, Portugal

Dirk Ulbricht | [email protected]

Researcher, Forecasting, DIW German Institute for Economic

Research, Germany

Dirk Baur | [email protected]

Associate Professor of Finance, UTS Business School, University of

Technology Sydney, Australia

Dirk Schoenmaker | [email protected]

Duisenberg School of Finance, The Netherlands

Domenica Di Virgilio | [email protected]

PhD Student, Department of Finance, Università Bocconi, Italy

Domenico Campa | [email protected]

Assistant Professor, School of Business, Trinity College Dublin,

Ireland

Dominik Maltritz | [email protected]

Professor for International Economics, Faculty of Economics,

Law and Social Sciences, Universität Erfurt, Germany

Duccio Martelli | [email protected]

Assistant Professor of Finance, Department of Finance,

Università degli Studi di Perugia, Italy

Eduardo Cavallo | [email protected]

Senior Economist, Research Department, Inter-American

Development Bank, USA

Edward Kane | [email protected]

Professor of Finance, Department of Finance, Boston College,

USA

Elaine Hutson | [email protected]

Associate Professor of Finance, Department of Banking and

Finance, Monash University, Australia

Elisabeth Beckmann | [email protected]

Economist, Foreign Research, Oesterreichische Nationalbank,

Austria

Emmanouil Noikokyris | [email protected]

Senior Lecturer in Accounting and Finance, Kingston Business

School, Department of Accounting, Finance and Informatics,

Kingston University, UK

Emmanuel Mamatzakis | [email protected]

Professor of Finance, Department of Business, Management

and Economics, University of Sussex, UK

Erie Febrian | [email protected]

Associate Professor, Doctorate School of Management &

Business, Universitas Padjadjaran, Indonesia

Esther Del Brio | [email protected]

Senior Lecturer, Administracion y Economia de la Empresa,

Universidad de Salamanca, Spain

Evangelos Salachas | [email protected]

PhD Candidate, Athens University of Economics and Business,

Greece

Fabian Gogolin | [email protected]

PhD Student, DCU Business School, Dublin City University, Ireland

Fabio Canova | [email protected]

Professor of Econometrics, Department of Economics,

European University Institute, Italy

Faek Menla Ali | [email protected]

Lecturer, Department of Economics and Finance, Brunel

University, UK

Fangming Xu | [email protected]

Assistant Professor of Finance, School of Economics, Finance

and Management, University of Bristol, UK

Fearghal Kearney | [email protected]


Fergal O'Connor | [email protected]

PhD Student, School of Business, Trinity College Dublin, Ireland

Fernando Fernández Rodríguez | [email protected]

Professor, Department of Quantitative Methods, Universidad de

Las Palmas de Gran Canaria, Spain

Florence Mouradian | [email protected]

PhD Student, LEDa-SDFi, Université Paris Dauphine, France

Francesca Viani | [email protected]

Senior Economist, Directorate General of International Affairs,

Banco de España, Spain

Frank Skinner | [email protected]

Professor of Finance, Department of Economics and Finance,

Brunel University, UK

Frank McGroarty | [email protected]

Professor, Southampton Management School, University of

Southampton, UK

Franziska Bremus | [email protected]

Researcher, Department of Macroeconomics, DIW German

Institute for Economic Research, Germany

Gabjin Oh | [email protected]; [email protected]

Professor of Finance, Division of Business Administration, College

of Business, Chosun University, Republic of Korea

Gábor Dávid Kiss | [email protected]

Assistant Professor, Institute of Finance and International

Economic Relations, University of Szeged, Hungary

Gabriele Tedeschi | [email protected]

Researcher, Department of Economics, Università Politecnica

delle Marche, Italy

Geir Høidal Bjønnes | [email protected]

Associate Professor, Department of Financial Economics, BI

Norwegian Business School, Norway


George Milunovich | [email protected]

Associate Professor, Department of Economics, Macquarie

University, Australia

George Palaiodimos | [email protected]

Researcher, Research Department, Bank of Greece, Greece

Georges Prat | [email protected]

Researcher, EconomiX, CNRS, Université Paris Ouest Nanterre La

Défense, France

Georgios Kouretas | [email protected]

Professor of International Finance & Jean Monnet Chair on

European Economic Policy, IPAG Business School, France &

Athens University of Economics and Business, Greece

Gerald P Dwyer | [email protected]

Visiting Professor and BB&T Scholar, Department of Economics,

Clemson University, USA

Gert Elaut | [email protected]

PhD Student, Department of Financial Economics, Universiteit

Gent, Belgium

Gianfranco Gianfrate | [email protected]

Assistant Professor of Finance, Department of Finance,

Università Bocconi, Italy

Gilles de Truchis | [email protected]

PhD Candidate, Aix-Marseille School of Economics & GREQAM,

Aix Marseille Université, France

Gregory Bauer | [email protected]

Research Director, Bank of Canada, Canada

Grégory Guilmin | [email protected]

PhD Student, Economics and Management Faculty, CeReFiM,

Université de Namur, Belgium

Guillaume Horny | [email protected]

Research Economist, Banque de France, France

Gunda-Alexandra Detmers | gunda-alexandra.detmers@fu-

berlin.de

PhD Student, Department of Economics, Freie Universität Berlin,

Germany

Hangyu Lee | [email protected]

Economist, Bank of Korea, Republic of Korea

Helena Chuliá | [email protected]

Lecturer, School of Economics and Business, Department of

Econometrics and Statistics, Universitat de Barcelona, Spain

Hélène Honoré | [email protected]

Researcher, CNRS, France

Hong-Tram Dang | [email protected]

PhD Student, CREM Centre de Recherche en Économie et

Management, Institut de Gestion de Rennes, Université de

Rennes 1, France

Hubert Gabrisch | [email protected]

Head of Research, Halle Institute for Economic Research,

Germany

Huichou Huang | [email protected]

PhD Student, Adam Smith Business School, Department of

Economics, University of Glasgow, UK

Igor Lončarski | [email protected]

Assistant Professor of Finance, Faculty of Economics, University

of Ljubljana, Slovenia

Ingo Bordon | [email protected]

Researcher, German Development Institute, Germany

Ioannis Lazopoulos | [email protected]

Lecturer in Economics, School of Economics, University of

Surrey, UK

Ipek Mumcu | [email protected]

Graduate Student, Department of Economics, Koç University,

Turkey

Jacinta Bernadette Rico | [email protected];

[email protected]

PhD Student, Graduate School of Asia Pacific Studies, Waseda

University, Japan

Jacques Pezier | [email protected]

Visiting Professor, Department of Business, Management and

Economics, University of Sussex, UK

Jagna Mirska-Gent | [email protected]

Senior Publisher, Elsevier, The Netherlands

Jair Ojeda | [email protected]

Researcher, Deputy Governor's Office, Research Unit, Banco

de la Republica de Colombia, Colombia

Jamel Saadaoui | [email protected]

Assistant Professor (Maître de Conférences), Bureau of

Economic Theory and Application, Université de Strasbourg,

France

James Brown | [email protected]

Associate Professor of Finance, College of Business,

Department of Finance, Iowa State University, USA

Jan Willem van den End | [email protected]

Senior Economist, Economic Policy and Research Division, De

Nederlandsche Bank, The Netherlands

Janusz Kudła | [email protected]; [email protected]

Professor of Finance, Faculty of Economic Sciences; Chair or

Banking, Finance and Accounting, University of Warsaw,

Poland

Javier Vidal García | [email protected]

Lecturer, Universidad Complutense de Madrid, Spain

Jelena Stapf | [email protected]

Senior Economist, Deutsche Bundesbank, Germany

Jennifer Itzkowitz | [email protected]

Assistant Professor of Finance, Department of Finance, Seton

Hall University, USA

Jennifer Berrill | [email protected]

Assistant Professor, School of Business, Trinity College Dublin,

Ireland

Jeremy Kronick | [email protected]

PhD Candidate, Department of Economics, Brandeis University,

USA

Jerry Coakley | [email protected]

Professor of Finance, Essex Business School, University of Essex,

UK

Jesus Salas | [email protected]

Assistant Professor, Perella Department of Finance, Lehigh

University, USA

Ji Wu | [email protected]

Associate Professor, The Research Institute of Economics and

Management, Southwestern University of Finance and

Economics, China

João Monteiro Pinto | [email protected]

Professor of Finance, School of Business & Economics,

Universidade Católica Portuguesa, Portugal

John Burger | [email protected]

Professor of Economics, Sellinger School of Business, Loyola

University Maryland, USA

John Goodell | [email protected]

Assistant Professor of Finance, Department of Finance, The

University of Akron, USA

INFINITI 2014

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79

Jonathan Batten | [email protected]

Professor of Finance, Department of Banking and Finance,


Joscha Beckmann | [email protected]

Assistant Professor, Universität Duisberg Essen, Germany

José Jorge | [email protected]

Assistant Professor, Faculdade de Economia, CEF.UP,

Universidade do Porto, Portugal

José Rossi | [email protected]

Associate Professor, Department of Economics, INSPER Institute

of Education and Research, Brazil

Ju Hyun Pyun | [email protected]

Assistant Professor, Korea University Business School, Korea

University, Republic of Korea

Juan Francisco Martinez | [email protected]

Senior Economist, Financial Research Unit, Financial Policy

Division, Banco Central de Chile, Chile

Julia Henker | [email protected]

Associate Professor, Department of Finance, Bond University,

Australia

Julián Caballero | [email protected]

Research Economist, Inter-American Development Bank, USA

Kai Daniel Schmid | [email protected]

Researcher, Macroeconomic Policy Institute (IMK), Hans Böckler

Foundation, Germany

Kannan Thuraisamy | [email protected]

Lecturer, School of Accounting, Economics and Finance,

Deakin University, Australia

Karima Modrik | [email protected];

[email protected]

PhD Student, Université Angers, France

Katarzyna Sum | [email protected]

Assistant Professor, Warsaw School of Economics, Poland

Kate Phylaktis | [email protected]

Professor of International Finance, Cass Business School, Faculty

of Finance, City University London, UK

Kazem Falahati | [email protected]

Senior Lecturer, Glasgow School for Business and Society,

Glasgow Caledonian University, UK

Keith Cuthbertson | [email protected]

Professor of Finance, Cass Business School, City University

London, UK

Kristjan Liivamägi | [email protected]

PhD Student, Tallinn School of Economics and Business

Administration, Tallinn University of Technology, Estonia

Kuhanathan Ano Sujithan | kuhanathan.ano-

[email protected]

PhD Applicant, LEDa-SDFi, Université Paris Dauphine, France

Larisa Yarovaya | [email protected]

PhD Student, Newcastle Business School, Northumbria

University, UK

Lars Winkelmann | [email protected]

Researcher, Freie Universität Berlin, Germany

Laura Jaramillo | [email protected]

Senior Economist, Fiscal Affairs Department, IMF International

Monetary Fund, USA

Laurent Vilanova | [email protected]

Professor of Finance, Université Lumière Lyon 2 - Coactis, France

Leone Leonida | [email protected]

Senior Lecturer, School of Economics and Finance, Queen

Mary, University of London, UK

Lina Zwick | [email protected]

PhD Student, RWI Essen, Germany

Lisa Spencer | [email protected]

PhD Student, Department of Accounting and Economics,

Waterford Institute of Technology, Ireland

Livia Chitu | [email protected]

Economist, European Central Bank, Germany

Lu Zhang | [email protected]

Researcher, Department Global Economics and Management,

University of Groningen, The Netherlands

Luca Viarengo | [email protected]

PhD Student, Department of Finance, Università Bocconi, Italy

Ludovic Gauvin | [email protected]

PhD Student, Banque de France & Université Paris Ouest

Nanterre La Défense, France

Lyes Koliai | [email protected]

PhD Candidate, LEDa-SDFi, Université Paris Dauphine, France

Marcel Grupp | [email protected]

PhD Student, Goethe Universität Frankfurt am Main, Germany

Marco Lo Duca | [email protected]

Economist, Directorate International and European Relations,

European Central Bank, Germany

Marios Zachariadis | [email protected]

Associate Professor, Department of Economics, University of

Cyprus, Cyprus

Mark Griffiths | [email protected]

Professor of Finance, Farmer School of Business, Miami

University, USA

Martha Contreras | [email protected]

PhD Student, Department of Finance, Maastricht University, The

Netherlands

Martha O'Hagan Luff | [email protected]


Martin Sokol | [email protected]

Assistant Professor, Department of Geography, Trinity College

Dublin, Ireland

Martin Gächter | [email protected]

Economist, Foreign Research Division, Oesterreichische

Nationalbank, Austria

Marwan Izzeldin | [email protected]

Lecturer, Department of Economics, Lancaster University, UK

Mary Pieterse-Bloem | [email protected]

Assistant Professor, Erasmus School of Economics, Erasmus

Universiteit Rotterdam, The Netherlands

Matej Marinč | [email protected]

Assistant Professor, Faculty of Economics, University of Ljubljana,

Slovenia

Matías Cabrera | [email protected]

PhD Candidate, Department of Business Administration,

Universidad Carlos III de Madrid, Spain

Maurice Peat | [email protected]

Associate Professor of Finance, The University of Sydney Business

School, Discipline of Finance, The University of Sydney, Australia

Michael Lucey | [email protected]

Teaching Fellow in Economics & Finance, Durham Business

School, Durham University, UK


Michael Manser | [email protected]

PhD Candidate, Leeds School of Business - Finance, University

of Colorado Boulder, USA

Michael Dowling | [email protected]

Lecturer, DCU Business School, Dublin City University, Ireland

Michael Donadelli | [email protected]

Assistant Professor of Finance, Center of Excellence SAFE

(House of Finance), Goethe Universität Frankfurt am Main,

Germany

Michael Viehs | [email protected]

Research Fellow, Smith School of Enterprise and the

Environment, University of Oxford, UK

Mikhail V Oet | [email protected]

Non-Profit Research Fellow, Weatherhead School of

Management, Case Western Reserve University & Economist,

Federal Reserve Bank of Cleveland, USA

Milena Petrova | [email protected]

Assistant Professor, Department of Finance, Università Bocconi,

Italy

Mo Sherif | [email protected]

Lecturer, School of Management and Languages; Department

of Accountancy, Economics and Finance, Heriot-Watt

University, UK

Mónika Pitz | [email protected]; [email protected]

University of Pécs, Hungary

Montfort Mlachila | [email protected]

Deputy Division Chief, African Department, IMF International

Monetary Fund, USA

Muhammad Altuntas | [email protected]

Professor of Risk Management and Insurance, Department of

Risk Management and Insurance, Universität zu Köln (University

of Cologne), Germany

Nathee Naktnasukanjn | [email protected];

[email protected]

PhD Student, The Joint Doctoral Program in Business

Administration, Thammasat University, Thailand

Neil Dunne | [email protected]

Teaching Fellow, School of Business, Trinity College Dublin,

Ireland

Nikos Paltalidis | [email protected]

PhD Student, Portsmouth Business School, University of

Portsmouth, UK

Panagiotis Koutroumpis | [email protected]

PhD Student, School of Social Sciences, Department of

Economics and Finance, Brunel University, UK

Paula Bolger | [email protected]; [email protected]


Paula Hill | [email protected]

Reader in Finance, Department of Economics, Finance and

Management, University of Bristol, UK

Peter Spencer | [email protected]

Professor of Economics, Department of Economics and Related

Studies, The University of York, UK

Philip Brock | [email protected]

Professor of Economics, Department of Economics, University of

Washington, USA

Pinar Yeşin | [email protected]

Senior Economist, Swiss National Bank, Switzerland

Pinar Uysal | [email protected]

Postdoc, Chair of International Finance, EPFL École

Polytechnique Fédérale de Lausanne, Switzerland

Qiyu Zhang | [email protected]

Lecturer, Management School, Department of Accounting and

Finance, Lancaster University, UK

Rabaa Karaa | [email protected]

PhD Student, Department of Finance, Institut des Hautes Etudes

Commerciales (IHEC) Carthage, Tunisia

Rajeswari Sengupta | [email protected]

Visiting Fellow, Indira Gandhi Institute of Development Research

(IGIDR), India

Rania Jammazi | [email protected]

Assistant Professor, IPAG Business School, Tunisia

Remzi Uctum | [email protected]

Researcher, EconomiX, CNRS, Université Paris Ouest Nanterre La

Défense, France

Renatas Kizys | [email protected]

Senior Lecturer, Portsmouth Business School, Department of

Economics and Finance, University of Portsmouth, UK

Richard Simper | [email protected]

Reader in Financial Economics, Nottingham University Business

School, The University of Nottingham, UK

Robert Czudaj | [email protected]

Postdoctoral Researcher & Lecturer, Department of Economics,

Chair for Econometrics, Universität Duisberg Essen, Germany

Robin Edme | [email protected]

Senior Advisor Responsible Finance, Ministry of Ecology,

Sustainable Development and Energy, France

Rodney Maddock | [email protected]

Adjunct Professor of Economics, Department of Economics,


Roman Horvath | [email protected]

Associate Professor, Charles University in Prague, Czech

Republic

Roselyne Joyeux | [email protected]

Professor, Department of Economics, Macquarie University,

Australia

Ru Xie | [email protected]

Lecturer in Banking and Finance, Bangor Business School,

Bangor University, UK

Ruba Shira | [email protected]

Research Student, Department of Economics and Finance,

Brunel University, UK

Sandra Dow | [email protected]

Professor of International Finance, Monterey Institute of

International Studies, Middlebury College, USA

Sanket Mohapatra | [email protected]

Senior Economist, Development Prospects Group, The World

Bank, USA

Santiago Carbo-Valverde | [email protected]

Professor of Economics and Finance, Bangor Business School,

Bangor University, UK

Sarah Holton | [email protected]

Senior Economist, Central Bank of Ireland, Ireland

Sebastian Sosa | [email protected]

Senior Economist, IMF International Monetary Fund, USA

Shage Zhang | [email protected]

Assistant Professor, School of Business, Department of Finance

and Decision Sciences, Trinity University, USA

Shann Turnbull | [email protected]

Principal, International Institute for Self-Governance, Australia

INFINITI 2014

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Shawn Chen-Yu Leu | [email protected]

Senior Lecturer, School of Economics, La Trobe University,

Australia

Sheida Teimouri | [email protected]

Assistant Professor of Economics, Economics Department,

University of Wisconsin-La Crosse, USA

Simón Sosvilla-Rivero | [email protected]

Professor of Economics, Department of Quantitative

Economics, Universidad Complutense de Madrid, Spain

Simone Alfarano | [email protected]

Professor of Economics, Department of Economics, Universitat

Jaume I, Spain

Sisira Jayasuriya | [email protected]

Professor, Department of Economics, Monash University,

Australia

Spiridon Kariofyllas | [email protected]

Researcher/PhD Student, Department of Business

Administration, University of Patras, Greece

Srđan Marinković | [email protected]

Professor of Banking and Finance, Faculty of Economics,

University of Niš, Republic of Serbia

Stamatios Tsigos | [email protected]

PhD Student, School of Business, University of Western Sydney,

Australia

Stefan Eichler | [email protected]

Assistant Professor, Otto-von-Guericke-Universität Magdeburg &

Halle Institute for Economic Research, Germany

Stefan Reitz | [email protected]

Professor of International Finance, Kiel Institute for the World

Economy, Germany

Štefan Lyócsa | [email protected]

Assistant Professor, Department of Quantitative Methods,

University of Economics in Bratislava, Slovakia

Stefanie Kleimeier | [email protected]

Associate Professor of Finance, School of Business and

Economics, Department of Finance, Maastricht University, The

Netherlands

Stephen Ong | [email protected]

Vice President, Federal Reserve Bank of Cleveland, USA

Suheyl Belviranli | [email protected]

MSc Student, Institute of Informatics, Satellite Communication &

Remote Sensing, Istanbul Technical University, Turkey

Suren Pakhchanyan | [email protected]

Teaching and Research Assistant/PhD Student, Department of

Finance and Banking, Carl von Ossietzky Universität Oldenburg,

Germany

Tatiana Fic | [email protected]; [email protected]

Research Fellow, National Institute of Economic and Social

Research, UK

Theodoros Bratis | [email protected]

PhD Student, Department of Business Administration, Athens

University of Economics and Business, Greece

Thomas Blaesche | [email protected]

PhD Student, Universität Ulm, Germany

Thomas Conlon | [email protected]

Lecturer in Banking and Finance, Department of Banking and

Finance, University College Dublin, Ireland

Thomas Lagoarde-Segot | [email protected]

Associate Professor, Department of Economics and Finance,

KEDGE Business School, France

Thomas Christopher Martin | [email protected]


Thu Hang Nguyen | [email protected]

PhD Student, Université Lille 2 Droit et Santé, France

Thu Phuong Pham | [email protected]

Lecturer in Finance, School of Business and Economics,

University of Tasmania, Australia

Till Strohsal | [email protected]

Postdoctoral Researcher, Freie Universität Berlin, Germany

Tony Cavoli | [email protected]

Senior Lecturer, Business School, University of South Australia,

Australia

Torsten Schmidt | [email protected]

Researcher, Macroeconomics and Public Finance, RWI Essen,

Germany

Tuomas Peltonen | [email protected]

Adviser, Directorate General Macroprudential Policy and

Financial Stability, European Central Bank, Germany

Tuomas Takalo | [email protected]

Research Adviser, Bank of Finland, Finland

Udichibarna Bose | [email protected]

PhD Student, Economics, Adam Smith Business School

(Economics), University of Glasgow, UK

Valentina Salotti | [email protected]

Assistant Professor, Department of Finance, Iowa State

University, USA

Vasileios Kallinterakis | [email protected]

Management School, University of Liverpool, UK

Viviana Fernandez | [email protected]

Full Professor, School of Business, Universidad Adolfo Ibáñez,

Chile

Volker Seiler | [email protected]

Chair of International Economics and Macroeconomics,

Universität Paderborn, Germany

Wasseem Mina | [email protected]

Associate Professor of Economics, Department of Economics

and Finance, United Arab Emirates University, UAE

William Gavin | [email protected]

Vice President & Economist, Research, Federal Reserve Bank of

St Louis, USA

William Megginson | [email protected]

Professor of Finance, Price College of Business, The University of

Oklahoma, USA & Université Paris Dauphine, France

Wolfgang Bessler | [email protected]

Professor of Finance, Center for Finance and Banking, Justus-

Liebig-Universität Giessen, Germany

Xichen Wang | [email protected]

PhD Student, Economics, Department of Economics, Lancaster

University, UK

Xisong Jin | [email protected]

Research Associate / Post-Doctoral Researcher, Luxembourg

School of Finance, Université du Luxembourg, Luxembourg

Xuân Vinh Võ | [email protected]; [email protected]

Lecturer, Faculty of Banking, University of Economics, Ho Chi

Minh City, Vietnam

Yan Dong | [email protected]

Associate Professor of Finance, The Research Institute of

Economics and Management, Southwestern University of

Finance and Economics, China


Yoshiyasu Ono | [email protected]

Professor of Economics, Institute of Social and Economic

Research (ISER), Osaka University, Japan

Yousef Makhlouf | [email protected]

PhD Student, Essex Business School, University of Essex, UK

Yulia Plaksina | [email protected]


Zhongbo Jing | [email protected]

PhD Student, Faculty of Economics and Business, University of

Groningen, The Netherlands

Zoltán Schepp | [email protected]

Associate Professor, University of Pécs, Hungary

Zsolt Darvas | [email protected]

Senior Fellow, Bruegel, Belgium & University of Pécs, Hungary

INFINITI 2014

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Governance of International Banking

Dirk Schoenmaker , Duisenberg School of Finance

• Uses the first published model of the Financial Trilemma

In the aftermath of the financial crisis, the business model of international banks is under pressure. Regulators across the world are retrenching to national lines by applying restrictions on cross-border banking. Applying game theory, this book develops a model of the financial trilemma to understand the co-ordination failure among regulators. It also provides governance solutions to overcome this co-ordination failure. The goal is to offer a long-term perspective on international banking for regulators and academics. The book combines academic insights and policy issues.

Readership: Academics specializing in finance and business and the financial regulatory authorities. International bankers may find the book helpful in grasping the long-term trends in their industry.

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The specifications in this leaflet, including without limitation price, format, extent, number of illustrations, and month of publication, were as accurate as possible at the time it went to press.

APRIL 2014 | 224 PAGES | 978-0-19-997159-6 HARDBACK | £25.99 £18.19

INFINITI 2014c/o School of Business

Trinity College Dublin, Dublin 2, Irelandwww.infiniticonference.com

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The 12th INFINITI Conference on International Finance · PDF fileINFINITI Conference on International Finance. 9-10 June 2014 Monash University Prato Centre, Prato, Italy ... or WRDS