2017 FMA European Conference Program
22 - 23 June 2017
ISEG (Lisbon School of Economics & Management, Universidade de Lisboa| Lisbon, Portugal

Thursday | Friday

Presentation Guidelines
Walking Directions/Maps to ISEG
ISEG Floor Plan

Thursday, 22 June – 8:30 am - 10:00 am

Session 01 – Corruption
  Thursday, 8:30 am - 10:00 am
Chairperson: Muhammad Moshfique Uddin, Univ of Leeds
To Bribe Or Not to Bribe? Corruption Uncertainty and Corporate Practices
  Jan Hanousek, CERGE-EI
  Anastasiya Shamshur, Univ of East Anglia &
    CERGE-EI
  Jiri Tresl, Central Michigan University & CERGE-EI
The Dark Side of Transparency in Developing Countries: The Link Between Financial Reporting Practices and Corruption
  Tingting Liu, Creighton University
  Barkat Ullah, Rhode Island College
  Zuobao Wei, Univ of Texas El Paso
  Lixin Colin Xu, The World Bank
Trust and Debt Contracting: Evidence from the Backdating Scandal
  Veljko Fotak, University at Buffalo, SUNY
  Feng Jiang, University at Buffalo, SUNY
  Haekwon Lee, University at Buffalo, SUNY
  Erik Lie, University of Iowa
Presenter: Anastasia Shamshur Presenter: Zuobao Wei Presenter: Veljko Fotak
Discussant: Elisabeth Maes, KU Leuven Discussant: Muhammad Moshfique Uddin, Univ of Leeds Discussant: Sandra Mortal, University of Memphis

Session 02 – Who You Know
  Thursday, 8:30 am - 10:00 am
Chairperson: Xiaoling Pu, Kent State University
Political Influence and Firm’s Performance
  Vladimir Sokolov, ICEF, Higher School of Economics
  Laura Solanko, BOFIT, Bank of Finland

Exposure to Bankers: Networks and Stock Market Participation
  Arian Borgers, Philips Pension Fund
  Rachel Pownall, Maastricht University
  Louis Raes, Tilburg University
Groups, Networks and the Business Angels’ Investment Process.
  Stefano Bonini, Stevens Institute of Technology
  Vincenzo Capizzi, Universita' del Piemonte Orientale
  Mario Valletta, Universita' del Piemonte Orientale
  Paola Zocchi, Universita' del Piemonte Orientale
Presenter: Vladimir Sokolov Presenter: Rachel Pownall Presenter: Stefano Bonini
Discussant: Veljko Fotak, University at Buffalo SUNY Discussant: Xiaoling Pu, Kent State University Discussant: Fatemeh Hosseini, Tilburg University

Session 03 – Bank Lending
  Thursday, 8:30 am - 10:00 am
Chairperson: Wook Sohn, Bank of Korea
Bank Lending After Crises. International Evidence on Changes In Bank Market Power
  Elena Cubillas, CUNEF
    (Universitario College of Financial Studies)
  Nuria Suárez, CUNEF
    (Universitario College of Financial Studies)
The Effect of Bank Capital on Lending: Does Liquidity Matter?
  Dohan Kim, Bank of Korea
  Wook Sohn, Bank of Korea
    Economic Research Institute

Securities Class Actions, Debt Financing and Firm Relationships With Lenders
  Matthew McCarten, Univ of Otago
  Ivan Diaz-Rainey, Univ of Otago
  Helen Roberts, Univ of Otago
  Kian ME Tan, Univ of Otago
Presenter: Elena Cubillas Presenter: Wook Sohn Presenter: Ivan Diaz-Rainey
Discussant: Wook Sohn, Bank of Korea Discussant: Elena Cubillas Martin, CUNEF Discussant: Ricardo Cunha, Catholic University of Portugal

Session 04 – Bond Funds
  Thursday, 8:30 am - 10:00 am
Chairperson: Iraj Fooladi, Dalhousie University
Nowhere to Run, Nowhere to Hide: Asset Diversification in a Flat World
  John Cotter, University College Dublin
  Stuart Gabriel, Univ of California Los Angeles
  Richard Roll, California Institute of Technology
Duration-Adjusted Bond Fund Performance
  Markus Natter, Univ of Augsburg
  Martin Rohleder, Univ of Augsburg
  Marco Wilkens, Univ of Augsburg
Corporate Bond Portfolios and Macroeconomic Conditions
  Maximilian Bredendiek, Vienna Grad Sch of Finance
  Giorgio Ottonello, Vienna Graduate School of Finance
  Rossen Valkanov, Univ of California San Diego
Presenter: John Cotter Presenter: Martin Rohleder Presenter: Maximilian Bredendiek
Discussant: Javier Estrada, IESE Business School Discussant: Iraj Fooladi, Dalhousie University Discussant: John Cotter, University College Dublin

Session 05 – Innovation & Entrepreneurship
  Thursday, 8:30 am - 10:00 am
Session Chairperson
Ajay Patel, Wake Forest University, Co-chair, 2016 Conference on Finance and Investment in Creative Ventures
Family Wealth and Entrepreneurship
  Fatemeh Hosseini, Tilburg University
Angels or Sharks? Decision Making In Entrepreneurial Finance
  Thomas J Boulton, Miami University
  Thomas D Shohfi, Rensselaer Polytechnic Institute
  Pengcheng Zhu, Univ of Pittsburgh

Best Paper Award Winner, 2016 FMA Conference on Finance and Investment in Creative Ventures

Does Financial Innovation Enhance Or Inhibit Real Innovation?
  Lora Dimitrova, Univ of Exeter
  Sapnoti K Eswar, Univ of Cincinnati

Presenter: Fatemeh Hosseini Presenter: Thomas Shohfi Presenter: Lora Dimitrova
Discussant: Evan Dudley, Queen's University Discussant: Lora Dimitrova, Univ of Exeter Discussant: Arun Upadhyay, Florida International University

Session 06 – Directors
  Thursday, 8:30 am - 10:00 am
Chairperson: Jungmin Kim, Hong Kong Polytechnic University
Rookie Directors
  Jun-Koo Kang, Nanyang Technological University
  Jungmin Kim, Hong Kong Polytechnic University
  Angie Low, Nanyang Technological University
Do Lead Directors Matter for Board Independence?
  Mark A Chen, Georgia State University
  Han Ma, Georgia State University
Outside CEO as Directors on Bank Boards: The Importance of the Industry Expertise
  Usman Javed Gilani, Leeds University
  Kevin Keasey, Leeds University
  Francesco Vallascas, Leeds University
Presenter: Jungmin Kim Presenter: Han Ma Presenter: Usman Gilani
Discussant: Usman Gilani, Leeds University Discussant: Jungmin Kim, Hong Kong Polytechnic University Discussant: Chu Chen, Univ of Hong Kong

Session 07 – Peer Effects
  Thursday, 8:30 am - 10:00 am
Chairperson: Peter Miu, McMaster University
Peer Pressure In Corporate Earnings Management
  Constantin Charles, Swiss Inst of Banking & Finance,
    Univ of St Gallen
  Markus Schmid, Swiss Inst of Banking & Finance,
    Univ of St Gallen
  Felix von Meyerinck, Swiss Inst of Bank & Finance,
    Univ of St Gallen
Peer Effects In Debt Maturity Decisions
  Sujiao Zhao, EUROFIDAI, CNRS &
    Bank of Portugal
  Patrice Fontaine, EUROFIDAI, CNRS
Fire-Sale Channel of Industry Contagion: Evidence from the Pricing of Industry Recovery Rate
  Yi-Ting Hsieh, National Chengchi University
  Peter Miu, McMaster University
  Wenchien Liu, Chung Yuan Christian University
  Yuanchen Chang, National Chengchi University
Presenter: Felix von Meyerinck Presenter: Sujiao (Emma) Zhao Presenter: Peter Miu
Discussant: Mohammad Riaz Uddin, Univ of Texas Arlington Discussant: Peter Miu, McMaster University Discussant: Barbara Chambers, Monash University

Session 08 – Dividends
  Thursday, 8:30 am - 10:00 am
Chairperson: Charles Teague, UNC Charlotte
Unexpected Dividend Changes and Corporate Bond Price Reactions
  Xiaoting Wei, Australian National University
  Cameron Truong, Monash University
  Minh Do, Monash University
Dividend Payout Policy and Ambiguity
  Jay Dahya, Baruch College
  Richard Herron, Babson College
  Yehuda Izhakian, Baruch College
A Direct Test of the Dividend Catering Hypothesis
  Alok Kumar, Univ of Miami
  Zicheng Lei, Univ of Surrey
  Chendi Zhang, Univ of Warwick
Presenter: Xiaoting Wei Presenter: Yehuda Izhakian Presenter: Zicheng Lei
Discussant: Charles Teague, UNC Charlotte Discussant: Hyun Joong Im, Peking University Discussant: Alberto Teguia, Rice University

Session 09 – Information Intermediaries
  Thursday, 8:30 am - 10:00 am
Chairperson: Lars Norden, FGV-EBAPE
Got Information? the Efficiency of Price Discovery of Quantitative Corporate Disclosures
  Dennis Y Chung, Simon Fraser University
  Karel Hrazdil, Simon Fraser University
  Jiri Novak, Charles University
  Nattavut Suwanyangyuan, Simon Fraser University
Follow the Money: Investor Trading Around Investor-Paid Credit Rating Changes
  Utpal Bhattacharya, HKUST
  Kelsey D Wei, Univ of Texas Dallas
  Han Xia, Univ of Texas Dallas
Informational Synergies in Consumer Credit
  Martin Thomas Hibbeln, Univ of Duisburg-Essen
  Lars Norden, Getulio Vargas Foundation (FGV)
  Piet Usselmann, Braunschweig Institute of Technology
  Marc Guertler, Braunschweig Institute of Technology
Presenter: Dennis Y. Chung Presenter: Han Xia Presenter: Lars Norden
Discussant: Lars Norden, FGV-EBAPE Discussant: Markus Wanner, Univ of Augsburg Discussant: Han Xia, Univ of Texas Dallas

Session 10 – Cross Section of Returns
  Thursday, 8:30 am - 10:00 am
Chairperson: Alexandros Kostakis, Univ of Manchester
One-Factor Asset Pricing
  Stefanos Delikouras, Univ of Miami
  Alexandros Kostakis, Manchester Business School

Idiosyncratic Risk Matters to Large Stocks!
  Yangqiulu Luo, Univ of Houston
  Guojun Wu, Univ of Houston
  Yexiao Xu, Univ of Texas Dallas
Funding Liquidity Risk and the Cross-Section of MBS Returns
  Yuriy Kitsul, Federal Reserve Board
  Marcelo Ochoa, Federal Reserve Board

Presenter: Alex Kostakis Presenter: Yexiao Xu Presenter: Yuriy Kitsul
Discussant: Paul Karehnke, Univ of New South Wales Discussant: Pedro Rina Vieira, ISEG Discussant: Alexandros Kostakis, Univ of Manchester

Session 11 – Microstructure Fragmentation
  Thursday, 8:30 am - 10:00 am
Chairperson: Ahmad Al-Haji, University of Alberta
In Search of Odd Lots
  Alexander Kupfer, Univ of Innsbruck
  Markus G Schmidt, Univ of Innsbruck

A Tale of One Exchange and Two Order Books: Effects of Fragmentation In the Absence of Competition
  Alejandro Bernales, Univ of Chile
  Italo Riarte, Univ of Chile
  Satchit Sagade, Univ of Chile
  Marcela Valenzuela, Univ of Chile
  Christian Westheide, Univ of Mannheim &
    SAFE, Goethe University
Coming Early to the Party: High Frequency Traders in the Pre-Opening Phase and the Opening Auction of Euronext Paris
  Mario Bella, Goethe University
  Loriana Pelizzon, Goethe University
  Marti Subrahmanyam, New York University
  Jun Uno, Waseda University
  Darya Yuferova, Norwegian School of Economics
Presenter: Alexander Kupfer Presenter: Christian Westheide Presenter: Darya Yuferova
Discussant: Darya Yuferova, Norwegian School of Economics Discussant: Rob Neal, Indiana University Discussant: Jakub Rojcek, Univ of Zurich

Session 13 – Corporate Investment
  Thursday, 8:30 am - 10:00 am
Chairperson: Michael Keefe, Victoria University Wellington
Why Did the Investment-Cash Flow Sensitivity Decline Over Time?
  Zhen Wang, Shanghai Univ of Finance & Economics
  Chu Zhang, HKUST

Hold-Up and Investment: Empirical Evidence from Tariff Changes
  Thorsten Martin, HEC Paris
  Clemens A Otto, HEC Paris
Vertical Integration To Mitigate Internal Capital Market Inefficiencies: Theory and Evidence
  Erik Devos, Univ of Texas El Paso
  He Li, Univ of Texas El Paso

Presenter: Chu Zhang Presenter: Thorsten Martin Presenter: Erik Devos
Discussant: Hursit Selcuk Celil, Peking University Discussant: Chu Zhang, HKUST Discussant: Michael Keefe, Victoria University Wellington

Thursday, 22 June – 10:00 am - 10:30 am
Coffee Break


Thursday, 22 June – 10:30 am - 12:00 noon

Session 14 – M&A Strategy
  Thursday, 10:30 am - Noon
Chairperson: Janikan Supanvanij, St Cloud State University
SFAS 142 and Overbidding In Mergers and Acquisitions
  Eli Bartov, New York University
  C S Agnes Cheng, Hong Kong Polytechnic University
  Hong Wu, Hong Kong Polytechnic University
Facilitating Takeovers and Takeover Premia: The Case of Coordinated Monitoring
  Ettore Croci, Università Cattolica del Sacro Cuore
  Mieszko Mazur, IESEG School of Management
  Galla Salganik-Shoshan, Ben-Gurion University
Presenter: Hong Wu Presenter: Mieszko Mazur
Discussant: Jana Fidrmuc, Unversity of Warwick Discussant: Monika Tarsalewska, Univ of Exeter

Session 15 – Behavioral Finance
  Thursday, 10:30 am - Noon
Chairperson: Nargess Kayhani, Mt Saint Vincent University
Social Media Interactions and Biases In Investment Decisions
  Matthias Pelster, Leuphana University
  Grettel Romero Gonzalez, Leuphana University

The Effects of Risk Framing, Balanced Information and A Regulatory Seal of Approval on Investor Perception and Behavior
  Ruben Cox, The Netherlands Authority for the
    Financial Markets
  Peter de Goeij, Tilburg University
Confirming Signals Are Hard To Resist: Blessing and Curse of Information Under Confirmation Bias
  Tamara Nunes, Univ of Lausanne
  Stefanie Schraeder, Univ of New South Wales

Presenter: Matthias Pelster Presenter: Peter de Goeij Presenter: Tamara Nunes
Discussant: Nargess Kayhani, Mt Saint Vincent University Discussant: Jennifer Miele, Cal State Fresno Discussant: Peter de Goeij, Tilburg University

Session 16 – Bank Capital
  Thursday, 10:30 am - Noon
Chairperson: Santiago Barraza, Universidad de San Andres
Does Excess Cash Affect Bank Behavior?
  Elena Beccalli, Universita' Cattolica del Sacro Cuore
  Laura Chiaramonte, Univ Cattolica del Sacro Cuore
  Ettore Croci, Universita' Cattolica del Sacro Cuore
Does Distance Impede Regulatory Monitoring? Evidence from the Banking Industry
  Ivan Lim, Univ of Edinburgh
  Jens Hagendorff, Cardiff University
  Seth Armitage, Univ of Edinburgh
Presenter: Ettore Croci Presenter: Ivan Lim
Discussant: Santiago Barraza, Universidad de San Andres Discussant: Vladimir Sokolov, ICEF Higher School of Economics

Session 17 – No Session Scheduled
  Thursday, 10:30 am - Noon

Session 18 – Private Equity
  Thursday, 10:30 am - Noon
Chairperson: Robert M Mooradian, Northeastern University
You Needn’t Be the First Investor There: First-Mover Disadvantages In Emerging Private Equity Markets
  Alexander Peter Groh, EMLYON Business School

Does Culture Affect Exit Channel Choice and Operating Performance in Private Equity Buyouts?
  Benjamin Hammer, HHL Leipzig Graduate School
    of Management
  Heiko Hinrichs, HHL Leipzig Graduate School
    of Management
  Bernhard Schwetzler, HHL Leipzig Graduate School
    of Management
Estimating Skill in Private Equity Performance Using Market Data
  Maurice McCourt, ESSEC Busines School

Presenter: Alexander Groh Presenter: Heiko Hinrichs Presenter: Maurice McCourt
Discussant: Robert M Mooradian, Northeastern University Discussant: Aurelie Sannajust, University Saint-Etienne Discussant: Alexander Groh, EMLYON Business School

Session 19 – Corporate Boards
  Thursday, 10:30 am - Noon
Chairperson: Marc Steffen Rapp, Marburg Centre for Institutional Economics (MACIE) & Copenhagen Business School
Superstar Directors
  Marc Steffen Rapp, Marburg Centre for Institutional
    Economics (MACIE) &
    Copenhagen Business School
  Thomas Schmid, Univ of Hong Kong
  Daniel Urban, TUM Technische Universität München
The Incidence and Usefulness of Busy Boards: A Global Examination
  Stephen P Ferris, Univ of Missouri Columbia
  Narayanan Jayaraman, Georgia Tech
  Min-Yu (Stella) Liao, Illinois State University
Firm Network Structure and Innovation
  Tuugi Chuluun, Loyola University Maryland
  Andrew Prevost, Univ of Vermont
  Arun Upadhyay, Florida International University
Presenter: Marc Steffen Rapp Presenter: Narayanan Jayaraman Presenter: Arun Upadhyay
Discussant: Felix Meyerinck, Swiss Institute of Banking & Finance, Univ of St Gallen Discussant: Marc Steffen Rapp, Marburg Centre for Institutional Economics (MACIE) & Copenhagen Business School Discussant: Inga van den Bongard, Univ of Mannheim

Session 20 – Creditor Rights
  Thursday, 10:30 am - Noon
Chairperson: Thorsten Martin, HEC Paris
Do Creditor Control Rights Impact Corporate Tax Avoidance? Evidence From Debt Covenant Violations
  Bill B Francis, Rensselaer Polytechnic Institute
  Yinje (Victor) Shen, Rensselaer Polytechnic Institute
  Qiang Wu, Rensselaer Polytechnic Institute
The Balance of Power between Creditors and the Firm: Evidence from German Involvency Law
  Frédéric Closset, TUM Technische Univ München
  Daniel Urban, TUM Technische Universität München
Foreclosure Moratorium and Strategic Default
  Nikolaos Artavanis, Univ of Massachusetts Amherst
  Ioannis Spyridopoulos, Rice University

Presenter: Bill B Francis Presenter: Frédéric Closset Presenter: Nikolaos Artavanis
Discussant: Frederic Closset, TUM Technische Universität München Discussant: Thorsten Martin, HEC Paris Discussant: Vassil Mihov, Texas Christian University

Session 21 – No Session Scheduled
  Thursday, 10:30 am - Noon

Session 22 – Market Microstructure
  Thursday, 10:30 am - Noon
Chairperson: Christian Westheide, Univ of Mannheim
Asymmetric Information and Liquidity Provision
  Alberto M Teguia, Rice University &
    Swiss Finance Institute, EPFL

Price Impact and Bursts In Liquidity Provision
  Ramazan Gencay, Simon Fraser University
  Soheil Mahmoodzadeh, Univ of Cambridge
  Jakub Rojcek, Univ of Zurich
  Michael Tseng, Ecole Polytechnique
    Federal de Lausanne
Ambiguity, Asset Liquidity, and Market Freezes
  Tong Zhou, Univ of Hong Kong

Presenter: Alberto M Teguia Presenter: Jakub Rojcek Presenter: Tong Zhou
Discussant: Jiang Luo, Nanyang Technological University Discussant: Christian Westheide, Univ of Mannheim Discussant: Anna Bayona, ESADE

Session 23 – Hedge Fund Performance
  Thursday, 10:30 am - Noon
Chairperson: Mick Swartz, University of Southern California
Just A One Trick Pony? An Analysis of CTA Risk and Return.
  Jason Foran, University College Cork
  Mark Hutchinson, University College Cork
  David F McCarthy, University College Cork
  John O'Brien, University College Cork
Inherent Financial and Economic Risks of Hedge Fund Returns to Pension Fund Portfolios: An Analysis of Long/Short Hedge Fund Categories
  L Mick Swartz, Univ of Southern California
Spanning Tests for Assets with Option-Like Payoffs: The Case of Hedge Funds
  Frans de Roon, Tilburg University
  Paul Karehnke, Univ of New South Wales

Presenter: John O'Brien Presenter: Mick Swartz Presenter: Paul Karehnke
Discussant: Yexiao Xu, University of Texas Dallas Discussant: Yehuda Izhakian, Baruch College Discussant: Mick Swartz, University of Southern California

Session 24 – No Session Scheduled
  Thursday, 10:30 am - Noon

Session 25 – Real Estate
  Thursday, 10:30 am - Noon
Chairperson: Jefferson Duarte, Rice University
Riskiness of Real Estate Development: A Perspective From Urban Economics & Option Value Theory
  David Geltner, Massachusetts Institute of Technology
  Anil Kumar, IESE Business School
  Alex M Van de Minne, MIT
Can the Common-Factor Hypothesis Explain the Observed Housing Wealth Effect?
  Narayan Bulusu, Bank of Canada
  Jefferson Duarte, Rice University
  Carles Vergara-Alert, IESE Business School
How Taxes and Required Returns Drove Commercial Real Estate Valuations Over the Past Four Decades
  John V Duca, Federal Reserve Bank of Dallas
  Patric H Hendershott, DePaul University
  David C Ling, Univ of Florida
Presenter: Anil Kumar Presenter: Jefferson Duarte Presenter: John V. Duca
Discussant: William Cheung, University of Macau (comments will be presented by Hyun Joong Im) Discussant: Richard Taffler, University of Warwick Discussant: Jefferson Duarte, Rice University

Session 26 – Corporate Investment 2
  Thursday, 10:30 am - Noon
Chairperson: Steven Dennis, Kent State University
Investment Spike Financing
  Hyun Joong Im, Peking University
  Colin Mayer, Univ of Oxford
  Oren Sussman, Univ of Oxford
The Choice Between Project Financing and Corporate Financing: Evidence from the Corporate Syndicated Loan Market
  João M Pinto, Catholic Univ of Portugal
  Paulo P Alves, Catholic Univ of Portugal
Debt, Investment and Production in the US Oil Industry: An Analysis of the 2014 Oil Price Shock
  Pengcheng Zhu, Univ of Pittsburgh
  Kenneth Lehn, Univ of Pittsburgh

Presenter: Hyun Joong Im Presenter: Paulo Alves Presenter: Kenneth Lehn
Discussant: Paulo Alves, Catholic University of Portugal Discussant: Steven Dennis, Kent State University Discussant: Joaquim Miranda Sarmento, ISEG

Thursday, 22 June – 12:00 noon - 1:30 pm
Luncheon


Thursday, 22 June – 1:30 pm - 3:00pm

Session 27 – Crowdfunding
  Thursday, 1:30 pm - 3:00 pm
Chairperson: Silvio Vismara, Univ of Bergamo
Returns on Investments In Equity Crowdfunding
  Andrea Signori, Universita Cattolica del Sacro Cuore
  Silvio Vismara, Univ of Bergamo

Investor Motivations In Investment-Based Crowdfunding
  Fabrice Herve, University Bourgogne
  Elodie Manthe, University Bourgogne
  Aurïelie Sannajust, University Saint-Etienne
  Armin Schwienbacher, SKEMA Business School
Presenter: Andrea Signori Presenter: Aurelie Sannajust
Discussant: Heiko Hinrichs, HHL Leipzig Graduate School of Management Discussant: Silvio Vismara, Univ of Bergamo

Session 28 – Insurance
  Thursday, 1:30 pm - 3:00 pm
Chairperson: Elias Semaan, James Madison University
Risk During the Financial Crisis: The Role of the Insurance Industry
  Pamela Peterson Drake, James Madison University
  Faith Roberts Neale, UNC Charlotte
  Patrick J Schorno, Ally Financial
  Elias Semaan, James Madison University
On the Exposure of Insurance Companies to Sovereign Risk - Portfolio Investments and Market Forces
  Robert Duell, Deutsche Bundesbank
  Felix Koenig, London School of Economics
  Jana Ohls, Deutsche Bundesbank
Do Insurers Manipulate Loss Reserves Leading Up To and Following a Regulatory Financial Examination?
  Willie Reddic, DePaul University
  Jill Bisco, Univ of Akron
  Kayla Booker, Rhodes College
Presenter: Elias J. Semaan Presenter: Jana Ohls Presenter: Willie Reddic
Discussant: Diptes Bhimjee, ISCTE Discussant: Elias Semaan, James Madison University Discussant: Ivan Diaz-Rainey, University of Otago

Session 29 – European Banks
  Thursday, 1:30 pm - 3:00 pm
Chairperson: Teodora Paligorova, Bank of Canada
Bank Capital and Liquidity: Relationship and Impact on CDS Spreads Evidence From Europe
  Alex Sclip, Univ of Udine
  Claudia Girardone, Essex Business School
  Stefano Miani, Univ of Udine
The Determinants of European Banks' Capital Structure During the Last Decade and the Role Played by Regulation and Supervision: Do They Really Matter?
  Vitor Oliveira, Bank of Portugal & ISEG
  Clara C Raposo, ISEG
Covered Bonds, Asset Encumbrance and Bank Risk: Evidence from the European Banking Industry
  Emilia Garcia-Appendini, Univ of St Gallen
  Stefano Gatti, Bocconi University
  Giacomo Nocera, Audencia Business School
Presenter: Alex Sclip Presenter: Clara Raposo Presenter: Giacomo Nocera
Discussant: Giacomo Nocera, Audencia Business School Discussant: Teodora Paligorova, Bank of Canada Discussant: Alex Sclip, Univ of Udine

Session 30 – Corporate Innovation
  Thursday, 1:30 pm - 3:00 pm
Chairperson: Tong (Tony) Zhou, Univ of Hong Kong
Do Banks Benefit From Lending to Innovative Firms?
  Chu Chen, Univ of Hong Kong
  Frank M Song, Univ of Hong Kong
  Zengyuan Sun, Xiamen University
Corporate Innovation: Does Diverse Board Help?
  Heng An, UNC Greensboro
  Carl Chen, Univ of Dayton
  Ting Zhang, Univ of Dayton
  Qun Wu, Univ of Nevada
Does Employment Protection Spur Innovation? International Evidence
  Justin Chircop, Lancaster University
  Lars Helge Hass, Lancaster University
  Monika Tarsalewska, Univ of Exeter
Presenter: Chu Chen Presenter: Heng An Presenter: Monika Tarsalewska
Discussant: Maria Joao Guedes, ISEG Discussant: Onur Tosun, Univ of Warwick
(Comments will be presented by Tong (Tony) Zhou
Discussant: Tong (Tony) Zhou, Univ of Hong Kong

Session 31 – Elevator Pitch Session - Behavioral Finance
  Thursday, 1:30 pm - 3:00 pm

Chairperson: Vassil Mihov, Texas Christian University

In addition to the record selectivity of the FMA Europe conference this year, we are further highlighting several papers in a new way, the "elevator pitch” session. The unique characteristics of this new format include:

  • Presenters will present a maximum of three (3) slides and will be limited to a five (5) minute presentation
  • The session will have no discussants; audience members will be encouraged to actively participate in the session
  • Presenters will compete for a new “best pitch” award



Presenters appear in bold.
Swarm intelligence? Stock opinions of the crowd and stock returns
  Matthias Pelster, Leuphana University Lueneburg
  Bastian Breitmayer, Leuphana University Lueneberg
Price Discrimination against Individual Investors: Evidence from U.S. Options Market
  Yubin Li, Southwestern Univ of Finance and Economics
  Chen Zhao, Southwestern Univ of Finance and Economics
  Zhaodong Zhong, Rutgers University
Trust in Banks
  Zuzana Fungacova, Bank of Finland
  Iftekhar Hasan, Fordham University & Bank of Finland
  Laurent Weill, Univ of Strasbourg
Social Media Information and Analyst Forecasts
  Mahfuja Malik, Sacred Heart University
  Rajib Hasan, Univ of Houston Clear Lake
  Abu Amin, Central Michigan University
Cultural traits and corporate debt financing
  Mascia Bedendo, Audencia Business School
  Emilia Garcia-Appendini, Univ of St Gallen
  Linus Siming, Audencia Business School
Stock Market Uncertainty and Investors' Risk-Taking Behavior
  Ivalina Kalcheva, Univ of California Riverside
  Ping McLemore, Federal Reserve Bank Richmond
  Richard Sias, Univ of Arizona
What Creates Corporate Risk-taking? Local Creative Culture and Corporate Decisions
  Erdem Ucar, California State University Fullerton

Session 32 – Family Ties
  Thursday, 1:30 pm - 3:00 pm
Chairperson: Olga Kuzmina, New Economic School
Family Control and Nominal Share Prices
  François Belot, Université de Cergy-Pontoise, THEMA
  Timothée Waxin, Fédération Bancaire Française

Do Private Family Firms Rely on Internal Finance to Grow? Evidence from Different Legal Origins
  Ignacio Requejo, Univ of Salamanca
Presenter: François Belot Presenter: Ignacio Requejo
Discussant: Yan Xu, University of Hong Kong Discussant: Francois Belot, Universite de Cergy-Pontoise

Session 33 – Bankruptcy Prediction
  Thursday, 1:30 pm - 3:00 pm
Chairperson: Alfredo Ibanez, ITAM
A Simple Measure of Default-Risk Based on Endogenous Credit-Risk Models
  Alfredo Ibáñez, ITAM

New Metrics and Approaches In Bankruptcy Prediction
  Flavio Barboza, Federal Univ of Uberlândia
  Leonardo Fernando Cruz Basso, Mackenzie Presbyterian University
  Herbert Kimura, Univ of Brasília
Predicting Credit Rating Changes Conditional on Economic Strength
  Julia Sawicki, Dalhousie University
  Jun Zhou, Dalhousie University
  Yonggan Zhao, Dalhousie University
Presenter: Alfredo Ibáñez Presenter: Flavio Barboza Presenter: Julia Sawicki
Discussant: Donghui Li, Jinan University Discussant: Horacio Sapriza, Federal Reserve Board Discussant: Flavio Barboza, Universidade Federal de Uberlandia

Session 34 – Product Markets
  Thursday, 1:30 pm - 3:00 pm
Chairperson: Tilan Tang, Southern Methodist University
Product Market Competition, Capital Constraints, and Firm Growth
  Mikael C Bergbrant, St Johns University
  Delroy M Hunter, Univ of South Florida
  Patrick J Kelly, New Economic School
Product Similarity and the Motives for Related Mergers
  Ning Gao, Univ of Manchester
  Ni Peng, Queen Mary Univ of London
  Norman Strong, Univ of Manchester
Effect of Horizontal Mergers on Customers: Evidence from Medicare Market
  Tilan Tang, Southern Methodist University

Presenter: Mikael Bergbrant Presenter: Ni Peng Presenter: Tilan Tang
Discussant: Tilan Tang, Southern Methodist University Discussant: Adnan Anil Isin, Univ of Exeter Discussant: Han Ma, Georgia State University

Session 35 – No Session Scheduled
  Thursday, 1:30 pm - 3:00 pm

Session 36 – Hedge Fund Activism
  Thursday, 1:30 pm - 3:00 pm
Chairperson: Ettore Croci, Universita Cattolica del Sacro Cuore
What Causes Passive Hedge Funds to Become Activists?
  Marco Elia, Drexel University

Why Are Some Hedge Fund Activists Better Than Others?
  Nicole M Boyson, Northeastern University
  Linlin Ma, Northeastern University
  Robert M Mooradian, Northeastern University
The Benefits of Friendship in Hedge Fund Activism
  Yazhou Elle He, Warwick Business School
  Tao Li, Warwick Business School

Presenter: Marco Elia Presenter: Robert Mooradian Presenter: Yazhou (Ellen) He
Discussant: Ettore Croci, Universita Cattolica del Sacro Cuore Discussant: Marco Elia, Drexel University Discussant: Mieszko Mazur, IESEG

Session 37 – Commodities
  Thursday, 1:30 pm - 3:00 pm
Chairperson: Andrew Vivian, University of Loughborough
What Drives Commodity Returns? Market, Sector Or Idiosyncratic Factors?
  Jun Ma, Univ of Alabama
  Andrew Vivian, Loughborough University
  Mark E Wohar, Univ of Nebraska at Omaha & Loughborough University
Financialization of Commodity Markets: Evidence from European Certificates Markets
  Herbert Mayer, Univ of Augsburg
  Andreas Rathgeber, Univ of Augsburg
  Markus Ulze, Univ of Augsburg
  Markus Wanner, Univ of Augsburg
Presenter: Andrew Vivian Presenter: Markus Wanner
Discussant: Maximilian Bredendiek, Vienna Graduate School of Finance Discussant: John O'Brien, University College Cork

Session 38 – Analysts
  Thursday, 1:30 pm - 3:00 pm
Chairperson: Ajay Patel, Wake Forest University
The Disincentive Effect of Stars: Evidence From Analyst Coverage
  Jiang Luo, Nanyang Technological University
  Huifang Yin, Shanghai Univ of Finance &
    Economics
  Huai Zhang, Nanyang Technological University
Analyst Coverage and the Quality of Corporate Investment Decisions
  Thomas Y To, Univ of Sydney
  Marco Navone, Univ of Technology Sydney
  Eliza Wu, Univ of Sydney
Presenter: Jiang Luo Presenter: Marco Navone
Discussant: Jonathan Clarke, Georgia Tech Discussant: Ajay Patel, Wake Forest University

Thursday, 22 June – 3:00 pm - 3:30 pm
Coffee Break


Thursday, 22 June – 3:30 pm - 5:00 pm

Session 39 – No Session Scheduled
  Thursday, 1:30 pm - 3:00 pm

Session 40 – Influencers of Corporate Governance
  Thursday, 3:30 pm - 5:00 pm
Chairperson: Bill Francis, Rensselaer Polytechnic Institute
Index Reconstitutions and the Role of Foreign Institutional Investors on Local Corporate Governance: Evidence From MSCI Standard Index
  Hung-Ling Chen, Shih Chien University
  Cheng-Yi Shiu, National Central University
  Hui-Shan Wei, Southern Taiwan Univ of Science
    and Technology
The Real Effects of Proxy Advisors on the Firm
  Paul Calluzzo, Queen's University
  Evan Dudley, Queen's University

Presenter: Cheng-Yi Shiu Presenter: Evan Dudley
Discussant: Ellen He, Univ of Warwick Discussant: Cheng-Yi Shiu, National Central University

Session 41 – Culture & Religion
  Thursday, 3:30 pm - 5:00 pm
Chairperson: Anup Chowdhury, Leeds Beckett University
Overcoming the “E-Word”? Instrumental Variables Analysis and the Role of National Culture In Corporate Finance
  Robert Nash, Wake Forest University
  Ajay Patel, Wake Forest University

A Theory of Political Connections Through Lender Compensation, Enforcement, and Social Objectives on Interest Rates, Access to Credit, and Investment
  Michael O'Connor Keefe, Victoria Univ of Wellington
Multiemployer Defined Benefit Pension Plans' Liability Spillovers: Important Connections in US Unionized Industries
  Barbara Chambers, Monash University

Presenter: Ajay Patel Presenter: Michael Keefe Presenter: Barbara Chambers
Discussant: Rachel Pownall, Maastricht University Discussant: Anup Chowdhury, Leeds Beckett University Discussant: Jennifer Miele, Cal State Fresno

Session 42 – Monetary Policy
  Thursday, 3:30 pm - 5:00 pm
Chairperson: Diptes Bhimjee, ISCTE
Asset Price Reactions to Unconventional Monetary Policy Announcements
  James A Johnson, Univ of Georgia
  Bradley S Paye, Virginia Tech

Cross-Border Bank Flows and Monetary Policy
  Ricardo Correa, Federal Reserve Board
  Teodora Paligorova, Bank of Canada
  Horacio Sapriza, Federal Reserve Board
  Andrei Zlate, Federal Reserve Bank of Boston
Business Loans and the Transmission of Monetary Policy
  Santiago Barraza, Universidad de San Andrés
  Andrea Civelli, Univ of Arkansas
  Nicola Zaniboni, Transparent Value, LLC
Presenter: Bradley Paye Presenter: Horacio Sapriza Presenter: Santiago Barraza
Discussant: Yuriy Kitsul, Federal Reserve Board Discussant: John Kandrac, Federal Reserve Board Discussant: Bradley Paye, Virginia Tech

Session 43 – No Session Scheduled
  Thursday, 3:30 pm - 5:00 pm

Session 44 – Tax Avoidance
  Thursday, 3:30 pm - 5:00 pm
Chairperson: Mikael C Bergbrant, St John's University
Tax Avoidance and Cost of Debt: The Case For Syndicate Risk Mitigation and Public Bond Markets
  Adnan Anil Isin, Univ of Exeter

Tax Avoidance, Income Diversion, and Shareholder Value: Evidence from A Quasi-Natural Experiment
  Samer R Semaan, Purdue University
Does Information Asymmetry Affect Corporate Tax Aggressiveness?
  Tao Chen, Nanyang Technological University
  Chen Lin, Univ of Hong Kong

Presenter: Adnan Isin Presenter: Samer R. Semaan Presenter: Tao Chen
Discussant: Mikael C Bergbrant, St John's University Discussant: Tao Chen, Nanyang Technological University Discussant: Samer Ryan Semaan, Purdue University

Session 45 – Other Stakeholders
  Thursday, 3:30 pm - 5:00 pm
Chairperson: Farooq Ahmad, IESEG
The Geography of CSR
  Christo Ferreira, Auckland Univ of Technology
  David K Ding, Massey University
  Udomsak Wongchoti, Massey University
Labor Unions and Corporate Cash Holdings: Evidence from International Data
  Zhenxu Tong, Univ of Exeter
  Hui Huang, Univ of Exeter
Leviathan Inc. and Corporate Environmental Engagement
  Po-Hsuan Hsu, Univ of Hong Kong
  Hao Liang, Singapore Management University
  Pedro Matos, Univ of Virginia
Presenter: Christo Ferreira Presenter: Hui Huang Presenter: Pedro Matos
Discussant: Phuong-Anh Nguyen, York University Discussant: Farooq Ahmad, IESEG Discussant: Christo Ferreira, Auckland Univ of Technology

Session 46 – No Session Scheduled
  Thursday, 3:30 pm - 5:00 pm

Session 47 – Liquidity & Asset Pricing
  Thursday, 3:30 pm - 5:00 pm
Chairperson: Sahn-Wook Huh, University at Buffalo SUNY
Liquidity Tail Risk and the Implied Cost of Equity Capital
  Mohamed Belkhir, United Arab Emirates University
  Mohsen Saad, American Univ of Sharjah
  Anis Samet, American Univ of Sharjah
Analyzing the Risk of An Illiquid Asset: The Case of Fine Wine
  Philippe Masset, Ecole hôtelière de Lausanne
  Jean-Marie Cardebat, Université de Bordeaux
  Benoît Faye, INSEEC
  Eric Le Fur, INSEEC
High-Frequency Measures of Informed Trading and Corporate Announcements
  Michael J Brennan, UCLA
  Sahn-Wook Huh, University at Buffalo, SUNY
  Avanidhar Subrahmanyam, UCLA
Presenter: Anis Samet Presenter: Philippe Masset Presenter: Sahn-Wook Huh
Discussant: Wenting Zhao, Technical Univ of Munich Discussant: Sahn-Wood Huh, University at Buffalo SUNY Discussant: Alexander Kupfer, Univ of Innsbruck

Session 48 – Mutual Fund Managers
  Thursday, 3:30 pm - 5:00 pm
Chairperson: Martin Rohleder, Univ of Augsburg
The Life Cycle of Investment Management When "Today's Alpha Is Tomorrow's Beta"
  Georgios Magkotsios, Univ of Southern California

Diseconomies of Scope and Mutual Fund Manager Performance
  Richard Evans, Univ of Virginia
  Javier Gil-Bazo, Universitat Pompeu Fabra
  Marc Lipson, Univ of Virginia
Do Catastrophic Experiences Affect Risk Attitudes? Evidence from U.S.-Based Managers of Non-US Mutual Funds
  Gennaro Bernile, Singapore Management University
  Vineet Bhagwat, Univ of Oregon
  Ambrus Kecskes, York University
  Phuong-Anh Nguyen, York University
Presenter: Georgios Magkotsios Presenter: Javier Gil-Bazo Presenter: Phuong-Anh Nguyen
Discussant: Maurice McCourt, ESSEC Discussant: Martin Rohleder, Univ of Augsburg Discussant: Teodor Dyakov, VU University Amsterdam

Session 49 – Top Papers in Financial Management

  Thursday, 3:30 pm - 5:00 pm

Selected by the Executive Editors, Editors, and Associate Editors, this session will feature top papers which have appeared in the Spring, 2017 issue of Financial Management. (Presenting authors appear in bold.)

Political Party Affiliation of the President, Majority in Congress, and Sin Stock Returns
  Sanjiv Sabherwal, Univ of Texas Arlington
  Salil K Sarkar, Univ of Texas Arlington
  Mohammad Uddin, North South University

Labor Rights, Venture Capital, and Firm Performance
  Xuejing Xing, University of Alabama Huntsville
  John S Howe, University of Missouri
  Randy I Anderson, Griffin Capital Asset Management
  Shan Yan , Susquehanna University

Growing Pains: International Instability and Equity Market Returns
  Zhuo Chen, Tsinghua University
  Andrea Y Lu, University of Melbourne
  Zhuqing Yang, Massachusetts Institute of Technology

Session 50 – Equity Premium
  Thursday, 3:30 pm - 5:00 pm
Chairperson: Mathijs Cosemans, Erasmus University Rotterdam
Countercyclical and Time-Varying Risk Aversion and the Equity Risk Premium
  Jan Antell, Hanken School of Economics
  Mika Vaihekoski, Univ of Turku

Financial Turbulence and Aggregate Stock Returns
  Sebastian Stöckl, Univ of Liechtenstein
Corporate R&D and Stock Returns: International Evidence
  Kewei Hou, Ohio State University
  Po-Hsuan Hsu, Univ of Hong Kong
  Akiko Watanabe, Univ of Alberta
  Yan Xu, Univ of Hong Kong
Presenter: Mika Vaihekoski Presenter: Sebastian Stoeckl Presenter: Yan Xu
Discussant: Yoske Igarashi, Univ of Exeter Discussant: Mathijs Cosemans, Erasmus University Rotterdam Discussant: Mika Vaihekoski, Univ of Turku

Session 51 – Sell Side Analysts
  Thursday, 3:30 pm - 5:00 pm
Chairperson: Thomas Shohfi, Rensselaer Polytechnic Instititute
Do US Analysts Improve the Local Information Enviroment of Cross-Listed Stocks? Evidence from Recommendation Revisions
  Amir Amel-Zadeh, Univ of Oxford
  Antonio Carlo Francesco Della Bina, Univ of Bologna

The Value of Hot News: Intellectual Property and the Sell-Side Research Industry
  Daniel Bradley, Univ of South Florida
  Jonathan Clarke, Georgia Tech
  Linghang Zeng, Georgia Tech
Presenter: Antonio Della Bina Presenter: Jonathan Clarke
Discussant: Thomas Shohfi, Rensselaer Polytechnic Instititute Discussant: Hong Wu, Hong Kong Polytechnic University

Session 52 – Monitoring
  Thursday, 3:30 pm - 5:00 pm
Chairperson: Julia Sawicki, Dalhousie University
Informed Equity Ownership and Bank Loan Contracting
  Kiyoung Chang, Univ of South Florida
    Sarasota-Manatee
  Ying Li, Univ of Washington Bothell
  Ha-Chin Yi, Texas State University
Market Undervaluation and Inter-Company Borrowings
  Patrice Fontaine, EUROFIDAI, CNRS
  Sujiao Zhao, Bank of Portugal & EUROFIDAI, CNRS

Monitoring Role of Credit Rating Agencies and Corporate Earnings Management
  Keming Li, Texas A&M University San Antonio
  Mohammad Uddin, North South University
Presenter: Ha-Chin Yi Presenter: Sujiao Zhao Presenter: Mohammad Uddin
Discussant: Sujiao (Emma) Zhao, Bank of Portugal & EUROFIDAI Discussant: Ha-Chin Yi, Texas State University Discussant: Xiaoting Wei, Australian National University

Thursday, 22 June – 5:15 pm
Keynote Address

B. Espen Eckbo
Tuck Centennial Chair in Finance
Dartmouth College

Professor B. Espen Eckbo holds the Tuck Centennial Chair in Finance. He is also Faculty Director of Tuck's Lindenauer Center for Corporate Governance, which he founded in 1999. He teaches advanced MBA courses in the areas of corporate finance, corporate takeovers and international corporate governance.

Professor Eckbo, who received a PhD in financial economics from the Univ of Rochester in 1981, has published extensively in the top finance journals in the areas of corporate finance, investment banking, and the market for corporate control. He is a recipient of an honorary doctoral degree from the Norwegian School of Economics, the prestigious Batterymarch Fellowship, as well as several outstanding-paper awards. He is a research Associate of the European Corporate Governance Institute (ECGI), and a frequent keynote and invited seminar speaker. He was called in 2009 by the U.S. Congress to testify on issues concerning the government’s large equity ownership positions in companies rescued under the Troubled Asset Relief Program (TARP).

In 2005, Professor Eckbo assisted the Norwegian Government Pension Fund - Global, the world's largest institutional shareholder in global equity markets (with assets of $760 billion in 2013), with developing much of its corporate governance principles and strategy. This fund has since been partnering with Tuck’s Lindenauer Center for Corporate Governance on a large-scale project investigating cross-border impediments to shareholder voting.

Thursday, 22 June
Gala Dinner (advance reservations required)


Friday, 23 June – 8:30 am - 10:00 am

Session 53 – Options Pricing
  Friday, 8:30 am -10:00 am
Chairperson: L Mick Swartz, University of Southern California
Pricing Stock Options With the Term Structure of Bankruptcy Probability
  Chien-Ling Lo, Feng Chia University

Information In (And Not In) Treasury Options
  Hoyong Choi, Erasmus University Rotterdam
Option Investor Rationality Revisited: The Role of Exercise Boundary Violations
  Robert Battalio, Univ of Notre Dame
  Stephen Figlewski, New York University
  Robert Neal, Indiana University
Presenter: Chien-Ling Lo Presenter: Hoyong Choi Presenter: Robert Neal
Discussant: Raquel Gaspar, IESE Discussant: L Mick Swartz, University of Southern California Discussant: Chien-Ling Lo, Feng Chia University

Session 54 – Securities Offerings & Repurchases
  Friday, 8:30 am -10:00 am
Chairperson: Dennis Chung, Simon Fraser University
Do Technology Spillovers Affect Corporate Financial Policies?
  Ambrus Kecskes, York University
  Phuong-Anh Nguyen, York University

Capital Supply, Financial Intermediaries, and Corporate Peer Effects
  Matthew T Billett, Indiana University
  Jon A Garfinkel, Univ of Iowa
  Yi Jiang, Cal State University Fullerton
Accelerated Share Repurchases: Value Creation Or Extraction?
  Tao-Hsien Dolly King, UNC Charlotte
  Charles E Teague, UNC Charlotte

Presenter: Ambrus Kecskes Presenter: Yi Jiang Presenter: Charles E Teague
Discussant: Yi Jiang, Cal State Fullerton Discussant: Antonio Della Bina, University of Bologna Discussant: Zicheng Lei

Session 55 – CEO Compensation
  Friday, 8:30 am -10:00 am
Chairperson: Narayanan Jayaraman, Georgia Tech
Compensation Benchmarking and the Peer Effects of Say-On-Pay
  Diane K Denis, Univ of Pittsburgh
  Torsten Jochem, Univ of Amsterdam
  Anjana Rajamani, Erasmus University
CEO Compensation and Allocation of Managerial Effort With Macroeconomic Fluctuations
  Hsin-Hui Chiu, California State University Northridge
  Lars Oxelheim, University of Agder, Lund University &
    Research Institute of Industrial Economics
  Clas Wihlborg, Chapman University
  Jianhua Zhang, Univ of Gothenburg
Not All Clawbacks Are the Same: Consequences of Deterrent Vs. Non-Deterrent Clawback Provisions
  Michael Erkens, Erasmus University Rotterdam
  Ying Gan, Erasmus University Rotterdam
  B Burcin Yurtoglu, WHU Otto-Beisheim School
Presenter: Torsten Jochem Presenter: Jianhua Zhang Presenter: Ying Gan
Discussant: Narayanan Jayaraman, Georgia Tech Discussant: Gonul Colak, Hanken School of Economics Discussant: Helen Ren, University of Warwick

Session 56 – Bank Loans
  Friday, 8:30 am -10:00 am
Chairperson: Ivan Lim, Univ of Edinburgh
“Sorry, We're Closed" Loan Conditions When Bank Branches Close and Firms Transfer to Another Bank
  Diana Bonfim, Banco de Portugal
  Gil Nogueira, New York University
  Steven Ongena, Univ of Zurich
Are Syndicated Loans Really Cheaper?
  Janko Hernández Cortes, ITAM, Instituto Tecnológico Autónomo de México
  Josep A Tribó, Universidad Carlos III de Madrid
  María de las Mercedes Adamuz, ITAM,
    Instituto Tecnológico Autónomo de México
How Banks Price Loans in Leveraged Buy-Outs: An Empirical Analysis of Spread Determinants
  João M Pinto, Catholic Univ of Portugal
  Luis K Pacheco, Catholic Univ of Portugal
  Paulo P Alves, Catholic Univ of Portugal
  M Ricardo Cunha, Catholic Univ of Portugal
Presenter: Diana Bonfim Presenter: Josep Tribo Presenter: Ricardo Cunha
Discussant: Ivan Lim, Univ of Edinburgh Discussant: Sujiao (Emma) Zhao, Bank of Portugal & EUROFIDAI Discussant: Ambrus Kecskes, York University

Session 57 – Treasuries
  Friday, 8:30 am -10:00 am
Chairperson: Feng Jiao, University of Lethbridge
Does Maturity Matter? the Case of Treasury Futures Volume
  Doina Chichernea, Univ of Toledo
  Christopher P Crandall, Univ of Toledo
  Kershen Huang, Bentley University
  Alex Petkevich, Univ of Toledo
Why they Buy: Primary Market Demand for US Treasury Securities
  Patrick Herb, Brandeis University
Can the Consumption-Based Model With Durable Goods Explain the US Yield Curve?
  Ryoichi Ikeda, Nanzan University
  Yoske Igarashi, Univ of Exeter

Presenter: Kershen Huang Presenter: Patrick Herb Presenter: Yoske Igarashi
Discussant: Patrick Herb, Brandeis University Discussant: Feng Jiao, University of Lethbridge Discussant: Jianhua Zhang, University of Gothenburg

Session 58 – Hedge Funds
  Friday, 8:30 am -10:00 am
Chairperson: Julia E Reynolds, Vienna Graduate School of Finance
Incentives Behind Side-By-Side Management of Mutual Funds and Hedge Funds
  John Bae, Elon University
  Chengdong Yin, Purdue University
  Xiaoyan Zhang, Purdue University
Fooling the Savvy Investor? Secrecy and Hedge Fund Performance
  Sergiy Gorovyy, Ellington Management Group
  Patrick J Kelly, New Economic School
  Olga Kuzmina, New Economic School
Presenter: Chengdong Yin Presenter: Olga Kuzmina
Discussant: Pedro Matos, Univ of Virginia Discussant: Julia E Reynolds, Vienna Graduate School of Finance

Session 59 – Applied Finance
  Friday, 8:30 am -10:00 am
Chairperson: John Finnerty, Fordham Univ & Alix Partners
Alternatives: How? How Much? Why?
  Javier Estrada, IESE Business School

A General Formula for the Discount for Lack of Marketability
  John D Finnerty, Fordham Univ & Alix Partners
Using the Implied Cost of Capital To Assess the Impact of Heightened Capital Requirements
  Tomas Mantecon, Univ of North Texas
  Adel Almoden, Univ of North Texas
  He Ren, Univ of North Texas
  Yi Zheng, Univ of North Texas
Presenter: Javier Estrada Presenter: John D. Finnerty Presenter: Tomas Mantecon
Discussant: John Finnerty, Fordham Univ & Alix Partners Discussant: Adrian Pop, University of Nantes (LEMNA) Discussant: Nikolaos Artavanis, University of Massachusetts Amherst

Session 60 – Portfolio Management 1
  Friday, 8:30 am -10:00 am
Chairperson: Tyler Henry, Miami University Ohio
Manager Characteristics and Credit Derivative Use by U.S. Corporate Bond Funds
  Dominika Galkiewicz, Univ of Applied Sciences
    Kufstein
  Li Ma, Humboldt University Berlin

Feeling Rich: Disposable Income and Investor Rationality in the Market for Mutual Funds
  Swasti Gupta-Mukherjee, Loyola University Chicago
The Value of the Active Mutual Fund Industry: An International Perspective
  Teodor Dyakov, Vrije Universiteit Amsterdam
  Evert Wipplinger, Vrije Universiteit Amsterdam

Presenter: Dominika Galkiewicz Presenter: Swasti Gupta-Mukherjee Presenter: Teodor Dyakov
Discussant: Swasti Gupta-Mukherjee, Loyola University Discussant: Julia Sawicki, Dalhousie University Discussant: Tyler Henry, Miami University Ohio

Session 61 – All the News is Fit to Print
  Friday, 8:30 am -10:00 am
Chairperson: Carlo Raimondo, University della Svizzera Italia
Ownership Ties, Conflicts of Interest and the Tone of News
  Emanuele Bajo, Univ of Bologna
  Marco Bigelli, Univ of Bologna
  Carlo Raimondo, University della Svizzera Italiana
Dissecting Macroeconomic News
  Davide Avino, Swansea University
  Andrei Stancu, Univ of East Anglia
  Chardin Wese Simen, Univ of Reading
Do News Agencies Help Clarify Corporate Disclosure?
  Michal Dzielinski, Stockholm University

Presenter: Carlo Raimondo Presenter: Chardin Wese Simen Presenter: Michał Dzieliński
Discussant: Michal Dzielinski, Stockholm Business School Discussant: Y Han (Andy) Kim, SungKyunKwan University Discussant: Carlo Raimondo, University della Svizzera Italiana

Session 62 – Determinants of Capital Structure
  Friday, 8:30 am -10:00 am
Chairperson: Wolfgang Drobetz, Univ of Hamburg
On the Adjustment of Capital Structure: Exporting Versus Non-Exporting SMEs
  Elisabeth Maes, KU Leuven
  Nico Dewaelheyns, KU Leuven
  Catherine Fuss, National Bank of Belgium
  Cynthia Van Hulle, KU Leuven
Intangible Assets and Capital Structure
  Steve C Lim, Texas Christian University
  Antonio J Macias, Baylor University
  Thomas Moeller, Texas Christian University
Index Membership and Capital Structure: International Evidence
  Vidhan K Goyal, HKUST
  Daniel Urban, Technical Univ of Munich
  Wenting Zhao, Technical Univ of Munich
Presenter: Elisabeth Maes Presenter: Thomas Moeller Presenter: Wenting Zhao
Discussant: Wolfgang Drobetz, Univ of Hamburg Discussant: Anil Kumar, IESE Business School Discussant: Irem Demirci, Univ of Mannheim

Friday, 23 June – 10:00 am - 10:30 am
Coffee Break


Friday, 23 June – 10:30 am - 12:00 noon

Session 63 – Options Pricing and Information Content
  Friday, 10:30 am - Noon
Chairperson: Fearghal Kearney, Queen's University Belfast
A New Predictor of Real Economic Activity: The S&P 500 Option Implied Risk Aversion
  Renato Faccini, Queen Mary Univ of London
  Eirini Konstantinidi, Univ of Manchester
  George Skiadopoulos, Queen Mary Univ of London &
    Univ of Piraeus
  Sylvia Sarantopoulou-Chiourea, Univ of Piraeus
Implied Volatility Surface Predictability: The Case of Commodity Markets
  Fearghal Kearney, Queen's University Belfast
  Han Lin Shang, Australian National University
  Lisa Sheenan, Central Bank of Ireland
Information Contents of Risk Neutral Densities At the FX Market
  Ren-Raw Chen, Fordham University
  Pei-Lin Hsieh, WISE & Xiamen University
  Jeffrey Huang, KGI Bank
Presenter: Eirini Konstantinidi Presenter: Fearghal Kearney Presenter: PeiLin Hsieh
Discussant: PeiLin Hsieh, Xiamen University Discussant: Chardin Wese Simen, ICMA Centre, Univ of Reading Discussant: Fearghal Kearney, Queen's University Belfast

Session 64 – Securities Offerings
  Friday, 10:30 am - Noon
Chairperson: Andrea Carosi, Univ of Sassari
At-The-Market (ATM) Offerings
  Matthew T Billett, Indiana University
  Ioannis V Floros, Iowa State University
  Jon A Garfinkel, Univ of Iowa
Equity Issuance of Distressed Firms: Debt Overhang Or Agency Problem?
  James L Park, Korea University
The Effect of Stock Liquidity on Debt-Equity Choices
  Hyun Joong Im, Peking University
  William Cheung, Univ of Macau
  Bohui Zhang, Univ of New South Wales
Presenter: Ioannis V. Floros Presenter: James Park Presenter: Hyun Joong Im
Discussant: Reena Aggarwal, Georgetown University Discussant: Ioannis Floros, Iowa State University Discussant: James Park, Korea University

Session 65 – CEO Turnover & Succession
  Friday, 10:30 am - Noon
Chairperson: Henk Berkman, Univ of Auckland
CEO Turnover and Short Selling
  Anja Kunzmann, Univ of Mannheim
  Kristina M Meier, Univ of Mannheim

Rating Change and CEO Turnover
  Anna Maria C Menichini, Centre of Studies in Economics and Finance &
    Universita di Salerno
  Francesca Toscano, Boston College

CEO Mobility and Corporate Policy Risk
  Gonul Colak, Hanken School of Economics
  Timo Korkeamaki, Hanken School of Economics

Presenter: Kristina Meier Presenter: Francesca Toscano Presenter: Gonul Colak
Discussant: Henk Berkman, Univ of Auckland Discussant: Ying Gan, Erasmus University Rotterdam Discussant: Andriy Bodnaruk, University of Illinois Chicago

Session 66 – Special Panel Session
Portfolio Management, Securities Markets and Corporate Governance

  Friday, 10:30 am - 12:00 noon

Asset management is faced with critical challenges:
  • Active asset managers seldom persistently outperform and consequently investors migrate to passive and alternative asset classes.
  • Fewer companies are publicly traded, robo-advisors gain ground, and stricter regulation is devastating.
  • Consequences are less liquidity, less diversification benefits and investment opportunities, and problems of common ownership, i.e. a concentration of voting power at passive investment providers and proxy advisors.
The panel will discuss these issues with consequences for portfolio management, the functioning of securities markets, and corporate governance.

Moderator
Wolfgang Bessler, Professor
University of Giessen

Panelists
Utpal Bhattacharya,Professor/Director, Center for Asian Financial Markets
HKUST

B Espen Eckbo, Tuck Centennial Chair in Finance
Dartmouth College

Mark Kritzman, Founding Partner & CEO
Windham Capital Management

Session 67 – No Session Scheduled
  Friday, 10:30 am - Noon

Session 68 – Spillovers
  Friday, 10:30 am - Noon
Chairperson: Catherine Bonser-Neal, Indiana University
Volatility Spillovers and Time-Zone Effect: New Evidence From Emerging Markets Across Three Different Time Zones
  Anup Chowdhury, Leeds Beckett University
  Moshfique Uddin, Univ of Leeds
  Keith Anderson, Univ of York
The Anatomy of Sovereign Risk Contagion
  Eliza Wu, Univ of Sydney
  Magdalena Erdem, Bank for International Settlements
  Elena Kalotychou, Cass Business School
  Eli Remolonoa, Bank for International Settlements
Multi-Market Trading and Cross-Asset Integration
  Patrick Augustin, McGill University
  Feng Jiao, Univ of Lethbridge
  Sergei Sarkissian, McGill University
  Michael Schill, Univ of Virginia
Presenter: Anup Chowdhury, Leeds Beckett University Presenter: Elena Kalotychou Presenter: Feng Jiao
Discussant: Elena Kalotychou, Cass Business School Discussant: Delroy M Hunter, Univ of South Florida Discussant: Sven Panz, Goethe University Frankfurt

Session 69 – M&A Activity
  Friday, 10:30 am - Noon
Chairperson: Stefano Bonini, Stevens Institute of Technology
Selling to Buy: Asset Sales and Merger Waves
  Christos P Mavis, Univ of Surrey
  Nathan P McNamee, Univ of Surrey
  Dimitris Petmezas, Univ of Surrey
  Nickolaos G Travlos, Univ of Surrey
International Trade and the Propagation of Merger Waves
  M Farooq Ahmad, IÉSEG School of Management
  Eric de Bodt, Université Lille 2
  Jarrad Harford, Univ of Washington
Financial Hedging and Corporate Investment Behavior: Evidence from Mergers and Acquisitions
  George Alexandridis, Univ of Reading, ICMA Centre
  Zhong Chen, Univ of Reading, ICMA Centre
  Yeqin Zeng, Univ of Reading, ICMA Centre
Presenter: Dimitris Petmezas Presenter: M Farooq Ahmad Presenter: Zhong Chen
Discussant: Thomas Moeller, Texas Christian University Discussant: Dimitris Petmezas, Univ of Surrey Discussant: Stefano Bonini, Stevens Institute of Technology

Session 70 – Portfolio Management 2
  Friday, 10:30 am - Noon
Chairperson: Ron Bird, Univ of Technology Sydney
Fund Manager Active Share, Overconfidence and Investment Performance
  Liang Jin, Lancaster University
  Arman Eshraghi, Univ of Edinburgh
  Amit Goyal, Univ of Lausanne
  Richard Taffler, Univ of Warwick
On Path-Dependency of Constant Proportion Portfolio Insurance Strategies
  Joao Carvalho, Unipartner
  Raquel M Gaspar, ISEG, Universidade de Lisboa
  Joao Beleza Sousa, ISEL, Instituto Politecnico
    de Lisboa & Universidade Nova de Lisboa
Lottery Mutual Funds
  Bradley A Goldie, Miami University
  Tyler R Henry, Miami University
  Haim Kassa, Miami University
Presenter: Liang Jin Presenter: Raquel M Gaspar Presenter: Tyler Henry
Discussant: Lars Kaiser, Univ of Liechtenstein Discussant: Jose Faias, Catolica Lisbon SBE Discussant: John Bae, Elon University

Friday, 23 June – 1:30 pm - 3:00 pm

Session 71 – Role of Government in Financial Markets
  Friday, 1:30 pm - 3:00 pm
Chairperson: John Duca, Federal Reserve Bank Dallas
Monetary Policy Implementation and Private Repo Displacement: Evidence From the Overnight Reverse Repurchase Facility
  Alyssa G Anderson, Federal Reserve Board
  John Kandrac, Federal Reserve Board

Monetary Policy and Bank Lending Terms: Evidence from a Survey of U.S. Loans
  Giovanni Dell'Ariccia, IMF & CEPR
  Luc Laeven, European Central Bank
  Gustavo Suarez, Federal Reserve Board
The Role of the Government Bond Lending Market in Collateral Transformation
  Reena Aggarwal, Georgetown University
  Jennie Bai, Georgetown University
  Luc Laeven, European Central Bank
Presenter: John Kandrac Presenter: Gustavo Suarez Presenter: Reena Aggarwal
Discussant: Jisok Kang, University of Cambridge Discussant: John Duca, Federal Reserve Bank Dallas Discussant: Diana Bonfim, Banco de Portugal

Session 72 – Debt
  Friday, 1:30 pm - 3:00 pm
Chairperson: Vladimir Atanasov, College of William & Mary
Bank Loan Contracting and Firms’ Unhedged Currency Risk
  Mikael C Bergbrant, St John's University
  Bill B Francis, Rensselaer Polytechnic Institute
  Delroy M Hunter, Univ of South Florida
Firms’ Capital Structure Choices and Endogenous Dividend Policies
  Hursit Selcuk Celil, Peking University
  Mengyang Chi, Virginia Tech
Non-Bank Investors and Loan Renegotiations
  Teodora Paligorova, Bank of Canada
  Joao Santos, Federal Reserve Bank New York &
    NOVA School of Business and Economics

Presenter: Delroy Hunter Presenter: Hursit Celil Presenter: Teodora Paligorova
Discussant: Kershen Huang, Bentley University Discussant: Ignacio Requejo, University of Salamanca Discussant: Vladimir Atanasov, College of William & Mary

Session 73 – No Session Scheduled
  Friday, 1:30 pm - 3:00 pm

Session 74 – Securities Issuance
  Friday, 1:30 pm - 3:00 pm
Chairperson: Zhe Shen, Xiamen University
Shareholders As Creditors of First Resort
  Andriy Bodnaruk, Univ of Illinois Chicago
  Marco Rossi, Texas A&M University

Price Discounts In Rights Issues: Why Do Managers Insist on What Investors Hate?
  Jorge Bento Farinha, Univ of Porto
  Cesário Mateus, Univ of Greenwich
  Nuno Soares, Univ of Porto
Driving the Presence of Investor Sentiment: The Role of Media Tone in IPOs
  Zhe Shen, Xiamen University
  Jiaxing You, Xiamen University
  Michael Arthur Firth, Lingnan University
Presenter: Andriy Bodnaruk Presenter: Jorge Farinha Presenter: Zhe Shen
Discussant: Francesca Toscano, Boston College Discussant: Zhe Shen, Xiamen University Discussant: Andrea Signori, Universita Cattolica del Sacro Cuore

Session 75 – No Session Scheduled
  Friday, 1:30 pm - 3:00 pm

Session 76 – Elevator Pitch Session - Corporate Finance
  Friday, 1:30 pm - 3:00 pm

Session Chairperson: B Espen Eckbo, Dartmouth College

In addition to the record selectivity of the FMA Europe conference this year, we are further highlighting several papers in a new way, the "elevator pitch” session. The unique characteristics of this new format include:

  • Presenters will present a maximum of three (3) slides and will be limited to a five (5) minute presentation
  • The session will have no discussants; audience members will be encouraged to actively participate in the session
  • Presenters will compete for a new “best pitch” award



Presenters appear in bold.
Corporate Life-Cycle Dynamics of Cash Holdings
  Henning Schroeder, Univ of Hamburg
  Wolfgang Drobetz, Univ of Hamburg
  Michael Halling, Stockholm School of Economics
Reducing uncertainty through a two-stage IPO
  Vladimir I Ivanov, US SEC
  Ioannis V Floros, Iowa State University
  Rebel A Cole, Florida Atlantic University
Cash Holdings Speed of Adjustment
  Svetlana Orlova, Univ of Tulsa
  Ramesh Rao, Oklahoma State University
Why do private firms hold less cash than public firms? International evidence on cash holdings and borrowing costs
  Sandra Mortal, Univ of Memphis
  Vikram Nanda, Univ of Texas Dallas
  Natalia Reisel, Fordham University
Shari'a Law and Economic Growth
  Gabriele Lattanzio, Univ of Oklahoma
Initial Public Offerings and the Firm Location
  Giulia Baschieri, Ca' Foscari Univ of Venice
  Andrea Carosi, Univ of Sassari
  Stefano Mengoli, Univ of Bologna

Session 77 – Higher Order Moments
  Friday, 1:30 pm - 3:00 pm
Chairperson: Sebastian Stockl, University of Liechtenstein
Crash Risk In Individual Stocks
  Paola Pederzoli, Univ of Geneva & Swiss Finance Institute

Corporate Insider Trading and Higher Moments of Stock Returns
  Wolfgang Drobetz, Univ of Hamburg
  Emil Mussbach, Univ of Hamburg
  Christian Westheide, Univ of Mannheim
Do Stock Markets Price Expected Stock Skewness? New Evidence from Quantile Regression Skewness Forecasts
  Yakup Eser Arisoy, Université Paris Dauphine
  Kevin Aretz, Manchester Business School

Presenter: Paola Pederzoli Presenter: Wolfgang Drobetz Presenter: Yakup Eser ARISOY
Discussant: Alfredo Ibanez, ITAM Discussant: Sebastian Stockl, University of Liechtenstein Discussant: Paola Pederzoli, Univ of Geneva & Swiss Finance Institute

Session 78 – Macro Issues
  Friday, 1:30 pm - 3:00 pm
Chairperson: Edward R Lawrence, Florida International University
Measuring Sovereign Risk: Are Cds Spreads Better Than Credit Ratings?
  Ivan Rodriguez, Florida International University
  Krishnan Dandapani, Florida International University
  Edward R Lawrence, Florida International University
Policy Uncertainty Exposure of Individual Companies: The Case of the Brexit Referendum
  Paula Hill, Univ of Bristol
  Adriana Korczak, Univ of Bristol
  Piotr Korczak, Univ of Bristol
Cross-sectional PEG Ratios, Market Equity Premium, and Macroeconomic Activity
  Xiaoquan Jiang, Florida International University
  Qiang Kang, Florida International University

Presenter: Edward Lawrence Presenter: Piotr Korczak Presenter: Xiaoquan Jiang
Discussant: Xiaoquan Jiang, Florida International University Discussant: Edward R Lawrence, Florida International University Discussant: Fuwei Jiang, Central Univ of Finance & Economics

Session 79 – M&A Influencers
  Friday, 1:30 pm - 3:00 pm
Chairperson: Mingsheng Li, Bowling Green State University
Financial Advisor Centrality In Mergers and Acquisitions
  Amna Noor Chaudhry, Univ of Glasgow
  Alexandros Kontonikas, Univ of Essex
  Evangelos Vagenas-Nanos, Univ of Glasgow
Lobbying In Mergers and Acquisitions
  Jana P Fidrmuc, Univ of Warwick
  Peter Roosenboom, Erasmus University Rotterdam
  Quxian Zhang, Erasmus University Rotterdam
Do Analysts Play a Role in Shaping the Rival Response of Target Firms? International Evidence
  Zhe An, Monash University
  Zhian Chen, Univ of New South Wales
  Donghui Li, Jinan University
  Michael Murong, Univ of New South Wales
Presenter: Evangelos Vagenas-Nanos Presenter: Jana Fidrmuc Presenter: Donghui Li
Discussant: Zhong Chen, ICMA Centre, Univ of Reading Discussant: Anh Tran, Cass Business School Discussant: Mingsheng Li, Bowling Green State University

Session 80 – No Session Scheduled
  Friday, 1:30 pm - 3:00 pm

Session 81 – Asset Allocation
  Friday, 1:30 pm - 3:00 pm
Chairperson: Ines Chaieb, Univ of Geneva & Swiss Finance Institute
Asset Allocation By Investment Professionals: Integration Or Segmentation?
  Lars Kaiser, Univ of Liechtenstein

Tackling the Curse of High-Dimensional Portfolios: How to Adjust for Transaction Costs and Estimation Uncertainty?
  Nikolaus Hautsch, Univ of Vienna
  Stefan Voigt, Vienna Univ of Business and Economics
Optimal Asset Allocation Strategies: Sector Versus Country
  Wolfgang Bessler, Univ of Giessen
  Georgi Taushanov, Univ of Giessen
  Dominik Wolff, Deka Investment GmbH
Presenter: Lars Kaiser Presenter: Stefan Voigt Presenter: Wolfgang Bessler
Discussant: Ines Chaieb, Univ of Geneva & Swiss Finance Institute Discussant: Georgios Magkotsios, University of Southern California Discussant: Stefan Voigt, Vienna Univ of Business & Economics

Session 82 – No Session Scheduled
  Friday, 1:30 pm - 3:00 pm

Friday, 23 June – 3:30 pm - 5:00 pm

Session 83 – This session is not sponsored by Madoff
  Friday, 3:30 pm - 5:00 pm
Chairperson: Torsten Jochem, Univ of Amsterdam
Timing Stock Trades For Personal Gain: Private Information and Sales of Shares By Ceos
  Eliezer M Fich, Drexel University
  Robert Parrino, Univ of Texas Austin
  Anh L Tran, Cass Business School
The Market Reaction To Changes in Disclosure of Related-Party Transaction Rules
  Vladimir Atanasov, College of William and Mary
  Adrian Pop, Univ of Nantes
  Diana Pop, Univ of Angers
Presenter: Luong Anh Tran Presenter: Vladimir Atanasov
Discussant: Torsten Jochem, Univ of Amsterdam Discussant: Tomas Mantecon, University of North Texas

Session 84 – Short Selling
  Friday, 3:30 pm - 5:00 pm
Chairperson: Sandra Mortal, University of Memphis
The Real Effects of Short Selling Constraints: Cross-Country Evidence
  Xiaohu Deng, Ohio University/Univ of Memphis
  Sandra Mortal, Univ of Memphis
Worldwide Short Selling Regulations and IPO Underpricing
  Thomas J Boulton, Miami University
  Scott B Smart, Indiana University
  Chad J Zutter, Univ of Pittsburgh
Presenter: Sandra Mortal Presenter: Thomas Boulton
Discussant: Thomas J Boulton, Miami University Ohio Discussant: Andrea Carosi, Univ of Sassari

Session 85 – Venture Capital
  Friday, 3:30 pm - 5:00 pm
Chairperson: M Sinan Goktan, Cal State East Bay
Venture Capitalists and Firms’ Post-IPO Leverage
  Ayla Kayhan, CFTC
  Vladimir Ivanov, US SEC

Is Venture Capital Socially Responsible? the Effect of VC Funding on Companies’ CSR Records
  Ekin Alakent, California State University East Bay
  M Sinan Goktan, California State University East Bay
The Impact of Venture Capital Monitoring in Europe
  Massimo Gaetano Colombo, Politecnico di Milano
  Diego D'Adda, Università Politecnica delle Marche
  Paolo Malighetti, Universita degli Studi di Bergamo
  Anita Quas, EMLyon Business School
  Silvio Vismara, Universita degli Studi di Bergamo
Presenter: Vladimir Ivanov Presenter: Mehmet Sinan Goktan Presenter: Silvio Vismara
Discussant: Dominika Galkiewicz, University of Applied Sciences Kufstein Discussant: Vladimir Ivanov, US SEC Discussant: M Sinan Goktan, Cal State East Bay

Session 86 – Tail Risk
  Friday, 3:30 pm - 5:00 pm
Chairperson: Heng An, UNC Greensboro
Financial Constraints and Future Stock Price Crash Risk
  Guanming He, Univ of Warwick
  Helen Ren, Univ of Warwick

Equity Premium Predictability from Cross-Sectorial Downturns
  Jose Afonso Faias, Catolica Lisbon SBE
  Juan Arismendi Zambrano, ICMA Centre,
    Univ of Reading
In for the Long Haul: Activist Hedge Funds and Fire Sale Risk
  Julia Reynolds, Vienna Graduate School of Finance

Best Paper Award Winner, 2017 Consortium on Institutional Investing and Hedge Funds

Presenter: Helen Ren Presenter: Jose Faias Presenter: Julia Elizabeth Reynolds
Discussant: Heng An, UNC Greensboro Discussant: Andrew Vivian, Loughborough University Discussant: Eser Arisoy, Universite Paris Dauphine

Session 87 – No Session Scheduled
  Friday, 3:30 pm - 5:00 pm

Session 88 – Bankers & Boards
  Friday, 3:30 pm - 5:00 pm
Chairperson: Andrea Schertler, Univ of Lüneburg
Bank Executives' Outside Directorships and Career Outcomes
  Thomas Kick, Deutsche Bundesbank
  William L Megginson, Univ of Oklahoma
  Andrea Schertler, Univ of Lüneburg
Bankers on the Board and Stock Price Crash Risk
  Min Jung Kang, Univ of Michigan
  Qunfeng Liao, Univ of Michigan Flint
  Y Han (Andy) Kim, SungKyunKwan University
Presenter: Andrea Schertler Presenter: Y. Han Kim
Discussant: Jorge Bento Farinha, Univ of Porto Discussant: Andrea Schertler, Univ of Lüneburg

Session 89 – Liquidity Risk
  Friday, 3:30 pm - 5:00 pm
Chairperson: Anis Samet, American Univ of Sharjah
Is Liquidity Risk Priced In Partially Segmented Markets?
  Ines Chaieb, Univ of Geneva & Swiss Finance Institute
  Vihang Errunza, McGill University
  Hugues Langlois, HEC Paris
Liquidity Risk and Emerging Market Corporate Bonds: Evidence from the 2013 Taper Talks
  Luca Blasi, SOAS Univ of London
(Pro?)-Cyclicality of Collateral Haircuts and Systemic Illiquidity
  Florian Glaser, Goethe University
  Sven Panz, Goethe University

Presenter: Ines Chaieb Presenter: Luca Blasi Presenter: Sven Panz
Discussant: Anis Samet, American Univ of Sharjah Discussant: Hoyong Choi, Erasmus University Rotterdam Discussant: Gustavo Suarez, Federal Reserve Board

Session 90 – Capital Structure Theory
  Friday, 3:30 pm - 5:00 pm
Chairperson: Sergey Tsyplakov, Univ of South Carolina
Restructuring Failure and Optimal Capital Structure
  Alfred Lehar, Univ of Calgary

Optimal Design and Incentive Effects of Contingent Capital, and Capital Structure Dynamics
  Charles Himmelberg, Goldman Sachs & Co
  Sergey Tsyplakov, Univ of South Carolina
Strategic Default and Capital Structure Decision
  Shumi Akhtar, Univ of Sydney
  Ye Ye, Univ of Sydney

Presenter: Alfred Lehar Presenter: Sergey Tsyplakov Presenter: Shumi Akhtar
Discussant: Sergey Tsyplakov, Univ of South Carolina Discussant: Ken Lehn, University of Pittsburgh Discussant: Alfred Lehar, Univ of Calgary

Session 91 – Biases and Stock Prices
  Friday, 3:30 pm - 5:00 pm
Chairperson: Evangelos Vagenas-Nanos, Univ of Glasgow
Manager Sentiment and Stock Returns
  Fuwei Jiang, Central Univ of Finance and Economics
  Joshua Lee, Florida State University
  Xiumin Martin, Washington University in St Louis
  Guofu Zhou, Washington University in St Louis
Nominal Stock Price Anchors: A Global Phenomenon?
  Kee-Hong Bae, York University
  Jisok Kang, Univ of Cambridge
  S Ghon Rhee, Univ of Hawaii at Manoa
Salience Theory and Stock Prices: Empirical Evidence
  Mathijs Cosemans, Erasmus University Rotterdam
  Rik Frehen, Tilburg University

Presenter: Fuwei Jiang Presenter: Jisok Kang Presenter: Mathijs Cosemans
Discussant: Evangelos Vagenas-Nanos, Univ of Glasgow Discussant: Shumi Akhtar, University of Sydney Discussant: Wolfgang Bessler, University of Giessen

Session 92 – Investor overreaction
  Friday, 3:30 pm - 5:00 pm
Chairperson: Matthias Pelster, Leuphana University
All Is Not Lost That Is Delayed: Overconfidence and Investment Failure
  Andre Betzer, BUW - Schumpeter School of
    Business and Economics
  Inga van den Bongard, Univ of Mannheim
  Erik Theissen, Univ of Mannheim
  Christine Volkmann, BUW - Schumpeter School of
    Business and Economics
Investor Attention, Overconfidence and Margin Trade
  Mingsheng Li, Bowling Green State Universit
  Qian Li, East China JiaoTong University
  Yan Li, Baruch College, CUNY
Asset Pricing Bubbles and Investor Emotions: An Empirical Analysis of the 2014 - 2016 Chinese Stock Market Bubble
  Richard J Taffler, Univ of Warwick
  Vineet Agarwal, Cranfield University
  Chenyang Wang, University of Birmingham
Presenter: Inga van den Bongard Presenter: Mingsheng Li Presenter: Richard Taffler
Discussant: Matthias Pelster, Leuphana University Discussant: Liang Jin, Lancaster University Discussant: Philippe Masset, Ecole Hôtelière de Lausanne

Friday, 23 June
Closing Reception (advance registration required)