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Session Chairperson, Presenter and Discussant Guidelines

Chairperson Guidelines | Presenter/Discussant Guidelines

Sessions will be run as Zoom Meetings. Our online event platform company (ATIV Software) has created a useful instructional video here.

Session Chairperson and Discussant Openings

We have a limited number of openings for Paper Discussants, and need your help! To apply for an available position, please look over the listing of Program Openings and contact FMA with your choice(s) at [email protected].

Thank you!

Monday, 19 October | Tuesday, 20 October | Wednesday, 21 October | Thursday, 22 October | Friday, 23 October

All session times are shown in Eastern Time (ET). Please click here to convert the session time to your time zone (use New York as the from city).

Monday, 19 October

Doctoral Student Consortium
Monday, 19 October

Limited to accepted participants only.

For more information, contact Shannon Tompkins

Diversity Emerging Scholars Initiative (DESI)
Monday, 19 October

Limited to accepted participants only.

For more information, contact Dawn Appleby

Assistant Professors' Panel
Monday, 19 October - 1:00 PM - 2:30 PM

Coordinated by Manju Puri, J.B. Fuqua Professor, Duke University, she and the panelists will share the lessons learned from their own experiences to help assistant professor navigate their careers. Additionally, they will discuss topics such as time management, the publication process, mentorship, as well as how to balance research, teaching and service to the profession.

Panelists
Simi Kedia, Albert R. Gamper Chair in Business
Rutgers Business School

Manju Puri, J.B. Fuqua Professor
Duke University

Johannes Stroebel, David S. Loeb Professor of Finance, NBER Research Associate & CEPR Research Affiliate
New York University

Presentations

Tuesday, 20 October

8:00 AM - 9:30 AM ET

Session V001 - Bank Liquidity and Regulation

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Teng Wang, Federal Reserve Board

Institutional Investor Horizons and Bank Liquidity Creation
  Allen N Berger, Univ of South Carolina
  Sadok El Ghoul, Univ of Alberta
  Omrane Guedhami, Univ of South Carolina
  Destan Kirimhan, Univ of South Carolina
  Xinming Li, Nankai Univ
Do Accounting and Regulatory Discretions with Investment Securities Affect Banks' Information Risk?
  Marc Arnold, Univ of St Gallen
  Minyue Dong, Univ of Lausanne
  Romain Oberson, Laval Univ
Deregulation, Market Structure, and the Demise of Old-School Banking
  Emilio Bisetti, HKUST
  Stephen Karolyi, Carnegie Mellon Univ
  Stefan Lewellen, Penn State Univ
Presenter: Destan Kirimhan Presenter: Romain Oberson Presenter: Stephen Karolyi
Discussant: Lei Li, Federal Reserve Board Discussant: Anya Kleymenova, Federal Reserve Board Discussant: Teng Wang, Federal Reserve Board

Session V002 - Behavior & Sentiment

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Xi Mo, UNC Charlotte

Till Death (Or Divorce) do Us Part: Early-Life Family Disruption and Investment Behavior
  Andre Betzer, BUW - Schumpeter School of Business and Economics
  Peter Limbach, Univ of Cologne and Centre for Financial Research (CFR)
  P Raghavendra Rau, Univ of Cambridge
  Henrik Schurmann, BUW - Schumpeter School of Business and Economics
A More Predictive Sentiment Index? Forecasting Market Returns Using Google Search Behavior
  Vitor G Azevedo, Technical Univ of Munich
  Noorhan Elkhayat, Technical Univ of Munich
Sentiment Risk Premia in the Cross-Section of Global Equity
  Roland Fuess, Univ of St Gallen & Swiss Finance Institute
  Massimo Guidolin, Bocconi Univ
  Christian Koeppel, Univ of St Gallen
Presenter: Henrik Schurmann Presenter: Noorhan Elkhayat Presenter: Massimo Guidolin
Discussant: Youngjae (Jay) Choi, Univ of North Dakota Discussant: Rachel Koh, Cal State Univ Channel Islands Discussant: Xi Mo, UNC Charlotte

Session V003 - Climate Finance 1

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Balbinder Singh Gill, Temple Univ

State-level Climate Initiatives and Capital Structure: Evidence from Climate Adaptation Plans
  Tunde Kovacs, Univ of Massachusetts Lowell
  Saira Latif, Univ of Massachusetts Lowell
  Xiaojing Yuan, Univ of Massachusetts Lowell
  Chi Zhang, Univ of Massachusetts Lowell
Can Firms Run Away from Climate-Change Risk? Evidence from the Pricing of Bank Loans
  Feng Jiang, Univ at Buffalo SUNY
  C Wei Li, Univ of Iowa
  Yiming Qian, Univ of Connecticut
Climate Risk and Capital Structure
  Edith Ginglinger, Paris Univ Dauphine
  Quentin Moreau, Paris Univ Dauphine
Presenter: Tunde Kovacs Presenter: Yiming Qian Presenter: Quentin Moreau
Discussant: Kose John, New York Univ Discussant: Jessica Jeffers, Univ of Chicago Discussant: Asaf Bernstein, Univ of Colorado

Session V004 - Compensation

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Jian Huang, Towson Univ

When in Rome: Local Social Norms and Tournament Incentives
  Natasha Burns, Univ of Texas San Antonio
  Kristina Minnick, Bentley Univ
  Mia Rivolta, Xavier Univ
Does Chief Investment Officer Pay Reflect Performance? Evidence from Non-Profits
  Matteo Binfare, UNC Chapel Hill
  Robert S Harris, Univ of Virginia
Presenter: Mia Rivolta Presenter: Matteo Binfare
Discussant: Minjie Huang, Univ of Louisville Discussant: G Nathan Dong, Boston College

Session V005 - Corporate Governance: Shareholders and Boards

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Mihail Miletkov, Univ of New Hampshire

Does Board Independence Reduce Informed Short Selling Prior to Earnings Announcements? Evidence from Quasi-Natural Experiment
  Suchismita Mishra, Florida International Univ
  Anisur Rahman, Westminster College
  Arun Upadhyay, Florida International Univ
The Costs and Benefits of Shareholder Democracy: Gadflies and Low-Cost Activism
  Nickolay Gantchev, Univ of Warwick
  Mariassunta Giannetti, Stockholm School of Economics
Shareholder Composition, Corporate Governance and their Monitoring Effects on Firm Performance
  Guido Max Mantovani, International Univ of Monaco & Ca' Foscari Univ of Venice
  Gregogy Moscato, International Univ of Monaco
Presenter: Anisur Rahman Presenter: Nickolay Gantchev Presenter: Guido Max Mantovani
Discussant: Yu Liu, Univ of Texas Rio Grande Valley Discussant: Viktoriya Staneva, Univ of New Hampshire Discussant: Mihail Miletkov, Univ of New Hampshire

Session V006 - Currency Risk

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Luis Garcia-Feijoo, Florida Atlantic Univ

US Equity Tail Risk and Currency Risk Premia
  Zhenzhen Fan, Nankai Univ
  Juan M Londono, Federal Reserve Board
  Xiao Xiao, Erasmus Univ
Counterparty Credit Risk in OTC Derivatives
  Florian Balke, Goethe Univ Frankfurt
  Andreas Barth, Goethe Univ Frankfurt
  Arne Reichel, Goethe Univ Frankfurt
  Mark Wahrenburg, Goethe Univ Frankfurt
Are Founding Families Less Willing to Bear Risk? Evidence from the Currency Exposure of Family Firms
  Ronald C Anderson, Temple Univ
  Mikael C Bergbrant, St John's Univ
  Delroy M Hunter, Univ of South Florida
  David M Reeb, National Univ of Singapore
Presenter: Juan M Londono Presenter: Arne Reichel Presenter: Mikael C Bergbrant
Discussant: Arne Reichel, Goethe Univ Frankfurt Discussant: Mikael C Bergbrant, St John's Univ Discussant: Luis Garcia-Feijoo, Florida Atlantic Univ

Session V007 - Financial Institutions: Risks and Economic Effects

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Nhu (Nancy) Tran, Binghamton Univ SUNY

Regulating Risk Culture in Insurance Firms
  Aparna Gupta, Rensselaer Polytechnic Institute
  Abena Owusu, Rensselaer Polytechnic Institute
Bank Bailouts and Economic Growth: Evidence from Cross-Country, Cross-Industry Data
  Valeriya Dinger, Univ of Osnabruck
  Lisardo Erman, Univ of Osnabruck
  Daniel te Kaat, Univ of Groningen
Economic Policy Uncertainty: A Global View from the Firms
  Matias Braun, ESE Business School, Universidad de los Andes
  Gabriel Fernandez, Asociacion Chilena de Seguridad
  Tiago Ferreira, Universidad Alberto Hurtado
  Claudio Raddatz, International Monetary Fund
Presenter: Abena Owusu Presenter: Daniel te Kaat Presenter: Matias Braun
Discussant: Johannes Kriebel, Univ of Muenster Discussant: Amit Ghosh, Texas A&M International Univ Discussant: Yi-Wen Chen, Southwestern Univ of Finance and Economics

Session V008 - Hedge Funds

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Ying Wang, Univ at Albany SUNY

Tracking Market and Illiquidity Risk Under Extreme Scenarios in the Hedge Fund Industry: A Nonlinear VAR Approach
  Francois-Eric Racicot, Univ of Ottawa
  Raymond Theoret, Univ of Quebec in Montreal
When it Pays to Follow the Crowd: Strategy Conformity and CTA Performance
  Nicolas PB Bollen, Vanderbilt Univ
  Mark Hutchinson, Univ College Cork
  John O'Brien, Univ College Cork
The Volcker Rule and the Hedge Fund Liquidity Circle
  Michael Bowe, Univ of Manchester
  Olga Kolokolova, Univ of Manchester
  Lijie Yu, Univ of Manchester
Presenter: Francois-Eric Racicot Presenter: Mark Hutchinson Presenter: Olga Kolokolova
Discussant: Hyuna Park, Brooklyn College CUNY Discussant: Raisa Velthuis, Villanova Univ Discussant: Quan Qi, Univ of Kentucky

Session V009 - Influences Of Ownership Structure

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Feng Jiang, Univ at Buffalo SUNY

The Effects of Common Ownership and Customer-Supplier Relationships
  Kayla Freeman, Univ of Georgia
The Role of Minority Shareholders in Private Firms
  Devendra Kale, Univ of Texas Dallas
Family Firms, Minority Investor Protection, and Firm Performance
  Christophe Volonte, Univ of Konstanz
  Pascal Gantenbein, Univ of Basel
Presenter: Kayla Freeman Presenter: Devendra Kale Presenter: Christophe Volonte
Discussant: LiTing (Tina) Liu, Univ at Buffalo SUNY Discussant: Brooke Wang, Univ of Iowa Discussant: Haekwon Lee, Univ of Sydney

Session V010 - Intangibles, Uncertainty, Aversion & Risky Financial Assets

Tuesday, 8:00 AM - 9:30 AM

Chairperson: William Mann, Emory Univ

The Earnings Announcement Premium as Uncertainty Aversion: Theory and Evidence
  David L Dicks, Baylor Univ
  Hwanki Brian Kim, Baylor Univ
Surfing the Cycle: Cyclical Investment Opportunities and Firms' Risky Financial Assets
  Teng Huang, IESE Business School
Measuring Intangible Capital with Market Prices
  Michael Ewens, CalTech
  Ryan H Heath, Tulane Univ
  Sean Wang, Southern Methodist Univ
Presenter: Hwanki Brian Kim Presenter: Teng Huang Presenter: Ryan H Peters
Discussant: Han Xiao, Penn State Univ Discussant: He Li, Univ of Wisconsin Whitewater Discussant: William Mann, Emory Univ

Session V011 - IPO Survival, Outcomes, and Lawsuits

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Tahsina Haque Simu, Univ of Texas El Paso

Do PE and VC Firms Monitor Cash Reserves Post-IPO?
  Natalia Matanova, Vlerick Business School
Determinants of IPO Survival: what Does the Machine Tell Us?
  Gonul Colak, Hanken School of Economics
  Mengchuan Fu, Fordham Univ
  Iftekhar Hasan, Fordham Univ
Presenter: Natalia Matanova Presenter: Mengchuan Fu
Discussant: Minmo Gahng, Univ of Florida Discussant: Anzhela Knyazeva, US SEC

Session V012 - Labor & Firms

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Alev Yildirim, Southern Connecticut State Univ

Labor Protection, Leverage, and Wage
  Ahmet Karpuz, Loughborough Univ
  Di Luo, Univ of Southampton
  Rongbing Xiao, Loughborough Univ
  Huainan Zhao, Loughborough Univ
Gender Pay Gap, Labor Unions and Firm Performance
  Fabien-Antoine Dugardin, Universite Paris-Dauphine
  Edith Ginglinger, Universite Paris-Dauphine
Human Capital Outflow and Stock Price Crashes: Evidence from the Rejection of the Inevitable Disclosure Doctrine
  Xin Liu, Univ of Bath
  Xiaoran Ni, Xiamen Univ
Presenter: Ahmet Karpuz Presenter: Fabien-Antoine Dugardin Presenter: Xin Liu
Discussant: Nassima Selmane, Univ of Groningen Discussant: Andreanne Tremblay, Laval Univ Discussant: Amanjot Singh, Deakin Univ

Session V013 - Liquidity Provision

Tuesday, 8:00 AM - 9:30 AM

Chairperson: David Cimon, Wilfrid Laurier Univ

Market Structure and Price Clustering: Maker-Taker Vs. Taker-Maker
  Justin Cox, Appalachian State Univ
  Todd Griffith, Utah State Univ
Liquidity Providers' Portfolio Inventory Risk: Frictions and Fragility in Limit Order Markets
  Roman Kozhan, Univ of Warwick
  Vikas Raman, Lancaster Univ
  Pradeep Yadav, Univ of Oklahoma
Do Proprietary Traders Provide Liquidity?
  Nittai K Bergman, Tel Aviv Univ
  Ohad Kadan, Washington Univ in St Louis
  Roni Michaely, Univ of Geneva
  Pamela C Moulton, Cornell Univ
Presenter: Justin Cox Presenter: Vikas Raman Presenter: Ohad Kadan
Discussant: Michael Brolley, Wilfrid Laurier Univ Discussant: Corey Garriott, Bank of Canada Discussant: Marius Zoican, Univ of Toronto

Session V014 - M&A Decisions

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Rui Dai, WRDS

Drivers and Performance Effect of Corporate Asset Sales Around Acquisitions
  Nihat Aktas, WHU Otto Beisheim School of Management
  Aleksandra Baros, Universita' Cattolica del Sacro Cuore
  Ettore Croci, Universita' Cattolica del Sacro Cuore
Migration Flows and M&A Decisions
  Suin Lee, Univ of Texas Rio Grande Valley
  Christos Pantzalis, Univ of South Florida
  Jung Chul Park, Univ of South Florida
Comparing the Tax Strategies of US Multinationals
  Jeremiah Harris, Kent State Univ
  William O'Brien, Univ of Illinois Chicago
Presenter: Ettore Croci Presenter: Suin Lee Presenter: Jeremiah Harris
Discussant: Ding Ding, Australian National Univ Discussant: Keke Song, Melbourne Business School Discussant: Leonidas Barbopoulos, Univ of Edinburgh

Session V015 - Portfolio Design

Tuesday, 8:00 AM - 9:30 AM

Chairperson: John Cotter, Univ College Dublin

Aggregating Information for Optimal Portfolio Weights
  Xiao Li, Univ at Albany SUNY
Volatility-Managed Commodity Futures Portfolios
  Jangkoo Kang, KAIST
  Kyung Yoon Kwan, Univ of Strathclyde
The Design and Welfare Implications of Mandatory Pension Plans
  Linda Sandris Larsen, Copenhagen Business School
  Claus Munk, Copenhagen Business School
Presenter: Xiao Li Presenter: Kyung Yoon Kwon Presenter: Claus Munk
Discussant: Luis Ceballos, Penn State Univ Discussant: Yuan Tian, Univ of Cincinnati Discussant: Bruno Kamdem, George Washington Univ

Session V016 - Private Equity

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Douglas Fairhurst, Washington State Univ

Ownership, Wealth, and Risk Taking: Evidence on Private Equity Fund Managers
  Carsten Bienz, Norwegian School of Economics
  Karin S Thorburn, Norwegian School of Economics, CEPR & ECGI
  Uwe Walz, Goethe Univ Frankfurt, SAFE/CFS
Do Private Equity Firms Reduce Product Commercialization?
  Moazzam Khoja, Univ of Houston
Managing with Private Equity Style: CEO’s Prior Buyout Target Experiences and Corporate Policies
  Hung-Chia Scott Hsu, Univ of Arkansas
  Tomas Jandik, Univ of Arkansas
  Juntai Lu, Univ of Arkansas
Presenter: Karin S Thorburn Presenter: Moazzam Khoja Presenter: Hung-Chia Scott Hsu
Discussant: William Beggs, Univ of San Diego Discussant: Alok Nemani, Bentley Univ Discussant: Douglas Fairhurst, Washington State Univ

Session V017 - Reversals & Momentum

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Dexin Zhou, Baruch College CUNY

Corporate Bond Price Reversals
  Alexey Ivashchenko, Univ of Lausanne & Swiss Finance Institute
Flights to Quality and Momentum Crashes
  Junyong Kim, Univ of Wisconsin Milwaukee
  Donghyun Kim, Chung-Ang Univ
  Chang-Mo Kang, Univ of New South Wales
Intraday Time Series Momentum: International Evidence
  Zeming Li, Univ of Southampton
  Athanasios Sakkas, Univ of Nottingham
  Andrew Urquhart, Univ of Reading
Presenter: Alexey Ivashchenko Presenter: Junyong Kim Presenter: Zeming Li
Discussant: Quan Wen, Georgetown Univ Discussant: Dexin Zhou, Baruch College CUNY Discussant: Chih-Ching Hung, Baruch College

Session V018 - Socially Responsible Investing

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Stylianos Asimakopoulos, Univ of Bath

Is Sustainable Investing Driven by Altruism: Evidence from Substitutability with Philanthropy
  Maria Boutchkova, Univ of Edinburgh
  Angelica Gonzalez, Univ of Edinburgh
  Sylvia Zhang, Univ of Edinburgh
Fund Performance and Social Responsibility: New Evidence Using Social Active Share and Social Tracking Error
  Sadok El Ghoul, Univ of Alberta
  Aymen Karoui, York Univ
Responsible Institutional Investing Around the World
  Rajna Gibson, Southern Univ of Science and Technology
  Simon Glossner, Univ of Virginia
  Philipp Krueger, Univ of Geneva, Geneva Financial Research Institute & Swiss Finance Institute
  Pedro Matos, Univ of Virginia
  Tom Steffen, Osmosis Investment Management
Presenter: Maria Boutchkova Presenter: Aymen Karoui Presenter: Simon Glossner
Discussant: Simon Glossner, Univ of Virginia Discussant: Sylvia Zhang, Univ of Edinburgh Discussant: Aymen Karoui, York Univ

Session 019 - Special Panel Session - Korea America Finance Association (KAFA)

Tuesday, 8:00 AM - 9:30 AM

Chairperson: Kiyoung Chang, Univ of South Florida

Does Global Outsourcing Affect Corporate Customers' Voluntary Disclosures? Bid Shading Behavior in the Korean Government Bond Auction The Price of the Slow Lane: Traffic Congestion and Stock Block Trading Premium
Presenter: Zihang Ryan Peng, Univ of New South Wales Presenter: Sangche Lee, Korea Institute of Finance Presenter: Le Zhang, Australian National Univ
Sponsored by

Tuesday, 20 October | 9:30 AM - 10:00 AM ET

EXHIBITOR SPOTLIGHT SESSION
Elsevier
Meet our Female Editors

Tuesday, 9:30 AM - 10:00 AM

We invite you to meet and network with seven female editors of our finance journals, who are open to share their experience as women in research, talk about challenges they have had in their careers on the path from authorship to editorship, and give publishing tips to young authors.

Editor Attendees
Carol Alexander, Journal of Banking Finance | Narjess Boubakri, Finance Research Letters & Quarterly Review of Economics and Finance | Christa Bouwman, Journal of Financial Intermediation | Kristine Hankins, Journal of Corporate Finance | Rose Liao, Emerging Markets Review | Betty Simkins, Journal of Commodity Markets | Toni Whited, Journal of Financial Economics

Tuesday, 20 October | 10:00 AM - 11:30 AM ET

Session V021 - Asset Pricing 1

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Massimo Guidolin, Bocconi Univ

Non-Market Factors and the CAPM: The Market Index Effect
  Michael F Ferguson, Univ of Cincinatti
  Babak Lotfaliei, San Diego State Univ
  Timothy E Trombley, Illinois State Univ
One Vol to Rule Them All: Common Volatility Dynamics in Factor Returns
  Nishad Kapadia, Tulane Univ
  Matthew Linn, Univ of Massachusetts Amherst
  Bradley S Paye, Virginia Tech
Rediscovering the CCAPM Lost in Data Revisions
  Hui Guo, Univ of Cincinnati
  Yu-Jou Pai, Concordia Univ
Presenter: Babak Lotfaliei Presenter: Bradley Paye Presenter: Yu-Jou Pai
Discussant: Yinan Su, Johns Hopkins Univ Discussant: Lai Xu, Syracuse Univ Discussant: Tim A Kroencke, Univ of Neuchatel

Session V022 - Bank Competition

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Alin Andries, Alexandru Ioan Cuza Univ of Iasi

Bank Product Rate Competition
  Alejandro Pacheco, Univ of Arkansas Ft Smith
  Edward R Lawrence, Florida International Univ
The Many Facets of Bank Competition: Evidence from an Extraordinary Dataset
  Allen N Berger, Univ of South Carolina
  Troy A Kravitz, Federal Deposit Insurance Corporation
  Lynn Shibut, Federal Deposit Insurance Corporation
Peer Pressure: How do Peer-To-Peer Lenders Affect Banks' Cost of Deposits and Liability Structure?
  Hisham Farag, Univ of Birmingham
  Santosh Koirala, Univ of Birmingham
  Danny McGowan, Univ of Birmingham
Presenter: Alejandro Pacheco Presenter: Troy A Kravitz Presenter: Santosh Koirala
Discussant: Vladimir Kotomin, Illinois State Univ Discussant: Rong Guo, Georgia Gwinnett College Discussant: Alin Andries, Alexandru Ioan Cuza Univ of Iasi

Session V023 - Bank Loans 1

Tuesday, 10:00 AM - 11:30 AM

Chairperson: W Scott Frame, Federal Reserve Bank Dallas

Information Efficiency or Hold-Up with Universal Banks? Some Evidence from Lending After Equity Underwriting
  Gerard Pinto, Drew Univ
  Donghang Zhang, Univ of South Carolina
Regulatory Compliance Pressure and Bank Risk-Shifting
  Lamont Black, DePaul Univ
  John Hackney, Univ of South Carolina
Presenter: Gerard Pinto Presenter: John Hackney
Discussant: Francisco Rodriguez Fernandez, Univ of Grenada Discussant: Wenhua Di, Federal Reserve Bank Dallas

Session V024 - Corporate Governance: Entrenchment

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Chelsea Liu, Univ of Adelaide

Effectiveness of Monitoring, Managerial Entrenchment, and Corporate Cash Holdings
  Panagiotis Couzoff, Catolica-Lisbon School of Business and Economics
  Shantanu Banerjee, Lancaster Univ
  Grzegorz Pawlina, Lancaster Univ
The Rise of Dual-Class Stock IPOs and Venture Capital Financing
  Ofer Eldar, Duke Univ
  Yael V Hochberg, Rice Univ
  Lubomir Litov, Univ of Oklahoma
Disciplining Entrenched Managers Through Corporate Governance Reform: Implications for Risk-Taking Behavior
  Oksana Pryshchepa, Cardiff Univ
Presenter: Panagiotis Couzoff Presenter: Lubomir Litov Presenter: Oksana Pryshchepa
Discussant Joanne Juan Chen, London School of Economics Discussant: Harshit Rajaiya, Univ of Ottawa Discussant: Chelsea Liu, Univ of Adelaide

Session V025 - Corporate Governance: Litigation & Compliance

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Raluca Roman, Federal Reserve Bank Philadelphia

Disclosure Length and Disclosure Effectiveness: Evidence from the CD&A Mandate
  Jieqiong (Cheryl) Gao, New York Institute of Technology
  Chinmoy Ghosh, Univ of Connecticut
  Lingling Wang, Univ of Connecticut
Of Fogs and Bogs: Does Litigation Risk Make Financial Reports Less Readable?
  Mark Humphery-Jenner, Univ of New South Wales
  Yun Liu, Keck Graduate Institute
  Vikram Nanda, Univ of Texas Dallas
  Sabatino (Dino) Silveri, Univ of Memphis
  Minxing Sun, Clemson Univ
Shareholder Litigation Rights and Stock Price Crash Risk: Evidence from Universal Demand Laws
  Md Noman Hossain, Univ of Texas Rio Grande Valley
Presenter: Lingling Wang Presenter: Sabatino (Dino) Silveri Presenter: Md Noman Hossain
Discussant: Ozgur Ince, Univ of South Carolina Discussant: Blake Marsh, Federal Reserve Bank Kansas City Discussant: Silvio Rendon, Federal Reserve Bank Philadelphia

Session V026 - Corporate Governance: Shareholder Monitoring

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Albert Wang, Auburn Univ

Investor Relations Firms and Shareholder Activism
  Abhishek (Abhi) Ganguly, Indiana Univ
  Arup Ganguly, Univ of Mississippi
  Lin Ge, Univ of Mississippi
Communication Among Shareholders Before Voting
  Shaoting Pi, David Eccles School of Business, Univ of Utah
Tacit Vigilance in an Emerging Economy: An Institution-Based Perspective of Passive Blockholder Monitoring
  Ji Hoon Hwang, Univ of Arizona
  Chune Young Chung, Chung-Ang Univ
  Kainan Wang, Univ of Toledo
Presenter: Lin Ge Presenter: Shaoting Pi Presenter: JiHoon Hwang
Discussant: Thuy Bui, Slippery Rock Univ Discussant: Xinyan Yan, Univ of Dayton Discussant: Abigail Hornstein, Wesleyan Univ

Session V027 - Dividends and Buybacks

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Yueliang (Jacques) Lu, UNC Charlotte

Major Customers and Corporate Payout Flexibility
  Hui Liang James, Univ of Texas Tyler
  Bo Li, Cal State Los Angeles
  Thanh Ngo, East Carolina Univ
  Hongxia Wang, Coastal Carolina Univ
Dividend Policy and Managerial Social Capital: International Evidence
  David Javakhadze, Florida Atlantic Univ
  Tijana Rajkovic, San Jose State Univ
The Timing of Corporate Buybacks: New Evidence from Repurchase Series
  Nicholas Clarke, Middle Tennessee State Univ
Presenter: Hui Liang James Presenter: David Javakhadze Presenter: Nicholas Clarke
Discussant: Jiawei Chen, Mississippi State University Discussant: Violetta Davydenko, Univ of Mississippi Discussant: Laurie Krigman, Babson College

Session V028 - Economic Links & Information

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Wenguang Lin, Western Connecticut State Univ

Digesting FOREXS
  Joon Woo Bae, Case Western Reserve Univ
  Zhi Da, Univ of Notre Dame
  Virgilio Zurita, Baylor Univ
Liquidity Commonality and Its Pricing: Evidence from Firms in Supply Chain Networks
  Byungjin Hong, McGill Univ
On the Information Content of Sovereign Credit Rating Reports: Improving the Predictability of Rating Transitions
  Ursula Slapnik, Univ of Ljubljana
  Igor Loncarski, Univ of Ljubljana
Presenter: Virgilio Zurita Presenter: Byungjin Hong Presenter: Ursula Slapnik
Discussant: Hui-Ju Tsai, Washington College Discussant: Ursula Slapnik, Univ of Ljubljana Discussant: Yulin Li, Monmouth Univ

Session V029 - Financial Markets

Top Ten Session
Tuesday, 10:00 AM - 11:30 AM

Chairperson: Lingjie Ma, Univ of Illinois at Chicago

US Coins Market: Historical Performance and Anomalies
  David A Maslar, Univ of Tennessee
  Khaled Obaid, Cal State East Bay
  Kuntara Pukthuanthong, Univ of Missoui
Momentum and the Cross-Section of Stock Volatility
  Minyou Fan, Queen's Univ Belfast
  Fearghal Kearney, Queen's Univ Belfast
  Youwei Li, Univ of Hull
  Jiadong Liu, Queen's Univ Belfast
Networks, Linking Complexity and Cross Predictability
  Wu Zhu, Univ of Pennsylvania
Presenter: David Maslar Presenter: Jiadong Liu Presenter: Zhu Wu
Discussant: Jean-Guy Simonato, HEC Montreal Discussant: Larry Pohlman, Univ of Massachusetts Boston Discussant: Ping He, Tsinghua Univ

Session V030 - Fintech Asset Pricing

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Zenu Sharma, St John's Univ

Does Search Attention Index Explain the Portfolio Returns in India?
  Munusamy Dharani, ICFAI Business School (IBS), Hyderabad
  M Kabir Hassan, Univ of New Orleans
  MZ Abedin, Dalian Maritime Univ
The Social Internetwork and Stock Returns
  Mohamed Al Guindy, Carleton Univ
  Ryan Riordan, Queen's Univ
Platform Enterprises: Financing, Investment, and Network Growth
  Joanne Juan Chen, London School of Economics
Presenter: M Kabir Hassan Presenter: Mohamed Al Guindy Presenter: Joanne Juan Chen
Discussant: Patrick Bernard Washington, Morehouse College Discussant: Zenu Sharma, St John's Univ Discussant: Ji Shen, Peking Univ

Session V031 - Firm Financing

Tuesday, 10:00 AM - 11:30 AM

Chairperson: David Yin, Miami Univ

Passive Debt Ownership and Corporate Financial Policy
  Brian Gibbons, Penn State Univ
The Effect of Option Listing on Financing Decisions
  Eunpyo Hong, George Washington Univ
  Tao-Hsien Dolly King, UNC Charlotte
  Min Park, Alabama State Univ
The Syndicated Loan Market, Securitization, and Corporate Policies
  Donghang Zhang, Univ of South Carolina
  Yafei Zhang, Univ of South Carolina
Presenter: Brian Gibbons Presenter: Eunpyo Hong Presenter: Donghang Zhang
Discussant: Yoonsoo Nam, Washington State Univ Discussant: Nur Al Faisal, Louisiana State Univ Discussant: Sarah Ji, Middle Tennessee State Univ

Session V032 - Hedge Fund Activism

Tuesday, 10:00 AM - 11:30 AM

Chairperson: KC Chen, Cal State Fresno

Does Hedge Fund Managers' Industry Experience Matter for Hedge Fund Activism?
  Ivan E Brick, Rutgers Univ
  Yuzi Chen, Nanyang Technological Univ
  Jun-Koo Kang, Nanyang Technological Univ
  Jin-Mo Kim, Rutgers Univ
Effective Defense Tactic or Obstacle to Change? the Role of Investor Relations in Activism Campaigns
  Gonul Colak, Hanken School of Economics
  Iftekhar Hasan, Fordham Univ
  Yinjie (Victor) Shen, Cleveland State Universitry
The Role of the Media in Hedge Fund Activism
  Xinjie Wang, Southern Univ of Science and Technology
  Ge Wu, Univ of Richmond
Presenter: Ivan Brick Presenter: Yinjie (Victor) Shen Presenter: Ge Wu
Discussant: Khaled Obaid, Cal State East Bay Discussant: Han-Sheng Chen, Lipscomb Univ Discussant: Jennifer Miele, Cal State Fresno

Session V033 - Impact Of Management and Disclosure On Firm Value

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Cesario Mateus, Aalborg Univ

General Managerial Skills, Tolerance for Failure, and Stock Price Crash Risk
  Daewoung Choi, Louisiana State Univ Shreveport
  Thanh Ngo, East Carolina Univ
  Ha-Chin Yi, Texas State Univ
Does Information Disclosure Matter in Competitive Industries?
  Lee-Hsien Pan, SUNY Geneseo
  Chien-Ting Lin, Deakin Univ
  Shih-Cheng Lee, Yuan Ze Univ
  Kung-Cheng Ho, Zhongnan Univ of Economics and Law
The Contribution of Managerial Ability on Customer Satisfaction
  Surendranath Rakesh Jory, Univ of Southampton
  Enping (Shirley) Mai, East Carolina Univ
  Thanh N Ngo, East Carolina Univ
  Judy A Siguaw, East Carolina Univ
Presenter: Daewoung Choi Presenter: Lee-Hsien Pan Presenter: Surendranath Rakesh Jory
Discussant: Ankita Damani, Univ of Texas Arlington Discussant: Chunrong Wang, Concordia Univ Discussant: Trung Hoang, Univ of Greenwich

Session V034 - Investment Behavior and Strategies

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Zi (Tingting) Jia, Univ of Arkansas Little Rock

Quality and Cheapness: A New Value Investing Strategy
  Xiaoquan Jiang, Florida International Univ
  Xiaomeng Lu, Florida International Univ
Social Preferences and Investment Decisions: Evidence from US Mutual Funds
  Philipp Krueger, Univ of Geneva & Swiss Finance Institute
  Shema F Mitali, Univ of Geneva
Attractiveness to Optimists and Stocks as Lotteries in the Cross-Section of Expected Stock Returns
  Gabor Neszveda, Corvinus Univ of Budapest
Presenter: Xiaomeng Lu Presenter: Shema Mitali Presenter: Gabor Neszveda
Discussant: Mosab Hammoudeh, Univ of Iowa Discussant: Michael Young, Univ of Missouri Discussant: Di Luo, Univ of Southampton

Session V035 - Liquidity

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Renraw Chen, Fordham Univ

Market on Tilt: ETF Trading and Market Quality
  Jonathan Brogaard, Univ of Utah
  Davidson Heath, Univ of Utah
  Da Huang, Univ of Utah
The Pricing of the Illiquidity Factor’s Conditional Risk with Time-Varying Premium
  Yakov Amihud, New York Univ
  Joonki Noh, Case Western Reserve Univ
The Importance of Large Order Size Liquidity in Treasury Markets
  Eleni Gousgounis, U.S. Commodity Futures Trading Commission
  Esen Onur, U.S. Commodity Futures Trading Commission
  Bruce Tuckman, U.S. Commodity Futures Trading Commission
Presenter: Davidson Heath Presenter: Joonki Noh Presenter: Eleni Gousgounis
Discussant: Joonki Noh, Case Western Reserve Univ Discussant: Da Huang, Univ of Utah Discussant: Brittany Cole, Tennessee Tech Univ

Session V036 - Machine Learning & Asset Pricing

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Mihail Velikov, Penn State Univ

Bimodal Characteristic Returns and Enhancing Predictability Via Machine Learning
  Chulwoo Han, Durham Univ
Macroeconomic Content of Characteristics-Based Asset Pricing Models: A Machine Learning Analysis
  Oleg Rytchkov, Temple Univ
  Xun Zhong, Fordham Univ
The Serial Dependence of the Commodity Futures Returns: A Machine Learning Approach
  Yufeng Han, UNC Charlotte
  Lingfei Kong, UNC Charlotte
Presenter: Chulwoo Han Presenter: Xun Zhong Presenter: Lingfei Kong
Discussant: Andrew Detzel, Univ of Denver Discussant: Ulas Misirli, Federal Reserve Bank Richmond Discussant: Chulwoo Han, Durham Univ

Session V037 - The Value and Source Of Effective Directors

Tuesday, 10:00 AM - 11:30 AM

Chairperson: Bianca Beyer, Univ of Oulu

Director Ownership Plans
  Shawn Mobbs, Univ of Alabama
  Shage Zhang, Trinity Univ
Luck and Skill in the Director Labor Market
  Jarrad Harford, Univ of Washington
  Robert Schonlau, Miami Univ
  David Yin, Miami Univ
Value of Independent Board Leadership in Mergers & Acquisitions
  Edward R Lawrence, Florida International Univ
  Dung Nguyen, Florida International Univ
  Arun Upadhyay, Florida International Univ
Presenter: Shage Zhang Presenter: Robert Schonlau Presenter: Dung Nguyen
Discussant: Bianca Beyer, Univ of Oulu Discussant: Melissa B Frye, Univ of Central Florida Discussant: Fangfang Du, Cal State Fullerton

Session 038 - Overview & Research Ideas Session

How is Big Data Changing Consumer Financial Markets?

Tuesday, 10:00 AM - 11:30 AM

Presented by

Antoinette Schoar
Stewart C. Myers-Horn Family Professor of Finance and Entrepreneurship at the MIT Sloan School of Management

Big data and machine learning are changing the way consumer financial markets function. Two of the main drivers are greater personalization and targeting of products and services and a significant reduction in transaction costs. The presentation will discuss the promise for improved financial inclusion and better services, but also significant risks of marginalizing financially unsophisticated and fragile households.


Antoinette holds a PhD in Economics from the University of Chicago and an undergraduate degree from the University of Cologne, Germany. She is an associate editor of the Journal of Finance, and the co-chair of the NBER Corporate Finance group.

Antoinette's research interests span from entrepreneurship and financing of small businesses in emerging markets to household finance and intermediation in retail financial markets. She received several awards, including the Brattle Prize for best paper in the Journal of Finance and the Kauffman Prize Medal for Distinguished Research in Entrepreneurship in 2009. She has published numerous papers in the Journal of Finance, Journal of Financial Economic, Quarterly Journal of Economics and others. Her work has been featured in the Economist, Financial Times, New York Times and Wall Street Journal.

Antoinette is also the cofounder of ideas42 a non-profit organization that uses insights from behavioral economics and psychology to solve social problems.

Session 039 - Top Papers in Financial Management (FM)

Tuesday 10:00 AM - 11:30 AM

Selected by the Executive Editors, Editors, and Associate Editors, this session will feature the Top Three Papers which have appeared in the Winter, 2019, Spring, 2020 and Summer, 2020 issues of Financial Management.

Please Note: This session consists of presentations only; there are no discussants.

Moderator
Utpal Bhattacharya, Executive Editor, Financial Management

Winter, 2019
The Roles of Alternative Data and Machine Learning in Fintech Lending: Evidence from the LendingClub Consumer Platform
  Julapa Jagtiani, Federal Reserve Bank of Philadelphia
  Catherine Lemieux, Federal Reserve Bank of Chicago
Machine Learning and Asset Allocation
  Bryan R Routledge, Carnegie Mellon University
The Future of Fintech
  Sanjiv R Das, Santa Clara University
Spring, 2020
The Investment Behavior of Buyout Funds: Theory and Evidence
  Alexander Ljungqvist, Stockholm School of Economics
  Matthew Richardson, New York University
  Daniel Wolfenzon, Columbia Business School
The Benefits of Overvaluation: Evidence from Mergers and Acquisitions
  Evangelos Vagenas-Nanos, University of Glasgow
Order Anticipation around Predictable Trades
  Mehmet Sağlam, University of Cincinnati
Summer, 2020
Mispriced Index Option Portfolios
  George M Constantinides, University of Chicago
  Michael Czerwonko, Nazarbayev University
  Stylianos Perrakis, Concordia University
A Project-level Analysis of Value Creation in Firms
  Rabih Moussawi, Villanova University
  Jonathan B Cohn, University of Texas at Austin
  Umit Gurun, University of Texas at Dallas
Local Religious Beliefs and Municipal Bond Market Outcomes
  Alex Annan Abakah, St John Fisher College

Session 040 - Innovation in Teaching Award Presentations

Tuesday, 10:00 AM - 11:30 AM

Moderator: Betty Simkins, Oklahoma State University

The Financial Management Association International's (FMA) Innovation in Teaching Award is designed to recognize inspiring educators, enhance the quality and relevance of education in finance, disseminate successful innovative practices, and elevate teaching as a craft to the next level.

Sponsored by

Teaching Algorithmic Trading As A Hands-On Robotics Class
  Peter Bossaerts, Univ of Melbourne
  Nitin Yadav, Univ of Melbourne
The Alumni Project: Fostering Student-Alumni Engagement in the Classroom
  Carl Larsson, James Madison Univ
Teaching Advanced Excel Skills and Analytical Techniques in an Introductory Finance Course
  William O'Brien, Univ of Illinois Chicago

2020 FMA Virtual Conference Keynote Address

Climate Risk and Investors

12:00 noon - 1:00 PM Eastern Time

Laura Starks, University of Texas at Austin

Charles E. & Sarah M. Seay Regents' Chair in Finance Co-Executive Director, Social Innovation [email protected] Univ of Texas at Austin

Laura Starks is the Charles E. and Sarah M. Seay Regents Chair of Finance, Chairman of the Department of Finance, and Director of the AIM Investment Center in the McCombs School of Business at the University of Texas at Austin. Her teaching interests include global financial strategies, Investments, valuation theory, and financial management. Her recent research focuses on the evaluation, compensation and performance of portfolio managers and the role of institutional Investors in markets and corporate governance.

She has received a number of awards for her research including the 1996 Smith Breeden Distinguished Paper Award from the Journal of Finance, the 1997 Western Finance Association Best Paper in Corporate Finance Award, the 1998 Financial Management Association Best Paper in Corporate Finance Award, 2001 Journal of Financial Research Outstanding Article Award , the 2003 and 2004 Financial Management Association European Meetings Best Paper Award, and the 2004 Fama-DFA Second Prize for Best Paper Published in Journal of Financial Economics. She is co-Editor of the Review of Financial Studies and has served as Associate Editor of the Journal of Finance, Review of Financial Studies, Journal of Financial Services Research, Journal of Financial Research, Financial Management, International Review of Finance, Contemporary Finance Digest and AB ANTE, Estudios en Direccion de Empresas. She has served on the Boards of Directors of the American Finance Association, the Financial Management Association and the Western Finance Association. She is Past President and Fellow of the Financial Management Association International.

Professor Starks serves as an independent director for TIAA-CREF Mutual Funds, CREF Retirement Account, and previously for USAA Mutual Funds. She also serves as the Chairman of the Investment Advisory Committee for the Employees Retirement System of the State of Texas.

EXHIBITOR SPOTLIGHT SESSION
S&P Global

Tuesday, 1:30 PM - 2:00 PM

S&P Global Solutions for Remote Learning

We invite you to meet and network with 3 Commercial specialists on ways to manage the challenges from COVID-19, for higher education. Connect with representatives today to learn how to activate flexible access for your institution

Tuesday, 20 October | 2:00 PM - 3:00 PM ET

Session V041 - Corporate Governance: Founders & Family Firms

Tuesday, 2:00 PM - 3:00 PM

Chairperson: Huimin Li, Univ of New Hampshire

Founding Team Dynamics
  Ronald Anderson, Temple Univ
  Masud Karim, Temple Univ
  Ezgi Ottolenghi, Texas Tech Univ
Founder CEOs and Firm Value: Evidence from Sudden Deaths of CEOs
  Masud Karim, Temple Univ
Presenter: Ezgi H Ottolenghi Presenter: Masud Karim
Discussant: Huimin Li, Univ of New Hampshire Discussant: Canyao Liu, Yale Univ

Session V042 - Corporate Governance: Ownership

Tuesday, 2:00 PM - 3:00 PM

Chairperson: Vassil Mihov, Texas Christian Univ

Ownership Network and Firm Growth: what do Five Million Companies Tell About Chinese Economy
  Franklin Allen, Imperial College London
  Junhui Cai, Univ of Pennsylvania
  Xian Gu, Univ of Pennsylvania & CUFE
  Jun (QJ) Qian, FISF, Fudan Univ
  Linda H Zhao, Univ of Pennsylvania
  Wu Zhu, Univ of Pennsylvania
Ownership Structure, Reputation Crises and Recovery: Theory and Experiment
  Thomas Noe, Univ of Oxford
  Michael Rebello, Univ of Texas Dallas
  Thomas Rietz, Univ of Iowa
Presenter: Xian Gu Presenter: Michael Rebello
Discussant: Jue Ren, Texas Christian Univ Discussant: Mark Walker, North Carolina State Univ

Session V043 - Cryptocurrency 1

Top Ten Session
Tuesday, 2:00 PM - 3:00 PM

Chairperson: Hugo Benedetti, Universidad de los Andes

The Public Blockchain Ecosystem: An Empirical Analysis
  Felix Irresberger, Durham Univ
  Kose John, New York Univ
  Fahad Saleh, McGill Univ
Miner Collusion and the Bitcoin Protocol
  Alfred Lehar, Univ of Calgary
  Christine A Parlour, Univ of California Berkeley
Presenter: Felix Irresberger Presenter: Alfred Lehar
Discussant: Tanja Steigner, Emporia State Univ Discussant: Hugo Benedetti, Universidad de los Andes

Session V044 - Geography and Information

Tuesday, 2:00 PM - 3:00 PM

Chairperson: Robert L Kieschnick, Univ of Texas Dallas

The Geography of Information: Evidence from the Public Debt Market
  Bill B Francis, Rensselaer Polytechnic Institute
  Iftekhar Hasan, Fordham Univ
  Maya Waisman, Fordham Univ
The Geography of Information Acquisition
  Honghui Chen, Univ of Central Florida
  Yuanyu Qu, Univ of International Business and Economics
  Tao Shen, Tsinghua Univ
  Qinghai Wang, Univ of Central Florida
Presenter: Maya Waisman Presenter: Honghui Chen
Discussant: Honghui Chen, Univ of Central Florida Discussant: Maya Waisman, Fordham Univ

Session V045 - Global Investor Protection

Tuesday, 2:00 PM - 3:00 PM

Chairperson: Zekun Wu, Univ of Connecticut

Culture and the Regulation of Insider Trading Across Countries
  Brandon N Cline, Mississippi State Univ
  Claudia R Williamson, Mississippi State Univ
  Haoyang Xiong, Mississippi State Univ
Does Insider Trading Predict Earnings News Around the World?
  Md Zakir Hossain, Univ of Western Australia
  Ting Li, Skidmore College
  Sirimon Treepongkaruna, Univ of Western Australia
  Jing Yu, Univ of Western Australia
Presenter: Haoyang Xiong Presenter: Ting Li
Discussant: Zekun Wu, Univ of Connecticut Discussant: Wahib Ghazni, Drexel Univ

Session V046 - Housing Policy & Institutional Effects

Tuesday, 2:00 PM - 3:00 PM

Chairperson: Mingxin Li, Canada Mortgage and Housing Corp

Do the GSEs Sell their Lemons First? Evidence from Fannie Mae's Credit Risk Transfers
  David Echeverry, Univ of Notre Dame
Political Control of the State Legislature and Municipal Bond Financing for Affordable Housing
  Eunkyu Lee, Baruch College CUNY
  Yildiray Yildirim, Baruch College CUNY
Presenter: David Echeverry Presenter: Eunkyu Lee
Discussant: Arka Prava Bandyopadhyay, Baruch College CUNY Discussant: Alejandro Rojas, Middle Tennessee State Univ

Session V047 - Misreporting & Manipulation

Top Ten Session
Tuesday, 2:00 PM - 3:00 PM

Chairperson: Eleanor Xu, Seton Hall Univ

Are Busted Convertibles Underpriced?
  Martin Fridson, Lehmann Livian Fridson Advisors LLC
  Xiangyu Meng, Fordham Univ
  Zohaib Moonis, Fordham Univ
  Guoyi Jiang,
Don't Take their Word for It: The Misclassification of Bond Mutual Funds
  Huaizhi Chen, Univ of Notre Dame
  Lauren Cohen, Harvard Business School & NBER
  Umit G Gurun, Univ of Texas Dallas
Presenter: Martin Fridson Presenter: Huaizhi Chen
Discussant: Eleanor Xu, Seton Hall Univ Discussant: Xinyuan Tao, New Jersey Institute of Techology

Session V048 - Product Markets

Top Ten Session
Tuesday, 2:00 PM - 3:00 PM

Chairperson: Yelin Zhang, Gonzaga Univ

Informed Trading and Product Market Competition
  Xiaoqi Xu, Univ of California Irvine
Corporate Spin-Offs, Product Market Competition, and Innovation
  Onur Bayar, Univ of Texas San Antonio
  Thomas J Chemmanur, Boston College
  Qing Ma, Univ of Nottingham
Presenter: Xiaoqi Xu Presenter: Onur Bayar
Discussant: Onur Bayar, Univ of Texas San Antonio Discussant: Mohammad Sydul Karim, Univ of New Orleans

Session V049 - Security Analysts

Top Ten Session
Tuesday, 2:00 PM - 3:00 PM

Chairperson: Huan (Ken) Qiu, Millsaps College

Ranking Analysts: A Network Approach
  Re-Jin Jennifer Guo, Univ of Illinois Chicago
  Lingling Xie, Fudan Univ
Do Hedge Funds Value Sell Side Analysts Differently?
  Haosi Chen, Ohio Univ
  Andy Puckett, Univ of Tennessee
Presenter: Re-Jin J Guo Presenter: Haosi Chen
Discussant: Chengbo Fu, Univ of Northern British Columbia Discussant: Thomas Shohfi, Renssalaer Polytechnic Institute

Session V050 - Takeover Defenses

Top Ten Session
Tuesday, 2:00 PM - 3:00 PM

Chairperson: Tingting Liu, Iowa State Univ

Do Classified Boards Deter Takeovers? Evidence from Merger Waves
  Kose John, New York Univ
  Dalida Kadyrzhanova, Georgia State Univ
  Sangho Lee, Tulane Univ
Mergers and Acquisitions: The Role of Ambiguity
  Richard Herron, Northeastern Univ
  Yehuda Izhakian, Baruch College, CUNY
Presenter: Sangho Lee Presenter: Richard Herron
Discussant: Xuelin Li, Univ of South Carolina
    (Comments presented by Mohammad "Vahid" Irani)
Discussant: Tingting Liu, Iowa State Univ

Session V051 - The Role Of Institutional Investors

Tuesday, 2:00 PM - 3:00 PM

Chairperson: Wei Wu, Cal Poly Pomona

Price Pressure in the Government Bond Market: Long-Term Impact of Short-Term Advice
  Luis Ceballos, Penn State Univ
  Damian Romero, Pompeu Fabra Univ
Informed Trading and Dark Pool Volume
  Thomas J Boulton, Miami Univ
  Marcus V Braga-Alves, Pace Univ
Presenter: Luis Ceballos Presenter: Marcus V Braga-Alves
Discussant: Brittany Cole, Tennessee Tech Univ  

Session V052 - Special Session
Integration of ESG Factors in Investment and Corporate Decisions

Co-hosted by the Georgetown Center for Financial Markets and Policy

Tuesday, 2:00 PM - 3:00 PM

This panel will provide an opportunity for scholars working on ESG research to hear from the most thoughtful leaders in the industry who are driving change. The panelists will focus on having a positive impact on the communities they serve and the natural environment, just as investors are realizing that companies today must manage the triple bottom line – people, the planet, and profit.

Moderator
Reena Aggarwal, Robert E. McDonough Professor of Business Administration and Finance and the Director of the Georgetown Center for Financial Markets and Policy
Georgetown University

Panelists
Janine Guillot, CEO
Sustainability Accounting Standards Board

Jose Minaya, CEO
Nuveen

Anne Simpson, Interim Managing Investment Director, Board Governance and Sustainability
CalPERS

Laura Starks, Charles E and Sarah M Seay Regents Chair in Finance and Co-director, Social Innovation Initiative @ McCombs
University of Texas at Austin

       

Tuesday, 20 October | 3:30 PM - 5:00 PM ET

Session V061 - Alpha, Beta & Market Timing

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Jackson Mills, St Joseph's Univ

Mutual Fund Investor Learning and the Economic Cost of Seeking Alpha
  Geoffrey C Friesen, Univ of Nebraska Lincoln
  Viet Nguyen, Univ of District of Columbia
Hedge Fund Beta Returns as Predictors of Future Performance
  Jun Duanmu, Louisiana Tech Univ
  Qiping Huang, Boise State Univ
  Yongjia Li, Boise State Univ
  William R McCumber, Louisiana Tech Univ
Does Industry Timing Ability of Hedge Funds Predict their Future Performance, Survival, and Fund Flows?
  Turan G Bali, Georgetown Univ
  Stephen J Brown, Monash Business School
  Mustafa O Caglayan, Florida International Univ
  Umut Celiker, Cleveland State Univ
Presenter: Geoffrey Friesen Presenter: Jun Duanmu Presenter: Mustafa Onur Caglayan
Discussant: Collin Gilstrap, Univ of Toledo Discussant: Gelly Fu, Erasmus Univ Discussant: Luke Asher DeVault, Clemson Univ

Session V062 - Behavioral Finance 1

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Melissa Renee Dyer, Limestone Univ

Aggregate Net Share Issuance and Stock Market Returns: A Time-Series Analysis
  Yinfei Chen, Cal State Chico
  George J Jiang, Washington State Univ
Stock Price Synchronicity, Cognitive Biases, and Momentum
  Chen Chen, Old Dominion Univ
  John A Doukas, Old Dominion Univ & Univ of Cambridge
Behavioral Biases and the Asset Growth Anomaly
  Qingzhong Ma, Cal State Chico
  David Whidbee, Washington State Univ
  Wei Zhang, Cal State Chico
Presenter: Yinfei Chen Presenter: Chen Chen Presenter: David A Whidbee
Discussant: Nhu Tran, Binghamton Univ SUNY Discussant: Xiaochuan Tong, Univ of Massachusetts Boston Discussant: Youngjae (Jay) Choi, Univ of North Dakota

Session V063 - Corporate Governance: The Firm & Financial Markets

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Atanas Mihov, Univ of Kansas

Credit Default Swaps and Cost of Capital
  Chunrong Wang, Concordia Univ
  Harjeet Bhabra, Saint Mary's Univ
  Thomas Walker, Concordia Univ
What Matters During Bad Times? Evidence from the Bond Market
  Sadok El Ghoul, Univ of Alberta
  Omrane Guedhami, Univ of South Carolina
  Sattar Mansi, Virginia Tech
  Hyo Jin Yoon, Univ of South Carolina
Shareholder Meeting Uncertainty: Evidence from the Option Market
  Kateryna Holland, Univ of Missouri
  Chan Lim, Purdue Univ
  Irene Yi, Univ of Toronto
Presenter: Chunrong Wang Presenter: Hyo Jin Yoon Presenter: Kateryna Holland
Discussant: Atanas Mihov, Univ of Kansas Discussant: Hanyi Yi, Rice Univ Discussant: Amanda Olsen, Univ of Tennessee

Session V064 - Corporate Investment

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Egor Matveyev, MIT

The Effect of Labor Mobility on Corporate Investment and Performance Over the Business Cycle
  John (Jianqiu) Bai, Northeastern Univ
  Ashleigh Eldemire, Univ of Tennessee
  Matthew Serfling, Univ of Tennessee
Hedging Effect of Low-Quality Capital Assets in Competitive Industries
  Thomas Dangl, Vienna Institute of Technology
  Hamed Ghoddusi, Stevens Institute of Technology
Sustainability and Net Present Value Criteria
  Anne M Anderson, Middle Tennessee State Univ
  David H Myers, Northeastern Univ
Presenter: Matthew Serfling Presenter: Hamed Ghoddusi Presenter: David Myers
Discussant: Stefan Zeume, Univ of Illinois Urbana-Champaign Discussant: Einar Kjenstad, Aarhus Univ Discussant: Sheng-Jun Xu, Univ of Alberta

Session V065 - Firm Stakeholders

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Robert Chatt, Westfield State Univ

Employee Representatives on the Board and Pay Gap
  Amirhossein Fard, Texas Lutheran Univ
  Iftekhar Hasan, Fordham Univ
  Incheol Kim, Univ of Texas Rio Grande Valley
Do You Speak in the Vox Populi? Representativeness of Boardroom Diversity
  Julian UN Vogel, Univ of Texas El Paso
  Feixue Xie, Univ of Texas El Paso
Stakeholder Orientation and the Value of Cash Holdings: Evidence from a Natural Experiment
  Rajib Chowdhury, Old Dominion Univ
  John A Doukas, Old Dominion Univ & Univ of Cambridge
  Jong Chool Park, Univ of South Florida
Presenter: Incheol Kim Presenter: Julian UN Vogel Presenter: Rajib Chowdhury
Discussant: Julian Vogel, Univ of Texas El Paso Discussant: Robert Chatt, Westfield State Univ Discussant: Chander Shekhar, Univ of Melbourne

Session V066 - Governance & Earnings Quality

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Jonathan Kalodimos, Oregon State Univ

Credit Supply and Corporate Earnings Quality
  Brian Clark, Rensselaer Polytechnic Institute
  Iftekhar Hasan, Fordham Univ
  Ibrahim Siraj, LIU Post
Informed Options Trading Before FDA Drug Advisory Committee Meetings
  Zekun Wu, Univ of Connecticut
Taxation and Earnings Management: Evidence from Staggered Changes in State Corporate Tax Rates
  G Nathan Dong, Boston College
  Lan Xu, Univ of Delaware
Presenter: Ibrahim Siraj Presenter: Zekun Wu Presenter: Nathan Dong
Discussant: John Hackney, Univ of South Carolina Discussant: Todd Griffith, Utah State Univ Discussant: Destan Kirimhan, Univ of South Carolina

Session V067 - Innovation 1

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Indraneel Chakraborty, Univ of Miami

What is the Value of an Innovation? Theory and Evidence on the Stock Market's Reaction to Innovation Announcements
  Thomas J Chemmanur, Boston College
  Dongmei Li, Univ of South Carolina
  Kevin Tseng, Federal Reserve Bank Richmond
  Yu Wang, Boston College
The Exploratory Mindset and Corporate Innovation
  Zhaozhao He, Univ of New Hampshire
  David Hirshleifer, Univ of California Irvine
Financial Contracting for Innovation: Property Rights in Action
  Tristan J Fitzgerald, Texas A&M Univ
Presenter: Thomas Chemmanur Presenter: Zhaozhao He Presenter: Tristan Fitzgerald
Discussant: Michael Ewens, California Institute of Technology Discussant: Debarshi Nandy, Brandeis Univ Discussant: Sugata Ray, Univ of Alabama

Session V068 - Mortgage Origination, Servicing & Performance

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Eva Steiner, Cornell Univ

Mortgage Origination and Agency Securitization in the United States: Evidence from GNMA-Guaranteed Loans
  D Brian Blank, Mississippi State Univ
  Michael J Highfield, Mississippi State Univ
  Rustin T Yerkes, Samford Univ
Mortgage Servicing Fees and Servicer Behavior: A Close Examination of the Unexpected Heterogeneity in Servicing Fees
  Moussa Diop, Univ of Southern California
  Chen Zheng, Univ of Wisconsin Madison
Owner-Occupancy Fraud and Mortgage Performance
  Ronel Elul, Federal Reserve Bank Philadelphia
  Aaron Payne, Federal Reserve Bank Philadelphia
  Sebastian Tilson, IQVIA
Presenter: Michael J Highfield Presenter: Moussa Diop Presenter: Ronel Elul
Discussant: Robert Kurtzman, Federal Reserve Board Discussant: Brent Ambrose, Pennsylvania State Univ Discussant: Jim Conklin, Univ of Georgia

Session V069 - Regulation & Banking

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Yijia (Eddie) Zhao, Univ of Massachusetts Boston

Adding Stress in Banking: The Effect of Regulations on Sentiments and Reporting
  Raffi E Garcia, Rensselaer Polytechnic Institute
  Jyothsna Harithsa, Rensselaer Polytechnic Institute
  Abena Owusu, Rensselaer Polytechnic Institute
Risk-Mitigating Effects of Being Prompt and Transparent
  Seung Jung Lee, Federal Reserve Board
  Lucy Qian Liu, International Monetary Fund
  Viktors Stebunovs, Federal Reserve Board
The Bank Entry Channel of Monetary Policy Transmission
  Emilio Bisetti, HKUST
  Stephen Karolyi, Carnegie Mellon Univ
  Stefan Lewellen, Penn State Univ
Presenter: Jyothsna Harithsa Presenter: Viktors Stebunovs Presenter: Stephen Karolyi
Discussant: Prateek Sharma Discussant: Alin Andries, Alexandru Ioan Cuza Univ of Iasi Discussant: Jyothsna Harithsa, Rensselaer Polytechnic Institute

Session V070 - Robots, Automation & Finance

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Tian Qiu, Univ of Kentucky

Workplace Automation and Corporate Financial Policy
  Thomas W Bates, Arizona State Univ
  Fangfang Du, Cal State Fullerton
  Jessie Jiaxu Wang, Arizona State Univ
Robots, Labor Market Frictions, and Corporate Financial Policies
  Alice Liu, Univ of Arizona
Presenter: Fangfang Du Presenter: Alice Liu
Discussant: JiHoon Hwang, Univ of Arizona Discussant: Michael Woeppel, Indiana Univ

Session V071 - Short Selling 1

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Kevin Crotty, Rice Univ

Do Traders Use Options Markets to Bypass Regulatory Short Sale Restrictions? Evidence from the Short Sale Circuit Breaker Rule 201
  Nabil El Meslmani, American Univ of Beirut
  Lorne N Switzer, Concordia Univ
Information Percolation and Informed Short Selling: Evidence from Earnings Announcements
  Stephen E Christophe, George Mason Univ
  Jim Hsieh, George Mason Univ
Short Squeeze Uncertainty and Skewness
  Fernando Zapatero, Boston Univ
  Ilias Filippou, Washington Univ in St Louis
Presenter: Lorne Switzer Presenter: Jim Hsieh Presenter: Pedro Angel Garcia Ares
Discussant: Thomas McInish, Univ of Memphis Discussant: Julie Wu, Univ of Nebraska Discussant: Tyler Henry, Miami Univ

Session V072 - Stock Returns and Risk Premia

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Hui Guo, Univ of Cincinnati

Ambiguity and the Cross-Section of Stock Returns
  Raluca Stan, Univ of Minnesota Duluth
  Ann Marie Hibbert, West Virginia Univ
Loss Uncertainty, Gain Uncertainty, and Expected Stock Returns
  Bruno Feunou, Bank of Canada
  Ricardo Lopez Aliouchkin, Syracuse Univ
  Romeo Tedongap, ESSEC Business School
  Lai Xu, Syracuse Univ
Do Risk Factor Disclosures Reduce Stock Price Crash Risk?
  Shiu-Yik Au, Univ of Manitoba
  Bin Qiu, Missouri Western State Univ
  Szu-Yin (Jennifer) Wu, Univ at Buffalo SUNY
Presenter: Raluca Stan Presenter: Ricardo Lopez Aliouchkin Presenter: Bin Qiu
Discussant: Haim Kassa, Miami Univ Discussant: Massimo Guidolin, Bocconi Univ Discussant: Qing Bai, Dickinson College

Session V073 - Doctoral Student Consortium Job Market Paper Presentation Session

Tuesday, 3:30 PM - 5:00 PM

Chairperson: Andrea Heuson, Univ of Miami

Seeking efficiency or price gouging? Evidence from pharmaceutical mergers
  Mosab Amjad Hammoudeh, Univ of Iowa
  Amrita Nain, Univ of Iowa
Executive Gender and job Mobility: Evidence from Mergers and Acquisitions
Xiaohu Guo, University of Alabama
Corporate Agility, Product Market Performance, and Survival
  Chang Suk Bae, Univ of Pittsburgh
Presenter: Mosab Amjad Hammoudeh Presenter: Xiaohu Guo Presenter: Chang Suk Bae
Discussant: Andrea Heuson, Univ of Miami Discussant: Johan Mahajan, Rensselaer Polytechnic Institute Discussant: Vidhi Chhaochharia, Univ of Miami

Session 074 - Special Session
Covid-19 & Innovations in Virtual Teaching

Tuesday, 3:30 PM - 5:00 PM

Moderator
Betty Simkins
Regents Professor of Finance, Head, Department of Finance & Williams Companies Chair in Business
Oklahoma State University

Panelists
David Carter, Oklahoma Bankers Association Chair of Commercial Bank Management
Oklahoma State University

Aswath Damodaran, Kerschner Family Chair in Finance Education
New York University

Allan Eberhart, Professor and Senior Associate Dean, Technology-Intensive Education
Georgetown University

Jacqueline Garner, Senior Lecturer
Georgia Tech

       

Session 075 - Special Session
Blockchain Frontier

Tuesday, 3:30 PM - 5:30 PM

This session consists of presentations by leading academics on the frontier of blockchain practice. Topics covered will include: blockchain for business settings, digital currencies, Proof-of-Stake protocols, Libra and Algorand.

Moderators
Kose John, Charles William Gerstenberg Professorship in Banking and Finance
New York University

Fahad Saleh, Assistant Professor
Wake Forest University

Panelists
Christian Catalini, Theodore T. Miller Career Development Professor and Associate Professor, Technological Innovation, Entrepreneurship, and Strategic Management
Massachusetts Institute of Techology

Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance
Stanford University

Garud Iyengar, Professor of Industrial Engineering and Operations Research
Columbia University

Silvio Micali, Ford Professor of Engineering, Massachusetts Institute of Technology
Founder, Algorand

Session 076 - Special Session
Risk, Information & Incentives

Hosted by the Modern Risk Society

Tuesday, 3:30 PM - 5:00 PM

Moderator
Tianyang Wang
Associate Professor of Finance and Real Estate, CFA, FRM, ASA
Colorado State University

Panelists
Edward Kane, James F. Cleary Professor in Finance Emeritus
Boston College

Comings and Goings of Federal Reserve Instruments and Targets over Time

Much like Goodhart's Law of macroeconomic policy, my Dialectical Model of Financial Regulation implies that the longer a particular regulatory strategy or policy instrument remains in use, the less effective it will become. As in most economic models of policymaking, mine assumes that elected politicians dictate the goals and monitor the performance of any country's central bank. This implies that incumbent politicians will eventually insist that central bankers search out new ways to achieve the goals that a fading statute, rule or regulatory strategy had been expected to control, As the shortcomings of an outmoded policy instrument reveal themselves, central bankers are incentivized to downgrade the "broken" instrument and either replace it or (more likely) supplement it with a new one. This paper tests whether and how well this hypothesis applies to al Federal Reserve policymaking by undertaking a longitudinal review of the degree of turnover one can observe in the instruments and strategies that the Federal Reserve has used over its lifetime.

Hendrik Bessembinder, Professor/Francis J. and Mary B. Labriola Endowed Chair in Competitive Business
Arizona State University

Mutual Fund Performance at Long Horizons

We study long horizon mutual fund performance, showing that measures constructed from long horizon returns contain notably different information than measures constructed from short horizon (monthly) returns. One prominent distinction is that the distribution of long horizon fund returns is strongly positively skewed, while such skewness is not evident in short horizon returns. As a consequence, the percentage of U.S. equity mutual funds that outperform the SPY ETF decreases from 46.9% in monthly returns to 39.9% in annual returns and 29.5% over the full 1991-2018 sample. More fundamentally, we show theoretically and empirically that alphas for short horizon returns need not have the same sign as alphas for long horizon returns. Compared to a benchmark of 40.9% obtained from monthly returns, the percentage of equity mutual funds with positive alpha Estimates decreases to 12.4% (increases to 56.1%) at long horizons for funds with monthly betas greater (less) than one.

Charles Calomiris, Henry Kaufman Professor of Financial Institutions
Columbia University

The Spread of Deposit Insurance and the Global Rise in Bank Asset Risk since the 1970's

We construct a new measure of the changing generosity of deposit insurance for many countries, empirically model the international influences on the adoption and generosity of deposit insurance, and show that the expansion of deposit insurance generosity increased asset risk in banking systems. We consider three asset risk measures: higher loans-to-assets, a higher proportion of lending to households, and a higher proportion of mortgage lending. None of the observed increases in these indicators is offset by declines in banking system leverage. We show that increased asset risk explains at least part of the positive association between deposit insurance and the likelihood and severity of systemic banking crises.

     

Special Diversity Emerging Scholars Initiative (DESI) Session
Advice for Publishing in Finance

Limited to invited participants only. Speakers and invited participants will receive information containing the link to the session separately.

For access information, contact Dawn Appleby

Tuesday, 20 October | 8:00 PM - 9:30 PM ET

Session V081 - Corporate Innovation 1

Tuesday, 8:00 PM - 9:30 PM

Chairperson: Ying-Chou Lin, Southeastern Oklahoma State Univ

Executives Overseas Work Experience and the International Knowledge Spillovers: Evidences from China
  Shuo Yan, Southern Univ of Science and Technology
  Guo Feng, Southern Univ of Science and Technology
  Xinjie Hu, Southern Univ of Science and Technology
Do Top-Tier Scientific Journal Publications Improve Corporate Innovations?
  Keng-Yu Ho, National Taiwan Univ
  Yanzhi Wang, National Taiwan Univ
  Chia-Wei Yeh, National Taiwan Univ
The Benefits of Collusion: Trademark Similarity and Comovement Performance
  Yiming Yang, Univ of Hong Kong
Presenter: Shuo Yan Presenter: Keng-Yu Ho Presenter: Yiming Yang
Discussant: Jian Xu, Univ of Texas Rio Grande Valley Discussant: Axel Grossman, Georgia Southern Univ Discussant: Yangyang Chen, City Univ of Hong Kong

Session V082 - Firm Insiders and Controlling Families

Tuesday, 8:00 PM - 9:30 PM

Chairperson: Minhua Yang, Shanghai Maritime Univ

Labor Voice in Corporate Governance: Evidence from Opportunistic Insider Trading
  Lilian Ng, York Univ
  Man Duy (Mandy) Pham, University of Western AUstra
  Jing Yu, Univ of Western Australia
Information, Insider Trading, Executive Reload Stock Options, Incentives, and Regulation
  David B Colwell, Univ of New South Wales
  David Feldman, Univ of New South Wales
  Wei Hu, Curtin Univ
Tunneling Through Group Trademarks
  Sojung Kim, Korea Univ
  Woochan Kim, Korea Univ
Presenter: Lilian Ng Presenter: David Feldman Presenter: Sojung Kim
Discussant: Yuka Nishikawa, College of Charleston Discussant: Minhua Yang, Shanghai Maritime Univ Discussant: Palanisamy Saravanan, Indian Institute of Management Tiruchirappall

Session V083 - Information and Stock Returns

Tuesday, 8:00 PM - 9:30 PM

Chairperson: Chengbo Fu, Univ of Northern British Columbia

Information Assimilation and Stock Return Synchronicity: Evidence from an Investor Relations Management Platform
  Yunyu Cong, Harbin Institute of Technology
  Fangfang Sun, Harbin Institute of Technology
  Fusheng Wang, Harbin Institute of Technology
  Qiang Ye, Harbin Institute of Technology
Disagreement is Bad News for Fundamentals
  Bryan Lim, Univ of Melbourne
Do Investors Pay Attention to the Patent News?
  Junbiao Yu, Hong Kong Polytechnic Univ
  Ji-Chai Lin, Hong Kong Polytechnic Univ
Presenter: Yunyu Cong Presenter: Bryan Lim Presenter: Junbiao Yu
Discussant: Junbiao Yu, Hong Kong Polytechnic Univ Discussant: Bohan Song, Tulane Univ Discussant: Yunyu Cong, Harbin Institute of Technology

Session V084 - Loans & Credit

Tuesday, 8:00 PM - 9:30 PM

Chairperson: Eliza Wu, Univ of Sydney

Birds of a Feather - Evidence from Loan Contracting
  Po-Hsin Ho, National Central Univ
  Chia-Wei Huang, National Taiwan Normal Univ
  Chih-Yung Lin, National Chiao-Tung Univ
  Ju-Fang Yen, National Taipei Univ
Cost of Credit and Rating Downgrades: Evidence from the Sovereign Ceiling Channel
  Iftekhar Hasan, Fordham Univ
  Suk-Joong Kim, Univ of Sydney
  Panagiotis Politsidis, Univ of Sydney
  Eliza Wu, Univ of Sydney
The Effect of Bank Loans on Corporate Innovation: Evidence from M&As
  Hsiangping Tsai, Yuan Ze Univ
  I-Ju Chen, Yuan Ze Univ
  Yanzhi Wang, National Taiwan Univ
Presenter: Po-Hsin Ho Presenter: Suk-Joong Kim Presenter: I-Ju Chen
Discussant: Hao Zhang, Rochester Institute of Technology Discussant: Felipe Restrepo, Western Univ Discussant: Meghana Ayyagari, George Washington Univ

Session V085 - Market Efficiency and Market Microstructure

Tuesday, 8:00 PM - 9:30 PM

Chairperson: Patrick Joseph Kelly, Univ of Melbourne

Stock Price Crashes and Short-Selling Cost
  Eric Chang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong Univ
  Tse-Chun Lin, Univ of Hong Kong
  Xiaorong Ma, Univ of Macau
Information Shocks and Order Aggressiveness in the Foreign Exchange Market
  Zhen-Xing Wu, Zhongnan Univ of Economics and Law
  Yin-Feng Gau, National Central Univ
Forming an Orderly Line - How Queue-Jumping Drives Fragmentation
  Sean Foley, Univ of Sydney
  Elvis Jarnecic, Univ of Sydney
  Anqi Liu, Univ of Sydney
Presenter: Xiaorong Ma Presenter: Zhen-Xing Wu Presenter: Anqi Liu
Discussant: Patrick Joseph Kelly, Univ of Melbourne Discussant: Brittany Cole, Tennessee Technological Univ Discussant: Albert Lee, Univ at Buffalo SUNY

Session V086 - Mergers & Acquisitions 1

Tuesday, 8:00 PM - 9:30 PM

Chairperson: Claire Liu, Univ of Sydney

Anti-Takeover Provisions and Shareholders Wealth: Evidence from a Natural Experiment on the Supermajority Provision
  Hyeong Joon Kim, KAIST
  Seung Hun Han, KAIST
Why do Firms Bundle Earnings and Acquisition Announcements?
  Laurence Daures Lescourret, ESSEC Business School
  Jose-Miguel Gaspar, ESSEC Business School
  Sumingyue Wang, Shanghai Univ of Finance and Economics
Enough is Enough: Policy Uncertainty and Acquisition Abandonment
  Andrew Ferguson, Univ of Technology, Sydney
  Wei Hu, Univ of Technology, Sydney
  Peter Lam, Univ of Technology, Sydney
Presenter: Hyeong Joon Kim Presenter: Sumingyue Wang Presenter: Wei Hu
Discussant: Wei Hu, Univ of Technology Sydney Discussant: Hyeong Joon Kim, KAIST Discussant: Sumingyue Wang, Shanghai Univ of Finance and Economics

Session V087 - Bank Risk 1

Tuesday, 8:00 PM - 9:30 PM

Chairperson: Xiaoying Deng, Shanghai Univ of Finance and Economics

Bank Partnership and Liquidity Crisis
  Seungho Choi, Queensland Univ of Technology
  Yong Kyu Gam, Southwestern Univ of Finance and Economics
  Junho Park, Singapore Management Univ
  Hojong Shin, Cal State Long Beach
Climate Risk and Credit Availability
  Emdad Islam, Univ of New South Wales
  Mandeep Singh, Univ of New South Wales
Financial Statement Disaggregation and Bank Stability
  Iftekhar Hasan, Fordham Univ
  Chih-Yung Lin, National Chiao-Tung Univ
  Bin Miao, The Hong Kong Polytechnic Univ
  Rui-Xiang Zhai, National Chiao-Tung Univ
Presenter: Yong Kyu Gam Presenter: Mandeep Singh Presenter: Rui-Xiang Zhai
Discussant: Xinting Zhen, Saint Michael's College Discussant: Sergey Mityakov, Florida State Univ Discussant: Wenling Lu, Western Michigan Univ

Tuesday, 20 October | 10:00 PM - 11:00 PM ET

Session V102 - High Frequency Trading

Tuesday, 10:00 PM - 11:00 PM

Chairperson: Samarpan Nawn, Indian Institute of Management Udaipur

Order Exposure in High Frequency Markets
  Bidisha Chakrabarty, Saint Louis Univ
  Terrence Hendershott, Univ of California Berkeley
  Samarpan Nawn, Indian Institute of Management Udaipur
  Roberto Pascual, Univ of the Balearic Islands
Marketability as Real Option: The Cross-sectional Variation of Overnight Returns in the A-Share Market
  Haorui Bai, Tsinghua Univ
Presenter: Samarpan Nawn Presenter: Haorui Bai
Discussant: Haorui Bai, Tsinghua Univ Discussant: Samarpan Nawn, Indian Institute of Management Udaipur

Session V103 - Housing

Tuesday, 10:00 PM - 11:00 PM

Chairperson: Maggie Hu, Chinese Univ of Hong Kong

Stamp Duty Policy, Housing Speculation, and Property Market Dynamics
  Sumit Agarwal, National Univ of Singapore
  Kwong Wing Chau, Univ of Hong Kong
  Maggie Rong Hu, Chinese Univ of Hong Kong
  Wayne Xinwei Wan, Univ of Cambridge
Attention and House Search: Evidence from Online Listings
  Antonio Gargano, Univ of Melbourne
  Marco Giacoletti, Univ of Southern California
  Elvis Jarnecic, Univ of Sydney
Presenter: Maggie Hu Presenter: Antonio Gargano
Discussant: Antonio Gargano, Univ of Melbourne Discussant: Maggie Hu, Chinese Univ of Hong Kong

Wednesday, 21 October

8:00 AM - 9:30 AM ET

Session V121 - Bank Risk 2

Wednesday, 8:00 AM - 9:30 AM

Chairperson: Larry D Wall, Federal Reserve Bank Atlanta

Does Asset Encumbrance Affect Bank Risk? Evidence from Covered Bonds
  Emilia Garcia-Appendini, Univ of Zurich
  Stefano Gatti, Bocconi Univ
  Giacomo Nocera, Audencia Business School
Interest Rate Changes and Equity Returns of the Banking Firm
  Sotiris Staikouras, Cass Business School
  Iftekhar Hasan, Fordham Univ
  Elena Kalotychou, Cyprus Univ of Technology
  Panos Pouliasis, Cass Business School
  Elyas Elyasiani, Templa Univ
Keep the Faith in Banking: New Evidence for the Effects of Negative Interest Rates Based on the Case of Finnish Cooperative Banks
  Juha Junttila, Univ of Jyvaskyla
  Juhani Raatikainen, Univ of Jyvaskyla
  Jukka Perttunen, Univ of Oulu
Presenter: Giacomo Nocera Presenter: Sotiris K Staikouras Presenter: Juha Junttila
Discussant: Klaus S Beckmann, Univ of South Dakota Discussant: Matthew Pritsker, Federal Reserve Bank Boston Discussant: Viktors Stebunovs, Federal Reserve Board

Session V122 - Bank Shocks and Risk

Wednesday, 8:00 AM - 9:30 AM

Chairperson: Elizabeth Berger, Cornell Univ

Foreign Banks, Liquidity Shocks, and Credit Stability
  Daniel Belton, Michigan State Univ
  Leonardo Gambacorta, Bank for International Settlements
  Sotirios Kokas, Univ of Glasgow
  Raoul Minetti, Michigan State Univ
Central Bank Independence and Systemic Risk
  Alin Marius Andries, Alexandru Ioan Cuza Univ of Iasi
  Anca Podpiera, World Bank
  Nicu Sprincean, Alexandru Ioan Cuza Univ of Iasi
Operational Risk Capital
  Thomas Conlon, Univ College Dublin
  Xing Huan, Univ of Warwick
  Steven Ongena, Univ of Zurich
Presenter: Sotirios Kokas Presenter: Alin Andries Presenter: Thomas Conlon
Discussant: Xing Guo, Bank of Canada Discussant: Elizabeth Berger, Cornell Univ Discussant: Isha Agarwal, Univ of British Columbia

Session V123 - Behavioral Finance 2

Wednesday, 8:00 AM - 9:30 AM

Chairperson: JD Jayaraman, New Jersey City Univ

In December Days are Shorter but Loans are Cheaper
  Jeremie Bertrand, IESEG School of Management
  Laurent Weill, Univ of Strasbourg
Assessing and Attributing Climate Change Response of US Insurance Firms
  Aparna Gupta, Rensselaer Polytechnic Institute
  Abena Owusu, Rensselaer Polytechnic Institute
  Jue Wang, Rensselaer Polytechnic Institute
Feeling and Deciding: The Influence of Emotion on Borrowing
  William J Bazley, Univ of Kansas
  Sima Jannati, Univ of Missouri Columbia
Presenter: Jeremie Bertrand Presenter: Abena Owusu Presenter: Sima Jannati
Discussant: Renata Herrerias, ITAM Discussant: Yulin Li, Monmouth Univ Discussant: Yi Liu, College for Financial Planning, Kaplan North America

Session V124 - Corporate Governance

Wednesday, 8:00 AM - 9:30 AM

Chairperson: Diana Knyazeva, US SEC

Community Social Capital, Corporate Governance and Capital Allocation Efficiency
  Avishek Bhandari, Univ of Wisconsin Whitewater
  Md Nazmul Hasan, Florida Atlantic Univ
Tax Avoidance and the Cost of Equity: The Role of Corporate Governance and Institutional Environments
  Ruiyuan Chen, West Virginia Univ
  Sadok El Ghoul, Univ of Alberta
  Omrane Guedhami, Univ of South Carolina
  Yang Yang, West Virginia Univ
Presenter: Md Nazmul Hasan Hasan Bhuyan Presenter: Yang Yang
Discussant: Asli Togan-Egrican, Kadir Has Univ Discussant: Diana Knyazeva, US SEC

Session V125 - Corporate Governance & Executive Compensation

Wednesday, 8:00 AM - 9:30 AM

Chairperson: Felipe Cortes, Northeastern Univ

Determinants and Impact of Say-On-Pay Vote
  Meera Behera, Georgian Court Univ
  Vikram Nanda, Univ of Texas Dallas
  Oded Palmon, Rutgers Univ
The Smartest Guys in the [Board]Room - Directors' Intelligence, CEO Compensation, and Firm Performance
  Bianca Beyer, Univ of Oulu
  Juha-Pekka Kallunki, Univ of Oulu
  Henrik Nilsson, Stockholm School of Economics
Venture Capitalist Directors and Managerial Incentives
  Romora E Sitorus, Univ of Oklahoma
  Lubomir P Litov, Univ of Oklahoma
  William L Megginson, Univ of Oklahoma
  Xia (Summer) Liu, Univ of Oklahoma
Presenter: Meera Behera Presenter: Bianca Beyer Presenter: Xia (Summer) Liu
Discussant: Mathias Kronlund, Tulane Univ Discussant: Ming Ju, Louisiana Tech Univ Discussant: Eshwar Venugopal, Univ of Central Florida

Session V126 - Corporate Governance: Social Responsibility

Wednesday, 8:00 AM - 9:30 AM

Chairperson: Thomas Griffin, Villanova Univ

How do Debt Markets React to Mandatory CSR? Evidence from the Indian Companies Act 2013
  Jitendra Aswani, Fordham Univ
  NK Chidambaran, Fordham Univ
  Iftekhar Hasan, Fordham Univ
Corporate Political Connections and Favorable Environmental Regulation
  Amanda Heitz, Tulane Univ
  Youan Wang, Univ of Hong Kong
  Zigan Wang, Univ of Hong Kong
Social Responsibility or Smoke Screening: Evidence from India
  Nemiraja Jadiyappa, BITS Pillani- Hyderabad Campus
  Bhavik Parikh, Saint Francis Xavier Univ
  Namrata Saikia, Indiana Univ of Pennsylvania
  Adam Usman, James Madison Univ
Presenter: Jitendra Aswani Presenter: Amanda Heitz Presenter: Bhavik Parikh
Discussant: Thomas Griffin, Villanova Univ Discussant: Minhua Yang, Shanghai Maritime Univ Discussant: Julie Ngo, Auburn Univ

Session V127 - Insurance Companies

Wednesday, 8:00 AM - 9:30 AM

Chairperson: Stephane Verani, Federal Reserve Board

Risk Management and Policy Sales in Life Insurance Companies
  Erasmo Giambona, Syracuse Univ
  Anil Kumar, Aarhus Univ
Securities Lending as Wholesale Funding: Evidence from the US Life Insurance Industry
  Nathan Foley-Fisher, Federal Reserve Board
  Borghan Narajabad, Federal Reserve Board
  Stephane Verani, Federal Reserve Board
Basis Risk in Variable Annuities
  Wenchu Li, Temple Univ
  Thorsten Moenig, Temple Univ
  Maciej Augustyniak, Univ of Montreal
Presenter: Anil Kumar Presenter: Nathan Foley-Fisher Presenter: Wenchu Li
Discussant: Divya Kirti, IMF Discussant: Jennie Bai, Georgetown Univ Discussant: Chotibhak Jotikasthira, Southern Methodist Univ

Session V128 - IPO Decision

Wednesday, 8:00 AM - 9:30 AM

Chairperson: Violetta Davydenko, Univ of Mississippi

The Disappearing IPO Puzzle: New Insights from Proprietary US Census Data on Private Firms
  Thomas Chemmanur, Boston College
  Jie (Jack) He, Univ of Georgia
  Xiao (Shawn) Ren, Univ of Georgia
  Tao Shu, Chinese Univ of Hong Kong Shenzhen
IPO Decision, Underpricing and Financial Constraints
  Gerard Pinto, Univ of South Carolina
Local IPO Waves, Local Shocks, and the Going Public Decision
  Giulia Baschieri, Univ of Bologna
  Andrea Carosi, Univ of Sassari
  Stefano Mengoli, Univ of Bologna
Presenter: Thomas Chemmanur Presenter: Gerard Pinto Presenter: Andrea Carosi
Discussant: Violetta Davydenko, Univ of Mississippi Discussant: Pablo Moran, Univ of Calgary Discussant: He Li, Univ of Wisconsin Whitewater

Session V129 - Loans

Wednesday, 8:00 AM - 9:30 AM

Chairperson: Guido Max Mantovani, International Univ of Monaco & Ca' Foscari Univ of Venice

When Retirement Providers Engage in Corporate Loans
  Connor L Kasten, Univ of Tennessee
Foreign-Currency Lending
  Manthos D Delis, Montpellier Business School
  Panagiotis N Politsidis, Audencia Business School
  Lucio Sarno, Cambridge Judge Business School, CEPR
Pledging Allegiance to the Firm: Equity Pledges and Firm Performance
  Jianning Huang, Univ of Memphis
  Christine Jiang, Fudan Univ
  Sabatino (Dino) Silveri, Univ of Memphis
Presenter: Connor Kasten Presenter: Panagiotis N Politsidis Presenter: Jianning Huang
Discussant: Ricardo Barahona, Tilburg Univ & Erasmus Univ Discussant: Guido Max Mantovani, International Univ of Monaco & Ca' Foscari Univ of Venice Discussant: Xingjian Wang, Renmin Univ of China

Session V130 - Mutual Fund Manager Effects

Top Ten Session
Wednesday, 8:00 AM - 9:30 AM

Chairperson: Andrei Simonov, Michigan State University

The Performance of Diverse Teams: Evidence from US Mutual Funds
  Richard Evans, Univ of Virginia
  Melissa Porras Prado, Nova School of Business and Economics
  A Emanuele Rizzo, Nova School of Business and Economics
  Rafael Zambrana, Univ of Notre Dame
In Military We Trust: The Effect of Managers' Military Background on Mutual Fund Flows
  Alexander Cochardt, Univ of St Gallen
  Stephan Heller, Univ of St Gallen
  Vitaly Orlov, Univ of St Gallen
Do Mutual Funds Manipulate Star Ratings? Evidence from Portolio Pumping
  Sanghyun (Hugh) Kim, Univ of Texas at Dallas
Presenter: Emanuele Rizzo Presenter: Vitaly Orlov Presenter: Sanghyun (Hugh) Kim
Discussant: Rachel Li, Univ of Alabama Discussant: Paul Hanouna, Villanova Univ Discussant: Eduard Inozemtsev, Ohio State Univ

Session V131 - Performance Evaluation 1

Wednesday, 8:00 AM - 9:30 AM

Chairperson: Sylwia E Starnawska, SUNY Empire State College

Market-Based Private Equity Returns
  Theodosis L Kallenos, Univ of Cyprus
  George P Nishiotis, Univ of Cyprus
Factor Tilts and Asset Allocation
  Javier Estrada, IESE Business School
Presenter: George Nishiotis Presenter: Javier Estrada
Discussant: Ravi K Shukla, Syracuse Univ Discussant: Sylwia E Starnawska, SUNY Empire State College

Session V132 - Real Effects Of Monetary Policy

Wednesday, 8:00 AM - 9:30 AM

Chairperson: M Kabir Hassan, Univ of New Orleans

Forward Guidance and Corporate Lending
  Manthos D Delis, Montpellier Business School
  Sizhe Hong, Durham Univ
  Nikos Paltalidis, Durham Univ
  Dennis Philip, Durham Univ
Systematic Financial Intermediation and Business Cycles
  Paul Borochin, Univ of Miami
  Ujjal Chatterjee, Univ of Miami
When the Fed Bears Down: Monetary Policy Effects on Industry Financial Cycles
  Adam T Jones, UNC Wilmington
  Cole Langlois, Federal Reserve Board
  Daniel Soques, UNC Wilmington
  Ethan Watson, UNC Wilmington
Presenters: Nikos Paltalidis and Sizhe Hong Presenter: Paul Borochin Presenter: Daniel Soques
Discussant: Tahsin Imtiazul Huq, Univ of New Orleans Discussant: Sarah Hussein Al Talafha, Univ of New Orleans Discussant: Ahmed Wasiful Alam, Univ of New Orleans

Session V133 - Term Structure Issues

Top Ten Session
Wednesday, 8:00 AM - 9:30 AM

Chairperson: Marc William Simpson, Univ of Toledo

Oil and Inflation Compensation: Evidence from Treasury Inflation-Protected Security Prices
  Hao Chang, Jacobs Levy Equity Management
  Yan Xue, Rutgers University
International Yield Co-Movements
  Geert Bekaert, Columbia Business School & NBER
  Andrey Ermolov, Fordham Univ
Correcting Estimation Bias in Regime Switching Dynamic Term Structure Models
  Sungjun Cho, Univ of Manchester
  Liu Liu, Nottingham Univ
Presenter: Hao Chang Presenter: Andrey Ermolov Presenter: Liu Liu
Discussant: Leonard Lundstrum, Northern Illinois Univ Discussant: Liu Liu, Nottingham Univ Discussant: Jong-Min Kim, Univ of Minnesota Morris

Session V134 - Time Variation In Return Factors

Wednesday, 8:00 AM - 9:30 AM

Chairperson: Svetlana Petrova, Univ of New Hampshire

Momentum, Reversal, and the Firm Fundamental Cycle
  Yufeng Han, UNC Charlotte
  Zhaodan Huang, Utica College
  Weidong Tian, UNC Charlotte
  Guofu Zhou, Washington Univ in St Louis
Time-Varying Arbitrage Capital
  Florent Rouxelin, Florida International Univ
Presenter: Zhaodan Huang Presenter: Florent Rouxelin
Discussant: Florent Rouxelin, Florida International Univ Discussant: Zhaodan Huang, Utica College

Session V135 - Trading In Shares Of M&A Participants

Wednesday, 8:00 AM - 9:30 AM

Chairperson: Mine Ertugrul, Univ of Massachusetts Boston

Institutional Trading in Firms Rumored to be Takeover Targets
  Frederick Davis, Concordia Univ
  Hamed Khadivar, Concordia Univ
  Thomas Walker, Concordia Univ
Insider's Trades in Acquiring Firms: Full-Scale Auctions Versus Restricted-Competition Sales
  Zhong Chen, King's College London
  Zicheng Lei, Univ of Surrey
  Chunling Xia, Queen Mary Univ of London
Do M&A Comment Letters Improve M&A Information Transparency?
  Junzi Zhang, Cass Business School
  Pawel Bilinski, Cass Business School
  Ivana Raonic, Cass Business School
Presenter: Thomas Walker Presenter: Chunling Xia Presenter: Junzi Zhang
Discussant: Bo Meng, Univ of Richmond Discussant: Mohammad (Vahid) Irani, Univ of South Carolina Discussant: Shailendra Pandit, Univ of Illinois Chicago

Session V136 - Doctoral Student Consortium Job Market Paper Presentation Session

Wednesday, 8:00 AM - 9:30 AM

Chairperson: Alberto Rossi, Georgetown Univ

Know Thyself: Free Credit Report and the Retail Mortgage Market
  Amit Kumar, Hong Kong Univ of Science & Technology
FinTech and the Supply of Credit to Small Business
  Mark Johnson, Ohio State Univ
Hedge Fund Performance Prediction with Machine Learning
Presenter: Amit Kumar Presenter: Mark Johnson Presenter: Qing Yan
Discussant: Francesco D'Acunto, Boston College Discussant: Keer Yang, Univ of Minnesota Discussant: Bin Li, Wuhan Univ

Session 139 - Overview & Research Ideas Session
Methodology: Integrating reduced form and structural methods

Wednesday, 8:00 AM - 9:30 AM

Presented by
Toni Whited
Professor of Finance and Dale L. Dykema Professor of Business Administration
University of Michigan

This talk will discuss how structural and reduced-form econometric methods can complement each other to help answer interesting questions in finance. I will use examples from both economics and finance to illustrate my points.


Professor Whited received her B.A. in economics and French, summa cum laude, from the University of Oregon in 1984 and her Ph.D. in economics from Princeton in 1990, working with Ben Bernanke. Professor Whited has taught in a wide variety of areas in finance, macroeconomics, and econometrics at the undergraduate, MBA, and doctoral levels. She has published over 30 articles in top tier economics and finance journals. Her research covers topics such as the effects of financial frictions on corporate investment, econometric solutions for measurement error, corporate cash policy, structural estimation of dynamic models, and corporate diversification. She has won a Jensen Prize for one of the top articles in corporate finance in the Journal of Financial Economics and twice won a Brattle Prize for one of the top articles in the Journal of Finance in corporate finance. She serves as co-editor for the Journal of Financial Economics.

Wednesday, 21 October | 10:00 AM - 11:00 AM ET

Session V141 - Bank Loans 2

Wednesday, 10:00 AM - 11:00 AM

Chairperson: James Donato, Univ of Wisconsin River Falls

Bank Capital and Loan Liquidity
  Allen N Berger, Univ of South Carolina
  Donghang Zhang, Univ of South Carolina
  Yijia (Eddie) Zhao, Univ of Massachusetts Boston
Bank Loan Forbearance: Evidence from a Million Restructured Loans
  Frederico A Mourad, Central Bank of Brazil
  Rafael F Schiozer, Fundacao Getulio Vargas
  Toni RE dos Santos, Central Bank of Brazil
Presenter: Yijia (Eddie) Zhao Presenter: Rafael Schiozer
Discussant: Sotirios Kokas, Univ of Essex Discussant: David Echeverry, Univ of Notre Dame

Session V142 - Corporate Governance: Politics & Incentives

Wednesday, 10:00 AM - 11:00 AM

Chairperson: Tim T Zhang, Univ of Wyoming

Broadcast Media and Asset Prices: The Effect of an Anti-Corruption Message for Politically Connected Firms in China
  Martin J Conyon, Bentley Univ
  Xi Fu, Univ of Liverpool
  Meng He, Sun Yat-sen Univ
  Zhifang Zhang, Univ of Warwick
To Pledge or not to Pledge? The Case of Share Pledging
  Siqi Wei, Cal State Northridge
  Ramesh P Rao, Oklahoma State Univ
Presenter: Zhifang Zhang Presenter: Ramesh Rao
Discussant: Anna Abdulmanova, Robert Morris Univ Discussant: Tim T Zhang, Univ of Wyoming

Session V143 - Corporate Innovation 2

Wednesday, 10:00 AM - 11:00 AM

Chairperson: Reza H Chowdhury, Mount Royal Univ

Threatened by Competition - Firm Incentives to Initiate Patent Litigation
  Paulina Sperling, Drexel Univ
Do Venture Capital-Driven Top Management Changes Enhance Corporate Innovation in Private Firms?
  Qianqian Yu, Lehigh Univ
Presenter: Paulina Sperling Presenter: Qianqian Yu
Discussant: Teng Wang, Federal Reserve Board Discussant: Ali Dadpay, Univ of Dallas

Session V144 - Cryptocurrency 2

Wednesday, 10:00 AM - 11:00 AM

Chairperson: Ashrafee Tanvir Hossain, Memorial Univ of Newfoundland

Valuation of Cryptocurrency Without Intrinsic Value: A Promise of Future Payment System and Implications to De-Dollarization
  Garrison Hongyu Song, Farmingdale State College, SUNY
Cryptocurrency Mining: Asymmetric Response to Price Movement?
  Peter Mueller, Univ of Oklahoma
Presenter: Garrison Hongyu Song Presenter: Peter C Mueller
Discussant: Peter C Mueller, Univ of Oklahoma Discussant: A Takdir Hossain, Concordia Univ

Session V145 - Executives and M&A

Wednesday, 10:00 AM - 11:00 AM

Chairperson: Feng Dong, Siena College

Does Corporate Managerial Ability Matter in M&A Performance
  Feng Dong, Siena College
  John Doukas, Old Dominion Univ & Univ of Cambridge
New Method for Measuring CEO Overconfidence: Evidence from Acquisitions
  Ahmad Ismail, American Univ of Beirut
  Christos Mavis, Univ of Surrey
Presenter: Feng Dong Presenter: Christos Mavis
Discussant: Juntai Lu, Univ of Arkansas Discussant: Xiang Long, Hollins Univ

Session V146 - Fintech, P2P Lending & Banking

Wednesday, 10:00 AM - 11:00 AM

Chairperson: Fahad Saleh, Wake Forest Univ

Cutting Operational Costs by Integrating Fintech into Traditional Banking Firms
  Linda Allen, Baruch College
  Yu Shan, Concordia Univ
  Yi Tang, Fordham Univ
  Alev Yildirim, Southern Connecticut State Univ
The Promises and Pitfalls of WealthTech: Evidence from Online Marketplace Lending
  Xiaoyang Li, Chinese Univ of Hong Kong
  Haitian Lu, Hong Kong Polytechnic Univ
  Iftekhar Hasan, Fordham Univ
Presenter: Linda Allen Presenter: Xiaoyang Li
Discussant: Troy A Kravitz, Federal Deposit Insurance Corporation Discussant: Danny McGowan, Univ of Birmingham

Session V147 - Firm Managers

Wednesday, 10:00 AM - 11:00 AM

Chairperson: Xinxin Li, Ithaca College

The Missing Half: Subordinate Managers and Firm Policies
  Mohamed Mekhaimer, St. John Fisher College
  Alex Abakah, St. John Fisher College
  Awad Ibrahim, Portsmouth Univ
  Khaled Hussainey, Portsmouth Univ
Investor Relations Executives in the Top Management Team
  Daewoung Choi, Louisiana State Univ, Shreveport
  Shawn Mobbs, Univ of Alabama
Presenter: Mohamed Mekhaimer Presenter: Daewoung Choi
Discussant: Swarnodeep Homroy, Univ of Groningen Discussant: Robinson Reyes Pena, Florida International Univ

Session V148 - Gender Diversity In Corporate Boards

Wednesday, 10:00 AM - 11:00 AM

Chairperson: Lindsay Baran, Kent State Univ

Gender Diversity and Bank Misconduct
  Francesca Arnaboldi, Cass Business School
  Barbara Casu, Cass Business School
  Angela Gallo, Cass Business School
  Elena Kalotychou, Cyprus Univ of Technology
  Anna Sarkisyan, Univ of Essex
As California Goes, So Goes the Nation? Board Gender Quotas and the Legislation of Non-Economic Values
  Felix von Meyerinck, Univ of St Gallen
  Alexandra Niessen-Ruenzi, Univ of Mannheim
  Markus Schmid, Univ of St Gallen
  Steven Davidoff Solomon, Univ of California Berkeley
Presenter: Elena Kalotychou Presenter: Felix von Meyerinck
Discussant: Maneesh Shukla, Kent State Univ Discussant: Lindsay Baran, Kent State Univ

Session V149 - Household Wealth and Decisions

Wednesday, 10:00 AM - 11:00 AM

Chairperson: Andrea Carosi, Univ of Sassari

When it Rains it Drains: Psychological Distress and Household Net Worth
  Adnan Balloch, Massey Univ
  Christian Engels, Durham Univ
  Dennis Philip, Durham Univ
Investing Like My Parents: Do Parents Affect Children's Risk-Taking Behavior?
  Min Cui, T Rowe Price
  Ziwei Zhao, HEC Lausanne
Presenter: Dennis Philip Presenter: Ziwei Zhao
Discussant: Xu Gan, Wuhan Univ Discussant: Raluca Stan, Univ of Minnesota Duluth

Session V150 - Housing Search & Pricing

Wednesday, 10:00 AM - 11:00 AM

Chairperson: Mark Pyles, College of Charleston

Information Salience and Mispricing in Housing
  Sumit Agarwal, National Univ of Singapore
  Artashes Karapetyan, ESSEC Business School
Who Benefited from the Lending Boom to Poor and Minority Neighborhoods Leading to the Housing Crisis?
  Alejandro Rojas, Middle Tennessee State Univ
Presenter: Artashes Karapetyan Presenter: Alejandro Rojas
Discussant: Rachel Xiao, Georgia State Univ Discussant: Michael LaCour-Little, Cal State Fullerton

Session V151 - International Financing, Labor Productivity & Environment 2

Top Ten Session
Wednesday, 10:00 AM - 11:00 AM

Chairperson: Stefano Bonini, Stevens Institute of Technology

External Governance, Political Risk and FDI Location Decisions
  Tiago Loncan, Univ of Strathclyde
The Determinants of ESG Ratings: Rater Ownership Matters
  Dragon Yongjun Tang, Univ of Hong Kong
  Jiali Yan, Lancaster Univ
  Yaqiong (Chelsea) Yao, Lancaster Univ
Presenter: Tiago Loncan Presenter: Dragon Tang
Discussant: Yang Wang, Hong Kong Polytechnic Univ Discussant: Tiago Loncan, Univ of Strathclyde

Session V152 - Investment Strategies

Wednesday, 10:00 AM - 11:00 AM

Chairperson: Lin Sun, George Mason Univ

Dissecting Trading Volume Imbalance
  Doina Chichernea, Univ of Denver
  Kershen Huang, Nova Southeastern Univ
  Alex Petkevich, Univ of Toledo
  Pavel Teterin, Univ of Toledo
Portfolios of Value and Momentum: Disappointment Aversion and Non-Normalities
  Simon Lalancette, HEC Montreal
  Jean-Guy Simonato, HEC Montreal
Presenter: Kershen Huang Presenter: Jean-Guy Simonato
Discussant: Fei Fang, Clark Univ Discussant: Majeed Simaan, Stevens Institute of Technology

Session V153 - Labor Issues In M&A

Top Ten Session
Wednesday, 10:00 AM - 11:00 AM

Chairperson: Chen Shen, UNC Charlotte

Is There a Dark Side to Mergers and Acquisitions? Evidence from Local Labor Market Spillovers
  Han Ma, Georgia State Univ
Skilled Immigrants, Corporate Acquisitions, and Shareholder Value
  Phuong-Anh Nguyen, York Univ
Presenter: Han Ma Presenter: Phuong-Anh Nguyen
Discussant: Hugo Benedetti, Universidad de los Andes Discussant: Vivek Pandey, Univ of Texas Tyler

Session V154 - Managing Firm Value

Wednesday, 10:00 AM - 11:00 AM

Chairperson: Mieszko Mazur, IESEG School of Management

Changes in the Electorate and Firm Value Implications: Evidence from the Introduction of Female Suffrage in Switzerland
  Jorg Stahl, Catolica Lisbon School of Business & Economics
Founders, Heirs, and Market Learning
  Pil-Seng Lee, Univ of Texas Dallas
  Vikram Nanda, Univ of Texas Dallas
  Venu Madhav, Univ of Texas Dallas
Presenter: Jorg Stahl Presenter: Pil-Seng Lee
Discussant: Venu Madhav, Univ of Texas Dallas Discussant: Jorg Stahl, Catolica-Lisbon School of Business and Economics

Session V155 - Corporate Governance: Incentives & Biases

Wednesday, 10:00 AM - 11:00 AM

Chairperson: Jennifer Brodmann, Cal State Dominguez Hills

Dollars at Risk & Overconfidence
  Naveen D Daniel, Drexel Univ
  Wahib M Ghazni, Drexel Univ
  Lalitha Naveen, Temple Univ
The Impact of Internal Governance on Earnings Management
  Michael Zheng, Texas Tech Univ
  Eric Valenzuela, Southern Arkansas Univ
Presenter: Wahib Ghazni Presenter: Eric Valenzuela
Discussant: Blake Rayfield, Northern Arizona Univ Discussant: Yutong Xie, The College of New Jersey

2020 Outstanding Financial Executive Award Presentation and Fireside Chat
12:00 PM - 1:00 PM Eastern Time
Stacey Cunningham
President, NYSE Group

In 1984, FMA established the Outstanding Financial Executive Award (OFE) to honor individuals who have made creative and innovative contributions to the field of finance. We are pleased to announce the 2020 OFE Award Winner is Stacey Cunningham, President of the NYSE Group. Stacey will accept the award and participate in a Fireside Chat with Jeffrey Coles, Samuel S. Stewart, Jr. Presidential Chair in Business, University of Utah and FMA President.

Stacey Cunningham is the President of the NYSE Group, which includes the New York Stock Exchange and a diverse range of equity and equity options exchanges, all wholly owned subsidiaries of Intercontinental Exchange (NYSE: ICE). She is the 67th President and the first woman to lead the NYSE Group in its 228 year history.

Most recently, she was the NYSE COO where she was responsible for NYSE's five equity markets and two options markets, leading the company's strategy for its equities, equity derivatives and ETF businesses. Prior to serving as COO, Cunningham was President of NYSE Governance Services and served as Head of Sales & Relationship Management at NYSE. Before joining NYSE, Cunningham held several senior positions at Nasdaq.

Cunningham began her career on the NYSE trading floor where she served as a specialist.

Cunningham earned her B.S. in Industrial Engineering from Lehigh Univ.

Wednesday, 21 October - 1:00 PM - 2:00 PM ET

Session V161 - Advisors In M&A

Wednesday, 1:00 PM - 2:00 PM

Chairperson: Luming Chen, Univ of California Irvine

The Effect of Regulatory Monitoring on the Role of Investment Bankers in Mergers and Acquisitions
  Zuobao Wei, Univ of Texas El Paso
  Yicheng Zhu, Univ of Texas El Paso
Personal Connections, Financial Advisors, and M&A Outcomes
  Dobrina Jandik, Univ of St. Thomas & Univ of Arkansas
  Tomas Jandik, Univ of Arkansas
  Weineng Xu, Univ of Wisconsin Whitewater
Presenter: Yicheng Zhu Presenter: Weineng Xu
Discussant: Chen Shen, UNC Charlotte Discussant: Atif Ikram, Arizona State Univ

Session V162 - Better Information: Better Fund Performance?

Wednesday, 1:00 PM - 2:00 PM

Chairperson: Murali Jagannathan, Binghamton Univ SUNY

Can Shareholders of Rating Agencies Time Rating Changes?
  Xiang Gao, Minnesota State Univ Moorhead
  Cihan Uzmanoglu, Binghamton Univ SUNY
Pay to Play in Investment Management
  Thuong Harvison, Univ of Arizona
  Willam Beggs, Univ of San Diego
Presenter: Cihan Uzmanoglu Presenter: Thuong Harvison
Discussant: Ankur Pareek, Univ of Nevada Las Vegas Discussant: Wei Jiao, Univ of Wisconsin Green Bay

Session V163 - Climate Finance 3

Wednesday, 1:00 PM - 2:00 PM

Chairperson: Pamela Peterson Drake, James Madison Univ

Climate Risk Perceptions and Demand for Flood Insurance
  Dimuthu Ratnadiwakara, Louisiana State Univ
  Buvaneshwaran Venugopal, Univ of Central Florida
Impact of Climate Change on Cost of Bank Loan
  Abdullah Al Masum, Univ of Texas Rio Grande Valley
  Siamak Javadi, Univ of Texas Rio Grande Valley
Presenter: Dimuthu Ratnadiwakara Presenter: Abdullah Al Masum
Discussant: Abdullah Al Masum, Univ of Texas Rio Grande Valley Discussant: Adam Usman, James Madison Univ

Session V164 - Corporate Governance: Misconduct

Wednesday, 1:00 PM - 2:00 PM

Chairperson: Dominique Outlaw, Hofstra Univ

Tournament Culture and Corporate Misconduct: Evidence Using Machine Learning
  Jitendra Aswani, Fordham Univ
  Franco Fiordelisi, Univ of Rome III
The Path of Least Resistance: Real Activities Management Following a Whistleblowing Allegation on a Peer
  Emmanuel Sequeira, Univ of Texas El Paso
  Zuobao (Eddie) Wei, Univ of Texas El Paso
Presenter: Jitendra Aswani Presenter: Emmanuel Sequeira
Discussant: Raluca Roman, Fed Res Bank Philadelphia Discussant: Marcelo Ortiz, Univ Pompeu Fabra & Barcelona GSB

Session V165 - Econometric Methodology

Wednesday, 1:00 PM - 2:00 PM

Chairperson: Lin Tong, Fordham Univ

Dynamic Risk Adjustment in Long-Run Event Study Tests
  Yao Han, Texas A&M Univ
  James W Kolari, Texas A&M Univ
  Seppo Pynnonen, Univ of Vaasa, Finland
The SEC's Short-Sale Experiment and Substantive Short Selling: Evidence on Experiment Design and Causal Channels
  Kate Litvak, Northwestern Univ
  Bernard Black, Northwestern Univ
  Woongsun Yoo, Central Michigan Univ
Presenter: Yao Han Presenter: Woongsun Yoo
Discussant: Dipali Krishnakumar, NIBM Discussant: Lin Tong, Fordham Univ

Session V166 - Firm Executives and Earnings Management

Wednesday, 1:00 PM - 2:00 PM

Chairperson: Xiaochuan Tong, Univ of Massachusetts Boston

CEO Network Centrality and Earnings Management
  Huan (Ken( Qiu, Millsaps College
Corporate Managerial Ability, Earnings Smoothing, and Acquisitions
  John A Doukas, Old Dominion Univ & Univ of Cambridge
  Rongyao Zhang, Old Dominion Univ
Presenter: Huan (Ken) Qiu Presenter: Rongyao Zhang
Discussant: Ying-Chou Lin, Southeastern Oklahoma State Univ Discussant: Kershen Huang, Nova Southeastern Univ

Session V167 - International Market Efficiency

Wednesday, 1:00 PM - 2:00 PM

Chairperson: Eric Olson, Univ of Tulsa

The Distribution of Global Equity Investment
  Sara B Holland, Univ of Oklahoma
  Sergei Sarkissian, McGill Univ
  Michael J Schill, Univ of Virginia
  Francis E Warnock, Univ of Virginia
Executive Networks and Global Stock Liquidity
  Jared F Egginton, Boise State Univ
  Garrett A McBrayer, Boise State Univ
  William R McCumber, Louisiana Tech Univ
Presenter: Sara Holland Presenter: Garrett McBrayer
Discussant: David Dubofsky, Texas Christian Univ Discussant: Diana Knyazeva, US SEC

Session V168 - Personal Bankruptcy, Labor Protection & Leverage

Wednesday, 1:00 PM - 2:00 PM

Chairperson: Hilmi Songur, Univ of Arizona

The Determinants of Underpricing for Newly-Issued and Tack-On Corporate Bond Offerings
  Jeremy Goh, Singapore Management Unversity
  Paul H Malatesta, Univ of Washington
  Lisa Yang, Montana State Univ
Personal Bankruptcy Costs, Union Bargaining Power, and Capital Structure
  Joseph T Halford, Univ of Nevada Reno
  Rachel M Hayes, Univ of Utah
  Valeriy Sibilkov, Univ of Wisconsin Milwaukee
Presenter: Lisa Yang Presenter: Joseph Halford
Discussant: Nhu Tran, Binghamton Univ SUNY Discussant: Mui Keun Yuen, Massey Univ

Session V169 - Relationship Banking

Wednesday, 1:00 PM - 2:00 PM

Chairperson: Michal Kowalik, Federal Reserve Bank Boston

Bank Relationship and Firms' Cost of Hedging
  Sergio Leao, Central Bank of Brazil
  Rafael F Schiozer, Fundacao Getulio Vargas
  Gustavo S Araujo, Central Bank of Brazil
  Raquel F Oliveira, Central Bank of Brazil
Determinants of Bank-Firm Lending Relationship: Human Capital Transfer Channel
  Lucy Chernykh, Clemson Univ
  Sergey Mityakov, Florida State Univ
Presenter: Rafael Schiozer Presenter: Sergey Mityakov
Discussant: Claire Labonne, Federal Reserve Bank Boston Discussant: John Hackney, Univ of South Carolina

Session V170 - Risk Factors

Top Ten Session
Wednesday, 1:00 PM - 2:00 PM

Chairperson: Azi Ben-Rephael, Rutgers Business School

Model Selection with Transaction Costs
  Andrew Detzel, Univ of Denver
  Robert Novy-Marx, Univ of Rochester
  Mihail Velikov, Penn State Univ
Distance-Based Metrics: A Bayesian Assessment of Asset-Pricing Models
  Amit Goyal, Univ of Lausanne
  Zhongzhi (Lawrence) He, Brock Univ
  Sahn-Wook Huh, Univ at Buffalo SUNY
Presenter: Andrew Detzel Presenter: Sahn-Wook Huh
Discussant: Andrew Chen, Federal Reserve Board Discussant: Chen Xhe, Univ of Cincinnati

Session V171 - Trading Around Events

Wednesday, 1:00 PM - 2:00 PM

Chairperson: Fei Fang, Clark Univ

Liquidity and Price Impact at the 52 Week High
  Joshua Della Vedova, Univ of San Diego
  Andrew Grant, Univ of Sydney
  Joakim Westerholm, Univ of Sydney
Risk in Noisy Prices
  Benjamin M Blau, Utah State Univ
  Todd G Griffith, Utah State Univ
  Ryan J Whitby, Utah State Univ
Presenter: Joshua Della Vedova Presenter: Todd Griffith
Discussant: Brittany Cole, Tennessee Tech Univ Discussant: Necati Tekatli, Kutztown Univ of Pennsylvania

Session V172 - Special Practitioner Session
The Effects of Very Low Interest Rates: A View from Financial Market Participants

Wednesday, 1:00 PM - 2:00 PM

Interest rates are at historic lows and may be for quite a while. Hear senior financial market professionals from an asset management company, an insurance company, and an investment management company discuss their unique perspectives on how low rates affect financial markets and investment decisions.

Moderator
Richard Rosen, Vice President and Research Adviser
Federal Reserve Bank of Chicago

Panelists
Scott Hartz, Chief Investment Officer
Manulife Financial Corporation

Levoyd Robinson, Managing Partner
CFI Partners

Nathan Sheets, Chief Economist and Head of Global Macroeconomic Research
PGIM Fixed Income

     

Wednesday, 21 October 2:00 PM - 2:30 PM ET

EXHIBITOR SPOTLIGHT SESSION
McGraw Hill

Wednesday, 2:00 PM - 2:30 PM

McGraw Hill and Proctorio have partnered to incorporate learning integrity tools within Connect to offer a mix of live and fully automated remote proctoring services, including remote proctoring and browser-locking capabilities. Join the McGraw Hill team of Trina Maurer, Senior Marketing Manager and Chuck Synovec, Portfolio Director to learn about the partnership that provides scalable, cost-effective solutions for validating test-taker identities, activity and originality during online exams.

Wednesday, 21 October | 2:30 PM - 4:00 PM ET

Session V181 - Bank Operations

Wednesday, 2:30 PM - 4:00 PM

Chairperson: Randall Heron, Indiana Univ

Do Banks Rely on the Secondary Bond Market for Borrower Monitoring?
  Mahfuz Chy, Univ of Missouri
  Hoyoun Kyung, Univ of Missouri
Catch the Thief! Fraud in the US Banking Industry
  Filippo Curti, Federal Reserve Bank Richmond
  Atanas Mihov, Federal Reserve Bank Richmond
Profits, Credit Spreads, and Fragility of Banks
  Ding Du, Office of the Comptroller of the Currency
Presenter: Hoyoun Kyung Presenter: Filippo Curti Presenter: Ding Du
Discussant: Valentina Salotti, Iowa State Univ Discussant: Kenneth Carow, Indiana Univ Discussant: Sridhar Sundaram, Univ of South Florida

Session V182 - Conflicts & Choices In 401(K) Plans

Wednesday, 2:30 PM - 4:00 PM

Chairperson: Scott Yonker, Cornell Univ

Barking Up the Wrong Tree - Return-Chasing in Mutual Funds
  Anh Tran, Univ of Connecticut
  Pingle Wang, Univ of Rochester
Is Mutual Fund Family Retirement Money Smart?
  Pramodkumar Yadav, Drexel Univ
Revenue Sharing in 401(K) Plans
  Veronika Krepely Pool, Vanderbilt Univ
  Clemens Sialm, Univ of Texas Austin
  Irina Stefanescu, Federal Reserve Board
Presenter: Anh Tran Presenter: Pramodkumar Yadav Presenter: Veronika Krepely Pool
Discussant: Xing Huang, Washington Univ in St Louis Discussant: Yang Sun, Brandeis Univ Discussant: Sumudu Watugala, Cornell Univ

Session V183 - Corporate Bonds

Wednesday, 2:30 PM - 4:00 PM

Chairperson James Donato, Univ of Wisconsin River Falls

Corporate Bonds with Implicit Government Guarantees
  Yifei Li, Univ of Nevada Reno
  Yuan Tian, Univ of Cincinnati
  Tong Yu, Univ of Cincinnati
  Ran Zhang, Univ of Science and Technology Beijing
Institutional Bond Ownership and Corporate Information Environment
  Xinyuan Stacie Tao, New Jersey Institute of Technology
  Chunchi Wu, Univ at Buffalo SUNY
How Should We Measure the Performance of Corporate Bond Mutual Funds? Evaluating Model Quality and Impact on Inferences
  Yuekun Liu, Univ of Arkansas
  Timothy B Riley, Univ of Arkansas
Presenter: Yifei Li Presenter: Xinyuan Stacie Tao Presenter: Yuekun Liu
Discussant: João Pinto, Catholic Univ of Portugal Discussant: Yuekun Liu Discussant: Xin He, City Univ of Hong Kong

Session V184 - Corporate Workplace Safety & Norms

Wednesday, 2:30 PM - 4:00 PM

Chairperson: Tashfeen Hussain, Mount Royal Univ

Financial Policies of Organized Labor in the 21st Century
  Alice (Yanguang) Liu, Univ of Arizona
  Ryan Williams, Univ of Arizona
  David Yin, Miami Univ - Ohio
Working Class CEOs: Formation of Occupational Norms and Corporate Labor Policies
  Henrik Cronqvist, Univ of Miami
  Irena Hutton, Florida State Univ
  Danling Jiang, Stony Brook Univ
Local Religious Belief and Workplace Safety: Headquarter- or Plant-Level Managerial Decision?
  Yuqi Gu, Willamette Univ
  Connie X Mao, Temple Univ
Presenter: Ryan Williams Presenter: Danling Jiang Presenter: Connie X Mao
Discussant: Benjamin Jansen, Middle Tennessee State Univ Discussant: Swarnodeep Homroy, Univ of Groningen Discussant: Sandeep Rao, Univ of Strathclyde

Session V185 - Earnings

Wednesday, 2:30 PM - 4:00 PM

Chairperson Zhongdong "Ronnie" Chen, Univ of Northern Iowa

Sentiment, Attention, and Earnings Momentum
  Qiuye Cai, Old Dominion Univ
  Kenneth Yung, Old Dominion Univ
  Zhaobo Zhu, Shenzhen Univ
Firm Life Stage and Earnings Announcement Reactions
  Kelley Bergsma, Ohio Univ
  Andy Fodor, Ohio Univ
  Vijay Singal, Virginia Tech
  Jitendra Tayal, Ohio Univ
A Tale of Two Accrual Anomalies
  Qiang Kang, Florida International Univ
  Qiao Liu, Florida International Univ
  Rong Qi, St John's Univ
Presenter: Qiuye Cai Presenter: Jitendra Tayal Presenter: Qiang Kang
Discussant: Peter Nephi Dixon, US SEC Discussant: Yu Hu, Florida International Univ Discussant: Kelley Bergsma, Ohio Univ

Session V186 - Financial Advisors

Wednesday, 2:30 PM - 4:00 PM

Chairperson: Yi Liu, College for Financial Planning, Kaplan North America

Financial Advisers' Misconduct and Terrorist Attacks
  Jaideep Chowdhury, James Madison Univ
Third Party Quality Certification in the Market for Financial Advice
  William C Gerken, Univ of Kentucky
  Morteza Momeni, Univ of Kentucky
Social Capital and Individual Behaviors: Evidence from Financial Advisers
  John (Jianqiu) Bai, Northeastern Univ
  Chenguang Shang, Texas State Univ
  Chi Wan, Univ of Massachusetts Boston
  Yijia (Eddie) Zhao, Univ of Massachusetts Boston
Presenter: Jaideep Chowdhury Presenter: Morteza Momeni Presenter: John (Jianqiu) Bai
Discussant: Munhee Han, Univ of Texas Dallas Discussant: Amit Kumar, Hong Kong Univ of Science & Technology Discussant: Tristan Fitzgerald, Texas A&M Univ

Session V187 - IPOs & SEOs

Wednesday, 2:30 PM - 4:00 PM

Chairperson: Di Kang, Zhejiang Univ

Effects of Offering Speed and Liquidity on Pricing
  Tarik Umar, Rice Univ
  Emmanuel Yimfor, Rice Univ
  Rustam Zufarov, Rice Univ
On the Pricing Information in IPO Filings
  Pablo Moran, Univ of Calgary
Voluntary Disclosure and Real Earnings Management in SEO Firms: Evidence from the 2005 Securities Offering Reform
  Yicheng Zhu, Univ of Texas El Paso
Presenter: Emmanuel Yimfor Presenter: Pablo Moran Presenter: Yicheng Zhu
Discussant: Ke Yang, Lehigh Univ Discussant: Fan Yang, Univ of Saskatchewan Discussant: Nur Al Faisal, Louisiana State Univ

Session V188 - Tax and Investor Behavior

Wednesday, 2:30 PM - 4:00 PM

Chairperson: Etan Green, Univ of Pennsylvania

The Favorite-Longshot Midas
  Etan A Green, Univ of Pennsylvania
  Haksoo Lee, Univ of Pennsylvania
  David Rothschild, Microsoft Research
Attention and Biases: Evidence from Tax-Inattentive Investors
  Justin Birru, Ohio State Univ
  Fernando Chague, Sao Paulo School of Economics - FGV
  Rodrigo De-Losso, Univ of Sao Paulo
  Bruno Giovannetti, Sao Paulo School of Economics
Taxing the Disposition Effect: The Impact of Tax Awareness on Investor Behavior
  William J Bazley, Univ of Kansas
  Jordan Moore, Rowan Univ
  Melina Murren Vosse, Univ of Miami
Presenter: Etan Green Presenter: Fernando Chague Presenter: Jordan Moore
Discussant: Jordan Moore, Rowan Univ Discussant: Haksoo Lee, Univ of Pennsylvania Discussant: Fernando Chague, Sao Paulo School of Economics - FGV

Session V189 - The Effectiveness Of Board Monitoring

Wednesday, 2:30 PM - 4:00 PM

Chairperson: Anya Mkrtchyan, Northeastern Univ

Outside Director Protection, Reduced Monitoring, and Capital Structure Decisions
  Yoonsoo Nam, Washington State Univ
Economic Policy Uncertainty and Board Monitoring: Evidence from CEO Turnovers
  Melissa B Frye, Univ of Central Florida
  Duong T Pham, Georgia Southern Univ
The Effect of Dissidents' Proxy Solicitation in Contested Director Elections
  Choonsik Lee, Univ of Rhode Island
Presenter: Yoonsoo Nam Presenter: Melissa B Frye Presenter: Choonsik Lee
Discussant: Jason Sandvik, Tulane Univ Discussant: Daniel Greene, Clemson Univ Discussant: Tara Bhandari, US SEC

Session 191 - Special Panel Session
Understanding & Measuring Risk

Wednesday, 2:30 PM - 4:00 PM

Understanding risk and uncertainty is vital to many areas of financial economics research. This panel session brings together top scholars from corporate finance, asset pricing, and household finance to discuss the proliferation of new measures available to empiricists as well as suggestions for future research.

Moderator
Kristine Hankins, William E. Seale Endowed Professor of Finance
University of Kentucky

Panelists
Scott Baker, Associate Professor of Finance
Northwestern University

Gerard Hoberg, Charles E. Cook Community Bank Chair
University of Southern California

Alan Moreira, Associate Professor of Finance
University of Rochester

     

Session 192 - Special Session: Semi-Decentralized Finance: in Trading, Asset Management and Digital Currencies

Wednesday, 2:30 PM - 4:00 PM

The development of Bitcoin and blockchain technology has inspired many people to work on the development of a fully decentralized financial system. Meanwhile, traditional intermediaries are looking to apply some of ideas in Bitcoin and blockchains to solve problem in the current financial system where complete decentralization is not feasible or even necessarily desirable. This panel will explore developments in “semi-decentralized” finance in the area of in investment management, foreign exchange and central bank digital currencies.

Moderators
Julapa Jagtiani, Senior Economic Advisor and Economist
Federal Reserve Bank of Philadelphia

Larry Wall, Research Center Executive Director, Center for Financial Innovation and Stability
Federal Reserve Bank of Atlanta

Panelists
John Evans, Head of Blockchain
Vanguard

Jon Frost, Senior Economist, Innovation and the Digital Economy
Bank for International Settlements

Pat Thelen, Vice President, Global Account Management
Ripple

 

Session 193 - Special Session: Raising Capital During COVID-19

Wednesday, 2:30 PM - 4:00 PM

This panel will discuss how COVID-19 makes it harder for firms to raise capital, the regulatory changes meant to assist firms, and what avenues firms have been using. Potential topics: private and public offerings, stimulus, small businesses, direct listings, SPACS, minority-owned businesses.

Moderator
Vladimir Ivanov, Assistant Director, Office of Corporate Finance
US SEC

Panelists
Sebastian Gomez Abero, Deputy Director, Small Business Advocacy Office
US SEC

Douglas Ellenoff, Partner
Ellenoff Grossman & Schole LLP

Sherwood Neiss, Principal
Crowdfund Capital Advisors

Kumar Venkataraman, Maguire Chair in Energy Management
Southern Methodist University

       

Wednesday, 21 October | 8:00 PM - 9:30 PM ET

Session V201 - Bonds

Wednesday, 8:00 PM - 9:30 PM

Chairperson: Zhimin Wang, New Jersey City Univ

Marketization Vs. Market Chase: Insights from Implicit Government Guarantees
  Xiaoqian Zhang, Zhejiang Univ
  Zhiwei Wang, Zhejiang Univ
Bond Funds and Credit Risk
  Jaewon Choi, Univ of Illinois Urbana-Champaign
  Amil Dasgupta, London School of Economics
  Ji Yeol Jimmy Oh, Hanyang Univ
Presenter: Xiaoqian Zhang Presenter: Ji Yeol Jimmy Oh
Discussant: Hai Trinh, Massey Univ Discussant: Xin Liu, Univ of Bath

Session V202 - Capital Structure 1

Wednesday, 8:00 PM - 9:30 PM

Chairperson: Fangjian Fu, Singapore Management Univ

Avoiding EPS Dilution and Capital Structure
  Yi-Wen Chen, Southwestern Univ of Finance and Economics
  Robin K Chou, National Chengchi Univ
  Chu-Bin Lin, Southwest Jiaotong Univ
Exchange-Listed Options and Corporate Policies
  Gennaro Bernile, Univ of Miami
  Jianfeng Hu, Singapore Management Univ
  Guangzhong Li, Sun Yat-sen Univ
  Roni Michaely, Univ of Geneva
Presenter: Yi-Wen Chen Presenter: Jianfeng Hu
Discussant: Fangyuan Ma, Peking Univ Discussant: Margaret Rui Zhu, Chinese Univ of Hong Kong

Session V203 - CSR

Wednesday, 8:00 PM - 9:30 PM

Chairperson: Ying Zheng, Bryant Univ

Local Peer Effects of Corporate Social Responsibility
  Chengcheng Li, Dongbei Univ of Finance and Economics
  Xiaoqiong Wang, Indiana Univ Kokomo
Corporate Social Responsibility and the Local Dividend Clientele Effect
  Xiang Dai, Australian National Univ
  Jin Roc Lv, Australian National Univ
  Emma Schultz, Australian National Univ
International Firms and Environmental Sustainability: Evidence on Emissions Reduction
  Jongmoo Jay Choi, Temple Univ
  Hoje Jo, Santa Clara Univ
  Haehean Park, Southwestern Univ of Finance and Economics (SWUFE)
  Lingxia Sun, Nankai Univ
Presenter: Chengcheng Li Presenter: Jin Lv Presenter: Haehean Park
Discussant: Ying Zheng, Bryant Univ Discussant: Jie Xu, Chinese Univ of Hong Kong Discussant: Tian (Lori) Tang, Univ of Louisville

Session V204 - Dividends and Stock Repurchases

Wednesday, 8:00 PM - 9:30 PM

Chairperson: Mostafa M Hasan, Macquarie Univ

The Estate Tax and the Payout Policy in Family Firms
  Yeejin Jiang, Univ of New South Wales
  So-Yeon Lim, Xiamen Univ
Do Intangibles Matter for Corporate Policies? Evidence from Organization Capital and Corporate Payout Choices
  Mostafa Monzur Hasan, Macquarie Univ
  Mohammad Riaz Uddin, American Univ of Beirut
The Persistence of Share Repurchases, Financing, and Firm Maturity
  Sadok El Ghoul, Univ of Alberta
  Omrane Guedhami, Univ of South Carolina
  Eun Jung Lee, Hanyang Univ
  Jungwon Suh, Sungkyunkwan Univ
Presenter: So-Yeon Lim Presenter: Mohammad Riaz Uddin Presenter: Jungwon Suh
Discussant: Jungwon Suh, Sungkyunkwan Univ Discussant: So-Yeon Lim, Xiamen Univ Discussant: Mohammad Riaz Uddin, American Univ of Beirut

Session V205 - Investment Returns

Wednesday, 8:00 PM - 9:30 PM

Chairperson: Guanhao (Gavin) Feng, City Univ of Hong Kong

The Asset Durability Premium
  Kai Li, Hong Kong Univ of Science & Technology
  Chi-Yang Tsou, Hong Kong Univ of Science & Technology
Risk-Neutral Cumulants, Expected Risk Premia, and Future Stock Returns
  Kai Wang, Chinese Academy of Finance & Development
Aggregation of Idiosyncratic Shocks in the Customer-Supplier Network
  Donghyun Kim, Chung-Ang Univ
  Liu Yi, Univ of Wisconsin Milwaukee
Presenter: Chi-Yang Tsou Presenter: Kai Wang Presenter: Donghyun Kim
Discussant: Ding Luo, City Univ of Hong Kong Discussant: Ti Zhou, Southern Univ of Science and Technology Discussant: Jing Wu, Chinese Univ of Hong Kong

Session 206 - Overview & Research Ideas Session

Household Finance

Wednesday, 8:00 PM - 9:30 PM

Presented by

Sumit Agarwal
Low Tuck Kwong Distinguished Professor of Finance at the Business School and a Professor of Economics and Real Estate at the National Univ of Singapore

As economist we care about fiscal, monetary, regulatory, corporate, state and local government, legal policy changes because they impact our lives directly or indirectly. Ideally, if these policy reforms are done correctly they would provide a clean counter-factual outcomes allowing us to make causal inference about the change of the policy on both intended and unintended consequences of these policies. However, policy makers may not want to know the answers or the process of making the policy itself makes it difficult to have clean counter factual. In this talk, I will I will spend some time to go over a few examples of policy changes that impact household behavior as it relates to consumption, housing, and investments. I will specifically highlight the strength of the data, identification, and the economic question in these examples. At the end I will also discuss some ideas for future research.


In the past, he has held positions as a Professor of Finance at the Business School, Georgetown University. Before that he was a senior financial economist in the research department at the Federal Reserve Bank of Chicago and prior to joining the Chicago Fed, he was a senior vice president and credit risk management executive in the Small Business Risk Solutions Group of Bank of America.

Sumit's research Interests include issues relating to financial institutions, household finance, behavioral finance, international finance, real Estate markets and capital markets. He has published over fifty research articles in journals like the American Economic Review, Quarterly Journal of Economics, Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Review of Economics and Statistics , Management Science, Journal of Financial Intermediation, Journal of Money, Credit, and Banking among others. Additionally, he has written a book titled Kiasunomics and also co-edited a collected volume on Household Credit Usage: Personal Debt and Mortgages. He writes regular op-ed's in the Straits Times and is featured on various media outlets like the BBC, CNBC, and Fox on issues relating to finance, banking, and real Estate markets. Sumit's research is widely cited in leading newspapers and magazines like the Wall Street Journal, The New York Times, The Economist, and the U.S Presidents Report to Congress. He also runs a blog on household financial decision making called Smart Finance.

Wednesday, 21 October | 10:00 PM - 11:00 PM ET

Session V221 - Bank Loans 3

Wednesday, 10:00 PM - 11:00 PM

Chairperson: Jongsub Lee, Seoul National Univ

Trademark Protection and Bank Loan Contracting: The Evidence from the 1996 Federal Trademark Dilution Act
  Wan-Chien Chiu, National Tsing Hua Univ
  Po-Hsuan Hsu, National Tsing Hua Univ
  Chih-Wei Wang, National Sun Yat-sen Univ
Ownership Structure, Antitakeover Provisions, and the Cost of Bank Debt
  Yuzi Chen, Nanyang Technological Univ
  Jun-Koo Kang, Nanyang Technological Univ
  Jungmin Kim, Hong Kong Polytechnic Univ
  Hyun Seung Na, Korea Univ
Presenter: Wan-Chien Chiu Presenter: Yuzi Chen
Discussant: Paula Suh, Univ of Georgia Discussant: Anzhela Knyazeva, US SEC

Session V222 - Factor Investing and Models

Top Ten Session
Wednesday, 10:00 PM - 11:00 PM

Chairperson: Xuxi Guo, Georgia State Univ

Trend Factor in China: The Role of Large Individual Trading
  Yang Liu, Tsinghua Univ
  Guofu Zhou, Washington Univ in St Louis
  Yingzi Zhu, Tsinghua Univ
Factor Investing: A Bayesian Hierarchical Approach
  Guanghao Feng, City Univ of Hong Kong
  Jingyu He, Univ of Chicago
Presenter: Yang Liu Presenter: Guanhao Feng
Discussant: Xuxi Guo, Georgia State Univ Discussant: Chen Ling, Georgia State Univ

Session V223 - Firm Cash Holdings and Investments

Wednesday, 10:00 PM - 11:00 PM

Chairperson: Yang Wang, Hong Kong Polytechnic Univ

Geographic Location, Investment Efficiency, and Financial Reporting Quality
  Hui-Ching Hsieh, National Cheng Kung Univ
  Christika Sindarta, National Cheng Kung Univ
Financial Liberalization, Investor Protection and Corporate Cash
  Yennru Chen, National Chengchi Univ
Presenter: Hui-Ching Hsieh Presenter: Yennru Chen
Discussant: Partha Roy, Univ of Strathclyde Discussant: Sonia Banos Caballero, Univ of Murcia

Session V224 - Fund Managers

Wednesday, 10:00 PM - 11:00 PM

Chairperson: Shikha Jaiswal, Univ of New South Wales

Hedge Fund Awards: Do Investors and Managers Care, and Should They?
  Hyung Kyu Choi, Hong Kong Polytechnic Univ
  Byoung Uk Kang, Hong Kong Polytechnic Univ
  Seongkyu (Gilbert) Park, Hong Kong Polytechnic Univ
It's a Small World: The Importance of Social Connections with Auditors to Mutual Fund Managers' Portfolio Decisions
  Yangyang Chen, City Univ of Hong kong
  Jun Huang, Shanghai Univ of Finance and Economics
  Ting Li, Shanghai Univ of International Business and Economics
  Jeffrey Pittman, Memorial Univ
Presenter: Seongkyu (Gilbert) Park Presenter: Yangyang Chen
Discussant: Yanbin Wu, Emory Univ Discussant: Shikha Jaiswal, Univ of New South Wales

Thursday, 22 October

8:00 AM - 9:30 AM ET

Session V241 - Board Structure & Quality

Thursday, 8:00 AM - 9:30 AM

Chairperson: Melissa B Frye, Univ of Central Florida

Bank Board Structure and Loan Syndication
  Lindsay Baran, Kent State Univ
  Steven Dennis, Kent State Univ
  Maneesh Shukla, Kent State Univ
Board Reforms and Debt Choice
  Hamdi Ben-Nasr, Qatar Univ
  Sabri Boubaker, EM Normandie Businss School & IRG, Universite Paris Est
  Syine Sassi, South Champagne Business School
Boardroom Quality and Stock Return Synchronicity: Only Dead Fish Go with the Flow
  Sabur Mollah, Univ of Sheffield
  Asma Mobarek, Cardiff Univ
  Marc Goergen, IE Business School & European Corporate Governance Institute
Presenter: Maneesh Shukla Presenter: Sabri Boubaker Presenter: Sabur Mollah
Discussant: Debanjana Dey, Univ of Central Florida Discussant: Ann Marie Whyte, Univ of Central Florida Discussant: Duong Pham, Georgia Southern Univ

Session V242 - CEO Compensation: Outside Monitors

Thursday, 8:00 AM - 9:30 AM

Chairperson: Jesus Salas, Lehigh Univ

Spinning the CEO Pay Ratio Disclosure
  Audra Boone, Texas Christian Univ
  Austin Starkweather, Univ of South Carolina
  Joshua T White, Vanderbilt Univ
The Elephant in the Room: Politics and Executive Compensation
  Bunyamin Onal, Sabanci Univ
  Nan Xiong, Univ of Surrey
Long Term Institutional Investors and Executive Compensation
  T Colin Campbell, Univ of Cincinnati
  Haimanot Kassa, Miami Univ
  Timothy E Trombley, Illinois State Univ
Presenter: Austin Starkweather Presenter: Nan Xiong Presenter: Timothy E Trombley
Discussant: Benjamin Bennett, Tulane Univ Discussant: Jesus Salas, Lehigh Univ Discussant: Jin Xu, Virginia Tech

Session V243 - Corporate Governance & Firm Credit

Thursday, 8:00 AM - 9:30 AM

Chairperson: Saira Latif, Univ of Massachusetts Lowell

Trade Credit, Creditor Protection and Financial Crisis
  Sonia Banos-Caballero, Univ of Murcia
  Pedro J Garcia-Teruel, Univ of Murcia
  Pedro Martinez-Solano, Univ of Murcia
Country Level Corporate Governance and Lines of Credit
  Mohsen Mollagholamali, Western Kentucky Univ
  Ramesh Rao, Oklahoma State Univ
Trust and Credit Availability: A Comparative Study in Islamic and Conventional Bank in Indonesia
  Ibrahim Fatwa Wijaya, Universitas Sebelas Maret & Cranfield Univ
  Andrea Moro, Cranfield Univ
  Yacine Belghitar, Cranfield Univ
Presenter: Sonia Banos Caballero Presenter: Mohsen Mollagholamali Presenter: Ibrahim Fatwa Wijaya
Discussant: Mohsen Mollagholamali, Western Kentucky Univ Discussant: Yadi Wang, Univ of Massachusetts Lowell Discussant: Iskandar Arifin, Michigan State Univ

Session V244 - Corporate Governance: Other Stakeholders

Thursday, 8:00 AM - 9:30 AM

Chairperson: Jing Xu, Univ of Technology Sydney

Can Credit Default Swaps Improve Employee Treatment?
  Anastasia Lashova, Univ of Warwick
  Sarah Qian Wang, Univ of Warwick
Operational Response to Product Market Competition Shocks - Evidence from Workplace Safety
  Zhiyan Wang, Univ of Alabama
If You Want to Maximize Profits, Manage for the Long-term
  Yrjo Koskinen, Univ of Calgary
  J Ari Pandes, Univ of Calgary
  Shuai Yang, Univ of Calgary
Presenter: Anastasia Lashova Presenter: Zhiyan Wang Presenter: Shuai Yang
Discussant: Mengqiao Du, Univ of Mannheim Discussant: Judith Bohnenkemp, Univ of Miami Discussant: Kenny Phua, Univ of Technology Sydney

Session V245 - Corporate Misconduct and Poor Governance

Thursday, 8:00 AM - 9:30 AM

Chairperson: Blerina Bela Zykaj, Clemson Univ

Does Poor Governance Cause Corporate Distress? An Agnostic AssesSMEnt
  Sheng Guo, Florida International Univ
  Qiang Kang, Florida International Univ
Delegated Monitoring, Institutional Ownership, and Corporate Misconduct Spillovers
  Ugur Lel, Univ of Georgia
  Zhongling Qin, Auburn Univ
  Gerald Martin, American Univ
Enterprise Risk Management and Financial Misconduct
  Evan M Eastman, Florida State Univ
  Chan Li, Univ of Kansas
  Lili Sun, Univ of North Texas
  Jianren Xu, Univ of North Texas
Presenter: Qiang Kang Presenter: Zhonglin (Danny) Qin Presenter: Jianren Xu
Discussant: Jose Moreno, Univ of the Incarnate Word Discussant: Blerina Bela Zykaj, Clemson Univ Discussant: Ahmed W Alam, Univ of New Orleans

Session V246 - Fintech and Entrepreneurism

Thursday, 8:00 AM - 9:30 AM

Chairperson: Jiasun Li, George Mason Univ

The Digital Credit Divide: Marketplace Lending and Entrepreneurship
  Douglas Cumming, Florida Atlantic Univ & Univ of Birmingham
  Hisham Farag, Birmingham Univ
  Sofia Johan, Florida Atlantic Univ
  Danny McGowan, Univ of Birmingham
The Smart Contract Revolution: A Solution for the Hold-Up Problem?
  Aurelie Sannajust, Univ of AIX-Marseile
  Olivier Meier, Univ of AIX-Marseile
Identifying Start-Up Success: Testing-The-Waters Policy with Hypothetical Investment
  Douglas Cumming, Florida Atlantic Univ & Univ of Birmingham
  Fabrice Herve, Universite de Bourgogne
  Elodie Manthe, WISEED & Universite de Bourgogne
  Armin Schwienbacher, SKEMA Business School & Universite Cote d'Azur
Presenter: Sofia Johan Presenter: Aurelie Sannajust Presenter: Douglas Cumming
Discussant: Huan Tang, HEC Paris and London School of Economics Discussant: Katrin Tinn, McGill Univ Discussant: Emma Li, Deakin Univ

Session V247 - Foreign Exchange

Thursday, 8:00 AM - 9:30 AM

Chairperson: Pedro Angel Garcia Ares, ITAM

Economic Policy Uncertainty and ADR Mispricing
  Axel Grossmann, Georgia Southern Univ
  Thanh Ngo, East Carolina Univ
Inflation Risk Premia and Foreign Exchange Rates
  Daehwan Kim, Konkuk Univ
  Fabio Moneta, Telfer School of Management, Univ of Ottawa
US Populist Rhetoric and Currency Returns
  Ilias Filippou, Washington Univ in St Louis
  Arie E Gozluklu, Univ of Warwick
  My Tra Nguyen, Univ of Warwick
  Mark P Taylor, Washington Univ in St Louis
Presenter: Axel Grossmann Presenter: Fabio Moneta Presenter: My Tra Nguyen
Discussant: My Nguyen, Univ of Warwick Discussant: Juan M Londono, Federal Reserve Board Discussant: Isha Agarwal, Univ of British Columbia

Session V248 - Governments and Finance

Thursday, 8:00 AM - 9:30 AM

Chairperson: Zhaogang Song, Johns Hopkins Univ

Loan Choice of Local Governments in the United Kingdom
  Davide Avino, Univ of Liverpool
  Dennis De Widt, Cardiff Univ
Recasting Dividend Tax Theory: Conditioning on Firm Access to External Investment Capital
  Karen Jang, Florida International Univ
  Robert DeYoung, Univ of Kansas
Financing Legislators
  Renee Adams, Univ of Oxford
  Thomas Mosk, Goethe Univ
Presenter: Davide Avino Presenter: Karen Y Jang Presenter: Thomas Mosk
Discussant: Chen Wang, Univ of Notre Dame Discussant: Jiakai Chen, Univ of Hawaii Manoa Discussant: Pat Akey, Univ of Toronto

Session V249 - Mergers & Acquisitions 2

Thursday, 8:00 AM - 9:30 AM

Chairperson: Syed Walid Reza, Binghamton Univ SUNY

Does Safety Uncertainty Affect Acquisitions?
  Tung Duy Nguyen, Univ of Surrey
  Dimitris Petmezas, Univ of Surrey
  Nikolaos Karampatsas, Univ of Surrey
Are Acquisitions of Intangibles Less Subject to Agency Problems?
  Rong Guo, Binghamton Univ SUNY
  William Mann, Emory Univ
  Syed Walid Reza, Binghamton Univ SUNY
Common Ownership and Competition in Mergers and Acquisitions
  Mohammad (Vahid) Irani, Univ of South Carolina
  Wenhao Yang, Chinese Univ of Hong Kong, Shenzhen
  Feng Zhang, Univ of Utah
Presenter: Tung Nguyen Presenter: Syed Walid Reza Presenter: Mohammad (Vahid) Irani
Discussant: Julie Ngo, Auburn Univ Discussant: Joanna (Xiaoyu) Wang, Georgia State Univ Discussant: Mina Zarrin Miandoab, Univ of Houston

Session V250 - Mutual Fund Flows

Thursday, 8:00 AM - 9:30 AM

Chairperson: Vitaly Orlov, Univ of St Gallen

Slow-Moving Capital and Flow-Driven Common Factors in Stock Returns
  Jiacui Li, Univ of Utah
Investor Mix and Mutual Fund Performance: a Flow Based Measure of Relative Smartness
  You Zhou, Univ of Leeds
  Peng Li, Univ of Leeds,
  Charlie X Cai, Univ of Liverpool
  Kevin Keasey, Univ of Leeds
The Flow-Performance Relation for Mutual Funds Revisited
  Jan Jaap Hazenberg, NN Investment Partners
  Marno Verbeek, Erasmus Univ Rotterdam
Presenter: Jiacui Li Presenter: You Zhou Presenter: Marno Verbeek
Discussant: Marno Verbeek, Erasmus Univ Rotterdam Discussant: Jiacui Li, Univ of Utah Discussant: You Zhou, Univ of Leeds

Session V251 - REIT Performance: News & Ownership Structure

Thursday, 8:00 AM - 9:30 AM

Chairperson: Chongyu Wang, Concordia Univ

Institutional Cross-Ownership and Firm Value: Evidence from Real Estate Investment Trusts
  David C Ling, Univ of Florida
  Chongyu Wang, Concordia Univ
  Tingyu Zhou, Florida State Univ
REIT Debt Pricing and Ownership Structure
  Collin Gilstrap, Univ of Toledo
  Alex Petkevich, Univ of Toledo
  Pavel Teterin, Univ of Toledo
  Ozcan Sezer, Univ of Toledo
Are Good News Good and Bad News Bad? Examining the Asymmetric Responses to News in the REIT Market
  Gene Birz, Southern Connecticut State Univ
  Erik Devos, Univ of Texas El Paso
  Sandip Dutta, Southern Connecticut State Univ
  Desmond Tsang, McGill Univ
Presenter: Chongyu Wang Presenter: Collin Gilstrap Presenter: Gene Birz
Discussant: Desmond Tsang, McGill Univ Discussant: Mariya Letdin, Florida State Univ Discussant: Collin Gilstrap, Univ of Toledo

Session V252 - Stress Testing In Banking

Thursday, 8:00 AM - 9:30 AM

Chairperson: Yessenia C Tellez, Rice Univ

Unintended Side Effects: Stress Tests, Entrepreneurship, and Innovation
  Sebastian Doerr, Bank for International Settlements
Stress Tests and Bank Opacity - A MIMIC Model
  Manvendra Tiwari, Univ of Florida
Bank Stress Testing: Public Interest or Regulatory Capture?
  Thomas Ian Schneider, Old Dominion Univ
  Philip E Strahan, Boston College and NBER
  Jun Yang, Univ of Notre Dame
Presenter: Sebastian Doerr Presenter: Manvendra Tiwari Presenter: Thomas Ian Schneider
Discussant: Seyed Kazempour, Rice University Discussant: Giacomo Nocera, Audencia Business School Discussant: Billy Y Xu, Rice University

Session V253 - Trade Credit & World Trade

Thursday, 8:00 AM - 9:30 AM

Chairperson: Gonul Colak, Hanken School of Economics

The Declining Trade Credit Ratio Puzzle
  Mark Gruskin, Penn State Univ Lehigh Valley
  Ranjan D'Mello, Wayne State Univ
  Francesca Toscano, Wayne State Univ
Do Trade Credits Finance Long-Term Investments
  Jan Bartholdy, Aarhus Univ
  Dennis Olson, Zayed Univ
Trade Policy Uncertainty and Corporate Policy
  Bent Jesper Christensen, Aarhus Univ; Dale T. Mortensen Center (DTMC), Aarhus, Denmark; CREATES, Aarhus, Denmark; Danish Finance Institute
  Einar Cathrinus Kjenstad, Aarhus Univ; Danish Finance Institute
Presenter: Mark Gruskin Presenter: Jan Bartholdy Presenter: Einar Kjenstad
Discussant: Vesa Pursiainen, Univ of St Gallen Discussant: Mikael Paaso, Erasmus Univ Discussant: Panagiotis Loukopoulos, Univ of Strathclyde

Session V254 - Venture Capital - Contracts

Thursday, 8:00 AM - 9:30 AM

Chairperson: Alexander Borisov, Univ of Cincinnati

Moral Hazards in Limited Partnership Models? The Fundraising Dilemma in Venture Capital
  Reiner Braun, Technical Univ of Munich
  Daniel Frechen, Technical Univ of Munich
  Benjamin Hammer, HHL Leipzig Graduate School of Finance
Pay for Performance, Partnership Success, and the Internal Organization of Venture Capital Firms
  Karan Bhanot, Univ of Texas San Antonio
  Palani-Rajan Kadapakkam, Univ of Texas San Antonio
Sticky Terms: Path Dependency in Venture Capital Contracts
  Nils Konstantin Lang, EMLYON Business School
  Robert Bartlett, Univ of California Berkeley
  Alexander Peter Groh, EMLYON Business School
Presenter: Benjamin Hammer Presenter: Karan Bhanot Presenter: Alexander Groh
Discussant: Alexander Borisov, Univ of Cincinnati Discussant: Timothy E Trombley, Illinois State Univ Discussant: Ryan H Peters, Tulane Univ

Session 255 - Overview & Research Ideas Session
Market Microstructure

Thursday, 8:00 AM - 9:30 AM

Presented by
Albert "Pete" Kyle
Charles E. Smith Chair in Finance & Distinguished University Professor
University of Maryland

Albert S. (Pete) Kyle has been the Charles E. Smith Chair Professor of Finance at the University of Maryland's Robert H. Smith School of Business since 2006. He earned his B.S. degree in mathematics from Davidson College (summa cum laude, 1974), studied philosophy and economics at Oxford University as a Rhodes Scholar from Texas (Merton College, 1974-1976, and Nuffiled College, 1976-1977), and completed his Ph.D. in economics at the University of Chicago in 1981. He has been a professor at Princeton University (1981-1987), the University of California Berkeley (1987-1992), and Duke University (1992-2006).

Kyle's research focuses on market microstructure, including topics such as high frequency trading, informed speculative trading, market manipulation, price volatility, the informational content of market prices, market liquidity, and contagion.

Session 256 - Special Panel Session
Applying Financial Economics to Predict Presidential Elections

Thursday, 8:00 AM - 9:30 AM

The panel will include senior scholars and practitioners who have established reputations for predicting presidential election outcomes.

Moderator
David A Walker, Professor Emeritus
Georgetown University

Role of Macro-economic Variables and Mid-term Elections to Forecast the 2020 U.S. Presidential Election

For the second time in this century and the fifth time in US history, the 2016 presidential popular vote winner was not elected president. One day before the election, the author predicted (https://finpolicy.georgetown.edu) Secretary Hillary Clinton would receive between 50.49 and 51.78 percent of the two-party popular vote. She received 51.11 percent. The difference between the popular vote winner and Electoral College outcome inspired the author, ex ante, to develop a state-by-state, cross-section probit model to understand Donald Trump’s Electoral College victory, based on economic, racial and educational characteristics. Trump won the US presidency by winning some of the largest states (Pennsylvania, Michigan and Wisconsin with 17 percent of the necessary electoral votes) by small margins, particularly states with modest per capita incomes and economic growth, and losing the minority vote by less than expected.

Applied Economics, Volume 50, 2018 - Issue 38

Panelists

Charles Tien, Professor of Political Science
Hunter College, CUNY
Guest Editor, PS: Political Science & Politics
Forecasting the 2020 Election: A Growing Field Spreads its Wings

Co-author, Strong Theory and Long Lead for US Federal Elections

Allan J Lichtman, Professor of History
American University
Author of Predicting the Next President: The Keys to the White House

Session V257 - Ownership Structure & Firm Outcomes

Thursday, 8:00 AM - 9:30 AM

Szu-Yin (Jennifer) Wu, Univ at Buffalo SUNY

Going Private and Innovation
  Tolga Demir, Bilkent Univ
  Ali Mohammadi, Copenhagen Business School & CESIS
Identifying a Performance Narrative: The Heterogeneous Impacts of Institutional Ownership on Firm Performance Through Lifecycle
  Mina Glambosky, Brooklyn College CUNY
  Surendranath Jory, Univ of Southampton
  Tapas Mishra, Univ of Southampton
  Thanh Ngo, East Carolina Univ
Product Market Competition, Venture Capital and the Success of Entrepreneurial Firms
  Douglas Cumming, Florida Atlantic Univ
  Giang Nguyen, Waseda Univ
  My Nguyen, RMIT Univ
Presenter: Tolga Demir Presenter: Mina Glambosky Presenter: Giang Nguyen
Discussant: Szu-Yin (Jennifer) Wu, Univ at Buffalo SUNY Discussant: Tashfeen Hussain, Mount Royal Univ Discussant: Anup Basnet, Concordia Univ

Session V258 - Compensation Incentives: Causes & Effects

Thursday, 8:00 AM - 9:30 AM

Chairperson: Tyson D Van Alfen, Southern Illinois Univ Carbondale

Does Customer-Base Structure Influence Managerial Risk-Taking Incentives?
  Jie Chen, Univ of Leeds
  Xunhua Su, Norwegian School of Economics
  Bin Xu, Univ of Leeds
  Xuan Tian, Tsinghua Univ
Shareholder Investment Horizon, Management Incentive Horizon, and Real Earnings Management
  NK Chidambaran, Fordham Univ
  Bharat Sarath, Rutgers Univ
  Lingyi Zheng, Rutgers Univ
Do Reduced Managerial Risk-Taking Incentives Cause Managers to "Play-It-Safe"? Evidence from FAS 123R
  Nicholas Carline, Univ of Birmingham
  Oksana Pryshchepa, Univ of Cardiff
  Bo Wang, Canterbury Christ Church Univ
Presenter: Xunhua Su Presenter: NK Chidambaran Presenter: Bo Wang
Discussant: Steven Irlbeck, Univ of New Hampshire Discussant: Guitao Wen, SIU Carbondale Discussant: Jan Pieter Veerhoek, Univ of Antwerp

EXHIBITOR SPOTLIGHT SESSION
StockTrak
Announcing the launch of StockTrak's College Life Skills Budgeting!

Thursday, 9:30 AM - 10:00 AM

For the past 30 years StockTrak.com has been the world’s leading provider of educational and challenging multi language stock simulations for colleges, high schools, and the investing public. The company’s virtual trading platforms are currently in 82% all trading rooms in the United States and can also be white labeled for universities, corporations and financial websites.

Join us to learn how your students will take on the role of fresh college graduates who have just started their first full-time job. They work through a simulated “year”, where each virtual “month” takes about 20 minutes to complete.

As students progress they meet savings goals, build (and keep) their monthly budget. Pay their bills on time, manage their limited income with unlimited wants, deal with many expected and unexpected decisions and costs. Manage their checking and savings accounts. Pay bills on time. Grow credit score, learn about insurance and deductibles, how to fill out a tax returns including setting and attain monthly savings goals and so much more.

 

Thursday 22 October | 10:00 AM - 11:00 AM

Session V261 - Anomalies & Returns

Thursday, 10:00 AM - 11:00 AM

Chairperson: Junbo Wang, Louisiana State Univ

Betting Against Sentiment: Seemingly Unrelated Anomalies and the Low-Risk Effect
  Maik Dierkes, Leibniz Univ Hannover
  Sebastian Schroen, Leibniz Univ Hannover
Learning, Time-Variation, and the Factor Zoo
  Simon C Smith, Federal Reserve Board
Presenter: Sebastian Schroen Presenter: Simon C Smith
Discussant: Lezgin Ay, Iowa State Univ Discussant: Junbo Wang, Louisiana State Univ

Session V262 - Around IPOs

Thursday, 10:00 AM - 11:00 AM

Chairperson: Ioannis V Floros, Univ of Wisconsin Milwaukee

CEO Contract Horizons Around IPOs
  Dimitrios Gounopoulos, Univ of Bath
  George Loukopoulos, Open Univ
  Panagiotis Loukopoulos, Univ of Strathclyde
Charity Begins at the Office: Awarding Cheap Stock and Stock Options to Employees Before Going Public
  John D Finnerty, Fordham Univ
Presenter: Panagiotis Loukopoulos Presenter: John D Finnerty
Discussant: Siyuan Fan, Univ of Wisconsin Milwaukee Discussant: Ann Sherman, DePaul Univ

Session V263 - Banking Frictions

Top Ten Session
Thursday, 10:00 AM - 11:00 AM

Chairperson: Laura Gonzalez, Cal State Long Beach

Rent Extraction by Super-Priority Lenders
  B Espen Eckbo, Dartmouth College
  Kai Li, Univ of British Columbia
  Wei Wang, Queen's Univ
Courts Meet the Law: Consequences of Bankruptcy Law Enforcement on Bank Credit for SMEs
  Marco Ghitti, SKEMA Business School
Presenter: Wei Wang Presenter: Marco Ghitti
Discussant: Laura Gonzalez, Cal State Long Beach Discussant: Wei Wang, Queen's Univ

Session V266 - Investing In Funds

Thursday, 10:00 AM - 11:00 AM

Chairperson: Qiang Kang, Florida International Univ

Fixed Income ETFs, Bond Liquidity, and Stressed Markets
  Thomas Marta, Universite Paris-Dauphine
Why Can't Investors Pick the Right Index Fund?
  Ricardo Barahona, Tilburg Univ & Erasmus Univ Rotterdam
Presenter: Thomas Marta Presenter: Ricardo Barahona
Discussant: Shixiang Xia, Northwestern Univ Discussant: Dallin Alldredge, Florida International Univ

Session V267 - Jumps, Volatility & Risk Premia

Thursday, 10:00 AM - 11:00 AM

Chairperson: Aurelio Vasquez, ITAM

Variance Risk Premiums and Resolution of Uncertainty
  Charles Cao, Penn State Univ
  Han Xiao, Penn State Univ
Quantile Risk Premiums
  Felix Brinkmann, Deutsche Bundesbank
  Julian Doerries, Univ of Goettingen
  Olaf Korn, Univ of Goettingen
Presenter: Han Xiao Presenter: Julian Doerries
Discussant: Pedro Garcia-Ares, ITAM Discussant: Mobina Shafaati, Old Dominion Univ

Session V268 - Managerial Impacts On Investment Efficiency & Liquidity

Thursday, 10:00 AM - 11:00 AM

Chairperson: Kristine W Hankins, Univ of Kentucky

Financial Hedging and Corporate Cash Policy
  Wenyi Sun, Durham Univ
  Chao Yin, Univ of Reading
  Yeqin Zeng, Durham Univ
Options Trading Activities and Corporate Cash Holdings
  Douglas O Cook, Univ of Alabama
  Shikong (Scott) Luo, Univ of Alabama
Presenter: Chao Yin Presenter: Shikong (Scott) Luo
Discussant: Peter MacKay, HKUST Discussant: Jennifer Koski, Univ of Washington

Session V271 - Security Issuance

Thursday, 10:00 AM - 11:00 AM

Chairperson: Sam Kolahgar, Univ of Prince Edwar Island

Equity Issues, Creditor Control and Market Timing Patterns: Evidence from Leverage Decreasing Recapitalizations
  Michael Kisser, BI Norwegian Business School
  Loreta Rapushi, Norwegian School of Economics
Pay Now, Play Later: Political Connections and Underwriting Relationships in the Muni Market
  Yue (Steve) Liu, Missouri S&T
  Z Jay Wang, Univ of Oregon
Presenter: Loreta Rapushi Presenter: Steve Liu
Discussant: Panagiotis Couzoff, Catolica-Lisbon School of Business & Economics Discussant: Hugh Kim, Univ of Texas Dallas

Session V272 - Stock Option

Thursday, 10:00 AM - 11:00 AM

Chairperson: Trang Thai, SUNY Brockport

When Equity Fails - an Appraisal of Revenue Sharing as the Last Resort
  Christian Haas, Justus Liebig Univ of Giessen
  Thomas Heyden, European Central Bank
Intellectual Property Rights and Employee Stock Option Compensation: Evidence from Court of Appeals Federal Circuit Ruling in 2008
  Soomi Jang, Univ of Massachusetts Lowell
Presenter: Christian Haas Presenter: Soomi Jang
Discussant: Soomi Jang, Univ of Massachusetts Lowell Discussant: Christian Haas, Justus Liebig Univ of Giessen

Thursday, 22 October | 11:00 AM - 12:30 PM (ET)

Women's Networking Roundtable

Thursday, 11:00 AM - 12:30 PM

Coordinated by Jennie Bai, Associate Professor, Georgetown University and Isil Erel, David A. Rismiller Chair in Finance and Academic Director, Risk Institute, The Ohio State University, this session will provide an opportunity for women to network with each other, as well as share thoughts and solutions to the unique challenges women face in advancing in the finance profession.

Panelists
Brad Barber, Maurice J and Marcia G Gallagher Chair in Finance
University of California Davis

Wei Jiang, Arthur F Burns Professor of Free and Competitive Enterprise
Columbia University

Nadya Malenko, Associate Professor of Finance
University of Michigan

René Stulz, Everett D Reese Chair of Banking and Monetary Economics and Director, Dice Center for Research in Financial Economics
The Ohio State University

Toni Whited, Dale L Dykema Professor of Business Administration
University of Michigan

           

Thursday, 22 October | 12:30 PM - 1:30 PM (ET)

A 50-Year Retrospective on the Z-Score Family of Models: What Have We Learned and COVID-19 and the Credit Cycle

Thursday, 12:30 PM - 1:30 PM

This event will feature a special presentation by Ed Altman, Max L. Heine Professor of Finance, Emeritus, NYU Stern School of Business, Director of the Credit & Debt Markets Research Program of the NYU Salomon Center, and creator of the Altman Z-Score.

He will offer a retrospective view of the past 50 years of the financial markets as well as insights for the future.

Edward I. Altman is the Max L. Heine Professor of Finance, Emeritus at the Stern School of Business, New York University. He is the Director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions. Prior to serving in his present position, Professor Altman chaired the Stern School's MBA Program for 12 years. Dr. Altman was named to the Max L. Heine endowed professorship at Stern in 1988 and his Emeritus status in September 2015.

Dr. Altman has an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt and credit risk analysis. He is the creator of the world famous Altman-Z-Score model for bankruptcy prediction of companies globally. He was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris for his accumulated works on corporate distress prediction models and procedures for firm financial rehabilitation and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation for his work on Default Rates on High Yield Corporate Debt and was named "Profesor Honorario" by the University of Buenos Aires in 1996 and "Honorary Doctorate" from Lund University (Sweden) in 2011 and the Warsaw School of Economics (Poland) in 2015. He was an advisor to the Centrale dei Bilanci in Italy and to several foreign central banks. Professor Altman is also the Chairman of the Academic Advisory Council of the Turnaround Management Association. He was inducted into the Fixed Income Analysts Society Hall of Fame in 2001, President of the Financial Management Association (2003) and a FMA Fellow in 2004 and was amongst the inaugural inductees into the Turnaround Management Association's Hall of Fame in 2008. In 2005, Prof. Altman was named one of the "100 Most Influential People in Finance" by the Treasury & Risk Management magazine.

Thursday, 22 October | 2:00 PM - 3:30 PM ET

Session V281 - Algos & Institutional Trading

Thursday, 2:00 PM - 3:30 PM

Chairperson: Ryan Davies, Babson College

Liquid Speed: Pricing Congestion on Low Latency Exchanges
  Michael Brolley, Wilfrid Laurier Univ
  Marius Zoican, Univ of Toronto
The Anatomy of Trading Algorithms
  Tyler Beason, Arizona State Univ
  Sunil Wahal, Arizona State Univ
Splitting and Shuffling: Institutional Trading Motives and Order Submissions Across Brokers
  Munhee Han, Univ of Texas Dallas
Presenter: Marius Zoican Presenter: Tyler Beason Presenter: Munhee Han
Discussant: Yashar Barardehi, Chapman Univ Discussant: Katya Malinova, McMaster Univ Discussant: Amber Anand, Syracuse Univ

Session V282 - Asset Pricing & Global Evidence

Thursday, 2:00 PM - 3:30 PM

Chairperson: Benjamin Jansen, Middle Tennessee State Univ

Valuation and Long-Term Growth Expectations
  Angel Tengulov, Vanderbilt Univ
  Josef Zechner, Vienna Univ
  Jeffrey Zwiebel, Stanford Univ
The Foreign Exchange Risk Premium in the Cross-Section of Stock Returns: International Evidence
  Alain Krapl, Northern Kentucky Univ
  Armin Varmaz, Hochschule Bremen
Time-Varying Risk Aversion and Stock Return Predictability: International Evidence
  Erwin Hansen, Univ of Chile
  Massimo Guidolin, Bocconi Univ
  Gabriel Cabrera,
Presenter: Angel Tengulov Presenter: Alain Krapl Presenter: Erwin Hansen
Discussant: Anne Anderson, Middle Tennessee State Univ Discussant: Derek Lee, Ohio Northern Univ Discussant: Benjamin Jansen, Middle Tennessee State Univ

Session V283 - CEO Influence and Characteristics

Thursday, 2:00 PM - 3:30 PM

Chairperson: Lingling Wang, Univ of Connecticut

CEO Social Capital as Real Option Facilitator
  Luis Garcia-Feijoo, Florida Atlantic Univ
  Md Nazmul Hasan Bhuyan, Florida Atlantic Univ
CEO Political Ideology and Management Earnings Forecast
  Md Noman Hossain, Univ of Texas Rio Grande Valley
  Ahmed Elnahas, Univ of Texas Rio Grande Valley
  Lei Gao, Iowa State Univ
Safety First! Overconfident CEOs and Improved Corporate Workplace Safety
  Suman Banerjee, Stevens Institute of Technology
  Mark Humphery-Jenner, Univ of New South Wales
  Pawan Jain, Univ of Wyoming
Presenter: Luis Garcia-Feijoo Presenter: Md Noman Hossain Presenter: Pawan Jain
Discussant: Leng Ling, Georgia College & State Univ Discussant: Zhenhua Chen, Univ of San Diego Discussant: Zinat Alam, Univ of North Texas

Session V284 - Consumption Capital Asset Pricing

Thursday, 2:00 PM - 3:30 PM

Chairperson: C R Narayanaswamy, Clayton State Univ

Knight Meets Sharpe: Capital Asset Pricing Under Ambiguity
  Yehuda Izhakian, Baruch College CUNY
Consumption-Based Downside Risk
  Georges Tsafack, Univ of Rhode Island
  Romeo Tedongap, ESSEC Business School
  Khaled Amira, St. Bonaventure Univ
  Mark L Muzere, Suffolk Univ
Asset Pricing with and Without Garbage: Resurrecting Aggregate Consumption
  Stefanos Delikouras, Univ of Miami
Presenter: Yehuda Izhakian Presenter: Georges Tsafack Presenter: Stefanos Delikouras
Discussant: Massimo Guidolin, Bocconi Univ Discussant: Quan Qi, Univ of Kentucky Discussant: Victor Xi Luo, Stevens Institute of Technology

Session V285 - Contagion and Systemic Risk

Thursday, 2:00 PM - 3:30 PM

Chairperson: Ali Dadpay, Univ of Dallas

Information Choice and Shock Transmission
  Adelina Barbalau, Univ of Alberta
Financial Contagion: Bank Characteristics Matter
  Sharif Mazumder, Oklahoma State Univ
  Louis Piccotti, Oklahoma State Univ
Are Exchange-Traded Funds Systemically Risky?
  Rochelle (Shelly) Antoniewicz, Investment Company Institute
  Christof W Stahel, Investment Company Institute
Presenter: Adelina Barbalau Presenter: Louis R Piccotti Presenter: Christof W Stahel
Discussant: Juha Junttila, Jyvaskyla Univ Discussant: Karen Jang, Florida International Univ Discussant: Sinan Yildirim, Texas Wesleyan Univ

Session V286 - Credit Risk

Thursday, 2:00 PM - 3:30 PM

Chairperson: Nathaniel P Graham, Texas A&M International Univ

Bank Failures, Credit Allocation and Income Inequality
  Salvador Contreras, Univ of Texas Rio Grande Valley
  Amit Ghosh, Texas A&M International Univ
  Iftekhar Hasan, Fordham Univ
Lumpy Investment and Credit Risk
  Feng Jiao, Univ of Lethbridge
  Chuanqian Zhang, William Paterson Univ
Losing Control? The 20-Year Decline in Loan Covenant Restrictions
  Thomas P Griffin, Villanova Univ
  Greg Nini, Drexel Univ
  David C Smith, Univ of Virginia
Presenter: Amit Ghosh Presenter: Chuanqian Zhang Presenter: Thomas Griffin
Discussant: Leiza Nochebuena, Texas A&M International Univ Discussant: Abdullah Shoeb, Texas A&M International Univ Discussant: Nathaniel P Graham, Texas A&M International Univ

Session V287 - Fintech Techniques 1

Thursday, 2:00 PM - 3:30 PM

Chairperson: Lingfei Kong, UNC Charlotte

The Informational Role of Imagery in Financial Decision Making: A New Approach
  Tavy Ronen, Rutgers Univ
  Tawei (David) Wang, DePaul Univ
  Mi (Jamie) Zhou, Virginia Commonwealth Univ
Financial Inclusion and Alternate Credit Scoring for the Millenials: Role of Big Data and Machine Learning in Fintech
  Sumit Agarwal, National Univ of Singapore
  Shashwat Alok, Indian School of Business
  Pulak Ghosh, Indian Institute of Management Bangalore
  Sudip Gupta, Fordham Univ
Deep Learning: Credit Default Prediction from User-Generated Text
  Johannes Kriebel, Univ of Muenster
  Lennart Stitz, Univ of Muenster
Presenter: Tavy Ronen Presenter: Sudip Gupta Presenter: Johannes Kriebel
Discussant: Ziwei Zhao, HEC Lausanne Discussant: Raluca Roman, Fed Res Bank Philadelphia Discussant: Destan Kirimhan, Univ of South Carolina

Session V288 - Information and Asset Prices

Top Ten Session
Thursday, 2:00 PM - 3:30 PM

Chairperson: Vivek Sharma, Univ of Hartford

Agency Conflicts, Macroeconomic Risk, and Asset Prices
  Adelphe Ekponon, Univ of Cambridge
Ambiguity, Long-Run Risks, and Asset Prices
  Bin Wei, Federal Reserve Bank Atlanta
Idiosyncratic Uncertainty in News and Stock Market Reaction
  Le (Lexi) Kang, Tulane Univ
  Hwagyun (Hagen) Kim, Texas A&M Univ
Presenter: Adelphe Ekponon Presenter: Bin Wei Presenter: Le (Lexi) Kang
Discussant: Sina Ehsani, Northern Illinois Univ Discussant: Jeong-Ho (John) Kim, Emory Univ Discussant: Peter Nephi Dixon, US SEC

Session V289 - Insider Trading 1

Thursday, 2:00 PM - 3:30 PM

Chairperson: Semih Tartaroglu, Wichita State Univ

Insider Trading and Net Order Flows: The Case of Technology Bubble
  Semih Tartaroglu, Wichita State Univ
Sell-Side Analyst Heterogeneity and Insider Trading
  Harold Contreras, Univ of Chile
  Francisco Marcet, Univ of Chile
Private Information and Predicting Returns
  Moustafa Abuelfadl, Binghamton Univ SUNY
Presenter: Semih Tartaroglu Presenter: Harold Contreras Presenter: Moustafa Abuelfadl
Discussant: Phiip Drummond, Monash Univ Discussant: Sulei Han, Univ of Central Florida Discussant: Semih Tartaroglu, Wichita State Univ

Session V290 - Investment & Invest Efficiency

Thursday, 2:00 PM - 3:30 PM

Chairperson: McKay Price, Lehigh Univ

Information Processing Costs and Firms' Investment Efficiency: Evidence from the SEC’s XBRL Mandate
  Cecilia (Qian) Feng Feng, Stony Brook Univ
  Chansog (Francis) Kim, Stony Brook Univ
What Drives the Instability of Book-to-Market Portfolios?
  Yuan Tian, Univ of Cincinnati
  Michael Ferguson, Univ of Cincinnati
  Steve Slezak, Univ of Cincinnati
Future Orientation and Uncertain Tone: Evidence from Corporate Discourse
  Tuugi Chuluun, Loyola Univ Maryland
  Siamak Javadi, Univ of Texas Rio Grande Valley
  Takeshi Nishikawa, Univ of North Texas
  Andrew Prevost, Univ of Vermont
Presenter: Chansog (Francis) Kim Presenter: Yuan Tian Presenter: Siamak Javadi
Discussant: Joung Kim, Nova Southeastern Univ Discussant: Iulian Obreja, US SEC Discussant: McKay Price, Lehigh Univ

Session V291 - Mutual Fund Manager Behavior

Thursday, 2:00 PM - 3:30 PM

Chairperson: Yong Chen, Texas A&M Univ

An Anatomy of Managerial Match Finding: Evidence from the Mutual Fund Industry
  Gjergji Cici, Univ of Kansas
  Mario Hendriock, Univ of Cologne
  Alexander Kempf, Univ of Cologne
Short Selling Meets Mutual Fund Exits: Exploring the Negative Sentiment of Sophisticated Investors
  Collin Gilstrap, Univ of Toledo
  Alex Petkevich, Univ of Toledo
  Ralitsa Petkova Petkevich, Case Western Reserve Univ
Why do Mutual Funds Share Stock Tips?
  Mehran Azimi, Univ of Alabama
  Shawn Mobbs, Univ of Alabama
  Kevin Mullally, Univ of Central Florida
  Shane Underwood, Baylor Univ
Presenter: Gjergji Cici Presenter: Alexey Petkevich Presenter: Mehran Azimi
Discussant: Jay Wang, Univ of Oregon Discussant: Yawen Jiao, Univ of California Riverside Discussant: Steven Crawford, Univ of Houston

Session 294 - Special Panel Session
Maker-Taker Fees Reexamined

Thursday, 2:00 PM - 3:30 PM

This panel session will present and discuss A Model of Maker-Taker Fees and Quasi-Natural Experimental Evidence

Presenters
Frederick H deB Harris, Professor of Finance and Dean's Fellow in Investments
Wake Forest University

Michael Goldstein, Professor, Donald P. Babson Professor of Applied Investments & Faculty Director, Master of Science in Finance Program
Babson College
Theoretical Model

Robert Battalio, Professor and the William and Cassie Daley Department Chair
University of Notre Dame
Comparison to Prior Literature

Frank Hatheway
Nasdaq (retired)
The NASDAQ Fee Pilot, Data and Methods

James Angel, Associate Professor
Georgetown University
Empirical Results

Amy Edwards, Assistant Director, Office of Markets
US SEC
Discussion and Policy Questions

Session 295 - Special Session
From Your Classroom to Wall Street: Lessons Learned and Best Practices for Strategic Partnership

Thursday, 2:00 PM - 3:30 PM

Business schools across the country have been investing resources and introducing rigorous programs to improve students' development and employment opportunities in finance, especially in areas of investment banking, mergers and acquisitions, asset management and private banking.

The successes of these programs stem from many types of transformational experiences:

  • Workshops on technical and soft skills.
  • Interview training and overviews of different areas in finance.
  • Firm tours in major cities (e.g., NYC, Chicago, Atlanta).
  • Student-managed funds (e.g., Applied Investment Management class at Notre Dame).
  • Competitions (e.g., CFA Research Challenge, National Investment Banking Competition).
  • Networking with alumni and employers.
Moderator
Laura Field, Professor of Finance and Department Chair
University of Delaware

Panelists
David Brown, Associate Professor of Finance
University of Florida

Max Dolinsky, Assistant Professor of Finance
University of Delaware

Colin Jones, Associate Teaching Professor of Finance
University of Notre Dame

Session 296 - Special Session
Blockchain Economics

Thursday, 2:00 PM - 3:45 PM

This session consists of a panel of senior academic researchers with significant editorial experience. Panelists will provide their perspectives on the state of the blockchain economics literature and suggest avenues for future research.

Moderators
Kose John, Charles William Gerstenberg Professorship in Banking and Finance
New York University

Fahad Saleh, Assistant Professor
Wake Forest University

Panelists
Agostino Capponi
Associate Professor of Industrial Engineering and Operations Research
Columbia University

Vishal Gaur, Emerson Professor of Manufacturing Management, MPS Program Director in Business Analytics & Department Editor, Operations Management Department, Management Science
Cornell University

Itay Goldstein, Joel S. Ehrenkranz Family Professor, Professor of Finance, Professor of Economics, Coordinator of PhD Program
University of Pennsylvania Wharton School

Maureen O'Hara, Robert W Purcell Professorship of Management
Cornell University

Thursday, 22 October | 4:00 PM - 5:30 PM ET
Session V301 - CEO Overconfidence Matters

Thursday, 4:00 PM - 5:30 PM

Chairperson: Dami Kabiawu, The King's College

Competing Against Overconfident CEOs
  Binay K Adhikari, Univ of Texas Rio Grande Valley
  Shradha Bindal, Univ of Kansas
  T Colin Campbell, Univ of Cincinnati
  Shane A Underwood, Texas A&M Univ
Rose- and Blue-Colored Glasses: Childhood Exposure to Political Ideology and CEO Overconfidence
  Andrew Schwartz, Seton Hall Univ
Trickle-Down Overconfidence: The Impact of Customer Overconfidence on Supplier Firms
  Aaron Nelson, Univ of Texas El Paso
  Andrew Schwartz, Seton Hall Univ
Presenter: Binay K Adhikari Presenter: Andrew Schwartz Presenter: Andrew Schwartz
Discussant: Anil Kumar, Aarhus Univ Discussant: Ann Marie Hibbert, West Virginia Univ Discussant: Chengping Zhang, George Fox Univ

Session V302 - Climate & Productivity Effects In Housing Markets & Lending

Thursday, 4:00 PM - 5:30 PM

Chairperson: Tingyu Zhou, Florida State Univ

Flood Risk and the US Housing Market
  Howard Kunnreuther, Univ of Pennsylvania
  Susan Wachter, Univ of Pennsylvania
  Carolyn Kouaky, Univ of Pennsylvania
  Michael LaCour-Little, California State Univ Fullerton & Fannie Mae
Productivity Shocks of Dominant Companies and Local Housing Markets
  Thanh Nguyen, Cal State Fullerton
  Arsenio Staer, Cal State Fullerton
  Jing Yang, Cal State Fullerton
Do Mortgage Lenders Care About Climate Change? A Study of Local Lending Patterns
  Jason Damm, Florida Atlantic Univ
Presenter: Michael LaCour-Little Presenter: Arsenio Staer Presenter: Jason Damm
Discussant: Lu Fang, Longwood Univ Discussant: Tingyu Zhou, Florida State Univ Discussant: Erkan Yonder, Concordia Univ

Session V303 - Corporate Governance: Directors

Thursday, 4:00 PM - 5:30 PM

Chairperson: Harley Ryan, Georgia State Univ

Are Superstar Directors Effective in Corporate Governance?
  Silu Cheng, Metropolitan State Univ of Denver
  Lindsay Baran, Kent State Univ
Why do Boards Let their CEOs Take Outside Directorships? Entrenchment and Embeddedness
  Michael Hertzel, Arizona State Univ
  Hong Zhao, NEOMA Business School
Hidden in Plain Sight: The Role of Corporate Board of Directors in Public Charity Lobbying
  Changhyun Ahn, Univ of Florida
  Joel F Houston, Univ of Florida
  Sehoon Kim, Univ of Florida
Presenter: Silu Cheng Presenter: Michael Hertzel Presenter: Sehoon Kim
Discussant: Mark Chen, Georgia State Univ Discussant: Olubunmi Faleye, Northeastern Univ Discussant: Ryan Williams, Univ of Arizona

Session V304 - CSR Investments

Thursday, 4:00 PM - 5:30 PM

Chairperson: Rama K Malladi, Cal State Dominguez Hills

Can Hedge Funds Benefit from CSR Investment?
  Jun Duanmu, Louisiana Tech Univ
  Qiping Huang, Boise State Univ
  Yongjia Li, Boise State Univ
  Garrett A McBrayer, Boise State Univ
Examining Portfolios Created by Bloomberg ESG Scores: Performance and Determinants
  Mark K Pyles, College of Charleston
Green Bonds: Is There a Benefit to 3rd Party Certification?
  Nicolas Duvernois, Univ of New Orleans
  Duygy Zirek, Univ of New Orleans
Presenter: Jun Duanmu Presenter: Mark Pyles Presenter: Nicolas Duvernois
Discussant: Mark Pyles, College of Charleston Discussant: Nicolas Duvernois, Univ of New Orleans Discussant: Jun Duanmu, Louisiana Tech Univ

Session V305 - Disclosure

Thursday, 4:00 PM - 5:30 PM

Chairperson: Brian Wolfe, Univ of Texas San Antonio

Cutting Through Complexity: Segment Disclosure and Pricing Efficiency
  Doina Chichernea, Univ of Denver
  Philipp D Schaberl, Univ of Northern Colorado
  Maya Thevenot, Florida Atlantic Univ
Imprecise and Informative: Lessons from Market Reactions to Imprecise Disclosure
  J Anthony Cookson, Univ of Colorado Boulder
  Katie Moon, Univ of Colorado Boulder
  Joonki Noh, Case Western Reserve Univ
Public Creditors' Information Acquisition from Mandatory Private Loan Disclosures
  Tengfei Zhang, Louisiana State Univ
Presenter: Doina Chichernea Presenter: Joonki Noh Presenter: Tengfei Zhang
Discussant: Michael Dambra, Univ at Buffalo SUNY Discussant: Noah Stoffman, Indiana Univ Discussant: Xinyuan (Stacie) Tao, New Jersey Institute of Technology

Session V306 - Interconnected Markets

Thursday, 4:00 PM - 5:30 PM

Chairperson: Garrison Hongyu Song, Farmingdale State College

Market Contagion During Bubbles: Evidence from Developed Economies
  Diego Escobari, Univ of Texas Rio Grande Valley
  Shahil Sharma, Texas A&M Univ
The Contribution of Foreign Institutional Ownership to Informational Efficiency Around the World
  Kelley Anderson, Univ of Memphis
  Pankaj K Jain, Univ of Memphis
  Seung Won Woo, US SEC
Interrelations in Market Fears of US and European Equity Markets
  Ghulam Sarwar, Cal State San Bernardino
Presenter: Shahil Sharma Presenter: Kelley Anderson Presenter: Ghulam Sarwar
Discussant: Garrison Hongyu Song, Farmingdale State College   Discussant: Sathiavanee Veeramoothoo, Missouri Western State Univ

Session V307 - Investment Behavior

Thursday, 4:00 PM - 5:30 PM

Chairperson: Yu-Jou (Abby) Pai, Concordia Univ

Reference-Dependent Preferences and Mutual Fund Flows
  Asli Eksi, Univ of Massachusetts Amherst
Play it Again! A Natural Experiment on Definitivity Avoidance
  Thomas Bassetti, Padua Univ
  Stefano Bonini, Stevens Institute of Technology
  Fausto Pacicco, LIUC Universita Cattaneo
  Filippo Pavesi, LIUC Universita Cattaneo
Market Sentiment and the Cross-Section of Expected Stock Returns
  Gady Jacoby, Univ of Manitoba
  Chi Liao, Univ of Manitoba
  Nanying Lin, Univ of Manitoba
  Lei Lu, Univ of Manitoba
Presenter: Asli Eksi Presenter: Stefano Bonini Presenter: Nanying Lin
Discussant: Anh Nguyen, Univ of Texas Arlington Discussant: Youngjae (Jay) Choi, Univ of North Dakota Discussant: Aditya Kashikar, Univ of Massachusetts Boston

Session V308 - Macroeconomic Risks

Thursday, 4:00 PM - 5:30 PM

Chairperson: Erin Ferris, Federal Reserve Board

When it Rains it Pours: Cascading Financial Uncertainty Shocks
  Anthony Diercks, Federal Reserve Board
  Alex Hsu, Georgia Tech
  Andrea Tamoni, Rutgers Univ
Risk Premia and Monetary Policy Coordination in a Two-Country World
  Hsuan Fu, Laval Univ
Assessing Macroeconomic Tail Risks in a Data Rich Environment
  Thomas Cook, Federal Reserve Bank Kansas City
  Taeyoung Doh, Federal Reserve Bank Kansas City
Presenter: Anthony Diercks Presenter: Hsuan Fu Presenter: Taeyoung Doh
Discussant: Brent Bundick, Federal Reserve Bank Kansas City Discussant: Taeyoung Doh, Federal Reserve Bank Kansas City Discussant: Ali Dadpay, Univ of Dallas

Session V309 - Mortgage Lending

Thursday, 4:00 PM - 5:30 PM

Chairperson: Patrick Bernard Washington, Morehouse College

The Stock Market and Discrimination in Mortgage Lending
  Yongqiang Chu, UNC Charlotte
  Xiaonan (Flora) Ma, Univ of South Carolina
  Teng (Tim) Zhang, Univ of Wyoming
Bank Entrepreneurs
  Kristoph Kleiner, Indiana Univ
  Manju Puri, Duke Univ
  Chiwon Yom, FDIC
Policy Uncertainty and Bank Mortgage Credit
  Gazi I Kara, Federal Reserve Board
  Youngsuk Yook, Federal Reserve Board
Presenter: Tim T Zhang Presenter: Kristoph Kleiner Presenter: Youngsuk Yook
Discussant: Mina Zarrin, Univ of Houston Discussant: G Nathan Dong, Boston College Discussant: Christina Zhang, Cal State Monterey Bay

Session V310 - Mutual Fund Manager Choices

Thursday, 4:00 PM - 5:30 PM

Chairperson: Mehran Azimi, Univ of Alabama

Active Technological Similarity and Mutual Fund Performance
  Ping McLemore, Federal Reserve Bank of Richmond
  Richard Sias, Univ of Arizona
  Chi Wan, Univ of Massachusetts Boston
  Zafer Yuksel, Univ of Massachusetts Boston
Targeting Targets
  Naveen D Daniel, Drexel Univ
  Daniel Dorn, Drexel Univ
  David Pedersen, Rutgers Univ
Non-Mutual Fund Clientele and Mutual Fund Tax Efficiency
  William C Beggs, Univ of San Diego
  Alice Liu, Univ of Arizona
Presenter: Zafer Yuksel Presenter: David Pedersen Presenter: William Beggs
Discussant: Sima Jannati, Univ of Missouri Discussant: Arash Dayani, Univ of Oregon Discussant: Asli Eksi, Salisbury Univ

Session V311 - Politics & Finance 1

Thursday, 4:00 PM - 5:30 PM

Chairperson: Steven Wei Ho, Columbia Univ

Corporate Lobbying and Insider Trading
  Brandon N Cline, Mississippi State Univ
  Valeriya V Posylnaya, Univ of Minnesota Duluth
  Claudia R Williamson, Mississippi State Univ
Real Effects of Markets on Politics: Evidence from US Presidential Elections
  Alan Crane, Rice Univ
  Andrew Koch, Univ of Pittsburgh
  Leming Lin, Univ of Pittsburgh
Democracy and Audit Pricing Decisions
  Manthos D Delis, Montpellier Business School
  Iftekhar Hasan, Fordham Univ
  Joon Ho Kong, Fordham Univ
Presenter: Valeriya Posylnaya Presenter: Leming Lin Presenter: Joon Ho Kong
Discussant: Yun Ma, Washington State Univ Discussant: Xiaomeng Lu, Florida International Univ Discussant: Bhavik Parikh, St Francis Xavier Univ

Session V312 - Volatility Dampening

Thursday, 4:00 PM - 5:30 PM

Chairperson: John Ritter, US SEC

Liquidity and Extreme Price Movements
  Jonathan Brogaard, Univ of Utah
  Konstantin Sokolov, Univ of Memphis
  Jiang Zhang, Univ of Memphis
Short Duration, Dynamic Price Limits: The Special Quote and Limit Up-Limit Down Rules
  Shawn McFarland, Univ of Memphis
  Pankaj Jain, Univ of Memphis
  Thomas McInish, Univ of Memphis
Pre-Opening Price Indications and Market Quality: Evidence from NYSE Rule 48
  Kee H Chung, Univ at Buffalo SUNY
  Chairat Chuwonganant, Kansas State Univ
  Youngsoo Kim, Univ of Regina
Presenter: Jiang Zhang Presenter: Shawn McFarland Presenter: Chairat Chuwonganant
Discussant: Shawn McFarland, Univ of Memphis Discussant: Chairat Chuwonganant, Kansas State Univ Discussant: Jiang Zhang, Univ of Memphis

Session 313 - Special Presentations
Journal of Undergraduate Research in Finance (JURF) Session

Thursday, 4:00 PM - 5:30 PM

The Journal of Undergraduate Research in Finance (JURF) publishes original work written exclusively by undergraduates. Accepted articles are largely the result of the highest quality senior or honors theses. Articles come from all areas of Finance, case studies and pedagogy. All articles are subject to blind review by faculty.

The JURF exists to encourage exceptional undergraduate students to pursue high quality research in Finance, to provide these students with an outlet for their research, and to prepare these students for success in graduate school or industry. To maintain a focus on contributions made by the students, faculty involvement is limited to the guidance typically given during the writing of a senior thesis. Initial submissions must be made while the author is an undergraduate student.

Authors of the top three articles published in the JURF will be invited to present their research at the 2020 FMA Virtual Conference. A panel of judges will choose the winner of the Mark J. Bertus Prize, sponsored by CSePub, from these presentations. The winner will receive $1,000. Each runner-up will receive $250.

Session 314 - Special Panel Session
Should the Modern Corporation Maximize Shareholder Value?

Thursday, 4:00 PM - 5:30 PM

Fifty years ago this year, Milton Friedman famously argued that corporate governance should focus solely on shareholder value maximization, while conforming to applicable laws and regulations. After years of dominance as a governance idea, shareholder primacy is once again controversial. Recently, the Business Roundtable's Statement on the Purpose of a Corporation commits the board to other stakeholders as well - including customers, employees, suppliers, and communities the company operates in.

Nobel Prize winner and Harvard professor Oliver Hart, and corporate board member and University of Colorado professor Sanjai Bhagat will discuss their differing perspectives on the question: Should the Modern Corporation Maximize Shareholder Value?

Moderator
Brian Stafford, CEO
Diligent
For the third year running, the National Association of Corporate Directors has named Brian Stafford among the top 100 influential leaders in the boardroom and corporate governance community.

Panelists
Oliver Hart, Lewis P. and Linda L. Geyser University Professor
2016 co-recipient of the Nobel Prize in Economic Science
Harvard University

Sanjai Bhagat, Provost Professor of Finance
University of Colorado Boulder
Independent Director, ProLink Solutions

   

Session 315 - Special Panel Session
Market Structure Performance during the COVID Crisis

Thursday, 4:00 PM - 5:30 PM

This panel will cover market structure issues during the volatile market early in the COVID pandemic, including MWCB, LULD, and floor trading. The panel might also cover more general resiliency issues or concerns about particular trading practices.

Moderator
Amy Edwards, Assistant Director, Office of Markets
US SEC

Panelists
Joe Mecane, Head, Execution Services
Citadel Securities

Phil Mackintosh, Chief Economist
Nasdaq

Kevin Tyrrell, Senior Director
NYSE

     

Thursday, 22 October | 8:00 PM - 9:30 PM ET

Session V321 - Bank Liquidity and Loans

Thursday, 8:00 PM - 9:30 PM

Chairperson: Michael Zheng, Texas Tech Univ

Government Guarantees and Bank Liquidity Creation
  Allen N Berger, Univ of South Carolina
  Xinming Li, Nankai Univ
  Herman Saheruddin, Indonesia Deposit Insurance Corporation
  Daxuan Zhao, Renmin Univ of China
Overconfident Manager and Bank Liquidity Regulations
  Katsutoshi Shimizu, Nagoya Univ
  Kim Cuong Ly, Univ of Nottingham
Firm-Level Political Risk and Bank Loan Contracting
  Walid Saffar, Hong Kong Polytechnic Univ
  Yang Wang, Hong Kong Polytechnic Univ
  KC John Wei, Hong Kong Polytechnic Univ
Presenter: Herman Saheruddin Presenter: Katsutoshi Shimizu Presenter: Yang Wang
Discussant: Rafael Schiozer, Fundacao Getulio Vargas Discussant: Saurabh Roy, Univ of Massachusetts Discussant: Panagiotis Politsidis, Univ of Sydney

Session V322 - Bank Regulation and Risk

Thursday, 8:00 PM - 9:30 PM

Chairperson: Majeed Simaan, Stevens Institute of Technology

Betting Against Bank Profitability
  Md Akhtaruzzaman, Australian Catholic Univ
  Mardy Chiah, Swinburne Univ
  Paul Docherty, Monash Univ
  Angel Zhong, RMIT
The Impact of Sovereign Re-rating on Systemic Risk: An Analysis of the Sovereign Ceiling Policy
  Md Abdul Wasi, Univ of Adelaide
  Thu Phuong Pham, Univ of Adelaide
  Ralf Zurbruegg, Univ of Adelaide
Risk Sharing, Creditor Diversity, and Bank Regulation
  Kentaro Asai, Australian National Univ
  Guangqian Pan, Univ of Sydney
Presenter: Md Akhtaruzzaman Presenter: Md Abdul Wasi Presenter: Guangqian Pan
Discussant: Daniel Huber, Technical Univ of Munich Discussant: Anoop Rai, Hofstra Univ Discussant: Brian Clark, Rensselaer Polytechnic Institute

Session V323 - Corporate Behavior and Peer Effects

Thursday, 8:00 PM - 9:30 PM

Chairperson: Chelsea Liu, Univ of Adelaide

Behavioral Consistency in Corporate Financial Decisions: Evidence from CEO Anchoring Heuristic
  Fengfei Li, Deakin Univ
  Chen Lin, Univ of Hong Kong
  Tse-Chun Lin, Univ of Hong Kong
Superstition and IPO Underpricing
  Xiaoqi Chen
  Jing Zhao
R&D Expenditure as a Response to Peer Influence
  Dien Giau Bui, Yuan Ze Univ
  Yehning Chen, National Taiwan Univ
  Chih-Yung Lin, National Chiao-Tung Univ
  Tse-Chun Lin, Univ of Hong Kong
Presenter: Fengfei Li Presenter: Xiaoqi Chen Presenter: Chih-Yung Lin
Discussant: Qingjie David Du, Hong Kong Polytechnic Univ Discussant: Fengfei Li, Deakin Univ Discussant: Andreanne Tremblay, Universite Laval

Session V324 - Corporate Risk Management and Risk Taking

Thursday, 8:00 PM - 9:30 PM

Chairperson: Faiza Majid, Univ of New South Wales

Foreign CEOs
  Sigitas Karpavicius, Univ of Adelaide
  Christiana Osei Bonsu, Univ of Adelaide
  Alfred Yawson, Univ of Adelaide
The Hedging Footprint
  Peter MacKay, HKUST
  Sara B Moeller, Univ of Pittsburgh
  Scott Linn, Univ of Oklahoma
Presenter: Christiana Osei Bonsu Presenter: Peter MacKay
Discussant: Suin Lee, Univ of Texas Rio Grande Valley Discussant: Kaveh Moradi Dezfouli, Merrimack College

Session V326 - Investor Behavior

Thursday, 8:00 PM - 9:30 PM

Chairperson: Asli Eksi, Salisbury Univ

Short-Term Reversal and Realized Profit: The Role of Mental Account Editing in Prospect Theory
  Bin Guo, Nankai Univ
  Shen Lin, Tsinghua Univ
ESG Preference, Institutional Trading, and Stock Return Patterns
  Jie (Jay) Cao, Chinese Univ of Hong Kong
  Sheridan Titman, Univ of Texas Austin
  Xintong (Eunice) Zhan, Chinese Univ of Hong Kong
  Weiming (Elaine) Zhang, Chinese Univ of Hong Kong
Impact of Price Path on Disposition Bias
  Avijit Bansal, Indian Institute of Management Ahmedabad
  Joshy Jacob, Indian Institute of Management Ahmedabad
Presenter: Bin Guo Presenter: Weiming Zhang Presenter: Avijit Bansal
Discussant: Gabor Neszveda, Corvinus Univ of Budapest Discussant: Kelley Anderson, Univ of Memphis Discussant: Mike Chitavi, The Citadel

Session V327 - Mutual Funds 1

Thursday, 8:00 PM - 9:30 PM

Chairperson: Charles Trzcinka, Indiana Univ

A Global Village? Competition in the International Active Fund Management Industry
  David Feldman, Univ of New South Wales
  Konark Saxena, Univ of New South Wales
  Jingrui Xu, Xiamen Univ
What Should Investors Care About? Mutual Fund Ratings by Analyst Vs Machine Learning Technique
  Si Cheng, Chinese Univ of Hong Kong
  Ruichang Lu, Peking Univ
  Xiaojun Zhang, Peking Univ
Down and Out? Baseball Sentiment and Investor Behavior
  Keun Woo Park, Ministry of Health & Welfare, National Pension Fund Management Committee
  Min Yeon Han, Mirae Asset Global Investments
  Ji Yeol Jimmy Oh, Hanyang Univ
Presenter: David Feldman Presenter: Si Cheng Presenter: Keun Woo Park
Discussant: Jeong-ho (John) Kim, Emory Univ Discussant: Jingrui Xu, Xiamen Univ Discussant: Charles Trzcinka, Indiana Univ

Session 328 - Special Panel Session
Korea America Finance Association (KAFA)

Thursday, 8:00 PM - 9:30 PM

Chairperson: Peter Chung, University of California Riverside

Performance-based Effects of the Corporate Governance of Korea's Debtor-in-Possession System
  Young Jun Choi, Senior Economist, The Bank of Korea
The Excess Sensitivity of Long-term Interest Rates and Central Bank Credibility
  Kwangyong Park, Economist, Bank of Korea
Financial Globalization: Effects on Banks' Information Acquisition and Credit Risk
  Christopher Paik, Bank of Korea

 

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Session V329 - Investors: Behavior, Decisions and Crowding

Thursday, 8:00 PM - 9:30 PM

Chairperson: Ziwei Zhao, HEC Lausanne

Does Portfolio Disclosure Make Money Smarter?
  Byoung Uk Kang, Hong Kong Polytechnic Univ
  Andrew J Sinclair, Univ of Hong Kong
  Stig Xenomorph, Univ of Vaasa
Optimal Disclosure in Crowded Markets
  Taejin Kim, Korea Univ
  Vishal Mangla, MSCI Inc
May I have Your Attention? Investor Behavior and Climate Change
  Antione AJ Girardeau, Curtin Univ
  Robert B Durand, Curtin Univ
  Priyantha Mudalige, Curtin Univ
Presenter: Stig Xenomorph Presenter: Taejin Kim Presenter: Robert Durand
Discussant: Pramodkumar Yadav, Drexel Univ Discussant: William Howard, American Intercontinental Univ Discussant: George Nishiotis, Univ of Cyprus

Thursday, 22 October | 10:00 PM - 11:00 PM ET

Session V341 - Debt Pricing

Thursday, 10:00 PM - 11:00 PM

Chairperson: Chris Veld, Monash Univ

Credit Risk Assessment and Executives' Legal Expertise
  Mia Hang Pham, Otago Univ
  Chris Veld, Monash Univ
  Yulia Merkoulova, Monash Univ
Risk-Based Pricing of Interest Rates for Peer-To-Peer Lending Loans
  Jiakai Chen, Univ of Hawaii
  Wei Huang, Univ of Hawaii
  Xinruo (Emma) Wang, Univ of Hawaii
Presenter: Chris Veld Presenter: Xinruo Wang
Discussant: Xinruo Wang, Univ of Hawaii Manoa Discussant: Abu Zafar Shahriar, Monash Univ

Session V342 - Firm Connections

Thursday, 10:00 PM - 11:00 PM

Chairperson: Yeejin Jang, Univ of New South Wales

Corruption Along Supply-Chain Networks
  Vinh Nguyen, Univ of Hong Kong
Need for Speed: High-Speed Rail and Firm Performance
  Chun Kuang, Univ of International Business & Economics
  Zijie Liu, Univ of Rochester
  Wenyu Zhu, Renmin Univ of China
Presenter: Vinh Nguyen Presenter: Zijie Liu
Discussant: Lubna Rahman, Monash Univ Discussant: Xue Wang, Nankai Univ

Session V344 - Lottery Risk

Thursday, 10:00 PM - 11:00 PM

Chairperson: Shahil Sharma, Texas A&M Univ San Antonio

Lottery or Asymmetric Response to News: Why is Skewness Priced?
  Hang Wang, Univ of New South Wales
Resurrecting Lottery-Related Anomalies
  Min Ki Kim, Korea Capital Markets Institute
  Byoung-Kyu Min, Hanyang Univ
Presenter: Hang Wang Presenter: Byoung-Kyu Min
Discussant: Yulin Li, Monmouth Univ Discussant: Hang Wang, Univ of New South Wales

Session V345 - Investment Analysts

Thursday, 10:00 PM - 11:00 PM

Chairperson: Juan (Jane) Luo, Univ of Adelaide

A Hidden Consequence of Share Pledge Business
  Maoliang Li, Xiamen Univ
  Juan Luo, Univ of Adelaide
  Limin Xu, Univ of Adelaide
  Ralf Zurbruegg, Univ of Adelaide
The Informational Role of Analysts' Qualitative Research Outputs
  Kotaro Miwa, Kyushu Univ
Presenter: Juan (Jane) Luo Presenter: Kotaro Miwa
Discussant: Kotaro Miwa, Kyushu Univ Discussant: Juan (Jane) Luo, Univ of Adelaide

Friday, 23 October 2020

8:00 AM - 9:30 AM ET

Xinyan Yan
Session V361 - CEO Compensation: Others

Friday, 8:00 AM - 9:30 AM

Chairperson: Christina H Wang, Drexel Univ

CEO Pay Duration and ESG Engagement
  Xudong Fu, Univ of Louisville
  Rui Shen, Chinese Univ of Hong Kong
  Tian (Lori) Tang, Univ of Louisville
  Xinyan Yan, Univ of Dayton
CEO Tax Burden and Debt Contracting
  Thomas R Kubick, Univ of Nebraska Lincoln
  G Brandon Lockhart, Clemson Univ
  David C Mauer, UNC Charlotte
Personal Costs of Executive Turnovers
  Kasper Meisner Nielsen, Copenhagen Business School & HKUST
Presenter: Presenter: Thomas Kubick Presenter: Kasper Meisner Nielsen
Discussant: Hongyu (Derek) Shan, Fordham Univ Discussant: Tahsina Haque Simu, Univ of Texas El Paso Discussant: Simeng Chen, Univ of Massachusetts Boston

Session V362 - Commercial Real Estate Market Performance

Friday, 8:00 AM - 9:30 AM

Chairperson: Nonna Sorokina, Pennsylvania State Univ

Deep Learning for Disentangling Liquidity-Constrained and Strategic Default
  Arka Prava Bandyopadhyay, Baruch College CUNY
  Yildiray Yildirim, Baruch College CUNY
Local Economy, Property Location and Real Estate Value: Evidence from REITs
  Zifeng Feng, Frostburg State Univ
Super-Normal Profit in Real Estate Development
  David Geltner, Massachusetts Institute of Technology
  Anil Kumar, Aarhus Univ
  Alex M Van de Minne, Univ of Connecticut
Presenter: Arka Prava Bandyopadhyay Presenter: Zifeng Feng Presenter: Anil Kumar
Discussant: Natalya Schenck, Comptroller of the Currency Discussant: Wenli Li, Federal Reserve Bank Philadelphia Discussant: Nonna Sorokina, Pennsylvania State Univ

Session V363 - Corporate Financial Distress

Friday, 8:00 AM - 9:30 AM

Chairperson: Seungho Choi, Queensland Univ of Technology

Estimating the Unobserved Parameters of Structural Default Models; the Case of Black-Scholes-Merton Model
  Zenon Taoushianis, Univ of Southampton
Risk Shifting or Risk Management: How do Firms Hedge in Financial Distress?
  Niclas Andren, Lund Univ
  Evan Dudley, Queen's Univ
  Hakan Jankensgard, Lund Univ
Presenter: Zenon Taoushianis Presenter: Niclas Andren
Discussant: John Finnerty, Alix Partners Discussant: Denise Streeter, Howard Univ

Session V364 - CSR & Firms

Friday, 8:00 AM - 9:30 AM

Chairperson: Meera Behera, Georgian Court Univ

Corporate Social Responsibility and Firm Survival
  Thomas Chemmanur, Boston College
  Dimitrios Gounopoulos, Univ of Bath
  Panagiotis Koutroumpis, Georgia Tech
Corporate Social Responsibility and Foreign Institutional Investor Heterogeneity
  Partha P Roy, Univ of Strathclyde
  Andrew Marshall, Univ of Strathclyde
  Sandeep Rao, Univ of Strathclyde
  Chandra Thapa, Univ of Strathclyde
Does Competing Through Corporate Social Responsibility Engagements Lead to Superior Financial Performance?
  Gabriele Lattanzio, Southern Methodist Univ
  Lubomir Litov, Univ of Oklahoma
Presenter: Dimitrios Gounopoulos Presenter: Partha Proteem Roy Presenter: Gabriele Lattanzio
Discussant: Pang-Li Chen, Drexel Univ Discussant: Meera Behera, Georgian Court Univ Discussant: Chunrong Wang, Concordia Univ

Session V365 - Deposit Insurance & Bank Bailouts

Friday, 8:00 AM - 9:30 AM

Chairperson: Lars Norden, Brazilian School of Public and Business

Unexpected Effects of Bank Bailouts: Depositors Need not Apply and Need not Run
  Allen N Berger, Univ of South Carolina
  Martien Lamers, Ghent Univ
  Raluca A Roman, Federal Reserve Bank Philadelphia
  Koen Schoors, Ghent Univ
Unlimited FDIC Insurance: Did it Prevent Deposit Withdrawals?
  Anna-Leigh Stone, Samford Univ
Is Bailout Insurance and Tail Risk Priced in Bank Equities?
  Luca del Viva, ESADE Business School
  Eero Kasanen, Aalto Univ
  Anthony Saunders, New York Univ
  Lenos Trigeorgis, Univ of Cyprus
Presenter: Raluca Roman Presenter: Anna-Leigh Stone Presenter: L Trigeorgis
Discussant: Daniel Foos, Deutsche Bundesbank Discussant: Teng Wang, Federal Reserve Board Discussant: Lamont Black, DePaul Univ

Session V366 - Fund Managers & Fund Performance

Friday, 8:00 AM - 9:30 AM

Chairperson: Nathan Foley-Fisher, Federal Reserve Board

Conscientiousness and Performance: The Influence of Personality on Investment Decisions
  Tobias Lauter, Leibniz Univ Hannover & Macquarie Univ
  Marcel Prokopczuk, Leibniz Univ Hannover & Univ of Reading
  Stefan Trueck, Macquarie Univ
Income Taxes and Managerial Incentives: Evidence from Hedge Funds
  Vikas Agarwal, Georgia State Univ
  Gary Chen, Univ of Illinois Chicago
  Zhen Shi, Georgia State Univ
  Bin Wang, Marquette Univ
Are Overseas Trained Managers Superior in the Chinese Hedge Fund Industry?
  Lu Li, Shanghai International Studies Univ
  Yan Lu, Univ of Central Florida
  Sugata Ray, Univ of Alabama
  Hong Yan, Shanghai Jiao Tong Univ, Shanghai Advanced Institute of Finance and China Hedge Fund Research Center
Presenter: Tobias Lauter Presenter: Bin Wang Presenter: Yan Lu
Discussant: Cameron Peng, London School of Economics Discussant: Mathias Kruttli, Federal Reserve Board Discussant: Yi Huang, Graduate Institute Geneva

Session V367 - Information & Trading

Top Ten Session
Friday, 8:00 AM - 9:30 AM

Chairperson: Alex Xing Zhou, Federal Reserve Board

Disentangling the Share Buyback Puzzle: Post-Event Insider Trades
  Waqar Ahmed, Univ of Warwick
  Richard Taffler, Univ of Warwick
Insider Trading Under the Microscope
  Andriy Shkilko, Wilfrid Laurier Univ
Order Flow Toxicity Under the Microscope
  David Abad, Univ of Alicante
  Magdalena Massot, Univ of the Balearic Islands
  Samarpan Nawn, Indian Institute of Management Udaipur
  Roberto Pascual, Univ of the Balearic Islands
  Jose Yague, Univ of Murcia
Presenter: Waqar Ahmed Presenter: Andriy Shkilko Presenter: Roberto Pascual
Discussant: Xiaowei Xu, Univ of Rhode Island Discussant: Ayan Bhattacharya, Baruch College CUNY Discussant: Shiyang Huang, Univ of Hong Kong

Session V368 - Innovation 2

Friday, 8:00 AM - 9:30 AM

Chairperson: Cihan Uzmanoglu, Binghamton Univ SUNY

Innovation Success and Corporate Financial Policies
  Harshit Rajaiya, Boston College
Does (Disruptive) Technological Innovation Affect Firms in All Industries?
  Syed Walid Reza, Binghamton Univ SUNY
Local Employment Markets and Innovation
  Cheng Jiang, Temple Univ
  Kose John, New York Univ
  Kyeong H. Lee, Norwegian School of Economics
  Emma Xu, Univ of New Mexico
Presenter: Harshit Rajaiya Presenter: Syed Walid Reza Presenter: Kyeong H Lee
Discussant: Katherine Wood, Univ of Georgia Discussant: Xunhua Su, Norwegian School of Business Discussant: Cihan Uzmanoglu, Binghamton Univ SUNY

Session V369 - Mispricing

Friday, 8:00 AM - 9:30 AM

Chairperson: Qingjie David Du, Hong Kong Polytechnic Univ

Arbitrage Asymmetry, Mispricing, and the Illiquidity Premium
  Feifei Wang, Miami Univ
  Xuemin (Sterling) Yan, Lehigh Univ
  Lingling Zheng, Renmin Univ of China
Liquidity and Mispricing
  Daniel Huber, Technical Univ of Munich
Exploiting the Persistence in Managerial Market Timing
  Shingo Goto, Univ of Rhode Island
  Vitali Kalesnik, Research Affiliates Global Advisors (Europe)
  Maarten de Kok, Trendmark Research
  Engin Kose, Allianz Global Investors
Presenter: Feifei Wang Presenter: Daniel Huber Presenter: Shingo Goto
Discussant: Qingjie David Du, Hong Kong Polytechnic Univ Discussant: Ali Ghali, Laval Univ Discussant: Eren Cifci, Univ of Alabama

Session V370 - New, Returns & M&A

Friday, 8:00 AM - 9:30 AM

Chairperson: Thomas Griffin, Villanova Univ

Does Negative News Disclosure Induce Better Managerial Decisions? Evidence from Mergers & Acquisitions
  Chinmoy Ghosh, Univ of Connecticut
  Cristian A Pinto-Gutierrez, Universidad Catolica del Norte
  Jaideep Shenoy, Univ of Connecticut
Information Leakage, Exchange Regulations and Introduction and Enforcement of Insider Trading Laws
  Styliani Panetsidou, Coventry Univ
  Angelos Synapis, Coventry Univ
  Ioannis Tsalavoutas, Univ of Glasgow
Does a Low Market Valuation Make a Firm a Takeover Target?
  Bo Meng, Univ of Richmond
  Ke Shen, Lehigh Univ
Presenter: Chinmoy Ghosh Presenter: Angelos Synapis Presenter: Ke Shen
Discussant: TingTing Liu, Iowa State Univ Discussant: Tina Yang, Univ of South Florida Discussant: Tilan Tang, Temple Univ

Session V371 - Real Options

Friday, 8:00 AM - 9:30 AM

Chairperson: Tianyang Wang, Colorado State Univ

Can Real Options Explain the Skewness of Equity Returns?
  Tuan Ho, Univ of Bristol
  Kirak Kim, Univ of Bristol
  Yang Li, Univ of Bristol
  Fangming Xu, Univ of Bristol
Real Effects in the Option Market
  Botong Shang, Univ of Rochester
Value Share Appropriation and Payment Structure in Biotechnology Licensing Deals: A Real Options and Bargaining Analysis
  Lenos Trigeorgis, Univ of Cyprus
  Francesco Baldi, Univ of Turin & LUISS Guido Carli Univ
  Daniela Baglieri, Univ of Messina
  Raffaele Oriani, LUISS Guido Carli Univ
Presenter: Yang Li Presenter: Botong Shang Presenter: Francesco Baldi
Discussant: Botong Shang, Univ of Rochester Discussant: Yang Li, Univ of Bristol Discussant: Anming Wu, Memorial Univ of Newfoundland

Session V372 - Risk Premium

Friday, 8:00 AM - 9:30 AM

Chairperson: Yu-Jou (Abby) Pai, Concordia Univ

Correlated Information Consumption and Comovement in Financial Markets
  Selin Duz Tan, Istanbul Technical Univ
  Esad Smajlbegovic, Erasmus Univ Rotterdam
Stock Market Returns Dormant in Option Panels
  Yoosoon Chang, Indiana Univ
  Youngmin Choi, Baruch College, CUNY
  Soohun Kim, Georgia Institute of Technology
  Joon Park, Indiana Univ
The Social Media Risk Premium
  Amin Hosseini, George Washington Univ
  Gergana Jostova, George Washington Univ
  Alexander Philipov, George Mason Univ
  Robert Savickas, George Washington Univ
Presenter: Selin Duz Tan Presenter: Youngmin Choi Presenter: Gergana Jostova
Discussant: Ekaterina Seregina, UC Riverside Discussant: Louis R Piccotti, Oklahoma State Univ Discussant: Yu-Jou (Abby) Pai, Concordia Univ

Session V373 - Shareholder Voting (Sometimes With Their Feet)

Top Ten Session
Friday, 8:00 AM - 9:30 AM

Chairperson: Mahsa Kaviani, Univ of Delaware

The Impact of Tightly Contested Governance Proposals on Firms' Narrative Disclosures: Evidence from a Regression-Discontinuity Design (RDD)
  Abhishek (Abhi) Ganguly, Indiana Univ
  Arup Ganguly, Univ of Mississippi
  Lin Ge, Univ of Mississippi
  Chad Zutter, Univ of Pittsburgh
Does Money Talk? Market Discipline Through Selloffs and Boycotts
  NIckolay Gantchev, Southern Methodist Univ
  Mariassunta Giannetti, Stockholm School of Economics
  Rachel Li, Univ of Alabama
Why do Institutional Investors Oppose Shareholder Activism? Evidence from Voting in Proxy Contests
  Yanran Liu, Indiana Univ
Presenter: Arup Ganguly Presenter: Rachel Li Presenter: Yanran Liu
Discussant: Hosein Maleki, Florida State Univ Discussant: Rui Dai, WRDS Discussant: Nickolay Gantchev, Univ of Warwick

Session V374 - Venture Capital - Exits

Friday, 8:00 AM - 9:30 AM

Chairperson: Milos Vulanovic, EDHEC Business School

The Role of Venture Capital and Private Equity (VCPE) in Private Debt
  Axel Buchner, Univ of Passau
  Susanne Espenlaub, Univ of Manchester
  Arif Khurshed, Univ of Manchester
  Abdul Mohamed, Univ of Leeds
The Role of Venture Capitalists' Reputation on Exit Transactions
  Miguel Sousa, Univ of Porto (FEP)
  Philippe Vaz, Univ of Porto (FEP)
VC Ownership Post-IPO: When, Why, and How do VCs Exit?
  Anup Basnet, Concordia Univ
  Kuntara Pukthuanthong, Univ of Missouri
  Harry Turtle, Colorado State Univ
  Thomas Walker, Concordia Univ
Presenter: Susanne Espenlaub Presenter: Miguel Sousa Presenter: Anup Basnet
Discussant: Robinson Reyes Pena, Florida International Univ Discussant: Milos Vulanovic, EDHEC Business School Discussant: Magnus Blomkvist, Audencia Business School

Session V375 - Measurement

Friday, 8:00 AM - 9:30 AM

Chairperson: Md Akhtaruzzaman, Australian Catholic Univ

Corporate Climate Risk: Measurements and Responses
  Qing Li, Univ of Florida
  Hongyu Shan, Fordham Univ
  Yuehua Tang, Univ of Florida
  Vincent W Yao, Georgia State Univ
Using Patent Capital to Estimate Tobin's Q
  Michael Woeppel, Indiana Univ
Presenter: Hongyu (Derek) Shan Presenter: Michael Woeppel
Discussant: Weiming Zhang, Chinese Univ of Hong Kong Discussant: Francois-Eric Racicot, Univ of Ottawa

Session 376 - Special Panel Session
Finance for the 21st Century: Theory, Research, Teaching and Practice

Friday, 8:00 AM - 9:30 AM

In this special panel, panelists and audience members will share ideas about the ways in which finance theory, research, teaching, and practice are evolving in these early years of the 21st Century. The session is motivated by the explicit rejection by the Business Roundtable of the Shareholder Wealth Maximization (SWM) paradigm that has dominated finance for the past generation and the associated insight that key aspects of finance theory, research, teaching, and practice remain aligned with the myths and realities of the 19th and 20th centuries. We have long been concerned that there have been serious limitations to this paradigm that all too often are assumed away or ignored with severe consequences for the world's financial well-being (for example, the recent global financial crisis), environmental well-being (for example, climate change and increasing severe weather events), and social well-being (for example, growing poverty and wealth inequality). The session is also motivated by recent theoretical developments and research warning us that that our economic and finance models must evolve well beyond sustainability if they are to adequately direct future business activity and contribute to a flourishing world.

Panelists
Frank M Werner, Associate Professor of Finance
Fordham University

John Fullerton, Founder and President
Capital Institute

James AF Stoner, Professor of Leading People and Organizations
Fordham University

Session V377 - Politics, Governance & Corporate Finance

Friday, 8:00 AM - 9:30 AM

Chairperson: Ying Xue, Rowan Univ

Too Good to be True: Political Connections and Contractor Default
  Stephen P Ferris, Ball State Univ
  Jan Hanousek, CERGE-EI, Charles Univ and the Academy of Sciences
  Reza Houston, Ball State Univ
Reputational Damage and Government Economic Incentives
  Omer Unsal, Merrimack College 193   Brian Blank, Mississippi State Univ
  Brandy Hadley, Appalachian State Univ
Regulating Unsuitable Transactions
  Xu Jiang, Duke Univ
  Ying Xue, Rowan Univ
Presenter: Reza Houston Presenter: Omer Unsal Presenter: Ying Xue
Discussant: Amanda Heitz, Tulane Univ Discussant: Jason Damm, Florida Atlantic Univ Discussant: Reza Houston, Ball State Univ

Friday, 23 October | 10:00 AM - 11:00 AM ET

Session V381 - Capital Structure 3

Friday, 10:00 AM - 11:00 AM

Chairperson: Maryam Fathollahi, Univ of Oklahoma

Can Machines Learn Capital Structure Dynamics?
  Shahram Amini, Univ of Denver
  Ryan Elmore, Univ of Denver
  Jack Strauss, Univ of Denver
  Ozde Oztekin, Florida International Univ
Relationship-Specific Investment, Contracting Environment and the Choice of Capital Structure
  Hesam Shahriari, Prairie View A&M Univ
Presenter: Shahram Amini Presenter: Hesam Shahriari
Discussant: Lingfei Kong, UNC Charlotte Discussant: Nima Vafai, Univ of Texas Arlington

Session V382 - Climate and Finance

Top Ten Session
Friday, 10:00 AM - 11:00 AM

Chairperson: Abdullah Al Masum, Univ of Texas Rio Grande Valley

Climate Change Concerns and Mortgage Lending
  Tinghua Duan, IESEG School of Management
  Frank Weikai Li, Singapore Management Univ
Temperature Shocks and Industry Earnings News
  Jawad M Addoum, Cornell Univ
  David T Ng, Cornell Univ
  Ariel Ortiz-Bobea, Cornell Univ
Presenter: Tinghua Duan Presenter: Jawad M Addoum
Discussant: Juntai Lu, Univ of Arkansas Discussant: Mandeep Singh, Univ of New South Wales

Session V383 - Diversification

Friday, 10:00 AM - 11:00 AM

Chairperson: Sean Wilkoff, Univ of Nevada Reno

Does Corporate Diversification Retrench the Effects of Firm Level Political Risk?
  Md Sydul Karim, Univ of New Orleans
  M Kabir Hassan, Univ of New Orleans
  Tarun Mukherjee, Univ of New Orleans
Corporate Diversification and Capital Structure
  Andreas Benz, Karlsruhe Institute of Technology
  Daniel Hoang, Karlsruhe Institute of Technology
Presenter: Md Sydul Karim Presenter: Andreas Benz
Discussant: Brandon Julio, Univ of Oregon Discussant: Austin Starkweather, Univ of South Carolina

Session V384 - Financing Small and Medium Enterprises (SMEs)

Friday, 10:00 AM - 11:00 AM

Chairperson: Qianqian Yu, Lehigh Univ

The Role of Audit in World-Wide Access to Credit: Evidence from the World Bank Enterprise Surveys
  Rebel A Cole, Florida Atlantic Univ
  Tracie Frost, Florida Atlantic Univ
The Effects of Small-Firm Credit Guarantees During Recessions
  Juanita Gonzalez-Uribe, London School of Economics
  Su Wang, Univ of Amsterdam
Presenter: Rebel A Cole Presenter: Su Wang
Discussant: Shuo Yang, Hong Kong Polytechnic Univ Discussant: Harshit Rajaiya, Univ of Ottawa

Session V385 - Fintech Techniques 2

Friday, 10:00 AM - 11:00 AM

Chairperson: Sudip Gupta, Fordham Univ

A Machine Learning Approach to the Digitalization of Bank Customers: Evidence from Random and Causal Forests
  Santiago Carbo-Valverde, CUNEF, Bangor Univ and Funcas
  Pedro J Cuadros-Solas, CUNEF & Funcas
  Francisco Rodriguez-Fernandez, Univ of Granada & Funcas
Predicting Insider Trading from Financial Text: an Interpretable Deep Learning Approach
  Rong Liu, Stevens Institute of Technology
  Feng Mai, Stevens Institute of Technology
  Zhe Shan, Miami Univ
  Ying Wu, Stevens Institute of Technology
Presenter: Francisco Rodriguez Fernandez Presenter: Ying Wu
Discussant: Rong Liu, Steven's Institute of Technology Discussant: Sudip Gupta, Fordham Univ

Session V386 - Hedge Fund Flows, Restrictions & Regulations

Top Ten Session
Friday, 10:00 AM - 11:00 AM

Chairperson: Andy Puckett, Univ of Tennessee

Crowded Trades and Tail Risk
  Gregory Brown, UNC Chapel Hill
  Philip Howard, Wake Forest Univ
  Christian Lundblad, UNC Chapel Hill
Hedge Fund Redemption Restrictions and Stock Price Fragility
  Julia Elizabeth Reynolds, Universita della Svizzera italiana
Presenter: Philip Howard Presenter: Julia Elizabeth Reynolds
Discussant: Jesse Ellis, North Carolina State Univ Discussant: George Aragon, Arizona State Univ

Session V387 - Inauthentic CSR

Top Ten Session
Friday, 10:00 AM - 11:00 AM

Chairperson: Minjie Huang, Univ of Louisville

Corporate Social Responsibility and Corporate Tax Avoidance: The Role of Consumer Awareness in Corporate Hypocrisy
  Sholom Schochet, Grenoble Ecole de Management
  Jamil Jaballah, Grenoble Ecole de Management
Corporate Social Responsibility in Fraud Firms
  Daniel Ferres, Universidad de Montevideo
  Francisco Marcet, Univ of Chile
Presenter: Sholom Schochet Presenter: Francisco Marcet
Discussant: Xudong Fu, Univ of Louisville Discussant: Minjie Huang, Univ of Louisville

Session V388 - Jumps

Friday, 10:00 AM - 11:00 AM

Chairperson: Ye Chen, SUNY Empire State College

Jumps, Volatility, and Risk-Return Tradeoff in Commodity Futures Markets
  Tianpeng Zhou, Hofstra Univ
Commonality in International Equity Jump Risk
  Biliana Guner, Ozyegin Univ
  S Mehmet Ozsoy, Ozyegin Univ
Presenter: Tianpeng Zhou Presenter: Mehmet Ozsoy
Discussant: Mehmet Ozsoy, Ozyegin Univ Discussant: Tianpeng Zhou, Hofstra Univ

Session V389 - Learning and Literacy

Top Ten Session
Friday, 10:00 AM - 11:00 AM

Chairperson: Renee Dyer, Limestone College

Learning Without Trading
  Markku Kaustia, Aalto Univ
  Nic Schaub, WHU - Otto Beisheim School of Management
  Markus Schmid, Univ of St Gallen
Investor Attention Allocation and Portfolio Performance: what Information Does it Pay to Pay Attention To?
  Denis Davydov, Univ of Vaasa
  Ian Khrashchevskyi, Stockholm Univ
  Jarkko Jarkko Peltomaki, Stockholm Univ
Presenter: Markus Schmid Presenter: Denis Davydov
Discussant: Bill Hu, Arkansas State Univ Discussant: Michael D'Antuono, Drexel Univ

Session V390 - Market Microstructure

Top Ten Session
Friday, 10:00 AM - 11:00 AM

Chairperson: Pamela C Moulton, Cornell Univ

Designated Market Makers: Competition and Incentives
  Mario Bellia, European Commission, Joint Research Center (JRC), Ispra, Italy
  Loriana Pelizzon, SAFE, Goethe Univ & Ca'Foscari Univ of Venice
  Marti G Subrahmanyam, New York Univ & NYU Shanghai
  Darya Yuferova, Norwegian School of Economics (NHH)
Should We Use Closing Prices? Institutional Price Pressure at the Close
  Vincent Bogousslavsky, Boston College
  Dmitriy Muravyev, Michigan State Univ
Presenter: Darya Yuferova Presenter: Dmitriy Muravyev
Discussant: Jia Hao, Babson College Discussant: Michael Pagano, Villanova Univ

Session V391 - Mutual Funds 2

Friday, 10:00 AM - 11:00 AM

Chairperson: Raisa Velthuis, Villanova Univ

Coordinated Betting by Multi-Fund Managers
  Gelly Fu, Erasmus Univ Rotterdam
Do Mutual Funds Exploit Information on Local Companies? Evidence from Fund-Firm Taxi Trips in NYC
  David C Cicero, Auburn Univ
  Albert Y Wang, Auburn Univ
  Shen Zhang, Troy Univ
  Andy Puckett, Univ of Tennessee
Presenter: Gelly Fu Presenter: Shen Zhang
Discussant: Byoung Uk Kang, Hong Kong Polytechnic Univ Discussant: Huaizhi Chen, Univ of Notre Dame

Session 392 - Overview & Research Ideas Session
Corporate Governance: Emerging Trends, New Findings and New Sources of Data

10:00 AM - 11:00 AM

Presented by
Michelle Lowry, TD Bank Professor of Finance
LeBow College of Business, Drexel University

Attention to corporate governance has increased substantially over the past three decades. Trends such as increased focus on shareholder voting, the decreasing frequency of classified boards and CEO-Chairman duality, and the increasing representation of females on the Board have attracted much attention. However, many of these trends towards seemingly ‘better’ governance are concentrated within certain types of firms. To what extent do differences across firms reflect: variation in firms’ optimal governance, variation in shareholder attention, or differences in who controls the power?


Michelle is the TD Bank Professor of Finance at the LeBow School of Business, Drexel University, and the Academic Director of the Institute for Corporate Governance at the University. She received her PhD from the University of Rochester, and was previously a professor at Penn State University. In addition, she is a past visiting professor at INSEAD and at the Wharton School. She is an associate editor of the Journal of Financial Economics, a past associate editor of the Review of Financial Studies, and a founding member of AFFECT (Academic Female Finance Committee), which strives for gender equality among the field of finance academics.

Her research focuses on a variety of issues in empirical corporate finance, including initial public offerings, mergers, and corporate governance. She is particularly interested in the ways that companies' corporate governance affects their performance around these corporate events. Her research has been published in top finance journals, including the Journal of Financial Economics, Review of Financial Studies, and Journal of Finance. Her research also relates to the effects of policy on firm outcomes, in particular regulation related to firm governance and shareholder voting. In this vein, she recently participated in an SEC panel on shareholder voting. Finally, her research has also attracted attention in the popular press, with cites in the Wall Street Journal, USA Today, NPR's Morning Edition, and Forbes.

Friday, 23 October | 11:30 AM - 1:00 PM ET

Session V401 - Asset Pricing 2

Friday, 11:30 AM - 1:00 PM

Chairperson: Joonki Noh, Case Western Reserve Univ

Liquidity Risk and the Beta Premium
  Cynthia M Gong, Loughborough Univ
  Di Luo, Univ of Southampton
  Huainan Zhao, Loughborough Univ
Asset Pricing Around Anticipated Announcements: A Swing of Three Days
  Jingjing Chen, Washington State Univ
Industrial Policy and Asset Prices: Stock Market Reactions to Made in China 2025 Policy Announcements
  Xia (Summer) Liu, Univ of Oklahoma
  William L Megginson, Univ of Oklahoma
  Junjie Xia, Peking Univ
Presenter: Di Luo Presenter: Jingjing Chen Presenter: Xia (Summer) Liu
Discussant: Joonki Noh, Case Western Reserve Univ Discussant: Seongkyu Gilbert Park, Hong Kong Polytechnic Univ Discussant: Dexin Zhou, Baruch College CUNY

Session V402 - Bank Lending

Friday, 11:30 AM - 1:00 PM

Chairperson: Neeru Chaudhry, Indian Institute of Technology Delhi

Unearthing Zombies
  Nirupama Kulkarni, CAFRAL and Reserve Bank of India
  SK Ritadhi, Reserve Bank of India
  Siddharth Vij, Univ of Georgia
  Katherine Waldock, Georgetown Univ
Deposit Insurance and Design: Effects on Bank Lending During the Global Financial Crisis
  Iftekhar Hasan, Fordham Univ
  Liuling Liu, Bowling Green State Univ
  Anthony Saunders, New York Univ
  Gaiyan Zhang, Univ of Missouri St Louis
Banks' Foreign Currency Exposure and the Real Effects of Exchange Rate Shocks
  Isha Agarwal, Univ of British Columbia
Presenter: Siddharth Vij Presenter: Gaiyan Zhang Presenter: Isha Agarwal
Discussant: Neeru Chaudhry, Indian Institute of Technology Delhi Discussant: Valentina Hartarska, Auburn Univ Discussant: Siddharth Vij, Univ of Georgia

Session V403 - Capital Structure 2

Friday, 11:30 AM - 1:00 PM

Chairperson: Jun Zhou, Dalhousie Univ

Cash Holdings and Relationship Lending
  Sandeep Dahiya, Georgetown Univ
  Issam Hallak, European Parliament, Directorate-General for Parliamentary Research Services
  Thomas Matthys, Univ of Technology Sydney
The Role of Creditors in Firm Leverage Adjustments
  Wenlian Gao, Northern Illinois Univ
  Feifei Zhu, Radford Univ
  Kai Chen, SUNY Oneonta
Bank Capital Structure and Firm Capital Structure
  Lindsay Baran, Kent State Univ
  Nonna Sorokina, Penn State Univ
Presenter: Sandeep Dahiya Presenter: Wenlian Gao Presenter: Nonna Sorokina
Discussant: Nonna Sorokina, Penn State Univ Discussant: Sandeep Dahiya, Georgetown Univ Discussant: Kai Chen, SUNY Oneonta

Session V404 - CDS

Friday, 11:30 AM - 1:00 PM

Chairperson: Dmitriy Muravyev, Michigan State Univ

Dealer Inventory, Pricing, and Liquidity in the OTC Derivatives Markets: Evidence from Index CDSs
  Xinjie Wang, Southern Univ of Science and Technology
  Zhaodong (Ken) Zhong, Rutgers Univ
Bond Volatility and CDS Auctions
  Jennifer Mace, Claremont McKenna College
  Fan Yu, Claremont McKenna College
  Ran Zhao, Claremont Graduate Univ
A Markov Switching Cointegration Analysis of the CDS-Bond Basis Puzzle
  Massimo Guidolin, Bocconi Univ and Baffi Carefin Research Centre
  Francesco Melloni, Bocconi Univ
  Manuela Pedio, Bocconi Univ and Baffi Carefin Research Centre
Presenter: Zhaodong (Ken) Zhong Presenter: Ran Zhao Presenter: Manuela Pedio
Discussant: Esen Onur, Commodity Futures Trading Commission Discussant: Jack Bao, Univ of Delaware Discussant: Ian Marsh, Cass Business School

Session V405 - CEO Compensation: Insider Debt

Friday, 11:30 AM - 1:00 PM

Chairperson: Bradley Benson, Ball State Univ

Can Family Involvement be a Substitute for Executive Inside Debt in Lowering the Cost of Bank Loans a Behavioral Agency Perspective
  Rong Ding, Univ of Warwick
  Mingzhi Liu, Univ of Manitoba
  Yuan Wang, Univ of Manitoba
  Zhenyu Wu, Univ of Manitoba
CEO Overconfidence-Induced Agency Costs of Debt and Inside Debt
  Christodoulos Louca, Cyprus Univ of Technology
  Dimitris Petmezas, Univ of Surrey
  Shuhui Wang, Univ of Surrey
CEO Fixed Effects and Inside Debt Compensation
  Hui James, Univ of Texas Tyler
  Bradley Benson, Ball State Univ
  Jung Chul Park, Univ of South Florida
Presenter: Yuan Wang Presenter: Shuhui Wang Presenter: Bradley Benson
Discussant: Shuhui Wang, Univ of Surrey Discussant: Bradley Benson, Ball State Univ Discussant: Yuan Wang, Univ of Manitoba

Session V406 - Corporate Governance: Gender and The Firm

Friday, 11:30 AM - 1:00 PM

Chairperson: Tareque Nasser, Kansas State Univ

Me Too: Does Workplace Sexual Harassment Hurt Firm Value?
  Shiu-Yik Au, Univ of Manitoba
  Ming Dong, York Univ
  Andreanne Tremblay, Universite Laval
Me Too? a Shareholder Value Perspective on Sexual Harassment
  Amal P Abeysekera, Hofstra Univ
  Chitru S Fernando, Univ of Oklahoma
Times Up: Does Female Leadership Reduce Workplace Sexual Harassment?
  Shiu-Yik Au, Univ of Manitoba
  Andreanne Tremblay, Laval Univ
  Leyuan You, Texas State Univ
Presenter: Ming Dong Presenter: Amal Abeysekera Presenter: Andreanne Tremblay
Discussant: Vincent J Intintoli, Clemson Univ Discussant: Stefan Jaspersen, Univ of Cologne Discussant: Adam Yore, Univ of Missouri

Session V407 - Financial Crises

Friday, 11:30 AM - 1:00 PM

Chairperson: Joseph Mason, Louisiana State Univ

Identifying Financial Crises Using Machine Learning on Textual Data
  Mary Chen, Federal Reserve Board
  Matthew Deininger, Federal Reserve Board
  Seung Jung Lee, Federal Reserve Board
  Martin J Sicilian, Univ of Stanford
Reinforcing or Mitigating? The Role of Institutional Investors in the Recent Financial Crisis
  Destan Kirimhan, Univ of South Carolina
Macro-Financial Spillovers
  John Cotter, Univ College Dublin
  Mark Hallam, Univ of Essex
  Kamil Yilmaz, Koc Univ
Presenter: Seung Jung Lee Presenter: Destan Kirimhan Presenter: Mark Hallam
Discussant: Candace Jens, Tulane Univ Discussant: Michael Pagano, Villanova Univ Discussant: Joseph Mason, Louisiana State Univ

Session V408 - Firm Cash Flow and Policies

Friday, 11:30 AM - 1:00 PM

Chairperson: Nishad Kapadia, Tulane Univ

Does Mandating Cash Flow Payouts Improve Firm Performance?
  Haiwei Chen, Univ of Alaska Fairbanks
  Thanh Ngo, East Carolina Univ
Why are Investors Paying (More) Attention to Free Cash Flows?
  Katharine Adame, Univ of Washington
  Jennifer Koski, Univ of Washington
  Katie Lem, Univ of Washington
  Sarah McVay, Univ of Washington
Financial Reporting Environment and Precautionary Cash Policy: Evidence from Private Firms
  Marcelo Ortiz, Universitat Pompeu Fabra & Barcelona GSE
  Francisco Urzua, Cass Business School
Presenter: Haiwei Chen Presenter: Jennifer Koski Presenter: Marcelo Ortiz
Discussant: Julian Atanassov, Univ of Nebraska Discussant: Morad Zekhnini, Michigan State Univ Discussant: T Beau Page, Tulane Univ

Session V409 - Geography and Culture

Friday, 11:30 AM - 1:00 PM

Chairperson: Miran Hossain, UNC Wilmington

Geographic Strategies in Bank Mergers and Acquisitions
  Jennifer Brodmann, Cal State Univ Dominguez Hills
  Charles Armah Danso, Cal State Univ Los Angeles
  Thanh Ngo, East Carolina Univ
Financial Development as a Legacy of Historical Anti-Semitism
  Jianan Lu, Univ of Edinburgh
  Wenxuan Hou, Univ of Edinburgh
Social Proximity to Capital: Implications for Investors and Firms
  Theresa Kuchler, New York Univ
  Yan Li, Baruch College CUNY
  Lin Peng, Baruch College CUNY
  Johannes Stroebel, New York Univ, NBER & CEPR
  Dexin Zhou, Baruch College CUNY
Presenter: Jennifer Brodmann Presenter: Jianan Lu Presenter: Dexin Zhou
Discussant: Miran Hossain, UNC Wilmington Discussant: Yelina Larkin, York Univ Discussant: Gabriele Lattanzio, Monash Univ

Session V410 - Insider Trading 2

Friday, 11:30 AM - 1:00 PM

Chairperson: Anzhela Knyazeva, US SEC

How are Insider Trading and Innovation Connected? Evidence from Insider Trading Restrictions and Enforcement
  D Brian Blank, Mississippi State Univ
  Jiawei Chen, Mississippi State Univ
  Valeriya Posylnaya, Univ of Minnesota Duluth
Local Religion and Insider Trading
  Mehmet E Akbulut, Cal State Fullerton
  Erdem Ucar, Cal State Fullerton
Religion and Insider Trading Profits
  Harold Contreras, Univ of Chile
  Adriana Korczak, Univ of Bristol
  Piotr Korczak, Univ of Bristol
Presenter: Jiawei Chen Presenter: Erdem Ucar Presenter: Piotr Korczak
Discussant: Luming Chen, Univ of California Irvine Discussant: Seonghee Han, Pennsylvania State Univ Abington Discussant: JiHoon Hwang, Univ of Arizona

Session V411 - Investor Attention

Friday, 11:30 AM - 1:00 PM

Chairperson: Chih-Ching Hung, Baruch College CUNY

The Disappearing Earnings Announcement Premium
  Amanda Rae Heitz, Tulane Univ
  Gans Narayanamoorthy, Tulane Univ
  Morad Zekhnini, Tulane Univ
Market Returns and a Tale of Two Attentions
  Zhi Da, Univ of Notre Dame
  Jian Hua, Baruch College
  Chih-Ching Hung, Baruch College
  Lin Peng, Baruch College
Unusual Option Activity: Is it Smart to Follow 'Smart Money'?
  George J Jiang, Washington State Univ
  Cuyler Strong, Washington State Univ
Presenter: Amanda Heitz Presenter: Chih-Ching Hung Presenter: Cuyler Strong
Discussant: Yen-Cheng Chang, National Taiwan Univ Discussant: Yu Wang, Univ of Arkansas Discussant: Yoshio Nozawa, Hong Kong Univ of Science and Technology

Session V412 - Option Return

Top Ten Session
Friday, 11:30 AM - 1:00 PM

Chairperson: Tong Wang, Univ of Oklahoma

Volatility Uncertainty and the Cross-Section of Option Returns
  Jie (Jay) Cao, Chinese Univ of Hong Kong
  Aurelio Vasquez, ITAM
  Xiao Xiao, Erasmus Univ Rotterdam
  Xintong Zhan, Chinese Univ of Hong Kong
The Early Exercise Risk Premium
  Kevin Aretz, Univ of Manchester
  Adnan Gazi, Univ of Manchester
The Economic Value of Equity Implied Volatility Forecasting with Machine Learning
  Paul Borochin, Univ of Miami
  Yanhui Zhao, Univ of Wisconsin Whitewater
Presenter: Aurelio Vasquez Presenter: Adnan Gazi Presenter: Yanhui Zhao
Discussant: Zekun Wu, Univ of Connecticut Discussant: Yueliang (Jacques) Lu, UNC Charlotte Discussant: Adnan Gazi, Univ of Manchester

Session V413 - Political, Tax & Social Trust Issues

Friday, 11:30 AM - 1:00 PM

Chairperson: Md Nazmul Hasan Bhuyan, Florida Atlantic Univ

Firm-Level Political Risk and Credit Markets
  Mahmoud Gad, Lancaster Univ
  Valeri Nikolaev, Univ of Chicago
  Ahmed Tahoun, London Business School
  Laurence van Lent, Frankfurt School of Finance & Management
IRS Tax Enforcement and the Cost of Syndicated Loans in the United States
  Theodora Bermpei, Univ of Essex
  Antonios Nikolaos Kalyvas, Univ of Southampton
Social Trust and Capital Structure: Evidence from International Data
  Sharif Mazumder, Oklahoma State Univ
Presenter: Mahmoud Gad Presenter: Theodora Bermpei Presenter: Sharif Mazumder
Discussant: Khaled Qasem Bataineh, Univ of New Orleans Discussant: Daniel Tut, Ryerson Univ Discussant: Yu Liu, Univ of Texas Rio Grande Valley

Session V414 - Prices and Information

Friday, 11:30 AM - 1:00 PM

Chairperson: George Jiang, Washington State Univ

How Have Stock Market Responded to 35 Years of Analyst Reports? Evidence from Machine Learning and Textual Analysis
  Mustafa Gultekin, UNC Chapel Hill
  Abena Owusu, Rensselaer Polytechnic Institude
  Thomas Shohfi, Rensselaer Polytechnic Institude
  Majeed Simaan, Stevens Institute of Technology
Drift Begone! Release Policies and Preannouncement Informed Trading
  Alexander Kurov, West Virginia Univ
  Alessio Sancetta, Royal Holloway, Univ of London
  Marketa Halova Wolfe, Skidmore College
Mimicking Insider Trades
  Andrew Marshall, Univ of Strathclyde
  Biwesh Neupane, Univ of Greenwich
  Suman Neupane, Univ of Queensland
  Chandra Thapa, Univ of Strathclyde
Presenter: Mustafa N Gultekin Presenter: Alexander Kurov Presenter: Biwesh Neupane
Discussant: Ao Wang, Washington State Univ Discussant: Wei Huang, College of St Benedict and St John’s Univ Discussant: Yinfei Chen, Cal State Chico

Session V415 - Shareholder Activism 1

Top Ten Session
Friday, 11:30 AM - 1:00 PM

Chairperson: Julian Zhang, Loyola Marymount Univ

Phantom of the Opera: ETF Shorting and Shareholder Voting
  Richard B Evans, Univ of Virginia
  Oguzhan Karakas, Univ of Cambridge
  Rabih Moussawi, Villanova Univ
  Michael Young, Univ of Missouri
Direct Engagement by Index Funds: Evidence from State Street Global Advisors
  Majid Darvishan, Univ of Pittsburgh
  Yanran Liu, Indiana Univ
The Real Effects of Environmental Activist Investing
  S. Lakshmi Naaraayanan, HKUST
  Kunal Sachdeva, Rice Univ
  Varun Sharma, London Business School
Presenter: Michael Young Presenter: Majid Darvishan Presenter: Varun Sharma , London Business School
Discussant: Abhishek Ganguly, Univ of Oklahoma Discussant: Julian Zhang, Loyola Marymount Univ Discussant: Xin Gu, Univ of Massachusetts Boston

Session V416 - Sovereign Credit Ratings

Friday, 11:30 AM - 1:00 PM

Chairperson: Stefanos Delikouras, Univ of Miami

Quid Pro Quo? Political Ties and Sovereign Borrowing
  Gene Ambrocio, Bank of Finland
  Iftekhar Hasan, Fordham Univ
Transmission Process and Determinants of Sovereign Credit Contagions
  Chih-Chun Chen, National Ilan Univ
  Chun-Da Chen, Lamar Univ
  Yuan-Teng Hsu, Shanghai Business School
Presenter: Gene Ambrocio Presenter: Chun-Da Chen
Discussant: Shuo Yan, Southern Univ of Science & Technology Discussant: Gene Ambrocio, Bank of Finland

Session V417 - Stock Returns

Friday, 11:30 AM - 1:00 PM

Chairperson: Yu Hu, Florida International Univ

Risk or Mispricing? Cross-Country Evidence on the Cross-Section of Stock Returns
  M Mike Dong, Univ of California Riverside
Uncovering China’s Stock Market Risk-Return Relation: Crazy Casino Punters or Risk Averse Investors?
  Hang Cheng, Dongbei Univ of Finance & Economics
  Hui Guo, Univ of Cincinnati
  Yongdong Shi, Dongbei Univ of Finance & Economics
On the Dynamics of Changing Correlations: Identification and Stock Returns
  Thiago de Oliveira Souza, Univ of Southern Denmark
Presenter: Mike Dong Presenter: Hui Guo Presenter: Thiago de Oliveira Souza
Discussant: Selin Duz Tan, Istanbul Tech Univ Discussant: Zeming Li, Univ of Southampton Discussant: Evan Zhou, McGill Univ

Session V418 - Student Chapter Management Roundtable

Friday, 11:30 AM - 1:00 PM

Moderator
Rustin Yerkes, FMA Student Chapters Committee Chairperson
Associate Professor of Finance, Samford Univ

This session will discuss FMA's support for student chapters, including ideas for professional, social, and community service activities, fundraising, and recruiting. The Finance Leaders' Conference will be an added topic of the session.

Session V420 - Doctoral Student Consortium Job Market Paper Presentation Session

Friday, 11:30 AM - 1:30 PM

Chairperson: Lin Peng, Baruch College CUNY

Do Sell-side Analysts Say BUY While Whispering SELL?
  Yushui Shi, Univ of California Irvine
The Brexit Premium: What did Global Financial Market Make of Brexit?
  Beata Gafka, Univ of Oxford
The Pre-FOMC Announcement Drift and Information Leakage: Kyle Meets Macro-Finance
  Chao Ying
Whose Attention Matters? Evidence from the return predictability between economic linked firms
  Xinyao Zhou, York University
Presenter: Yushui Shi Presenter: Beata Gafka Presenter: Chao Ying Presenter: Xinyao Zhou
Discussant: Brandon Lock, Baruch College CUNY Discussant: Jianfeng Hu, Singapore Management University Discussant: Yajun Wang, Baruch College CUNY Discussant: Yi Tang, Fordham University

Friday, 23 October | 1:30 PM - 2:30 PM ET

Session V421 - Board Independence

Friday, 1:30 PM - 2:30 PM

Chairperson: Mohamed Mekhaimer, St John Fisher College

Do Lead Independent Directors Improve Investment Efficiency?
  Tijana Rajkovic, San Jose State Univ
Does Having Multiple Insiders on Boards Enhance the Effectiveness of Independent Directors?
  Sharif Mazumder, Oklahoma State Univ
  Ramesh P Rao, Oklahoma State Univ
Presenter: Tijana Rajkovic Presenter: Ramesh Rao
Discussant: Dami Kabiawu, The King's College Discussant: Mohamed Mekhaimer, St John Fisher College

Session V422 - Corporate Innovation 3

Friday, 1:30 PM - 2:30 PM

Chairperson: Sungjoung Kwon, Wayne State Univ

The Effect of Labor Cost on Innovation
  Amrita Nain, Univ of Iowa
  Yan Wang, McMaster Univ
Rivals' Cash Holdings and Corporate Innovation
  Julian Atanassov, Univ of Nebraska - Lincoln
  Nam Le, Univ of Nebraska - Lincoln
Presenter: Yan Wang Presenter: Julian Atanassov
Discussant: Yuzi Chen, Central Univ of Finance & Economics Discussant: Emanuele Rizzo, Nova School of Business & Economics

Session V424 - Executive Gender & Traits

Friday, 1:30 PM - 2:30 PM

Chairperson: Sonali Hazarika, Baruch College CUNY

The Origins and Real Effects of the Gender Gap: Evidence from CEOs' Formative Years
  Ran Duchin, Univ of Washington
  Mikhail Simutin, Univ of Toronto
  Denis Sosyura, Arizona State Univ
They've Figured it Out! Gender Differences in Executive Language Styles Through Shareholders' Letters
  Pu Liu, Univ of Arkansas Fayetteville
  Hazel Nguyen, Southwestern Univ
  Diana Trevino, Southwestern Univ
Presenter: Denis Sosyura Presenter: Diana Trevino
Discussant: Hazel Nguyen, Southwestern Univ Discussant: He Li, Univ of Wisconsin

Session V425 - Household Finance

Top Ten Session
Friday, 1:30 PM - 2:30 PM

Chairperson: Brian Payne, Univ of Nebraska Omaha

Financial Inclusion and Household Financial Behavior
  Renata Herrerias, ITAM
Does Finance Make Us Less Social?
  Henrik Cronqvist, Univ of Miami
  Mitch Warachka, Chapman Univ
  Frank Yu, China Europe International Business School
Presenter: Renata Herrerias Presenter: Mitch Warachka
Discussant: Brian Payne, Univ of Nebraska Omaha Discussant: Ryan Davis, Univ of Alabama Birmingham

Session V426 - M&A and Earnings Announcements/Analysts

Friday, 1:30 PM - 2:30 PM

Chairperson: Tom Shohfi, Rensselaer Polytechnic Institute

Do Equity Analysts Play a Role in Mergers and Acquisitions? Evidence from Analyst Coverage of Acquisition Targets
  Eliezer M Fich, Drexel Univ
  Tingting Liu, Iowa State Univ
  Micah S Officer, Loyola Marymount Univ
The Real Consequence of Information Bundling: Evidence from Takeovers
  Tian Qiu, Univ of Kentucky
Presenter: Tingting Liu Presenter: Tian Qiu
Discussant: Tom Shohfi, Rensselaer Polytechnic Institute Discussant: Richard Herron, Northeastern Univ

Session V427 - New Theory Of Asset Prices

Friday, 1:30 PM - 2:30 PM

Chairperson: Tengfei Zhang, Louisiana State Univ

Idiosyncratic Volatility and the Intertemporal Capital Asset Pricing Model
  Gang Li, Univ of Toronto
On the Stock Market Variance-Return or Price Relations: A Tale of Fear and Euphoria
  Hui Guo, Univ of Cincinnati
  Qian Lin, Wuhan Univ
  Yu-Jou Pai, Concordia Univ
Presenter: Gang Li Presenter: Hui Guo
Discussant: Yanhui Zhao, Univ of Wisconsin Whitewater Discussant: Chih-Ching Hung, Baruch College

Session V428 - Order Exposure

Friday, 1:30 PM - 2:30 PM

Chairperson: Tahsina Haque Simu, Univ of Texas El Paso

The Effect of Disclosure Opacity on Trading Opacity: New Evidence from ADR Trades in Dark Pools
  Thomas J Boulton, Miami Univ
  Marcus V Braga-Alves, Pace Univ
  Bidisha Chakrabarty, Saint Louis Univ
Does Off-Exchange Trading Decrease in the Presence of Uncertainty?
  Stephen N Jurich, Univ of Maine
Presenter: Thomas Boulton Presenter: Stephen Jurich
Discussant: Christian Westheide, Univ of Vienna Discussant: Sam Adams, Univ of Tennessee

Session V429 - Performance Evaluation 2

Friday, 1:30 PM - 2:30 PM

Chairperson: Lingfei Kong, UNC Charlotte

Stochastic Dominance Inefficiency Tests
  Sofia Anyfantaki, Athens Univ of Economics and Business and Bank of Greece
  Esfandiar Maasoumi, Emory Univ
  Jue Ren, Texas Christian Univ
  Nikolas Topaloglou, Athens Univ of Economics and Business
Interim Trading Bias in the Performance Evaluation of Equity Mutual Funds
  Ali Ghali, Laval Univ
  Stephane Chretien, Laval Univ
Presenter: Jue Ren Presenter: Ali Ghali
Discussant: William Howard, American Intercontinental Univ Discussant: Hsuan Fu, Laval Univ

Session V430 - Short Selling 2

Friday, 1:30 PM - 2:30 PM

Chairperson: Lei Gao, Iowa State Univ

Stock Loan Fees, Private Information, and Smart Lending
  Brian J Henderson, George Washington Univ
  Gergana Jostova, George Washington Univ
  Alexander Philipov, George Mason Univ
Short Selling Prior to Going Concern Disclosures
  Jian Huang, Towson Univ
  Lei Wang, Shanghai Univ of International Business and Economics
  Han Yu, Southern Connecticut State Univ
  Zhen Zhang, Towson Univ
Presenter: Alexander Philipov Presenter: Han Yu
Discussant: Xiaohu Deng, Univ of Tasmania Discussant: Lei Gao, Iowa State Univ

Session V431 - The Role Of Security Analysts

Friday, 1:30 PM - 2:30 PM

Chairperson: Paul Irvine, Texas Christian Univ

Distracted Analysts: Evidence from Climatic Disasters
  Yuqi Han, Temple Univ
  Connie Mao, Temple Univ
  Hongping Tan, McGill Univ
  Chi Zhang, Univ of Massachusetts Lowell
Do Managers Learn from Analysts About Investing? Evidence from Internal Capital Allocation
  Re-Jin Jennifer Guo, Univ of Illinois Chicago
  Rong Irene Zhong, Univ of Illinois Chicago
Presenter: Chi Zhang Presenter: Re-Jin J Guo
Discussant: Feng Jiang, Univ at Buffalo SUNY Discussant: Daniel Bradley, Univ of South Florida

Friday, 23 October | 3:00 PM - 4:30 PM ET

Session V441 - Closed-End Funds & ETFs

Friday, 3:00 PM - 4:30 PM

Chairperson: Ehsan Nikbakht, Hofstra Univ

Capital Structure of Closed-End Funds: A Shadow Cost of Regulatory Leverage Constraint
  Babak Lotfaliei, San Diego State Univ
  Mahmood Mohebshahedin, Univ of Windsor
ETF Heartbeats, Tax Efficiencies, and Clienteles
  Rabih Moussawi, Villanova Univ
  Ke Shen, Lehigh Univ
  Raisa Velthuis, Villanova Univ
Of Seesaws and Swings: An Analysis of the Systematic Impact of LETF Rebalancing
  Pankaj K Jain, Univ of Memphis
  Suchismita Mishra, Florida International Univ
  Michael S Pagano, Villanova Univ
  Ivan M Rodriguez Jr, Eastern Michigan Univ
Presenter: Mahmood Mohebshahedin Presenter: Raisa Velthuis Presenter: Ivan M Rodriguez, Jr
Discussant: Andrew Spieler, Hofstra Univ Discussant: Garrett Smith, Univ of Wisconsin Whitewater Discussant: Shahriar Khaksari, Suffolk Univ

Session V442 - Contracting Optimally

Friday, 3:00 PM - 4:30 PM

Chairperson: Sailu (Lulu) Li, Pacific Lutheran Univ

Contracting Costs and Reputational Contracts
  Dominique Badoer, Univ of Illinois at Chicago
  Mustafa Emin, Univ of Florida
  Christopher James, Univ of Florida
Pumping Up the SEO: The Rewards of Uninformed Speculation
  Suman Banerjee, Stevens Institute of Technology
  Thomas Noe, Univ of Oxford
  Kai Wang, Stevens Institute of Technology
Optimal Financing Contracts in Venture Capital Partnerships
  Qing Liu, Boston Univ
Presenter: Mustafa Emin Presenter: Kai Wang Presenter: Qing Liu
Discussant: Yang Yang, West Virginia Univ Discussant: Taejin Kim, Korea Univ Discussant: Fan Zhang, Auckland Univ of Technology

Session V443 - CSR & Stocks

Friday, 3:00 PM - 4:30 PM

Chairperson: Vivek Sharma, Univ of Hartford

ESG Disclosure and the Informativeness of Stock Price
  Eduardo Schiehll, HEC Montreal & Aalto Univ
  Sam Kolahgar, Univ of Prince Edward Island
Does the Stock Market Fully Value Inventor Diversity? Gender and Ethnic Diversity Among Inventors and Stock Returns
  Shagun Pant, Univ of Iowa
  Jue Wang, Univ of Iowa
Warm-Glow Investment and the Under-Performance of Green Stocks
  Johannes Dreyer, Roskilde Univ
  Vivek Sharma, Univ of Memphis
  William Smith, Univ of Memphis
Presenter: Sam Kolahgar Presenter: Shagun Pant Presenter: Vivek Sharma
Discussant: Wentao Wu, Clarkson Univ Discussant: Aditya Kashikar, Baruch College CUNY Discussant: Li Ai, Univ of Massachusetts Boston

Session V444 - Financial Regulation

Top Ten Session
Friday, 3:00 PM - 4:30 PM

Chairperson: Lamont Black, DePaul Univ

Bank Regulation, Investment, and the Implementation of Capital Requirements
  Thomas J Rivera, McGill Univ
Unintended Consequences of Post-Crisis Liquidity Regulation
  Suresh Sundaresan, Columbia Business School
  Kairong Xiao, Columbia Business School
Marijuana Liberalization and Public Finance: A Capital Market Perspective on a Public Health Policy
  Stephanie Cheng, Tulane Univ
  Gus De Franco, Tulane Univ
  Pengkai Lin, Tulane Univ
Presenter: Thomas J Rivera Presenter: Kairong Xiao Presenter: Pengkai Lin
Discussant: Michal Kowalik, Federal Reserve Bank Boston Discussant: Stefan Gissler, Federal Reserve Board Discussant: Stanislava Nikolova, Univ of Nebraska Lincoln

Session V445 - Financing In Emerging Markets

Friday, 3:00 PM - 4:30 PM

Chairperson: Bora Ozkan, Temple Univ

Residual State Ownership, Foreign Ownership and Firms' Financing Patterns
  Yu Liu, Univ of Texas Rio Grande Valley
  Jian Xu, Univ of Texas Rio Grande Valley
Determinants of Overseas Related Party Transactions: Evidence Surrounding the Global Financial Crisis
  Sung C Bae, Bowling Green State Universtiy
  Taek Ho Kwon, Chungnam National Univ
Presenter: Jian Xu Presenter: Sung C Bae
Discussant: Yen Nguyen, St Francis Xavier Univ Discussant: Jianning Huang, St Francis Xavier Univ

Session V446 - Household Lending and Spending

Top Ten Session
Friday, 3:00 PM - 4:30 PM

Chairperson: Aslihan Gizem Korkmaz, Dominican Univ of California

Lending as Recovery Policy: Evidence from Household Applications to the US Federal Disaster Loan Program
  Benjamin L Collier, Temple Univ
  Cameron M Ellis, Temple Univ
Precautionary Student Borrowing: Hometown Unemployment and Student Loans
  Andrew Joseph Schwartz, Seton Hall Univ
  Zachary Bleemer, Univ of California Berkeley
Sports Sentiment and Spending: Evidence from Sidney Crosby's Fans
  Sung K Lee, New York Univ
Presenter: Benjamin Collier Presenter: Andrew Schwartz Presenter: Sung K Lee
Discussant: Ali Dadpay, Univ of Dallas Discussant: Chen Shen, UNC Charlotte Discussant: Jason P Berkowitz, St John's Univ

Session V447 - Institutional Portfolios

Friday, 3:00 PM - 4:30 PM

Chairperson: Ali Dadpay, Univ of Dallas

Reach for Yield by US Public Pension Funds
  Lina Lu, Federal Reserve Bank Boston
  Matthew Pritsker, Federal Reserve Bank Boston
  Andrei Zlate, Federal Reserve Board
  Kenechukwu Anadu, Federal Reserve Bank Boston
  James Bohn, Federal Reserve Bank Boston
Blessing or Curse? Institutional Investment in Leveraged ETFs
  Luke DeVault, Clemson Univ
  Harry Turtle, Colorado State Univ
  Kainan Wang, Univ of Toledo
Should Corporate Pensions Invest in Risky Assets?
  C Wei Li, Univ of Iowa
  Tong Yao, Univ of Iowa
  Jie Ying, Southern Illinois Univ Edwardsville
Presenter: Andrei Zlate Presenter: Kainan Wang Presenter: Jie Ying
Discussant: Matteo Binfare, Univ of Missouri Discussant: Jie Ying, SIU Edwardsville Discussant: Min S Kim, Michigan State Univ

Session V448 - Law & Finance

Friday, 3:00 PM - 4:30 PM

Chairperson: Paul Borochin, Univ of Miami

Can Long-Term Institutional Owners Improve Market Efficiency in Parsing Complex Legal Disputes?
  Paul Borochin, Univ of Miami
  Xiaoqiong Wang, Indiana Univ
  Siqi Wei, Cal State Northridge
Does Limited Liability Matter? Evidence from a Quasi-Natural Experiment
  Yrjo Koskinen, Univ of Calgary
  Nga Nguyen, Univ of Calgary
  J Ari Pandes, Univ of Calgary
Institutional Monitoring and Litigation Risk: Evidence from Employee Disputes
  Blake Rayfield, Indiana State Univ
  Omer Unsal, Merrimack College
Presenter: Paul Borochin Presenter: Nga Nguyen Presenter: Blake Rayfield
Discussant: Haoyang Xiong, Mississippi State Univ Discussant: Yoonsoo Nam, Washington State Univ Discussant: Stephen Karolyi, Carnegie Mellon Univ

Session V449 - Mergers & Acquisitions 3

Top Ten Session
Friday, 3:00 PM - 4:30 PM

Chairperson: Kangzhen Xie, Seton Hall Univ

Anticipating Acquirers
  Antonio J Macias, Baylor Univ
  P Raghavendra Rau, Univ of Cambridge
  Aris Stouraitis, Hong Kong Baptist Univ
The Worst of Both Worlds: Megamergers are Anti-Competitive and Inefficient
  Alexander W Butler, Rice Univ
  Gustavo Grullon, Rice Univ
  Gabriele Lattanzio, Southern Methodist Univ
Do Acquirers Gain Private Benefit at Public Cost? Evidence from Bank Acquisitions
  Daniela Scida, Federal Reserve Bank Richmond
  Farindokht Vaghefi, Federal Reserve Bank Richmond
Presenter: P Raghavendra Rau Presenter: Gabriele Lattanzio Presenter: Farindokht Vaghefi
Discussant: Diana Knyazeva, US SEC Discussant: Saeyoung Chang, Univ of Nevada Las Vegas Discussant: Thomas Griffin, Villanova Univ

Session V450 - Return Predictability

Friday, 3:00 PM - 4:30 PM

Chairperson: Ali Sharifkhani, Northeastern Univ

The Cross Section of the Monetary Policy Announcement Premium
  Hengjie Ai, Univ of Minnesota
  Leyla Jianyu Han, Univ of Hong Kong
  Xuhui Pan, Univ of Oklahoma
  Lai Xu, Syracuse Univ
Presidential Power and Stock Returns
  Youngsoo Kim, Univ of Regina
  Jung Chul Park, Univ of South Florida
Inflation Expectations, Stock Returns, and the Economic State: A Signaling Role for Inflation?
  Robert A Connolly, UNC Chapel Hill
  Christopher T Stivers, Univ of Louisville
  Licheng Sun, Old Dominion Univ
Presenter: Hengjie Ai Presenter: Jung Chul Park Presenter: Christopher Stivers
Discussant: Charles Martineau, Univ of Toronto Discussant: Yoontae Jeon, Ryerson Univ Discussant: Guihai Zhao, Bank of Canada

Session V451 - Seasoned Equity Offerings

Top Ten Session
Friday, 3:00 PM - 4:30 PM

Chairperson: Marcus V Braga-Alves, Pace Univ

Media Connections and Seasoned Equity Offerings
  Luis Garcia-Feijoo, Florida Atlantic Univ
  Daniel Gropper, Florida Atlantic Univ
  Md Miran Hossain, UNC Wilmington
  David Javakhadze, Florida Atlantic Univ
The Role of Investor Attention in Seasoned Equity Offerings: Theory and Evidence
  Thomas J Chemmanur, Boston College
  Karen Simonyan, Suffolk Univ
  Yu Wang, Boston College
  Xiang Zheng, Boston College
Underwriter Networks, Information Asymmetry, and Seasoned Equity Offerings
  Thomas J Chemmanur, Boston College
  Karen Simonyan, Suffolk Univ
  Xiang Zheng, Boston College
Presenter: Md Miran Hossain Presenter: Karen Simonyan Presenter: Xiang Zheng
Discussant: Karen Simonyan, Suffolk Univ Discussant: Marcus V Braga-Alves, Pace Univ Discussant: Diana Knyazeva, US SEC

Session V452 - Secrets, Common Ownership & Cost Of Capital

Friday, 3:00 PM - 4:30 PM

Chairperson: Soku Byoun, Baylor Univ

Institutional Common Ownership and Cost of Equity Capital
  Xiaoran Ni, Xiamen Univ
  David Yin, Miami Univ
The Impact of Information Technology: Information Asymmetry, Cost of Capital and Corporate Policy
  Wenyin Li, Univ of Kentucky
  Quan Qi, Univ of Kentucky
Keeping Secrets from Creditors: The Uniform Trade Secrets Act and Financial Leverage
  Kose John, New York Univ
  Scott B Guernsey, Univ of Cambridge
  Lubomir P litov, Univ of Oklahoma
Presenter: David Yin Presenter: Quan Qi Presenter: Lubomir Litov
Discussant: Anisur Rahman, Westminster College Discussant: Fariz Huseynov, North Dakota State Univ Discussant: Raluca Roman, Federal Reserve Bank Philadelphia

Session V453 - Sentiment and Behavior

Top Ten Session
Friday, 3:00 PM - 4:30 PM

Chairperson: Mohamed Al Guindy, Carleton Univ

"Pump and Dump" Through Media Tone: The Role of Cross-Blockholders in Corporate Litigation
  Jie (Jack) He, Univ of Georgia
  Han Xia, Univ of Texas Dallas
  Yabo Zhao, Univ of Texas Dallas
Are Professional Investors Prone to Behavioral Biases? Evidence from Mutual Fund Managers
  Mehran Azimi, Univ of Alabama
A Picture is Worth a Thousand Words: Measuring Investor Sentiment by Combining Machine Learning and Photos from News
  Khaled Obaid, Cal State East Bay
  Kuntara Pukthuanthong, Univ of Missouri Columbia
Presenter: Yabo Zhao Presenter: Mehran Azimi Presenter: Khaled Obaid
Discussant: Hosein Hamisheh Bahar, York Univ Discussant: Markus Broman, Syracuse Univ Discussant: Seung Jung Lee, Federal Reserve Board

Session V454 - Undergrad Finance Education

Friday, 3:00 PM - 4:30 PM

Chairperson: M Imtiaz Mazumder, St Ambrose Univ

Teaching Derivatives Using Bloomberg: An Experiential Learning Approach
  Amira Annabi, Manhattan College
The Time Value of Reflection in Financial Education: An Introductory Finance Course Experiment
  Karen Ann Craig, Eastern Michigan Univ
  Brandy Hadley, Appalachian State Univ
Enhancing the Student Managed Investment Fund Learning Experience
  John Cresson, Southeastern Louisiana Univ
Presenter: Amira Annabi Presenter: Karen Ann Craig Presenter: John Cresson
Discussant: Christina Zhang, Cal State Monterey Bay Discussant: Ali Dadpay, Univ of Dallas Discussant: M Imtiaz Mazumder, St Ambrose Univ

Session V455 - Product Market, Innovation & Shareholder Value

Friday, 3:00 PM - 4:30 PM

Chairperson: Matthew Serflin, Univ of Tennessee

Real Effects of Environmental Regulations on Firm Performance: The Role of Competition
  Rui Duan, York Univ
  Rui Dai, Univ of Pennsylvania
  Lilian Ng, York Univ
Market Reaction and Product-Harm Crises: Failed Medical Innovation and Firm Value
  Omer Unsal, Merrimack College
  M Kabir Hassan, Univ of New Orleans
Law Firm Expertise and Shareholder Wealth
  Denis Schweizer, Concordia Univ
  Ge Wu Wu, Univ of Richmond
Presenter: Rui Duan Presenter: Omer Unsal Presenter: Ge Wu
Discussant: Matthew Serflin, Univ of Tennessee Discussant: Vanessa Holmes, Penn State Univ Discussant: Christiana Osei Bonsu, Univ of Adelaide

Session V456 - Doctoral Student Consortium Job Market Paper Presentation Session

Friday, 3:00 PM - 4:30 PM

Chairperson: Yuri Tserlukevich, Arizona State Univ

A Quantitative Model of Corporate Reputation Building in Debt Markets and Firm Dynamics
  Ikuo Takei, Univ of Wisconsin Madison
Do institutional investors mitigate social costs of privatization? Evidence from prisons
  Eyub Yegen, Univ of Toronto
Interest Rate Risk Hedging - Evidence From U.S. Life Insurance Industry
  Qianlong Liu, Georgia State Univ
Presenter: Ikuo Takei Presenter: Eyub Yegen Presenter: Qianlong Liu
Discussant: Roman Goncharenko, KU Leuven Discussant: Abhishek Varma, Illinois State Univ Discussant: Raymond Kim, Northern Arizona Univ

Session V457 - Doctoral Student Consortium Job Market Paper Presentation Session

Friday, 3:00 PM - 4:30 PM

Chairperson: Kunal Sachdeva,Rice Univ

Be a pioneer, not a follower: Evidence from scanner data
  Ruixiang Wang, Univ of Missouri
Offshoring Activities and Capital Structure Choices
  Prerna Agarawal, Univ of Iowa
Which firms can benefit from busy boards?
  Keunyoung (Kay) Kim, Texas Tech Univ
Presenter: Ruixiang Wang Presenter: Prerna Agarwal Presenter: Keunyoung (Kay) Kim
Discussant: Irem Demirci, Nova SBE

Discussant: Katie Moon, Univ of Colorado Discussant: Jeff Coles, Univ of Utah

Friday, 23 October | 8:00 PM - 9:30 PM ET

Session V461 - Employees & Employment

Friday, 8:00 PM - 9:30 PM

Chairperson: Zhao Wang, Capital Univ of Economics and Business

Employee Mobility Restrictions and Non-Executive Employee Stock Options
  Xin Chang, Nanyang Technological Univ
  Yun Dai, Lingnan College, Sun Yat-sen Univ
  Wenrui Zhang, The Chinese Univ of Hong Kong
Employment Protection, Corporate Governance, and Labor Productivity Around the World
  Guangzhong Li, Sun Yat-sen Univ
  Keishi Fujiyama, Kobe Univ
  Cen Wu, Jinan Univ
  Ying Zheng, Sun Yat-sen Univ
Underemployment in an Equilibrium Search and Matching Model
  Marianna Kudlyak, Federal Reserve Bank San Francisco
  Guannan Luo, City Univ of Hong Kong
Presenter: Wenrui Zhang Presenter: Ying Zheng Presenter: Guannan Luo
Discussant: Md Abdul Wasi, Univ of Adelaide Discussant: Wenrui Zhang, Chinese Univ of Hong Kong Discussant: To be announced

Session V462 - Equity Issuance

Friday, 8:00 PM - 9:30 PM

Chairperson: Donghang Zhang, Univ of South Carolina

Confucianism and IPO Underpricing
  Haiming Liu, Shandong Univ of Finance & Economics
  Yao-Min Chiang, National Taiwan Univ
Equity Issues and the Cross-Section of the Cash-Savings Rate
  Sadok El Ghoul, Univ of Alberta
  Omrane Guedhami, Univ of South Carolina
  EunJung Lee, Hanyang Univ
  Jungwon Suh, Sungkyunkwan Univ
The Effect of Financial Reporting Quality on the Cost of Equity Financing: Evidence from PIPE Offerings
  C.S. Agnes Cheng, Hong Kong Polytechnic Univ
  Zhi Li, Hong Kong Polytechnic Univ
  Jing Xie, Hong Kong Polytechnic Univ
Presenter: Yao-Min Chiang Presenter: Jungwon Suh Presenter: Zhi Li
Discussant: Chunxin Jia, Peking Univ Discussant: Rongbing Huang, Kennesaw State Univ Discussant: Gerard Pinto, Drew Univ

Session V463 - Labor Market and Costs

Friday, 8:00 PM - 9:30 PM

Chairperson: James Donato, Univ of Wisconsin River Falls

Minimum Wage Hikes, Innovation, and Corporate Investment
  Heng (Griffin) Geng, Victoria Univ of Wellington
  Yi Huang, Graduate Institute of Geneva
  Chen Lin, Univ of Hong Kong
  Sibo Liu, Lingnan Univ
Technological Fit and the Market for Managerial Talent
  Fred Bereskin, Univ of Missouri
  Seong K Byun, Virginia Commonwealth Univ
  Jong-Min Oh, SungKyunKwan Univ
Does a Change in the Information Environment Affect Labor Adjustment Costs?
  Ben R Marshall, Massey Univ
  Justin Hung Nguyen, Victoria Univ of Wellington
  Nhut Nguyen, Auckland Univ of Technology
  Nuttawat Visaltanachoti, Massey Univ
Presenter: Griffin Geng Presenter: Jong-Min Oh Presenter: Nuttawat Visaltanachoti
Discussant: James Donato, Univ of Wisconsin River Falls Discussant: Yicheng Zhu, Univ of Texas El Paso Discussant: Xi Sun, Renmin Univ of China

Session V464 - Market Efficiency

Friday, 8:00 PM - 9:30 PM

Chairperson: Tao Shu, Chinese Univ of Hong Kong

US Country ETFs: What Role Does the US Market Play?
  Damien Wallace, Univ of South Australia
  Petko S Kalev, La Trobe Univ
See No Evil: Market Reaction to EPS-Driven Stock Repurchases
  Wenyun (Michelle) Shi, Shanghai Jiao Tong Univ
  Feng Zhao, Univ of Texas Dallas
Return Cross-Predictability in Firms with Similar Employee Satisfaction
  Xueying Bian, Singapore Management Univ
  Sergei Sarkissian, McGill Univ and Univ of Edinburgh
  Jun Tu, Singapore Management Univ
  Harry Ran Zhang, Shanghai Jiao Tong Univ
Presenter: Petko S Kalev Presenter: Wenyun Shi Presenter: Xueying Bian
Discussant: Sara Holland, Univ of Oklahoma Discussant: Zhonglin (Danny) Qin, Auburn Univ Discussant: Hongqi Liu, Chinese Univ of Hong Kong

Session V465 - Mergers & Acquisitions 4

Friday, 8:00 PM - 9:30 PM

Chairperson: Nicholas Crain, Univ of Melbourne

Central Hub M&A Advisors
  Alfred Yawson, Univ of Adelaide
  Huizhong Zhang, Queensland Univ of Technology
Time Zone Difference and Employee Coordination: Evidence from Mergers and Acquisitions
  Zhaoran (Jason) Gong, Hong Kong Polytechnic Univ
Presenter: Alfred Yawson Presenter: Zhaoran Gong
Discussant: Nathan McNamee, Southern Utah Univ Discussant: Fan Zhang, Auckland Univ of Technology

Session V466 - Politics & Finance 2

Friday, 8:00 PM - 9:30 PM

Chairperson: Robert Durand, Curtin Univ

Politically Motivated Corporate Decisions as Tournament Participation/Inclusion Games
  David Feldman, Univ of New South Wales
  Chang-Mo Kang, Hanyang Univ
  Jiaming Li, Univ of New South Wales
  Konark Saxena, Univ of New South Wales
State Ownership, Implicit Government Bailout Guarantees, and Crash Risk: Evidence from China
  Mingfa Ding, Central Univ of Finance and Economics
  Zhongda He, Central Univ of Finance and Economics
  Yuecheng Jia, Central Univ of Finance and Economics
  Mi Shen, Central Univ of Finance and Economics
Partisan Conflict and Corporate Credit Spreads
  Liyao Wang, Singapore Management Univ
Presenter: Chang-Mo Kang Presenter: Mi Shen Presenter: Liyao Wang
Discussant: Dimitrios Gounopoulos, Univ of Bath Discussant: Liyao Wang, Singapore Management Univ Discussant: Chang-Mo Kang, Hanyang Univ

Session V467 - Shareholder Activism 2

Friday, 8:00 PM - 9:30 PM

Chairperson: Hanyang Wang, Peking Univ

Soft Activism and Corporate Dividend Policy: Evidence from Institutional Investors Site Visit
  Xiaping Cao, Sun Yat-sen Univ
  Hanyang Wang, Peking Univ
  Sili Zhou, Fudan Univ
Are Retail Investors Really Passive? Shareholder Activism in the Digital Age
  Bilal Hafeez, Massey Univ
  M Humayun Kabir, Massey Univ
  Udomsak Wongchoti, Massey Univ
Does Hedge Fund Activism Improve Investment Efficiency in US Firms?
  Amanjot Singh, Deakin Univ
  Saikat Sovan Deb, Deakin Univ
  Harminder Singh, Deakin Univ
Presenter: Hanyang Wang Presenter: Bilal Hafeez Presenter: Amanjot Singh
Discussant: Luming Chen, Univ of California Irvine Discussant: Jaideep Chowdhury, James Madison Univ Discussant: Fan Zhang, Auckland Univ of Technology

Session V468 - Trading

Friday, 8:00 PM - 9:30 PM

Chairperson: Xiaoyan Zhang, Tsinghua Univ

Tradin' in the Rain: Attention Allocation and Investment Performance
  Dien Giau Bui, Yuan Ze Univ
  Shiyang Huang, Univ of Hong Kong
  Chih-Yung Lin, National Chiao-Tung Univ
  Tse-Chun Lin, Univ of Hong Kong
Discretionary Trading: Evidence from the FIFA World Cup
  Philip A Drummond, Monash Univ
A Market Approach for Convergence Trades
  Isabel Figuerola-Ferretti, Universidad Pontifica de Comillas
  Ioannis Paraskevopoulos, Bankia Bank
  Tao Tang, Jinan Univ
Presenter: Dien Giau Bui Presenter: Philip Drummond Presenter: Tao Tang
Discussant: Lin Peng, Baruch College Discussant: Xiaomeng Lu, Shanghai Jiaotong Univ Discussant: Zhuo Chen, Tsinghua Univ

Friday, 23 October | 10:00 PM - 11:00 PM ET

Session V481 - Compensation and Incentives

Friday, 10:00 PM - 11:00 PM

Chairperson: Jason Zein, Univ of New South Wales

CEO Inside Debt and Debt Covenant Violations
  Blake Loriot, Monash Univ
Organization Capital and Executive Performance Incentives
  Mingze Gao, Univ of Sydney
  Henry Leung, Univ of Sydney
  Buhui Qiu, Univ of Sydney
Presenter: Blake Loriot Presenter: Mingze Gao
Discussant: Mingze Gao, Univ of Sydney Discussant: Blake Loriot, Monash Univ

Session V482 - Corporate Directors

Friday, 10:00 PM - 11:00 PM

Chairperson: Kee-Hong Bae, York Univ

Companies' Friends in the White House: Do Director Ties to the President Affect Antitrust Enforcement?
  Claire Liu, Univ of Sydney
Customer Concentration and Firm Risk: The Role of Independent Directors from Customers
  Taeyeon Kim, KAIST
  Hyun-Dong Kim, Sogang Univ
  Kwangwoo Park, KAIST
Presenter: Claire Liu Presenter: Taeyeon Kim
Discussant: MD Akhtaruzzaman, Australian Catholic Univ Discussant: Sung Lee, Chinese Univ of Hong Kong

Session V483 - Currency

Friday, 10:00 PM - 11:00 PM

Chairperson: Derek Lee, Ohio Northern Univ

Prospect Theory and Currency Returns
  Qi Xu, Zhejiang Univ
  Roman Kozhan, Univ of Warwick
  Mark P Taylor, Washington Univ in St Louis
Initial Coin Offerings and Team Networks
  Xin Deng, Shanghai Univ of Finance & Economics
  Yen-Teik Lee, Asia School of Business
  Zhengting Zhong, Shanghai Univ of Finance & Economics
Presenter: Qi Xu Presenter: Xin Deng
Discussant: Gergana Jostova, George Washington Univ Discussant: Pankaj K Jain, Univ of Memphis & US Treasury

Session V484 - Law & Litigation

Friday, 10:00 PM - 11:00 PM

Chairperson: Md Noman Hossain, Univ of Texas Rio Grande Valley

Sexual Harassment Lawsuits, Shareholder Value, and Executive Turnover: Impacts of CEO Culture and Corporate Governance
  Chelsea Liu, Univ of Adelaide
Shareholder Litigation Rights and Stock Price Crash Risk
  Ivan Obaydin, Univ of Adelaide
  Ralf Zurbruegg, Univ of Adelaide
Presenter: Chelsea Liu Presenter: Ivan Obaydin
Discussant: Tanja Kirmse, Drexel University Discussant: Md Noman Hossain, Univ of Texas Rio Grande Valley