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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

Tuesday, 20 October - 8:00 AM - 9:30 AM Eastern Time

Session 001 - Bank liquidity and regulation

Tuesday, 8:00 AM - 9:30 AM

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

Session 002 - Behavior & Sentiment

Tuesday, 8:00 AM - 9:30 AM

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

Session 003 - Climate Finance 1

Tuesday, 8:00 AM - 9:30 AM

Climate Adaptation, Capital Structure, and Green Innovation
  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: Feng Jiang Presenter: Quentin Moreau

Session 004 - Compensation

Tuesday, 8:00 AM - 9:30 AM

When in Rome: Local Social Norms and Tournament Incentives
  Natasha Burns, Univ of Texas San Antonio
  Kristina Minnick, Bentley Univ
  Mia Rivolta, Xavier Univ
CEO Tournament and Winners' Reward in US BHCs
  Wanwan Zhu, Univ of Leeds
Does Chief Investment Officer Pay Reflect Performance? Evidence from Non-Profits
  Matteo Binfare, Univ of Missouri
  Robert S Harris, Univ of Virginia
Presenter: Mia Rivolta Presenter: Wanwan Zhu Presenter: Matteo Binfare

Session 005 - Corporate governance: Shareholders and Boards

Tuesday, 8:00 AM - 9:30 AM

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, Ca' Foscari Univ of Venice & International Univ of Monaco
  Gregogy Moscato, International Univ of Monaco
Presenter: Anisur Rahman Presenter: Nickolay Gantchev Presenter: Guido Mantovani

Session 006 - Currency Risk

Tuesday, 8:00 AM - 9:30 AM

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
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

Session 007 - Financial Institutions: Risks and Economic Effects

Tuesday, 8:00 AM - 9:30 AM

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

Session 008 - Hedge Funds

Tuesday, 8:00 AM - 9:30 AM

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

Session 009 - Influences of Ownership Structure

Tuesday, 8:00 AM - 9:30 AM

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

Session 010 - Intangibles, Uncertainty, Aversion & Risky Financial Assets

Tuesday, 8:00 AM - 9:30 AM

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

Session 011 - IPO survival, outcomes, and lawsuits

Tuesday, 8:00 AM - 9:30 AM

Do PE and VC Firms Monitor Cash Reserves Post-IPO?
  Natalia Matanova, Penn State Univ
Determinants of IPO Survival: what Does the Machine Tell Us?
  Gonul Colak, Hanken School of Economics
  Mengchuan Fu, Fordham Univ
  Iftekhar Hasan, Fordham Univ
Flying Under the Radar: Confidential Filings and IPO Lawsuits
  Burcu Esmer, Univ of Pennsylvania
  N Bugra Ozel, Univ of Texas Dallas & Univ of Pennsylvania
  Suhas A Sridharan, Emory Univ
Presenter: Natalia Matanova Presenter: Mengchuan Fu Presenter: Burcu Esmer

Session 012 - Labor & Firms

Tuesday, 8:00 AM - 9:30 AM

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

Session 013 - Liquidity Provision

Tuesday, 8:00 AM - 9:30 AM

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: Pamela C Moulton

Session 014 - M&A Decisions

Tuesday, 8:00 AM - 9:30 AM

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

Session 015 - Portfolio Design

Tuesday, 8:00 AM - 9:30 AM

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

Session 016 - Private Equity

Tuesday, 8:00 AM - 9:30 AM

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

Session 017 - Reversals & Momentum

Tuesday, 8:00 AM - 9:30 AM

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: Athanasios Sakkas

Session 018 - Socially Responsible Investing

Tuesday, 8:00 AM - 9:30 AM

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, Univ of Geneva, Geneva Financial Research Institute & ECGI
  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

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

Tuesday, 8:00 AM - 9:30 AM

Sponsored by    

Tuesday, 20 October - 10:00 AM - 11:30 AM Eastern Time

Session 021 - Asset Pricing 1

Tuesday, 10:00 AM - 11:30 AM

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

Session 022 - Bank Competition

Tuesday, 10:00 AM - 11:30 AM

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 Kravitz Presenter: Santosh Koirala

Session 023 - Bank Loans 1

Tuesday, 10:00 AM - 11:30 AM

A Double-Edged Wand; How Bank M&A Equilibrates Deposit and Loan Markets
  Leonid Pugachev, Rochester Institute of Technology
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: Leonid Pugachev Presenter: Gerard Pinto Presenter: John Hackney

Session 024 - Corporate Governance: Entrenchment

Tuesday, 10:00 AM - 11:30 AM

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

Session 025 - Corporate Governance: Litigation & Compliance

Tuesday, 10:00 AM - 11:30 AM

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
  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

Session 026 - Corporate Governance: Shareholder Monitoring

Tuesday, 10:00 AM - 11:30 AM

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: Ji Hoon Hwang

Session 027 - Dividends and buybacks

Tuesday, 10:00 AM - 11:30 AM

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

Session 028 - Economic Links & Information

Tuesday, 10:00 AM - 11:30 AM

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 Loncarski, Univ of Ljubljana
Presenter: Virgilio Zurita Presenter: Byungjin Hong Presenter: Ursula Slapnik

Session 029 - Financial Markets

Tuesday, 10:00 AM - 11:30 AM

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
Networks, Linking Complexity and Cross Predictability
  Wu Zhu, Univ of Pennsylvania
Presenter: David Maslar Presenter: Jiadong Liu Presenter: Zhu Wu

Session 030 - FinTech Asset Pricing

Tuesday, 10:00 AM - 11:30 AM

Platform Enterprises: Financing, Investment, and Network Growth
  Joanne Juan Chen, London School of Economics
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
Presenter: Joanne Juan Chen Presenter: M Kabir Hassan Presenter: Mohamed Al Guindy

Session 031 - Firm financing

Tuesday, 10:00 AM - 11:30 AM

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
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

Session 032 - Hedge fund activism

Tuesday, 10:00 AM - 11:30 AM

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

Session 033 - Impact of Management and Disclosure on Firm Value

Tuesday, 10:00 AM - 11:30 AM

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
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

Session 034 - Investment behavior and strategies

Tuesday, 10:00 AM - 11:30 AM

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

Session 035 - Liquidity

Tuesday, 10:00 AM - 11:30 AM

ETF Trading and the Bifurcation of Liquidity
  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

Session 036 - Machine Learning & Asset Pricing

Tuesday, 10:00 AM - 11:30 AM

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

Session 037 - The Value and Source of Effective Directors

Tuesday, 10:00 AM - 11:30 AM

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

Session 038 - Overview & Research Ideas Session

How is Big Data Changing the Credit 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

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

(Please note: Day and time subject to change)

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.

Tuesday, 20 October - 2:00 PM - 3:00 PM Eastern Time

Session 041 - Corporate Governance: Founders & Family Firms

Tuesday, 2:00 PM - 3:00 PM

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

Session 042 - Corporate Governance: Ownership

Tuesday, 2:00 PM - 3:00 PM

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

Session 043 - Cryptocurrency 1

Tuesday, 2:00 PM - 3:00 PM

The Public Blockchain Ecosystem: An Empirical Analysis
  Felix Irresberger, Durham Univ
  Kose John, New York Univ
  Fahad Saleh, Wake Forest Univ
Miner Collusion and the Bitcoin Protocol
  Alfred Lehar, Univ of Calgary
  Christine A Parlour, Univ of California Berkeley
Presenter: Kose John Presenter: Alfred Lehar

Session 044 - Geography and Information

Tuesday, 2:00 PM - 3:00 PM

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
Presenter: Maya Waisman Presenter: Honghui Chen

Session 045 - Global Investor Protection

Tuesday, 2:00 PM - 3:00 PM

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 Sydney
Presenter: Haoyang Xiong Presenter: Ting Li

Session 046 - Housing Policy & Institutional Effects

Tuesday, 2:00 PM - 3:00 PM

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

Session 047 - Misreporting & Manipulation

Tuesday, 2:00 PM - 3:00 PM

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

Session 048 - Product Markets

Tuesday, 2:00 PM - 3:00 PM

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

Session 049 - Security Analysts

Tuesday, 2:00 PM - 3:00 PM

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

Session 050 - Takeover Defenses

Tuesday, 2:00 PM - 3:00 PM

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

Session 051 - The Role of Institutional Investors

Tuesday, 2:00 PM - 3:00 PM

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

Tuesday, 20 October - 3:30 PM - 5:00 PM Eastern Time

Session 061 - Alpha, Beta & Market Timing

Tuesday, 3:30 PM - 5:00 PM

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
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

Session 062 - Behavioral Finance 1

Tuesday, 3:30 PM - 5:00 PM

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

Session 063 - Corporate Governance: The Firm & Financial Markets

Tuesday, 3:30 PM - 5:00 PM

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
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

Session 064 - Corporate Investment

Tuesday, 3:30 PM - 5:00 PM

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

Session 065 - Firm stakeholders

Tuesday, 3:30 PM - 5:00 PM

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
  Jung Chul Park, Univ of South Florida
Presenter: Amirhossein Fard Presenter: Feixue Xie Presenter: Rajib Chowdhury

Session 066 - Governance & Earnings Quality

Tuesday, 3:30 PM - 5:00 PM

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

Session 067 - Innovation 1

Tuesday, 3:30 PM - 5:00 PM

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 J. Chemmanur Presenter: Zhaozhao He Presenter: Tristan Fitzgerald

Session 068 - Mortgage Origination, Servicing & Performance

Tuesday, 3:30 PM - 5:00 PM

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

Session 069 - Regulation & Banking

Tuesday, 3:30 PM - 5:00 PM

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

Session 070 - Robots, Automation & Finance

Tuesday, 3:30 PM - 5:00 PM

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
Rating a Robo-Rater
  David Nanigian, Cal State Fullerton
Presenter: Fangfang Du Presenter: Alice Liu Presenter: David Nanigian

Session 071 - Short Selling 1

Tuesday, 3:30 PM - 5:00 PM

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

Session 072 - Stock returns and risk premia

Tuesday, 3:30 PM - 5:00 PM

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
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

Session 073 - Doctoral Student Consortium Job Market Paper Presentation Session

Tuesday, 3:30 PM - 5:00 PM

Moderator
Andrea Heuson, University of Miami
Corporate Agility, Product Market Performance, and Survival
  Chang Suk Bae, University of Pittsburgh
Seeking efficiency or price gouging? Evidence from pharmaceutical mergers
  Mosab Amjad Hammoudeh, University of Iowa
Executive Gender and job Mobility: Evidence from Mergers and Acquisitions
  Xiaohu Guo, University of Alabama

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

Session 075 - Special Session
Blockchain Frontier

Tuesday, 3:30 PM - 5:00 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 Techology

Session 076 - Special Session
Risk, Information & Incentives

Tuesday, 3:30 PM - 5:00 PM

Moderator
Tianyang Wang
Associate Professor ofFinance and Real Estate, CFA, FRM, ASA, Daniels Ethics Fellow Colorado State University

Panelists
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.
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.

     

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

Limited to invited participants only

For more information, contact Dawn Appleby

Tuesday, 20 October - 8:00 PM - 9:30 PM Eastern Time

Session 081 - Corporate innovation 1

Tuesday, 8:00 PM - 9:30 PM

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, The Univ of Hong Kong
Presenter: Shuo Yan Presenter: Keng-Yu Ho Presenter: Yiming Yang

Session 082 - Firm insiders and controlling families

Tuesday, 8:00 PM - 9:30 PM

Labor Voice in Corporate Governance: Evidence from Opportunistic Insider Trading
  Lilian Ng, York Univ
  Man Duy (Mandy) Pham, Univ of Western Australia
  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: Man Duy Pham Presenter: David Feldman Presenter: Sojung Kim

Session 083 - Information and stock returns

Tuesday, 8:00 PM - 9:30 PM

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

Session 084 - Loans & Credit

Tuesday, 8:00 PM - 9:30 PM

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
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

Session 085 - Market efficiency and market microstructure

Tuesday, 8:00 PM - 9:30 PM

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

Session 086 - Mergers & Acquisitions 1

Tuesday, 8:00 PM - 9:30 PM

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

Session 087 - Bank Risk 1

Tuesday, 8:00 PM - 9:30 PM

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
Implications of Temperature Extremes for Credit Rationing
  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

Tuesday, 20 October - 10:00 PM - 11:00 PM Eastern Time

Session 102 - High Frequency Trading

Tuesday, 10:00 PM - 11:00 PM

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

Session 103 - Housing

Tuesday, 10:00 PM - 11:00 PM

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, The 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

Wednesday, 21 October - 8:00 AM - 9:30 AM Eastern Time

Session 121 - Bank Risk 2

Wednesday, 8:00 AM - 9:30 AM

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
  Elyas Elyasiani, Temple 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

Session 122 - Bank shocks and risk

Wednesday, 8:00 AM - 9:30 AM

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 Marius Andries Presenter: Thomas Conlon

Session 123 - Behavioral Finance 2

Wednesday, 8:00 AM - 9:30 AM

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

Session 124 - Corporate Governance

Wednesday, 8:00 AM - 9:30 AM

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
The Impact of Business Group Affiliation and Institutions on Corporate Governance of Emerging Market Firms
  Lars Oxelheim, Univ of Agder (UiA) and Research Institute of Industrial Economics (IFN)
  Bruce Hearn, Univ of Southhampton
  Trond Randoy, Univ of Agder (UiA)
Presenter: Md Nazmul Hasan Hasan Bhuyan Presenter: Yang Yang Presenter: Lars Oxelheim

Session 125 - Corporate Governance & Executive Compensation

Wednesday, 8:00 AM - 9:30 AM

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

Session 126 - Corporate Governance: Social Responsibility

Wednesday, 8:00 AM - 9:30 AM

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

Session 127 - Insurance Companies

Wednesday, 8:00 AM - 9:30 AM

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

Session 128 - IPO Decision

Wednesday, 8:00 AM - 9:30 AM

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

Session 129 - Loans

Wednesday, 8:00 AM - 9:30 AM

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

Session 130 - Mutual Fund Manager Effects

Wednesday, 8:00 AM - 9:30 AM

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 Portfolio Pumping
  Sanghyun (Hugh) Kim, Univ of Texas at Dallas
Presenter: Emanuele Rizzo Presenter: Vitaly Orlov Presenter: Sanghyun (Hugh) Kim

Session 131 - Performance Evaluation 1

Wednesday, 8:00 AM - 9:30 AM

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
Horizon-Adjusted Performance Measure
  Yoram Kroll, Ono Academic College
  Moshe Ben-Horin, Ono Academic College
Presenter: George Nishiotis Presenter: Javier Estrada Presenter: Yoram Kroll

Session 132 - Real Effects of Monetary Policy

Wednesday, 8:00 AM - 9:30 AM

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
Presenter: Nikos Paltalidis Presenter: Paul Borochin Presenter: Daniel Soques

Session 133 - Term Structure Issues

Wednesday, 8:00 AM - 9:30 AM

Oil and Inflation Compensation: Evidence from Treasury Inflation-Protected Security Prices
  Hao Chang, Rutgers Univ
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: Sungjun Cho

Session 134 - Time Variation in Return Factors

Wednesday, 8:00 AM - 9:30 AM

Time Varying Momentum and Economic Uncertainty Regimes
  Jorge M Uribe, Open Univ of Catalonia
  Helena Chulia, Univ of Barcelona
Momentum, Reversal, and the Firm Fundamental Cycle
  Yufeng Han, UNC Charlotte
  Zhaodan Huang, Utica College
  Weidong Tian, UNC Charlotte
Time-Varying Arbitrage Capital
  Florent Rouxelin, Florida International Univ
Presenter: Helena Chulia Presenter: Zhaodan Huang Presenter: Florent Rouxelin

Session 135 - Trading in Shares of M&A Participants

Wednesday, 8:00 AM - 9:30 AM

Institutional Trading in Firms Rumored to be Takeover Targets
  Frederick Davis, Concordia Univ
  Hamed Khadivar, Concordia Univ
  Thomas Walker, Concordia Univ
Does Short-Selling Potential Influence Mergers and Acquisitions Payment Choice?
  Marie Dutordoir, Univ of Manchester
  Norman C Strong, Univ of Manchester
  Ping Sun, Univ of Liverpool
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
Presenter: Thomas Walker Presenter: Marie Dutordoir Presenter: Zicheng Lei

Session 136 - Doctoral Student Consortium Job Market Paper Presentations

Wednesday, 8:00 AM - 9:30 AM

Moderator
Alberto Rossi, University of Maryland
Know Thyself: Free Credit Report and the Retail Mortgage Market
  Amit Kumar, Hong Kong University of Science & Technology
FinTech and the Supply of Credit to Small Business
  Mark Johnson, Ohio State University
Hedge Fund Performance Prediction with Machine Learning
  Qing Yan, University of Arkansas

Session 137 - Special Panel Session

Wednesday, 8:00 AM - 9:30 AM

Session 138 - Special Panel Session

Wednesday, 8:00 AM - 9:30 AM

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

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 Eastern Time

Session 141 - Bank Loans 2

Wednesday, 10:00 AM - 11:00 AM

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

Session 142 - Corporate Governance: Politics & Incentives

Wednesday, 10:00 AM - 11:00 AM

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

Session 143 - Corporate Innovation 2

Wednesday, 10:00 AM - 11:00 AM

Threatened by Competition - Firm Incentives to Initiate Patent Litigation
  Polina Skorova, Drexel Univ
Do Venture Capital-Driven Top Management Changes Enhance Corporate Innovation in Private Firms?
  Qianqian Yu, Lehigh Univ
Presenter: Polina Skorova Presenter: Qianqian Yu

Session 144 - Cryptocurrency 2

Wednesday, 10:00 AM - 11:00 AM

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 Mueller

Session 145 - Executives and M&A

Wednesday, 10:00 AM - 11:00 AM

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

Session 146 - FinTech, P2P Lending & Banking

Wednesday, 10:00 AM - 11:00 AM

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 Dark Side of Unregulated Artificial Intelligence: 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: Iftekhar Hasan

Session 147 - Firm managers

Wednesday, 10:00 AM - 11:00 AM

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

Session 148 - Gender Diversity in Corporate Boards

Wednesday, 10:00 AM - 11:00 AM

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
Presenter: Elena Kalotychou Presenter: Markus Schmid

Session 149 - Household wealth and decisions

Wednesday, 10:00 AM - 11:00 AM

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

Session 150 - Housing Search & Pricing

Wednesday, 10:00 AM - 11:00 AM

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

Session 151 - International Financing, Labor Productivity & Environment 2

Wednesday, 10:00 AM - 11:00 AM

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

Session 152 - Investment Strategies

Wednesday, 10:00 AM - 11:00 AM

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

Session 153 - Labor Issues in M&A

Wednesday, 10:00 AM - 11:00 AM

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

Session 154 - Managing Firm Value

Wednesday, 10:00 AM - 11:00 AM

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

2020 Outstanding Financial Executive Award Presentation and Fireside Chat
11:30 AM - 12:30 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 Eastern Time

Session 161 - Advisors in M&A

Wednesday, 1:00 PM - 2:00 PM

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

Session 162 - Better Information: Better Fund Performance?

Wednesday, 1:00 PM - 2:00 PM

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

Session 163 - Climate Finance 3

Wednesday, 1:00 PM - 2:00 PM

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

Session 164 - Corporate Governance: Misconduct

Wednesday, 1:00 PM - 2:00 PM

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

Session 165 - Econometric Methodology

Wednesday, 1:00 PM - 2:00 PM

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 of Experiment Design and Causal Channels
  Kate Litvak, Northwestern Univ
  Bernard Black, Northwestern Univ
  Woongsun Yoo, Saginaw Valley State Univ
Presenter: Yao Han Presenter: Woongsun Yoo

Session 166 - Firm executives and earnings management

Wednesday, 1:00 PM - 2:00 PM

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

Session 167 - International Market Efficiency

Wednesday, 1:00 PM - 2:00 PM

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 B Holland Presenter: Garrett McBrayer

Session 168 - Personal Bankruptcy, Labor Protection & Leverage

Wednesday, 1:00 PM - 2:00 PM

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

Session 169 - Relationship Banking

Wednesday, 1:00 PM - 2:00 PM

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

Session 170 - Risk Factors

Wednesday, 1:00 PM - 2:00 PM

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

Session 171 - Trading around Events

Wednesday, 1:00 PM - 2:00 PM

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

Wednesday, 21 October - 2:30 PM - 4:00 PM Eastern Time

Session 181 - Bank Operations

Wednesday, 2:30 PM - 4:00 PM

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

Session 182 - Conflicts & Choices in 401(k) Plans

Wednesday, 2:30 PM - 4:00 PM

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

Session 183 - Corporate bonds

Wednesday, 2:30 PM - 4:00 PM

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

Session 184 - Corporate Workplace Safety & Norms

Wednesday, 2:30 PM - 4:00 PM

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

Session 185 - Earnings

Wednesday, 2:30 PM - 4:00 PM

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
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

Session 186 - Financial Advisors

Wednesday, 2:30 PM - 4:00 PM

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

Session 187 - IPOs & SEOs

Wednesday, 2:30 PM - 4:00 PM

Liquidity, Pricing and Investor Composition
  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

Session 188 - Tax and Investor behavior

Wednesday, 2:30 PM - 4:00 PM

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
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

Session 189 - The Effectiveness of Board Monitoring

Wednesday, 2:30 PM - 4:00 PM

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

Session 190 - Special Panel Session

Wednesday, 2:30 PM - 4:00 PM

Session 191 - Special Panel Session
Understanding & Measuring Risk

Wednesday, 2:30 PM - 4:00 PM

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: The Future of FinTech

Wednesday, 2:30 PM - 4:00 PM

With all aspects of Fintech discussion under the new financial landscapes, this panel session will evaluate and discuss their impacts on consumers and the financial systems overall. We will also collect different perspectives on how regulators might approach future Fintech regulations to balance the various goals of serving and protecting consumers and financial systems while providing incentives for Fintech innovations. Topics to be addressed include:

  • Increasing roles of BigTech (such as Amazon, Google, Alibaba, etc.) in financial service.
  • Various partnership models between Fintech and traditional firms.
  • Use of alternative data and complex algorithms in evaluating consumer credit.
  • Rise of private digital currencies, cryptocurrencies, and the possibility of Central Bank Digital Currencies (CBDC).
  • Real time payments - global perspectives.
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

Wednesday, 21 October - 8:00 PM - 9:30 PM Eastern Time

Session 201 - Bonds

Wednesday, 8:00 PM - 9:30 PM

Foreign Ownership in Chinese Credit Ratings Industry: Information Revelation or Certification?
  Xiaolu Hu, RMIT Universtiy
  Jing Shi, Macquarie Univ
  Lafang Wang, Hunan Univ
  Jing Yu, Univ of Western Australia
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: Xiaolu Hu Presenter: Xiaoqian Zhang Presenter: Ji Yeol Jimmy Oh

Session 202 - Capital Structure 1

Wednesday, 8:00 PM - 9:30 PM

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
The Joint Effects of Economic Policy Uncertainty and Firm Characteristics on Capital Structure: Evidence from US Firms
  Xiaoming Li, Massey Univ
  Mei Qiu, Massey 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: Xiaoming Li Presenter: Jianfeng Hu

Session 203 - CSR

Wednesday, 8:00 PM - 9:30 PM

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

Session 204 - Dividends and stock repurchases

Wednesday, 8:00 PM - 9:30 PM

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

Session 205 - Investment Returns

Wednesday, 8:00 PM - 9:30 PM

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

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

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 Eastern Time

Session 221 - Bank Loans 3

Wednesday, 10:00 PM - 11:00 PM

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
Presenter: Wan-Chien Chiu Presenter: Yuzi Chen

Session 222 - Factor Investing and models

Wednesday, 10:00 PM - 11:00 PM

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

Session 223 - Firm cash holdings and Investments

Wednesday, 10:00 PM - 11:00 PM

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

Session 224 - Fund managers

Wednesday, 10:00 PM - 11:00 PM

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
Presenter: Seongkyu (Gilbert) Park Presenter: Yangyang Chen

Thursday, 22 October - 8:00 AM - 9:30 AM Eastern Time

Session 241 - Board Structure & Quality

Thursday, 8:00 AM - 9:30 AM

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: Lindsay Baran Presenter: Sabri Boubaker Presenter: Sabur Mollah

Session 242 - CEO Compensation: Outside Monitors

Thursday, 8:00 AM - 9:30 AM

Spinning the CEO Pay Ratio Disclosure
  Audra Boone, Texas Christian Univ
  Austin Starkweather, Vanderbilt Univ
  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: Joshua White Presenter: Nan Xiong Presenter: Tim Trombley

Session 243 - Corporate Governance & Firm Credit

Thursday, 8:00 AM - 9:30 AM

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

Session 244 - Corporate Governance: Other Stakeholders

Thursday, 8:00 AM - 9:30 AM

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

Session 245 - Corporate misconduct and poor governance

Thursday, 8:00 AM - 9:30 AM

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: Zhongling Qin Presenter: Jianren Xu

Session 246 - FinTech and Entrepreneurism

Thursday, 8:00 AM - 9:30 AM

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

Session 247 - Foreign exchange

Thursday, 8:00 AM - 9:30 AM

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

Session 248 - Governments and Finance

Thursday, 8:00 AM - 9:30 AM

Loan Choice of Local Governments in the United Kingdom
  Davide Avino, Univ of Liverpool
  Dennis De Widt, Cardiff Univ
Revisiting the 2003 Dividend Tax Cut: Evidence from Bank Lending
  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: Renee Adams

Session 249 - Mergers & Acquisitions 2

Thursday, 8:00 AM - 9:30 AM

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

Session 250 - Mutual Fund Flows

Thursday, 8:00 AM - 9:30 AM

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
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

Session 251 - REIT Performance: News & Ownership Structure

Thursday, 8:00 AM - 9:30 AM

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
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

Session 252 - Stress Testing in Banking

Thursday, 8:00 AM - 9:30 AM

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

Session 253 - Trade Credit & World Trade

Thursday, 8:00 AM - 9:30 AM

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 C Kjenstad

Session 254 - Venture Capital - Contracts

Thursday, 8:00 AM - 9:30 AM

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

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, 11:30 - 1:00

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

Panelists

Allan J Lichtman, Professor of History
American University

Charles Tien, Professor of Political Science
Hunter College, CUNY

Session 257 - Special Panel Session

Thursday, 8:00 AM - 9:30 AM

Thursday, 22 October - 10:00 AM - 11:00 AM Eastern Time

Session 261 - Anomalies & Returns

Thursday, 10:00 AM - 11:00 AM

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

Session 262 - Around IPOs

Thursday, 10:00 AM - 11:00 AM

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

Session 263 - Banking Frictions

Thursday, 10:00 AM - 11:00 AM

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

Session 264 - Compensation Incentives: Causes & Effects

Thursday, 10:00 AM - 11:00 AM

Does Customer-Base Structure Influence Managerial Risk-Taking Incentives?
  Jie Chen, Univ of Leeds
  Xunhua Su, Norwegian School of Economics
  Xuan Tian, Tsinghua Univ
  Bin Xu, Univ of Leeds
Shareholder Investment Horizon, Management Incentive Horizon, and Real Earnings Management
  NK Chidambaran, Fordham Univ
  Bharat Sarath, Rutgers Univ
  Lingyi Zheng, Rutgers Univ
Presenter: Xunhua Su Presenter: NK Chidambaran

Session 265 - Corporate Governance: Incentives & Biases

Thursday, 10:00 AM - 11:00 AM

Dollars at Risk & Overconfidence
  Naveen D Daniel, Drexel Univ
  Wahib M Ghazni, Drexel Univ
  Lalitha Naveen, Temple Univ
Corporate Governance and the Relevance of Shares with Unequal Voting Rights in Europe
  Wolfgang Bessler, Univ of Giessen
  Marco Vendrasco, Univ of Giessen
Presenter: Wahib Ghazni Presenter: Wolfgang Bessler

Session 266 - Investing in Funds

Thursday, 10:00 AM - 11:00 AM

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

Session 267 - Jumps, Volatility & Risk Premia

Thursday, 10:00 AM - 11:00 AM

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

Session 268 - Managerial Impacts on Investment Efficiency & Liquidity

Thursday, 10:00 AM - 11:00 AM

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

Session 269 - Ownership Structure & Firm Outcomes

Thursday, 10:00 AM - 11:00 AM

Going Private and Innovation
  Tolga Demir, Sabanci 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
Presenter: Tolga Demir Presenter: Mina Glambosky

Session 270 - Regulation and M&A

Thursday, 10:00 AM - 11:00 AM

The Economics of Law Enforcement: Quasi-Experimental Evidence from Corporate Takeover Law in Europe
  Gishan Dissanaike, Univ of Cambridge
  Wolfgang Drobetz, Univ of Hamburg
  Paul P Momtaz, Univ of California Los Angeles
  Jorg Rocholl, ESMT Berlin
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: Wolfgang Drobetz Presenter: Junzi Zhang

Session 271 - Security Issuance

Thursday, 10:00 AM - 11:00 AM

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

Session 272 - Stock Option

Thursday, 10:00 AM - 11:00 AM

When Equity Fails - an Appraisal of Revenue Sharing as the Last Resort
  Thomas Heyden,
  Christian Haas, Justus Liebig Univ of Giessen
  Thomas Heyden, Justus Liebig Univ of Giessen
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: Thomas Heyden Presenter: Soomi Jang

Women's Networking Session

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.

50 Years of Z-Scores, What Have We Learned, Including about COVID19 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 Eastern Time

Session 281 - Algos & Institutional Trading

Thursday, 2:00 PM - 3:30 PM

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

Session 282 - Asset Pricing & Global Evidence

Thursday, 2:00 PM - 3:30 PM

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

Session 283 - CEO influence and characteristics

Thursday, 2:00 PM - 3:30 PM

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

Session 284 - Consumption Capital Asset Pricing

Thursday, 2:00 PM - 3:30 PM

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
Asset Pricing with and Without Garbage: Resurrecting Aggregate Consumption
  Stefanos Delikouras, Univ of Miami
Presenter: Yehuda Izhakian Presenter: Georges Tsafack Presenter: Stefanos Delikouras

Session 285 - Contagion and systemic risk

Thursday, 2:00 PM - 3:30 PM

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

Session 286 - Credit Risk

Thursday, 2:00 PM - 3:30 PM

Bank Failures, Credit Allocation and Income Inequality
  Salvador Contreras, Univ of Texas Rio Grande Valley
  Amit Ghosh, Illinois Wesleyan 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

Session 287 - FinTech Techniques 1

Thursday, 2:00 PM - 3:30 PM

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 University
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

Session 288 - Information and Asset Prices

Thursday, 2:00 PM - 3:30 PM

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

Session 289 - Insider Trading 1

Thursday, 2:00 PM - 3:30 PM

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

Session 290 - Investment & Invest Efficiency

Thursday, 2:00 PM - 3:30 PM

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
Context Matters: Future Orientation, Uncertain Sentiment, and the Riskiness of Corporate Investment Policy
  Tuugi Chuluun, Loyola Univ Maryland
  Takeshi Nishikawa, Univ of North Texas
  Andrew Prevost, Univ of Vermont
Presenter: Chansog (Francis) Kim Presenter: Yuan Tian Presenter: Tuugi Chuluun

Session 291 - Mutual Fund Manager Behavior

Thursday, 2:00 PM - 3:30 PM

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

Session 293 - Special Panel Session

Thursday, 2:00 PM - 3:30 PM

Session 294 - Special Panel Session
Maker-Taker Fees Reexamined (tentative)

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 - 3:30 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 Eastern Time

Session 301 - CEO Overconfidence Matters

Thursday, 4:00 PM - 5:30 PM

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, Univ of Georgia
Trickle-Down Overconfidence: The Impact of Customer Overconfidence on Supplier Firms
  Aaron Nelson, Univ of Texas El Paso
  Andrew Schwartz, Univ of Georgia
Presenter: Binay K Adhikari Presenter: Andrew Schwartz Presenter: Andrew Schwartz

Session 302 - Climate & Productivity Effects in Housing Markets & Lending

Thursday, 4:00 PM - 5:30 PM

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

Session 303 - Corporate Governance: Directors

Thursday, 4:00 PM - 5:30 PM

Are Superstar Directors Effective in Corporate Governance?
  Silu Cheng, 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

Session 304 - CSR Investments

Thursday, 4:00 PM - 5:30 PM

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

Session 305 - Disclosure

Thursday, 4:00 PM - 5:30 PM

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

Session 306 - Interconnected Markets

Thursday, 4:00 PM - 5:30 PM

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

Session 307 - Investment behavior

Thursday, 4:00 PM - 5:30 PM

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
Reference-Dependent Preferences and Mutual Fund Flows
  Asli Eksi, Univ of Massachusetts Amherst
Presenter: Stefano Bonini Presenter: Nanying Lin Presenter: Asli Eksi

Session 308 - Macroeconomic Risks

Thursday, 4:00 PM - 5:30 PM

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

Session 309 - Mortgage Lending

Thursday, 4:00 PM - 5:30 PM

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 Zhang Presenter: Kristoph Kleiner Presenter: Gazi Kara

Session 310 - Mutual Fund Manager Choices

Thursday, 4:00 PM - 5:30 PM

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
Non-Mutual Fund Clientele and Mutual Fund Tax Efficiency
  William C Beggs, Univ of San Diego
  Alice Liu, Univ of Arizona
Targeting Targets
  Naveen D Daniel, Drexel Univ
  Daniel Dorn, Drexel Univ
  David Pedersen, Rutgers Univ
Presenter: Zafer Yuksel Presenter: William Beggs Presenter: David Pedersen

Session 311 - Politics & Finance 1

Thursday, 4:00 PM - 5:30 PM

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

Session 312 - Volatility Dampening

Thursday, 4:00 PM - 5:30 PM

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

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?

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, Division Chair, Professional Effectiveness Division
University of Colorado Boulder
Independent Director, ProLink Solutions

 

Session 315 - Special Panel Session

Thursday, 4:00 PM - 5:30 PM

Thursday, 22 October - 8:00 PM - 10:00 PM Eastern Time

Session 321 - Bank Liqudity and Loans

Thursday, 8:00 PM - 9:30 PM

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

Session 322 - Bank regulation and risk

Thursday, 8:00 PM - 9:30 PM

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

Session 323 - Corporate behavior and peer effects

Thursday, 8:00 PM - 9:30 PM

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

Session 324 - Corporate risk management and risk taking

Thursday, 8:00 PM - 9:30 PM

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
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: Bo Wang Presenter: Christiana Osei Bonsu Presenter: Peter MacKay

Session 325 - Entrepreneurial firms and small businesses

Thursday, 8:00 PM - 9:30 PM

Product Market Competition, Venture Capital and the Success of Entrepreneurial Firms
  Giang Nguyen, Waseda Univ
  My Nguyen, RMIT Univ
Does Venture Capital Syndication Affect Mergers and Acquisitions?
  Giang Nguyen, Waseda Univ
  Le Vu, Monash Univ
Presenter: Giang Nguyen Presenter: Le Vu

Session 326 - Investor behavior

Thursday, 8:00 PM - 9:30 PM

Short-Term Reversal and Realized Profit: The Role of Mental Account Editing in Prospect Theory
  Bin Guo, Nanakai 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
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

Session 327 - Mutual Funds 1

Thursday, 8:00 PM - 9:30 PM

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

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

Thursday, 8:00 PM - 9:30 PM

Sponsored by    

Session 329 - Investors: Behavior, Decisions and Crowding

Thursday, 8:00 PM - 9:30 PM

Does Portfolio Disclosure Make Money Smarter?
  Byoung Uk Kang, Hong Kong Polytechnic Univ
  Andrew J Sinclair, Univ of Hong Kong
  Stig J Xeno, Hong Kong Polytechnic Univ
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 Murdalige, Curtin Univ
Presenter: Byoung Uk Kang Presenter: Taejin Kim Presenter: Robert Durand

Thursday, 22 October - 10:00 PM - 11:00 PM Eastern Time

Session 341 - Debt pricing

Thursday, 10:00 PM - 11:00 PM

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

Session 342 - Firm Connections

Thursday, 10:00 PM - 11:00 PM

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, Renmin Univ of China
  Wenyu Zhu, Renmin Univ of China
Presenter: Vinh Nguyen Presenter: Chun Kuang

Session 343 - No session scheduled

Thursday, 10:00 PM - 11:00 PM

Session 344 - Lottery Risk

Thursday, 10:00 PM - 11:00 PM

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

Session 345 - Investment Analysts

Thursday, 10:00 PM - 11:00 PM

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 Luo Presenter: Kotaro Miwa

Friday, 23 October - 8:00 AM - 9:30 AM Eastern Time

Session 361 - CEO Compensation: Others

Friday, 8:00 AM - 9:30 AM

CEO Pay Duration and ESG Engagement
  Xudong Fu, Univ of Louisville
  Rui Shen, Chinese Univ of Hong Kong
  Tian 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: Tian (Lori) Tang Presenter: David C Mauer Presenter: Kasper Meisner Nielsen

Session 362 - Commercial Real Estate Market Performance

Friday, 8:00 AM - 9:30 AM

Deep Learning for Disentangling Liquidity-Constrained and Strategic Default
  Arka Prava Bandyopadhyay, Baruch College CUNY
  Yildiray Yildirim, Baruch College CUNY
Local Economy and Commercial Property Performance
  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

Session 363 - Corporate Financial Distress

Friday, 8:00 AM - 9:30 AM

Estimating the Unobserved Parameters of Structural Default Models; the Case of Black-Scholes-Merton Model
  Zenon Taoushianis, Univ of Southampton
Corporate Restructuring and Creditor Power: Evidence from European Insolvency Law Reforms
  Frederic Closset, Technical Univ Munich
  Christoph Grossmann, Technical Univ Munich
  Christoph Kaserer, Technical Univ Munich
  Daniel Urban, Erasmus Univ Rotterdam
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: Christoph Kaserer Presenter: Niclas Andren

Session 364 - CSR & Firms

Friday, 8:00 AM - 9:30 AM

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
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

Session 365 - Deposit Insurance & Bank Bailouts

Friday, 8:00 AM - 9:30 AM

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

Session 366 - Fund Managers & Fund Performance

Friday, 8:00 AM - 9:30 AM

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
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

Session 367 - Information & Trading

Friday, 8:00 AM - 9:30 AM

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

Session 368 - Innovation 2

Friday, 8:00 AM - 9:30 AM

Innovation Success and Corporate Financial Policies
  Harshit Rajaiya, Boston College
Does (Disruptive) Technological Innovation Affect Firms in All Industries?
  Syed Walid Reza, Univ of Binghamton 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 Texas El Paso
Presenter: Harshit Rajaiya Presenter: Syed Walid Reza Presenter: Kyeong H Lee

Session 369 - Mispricing

Friday, 8:00 AM - 9:30 AM

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

Session 370 - New, Returns & M&A

Friday, 8:00 AM - 9:30 AM

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

Session 371 - Real Options

Friday, 8:00 AM - 9:30 AM

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

Session 372 - Risk Premium

Friday, 8:00 AM - 9:30 AM

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
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

Session 373 - Shareholder Voting (sometimes with their feet)

Friday, 8:00 AM - 9:30 AM

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 Qi, Univ of Alabama
Why do Institutional Investors Oppose Shareholder Activism? Evidence from Voting in Proxy Contests
  Yanran Liu, Indiana Univ
Presenter: Arup Ganguly Presenter: Mariassunta Giannetti Presenter: Yanran Liu

Session 374 - Venture Capital - Exits

Friday, 8:00 AM - 9:30 AM

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

Session 375 - Measurement

Friday, 8:00 AM - 9:30 AM

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, Purdue Univ
When Rain Matters! Investment Timing and Value Relevance
  Sandeep Rao, Univ of Strathclyde
  Santosh Koirala, Univ of Birmingham
  Chandra Thapa, Univ of Strathclyde
  Suman Neupane-Joshi, Univ of Queensland
Presenter: Hongyu Shan Presenter: Michael Woeppel Presenter: Sandeep Rao

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 377 - Politics, Governance & Corporate Finance

Friday, 8:00 AM - 9:30 AM

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
  Brian Blank, Mississippi State Univ
  Brandy Hadley, Appalachian State Univ
Legislation for Trades Requiring Buyer-Seller Interaction
  Ying Xue, Duke Univ
Presenter: Reza Houston Presenter: Omer Unsal Presenter: Ying Xue

Friday, 23 October - 10:00 AM - 11:00 AM Eastern Time

Session 381 - Capital Structure 3

Friday, 10:00 AM - 11:00 AM

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

Session 382 - Climate and Finance

Friday, 10:00 AM - 11:00 AM

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

Session 383 - Diversification

Friday, 10:00 AM - 11:00 AM

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
Corporate Diversification and Capital Structure
  Andreas Benz, Karlsruhe Institute of Technology
  Daniel Hoang, Karlsruhe Institute of Technology
Presenter: Kabir Hassan Presenter: Daniel Hoang

Session 384 - Financing Small and Medium Enterprises (SMEs)

Friday, 10:00 AM - 11:00 AM

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 Recession
  Juanita Gonzalez-Uribe, London School of Economics
  Su Wang, Univ of Amsterdam
Presenter: Rebel A Cole Presenter: Su Wang

Session 385 - FinTech Techniques 2

Friday, 10:00 AM - 11:00 AM

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
Presenter: Santiago Carbo-Valverde Presenter: Ying Wu

Session 386 - Hedge Fund Flows, Restrictions & Regulations

Friday, 10:00 AM - 11:00 AM

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

Session 387 - Inauthentic CSR

Friday, 10:00 AM - 11:00 AM

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

Session 388 - Jumps

Friday, 10:00 AM - 11:00 AM

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: Biliana Guner

Session 389 - Learning and Literacy

Friday, 10:00 AM - 11:00 AM

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

Session 390 - Market Microstructure

Friday, 10:00 AM - 11:00 AM

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

Session 391 - Mutual Funds 2

Friday, 10:00 AM - 11:00 AM

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
  Andy Puckett, Univ of Tennessee
  Albert Y Wang, Auburn Univ
  Shen Zhang, Troy Univ
Presenter: Gelly Fu Presenter: Albert Wang

Session 392 - Overview & Research Ideas Session

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

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

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 Eastern Time

Session 401 - Asset Pricing 2

Friday, 11:30 AM - 1:00 PM

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

Session 402 - Bank lending

Friday, 11:30 AM - 1:00 PM

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
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

Session 403 - Capital Structure 2

Friday, 11:30 AM - 1:00 PM

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

Session 404 - CDS

Friday, 11:30 AM - 1:00 PM

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

Session 405 - CEO Compensation: Insider Debt

Friday, 11:30 AM - 1:00 PM

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

Session 406 - Corporate Governance: Gender and the Firm

Friday, 11:30 AM - 1:00 PM

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

Session 407 - Financial Crises

Friday, 11:30 AM - 1:00 PM

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

Session 408 - Firm cash flow and policies

Friday, 11:30 AM - 1:00 PM

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
Financial Disclosure Environment and the Cash Policy of Private Firms
  Marcelo Ortiz, Universitat Pompeu Fabra & Barcelona GSE
Presenter: Haiwei Chen Presenter: Jennifer Koski Presenter: Marcelo Ortiz

Session 409 - Geography and culture

Friday, 11:30 AM - 1:00 PM

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

Session 410 - Insider Trading 2

Friday, 11:30 AM - 1:00 PM

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

Session 411 - Investor Attention

Friday, 11:30 AM - 1:00 PM

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

Session 412 - Option Return

Friday, 11:30 AM - 1:00 PM

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

Session 413 - Political, Tax & Social Trust Issues

Friday, 11:30 AM - 1:00 PM

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: Antonios Nikolaos Kalyvas Presenter: Sharif Mazumder

Session 414 - Prices and Information

Friday, 11:30 AM - 1:00 PM

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

Session 415 - Shareholder Activism 1

Friday, 11:30 AM - 1:00 PM

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: Kunal Sachdeva

Session 416 - Sovereign Credit Ratings

Friday, 11:30 AM - 1:00 PM

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
First Mover Disadvantage: The Sovereign Ratings Mousetrap
  Moritz Kramer, Acreditus
  Patrycja Klusak, Univ of East Anglia
  Huong Vu, Univ of Aberdeen
Presenter: Gene Ambrocio Presenter: Chun-Da Chen Presenter: Patrycja Klusak

Session 417 - Stock returns

Friday, 11:30 AM - 1:00 PM

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

Session 418 - 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 419 - Special Panel Session

Friday, 11:30 AM - 1:00 PM

Session 420 - Doctoral Student Consortium Job Market Paper Presentations

Friday, 11:30 AM - 1:00 PM

Moderator
Lin Peng, Baruch College, CUNY
Do Sell-side Analysts Say BUY While Whispering SELL?
  Yushui Shi, University of California Irvine
The Brexit Premium
  Beata Gafka, University of Oxford
The Pre-FOMC Announcement Drift and Information Leakage: Kyle Meets Macro-Finance
  Chao Ying, University of Minnesota
Whose Attention Matters? Evidence from the return predictability between economic linked firms
  Xinyao Zhou, York University

Friday, 23 October - 1:30 PM - 2:30 PM Eastern Time

Session 421 - Board Independence

Friday, 1:30 PM - 2:30 PM

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

Session 422 - Corporate Innovation 3

Friday, 1:30 PM - 2:30 PM

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

Session 423 - Earnings Management

Friday, 1:30 PM - 2:30 PM

The Impact of Internal Governance on Earnings Management
  Michael Zheng, Texas Tech Univ
  Eric Valenzuela, Texas Tech Univ
The Effect of Earnings Management on Shareholder Value and the Role of Board Gender Diversity: Evidence from Terrorism
  Viput Ongsakul, National Institute of Development Administration (NIDA)
  Pornsit Jiraporn, Penn State Univ
  Young Sang Kim, Northern Kentucky Univ
Presenter: Michael Zheng Presenter: Pornsit Jiraporn

Session 424 - Executive Gender & Traits

Friday, 1:30 PM - 2:30 PM

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

Session 425 - Household Finance

Friday, 1:30 PM - 2:30 PM

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

Session 426 - M&A and Earnings Announcements/Analysts

Friday, 1:30 PM - 2:30 PM

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

Session 427 - New Theory of Asset Prices

Friday, 1:30 PM - 2:30 PM

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

Session 428 - Order Exposure

Friday, 1:30 PM - 2:30 PM

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

Session 429 - Performance Evaluation 2

Friday, 1:30 PM - 2:30 PM

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

Session 430 - Short Selling 2

Friday, 1:30 PM - 2:30 PM

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
Presenter: Gergana Jostova Presenter: Han Yu

Session 431 - The Role of Security Analysts

Friday, 1:30 PM - 2:30 PM

Distracted Analysts: Evidence from Natural 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

Friday, 23 October - 3:00 PM - 4:30 PM Eastern Time

Session 441 - Closed-end Funds & ETFs

Friday, 3:00 PM - 4:30 PM

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: Ke Shen Presenter: Ivan M Rodriguez, Jr

Session 442 - Contracting Optimally

Friday, 3:00 PM - 4:30 PM

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

Session 443 - CSR & Stocks

Friday, 3:00 PM - 4:30 PM

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: Jue Wang Presenter: Vivek Sharma

Session 444 - Financial Regulation

Friday, 3:00 PM - 4:30 PM

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

Session 445 - Financing in Emerging Markets

Friday, 3:00 PM - 4:30 PM

Emerging Market Corporate Dollar Debt: Evidence from Turkey
  Husnu C Dalgic, Univ of Mannheim
  Gazi Kabas, Univerity of Zurich
  Victor X Luo, Stevens Institute of Technology
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: Victor Xi Luo Presenter: Jian Xu Presenter: Sung C Bae

Session 446 - Household lending and spending

Friday, 3:00 PM - 4:30 PM

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, Univ of Georgia
  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

Session 447 - Institutional Portfolios

Friday, 3:00 PM - 4:30 PM

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

Session 448 - Law & finance

Friday, 3:00 PM - 4:30 PM

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

Session 449 - Mergers & Acquisitions 3

Friday, 3:00 PM - 4:30 PM

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
Anticipating Acquirers
  Antonio J Macias, Baylor Univ
  P Raghavendra Rau, Univ of Cambridge
  Aris Stouraitis, Hong Kong Baptist 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: Gabriele Lattanzio Presenter: Antonio J Macias Presenter: Farindokht Vaghefi

Session 450 - Return Predictability

Friday, 3:00 PM - 4:30 PM

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

Session 451 - Seasoned Equity Offerings

Friday, 3:00 PM - 4:30 PM

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
Underwriter Networks, Information Asymmetry, and Seasoned Equity Offerings
  Thomas J Chemmanur, Boston College
  Karen Simonyan, Suffolk Univ
  Xiang Zheng, Boston College
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
Presenter: Md Miran Hossain Presenter: Xiang Zheng Presenter: Karen Simonyan

Session 452 - Secrets, Common Ownership & Cost of Capital

Friday, 3:00 PM - 4:30 PM

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

Session 453 - Sentiment and behavior

Friday, 3:00 PM - 4:30 PM

"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

Session 454 - Undergrad finance education

Friday, 3:00 PM - 4:30 PM

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: Brandy Hadley Presenter: John Cresson

Session 455 - Product Market, Innovation & Shareholder Value

Friday, 3:00 PM - 4:30 PM

Real Effects of Environmental Regulations on Firm Performance: The Role of Competition
  Rui Duan, 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

Session 456 - Doctoral Student Consortium Job Market Paper Presentations

Friday, 3:00 PM - 4:30 PM

Moderator
Yuri Tserlukevich, Arizona State University
A Quantitative Model of Corporate Reputation Building in Debt Markets and Firm Dynamics
  Ikuo Takei, University of Wisconsin Madison
Do institutional investors foster a good society? Evidence from private prisons
  Eyub Yegen, University of Toronto
Interest Rate Risk Hedging - Evidence From U.S. Life Insurance Industry
  Qianlong Liu, Georgia State University

Session 457 - Doctoral Student Consortium Job Market Paper Presentations

Friday, 3:00 PM - 4:30 PM

Moderator
Alex Butler, Rice University
Be a pioneer, not a follower: Evidence from scanner data   Ruixiang Wang, University of Missouri Columbia Offshoring Activities and Capital Structure Choices
  Prerna Agarwal, University of Iowa
Which firms can benefit from busy boards?
  Keunyoung (Kay) Kim, Texas Tech University

Friday, 23 October - 8:00 PM - 9:30 PM Eastern Time

Session 461 - Employees & Employment

Friday, 8:00 PM - 9:30 PM

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
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

Session 462 - Equity Issuance

Friday, 8:00 PM - 9:30 PM

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
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,
Presenter: Yao-Min Chiang Presenter: Jungwon Suh Presenter: Jing Xie

Session 463 - Labor market and costs

Friday, 8:00 PM - 9:30 PM

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

Session 464 - Market efficiency

Friday, 8:00 PM - 9:30 PM

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

Session 465 - Mergers & Acquisitions 4

Friday, 8:00 PM - 9:30 PM

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

Session 466 - Politics & Finance 2

Friday, 8:00 PM - 9:30 PM

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
Partisan Conflict and Corporate Credit Spreads
  Liyao Wang, Singapore Management Univ
Presenter: Chang-Mo Kang Presenter: Mi Shen Presenter: Liyao Wang

Session 467 - Shareholder Activism 2

Friday, 8:00 PM - 9:30 PM

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

Session 468 - Trading

Friday, 8:00 PM - 9:30 PM

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

Friday, 23 October - 10:00 PM - 11:00 PM Eastern Time

Session 481 - Compensation and Incentives

Friday, 10:00 PM - 11:00 PM

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

Session 482 - Corporate Directors

Friday, 10:00 PM - 11:00 PM

Companies' Friends in the White House: Do Director Ties to the President Affect Antitrust Enforcement?
  Claire Liu, Univ of Technology 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

Session 483 - Currency

Friday, 10:00 PM - 11:00 PM

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

Session 484 - Law & Litigation

Friday, 10:00 PM - 11:00 PM

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