U.S. Business Organizations Friday: 14:00 - 16:00 Location ...
Conference Program Location: SuriyanChandhra Room ...€¦ · 6 Lunch: 27 June 2016 12:00 pm - 1:00...
Transcript of Conference Program Location: SuriyanChandhra Room ...€¦ · 6 Lunch: 27 June 2016 12:00 pm - 1:00...
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Conference Program
26 June 2016
Registration: 1:00 pm - 5:00 pm
Location: Anantara Siam Hotel lobby
Asian Finance Association Board Meeting: 2:00 pm - 4:00 pm
Location: SuriyanChandhra Room, Anantara Siam Hotel
Conference reception: 5:00 pm - 6:30 pm
Location: The Stock Exchange of Thailand Bldg.
Session 1: Asset Pricing Theory 1
27 June 2016 8:30 am – 10:30 am Location: Amorn room
Chair: Taufiq Choudhry, University of Southampton
Empirical Comparison of Hazard Models in Predicting SMEs Failure
Jairaj Gupta, University of Birmingham
Andros Gregoriou, University of Brighton
Tahera Ebrahimi, University of Hull
Discussant: Su Chen, Independent
The Early Exercise Premium in American Put Option Using Nonparametric Regression
Su Chen, Independent
Weiping Li, Oklahoma State University
Discussant: Taufiq Choudhry, University of Southampton
Forecasting the Daily Time-Varying European Banks Beta During the Crisis Period:
Comparison between GARCH Models and Kalman Filter
Taufiq Choudhry, University of Southampton
Yuanyuan Zhang, Southwestern University of Finance and Economics (SWUFE)
Discussant: Woraphon Wattanatorn, Thammasat University - Thammasat Business
School
Liquidity Timing in the Higher Moment Framework: Evidence from Bank Affiliated Fund
Woraphon Wattanatorn, Thammasat University - Thammasat Business School
Chaiyuth Padungsaksawasdi, Thammasat Business School
Sarayut Nathaphan, Mahidol University International College (MUIC)
Pornchai Chunhachinda, Thammasat University
Discussant: Jairaj Gupta, University of Birmingham
Session 2: Asset Pricing Empirical 1
27 June 2016 8:30 am – 10:30 am Location: Ratana room
Chair: Yexiao Xu, University of Texas at Dallas - School of Management
Idiosyncratic Risk Matters to Large Stocks
Yexiao Xu, University of Texas at Dallas - School of Management
Yangqiulu Luo, University of Houston - C.T. Bauer College of Business
Guojun Wu, University of Houston
Discussant: Lee A. Smales, Curtin University of Technology - School of Economics and
Finance
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Does More Complex Language in FOMC Decisions Impact Financial Markets?
Lee A. Smales, Curtin University of Technology - School of Economics and Finance
Nicholas Apergis, University of Piraeus
Discussant: Pierre L. Siklos, Wilfrid Laurier University - School of Business &
Economics
Monetary Policy, Medium- and Long-Term Yields at the Zero Lower Bound: International
Evidence
Domenico Lombardi, Centre for International Governance Innovation (CIGI)
Samantha St. Amand, Centre for International Governance Innovation (CIGI)
Pierre L. Siklos, Wilfrid Laurier University - School of Business & Economics
Discussant: Dominik Rösch , State University of New York at Buffalo - School of
Management
Cross-Sectional Identification of Informed Trading
Dion Bongaerts, Erasmus University Rotterdam (EUR) - Finance
Dominik Rösch , State University of New York at Buffalo - School of Management
Mathijs A. Van Dijk, Erasmus University - Rotterdam School of Management
Discussant: Yexiao Xu, University of Texas at Dallas - School of Management
Session 3: Asset Pricing Empirical 4
27 June 2016 8:30 am – 10:30 am Location: Kosin room
Chair: Jin-Huei Yeh, National Central University at Taiwan
Marketing Capability and Stock Returns
Tze Chuan 'Chewie' Ang, Deakin University - Department of Finance
Van Anh (Vivian) Mai, Deakin University - Faculty of Business and Law
Harminder Singh, Deakin University - School of Accounting, Economics and Finance
Discussant: Junhua Zhong, Dongbei University of Finance and Economics
Predictive Regressions Based on Ex Ante Index Futures Market Information
Junhua Zhong, Dongbei University of Finance and Economics
Discussant: Jin-Huei Yeh, National Central University at Taiwan
Examining Strategic Investments Based on Asset Price Bubbles
Jin-Huei Yeh, National Central University at Taiwan
Shi-Jung Fan-Jian, National Central University at Taiwan
Yu-Tung Lin, National Central University at Taiwan
Kai-Huei Yu, National Central University at Taiwan
Discussant: George J. Wang, Manchester Business School
Starting on the Wrong Foot: Seasonality in Mutual Fund Performance
Stephen Brown, New York University-Stern School of Business
Juan M. Sotes-Paladino, University of Melbourne - Department of Finance
George J. Wang, Manchester Business School
Chelsea Yaqiong Yao, Lancaster University - Management School
Discussant: Tze Chuan 'Chewie' Ang, Deakin University - Department of Finance
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Session 4: Corporate Finance Empirical 2
27 June 2016 8:30 am – 10:30 am Location: Napa room
Chair: Victor Huang, University of Hawaii
Determinants of Analyst Replacement
Shin-Rong Shiah-Hou, Yuan-Ze University
Discussant: Kazuhiko Ohashi, Hitotsubashi University - Graduate School of
International Corporate Strategy
Multiple Lenders, Temporary Debt Restructuring, and Firm Performance: Evidence from
Contract-Level Data
Daisuke Miyakawa, Hitotsubashi University
Kazuhiko Ohashi, Hitotsubashi University - Graduate School of International
Corporate Strategy
Discussant: Shin-Rong Shiah-Hou, Yuan-Ze University
Investor Network: Implications for Information Diffusion and Asset Prices
Chung San-Lin, National Taiwan University
Wen-Rang Liu, National Taiwan University
Kevin Tseng, University of Kansas, School of Business
Discussant: Victor Huang, University of Hawaii
Session 5: Corporate Finance Empirical 5
27 June 2016 8:30 am – 10:30 am Location: Dara room
Chair: Vijaya B. Marisetty, RMIT University
Should Private Sector Participate in Public Private Partnerships? Evidence from China and
India
Hong Nhung Dao, RMIT University
Vijaya B. Marisetty, RMIT University
Discussant: Carl Hsin-han Shen, National Central University All Things are Obedient to Money: CEO Compensation of Sin Companies
Sheng Syan Chen, National Taiwan University
Carl Hsin-han Shen, National Central University
Yanzhi Wang, National Taiwan University - Department of Finance
Discussant: Wilson Ng, University of Western Australia
The Informativeness of Substantial Shareholder Trading in the Lead Up to a Takeover Bid
Millicent Chang, University of Western Australia
Raymond da Silva Rosa, University of Western Australia - Department of Accounting and
Finance
Wilson Ng, University of Western Australia
Discussant: Morten Bennedsen, INSEAD - Economics and Political Sciences
Corporate Tax Havens and Transparency
Morten Bennedsen, INSEAD - Economics and Political Sciences
Stefan Zeume, University of Michigan, Stephen M. Ross School of Business
Discussant: Vijaya B. Marisetty, RMIT University
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Session 6: Corporate Finance Empirical 8
27 June 2016 8:30 am – 10:30 am Location: Suriya room
Chair: Shaojun Zhang, Hong Kong Polytechnic University
Market Timing of Seasoned Equity Offerings with Long Regulative Process
Yong Huang, Kyushu University - Graduate School of Economics
Konari Uchida, Kyushu University - Faculty of Economics
Daolin Zah, China University of Geoscience, School of Economy and Management
Discussant: S. R. Vishwanath, Shiv Nadar University
Strategic Allocation to Institutional Investors, Underpricing and the After Market
Performance of IPOs
S. R. Vishwanath, Shiv Nadar University
Shantaram P. Hegde, University of Connecticut
Rama Seth, Indian Institute of Management Calcutta
M Durgaprasad, T.A. Pai Management Institute (TAPMI)
Discussant: Si Xu, Hunan University - Business School
On the Value of Corporate Social Responsibility Disclosure: Empirical Investigation of
Corporate Bond Issues in China
Si Xu, Hunan University - Business School
Guangming Gong, Hunan University - Business School
Xun Gong, Hunan University - School of Finance and Statistics
Discussant: Woojin Kim, Seoul National University - Business School
Who's Leaving Money on the Table? Evidence from IPOs within Business Groups
Woojin Kim, Seoul National University - Business School
Chan Lim, Seoul National University Business School
Tae Jun Yoon, Seoul National University Business School
Discussant: Yong Huang, Kyushu University - Graduate School of Economics
Session 7: Financial Intermediation 1
27 June 2016 8:30 am – 10:30 am Location: Chandra room
Chair: Wako Watanabe, Keio University Does the Policy Lending of the Government Financial Institution Mitigate the Credit Crunch?
Evidence from the Loan Level Data in Japan
Wako Watanabe, Keio University
Masahiro Sekino, ISI Software Co. , Ltd
Discussant: Jinjuan Ren, University of Macau
Short Sale, Margin Purchase, and Stock Price Crash Risk
Yan Luo, Fudan University
Jinjuan Ren, University of Macau
Discussant: Hai X. Nguyen, The Chinese University of Hong Kong
Too Big to Fail: Toward an Optimal Regulation
Chang Ma, Johns Hopkins University - Department of Economics
Hai X. Nguyen, The Chinese University of Hong Kong
Discussant: Jiakai Chen, University of Hawaii
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Off-Balance Sheet Financing and Bank Capital Regulation: Lessons from Asset-Backed
Commercial Paper
Jiakai Chen, University of Hawaii
Discussant: Wako Watanabe, Keio University
Session 8: Market Microstructure 1
27 June 2016 8:30 am – 10:30 am Location: Busaba room
Chair: Allaudeen Hameed, National University of Singapore (NUS)
Estimating Order Imbalance Using Low Frequency Data
JinGi Ha, Singapore Management University
Jianfeng Hu, Singapore Management University - Lee Kong Chian School of Business
Discussant: Allaudeen Hameed, National University of Singapore (NUS) - Department
of Finance
Informed Trading in Options or Price Pressure in Stocks? Connecting the Dots in Option-
Based Return Predictability
Luis Goncalves-Pinto, National University of Singapore
Bruce D. Grundy, University of Melbourne
Allaudeen Hameed, National University of Singapore (NUS) - Department of Finance
Thijs van der Heijden, University of Melbourne - Department of Finance
Discussant: Lars L. Norden, Stockholm University - Stockholm Business School
Best Execution: Can Institutional and Retail Investors Benefit from Fast and Fragmented
Trading?
Michal Dzieliński, Stockholm Business School
Björn Hagströmer, Stockholm Business School
Lars L. Norden, Stockholm University - Stockholm Business School
Discussant: Martin Hauptfleisch, University of Technology Sydney (UTS)
Predictable Trading
Martin Hauptfleisch, University of Technology Sydney (UTS)
Talis Putnins, University of Technology, Sydney - UTS Business School
Discussant: JinGi Ha, Singapore Management University
Coffee Break: 10:30 am to 10:45 am Location: Ballroom
Opening Ceremony: 10:45 am to 11:00 am Location: Ballroom
Welcome Remarks: 11:00 am to 11:15 am Location: Ballroom
Keynote Speech: ASEAN Financial Markets: SET’s challenges and opportunities
27 June 2016 11:15 am – 11:40 am Location: Ballroom
Mrs. Kesara Manchusree
President, The Stock Exchange of Thailand (SET) Group Photo Session: 11:40 am to 12:00 pm Location: Ballroom
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Lunch:
27 June 2016 12:00 pm - 1:00 pm Location: Montienthip Room
Session 9: Asset Pricing Behavioral 1
27 June 2016 1:15 pm – 3:15 pm Location: Amorn room
Chair: Roy Kouwenberg, Erasmus University Rotterdam (EUR)
Credit Risk Spillover Among Sovereign and Firms: An Analysis of Asian Debt
Yiling Zha, University of Dundee
D.M. Power, University of Dundee
Nongnuch Tantisantiwong, Southampton Business School, University of Southampton
Discussant: Sheng Sisi, Renmin University of China
Does Mood Affect the Efficiency of Credit Approval: Evidence from Online Peer-to-Peer
Lending
Yan Li, Renmin University of China
Sheng Sisi, Renmin University of China
Discussant: Ji Cao, Nankai University - Business School
Cumulative Prospect Theory and Underdiversification
Ji Cao, Nankai University - Business School
Discussant: Roy Kouwenberg, Erasmus University Rotterdam (EUR) - Erasmus School
of Economics (ESE)
Rank-Dependent Utility and Risk Taking in Complete Markets
Xue Dong He, The Chinese University of Hong Kong - Department of Systems Engineering
and Engineering Management
Roy Kouwenberg, Erasmus University Rotterdam (EUR) - Erasmus School of
Economics (ESE)
Xun Yu Zhou, University of Oxford - Nomura Centre for Mathematical Finance
Discussant: Nongnuch Tantisantiwong, Southampton Business School, University of
Southampton
Session 10: Asset Pricing Empirical 2
27 June 2016 1:15 pm – 3:15 pm Location: Ratana room
Chair: Kalok Chan, CUHK Business School
Manager Sentiment and Stock Returns
Fuwei Jiang, Central University of Finance and Economics (CUFE) - School of Finance
Joshua A. Lee, Florida State University - Department of Accounting
Xiumin Martin, Washington University in Saint Louis - Olin School of Business
Guofu Zhou, Washington University in St. Louis - Olin School of Business
Discussant: Ramabhadran Thirumalai, Indian School of Business (ISB)
Downward Sloping Demand Curve, Price Pressure, or Slow Moving Capital?: Evidence from
an Exogenous Supply Shock
Ramabhadran Thirumalai, Indian School of Business (ISB)
Ankit Jain, Indian School of Business (ISB), Hyderabad
Prasanna L. Tantri, Indian School of Business
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Discussant: Tao Huang, Jiangxi University of Finance and Economics
R&D Information Quality and Stock Returns Tao Huang, Jiangxi University of Finance and Economics
Junye Li, ESSEC Business School
Fei Wu, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance
(SAIF)
Ning Zhu, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance
(SAIF)
Discussant: Clark Liu, Tsinghua University - PBC School of Finance
Portfolio Constraints and Asset Prices: Evidence from the Shanghai-Hong Kong Stock
Connect Program
Clark Liu, Tsinghua University - PBC School of Finance
Shujing Wang, Hong Kong University of Science & Technology (HKUST) - HKUST School
of Business and Management
K. C. John Wei, Hong Kong University of Science & Technology (HKUST)
Discussant: Hong Zhang, Tsinghua University - PBC School of Finance
Session 11: Corporate Finance Theory 1
27 June 2016 1:15 pm – 3:15 pm Location: Kosin room
Chair: Hsien-Hsing Liao, National Taiwan University
Interbank Intermediation
Marcel Bluhm, Wang Yanan Institute for Studies in Economics
Co-Pierre Georg, Deutsche Bundesbank
Jan Pieter Krahnen, Faculty of Economics and Business Administration, Goethe University
Frankfurt
Discussant: Mamduh M. Hanafi, Universitas Gadjah Mada (UGM) - Faculty of
Economics and Business (FEB)
Inter and Intraday Analyses of IPO Aftermarket: Evidence from Indonesia Stock Exchange
Mamduh M. Hanafi, Universitas Gadjah Mada (UGM) - Faculty of Economics and
Business (FEB)
Discussant: Hsien-Hsing Liao, National Taiwan University
Optimal Capital Structure and Speed of Adjustment: Inside Debt Perspective
Hsien-Hsing Liao, National Taiwan University
Tsung-Kang Chen, Fu Jen Catholic University
Yi-Han Chang, Independent
Discussant: Woojin Kim, Seoul National University - Business School
Control Beyond Ownership: Subcontractors of Large Business Groups
Woojin Kim, Seoul National University - Business School
Jongsub Lee, University of Florida - Warrington College of Business Administration
Yunxiao Liu, Korea University
Discussant: Marcel Bluhm, Wang Yanan Institute for Studies in Economics
Session 12: Corporate Finance Empirical 3
27 June 2016 1:15 pm – 3:15 pm Location: Napa room
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Chair: Paul H. Malatesta, University of Washington
Cross-Country Differences in the Effect of Political Connections on Stock Price
Informativeness
Yuanto Kusnadi, Singapore Management University - School of Accountancy
Bin Srinidhi, University of Texas at Arlington - Department of Accounting
Discussant: Y. Han (Andy) Kim, SungKyunKwan University (SKKU)
The Face of Risk: CEO Testosterone and Risk Taking Behavior
Y. Han (Andy) Kim, SungKyunKwan University (SKKU)
Shinichi Kamiya, Nanyang Technological University (NTU) - Nanyang Business School
Jungwon Suh, Sungkyunkwan University (SKKU)
Discussant: Katsushi Suzuki, Hitotsubashi University - Graduate School of
International Corporate Strategy
Shareholder Perks, Ownership Structure, and Firm Value
Jonathan M. Karpoff, University of Washington - Michael G. Foster School of Business
Katsushi Suzuki, Hitotsubashi University - Graduate School of International Corporate
Strategy
Discussant: Paul H. Malatesta, University of Washington - Michael G. Foster School of
Business
Deregulation and the Cost of Public Debt
Qiang Kang, Florida International University (FIU) - Department of Finance
Xi Li, Hong Kong University of Science & Technology (HKUST)
Paul H. Malatesta, University of Washington - Michael G. Foster School of Business
Junbo Wang, City University of HongKong
Discussant: Yuanto Kusnadi, Singapore Management University - School of
Accountancy
Session 13: Corporate Finance Empirical 6
27 June 2016 1:15 pm – 3:15 pm Location: Dara room
Chair: Wendy Hsu, Massey University
Funding Disclosures, Information Asymmetry, and the Cost of Capital
Alvin Ang, UNSW Business School, University of New South Wales
Robert Tumarkin, UNSW Australia Business School, School of Banking and Finance
Discussant: Wendy Hsu, Massey University
Mood and Analyst Optimism and Accuracy
Candie (Yuk Ying), Massey University
Wendy Hsu, Massey University
Discussant: Hawfeng Shyu, Zhongshan University - School of Business
Liquidity Risk and Takeovers
Hawfeng Shyu, Zhongshan University - School of Business
Discussant: Alvin Ang, UNSW Business School, University of New South Wales
Session 14: Derivative 1
27 June 2016 1:15 pm – 3:15 pm Location: Suriya room
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Chair: Gang Li, Hong Kong Polytechnic University
Cross Section of Option Return and Option-Implied Beta
Samuel Zeto, Hong Kong Baptist University (HKBU)
Discussant: Vu Tran, Swansea University - School of Management
Multiple Ratings and Heterogeneous Effects
Vu Tran, Swansea University - School of Management
Rasha Alsakka, Bangor Business School
Owain Ap Gwilym, Bangor Business School
Discussant: Zih-Ying Lin, National Central University - Department of Finance
Volatility Spreads and Innovation Grants Announcement Returns
Zih-Ying Lin, National Central University - Department of Finance
Guan-Ying Huang, National Central University-Department of Finance
Pei-Fang Hsieh, National Tsing Hua University - Department of Quantitative Finance
Discussant: Gang Li, Hong Kong Polytechnic University
On the Jump Dynamics and Jump Risk Premiums
Gang Li, Hong Kong Polytechnic University
Discussant: Samuel Zeto, Hong Kong Baptist University (HKBU)
Session 15: Financial Intermediation 2
27 June 2016 1:15 pm – 3:15 pm Location: Chandra room
Chair: Bohui Zhang, University of New South Wales (UNSW)
Insider Sales Under the Threat of Short Sellers: New Theory and New Tests
Kemin Wang, Fudan University - School of Management
Rencheng Wang, University of Queensland - Business School
Kuo-Chiang (John) Wei, Hong Kong University of Science & Technology (HKUST) -
Department of Finance
Bohui Zhang, University of New South Wales (UNSW) - School of Banking and Finance
Discussant: Robert B. Durand, Curtin University of Technology - School of Economics
and Finance - Department of Finance and Banking
Relationship Lending: A Source of Support or a Means of Exploitation? Evidence from a
Developing Economy
Inayat Hussain, Curtin University
Robert B. Durand, Curtin University of Technology - School of Economics and Finance
- Department of Finance and Banking
Mark N. Harris, Curtin University
Discussant: Yosman Bustaman, University of Indonesia (UI) - Faculty of Economics and
Business
Interest Margin, Market Power, Diversification Strategy and Banking Stability: Evidence
from ASEAN
Yosman Bustaman, University of Indonesia (UI) - Faculty of Economics and Business
Irwan Adi Ekaputra, University of Indonesia (UI) - Faculty of Economics and Business
Zaafri A. Husodo, Universitas Indonesia, Graduate School of Management
Ruslan Prijadi, Universitas Indonesia, Graduate School of Management
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Discussant: J. Kenny Phua, Nanyang Technological University (NTU)
Do Equity Analysts Learn from Their Colleagues? Evidence Using an Information Network
Centrality Measure
J. Kenny Phua, Nanyang Technological University (NTU)
T. Mandy Tham, Wealth Management Institute, Singapore
Chishen Wei, Nanyang Technological University (NTU) - Division of Banking & Finance
Discussant: Bohui Zhang, University of New South Wales (UNSW) - School of Banking
and Finance
Session 16: Market Microstructure 2
27 June 2016 1:15 pm – 3:15 pm Location: Busaba room
Chair: Reena Aggarwal, Georgetown University
The Information Content of Special Orders
Huu Nhan Duong, Monash University - Department of Banking and Finance
Paul Lajbcygier, Monash University - Department of Banking & Finance
Van H. Vu, Newcastle Business School
Discussant: Haoming Chen, University of New South Wales (UNSW)
The Value of a Millisecond: Structural Segmentation of Uninformed Order Flow
Haoming Chen, University of New South Wales (UNSW)
Sean Foley, University of Sydney
Michael A. Goldstei, Babson College - Finance Division
Thomas Ruf, UNSW Australia Business School, School of Banking and Finance
Discussant: Zhen-Xing Wu, National Central University at Taiwan - Department of
Finance
Market Decline, High-Frequency Trading and Liquidity Commonality
George H. K. Wang, George Mason University
Zhen-Xing Wu, National Central University at Taiwan - Department of Finance
Hui Zheng, Discipline of Finance, The University of Sydney
Discussant: Yin-Feng Gau, National Central University
Information Shocks and Order Aggressiveness in the Foreign Exchange Market
Yin-Feng Gau, National Central University
Zhen-Xing Wu, National Central University at Taiwan - Department of Finance
Discussant: Van H. Vu, Newcastle Business School
Coffee Break: 3:15 pm to 3:30 pm Location: Conference Room Hallways
Session 17: Asset Pricing Behavioral 2
27 June 2016 3:30 pm – 5:30 pm Location: Amorn room
Chair: Hidenori Takahashi, Kobe University
Is the Idiosyncratic Volatility Anomaly Driven by the MAX or MIN Effect? New Evidence
from the Chinese Stock Market
Xiaoyuan Wan, Antai College of Economics and Management, Shanghai Jiao Tong
University (SJTU)
Discussant: Hidenori Takahashi, Kobe University
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Exogenous and Endogenous Attention, Distraction, Overconfidence and Sell-Side Analyst
Herding
Robert B. Durand, Curtin University of Technology - School of Economics and Finance -
Department of Finance and Banking
Manapon Limkriangkrai, Monash University
Lucia Fung, Department of Management, Hong Kong Baptist University
Discussant: Xiaoyuan Wan, Antai College of Economics and Management, Shanghai
Jiao Tong University (SJTU)
Page View-Based Investor Attention and IPO Pricing
Katsuhiko Okada, Kwansei Gakuin University Business School
Hidenori Takahashi, Kobe University
Discussant: Manapon Limkriangkrai, Monash University
Session 18: Asset Pricing Empirical 3
27 June 2016 3:30 pm – 5:30 pm Location: Ratana room
Chair: Li Ge, Monash University
Forecasting Stock Returns in Good and Bad Times: The Role of Market States
Dashan Huang, Singapore Management University - Lee Kong Chian School of Business
Fuwei Jiang, Central University of Finance and Economics (CUFE) - School of Finance
Jun Tu, Singapore Management University - Lee Kong Chian School of Business
Guofu Zhou, Washington University in St. Louis - Olin School of Business
Discussant: Li Ge, Monash University - Monash Business School
Expectations and Risk Premia at 8:30am: Macroeconomic Announcements and the Yield
Curve
Peter Hoerdahl, Bank for International Settlements (BIS)
Eli M. Remolona, Bank for International Settlements (BIS) - Monetary and Economic
Department
Giorgio Valente, City University of Hong Kong (CityUHK) - Department of Economics &
Finance
Discussant: Fuwei Jiang, Central University of Finance and Economics (CUFE) - School
of Finance
Industry Concentration and Momentum Strategy: Evidence from China
Yujing Gong, Wenlan School of Business, Zhongnan University of Economics and Law
Discussant: Peter Hoerdahl, Bank for International Settlements (BIS)
Informed Options Trading Prior to Bankruptcy Filings
Li Ge, Monash University - Monash Business School
Jianfeng Hu, Singapore Management University - Lee Kong Chian School of Business
Mark Humphery-Jenner, University of New South Wales
Tse-Chun Lin, The University of Hong Kong - Faculty of Business and Economics
Discussant: Yujing Gong, Wenlan School of Business, Zhongnan University of
Economics and Law
Session 19: Corporate Finance Empirical 1
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27 June 2016 3:30 pm – 5:30 pm Location: Kosin room
Chair: Jing Xie, Hong Kong Polytechnic University
Political Connection Disruption, Financial Flexibility and Cash Policy
Xiaofeng Zhao, The Chinese University of Hong Kong (CUHK) - Department of Finance
Haohan Ren, The Chinese University of Hong Kong (CUHK) - Department of Finance
Discussant: Manpreet Singh, Hong Kong University of Science & Technology -
Department of Finance
Common Equity Blockholders and Diffusion of Tax Avoidance
Zeyu Sun, National University of Singapore (NUS), Business School, Department of
Accounting
Jing Xie, Hong Kong Polytechnic University School of Accounting and Finance
Discussant: Haohan Ren, The Chinese University of Hong Kong (CUHK) - Department
of Finance
Threat of Entry: Trade Credit and the Defense of Market Power
Manpreet Singh, Hong Kong University of Science & Technology - Department of
Finance
Discussant: Jing Xie, Hong Kong Polytechnic University School of Accounting and
Finance
Session 20: Corporate Finance Empirical 4
27 June 2016 3:30 pm – 5:30 pm Location: Napa room
Chair: Y. Han (Andy) Kim, SungKyunKwan University (SKKU)
Stock Market Liquidity and Short-Termism Driven CEO Turnover
Min Jung Kang, University of Michigan-Flint
Y. Han (Andy) Kim, SungKyunKwan University (SKKU)
Discussant: Qi Zeng, University of Melbourne - Department of Finance
Firm Acquisitiveness and Tax Avoidance
Ferdinand A. Gul, Deakin University - Department of Accounting
Syed Shams, University of Southern Queensland
Discussant: Y. Han (Andy) Kim, SungKyunKwan University (SKKU)
The Impact of Cultural Diversity in Corporate Boards on Firm Performance
Bart Frijns, Auckland University of Technology - Faculty of Business & Law
Olga Dodd, Auckland University of Technology
Helena Cimerova, Auckland University of Technology - Department of Finance
Discussant: Syed Shams, University of Southern Queensland
The Unintended Effects of Government Regulations in Emerging Financial Markets:
Evidence from Chinese IPOs
Franasois Derrien, HEC Paris (Groupe HEC) - Finance Department
Xiaohui Wu, Xiamen University
Qi Zeng, University of Melbourne - Department of Finance
Yan Zhang, Xiamen University
Discussant: Olga Dodd, Auckland University of Technology
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Session 21: Corporate Finance Empirical 7
27 June 2016 3:30 pm – 5:30 pm Location: Dara room
Chair: Robert W. Faff, University of Queensland
Driving the Presence of Investor Sentiment: The Role of Media Bias in IPOs
Zhe Shen, Xiamen University - School of Management
Jiaxing You, Xiamen University
Michael Firth, Lingnan University - Department of Finance and Insurance
Discussant: Robert W. Faff, University of Queensland
Corporate Social Responsibility and Firm Risk: Implications from Employee Satisfaction
Weijie Lu, City University of Hong Kong
Discussant: Zhe Shen, Xiamen University - School of Management
Do Government Linked Companies Hold More Cash?
Chenxi LIU, Lee Kong Chain School of business
Nelson Yap, Singapore Management University - Lee Kong Chian School of Business
Sili Zhou, Singapore Management University - Lee Kong Chian School of Business
Discussant: Weijie Lu, City University of Hong Kong
Mapping 'Pitching Research' Tasks into the RSD7 Framework: A Pedagogic Perspective
Robert W. Faff, University of Queensland
Discussant: Sili Zhou, Singapore Management University - Lee Kong Chian School of
Business
Session 22: Special session “Why do the founding families exit their corporation? Evidence
from Listed Firms in Japan”
27 June 2016 3:30 pm – 4:30 pm Location: Suriyan room
Yupana Wiwattanakantang, National University of Singapore, NUS Business School
Session 23: International Finance 1
27 June 2016 3:30 pm – 5:30 pm Location: Chandra room
Chair: Hong Zhang, Tsinghua University
Country-Specific Growth Opportunities, Within-Country Heterogeneity, and the Role of
Financial Globalization
Dong Wook Lee, Korea University Business School
Lingxia Sun, Korea University Business School (KUBS)
Discussant: Nongnuch Tantisantiwong, Southampton Business School, University of
Southampton
Individualism and Stock Price Crash Risk
Zhe An, Monash Business School, Monash University
Zhian Chen, University of New South Wales - School of Banking and Finance
Donghui Li, Jinan University - Management School
Xing Lu University of Edinburgh
Discussant: Dong Wook Lee, Korea University Business School
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The Impact of Sin Culture: Evidence from Earning Management and Alcohol Consumption
in China
Hong Zhang
Zhe Li, Renmin University of China Massimo Massa INSEAD - Finance
Nianhang Xu, School of Business, Renmin University of China
Hong Zhang, Tsinghua University - PBC School of Finance
Discussant: Donghui Li, Jinan University - Management School
Portfolio Weighting: Combined Economic Factors
Nongnuch Tantisantiwong, Southampton Business School, University of Southampton
Nutt Treepoonsuk, University of Southampton - Southampton Business School
Discussant: Hong Zhang, Tsinghua University - PBC School of Finance
Session 24: Market Microstructure 3
27 June 2016 3:30 pm – 5:30 pm Location: Busaba room
Chair: Kentaro Iwatsubo, Kobe University
A Tale of Two Averagings: Estimating the Integrated Volatility Using 'Pooled' High-
Frequency Data
Zhi Liu, University of Macau
Xinbing Kong, Soochow University
Bingyi Jing, Hong Kong University of Science & Technology (HKUST)
Discussant: Samarpan Nawn, CFA* IIM Calcutta Doctoral Student
Quantitative Easing and Liquidity in the Japanese Government Bond Market
Kentaro Iwatsubo, Kobe University
Tomoki Taishi, Kobe University
Discussant: Zhi Liu, University of Macau
Market Liquidity: A Study from Proprietary Algorithmic Traders Perspective
Ashok Banerjee, Indian Institute of Management (IIM), Calcutta
Samarpan Nawn, CFA* IIM Calcutta Doctoral Student
Discussant: Kentaro Iwatsubo, Kobe University
Session 25: Asset Pricing Theory 2
28 June 2016 8:30 am – 10:30 am Location: Amorn room
Chair: Jerome Detemple, Boston University
Dynamic Noisy Rational Expectations Equilibrium with Information Production and Beliefs-
Based Speculation
Jerome Detemple, Boston University - Department of Finance & Economics
Marcel Rindisbacher Questrom, School of Business, Boston University
Discussant: Ying Liu, Swiss Finance Institute
Funding Shortfall Risk and Asset Prices in General Equilibrium
Majid Hasan, EDHEC Business School
Discussant: Jerome Detemple, Boston University - Department of Finance & Economics
Why Do Large Investors Disclose Their Information?
15
Ying Liu, Swiss Finance Institute
Discussant: Majid Hasan, EDHEC Business School
Session 26: Asset Pricing Empirical 6
28 June 2016 8:30 am – 10:30 am Location: Ratana room
Chair: Nicholas Tay, University of San Francisco
Stock Futures of a Flawed Market Index
Kotaro Miwa, Tokio Marine Asset Management
Kazuhiro Ueda, University of Tokyo
Discussant: Tianyu Wang, Imperial College Business School
Dynamic Conditional Correlations between Chinese Sector Returns and the S&P500 Index:
An Interpretation Based on Investment Shocks
Myeong Hyeon Kim, Asian Institute of Corporate Governance
Lingxia Sun, Korea University Business School (KUBS)
Discussant: Kotaro Miwa, Tokio Marine Asset Management
Country Governance and International Equity Returns
Ben R. Marshall, Massey University - School of Economics and Finance
Nhut H. Nguyen, Massey University The Hung Nguyen Monash University
Nuttawat Visaltanachoti, Massey University - Department of Economics and Finance
Discussant: Lingxia Sun, Korea University Business School (KUBS)
Market Closure and Short-Term Reversal
Pasquale Della Corte, Imperial College London
Robert Kosowski, Imperial College Business School
Tianyu Wang, Imperial College Business School
Discussant: Nuttawat Visaltanachoti, Massey University - Department of Economics
and Finance
Session 27: Corporate Finance Empirical 11
28 June 2016 8:30 am – 10:30 am Location: Napa room
Chair: Chandrasekhar Krishnamurti, University of Southern Queensland
How Do CEO Work Experience and Career Concerns Affect Firm Investment Efficiency?
Chih-Wei Peng, National Changhua University of Education
Discussant: Chandrasekhar Krishnamurti, University of Southern Queensland
Does CEO Learning Improve Takeover Success?
Giang Duc Nguyen, Waseda University - Graduate School of Economics
Discussant: Chih-Wei Peng, National Changhua University of Education
How Do Short Sellers Discipline Firms with Accounting Irregularity? Evidence from Late
Filings
Ting Li, Skidmore College - Department of Management and Business
Xinlei Zhao, University of Kentucky, Von Allmen School of Accountancy
Discussant: Giang Duc Nguyen, Waseda University - Graduate School of Economics
16
Corruption Risk in the Defence Industry: Drivers and Stock Market Effects
Chandrasekhar Krishnamurti, University of Southern Queensland
Domenico Pensiero, University of Southern Queensland
Eswaran Velayutham, University of Southern Queensland
Discussant: Ting Li, Skidmore College - Department of Management and Business Session 28: Corporate Finance Empirical 14
28 June 2016 8:30 am – 10:30 am Location: Dara room
Chair: Hardjo Koerniadi, Auckland University of Technology
Do Minority Shareholders Benefit from Parent-Subsidiary Mergers?
Hardjo Koerniadi, Auckland University of Technology
Alireza Tourani-Rad, Auckland University of Technology - Faculty of Business & Law
Discussant: Azizah Abu Bakar, University of Glasgow
Ownership Dilution, Financial Constraint in Chinese M&A Payment
Lulu Gu, Zhongnan University of Economics and Law
W.R., Reed University of Canterbury
Discussant: Hardjo Koerniadi, Auckland University of Technology
A Gender Gap in Executive Cash Compensation in Thailand: A View of the Expectancy
Theory
Kannikar Namwong, Rajamangala University of Technology Rattanakosin - Faculty of
Business Administration
Tatre Jantarakolica, Thammasat University - Faculty of Economics
Thanomsak Suwannoi, Rajamangala University of Technology Rattanakosin - College
of Innovation Management
Jutamas Wongkantarakorn, Rajamangala University of Technology Rattanakosin - College of
Innovation Management
Discussant: Lulu Gu, Zhongnan University of Economics and Law
Investor mood and Mispricing of Cross-listed Shares
Azizah Abu Bakar, University of Glasgow
Discussant: Thanomsak Suwannoi, Rajamangala University of Technology
Rattanakosin - College of Innovation Management
Session 29: International Finance 2
28 June 2016 8:30 am – 10:30 am Location: Suriya room
Chair: Zhangxin Frank Liu, The University of Western Australia
Googling Investor Sentiment Around the World
Zhenyu Gao, Princeton University - Department of Economics
Haohan Ren, The Chinese University of Hong Kong (CUHK) - Department of Finance
Bohui Zhang, University of New South Wales (UNSW) - School of Banking and Finance
Discussant: Zhangxin Frank Liu, The University of Western Australia Business School
The Taste of Dim Sum: The Determinants of Offshore Chinese Yuan Bond Liquidity
Lei Meng, East China University of Science and Technology (ECUST)
Thanos Verousis, Newcastle University Business School
17
Discussant: Haohan Ren, The Chinese University of Hong Kong (CUHK) - Department
of Finance
Disclosure of Intended use of Proceeds and Stock Market Performance of Initial Public
Offerings (IPOs)
Kulabutr Komenkul, Rangsit University
Mo Sherif, Heriot-Watt University - Department of Accountancy and Finance
Bing Xu, Heriot-Watt University
Discussant: Lei Meng, East China University of Science and Technology (ECUST)
Private Debt: Volatility, Credit Risk, and Returns
Douglas J. Cumming, York University - Schulich School of Business
Grant Fleming, Continuity Capital Partners
Zhangxin Frank Liu, The University of Western Australia Business School
Discussant: Kulabutr Komenkul, Rangsit University
Session 30: Corporate Finance Empirical 17
28 June 2016 8:30 am – 10:30 am Location: Chandra room
Chair: Victor Huang, University of Hawaii
Shareholder Perks in Japan: Price Movement and Trading Volume around Ex-Benefit Days
Taeko Yasutake, Soka University - Faculty of Economics
Wei Huang, University of Hawaii- Shidler College of Business
Ghon Rhee, University of Hawaii- Shidler College of Business
Katsushi Suzuki, Hitotsubashi University - Graduate School of International Corporate
Strategy
Discussant: Chinghung (Henry) Chang, National Taiwan University - College of
Management
Catalytic Effect of Internationalization on Innovation
Chinghung (Henry) Chang, National Taiwan University - College of Management
Ching-Hsing Chang, National Chiayi University
Pi Kun Hsu, National Chung Hsing University
Sheng-Yung Yang, National Chung Hsing University
Discussant: Taeko Yasutake, Soka University - Faculty of Economics
Session 31: Financial Crisis 1
28 June 2016 8:30 am – 10:30 am Location: Chandra room
Chair: Sirimon Treepongkaruna, University of Western Australia
Liquidity Commonality During the Financial Crisis: Effects of News Announcements
Ya-ting Chang, National Central University
Yin-Feng Gau, National Central University
Chih-Chiang Hsu, National Central University at Taiwan - Department of Economics
Discussant: Jinliu Li, Fudan University - Department of Finance
Can Commodity Futures Margin Requirements Control Risks Effectively? Evidence from
China
Jun Song, Fudan University
18
Jinliu Li, Fudan University - Department of Finance
Ruobing Ling, Fudan University
Discussant: Yin-Feng Gau, National Central University Coffee Break: 10:30 am to 10:45 am Location: Ballroom
Keynote Speech: New Findings on Corporate Boards of Directors
28 June 2016 10:45 am – 11:45 am Location: Ballroom
Ronald Masulis
Scientia Professor and Macquarie Group Chair of Financial Services, UNSW School of
Business, University of New South Wales and distinguished visiting research professor,
Stern School of Business, New York University
Asian Finance Association Annual General Meeting 2016: 11:45 am to 12:00 pm
Location: Ballroom
Lunch:
27 June 2016 12:00 pm - 1:00 pm Location: Montienthip Room
Session 32: Asset Pricing Behavioral 3
28 June 2016 1:15 pm – 3:15 pm Location: Amorn room
Chair: S. Ghon Rhee, University of Hawaii Shidler College of Business
Investor Sentiment Purged: A Powerful Predictor in the Cross-Section of Stock Returns
Qianqian Du, University of Stavanger
Liya Chu, Singapore Management University
Jun Tu, Singapore Management University
Discussant: Tomoki Kitamura, NLI Research Institute, Finance Research Group
Information Mirage and Belief Formation in Experimental Asset Markets
Tomoki Kitamura, NLI Research Institute, Finance Research Group
Munenori Nakasato, Aoyama Gakuin University, Graduate School of International
Management
Discussant: Joao Vieito, Scholl of Business Studies - Polytechnic Instituto of Viana do
Castelo
How Human Brain Works During Financial Investment Decisions?
Joao Vieito , Scholl of Business Studies - Polytechnic Instituto of Viana do Castelo
Fábio T. Rocha, Research on Artificial and Natural Intelligence (RANI)
Armando Freitas da Rocha, Research on Artificial and Natural Intelligence (RANI)
Discussant: Qianqian Du, University of Stavanger
Session 33: Asset Pricing Empirical 7
28 June 2016 1:15 pm – 3:15 pm Location: Ratana room
Chair: Anchada Aida Charoenrook, Thammasat University
19
Equity Convexity and its Implications to Value Premium Puzzle: An Empirical Analysis
Junhua Zhong, Dongbei University of Finance and Economics
Ilan Cooper BI, Norwegian Business School
Richard Priestley, Norwegian Business School
Yongdong Shi, Dongbei University of Finance and Economics (DUFE)
Discussant: Chayapol Sirinonthakan, Southeast Insurance
Does AEC Help Diversification Among ASEAN Stock Market? Portfolio Optimization with
Skewness
Chayapol Sirinonthakan, Southeast Insurance
Anchada Aida Charoenrook, Thammasat University
Discussant: Kuan-Cheng Ko, National Chi Nan University - College of Management
Market Dynamics and Momentum in the Taiwan Stock Market
Kuan-Cheng Ko, National Chi Nan University - College of Management
Lin Chaonan, Xiamen University - School of Management
Zhi-Xiang Feng, National Chi Nan University
Nien-Tzu Yang, Department of Finance, Asia University, Taiwan
Discussant: Ye Bai, University of Nottingham
An Empirical Analysis of Chinese Financial Market Liberalisation Process
Ye Bai, University of Nottingham
Darien Chow, University of Nottingham
Discussant: Junhua Zhong, Dongbei University of Finance and Economics Session 34: Corporate Finance Empirical 9
28 June 2016 1:15 pm – 3:15 pm Location: Kosin room
Chair: Steen Thomsen, Copenhagen Business School
The Impact of Acquisitions on Corporate Bond Ratings
Gurmeet S. Bhabra, University of Otago - Department of Accountancy and Finance Qi Chang, Concordia University, Quebec - Department of Finance
Harjeet S. Bhabra, Concordia University, Quebec - John Molson School of Business
Discussant: Christian Wolff, University of Luxembourg - Luxembourg School of
Finance
Credit Risk Characteristics of US Small Business Portfolios
Christian C. P. Wolff, University of Luxembourg - Luxembourg School of Finance Dennis Bams, University of Maastricht - Limburg Institute of Financial Economics (LIFE)
Magdalena Pisa, WHU - Otto Beisheim School of Management
Discussant: Steen Thomsen, Copenhagen Business School
Long-Term Ownership by Industrial Foundations
Steen Thomsen, Copenhagen Business School Christa Børsting, Copenhagen Business School
Johan Kuhn, Copenhagen Business School
Thomas Poulsen, Copenhagen Business School
Discussant: Jing Liao, Massey University
20
Macroeconomic Uncertainty, State Ownership, and Board Size in China
Jing Liao, Massey University Martin R. Young, Massey University - School of Economics and Finance
Discussant: Gurmeet S. Bhabra, University of Otago - Department of Accountancy and
Finance
Session 35: Corporate Finance Empirical 12
28 June 2016 1:15 pm – 3:15 pm Location: Napa room
Chair: Y. Han (Andy) Kim, SungKyunKwan University (SKKU)
Innovation Beyond Firm Boundaries: Common Blockholders, Strategic Alliances, and
Corporate Innovation
Jing Xie, Hong Kong Polytechnic University School of Accounting and Finance
Thomas J. Chemmanur, Boston College - Carroll School of Management
Yao Shen, Boston College - Carroll School of Management
Discussant: Y. Han (Andy) Kim, SungKyunKwan University (SKKU)
Bankers on the Board and CEO Incentives
Y. Han (Andy) Kim, SungKyunKwan University (SKKU) Min Jung Kang, University of Michigan-Flint
Discussant: Florian Meier, University of East London
Stock Misvaluation and Changes in Cash Proceeds
Winifred Huang-Meier, University of Essex
Florian Meier, University of East London
Discussant: Wei Huang, The University of Nottingham Ningbo, China
Executive and Director Cash Compensation and Tax Aggressiveness of Chinese Firms
Wei Huang, The University of Nottingham Ningbo, China
Tingting Ying, University of Nottingham, Ningbo
Discussant: Jing Xie, Hong Kong Polytechnic University School of Accounting and
Finance
Session 36: Corporate Finance Empirical 15
28 June 2016 1:15 pm – 3:15 pm Location: Dara room
Chair: Nicholas Tay, University of San Francisco A Tale of Two Styles: Do Qualified Foreign Institutional Investors Have an Edge Over
Domestic Funds Managers in China?
Liping Zou, School of Economics and Finance, Massey University
Albany Tiantian Tang, Massey University
Xiaoming Li, Massey University - School of Economics and Finance (Albany)
Discussant: Ser-Keng Ang, Singapore Management University
Building a Legacy: CEO Founder-Succession in Asia
Ser-Keng Ang, Singapore Management University
Sian A. Owen, UNSW Australia Business School, School of Banking and Finance
Jo-Ann Suchard, UNSW Australia Business School, School of Banking and Finance
Discussant: Feiying He, Hunan University
21
How Does Corporate Social Responsibility Change Capital Structure?
Feiying He, Hunan University Shenggang Yang, Hunan University - School of Finance and Statistics
Zhu Qi, Hunan University - School of Finance and Statistics
Zou Ziang, Hunan University
Discussant: Zhu Qi, Hunan University - School of Finance and Statistics
Does Earnings Smoothing Encourage Leverage?
Zhu Qi, Hunan University - School of Finance and Statistics
Chung-Hua Shen, Hunan University - School of Finance and Statistics
Shenggang Yang, Hunan University - School of Finance and Statistics
Discussant: Liping Zou, School of Economics and Finance, Massey University
Session 37: Derivative 2
28 June 2016 1:15 pm – 3:15 pm Location: Suriya room
Chair: Robert I. Webb, University of Virginia (UVA)
Do Derivatives Matter?: Evidence from a Policy Experiment
Ramabhadran S. Thirumalai, Indian School of Business Deepak Agrawal, Indian School of Business
K.R. Subramanyam, University of Southern California - Leventhal School of Accounting
Prasanna L. Tantri, Indian School of Business
Discussant: Robert I. Webb, University of Virginia (UVA) - McIntire School of
Commerce
The Impact of Latency Sensitive Trading on High Frequency Arbitrage Opportunities
Robert I. Webb, University of Virginia (UVA) - McIntire School of Commerce Alex Frino, Macquarie University
Vito Mollica, Macquarie Graduate School of Management
Shunquan Zhang, Macquarie University
Discussant: Yingying Wu, Xi'an Jiaotong Liverpool University
The Determinants of Convenience Yields
Yingying Wu, Xi'an Jiaotong Liverpool University Marcel Prokopezuk, Leibniz Universität Hannover
Discussant: Hoyong Choi, London School of Economics & Political Science (LSE)
Information in (and not in) Treasury Options
Hoyong Choi, London School of Economics & Political Science (LSE)
Discussant: Ramabhadran S. Thirumalai, Indian School of Business Session 38: Practitioner Session 1
28 June 2016 1:15 pm – 3:15 pm Location: Busaba room
Construction of the Investor Sentiment Index (ISI)
Teerawut Sripinit, Thammasat University
Sicha Thubdimphun, Thammasat University
Siriyos Chuthanondha, The Stock Exchange of Thailand
22
Discussant: Surin Maneevitjit, The Stock Exchange of Thailand
Coffee Break: 3:15 pm to 3:30 pm Location: Conference Room Hallways
Session 39: Asset Pricing Empirical 5
28 June 2016 3:30 pm – 5:30 pm Location: Amorn room
Chair: Shaojun Zhang, Hong Kong Polytechnic University
Co-Collateral Risk
Hong Zhang, Tsinghua University - PBC School of Finance
Massimo Massa, INSEAD - Finance
Chengwei Wang, INSEAD - Finance
Discussant: Chelsea Yaqiong Yao, Lancaster University - Management School
The Enduring Effect of Time-Series Momentum on Stock Returns Over Nearly 100-Years
Chelsea Yaqiong Yao, Lancaster University - Management School Ian D’Souza, New York University - Leonard N. Stern School of Business
Voraphat Srichanachaichok, Bangkok Bank
George J. Wang, Manchester Business School
Discussant: Shaojun Zhang, Hong Kong Polytechnic University Session 40: Asset Pricing Empirical 8
28 June 2016 3:30 pm – 5:30 pm Location: Ratana room
Chair: Takato Hiraki, Tokyo University of Science
Terrorism and International Stock Returns
Paresh Kumar Narayan, Deakin University - School of Accounting, Economics and
Finance Seema Narayan Dinh Phan, Deakin University - Faculty of Business and Law
Discussant: Takato Hiraki, Tokyo University of Science - School of Management
The Causes and Consequences of Fund Level Home Bias
Takato Hiraki, Tokyo University of Science - School of Management
Ming Liu, International University of Japan
Xue Wang, Renmin University of China
Discussant: Yinggang Zhou, Xiamen University - Department of Finance
What Makes Safe-haven Currencies Evidence from Conditional Coskewness
Yinggang Zhou, Xiamen University - Department of Finance Kalok Chan, CUHK Business School
Jian Yang, University of Colorado at Denver - Business School
Discussant: Yuxi Wang, Nanyang Technological University (NTU)
Is It Who You Know or What You Know? Evidence from IPO Allocations and Mutual Fund
Performance
Yuxi Wang, Nanyang Technological University (NTU) Chuan-Yang Hwang, Nanyang Technological University (NTU)
Sheridan Titman, University of Texas at Austin - Department of Finance
Discussant: Nicholas Tay, University of San Francisco
23
Session 41: Corporate Finance Empirical 10
28 June 2016 3:30 pm – 5:30 pm Location: Kosin room
Chair: Gary Gang Tian, Macquarie University
Founder Premiums and Acquirer Returns for Private Targets
Yamin Xie, Hanken School of Economics - Department of Finance and Statistics
Discussant: Tatsuo Ushijima, Keio University - Faculty of Business and Commerce
The Effects of Corporate Diversification on Employee and Executive Pays
Tatsuo Ushijima, Keio University - Faculty of Business and Commerce
Discussant: Gary Tian, Macquarie University
Managerial Social Networks Versus Political Connections: Evidence from Firms’ Access to
Informal Financing Resources
Gary Gang Tian, Macquarie University Qigui Liu, University of Wollongong - School of Accounting, Economics & Finance
Jinbo Luo Jiangxi, University of Finance and Economics
Discussant: Megumi Suto, Graduate School of of Finance, Accounting & Law, Waseda
University
Corporate Social Responsibility and the Cost of Capital: Evidence from Japanese Firms
Megumi Suto, Graduate School of of Finance, Accounting & Law, Waseda University Hitoshi Takehara, Waseda University
Discussant: Yamin Xie, Hanken School of Economics - Department of Finance and
Statistics Session 42: Corporate Finance Empirical 13
28 June 2016 3:30 pm – 5:30 pm Location: Napa room
Chair: Yanzhi Wang, National Taiwan University
Information Disclosure, Product Market Competition, and Firm Value
Kung-Cheng Ho, Zhongnan University of Economics and Law
Shih-Cheng Lee, Yuan Ze University
Ting Lin, Deakin University - School of Accounting, Economics and Finance
Lee-Hsien Pan, Keuka College
Discussant: Yanzhi Wang, National Taiwan University - Department of Finance
Organization Capital and Takeover Vulnerability
Yanzhi Wang, National Taiwan University - Department of Finance Konan Chan, National Chengchi University (NCCU)
Hsiaolin Yang, National Chengchi University (NCCU) - Department of Finance
Discussant: Mingxin Li, Simon Fraser University
Do All Diversified Firms Hold Less Cash? Evidence Around the World
Mingxin Li, Simon Fraser University Christina V. Atanasova, Simon Fraser University
Discussant: Kung-Cheng Ho, Zhongnan University of Economics and Law Session 43: Corporate Finance Empirical 16
28 June 2016 3:30 pm – 5:30 pm Location: Dara room
24
Chair: Re-Jin Guo, University of Illinois at Chicago - Department of Finance
The Real Effect of Financial Innovation: Evidence from Credit Default Swaps Trading and
Corporate Innovation
Kuo Zhang, The Chinese University of Hong Kong (CUHK) - Department of Finance Xin (Simba) Chang, Cambridge Judge Business School
Yangyang Chen, Hong Kong Polytechnic University - Faculty of Business
Sarah Qian Wang, University of Warwick
Discussant: Bobae Choi, University of Newcastle (Australia) - Newcastle Business
School
Effects of Mandatory IFRS Adoption: Earnings Quality and Corporate Governance in Hong
Kong
Bobae Choi, University of Newcastle (Australia) - Newcastle Business School Bruce Li, Hong Kong Polytechnic University
Discussant: Re-Jin Guo, University of Illinois at Chicago - Department of Finance
Analyst Monitoring and Internal Capital Market Efficiency
Re-Jin Guo, University of Illinois at Chicago - Department of Finance Rong Irene Zhong, University of Illinois at Chicago - Department of Accounting
Discussant: Vidhan K. Goyal, Hong Kong University of Science & Technology
(HKUST) - Department of Finance
Capital Market Access and Cash Flow Allocation During the Financial Crisis
Vidhan K. Goyal, Hong Kong University of Science & Technology (HKUST) -
Department of Finance David Florysiak, Ludwig Maximilian University of Munich - Faculty of Business
Administration (Munich School of Management)
Discussant: Kuo Zhang, The Chinese University of Hong Kong (CUHK) - Department
of Finance Session 44: Financial Intermediation 3
28 June 2016 3:30 pm – 5:30 pm Location: Suriya room
Chair: Christian Tallau, MÜnster University of Applied Sciences
Revisiting Basel Risk Weights - Cross-Sectional Risk Sensitivity and Cyclicality
Christian Tallau, MÜnster University of Applied Sciences Rainer Baule, University of Hagen
Discussant: Katsutoshi Shimizu, Nagoya University
Bank Lending Behavior and the Business Cycle Under Basel Regulations: Is There a
Significant Procyclicality?
Katsutoshi Shimizu, Nagoya University Kim Cuong Ly, University of Glasgow
Discussant: Hsin-Yu Liang, Feng Chia University
Independent Directors in Bank Governance: Evidence from China
Hsin-Yu Liang, Feng Chia University Sheng-Hung Chen, Nanhua University - Department of Finance and Institute of Financial
25
Management
On Kit Tam, RMIT University
Discussant: S Lakshmi Naaraayanan, Hong Kong University of Science & Technology
(HKUST) - Department of Finance
Banking Relationships and Loan Contracting
S Lakshmi Narayanan, Hong Kong University of Science & Technology (HKUST) -
Department of Finance
Sreedhar T. Bharath Arizona State University - W.P. Carey School of Business
Vidhan K. Goyal, Hong Kong University of Science & Technology (HKUST) - Department
of Finance
Anand Srinivasan, National University of Singapore - Department of Finance
Discussant: Christian Tallau, MÜnster University of Applied Sciences
Conference gala dinner and awards ceremony
28 June 2016 6:30 pm – 8:30 pm Location: Ballroom