Four Seasons Hotel Macao · Site Map - Conference rooms at Four Seasons Hotel 8 Keynote Addresses 9...
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Transcript of Four Seasons Hotel Macao · Site Map - Conference rooms at Four Seasons Hotel 8 Keynote Addresses 9...
Organized by Sponsored by
Four Seasons Hotel Macao
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Contents
Welcome message from the Conference Co-Chairs
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Greetings from the President- Asian Finance Association 3
About University of Macau- Faculty of Business Administration 4
Conference Program at a Glance 5
Session Guide 6
General Information 7
Site Map - Conference rooms at Four Seasons Hotel 8
Keynote Addresses 9
Real Estate Investment Forum 12
Organizing Committee – Asian Finance Association Conference 2011 13
Program Committee – Asian Finance Association Conference 2011 14
Asian Finance Association Board of Directors 15
Best Paper Awards 16
Our Sponsors 17
Conference Program 19
List of sessions you are participating in, by participant name 43
List of Participants 48
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Welcome message from the Conference Co-Chairs
It is with great pleasure that we extend our warmest welcome to the delegates of the 2011 conference of the
Asian Finance Association. On behalf of the conference organizing institution (University of Macau) and
Asian Finance Association we would like to thank you for whole-heartedly supporting this year’s conference.
We would like to thank our keynote speakers, Professor Sheridan D. Titman of University of Texas at Austin,
Professor Maureen O’Hara of Cornell University, and Professor Alexander Ljungqvist of New York
University for gracing the occasion with their presence and insightful keynote addresses. The program chairs,
Professors Rose N. Lai of University of Macau, S. Ghon Rhee of University of Hawaii, and Anand Srinivasan
of National University of Singapore, together with the several program committee members and paper
reviewers worked extremely hard to ensure that we have a high quality program. The association’s president,
Professor David K. Ding, has been instrumental in many ways and provided guidance to all of us involved in
the process of putting together a very stimulating conference. The conference owes its success to their
collective efforts and ideas.
A special note of thanks goes to the staff and graduate students of University of Macau, the conference host. In
particular, Professor Minghua Liu and his colleagues, Kitty Chim, Belinda Chu, Sonia Hoi, Jennifer Lao,
Sharon Lao, Carla Leong, Matilda Ng, and Lewis Tam, have tirelessly devoted much of their personal time to
provide the much needed support to the conference organization. They have worked very hard to ensure that all
details are well taken care of.
We would like to express our sincere appreciation to the 80 paper reviewers of the program committee for
devoting their valuable time to carefully select the papers. This year, we received a total of 285 papers. Each
paper went through a double blind review process. Approximately, 48% of the submitted papers made it into
the final program. We highly appreciate the critical role played by the reviewers in providing a quick
turnaround.
Without the generous support of our sponsors and partner institutions, this conference would not have been
possible. We gratefully acknowledge the contributions of CFA Institute, GTA, HKUST, ISB, KoiKei Food Co,
Ltd., Macao Government Tourism Office, PACAP Research Centre, PBFJ, SMU and University of Southern
Queensland.
We invite you to participate actively in the conference and to explore the sights and leisure activities that only
Macau can provide. It is our hope that this conference will facilitate networking and foster new ideas. Have
a great conference!
Chandrasekhar Krishnamurti, University of Southern Queensland
Jacky So, University of Macau
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Greetings from the President- Asian Finance Association
Welcome to the 2011 conference of the Asian Finance Association in the beautiful and dynamic city of Macao,
China. On behalf of the Asian Finance Association, we bid you our warmest greetings and are glad that you are
able to make it to the conference, which I am sure you will enjoy.
This year’s conference wouldn’t have been possible without the relentless collective efforts of various persons
involved. We thank the University of Macau for hosting and organizing the conference and are appreciative of
Professor Jacky So, Dean of the Faculty of Business Administration, and his capable staff for putting it all
together. Professor Minghua Liu was instrumental in his superb coordination among the program co-chairs,
paper reviewers, paper authors, and oversaw all aspects of the conference logistics together with his team. I
commend the conference co-chairs, Professors Jacky So (Macau) and Chandrasekhar Krishnamurti
(University of Southern Queensland) for ensuring that the conference is smoothly run; the program co-chairs,
Professors Rose Lai (Macau), Ghon Rhee (Hawaii), and Anand Srinivasan (NUS) for ensuring that the best
possible program is put together. We are appreciative of the efforts of Professors Kalok Chan, Sudipto
Dasgupta and Darwin Choi of HKUST for organizing a series of special junior faculty workshops which I am
sure would go a long way for the emerging researchers. This year’s workshops are due to the generous support
of the Hong Kong University of Science and Technology, the Indian School of Business, and the Singapore
Management University.
We want to thank our keynote speakers, Professors Alexander Ljungqvist of New York University, Maureen
O'Hara of Cornell University, and Sheridan Titman of the University of Texas at Austin for gracing the
conference with their presence and keynote addresses. Thanks also go to the many program committee
members and paper reviewers, colleagues and student helpers, who worked very hard to ensure that a high
quality program is put together. Without them, there would have been no conference.
Running a conference of this nature and magnitude would be difficult without the generous support of our
external partners and sponsors, including the MGTO, Hong Kong University of Science and Technology,
Indian School of Business, Singapore Management University, CFA Institute, GTA, the Pacific Basin Finance
Journal, the Sandra Ann Morsilli Pacific-Basin Capital Markets Research Center at the University of Rhode
Island, the University of Southern Queensland and KoiKei Food Co., Ltd. Their contributions are gratefully
acknowledged.
With over 160 papers on the program, I am sure you will find something that interests you. I invite you to
participate actively in the conference and to explore the excitement that is unique only to Macao. I am
confident that you will not be disappointed. You have a great conference!
David K. Ding, Massey University, New Zealand
President, Asian Finance Association
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About University of Macau- Faculty of Business Administration
Consistent with the UM’s vision to “nurture outstanding talents who can serve as future leaders of Macao
and the world by following international standards and promoting excellence in teaching as well as
innovation in scientific research” and to “build a first-class university with distinctive regional features,” the
mission of the FBA is to establish a solid reputation as a leader for business, management, and administration
education.
In addition to offering high quality master and Ph.D. degrees, FBA’s new undergraduate general education
curriculum will train our students to become all rounded leaders and professionals. We encourage our
students to participate in:
· Exchange Programs with 100 institutions around the world
· Internships
· Student Organizations
· I-5 Projects with Baylor University, USA
· Seminars/Conferences/Career Talks, etc.
With our current 100 plus well qualified and experienced faculty members and administrative staff, and with
more outstanding researchers and chair-professors, plus the residential college system at UM’s new Hengqin
campus, we strongly believe that FBA and UM will be able to meet the goals set by the President of the
People’s Republic of China, Mr. Hu Jintao, i.e., to become a university with five top standards: a top
university with top facilities, top faculty team, top graduates, and top achievement.
The mission of the FBA is to establish
a solid reputation as a leader for
business, management, and
administration education
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Conference Program at a Glance
Sunday, 10 July 2011
15:30 - 17:30 AsianFa Board Meeting (Jasmine I & II)
16:00 - 19:00 Registration (Jasmine Pre-Function Area)
18:30 - 20:30 Welcome Reception (Splash & Lawn Area)
Monday, 11 July 2011
8:45 - 9:15 Opening Ceremony (Peony)
9:15 - 10:15 Keynote Speech : Professor Sheridan Titman (Peony)
10:15 - 10:30 Morning Tea (Peony Pre-Function Area)
10:30 - 12:30 Real Estate Investment Forum (Peony) Session 1
Lily I
Session 2
Lily II
12:30 - 14:00 Lunch Break (Lotus)
14:00 - 15:45 Session 3
Peony II
Session 4
Peony I
Session 5
Lily I
Session 6
Lily II
Session 7
Jasmine I
Session 8
Jasmine II
Session 9
Jasmine III
15:45 - 16:15 Afternoon Tea (Peony Pre-Function Area & Lily Pre-Function Area)
16:15 - 18:00 Session 10
Peony II
Session 11
Jasmine I
Session 12
Peony I
Session 13
Lily II
Session 14
Lily I
Session 15
Jasmine II
Session 16
Jasmine III
Tuesday, 12 July 2011
9:00 - 10:45 Session 17
Peony II
Session 18
Peony I
Session 19
Lily I
Session 20
Lily II
Session 21
Jasmine I
Session 22
Jasmine II
Session 23
Jasmine III
10:45 - 11:15 Morning Tea (Peony Pre-Function Area & Lily Pre-Function Area)
11:15 - 12:15 Keynote Speech: Professor Maureen O'Hara (Peony)
12:15 - 14:15 Lunch and AsianFA Annual General Meeting (Lotus)
14:15 - 16:00 Session 24
Peony II
Session 25
Peony I
Session 26
Jasmine I
Session 27
Lily I
Session 28
Lily II
Session 29
Jasmine II
Session 30
Jasmine III
16:00 - 16:30 Afternoon Tea (Peony Pre-Function Area & Lily Pre-Function Area)
16:30 - 17:30 Keynote Speech: Professor Alexander Ljungqvist (Peony)
18:30 - 19:00 Pre-Dinner Drinks (Lotus Pre-Function Area)
19:00 – late Conference Dinner and Awards Ceremony (Lotus)
Wednesday, 13 July 2011
9:00 - 10:45 Session 31
Jasmine I
Session 32
Peony I
Session 33
Lily I
Session 34
Lily II
Session 35
Jasmine II
Session 36
Jasmine III
Session 37
Peony II
10:45 - 11:15 Morning Tea – Peony Pre-Function Area & Lily Pre-Function Area
11:15 - 13:00 Session 38
Jasmine I
Session 39
Jasmine II
Session 40
Lily I
Session 41
Jasmine III
Session 42
Peony I
Session 43
Peony II
Session 44
Lily II
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Session Guide
Session Title Venue Day Time
1 Junior Faculty Workshop (Corporate Finance I) Lily I Mon. 10:30-12:30
2 Investments: Investment Behaivor (I) Lily II Mon. 10:30-12:30
3 Special Session (Corporate Finance) Peony II Mon. 14:00-15:45
4 Junior Faculty Workshop (Asset Pricing I) Peony I Mon. 14:00-15:45
5 Corporate Governance (I) Lily I Mon. 14:00-15:45
6 Market Microstructure (I) Lily II Mon. 14:00-15:45
7 Corporate Finance: IPOs Jasmine I Mon. 14:00-15:45
8 Banking & Corporate Finance in Asian Markets Jasmine II Mon. 14:00-15:45
9 Takeovers and M&A Jasmine III Mon. 14:00-15:45
10 SMU Sponsored Special Session (Asset Pricing) Peony II Mon. 16:15-18:00
11 Derivatives: Issues Jasmine I Mon. 16:15-18:00
12 Corporate Governance (II) Peony I Mon. 16:15-18:00
13 Market Microstructure (II) Lily II Mon. 16:15-18:00
14 Corporate Finance: General Lily I Mon. 16:15-18:00
15 Capital Structure Jasmine II Mon. 16:15-18:00
16 Investments: Valuation Jasmine III Mon. 16:15-18:00
17 ISB Sponsored Special Session (Asset Pricing) Peony II Tue. 09:00-10:45
18 Junior Faculty Workshop (Corporate Finance II) Peony I Tue. 09:00-10:45
19 Corporate Governance (III) Lily I Tue. 09:00-10:45
20 Market Microstructure (III) Lily II Tue. 09:00-10:45
21 Behavioral Finance and Culture Jasmine I Tue. 09:00-10:45
22 Derivatives: Instruments Jasmine II Tue. 09:00-10:45
23 Investments: General Jasmine III Tue. 09:00-10:45
24 HKUST Sponsored Special Session (Corporate Finance) Peony II Tue. 14:15-16:00
25 Junior Faculty Workshop (Asset Pricing II) Peony I Tue. 14:15-16:00
26 Derivatives and Asset Pricing Jasmine I Tue. 14:15-16:00
27 Investments: Mutual Funds Lily I Tue. 14:15-16:00
28 Investments: Global Markets (I) Lily II Tue. 14:15-16:00
29 Corporate Governance and Banking Jasmine II Tue. 14:15-16:00
30 Investments: Volatility & Risk Jasmine III Tue. 14:15-16:00
31 Investments and Mergers Jasmine I Wed. 09:00-10:45
32 Behavioral Finance Peony I Wed. 09:00-10:45
33 Cash Holdings Lily I Wed. 09:00-10:45
34 Credit Decisions and Corporate Finance Lily II Wed. 09:00-10:45
35 Private Equity and Corporate Finance Jasmine II Wed. 09:00-10:45
36 Investments: Momentum and Contagion Jasmine III Wed. 09:00-10:45
37 Investments: Global Markets (II) Peony II Wed. 09:00-10:45
38 Earnings Quality & Regulation Jasmine I Wed. 11:15-13:00
39 Taxes and Government Control Jasmine II Wed. 11:15-13:00
40 Dividends Lily I Wed. 11:15-13:00
41 Relationship Banking and M&A Jasmine III Wed 11:15-13:00
42 Investments: Asset Pricing Peony I Wed. 11:15-13:00
43 Investments: Global Markets (III) Peony II Wed. 11:15-13:00
44 Financial Distress Lily II Wed. 11:15-13:00
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General Information
REGISTRATION
Registration and conference administration will be open:
Sunday, 10 July: 4:00 – 7:00 pm
Monday, 11 July and Tuesday, 12 July: 8:30 am – 6:00 pm
Wednesday, 13 July: 8:30 am – 1:00 pm
ASIAN FINANCE ASSOCIATION ANNUAL GENERAL MEETING
Tuesday, 12 July: 12:15 pm – 14:15 pm
The AGM will be held over lunch time in Lotus Ballroom
SOCIAL EVENTS
Sunday, 10 July
6:30 – 8:30 pm: Welcome Cocktail Reception (Splash)
Monday, 11 July
12:30 – 2:00 pm: Lunch (Lotus Ballroom)
Tuesday, 12 July
12:15 – 14:15 pm: Lunch and Asian Finance Association AGM (Lotus Ballroom)
CONFERENCE DINNER
Lotus Ballroom, Four Seasons Hotel
6:30 – 7:00 pm: Pre-dinner drinks (Lotus Ballroom Pre-Function Area)
7:00 – late: Conference dinner and awards ceremony (Lotus Ballroom)
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Site Map - Conference Rooms at Four Seasons Hotel
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Keynote Addresses
Prof. Sheridan D. Titman McAllister Centennial Chair in Financial Services, University of Texas at Austin
Research Associate, the National Bureau of Economic Research
Editor, Review of Financial Studies
Director of Center for Energy Finance, University of Texas at Austin
Director of the Energy Management and Innovation Center, University of Texas at Austin
Director of Real Estate Finance and Investment Center, University of Texas at Austin
“Testing Factor-Model Explanations of Market Anomalies”
Monday 11 July, 9:15 – 10:15 Peony Ballroom
Professor Sheridan Titman holds the McAllister Centennial Chair in Financial Services at the University of
Texas at Austin and is a Research Associate of the National Bureau of Economic Research. Prior to joining
the faculty at the University of Texas, Professor Titman was a Professor at UCLA, the Hong Kong University
of Science and Technology and Boston College and spent the 1988-89 academic year in Washington D.C. as
the special assistant to the Assistant Secretary of the Treasury for Economic Policy. Professor Titman’s
academic publications include both theoretical and empirical articles on asset pricing, corporate finance, real
estate and energy finance.
Professor Titman won the Smith-Breeden best paper award for the Journal of Finance, the GSAM best paper
award for the Review of Finance and was a recipient of the Batterymarch Fellowship. He is among the 346
"Highly Citied Researcher" (HCR) in the area of Economics/Business in the world.
Professor Titman has served on the editorial boards of leading academic journals, including the Journal of
Finance and the Review of Financial Studies and has served as a Director of the American Finance
Association, the Western Finance Association and the Asia Pacific Finance Association. He was the past
President of the Western Finance Association and is the President elect of the American Finance Association.
He has also co-authored three finance textbooks, Financial Markets and Corporate Strategy, Valuation: The
Art and Science of Corporate Investment Decisions, and Financial Management: Principles and Applications.
Professor Sheridan Titman has a B.S. from the University of Colorado and an M.S. and Ph.D. from Carnegie
Mellon University.
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Keynote Addresses
Prof. Maureen O’Hara
Robert W. Purcell Professor of Finance, Cornell University
“Liquidity and Volatility in High Frequency Markets ”
Tuesday 12 July, 11:15 – 12:15 Peony Ballroom
Professor Maureen O’Hara is the Robert W. Purcell Professor of Finance at the Johnson Graduate School of
Management, Cornell University. She holds degrees from the University of Illinois (B.S. Economics),
Northwestern University (M.S. Economics and Ph.D. Finance), and Facultés Universitaires Catholiques à
Mons (FUCAM), Belgium (Doctorate Honoris Causa). Professor. O'Hara joined the faculty at Cornell in
1979.
Professor O'Hara's research focuses on issues in market microstructure, and she is the author of numerous
journal articles as well as the book Market Microstructure Theory (Blackwell:1995). Her most recent
research looks at the effect of market fragmentation on market quality. In addition, Professor. O'Hara
publishes widely on a broad range of topics including banking and financial intermediaries, law and finance,
and experimental economics.
Professor O’Hara has served as President of the American Finance Association, as President of the Western
Finance Association, and she is currently President of the Financial Management Association and President
of the Society for Financial Studies. She has recently stepped down as the Executive Editor of the Review of
Financial Studies.
Professor O’Hara is Chairman of the Board of Directors of Investment Technology Group, Inc. (ITG), a
global agency brokerage firm, and she serves on the Board of Directors of NewStar Financial, a commercial
finance company, where she is on the audit and governance committees. She also serves on the Board of
Trustees of Teachers Insurance and Annuity Association (TIAA-CREF). She is Chairman on the Economic
Advisory Board of the FINRA, and she is currently serving on the CFTC-SEC Task force investigating the
“flash crash. A citizen of both the U.S. and Ireland, she has consulted for a number of companies and
organizations, including Microsoft, Merrill Lynch, Credit Suisse, the New York Stock Exchange,
Bristol-Meyers Squibb, and the World Federation of Exchanges.
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Keynote Addresses
Prof. Alexander Ljungqvist
Ira Rennert Professor of Finance, New York University
“Does the Stock Market Distort Investment Incentives?”
Tuesday 12 July, 16:30 – 17:30 Peony Ballroom
Professor Alexander Ljungqvist holds the Ira Rennert Chair of Finance and Entrepreneurship at New York
University's Stern School of Business. He also serves as Editor of the Review of Financial Studies, a
Research Fellow of the Centre for Economic Policy Research in London, and a Research Associate of the
European Corporate Governance Institute in Brussels. His primary research areas include investment
banking, initial public offerings, entrepreneurial finance, private equity, and venture capital, corporate
governance, and behavioral corporate finance. He is the recipient of the 2011 Ewing Marion Kauffman Prize
Medal for Distinguished Research in Entrepreneurship, awarded every two years to one scholar under age 40
whose research has made a significant contribution to the literature in entrepreneurship.
Professor Ljungqvist received his Master of Science in economics and business from Lund University in
Sweden, and his Master of Arts, Master of Philosophy, and Doctor of Philosophy degrees in economics from
Nuffield College, Oxford. After teaching for five years at Oxford University's Said Business School and
Merton College, where he held the Bankers Trust Fellowship, Professor Ljungqvist joined NYU in 2000. He
has held visiting appointments at Northwestern University's Kellogg School of Management, London
Business School, the University of Sydney, Tokyo University, National University of Singapore, and
Cambridge University where he held the Sir Evelyn de Rothschild Fellowship.
The recipient of several teaching awards, Professor Ljungqvist teaches an MBA class in new venture
financing, a PhD seminar in empirical corporate finance, and executive courses in venture capital, private
equity, and investment banking.
Over the past 15 years, Professor Ljungqvist has consulted widely, including for the European Central Bank,
the World Bank, and Deutsche Bank. Between 1995 and 2000, he was a senior consultant with OXERA Ltd,
where he advised corporate clients on questions of regulatory economics and corporate strategy.
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Real Estate Investment Forum
“Finding Financial Stability in Turbulent Real Esta te Markets”
Tuesday 11 July, 10:30 – 12:30 Peony Ballroom
Moderator:
Rose N Lai, Associate Professor and Associate Dean (Research and Development), Faculty of Business
Administration, University of Macau
Panelists:
Yongheng Deng, Professor of Real Estate and Finance, and Director of Institute of Real Estate Studies,
Department of Finance, NUS Business School, Department of Real Estate, School of Design and
Environment, National University of Singapore
Timothy Riddiough, Professor and E.J. Plesko Chair of Real Estate and Urban Land Economics, School of
Business, University of Wisconsin – Madison
Jarjisu Sa-Aadu, Chester A. Phillips Professor of Finance and Real Estate & Associate Dean, School of
Management, Tippie College of Business, University of Iowa
James Shilling, Professor of Real Estate, Michael J. Home Chair in Real Estate Studies, Director of Institute
for Housing Studies, DePaul University
Robert Van Order, Professor of Finance and Oliver T. Carr Professor of Real Estate, School of Business,
George Washington University
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Organizing Committee – Asian Finance Association Conference 2011
President, Asian Finance Association
David K. Ding
Massey University, New Zealand
Conference Co-Chairs
Jacky Y.C. So
Faculty of Business Administration
University of Macau
Macao, China
Chandrasekhar Krishnamurti
Faculty of Business
University of Southern Queensland
Toowoomba, Australia
Program Co-Chairs
Rose N. Lai
Faculty of Business Administration
University of Macau
Macao, China
S. Ghon Rhee
University of Hawaii
Honolulu, Hawaii
USA
Anand Srinivasan
NUS Business School
National University of Singapore
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Program Committee – Asian Finance Association Conference 2011
Paper Reviewers Karen Benson, University of Queensland Henk Berkman, University of Auckland Jenni Bettman, ANU Pran Boolaky , Griffith University Stephen J. Brown, NYU Stern School of Business Charles Cao, Penn State University Jerry Cao, Singapore Management University Kalok Chan, HKUST Rosita P. Chang, University of Hawaii Simba Xin Chang, NTU Charlie Charoewong, NTU Lin Chen, Chinese University of Hong Kong Mark Seasholes, HKUST Jin Wan Cho, Korea University Business School Darwin Choi, HKUST Beng Soon Chong, NTU Edward Chow, National Chengchi University Saikat Deb, Deakin University Mike Dempsey, Monash University Jerome Detemple, Boston University David Ding, Massey University Huu Duong, Deakin University David Feldman, University of New South Wales Fangjian Fu, Singapore Management University Vidhan Goyal, HKUST Sirimon Treepongkaruna, Monash University Kewei Hou, Ohio State University Victor Huang, University of Hawaii David Hunter, University of Hawaii Xiaoquan Jiang, Florida International University Nengjiu Ju, HKUST Raymond Kan, University of Toronto Jun-koo Kang, Nanyang Technological University Andy Young Han Kim, NTU Yrjo Koskinen, Boston University Takeshi Yamada, NUS Asjeet Lamba, University of Melbourne Sie Ting Lau, NTU Yong Lee, University of Houston-Victoria Kai Li, University of British Columbia
Nan Li, NUS Cen Ling, University of Toronto Qianqiu Liu, University of Hawaii Angie Low, NTU Peter Mackay, HKUST Tao Li, City University of Hong Kong Mujtaba Mian, Hong Kong Polytechnic University Jie Gan, HKUST Tom Nohel, Loyola University Ronald Masulis, Vanderbilt University & UNSW Wenlan Qian, NUS Chiraphol N. Chiyachantana, SMU Brahim Saadouni, Manchester Business School Thomas Noe, Okford University and Univ. of Tulane Mohamed Sherif, Heriot-Watt University Jing Shi, ANU Anand Srinivasan, NUS Jo-Ann Suchard, University of New South Wales Qian SUN, Fudan University Lewis Tam, University of Macau Meijun Qian, NUS George Theocharides, , Sungkyunkwan University Jittima Tongurai, Oita University Fauzias Bt. Mat Nor, National University of Malaysia Alireza Tourani-rad, Auckland Univ. of Technology Duong Xuan Truong, National University of Singapore Garry Twite, Australian National University Mandy Tham, Nanyang Technological University Tom Vinaimont, City University of Hong Kong Terry Walter, University of Technology, Sydney Rong Wang, Singapore Management University Mitch Warachka, Singapore Management University John Wei, HKUST Keith Wong, HKU Chandra Krishnamurti, Univ. of Southern Queensland Ting Yang, Auckland University of Technology Jing Yu, University of Western Australia Zhen Wang, HKUST Bohui Zhang, UNSW Guofu Zhou, Washington University
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Asian Finance Association Board of Directors President David Ding, Massey University, New Zealand
Vice – President (Programs) Chandrasekhar Krishnamurti, University of Southern Queensland, Australia
Vice – President (Membership) Martin Young, Massey University, New Zealand
Treasurer Shaojun Zhang, Hong Kong Polytechnic University, Hong Kong
Secretary Karen Benson, University of Queensland, Australia
Assistant Secretary Jo-Ann Suchard, University of New South Wales, Australia
Immediate Past President and Elections Chair
Kalok Chan, HKUST Business School, Hong Kong
Honorary Auditor Anand Srinivasan, National University of Singapore, Singapore
PBFJ Editor S. Ghon Rhee, University of Hawaii, USA
IRF Editor Sudipto Dasgupta, HKUST Business School, Hong Kong
Ali Ruhani, Universiti Sains Malaysia, Malaysia
Marc Bremer, Nanzan University, Japan
Huining (Henry) Cao, Cheung Kong GSB, China
J B Chay, Sungkyunkwan University, Korea
Hyuk Choe, Seoul National University, Korea
Edward Chow, National Chengchi University, Taiwan
James Cummings, Australian Prudential Regulation Authority (APRA), Australia
Sankar De, Indian School of Business, India
Alex Frino, Capital Markets CRC (CMCRC), Australia
Keiichi Kubota, Chuo University, Japan
Meziane Lasfer, City University of London, United Kingdom
Fauzias Mat Nor, University Kebangsaan, Malaysia
Kazuhiko Ohashi, Hitotsubashi University, Japan
Kamphol Panyagometh, NIDA Business School, Thailand
Ramesh Rao, Oklahoma State University, USA
Jacky So, University of Macau, Macau
Qian Sun, Fudan University, China
Hitoshi Takehara, Waseda University , Japan
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Best Paper Awards Seven prizes will be available in the following award categories: * Pacific-Basin Finance Journal Best Paper Award (USD2,000)
- sponsored by PBFJ
* Two Best Paper Award on Asia-Pacific Investments (USD1,000 each ) - sponsored by CFA Institute
* Two PACAP Best Paper Award (USD1,000 each) - sponsored by Pacific-Basin Capital Markets Research Center (PACAP) at the University of Rhode Island
* Best Paper Award on Global Financial Crises (USD1,000) - sponsored by University of Southern Queensland
* GTA Best Paper Award (USD1,000) - sponsored by GTA
PACIFIC- BASIN FINANCE JOURNAL
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Our Sponsors
Macau Government Tourist Office
The Macau Government Tourist Office referred to as MGTO, is a service charged with pursuing the overall goals defined for the Territory's tourism Sector. MGTO also has under its auspices the Tourism Activities Center abbreviated to CAT, which is equivalent to a division. CAT is responsible for promoting and supporting meetings, exhibition festivals and other events of tourist interest.
To have a good link with the world in promoting Macau's tourism, MGTO has set up 18 marketing or public relations representatives all around the globe, including Mainland China; Hong Kong, China; Taiwan, China; Japan; South Korea; Malaysia; Philippines; Singapore; Thailand; Indonesia; India; Australia; New Zealand; United States of America; Belgium; German-Speaking Markets; United Kingdom & Republic of Ireland; France; Portugal.
Indian School of Business, Centre for Analytical Finance The Centre for Analytical Finance at the ISB represents the ISB’s guiding principle that excellence in management education comes through extensive high-quality research. Even as the first post-graduate programme (PGP) was being launched at the ISB in year 2000, the School formulated plans to set up five centres of excellence in the areas of Entrepreneurship, Analytical Finance, Leadership and Change Management, Technology and Strategic Marketing. The research activities of the centres would have a focus on, but would not be limited to, issues and problems in emerging economies. It was envisioned that the centres would attract and engage the best minds in the respective areas as well as make use of the distinctive opportunities provided by the ISB’s location and world-class infrastructural facilities.
Hong Kong University of Science and technology HKUST Business School established in 1991, the HKUST Business School recognized as one of the youngest and most respected in Asia. We are the first business school in the region to be awarded accreditation by both the US-based Association to Advance Collegiate Schools of Business (AACSB International) and Europe Quality Improvement System (EQUIS). Its Department of Finance has been ranked No.1 in research in the Asia-Pacific region and among the top 25 in the world, according to the FMA-ASU Finance research ranking.
Singapore Management University Since it was incorporated on 12 January 2000, SMU has established undergraduate and postgraduate programmes that aim to produce leaders and creative entrepreneurs capable of excelling in a rapidly changing and dynamic world. Set up as Singapore's first publicly-funded autonomous university offering a style of education modelled after The Wharton School, SMU occupies a state-of-the-art city campus located in the heart of Singapore's civic, cultural and business districts.
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Pacific-Basin Finance Journal
CFA Institute
Pacific-Basin Capital Markets Research Center (PACAP)
University of Southern Queensland
GTA Finance & Education Group
Koi Kei Food Co., Ltd
PACIFIC- BASIN FINANCE JOURNAL
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Conference Program
Opening Ceremony Monday 11 July, 08:45 – 09:15, Peony
Keynote Speech Monday 11 July, 09:15 – 10:15, Peony Testing Factor-Model Explanations of Market Anomalies Sheridan D. Titman, University of Texas at Austin Kent Daniel, Columbia University Abstract: A set of recent papers attempts to explain the size and book-to-market anomalies with either: (1) conditional CAPM or conditional consumption-CAPM models with economically motivated conditioning variables, or (2) factor models based on economically motivated factors. The tests of these models use similar methodologies and similar test assets, and each test fails to reject the proposed model. This is surprising, as the correlation between the proposed factors is very small. We argue that many or all of these tests may fail to reject as a result of low statistical power. We propose an alternative test methodology which provides higher power against reasonable alternative hypotheses, and show that the new test methodology results in the rejection of several of the proposed factor models at high levels of statistical significance.
Real Estate Investment Forum Tuesday 11 July, 10:30 – 12:30, Peony Finding Financial Stability in Turbulent Real Estate Markets Moderator: Rose N Lai, University of Macau Panelists: Yongheng Deng, National University of Singapore
Timothy Riddiough, University of Wisconsin – Madison
Jarjisu Sa-Aadu, University of Iowa
James Shilling, DePaul University
Robert Van Order, George Washington University
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Session 1: Junior Faculty Workshop (Corporate Finance I) 10:30 – 12:30, Monday, 11 July 2011, Lily I Session Chair: Thomas Chemmanur, Boston College
1. Social Networks, Syndication, and Performance: Evidence from Leveraged Buyout Investments
Betty H.T. Wu, Yonsei University Discussant: Vidhan Goyal, Hong Kong University of Science and Technology
2. Leverage Dynamics over the Business Cycle
Jin Yu, University of New South Wales Michael Halling, University of Utah Josef Zechner, Vienna University of Economics and Business
Discussant: Sudipto Dasgupta, Hong Kong University of Science and Technology
3. The Role of Executive Equity Options in Real and Accrual-Based Earnings Management of Initial Public Offerings
Azizjon Alimov, City University of Hong Kong
Discussant: Thomas Chemmanur, Boston College
4. The Role of Media in Takeovers: Theory and Evidence
Matthias Buehlmaier, University of Hong Kong
Discussant: Sankar De, Indian School of Business
Session 2: Investments: Investment Behavior I 10:30 – 12:30, Monday, 11 July 2011, Lily II Session Chair: Joon Chae, Seoul National University
1. Book-to-Market Decomposition and the Accrual Anomaly (1030)
Xiaoquan Jiang, Florida International University Yunhao Chen, Florida International University
Discussant: John K.C. Wei, Hong Kong University of Science and Technology
2. Investor Sentiment, Disagreement and Return Predictability of Ownership Breadth (1143)
Ling Cen, University of Toronto Hai Lu, University of Toronto Yang Liyan, University of Toronto
Discussant: Stéphane Chrétien, Laval University, Canada
3. Does Superstition Affect Stock Prices? (1146)
Ming Jian, Nanyang Technological University Huai Zhang, Nanyang Technological University David Hirshleifer, Merage School of Business, UC Irvine
Discussant: Yanzhi Wang, Yuan Ze University, Taiwan
4. Analysts’ long-term earnings growth forecasts and past firm growth (1166)
Kotaro Miwa, Tokio Marine Asset Management Co. Ltd. Kazuhiro Ueda, University of Tokyo
Discussant: Hsiao-Peng Fu, Providence University, Taiwan
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Session 3: Special Session (Corporate Finance) 14:00 – 15:45, Monday, 11 July 2011, Peony II Session Chair: Ernst Maug, University of Mannheim
1. A Theory of Capital Structure, Price Impact, and the Long-Run Stock Returns under Heterogeneous Beliefs
Thomas Chemmanur, Boston College Onur Bayar, University of Texas at San Antonio Mark H. Liu, University of Kentucky
2. Fit, Style, and Market Segmentation in the CEO Talent Market: Evidence from Executive Turnovers
Sudipto Dasgupta, Hong Kong University of Science and Technology Yuk Ying Chang, Massey University Jie Gan, Cheung Kong Graduate School of Business
3. The Profits-Leverage Puzzle Revisited
Vidhan Goyal, Hong Kong University of Science and Technology Murray Frank, University of Minnesota
Session 4: Junior Faculty Workshop (Asset Pricing I) 14:00 – 15:45, Monday, 11 July 2011, Peony I Session Chair: Sheridan Titman, University of Texas at Austin
1. Household Investments in Structured Financial Products: Neglected Risks, Price Complexity, and Financial Literacy
Dragon Yongjun Tang, University of Hong Kong Eric C. Chang, University of Hong Kong Miao (Ben) Zhang, University of Texas at Austin Discussant: Mark Seasholes, Hong Kong University of Science and Technology
2. The Technology Gap and Consumption Predictability
Ziemowit Bednarek, University of Melbourne Discussant: Chu Zhang, Hong Kong University of Science and Technology
3. The Factor Structure of Mutual Fund Flows
Min Kim, University of New South Wales Wayne Ferson, University of Southern California and NBER
Discussant: Mitchell Warachka, Singapore Management University
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Session 5: Corporate Governance (I) 14:00-15:45, Monday, 11 July 2011, Lily I Session Chair: Rosita P. Chang, University of Hawaii
1. The Role of Institutional Development in the Prevalence and Value of Family Firms (1046)
Yuan Ding, China Europe International Business School Raphael Amit, University of Pennsylvania Belén Villalonga, Harvard Business School Hua Zhang, China Europe International Business School (CEIBS)
Discussant: John Nowland, City University of Hong Kong
2. Does Corporate Governance Matter to Financial Institutional Shareholders? (1205)
Meiting Lu, Macquarie University Fariborz Moshirian, University of New South Wales Peter Kien Pham, University of Sydney Jason Zein, University of New South Wales
Discussant: Gary Gang Tian, University of Wollongong
3. When Does CEO Duality Add Value? Evidence from a Natural Experiment (1206)
Shan Zhao, Shanghai University of Finance and Economics Tina Yang, Villanova University
Discussant: Jesus M. Salas, Lehigh University
4. Investor protection and corporate governance in family firms: Evidence from China (1240)
Jing Zhou, RMIT University On Kit Tam, RMIT University Changwen Zhao, Sichuan University Yingkai Tang, Sichuan University
Discussant: Jae-Seung Baek, Hankuk University of Foreign Studies
Session 6: Market Microstructure (I) 14:00-15:45, Monday, 11 July 2011, Lily II Session Chair: Ruhani Ali, Universti Sains Malaysia
1. The Microstructure of Australian Takeover Announcements (1029)
Terry Walter, University of Technology Sydney Martin Bugeja, University of Technology, Sydney Vinay Patel, University of Technology, Sydney
Discussant: Tiong Yang Thong, Singapore Management University
2. Rumortrage: Can Investors Profit on Takeover Rumors on Internet Stock Message Boards? (1119)
Jenni Bettman, Australian National University Stephen Sault, Australian National University Aiden Hallett, Goldman Sachs
Discussant: Masahiro Yamada, University of Maryland
3. Volatility and Daily Price Limits (1263)
Vijaya B. Marisetty, RMIT University Saikat Sovan Deb, Deakin University Petko S. Kalev, University of South Australia
Discussant: Shaojun Zhang, Hong Kong Polytechnic University
4. Reconsidering Price Limit Effectiveness (1107)
Jimmy Yang, Oregon State University Kenneth A. Kim, State University of New York at Buffalo Haixiao Liu, Yanshan University Discussant: Susan Jinjuan Ren, University of Macau
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Session 7: Corporate Finance: IPOs 14:00 – 15:45, Monday, 11 July 2011, Jasmine I Session Chair: Anna Vong, University of Macau
1. Geographic Proximity and IPO Firm Coverage (1056)
Hongping Tan, University of Waterloo Patricia C. O'Brien, University of Waterloo
Discussant: Andy C. W. Chui, Hong Kong Polytechnic University
2. Initial Return is Smaller than Underpricing (1258)
Vivian W. Tai, National Chi Nan University Yao-Min Chiang, National Chengchi University
Discussant: Tina T. He, Hong Kong Baptist University
3. Keiretsu affiliation and IPO decisions (1078)
Kyoko Nagata, Tokyo Institute of Technology
Discussant: Kotaro Miwa, Tokio Marine Asset Management Co. Ltd
4. Long-term Stock Performance of IPOs in Regulative Environments: Evidence from China (1115)
Jianlei Liu, Kyushu University Konari Uchida, Kyushu University Ruidong Gao, Waseda University
Discussant: Anna Vong, University of Macau
Session 8: Banking and Corporate Finance in Asian Markets 14:00 – 15:45, Monday, 11 July 2011, Jasmine II Session Chair: Yang Zhang, University of Macau
1. The effectiveness of transformational leadership in operational teams of Macau retail banks (1265)
Peter K. C. Lee, The Hong Kong Polytechnic University T.C. E. Cheng, The Hong Kong Polytechnic University
Discussant: Yang Zhang, University of Macau
2. Bank Productivity Changes in two Asian Giants (1139)
Maggie Fu, University of Macau Shelagh Heffernan, City University
Discussant: Kiridaran Kanagaretnam, McMaster University
3. Why is US dollar bond funding for Australasian banks more expensive? (1131)
Russell Poskitt, University of Auckland Chris Single
Discussant: Catherine S. F. Ho, Universiti Teknologi MARA
4. Corporate Finance Behaviour in Malaysia: Towards Key Corporate Financial Performance Index (1150)
Fauzias Mat Nor, Universiti Kebangsaan Malaysia Norazlan Alias, Universiti Kebangsaan Malaysia Ruzita Abdul Rahim, Universiti Kebangsaan Malaysia Mohd Hasimi Yaacob, Universiti Kebangsaan Malaysia Mamunur Rashid, Universiti Kebangsaan Malaysia Discussant: Chien-Min Kang, National Chi-Nan University
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Session 9: Takeovers and M&A 14:00 – 15:45, Monday, 11 July 2011, Jasmine III Session Chair: Lewis Tam, University of Macau
1. Takeovers in the Energy Sector; A Commodity Price Driven Acquisition Hypothesis (1220)
Alex Ng, University of Northern British Columbia Han Donker, University of Northern British Columbia
Discussant: Jin Q. Jeon, Dongguk University
2. Do Shareholders Gain from Reverse Takeover Transactions? An Analysis of the Shell Premium (1145)
Peter Lam, University of Technology Sydney Philip Brown, University of New South Wales and University of Western Australia Andrew Ferguson, University of Technology, Sydney
Discussant: Lewis Tam, University of Macau
3. Which Cross-Border M&As Create Value to Acquiring Bank? The Role of Differences in Governance, Institutions and Regulatory Arbitrage between Acquirer and Target Bank (1246)
Sheng-Hung Chen, Nanhua University Mei-Hsin Hsiao, Nanhua University
Discussant: Hsin-Yu Liang, Feng Chia University
4. In Search of Synergy Effects (1133)
Yasuhiro Arikawa, Waseda University Kazutaka Takechi, Hosei University
Discussant: Dong Wook Lee, Korea University Business School
Session 10: Singapore Management University Sponsored Special Session (Asset Pricing) 16:15 – 18:00, Monday, 11 July 2011, Peony II Chair: Mitchell Warachka, Singapore Management University
1. Frog in the Pan: Continuous Information and Momentum
Mitchell Warachka, Singapore Management University Zhi Da, University of Notre Dame Umit G. Gurun, University of Texas at Dallas
2. An Examination of the Regulation in China on Insiders’ Trading of Unlocked Restricted Stocks
Chu Zhang, Hong Kong University of Science and Technology Peng Lian, Fudan University Kemin Wang, Fudan University
3. Common Factors, Information, and Portfolio Choice
Mark Seasholes, Hong Kong University of Science and Technology Patrice Fontaine, University Pierre Mendes-France and Eurofidai Sonia Jimenez-Garces, University of Lyon and Eurofidai
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Session 11: Derivatives: Issues 16:15 – 18:00, Monday, 11 July 2011, Jasmine I Session Chair: Steve Lo, University of Macau
1. The Information Content of Implied Convenience Yield (1224)
Michael Chng, Deakin University Grant Foster, Deakin University
Discussant: Kazuhiko Ohashi, Hitotsubashi University, Japan
2. Risk contributions of trading and non-trading hours: Evidence from commodity futures markets (1057)
Yunbi An, University of Windsor Qingfu Liu, Fudan University Bo Huang, Fudan University
Discussant: Steve Lo, University of Macau
3. All are smart: Do short sellers convey more information than option investors? (1067)
Hung Wan Kot, Hong Kong Baptist University Kalok Chan, Hong Kong University of Science & Technology Sophie X. Ni, Hong Kong University of Science & Technology
Discussant: Victor Fang, Monash University
Session 12: Corporate Governance (II) 16:15-18:00, Monday, 11 July 2011, Peony I Session Chair: David Ding, Massey University
1. Government ownership and corporate governance: Evidence from the EU (1095)
Jesus M. Salas, Lehigh University Ginka Borisova, Iowa State University Paul Brockman, Lehigh University Andrey Zagorchev, Concord University
Discussant: Joon Chae, Seoul National University
2. Family involvement and family firm performance (1101)
John Nowland, City University of Hong Kong En-Te Chen, Queensland University of Technology Stephen Gray, University of Queensland
Discussant: Shan Zhao. Shanghai University of Finance and Economics
3. Do contolling shareholders' expropriation incentives imply a link between corporate governance and firm value? Theory and evidence (1102)
Jae-Seung Baek, Hankuk University of Foreign Studies Kee-Hong Bae, York University Jun-Koo Kang, Nanyang Technological University Wei-Lin Liu, Nanyang Technological University
Discussant: Chandrasekhar Krishnamurti, University of Southern Queensland
4. Should Earnings Guidance be Regulated? (1060)
Peng Cheng, Xi’an Jiaotong-Liverpool University Water Aerts, University of Antwerpen Ann Jorissen, University of Antwerpen
Discussant: Jing Zhou, RMIT University
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Session 13: Market Microstructure (II) 16:15-18:00, Monday, 11 July 2011, Lily II Session Chair: Terry Walter, University of Technology, Sydney
1. A Structural Empirical Analysis of Stock Price Manipulation (1161)
Masahiro Yamada, University of Maryland
Discussant: Jimmy Yang, Oregon State University
2. Ex-day returns for stock distributions: An anchoring explanation (1193)
Susan Jinjuan Ren, University of Macau Eric C. Chang, The University of Hong Kong Yan Luo, Fudan University and The University of Hong Kong
Discussant: Jenni Bettman, Australian National University
3. A Tale of Two Market Microstructures: Spillover of Informed Trading Liquidity For Cross Listed Chinese A and B Shares (1033)
Jing Chen, Swansea University Julian Williams, University of Aberdeen Roger Buckland, University of Aberdeen
Discussant: William Cheung, University of Macau
4. Evidence of Trading on Inside Information in China (1195)
Shaojun Zhang, Hong Kong Polytechnic University Wilson Tong, Hong Kong Polytechnic University Yanjian Zhu, Zhejiang University
Discussant: Terry Walter, University of Technology, Sydney
Session 14: Corporate Finance: General 16:15 – 18:00, Monday, 11 July 2011, Lily I Session Chair: Jo-Ann Suchard, UNSW
1. Private Placements, Regulatory Restrictions and Firm Value: Theory and Evidence from the Indian Market (1010)
Vijaya B. Marisetty, RMIT University Ravi Anshuman, Indian Institute of Management Bangalore Marti G. Subrahmanyam, New York University
Discussant: Jianlei Liu, Kyushu University
2. Why do insiders sometimes pay more and sometimes payless in private placements? (1255)
Tai Ma, National Sun Yat-sen University Ching Yi Yeh, Hsiuping Institute of Technology
Discussant: Jo-Ann Suchard, UNSW
3. What’s Wrong with Rights? (1209)
Truong X. Duong, National University of Singapore Eng-Joo Tan, Singapore Management University
Discussant: Garry Twite, ANU
4. Corporate Governance, Violations and Market Reactions (1167)
Visit Phunnarungsi , Mahidol University Roy Kouwenberg, Mahidol University
Discussant: Szu-Chi Huang, National Taiwan University
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Session 15: Capital Structure 16:15 – 18:00, Monday, 11 July 2011, Jasmine II Session Chair: Jeremy Goh, Singapore Management University
1. Transaction Costs and Capital-Structure Decisions: Evidence from International Comparisons (1071)
Lewis Tam, University of Macau Allen Y.F. Li, University of Macau
Discussant: Sze Kee Koh, University of Western Australia
2. The Impact of Corporate Governance on Open-Market Share Repurchases? (1174)
Ruei-Shian Wu, Yuan Ze University
Discussant: Wilson X. B. Li, United International College
3. Corporate governance and capital structure: Evidence from Taiwan SMEs (1076)
Hsien-Chang Kuo, Takming University of Science and Technology Lie-Huey Wang, Ming Chuan University Hui-Wen Liu, National Chi Nan University
Discussant: Jungwon Suh, Ewha Womans University
Session 16: Investments: Valuation 16:15 – 18:00, Monday, 11 July 2011, Jasmine III Session Chair: Pierre L. Siklos, Wilfrid Laurier University, Canada
1. Market Valuation of R&D Increases: A Test of R&D Spillover Effect (1138)
Woan-Lih Liang, Yuan Ze University Sheng-Syan Chen, National Taiwan University Yanzhi Wang, Yuan Ze University
Discussant: David Hunter, University of Hawaii, USA
2. Information Variables and Equity Premium Predictability: Canadian Evidence (1180)
Stéphane Chrétien, Laval University Frank Coggins, Université de Sherbrooke
Discussant: Wenjin Kang, National University of Singapore, Singapore
3. Revisiting the Fama and French Valuation Formula (1198)
Qi Zeng, University of Melbourne Gil Aharoni, University of Melbourne Bruce Grundy, University of Melbourne
Discussant: Bruce Hearn, University of Leicester
4. When is Insider Trading Informative (1268)
Qiaoqiao Zhu, The Australian National University Yanhui Wu, Queensland University of Technology
Discussant: Xiaolin Qian, University of Macau
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Session 17: Indian School of Business Sponsored Special Session (Asset Pricing) 9:00 – 10:45, Tuesday, 12 July 2011, Peony II Chair: Sankar De, Indian School of Business
1. Differential Access to Price Information in Financial Markets
David Easley, Cornell University Maureen O’Hara, Cornell University Liyan Yang, University of Toronto
2. Buyers Versus Sellers: Who Initiates Trades And When?
Tarun Chordia, Emory University Amit Goyal, University of Lausanne Narasimhan Jegadeesh, Emory University
3. Seeking Positive Alpha
Raymond Kan, University of Toronto Xiaolu Wang, Iowa State University
4. Price Discovery Function of Large Trades and the Cross-Section of Expected Stock Returns
Chuan Yang Hwang, Nanyang Technological University Xiaolin Qian, University of Macau
Session 18: Junior Faculty Workshop (Corporate Finance II) 9:00 – 10:45, Tuesday, 12 July 2011, Peony I Chair: Alexander Ljungqvist, New York University
1. Information Asymmetry and the Value of Good Corporate Governance
Abhiroop Mukherjee, Hong Kong University of Science and Technology
Discussant: Chuan Yang Hwang, Nanyang Technological University
2. Stocking Up For Good Times: The Information Content of CEO’s Voluntary Equity Exposure
Tao Chen, Hong Kong University of Science and Technology Vidhi Chhaochharia, University of Miami Rik Sen, Hong Kong University of Science and Technology
Discussant: Ernst Maug, University of Mannheim
3. Political Connection and Managerial Entrenchment: Evidence from CEO Turnovers in China
Xiaping Jerry Cao, Singapore Management University Xiaofei Pan, University of Wollongong Meijun Qian, National University of Singapore Gary Tian, University of Wollongong
Discussant: Kai Li, University of British Columbia
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Session 19: Corporate Governance (III) 9:00-10:45, Tuesday, 12 July 2011, Lily I Session Chair: Takeshi Yamada, National University of Singapore
1. Financial Development, Corporate Governance and Cost of Equity Capital (1243)
Chandrasekhar Krishnamurti, University of Southern Queensland Kartick Gupta, Auckland University of Technology Alireza Tourani-Rad, Auckland University of Technology
Discussant: Xiaoquan Jiang, Florida International University
2. Corporate Governance and the Informativeness of Unexpected Earnings (1252)
Tsun-Siou Lee, National Taiwan University Szu-Chi Huang, National Taiwan Unerversity Yi-Lan Kuo, National Taiwan Unerversity
Discussant: Wei (Victor) Huang, University of Hawaii
3. Has Australian Financial Reporting Become More Conservative Over Time? (1204)
Yao-Wen Shan, University of Technology, Sydney Cheng Lai, University of New South Wales Meiting Lu, Macquarie University
Discussant: Steven Xu Zhang, University of Macau
4. The Stock Market Valuation of R&D Expenditure and Corporate Governance (1137)
Yanzhi Wang, Yuan Ze University Li-Hong Hong, Yuan Ze University
Discussant: Meiting Lu, Macquarie University
Session 20: Market Microstructure (III) 09:00-10:45, Tuesday, 12 July 2011, Lily II Session Chair: Kulpatra Sirodom, Thammasat University
1. Impacts of Short Sale Disclosure (1208)
Truong X. Duong, National University of Singapore Zsuzsa R. Huszár, National University of Singapore Takeshi Yamada, National University of Singapore
Discussant: Pantisa Pavabutr, Thammasat University
2. Can Liquidity Shifts Explain the Lockup Expiration Effect in Stock Returns? (1256)
Tiong Yang Thong, Singapore Management University Chandrasekhar Krishnamurti, University of Southern Queensland Avanidhar Subrahmanyam, UCLA
Discussant: Xinwei Zheng, Deakin University
3. Macroeconomic Announcements and Information Asymmetry in the Foreign Exchange Market (1210)
Yin-Feng Gau, National Central University Yu-Lun Chen, Chung Yuan Christian University Ching-Yu Wang, National Chi-Nan University
Discussant: Melissa Lin, National University of Singapore
4. Does Market Liquidity Matter for Firm Value? Evidence from Real Estate Investment Trusts (1260)
William Cheung, University of Macau Richard Chung, Hong Kong Polytechnic University Scott Fung, California State University
Discussant: Bruce Hearn, University of Leicester
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Session 21: Behavioral Finance and Culture 9:00 – 10:45, Tuesday, 12 July 2011, Jasmine I Session Chair: Anand Srinivasan, National University of Singapore
1. National Culture and cost of debt around the World (1269)
Andy C.W. Chui, Hong Kong Polytechnic University Chuck C.Y. Kwok, University of South Carolina Stephen G.G. Zhou, Hong Kong Polytechnic University
Discussant: Claudia Champagne, Université de Sherbrooke
2. Effects of National Culture on Earnings Quality of Banks (1074)
Kiridaran Kanagaretnam, McMaster University Chee Yeow Lim, Singapore Management University Gerald J. Lobo, University of Houston
Discussant: Peter Lee, Hong Kong Polytechnic University
3. The Role of Social Capital and Cultural Biases in Finance: The Investment Behavior (1103)
Chaopeng Wu, Xiamen University James S. Ang, Florida State University Yingmei Cheng, Florida State University
Discussant: Betty H. T. Wu, Yonsei University
4. Informational price cascades and non-aggregation of asymmetric information in experimental asset markets (1284)
Anand Srinivasan, National University of Singapore Jason Shachat, Xiamen University
Discussant: Xuewen Liu, Hong Kong University of Science and Technology
Session 22: Derivatives: Instruments 9:00 – 10:45, Tuesday, 12 July 2011, Jasmine II Session Chair: Olivier Le Courtois, EM Lyon Business School, France
1. The Mechanism of Callable Bull/Bear Contracts (1064)
Xinren Liu, Peking University Jin E. Zhang, The University of Hong Kong
Discussant: Olivier Le Courtois, EM Lyon Business School, France
2. Pricing of Emission Allowance as a Derivative on Commodity-Spread (1088)
Kazuhiko Ohashi, Hitotsubashi University Katsushi Nakajima, Hitotsubashi University
Discussant: Michael Chng, Deakin University, Australia
3. Does the Tail Wag the Dog? The Price Impact of CDS Trading (1242)
Dragon Yongjun Tang, The University of Hong Kong Hong Yan, University of South Carolina and Shanghai Advanced Institute of Finance
Discussant: Hung Wang Kot, Hong Kong Baptist University, Hong Kong
4. Transmigration across price discovery categories: Evidence from the U.S. CDS and equity markets (1178)
Michael Chng, Deakin University Vincent Xiang, Monash University Victor Fang, Monash University
Discussant: Xingguo Luo, The University of Hong Kong
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Session 23: Investments: General 9:00 – 10:45, Tuesday, 12 July 2011, Jasmine III Session Chair: Suan Ren, University of Macau
1. Will Trading Location Dominate in Pricing Dynamics? Evidence from international ETFs on U.S. market (1152)
Yi Ding, Queen’s School of Business Xiaoqiao Wang, Queens University
Discussant: Inchang Hwang, Korea Advanced Institute of Science and Technology, Korea
2. Is Momentum Really Momentum? International Evidence (1184)
Qianqiu Liu, University of Hawaii Ming Liu, Binghamton University
Discussant: Philipov Alexander, George Mason University, USA
3. Is the Long Profit Rate of Malaysia Sukuk a Good predictor of Short Profit Rates? Two Factor Model Analyses (1079)
Taufiq Hassan, University Putra Malaysia Adesina-Uthman, Ganiyat, University Putra Malaysia Shamsher Mohamad, University Putra Malaysia
Discussant: Ruhani Ali, Universiti Sains Malaysia, Malaysia
4. Politicians and Directors in Social Networks: Regression Discontinuity Design Evidence from Close Elections (1288)
Quoc-Anh Do, Singapore Management University Yen-Teik Lee, Singapore Management University Bang Dang Nguyen, University of Cambridge
Discussant: Ming Jian, Nanyang Technological University, Singapore
Keynote Speech Tuesday 12 July, 11:15 – 12:15, Peony Liquidity and Volatility in High Frequency Markets Maureen O’Hara, Cornell University Robert W. Purcell Professor of Finance, Cornell University
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Session 24: Hong Kong University of Science and Technology Sponsored Special Session (Corporate Finance) 14:15 - 16:00 Tuesday, 12 July 2011, Peony II Chair: John K. C. Wei, Hong Kong University of Science and Technology
1. Indexing Executive Compensation Contracts
Ernst Maug, University of Mannheim Ingolf Dittman, Erasmus University Rotterdam Oliver Spalt, Tilburg University
2. The Cost of the CEO Pay Slice
John K.C. Wei, Hong Kong University of Science and Technology Zhihong Chen, City University of Hong Kong Yuan Huang, Hong Kong Polytechnic University
3. Determinants of Corporate Cash Policy: A Comparison of Public and Private Firms
Huasheng Gao, Nanyang Technological University Jarrad Harford, University of Washington Kai Li, University of British Columbia
Session 25: Junior Faculty Workshop (Asset Pricing II) 14:15-16:00, Tuesday, 12 July 2011, Peony I Session Chair: Maureen O’Hara, Cornell University
1. Do Overconfident Insiders Always Overreact?
Chun Xia, University of Hong Kong
Discussant: Raymond Kan, University of Toronto
2. The Impact of the Disposition Effect on Liquidity and Stock Prices
Darwin Choi, Hong Kong University of Science and Technology
Discussant: Tarun Chordia, Emory University
3. Predatory Short-selling and Self-fulfilling Crises
Xuewen Liu, Hong Kong University of Science and Technology
Discussant: David Easley, Cornell University
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Session 26: Derivatives and Asset Pricing 14:15 – 16:00, Tuesday, 12 July 2011, Jasmine I Session Chair: Fauzias Mat Nor, Universiti Kebangsaan Malaysia
1. A Study on Value-at-Risk and L´evy Processes (1032)
Olivier Le Courtois, EM Lyon Business School Christian Walter, the Fondation Maison des Sciences de I’Homme
Discussant: Steve Lo, University of Macau
2. The Term Structure of VIX (1165)
Xingguo Luo, The University of Hong Kong Jin E. Zhang, The University of Hong Kong
Discussant: I Wayan Nuka Lantara, Universitas Gadjah Mada
3. Tail Risks across Investment Funds (1049)
Jerchern Lin, University of Southern California
Discussant: Jun Chen, Auckland University of Technology
4. Does a firm’s takeover vulnerability cause its stock price to deviate from random walks? (1127)
Dong Wook Lee, Korea University Business School Joon Chae, Seoul National University Shu Feng Wang, Seoul National University
Discussant: Shumi Akhtar, ANU
Session 27: Investments: Mutual Funds 14:15 – 16:00, Tuesday, 12 July 2011, Lily I Session Chair: Wen He, The University of New South Wales, Australia
1. Index Funds in Small Emerging Financial Markets: The Case of Qatar (1072)
Hicham Benjelloun, Qatar University
Discussant: Yi Ding, Queen’s School of Business
2. Mutual Funds’ Investment Strategies and their Preferences: Evidence from China (1142)
Jingjing Yang, Massey University and Jiangxi Normal University Jing Chi, Massey University Martin Young, Massey University
Discussant: Qiaoqiao Zhu, The Australian National University, Australia
3. Litigations, Mutual Fund Runs, and Fire-sale Costs (1075)
Başak Tanyeri, Bilkent University Meijun Qian, NUS Business School
Discussant: Jerry Parwada, The University of New South Wales, Australia
4. Endogenous Benchmarks (1282)
David Hunter, Unversity of Hawii Eugene Kandel, Hebrew University and CEPR Shmuel Kandel, Tel Aviv University Russell Wermers, University of Maryland
Discussant: Qi Zeng, University of Melbourne, Australia
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Session 28: Investments: Global Markets I 14:15 – 16:00, Tuesday, 12 July 2011, Lily II Session Chair: Adrian Pop, University of Nantes, France
1. Enter the Dragon: Interactions between Chinese, US and Asia‐Pacific Equity Markets, 1995‐2010 (1118)
Pierre L. Siklos, Wilfrid Laurier University Richard C. K. Burdekin, Claremont McKenna College
Discussant: Huimin Zhao, The University of Hong Kong
2. Intra-Sector Return Reversals in the Malaysian Stock Market (1235)
Ruhani Ali, Universiti Sains Malaysia Zamri Ahmad, Universiti Sains Malaysia Shangkari V. Anusakumar, Universiti Sains Malaysia
Discussant: Vikash Ramiah, RMIT University, Australia
3. Size and Liquidity Effects in Asia-Pacific equity markets (1015)
Bruce Hearn, University of Leicester
Discussant: Marco Chi Keung Lau, Zirve University, Turkey
4. Preventing Stock Market Crises (I): Regulating Share Holding Concentration (1253)
Viktoria Dalko, Harvard University
Discussant: Adrian Pop, University of Nantes, France
Session 29: Corporate Governance and Banking 14:15 – 16:00, Tuesday, 12 July 2011, Jasmine II Session Chair: Jacky So, University of Macau
1. Corporate Ownership Structure and Bank Loan Syndicate Structure (1112)
Chen Lin, Chinese University of Hong Kong Yue Ma, Lingnan University Paul Malatesta, University of Washington Yuhai Xuan, Harvard Business School
Discussant: Maggie (Rong) Hu, National University of Singapore
2. Corporate Governance and Bank Diversification (1122)
Hsin-Yu Liang, Feng Chia University I-Ju Chen, Yuan Ze University Sheng-Syan Chen, National Taiwan University
Discussant: Anand Srinivasan, National University of Singapore
3. Privatization Motive, State Governance and Takeover Performance: the Chinese Evidence (1181)
Alex Ng, University of Northern British Columbia
Discussant: Sheng-Hung Chen, Nanhua University
4. Product Market Competition, Corporate Governance, and Corporate Cash Policy (1264)
Azizjon Alimov, City University of Hong Kong
Discussant: Yen-Teik Lee, Singapore Management University
35
Session 30: Investments: Volatility and Risk 14:15 – 16:00, Tuesday, 12 July 2011, III Session Chair: Jae-Seung Baek, Hankuk University of Foreign Studies
1. Macroeconomic Sensitivity Risks and Corporate Bond Yield Spreads: Supply Chain Perspectives (1159)
Hsien-Hsing Liao, National Taiwan University Tsung-Kang Chen, Fu Jen Catholic University Hsiao-Chun Huang, Fu Jen Catholic University
Discussant: Taufiq Hassan, University Putra Malaysia
2. Corporate Hedging and the High Idiosyncratic Volatility Low Return Puzzle (1179)
Michael Chng, Deakin University Victor Fang, Monash University
Discussant: Woan-lih Liang, Yuan Ze University, Taiwan
3. Earnings growth volatility and the value premium (1280)
Eva Steiner, The University of Cambridge Jamie Alcock, The University of Cambridge
Discussant: Chaw Min Chen, University Putra Malaysia, Malaysia
4. When Does Idiosyncratic Risk Really Matter? (1065)
Tony Ruan, Xiamen University Qian Sun, Fudan University Yexiao Xu, University of Texas at Dallas
Discussant: Qianqiu Liu, University of Hawaii, USA Keynote Speech Tuesday 12 July, 16:30 – 17:30, Peony Does the Stock Market Distort Investment Incentives? Alexander Ljungqvist, New York University John Asker, New York University Joan Farre-Mensa, New York University Abstract: Theory suggests that agency problems resulting from separation of ownership and control can cause stock market listed firms to invest suboptimally. To test whether they do, we evaluate differences in investment behavior between listed and private firms in the U.S. using a rich new data source on private firms. Listed firms invest less and are less responsive to changes in investment opportunities compared to observably similar private firms, especially in industries in which stock prices are particularly sensitive to current profits. Listed firms also tend to smooth earnings growth and dividends and avoid reporting losses. These patterns are consistent with models of managerial myopia and do not appear to be due to firms endogenously choosing to be public or private: Firms that go public for reasons other than to fund investment invest like private firms pre-IPO and like public firms post-IPO. Nor do the results appear to be driven by measurement error, tax effects, or firm life-cycle effects. Our evidence suggests that the stock market distorts investment, at least for the fast-growing companies in our sample.
36
Session 31: Investments and Mergers 9:00-10:45, Wednesday, 13 July 2011, Jasmine I Session Chair: William Cheung, University of Macau
1. Post Signing Market Check or Window Dressing? The Role of Go-Shop Provisions in M&A Transactions (1085)
Jin Q Jeon, Dongguk University
Discussant: Jiaquan Yao, Nanyang Technological University
2. Is the Islamic Finance Model More Resilient than the Conventional Finance Model? Evidence from sudden changes in the volatility of Dow Jones indexes (1222)
Adrian Pop, University of Nantes Amélie Charles, Audencia Nantes Olivier Darné, University of Nantes
Discussant: Chandrasekhar Krishnamurti, University of Southern Queensland
3. Investor Sentiment and Long-Term Stock Market Responses to Sale Revenues (1190)
Hsiao-Peng Fu, Providence University
Discussant: Jin Q Jeon, Dongguk University
Session 32: Behavioral Finance 9:00-10:45, Wednesday, 13 July 2011, Peony I Session Chair: Ling Cen, University of Toronto
1. Fresh Evidence of Herding Behavior from the Chinese Stock Market (1035)
Xinwei Zheng, Deakin University Paresh Kumar Narayan, Deakin University
Discussant: Chaopeng Wu, Xiamen University
2. Herding Behavior on Dual-listed Firms: the Case of Chinese Firms (1257)
Yimiko Yiyi Wang, University of Macau Rose Lai, University of Macau
Discussant: Ling Cen, University of Toronto
3. Dissecting the Peril of the Disposition Effect: An In-depth Examination of Its Negative Effect on Profitability (1213)
Chao Hsien Lin, National Kaohsiung First University of Science & Technology Teng Yuan Cheng, National Chiayi University Chun I Lee, Loyola Marymount University Hung Chih Li, National Cheng Kung University
Discussant: Darwin Choi, Hong Kong University of Science and Technology
4. The Price of Sin in the Pacific-Basin (1105)
Sze Kee Koh, University of Western Australia Robert B. Durand, University of Western Australia Paul LiJian Tan, University of Western Australia
Discussant: Hicham Benjelloun, Qatar University
37
Session 33: Cash Holdings 9:00 – 10:45, Wednesday, 13 July, Lily I Session chair: Yue Ma, Lingnan University
1. Institutional Ownership and Firm Cash Holdings (1162)
Yangyang Chen, Monash University
Discussant: Ruei-Shian Wu, Yuan Ze University
2. The Effect of Financial Constraints, Investment Policy and Product Market Competition on the Value of Cash Holdings (1059)
Hong Feng Zhang, Deakin University Howard W.H. Chan, The University of Melbourne Yufei Lu, Deakin University
Discussant: Yangyang Chen, Monash University
3. What explains the decline of cash holding in China? (1017)
Gerhard Kling, University of Southampton Lei Gao, Nanjing University of Information Science and Technology
Discussant: Yue Ma, Lingnan University
4. Asymmetric Cash Flow Sensitivity of Cash Holding (1042)
Kam C. Chan, Western Kentucky University Dichu Bao, University of Texas at Dallas Weining Zhang, National University of Singapore
Discussant: Lewis Tam, University Macau Session 34: Credit Decisions and Corporate Finance 9:00 – 10:45, Wednesday, 13 July 2011, Lily II Session Chair: Jerry Cao, SMU
1. Managerial Decisions and Credit Ratings – New Evidence (1245)
Nandkumar Nandu Nayar, Lehigh University Amy F. Lipton, Saint Joseph’s University
Discussant: Fauzias Mat Nor, Universiti Kebangsaan Malaysia
2. Credit Rationing in Informal Markets: The Case of Small Firms in India (1283)
Sankar De, Indian School of Business Manpreet Singh, Indian School of Business
Discussant: Jenny Huang, University of Macau
3. Creditor Rights and Capital Structure: Evidence from International Data (1158)
Jungwon Suh, Ewha Womans University Sadok El Ghoul, University of Alberta Omrane Guedhami, University of South Carolina Seong-Soon Cho, Ewha Womans University
Discussant: Tsai-Ling Liao, Providence University
4. Vicarious Agency: Dynamics of Excessive CEO Compensation (1281)
Rosita P. Chang, University of Hawaii at Manoa Cynthia J. Campbell, Iowa State University Robert Doktor, University of Hawaii at Manoa Lars Oxelheim, Lund University and Research Institute of Industrial Economics Trond Randoy, University of Agder Jack C. DeJong, Jr., Nova Southeastern University
Discussant: Jerry Cao, SMU
38
Session 35: Private Equity and Corporate Finance 9:00 – 10:45, Wednesday, 13 July 2011, Jasmine II Session Chair: Yuan Ding, China Europe International Business School
1. Venture Capital and Executive Incentives in China (1170)
Jerry Cao, Singapore Management University Qigui Liu, North-eastern University Gary Tian, University of Wollongong
Discussant: Wei-Huei Hsu, Massey University, New Zealand
2. Venture Capital and Private Equity investment and the innovation of Australian firms (1186)
Jo-Ann Suchard, University of New South Wales
Discussant: Hongping Tan, University of Waterloo
3. The Intra-industry Effects of Private Equity Investments in China (1285)
Wei-Huei Hsu, Massey University, New Zealand Sandy Luo, Massey University, New Zealand
Discussant: Kyoko Nagata, Tokyo Institute of Technology
4. Public to Private (PTP) Transactions in Australia (1182)
Shumi Akhtar, Australian National University
Discussant: Yuan Ding, China Europe International Business School
Session 36: Investments: Momentum and Contagion 9:00 – 10:45, Wednesday, 13 July 2011, Jasmine III Session Chair: Eva Steiner, University of Cambridge
1. Price and Earnings Momentum: An Explanation Using Return Decomposition (1157)
John K.C. Wei, Hong Kong University of Science and Technology Qinghao Mao, Hong Kong University of Science and Technology
Discussant: Eva Steiner, University of Cambridge, UK
2. Momentum in Corporate Bond Returns (1053)
Alexander Philipov, George Mason University Gergana Jostova, George Washington University Stanislava Nikolova, U.S. Securities and Exchange Commission Christof W. Stahel, George Mason University
Discussant: Kalok Chan, HKUST
3. Contagion Effects of the U.S. Subprime Crisis on International Stock Markets (1171)
InChang Hwang, Korea Advanced Institute of Science and Technology Francis In, Monash University Tong Suk Kim, Korea Advanced Institute of Science and Technology
Discussant: Jing Chen, Swansea University
4. Financial Liberalization and Liquidity Commonality (1063)
Melissa Chunmei Lin, National University of Singapore
Discussant: Guoqiang Li, University of Macau
39
Session 37: Investments: Global Markets II 9:00 – 10:45, Wednesday, 13 July 2011, Peony II Session Chair: Kazuhiko Ohashi, Hitotsubashi University, Japan
1. Volatility Spillover across Global Equity Markets (1048)
Jun Chen, Auckland University of Technology Liang Ding, Alvernia University Biqing Huang, Angelo State University Xiaoling Pu, Kent State University
Discussant: Wen He, University of New South Wales, Australia
2. The Impact of the Boxing Day Tsunami on the World Capital Markets (1274)
Vikash Ramiah, RMIT University
Discussant: Lurion De Mello, Macquarie University
3. Foreign Investment vs. State Ownership: Is There a Political Pressure? - Evidence from Qualified Foreign Institutional Investors in China (1275)
Wei Huang, University of Hawaii at Manoa Tao Zhu, Jinan University
Discussant: Jingjing Yang, Massey University, New Zealand
4. Foreign Exchange Time to Equilibrium for G-10 and Eastern Europe (1009)
Catherine S. F. Ho, Universiti Teknologi MARA M. Ariff, Bond University
Discussant: Başak Tanyeri, Bilkent University, Turkey Session 38: Earnings Quality and Regulation 11:15 – 13:00, Wednesday, 13 July 2011, Jasmine I Session Chair: Karen Benson
1. Do regulated mutual fund fees affect competition? (1013)
Eric K. M. Tan, The University of New South Wales Natalie Y. Oh, The University of New South Wales Jerry T. Parwada, The University of New South Wales
Discussant: Karen Benson, University of Queensland
2. The Efficacy of Regulation SHO in Resolving Naked Shorts (1172)
Jin Q. Jeon, Dongguk University Clay M. Moffett, University of North Carolina Wilmington Robert Brooks, University of Alabama
Discussant: Sean Wu, Queensland University of Technology
3. Determinants of the Strength of Auditing and Reporting Standards: A Cross-Country Study (1267)
Chandrasekhar Krishnamurti, University of Southern Queensland Pran K Boolaky, Griffith University Ariful Hoque, University of South Australia
Discussant: Yao-Wen Shan, UTS
4. Do exchange listings mislead investors by bloated earnings? (1051)
Tsai-Ling Liao, Providence University Sheng-Syan Chen, National Taiwan University Wen-Chun Lin, Providence University
Discussant: Peng Cheng, Xi’an Jiaotong-Liverpool University
40
Session 39: Taxes and Government Control 11:15 – 13:00, Wednesday, 13 July 2011, Jasmine II Session Chair: Shaojun Zhang, Hong Kong Polytechnic University
1. The government control of partially privatized firms in China: Political and economic objectives (1084)
Takeshi Yamada, The University of Adelaide Zhaohua Li, Lincoln University
Discussant: Kam C. Chan, Western Kentucky University
2. Effects of Corporate Tax Rate Cuts on Firm Investment and Valuation: A Micro Simulation Approach (1099)
Keiichi Kubota, Chuo University Hitoshi, Takehara, Waseda University
Discussant: Hong Feng Zhang, Deakin University
3. Effective Tax Rates under a Convex Tax Schedule (1023)
Kiridaran Kanagaretnam, McMaster University Sudipto Sarkar, McMaster University
Discussant: Keiichi Kubota, Chuo University
4. Corporate governance and firm value during the global financial crisis: Evidence from China (1062)
Chunyan Liu, Kyushu University Konari Uchida, Kyushu University Yufeng Yang, China University of Mining and Technology
Discussant: Gerhard Kling, University of Southampton
Session 40: Dividends 11:15 – 13:00, Wednesday, 13 July, Lily I Session Chair: Garry Twite, The Australian National University
1. Dividends, Controlling Shareholders and Firm Performance: An Empirical Investigation of Large Firms Listed on the Main Board of Hong Kong Stock Exchange (1087)
Tina T. He, Hong Kong Baptist University Wilson X. B. Li, United International College Gordon Y.N. Tang, Hong Kong Baptist University
Discussant: Rosita P. Chang University of Hawaii
2. Ultimate Controlling Shareholders and Dividends Payout: Evidence from Hong Kong (1086)
Wilson X. B. Li, United International College Tina T. He, Hong Kong Baptist University Gordon Y.N. Tang, Hong Kong Baptist University
Discussant: Vijaya B. Marisetty, RMIT University
3. Cash versus Stock Dividends: Signalling or Catering (1096)
Garry Twite, The Australian National University Xi He, The Australian National University Mingsheng Li, Bowling Green State University Jing Shi, The Australian National University
Discussant: Vivian W. Tai, National Chi Nan University
4. Do stock option rewards increase dividend payments? New evidence from Japan (1070)
Konari Uchida, Kyushu University Shinya Shinozaki, Kyushu University
Discussant: Visit Phunnarungsi, Mahidol Unversity
41
Session 41: Relationship banking and M&A 11:15 – 13:00, Wednesday, 13 July 2011, Jasmine III Session Chair: Maggie Fu, University of Macau
1. Hold-up versus Benefits in Relationship Banking: A Natural Experiment Using REIT Organizational Form (1123)
Maggie (Rong) Hu, National University of Singapore (NUS) Anand Srinivasan, National University of Singapore (NUS) Yongheng Deng, National University of Singapore (NUS)
Discussant: Chao Hsien Lin, National Kaohsiung First University of Science & Technology
2. Prior Relationship, Industry Expertise, Information Leakage, and the Choice of M&A Advisor (1147)
Lewis Tam, University of Macau Xin Chang, Nanyang Technological University Chander Shekhar, University of Melbourne Jiaquan Yao, Nanyang Technological University
Discussant: Yasuhiro Arikawa, Waseda University
3. Bank-Firm Relationship and the Use of Derivatives in Japan (1191)
I Wayan Nuka Lantara, Universitas Gadjah Mada Tadanori Yosano, Kobe University
Discussant: Peter Lam,UTS
Session 42: Investments: Asset Pricing 11:15 – 13:00, Wednesday, 13 July 2011, Peony I Session Chair: Michael Chng, Deakin University, Australia
1. The Role of Liquidity, Investor Protection and Corporate Block-Shareholders in Asset Pricing (1014)
Bruce Hearn, University of Leicester Kate Phylaktis, Sir John Cass Business School Jenifer Piesse, King’s College London
Discussant: Michael Chng, Deakin University
2. Liquidity Premium and Consumption (1073)
Wenjin Kang, National University of Singapore Nan Li, National University of Singapore
Discussant: Min Kim, University of New South Wales
3. Expected Stock Return and the Conditional Skewness (1249)
Huimin Zhao, The University of Hong Kong Eric C. Chang, The University of Hong Kong Jin E. Zhang, The University of Hong Kong
Discussant: Jeremy Goh, Singapore Management University
4. Strategic Asset Allocation and Intertemporal Hedging Demands: with Commodities as an Asset Class (1041)
Marco C.K. Lau, Zirve University Frankie Chau, Durham University Yongyang Su, Suffolk University
Discussant: Hsien-Hsing Liao, National Taiwan University, Taiwan
42
Session 43: Investments: Global Markets III 11:15 – 13:00, Wednesday, 13 July 2011, Peony II Session Chair: Inchang Hwang, Korea Advanced Institute of Science and Technology, Korean
1. Do Foreign Investors Improve Informational Efficiency of Stock Prices? Evidence from Japan (1207)
Wen He, The University of New South Wales Jianfeng Shen, University of New South Wales
Discussant: Truong X. Duong, National University of Singapore
2. Impact of Stock Analysts' Coverage on Stock Price Returns and Trading Volumes Turnover: Evidence from Bursa Malaysia Equity Research Scheme II (1050)
Chaw Min Chen, University Putra Malaysia Leanne Ann Susau
Discussant: Azizjon Alimov, City University of Hong Kong
3. The financial impact of terrorism in Indonesia (1271)
Vikash Ramiah, RMIT University Michael A. Graham, RMIT University
Discussant: Yin-Feng Gau, National Central University
Session 44: Financial Distress 11:15 – 13:00, Wednesday, 13 July 2011, Lily II Session Chair: Xiaolin Qian, University of Macau
1. Financial Distress and the Value Premium (1016)
Yufen Fu, Simon Fraser University George Blazenko, Simon Fraser University
Discussant: Robert Faff, University of Queensland
2. Anomalies and Financial Distress (1054)
Alexander Philipov, George Mason University Gergana Jostova, George Washington University Doron Avramov, The Hebrew University of Jerusalem and University of Maryland Tarun Chordia, Emory University
Discussant: Tony Ruan, Xiamen University, China
3. Financial Distress Prediction Models for Credit Unions in Taiwan (1216)
Chien-Min Kang, National Chi-Nan University Lin Lin, National Chi-Nan University
Discussant: Nandkumar Nandu Nayar, Lehigh University
43
List of sessions you are participating in, by participant name
Session Number
Family Name Given Name Presenting Discussing Chairing Akhtar Shumi 35 26
Ali Ruhani 28 23 6
Alimov Azizjon 1, 29 43
An Yunbi 11
Ang James
Arikawa Yasuhiro 9 41
Baek Jae-Seung 12 5 30
Bednarek Ziemowit 4
Benjelloun Hicham 27 32
Benson Karen 38 38
Bettman Jenni 6 13
Buehlmaier Matthias 1
Cao Jerry Xiaping 18 34 34
Cen Ling 2 32 32
Chae Joon 12 2
Champagne Claudia 21
Chan Kalok 36
Chan Kam C. 33 39
Chandrasekhar Krishnamurti 19, 38 12, 31
Chang Rosita P. 34 40 5
Chau Frankie
Chemmanur Thomas 3 1 1
Chen Chaw Min 43 30
Chen Jun 37 26
Chen Sheng-Hung 9 29
Chen Yangyang 33 33
Chen Jing 13 36
Cheng Peng 12 38
Cheng Teng Yuan
Cheung William 20 13 31
Chng Michael 22 22, 42 42
Choi Darwin 25 32
Chordia Tarun 17 25
Chrétien Stéphane 16 2
Chu Zhang 10 4
Chui Andy C.W. 21 7
D Sundarasen Sheela Devi
Dalko Viktoria 28
Dasgupta Sudipto 3 1
De Sankar 34 1 17
44
Session Number
Family Name Given Name Presenting Discussing Chairing De Mello Lurion 37
Deng Yongheng
Ding David 12
Ding Yi 23 27
Ding Yuan 5 35 35
Duong Truong X. 14, 20 43
Easley David 17 25
Faff Robert 44
Fang Victor 30 11
Foster Grant 11
Frank Coggins
Fu Hsiao-Peng 31 2
Fu Maggie 8 41
Fu Yufen 44
Gau Yin-Feng 20 43
Goh Jeremy 42 15
He Tina T. 40 7
He Wen 43 37 27
Hearn Bruce 28, 42 16, 20
Ho Catherine S. F. 37 8
Hsu Wei-Huei 35 35
Hu Maggie R. 41 29
Huang Jenny, B.H 34
Huang Szu-Chi 14
Huang Wei 37 19
Hunter David 27 16
Hwang Chuan Yang 17 18
Hwang In Chang 36 23 43
Jeon Jin Q 31, 38 9, 31
Jian Ming 2 23
Jiang Xiaoquan 2 19
Kan Raymond 17 25
Kanagaretnam Kiridaran 21, 39 8
Kang Chien-Min 44 8
Kang Jun-Koo
Kang Wenjin 42 16
Kim Min 4 42
Kling Gerhard 33 39
Koh Sze Kee 32 15
Kot Hung Wan 11 22
Kubota Keiichi 39 39
Kuo Hsien-Chang 15
45
Session Number
Family Name Given Name Presenting Discussing Chairing Lam Peter 9 41
Lantara I Wayan Nuka 41 26
Lau Marco C.K. 42 28
Le Courtois Olivier 26 22 22
Lee Dong Wook 26 9
Lee Jay
Lee Peter 8 21
Lee Tsun-Siou 19
Lee Yen Teik 23 29
Li Guoqiang 36
Li Kai 24 18
Li Wilson X. B. 40 15
Liang Hsin-Yu 29 9
Liang Woan-Lih 16 30
Liao Hsien-Hsing 30 42
Liao Tsai-Ling 38 34
Lin Chao Hsien 32 41
Lin Jerchern 26
Lin Melissa 36 20
Liu Chunyan 39
Liu Jianlei 7 14
Liu Qianqiu 23 30
Liu Xinren 22
Liu Xuewen 25 21
Ljungqvist Alexander 18
Lo Steve 11, 26 11
Lobo Gerald
Lu Meiting 5 19
Luo Xingguo 26 22
Ma Tai 14
Ma Yue 29 33 33
Marisetty Vijaya B. 6, 14 40
Mat Nor Fauzias 8 34 26
Maug Ernst 24 18 3
McKenna Chris
Miwa Kotaro 2 7
Mukherjee Abhiroop 18
Nagata Kyoko 7 35
Nakamura Miho
Nayar Nandkumar Nandu 34 44
Ng Alex 9, 29
Nowland John 12 5
46
Session Number
Family Name Given Name Presenting Discussing Chairing O’Hara Maureen 25
Ohashi Kazuhiko 22 11 37
Panyagometh Kamphol
Parwada Jerry T. 38 27
Pavabutr Pantisa 20
Philipov Alexander 36, 44 23
Phunnarungsi Visit 14 40
Pop Adrian 31 28 28
Posikitt Russell 8
Qian Xiaolin 16 44
Ramiah Vikash 37, 43 28
Ren Susan Jinjuan 13 6 23
Rhee S. Ghon
Riddiough Timothy
Ruan Tony 30 44
Sa-Aadu Jarjisu
Salas Jesus M. 12 5
Seasholes Mark 10 4
Sen Rik 18
Shan Yao-Wen 19 38
Shilling James
Siklos Pierre L. 28 16
Sirodom Kulpatra 20
So Jacky 29
Srinivasan Anand 21 29 21
Steiner Eva 30 36 36
Suchard Jo-Ann 35 14 14
Suh Jungwon 34 15
Tai Vivian W. 7 40
Tam Lewis 15 9, 33 9
Tan Hongping 7 35
Tang Dragon, Yongjun 4, 22
Tanyeri Başak 27 37
Taufiq Hassan 23 30
Thong Tiong Yang 20 6
Tian Gary Gang 35 5
Titman Sheridan 4
Twite Garry 40 14 40
Uchida Konari 40
Van Order Robert
Vidhan Goyal 3 1
Vong Anna 7 7
47
Session Number
Family Name Given Name Presenting Discussing Chairing Walter Terry 6 13 13
Wang Xiaoqiao
Wang Yanzhi 19 2
Wang Yimiko Yiyi 32
Warachka Mitchell 10 4 10
Wei John K.C. 24,36 2 24
Wong Raymond K.H.
Wu Betty H. T. 1 21
Wu Chao Peng 21 32
Wu Ruei-Shian 15 33
Wu Yanhui (Sean) 38
Xia Chun 25
Yamada Masahiro 13 6
Yamada Takeshi 39 19
Yang Jimmy 6 13
Yang Jingjing 27 37
Yao Jiaquan 41 31
Young Martin Robert
Yu Jin 1
Zeng Qi 16 27
Zhang Hong Feng 33 39
Zhang Shaojun 13 6 39
Zhang Yang 8 8
Zhang Steven Xu 19
Zhao Huimin 42 28
Zhao Shan 5 12
Zheng Xinwei 32 20
Zhou Jing 5 12
Zhu Qiaoqiao 16 27
48
List of Participants Name University / Organisation Country Dr Shumi M. Akhtar Australian National University Australia
Professor Ruhani Ali Universiti Sains Malaysia Malaysia
Dr Azizjon Alimov City University of Hong Kong Hong Kong
Mr. Yunbi An University of Windsor Canada
Dr. James S Ang Florida State University United States
Mr. Yasuhiro Arikawa Waseda University Japan
Professor Jae Seung Baek Hankuk University of Foreign Studies Korea, South
Dr Ziemowit Bednarek University of Melbourne Australia
Mr. Hicham Benjelloun Qatar University Qatar
Assoc Prof Karen Benson University of Queensland Australia
Dr. Matthias Buehlmaier The University of Hong Kong Hong Kong
Assistant Professor Jerry Cao Singapore Management University Singapore
Dr. Ling Cen University of Toronto Canada
Professor Joon Chae Seoul National University Korea, South
Professor Claudia Champagne Sherbrooke University Canada
Dr Kam C Chan Western Kentucky University United States
Professor Kalok Chan HKUST Hong Kong
Prof Krishnamurti Chandrasekhar University of Southern Queensland Australia
Dr. Rosita Chang University of Hawaii United States
Dr. Frankie Chau Durham United Kingdom
Prof. Thomas Chemmanur Boston College United States
Dr Chaw MinChen University Putra Malaysia Malaysia
Dr Jing Chen Swansea University United Kingdom
Dr. Jun Chen Auckland University of Technology New Zealand
Dr. Sheng-Hung Chen Nanhua University, Chiayi, Taiwan Taiwan
Dr Yangyang Chen Monash University Australia
Dr. Peng Cheng Xian Jiaotong-Liverpool University China
Dr. William M Cheung University of Macau Macao
A Prof Michael Tuan Shew Chng Deakin University Australia
Prof. Darwin Choi HKUST Hong Kong
Professor Tarun Chordia Emory University United States
Dr Stéphane Chrétien Laval University Canada
Dr Chun Wai Andy Chui The Hong Kong Polytechnic University Hong Kong
Mrs. Sheela Devi D Sundarasen Taylor's University Sdn Bhd Malaysia
Prof. Sheridan D. Titman University of Texas at Austin United States
Professor Viktoria Dalko Harvard University United States
Prof Sudipto Dasgupta HKUST Hong Kong
Prof. Sankar De Indian School of Business India
Mr Lurion De Mello Macquarie University Australia
Prof. Yongheng Deng National University of Singapore Singapore
Prof. David Ding Massey University New Zealand
Mr Yi Ding Queen's University Canada
Prof. Yuan ding CEIBS China
Mr Truong Xuan Duong National University of Singapore Singapore
Prof. David Easley Cornell University United States
Professor Robert Faff University of Queensland Australia
49
Name University / Organisation Country Mr Grant Foster ANZ Bank Australia
Professor Coggins Frank Université de Sherbrooke Canada
Dr HSIAO-PENG FU Providence University Taiwan
Dr. Xiaoqing (Maggie) Fu University of Macau Macao
Dr. Yufen Fu Simon Fraser University Taiwan
Dr. Yin-Feng Gau National Central University Taiwan
Dr Jeremy C Goh Singapore Management University Singapore
Prof Vidhan Goyal HKUST Hong Kong
Miss Tina He Hong Kong Baptist University China
Dr. Wen He University of New South Wales Australia
Prof. Bruce Hearn University of Leicester United Kingdom
Dr Catherine S F Ho Universiti Teknologi MARA Malaysia
Dr. Wei-Huei Hsu Massey University New Zealand
Miss Maggie Rong Hu National University of Singapore Singapore
Dr. Szu-chi Huang National Taiwan University Taiwan
Mr. Wei Huang University of Hawaii at Manoa United States
David David Hunter University of Hawaii United States
Prof. Chuan Yang Hwang Nanyang Technological University Singapore
Mr. Inchang Hwang Korea Advanced Institute of Science and Technology
Korea, South
Dr. Jin Q Jeon Dongguk University Korea, South
Dr Ming JIAN Nanyang Technological University Singapore
Dr. Xiaoquan Jiang Florida International University United States
Dr. Susan Jinjuan Ren University of Macau Macao
Professor Raymond Kan University of Toronto Canada
Dr. Kiridaran Kanagaretnam McMaster University Canada
Mr. Chien-Min Kang National Chi Nan University Taiwan
Prof. Jun-Koo Kang Nanyang Business School Singapore
Professor Wenjin Kang National University of Singapore Singapore
Dr Min Kim UNSW Australia
Gerhard Gerhard Kling University of Southampton United Kingdom
Dr Szekee Koh The University of Western Australia Australia
Dr. Hung Wan Kot Hong Kong Baptist University Hong Kong
Dr. Keiichi Kubota Chuo University Japan
Professor Hsien-Chang Kuo Takming University of Science and Technology
Taiwan
Dr Peter Lam University of Technology, Sydney Australia
Mr. I Wayan Nuka Lantara Universitas Gadjah Mada Indonesia
phD Chi Keung Lau Zirve University Turkey
Prof. Olivier Le Courtois EM Lyon Business School France
Professor Dong Wook Lee Korea University Business School Korea, South
Dr. Jay Junghun Lee Hong Kong Baptist University Hong Kong
Dr. Peter Ka Chun Lee The Hong Kong Polytechnic University Hong Kong
Professor Tsun-siou Lee National Taiwan University Taiwan
Mr Yen Teik Lee Singapore Management University Singapore
Prof. Kai Li UBC Canada
Dr. Wilson Li United International College China
Prof. Hsin Yu Liang Feng Chia University Taiwan
50
Name University / Organisation Country Dr. Woan-lih Liang Yuan Ze University Taiwan
Professor Hsien-Hsing Liao National Taiwan University Taiwan
Dr. Tsai-Ling Liao Providence University Taiwan
Mr. Chao Hsien Lin National Kaohsiung First University of Science and Technology
Taiwan
Miss Chunmei Lin National University of Singapore Singapore
Mr. Jerchern Lin University of Southern California United States
Chunyan Chunyan Liu Kyushu University Japan
Miss Jianlei Liu Kyushu University Japan
Dr. Qianqiu Liu University of Hawaii United States
Mr. Xinren Liu Peking Unviersity China
Professor Xuewen Liu HKUST Hong Kong
Prof. Alexander Ljungqvist New York University United States
Professor Gerald Lobo U of Houston United States
Ms Meiting Lu Macquarie University Australia
Dr. Xingguo Luo The University of Hong Kong Hong Kong
Professor Tai Ma National Sun Yat-sen University Taiwan
Professor Yue Ma Lingnan University, Hong Kong Hong Kong
Mr Vijaya Bhaskar Marisetty RMIT University Australia
Professor Fauzias Mat Nor Universiti Kebangsaan Malaysia Malaysia
Prof Ernst Maug University of Mannheim Germany
Prof Chris McKenna University of Guelph Canada
Dr. Kotaro Miwa Tokio Marine Asset Management Japan
Dr. Abhiroop Mukherjee HKUST Hong Kong
Dr. Kyoko Nagata Tokyo Institute of Technology Japan
Dr. Miho Nakamura Oita University Japan
Professor Nandkumar Nayar Lehigh University United States
Professor Alex Wei Fung Ng University of Northern British Columbia Canada
Dr John Nowland City University of Hong Kong Hong Kong
Prof. Maureen O'Hara Cornell University United States
Dr. Kazuhiko Ohashi Hitotsubashi University Japan
Dr. Kamphol Panyagometh NIDA Business School Thailand
Dr Jerry Parwada University of New South Wales Australia
Dr. Pantisa Pavabutr Thammasat University Thailand
Prof. Alexander Philipov George Mason University United States
Dr. Visit Phunnarungsi Mahidol University Thailand
Mr Adrian POP University of Nantes France
Dr Russell Poskitt University of Auckland New Zealand
Prof.Vikash Ramiah RMIT University Australia
Professor S. Ghon Rhee University of Hawaii United States
Prof Timothy Riddiough University of Wisconsin - Madison United States
Dr. Tony (Jun) Ruan Xiamen University China
Prof Jarjisu Sa-Aadu University of Iowa United States
Dr Jesus Manuel Salas Lehigh University United States
Dr Jenni Bettman Australian National University Australia
Prof Mark Seasholes HKUST Hong Kong
Prof Rik SEN HKUST Hong Kong
Dr Yaowen Shan University of Technology Sydney Australia
51
Name University / Organisation Country Prof James Shilling DePaul University United States
Pierre Pierre Siklos Wilfrid Laurier University Canada
Dr. Kulpatra Sirodom Thammasat University Thailand
Prof. Anand Srinivasan National University of Singapore Macao
Miss Eva Maria Steiner University of Cambridge United Kingdom
A/Prof Jo-Ann Suchard UNSW Australia
Dr Jungwon Suh Ewha Womans University Korea, South
Dr. Vivian W. Tai Natioinal Chi Nan University Taiwan
Dr. Lewis Tam University of Macau Macao
Prof Hongping Tan University of Waterloo Canada
Dr. Dragon Yongjun Tang University of Hong Kong Hong Kong
Dr. Basak Tanyeri Bilkent University Turkey
Dr. Hassan Taufiq University Putra Malaysia Malaysia
Dr Tiong-Yang Thong Singapore Management University Singapore
Professor Gary Tian University of Wollongong Australia
Professor Garry Twite Australian National University Australia
Professor Konari Uchida Kyushu University Japan
Dr Robert Van Order George Washington University United States
Dr Fang Victor Monash University Australia
Professor Terry Stirling Walter University of Technology, Sydney Australia
Ms Xiaoqiao Wang Queen's University Canada
Dr. Yanzhi Wang Yuan Ze University Taiwan
Yimiko Yiyi Wang University of Macau Macao
Dr Mitchell Craig Warachka Singapore Management University Singapore
Professor K.C. John WEI HKUST Hong Kong
Prof. Raymond K. H. Wong CUHK Hong Kong
Dr. Betty (H.T.) Wu Yonsei School of Business Korea, South
Mr ChaoPeng Wu Xiamen University China
Dr. RUEI-SHIAN WU Yuan Ze University Taiwan
Dr Yanhui (Sean) Wu Queensland University of Technology Australia
Dr Chun Xia University of Hong Kong Hong Kong
Mr Masahiro Yamada University of Maryland, College Park United States
Dr. Takeshi Yamada University of Adelaide Australia
Dr Jimmy Yang Oregon State University United States
Mr. Jingjing Yang Massey University New Zealand
Mr. Jiaquan YAO Nanyang Technological University Singapore
Professor Martin Robert Young Massey University New Zealand
Dr. Jin Yu University of New South Wales Australia
Dr. Qi Zeng University of Melbourne Australia
Dr (John) Hong Feng Zhang Deakin University Australia
Professor Chu Zhang HKUST Hong Kong
Dr. Shaojun Zhang Hong Kong Polytechnic University China
Dr. Steven X. Zhang University of Macau Macao
Dr. Huimin Zhao The University of Hong Kong Hong Kong
Dr Shan Zhao Shanghai Univ of Finance & Economics China
Dr Xinwei Zheng Deakin University Australia
Ms Jing Zhou RMIT University Australia
Dr Qiaoqiao Zhu Australia National University Australia
