http://northernfinanceassociation.org

MEETING ROOMS

1. Malbaie A

2. Malbaie B

3. Matapédia

4. Richelieu B

5. Richelieu C

6. Saguenay

7. Tadoussac

1

Table of Contents

Map of Fairmont Le Manoir Richelieu Inside Front Cover

Table of Contents 1

Welcome from the Program Co-Chairs 2

Message from the NFA Board President 3

Program Committee 4

NFA 2017 Board of Directors 4

Schedule at a Glance 5

Conference Program 6-12

Index of Participants 13-14

Conference Sponsors 15-20

Conference Exhibitors 20

Business School Gold Sponsors of the NFA 21

Conference Awards 22

Year Members of the NFA 23

NFA 2019 Conference 24

A WORD FROM THE CO-CHAIRS

Dear Members and Guests of the NFA,

Welcome to this year’s 30th edition of the NFA

meeting and conference in the belle région of

Charlevoix, Quebec. It has been a pleasure

organizing the event, not least for the learning

opportunity it has afforded us. We hope that you will

enjoy the program we have selected and that you

will have time to explore the spectacular outdoor

surroundings, which have been classified as an

UNESCO World Biosphere Reserve.

The inaugural NFA meeting was held in 1989 with a

forty-paper program. In contrast, this year’s edition

features over three times the number of papers,

seven parallel sessions and draws upon some three

hundred participants (to the extent possible,

presenter and discussant roles are kept separate).

Notably, the growth has taken place in parallel with

an increasingly competitive selection procedure.

This year, for example, we were only able to include

about 16% of the 811 papers submitted on the main

program. This is our most selective conference so far.

With a record number of 381 program committee

members, we assigned each paper to three

reviewers while asking each reviewer to look at no

more than seven papers. Special thanks go to all of

them for their dedication and ongoing expert

support. At every level of participation, the

conference has broadened its reach globally, and

now competes with the best conferences across the

globe. Of this, we are particularly proud.

In addition to the regular sessions, two parallel

sessions have been specifically designed for PhD

students (chaired by Susan Christoffersen, University

of Toronto, and Burton Hollifield, Carnegie Mellon

University) with one special session earmarked for

assistant professors (chaired by Michael Brennan,

UCLA). Our keynote speaker is Pierre Collin-Dufresne,

Epfl and SFI. We are delighted to have them

participate in our program and appreciate their

responsiveness and willingness to help. The special

session continues to be extremely popular among

our junior colleagues and contributes to

distinguishing our conference.

Our fellow NFA board members have of course

provided us with key guidance. We benefited from

Louis, Maria and Murray’s experience in organizing

past events at Mont Tremblant and Halifax. Claudia

expertly managed our existing sponsors’

contributions and brought new ones on board.

Tatyana and Andriy kept our words and funds in

order, respectively. Without the board’s backing, this

would have been a daunting venture.

We are obviously also deeply indebted to our

sponsors and exhibitors, listed later in this document.

We will award eight best paper prizes, more than

ever before, across a wide spectrum of topics, and

many of the events on the social program are

directly supported by particular sponsors. We would

also like to thank our respective schools for

supporting us and other board members in our roles

within the NFA, with, naturally, a special thank you to

our own institution, the Desautels Faculty of

Management at McGill University.

Over and above our academic colleague

supporters, we benefited from a number of other

strong collaborators. Amy Marshall, of Queen’s

University, provided invaluable help in the day-to-

day planning of the conference. The Fairmont staff,

particularly Josianne Gagnon, have been

exceptional in ensuring smooth delivery of logistics

at the Manoir, while Marie-Josée Vallée has

supported us in our preparations all the way back to

November 2016.

Finally, and certainly not least, this event would

clearly not be possible without our members who

carry out the research, write the papers and take

the time to share it with our profession at this

conference. We are very grateful for this year’s

submission and strongly encourage you to continue

to submit your work to our upcoming conferences.

In short, we have a very strong program, in a superb

setting, and we hope

you will enjoy it.

A très bientôt!

Francesca et Jan

2

Francesca Carrieri

McGill University

Jan Ericsson

McGill University

PRESIDENT’S WELCOME Dear friends, colleagues, and guests,

Bienvenue à Charlevoix! On behalf of

the 2017-2018 Board of Directors, I

warmly welcome you al l to

picturesque Charlevoix and the 2018

Annual Meeting of the Northern

Finance Association. We are delighted

that you have joined us this weekend.

This is an especially meaningful event

for us as it marks the 30th year since

the NFA has been organizing annual

conferences showcasing the latest

research in finance blended with the

opportunity to appreciate Canada’s

rich and diverse natural and cultural

heritage. I hope you will avail yourself

of the stimulating sessions and

networking opportunities of an

excellent program carefully crafted by

this year’s conference chairs,

Francesca Carrieri and Jan Ericsson.

The NFA emerged from the desire to

provide a platform to financial

researchers from Canadian institutions

to interact and share their work, and

to fos te r c o l laborat i on and

excellence. We all owe tremendous

gratitude to the Association’s founding

committee and members, as well as

to all those who have selflessly

donated their time and skills to

organize the annual meetings over the

last three decades. 2012 saw the

incorporation of the NFA as a not-for-

profit organization. With this pivotal

move, the Association is now on a

better path to sustainability and better

positioned for serving its growing

membership that continues to expand

beyond Canada while our mission

remains as relevant as always. I would

like to take this opportunity to thank

the NFA Inaugural Board for their

instrumental role in building a solid

foundation for the new organization

and for their commitment to moving

the Association forward.

I am pleased to report that the NFA’s

growth continued during this past

year. Our membership has increased

both in numbers and in geographical

representation (with an increase of

committed five-year memberships,

too), the annual conference has once

again attracted a record number of

submissions, new experts have

graciously added their name to the

existing program committee, and new

industry partners have joined our

traditional sponsors in supporting our

mission. We are very grateful for all this

support. I would particularly like to

acknowledge the financial support of

the 17 business school Gold sponsors

of the Association and of the long-

term as well as the newest sponsors

and exhibitors of the annual

conference. Without their generous

contributions, we would not be able to

keep the registration fees unchanged

while managing the risk inherent in

long-term planning.

NFA would not be what it is today

without the many individuals who

believed in it over the years and who

contributed to its success by

submitting their work, reviewing

submissions, attending the conference

as speakers, presenters, discussants

and session chairs. To each of our

members: Thank you! You are the

reason we are here. There are many

finance conferences held each year

around the world and I hope you find

this event a rewarding and enriching

experience that will motivate you to

come back. I encourage you to stay

in touch with us via traditional

channels and social media. If you are

able to do so, please also consider

opting for a five-year membership.

This conference, like its predecessors,

would not have been possible without

the commitment and hard work of a

dedicated group of volunteers. My

sincere thanks and heart-felt gratitude

go to the current members of the

Board for their contribution to the

Association. This year we say goodbye

and thank you to Louis Gagnon who

has completed his board service.

Through his profound knowledge of

the organization and respect for its

values as well as his exemplary work

ethic, Louis has been an incredible

asset to the Board and to the NFA as a

whole. Murray Carlson has expressed

his willingness to continue for another

year for which I am very grateful.

Francesca Carrieri and Jan Ericsson

have been the busiest board

members these past months planning

a successful and memorable event for

us all. Andriy Shkilko took over the

Treasurer responsibilities with the

utmost meticulousness and skill. Thanks

also extend to Claudia Champagne,

our director in charge of sponsorship

for a successful campaign, Tatyana

Sokolyk, our diligent secretary, and

Jan Bena (director at large), as well as

outgoing members Kee-Hong Bae and

Katya Malinova. Finally, I would be

remiss if I did not express my gratitude

to Amy Marshall, the organization’s

only in-house staff, for her invaluable

assistance throughout the year.

We are already busy planning for the

2019 NFA conference to be held in

Vancouver on September 13-15. Your

active participation is what makes the

NFA richer and more successful every

year. I hope to see you there for what

promises to be an exciting weekend in

a city that is world-renowned for its

beauty.

Meanwhile, may your time with us this

weekend be both pleasant and

satisfying for the knowledge that you

acquire and that you impart to others.

I hope that you also take advantage

of this opportunity to enjoy each

other’s company and to positively

affirm the collegial nature that has

become a hallmark of our meetings.

Thank you for coming and enjoy the

conference!

Maria

3

Maria Pacurar

Dalhousie University

Jawad Addoum Senay Agca Toni Ahnert Amir Akbari Pat Akey Diego Amaya Haelim Anderson Daniel Andrei Alin Andries Deniz Anginer George Aragon Ebenezer Asem Hadiye Aslan Najah Attig Patrick Augustin Jun Kyung Auh Efstathios Avdis Davide Avino Ramin Baghai Hang Bai John (Jianqiu) Bai Warren Bailey Steven Baker Turan Bali Suman Banerjee Brad Barber Alexander Barinov Giovanni Barone Adesi Laurent Barras Robert Battalio Marie-Claude Beaulieu Jan Bena Luca Benzoni Frederick Bereskin Antje Berndt Mehdi Beyhaghi Vineet Bhagwat Andrew Bird Lloyd Blenman Alice Bonaime Maria Boutchkova Matthieu Bouvard Joseph Briggs Jonathan Brogaard Michael Brolley Markus Broman Celso Brunetti Andrea M. Buffa Aaron Burt Walid Busaba Sabrina Buti Paul Calluzzo Jie Cao Scott Cederburg Claire Celerier Murat Celik Pierre Chaigneau Claudia Champagne Bo Young Chang Yen-Cheng Chang Thomas Chemmanur Chunda Chen Joseph Chen

Ing-Haw Cheng Thummim Cho Kyoung Jin Choi Paul Moon Sub Choi Stéphane Chrétien Peter Christoffersen David Cimon Frank Coggins Paolo Colla J. Anthony Cookson Alexandre Corhay Arnold Cowan Benjamin Croitoru Nicolas Crouzet Jorge Cruz Lopez Peter Cziraki Robert Dam Andras Danis Adrien d'Avernas Alexander David Ryan Davies Shaun Davies Jesse Davis Tetiana Davydiuk Eric de Bodt Francois Derrien Georges Dionne Christian Dorion Hitesh Doshi Winston Dou Wolfgang Drobetz Ying Duan Evan Dudley Craig Dunbar Espen Eckbo Esther Eiling Sadok El Ghoul Redouane Elkamhi Andrey Ermolov Cheol Eun Chitru Fernando Bruno Feunou Jana Fidrmuc Mark Flannery Sean Foley Mathieu Fournier Scott Frame Murray Frank Louis Gagnon Priyank Gandhi Rohan Ganduri Janet Gao Xiaohui Gao René Garcia Antonio Gargano Hatem Ghouma Ron Giammarino Mariassunta Giannetti Sergei Glebkin Vincent Glode Brent Glover Jim Goldman Andrey Golubov

Ruslan Goyenko Vincent Grégoire Omrane Guedhami Jean-Pierre Gueyie Hui Guo Matthew Gustafson Bing Han Michael Hasler Rob Heinkel Amanda Heitz Brian Henderson Christoph Herpfer Michael Hertzel Jens Hilscher KiHoon Hong Alex Horenstein Christopher Hrdlicka Alex Hsu Alan Huang Kershen Huang Minjie Huang Peter Iliev Philipp Illeditsch Ozgur Ince Sergey Isaenko Chinmay Jain Jessica Jeffers Ranjini Jha Tim Johnson Madhu Kalimipalli Mark Kamstra Raymond Kan Nishad Kapadia Stephen Karolyi Aymen Karoui Aditya Kaul Ambrus Kecskés Mariana Khapko Dolly King Peter Klein Kristoph Kleiner Andy Koch Jiro Kondo Sanket Korgaonkar Yrjö Koskinen Lisa Kramer Mathias Kruttli Lars Kuehn John Chi-Fong Kuong Van Son Lai Hugues Langlois Jongsub Lee Suzanne Lee Alfred Lehar Ugur Lel Oliver Levine Stefan Lewellen Kai Li Si Li Ye Li Yi Li Yingzhen Li Erik Lie

Yuree Lim Tse-Chun Lin Yupeng Lin Chen Liu Tim Loughran Angie Low Michelle Lowry Hai Lu Lei Lu Christian Lundblad Evgeny Lyandres Liang Ma Andrew MacKinlay Katya Malinova Aytek Malkhozov Simone Manganelli William Mann Yifei Mao Roberto Marfe Massimo Massa Nadia Massoud Gonzalo Maturana Egor Matveyev Felix Meschke Roni Michaely darius miller Indrajit Mitra Usha Mittoo Anahit Mkrtchyan Shawn Mobbs Mahdi Mohseni Fabio Moneta Pablo Moran Nathalie Moyen Florian Muenkel Dmitriy Muravyev Scott Murray Samuele Murtinu Vikram Nanda Debarshi Nandy Lilian Ng Giang Nguyen Tu Nguyen Boris Nikolov Yoshio Nozawa Piotr Orlowski Chayawat Ornthanalai Hernan Ortiz-Molina Carlton Osakwe Emilio Osambela Carol Osler Daniela Osterrieder Maria Pacurar Miguel Palacios Saurin Patel M. Fabricio Perez Ryan Peters Ralitsa Petkova Blake Phillips Diane Pierret Elena Pikulina Melissa Porras Prado Mark Potter

Gabriel Power Lynnette Purda Yaxuan Qi Xiao Qiao Uday Rajan Raghu Rau Sugata Ray Steven Riddiough Roberto Robatto Michel Robe Raluca Roman Kevin Roshak Alberto Rossi Wendy Rotenberg Lukas Roth Guillaume Roussellet Amir Rubin Thomas Ruchti Oleg Rytchkov Aleksandra Rzeznik Samir Saadi Riccardo Sabbatucci Stefano Sacchetto Farzad Saidi Alessio Saretto Sergei Sarkissian Anna Scherbina Michael Schill Jan Schneemeier David Schumacher Miriam Schwartz-Ziv Denis Schweizer Gustavo Schwenkler Felipe Severino Pei Shao Yao Shen Kyung Shim Anil Shivdasani Andriy Shkilko Gordon Sick Stephan Siegel Mikhail Simutin Elif Sisli Ciamarra Pierre Six George Skoulakis David Smith Jason Smith Elvira Sojli Valeri Sokolovski Tatyana Sokolyk Keke Song Viktors Stebunovs Jason Sturgess Lorne Switzer Andrea Tamoni Hongfei Tang James Thompson Gloria Y. Tian Cristian Tiu Walter Torous Sami Torstila Yuri Tserlukevich Michael Ungeheuer

Raman Uppal Nancy Ursel Semih Uslu Gyuri Venter Guillaume Vuillemey Milos Vulanovic Hannes Wagner Chi Wan Jin Wang Junbo Wang Sarah Wang Teng Wang Wei Wang Xiaolu Wang Yajun Wang Ying Wang Yuan Wang Akiko Watanabe Masahiro Watanabe Brian Waters Sumudu Watugala Michael Weber Jason Wei Chardin Wese Ryan Williams Craig Wilson Adam Winegar Rafal Wojakowski Eliza Wu Jing Cynthia Wu Han Xia Steven Xiao Jin Xu Yu Xu Pradeep Yadav Dong Yan David Yang Liyan Yang Tina Yang Vladimir Yankov Scott Yonker Chris Yung Luana Zaccaria Ashraf Zaman Rafael Zambrana Giovanna Zanotti Fernando Zapatero Jing Zeng Bohui Zhang Feng Zhang Le Zhang Terry Zhang Jing Zhao Xiaofei Zhao Yonggan Zhao Alexei Zhdanov Ligang Zhong Guofu Zhou Tingyu Zhou Marius Zoican

2018 NFA PROGRAM COMMITTEE

NORTHERN FINANCE ASSOCIATION BOARD OF DIRECTORS 2017-2018

4

Jan Bena

University of British Columbia

Director at Large

Murray Carlson

University of British Columbia

Director at Large

Francesca Carrieri

McGill University

Program Co-Chair

Claudia Champagne

Université de Sherbrooke

Director at Large

Jan Ericsson

McGill University

Program Co-Chair

Louis Gagnon

Queen’s University

Director at Large

Maria Pacurar

Dalhousie University

President

Andriy Shkilko

Wilfrid Laurier University

Treasurer

Tatyana Sokolyk

Brock University

Secretary

Saturday, 22 September 2018

7:30am - 8:30am: Breakfast (Salon Richelieu) - Sponsored by the

Canadian Securities Institute Research Foundation

8:30am - 10:00am:

Fintech and Credit (Malbaie A)

Empirical Corporate Finance I (Malbaie B)

Asset Pricing Theory I (Matapédia)

Labour and Finance (Richelieu B)

Fund Management – Liquidity (Richelieu C)

Structural Models of the Firm (Saguenay)

Financing I (Tadoussac)

10:00am - 10:30am: Coffee Break (Easy Foyer)

10:30am - 12:00pm:

Liquidity in Global & Foreign Exchange Markets (Malbaie A)

OTC Markets (Malbaie B)

Corporate Finance Theory (Matapédia)

Fund Performance (Richelieu B)

Executive Compensation (Saguenay)

Asset Pricing and the Macroeconomy (Tadoussac)

12:00pm - 2:00pm:

Lunch and Annual General Meeting (Salon Richelieu)

Lunch Sponsored by Eventus

Keynote Address Sponsored by Scotiabank:

Pierre Collin-Dufresne (Swiss Finance Institute at the

Ecole Polytechnique Fédérale de Lausanne)

2:00pm - 3:30pm:

Gender and Finance (Malbaie A)

Innovation and Patents (Malbaie B)

Market Microstructure Theory (Matapédia)

Volatility and Jumps (Richelieu B)

Intraday Returns (Richelieu C)

Networks (Saguenay)

Corporate Governance (Tadoussac)

Sunday, 23 September 2018

7:00am - 8:00am: Breakfast (Salon Richelieu) - Sponsored by

the Caisse de dépôt et placement du Québec

8:00am - 10:00am:

Human Capital and Finance (Malbaie A)

Options (Malbaie B)

International Corporate Finance (Matapédia)

Empirical Corporate Finance (Richelieu B)

Fund Management (Richelieu C)

Asset Pricing - Frictions and Constraints (Saguenay)

Mortgages (Tadoussac)

10:00am - 10:30am: Coffee Break (East Foyer)

10:30am - 12:00pm:

Fintech and Blockchain (Malbaie B)

Asset Pricing Theory II (Matapédia)

Empirical Market Microstructure II (Richelieu B)

Predictability (Richelieu C)

Regulation and Supervision (Saguenay)

Financing II (Tadoussac)

Friday, 21 September 2018 1:30pm - 3:00pm: Doctoral Student Track

(Sponsored by the Bank of Canada/Parrainé par la Banque du Canada)

Competition, Activism, and the Corporation (Saguenay)

Cross Sectional Evidence on Asset Prices (Tadoussac)

3:00pm - 3:30pm: Coffee Break

3:30pm - 5:30pm: Doctoral Student Track

(Sponsored by the Bank of Canada/Parrainé par la Banque du Canada)

Banking, Financial Markets & Corporate Competition (Saguenay)

Asset Pricing Theory and Empirics (Tadoussac)

*Prior registration required to attend the Special Session

5:30pm - 7:30pm: Welcome Reception (Terrasse St.Laurent/Salon de The) - Sponsored by NEO

Saturday, 22 September 2018 (Continued)

3:30pm - 4:00pm: Coffee Break (East Foyer)

4:00pm - 6:00pm:

Fixed Income (Malbaie A)

6:00pm - 7:00pm: Pre-dinner Cash Bar

(East Foyer/Jardin Richelieu)

7:00pm - 10:00pm: Dinner (Salon Richelieu) - Sponsored by

RBC Capital Markets

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INDEX OF PARTICIPANTS

13

Agca, Senay 9 Cimon, David 8 Hodson, James 6, 11

Akey, Pat 10 Collin-Dufresne, Pierre 8 Hollifield, Burton 6, 12

Al-Haji, Ahmad 12 Connolly, Michael 6 Huang, Kershen 10

Allayannis, George 8, 11 Corum, Adrian Aycan 6 Huang, Ruidi 7

Allen, Jason 11 Crotty, Kevin 8 Illeditsch, Philipp 6, 12

Allena, Rohit 6 Dam, Robert 7 Jagannathan, Murali 10

Amaya, Diego 11 Danesh, Erfan 9 Javadekar, Apoorva 11

Anbil, Sriya 7 d'Avernas, Adrien 7, 10 Jeanneret, Alexandre 7

Andrei, Daniel 7, 9, 12 David, Alexander 6, 7 Jiao, Feng 8

Au, Shiu-Yik 10 Davies, Ryan 9 Jo, Chanik 7

Augustin, Patrick 11, 12 Davydiuk, Tetiana 8 Johnson, Tim 7, 8

Babenko, Ilona 6, 7 de Motta, Adolfo 8 Jørring, Adam 7

Bae, Kee-Hong 7, 11 Demyanyk, Yuliya 6 Kalimipalli, Madhu 11, 12

Bajeux-Besnainou, Isabelle 9 Dorion, Christian 9, 11 Kamstra, Mark 8, 12

Baker, Steven 7 Dou, Winston 11 Karnaukh, Nina 10

Balvers, Ronald 10 Duan, Rui 10 Karolyi, Stephen 10, 11

Balyuk, Tetyana 7 Duan, Ying 9 Kaul, Aditya 9

Battalio, Robert 12 Dyakov, Teodor 10 Kecskés, Ambrus 7

Bayar, Onur 12 Errunza, Vihang 10 Kim, Ryan 6

Bena, Jan 6, 11 Foroughi, Pouyan 9 Kim, Sehoon 9

Berlin, Mitchell 12 Frame, Scott 11 Kogan, Shimon 6, 7

Bermejo, Vicente J. 12 Gagnon, Louis 7 Kolasinski, Adam 11

Bessler, Wolfgang 9 Gallmeyer, Michael 6, 7, 8 Kondo, Jir 6

Betermier, Sebastien 8 Gande, Amar 12 Korgaonkar, Sanket 10, 11

Bogousslavsky, Vincent 9, 11 Garcia, René 8 Koskinen, Yrjö 10

Bouvard, Matthieu 12 Garcia-Ares, Pedro 11 Kramer, Lisa 9, 11

Boyle, Phelim 10, 11 Garriott, Corey 10 Krohn, Ingomar 8

Brennan, Michael 6 Ghosh, Anisha 11 Kronlund, Mathias 8, 11

Brolley, Michael 9 Giambona, Erasmo 7, 9 Kurtzman, Robert 7

Broman, Markus 11 Giammarino, Ron 8 Lai, Sandy 9

Buffa, Andrea M. 7 Glode, Vincent 6, 7, 8 Langlois, Hugues 8, 11

Busaba, Walid 10 Goldman, Jim 9 Larkin, Yelena 10

Calluzzo, Paul 11 Golubov, Andrey 11 Lee, Jongsub 10

Cao, Jie 9 Gozluklu, Arie 12 Lee, Tomy 8

Carlson, Murray 8 Green, Clifton 10 Lehar, Alfred 8

Champagne, Claudia 9, 12 Grégoire, Vincent 12 Lel, Ugur 9

Chang, Bo Young 8 Grundl, Serafin 11 Lenkey, Stephen 9

Chapman, David 6, 8 Guo, Hui 12 Lescourret, Laurence 10

Chava, Sudheer 12 Gupta, Deeksha 11 Lewis, Ryan 8, 10

Chemmanur, Thomas 6, 7, 8 Gupta, Nandini 11 Li, Jiasun 12

Chen, Wen 9 Haslag, Peter 12 Li, Si 7

Cheng, Ing-Haw 8 Hauswald, Robert 7, 10 Li, Xuelin 12

Chernobai, Anna 6, 12 Hébert, Camille 9 Liberti, Jose Maria 7

Choi, Youngmin 11 Henriksson, Matthew 11 Lin, Yiping 12

Chrétien, Stéphane 10 Herpfer, Christoph 12 Lindsey, Laura 11, 12

Christoffersen, Susan 6 Hertzel, Michael 9, 11 Linn, Matthew 8

Ciamarra, Elif Sisli 7 Hodor, Idan 8 Liu, Edith 10

INDEX OF PARTICIPANTS

14

Liu, Tingting 8 Plante, Sébastien 12 Uslu, Semih 8

Liu, Yuguo 11 Pratobevera, Giuseppe 10 Vasquez, Aurelio 11

Liu, Yukun 7 Qi, Yaxuan 11 Venter, Gyuri 12

Lu, Jun 11 Rindisbacher, Marcel 10 Via, Marc 9

Lu, Lei 8 Robertson, Adriana 10 Virani, Aazam 10

Lu, Siyu 6 Roesch, Dominik 9 Vogel, Sebastian 9

Lundblad, Christian 7, 10 Roussellet, Guillaume 10 Walton, Adrian 12

Lyonnet, Victor 7, 11 Rzeznik, Aleksandra 7 Wang, Chen 12

Ma, Matthew 6, 12 Sabbatucci, Riccardo 11 Wang, Cong 12

MacKinlay, Andrew 11 Sacchetto, Stefano 12 Wang, Huijun 10

Maleki, Hosein 7 Saleh, Fahad 12 Wang, Yajun 7

Malkhozov, Aytek 7, 12 Sarisoy, Cisil 9, 10 Wang, Yan 10

Martineau, Charles 8 Scherbina, Anna 9 Wang, Ying 10

Maslar, David 11 Schill, Michael 10, 11 Wardlaw, Malcolm 7

Matthies, Ben 6 Schneemeier, Jan 9 Watanabe, Akiko 8

Mehrotra, Vikas 7, 9 Schumacher, David 8, 11 Watanabe, Masahiro 10

Meier, Jean-Marie A. 9 Schure, Paul 12 Waters, Brian 8

Melzer, Brian 12 Schweizer, Denis 12 Weagley, Daniel 11

Mohseni, Mahdi 8 Schwenkler, Gustavo 8 Weber, Marko 7

Moneta, Fabio 7 Shan, Hongyu 6 Wei, Wei 8

Moon, Katie 9 Sharifkhani, Ali 7 Whelan, Paul 9

Moran, Pablo 12 Shen, Yi 6 Williams, Emily 11

Moyen, Nathalie 6, 10 Sheng, Jinfei 10, 12 Williams, Jared 12

Munyan, Benjamin 12 Shivdasani, Anil 9 Williams, Ryan 8

Muravyev, Dmitriy 9, 10 Shkilko, Andriy 7, 12 Wu, Wei 11

Nandy, Debarshi 9 Sichert, Tobias 6 Xiong, Yan 6

Ng, David T. 9, 10 Simin, Timothy 6, 10, 11 Xu, Nancy 8

Ng, Lilian 8 Simutin, Mikhail 9 Xu, Sheng-Jun 11

Nguyen, Giang 10 Skoulakis, Georgios 12 Yan, Dong 10

Nguyen, Phuong-Anh 7 Slutzky, Pablo 11 Yan, Xinyan 10

Ni, Sophie 11 Smith, Jason 9 Yan, Xuemin (Sterling) 11

Noh, Joonki 9 Sojli, Elvira 10 Yang, Liyan 8, 9

Oh, Junho 8 Sokolovski, Valeri 8 Yankov, Vladimir 12

Orlov, Dmitry 12 Sokolyk, Tatyana 10, 11 Yi, Irene 7

Orlowski, Piotr 7 Song, Keke 9 Zekhnini, Morad 11

Ornthanalai, Chayawat 9 Song, Yang 8 Zeng, Linghang 7

Pacurar, Maria 10 Stathopoulos, Andreas 8 Zhan, Xintong 11

Palazzo, Dino 11 Stern, Lea 10 Zhang, Jingjing 10

Paligorova, Teodora 12 Tan, Hongping 10 Zhang, Terry 6

Palomino, Francisco 7 Tancheva, Zhaneta 6 Zhang, Xingtan 12

Paradkar, Nikhil 7 Tang, Xiaoxiao 9 Zhao, Guihai 10

Pascual, Roberto 10 Teguia, Alberto 9 Zhao, Shen 8

Pearson, Neil 9 Tham, Wing Wah 9 Zhao, Xiaofei 7

Pederzoli, Paola 9 Toscano, Francesca 10 Zhdanov, Alexei 7

Pham, Peter 11 Tremblay, Andréanne 11 Zhou, Evan 12

Pikulina, Elena 11 Tuzun, Tugkan 7, 12 Zimmerman, Peter 12

Zoican, Marius 8

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◊ Automatic or customizable event-time alignment, esti-mation-period setup and event windows. Use powerful options to tailor a wide array of parameters to your needs.

◊ Fama-French classic and five-factor, market model, market adjusted, user-defined factor models, mean adjusted, buy-and-hold or cumulative, com-panion portfolios, single or multiple control firms and more.

◊ Trading-volume event stud-ies, bid-ask event studies and

absolute-return event stud-ies.

◊ Event-study statistical tests include calendar time, Patell, Boehmer-Musumeci-Poulsen, Kolari-Pynnönen, Jaffe-Man-delker, skewness-adjusted, event parameter, rank, gen-eralized rank, Wilcoxon, Ib-botson’s RATS, conventional and wild bootstrap tests and more.

◊ Calendar-time portfolio re-gression, Ibbotson’s RATS, and bootstrapped skewness-adjusted buy-and-hold meth-ods for long-run stock-price performance studies.

◊ New! Automatically build and use size-decile indexes from basic CRSP Stock data (skip the added-cost CRSP index package).

◊ New! Automatically build, match and use industry port-folio return indexes (cur-rently Fama-French 49 indus-tries and two-digit SIC).

◊ Output files of CAR, BHAR and more for further analysis; SAS, Excel, Stata, CSV and text output formats available.

◊ In addition to event studies, fast intuitive retrieval and event-time alignment of data from your subscribed CRSP™ stock database.

◊ Included SuperReg software for regression automates fixed effects and robustness methods: influence and col-linearity diagnostics, single- and double-cluster standard errors, nonparametric boot-strap, wild and wild-cluster bootstrap and more.

◊ Many more features than can be listed here… please ask us.

◊ Available for use through Wharton’s WRDS (institu-tional subscriptions to WRDS and Eventus for WRDS re-quired), or for Windows (SAS for Windows required). Even-tus for WRDS subscribers have a choice of web menus for some common tasks, as well as PC SAS Connect re-mote submission, and the WRDS Cloud command line for more advanced research needs.

Find out why researchers everywhere depend on Eventus. Chat with Eventus creator Professor Arnie Cowan at NFA 2018 or visit

support.eventstudy.com today!

The NEO Exchange is Canada’s next generation stock exchange, putting the needs of investors, businesses looking to raise capital and dealers first. Launched in 2015, the NEO Exchange offers an innovative trading venue to trade all Canadian-listed securities. It also offers a value-added listings process for capital raising companies and investment products, focussed on liquidity, transparency and efficiency. To learn more about how NEO is reshaping the Canadian stock exchange landscape, visit http://neostockexchange.com or call our investor helpline at 1 (844) 567-6424.

A New Way To Think About Going Public.

Rethink your stock exchange.

® Registered trademark of The Bank of Nova Scotia.

scotiabank.com

Scotiabank Proudly Supporting Canadian Research

The Desautels Faculty of Management is a proud sponsor of the

30th ANNUAL NFA CONFERENCE

2018mcgill.ca/desautels

EXHIBITORS

CANADIAN SECURITIES INSTITUTE RESEARCH FOUNDATION

Proud Sponsor of

Funding Granted

Limited Term Professorship ($150,000 over Three Years)

Research Grant ($40,000 over Two Years)

Academic Award ($35,000 over One Year)

PhD Award ($25,000 over One Year)

Applications – June 2019

CSIFOUNDATION.COM

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SPONSORS GOLD BUSINESS SCHOOL SPONSORS

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BEST PAPER AWARDS

Awards will be presented at the Saturday Luncheon and

posted on our website afterwards.

We are grateful to the following Award Donors:

Best PhD Paper

Best Paper on Corporate Finance/Responsible Finance

Best Paper on Derivatives

Best Paper on FinTech

Best Paper on Firm

Growth and Innovation

Best Paper on Long-term Investment

Best Paper on Market Microstructure

Best Paper on Risk Management

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NFA Founders and Lifetime Members

The Northern Finance Association started with a 1989 conference in Ottawa.

It was organized by

Giovanni Barone-Adesi (University of Alberta and Swiss Finance Institute)

Vijay Jog (Carleton University)

Lawrence Kryzanowski (Concordia University)

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Najah Attig, Saint Mary’s University

Kee-Hong Bae, York University

Marie-Claude Beaulieu, Université Laval

Sandra Betton, Concordia University

Laurence Booth, University of Toronto

Martin Boyer, HEC Montréal

Phelim Boyle, Wilfrid Laurier University

Walid Busaba, Western University

Ling Cen, University of Toronto

KJ Choi, University of Calgary

Stéphane Chrétien, Université Laval

Peter Christoffersen, University of Toronto

Susan Christoffersen, University of Toronto

Cowan Research (Eventus)

Donald Cyr, Brock University

Alex David, University of Calgary

Alan Douglas, University of Waterloo

Iraj Fooladi, Dalhousie University

Louis Gagnon, Queen’s University

Ron Giammarino, University of British Columbia

Allen Goss, Ryerson University

Scott Hendry, Bank of Canada

Ranjini Jha, University of Waterloo

Madhu Kalimipali, Wilfrid Laurier University

Mark Kamstra, York University

Raymond Kan, University of Toronto

Dmytro Karabash

Abdul-Rahman Khokhar, McMaster University

Lisa Kramer, University of Toronto

Van Son Lai, Université Laval

Ali Lazrak, University of British Columbia

Alfred Lehar, University of Calgary

Yuanshun Li, Ryerson University

Tom McCurdy, University of Toronto

Vikas Mehrotra, University of Alberta

Dave Michayluk, University of Technology, Sydney

Dev Mishra, University of Saskatchewan

Pablo Moran, University of Calgary

Hernan Ortiz-Molina, University of British Columbia

Ari Pandes, University of Calgary

Lynnette Purda, Queen’s University

Jiaping Qiu, McMaster University

Mohammad Rahaman, Saint Mary’s University

William Rentz, University of Ottawa

Gordon Roberts, York University

Michael Robinson, University of Calgary

Sergei Sarkissian, McGill University

Gordon Sick, University of Calgary

Brian Smith, Wilfrid Laurier University

Issouf Soumaré, Université Laval

James Thompson, University of Waterloo

Melissa Toffanin, Ryerson University

Ilias Tsiakas, University of Guelph

Kevin Wang, University of Toronto

Liyan Yang, University of Toronto

Ashraf Zaman, Saint Mary’s University

New 5-year Members

Wolfgang Bessler, Justus-Liebig-University Giessen

Murray Carlson, University of British Columbia

Francesca Carrieri, McGill University

Wei Dou, University of Pennsylvania

Burton Hollifield, Carnegie Mellon University

Mark Huson, University of Alberta

Maher Kooli, Université du Québec à Montréal

Nadia Massoud, University of Melbourne

Randall Morck, University of Alberta

Florian Muenkel, Saint Mary’s University

Maria Pacurar, Dalhousie University

Christine Parlour, University of California – Berkeley

Ryan Riordan, Queen’s University

Fahad Saleh, McGill University

Shastri Sandy, The Brattle Group

Sakya Sarkar, Tulane University

Jesus A. Sierra Jimenez, Canada Deposit

Insurance Corporation

Keke Song, Melbourne Business School

Anup Srivastava, Dartmouth College

Roi D. Taussig, Ariel University

Wei Wei, University of Calgary

Jingjing Zhang, McGill University

Inaugural 5-Year Members

Photo Credit: Albert Normandin

THE 31ST ANNUAL NORTHERN FINANCE ASSOCIATION CONFERENCE WILL BE

HELD ON SEPTEMBER 13-15, 2019 AT THE VANCOUVER MARRIOTT PINNACLE

DOWNTOWN HOTEL.

As British Columbia’s largest city, Vancouver is a haven for outdoor enthusiasts and cosmopolitan

adventurers alike. Framed by the Pacific Ocean and Coast Mountains, Vancouver’s meandering

oceanside pathways are the perfect way to explore the city. Close to 30 kilometres of uninterrupted

waterfront path surround Vancouver’s favourite neighbourhoods, including the seawall around Stanley

Park.

The Paper Submission System will open on the NFA website late in 2018.

Contact Us at chair@northernfinanceassociation.org

Follow Us on Twitter @NFA_CA

2019 NORTHERN FINANCE ASSOCIATION CONFERENCE

24

Follow Us on Twitter

@NFA_CA