2016 FMA European Conference
PROGRAM
9 & 10 Kesäkuu
Hanken School of Economics - Helsinki, finland
Tervetuloa Helsinkiin! Dear Colleagues:
Welcome to the 2016 FMA European Meeting in beautiful Helsinki, Finland! You will find a wide array of sessions to attend, each of which offers a unique opportunity for the discussion of timely academic and practical issues in finance. There are many outstanding papers being presented on this year's program – and many outstanding panel discussions as well as a number of opportunities for socializing.
We express a very special thank you to the members of this year's Scientific Committee who evaluated the academic paper submissions. We would also like to extend our appreciation to all of the participants on the program — Dr. Antti Petäjistö, our Keynote Speaker, Drs. Renée Adams and Iftekhar Hasan, our Doctoral Student Consortium Coordinators, the paper presenters, session chairpersons, discussants, panel session organizers and panelists, and attendees. Each of you makes a vital contribution to the program's success, and we are most appreciative. Finally, we offer our most sincere thanks to this year's conference sponsors. The support provided by these sponsors makes this a truly special event for all of us.
Thank you for joining us. We know you will enjoy this year’s program and social activities. Sincerely, Jennifer Koski, University of Washington Timo Korkeamäki, Hanken School of Economics 2016 FMA European Conference Program Co-chairs
2016 FMA European Conference Program - 1
2016 FMA European Conference Program
Table of Contents
Welcome ................................................................................................................................................ Ins Front Cover
Doctoral Student Consortium ........................................................................................................ 2
Special Events ...................................................................................................................................... 3
2016 European Conference Program Chairs ........................................................................... 4
Best Paper Award & Scientific Committees ............................................................................. 4
Conference Sponsors ........................................................................................................................ 6
Conference Program ......................................................................................................................... 7
Index of Participants ......................................................................................................................... 28
At-A-Glance Program ........................................................................................................................ 30
2017 European Conference Call for Papers & Participation ............................................. 32
Hanken School of Economics Floorplan .................................................................................... Ins Back Cover
Exhibitors
Exhibit Hours: Thursday & Friday, 8:30 am - 4:00 pm - Aula Foyer (Ground Level)
Follow the conversation
#FMAHelsinki2016
@finmgmtassoc www.facebook.com/FMA.org
2016 FMA European Conference Program - 2
2016 FMA European Doctoral Student Consortium
Coordinators
Renée Adams Professor of Finance & Commonwealth Bank Chair in Finance, University of New South Wales Iftekhar Hasan Professor of Finance & Corrigan Chair in International Business and Finance, Fordham University Scientific Advisor, Bank of Finland
Panelists Diane Denis, Katz Alumni Chair in Finance, Professor of Business Administration & Area Director for Finance University of Pittsburgh Petri Jylha, Assistant Professor Imperial College London Oguzhan Ozbas, Associate Professor of Finance University of Southern California Matti Suominen, Professor of Finance Aalto University Student Participants
Mohamed Al Guindy Queen's University
Mehmet Ihsan Canayaz University of Oxford
Tinghua Duan University of Edinburgh
Rogier Hanselaar Erasmus University Rotterdam
Patrick Herb Brandeis University
Shuang Jin Hong Kong University of Science & Technology
Mancy Luo Tilburg University
Nathan McNamee University of Surrey
Cagri Berk Onuk Cornell University
Ester Felez Vinas Stockholm Business School
Guosong Xu WHU - Otto Beisheim School of Management
Liping Zhao Hong Kong University of Science & Technology
2016 FMA European Conference Program - 3
Special Events
Thursday, June 9
Trends in European Corporate Governance
Special Panel Session 8:30 am - 10:00 am Room 210
Keynote Address 4:45 pm Aula (Ground Floor) Antti Petäjistö, BlackRock
Antti is a portfolio manager in BlackRock’s Scientific Active Equities group. His team is responsible for the management of all of BlackRock’s quantitative active equity portfolios in emerging markets. Previously, he was a researcher and portfolio manager in BlackRock’s Multi-Asset Strategies group, where his team's main responsibility was the development of active investment strategies for global tactical asset allocation. Prior to joining BlackRock, Antti was an Assistant Professor of Finance at the Yale School of Management and a Visiting Assistant Professor of Finance at New York University's Stern School of Business, where he taught MBA-level elective courses on investments and portfolio management as well as behavioral finance. His academic research includes topics such as active and passive portfolio management, performance evaluation of money managers, pricing inefficiencies in exchange-traded funds, and the price impact of passive indexing strategies. He also developed the Active Share measure which today is used by a number of practitioners. His research has been published and cited in academic journals and the popular press, and he has frequently presented his findings to both academic and practitioner audiences. Antti has a Ph.D. in Finance from MIT's Sloan School of Management and M.Sc. in Engineering Physics from the Helsinki University of Technology.
Gala Dinner 7:00 pm Pörssitalo (Helsinki NASDAQ OMX Building)
(Advance Reservations Required)
Friday, June 10
Innovations in Investment Strategy
Special Panel Session 8:30 am - 10:00 am Room 210
Macroprudential Issues in Banking
Special Panel Session 10:30 am - 12:00 noon Room 210
Regulatory Issues
Special Panel Session 1:30 pm - 3:00 pm Room 210
Closing Reception 5:15 pm Auditorium Maximum (Maxen) (Advance Reservations Required)
2016 FMA European Conference Program - 4
2016 FMA European Conference
Program Chairs
Jennifer Koski, Associate Professor of Finance & John B and Delores L Fery Faculty Fellow University of Washington Timo Korkeamäki, Pentti Professor of Finance Hanken School of Economics
Best Paper Award Review Committees
Ran Duchin Associate Professor of Finance William A Fowler Endowed Professor
University of Washington
Jonathan Karpoff Washington Mutual Endowed Chair in Innovation Professor of Finance
University of Washington
Matthijs Lof Assistant Professor of Finance Aalto University
Peter Nyberg Assistant Professor of Finance Aalto University
Edward Rice Associate Professor of Finance & Business Economics University of Washington
Scientific Committee
NAME AFFILIATION
Andrew Ainsworth University of Sydney
Ali C Akyol University of Melbourne
Aktham AlMaghaireh UAE University
Christian Andres WHU - Otto Beisheim School of Management
Davide Avino Swansea University
Jan Bartholdy Aarhus University
Mascia Bedendo Audencia Business School
Wolfgang Bessler University of Giessen
Pawel Bilinski Cass Business School
Ron Bird University of Technology Sydney
Sabri Boubaker Champagne School of Management
Hamid Boustanifar BI Norwegian Business School
Amit Bubna University of Maryland
Bonnie G Buchanan Seattle University
Deren Caliskan BBVA Compass
Maria Carapeto Cass Business School
Bill Christie Vanderbilt University
Stephen Christophe George Mason University
Lal C Chugh University of Massachusetts Boston
Gonul Colak Hanken School of Economics
Costanza Consolandi University of Siena
Brindusa Covaci Institute for World Economy
Arnold R. Cowan Iowa State University
Ettore Croci Universita' Cattolica del Sacro Cuore
Viet Anh Dang Manchester Business School
Andras Danis Georgia Institute of Technology
Sudip Datta Wayne State University
Sema Dube Yeditepe University
Nazam Dzolkarnaini University of Salford
Elyas Elyasiani Temple University
Vihang Errunza McGill University
Jocelyn D Evans College of Charleston
Vincenzo Farina University of Rome Tor Vergata
Chitru Fernando University of Oklahoma
Chris Florackis University of Liverpool
Emilios Galariotis Audencia Business School
Amar Gande Southern Methodist University
Aurobindo Ghosh Singapore Management University
Thomas Gilbert University of Washington
Guldem Gokcek New York University & University of Liverpool
Andrey Golubov University of Toronto
Laura Gonzalez Fordham University
Jocelyn Grira UAE University
Omrane Guedhami University of South Carolina
Andrea Heuson University of Miami
Arvid Hoffmann Maastricht University
Kenneth Högholm Hanken School of Economics
Martin Holmen University of Gothenburg
Huichou Huang University of Glasgow
Winifred Huang-Meier University of Essex
Mark C Hutchinson University College Cork
A Can Inci Bryant University
Dusan Isakov Université de Fribourg
Juha Joenväärä University of Oulu
Amrit Paul Judge Nottingham University
Sigitas Karpavicius University of Adelaide
2016 FMA European Conference Program - 5
Matti Keloharju Aalto University
Abby Kim US SEC
Ja Ryong Kim University of Nottingham
Johan Anders Knif Hanken School of Economics
Vladimir Kotomin Illinois State University
Yvonne Kreis Gutenberg University of Mainz
Ortenca Kume University of Kent
Van Son Lai Laval University
Asjeet Lamba University of Melbourne
Nikiforos Laopodis ALBA American College of Greece
Eva Liljeblom Hanken School of Economics
Abraham Lioui EDHEC Business School
Chen Liu Trinity Western University
Frederik Lundtofte Lund University
Evgeny Lyandres Boston University
Maria-Teresa Marchica Manchester Business School
Carmen Martí-Ballester Universitat Autònoma de Barcelona
Stephani Mason DePaul University
Pedro Matos University of Virginia
Mohamed Mekhaimer Clarkson University
Grzegorz Michalski Wroclaw University of Economics
Darius Miller Southern Methodist University
Dev R Mishra University of Saskatchewan
Shawn Mobbs University of Alabama
Roberto Mura Manchester Business School
Chris J Muscarella Penn State University
Tho Do Quoc Nguyen Vietnam Fatherland Front
Alexandra Niessen-Ruenzi University of Mannheim
Nimal Nimalendran University of Florida
Joao Pedro Vidal Nunes ISCTE-IUL Business School
Peter Mikael Nyberg Aalto University
Bunyamin Önal Aalto University
Jose Renato Ornelas Banco Central do Brasil
Charlotte Ostergaard BI Norwegian Business School
Neslihan Ozkan University of Bristol
Christine Panasian Saint Mary's University
Shams Pathan University of Queensland
Peter N Posch University of Dortmund
Thomas Post Maastricht University
Annette B Poulsen University of Georgia
Gabriel J Power Universite Laval
David Rakowski University of Texas at Arlington
Raghavendra Rau University of Cambridge
Leigh A Riddick American University
Kalle Rinne Luxembourg School of Finance
Astrid Juliane Salzmann RWTH Aachen University
Anis Samet American University of Sharjah
Christian H Schlag Goethe University Frankfurt
Florian Schulz University of Washington
Nicos A Scordis St John's University
John Sedunov Villanova University
Henri Servaes London Business School
Andriy Shkilko Wilfrid Laurier University
Stephan Siegel University of Washington
Linus Siming Bocconi University
Pierre Six Neoma Business School
Elvira Sojli Erasmus University
Hilmi Songur NW Missouri State University
Roberto Steri University of Lausanne
Duane Stock University of Oklahoma
Nuria Suarez CUNEF
Lingna Sun University of Mass Lowell
Lazaros Symeonidis University of East Anglia
Tuomas Takalo Hansen School of Economics
Artur Tamazian University of Southern California
Sami Torstila Aalto University
Serafeim Tsoukas University of Glasgow
Sami Vähämaa University of Vaasa
Mika Vaihekoski University of Turku
Pilar Velasco University of Alcala
Yulia Veld-Merkoulova Monash University
Kumar Venkataraman Southern Methodist University
Thanos Verousis University of Bath
João Paulo Torre Vieito Polytechnic Institute of Viana do Castelo
Silvio Vismara University of Bergamo
Milos Vulanovic City University of Hong Kong
Larry D Wall Federal Reserve Bank of Atlanta
Ching-chang Wang Southern Taiwan University of Science and Technology
Yingdi Wang Cal State Fullerton
Joshua T White University of Georgia
Feng (Harry) Wu Hong Kong Polytechnic University
Dan Xu Gonzaga University
Kazuo Yamada Nagasaki University
Erkan Yönder Ozyegin University
Marcellin Yovogan Sofia University
Mui Kuen Yuen Massey University
Burcin B Yurtoglu WHU - Otto Beisheim School of Management
Gulnara R Zaynutdinova West Virginia University
Jaime F Zender University of Colorado Boulder
Feng Zhan John Carroll University
2016 FMA European Conference Program - 6
2016 FMA EUROPEAN CONFERENCE
SPONSORS
Hanken School of Economics Hanken is a leading, internationally accredited university with over a hundred years of experience in education and research in economics and business administration. Its research is of an international high standard and is the foundation for all education. Hanken has close ties to the business community and an active alumni network with over 12 000 alumni working in more than 60 countries. The study environment is international and they operate in both Helsinki and Vaasa, Finland. Host Institution Conference Lanyard Sponsor Bank of Finland The Bank of Finland is the monetary authority and national central bank of Finland. It is also a part of the Eurosystem, which is responsible for euro area monetary policy and other central bank tasks. The Bank of Finland takes measures that foster economic stability. The Bank of Finland participates in the Eurosystem's monetary policy preparation, decision-making and communication, and is responsible for the implementation of monetary policy in Finland. The primary objective of monetary policy is price stability. Macroprudential Issues in Banking Sponsor (Session #56) CFA Institute CFA Institute is a global association of investment professionals. The organization offers the Chartered Financial Analyst designation, the Certificate in Investment Performance Measurement designation, and the Claritas Investment Certificate. It provides continuing education conferences, seminars, webcasts, and publications to allow members and other participants to stay current on developments in the investment industry. CFA Institute also oversees the CFA Institute Research Challenge for university students and the Research Foundation of CFA Institute. Thursday Luncheon Sponsor Elite Asset Management Plc Elite Group is a Finnish investment services company offering specialized asset management and fund investment services to private investors, institutions and investment professionals. Established in 2001, they employ 100 investment professionals and manage assets over 1.6 billion euros for 10,000 clients. Best Paper in Investments Award Sponsor
S&P Global Market Intelligence S&P Global Market Intelligence was born from the integration of S&P Capital IQ and SNL Financial. Driven by core tenets of accuracy, relevance, completeness, and timeliness, S&P Global Market Intelligence is a leading provider of financial and industry data, research, news and analytics to investment professionals, government agencies, corporations, and universities worldwide. By unifying the highest quality data and industry-leading solutions from S&P Capital IQ and SNL, they integrate news, comprehensive market and sector-specific data and analytics into a variety of tools to help clients track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuations, and assess credit risk.
Delegate Bag Sponsor Suomen Arvopaperimarkkinoiden Edistämissäätiö Stiftelsen för främjandet av värdepappersmarknaden i Finland The purpose of the charter of the foundation is to support and promote the ideological basis of broad-based securities saving, the development of securities markets, as well as risk capital formation of the Finnish economy through the stock market, and related research and publishing activities.
2016 FMA European Conference Program - 7
2016 FMA European Conference Program
Thursday, June 9 8:30 am -10:00 am
SESSION 01 Trends in European Corporate Governance
Thursday, 8:30 am - 10:00 am, Room 210 This special panel session will address the extent to which corporate ownership and governance practices in EU countries such as Germany, France, and the Nordic countries are "converging" with the capital markets-based governance practices in the U.S. and U.K. Also, are they also retaining important elements of their own ownership and governance systems - and are these elements sources of strength and competitive advantage or impediments to further valuable governance reforms? Moderator Donald A Chew, Founding Editor & Editor-in-Chief Journal of Applied Corporate Finance Panelists Tom Berglund, Professor of Economics Hanken School of Economics Wolfgang Bessler, Professor of Finance and Banking Justus-Liebig-Universität Giessen Charles Elson, Edgard S Woolard Jr Chair in Corporate Governance Professor of Finance Director, John L Weinberg Center for Corporate Governance University of Delaware Marc Steffen Rapp, Professor of Business and Head, Management Accounting Research Group Philipps-Universität Marburg
SESSION 02 NO SESSION SCHEDULED
Thursday, 8:30 am - 10:00 am, Room 309
SESSION 03 Repurchases & Stock Splits
Thursday, 8:30 am - 10:00 am, Room 303 Chairperson: Mohamed Al Guindy, Queen's Univ Insider Trading and Open Market Share Repurchase Announcements
Waqar Ahmed, Univ of Warwick
Stock Split Signalling: Evidence from Short Interest
M Fabricio Perez, Wilfrid Laurier Univ Andriy Shkilko, Wilfrid Laurier Univ Ning Tang, Wilfrid Laurier Univ
Buyback Persistence, Dilutive Stock Options and the Anti-Dilution Effect
Rohit Sonika, Univ of Exeter Mark B Shackleton, Lancaster Univ
Presenter: Waqar Ahmed Presenter: Andriy Shkilko Presenter: Rohit Sonika Discussant: Lingxiang Li
SUNY Old Westbury Discussant: Michael Xiaoran Ni
Tsinghua Univ & Univ of Michigan Discussant: Mahendrarajah Nimalendran
Univ of Florida
SESSION 04 Cross-Listed Firms
Thursday, 8:30 am - 10:00 am, Room 304 Chairperson: Yue (Lucy) Liu, Univ of Edinburgh A New Resolution of the China Foreign Share Discount Puzzle: Media Control and News Perception
Rong Ding, Univ of Warwick Wenxuan Hou, Univ of Edinburgh Yue (Lucy) Liu, Univ of Edinburgh John Zhang, Durham Univ
Cross-Delisting, Financial Constraints and the Investment Sensitivities
Gilberto Loureiro, Univ of Minho Sónia Silva, Univ of Minho
The Information Content and Investor Reaction to SEC Disclosures by Foreign Firms
Audra L Boone, US SEC Kathryn Schumann, James Madison Univ Joshua T White, Univ of Georgia
Presenter: Yue (Lucy) Liu Presenter: Gilberto Loureiro Presenter: Kathryn Schumann Discussant: Jun Myung Song
Univ of New South Wales Discussant: Nebojsa Dimic
Univ of Vaasa Discussant: Yue (Lucy) Liu
Univ of Edinburgh
PANEL SESSION
2016 FMA European Conference Program - 8
SESSION 05 Determinants of Cash Holdings 1
Thursday, 8:30 am - 10:00 am, Room 305 Chairperson: Patrick McColgan, Strathclyde Univ Local Bank Access, Financial Flexibility and Corporate Liquidity Management
Nhan Le, Univ of Mannheim Phong Ngo, Australian National Univ
Do Chief Financial Officers Affect Corporate Cash Policies?
Chris Florackis, Univ of Liverpool Sushil Sainani, Univ of Liverpool
The Determinants of Cash Holdings: Evidence from Meta-Regression Analysis
J Felix Weidemann, Univ of Cologne Presenter: Nhan Le Presenter: Chris Florackis Presenter: J Felix Weidemann Discussant: Patrick McColgan
Strathclyde Univ Discussant: Ajay Patel
Wake Forest Univ Discussant: Halit Gonenc
Univ of Groningen
SESSION 06 High Frequency Trading
Thursday, 8:30 am - 10:00 am, Room 306 Chairperson: Frederick H deB Harris, Wake Forest Univ Flash Crashes, Rallies and Spillovers
Bei Cui, Univ of Hong Kong Arie E Gozluklu, Univ of Warwick
Shackled High Speed Traders? Latency Reduction and Short Sale Bans
Bidisha Chakrabarty, Saint Louis Univ Pamela C Moulton, Cornell Univ Roberto Pascual, Univ of the Balearic
Islands
High Frequency Trading, Market Volatility and Trading Counterparty Performance
P Joakim Westerholm, Univ of Sydney
Presenter: Bei Cui Presenter: Roberto Pascual Presenter: Joakim Westerholm Discussant: Tugkan Tuzun
Federal Reserve Board (Comments presented by Frederick Harris)
Discussant: Frederick H deB Harris Wake Forest Univ
Discussant: Hanyu Zhang Univ of Reading
SESSION 07 Debt Structure & Borrowing Costs
Thursday, 8:30 am - 10:00 am, Room 307 Chairperson: Sadok El Ghoul, Univ of Alberta Bank Loan Pricing and Top Executive Gender: A Cross-Cultural Perspective
Clarissa Hauptmann, Maastricht Univ Stefanie Kleimeier, Maastricht Univ Stefan Straetmans, Maastricht Univ
Trade Credit: Elusive Insurance of Firm Growth
Dennis Bams, Maastricht Univ Jaap Bos, Maastricht Univ Magdalena Pisa, WHU Otto Beisheim
School of Management
Debt Structure and Credit Ratings Mascia Bedendo, Audencia Business
School Linus Siming, Bocconi Univ
Presenter: Stefanie Kleimeier Presenter: Magdalena Pisa Presenter: Linus Siming Discussant: Angelica Gonzalez
Univ of Edinburgh Discussant: Sadok El Ghoul
Univ of Alberta Discussant: Gi H Kim
Univ of Warwick
SESSION 08 Factor Models
Thursday, 8:30 am - 10:00 am, Room 308 Chairperson: Marie Lambert, Univ of Liege Are Stocks Priced to Yield a Resiliency Premium?
Nazli (Sila) Alan, Fairfield Univ Jian Hua, Baruch College CUNY Lin Peng, Baruch College CUNY Robert A Schwartz, Baruch College CUNY
Size and Value Matter, but Not the Way You Thought
Marie Lambert, Univ of Liege Boris Fays, Univ of Liege Georges Hübner, Univ of Liege
New Evidence on Conditional Factor Models
Paulo Maio, Hanken School of Economics
Presenter: Jian Hua Presenter: Marie Lambert Presenter: Paulo Maio Discussant: Paulo Maio
Hanken School of Economics Discussant: Kyung Yoon Kwon
KAIST Discussant: Marie Lambert
Univ of Liege
2016 FMA European Conference Program - 9
SESSION 09 Bank Risk Taking
Thursday, 8:30 am - 10:00 am, Room 408 Chairperson: Jens Forssbæk, Lund Univ Beyond the Corner Office: Employee Characteristics and Bank Performance
Vladimir Mukharlyamov, Harvard Univ
The Impact of Stakeholder Orientation on Bank Risk-Taking: Evidence from Natural Experiment
Woon Sau Leung, Cardiff Univ Wei Song, Swansea Univ Jie Chen, Cardiff Univ
Do Female CEOs and Chairwomen Constrain Bank Risk-Taking? Evidence from the Effects of Real Estate Shocks on Bank Performance
Ajay Palvia, Comptroller of the Currency Emilia Vähämaa, Hanken School of
Economics Sami Vähämaa, Univ of Vaasa
Presenter: Vladimir Mukharlyamov Presenter: Wei Song Presenter: Emilia Vähämaa Discussant: Lawrence Kryzanowksi
Concordia Univ Discussant: Jens Forssbæk
Lund Univ Discussant: Vathunyoo Sila
Univ of Edinburgh
SESSION 10 Credit Risk
Thursday, 8:30 am - 10:00 am, Room 409 Chairperson: Giorgio Ottonello, Vienna Univ of Economics & Business Credit Risk Analysis with Creditor's Option to Extend Maturities
Ryoichi Ikeda, Nanzan Univ Yoske Igarashi, Univ of Exeter
Systematic and Firm-specific Credit and Illiquidity Risks of CDS Spreads
Olga Kolokolova, Univ of Manchester Ming-Tsung Lin, Univ of Manchester Ser-Huang Poon, Univ of Manchester
Adjusting Warrant Prices to Credit Risk Changes: Fact or Fiction?
Andrea Schertler, Leuphana Univ Saskia Stoerch, Leuphana Univ
Presenter: Yoske Igarashi Presenter: Ming-Tsung Lin Presenter: Saskia Stoerch Discussant: Giorgio Ottonello
Vienna Univ of Economics & Business Discussant: Esa Jokivuolle
Bank of Finland Discussant: Steven Xiao
Univ of Texas Dallas
SESSION 11 Takeover Deal Premiums
Thursday, 8:30 am - 10:00 am, Room 411 Chairperson: Andrey Golubov, Univ of Toronto Price and Probability: Decomposing the Takeover Effects of Anti-Takeover Provisions
Vicente Cuñat, London School of Economics
Mireia Giné, WRDS Univ of Penn & IESE Business School
Maria Guadalupe, INSEAD, CEPR & IZA
How Much Does Your Banker's Target-Specific Experience Matter?
Richard Herron, Babson College
Founder Premiums and Acquirer Returns for Private Targets
Yamin Xie, Hanken School of Economics
Presenter: Mireia Giné Presenter: Richard Herron Presenter: Yamin Xie Discussant: Andrey Golubov
Univ of Toronto Discussant: Duc Duy (Louis) Nguyen
Univ of St Andrews Discussant: Mark Jansen
Univ of Texas
Coffee Break 10:00 am - 10:30 am Aula Foyer (Ground Floor)
2016 FMA European Conference Program - 10
Thursday - 10:30 am - 12:00 noon
SESSION 12 NO SESSION SCHEDULED
Thursday, 10:30 am - 12:00 noon, Room 210
SESSION 13 Board Composition
Thursday, 10:30 am - 12:00 noon, Room 309 Chairperson: M Farooq Ahmad, Skema Business School Board Gender Diversity, Innovation and Firm Performance
Jie Chen, Cardiff Univ Woon Sau Leung, Cardiff Univ Kevin P Evans, Cardiff Univ
Spillover Effects of Women on Boards Vathunyoo Sila, Univ of Edinburgh Angelica Gonzalez, Univ of Edinburgh
Presenter: Jie Chen Presenter: Vathunyoo Sila Discussant: M Farooq Ahmad
Skema Business School Discussant: Emilia Vähämaa
Hanken School of Economics
SESSION 14 NO SESSION SCHEDULED
Thursday, 10:30 am - 12:00 noon, Room 303
SESSION 15 State Ownership
Thursday, 10:30 am - 12:00 noon, Room 304 Chairperson: Qian Sun, Fudan Univ State Ownership and Corporate Litigation in a Civil Law Jurisdiction: The Case of China
Jiafu An, Univ of Edinburgh Jo Danbolt, Univ of Edinburgh Wenxuan Hou, Univ of Edinburgh
Disentangling the Effects of State Ownership on Investment – Evidence from Europe
Patrick Jaslowitzer, Phillips-Universität Marburg
William L Megginson, Univ of Oklahoma Marc Steffen Rapp, Phillips-Universität
Marburg
Do Share Issue Privatizations Really Improve Firm Performance in China?
Bo Li, Shantou Univ William L Megginson, Univ of Oklahoma Zhe Shen, Xiamen Univ Qian Sun, Fudan Univ
Presenter: Jiafu An Presenter: Marc Steffen Rapp Presenter: Qian Sun Discussant: Haikun Zhu
Tilburg Univ Discussant: Qian Sun
Fudan Univ Discussant: Tinghua Duan
Univ of Edinburgh
SESSION 16 NO SESSION SCHEDULED
Thursday, 10:30 am - 12:00 noon, Room 305
SESSION 17 Bank Lending Risk
Thursday, 10:30 am - 12:00 noon, Room 306 Chairperson: Yoske Igarashi, Univ of Exeter LIBOR's Poker: Rigging, Signaling, and Colluding
Jiakai Chen, Univ of Hawaii Manoa Banks' Credit-Portfolio Choices and Risk-Based Capital Regulation
Caren Yinxia Nielsen, Lund Univ Presenter: Jiakai Chen Presenter: Caren Yinxia Nielsen Discussant: Andrea Heuson
Univ of Miami Discussant: Yoske Igarashi
Univ of Exeter
2016 FMA European Conference Program - 11
SESSION 18 Debt Maturity Structure
Thursday, 10:30 am - 12:00 noon, Room 307 Chairperson: Nhan Le, Univ of Mannheim International Debt Specialization: Role of Creditor Rights
Mahsa Kaviania, Concordia Univ Lawrence Kryzanowski, Concordia Univ
The Impact of Exporting on SME Capital Structure and Debt Maturity Choices
Elisabeth Maes, KU Leuven Nico Dewaelheyns, KU Leuven Catherine Fuss, National Bank of Belgium Cynthia Van Hulle, KU Leuven
The Influence of Cash Flow Volatility on Capital Structure and the Use of Debt of Different Maturities
Michael Keefe, Victoria Univ of Wellington
Mona Yaghoubi, Victoria Univ of Wellington
Presenter: Lawrence Kryzanowski Presenter: Elisabeth Maes Presenter: Mona Yaghoubi Discussant: Xiaoran Huang
Nanyang Technological Univ Discussant: Stefano Colonnello
IWH & Otto von Guericke Univ Discussant: Nhan Le
Univ of Mannheim
SESSION 19 Relative Pricing
Thursday, 10:30 am - 12:00 noon, Room 308 Chairperson: Guldem Gokcek, New York Univ & Univ of Liverpool The Correlation Risk Premium Term Structure
Gonçalo Faria, Católica Porto Business School
Robert Kosowski, Imperial College London, CEPR & Oxford-Man Institute of Quantitative Finance
Financial Market Integration Asymmetry and Contagion
Ralf Kellner, Universität of Regensburg Daniel Rösch, Universität of Regensburg
Not Risk Free: The Relative Pricing of Euro Area Inflation-Indexed and Nominal Bonds
Zorka Simon, Univ of Mannheim, Tilburg Univ & Netspar
Presenter: Gonçalo Faria Presenter: Ralf Kellner Presenter: Zorka Simon Discussant: Petar Sabtchevsky
London School of Economics Discussant: Astrid Schornick
INSEAD Discussant: Miles Livingston
Univ of Florida
SESSION 20 Crash Risk
Thursday, 10:30 am - 12:00 noon, Room 408 Chairperson: Guanming He, Univ of Warwick Insider Sales and Future Stock Price Crash Risk: Firm-Level Analysis
Guanming He, Univ of Warwick Helen Ren, Univ of Warwick Richard Taffler, Univ of Warwick
Corporate Accessibility, Private Communications and Stock Price Crash Risk
Michael Firth, Lingnan Univ Sonia Man-lai Wong, Lingnan Univ Xiaofeng Zhao, Chinese Univ of Hong Kong
Presenter: Guanming He Presenter: Xiaofeng Zhao Discussant: Wenrui Zhang
Chinese Univ of Hong Kong Discussant: Guanming He
Univ of Warwick
SESSION 21 Option Volatility
Thursday, 10:30 am - 12:00 noon, Room 409 Chairperson: Mahendrarajah Nimalendran, Univ of Florida Volatility and Directional Information-Based Trading in Options
Yong Jin, Univ of Florida Mahendrarajah Nimalendran, Univ of Florida Sugata Ray, Univ of Florida
Are there Gains from Using Information over the Term Structure of Implied Volatilities
Biao Guo, Renmin Univ of China Qian Han, Xiamen Univ Hai Lin, Victoria Univ of Wellington
Presenter: Mahendrarajah Nimalendran Presenter: Hai Lin Discussant: Hai Lin
Victoria Univ of Wellington Discussant: Gonçalo Faria
Católica Porto Business School
2016 FMA European Conference Program - 12
SESSION 22 Corporate Takeovers & Divestitures
Thursday, 10:30 am - 12:00 noon, Room 411 Chairperson: Linus Siming, Bocconi Univ How Information Asymmetry Affects Contract Design: Paying for Private Firms with IOUs
Mark Jansen, Univ of Texas
Refocusing Through Discontinued Operations, R&D Investment and Acquisitions
Richard A Lord, Montclair State Univ Yoshie Saito, Old Dominion Univ
The Impact of Political Uncertainty on Mergers and Acquisitions
Bunyamin Önal, Aalto Univ Mikael Paaso, Aalto Univ
Presenter: Mark Jansen Presenter: Richard Lord Presenter: Bunyamin Önal Discussant: Linus Siming
Bocconi Univ Discussant: Michele Meoli
Univ of Bergamo Discussant: Severin Zörgiebel
Goethe Univ
Luncheon 12:00 noon - 1:30 pm - Auditorium Maximum (Maxen) (Floor 2)
Luncheon Sponsored By
Thursday, 1:30 pm - 3:30 pm
SESSION 23 Bank Regulation Reform
Thursday, 1:30 pm - 3:00 pm, Room 210 Chairperson: Nikolaos I Papanikolaou, Univ of Sussex Home Sweet Home: Bank Lending and the Impact of the Global Financial Crisis
Aurore Burietz, Université Libre de Bruxelles, SBS-EM, CEB
Loredana Ureche-Rangau, Université de Picardie Jules Verne
The Impact of Banking Reform on Earnings Quality in Eastern Europe
Yiwei Fang, Illinois Institute of Technology
Iftekhar Hasan, Fordham Univ & Bank of Finland
Lingxiang Li, SUNY Old Westbury
Bank's Lending Behaviour and the Business Cycle in European Countries: Is there a Significant Procyclicality?
Katsutoshi Shimizu, Nagoya Univ Kim Cuong Ly, Univ of Glasgow
Presenter: Aurore Burietz Presenter: Lingxiang Li Presenter: Kim Cuong Ly Discussant: Nikolaos I Papanikolaou
Univ of Sussex Discussant: Yanlei Zhang
Universidad Carlos III de Madrid Discussant: Woon Sau Leung
Cardiff Univ
SESSION 24 Executive Compensation & Financing Structure
Thursday, 1:30 pm - 3:00 pm, Room 309 Chairperson: Gonul Colak, Hanken School of Economics Executive Compensation Structure and Credit Spreads
Stefano Colonnello, IWH & Otto-von-Guericke Univ
Giuliano Curatola, Goethe Univ Frankfurt Giang Ngoc Hoang
Industry Centrality: Implications for Industry Attributes and Nature of Managerial Contracting
Rasha Ashraf, Georgia State Univ Nishant Dass, Georgia Institute of
Technology Vikram Nanda, Univ of Texas Dallas
The Trade-Off Between Compensation Contracts and Debt Covenants in Financial Contracting
Bill B Francis, Rensselaer Polytechnic Institute
Iftekhar Hasan, Fordham Univ & Bank of Finland
Qi Liu, Peking Univ Xian Sun, Johns Hopkins Univ
Presenter: Stefano Colonnello Presenter: Nishant Dass Presenter: Xian Sun Discussant: Ping Sun
Univ of Manchester Discussant: Gonul Colak
Hanken School of Economics Discussant: Thomas Keusch
Erasmus Univ
2016 FMA European Conference Program - 13
SESSION 25 IPOs & SEOs
Thursday, 1:30 pm - 3:00 pm, Room 303 Chairperson: Marc Steffen Rapp, Philipps-Universitat Marburg Growth Strategies of Initial Public Offerings in Europe
Wolfgang Bessler, Justus-Liebig Universität Giessen
Colin Schneck, Justus-Liebig Universität Giessen
Jan Zimmermann, Justus-Liebig Universität Giessen
Staged Equity Financing – Who, When, and Why?
Timo Korkeamäki, Hanken School of Economics
Magnus Blomkvist, Audencia Business School
Valuation of IPOs with Negative Earnings
Severin Zörgiebel, Goethe Univ Frankfurt
Presenter: Wolfgang Bessler Presenter: Magnus Blomkvist Presenter: Severin Zörgiebel Discussant: Magnus Blomkvist
Audencia Business School Discussant: Wolfgang Bessler
Justus-Leibig Universität Giessen Discussant: Marc Steffen Rapp
Philipps-Universität Marburg
SESSION 26 Determinants of Cash Holdings 2
Thursday, 1:30 pm - 3:00 pm, Room 304 Chairperson: Chris Florackis, Univ of Liverpool Cyclicality of Growth Opportunities and the Value of Cash Holdings
Meike Ahrends, Univ of Hamburg Wolfgang Drobetz, Univ of Hamburg Tatjana Xenia Puhan, Univ of Mannheim
& Swiss Life Asset Managers
Corporate Live-Cycle Dynamics of Cash Holdings
Henning Schröder, Univ of Hamburg Michael Halling, Stockholm School of
Economics Wolfgang Drobetz, Univ of Hamburg
The Effects of Country and Firm-Level Governance on Cash Management
Halit Gonenc, Univ of Groningen Bruce Seifert, Old Dominion Univ
Presenter: Wolfgang Drobetz Presenter: Henning Schröder Presenter: Halit Gonenc Discussant: Chris Florackis
Univ of Liverpool Discussant: J Felix Weidemann
Univ of Cologne Discussant: John W Goodell
Univ of Akron
SESSION 27 Asset Pricing & Currency Markets
Thursday, 1:30 pm - 3:00 pm, Room 305 Chairperson: Mark Hutchinson, Univ College Cork Is Currency Momentum Driven by Global Economic Risk?
Klaus Grobys, Univ of Vaasa Jari-Pekka Heinonen, Univ of Vaasa James Kolari, Texas A&M Univ
Intraday Momentum in FX Markets: Disentangling Informed Trading from Liquidity Provision
Gert Elaut, Ghent Univ Michael Frömmel, Ghent Univ Kevin Lampaert, Ghent Univ
Currency Premia in Open Economies Astrid V Schornick, INSEAD
Presenter: Klaus Grobys Presenter: Kevin Lampaert Presenter: Astrid Schornick Discussant: Mark Hutchinson
Univ College Cork Discussant: Andrew Urquhart
Univ of Southampton Discussant: Guldem Gokcek
New York Univ & Univ of Liverpool
SESSION 28 Trading Strategies
Thursday, 1:30 pm - 3:00 pm, Room 306 Chairperson: Ming-Tsung Lin, Univ of Manchester Buffett’s Asset Allocation Advice: Take It … With a Twist
Javier Estrada, IESE Business School On Valuation and Liquidity Motivated Mutual Fund Trading
Martin Rohleder, Univ of Augsburg Dominik Schulte, Univ of Augsburg Janik Syryca, Univ of Augsburg Marco Wilkens, Univ of Augsburg
Presenter: Javier Estrada Presenter: Martin Rohleder Discussant: Ming-Tsung Lin
Univ of Manchester Discussant: Katja Ahoniemi
Imperial College London
2016 FMA European Conference Program - 14
SESSION 29 Debt Financing
Thursday, 1:30 pm - 3:00 pm, Room 307 Chairperson: Sung C Bae, Bowling Green State Univ Does Foreign Currency Debt Financing Increase Firm Value? Evidence from Korea Surrounding Global Financial Crisis
Sung C Bae, Bowling Green State Univ Hyeon Sook Kim, Chungnam National
Univ Taek Ho Kwon, Chungnam National Univ
The Impact of Political Risk on Foreign Lending: Evidence on Bilateral Investment Treaties, Expropriations, and Syndicated Loans
Veljko Fotak, Univ at Buffalo SUNY Hae Kwon Lee, Univ at Buffalo SUNY
Bank Size and Firm Investment Swarnava Biswas, Univ of Bristol Fabiana Gomez, Univ of Bristol Wei Zhai, Univ of Bristol
Presenter: Sung Bae Presenter: Veljko Fotak Presenter: Wei Zhai Discussant: Stefanie Kleimeier
Maastricht Univ Discussant: Wei Zhai
Univ of Bristol Discussant: Caren Yinxia Nielsen
Lund Univ
SESSION 30 Volatility
Thursday, 1:30 pm - 3:00 pm, Room 308 Chairperson: Fabian Hollstein, Leibniz Univ Hannover Aggregate Uncertainty Affects Stock Returns
Fabian Hollstein, Leibniz Univ Hannover Marcel Prokopczuk, Leibniz Univ
Hannover
Variance Risk Premia on Stocks and Bonds
Petar Sabtchevsky, London School of Economics
Andrea Vedolin, London School of Economics
Paul Whelan, Copenhagen Business School
Philippe Mueller, London School of Economics
Modelling Intraday Volatility in European Bond Markets: A Data Filtering Application
Hanyu Zhang, Univ of Reading Alfonso Dufour, Univ of Reading
Presenter: Fabian Hollstein Presenter: Petar Sabtchevsky Presenter: Hanyu Zhang Discussant: Jan Antell
Hanken School of Economics Discussant: Ilaria Piatti
Univ of Oxford Discussant: Veronica Veleanu
Univ of Surrey
SESSION 31 Investment Policy
Thursday, 1:30 pm - 3:00 pm, Room 408 Chairperson: Hursit Selcuk Celil, Peking Univ Q-Theory of Investment Revisited: Merton's q
Hursit Selcuk Celil, Peking Univ Mengyang Chi, Peking Univ
How is Corporate Diversification Coded into Real Options Language? The Interaction Between Growth Options, Diversification Scope and Relatedness
Pablo de Andrés, Autónoma Univ of Madrid
Gabriel de la Fuente, Univ of Valladolid Pilar Velasco, Univ of Alcalá
The Q Theory of Investment: New Evidence from a Time-Frequency Analysis
Fabio Verona, Bank of Finland
Presenter: Hursit Selcuk Celil Presenter: Pilar Velasco Presenter: Fabio Verona Discussant: Fabio Verona
Bank of Finland Discussant: Vikram Finavker
Birmingham City Univ Discussant: Hursit Selcuk Celil
Peking Univ
SESSION 32 R&D and Innovation
Thursday, 1:30 pm - 3:00 pm, Room 409 Chairperson: Howard Chan, Univ of Melbourne R&D Investment and Revolving Credit
Yilmaz Guney, Univ of Hull Ahmet Karpuz, Univ of Bristol Neslihan Ozkan, Univ of Bristol
Financial Constraints, R&D Investments and Competition
Danmo Lin, Univ of Maryland
Trust, Innovate, Grow Fei Xie, Univ of Delaware Bohui Zhang, Univ of New South Wales Wenrui Zhang, Chinese Univ of
Hong Kong Presenter: Ahmet Karpuz Presenter: Danmo Lin Presenter: Wenrui Zhang Discussant: Howard Chan
Univ of Melbourne Discussant: Sigitas Karpavicius
Univ of Adelaide Discussant: Richard Lord
Montclair State Univ
2016 FMA European Conference Program - 15
SESSION 33 Emerging Market Debt
Thursday, 1:30 pm - 3:00 pm, Room 411 Chairperson: Mark Mulcahy, Univ College Cork Bond-Equity Yield Ratio Market Timing in Emerging Markets
Nebojsa Dimic, Univ of Vaasa Vitaly Orlov, Univ of Vaasa Janne Äijö, Univ of Vaasa
What Determines Debt Structure in Emerging Markets: Transaction Costs or Public Monitoring?
John W Goodell, Univ of Akron Abhinav Goyal, Univ of Liverpool
Can Islamic Bonds Provide Diversification Benefits? Evidence from Global Sukuk and Conventional Bonds Markets
Alex Sclip, Univ of Udine Alberto Dreassi, Univ of Trieste Stefano Miani, Univ of Udine Andrea Paltrinieri, Univ of Udine
Presenter: Nebojsa Dimic Presenter: John Goodell Presenter: Alex Sclip Discussant: Andrea Paltrinieri
Univ of Udine Discussant: Katarzyna Byrka-Kita
Univ of Szczecin Discussant: Mark Mulcahy
Univ College Cork
Coffee Break 3:00 pm - 3:30 pm Aula Foyer (Ground Floor)
Thursday, 3:30 pm - 4:30 pm
SESSION 34 Bank Bailouts
Thursday, 3:30 pm - 4:30 pm, Room 210 Chairperson: Catharine Lemieux, Federal Reserve Bank Chicago TARP and Market Discipline: Evidence on the Moral Hazard Effects of Bank Recapitalizations
Jens Forssbæck, Lund Univ Caren Yinxia Nielsen, Lund Univ
To be Bailed Out or to be Left to Fail? A Dynamic Competing Risks Hazard Analysis
Charles M Kahn, Univ of Illinois at Urbana-Champaign Nikolaos I Papanikolaou, Univ of Sussex
Presenter: Jens Forssbæck Presenter: Nikolaos Papanikolaou Discussant: Aurore Burietz
Université Libre de Bruxelles, SBS-EM & CEB Discussant: Kim Cuong Ly
Univ of Glasgow
SESSION 35 Post IPO Performance
Thursday, 3:30 pm - 4:30 pm, Room 309 Chairperson: Tinghua Duan, Univ of Edinburgh Does Overseas Experience Matter? A Study of Returnee CEOs and IPOs of Chinese Entrepreneurial Firms
Tinghua Duan, Univ of Edinburgh Douglas Cumming, York Univ Wenxuan Hou, Univ of Edinburgh William Rees, Univ of Edinburgh
Does Spending Time in the Minors Pay Off? Michele Meoli, Univ of Bergamo J Ari Pandes, Univ of Calgary Michael Robinson, Univ of Calgary Silvio Vismara, Univ of Bergamo
Presenter: Tinghua Duan Presenter: Michele Meoli Discussant: Yamin Xie
Hanken School of Economics Discussant: Laurence Porteu de la Morandière
Groupe ESC Pau
SESSION 36 Board Performance
Thursday, 3:30 pm - 4:30 pm, Room 303 Chairperson: Wolfgang Drobetz, Univ of Hamburg Corporate Governance and its Effects on REIT Credit Ratings
Ramya Aroul, Ecole Hôtelière de Lausanne, HES-SO & Univ of Applied Sciences Western Switzerland
Thai Trang, Univ of Texas Arlington
The Contagion of Aggressive Earnings Management Through Board of Directors Interlock: The UK Evidence
Abdullah M Iqbal, Univ of Kent Nguyet TM Nguyen, Univ of Kent Radha K Shiwakoti, Brunel Univ
Presenter: Ramya Aroul Presenter: Abdullah Iqbal Discussant: Abdullah Iqbal
Univ of Kent Discussant: Ramya Aroul
Ecole Hôtelière de Lausanne, HES-SO & Univ of Applied Sciences Western Switzerland
2016 FMA European Conference Program - 16
SESSION 37 Trade Size & Liquidity
Thursday, 3:30 pm - 4:30 pm, Room 304 Chairperson: Vladimir Atanasov, College of William and Mary What Drives Shareholders’ Reaction and Wealth Effect in Block Trades – Empirical Evidence from the Warsaw Stock Exchange
Katarzyna Byrka-Kita, Univ of Szczecin Mateusz Czerwiński, Univ of Szczecin Agnieszka Perepeczo, Univ of Szczecin
Microstructure Invariance in US Stock Market Trades Albert S Kyle, Univ of Maryland Anna A Obizhaeva, New Economic School Tugkan Tuzun, Federal Reserve Board
Presenter: Katarzyna Byrka-Kita Presenter: Anna Obizhaeva Discussant: Vladimir Atanasov
College of William and Mary Discussant: Sergey Osmekhin
Hanken School of Economics & Nordea SESSION 38
External Determinants of Capital Structure Thursday, 3:30 pm - 4:30 pm, Room 305
Chairperson: Sigitas Karpavičius, Univ of Adelaide Does Distance Matter for Debtholder-Shareholder Conflicts?
Xiaoran Huang, Nanyang Technological Univ Jun-Koo Kang, Nanyang Technological Univ Lei Zhang, Nanyang Technological Univ
The Impact of Interest Rates on Firms’ Financing Policies Sigitas Karpavičius, Univ of Adelaide Fan Yu, Macquarie Univ
Presenter: Xiaoran Huang Presenter: Sigitas Karpavičius Discussant: Elisabeth Maes
KU Leuven Discussant: Mona Yaghoubi
Victoria Univ of Wellington SESSION 39
Algorithmic Trading Thursday, 3:30 pm - 4:30 pm, Room 306
Chairperson: Andriy Shkilko, Wilfrid Laurier Univ Algorithmic Trading and Post-Earnings Announcement Drift
Katja Ahoniemi, Imperial College London Petri Jylhä, Imperial College London
Fragmentation into the Dark and Algorithmic Trading: The Joint Impact on Market Quality
Michael J Aitken, Capital Markets CRC Drew Harris, Macquarie Univ Frederick H deB Harris, Wake Forest Univ
Presenter: Katja Ahoniemi Presenter: Frederick Harris Discussant: Andriy Shkilko
Wilfrid Laurier Univ Discussant: Roberto Pascual
Univ of the Balearic Islands SESSION 40
NO SESSION SCHEDULED Thursday, 3:30 pm - 4:30 pm, Room 307
SESSION 41
Skewness Thursday, 3:30 pm - 4:30 pm, Room 308
Chairperson: Javier Estrada, IESE Business School Skewness, Lottery-Like Features, and the Cross-Section of Stock Returns
Tse-Chun Lin, Univ of Hong Kong Xin (Andrew) Liu, Univ of Hong Kong
Do Mutual Funds Gamble? Evidence from the Skewness-Adjusting Behavior of Fund Manager
Eric C Chang, Univ of Hong Kong Yan Luo, Fudan Univ Jinjuan Ren, Univ of Macau
Presenter: Xin (Andrew) Liu Presenter: Yan Luo Discussant: Bei Cui
Univ of Hong Kong Discussant: Javier Estrada
IESE Business School SESSION 42
Sophisticated Investors Thursday, 3:30 pm - 4:30 pm, Room 408
Chairperson: Vladimir Mukharlyamov, Harvard Univ Institutional Investors: Striking the Balance with Dominant Owners
Sandra Dow, Middlebury Institute of International Studies Jean McGuire, Louisiana State Univ
Influencing Control: Jawboning in Risk Arbitrage Wei Jiang, Columbia Business School Tao Li, Univ of Warwick Danqing Mei, Columbia Business School
Presenter: Sandra Dow Presenter: Tao Li Discussant: Henning Schröder
Univ of Hamburg Discussant: Vladimir Mukharlyamov
Harvard Univ
2016 FMA European Conference Program - 17
SESSION 43 Futures Trading
Thursday, 3:30 pm - 4:30 pm, Room 409 Chairperson: Jr-Yan Wang, National Taiwan Univ The Basis Premium and its Relation with Momentum in the International Commodity Futures Markets
Jangkoo Kang, KAIST College of Business Kyung Yoon Kwon, KAIST College of Business
Price Dynamics of CO2 Emission Allowance and Theory of Storage
Mao-Wei Hung, National Taiwan Univ Yi-Chen Ko, National Taiwan Univ Jr-Yan Wang, National Taiwan Univ
Presenter: Kyung Yoon Kwon Presenter: Jr-Yan Wang Discussant: Jr-Yan Wang
National Taiwan Univ Discussant: Agnieszka Jach
Hanken School of Economics
SESSION 44 Firm Organization & Risk
Thursday, 3:30 pm - 4:30 pm, Room 411 Chairperson: Waqar Ahmad, Univ of Warwick Collective Bargaining and Takeover Activity Around the World
M Farooq Ahmad, Université de Lille & SKEMA Business School Thomas Lambert, Erasmus Univ
Employment Protection and Takeovers Olivier Dessaint, Univ of Toronto Andrey Golubov, Univ of Toronto Paolo Volpin, Cass Business School
Presenter: M Farooq Ahmad Presenter: Andrey Golubov Discussant: Waqar Ahmed
Univ of Warwick Discussant: Ahmet Karpuz
Univ of Bristol
Keynote Address 4:45 pm Aula (Ground Floor)
Antti Petäjistö BlackRock
Antti is a portfolio manager in BlackRock’s Scientific Active Equities group. His team is responsible for the management of all of BlackRock’s quantitative active equity portfolios in emerging markets. Previously, he was a researcher and portfolio manager in BlackRock’s Multi-Asset Strategies group, where his team's main responsibility was the development of active investment strategies for global tactical asset allocation.
Prior to joining BlackRock, Antti was an Assistant Professor of Finance at the Yale School of Management and a Visiting Assistant Professor of Finance at New York University's Stern School of Business, where he taught MBA-level elective courses on investments and portfolio management as well as behavioral finance. His academic research includes topics such as active and passive portfolio management, performance evaluation of money managers, pricing inefficiencies in exchange-traded funds, and the price impact of passive indexing strategies. He also developed the Active Share measure which today is used by a number of practitioners. His research has been published and cited in academic journals and the popular press, and he has frequently presented his findings to both academic and practitioner audiences.
Antti has a Ph.D. in Finance from MIT Sloan School of Management and M.Sc. in Engineering Physics from the Helsinki University of Technology.
Gala Dinner 7:00 pm Pörssitalo (Helsinki NASDAQ OMX Building)
Advance Reservations Required
2016 FMA European Conference Program - 18
Friday, June 10 8:30 am -10:00 am
SESSION 45 Innovations in Investment Strategy
Friday, 8:30 am - 10:00 am, Room 210
Presentations Errors Mark Kritzman, Founding Partner & Chief Executive Officer Windham Capital Management, LLC Facts about Factors Chirag Patel, Head, State Street Associates EMEA State Street Corporation Multi-factor Currency Strategies for Absolute and Relative Return Van Luu, Head of Currency & Fixed Income Strategy Russell Investments
SESSION 46 Executive Compensation Design
Friday, 8:30 am - 10:00 am, Room 309 Chairperson: Pilar Velasco, Univ of Alcala Board Independence and the Design of CEO Pay in Europe
Pablo de Andrés, Autonoma Univ of Madrid
Laura Arranz-Aperte, Hanken School of Economics
CEO Compensation Contagion via Peer Benchmarking: Effects of S&P 500 Index Additions
Gonul Colak, Hanken School of Economics
Jun Yang, Indiana Univ Pengfei Ye, Virginia Tech
CEO Stock Option Exercises: Study of French Companies
Nassima Selmane, IAE Toulouse
Presenter: Laura Arranz-Aperte Presenter: Gonul Colak Presenter: Nassima Selmane Discussant: Pilar Velasco
Univ of Alcala Discussant: Nassima Selmane
IAE Toulouse Discussant: Nihat Aktas
WHU Otto Beisheim School of Management
SESSION 47 Board Composition
Friday, 8:30 am - 10:00 am, Room 303 Chairperson: Kathryn Schumann, James Madison Univ 'Til Death Do Us Part: The Long Tenured Directors Puzzle
Stefano Bonini, Stevens Institute of Technology Justin Deng, New York Univ Mascia Ferrari, Univ of Modena & New York Univ Kose John, New York Univ
Closed-End Fund Advisory Contracts, Performance, and Board Governance
Mahmood Mohebshahedin, Concordia Univ Lawrence Kryznowski, Concordia Univ
Presenter: Stefano Bonini Presenter: Mahmood Mohebshahedin Discussant: Kathryn Schumann
James Madison Univ Discussant: Bunyamin Önal
Aalto Univ
SESSION 48 Dividend Policy
Friday, 8:30 am - 10:00 am, Room 304 Chairperson: Nicos Koussis, Frederick Univ Corporate Liquidity and Dividend Policy Under Uncertainty
Nicos Koussis, Frederick Univ Spiros H Martzoukos, Univ of Cyprus Lenos Trigeorgis, Univ of Cyprus
Uncertainty and Firm Dividend Policy – A Natural Experiment
Bonnie G Buchanan, Seattle Univ Xuying (Cathy) Cao, Seattle Univ Eva Liljeblom, Hanken School of Economics Susan Weihrich, Seattle Univ
Presenter: Nicos Koussis Presenter: Eva Liljeblom Discussant: Yan Luo
Fudan Univ Discussant: Nicos Koussis
Frederick Univ
PANEL SESSION
2016 FMA European Conference Program - 19
SESSION 49 Information Processing
Friday, 8:30 am - 10:00 am, Room 305 Chairperson: Danmo Lin, Univ of Maryland Are CEOs More Informative than the CFOs? Empirical Evidence from Contrarian Beliefs and Superior Information
Abu Chowdhury, Stockholm Univ Sabur Mollah, Stockholm Univ Mir A Zaman, Univ of Northern Iowa
Intellectual Property Protection and Financial Markets: Patenting versus Secrecy
Nishant Dass, Georgia Tech Vikram Nanda, Univ of Texas Dallas Steven Chong Xiao, Univ of Texas Dallas
Experience and Brokerage in Asset Markets: Evidence from Art Auctions
Brunella Bruno, Bocconi Univ Emilia Garcia-Appendini, Univ of St
Gallen Giacomo Nocera, Audencia Business
School
Presenter: Sabur Mollah Presenter: Steven Xiao Presenter: Giacomo Nocera Discussant: Giacomo Nocera
Audencia Business School Discussant: Danmo Lin
Univ of Maryland Discussant: J Kenny Phua
Nanyang Tech Univ
SESSION 50 NO SESSION SCHEDULED
Friday, 8:30 am - 10:00 am, Room 306
SESSION 51 Asset Management Governance
Friday, 8:30 am - 10:00 am, Room 307 Chairperson: Robert Mooradian, Northeastern Univ The Impact of Public Pension Funds and Other Limited Partners on the Governance of Venture Capital Funds
Vladimir Atanasov, College of William and Mary
Thomas Hall, Christopher Newport Univ Vladimir Ivanov, US SEC Katherine Litvak, Northwestern Univ
Caring for Investors or Preying by Managers? Strategic Use of Dividend Payments by Mutual Funds
Xiao Jun, Jiangxi Univ of Finance & Economics
Mingsheng Li, Bowling Green State Univ Chen Yugang, Sun Yat-Sen Univ
Serial Activists Nicole M Boyson, Northeastern Univ Linlin Ma, Northeastern Univ Robert M Mooradian, Northeastern Univ
Presenter: Vladimir Atanasov Presenter: Mingsheng Li Presenter: Robert Mooradian Discussant: Mingsheng Li
Bowling Green State Univ Discussant: Alireza Tourani-Rad
Auckland Univ of Technology Discussant: Tao Li
Univ of Warwick
SESSION 52 Portfolio Construction
Friday, 8:30 am - 10:00 am, Room 308 Chairperson: Hilla Skiba, Colorado State Univ Using Out-of-Sample Errors in Portfolio Optimization
Pedro Barroso, Univ of New South Wales
House Prices and Consumption: Evidence from a Panel of Australian Households
Konark Saxena, Univ of New South Wales Peng Wang, Univ of New South Wales
What is the Cost of Faith? An Empirical Investigation of Islamic Purification
Mark C Hutchinson, Univ College Cork Mark Mulcahy, Univ College Cork John O'Brien, Univ College Cork
Presenter: Pedro Barroso Presenter: Peng Wang Presenter: Mark Mulcahy Discussant: Ralf Kellner
Universität Regensburg Discussant: Hilla Skiba
Colorado State Univ Discussant: Sabur Mollah
Stockholm Univ
SESSION 53 Hedge Fund Performance & Activism
Friday, 8:30 am - 10:00 am, Room 408 Chairperson: Veljko Fotak, Univ at Buffalo SUNY Skewness, Fund Flows and Hedge Fund Performance
Andrea J Heuson, Univ of Miami Mark C Hutchinson, Univ College Cork Alok Kumar, Univ of Miami
Information Content of Hedge Fund Equity Option Holdings
Juha Joenväärä, Univ of Oulu Mikko Kauppila, Univ of Oulu Pekka Tolonen, Univ of Oulu
Dancing with the Activists Lucian A Bebchuk, Harvard Univ Alon Brav, Duke Univ & NBER Wei Jiang, Columbia Univ Thomas Keusch, Erasmus Univ &
Harvard Univ Presenter: Mark Hutchinson Presenter: Juha Joenväärä Presenter: Thomas Keusch Discussant: Xin (Andrew) Liu
Univ of Hong Kong Discussant: Pedro Garcia Ares
Univ of Exeter Discussant: Veljko Fotak
Univ at Buffalo SUNY
2016 FMA European Conference Program - 20
SESSION 54 Liquidity Shocks
Friday, 8:30 am - 10:00 am, Room 409 Chairperson: Alexandros Kontonikas, Univ of Glasgow Does Funding Liquidity Cause Market Liquidity? Evidence from a Quasi-Experiment
Petri Jylhä, Imperial College London
Tracking the Real Effects of Monetary Policy: Evidence from European Central Bank’s SMP Purchases
Lisa Cycon, Frankfurt School of Finance & Management
Michael Koetter, Frankfurt School of Finance & Management, IWH, & Deutsche Bundesbank
Barbara Meller, European Central Bank
International Liquidity Shocks, the Real Economy, and Social Unrest: China, 1931-1935
Fabio Braggion, CentER Tilburg Univ Alberto Manconi, CentER Tilburg Univ Haikun Zhu, CentER Tilburg Univ
Presenter: Petri Jylha Presenter: Michael Koetter Presenter: Haikun Zhu Discussant: Zorka Simon
Univ of Mannheim, Tilburg Univ & Netspar
Discussant: Alexandros Kontonikas Univ of Glasgow
Discussant: Michael Koetter Frankfurt Sch of Fin & Mgmt, IWH & Deutsche Bundesbank
SESSION 55 Systemic Risk
Friday, 8:30 am - 10:00 am, Room 411 Chairperson: Maria Kasch, Univ of Mannheim Financial Institutions Externalities and Systemic Risk : Tales of Tails Symmetry
Saifeddine Ben Hadj, Université Catholique de Louvain &
Université Paris Panthéon Sorbonne
Systematic Risk and Share Turnover [or Beta as a Measure of Mispricing]
Maria Kasch, Univ of Mannheim
Stock Market Risk in the Financial Crisis Paul A Grout, Univ of Bristol, CEPR &
CMPO Ania Zalewska, Univ of Bath
Presenter: Saifeddine Ben Hadj Presenter: Maria Kasch Presenter: Ania Zalewska Discussant: Wei Song
Swansea Univ Discussant: Nikolaos Artavanis
Univ of Massachusetts Amherst Discussant: Huiyu (Evelyn) Huang
Grantham, Mayo, Van Otterloo & Co
Coffee Break 10:00 am - 10:30 am Aula Foyer (Ground Floor)
Friday - 10:30 am - 12:00 noon
SESSION 56 Macroprudential Issues in Banking
Friday, 10:30 am - 12:00 noon, Room 210 After the financial crisis of 2007-09, central banks and financial supervisors have adopted macroprudential policies to manage systemic risks in the financial system. The panel provides expert views from both research and policy on where we stand in terms of our understanding of systemic risks, what are effective tools to tackle them, and how to best implement the currently agreed policies.
Moderator Esa Jokivuolle Senior Research Adviser, Bank of Finland
Panelists Kasper Roszbach Head of Financial Stability Department, Bank of Sweden Professor of Banking and Finance, University of Groningen
Jouko Vilmunen Head of Research, Bank of Finland
Wolf Wagner Professor of Finance, Rotterdam School of Management, Erasmus University Fellow, CEPR
Session Sponsored By
PANEL SESSION
2016 FMA European Conference Program - 21
SESSION 57 Executive Compensation
Friday, 10:30 am - 12:00 noon, Room 309 Chairperson: Ania Zalewska, Univ of Bath CEO Incentives: Measurement, Determinants, and Impact on Performance
Lin Peng, Baruch College CUNY Ailsa Roell, Columbia Univ Hongfei Tang, Seton Hall
Do Compensation Consultants have Distinct Styles? Chen Cai, Georgia State Univ Omesh Kini, Georgia State Univ Ryan Williams, Univ of Arizona
Presenter: Ailsa Roell Presenter: Ryan Williams Discussant: Jan Schneemeier
Federal Reserve Board (Comments presented by Ania Zalewska)
Discussant: Ania Zalewska Univ of Bath
SESSION 58 Corruption, Fraud and Tax Evasion
Friday, 10:30 am - 12:00 noon, Room 303 Chairperson: Arnold R Cowan, Iowa State Univ VAT Rates and Tax Evasion: Evidence from the Restaurant Industry in Greece
Nikolaos Artavanis, Univ of Massachusetts Amherst
Local Information Environments and Corporate Fraud
Jens Hagendorff, Cardiff Univ Nhan Le, Univ of Mannheim Duc Duy (Louis) Nguyen, Univ of
St Andrews
Is Bread Gained by Deceit Sweet to a Man? Corruption and Firm Efficiency
Jan Hanousek, CERGE-EI Anastasiya Shamshur, Norwich Business
School & CERGE-EI Jiri Tresl, Univ of Nebraska Lincoln &
CERGE-EI Presenter: Nikolaos Artavanis Presenter: Duc Duy (Louis) Nguyen Presenter: Jiri Tresl Discussant: Tomislav Ladika
Univ of Amsterdam Discussant: Arnold R Cowan
Iowa State Univ Discussant: Robert M Mooradian
Northeastern Univ
SESSION 59 Intraday Patterns
Friday, 10:30 am - 12:00 noon, Room 304 Chairperson: Kevin Lampaert, Univ of Ghent Intraday Investors' Attention and Periodicity in the Cross-Section of Returns
Mor Haziza, Tel Aviv Univ
When No News Is Good News – The Decrease in Investor Fear After the FOMC Announcement
Adrian Fernandez-Perez, Auckland Univ of Technology
Bart Frijns, Auckland Univ of Technology Alireza Tourani-Rad, Auckland Univ of
Technology
Intraday Trading Invariance in the E-Mini S&P 500 Futures Market
Torben G Andersen, Northwestern Univ Oleg Bondarenko, Univ of Illinois Chicago Albert S Kyle, Univ of Maryland Anna A Obizhaeva, New Economic School
Presenter: Mor Haziza Presenter: Alireza Tourani-Rad Presenter: Anna A Obizhaeva Discussant: Kevin Lampaert
Univ of Ghent Discussant: Juha Joenväärä
Univ of Oulu Discussant: Ailsa Roell
Columbia Univ
SESSION 60 Firm Performance and the Media
Friday, 10:30 am - 12:00 noon, Room 305 Chairperson: Fumiko Takeda, Univ of Tokyo Political Proximity and US Media Sentiment
Thomas Ruf, Univ of New South Wales Jun Myung Song, Univ of New South
Wales Bohui Zhang, Univ of New South Wales
Characteristics and Stock Prices of Firms Flamed on the Internet: The Evidence from Japan
Yuta Adachi, Univ of Tokyo Fumiko Takeda, Univ of Tokyo
New Evidence on the Role of the Media in Corporate Social Responsibility
Sadok El Ghoul, Univ of Alberta Omrane Guedhami, Univ of South
Carolina Robert Nash, Wake Forest Univ Ajay Patel, Wake Forest Univ
Presenter: Jun Myung Song Presenter: Fumiko Takeda Presenter: Sadok El Ghoul Discussant: Fumiko Takeda
Univ of Tokyo Discussant: Tatyana Sokolyk
Brock Univ Discussant: CS Agnes Cheng
Hong Kong Polytechnic Univ
SESSION 61 NO SESSION SCHEDULED
Friday, 10:30 am - 12:00 noon, Room 306
2016 FMA European Conference Program - 22
SESSION 62 Asset Management
Friday, 10:30 am - 12:00 noon, Room 307 Chairperson: Emmanouil Platanakis, Univ of Bradford Learning and Innovation: The Case of CAT Bonds
José Afonso Faias, Universidade Católica Portuguesa
José Guedes, Universidade Católica Portuguesa
Identifying Bull and Bear Returns in the S&P 500 with the VIX
Patrick O'Sullivan, Univ of Southampton Richard McGee, Univ of Southampton
On the Information Flow from Credit Derivatives to the Macroeconomy
Veronica Veleanu, Univ of Surrey Paul Mizen, Univ of Nottingham
Presenter: Jose Faias Presenter: Patrick O'Sullivan Presenter: Veronica Veleanu Discussant: Arnoldo Camacho
INCAE Business School Discussant: Jose Faias
Universidade Catolica Portuguesa Discussant: Patrick O'Sullivan
Univ of Southampton SESSION 63
Bond Pricing Friday, 10:30 am - 12:00 noon, Room 308
Chairperson: Hai Lin, Victoria Univ of Wellington The Cross-Section of Subjective Bond Risk Premia
Andrea Buraschi, Imperial College London
Ilaria Piatti, Univ of Oxford Paul Whelan, Copenhagen Business
School
Always and Everywhere Inflation? Treasuries Variance Decomposition and the Impact of Monetary Policy
Alexandros Kontonikas, Univ of Glasgow Charles Nolan, Univ of Glasgow Zivile Zekaite, Univ of Glasgow
The Structure of Investment Bank Syndicates and the Quality of Bond Underwriting
Arthur Krebbers, Univ of Strathclyde Andrew Marshall, Univ of Strathclyde Patrick McColgan, Univ of Strathclyde
Presenter: Ilaria Piatti Presenter: Alexandros Kontonikas Presenter: Patrick McColgan Discussant: Anna Obizhaeva
New Economic School Discussant: Hai Lin
Victoria Univ of Wellington Discussant: Nishant Dass
Georgia Tech SESSION 64
Mutual Fund Investors Friday, 10:30 am - 12:00 noon, Room 408
Chairperson: Ariadna Dumitrescu, ESADE Business School & Univ Ramon Llull Familiarity and Competition: The Case of Mutual Funds
Ariadna Dumitrescu, ESADE Business School & Univ Ramon Llull Javier Gil-Bazo, Univ Pompeu Fabra & Barcelona GSE
Are Investors for Sale? Evidence from Financial Mergers Mancy Luo, Tilburg Univ Alberto Manconi, Tilburg Univ David Schumacher, McGill Univ
Presenter: Ariadna Dumitrescu Presenter: Mancy Luo Discussant: Martin Rohleder
Univ of Augsburg Discussant: Petri Jylha
Imperial College London SESSION 65
Corporate Social Responsibility & Firm Performance Friday, 10:30 am - 12:00 noon, Room 409
Chairperson: Dara Duguay, Credit Builders Alliance Corporate Social Responsibility, Family Firm, and Firm Performance
CS Agnes Cheng, Hong Kong Polytechnic Univ
Paula Pao, Univ of California Irvine Joanna Ho, Univ of California Irvine
CSR Strengths and Weaknesses, Growth Risk, and Firm Capitalized Value
Carol Cain, Wake Forest Univ Frederick H deB Harris, Wake Forest
Univ Sean Hannah, Wake Forest Univ Naz Sayari, Wake Forest University
What Makes Social Responsibility Financially Valuable?
S Katie Moon, Tulane Univ Onur Kemal Tosun, Univ of Warwick
Presenter: CS Agnes Cheng Presenter: Carol Cain Presenter: Onur Tosun Discussant: Onur Tosun
Univ of Warwick Discussant: Yelin Zhang
York Univ Discussant: Nargess Kayhani
Mount St Vincent Univ SESSION 66
NO SESSION SCHEDULED Friday, 10:30 am - 12:00 noon, Room 411
Luncheon 12:00 noon - 1:30 pm Auditorium Maximum (Maxen) (Floor 2)
2016 FMA European Conference Program - 23
Friday - 1:30 pm - 3:00 pm
SESSION 67 Regulatory Issues
Friday, 1:30 pm - 3:00 pm, Room 210
This featured session will provide an overview of current regulatory initiatives in the U.S. and in Europe. Additionally, the panelists will discuss specific economic and regulatory issues such as the Capital Markets Union, bond market liquidity, SIFI designations, European sovereign debt, bank business models, and systemic risk issues. The speakers offer a diverse set of experiences as regulators, scholars and practitioners with unique insights sure to prove interesting and informative.
Moderator Nikolaos Papanikolaou, Assistant Professor of Banking & Finance University of Sussex Panelists Josina Kamerling, Head, Regulatory Outreach for Europe, Middle East & Africa CFA Institute
Craig Lewis, Madison S Wigginton Professor of Finance Vanderbilt Univ Former Chief Economist & Director, US SEC Division of Economic & Risk Analysis
Jörg Rocholl, President European School of Management and Technology (ESMT) Economic Advisory Board Member German Federal Ministry of Finance SESSION 68
CEOs & Firm Performance Friday, 1:30 pm - 3:00 pm, Room 309
Chairperson: Narayanan Jayaraman, Georgia Institute of Technology Female Leadership and Firm Performance: Evidence from China
Angelica Gonzalez, Univ of Edinburgh Lu Xing, Univ of Edinburgh
Does Combining the CEO and Chair Roles Cause Poor Firm Performance?
Narayanan Jayaraman, Georgia Institute of Technology
Vikram Nanda, Univ of Texas Dallas Harley E Ryan Jr, Georgia State Univ
The Effects of Culture on CEO Power: Evidence from Executive Turnover
Daniel Urban, Technische Universität München
Presenter: Angelica Gonzalez Presenter: Narayanan Jayaraman Presenter: Daniel Urban Discussant: Peng Wang
Univ of Southampton Discussant: Daniel Urban
Technische Universität München Discussant: Narayanan Jayaraman
Georgia Institute of Technology SESSION 69
NO SESSION SCHEDULED Friday, 1:30 pm - 3:00 pm, Room 303
SESSION 70
NO SESSION SCHEDULED Friday, 1:30 pm - 3:00 pm, Room 304
SESSION 71
Career Issues & Experience Friday, 1:30 pm - 3:00 pm, Room 305
Chairperson: Lena Jaroszek, Univ of Mannheim Career Experiences and Expectations of Professional Forecasters
Arvid Hoffmann, Maastricht Univ Zwetelina Iliewa, Centre for European
Economic Research Lena Jaroszek, Univ of Mannheim
The First Cut is the Deepest: Stock Market Re-Entry Decision and Hot Stove Effect
Ozlem Arikan, Univ of Warwick Arie E Gozluklu, Univ of Warwick Gi H Kim, Univ of Warwick Hiroaki Sakaguchi, Univ of Warwick
Evaluating Publications Across Business Disciplines: Inferring Interdisciplinary "Exchange Rates" from Intradisciplinary Author Rankings
Timo Korkeamäki, Hanken School of Economics
Jukka Sihvonen, Univ of Vaasa Sami Vähämaa, Univ of Vaasa
Presenter: Lena Jaroszek Presenter: Gi H Kim Presenter: Jukka Sihvonen Discussant: Jukka Sihvonen
Univ of Vaasa Discussant: Lena Jaroszek
Univ of Mannheim Discussant: Richard Herron
Babson College
PANEL SESSION
2016 FMA European Conference Program - 24
SESSION 72 Small Business Lending
Friday, 1:30 pm - 3:00 pm, Room 306 Chairperson: Valentina Salotti, Iowa State Univ Small Business Lending: Challenges and Opportunities for Community Banks – Before, During and After the Financial Crisis
Julapa A Jagtiani, Federal Reserve Bank Philadelphia Catherine Lemieux, Federal Reserve Bank Chicago
Who Needs Credit and Who Gets Credit? Evidence from the Surveys of Small Business Finances
Rebel Cole, DePaul Univ Tatyana Sokolyk, Brock Univ
Presenter: Catharine Lemieux Presenter: Tatyana Sokolyk Discussant: Magdalena Pisa
WHU Otto Beisheim School of Management Discussant: Valentina Salotti
Iowa State Univ SESSION 73
Analysts Friday, 1:30 pm - 3:00 pm, Room 307
Chairperson: Ajay Patel, Wake Forest Univ When do Analysts Impede Innovation?
Jonathan Clarke, Georgia Tech Nishant Dass, Georgia Tech Ajay Patel, Wake Forest Univ
Rising and Senior Stars in European Financial Analyst Rankings: The Talented and the Famous
Carole Gresse, Université Paris-Dauphine Laurence Porteu de la Morandière, Groupe ESC Pau
Presenter: Ajay Patel Presenter: Laurence Porteu de la Morandière Discussant: Tim Loughran
Univ of Notre Dame Discussant: Barbara Bliss
Univ of San Diego SESSION 74
Credit Ratings & Asymmetric Information Friday, 1:30 pm - 3:00 pm, Room 308
Chairperson: Stefano Bonini, Stevens Institute of Technology Reputational Shocks and the Information Content of Credit Ratings
Mascia Bedendo, Audencia Business School
Lara Cathcart, Imperial College London Lina El-Jahel, Univ of Auckland
Do Multiple Credit Ratings Facilitate the Going Public Process? Evidence from the US
Marc Goergen, Univ of Cardiff Dimitrios Gounopoulos, Univ of Sussex Antonios Kallias, Univ of Portsmouth
The New Rules of the Rating Game: Market Perception of Corporate Ratings
Rainer Jankowitsch, Vienna Univ of Economics and Business
Giorgio Ottonello, Vienna Graduate School of Finance
Marti G Subrahmanyam, New York Univ Presenter: Mascia Bedendo Presenter: Dimitrios Gounopoulos Presenter: Giorgio Ottonello Discussant: Gene Ambrocio
Bank of Finland Discussant: Mascia Bedendo
Audencia Business School Discussant: Stefano Bonini
Stevens Institute of Technology SESSION 75
Mutual Fund Portfolios Friday, 1:30 pm - 3:00 pm, Room 408
Chairperson: Blake Philipps, Univ of Waterloo Is Smart Beta that Smart?
Ron Bird, Univ of Technology Sydney Jeremy Davids, Univ of Technology
Sydney Danny Yeung, Univ of Technology
Sydney
Mutual Funds and Mispriced Stocks Doron Avramov, Hebrew Univ of
Jerusalem Si Cheng, Queen’s Univ Belfast Allaudeen Hameed, National Univ of
Singapore
The Volatility of Mutual Fund Performance
Miles B Livingston, Univ of Florida Lei Zhou, Northern Illinois Univ
Presenter: Ron Bird Presenter: Si Cheng Presenter: Miles Livingston Discussant: Si Cheng
Queen's Univ Belfast Discussant: Lin Peng
Baruch College, CUNY Discussant: Blake Phillips
Univ of Waterloo SESSION 76
Corporate Social Responsibility Investing Friday, 1:30 pm - 3:00 pm, Room 409
Chairperson: Iraj Fooladi, Dalhousie Univ The Performance of European Socially Responsible Fixed-Income Funds
Paulo Leite, Polytechnic Institute of Cávado and Ave
Maria Céu Cortez, Univ of Minho
Socially Responsible Investment Portfolios: Does the Optimization Process Matter?
Ioannis Oikonomou, Univ of Reading Emmanouil Platanakis, Univ of Bradford Charles Sutcliffe, Univ of Reading
Do Suppliers Value Socially Responsible Customers?
Yanlei Zhang, Universidad Carlos III de Madrid
Presenter: Paulo Leite Presenter: Emmanouil Platanakis Presenter: Yanlei Zhang Discussant: Emmanouil Platanakis
Univ of Bradford Discussant: Paulo Leite
Polytechnic Institute of Cávado and Ave Discussant: Iraj Fooladi
Dalhousie Univ
2016 FMA European Conference Program - 25
SESSION 77 Sovereign Risk
Friday, 1:30 pm - 3:00 pm, Room 411 Chairperson: Maria Kasch, Univ of Mannheim Unsolicited Sovereign Ratings and the Sovereign-Bank Ceiling: An Unintended Consequence of Regulatory Disclosure
Patrycja Klusak, Univ of East Anglia Rasha Alsakka, Bangor Univ Owain ap Gwilym, Bangor Univ
What Drives Differences of Opinion in Sovereign Ratings? The Roles of Political Risk and Transparency
Huong Vu, Coventry Univ Rasha Alsakka, Bangor Univ Owain ap Gwilym, Bangor Univ
Presenter: Patrycja Klusak Presenter: Huong Vu Discussant: Huong Vu
Coventry Univ Discussant: Patrycja Klusak
Univ of East Anglia
Coffee Break 3:00 pm - 3:30 pm Aula Foyer (Ground Floor)
Friday - 3:30 pm - 5:00 pm
SESSION 78 NO SESSION SCHEDULED
Friday, 3:30 pm - 5:00 pm, Room 210
SESSION 79 Executive Compensation & Customer-Supplier Relationships
Friday, 3:30 pm - 5:00 pm, Room 309 Chairperson: Claire Yang Liu, Univ of New South Wales Executive Compensation and Deployment of Corporate Resources: Evidence from Working Capital
Nihat Aktas, WHU Otto Beisheim School of Management
Ettore Croci, Universita' Cattolica del Sacro Cuore
Oguzhan Ozbas, Univ of Southern California
Dimitris Petmezas, Univ of Surrey
When Does Stock Option Compensation Undercut Firm Performance? Evidence from Product Market Relationships
Claire Yang Liu, Univ of New South Wales Ronald Masulis, Univ of New South
Wales Jared Stanfield, Univ of New South Wales
Are Overconfident CEOs Good Leaders? Evidence from Stakeholder Commitments
J Kenny Phua, Nanyang Technological Univ
T Mandy Tham, Nanyang Technological Univ
Chishen Wei, Nanyang Technological Univ
Presenter: Nihat Aktas Presenter: Claire Yang Liu Presenter: J Kenny Phua Discussant: Claire Yang Liu
Univ of New South Wales Discussant: Ryan Williams
Univ of Arizona Discussant: Håkan Jankensgård
Lund Univ
SESSION 80 Sources of Information
Friday, 3:30 pm - 5:00 pm, Room 303 Chairperson: Huiyu (Evelyn) Huang Forecasting Emerging Markets Equities – The Role of Commodity Beta
Huiyu (Evelyn) Huang, Grantham, Mayo, Van Otterloo & Co
Information Decay and Financial Disclosures
Tim Loughran, Univ of Notre Dame Bill McDonald, Univ of Notre Dame
Investor Attention: Seasonal Patterns and Endogenous Allocations
Hongqi Liu, Baruch College CUNY Lin Peng, Baruch College CUNY
Presenter: Huiyu (Evelyn) Huang Presenter: Tim Loughran Presenter: Lin Peng Discussant: Klaus Grobys
Univ of Vaasa Discussant: Mohamed Al Guindy
Queen's Univ Discussant: Maria Kasch
Univ of Mannheim
2016 FMA European Conference Program - 26
SESSION 81 Market Efficiency, Trading Rules & Momentum
Friday, 3:30 pm - 5:00 pm, Room 304 Chairperson: Ron Bird, Univ of Technology Sydney Value, Momentum and Market Timing
Ilias Filippou, Univ of Warwick Pedro A Garcia Ares, Univ of Exeter
Investigating the Profitability of Technical Analysis Using Cross-Sectional Country Data
Robert Hudson, Univ of Hull Andrew Urquhart, Univ of Southampton Jian Wang, Univ of Hull
Fundamental Analysis and the Cross-Section of Stock Returns: A Data-Mining Approach
Xuemin (Sterling) Yan, Univ of Missouri Lingling Zheng, Renmin Univ of China
Presenter: Pedro A Garcia Ares Presenter: Andrew Urquhart Presenter: Xuemin (Sterling) Yan Discussant: Ron Bird
Univ of Technology Sydney Discussant: Xuemin (Sterling) Yan
Univ of Missouri Discussant: Pedro Barroso
Univ of New South Wales
SESSION 82 Short Selling
Friday, 3:30 pm - 5:00 pm, Room 305 Chairperson: Tyler Henry, Miami Univ The Real Effects of Short Selling on Firm Risk-Taking: Evidence from a Quasi-Natural Experiment in China
Michael Xiaoran Ni, Tsinghua Univ & Univ of Michigan
Short Sale, Margin Purchase, and Stock Price Crash Risk
Yan Luo, Fudan Univ Jinjuan Ren, Univ of Macau
Shelf versus Traditional Seasoned Equity Offerings: The Impact of Manipulative Short Selling
Marie Dutordoir, Univ of Manchester Norman Strong, Univ of Manchester Ping Sun, Univ of Manchester
Presenter: Michael Xiaoran Ni Presenter: Jinjuan Ren Presenter: Ping Sun Discussant: Jinjuan Ren
Univ of Macau Discussant: Xiaofeng Zhao
Chinese Univ of Hong Kong Discussant: Tyler Henry
Miami Univ
SESSION 83 Banking Theory
Friday, 3:30 pm - 5:00 pm, Room 306 Chairperson: Jiakai Chen, Univ of Hawaii Manoa Rational Exuberance Booms and Asymmetric Business Cycles
Gene Ambrocio, Bank of Finland
Bonus Caps, Deferrals, and Bankers' Risk-Taking
Esa Jokivuolle, Bank of Finland Jussi Keppo, National Univ Singapore Xuchuan Yuan, Harbin Institute of
Technology
A Reexamination of Contingent Convertibles with Stock Price Triggers
George Pennacchi, Univ of Illinois, Urbana-Champaign
Alexei Tchistyi, Univ of Illinois, Urbana-Champaign
Presenter: Gene Ambrocio Presenter: Esa Jokivuolle Presenter: Alexei Tchistyi Discussant: Saifeddine Ben Hadj
Univ Catholique de Louvain & Université Paris Panthéon Sorbonne
Discussant: Alexei Tchistyi Univ of Illinois, Urbana-Champaign
Discussant: Jiakai Chen Univ of Hawaii Manoa
SESSION 84 Accuracy of Analyst Forecasts
Friday, 3:30 pm - 5:00 pm, Room 307 Chairperson: Carol Cain, Wake Forest Univ The Value of Crowdsourcing: Evidence from Earnings Forecasts
Biljana Adebambo, Univ of San Diego Barbara A Bliss, Univ of San Diego
The Consequences of Prohibiting Selective Disclosure to Analysts: Evidence from Europe
Arnold R. Cowan, Iowa State Univ & Eventus
Valentina Salotti, Iowa State Univ
Limited Attention to Detail: Changes in Financial Analysts' Valuations Following Mandatory Option Expensing
Tomislav Ladika, Univ of Amsterdam Zacharias Sautner, Frankfurt School of
Finance Presenter: Barbara Bliss Presenter: Arnold Cowan Presenter: Tomislav Ladika Discussant: Carol Cain
Wake Forest Univ Discussant: Dimitrios Gounopoulos
Univ of Sussex Discussant: Mor Haziza
Tel Aviv Univ
2016 FMA European Conference Program - 27
SESSION 85 Cross Section of Returns
Friday, 3:30 pm - 5:00 pm, Room 308 Chairperson: Nuri Volkan Kayacetin, Ozyegin Univ Expected Return and Conditional Asset Pricing: A New Testing Approach
Jan Antell, Hanken School of Economics Mika Vaihekoski, Univ of Turku
Cash Flow Risk and Market Betas Nuri Volkan Kayacetin, Ozyegin Univ
Presenter: Jan Antell Presenter: Nuri Volkan Kayacetin Discussant: Nuri Volkan Kayacetin
Ozyegin Univ Discussant: Fabian Hollstein
Univ of Hannover
SESSION 86 Mutual Fund Managers
Friday, 3:30 pm - 5:00 pm, Room 408 Chairperson: Ilhan Demiralp, Univ of Oklahoma A Manager-Level Assessment of Mutual Fund Performance
Ilhan Demiralp, Univ of Oklahoma Chitru S Fernando, Univ of Oklahoma
Agency Incentives, Risk Shifting and Mutual Fund Performance
Blake Phillips, Univ of Waterloo Kuntara Pukthuanthong, Univ of Missouri P Raghavendra Rau, Univ of Cambridge
A Dissection of Mutual Fund Fees, Flows, and Performance
Douglas Cumming, York Univ Sofia Johan, York Univ & Tilburg Univ Yelin Zhang, York Univ
Presenter: Ilhan Demiralp Presenter: Blake Phillips Presenter: Yelin Zhang Discussant: Mancy Luo
Tilburg Univ Discussant: Ilhan Demiralp
Univ of Oklahoma Discussant: Mahmood Mohebshahedin
Concordia Univ
SESSION 87 Firm Investment & Decision Making
Friday, 3:30 pm - 5:00 pm, Room 409 Chairperson: Sandra Dow, Middlebury Institute of International Studies Organization Capital, Labor Market Flexibility and Stock Returns Around the World
Woon Sau Leung, Cardiff Univ Khelifa Mazouz, Cardiff Univ Jie Chen, Cardiff Univ
Do Long-Term Investors Improve Corporate Decision Making?
Jarrad Harford, Univ of Washington Ambrus Kecskés, York Univ Sattar Mansi, Virginia Tech
Presenter: Woon Sau Leung Presenter: Ambrus Kecskes Discussant: Ambrus Kecskés
York Univ Discussant: Sandra Dow
Middlebury Institute of International Studies
SESSION 88 Firm Risk Management with Derivatives
Friday, 3:30 pm - 5:00 pm, Room 411 Chairperson: Sheng-Hung Chen, Nanhua Univ Walking the Walk: Inside Ownership and Selective Hedging
Håkan Jankensgård, Lund Univ
The Effects of Derivative Use on the Probability of Financial Distress: Are Firms Using Derivatives for Hedging or Speculation?
Vikram Finavker, Birmingham City Univ Amrit Judge, Nottingham Univ
Time-Varying Hedge Ratio and Hedging Effectiveness in the US Natural Gas Market: The Role of Weather and Macroeconomic News
Song-Zan Chiou-Wei, National Kaohsiung Univ of Applied Sciences
Sheng-Hung Chen, Nanhua Univ Zhen Zhu, Univ of Central Oklahoma
Presenter: Håkan Jankensgård Presenter: Vikram Finavker Presenter: Sheng-Hung Chen Discussant: Sheng-Hung Chen
Nanhua Univ Discussant: Eva Liljeblom
Hanken School of Economics Discussant: Saskia Stoerch
Leuphana Univ
Reception 5:15 pm - 6:15 pm Auditorium Maximum (Maxen) (Floor 2)
2016 FMA European Conference Program - 28
Index of Participants
NAME SESSION(S)
Renée Adams DSC
M Farooq Ahmad 13 44
Waqar Ahmed 03 44
Katja Ahoniemi 28 39
Nihat Aktas 46 79
Mohamed Al Guindy DSC 03 80
Gene Ambrocio 74 83
Jiafu An 15 72
Jan Antell 30 85
Laura Arranz Aperte 46
Ramya Aroul 36
Nikolaos Artavanis 55 58
Vladimir Atanasov 37 51
Sung Bae 29
Pedro Barroso 52 81
Mascia Bedendo 74
Saif Ben Hadj 55 83
Tom Berglund 01
Wolfgang Bessler 01 25
Ron Bird 75 81
Barbara Bliss 73 84
Magnus Blomkvist 25
Stefano Bonini 47 74
Aurore Burietz 23 34
Katarzyna Byrka-Kita 33 37
Carol Cain 65 84
Hursit Selcuk Celil 31
Arnoldo Camacho 62
Mehmet Ihsan Canayaz DSC
Howard Chan 32
Jiakai Chen 17 83
Jie Chen 13
Sheng-Hung Chen 88
CS Agnes Cheng 60 65
Si Cheng 75
Donald Chew 01
Gonul Colak 24 46
Stefano Colonnello 18 24
Arnold Cowan 58 84
Bei Cui 06 41
Nishant Dass 24 63
Ilhan Demiralp 86
Diane Denis DSC
Nebojsa Dimic 04 33
Sandra Dow 42 87
Wolfgang Drobetz 26 36
Tinghua Duan DSC 15 35
Dara Duguay 65
Ariadna Dumitrescu 64 87
Sadok El Ghoul 07 60
Charles Elson 01
Javier Estrada 28 41
Jose Faias 62
Goncalo Faria 19 21
Vikram Finavker 31 88
Chris Florackis 05 26
Iraj Fooladi 76
Jens Forssbæck 09 34
Veljko Fotak 29 53
Pedro Garcia Ares 53 81
Mireia Giné 11
Guldem Gokcek 19 27
Andrey Golubov 11 44
Halit Gonenc 05 26
Angelica Gonzalez 07 68
John Goodell 26 33
Dimitrios Gounopoulos 74 84
Klaus Grobys 27 80
Rogier Hanselaar DSC
Frederick Harris 06 39
Iftekhar Hasan DSC
Mor Haziza 59 84
Guanming He 20
Patrick Herb DSC
Tyler Henry 82
Richard Herron 11 71
Andrea Heuson 17
Fabian Hollstein 30 85
Jian Hua 08
Huiyu (Evelyn) Huang 55 80
Xiaoran Huang 18 38
Mark Hutchinson 27 53
Yoske Igarashi 10 17
Abdullah Iqbal 36
Agnieszka Jach 43
Hakan Jankensgard 79 88
Mark Jansen 11 22
Lena Jaroszek 71
Narayanan Jayaraman 68
Shuang Jin DSC
Juha Joenvaara 53 59
Esa Jokivuolle 10 56 83
Petri Jylha DSC 54 64
Josina Kamerling 67
Sigitas Karpavicius 32 38
Ahmet Karpuz 32 44
Maria Kasch 55 80
Nuri Volkan Kayacetin 85
Nargess Kayhani 65
Ambrus Kecskes 87
Ralf Kellner 19 52
Thomas Keusch 24 53
Gi H Kim 07 71
Stefanie Kleimeier 07 29
Patrycja Klusak 77
Michael Koetter 54
Alexandros Kontonikas 54 63
Nicos Koussis 48
Mark Kritzman 45
Lawrence Kryzanowksi 09 18
Kyung Yoon Kwon 08 43
Tomislav Ladika 58 84
Marie Lambert 08
Kevin Lampaert 27 59
Nhan Le 05 18
Paulo Leite 76
Catharine Lemieux 34 72
Woon Sau Leung 23 87
Craig Lewis 67
Lingxiang Li 03 23
Mingsheng Li 51
Tao Li 42 51
Eva Liljeblom 48 88
Danmo Lin 32 49
Hai Lin 21 63
Ming-Tsung Lin 10 28
Claire Yang Liu 79
Xin (Andrew) Liu 41 53
2016 FMA European Conference Program - 29
Yue (Lucy) Liu 04
Miles Livingston 19 75
Richard Lord 22 32
Tim Loughran 73 80
Gilberto Loureiro 04
Mancy Luo DSC 64 86
Yan Luo 41 48
Van Luu 45
Kim Cuong Ly 23 34
Elisabeth Maes 18 38
Paulo Maio 08
Patrick McColgan 05 63
Nathan McNamee DSC
Michele Meoli 22 35
Mahmood Mohebshahedin
47 86
Sabur Mollah 49 52
Robert Mooradian 51 58
Vladimir Mukharlyamov 09 42
Mark Mulcahy 33 52
Duc Duy (Louis) Nguyen 11 58
Michael Xiaoran Ni 03 82
Caren Yinxia Nielsen 17 29
Mahendrarajah Nimalendran
03 21
Giacomo Nocera 49
Anna Obizhaeva 37 59 63
Bunyamin Önal 22 47
Cagri Berk Onuk DSC
Sergey Osmekhin 37
Patrick O'Sullivan 62
Giorgio Ottonello 10 74
Oguzhan Ozbas DSC
Andrea Paltrinieri 33
Nikolaos Papanikolaou 23 34 67
Roberto Pascual 06 39
Ajay Patel 05 73
Chirag Patel 45
Lin Peng 75 80
Antti Petäjistö KEYNOTE
Blake Phillips 75 86
J Kenny Phua 49 79
Ilaria Piatti 30 63
Magdalena Pisa 07 72
Emmanouil Platanakis 76
Laurence Porteu de la Morandiere
35 73
Marc Steffen Rapp 01 15 25
Jinjuan Ren 82
Jorg Rocholl 67
Ailsa Roell 57 59
Martin Rohleder 28 64
Kasper Roszbach 56
Petar Sabtchevsky 19 30
Valentina Salotti 72
Jan Schneemeier 57
Astrid Schornick 19 27
Henning Schröder 26 42
Kathryn Schumann 04 47
Alex Sclip 33
Nassima Selmane 46
Andriy Shkilko 03 39
Jukka Sihvonen 71
Vathunyoo Sila 09 13
Linus Siming 07 22
Zorka Simon 19 54
Hilla Skiba 52
Tatyana Sokolyk 60 72
Jun Myung Song 04 60
Wei Song 09 55
Rohit Sonika 03
Saskia Stoerch 10 88
Ping Sun 24 82
Qian Sun 15
Xian Sun 24
Matti Suominen DSC
Fumiko Takeda 60
Alexei Tchistyi 83
Onur Tosun 65
Alireza Tourani-Rad 51 59
Jiri Tresl 58
Tugkan Tuzun 06
Daniel Urban 68
Andrew Urquhart 27 81
Emilia Vahamaa 09 13
Pilar Velasco 31 46
Veronica Veleanu 30 62
Fabio Verona 31
Jouko Vilmunen 56
Ester Felez Vinas DSC
Huong Vu 77
Wolf Wagner 56
Jr-Yan Wang 43
Peng Wang (Southampton)
68
Peng Wang (UNSW) 52
Felix Weidemann 05 26
Joakim Westerholm 06
Ryan Williams 57 79
Steven Xiao 10 49
Yamin Xie 11 35
Guosong Xu DSC
Mona Yaghoubi 18 38
Xuemin (Sterling) Yan 81
Ania Zalewska 55 57
Wei Zhai 29
Hanyu Zhang 06 30
Wenrui Zhang 20 32
Yanlei Zhang 23 76
Yelin Zhang 65 86
Liping Zhao DSC
Xiaofeng Zhao 20 82
Haikun Zhu 15 54
Severin Zorgiebel 22 25
2016 FMA European Conference - 30
AT A GLANCE CONFERENCE PROGRAM
THURSDAY, 9 JUNE
SESSIONS
Room 210
Room 309
Room 303
Room 304
Room 305
Room 306
Room 307
Room 308
Room 408
Room 409
Room 411
SESSION → 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 8:30 am - 10:00 am
Trends in European Corporate Governance
Repurchases & Stock Splits
Cross-Listed Firms
Determinants of Cash Holdings 1
High Frequency Trading
Debt Structure & Borrowing Costs
Factor Models
Bank Risk Taking
Credit Risk Takeover Deal Premiums
10:00 AM - 10:30 AM - COFFEE BREAK - Aula Foyer (Ground Floor)
12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 10:30 am - 12:00 noon
Board Composition
State Ownership
Bank Lending Risk
Debt Maturity Structure
Relative Pricing
Crash Risk Option Volatility
Corporate Takeovers & Divestitures
12:00 NOON - 1:30 PM - LUNCHEON - Auditorium Maximum (Maxen) (Floor 2)
23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 1:30 pm - 3:00 pm
Bank Regulation Reform
Executive Compensation & Financing Structure
IPOs & SEOs
Determinants of Cash Holdings 2
Asset Pricing & Currency Markets
Trading Strategies
Debt Financing
Volatility Investment Policy
R&D and Innovation
Emerging Market Debt
3:00 PM - 3:30 PM - COFFEE BREAK - Aula Foyer (Ground Floor)
34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 3:30 pm - 4:30 pm
Bank Bailouts
Post-IPO Performance
Board Performance
Trade Size & Liquidity
External Determinants of Capital Structure
Algorithmic Trading
Skewness
Sophisticated Investors
Futures Trading
Firm Organization and Risk
4:45 PM - 6:00 PM - KEYNOTE ADDRESS Aula (Ground Floor)
Antti Petäjistö, Portfolio Manager BlackRock
7:00 PM - GALA DINNER Pörssitalo (Helsinki NASDAQ OMX Building)
Panel Sessions appear in shaded boxes
2016 FMA European Conference - 31
FRIDAY, 10 JUNE
SESSIONS
Room 210
Room 309
Room 303
Room 304
Room 305
Room 306
Room 307
Room 308
Room 408
Room 409
Room 411
SESSION → 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 8:30 am - 10:00 am
Innovations in Investment Strategy
Executive Compensation Design
Board Composition
Dividend Policy
Information Processing
Asset Management Governance
Portfolio Construction
Hedge Fund Performance & Activism
Liquidity Shocks
Systemic Risk
10:00 AM - 10:30 AM - COFFEE BREAK
Aula Foyer (Ground Floor)
56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 10:30 am - 12:00 noon
Macro- Prudential Issues in Banking
Executive Compensation
Corruption, Fraud and Tax Evasion
Intraday Patterns
Firm Performance & the Media
Asset Management
Bond Pricing Mutual Fund Investors
Corporate Social Responsibility & Firm Performance
12:00 NOON - 1:30 PM - LUNCHEON
Auditorium Maximum (Maxen) (Floor 2)
67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 1:30 pm - 3:00 pm
Regulatory Issues
CEOs & Firm Performance
Career Issues & Experience
Small Business Lending
Analysts Credit Ratings & Asymmetric Information
Mutual Fund Portfolios
Corporate Social Responsibility Investing
Sovereign Risk
3:00 PM - 3:30 PM - COFFEE BREAK
Aula Foyer (Ground Floor)
78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 3:30 pm - 5:00 pm
Executive Compensation & Customer-Supplier Relationships
Sources of Information
Market Efficiency, Trading Rules & Momentum
Short Selling Banking Theory
Accuracy of Analyst Forecasts
Cross Section of Returns
Mutual Fund Managers
Firm Investment & Decision Making
Firm Risk Manage-ment with Derivatives
5:15 PM - 6:15 PM - RECEPTION
Auditorium Maximum (Maxen) (Floor 2)
Panel Sessions appear in shaded boxes
2016 FMA European Conference Program - 32
Financial Management Association International First Call for Papers and Participation 2017 FMA European Conference June 22 - 23, 2017 Alexander Butler, Professor & Faculty Lead for Undergraduate Business Programs Rice University João Duque, Professor Instituto Superior de Economia e Gestão (ISEG) Veronika Krepely Pool, Associate Professor & Gregg T and Judith A Summerville Chair of Finance Indiana University 2017 FMA European Conference Program Co-chairs
Deadline Summary
Program Committee Member Applications November 18, 2016
Paper Submissions
December 1, 2016
Panel Discussion Proposals December 1, 2016
Session Chairperson/Paper Discussant Applications
February 17, 2017
Doctoral Student Consortium Applications February 17, 2017
Paper and Panel Proposal Decisions
February, 2017 The Twenty-First Annual European Conference of the Financial Management Association International (FMA) will be held June 22 & 23, 2017, at ISEG in beautiful Lisbon, Portugal. FMA’s European Conference brings together academicians and practitioners with interests in financial decision-making and provides a forum for presenting new research and discussing current issues in financial management and related topics. Presentations of research papers, panel discussions, and tutorials will begin Thursday morning and end Friday afternoon. The Doctoral Student Consortium will be held on Wednesday.
Submission Fee: US $50 for FMA members / US $60 for non-members
For information on submission procedures, go to
www.fma.org/Lisbon/
2016 FMA European Conference Program - 33
Main Entrance
Hanken School of Economics
Floor 3
Rooms 303, 304, 305, 306,
307, 308, & 309
Floor 4
Rooms 408, 409 & 411
Ground floor AULA
Keynote Address
AULA FOYER
Exhibits Coffee Breaks
CAFÉ FOYER Registration
Floor 2 Room 210 AUDITORIUM MAXIMUM (MAXEN) Luncheons Friday Reception
Stairs UP
Stairs UP
2017
See you in
Lisbon!
22 & 23 June
www.fma.org/Lisbon/
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