The Seventh Annual Roundtable Discussion on Investment Funds – Harvard Law School – December 8, 2014

Draft Program

Arrival & Registration at Harvard Law School – Wasserstein Hall 2036 (Milstein East A) 1585 Massachusetts Avenue, Cambridge, MA 02138

Welcome Luncheon, Opening Remarks & Keynote Address

Welcome: John C. Coates, IV, John F. Cogan, Jr. Professor of Law & Economics Harvard Law School

Introduction: Tamar Frankel, Professor of Law & Michaels Faculty Research Scholar Boston University School of Law

Keynote: Nell Minow, Director & Co-Founder The Corporate Library / GMI Ratings

Discussion Session I

Compliance: Ten Years of Advisers Act Compliance

Moderator: Deborah A. DeMott, Duke University School of Law Break

Discussion Session II
Litigation: Tibble v. Edison Int’l and 401(k) Fee Cases

Moderator: Jill E. Fisch, University of Pennsylvania Law School Break

Discussion Session III

Regulation: Systemically Important Financial Institution (SIFI) Designations

Moderator: Patricia A McCoy, Boston College Law School Break

Discussion Session IV

Market Developments: High Frequency Trading & Alternative Mutual Funds

Moderator: J.B. Kittredge, Grantham, Mayo & Van Otterloo LLC

Closing: William Birdthistle, Professor of Law & Freehling Scholar Chicago-Kent College of Law

Dinner

ROUNDTABLE PARTICIPANTS

Lee Augsburger –  Chief Ethics & Compliance Officer Prudential Financial, Inc.

William A. Birdthistle – Professor of Law & Freehling Scholar Chicago-Kent College of Law

John C. Bogle – Founder & Former Chairman The Vanguard Group

Mercer E. Bullard – Associate Professor of Law University of Mississippi School of Law (former Assistant Chief Counsel, SEC Division of Investment Management)

Kenneth E. Burdon – Associate Skadden, Arps, Slate, Meagher & Flom LLP

Jeffrey N. Carp –  Executive V.P. & Chief Legal Officer State Street

Norm Champ – Director, Div. of Investment Management U.S. Securities and Exchange Commission

John C. Coates, IV – John F. Cogan, Jr. Prof. of Law & Econ. Harvard Law School

Stephen Davis – Assoc. Director & Senior Fellow Harvard Law School Programs on Corp. Governance & Institutional Investors

Dorothy M. Donohue – Deputy General Counsel Investment Company Institute

Deborah A. DeMott –  David F. Cavers Professor of Law Duke University School of Law

James Fanto – Professor of Law & Co-Director for the Study of Business Law & Regulation Brooklyn Law School

Jill E. Fisch – Perry Golkin Professor of Law University of Pennsylvania Law School

Tamar Frankel – Michaels Faculty Research Scholar Professor of Law Boston University School of Law

M. Todd Henderson- Michael J. Marks Professor of Law University of Chicago Law School

Wulf A. Kaal – Associate Professor University of St. Thomas School of Law

J.B. Kittredge – General Counsel Grantham, Mayo & Van Otterloo LLC

H. Norman Knickle – Attorney-Adviser Boston Regional Office U.S. Securities and Exchange Commission

Arthur B. Laby – Professor Rutgers School of Law – Camden (former SEC Assistant General Counsel)

John M. Loder – Partner & Co-Head, Investment Management Ropes & Gray LLP

Martin E. Lybecker – Partner Perkins Coie LLP (former Associate Director, SEC Division of Investment Management)

Patricia A. McCoy – Liberty Mutual Ins. Professor of Law Boston College Law School

Nell Minow – Director & Co-Founder The Corporate Library / GMI Ratings

Alan Palmiter – Howard L. Oleck Professor of Business Law Wake Forest University School of Law

Mark N. Polebaum – General Counsel MFS Investment Management

Eric D. Roiter – Lecturer in Law Boston University School of Law (former SEC Assistant General Counsel)

Peter M. Rosenblum – Partner Foley Hoag LLP

David S. Scharfstein –  Edmund Cogswell Converse Professor of Finance & Banking Harvard Business School

Charles V. Senatore – Head of Global Corporate Compliance Fidelity Investments (former Director, SEC Southeast Reg. Office)

Jennifer S. Taub – Associate Professor of Law Vermont Law School

Anne Tucker – Associate Professor of Law Georgia State University College of Law

Dirk Zetzsche – Propter Homines Chair for Banking & Securities Law Universität Liechtenstein

The Effect of Non- and Deferred Prosecution Agreements on Corporate Governance: Evidence from 1993-2013

Non- and Deferred Prosecution Agreements (N/DPAs) are controversial because prosecutors, not judges or the legislature, are changing the governance of leading public corporations and entire industries. To analyze N/DPAs’ corporate governance implications and provide policy makers with guidance, the authors code all publicly available N/DPAs (N=271) from 1993 to 2013, identifying 215 governance categories and subcategories. The authors find evidence that the execution of N/DPAs is associated with significant corporate governance changes. The study categorizes mandated corporate governance changes for entities that executed an N/DPA as follows: (1) Business Changes, (2) Board Changes, (3) Senior Management, (4) Monitoring, (5) Cooperation, (6) Compliance Program, and (7) Waiver of Rights. The authors supplement the analysis of governance changes in these categories with a more in depth evaluation of the respective subcategories of governance changes. The authors also code and analyze preemptive remedial measures, designed by corporations to preempt the execution of an N/DPA or corporate criminal indictment. The paper evaluates the implications of the empirical evidence for boards, management, and legal practitioners.

Keywords: Non Prosecution Agreement, Deferred Prosecution Agreement, Panel Data, Corporate Governance

JEL Classification: G3, K14, K22

http://blogs.law.harvard.edu/corpgov/2014/09/23/the-effect-of-deferred-and-non-prosecution-agreements-on-corporate-governance/

Conference Announcement

University of St. Thomas Law Journal Symposium on Global Business Ethics
 
 

Please join us on Sept. 11, for the Symposium on Global Business Ethics at the University of St. Thomas School of Law.

The Symposium on Global Business Ethics at the University of St. Thomas School of Law brings together leading scholars on legal and business ethics from Europe and the United States. Initiated by the late Christian Kirchner (1944-2014) with substantive involvement of the Wittenberg Center for Global Ethics, the symposium enables cross-cultural and transatlantic scholarly dialogue in the context of global business ethics across different scholarly traditions. The symposium is intended to build consensus on important ethics issues, foster dialogue, and enable future cooperation.

Welcome
Wulf Kaal, University of St. Thomas School of Law

“Did September 11 Make Global Ethics Impossible?” 
Kenneth Goodpaster, University of St. Thomas Opus College of Business

Individual Responsibility Panel
“It Satisfies the Key Stakeholders – But is it the Right Thing To Do?” Kenneth Goodpaster, University of St. Thomas Opus College of Business
“Engaging Each Client’s and Lawyer’s Tradition in Balancing Self- Interest and Responsibility to Others” Neil Hamilton, University of St. Thomas School of Law
“Can Foreign Direct Investment Contribute to Restoring Social Order?” Roland Bardy, Florida Gulf Coast University, Lutgert College of Business

Order Ethics Panel
“Order Ethics in the Globalized World” Christoph Luetge, Technical University of Munich
“The Relevance of Experimental Research for Normative Business Ethics” Philipp Schreck, Ludwig Maximilian University of Munich
“Morrison v. National Australia Bank – Implications for Business Ethics” Richard Painter, University of Minnesota Law School
“Order Ethics and the Founding and Early Undertakings of the Wittenberg Center for Global Ethic” Paul Rosser, Wittenberg Center for Global Ethics

Transatlantic Discussion
“Individual Responsibility vs. Corporate Responsibility and Liability – Transatlantic Perspectives”

This event is co-sponsored by the German American Chamber of Commerce, Goethe Institute, Consulate General of the Federal Republic of Germany Chicago, Honorary Consul of the Federal Republic of Germany Minneapolis, Minnesota International Center, and the Holloran Center for Ethical Leadership in the Professions.

REGISTER NOW

 
 

Conference Announcement

Christian Kirchner Memorial Symposium

Sept. 6, 2014 8:30 a.m. to 5 p.m.

University of St. Thomas School of Law
Board of Governors Room

The Christian Kirchner Memorial Symposium brings together leading law and economics scholars from around the world to honor Kirchner’s life and work.

Christian Kirchner

Professor Dr. jur. Dr. rer. pol . Dr. h. c. Christian Kirchner, LL.M., was an internationally renowned professor and scholar. He was most recognized for his work at the intersection of law and economics and especially New Institutional Economics, antitrust law, and company Law.  The author of over 270 articles and books, Kirchner was highly sought after as a visiting professor and taught in Switzerland, the United States, Mexico, Israel, Japan and China. Kirchner also served as a board member of the Wittenberg Center for Global Ethics, where his work on management remuneration in the banking sector resulted in substantive regulatory commitments by the five leading German banks. Christian Kirchner passed away on Jan. 17, 2014.

List of participants:

  • Tom Ulen, Swanlund Chair Emeritus, Illinois College of Law
  • Francesco Parisi, Oppenheimer Wolff and Donnelly Professor of Law, University of Minnesota Law School
  • Claire Hill, James L. Krusemark Chair in Law, University of Minnesota Law School
  • Brett McDonnell, Professor of Law, University of Minnesota Law School
  • Erich Schanze, Permanent Visiting Professor, University of Bergen, Norway and Lecturer for Law and Economics, University of St. Gallen, Switzerland
  • Christine Windbichler, Professor of Law, Humboldt-University Berlin, Germany
  • Mathias Schmidt, Professor of Business, University of Leipzig, Germany
  • Andreas Schwartze, Professor of Law, University of Innsbruck, Austria
  • Andreas Engert, Professor of Law, University of Mannheim, Germany
  • Xujun Gao, Professor and Director of the German and EU Law Center, Tongji University Law School, Shanghai, China
  • Jesik S. Hong, Professor of Law, Shimane University, Japan
  • Philip C. Hanke, Erasmus University Rotterdam, Netherlands
  • David Ehmke, University of Oxford, UK, and Humboldt-University Berlin, Germany

Presentation: Effect of Dodd-Frank Act on Hedge Fund Performance – at European Financial Management Association – 2014 Annual Conference – Rome Italy

EUROPEAN FINANCIAL MANAGEMENT ASSOCIATION

2014 Annual Conference

June 25 – 28, 2014

University of Rome Tor Vergata – School of Economics

Rome, ITALY

Dear colleagues and friends of the European Financial Management Association (EFMA),

On behalf of the School of Economics of the University of Rome Tor Vergata, We have the great pleasure and privilege to

welcome you to Rome and the 23rd Annual Meeting of the EFMA.

A very large number of high quality papers were received, making the refereeing process a very challenging task. All

submitted papers were blindly reviewed by the outstanding members of the Program Committee from top academic

institutions including: New York University, Harvard Business School, MIT, Stanford University, Wharton School, London

Business School, Columbia University, INSEAD, Hong Kong University of Science and Technology, Bocconi University,

HEC Paris, University of Oxford, Yale School of Management, Cornell University and UCLA. To all of them, as well as to all

who submitted papers, accepted to discuss them and to chair sessions, go our heartfelt thanks.

The highly competitive refereeing process led to a selection of 288 papers out of an extremely large number of paper

submissions. The program consists of 96 parallel sessions and 3 special sessions, with very renown academic specialists in

each topic.

The EFM “Merton H. Miller” Doctoral Seminar, sponsored by the EFM Journal, is an excellent outlet for PhD students to

enhance their research skills through specific tutorials under the guidance of great academics. Professor Alon Brav from the

Fuqua School of Business, Duke University and Professor Amit Goyal from University of Lausanne are the Distinguished

Doctoral Seminar Keynote Lecturers of the 2014 program.

It would be impossible to organize such a big conference without the technical, administrative, organizational support, effort,

dedication and perseverance of the organizing committee of the 2014 EFMA Annual Conference. We are grateful to Marina

Brogi, Lorenzo Caprio, Ettore Croci, Vincenzo Farina, Umberto Filotto, Franco Fiordelisi, Gianni Nicolini, Gustavo Piga e

Francesco Zirilli, We also thank John Doukas, the EFMA staff and the Program Chair of the 2013 EFMA conference,

Simone Varotto, for their helpful support and prompt advice whenever needed.

Of course, we would also like to extend our sincere thanks to the conference sponsors, Assifact, Assofin, Crif, and The PhD

in Management of the University of Rome Tor Vergata; the conference award sponsors, EFMA, GARP, NYSE Euronext,

Larry Lang and John Doukas; and also to the University of Rome Tor Vegata for providing resources administratively,

physically and financially.

We hope you will benefit greatly from the challenging and intellectually stimulating conference program and wish you a

exciting stay in Rome, the eternal city.

“Salvere Vos Iubemus” (Plauto, Càsina)

EFMA 2014 Program Co-Chairs

Alessandro Carretta and Gianluca Mattarocci

2

Conference Maps

University of Rome Tor Vergata – School of Economics

Undergroud Floor Ground Floor

First Floor Second Floor

TL

I4

I2

AULA MAGNA

AULA MAGNA

3

EUROPEAN FINANCIAL MANAGEMENT

ASSOCIATION

2014 Annual Conference

June 25 – 28, 2014

University of Rome Tor Vergata – School of Economics

Rome, ITALY

Program Timetable page 4

List of Committee Members and Exhibitors page 11

Doctorate Seminar Program page 12

Doctorate Seminar Tutorial Sessions page 14

List of Doctorate Seminar Lectures and Instructors page 18

EFMA 2014 Program Matrix page 21

EFMA 2014 Program Sessions page 23

EFMA 2014 List of Participants and Authors page 48

Call for Papers EFMA 2015

4

EUROPEAN FINANCIAL MANAGEMENT

ASSOCIATION

2014 Annual Conference

June 25 – 28, 2014

University of Rome Tor Vergata – School of Economics

Rome, ITALY

Program Timetable

Wednesday, June 25 2014

07:45 – 18:00 Registration, University of Rome Tor Vergata

School of Economics Atrium

08:15 – 19:30 2014 “Merton H. Miller” Doctoral Program (3 parallel sessions)

Organizer: John A. Doukas, ODU Business School, EFM Editor

Session rooms: S05, S07, S09

08:15 – 09:30 Session 1, Room TL (Open to everyone)

Keynote Lecture #1

Professor Alon Brav, Furqua Business School, Duke University

“Hedge Fund Activism”

10:45 – 11:15 Coffee break – Sala lettura – First Floor

11:15 – 13:00 Presentations (5 parallel sessions)

Session Rooms: P01, P02, P03, P04, P05

Sessions A1 – A5

13:00 – 14:00 Lunch break – Sala lettura – First Floor

14:00 – 15:45 Presentations (6 parallel sessions)

Session Rooms: P01, P02, P03, P04, P05, P12

Sessions B1 – B6

15:45 – 16:15 Coffee break – Sala lettura – First Floor

16:15 – 18:00 Presentations (6 parallel sessions)

Session Rooms: P01, P02, P03, P04, P05, P12

Sessions C1 – C6

18:00 – 19:00 Session 2, Room TL (Open to everyone)

Keynote Lecture #2

Professor Amit Goyal, University of Lausanne

“Cross-sectional Regressions in Asset pricing”

19:45 – 20:00 Opening Ceremony

Villa Mondragone

20:00 – 21:30 Reception

Villa Mondragone

5

Thursday, June 26 2014

08:00 – 18:00 Registration, University of Rome Tor Vergata

School of Economics Atrium

08:30 – 10:15 Presentations (10 parallel sessions)

Session Rooms: P01, P02, P03, P04, P05, P09, P11, P12, S05, S07

Sessions D1–D10

10:15 – 10:45 Coffee break – Sala lettura – First Floor

10:45 – 12:30 Presentations (12 parallel sessions)

Session Rooms: P01, P02, P03, P04, P05, P09, P11,P12, S05, S07, S09, S11

Sessions E1 – E12

12:30 – 13:45 Lunch break – Sala lettura – First Floor

13:45 – 15:30 Presentations (12 parallel sessions)

Session Rooms: P01, P02, P03, P04, P05, P09, P11, P12, S05, S07, S09, S11

Sessions F1 – F12

15:30 – 16:00 Coffee break – Sala lettura – First Floor

16:00 – 17:45 Presentations (11 parallel sessions)

Session Rooms: P01, P02, P03, P04, P05, P09, P11, P12, S09, S07, S11

Sessions G1 – G11

18:00 – 19:30 Special Session

“Hedge Fund Activis-m”

Organizer/Moderator: Professor Alon Brav, Duke University

Panelists:

Marco Becht, Université Libre de Bruxelles

Alon Brav, Duke University

Vyacheslav Fos, University of Illinois

Bing Liang, UMass Amherst

Zachias Sautner, Frankfurt School of Finance & Management

Session Room: Aula Magna

Special Session 1

Friday, June 27 2014

08:30 – 10:15 Presentations (10 parallel sessions)

Session Rooms: P01, P02, P03, P04, P05, P12, P09, P11, S07, S12

Sessions H1 – H10

10:15 – 10:45 Coffee break – Sala lettura – First Floor

10:45 – 12:30 Special Session

“Interest Rates and the Macroeconomy”

Organizer/Moderator: Professor Andrea Buraschi, Imperial College Business

School

Panelists:

Andrea Buraschi, Imperial College Business School

Gregory Duffee, John Hopkins University

Luis M. Viceira, Harvard Business School

Ken Singleton, Stanford University

Session Room: Aula Magna

Special Session 2

12:30 – 13:45 Lunch break – Sala lettura – First Floor

13:45 – 15:30 Presentations (11 parallel sessions)

Session Rooms: P01, P02, P03, P04, P05, P09, P11, P12, S09, S07, S12

Sessions I1 – I11

15:30 – 16:00 Coffee break – Sala lettura – First Floor

16:00 – 17:00 Special Session

“Commodity Markets: Current Developments”

Organizer/Moderator: Professor George Skiadopoulos, QMUL & University of

Piraeus

Panelists:

Alexander David, University of Calgary

Frans A. De Roon, Tilburg University

Special Session 3

6

Massimo Guidolin, Bocconi University

K. Geert Rouwenhorst, Yale School of Management

Session Room: Aula Magna

18:15 – 19:15 Keynote Speech

“The Flight from Maturity”

Professor Gary B. Gorton, Yale School of Management

Welcome Address: Giuseppe Novelli (University of Rome Tor Vergata)

Keynote Address: Giorgio Gobbi (Bank of Italy)

Session Room: Centro Donato Menichella, Bank of Italy

Keynote Speech

19:15 – 19:30 Awards Ceremony

EFM Best Paper Awards (Best Paper, Readers’ Choice & Top Download)

EFMA, Best Conference Award

GARP Best Risk Management Award

NYSE Euronext Financial Markets Best Paper Award

Larry Lang Best Paper Award in Corporate Finance

John A. Doukas, PhD Best Paper Award

Session Room: Centro Donato Menichella, Bank of Italy

20:00 – 23:00 Gala Dinner

Villa Giulia

Saturday, June 28 2014

08:30 – 10:15 Presentations (7 parallel sessions)

Session Rooms: P01, P02, P03, P04, P05, P11, P12

Sessions J1 – J7

10:15 – 10:45 Coffee break – Sala Lettura – First Floor

10:45– 12:30 Presentations (7 parallel sessions)

Session Rooms: P01, P02, P03, P04, P05, P11, P12

Sessions K1 – K7

13:00 Conference Ends

7

Session Timings

Wednesday

Sessions A1 – A5

11:15-11:35

11:50-12:10

12:25-12:45

First Paper Presentation & Questions

Second Paper Presentation & Questions

Third Paper Presentation & Questions

11:35-11:50

12:10-12:25

12:45-13:00

Discussion & Questions

Discussion & Questions

Discussion & Questions

Sessions B1 – B6

14:00-14:20

14:35-14:55

15:10-15:30

First Paper Presentation & Questions

Second Paper Presentation & Questions

Third Paper Presentation & Questions

14:20-14:35

14:55-15:10

15:30-15:45

Discussion & Questions

Discussion & Questions

Discussion & Questions

Sessions C1 – C6

16:15-16:35

16:50-17:10

17:25-17:45

First Paper Presentation & Questions

Second Paper Presentation & Questions

Third Paper Presentation & Questions

16:35-16:50

17:10-17:25

17:45-18:00

Discussion & Questions

Discussion & Questions

Discussion & Questions

Thursday

Sessions D1 – D10

08:30-08:50

09:05-09:25

09:40-10:00

First Paper Presentation & Questions

Second Paper Presentation & Questions

Third Paper Presentation & Questions

08:50-09:05

09:25-09:40

10:00-10:15

Discussion & Questions

Discussion & Questions

Discussion & Questions

Sessions E1 – E12

10:45-11:05

11:20-11:40

11:55-12:15

First Paper Presentation & Questions

Second Paper Presentation & Questions

Third Paper Presentation & Questions

11:05-11:20

11:40-11:55

12:15-12:30

Discussion & Questions

Discussion & Questions

Discussion & Questions

Sessions F1 – F12

13:45-14:05

14:20-14:40

14:55-15:15

First Paper Presentation & Questions

Second Paper Presentation & Questions

Third Paper Presentation & Questions

14:05-14:20

14:40-14:55

15:15-15:30

Discussion & Questions

Discussion & Questions

Discussion & Questions

Sessions G1 – G11

16:00-16:20

16:35-16:55

17:10-17:30

First Paper Presentation & Questions

Second Paper Presentation & Questions

Third Paper Presentation & Questions

16:20-16:35

16:55-17:10

17:30-17:45

Discussion & Questions

Discussion & Questions

Discussion & Questions

Friday

Sessions H1 – H10

08:30-08:50

09:05-09:25

09:40-10:00

First Paper Presentation & Questions

Second Paper Presentation & Questions

Third Paper Presentation & Questions

08:50-09:05

09:25-09:40

10:00-10:15

Discussion & Questions

Discussion & Questions

Discussion & Questions

Sessions I1 – I11

13:45-14:05

14:20-14:40

14:55-15:15

First Paper Presentation & Questions

Second Paper Presentation & Questions

Third Paper Presentation & Questions

14:05-14:20

14:40-14:55

15:15-15:30

Discussion & Questions

Discussion & Questions

Discussion & Questions

Saturday

Sessions J1 – J7

08:30-08:50

09:05-09:25

09:40-10:00

First Paper Presentation & Questions

Second Paper Presentation & Questions

Third Paper Presentation & Questions

08:50-09:05

09:25-09:40

10:00-10:15

Discussion & Questions

Discussion & Questions

Discussion & Questions

Sessions K1 – K7

10:45-11:05

11:20-11:40

11:55-12:15

First Paper Presentation & Questions

Second Paper Presentation & Questions

Third Paper Presentation & Questions

11:05-11:20

11:40-11:55

12:15-12:30

Discussion & Questions

Discussion & Questions

Discussion & Questions

8

2014 Program Committee

Aabo Tom Aarhus University

Abad Pilar Universidad Rey Juan Carlos

Adcock Chris University of Sheffield

Aggarwal Reena Georgetown University

Ait-Sahalia Yacine Princeton University

Aktas Nihat Skema Business School

Almeida Heitor University of Illinois

Areal Nelson University of Minho

Armada Manuel University of Minho

Bailey Warren Cornell University

Baker Malcolm Harvard University

Baptista Alexandre George Washington University

Bartholdy Jan Aarhus University

Batten Jonathan Hong Kong University of

Science and Technology

Benninga Simon Tel Aviv University

Berglund Tom Hanken School of Economics

Bessler Wolfgang University of Giessen

Billio Monica University of Venice

Bodnar Gordon SAIS Johns Hopkins University

Booth G.Geoff Michigan State University

Booth Laurence Rotman School of Management

Brennan Michael University of Manchester

Brenner Menachem New York University

Bris Arturo IMD International

Brown Stephen New York University

Burch Tim University of Miami

Burkart Mike Stockholm School of Economics

Cabolis Christos Alba Graduate Business School

Cao Jerry Singapore Management

University

Carbó Santiago University of Bangor

Casanovas Montserrat Universitat de Barcelona

Caselli Stefano Bocconi University

Casu Barbara City University, London

Cathcart Lara Imperial College

Chuliá Helena University of Barcelona

Clark Ephraim Middlesex University

Climent Francisco University Cardenal Herrera

Cocco Joao London Business School

Cohen Lauren Harvard University

Cooper Ian London Business School

Copeland Laurence University of Cardiff

Coppola Michela Max Planck Institute for Social

Law and Policy

Cornelli Francesca London Business School

Cortez Maria Céu University of Minho

Croci Ettore Università Cattolica

Cumming Douglas York University

Cuñado Juncal University of Navarra

Davies Ryan Babson College

Di Iorio Amalia La Trobe University

Díaz Antonio University of Castile-La Mancha

Dimson Elroy London Business School

Doukas John Old Dominion University

Drobetz Wolfgang University of Hamburg

Duffie Darrell Stanford University

Dufour Alfonso University oof Reading

Easley David Cornell University

Eckbo B. Espen Darthmouth College

Elton Edwin New York University

Emery Doug Miami University

Errunza Vihang McGill University

Estrada Javierl IESE Business School

Faff Robert University of Queensland

Fernandez Pablo IESE Business School

Ferson Wayne University of Southern California

Fotak Veliko University of Buffalo

Foucault Thierry HEC School of Management

Füss Roland University of St. Gallen

Galariotis Emilios Audencia Nantes

Gamba Andrea Warwick Business School

Gatti Stefano Bocconi University

Gervais Simon Duke University

Ghosh Dilip K. Rutgers University

Giammarino Ron University of British Columbia

Gibilaro Lucia University of Bergamo

Gil-Bazo Javier Universitat Pompeu Fabra

Gobbi Giorgio Bank of Italy

Goergen Marc Cardiff University

Golubov Andrey Cass Business School

Gómez-Biscarri Javier University of Pompeu Fabra

Gómez-Puig Marta University of Barcelona

Gonenc Halit University of Groningen

Gros Daniel Center for European Policy

Studies

Gruber Martin New York University

Guest Paul University of Surrey

Guidolin Massimo Bocconi University

Gupta Paul University of Surrey

Hackbarth Dirk Boston University

Hagendorff Jens University of Edinburgh

Hallahan Terrence Victoria University

Han Bing University of Texas at Austin

Han Jungsuk Stockholm School of Economics

Hasan Iftekhar Fordham University

Hautsch Nikolaus University of Vienna

9

Heaney Richard University of Western Australia

Heider Florian European Central Bank

Hietala Pekka INSEAD

Ho Keng-Yu National Taiwan University

Hoesli Martin HEC University of Geneve

Hollifield Burton Carnegie Mellon University

Holmes Phil University of Leeds

Jagannathan Ravi Northwestern University

Jelic Ranko University of Birmingham

Jensen Bjarne Astrup Copenhagen Business School

Kane Edward J. Boston College

Kavussanos Manolis Athens University of Economics

and Business

Kecskes Ambrus Virginia Tech

Keim Donald University of Pennsylvania

Keloharju Matti Helsinki School of Economics

Khurshed Arif Manchester Business School

Knyazeva Anzhela University of Rochester

Koijen Ralph London Business School

Korajczyk Robert Northwestern University

Kouretas Georgios Athens University

Kryzenowsky Larry Concordia University

Kumar Alok University of Miami

Lam F.Y. Eric C. Hong Kong Baptist University

Lambrecht Bart Lancaster University

Leal Ricardo Federal University of Rio de

Janeiro

Levis Mario City University of London

Liljeblom Eva Hanken School of Economics

Lleo Sebastien REIMS Management School

Longstaff Francis UCLA

Lothian James Fordham University

Makarov Igor London School of Economics

Mancini Loriano EPFL

Manganelli Simone European Central Bank

Manso Gustavo University of California ar

Berkeley

Marcato Gianluca University of Reading

Marin José IMDEA

Markellos Raphael University of East Anglia

Marsh Ian City Univesity of London

Martí Pellón José Complutense University of

Madrid

Martínez Miguel Ángel University Pais Vasco

Mathur Ike Southern Ilinois University

Mckenzie Michael University of Liverpool

Merrick John William and Mary College

Metrick Andrew Yale University

Michaelides Alexander University of Cyprus

Michalsen Dag Norwegian Business School

Monferrà Stefano University Naple Parthenope

Monte Roberto University of Rome Tor Vergata

Moosa Imad RMIT University

Moreno Manuel University of Castile-La Mancha

Moshirian Fariborz University of New South Wales

Murphy Kevin University of Southern California

Nicodano Giovanna University of Turin

Novales Alfonso Universidad Complutense de

Madrid

Oesch David University of St. Gallen

Ozkan Aydin Hull University

Ozkan Neslihan University of Bristol

Paxson Dean Manchester Business School

Payne Richard City University of London

Peña Ignacio Carlos III University of Madrid

Penalva José Carlos III University of Madrid

Perrakis Stylianos Concordia University

Petmezas Dimitris University of Surrey

Phalippou Ludovic Oxford University

Phylaktis Kate City University of London

Pop Adrian University of Nantes

Ramodorai Tarun Oxford Uiversity

Ramos Sofia ISCTE

Ranaldo Angelo Swiss National Bank / University

of Zurich

Raposo Clara ISEG

Ravis Artur Northwestern University

Rebelo Sergio Northwestern University

Reis Ricardo Columbia University

Renneboog Luc Tilburg University

Resti Andrea Bocconi University

Roberts Gordon York University

Rodrigues Artur University of Minho

Schwarts Eduardo UCLA

Senbet Lemma University of Mariland

Sensoy Berk Ohio State University

Sercu Piet KU Leuven

Servaes Henri London Business School

Shapiro Joel University of Oxford

Silva Rui London Business School

Singh Vivek University of Michigan-Dearborn

Solnik Bruno HEC Paris

Sosvilla-Rivero Simón Universidad Complutense de

Madrid

Spagnolo Nicola Burnel University

Stanescu Silvia University of Kent

Statman Meir Santa Clara University

Steeley Jim Aston Business School

Suarez Javier CEMFI

Subrahmanyam UCLA

10

Avanidhar

Subrahmanyam Marty G. New York University

Subramaniam Venkat Tulane University

Switzer Lorne Concordia University

Taffler Richard University of Warwick

Tate Geoffrey UNC –Chapel Hill

Taylor Nick University of Bristol

Taylor Stephen University of Lancaster

Thanassoulis John University of Oxford

Tookes Heather Yale School of Management

Torricelli Costanza University of Modena and

Reggio Emilia

Tourani-Rad Alireza Auckland University of

Technology

Tran Anh City University of London

Trueck Stefan Macquarie University

Tunaru Radu University of Kent

Vaihekoski Mika University of Turku

Varaiya Nikhil San Diego State University

Varotto Simone University of Reading

Veld Chris University of Glasgow

Veredas David Université Libre de Bruxelles

Visvikis Ilias World Maritime University

Walter Ingo New York University

Walz Uwe Goethe University Frankfurt

Wilson John O.S. University of St Andrews

Wilson Mungo Oxford University

Wojakowski Rafal University of Surrey

Wolff Christian University of Luxembourg

Xu Danielle Gonzaga University

Yan Xuemin University of Missouri

Zalewska Ania University of Bath

Zechner Josef Vienna University

Zhang Xiaoyan Purdue University

Ziemba William T. University of British Columbia

11

2014 Organizing Committee

Marina Brogi University of Rome La Sapienza

Lorenzo Caprio University Cattolica

Ettore Croci University Cattolica

Vincenzo Farina University of Rome Tor Vergata

Umberto Filotto University of Rome Tor Vergata

Franco Fiordelisi University of Rome Tre

Gianni Nicolini University of Rome Tor Vergata

Gustavo Piga University of Rome Tor Vergata

Francesco Zirilli University of Rome La Sapienza

Conference Exhibitors

Advertising Publishers

Cambridge University Press Business Expert Press and Momentum Press

CRSP–University of Chicago Cambridge University Press

Palgrave Macmillan Publishing Oxford University Press

S&P Capital IQ Stock-Track

World Scientific Springer Verlag GmbH Publishing

Stock-Trak

12

EUROPEAN FINANCIAL MANAGEMENT

ASSOCIATION

2014 Annual Conference

June 25 – 28, 2014

Rome, ITALY

“For the increase and dissemination of financial management

knowledge”

2014 “Merton H Miller”

Doctoral Seminar

Wednesday, June 25, 2014

Program

Organized by

Prof John A. Doukas, EFM Managing Editor

Sponsor

EUROPEAN FINANCIAL MANAGEMENT

http://www.efmaefm.org

Location

University of Rome Tor Vergata

Faculty of Economics

Edificio Didattica

Via Columbia n.2, Rome, Rome 00133, Italy

13

PhD Program Matrix

June 25, 2014 SESSIONS

07:45 – 08:00 PhD Students Meeting: Registration & Seminar Instructions Room: TL

08:15 – 09:30 Session 1

Keynote Lecture#1

Professor Alon Brav, Duke University

Fuqua School of Business

“Hedge Fund Activism”

Room: TL

09:30 – 10:00 Coffee Break Sala Lettura

10:00 – 13:00 A Sessions

A1: Group#1

A2: Group#2

A3: Group#3

Room: S05

Room: S07

Room: S09

13:00 – 14:00 Luncheon Break Sala Lettura

14:30 – 16:30 B Sessions

B1: Group#1

B2: Group#2

B3: Group#3

Room: S05

Room: S07

Room: S09

16:30 – 17:00 Coffee Break Sala Lettura

17:00 – 18:00 C Sessions

C1: Group#1

C2: Group#2

C3: Group#3

Room: S05

Room: S07

Room: S09

18:00 – 19:00 Session 2

Keynote Lecture#2

Professor Amit Goyal, University of Lausanne

“Cross-sectional Regressions in Asset Pricing”

Room: TL

19:00 – 19:30 Session 3

2014 “Merton H. Miller” Certification Ceremony

Room: TL

14

Wednesday June 25, 2014

Student Meeting Registration & Seminar Instructions 07:45 – 8:00, Room TL

Participants All PhD Students must attend!

SESSION 1 “Hedge Fund Activism” 08:15 – 9:30, Room TL

Keynote

Lecture#1

Alon Brav

Duke University

Participants All PhD Students must attend!

Coffee Break Location: Sala Lettura 09:30 – 10:00

SESSION A1 Group#1: Mergers & Acquisitions 10:00 – 13:00, Room S05

Instructors Leonidas Barbopoulos, University of St Andrews

Email: lb90@st-andrews.ac.uk

Ettore Croci, Università Cattolica del Sacro Cuore

Email:ettore.croci@unicatt.it

Christodoulos Louca, Cyprus University of Technology

Email: christodoulos.louca@cut.ac.cy

Fany Declerck, Toulouse School of Economics (TSE)

Email: fany.declerck@tse-fr.eu

Masatoshi Kurusu, Ryutsu-Kagaku University, Japan

Email: 5289mkmk@gmail.com

Silvio Vismara, University of Bergamo

Email: Silvio.vismara@unibg.it

Presentations Political Connections in Merger and Acquisition Framework

Amna Noor Chaudhry, University of Glasgow

National Culture and Acquisition Choices

Zhe (Andrew) An, Australian School of Business

Participants Amna Noor Chaudhry, University of Glasgow

Zhe (Andrew) An, Australian School of Business

Gül Demirtas, Sabanci University

Florian Muenkel, University of Washington

Lokman Tutuncu, University of Birmingham

Vathunyoo/Ben Sila, University of Edinburgh

SESSION A2 Group#2: Capital Markets & Asset Pricing 10:00 – 13:00, Room S07

Instructors Manuel Rocha Armada, University of Minho

Email: rarmada@eeg.uminho.pt;mjrarmada@gmail.com

Stéphane Chrétien, Laval University

Email: stephane.chretien@fsa.ulaval.ca

John Doukas, EFM, ODU Business School

Email: jdoukas@odu.edu

Lorne Switzer, Concordia University

Email: switz@jmsb.concordia.ca

Heinz Zimmermann, University of Basel

Email: heinz.zimmermann@unibas.ch; heinzz@bluewin.ch

Presentations Beyond the Disposition Effect: Evidence from the 1999-2012 Period

Anthony Bellofatto, Université Catholique de Louvain

Bayesian and Reinforcement Leaning in Financial Fixed-Odds

Betting Markets

Tomás Ó Briain, University of Edinburgh

Participants Anthony Bellofatto, Université Catholique de Louvain

Tomás Ó Briain, University of Edinburgh

Julien Pénasse, ESSEC Business School

Ahmed Sami E. Ibrahim, Loughborough University

Meryem Mehri, Paris Dauphine University

Sara Nada, University of Rome “Tor Vergata”

SESSION A3 Group #3: Financing & Hedging Decisions 10:00 – 13:00, Room S09

Instructors Panayiotis C. Andreou, Cyprus University of Technology & Durham

University Business School

15

Email: panayiotis.andreou@cut.ac.cy

Håkan Jankensgård, Lund University

Email: hakan.jankensgard@fek.lu.se

Elisabeth Mueller, Frankfurt School of Finance & Management

Email: E.Mueller@fs.de

Weidong Tian, University of North Carolina at Charlotte

Email: wtian1@uncc.edu

Dennis Vink, Nyenrode Business Universiteit

Email: D.Vink@nyenrode.nl

Presentations Long-Term Performance of Initial Public Offerings (IPOs): The Role

of Lockups

Wasim Ahmad, University of Birmingham

The Value in Waiting to Issue Debt

Babak Lotfaliei, McGill University

Participants Wasim Ahmad, University of Birmingham

Babak Lotfaliei, McGill University

Angel Tengulov, VGSF, Vienna Graduate School of Finance

Bola Babajide, Hull University Business School UK

Enareta Kurtbegu, University of Evry-Val d’Essonne

Tim Riley, University of Kentucky

Luncheon

Participants

Location: Sala Lettura

All PhD Students, Lecturers and Tutors

13:00 – 14:00

SESSION B1 Group#1: Mergers & Acquisitions 14:30 – 16:30, Room S05

Instructors Leonidas Barbopoulos, University of St Andrews

Email: lb90@st-andrews.ac.uk

Ettore Croci, Università Cattolica del Sacro Cuore

Email:ettore.croci@unicatt.it

Christodoulos Louca, Cyprus University of Technology

Email: christodoulos.louca@cut.ac.cy

Fany Declerck, Toulouse School of Economics (TSE)

Email: fany.declerck@tse-fr.eu

Masatoshi Kurusu, Ryutsu-Kagaku University

Email: 5289mkmk@gmail.com

Silvio Vismara, University of Bergamo

Email: Silvio.vismara@unibg.it

Presentations Social Ties in the Making of an M&A Deal

Gül Demirtas, Sabanci University

Ownership Structure and Firm Value: Evidence from Mergers of

Institutional Investors

Florian Muenkel, University of Washington

Participants Amna Noor Chaudhry, University of Glasgow

Zhe (Andrew) An, Australian School of Business

Gül Demirtas, Sabanci University

Florian Muenkel, University of Washington

Lokman Tutuncu, University of Birmingham

Ben Sila Vathunyoo, University of Edinburgh

SESSION B2 Group #2: Capital Markets & Asset Pricing 14:30 – 16:30, Room S07

Instructors Manuel Rocha Armada, University of Minho

Email: rarmada@eeg.uminho.pt;mjrarmada@gmail.com

Stéphane Chrétien, Laval University

Email: stephane.chretien@fsa.ulaval.ca

Lorne Switzer, Concordia University

Email: switz@jmsb.concordia.ca

John Doukas, EFM, ODU Business School

Email: jdoukas@odu.edu

16

Heinz Zimmermann, University of Basel

Email: heinz.zimmermann@unibas.ch; heinzz@bluewin.ch

Presentations International Return Predictability and the Term Structure of Risk

Julien Pénasse, ESSEC Business School

Asset Pricing Factors: Biases and Heuristics

Dimitris // Ahmed Sami E. Ibrahim, Loughborough University

Ahmed Sami E. Ibrahim, Loughborough University

Participants Anthony Bellofatto, Université Catholique de Louvain

Tomás Ó Briain, University of Edinburgh

Julien Pénasse, ESSEC Business School

Ahmed Sami E. Ibrahim, Loughborough University

Meryem Mehri, Paris Dauphine University

Sara Nada, University of Rome “Tor Vergata”

SESSION B3 Group#3: Financing & Hedging Decisions 14:30 – 16:30, Room S09

Instructors Panayiotis C. Andreou, Cyprus University of Technology & Durham

University Business School

Email: panayiotis.andreou@cut.ac.cy

Halit Gonenc, University of Groningen

Email: h.gonenc@rug.nl

Håkan Jankensgård, Lund University

Email: hakan.jankensgard@fek.lu.se

Elisabeth Mueller, Frankfurt School of Finance & Management

Email: E.Mueller@fs.de

Weidong Tian, University of North Carolina at Charlotte

Email: wtian1@uncc.edu

Dennis Vink, Nyenrode Business Universiteit

Email: D.Vink@nyenrode.nl

Presentations The Impact of Borrowing Diversity on Financial and Real Decisions

in a Company

Angel Tengulov, VGSF, Vienna Graduate School of Finance

The Determinants of Corporate Hedging: Evidence from Financial

Crisis

Bola Babajide, Hull University Business School

Participants Wasim Ahmad, University of Birmingham

Babak Lotfaliei, McGill University

Angel Tengulov, VGSF, Vienna Graduate School of Finance

Bola Babajide, Hull University Business School

Enareta Kurtbegu, University of Evry-Val d’Essonne

Tim Riley, University of Kentucky

Coffee Break Location: Sala Lettura 16:30 – 17:00

SESSION C1 Group#1: Mergers & Acquisitions 17:00 – 18:00, Room S05

Instructors Leonidas Barbopoulos, University of St Andrews

Email: lb90@st-andrews.ac.uk

Ettore Croci, Università Cattolica del Sacro Cuore

Email:ettore.croci@unicatt.it

Christodoulos Louca, Cyprus University of Technology

Email: christodoulos.louca@cut.ac.cy

Fany Declerck, Toulouse School of Economics (TSE)

Email: fany.declerck@tse-fr.eu

Masatoshi Kurusu, Ryutsu-Kagaku University

Email: 5289mkmk@gmail.com

Silvio Vismara, University of Bergamo

Email: silvio.vismara@unibg.it

Presentations Empirical Essays on Performance and Survivals of Buyouts

Lokman Tutuncu, University of Birmingham

Women on Board: Boardroom Gender Diversity and Firm’s Risk

17

Ben Sila Vathunyoo, University of Edinburgh

Participants Amna Noor Chaudhry, University of Glasgow

Zhe (Andrew) An, Australian School of Business

Gül Demirtas, Sabanci University

Florian Muenkel, University of Washington

Lokman Tutuncu, University of Birmingham

Ben Sila Vathunyoo, University of Edinburgh

SESSION C2 Group #2: Capital Markets & Asset Pricing 17:00 – 18:00, Room S07

Instructors Manuel Rocha Armada, University of Minho

Email: rarmada@eeg.uminho.pt;mjrarmada@gmail.com

Stéphane Chrétien, Laval University

Email: stephane.chretien@fsa.ulaval.ca

Lorne Switzer, Concordia University

Email: switz@jmsb.concordia.ca

John Doukas, EFM, ODU Business School

Email: jdoukas@odu.edu

Heinz Zimmermann, University of Basel

Email: heinz.zimmermann@unibas.ch; heinzz@bluewin.ch

Presentation Differential Effects of Law, Culture and Political Risk on Fees,

Performance and Risk-taking Behavior of Mutual Fund Managers

Meryem Mehri, Paris Dauphine University

State Dependent Preferences and the Equity Premium Puzzle: A

Different Perspective

Sara Nada, University of Rome “Tor Vergata”

Participants Anthony Bellofatto, Université Catholique de Louvain

Tomás Ó Briain, University of Edinburgh

Julien Pénasse, ESSEC Business School

Ahmed Sami E. Ibrahim, Loughborough University

Meryem Mehri, Paris Dauphine University

Sara Nada, University of Rome “Tor Vergata”

SESSION C3 Group#3: Financing & Hedging Decisions 17:00 – 18:00, Room S09

Instructors Panayiotis C. Andreou, Cyprus University of Technology & Durham

University Business School

Email: panayiotis.andreou@cut.ac.cy

Halit Gonenc, University of Groningen

Email: h.gonenc@rug.nl

Håkan Jankensgård, Lund University

Email: hakan.jankensgard@fek.lu.se

Elisabeth Mueller, Frankfurt School of Finance & Management

Email: E.Mueller@fs.de

Weidong Tian, University of North Carolina at Charlotte

Email: wtian1@uncc.edu

Dennis Vink, Nyenrode Business Universiteit

Email: D.Vink@nyenrode.nl

Presentations Replicating Intergenerational Risk Sharing in Financial Market

Enareta Kurtbegu, University of Evry-Val d’Essonne

Two Essays on the Low Volatility Anomaly

Tim Riley, University of Kentucky

Participants Wasim Ahmad, University of Birmingham

Babak Lotfaliei, McGill University

Angel Tengulov, VGSF, Vienna Graduate School of Finance

Bola Babajide, Hull University Business School

Enareta Kurtbegu, University of Evry-Val d’Essonne

Tim Riley, University of Kentucky

SESSION 2 “Cross-sectional Regressions in Asset Pricing” 18:00 – 19:00, Room TL

Keynote

Lecture#2

Amit Goyal

University of Lausanne

18

Participants All PhD Students must attend!

SESSION 3 2014“MERTON H MILLER” Certification Ceremony 19:00 – 19:30, Room TL

Participants All PhD Students & Instructors must attend!

PHD STUDENT PARTICIPANTS

GROUP#1 Mergers & Acquisitions

Political Connections in Merger and Acquisition Framework

Amna Noor Chaudhry, University of Glasgow

Email: a.noor-chaudhry.1@research.gla.ac.uk

National Culture and Acquisition Choices

Zhe (Andrew) An, Australian School of Business

Email: zhe.an@unsw.edu.au

Social Ties in the Making of an M&A Deal

Gül Demirtas, Sabanci University

Email: guldemirtas@sabanciuniv.edu

Ownership Structure and Firm Value: Evidence from Mergers of

Institutional Investors

Florian Muenkel, University of Washington

Email: muenkel@uw.edu

Empirical Essays on Performance and Survivals of Buyouts

Lokman Tutuncu, University of Birmingham

Email: lxt961@bham.ac.uk

Women on Board: Boardroom Gender Diversity and Firm’s Risk

Ben Sila Vathunyoo, University of Edinburgh

Email: v.sila@sms.ed.ac.uk

GROUP#2 Capital Markets & Asset Pricing

Beyond the Disposition Effect: Evidence from the 1999-2012 Period

Anthony Bellofatto, Université Catholique de Louvain

Email: anthony.bellofatto@uclouvain.be

Bayesian and Reinforcement Leaning in Financial Fixed-Odds Betting

Markets

Tomás Ó Briain, University of Edinburgh

Email: tobriain@gmail.com

International Return Predictability and the Term Structure of Risk

Julien Pénasse, ESSEC Business School

Email: julien.penasse@essec.edu

Asset Pricing Factors: Biases and Heuristics

Ahmed Sami E. Ibrahim, Loughborough University

Email: A.Sami@lboro.ac.uk

Differential Effects of Law, Culture and Political Risk on Fees,

Performance and Risk-taking Behavior of Mutual Fund Managers

Meryem Mehri, Paris Dauphine University

Email: meryem.mehri@dauphine.fr

State Dependent Preferences and the Equity Premium Puzzle: A

Different Perspective

Sara Nada, University of Rome “Tor Vergata”

Email: sara_nada14@hotmail.com

GROUP#3 Financing & Hedging Decisions

Long-Term Performance of Initial Public Offerings (IPOs): The Role of

Lockups

Wasim Ahmad, University of Birmingham

Email: wxa855@bham.ac.uk

19

The Value in Waiting to Issue Debt

Babak Lotfaliei, McGill University

Email: Babak.lotfaliei@mail.mcgill.ca

The Impact of Borrowing Diversity on Financial and Real Decisions in a

Company

Angel Tengulov, VGSF, Vienna Graduate School of Finance

Email: angel.tengulov@wu.ac.at

The Determinants of Corporate Hedging: Evidence from Financial Crisis

Bola Babajide, Hull University Business School

Email: bola.o.babajide@gmail.com

Replicating Intergenerational Risk Sharing in Financial Market

Enareta Kurtbegu, University of Evry-Val d’Essonne

Email: enareta.kurtbegu@univ-evry.fr

Two Essays on the Low Volatility Anomaly

Tim Riley, University of Kentucky

Email: Tim.Riley@uky.edu

COUNTRIES REPRESENTED

AUSTRALIA, AUSTRIA, BELGIUM, CANADA, FRANCE(3), ITALY,

TURKEY, UK(7), USA(2)

DISSERTATION TOPICS

GROUP#1 -Political Connections in Merger and Acquisition Framework

-National Culture and Acquisition Choices

-Social Ties in the Making of an M&A Deal

-Ownership Structure and Firm Value: Evidence from Mergers of

Institutional Investors

-Empirical Essays on Performance and Survivals of Buyouts

-Women on Board: Boardroom Gender Diversity and Firm’s Risk

GROUP#2 -Beyond the Disposition Effect: Evidence from the 1999-2012 Period

-Bayesian and Reinforcement Leaning in Financial Fixed-Odds Betting

Markets

-International Return Predictability and the Term Structure of Risk

-Asset Pricing Factors: Biases and Heuristics

-Differential Effects of Law, Culture and Political Risk on Fees, -

Performance and Risk-taking Behavior of Mutual Fund Managers

-State Dependent Preferences and the Equity Premium Puzzle: A

Different Perspective

GROUP#3 -Long-Term Performance of Initial Public Offerings (IPOs): The Role of

Lockups

-The Value in Waiting to Issue Debt

-The Impact of Borrowing Diversity on Financial and Real Decisions in a

Company

-The Determinants of Corporate Hedging: Evidence from Financial

Crisis

-Replicating Intergenerational Risk Sharing in Financial Market

-Two Essays on the Low Volatility Anomaly

LECTURERS & INSTRUCTORS

KeyNote Lecturers:

Alon Brav, Duke University, Fuqua School of Business

Email: brav@duke.edu

Amit Goyal, University of Lausanne

Email: amit.goyal@unil.ch

Tutors in Group#1: Mergers & Acquisitions

Leonidas Barbopoulos, University of St Andrews

20

Email: lb90@st-andrews.ac.uk

Ettore Croci, Università Cattolica del Sacro Cuore

Email:ettore.croci@unicatt.it

Christodoulos Louca, Cyprus University of Technology

Email: christodoulos.louca@cut.ac.cy

Fany Declerck, Toulouse School of Economics (TSE)

Email: fany.declerck@tse-fr.eu

Masatoshi Kurusu, Ryutsu-Kagaku University

Email: 5289mkmk@gmail.com

Silvio Vismara, University of Bergamo

Email: Silvio.vismara@unibg.it

Tutors in Group#2: Capital Markets & Asset Pricing

Manuel Rocha Armada, University of Minho

Email: rarmada@eeg.uminho.pt;mjrarmada@gmail.com

Stéphane Chrétien, Laval University

Email: stephane.chretien@fsa.ulaval.ca

John Doukas, EFM, ODU Business School

Email: jdoukas@odu.edu

Lorne Switzer, Concordia University

Email: switz@jmsb.concordia.ca

Heinz Zimmermann, University of Basel

Email: heinz.zimmermann@unibas.ch; heinzz@bluewin.ch

Tutors in Group#3: Financing & Hedging Decisions

Panayiotis C. Andreou, Cyprus University of Technology & Durham

University Business School

Email: panayiotis.andreou@cut.ac.cy

Halit Gonenc, University of Groningen

Email: h.gonenc@rug.nl

Håkan Jankensgård, Lund University

Email: hakan.jankensgard@fek.lu.se

Elisabeth Mueller, Frankfurt School of Finance & Management

Email: E.Mueller@fs.de

Weidong Tian, University of North Carolina at Charlotte

Email: wtian1@uncc.edu

Dennis Vink, Nyenrode Business Universiteit

Email: D.Vink@nyenrode.nl

21

EFMA 2014 Program Matrix

Wednesday, June 25 2014

Room A 11:15-13:00 B 14:00-15:45 C 16:15-18:00

P01 A1 Capital Structure I B1 Capital Structure II C1 Emerging Markets I

P02 A2 Derivatives I B2 Market efficiency I C2 Real Estate II

P03 A3 Depository Institutions I B3 Corporate Governance I C3 Depository Institutions II

P04 A4 Bankruptcy I B4 Derivatives II C4 Corporate Governance II

P05 A5 Behavioural Finance I B5 Dividend Policy I C5 Asset pricing I

P12 B6 Real Estate I C6 Market efficiency II

Thursday, June 26 2014

Room D 8:30-10:15 E 10:45-12:30 F 13:45-15:30 G 16:00-17:45

P01 D1 Market integration

I

E1 Corporate

Takeovers I

F1 Capital Structure II G1 Asset allocation IV

P02 D2 Fixed income I E2 Market efficiency

IV

F2 Asset allocation III G2 Asset pricing V

P03 D3 Asset pricing II E3 Fixed income II F3 Asset pricing IV G3 Capital Structure

IV

P04 D4 Asset allocation I E4 Law, Ethics and

Finance I

F4 Behavioural

Finance II

G4 Corporate

Governance VI

P05 D5

Measuring and

Managing firm

value I

E5 Market integration

II

F5 Corporate

Governance V

G5 Corporate

Takeovers III

P12 D6 Corporate

Governance III

E6 Asset pricing III F6 Corporate

Takeovers II

G6

Currency market

and exchange

rates II

P11 D7 Small Medium

Enterprises I

E7 Corporate

Governance IV

F7 Market integration

III

G7 Derivatives V

P09 D8 Market efficiency

III

E8 Asset allocation II F8 Derivatives IV G8 Market efficiency

VI

S05 D9 Financial Planning

I

E9 Small Medium

Enterprises II

F9 Market efficiency V G9 Behavioural

Finance III

S07 D10

Currency market

and exchange

rates I

E10 Market

Microstructure I

F10 Market

Microstructure II

G10 Portfolio

management II

S09 E11 Derivatives III F11 Venture Capital I G11 Venture Capital II

S11 E12

Measuring and

Managing firm

value II

F12 Portfolio

management I

18:00-19:30

Aula Magna Special Session

“Hedge Fund Activism”

Organizer/Moderator: Professor Alon Brav, Duke University

22

Friday, June 27 2014

Room H 8:30-10:15 I 13:45-15:30

P01 H1 Portfolio management III I1 Depository Institutions IV

P02 H2 Agency theory I I2 Asset allocation VI

P03 H3 Depository Institutions III I3 Management compensation II

P04 H4 Market integration IV I4 Derivatives VII

P05 H5 Earnings Management I I5 Asset pricing VII

P12 H6 Asset pricing V I6 Corporate Takeovers V

P11 H7 Corporate Takeovers IV I7 Portfolio management IV

P09 H8 Management compensation I I8 Insurance I

S05 H9 Asset allocation V I9 Measuring and Managing firm value III

S07 H10 Derivatives VI I10 Market efficiency VII

S09 I11 Behavioural Finance IV

10:45-12:30

Aula Magna Special Session

“Interest Rates and the Macroeconomy”

Organizer/Moderator: Professor Andrea Buraschi, Imperial College Business

16:00-17:00

Aula Magna Special Session

“Commodity Markets: Current Developments”

Organizer/Moderator: Professor George Skiadopoulos, QMUL & University

of Piraeus

18:00 – 19:00

Centro

Donato

Menichella,

Bank of Italy

Keynote Speech

“The Flight from Maturity”

Professor Gary B. Gorton, Yale School of Management

Welcome Address: Giuseppe Novelli (University of Rome Tor Vergata)

Keynote Address: Giorgio Gobbi (Bank of Italy)

Saturday, June 28 2014

Room J 8:30–10:15 K 10:45– 12:30

P01 J1 Market Microstructure III K1 Asset pricing IX

P02 J2 Behavioural Finance V K2 Monetary policy II

P03 J3 Asset pricing VIII K3 Market Microstructure IV

P04 J4 Depository Institutions V K4 Behavioural Finance VI

P05 J5 Securities I K5 Securities II

P12 J6 Monetary policy I K6 Depository Institutions VI

P11 J7 Corporate Governance VII K7 Corporate Governance VIII

23

Wednesday, June 25 2014

Session A1 Capital Stucture I 11:15-13:00 Room P01

Session Chair Grammatikos Theoharry (University of Luxembourg),

Regulations, Market Power and Bank Efficiency in European Countries

Hsiao Yu-Jen (National Dong Hwa University), Chuang-Chang Chang (National Central University),

Keng-Yu Ho (National Taiwan University), Li-Ting Peng (National Dong Hwa University)

Discussant Caglayan Mustafa (Heriot-Watt University)

R&D Investment and Capital Structure

Chang Huili (University of Hong Kong), Frank Song (University of Hong Kong)

Discussant Schröder Henning (Hamburg University)

The Composition of Top Management with General Counsel and Tax Avoidance

Ng Jeffrey (Singapore Management University), Beng Wee Goh, (Singapore Management

University), Jimmy Lee (Singapore Management University)

Discussant Farina Vincenzo (University of Rome Tor Vergata)

Session A2 Derivatives I 11:15-13:00 Room P02

Session Chair Gang Li (Hong Kong Polytechnic University)

What drives corporate CDS spreads? A Comparison across US, UK and Eurozone markets

John Pereira (Kingston University), Mohamed Nurullah (Kingston University), Ghulam Sorwar

(University of Salford)

Discussant Ivanovic Jelena (Center for Investments and Finance)

A two-factor uncertainty model to determine the optimal contractual penalty for a build-owntransfer

project

Paulo Pereira (Porto University), Ribeiro Joao (Porto University), Elisio Brandao (Porto University)

Discussant Tunaru Radu (University of Kent)

Valuation of Digital Options In a LIBOR Market Model Under the Merton Jump Diffusion

Processes

Hsuan-Ku Liu (National Taipei University of Education), Ting-Pin Wu (National Central University)

Discussant Gianni Nicolini (University of Rome Tor Vergata)

Session A3 Depository Institutions I 11:15-13:00 Room P03

Session Chair Merrick John (College of William & Mary)

Systemic Risk in the US and European Banking Sectors in Recent Crises

Zhao Lei (University of Reading), Simone Varotto (University of Reading)

Discussant Artashes Karapetyan (Norges Bank)

Market reaction to bank liquidity regulation

Bruno Brunella (Bocconi University), Enrico Onali (Bangor University), Klaus Schaeck (Bangor

University)

Discussant Elvira Anna Graziano (University of Rome Tor Vergata)

The Effect of Revenue and Geographic Diversification on Bank Performance

Venturelli Valeria (University of Modena e Reggio Emilia), Paola Brighi (University of Bologna)

Discussant Caratelli Massimo (University of Rome Tre)

Session A4 Bankruptcy I 11:15-13:00 Room P04

Session Chair Mooradian Robert (Northeastern University)

The Hidden Costs of Control – Evidence from Small Medium Enterprises Lending

Westerfeld Simone (University of Applied Sciences Northern Switzerland), Martin Brown (University

of St. Gallen), Markus Heusler (RSN Risk Solution AG), Matthias Schaller (University of St. Gallen)

Discussant Lahmann Alexander (HHL Graduate School of Management)

Is There a Self-fulfilling Prophecy in Credit Rating Announcements?

Carvalho Paulo (ISCTE-IUL Business School), Joao Pereira (ISCTE-IUL Business School), Paul

Laux (University of Delaware)

Discussant Bonini Stefano (Bocconi University)

Who Gains from Corporate Rescues? Distressed M&A during Four Financial Crises

Vitkova Valeriya (Cass Business School), Anna Faelten (Cass Business School)

Discussant Xiaolin Qian (University of Macau),

24

Session A5 Behavioural Finance 11:15-13:00 Room P05

Session Chair Brav Alon (Duke University)

How Stale Central Bank Interest Rate Projections Affect Interest Rate Uncertainty

Nautz Dieter (Freie Universität), Gunda-Alexandra Detmers (Freie Universität)

Discussant Golinski Adam (University of York)

How Human Brain Works During Financial Investment Decisions?

Vieito João Paulo (Polytechnic Institute of Viana do Castelo), Armando Rocha (RANI), Fabio Rocha

(IPTI and RANI)

Discussant Cerqueira Leal Cristiana (University of Minho),

Investing in second houses: is it a good idea? Evidence on Italian households

Marianna Brunetti (University of Rome Tor Vergata), Costanza Torricelli (University of Modena and

Reggio Emilia)

Discussant Wojakowski Rafal (University of Surrey)

Session B1 Capital Structure I 14:00-15:45 Room P01

Session Chair Nautz Dieter (Freie Universität)

Capital Structure Adjustments: Do Macroeconomic and Business Risks Matter?

Caglayan Mustafa (Heriot-Watt University), Christopher Baum (Boston College), Abdul Rashid

(International Islamic University)

Discussant Meneghetti Costanza (West Virginia University),

Heterogeneity in the Speed of Adjustment across Countries and over the Business Cycle

Schröder Henning (Hamburg University), Wolfgang Drobetz (Hamburg University), Dirk Schilling

(Talanx AG)

Discussant Hsiao Yu-Jen (National Dong Hwa University)

Does the country effect matter in the capital structure decisions of European firms?

Venanzi Daniela (University of Rome Tre), Alessia Naccarato (University of Rome Tre), Giorgio

Abate (University of Rome Tre)

Discussant Chang Huili (University of Hong Kong)

Session B2 Market efficiency I 14:00-15:45 Room P02

Session Chair Lam F.Y. Eric C. (Hong Kong Baptist University)

Sources of Momentum in Bonds

Mahajan Arvind (Texas A&M University), Hwagyun Kim (Texas A&M University), Alex Petkevich

(University of Toledo)

Discussant Berkman Henk (University of Auckland)

Industry Momentum in an Earlier Time: Evidence from the Cowles Data

Szakmary Andrew (University of Richmond), Xiwen Zhou

Discussant Malin Mirela (Griffith University)

Asymmetric Information Consolidation and Price Discovery: Inferring Bad News from Insider

Sales

Karamanou Irene (University of Cyprus), Grace Pownall (Emory University), Rachna Prakash

(University of Mississippi)

Discussant Grammatikos Theoharry (University of Luxembourg)

Session B3 Corporate Governance I 14:00-15:45 Room P03

Session Chair Ng Jeffrey (Singapore Management University)

Bad Matches Last Longer – Unobserved Heterogeneity across Firm-Owner Matches

Brendel Markus (HHL Leipzig Graduate School of Management)

Discussant Shang Chenguang (Bentley University)

CEO age, risk incentives, and hedging instrument choice

Jankensgård Hakan (Lund University), Croci Ettore (Catholic University)

Discussant Feng Ziou (University of Reading)

Executive Attributes, Director Attributes, and Firm Performance

Fernau Erik (University of Mannheim)

Discussant Michael Albert (Ohio State University)

Session B4 Derivatives II 14:00-15:45 Room P04

Session Chair Wojakowski Rafal (University of Surrey)

25

Dividend Derivatives

Tunaru Radu (University of Kent)

Discussant John Pereira (Kingston University)

Dividend Taxation and DAX Futures Prices

Christopher Fink (University of Mannheim), Erik Theissen (University of Mannheim)

Discussant Deville Laurent (Edhec Business School)

Adverse Risk Interaction: An Integrated Approach

Ivanovic Jelena (Center for Investments and Finance), Milos Bozovic (University of Belgrade)

Discussant Hsuan-Ku Liu (National Taipei University of Education)

Session B5 Dividend Policy I 14:00-15:45 Room P05

Session Chair Saadi Samir (University of Ottawa)

The Payout Policy of Family Firms in Continental Western Europe

Del Giudice Alfonso (Catholic University)

Discussant Lai Evelyn (University of Sydney)

Why do socially responsible firms pay more dividends

Benlemlih Mohammed (Grenoble University)

Discussant Amama Shaukat (University of Exeter)

Session B6 Real Estate I 14:00-15:45 Room P12

Session Chair Marcato Gianluca (University of Reading)

Assessing Mortgage Servicing Rights Using a Reduced-Form Model: The Effects of Interest

Rate Risks, Prepayment and Default Risks, and Random State Variables

Chiang Shu Ling (National Kaohsiung Normal University), Tyler T.Yang (Integrated Financial

Engineering Inc.), Ming Shann Tsai (National University of Kaohsiung)

Discussant Giannotti Claudio (University LUM Jean Monnet)

Are real estate banks more affected by real estate market dynamics? Evidence from the main

European countries

Gibilaro Lucia (University of Bergamo), Mattarocci Gianluca (University of Rome Tor Vergata)

Discussant Mooradian Robert (Northeastern University)

Fire Sales and House Prices: Evidence from Estate Sales due to Sudden Death

Nielsen Kasper Meisner (HKUST), Steffen Andersen (Copenhagen Business School)

Discussant Westerfeld Simone (University of Applied Sciences Northern Switzerland)

Session C1 Emerging Markets I 16:15-18:00 Room P01

Session Chair Ozkan Neslihan (University of Bristol),

The Effect of Dividend Announcement: Evidence from the Emerging Market

Wang Chiu-Ping (National Chung Hsing University)

Discussant Del Giudice Alfonso (Catholic University)

Retail Investors Biased Beliefs about Stocks that They Hold: Evidence from China’s Split

Share Structure Reform

Xiaolin Qian (University of Macau), Yan Luo (Fudan University)

Discussant Mobarek Asma (Stockholm University)

Session C2 Real Estate II 16:15-18:00 Room P02

Session Chair Giannotti Claudio (University LUM Jean Monnet)

A Study on the Distribution of the Foreclosure Lag, Its Expected Capital Opportunity Cost and

Its Analyses

Tsai Ming Shann (National University of Kaohsiung), Chiang Shu Ling (National University of

Kaohsiung), Jian Chen (Integrated Financial Engineering Inc.)

Discussant Nielsen Kasper Meisner (HKUST)

The Design of Mortgage-Backed Securities and Servicer Contracts

Mooradian Robert (Northeastern University), Pegaret Pichler (Northeastern University)

Discussant Gibilaro Lucia (University of Bergamo)

Forecasting Fund Flows and Liquidity Imbalances

Marcato Gianluca (University of Reading), Tommaso Gabrieli (University of Reading), Giovanni Tira

(University of Reading)

Discussant Björn Hansson (Lund University)

26

Session C3 Depository Institutions II 16:15-18:00 Room P03

Session Chair Marianna Brunetti (University of Rome Tor Vergata)

Cost of Bank Capital: Evidence from European Banks

Armen Arakelyan (CUNEF), Artashes Karapetyan (Norges Bank)

Discussant Zhao Lei (University of Reading)

Effects of Derivatives Use on Bank Risk at Japanese Banks: Measuring Banks’ Risk-Taking

after Disclosure Reformation

Yasuda Yukihiro (Tokyo Keizai University), Nobuhisa Hasegawa (Tokyo Keizai University)

Discussant Venturelli Valeria (University of Modena e Reggio Emilia)

Session C4 Corporate Governance II 16:15-18:00 Room P04

Session Chair Massimo Caratelli (University of Rome Tre)

Information Effect of Delisting and Change in Share Ownership: Evidence from the Japanese

Market

Jinwoo Park (Hankuk University), Yun Woo Park (Chung-Ang University), Kengo Shiroshita

(Yamaguchi University), Naili Sun (Yamaguchi University)

Discussant Fernau Erik (University of Mannheim)

What decides the effectiveness of nonexecutive directors’ monitoring? Evidence from UK

M&As.

Feng Ziou (University of Reading), Carol Padgett (University of Reading)

Discussant Brendel Markus (HHL Leipzig Graduate School of Management)

Executive Compensation and Firm Leverage

Michael Albert (Ohio State University)

Discussant Jankensgård Hakan (Lund University)

Session C5 Asset Pricing I 16:15-18:00 Room P05

Session Chair Monte Roberto (University of Rome Tor Vergata)

Valuing IPOs using pro forma financials in the prospectus

Chen Jerry (Hong Kong Baptist University)

Discussant Boeh Kevin (Pacific Lutheran University),

Fama/French Factors for Germany: Which Set Is Best?

Stehle Richard (Humboldt-Universitaet), Roman Bruckner (Humboldt-Universitaet), Patrick Lehmann

(Humboldt-Universitaet), Martin Schmidt (Humboldt-Universitaet)

Discussant Florackis Chris (University of Liverpool)

Stock Market Ambiguity and the Equity Premium

Andreou Panayiotis (Cyprus University of Technology), Anastasios Kagkadis (Durham Business

School), Paulo Maio (Hanken School of Economics), Dennis Philip (Durham Business School)

Discussant Yuehao Lin (University of Luxembourg)

Session C6 Market Efficiency II 16:15-18:00 Room P12

Session Chair Mahajan Arvind (Texas A&M University)

Trading Volume and Momentum: The International Evidence

Malin Mirela (Griffith University), Paul Dou, Graham Bornholt (Monash University), Cameron Truong

(Monash University), Madhu Veeraraghavan (T A Pai Management Institute)

Discussant Chen Qiwei (Brunel University)

News Flow, Web Attention and Extreme Returns in the European Financial Crisis

Grammatikos Theoharry (University of Luxembourg), Andreas Chouliaras (University of

Luxembourg)

Discussant Szakmary Andrew (University of Richmond)

DRIPs and the Dividend Pay Date Effect

Berkman Henk (University of Auckland), Paul Koch (Kansas University)

Discussant Karamanou Irene (University of Cyprus)

Thursday, June 26 2014

Session D1 Market integration I 8:30-10:15 Room P01

27

Session Chair Subrahmanyam Marti (New York University)

Causality and Contagion in EMU sovereign debt markets

Gómez-Puig Marta (Universitat de Barcelona), Simon Sosvilla-Rivero (Universidad Complutense de

Madrid)

Discussant Mouchette Xavier (University of Liège)

Bilateral Home Bias and Country Performance: A Gravity Model

Pungulescu Crina (Uninversity of Toulouse)

Discussant Vieito João Paulo (Polytechnic Institute of Viana do Castelo),

Corporate Risk and Internationalization

Aabo Tom (Aarhus University), Christos Pantzalis (University of South Florida), Helle Soerensen

(Nykredit Realkredit A/S), Malene Teilman Toustrup (Kids Retail of Denmark)

Discussant Soypak Kalender Can (RWTH Aachen University)

Session D2 Fixed income I 8:30-10:15 Room P02

Session Chair Mola Simona (Security Exchange Commission)

Limited Arbitrage and Pricing Discrepancies in Credit Markets

Junbo Wang (Western Illinois University), Kasing Man (City University of Hong Kong), Chunchi Wu

(SUNY-Buffalo)

Discussant Lovreta Lidija (CUNEF)

A Rating-Based Sovereign Credit Risk Model: Theory and Evidence

Li Tao (City University of Hong Kong), Haitao Li (Cheung Kong Graduate School of Business),

Xuewei Yang (Nanjing University)

Discussant Triantafillou Annie (Deree College, American College of Greece)

European Asset Swap Spreads and the Credit Crisis

Jelic Ranko (University of Birmingham), Wolfgang Aussenegg (Vienna University of Technology),

Lukas Gotz (UNIQA Finanz-Service GmbH)

Discussant Mumtaz Khalid (Bahria University)

Session D3 Asset pricing II 8:30-10:15 Room P03

Session Chair Zirilli Francesco (University of Rome La Sapienza)

Realization Utility: Explaining Volatility and Skewness Preferences

Kwon Min Kyeong (Korea Advanced Institute of Science and Technology), Tong Suk Kim (Korea

Advanced Institute of Science and Technology)

Discussant Bin Liu (RMIT University)

Do Stock Returns Really Decrease With Default Risk? New International Evidence

Florackis Chris (University of Liverpool), Alex Kostakis (Manchester Business School), Kevin Aretz

(Manchester Business School)

Discussant Piatti Ilaria (University of Lugano)

Portfolio Allocation and Asset Returns in an OLG Economy with Increasing Risk Aversion

Farka Mira (California State University), Amadeu DaSilva (California State University)

Discussant Liu Liang-Chih (National Chiao Tung University)

Session D4 Asset allocation I 8:30-10:15 Room P04

Session Chair Switzer Lorne (Concordia University)

Political Uncertainty, Credit Risk Premium and Default Risk

Manzo Gerardo (University of Rome Tor Vergata)

Discussant Terrence Hallahan (Victoria University)

The Impact of Idiosyncratic Risk on Mutual Fund Fees

Casavecchia Lorenzo (University of Technology Sydney), Hardy Hulley

Discussant Jose Faias (Catolica Lisbon SBE)

Decision making with Conditional Value-at-Risk and spectral risk measures, and the problem

of comparative risk aversion

Brandtner Mario (Friedrich Schiller University of Jena), Wolfgang Kursten (Friedrich Schiller

University of Jena)

Discussant XiaoHua Chen (Banque de France)

Session D5 Measuring and Managing firm value I 8:30-10:15 Room P05

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Session Chair Borell Mariela (Centre for European Economic Research)

The value of corporate coinsurance to the shareholders of diversifying firms: Evidence from

marginal tax rate

Shim Hyeongsop (Ulsan National Institute of Science and Technology)

Discussant Croci Ettore (Catholic University)

The Impact of Default on Tax Shield Valuation

Lahmann Alexander (HHL Graduate School of Management), Sven Arnold (HHL Graduate School of

Management), Philipp Gmehling (HHL Graduate School of Management)

Discussant Babak Lotfaliei (McGill University)

Innovation-Related Diversification and Firm Value

Xiao Sheng (Westminster College), Zhao Rong (Southwestern University of Finance and Economics)

Discussant Venanzi Daniela (University of Rome Tre)

Session D6 Corporate Governance III 8:30-10:15 Room P12

Session Chair Guedhami Omrane (University of South Carolina)

Does CEO Turnover Improve Investment Performance?

Mavis Christos (Surrey Business School), George Alexandridis (University of Reading), John Doukas

(Old Dominion University)

Discussant Wei Huang (University of Nottingham)

Can high quality independent directors reduce CEO overconfidence?

Soana Maria Gaia (SDA Bocconi), Paola Schwizer (University of Parma), Alessandro Carretta

(University of Rome Tor Vergata)

Discussant McQueen Grant (Marriott School, BYU)

Are CEOs with a Long Career Horizon Costly for Shareholders? Evidence from Stock Price

Crashes

Louca Christodoulos (Cyprus University of Technology), Panayiotis Andreou (Cyprus University of

Technology), Photis Panayides (Cyprus University of Technology), Andreas Petrou (Cyprus University

of Technology)

Discussant Hermes Niels (Universirt of Groningen)

Session D7 Small Medium Enterprises I 8:30-10:15 Room P11

Session Chair Braun Reiner (Friedrich-Alexander University)

Optimal return in a model of bank small-business financing

Peia Oana (ESSEC Business School), Radu Vranceanu

Discussant Marouani Asma (Université Cergy-Pontoise)

The financial and real effects of credit availability for startup firms: Evidence from the recent

financial crisis

Deloof Marc (University of Antwerp), Tom Vanacker (Ghent University)

Discussant Sokolyk Tatyana (Brock University)

Sustainable Competitiveness in Spanish Employee-Owned Firms

Martí Pellón José (Universidad Complutense de Madrid), Annalisa Croce (Politecnico di Milano),

Sonia Martin-Lopez (Universidad Complutense de Madrid)

Discussant Bussoli Candida (University LUM Jean Monnet)

Session D8 Market efficiency III 8:30-10:15 Room P09

Session Chair Szakmary Andrew (University of Richmond)

Trading Volume Dynamics around Firms’ Scheduled and Unscheduled Announcements

Zheng Liyi (University of Bristol), George Bulkley (University of Bristol)

Discussant Della Bina Antonio (University of Bologna)

Trading strategies based on economics blogs sentiment

Farina Vincenzo (University of Rome Tor Vergata), Albana Nako (University of Rome Tor Vergata),

Antonio Parisi (University of Rome Tor Vergata), Ugo Pomante (University of Rome Tor Vergata)

Discussant Aline Muller (University of Liège)

Does idiosyncratic risk deter short-sellers? Evidence from a First-time Introduction of Shortselling

Song Wang (Saint Xavier University)

29

Discussant Huang Lin (Southwestern University of Finance and Economics)

Session D9 Financial Planning I 8:30-10:15 Room S05

Session Chair Groh Alexander (EMLYON Business School)

Personal Bankruptcy Reform, Credit Availability, and Financial Distress

Boustanifar Hamid (BI Norwegian Business School)

Discussant Nikolaos Karampatsas (University of Surrey)

An outline of financial inclusion through countries

Adamo Rosa (University of Calabria), Angela Coscarelli (University of Calabria), Domenica Federico

(University of Calabria), Antonella Notte (University of Calabria)

Discussant Gianni Nicolini (University of Rome Tor Vergata)

Financial Illiteracy and Mortgage Refinancing Decisions

Barbi Massimiliano (University of Bologna), Emanuele Bajo (University of Bologna), Francesca

Bartoli (Unicredit Group)

Discussant Marianna Brunetti (University of Rome Tor Vergata)

Session D10 Currency market and exchange rates I 8:30-10:15 Room S07

Session Chair Wu Shu (University of Kansas)

Current Account and Real Exchange Rate changes: the impact of Trade Openness

Romelli Davide (ESSEC Business School), Cristina Terra (Université de Cergy-Pontoise), Enrico

Vasconcelos (Banco Central do Brasil)

Discussant Marika Carboni (University of Rome Tor Vergata)

Tick Test Accuracy in Foreign Exchange ECN Markets

Ben Omrane Walid (Goodman School of Business), Robert Welch (Goodman School of

Business)

Discussant Martelli Duccio (University of Perugia)

Modelling the crash risk of the Australian Dollar carry trade

Kim Suk-Joong (University of Sydney)

Discussant Marsh Ian (Cass Business School)

Session E1 Corporate Takeovers I 10:45-12:30 Room P01

Session Chair Boustanifar Hamid (BI Norwegian Business School)

Is High Cash Flow a Blessing or a Curse? Evidence from Bidder’s Long-term Performance

Lin Li (Hong Kong Polytechnic University), Peter Lam (University of Technology Sydney), Wilson

Tong (Hong Kong Polytechnic University)

Discussant Barbopoulos Leonidas (University of St Andrews)

Sources of value creation through private equity-backed mergers and acquisitions: The case

of buy-and-build strategies

Borell Mariela (Centre for European Economic Research), Diana Heger (Centre for European

Economic Research)

Discussant Tran Anh L (Cass Business School)

Two-sided Information Dissemination in Takeovers: Disclosure and Media

Orhun Eda (Zayed University)

Discussant Irani Mohammad (Stockholm University School of Business)

Session E2 Market efficiency IV 10:45-12:30 Room P02

Session Chair Ben Omrane Walid (Goodman School of Business)

Euro-Dollar exchange rate and news: Market behaviour before and after the 2007-2008 financial

crisis

Della Bina Antonio (University of Bologna), Gabriella Cagliesi (University of Greenwich), Massimo

Tivegna (University of Teramo)

Discussant Song Wang (Saint Xavier University)

Cracks in the crystal ball : What happens to firms’ foreign exchange rate exposure when

forecasters don’t agree about the future

Aline Muller (University of Liège), Julien Poncelet (University of Liège), Willem Verschoor (VU

Amsterdam), Remco Zwinkels (Erasmus University)

Discussant Xu Xiaoqing Eleanor (Seton Hall University)

30

Analyst Competition and Monitoring: Earnings Management in Neglected Firms

Mola Simona (SEC), Laura Lindsey (Arizona State University)

Discussant Yasuda Yukihiro (Tokyo Keizai University)

Session E3 Fixed income II 10:45-12:30 Room P03

Session Chair Junbo Wang (Western Illinois University)

Effects of socio-demographic factors on the maturity structure of sovereign debt

González-Fernández Marcos (University of León), Carmen Gonzalez-Velasco (University of León)

Discussant Declerck Fany (Toulouse School of Economics)

Bond Investor Value Creation through Strategic Alliances

Kwan Ian (University of Navarra), Carmen Aranda Leon (University of Navarra)

Discussant Li Tao (City University of Hong Kong)

Structural Changes in the Transmission Mechanism between Banking and Sovereign CDS

spreads: the Case of Spain

Lovreta Lidija (CUNEF), Joaquin Lopez Pascual (CUNEF)

Discussant Jelic Ranko (University of Birmingham)

Session E4 Law, Ethics and Finance I 10:45-12:30 Room P04

Session Chair Barbi Massimiliano (University of Bologna)

Does the market value social pillar?

Sylvain Marsat (Clermont Université), Benjamin Williams (Clermont Université)

Discussant Zheng Liyi (University of Bristol)

Same rules, different enforcement: market abuse in Europe

Groh Alexander (EMLYON Business School), Douglas Cumming (York University), Sofia Johan

(York University)

Discussant Benlemlih Mohammed (Grenoble University)

Environmental and Social Disclosures: Link with Corporate Financial Performance

Amama Shaukat (University of Exeter), Rajesh Tharyan (University of Exeter), Yan Qiu (University

of Exeter)

Discussant Adamo Rosa (University of Calabria)

Session E5 Market integration II 10:45-12:30 Room P05

Session Chair Gómez-Puig Marta (Universitat de Barcelona)

European Government Bond Markets and Monetary Policy Surprises: Returns, Volatility and

Integration

Chuliá Helena (University of Barcelona), Pilar Abad (University Rey Juan Carlos)

Discussant Pungulescu Crina (Uninversity of Toulouse)

Contagion of the Eurozone Debt Crisis

Samarakoon Lalith (University of St. Thomas)

Discussant Chouliaras Andreas (Luxembourg School of Finance)

Economic and Financial Growth in Europe. Is Euro Beneficial for all Countries?

Kalaitzoglou Iordanis (Audencia Grand Ecole), Beatrice Durgheu (Coventry Business School)

Discussant Liccardo Giovanni (University of Rome Tor Vergata)

Session E6 Asset pricing III 10:45-12:30 Room P12

Session Chair Farka Mira (California State University)

The Asymmetric Predictability of High-yield Bonds

Zhang Tai-Wei (Ming Chuan University), Wei-Hwa Wu (Ming Chuan University)

Discussant Mahajan Arvind (Texas A&M University)

Heterogeneous Beliefs about Rare Event Risk in the Lucas Orchard

Piatti Ilaria (University of Lugano)

Discussant Kwon Min Kyeong (Korea Advanced Institute of Science and Technology)

Evaluating Corporate Bonds with Complex Debt Structure

Liu Liang-Chih (National Chiao Tung University), Tian-Shyr Dai (National Chiao Tung University),

Chuan-Ju Wang (Taipei Municipal University of Education)

Discussant Paulo Pereira (Porto University),

Session E7 Corporate Governance IV 10:45-12:30 Room P11

31

Session Chair Casu Barbara (Cass Business School)

Women on Boards of Directors and Firm Performance: Does Culture Matter?

Hermes Niels (Universirt of Groningen), Boris van Oostveen (PwC Netherlands), Lammertjan Dam

(Universirt of Groningen)

Discussant Sarmistha Pal (University of Surrey)

Executives and Board Ownership, Cash Compensation, and Analyst Forecast of Chinese Firms

Wei Huang (University of Nottingham), Agyenim Boateng (Glasgow Caledonian University)

Discussant Soana Maria Gaia (SDA Bocconi)

Right on schedule: CEO option grants and opportunism

McQueen Grant (Marriott School, BYU), Robert Daines (Stanford Law School), Robert Schonlau

(Marriott School, BYU)

Discussant Louca Christodoulos (Cyprus University of Technology)

Session E8 Asset allocation II 10:45-12:30 Room P09

Session Chair Nocera Giacomo (Audencia Nantes)

Influential analyst recommendations: Are they the hidden gem?

Jose Faias (Catolica Lisbon SBE), Pedro Mascarenhas (Catolica Lisbon SBE)

Discussant Manzo Gerardo (University of Rome Tor Vergata)

Liquidity risk and contagion for liquid funds

Le Fol Gaelle (Universite Paris – Dauphine), Serge Darolles (Universite Paris – Dauphine), Jeremy

Dudek (CREST)

Discussant Casavecchia Lorenzo (University of Technology Sydney)

The Effectiveness of International Diversification: Whole Markets versus Sectors

Terrence Hallahan (Victoria University), Imad Moosa (RMIT University), George Tawadros (RMIT

University)

Discussant Brandtner Mario (Friedrich Schiller University of Jena)

Session E9 Small Medium Enterprises II 10:45-12:30 Room S05

Session Chair Mueller Elisabeth (Frankfurt School of Finance & Management)

Trade credit through the crisis: financing to sell?

Bussoli Candida (University LUM Jean Monnet), Claudio Giannotti (University LUM Jean Monnet)

Discussant Peia Oana (ESSEC Business School)

Predicting default probability using delinquency: the case of French small businesses

Marouani Asma (Université Cergy-Pontoise)

Discussant Deloof Marc (University of Antwerp)

Debt Financing, Survival, and Growth of Start-Up Firms

Sokolyk Tatyana (Brock University), Rebel Cole (DePaul University)

Discussant Martí Pellón José (Universidad Complutense de Madrid)

Session E10 Market microstucture I 10:45-12:30 Room S07

Session Chair Marsh Ian (Cass Business School)

The impact of trading floor closure on market efficiency: Evidence from the Toronto Stock

Exchange

Hrazdil Karel (Simon Fraser University), Dennis Chung (Simon Fraser University)

Discussant Kalcheva Ivalina (University of Arizona)

The Information Content of Analyst Forecasts – An Econometric Analysis of Informational

Leadership

Wilke Hannes (University of Hagen), Rainer (Baule University of Hagen)

Discussant Palit Imon (Monash University)

Liquidity Supply across Multiple Trading Venues

Lescourret Laurence (ESSEC Business School), Sophie Moinas (ESSEC Business School)

Discussant Moyaert Thibaut (UCL-LSM)

Session E11 Derivatives III 10:45-12:30 Room S09

Session Chair Tunaru Radu (University of Kent)

Equity options, credit default swaps and leverage: a simple stochastic-volatility model for

equity and credit derivatives

32

Barone Gaia (LUISS University)

Discussant Zirilli Francesco (University of Rome La Sapienza)

What Makes the VIX Tick?

Bailey Warren (Cornell University), Lin Zheng (City University of New York), Yinggang Zhou (Chinese

University of Hong Kong)

Discussant Theo Berger (University of Bremen)

Information implied by futures option prices

Peter Locke (Texas Christian University)

Discussant Trautmann Siegfried (Gutenberg University Mainz)

Session E12 Measuring and Managing firm value III 10:45-12:30 Room S11

Session Chair Di Iorio Amalia (La Torbe University)

The Effect of the Use of Derivatives Financial Instruments on Firm Performance and Value:

Evidence from the UK Nonfinancial Firms

Azevedo Alcino (University of Hull), Hany Ahmed (University of Hull), Yilmaz Guney (University of

Hull)

Discussant Burchi Alberto (University of Perugia)

Post IPO Withdrawal Outcomes

Boeh Kevin (Pacific Lutheran University), Craig Dunbar (Ivey Business School)

Discussant Xiao Sheng (Westminster College)

Co-movements in Equity and CDS Illiquidity

Marra Miriam (University of Reading)

Discussant Hanouna Paul (Villanova University)

Session F1 Capital Structure II 13:45-15:30 Room P01

Session Chair Caglayan Mustafa (Heriot-Watt University)

Information ratings and capital structure

Lee-Hsien Pan (National Chung Cheng University), Shih-Cheng Lee (Yuan Ze University), Chein-Ting

Lin (Deakin university), Kung-Cheng Ho (Yuan Ze University)

Discussant Duca Eric (CUNEF)

Which macroeconomic factors facilitate corporate financing?

Requejo Ignacio (Universidad de Salamanca), Julio Pindado (University of Leeds), Juan C.Rivera

(Pontificia Universidad Javeriana)

Discussant Lasfer Meziane (Cass Business School)

Restructuring Failure and Optimal Capital Structure

Lehar Alfred (University of Calgary)

Discussant Wanzenried Gabrielle (Lucerne University of Applied Sciences and Arts)

Session F2 Asset allocation III 13:45-15:30 Room P02

Session Chair Kavussanos Manolis (Athens University of Economics and Business)

Going for Gold: An Analysis of Morningstar Analyst Ratings

Egemen Genc (Texas Tech), Will Armstrong (Rotterdam School of Management), Marno Verbeek

(Texas Tech)

Discussant Mola Simona (Security Exchange Commission)

The effect of information security breaches on stock returns: Is the cyber crime a threat to

firms?

Brogi Marina (University of Rome La Sapienza), Gino Gandolfi (University of Parma), Maria Cristina

Arcuri (SDA Bocconi)

Discussant Nocera Giacomo (Audencia Nantes)

Global portfolio management under state dependent multiple risk premia

Nikolaos Tessaromatis (EDHEC Business School),Timotheos Angelidis (University of Peloponnese)

Discussant Brazys Justinas (Erasmus University of Rotterdam)

Session F3 Asset pricing IV 13:45-15:30 Room P03

Session Chair Valente Giorgio (City University of Hong Kong)

Expected Consumption Growth, Stochastic Volatility and Long-term Real Interest Rates

33

Wu Shu (University of Kansas)

Discussant Chague Fernando (University of Sao Paulo)

Financial Contagion Risk and the Stochastic Discount Factor

Piccotti Louis (University at Albany)

Discussant Khushnud Fatima (University of Western Australia)

Profitability and Stock Returns in Production-Based Asset Pricing with Decreasing Returns to

Scale

Balvers Ronald (McMaster University), Gu Li (Federal Reserve Board), Dayong Huang (University of

North Carolina)

Discussant Sohn Bumjean (Korea University)

Session F4 Behavioural Finance II 13:45-15:30 Room P04

Session Chair Sylvain Marsat (Clermont Université)

News Media Sentiment and Investor Behavior

Mirgorodskaya Elizaveta (VU University), Roman Kraussl (Luxembourg School of Finance)

Discussant Hilpert Christian (Bonn Graduate School of Economics)

Ambiguity Aversion and Cash Holdings

Soypak Kalender Can (RWTH Aachen University), Wolfgang Breuer (RWTH Aachen University),

Marc Oliver Rieger (University of Trier)

Discussant Tom Aabo (Aarhus University)

Investor Overconfidence, Firm Value, and Corporate Decisions

Xuemin Yan (University of Missouri), Biljana Nikolic (University of San Diego)

Discussant Switzer Lorne (Concordia University)

Session F5 Corporate Governance V 13:45-15:30 Room P05

Session Chair Croci Ettore (Catholic University)

The Foundations of Corporate Social Responsibility

Liang Hao (Tilburg University), Luc Renneboog (Tilburg University)

Discussant Boubaker Sabri (IRG, Universite Paris Est)

The Value of Directors: Shareholder Perceptions and Director Effectiveness Over the Course

of Director Tenure

Anderson Anne (Lehigh University), Jill Brown (Bentley Univerisity), Jesus Salas (Lehigh University),

Andrew Ward (Lehigh University)

Discussant Lehmann Nico (Georg-August-Universität Göttingen)

Do state and foreign ownership affect investment efficiency? Evidence from privatizations

El Ghoul Sadok (University of Alberta), Ruiyuan Chen (University of South Carolina), Omrane

Guedhami (University of Alberta), He Wang (University of Alberta)

Discussant Boustanifar Hamid (BI Norwegian Business School)

Session F6 Corporate Takeovers II 13:45-15:30 Room P12

Session Chair Cleary Sean (Queen’s School of Business)

Motivated Monitors: The Importance of Institutional Investors’ Portfolio Weights

Tran Anh L (Cass Business School), Eliezer M.Fich (Drexel University), Jarrad Harford (University of

Washington)

Discussant Borell Mariela (Centre for European Economic Research)

Anticipating Corporate Takeovers and the Method of Payment: A Variance-Covariance Non-

Stationarity Approach

Irani Mohammad (Stockholm University School of Business)

Discussant Kolb Johannes (University of Hohenheim)

Bidder Returns in the US Financial Services Industry: Evidence from Earnouts

Barbopoulos Leonidas (University of St Andrews), John Wilson (University of St Andrews), John

Doukas (Old Dominion University)

Discussant Lin Li (Hong Kong Polytechnic University)

Session F7 Market integration III 13:45-15:30 RoomP11

Session Chair Kim Suk-Joong (University of Sydney)

News Flow, Web Attention and Extreme Returns in the European Financial Crisis

34

Chouliaras Andreas (Luxembourg School of Finance), Theoharry Grammatikos (Luxembourg School

of Finance)

Discussant Chuliá Helena (University of Barcelona)

Can International LETFs Deliver Their Promised Exposure to Foreign Markets?

Xu Xiaoqing Eleanor (Seton Hall University), Hongfei Tang (Seton Hall University), Zihui Yang (Sun

Yat-sen University)

Discussant Samarakoon Lalith (University of St. Thomas)

The role of segmentation and investor recognition through the lens of cross-listing activity

Mouchette Xavier (University of Liège), Francesca Carrieri (McGill University), Aline Muller

(University of Liège)

Discussant Kalaitzoglou Iordanis (Audencia Grand Ecole)

Session F8 Derivatives IV 13:45-15:30 Room P09

Session Chair Bailey Warren (Cornell University)

Active QQQ Covered Call Strategies

Simon David (Bentley University)

Discussant Christopher Fink (University of Mannheim)

Counterparty Credit Risk and Options Pricing: An Empirical Study

Gang Li (Hong Kong Polytechnic University)

Discussant Zih-Ying Lin (National Central University)

How does the market variance risk premium vary over time? Evidence from S&P 500 variance

swap investment returns

Konstantinidi Eirini (University of Exeter), George Skiadopoulos (University of Piraues)

Discussant Burchi Alberto (University of Perugia)

Session F9 Market efficiency V 13:45-15:30 Room S05

Session Chair Neely Chris (Federal Reserve Bank of St. Louis)

Liquidity, Competition & Price Discovery in the European Corporate Bond Market

Declerck Fany (Toulouse School of Economics), Bruno Biais (Toulouse School of Economics)

Discussant Zhang Tai-Wei (Ming Chuan University)

Asymmetric risks of global momentum strategies

Dobrynskaya Victoria (London School of Economics)

Discussant Cho Hangjun (KAIST Business School)

Return Spreads in One-Dimensional Portfolio Sorts Across Many Anomalies

Clarke Charles (University of Connecticut)

Discussant Lam F.Y. Eric C. (Hong Kong Baptist University)

ession F10

Session F10 Market Microstructure II 13:45-15:30 Room S07

Session Chair Farina Vincenzo (University of Rome Tor Vergata)

Why is order flow so persistent?

Palit Imon (Monash University), Bence Toth (Capital Fund Management), Fabrizio Lillo (University of

Palermo), Doyne Farmer (University of Oxford )

Discussant Hrazdil Karel (Simon Fraser University)

High Frequency Trading and Market Stability

Moyaert Thibaut (UCL-LSM), Jonathan Brogaard (University of Washington), Ryan Riordan

(University of Ontario Institute of Technology)

Discussant Wilke Hannes (University of Hagen)

Make and Take Fees in the U.S. Equity Market

Kalcheva Ivalina (University of Arizona), Laura Cardella (Texas Tech University), Jia Hao (Wayne

State University)

Discussant Lescourret Laurence (ESSEC Business School)

Session F11 Venture Capital I 13:45-15:30 Room S09

Session Chair Martí Pellón José (Universidad Complutense de Madrid)

Fee levels, performance and alignment of interests in private equity

Demaria Cyril (University of St Gallen)

Discussant Bubna Amit (Indian School of Business)

The Limited Partnership Model in Private Equity: Deal Returns over a Fund’s Life

35

Braun Reiner (Friedrich-Alexander University), Maximilian Schmidt (Technische Universität München)

Discussant Simona Zambelli (University of Bologna)

Risks and Perils in LBO transactions

Giovannini Renato (Guglielmo Marconi University),Vincenzo Capizzi (University of Piemonte

Orientale), Pesic Valerio (university of Rome La Sapienza)

Discussant Mueller Elisabeth (Frankfurt School of Finance & Management)

Session F12 Portfolio management I 13:45-15:30 Room S11

Session Chair Stehle Richard (Humboldt-Universitaet)

Jumping over a low hurdle: Personal pension fund performance

Zalewska Ania (University of Bath), Anastasia Petraki (Investment Management Association)

Discussant Kryzanowski Lawrence (Concordia University)

Return-based classification of absolute return funds

Gerlach Philipp (Goethe-University Frankfurt), Raimond Maurer

Discussant Xie Wenjun (Nanyang Technological University)

Market Frictions, Investor Sophistication and Persistence in Mutual Fund Performance

Dumitrescu Ariadna (ESADE Business School), Javier Gil-Bazo (Universitat Pompeu Fabra)

Discussant Florinda Silva (University of Minho)

Session G1 Asset allocation IV 16:00-17:45 Room P01

Session Chair Terrence Hallahan (Victoria University)

Lazy Investors, Lazy Fund Managers, Lousy Performance: National Culture and Mutual Fund

Management

Antonio Freitas Miguel (ISCTE – IUL Lisbon University Institute), Aneel Keswani (Cass Business

School), Sofia Ramos (ISCTE – IUL Lisbon University Institute)

Discussant Egemen Genc (Texas Tech)

Asset Allocation and Active Management in Italian Closed Pension Funds

Nocera Giacomo (Audencia Nantes), Mirko Cardinale (Russell Investments), Andrzej Pioch (Aviva

Investors)

Discussant Brogi Marina (University of Rome La Sapienza)

Forward-Looking Measures of Higher-Order Dependencies with an Application to Portfolio

Selection

Kempf Alexander (University of Cologne),Felix Brinkmann (University of Goettingen), Olaf Korn

(University of Goettingen)

Discussant Nikolaos Tessaromatis (EDHEC Business School)

Session G2 Asset pricing V 16:00-17:45 Room P02

Session Chair Florackis Chris (University of Liverpool)

Short-Selling and Inside Information

Chague Fernando (University of Sao Paulo), Rodrigo De-Losso (University of Sao Paulo), Alan De

Genaro (BM&F Bovespa), Dimas Fazio (University of Sao Paulo), Bruno Giovannetti (University of

Sao Paulo)

Discussant Wu Shu (University of Kansas)

Asset Pricing:Evidence on Analyst Target Price Forecast

Khushnud Fatima (University of Western Australia)

Discussant Piccotti Louis (University at Albany)

Stock Market Volatility and Trading Strategy Based Factors

Sohn Bumjean (Korea University)

Discussant Gu Li (Federal Reserve Board)

Session G3 Capital Structure IV 16:00-17:45 Room P03

Session Chair Alexandros Prezas (Suffolk University)

Taxes, Governance, and Debt Maturity Structure

Lasfer Meziane (Cass Business School), Eilnaz Kashefi Pour (Birmingham Business School.)

Discussant Ng Jeffrey (Singapore Management University)

Capital Structure Inertia and Product Market Competition

Wanzenried Gabrielle (Lucerne University of Applied Sciences and Arts), Andre Gygax (University of

Melbourne), Xia Wu (University of Melbourne)

36

Discussant Lee-Hsien Pan (National Chung Cheng University)

Catering Convertible Design to Hedge Fund Demand

Duca Eric (CUNEF)

Discussant Lehar Alfred (University of Calgary)

Session G4 Corporate Governance VI 16:00-17:45 Room P04

Session Chair McQueen Grant (Marriott School, BYU)

Do corporate governance analysts matter? Evidence from a quasi-natural experiment

Lehmann Nico (Georg-August-Universität Göttingen)

Discussant Liang Hao (Tilburg University)

Culture and Economic Policy: Evidence from the Privatization Reform

Guedhami Omrane (University of South Carolina), Narjess Boubakri (American University of

Sharjah), Chuck Kwok (University of South Carolina), Walid Saffar (Hong Kong Polytechnic

University)

Discussant Anderson Anne (Lehigh University),

Excess Control Rights, Corporate Governance and Cash Flow Sensitivity of Cash

Boubaker Sabri (IRG, Universite Paris Est) Imen Derouiche (Champagne School of Management),

Walid Saffar (Hong Kong Polytechnic University)

Discussant El Ghoul Sadok (University of Alberta)

Session G5 Corporate Takeovers III 16:00-17:45 Room P05

Session Chair Beccalli Elena (Catholic University)

Deal Innovations in Mergers and Acquisitions: Do Go-Shop Provisions Create Real Benefits?

Shang Chenguang (Bentley University), Sudip Datta (Wayne State University)

Discussant Vitkova Valeriya (Cass Business School)

Special Purpose Acquisition Companies – Are they an alternative to IPOs?

Kolb Johannes (University of Hohenheim), Tereza Tykvova (University of Hohenheim)

Discussant Shim Hyeongsop (Ulsan National Institute of Science and Technology)

Bidders and Targets Made for Each Other: Credit Ratings and Acquisition Returns

Nikolaos Karampatsas (University of Surrey), Dimitris Petmezas (University of Surrey), Nickolaos

Travlos (Alba Graduate Business School)

Discussant Orhun Eda (Zayed University)

Session G6 Currency market and exchange rates II 16:00-17:45 Room P12

Session Chair Chuliá Helena (University of Barcelona)

What Makes Safe-haven Currencies? Evidence from Conditional Co-skewness

Zhou Yinggang (Chinese University of Hong Kong), Kalok Chan (Hong Kong University of Science

and Technology), Jian Yang (University of Colorado Denver)

Discussant Dobrynskaya Victoria (London School of Economics)

Off the Golden Fetters: Examining Interwar Carry Trade and Momentum

Marsh Ian (Cass Business School), Jason Cen (Cass Business School)

Discussant Kim Suk-Joong (University of Sydney)

Exchange Risk and Asset Returns: A Theoretical and Empirical Study of an Open Economy

Asset Pricing Model

Huang Lin (Southwestern University of Finance and Economics), Jia Wu (Zhejiang University), Rui

Zhang (Chinese University of Hong Kong Shenzhen Research Institute)

Discussant Gómez-Puig Marta (Universitat de Barcelona)

Session G7 Derivatives V 16:00-17:45 Room P11

Session Chair Trautmann Siegfried (Gutenberg University Mainz)

To Disclose or not to Disclose: Transparency and Liquidity in the Structured Product Market

Subrahmanyam Marti (New York University), Nils Friewald (WU University), Rainer Jankowitsch

(WU University)

Discussant Simon David (Bentley University)

Are the Structured Products a Sustainable Financial Innovation?

Burchi Alberto (University of Perugia), Paola Musile Tanzi (University of Perugia)

Discussant Gang Li (Hong Kong Polytechnic University)

37

The Impact of Volatility and Net Buying Pressure on the Trading Demand of Speculators and

Hedgers

Zih-Ying Lin (National Central University), Chuang-Chang Chang (National Central University), Pei-

Fang Hsieh (National Tsing Hua University)

Discussant Konstantinidi Eirini (University of Exeter)

Session G8 Market efficiency VI 16:00-17:45 Room P09

Session Chair Aline Muller (University of Liège)

Stocks with Extreme Past Returns: Lotteries or Insurance?

Barinov Alexander (University of Georgia)

Discussant Clarke Charles (University of Connecticut)

Forecasting the S&P 500 index volatility using investor sentiment

Cho Hangjun (KAIST Business School), Suk Joon Byun (KAIST Business School)

Discussant Di Iorio Amalia (La Torbe University)

Cash Holdings and Stock Returns: Risk or Mispricing?

Lam F.Y. Eric C (Hong Kong Baptist University), Tai Ma (National Sun Yat-sen University), K.C. John

Wei (Hong Kong University of Science and Technology)

Discussant Marcato Gianluca (University of Reading)

Session G9 Behavioural Finance III 16:00-17:45 Room S05

Session Chair Aabo Tom (Aarhus University)

The Trend is Your (Imaginary) Friend: A Behavioral Perspective on Technical Analysis

Hilpert Christian (Bonn Graduate School of Economics), Sebastian Ebert (Tilburg University)

Discussant Xuemin Yan (University of Missouri)

Institutional Quality and Stock Market Participation: Learning to Forget

Hossein Asgharian (Lund University), Lu Liu (Lund University), Frederik Lundtofte (Lund University)

Discussant Mirgorodskaya Elizaveta (VU University)

Institutional Investment Horizon, the Information Environment and Firm Credit Risk

Switzer Lorne (Concordia University), Jun Wang (Concordia University)

Discussant Sylvain Marsat (Clermont Université)

Session G10 Portfolio management II 16:00-17:45 Room S07

Session Chair Pekka Tolonen (University of Oulu)

Impact of sponsor ownership on fixed-income fund performance

Kryzanowski Lawrence (Concordia University), Mohamed Ayadi (Brock University), Mahmood

Mohebshahedin (Concordia University)

Discussant Gerlach Philipp (Goethe-University Frankfurt)

Pairs Trading with Copulas

Xie Wenjun (Nanyang Technological University), Qi Rong Liew (Nanyang Technological University),

Yuan Wu (Nanyang Technological University), Xi Zou (Nanyang Technological University)

Discussant Zalewska Ania (University of Bath)

New Tests Of Correlation and the Choice of Measures of Portfolio management

Florinda Silva (University of Minho), Chris Adcock (University of Sheffield), Nelson Areal (University

of Minho), Manuel Rocha Armada (University of Minho), Maria Cortez (University of Minho), Benilde

Oliveira (University of Minho)

Discussant Javier Gil-Bazo (Universitat Pompeu Fabra)

Session G11 Venture Capital II 16:00-17:45 Room S09

Session Chair Jelic Ranko (University of Birmingham)

Due Diligence and Investee Performance

Simona Zambelli (University of Bologna), Douglas Cumming (York University)

Discussant Groh Alexander (EMLYON Business School)

The Fast and The Curious: VC Drift

Bubna Amit (Indian School of Business), Sanjiv Das (Santa Clara University), Paul Hanouna

(Villanova University)

Discussant Demaria Cyril (University of St Gallen)

How patenting informs VC investors – the case of biotechnology

38

Mueller Elisabeth (Frankfurt School of Finance & Management), Carolin Haeussler (University of

Passau), Dietmar Harhoff (University of Munich)

Discussant Pesic Valerio (University of Rome La Sapienza)

Special

Session

Hedge Fund Activism 18:00-19:30 Aula Magna

Session

Organizer

Professor Alon Brav, Duke University

“Hedge Fund Activism: A Brief Introduction”

Alon Brav, Duke University

“Hedge Fund Activism in Europe”

Marco Becht, Université Libre de Bruxelles

“The Shareholder Activism Preferences of Institutional Investors”

Zacharias Sautner, Amsterdam Business School

“Moral Hazard, Informed Trading, and Stock Prices”

Vyacheslav Fos, University of Illinois

“The Role of Hedge Funds in the Price Formation Process”

Charles Cao, Yong Chen, Bing Liang, UMass Amherst, and Will Goetzmann

Friday, June 27 2014

Session H1 Portfolio management III 8:30-10:15 Room P01

Session Chair Kempf Alexander (University of Cologne)

Volatility and Mutual Fund Manager Skill

Riley Timothy (University of Kentucky), Bradford Jordan (University of Kentucky)

Discussant Pekka Tolonen (University of Oulu)

Mutual Fund Performance Evaluation and Best Clienteles

Manel Kammoun (Laval University), Chretien Stephane (Laval University)

Discussant Joenväärä Juha (University of Oulu)

Management Subadvising The Mutual Fund Industry

Moreno David (Universidad Carlos III), Rosa Rodriguez (Universidad Carlos III), Rafael Zambrana

(Universidad Carlos III)

Discussant Dalò Ambrogio (University of Rome Tor Vergata)

Session H2 Agency theory I 8:30-10:15 Room P02

Session Chair Requejo Ignacio (Universidad de Salamanca)

A theory of the size and investment duration of venture capital funds

Fang Dawei (Gothenburg University)

Discussant Hoang Daniel (Karlsruhe Institute of Technology)

Family-Run Firms: Growth and Financing Choices

Renucci Antoine (Université de Pau)

Discussant Strobl Gunter (Frankfurt School of Finance and Management)

Insiders Ownership Concentration and Firms Cost of Debt: Evidence from Bank Loans

Lugo Stefano (Utrecht University)

Discussant Andreou Panayiotis (Cyprus University of Technology)

Session H3 Depository Institutions III 8:30-10:15 Room P03

Session Chair Brogi Marina (University of Rome La Sapienza)

Corporate Social Responsibility and its Impact on Financial Performance: Investigation of U.S.

Commercial Banks

Erhemjamts Otgontsetseg (Bentley University), Marcia Cornett (Bentley University), Hassan

Tehranian (Boston College)

Discussant Beccalli Elena (Catholic University)

Long-Term and Short-Term Wealth Effects of Asian Banks’ M&A

Shirasu Yoko (Aoyama Gakuin University)

Discussant Casu Barbara (Cass Business School)

39

Wholesale and Retail Deposit Funding in Equilibrium: Implications for Risk Taking and

Regulation

Pfeil Sebastian (Goethe University), Roman Inderst (Goethe University), Falko Fecht (Frankfurt

School of Finance and Management)

Discussant Merrick John (College of William & Mary)

Session H4 Market integration IV 8:30-10:15 Room P04

Session Chair Nieto Belén (Universidad Alicante)

Three narratives on the changing face of global commodities market structure

Valiante Diego (Centre for European Policy Studies)

Discussant Martelli Duccio (University of Perugia)

Determinants of Time Varying Co-movements among International Stock Markets

Mobarek Asma (Stockholm University), Gulnur Muradoglu (Queen Mary), Sabur Mollah (Stockholm

University)

Discussant Zhou Yinggang (Chinese University of Hong Kong)

Does Contagion Have Persistent Effects? A Novel Perspective of Contagion and the Eurozone

Sovereign Debt Crisis

Löffler Gunter (University of Ulm), Dirk G. Baur (University of Technology Sydney)

Discussant Caglio Cecilia (Federal Reserve Board of Governors)

Session H5 Earnings Management I 8:30-10:15 Room P05

Session Chair Lee Bong Soo (Florida State University)

Did the market overreact to the mandatory switch to IFRS in Europe?

Chen Qiwei (Brunel University), Len Skarratt (Brunel University), Ying Jiang (Nottingham University

Ningbo Campus)

Discussant Chourou Lamia (University of Ottawa)

The Value of Dividends: Evidence from Short-Sales

Lai Evelyn (University of Sydney), Andrew Ainsworth (University of Sydney), Michael McKenzie

(University of Liverpool), Graham Partington (University of Sydney)

Discussant Wang Chiu-Ping (National Chung Hsing University)

Earnings Management Ahead of M&A: Can Corporate Governance Make The Difference?

Botsari Antonia (University of Piraeus), Lisa Goh (London School of Economics)

Discussant Chen Jerry (Hong Kong Baptist University)

Session H6 Asset pricing VI 8:30-10:15 Room P12

Session Chair Duffee Gregory, John Hopkins University

Volatility-of-Volatility Risk and Asset Prices

Te-Feng Chen (National Taiwan University), Chung San-Lin (National Taiwan University), Ji-Chai Lin

(Louisiana State University)

Discussant Fu Xi (Lancaster University Management School)

Illiquidity frictions and asset pricing anomalies

Björn Hansson (Lund University), Bjorn Hagstromer (Lund University), Birger Nilsson (Lund

University)

Discussant Le Fol Gaelle (Universite Paris – Dauphine),

Time-varying Return Predictability of Net Stock Issues and Profitability

Wang Shujing (Hong Kong University of Science and Technology), K.C. John Wei (Hong Kong

University of Science and Technology)

Discussant Lawrenz Jochen (University of Innsbruck)

Session H7 Corporate Takeovers IV 8:30-10:15 Room P11

Session Chair Gonenc Halit (University of Groningen)

Reverse Takeovers: The Other Side of the Poor Man’s IPO

Appadu Naaguesh (Cass Business School, London), Anna Faelten (Cass Business School, London),

Mario Levis (Cass Business School, London)

Discussant Vagenas-Nanos Evangelos (University of Glasgow)

Corporate Restructuring Through Asset Sales: Does It Create Value For Selling Shareholders?

Empirical Evidence From European Data

Spotorno Lucia (Bocconi University), Stefano Gatti (Bocconi University)

40

Discussant Kuvandikov Azimjon (University of Essex)

Fear, Feedback and Disclosure: Different Shades of Media’s Governance Role in M&A

Decisions

Saadi Samir (University of Ottawa), Shantanu Dutta (University of Ontario Institute of Technology),

Kose John (New York University), Pengcheng Zhu (University of San Diego)

Discussant Meknassi Siham (Sherbrooke University)

Session H8 Management compensation I 8:30-10:15 Room P09

Session Chair Wanzenried Gabrielle (Lucerne University of Applied Sciences and Arts)

Firm-Level Heterogeneity of Clawback Provisions

Erkens Michael (HEC Paris), Ying Gan (WHU Otto Beisheim School of Management), Burcin

Yurtoglu (WHU Otto Beisheim School of Management)

Discussant Mavis Christos (Surrey Business School)

Pay for no performance? Executive pay and performance in EU banks

Zakaria Idlan (University of Essex), Fadi Shiyyab (University of Essex), Claudia Girardone (University

of Essex)

Discussant Bozzi Stefano (Catholic University)

Performance-Vesting Provisions in Executive Compensation

Bizjak John (TCU, Fort Worth), Carr Bettis (ASU Phoenix), Jeff Coles (ASU Phoenix), Swami

Kalpathy (TCU, Fort Worth)

Discussant Minnick Kristina (Bentley University)

Session H9 Asset allocation V 8:30-10:15 Room S05

Session Chair Nikolaos Karampatsas (University of Surrey)

Slow Ratings

Bonini Stefano (Bocconi University), Sreedhar Bharath (Arizona State University), Ombretta

Pettinato (Bocconi University)

Discussant Tanyeri Basak (Bilkent University)

The Credit Rating Crisis and the Informational Content of Corporate Credit Ratings

Bedendo Mascia (Bocconi University), Lara Cathcart (Imperial College Business School), Lina El-

Jahel (University of Auckland), Leo Evans (Imperial College Business School)

Discussant González-Fernández Marcos (University of León)

The Convexity and Concavity of the Flow-Performance Relationship for Hedge Funds

Guillermo Baquero (ESMT-Berlin), Marno Verbeek (RSM Erasmus University)

Discussant Kaal Wulf (University of St. Thomas School of Law)

Session H10 Derivatives VI 8:30-10:15 Room S07

Session Chair Simon David (Bentley University)

On the Information Content of Decomposed Financial Return Series: A Wavelet Approach

Theo Berger (University of Bremen)

Discussant Barone Gaia (LUISS University)

Robust Recovery Risk Hedging: Only the First Moment Matters

Trautmann Siegfried (Gutenberg University Mainz), Patrick Kroemer (Gutenberg University Mainz),

Monika Muller (Gutenberg University Mainz)

Discussant Fiordelisi Franco (University of Rome Tre)

Stein’s Overreaction Puzzle: Option Anomaly or Perfectly Rational Behavior?

Yuehao Lin (University of Luxembourg), Thorsten Lehnert (University of Luxembourg), Nicolas

Martelin (University of Luxembourg)

Discussant Peter Locke (Texas Christian University)

Special

Session

Interest Rates and the Macroeconomy 10:45-12:30 Aula Magna

Session

Organizer

Professor Andrea Buraschi, Imperial College Business School

“Expected Inflation and other Determinants of Treasury Yields”

Gregory R. Duffee, Johns Hopkins University

“Monetary Policy and Treasury Risk Premia”

Andrea Buraschi, Imperial College Business School

41

“Monetary Policy Drivers of Bond and Equity Risk”

Luis M. Viceira, Harvard Business School

“Learning about the Macro-Dynamics of Treasury Yields with an Arbitrage-Free Term Structure Model”

Ken Singleton, Stanford University

Session I1 Depository Institutions IV 13:45-15:30 Room P01

Session Chair Löffler Gunter (University of Ulm)

Retained interests in securitisations and implications for bank solvency

Casu Barbara (Cass Business School), Anna Sarkisyan (Essex Business School)

Discussant Erhemjamts Otgontsetseg (Bentley University)

Why are some banks recapitalized and others taken over?

Beccalli Elena (Catholic University), Pascal Frantz (London School of Economics)

Discussant Shirasu Yoko (Aoyama Gakuin University)

The Effectiveness of Supervisory Sanctions on Banking

Fiordelisi Franco (University of Rome Tre), Cotugno Matteo (University of Catania), Stefanelli Valeria

(University Niccolò Cusano)

Discussant Wilson John O.S. (University of St. Andrew)

Session I2 Asset allocation VI 13:45-15:30 Room P02

Session Chair Javier Gil-Bazo (Universitat Pompeu Fabra)

Did the dodd-frank act impact hedge fund performance ?

Kaal Wulf (University of St. Thomas School of Law), Barbara Luppi (University of Modena e Reggio

Emilia), Sandra Paterlini (European Business School)

Discussant Bedendo Mascia (Bocconi University)

Transparency and Talent Allocation in Money Management

Strobl Gunter (Frankfurt School of Finance and Management), Simon Gervais (Duke University)

Discussant Guillermo Baquero (ESMT-Berlin)

Litigations and Mutual Fund Runs

Tanyeri Basak (Bilkent University), Meijun Qian (National University of Singapore)

Discussant Farka Mira (California State University)

Session I3 Management compensation II 13:45-15:30 Room P03

Session Chair Botsari Antonia (University of Piraeus)

Say-on-Pay in a Context of Concentrated Ownership: Evidence from Italy

Bozzi Stefano (Catholic University), Massimo Belcredi (Catholic University), Angela Ciavarella

(CONSOB), Valerio Novembre (CONSOB)

Discussant Zakaria Idlan (University of Essex)

The Signaling Value of Nonrecurring Items and CEO Market-Based Compensation

Saito Yoshie (Old Dominion University)

Discussant Bizjak John (TCU, Fort Worth)

CEO Tournaments: A Cross-Country Analysis of Causes, Cultural Influences and

Consequences

Minnick Kristina (Bentley University), Laura Starks (University of Texas at Austin), Natasha Burns

(University of Texas at San Antonio)

Discussant Erkens Michael (HEC Paris)

Session I4 Derivatives VII 13:45-15:30 Room P04

Session Chair Te-Feng Chen (National Taiwan University)

Automatic workout mortgage and housing consumption choice

Wojakowski Rafal (University of Surrey), Robert Shiller (Yale University), Shahid Ebrahim (University

of Bangor), Mark Shackleton (University of Lancaster)

Discussant Giannotti Claudio (University LUM Jean Monnet)

Jumps in option prices and their determinants: Real-time evidence from the E-mini S&P 500

option market

Skiadopoulos George (University of Piraeus), Michael Neumann (Queen Mary), George Kapetanios

(Queen Mary)

Discussant Azevedo Alcino (University of Hull)

42

Financial intermediaries in the midst of market manipulation: Did they protect the fool or help

the knave?

Merrick John (College of William & Mary), Vladimir Atanasov (College of William & Mary), Ryan

Davies (Babson College)

Discussant Antonio Freitas Miguel (ISCTE – IUL Lisbon University Institute)

Session I5 Asset pricing VII 13:45-15:30 Room P05

Session Chair Armada Manuel Rocha, University of Minho

Asymmetric Effects of Volatility Risk on Stock Returns: Evidence from VIX and VIX Futures

Fu Xi (Lancaster University Management School), Matteo Sandri (Lancaster University Management

School), Mark Shackleton (Lancaster University Management School)

Discussant Wang Shujing (Hong Kong University of Science and Technology)

The empirical relationship between forecast accuracy and recommendation profitability

Lawrenz Jochen (University of Innsbruck), Klaus Schredelseker (University of Innsbruck), Alex

Weissensteiner (Technical University of Denmark)

Discussant Barinov Alexander (University of Georgia)

The Governance Role of the Media Through News Dissemination: Evidence from Insider

Trading

Parwada Jerry (UNSW Australia), Lili Dai (Australian National University), Bohui Zhang (UNSW

Australia)

Discussant Soana Maria Gaia (SDA Bocconi)

Session I6 Corporate Takeovers V 13:45-15:30 Room P12

Session Chair Caprio Lorenzo (Catholic University)

Does Mood Impact on Acquirers’ Announcement Abnormal Returns?

Vagenas-Nanos Evangelos (University of Glasgow), Jo Danbolt (University of Edinburgh), Antonios

Siganos (University of Glasgow)

Discussant Spotorno Lucia (Bocconi University)

Shareholders, managers and employees: rent transfer or rent sharing in corporate takeovers

Kuvandikov Azimjon (University of Essex)

Discussant Saadi Samir (University of Ottawa)

Are cross-listed firms superior targets? Evidence from short- and long-run performance of US

bidders

Meknassi Siham (Sherbrooke University), Jean-Claude Cosset (HEC Montreal)

Discussant Appadu Naaguesh (Cass Business School, London)

Session I7 Portfolio management IV 13:45-15:30 Room P11

Session Chair Zalewska Ania (University of Bath)

Socially Responsible and Conventional Investment Funds: Performance Comparison and the

Global Financial Crisis

Ambrogio Dalò (University of Rome Tor Vergata), Leonardo Becchetti (University of Rome Tor

Vergata), Rocco Ciciretti (University of Rome Tor Vergata), Stefano Herzel (University of Rome Tor

Vergata)

Discussant Riley Timothy (University of Kentucky)

Geography, liquidity and fund performance: New evidence from UCITS hedge funds

Joenväärä Juha (University of Oulu), Robert Kosowski (Imperial College Business School)

Discussant Manel Kammoun (Laval University)

The effects of investment constraints on hedge fund investor returns

Pekka Tolonen (University of Oulu), Juha Joenväärä (University of Oulu), Robert Kosowski (Imperial

College Business School)

Discussant Moreno David (Universidad Carlos III)

Session I8 Insurance I 13:45-15:30 Room P09

Session Chair Shim Hyeongsop (Ulsan National Institute of Science and Technology)

Competition, Efficiency And Soundness In European Life Insurance Markets

Rubio-Misas Maria (Universidad de Malaga), Dev Vencappa (Nottingham University Business

School), J. David Cummins (Temple University)

43

Discussant Gibilaro Lucia (University of Bergamo)

Empirical investigation of life settlements: The secondary market for life insurance policies

Januario Afonso (London Business School), Narayan Y. Naik (London Business School)

Discussant Battaglia Francesca (University of Naples Parthenope)

D&O Insurance, Excess Director Compensation and Firm Value: Evidence from Taiwan

Shiou-Ying Lee (Taipei Chengshih University of Science and Technology), Chih-Liang Liu (Taipei

Chengshih University of Science and Technology)

Discussant Fang Dawei (Gothenburg University)

Session I9 Measuring and Managing firm value III 13:45-15:30 Room S05

Session Chair Deloof Marc (University of Antwerp)

Is working capital management value-enhancing? Evidence from firm performance and

investments

Croci Ettore (Catholic University), Nihat Aktas (WHU Otto Beisheim School of Management), Dimitris

Petmezas (University of Surrey)

Discussant Renucci Antoine (Université de Pau)

Multinationals and Cash Holdings

Gonenc Halit (University of Groningen), Nuno Fernandes (IMD International)

Discussant Carvalho Paulo (ISCTE-IUL Business School)

Internal Capital Markets and Diversified Firms: Theory and Practice

Hoang Daniel (Karlsruhe Institute of Technology), Sebastian Gatzer (Karlsruhe Institute of

Technology), Martin Ruckes (Karlsruhe Institute of Technology)

Discussant Barbi Massimiliano (University of Bologna)

Session I10 Market efficiency VII 13:45-15:30 Room S07

Session Chair Riva Fabrice (IAE de Lille)

Global Corporate Bond Issuance: What Role for US Quantitative Easing?

Lo Duca Marco (European Central Bank), Giulio Nicoletti (European Central Bank), Ariadna Vidal

(European Central Bank)

Discussant Valiante Diego (Centre for European Policy Studies)

Do stock fundamentals explain idiosyncratic volatility? Evidence for Australian stock market

Di Iorio Amalia (La Torbe University), Bin Liu (RMIT University), Ashton De Silva (La Torbe

University)

Discussant Mazzoli Camilla (Polytechnic University Marche)

Are Household Investors Noise Traders? Evidence from Belief Dispersion and Stock Trading

Volume

Dan Li (Federal Reserve Board), Geng Li (Federal Reserve Board)

Discussant Stehle Richard (Humboldt-Universitaet)

Session I11 Behavioral Finance IV 13:45-15:30 Room S09

Session Chair Stock Duane (University of Oklahoma)

Weather & SAD Related Mood Effects on the Financial Market

Frühwirth Manfred (Vienna University of Economics and Business)

Discussant Luca Vit (University Niccolò Cusano)

Medium-term effects of enforcement actions: Evidence from the Italian banking system

Caratelli Massimo (University of Rome Tre), Umberto Filotto (University of Rome Tor Vergata),

Ornella Ricci (University of Rome Tre)

Discussant Armen Arakelyan (CUNEF)

Regulation, Compensation and Risk Taking in Banks: Evidence from the Credit Crises

Kaserer Christoph (TU Munich), Alexander Hüttenbrink (TU Munich), Marc Steffen Rapp (Leipzig

Graduate School of Management)

Discussant Requejo Ignacio (Universidad de Salamanca)

Special

Session

Commodity Markets: Current Developments 16:00-17:00 Aula Magna

Session

Organizer

Professor George Skiadopoulos, QMUL & University of Piraeus

44

“The Role of Hedgers and Speculators in Liquidity Provision to Commodity Futures Markets”

K. Geert Rouwenhorst, Yale School of Management, Ke Tang and Wenjin Kang

“Are Commodities Special? Evidence from a Parametric SDF Analysis”

Massimo Guidolin, Bocconi University and Manuela Pedio

“Sorting out Commodity Futures”

Frans .A. de Roon, Tilburg University

“Exploration Activity, Long Run Decisions, and Roll Returns in Energy Futures”

Alexander David, University of Calgary

Saturday, June 28 2014

Session J1 Market microstucture III 8:30-10:15 Room P01

Session Chair Lescourret Laurence (ESSEC Business School)

The determinants of ETF liquidity: Theory and evidence from European markets

Riva Fabrice (IAE de Lille), Anna Calamia (GREDEG), Laurent Deville (GREDEG and Edhec

Business School)

Discussant Zimmermann Kai (Goethe University Frankfurt)

Market Makers Optimal Price-Setting Policy for Exchange-Traded Certificates

Baller Stefanie (University of Passau), Oliver Entrop (University of Augsburg), Marco Wilkens

(University of Liverpool)

Discussant Farina Vincenzo (University of Rome Tor Vergata)

Sub-Penny and Queue-Jumping

Consonni Francesco (Bocconi University), Sabrina Buti (Rotman School of Management), Barbara

Rindi (Bocconi University), Ingrid M.Werner (Ohio State University)

Discussant Dumitrescu Ariadna (ESADE Business School)

Session J2 Behavioural Finance V 8:30-10:15 Room P02

Session Chair Meneghetti Costanza (West Virginia University)

Does Word of Mouth Communication Affect Trading?

Huang Shiyang (London School of Economics and Political Science)

Discussant Iliewa Zwetelina (Centre for European Economic Research)

Somatic Portfolio Theory: When Emotions lead to Economic Efficiency

Lucarelli Caterina (Polytechnic University of Marche), Pierpaolo Uberti (University of Genova), Gianni

Brighetti (university of Bologna)

Discussant Zhao Bin (Shanghai Advanced Institute of Finance)

Behavioral Factors Influencing Sovereign Bond Yield Spreads: Evidence from Euro Countries.

Martelli Duccio (University of Perugia), David Aristei (university of Perugia)

Discussant Parwada Jerry (UNSW Australia)

Session J3 Asset pricing VIII 8:30-10:15 Room P03

Session Chair Sarmistha Pal (University of Surrey)

International return predictability and the term structure of risk

Penasse Julien (ESSEC)

Discussant Agyenim Boateng (Glasgow Caledonian University)

High-frequency Trading and Treasury Bond Returns

Valente Giorgio (City University of Hong Kong), Xiaoquan Liu (University of Essex), Ingrid Lo (Bank

of Canada), Minh Nguyen (University of Sheffield)

Discussant Nieto Belén (Universidad Alicante)

Rare Disasters and the Term Structure of Interest Rates

Tsai Jerry (University of Oxford)

Discussant Neely Chris (Federal Reserve Bank of St. Louis)

Session J4 Depository Institutions V 8:30-10:15 Room P04

Session Chair Varotto Simone (University of Reading)

Switching Costs, Deposit Insurance and Deposit Withdrawals from Distressed Banks

Morkoetter Stefan (University of St Gallen), Martin Brown (University of St Gallen), Benjamin Guin

(University of St Gallen)

45

Discussant Stock Duane (University of Oklahoma)

Board structure and tail and systemic risk-taking: evidence from European banks

Francesca Battaglia (University of Naples Parthenope), Domenico Curcio (University of Naples

Federico II), Angela Gallo (University of Salerno)

Discussant Bostandzic Denefa (Ruhr-University Bochum)

Multiple banking relationships and Exposure at Default: evidence from the Italian Market

Mattarocci Gianluca (University of Rome Tor Vergata), Lucia Gibilaro (University of Bergamo)

Discussant Schaefer Alexander (University of Mainz)

Session J5 Securities I 8:30-10:15 Room P05

Session Chair Bonini Stefano (Bocconi University)

Information Asymmetry and the Timing of Capital Issuance: An International Examination

Lee Bong Soo (Florida State University), April M. Knill (Florida State University)

Discussant Lauterbach Beni (Bar Ilan University)

The Impact of Cost of Equity on Seasoned Equity Offerings

Zhang Weiqi (Finance Center Muenster)

Discussant Botsari Antonia (University of Piraeus)

Conflicts of interest in IPO pricing

Mazzoli Camilla (Polytechnic University Marche), Fabrizio Palmucci (University of Bologna), Manuela

Geranio (Bocconi University)

Discussant Vismara Silvio (University of Bergamo)

Session J6 Monetary policy I 8:30-10:15 Room P12

Session Chair Caglio Cecilia (Federal Reserve Board of Governors)

Long Memory Affine Term Structure Models

Golinski Adam (University of York), Paolo Zaffaroni (Imperial College)

Discussant Guidolin Massimo (Bocconi University)

Budget Deficits and Political Cycles: the Case of Greece, 1970-2013

Triantafillou Annie (Deree College, American College of Greece), Laopodis Nikiforos (ALBA,

American College of Greece), Merika Anna (Deree College, American College of Greece)

Discussant Nautz Dieter (Freie Universität)

Sovereign Markets Malfunctioning and Observable Indicators

Stein Michael (University of Duisburg-Essen), Roberto De Santis (European Central Bank)

Discussant Romelli Davide (ESSEC Business School)

Session J7 Corporate Governance VII 8:30-10:15 Room P11

Session Chair Bizjak John (TCU, Fort Worth)

Does religiosity matter to value relevance? Evidence from U.S. banking firms

Chourou Lamia (University of Ottawa)

Discussant Lucia Gibilaro (University of Bergamo)

The Roles of Trust and Control in Regulating Tax Reporting Behavior

Ester Chen (The Peres Academic Center), Ilanit Gavious (Ben-Gurion University)

Discussant Giosi Alessandro (University of Rome Tor Vergata)

Do individual directors matter? Evidence from the S&P 1,500

Markus Senn (Institut für Finanzmanagement)

Discussant Ozkan Neslihan (University of Bristol)

Session K1 Asset pricing IX 10:45-12:30 Room P01

Session Chair Triantafillou Annie (Deree College, American College of Greece)

Understanding the Relationship between the Volatility Risk Premium and Option Returns

XiaoHua Chen (Banque de France), Alejandro Bernales (Banque de France)

Discussant Te-Feng Chen (National Taiwan University)

The Fama and French model in financial crises: Evidence from Turkey

Duong Hoa (School of Oriental and African Studies)

Discussant Tsai Jerry (University of Oxford)

Macroeconomic and Financial Determinants of the Volatility of Corporate Bond Returns

Nieto Belén (Universidad Alicante), Gonzalo Rubio (Universidad CEU Cardenal Herrera), Alfonso

46

Novales (Universidad Complutense de Madrid)

Discussant Penasse Julien (ESSEC)

Session K2 Monetary policy II 10:45-12:30 Room P02

Session Chair Golinski Adam (University of York)

Understanding the Impact of Monetary Policy Shocks on the Corporate Bond Market in Good

and Bad Times: A Markov Switching Model

Guidolin Massimo (Bocconi University), Alexei Orlov (Radford University), Manuela Pedio (UniCredit)

Discussant Stein Michael (University of Duisburg-Essen)

How Persistent are Monetary Policy Effects at the Zero Lower Bound?

Neely Chris (Federal Reserve Bank of St. Louis)

Discussant Alessandro Piergallini (University of Rome Tor Vergata)

How important is economic news for bond markets?

Brazys Justinas (Erasmus University of Rotterdam), Martens Martin (Erasmus University of

Rotterdam)

Discussant Lo Duca Marco (European Central Bank)

Session K3 Market Microstructure IV 10:45-12:30 Room P03

Session Chair Declerck Fany (Toulouse School of Economics)

Price Discovery in European Volatility Interruptions

Zimmermann Kai (Goethe University Frankfurt)

Discussant Riva Fabrice (IAE de Lille)

The Pricing of Liquidity Dimensions in Corporate Bonds

Stock Duane (University of Oklahoma), Jeffrey Black (University of Oklahoma), Pradeep Yadav

(University of Oklahoma)

Discussant Baller Stefanie (University of Passau)

Institutional Investment and Commonality in Liquidity: Evidence from Transaction Data

Javier Gil-Bazo (Universitat Pompeu Fabra), Mahmoud Aymo (Universidad Carlos III)

Discussant Consonni Francesco (Bocconi University)

Session K4 Behavioural finance VI 10:45-12:30 Room P04

Session Chair Gibilaro Lucia (University of Bergamo)

Expert Forecasts: Fast, Frugal, Flawed

Iliewa Zwetelina (Centre for European Economic Research), Markus Glaser (Ludwig-Maximilians-

University)

Discussant Hossein Asgharian (Lund University)

Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets

Zhao Bin (Shanghai Advanced Institute of Finance), Chang Yen-cheng (Shanghai Advanced Institute

of Finance), Hong Harrison (Princeton University), Tiedens Larissa (Princeton University)

Discussant Huang Shiyang (Londo School of Economics)

Individual Investors Repurchasing Behavior: Preference for Stocks Previously Owned

Cerqueira Leal Cristiana (University of Minho), Manuel Rocha Armada (University of Minho), Gilberto

Loureiro (University of Minho)

Discussant Lucarelli Caterina (Polytechnic University of Marche)

Session K5 Securities II 10:45-12:30 Room P05

Session Chair Duca Eric (CUNEF)

Two Stage Exits: An Empirical Analysis of the Dynamic Choice between IPOs and Acquisitions

by European Private Firms

Vismara Silvio (University of Bergamo), Thomas Chemmanur (Boston College), Andrea Signori

(University of Bergamo)

Discussant Jinwoo Park (Hankuk University)

Going Public Abroad

Caglio Cecilia (Federal Reserve Board of Governors), Kathleen Weiss Hanley (University of

Maryland), Jennifer Marietta-Westberg (U.S. Securities Exchange and Commission)

Discussant Lee Bong Soo (Florida State University)

Voluntary Dual Class Share Unifications – a Mixed Bag of Governance Improvements and

47

Shareholder Expropriation

Lauterbach Beni (Bar Ilan University),Anete Pajuste (Stocholm School of Economics)

Discussant Dan Li (Federal Reserve Board)

Session K6 Depository Institutions VI 10:45-12:30 Room P12

Session Chair Martelli Duccio (University of Perugia)

Systemic risk and the U.S. financial system – The role of banking activity

Bostandzic Denefa (Ruhr-University Bochum)

Discussant Morkoetter Stefan (University of St Gallen)

Beating the Black Box of Risk-Weighted Capital: Is a Leverage Ratio Justified?

Schaefer Alexander (University of Mainz)

Discussant Varotto Simone (University of Reading)

Market Discipline and Regulatory Oversight: Evidence on Bank Risk and Liability Choices from

1986 to 2013

Alexandros Prezas (Suffolk University), Lin Guo (Suffolk University)

Discussant Farina Vincenzo (University of Rome Tor Vergata)

Session K7 Corporate Governance VIII 10:45-12:30 Room P11

Session Chair Gianni Nicolini (University of Rome Tor Vergata)

Do More Transparency & Disclosure Necessarily Enhance Firm Performance?

Sarmistha Pal (University of Surrey), Suman Banerjee (Nanyang Technological University), Ronald

Masulis (University of New South Wales)

Discussant Markus Senn (Institut für Finanzmanagement)

Financial Distress Risk, Executive Compensation, and Institutional Investors

Ozkan Neslihan (University of Bristol), Paula Hill (University of Bristol) and Jie Chen (University of

Bristol)

Discussant Shiou-Ying Lee (Taipei Chengshih University of Science and Technology)

Corporate Tax Aggressiveness and the Role of Debt

Meneghetti Costanza (West Virginia University), Akanksha Jalan (Indian Institute of Management),

Jayant Kale (Georgia State University)

Discussant Ester Chen (The Peres Academic Center)

48

Participant and Author Index

(with session reference)

Last name First name Pres Disc Chair

A

Aabo Tom D1 F4 G9

Adamo Rosa D9 E4 -

Albert Michael C4 B3 -

Alcino Azevedo E12 I4 -

Alexandros Prezas K6 – G3

Anderson Anne F5 G4 -

António Freitas Miguel G1 I4 -

Appadu Naaguesh H7 I6 -

Armen Arakelyan C3 I11 -

Artashes Karapetyan – A3 -

B

Babak Lotfaliei – D5 -

Bailey Warren E11 – F8

Baller Stefanie J1 K3 -

Balvers Ronald F3 – -

Baquero Guillermo H9 I2 -

Barbi Massimiliano D9 I9 E4

Barbopoulos Leonidas F6 E1 -

Barinov Alexander G8 I5 -

Barone Gaia E11 H10 -

Basak Tanyeri I2 H9 -

Beccalli Elena I1 H3 G5

Bedendo Mascia H9 I2 -

Ben Omrane Walid D10 – E2

Benlemlih Mohammed B5 E4 -

Berger Theo H10 E11 -

Berkman Henk C6 B2 -

Bizjak John H8 I3 J7

Boeh Kevin E12 C5 -

Bonini Stefano H9 A4 J5

Borell Mariela E1 F6 D5

Bostandzic Denefa K6 J4 -

Botsari Antonia H5 J5 I3

Boubaker Sabri G4 F5 -

Boustanifar Hamid D9 F5 E1

Bozzi Stefano I3 H8 -

Brandtner Mario D4 E8 -

Braun Reiner F11 – D7

Brav Alon – – A5

Last name First name Pres Disc Chair

Brazys Justinas K2 F2 -

Brendel Markus B3 C4 -

Brogi Marina F2 G1 H3

Brunetti Marianna D9 A5 C3

Bruno Brunella A3 C3 -

Bubna Amit G11 F11 -

Burchi Alberto G7

E12,

F8

-

Bussoli Candida E9 D9 -

C

Caglayan Mustafa B1 A1 F1

Caglio Cecilia K5 H4 J6

Caprio Lorenzo – – I6

Caratelli Massimo I11 A3 C4

Carboni Marika – D10 -

Carvalho Paulo A4 I9 -

Casavecchia Lorenzo D4 E8 -

Casu Barbara I1 H3 E7

Cerqueira Leal Cristiana K4 A5 -

Chague Fernando G2 F3 -

Chang Huili A1 B1 -

Chen Jerry C5 H5 -

Chen Qiwei H5 C6 -

Chiang Shu Ling B6 – -

Cho Hangjun G8 F9 -

Chouliaras Andreas F7 E5 -

Chourou Lamia J7 H5 -

Chrétien Stéphane – – -

Christopher Fink B4 F8 -

Chuliá Helena E5 F7 G6

Clarke Charles F9 G8 -

Cleary Sean – – F6

Consonni Francesco J1 K3 -

Croci Ettore I9 D5 F5

D

Dalò Ambrogio I7 H1 -

Declerck Fany F9 E3 K3

Del Giudice Alfonso B5 C1 -

Della Bina Antonio E2 D8 -

Deloof Marc D7 E9 I9

49

Last name First name Pres Disc Chair

Demaria Cyril F11 G11 -

Deville Laurent – B4 -

Di Iorio Amalia I10 G8 E12

Dobrynskaya Victoria F9 G6 -

Duca Eric G3 F1 K5

Duffee Gregory – – H6

Dumitrescu Ariadna F12 J1 -

Duong Hoa K1 – -

E

Egemen Genc F2 G1 -

El Ghoul Sadok F5 G4 -

Erhemjamts Otgontsetseg H3 I1 -

Erkens Michael H8 I3 -

Ester Chen J7 K7 -

F

Fang Dawei H2 I8 -

Farina Vincenzo D8

A1,

J1,

K6

F10

Farka Mira D3 I2 E6

Feng Ziou C4 B3 -

Fernau Erik B3 C4 -

Fiordelisi Franco I1 H10 -

Florackis Chris D3 C5 G2

Florinda Silva G10 F12 -

Frühwirth Manfred I11 – -

Fu Xi I5 H6 -

G

Gang Li F8 G7 A2

Gerlach Philipp F12 G10 -

Giannotti Claudio -

B6,

I4

C2

Gibilaro Lucia B6

I8,

J7

K4

Gil-Bazo Javier K3 G10 I2

Giosi Alessandro – J7 -

Giovannini Rentato F11 – -

Golinski Adam J6 A5 K2

Gómez-Puig Marta D1 G6 E5

Gonenc Halit I9 – H7

González-

Fernández

Marcos E3 H9 -

Grammatikos Theoharry C6 B2 A1

Graziano Elvira Anna – A3 -

Groh Alexander E4 G11 D9

Gu Li F3 D3 -

Last name First name Pres Disc Chair

Guedhami Omrane G4 – D6

Guidolin Massimo K2 J6 -

H

Hansson Björn H6

C2,

I5

-

Hanouna Paul – E12 -

Hermes Niels E7 D6 -

Hilpert Christian G9 F4 -

Hoang Daniel I9 H2 -

Hossein Asgharian G9 K4 -

Hrazdil Karel E10 F10 -

Hsiao Yu-Jen A1 B1 -

Huang Shiyang J2 K4 -

Huang Lin G6 D8 -

Hsuan-Ku Liu A2 B4 -

I

Irani Mohammad F6 E1 -

Ivanovic Jelena B4 A2 -

J

Jankensgård Hakan B3 C4 -

Januario Afonso I8 B4 -

Jelic Ranko D2 E3 G11

Jinwoo Park C4 K5 -

Joenväärä Juha I7 H1 -

Jose Faias E8 D4 -

Junbo Wang D2 E5 E3

K

Kaal Wulf I2 H9 -

Kalaitzoglou Iordanis E5 F7 -

Kalcheva Ivalina F10 E10 -

Karamanou Irene B2 C6 -

Kaserer Christoph I11 – -

Kavussanos Manolis – – F2

Kempf Alexander G1 – H1

Kenneth Roskelley – – -

Khushnud Fatima G2 F3 -

Kim Suk-Joong D10 G6 F7

Kolb Johannes G5 F6 -

Konstantinidi Eirini F8 G7 -

Kryzanowski Lawrence G10 F12 -

Kuvandikov Azimjon I6 H7 -

Kwan Ian E3 – -

Kyeong Kwon Min D3 E6 -

L

50

Last name First name Pres Disc Chair

Lahmann Alexander D5 A4 -

Lai Evelyn H5 B5 -

Lam F.Y. Eric C. G8 F9 B2

Lauterbach Beni K5 J5 -

Lawrenz Jochen I5 H6 -

Le Fol Gaelle E8 H6 -

Lee Bong Soo J5 K5 H5

Lee-Hsien Pan F1 G3 -

Lehar Alfred F1 G3 -

Lehmann Nico G4 F5 -

Lescourret Laurence E10 F10 J1

Li Tao D2 E3 -

Liang Hao F5 G4 -

Liccardo Giovanni – E5 -

Lin Li E1 F6 -

Liu Bin – D3 -

Liu Liang-Chih E6 D3 -

Lo Duca Marco I10 K2 -

Locke Peter E11 H10 -

Löffler Gunter H4 – I1

Louca Christodoulos D6 E7 -

Lovreta Lidija E3 D2 -

Lucarelli Caterina J2 K4 -

Lugo Stefano H2 – -

M

Ma Qingzhong – – -

Mahajan Arvind B2 E6 C6

Malin Mirela C6 B2 -

Manel Kammoun H1 I7 -

Manzo Gerardo D4 E8 -

Marcato Gianluca C2 G8 B6

Marouani Asma E9

C1,

D7

-

Marra Miriam E12 – -

Marsh Ian G6 D10 E10

Martelli Duccio J2

D10,

H4

K6

Martí Pellón José D7 E9 F11

Mattarocci Gianluca J4 – -

Mavis Christos D6 H8 -

Mazzoli Camilla J5 I10 -

McQueen Grant E7 D6 G4

Meknassi Siham I6 H7 -

Meneghetti Costanza K7 B1 J2

Merrick John I4 H3 A3

Last name First name Pres Disc Chair

Meziane Lasfer G3 F1 -

Minnick Kristina I3 H8 -

Mirgorodskaya Elizaveta F4 G9 -

Mobarek Asma H4 C1 -

Mola Simona E2 F2 D2

Monte Roberto – – C5

Mooradian Robert C2 B6 A4

Moreno David H1 I7 -

Morkoetter Stefan J4 K6 -

Mouchette Xavier F7 D1 -

Moyaert Thibaut F10 E10 -

Mueller Elisabeth G11 F11 E9

Mumtaz Khalid – D2 -

Muller Aline E2 D8 G8

N

Nautz Dieter A5 J6 B1

Neely Chris K2 J3 F9

Ng Jeffrey A1 G3 B3

Nicolini Gianni -

A2,

D9

E5

K7

Nielsen

Kasper

Meisner

B6 C2 -

Neslihan Ozkan K7 J7 C1

Nikolaos Karampatsas G5 D9 H9

Nikolaos Tessaromatis F2 G1 -

Nocera Giacomo G1 F2 E8

O

Orhun Eda E1 G5 -

P

Palit Imon F10 E10 -

Panayiotis Andreou C5 H2 -

Parwada Jerry I5 J2 -

Peia Oana D7 E9 -

Pekka Tolonen I7 H1 G10

Penasse Julien J3 K1 -

Pereira John A2 B4 -

Pereira Paulo A2 E6 -

Pesic Valerio F11 G11 -

Pfeil Sebastian H3 – -

Piatti Ilaria E6 D3 -

Piccotti Louis F3 G2 -

Piergallini Alessandro – K2 -

Pungulescu Crina D1 E5 -

R

51

Last name First name Pres Disc Chair

Renucci Antoine H2 I9 -

Requejo Ignacio F1 I11 H2

Riley Timothy H1 I7 -

Riva Fabrice J1 K3 I10

Romelli Davide D10 J6 -

Rubio-Misas Maria I8 – -

Renucci Antoine H2 I9 -

S

Saadi Samir H7 I6 B5

Saito Yoshie I3 – -

Samarakoon Lalith E5 F7 -

Schaefer Alexander K6 J4 -

Schröder Henning B1 A1 -

Senn Markus J7 K7 -

Shang Chenguang G5 B3 -

Shaukat Amama E4 B5 -

Shim Hyeongsop D5 G5 I8

Shiou-Ying Lee I8 K7 -

Shirasu Yoko H3 I1 -

Simon David F8 G7 H10

Skiadopoulos George I4 – -

Soana Maria Gaia D6

E7,

I7

-

Sohn Bumjean G2 F3 -

Sokolyk Tatyana E9 D7 -

Song Wang D8 E2 -

Soypak Kalender Can F4 D1 -

Spotorno Lucia H7 I6 -

Stehle Richard C5 I10 F12

Stein Michael J6 K2 -

Strobl Günter I2 H2 -

Subrahmanyam Marti G7 – D1

Switzer Lorne G9 F4 D4

Sylvain Marsat E4 G9 F4

Szakmary Andrew B2 C6 D8

T

Te-Feng Chen H6 K1 I4

Terrence Hallahan E8 D4 G1

Ting-Pin Wu – B4 -

Tran Anh L. F6 E1 -

Trautmann Siegfried H10 E11 G7

Triantafillou Annie J6 D2 K1

Tsai Ming Shann C2 – -

Tsai Jerry J3 K1 -

Last name First name Pres Disc Chair

Tunaru Radu B4 A2 E11

V

Vagenas-Nanos Evangelos I6 H7 -

Valente Giorgio J3 – F3

Valiante Diego H4 I10 -

Varotto Simone – K6 J4

Venanzi Daniela B1 D5 -

Venturelli Valeria A3 C3 -

Vismara Silvio K5 J5 -

Vieito João Paulo A5 D1 -

Vit Luca – I11 -

Vitkova Valeriya A4 G5 -

W

Wang Chiu-Ping C1 H5 -

Wang Shujing H6 I5 -

Wanzenried Gabrielle G3 F1 H8

Wei Huang E7 D6 -

Westerfeld Simone A4 B6 -

Wilke Hannes E10 F10 -

Wilson John O.S. – I1 -

Wojakowski Rafal I4 A5 B4

Wu Shu F3 G2 D10

X

Xiao Sheng D5 E12 -

XiaoHua Chen K1 D4 -

Xiaolin Qian C1 A4 -

Xiaoqing Xu Eleanor F7 E2 -

Xie Wenjun G10 F12 -

Xuemin Yan F4 G9 -

Y

Yasuda Yukihiro C3 E2 -

Yuehao Lin H10 C5

Z

Zakaria Idlan H8 I3 -

Zalewska Ania F12 G10 I7

Zambelli Simona G11 F11 -

Zhang Tai-Wei E6 F9 -

Zhang Weiqi J5 – -

Zhao Bin K4 J2 -

Zhao Lei A3 C3 -

Zheng Liyi D8 E4 -

Zhou Yinggang G6 H4 -

Zih-Ying Lin G7 F8 -

Zimmermann Kai K3 J1 -

52

Last name First name Pres Disc Chair

Zirilli Francesco – E11 D3

Last name First name Pres Disc Chair

Zwetelina Iliewa K4 J2 -

The Effect of Deferred and Non-Prosecution Agreements on Corporate Governance – Evidence from 1993-2013

THE EFFECT OF DEFERRED AND NON-PROSECUTION AGREEMENTS ON CORPORATE GOVERNANCE – EVIDENCE FROM 1993-2013

by

Wulf A. Kaal*

*Associate Professor, University of Saint Thomas School of Law (Minneapolis).

&

Timothy A. Lacine*

*J.D.  2014, University of St. Thomas School of Law; MBA 2008, University of Minnesota.

Abstract

Non- and Deferred Prosecution Agreements (N/DPAs), are controversial because prosecutors, not judges or the legislature, are changing the governance of leading public corporations and entire industries. The evaluation of issues pertaining to the effect of N/DPAs on corporate governance in prior studies is largely based on anecdotal evidence and case studies. To analyze N/DPAs’ corporate governance implications and provide policy makers with guidance, the authors code all publicly available N/DPAs (N=257) from 1993 to 2013, identifying 215 governance categories and sub-categories. The authors find evidence that the execution of N/DPAs is associated with significant corporate governance changes.  The study evaluates mandated corporate governance changes for entities that executed an N/DPA in the following general categories: (1) Business Changes, (2) Board Changes, (3) Senior Management, (4) Monitoring, (5) Cooperation, (6) Compliance Program, and (7) Waiver of Rights, supplemented by a more in depth analysis of the respective subcategories of governance changes. The authors also code and evaluate preemptive remedial measures, designed by corporations to preempt the execution of an N/DPA or corporate criminal indictment.

Keywords: Non Prosecution Agreement, Deferred Prosecution Agreement, Panel Data, Corporate Governance

JEL Classification: G3, K14, K22

 

 

 

Corporate Governance Implications of Non- and Deferred Prosecution Agreements at AALS Midyear Meeting in Washington DC

http://aals.org/midyear2014/Brochure2014.pdf

AALS Midyear Meeting:  Workshop on Blurring Boundaries in Financial and Corporate Law

June 7 – 9, 2014

Monday, June 9, 2014, 1:30 – 3:00 p.m.

New Frontiers: Innovation, Competition and Collaboration in International Financial Markets

Wulf Kaal, University of St. Thomas School of Law

Eric J. Pan, Associate Director, Office of International Affairs, U.S. Securities and Exchange Commission, Washington, D.C.

Roberta Romano, Yale Law School

Innovation and the mobility of capital have changed global financial markets in profound and consequential ways. Advances in technology and developments in the infrastructure of financial markets have engendered new levels of interconnectivity. The creation of new financial products, the increasing prominence of market participants such as private equity and hedge funds, and the birth of complex trading strategies (namely algorithmic and high-frequency trading) have permanently altered the landscape of financial markets. Operating in this new frontier, significant financial institutions face historically unparalleled vulnerabilities. The financial crisis of 2008 demonstrated the broad range of concerns that challenge government efforts to regulate financial markets.

Responding to the crisis, authorities proposed a diverse array of regulatory reforms. For example, the U.S. Congress and regulators have adopted an aggressive and extraterritorial policy governing domestic and international over-the-counter derivatives, creating a Financial Stability Oversight Council and articulating formal processes to address the insolvency of an international financial market conglomerate. In addition, the highly debated and not-yet-finalized Volker Rule promises to reduce excessive risk taking by systemically important financial institutions and minimize the likelihood of future crises. Other countries’ proposed solutions take a different tack, adopting Vickers- and Liikanen-style “ring-fencing” policies. The trend toward diversity in regulatory approaches overshadows central bankers’ collaborative efforts to craft, implement and enforce the third round of Basel accords.

The debate over uniformity or diversity in regulation provides a forum for evaluating the merits of these various regulatory approaches and the domestic and international actors who inform the discussion. Questions arising from the debate explore the value of efforts to adopt uniform regulatory approaches; the contributions of international regulatory bodies and trade organizations such as the BIS, the G-20, and IOSCO; the benefits and shortcomings of microprudential policies governing banking institutions; and the limits that political accountability and legitimacy pose for each of the governments whose regulatory policies.

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