European Financial Management Association
2015 Annual Meetings
June 24-27, 2015
Amsterdam, NETHERLANDS


Note#1: Session Chairs and Discussants can download papers for the meetings from this page. Authors can update the version of their paper(s) and/or abstract(s) on this webpage later. Please email your paper/abstract directly to: EFMA2015@nyenrode.nl

Note#2: If you wish your paper to be considered for publication in the EFM journal, convey your interest to your Session Chair.

Presentations: For your presentations at the EFMA2015 Meetings please note that all rooms are equipped with computers. Power Point (USB or CD) and Overhead Projector (transparencies) presentation options are available.

Conference Presentations:
Laptops will be Available in all Rooms for Conference Presentations.


Discussants' Responsibility: To better serve the needs of authors presenting papers at the EFMA2015 meetings, discussants are kindly required to hand out to the authors and the session chair 1-2 pages handwritten comments with their constructive comments.

Deadline for Posting Revised Paper is MAY 5, 2015


Accepted Papers & Participants List

Participants

Paper


Abalfazl Zareei, Gustavo Peralta
Email: azareei@emp.uc3m.es
On the Consequences of Stock Network Topology on Portfolio Diversification



       


Abdullah Alshwer, Hamdi Ben-Nasr
Email: aalshwer@ksu.edu.sa
How Stock Price Informativeness Can Affect Labor Investment Efficiency



       


Abdullah Iqbal, Nguyet Nguyen, Radha Shiwakoti
Email: A.Iqbal@kent.ac.uk
There's no smoke without fire: Does the context of earnings management contain information about future stock returns?



       


Abu Chowdhury, Sabur Mollah, Mir A. Zaman
Email: abu.chowdhury@sbs.su.se
Are CEOs more Informative than CFOs? Empirical Evidence from Contrarian Beliefs and Superior Information



       


Adam Stivers
Email: stiverad@mcmaster.ca
Using Partial Least Squares to Forecast Market Returns



       


Ai jun Hou, Hossein Asgharian, Charlotte Cristiansen
Email: aijun.hou@sbs.su.se
Macro-Finance Determinants of the Long-Run Stock-Bond Correlation: The DCC-MIDAS Specification



       


Alan Picard, Lorne Switzer
Email: alanpicard@hotmail.com
Stock Market Liquidity and Economic Cycles



       


Albert Menkveld
Email: albertjmenkveld@gmail.com
Should Fast-Moving Capital in Crowded Trades Be Avoided?



       


Alexandre Baptista, Gordon Alexander, Shu Yan
Email: alexbapt@gwu.edu
Portfolio Selection with Mental Accounts and Estimation Risk



       


Alfred Yawson, Michael Graham, Terry Walter, Huizhong Zhang
Email: alfred.yawson@adelaide.edu.au
Comparative Advantage Industry Specialization and the Role of Investment Banks in M&As



       


Amalia Di Iorio, Bin Liu
Email: a.diiorio@latrobe.edu.au
Idiosyncratic volatility and momentum: the performance of Australian equity pension funds



       


Amama Shaukat, Mohammed Benlemlih, Yan Qiu
Email: a.shaukat@ex.ac.uk
Environmental and Social Disclosures and Firm Financial Risk: Evidence from UK



       


Ambrus Kecskes, Jarrad Harford, Sattar Mansi
Email: ambrusk@gmail.com
Do Long-Term Investors Improve Corporate Decision Making?



       


Amir Akbari, Francesca Carrieri
Email: amir.akbari@mail.mcgill.ca
Prices of Risk and the Business Cycle



       


Amy Kwan, Richard Philip
Email: amy.kwan@sydney.edu.au
High-frequency trading and execution costs



       


Anastasia Cozarenco, Ariane Szafarz
Email: anastasia.cozarenco@ulb.ac.be
Microcredit in Developed Countries: Unexpected Consequences of Loan Ceilings



       


Andre Lucas, Francisco Blasques, Siem Jan Koopman, Julia Schaumburg
Email: a.lucas@vu.nl
Spillover Dynamics for Systemic Risk Measurement Using Spatial Financial Time Series Models



       


Andreas Gruener, Fabian Schoenenberger
Email: andreas.gruener@unisg.ch
Risk Cluster Framework - How to Analyse Companies by Operating Leverage



       


Andreas Merikas, Anna Merika, Anil Sharma
Email: merikas@otenet.gr
Exploring Price Formation in the Global Ship Demolition Market



       


Andreas Rathgeber, Klaus Heine, Stefan Stockl
Email: andreas.rathgeber@mrm.uni-augsburg.de
The Twist between Corporate Law and Corporate Taxation



       


Andrei Stancu, Alfonso Dufour, Simone Varotto
Email: a.t.stancu@icmacentre.ac.uk
The Equity-like Behaviour of Sovereign Bonds



       


Andrew Chen
Email: andrew.y.chen@frb.gov
Habit Production and the Cross-Section of Stock Returns



       


Andrey Zagorchev, Jesus Salas, Paul Brockman
Email: zagorcheva@rhodes.edu
The Impact of Cross-Listing on Corporate Governance: A Test of the Governance Bonding Hypothesis



       


Anna Triantafillou, Soteria Theodoropoulou, Anna Merikas
Email: atriant@acg.edu
STRUCTURAL BUDGET DEFICITS AND FISCAL POLICY IN THE PIIGS: PORTUGAL, IRELAND, ITALY, GREECE, SPAIN



       


Antonio Diaz, Pilar Abad, Ana Escribano, M. Dolores Robles
Email: antonio.diaz@uclm.es
Credit Rating Announcements and Bond Liquidity



       


Antonio Rubia, Lidia Sanch-Marco
Email: antonio.rubia@ua.es
Measuring Tail-Risk Cross-Country Exposures in the Banking Industry



       


Anup Srivastava, Senyo Tse
Email: anup.srivastava@tuck.dartmouth.edu
Why are Successive Cohorts of Listed Firms Persistently Riskier?



       


April Klein, Tao Li
Email: aklein@stern.nyu.edu
Costs and Benefits of Acquiring Information: How Hedge Fund Managers Trade on the Freedom of Information Act



       


Arthur Petit-Romenc, Alexandre Garel
Email: arthur.petit_romec@edu.escpeurope.eu
SHORT-TERM BANK CAPITAL AND BANK PERFORMANCE IN THE CRISIS



       


Astrid Schornick
Email: astrid.schornick@insead.edu
Currency Premia in Open Economies



       


Aurelio Vasquez
Email: aurelio.vasquez@itam.mx
Equity Volatility Term Structures and the Cross-Section of Option Returns



       

Participants

Paper


Bart Diris, Bart Keijsers, Erik Kole
Email: diris@ese.eur.nl
Cyclicality in Losses on Bank Loans



       


Bart Yueshen, Albert Menkveld, Haoxiang Zhu
Email: b@yueshen.me
Shades of Darkness: A Pecking Order of Trading Venues



       


Bartolome Pascual-Fuster, Rafel Crespi-Cladera
Email: tomeu.pascual@uib.es
Optimal board independence and non-strictly independent directors



       


Benjamin Maury
Email: benjamin.maury@hanken.fi
Value Investing: Cheapness Quality and Investor Confidence



       


Benoit d'Udekem
Email: bdudekem@ulb.ac.be
Rational Dividend Addiction in Banking



       


Bin Chang, Shantanu Dutta, Samir Saadi, Phil Zhu
Email: bin.chang@uoit.ca
Beyond Country-Level Governance: Does Firm-Level Corporate Governance Quality Matter in Dividend Policy?



       


Bo Sun, Tse-Chun Lin, Qi Liu
Email: bo.sun@frb.gov
Feedback Effects and Incentive Contracting



       


Burze Yasar, Mustafa Onan, Aslihan Salih
Email: burze@bilkent.edu.tr
DETERMINANTS OF IMPLIED VOLATILITY SLOPE OF S&P 500 OPTIONS



       

Participants

Paper


Carolin Schuler, Carmen Bachmann, Alexander Lahmann
Email: cschuler@wifa.uni-leipzig.de
The Impact of Thin-Capitalization and Earnings Stripping Rules in the EU-15 on the Tax Shield



       


Cesario Mateus, Natasa Todorovic, Golam Sarwar
Email: c.mateus@greenwich.ac.uk
Macroeconomic Determinants of Cyclical Variations in Value Size and Momentum premium in the UK



       


Chanatip Kitwiwattanachai
Email: kchanatip@gmail.com
Learning Network Structure of Financial Institutions from CDS Data



       


Changmin Lee, Hyoung-Goo Kang , Ou-yang Hui, Woonam Seok
Email: changmin74@hanyang.ac.kr
How Board Quality Affects CEO and Executive Team Pay



       


Chao Chen, Lishuai Lian, Gerald Lobo
Email: chen_chao@fdsm.fudan.edu.cn
Internationalization and Market Valuation in an Emerging Country: Evidence from China



       


Chao-Chun Chen, Shih-Hua Wang
Email: jawjiun@thu.edu.tw
Net buying pressure and option informed trading



       


Chih-Liang Liu, Yin-Hua Yeh
Email: chlliu@yuntech.edu.tw
Ownership and Changes in Performance and Risk: International Study on Banking Acquisitions



       


Christian Von Drathen
Email: vondrathen@utdallas.edu
Do Chair Independence and Succession Planning Influence CEO Turnover?



       


Christodoulos Louca, Panayiotis Andreou, Ian Cooper, Dennis Philip
Email: christodoulos.louca@durham.ac.uk
Does Accounting Conservatism Mitigate Banks



       


Christoph Sorhage
Email: sorhage@wiso.uni-koeln.de
Outsourcing of Mutual Funds' Non-core Competencies



       


Christophe Godlewski, Bulat Sanditov
Email: godlewski@unistra.fr
Financial institution network and the certification value of bank loans



       


Christophe Perignon, Christophe Hurlin, Gregoire Iseli, Stanley Young
Email: perignon@hec.fr
The Counterparty Risk Exposure of ETF Investors



       


Christos Cabolis, Mian Dai, Konstantinos Serfes
Email: ccabolis@alba.edu.gr
Competition and Specialization: A Non-Monotonic Relationship



       


Chunling Xia, Jana Fidrmuc
Email: phd11cx@mail.wbs.ac.uk
Financially distressed firms offer themselves for sale



       


Colin Schneck, Wolfgang Bessler
Email: colin.schneck@wirtschaft.uni-giessen.de
Stock Market Re-Segmentation and Forced Segment Transfer Decisions: An Analysis of IPOs in Germany



       


Corneel Defrancq, Nancy Huyghebaert, Mathieu Luypaert
Email: corneel.defrancq@vlerick.com
Family Ownership in European Acquiring Firms: A Mixed Blessing for Minority Investors?



       

Participants

Paper


Da Hea Kim, JoongHo Han, Suk-Joon Byun
Email: minervadh@business.kaist.ac.kr
Informed trading in options market and stock return predictability



       


Dan Li, Ying Xia
Email: lidan@hku.hk
The Effect of Stock Liquidity on Default Risk



       


Dan Zhou
Email: dxz920@bham.ac.uk
Inside SMBOs' Boards



       


David Feldman, Xin Xu
Email: d.feldman@unsw.edu.au
EQUILIBRIUM-BASED VOLATILITY MODELS OF THE MARKET PORTFOLIO RATE OF RETURN (PEACOCK TAILS OR STOTTING GAZELLES)



       


David Moreno, Rosa Rodriguez, Rafael Zambrana
Email: jdmoreno@emp.uc3m.es
THE RELEVANCE OF PORTFOLIO MANAGEMENT CORE COMPETENCIES IN OUTSOURCING DECISIONS



       


David Veenman, Patrick Verwijmeren
Email: dveenman@ese.eur.nl
Earnings Expectations and the Dispersion Anomaly



       


Dawei Fang, Thomas Noe
Email: dawei.fang@cff.gu.se
Skewing the odds: Strategic risk taking in contests



       


Debapriya Paul, Julia Henker, Sian Owen
Email: d.paul@unsw.edu.au
The Aggregate Impacts of Tournament Incentives in Experimental Asset Markets



       


Deniz Erdemlioglu, Nikola Gradojevic
Email: d.erdemlioglu@ieseg.fr
Heterogeneous investment horizons, jump risk and market fear



       


Diego Amaya, Jean-Yves Filbien
Email: amaya.diego@uqam.ca
The Similarity of ECB's Communication



       


Dominik Wolff, Wolfgang Bessler
Email: dominik.wolff@wirtschaft.uni-giessen.de
Analyzing Hedging Strategies for Fixed Income Portfolios: A Bayesian Approach for Model Selection



       


Dong Jun Oh, Byoung Uk Kang, Tong Suk Kim
Email: dongjjun@business.kaist.ac.kr
National Culture and the Return Manipulation of Hedge Funds



       


Dongcheol Kim, Haejung Na
Email: kimdc@korea.ac.kr
The Forecast Dispersion Anomaly Revisited: Intertemporal Forecast Dispersion and the Cross-Section of Stock Returns



       


Doron Israeli
Email: israelid@idc.ac.il
Trading Volume Reactions to Earnings Announcements and Future Stock Returns



       


Duc Duy Nguyen, Jens Hagendorff, Arman Eshraghi
Email: d.nguyen@sms.ed.ac.uk
Can Bank Boards Prevent Misconduct?



       

Participants

Paper


Ekaterina Zatonova
Email: zatonova@uni-mannheim.de
Dividends: the declined information content and policy implications



       


Emily Gallagher
Email: emily.gallagher@psemail.eu
The International Transmission of Money Market Fund Liquidity Shocks



       


Enrique Salvador, John Cotter
Email: enrique.salvador@ucd.ie
The non-linear trade-off between return and risk: a regime-switching multi-factor framework



       


Erik Devos, William Elliott, Hilmi Songur
Email: hdevos@utep.edu
Top-up Options and Tender Offers



       


Esa Jokivuolle, Jussi Keppo, Xuchuan Yuan
Email: esa.jokivuolle@bof.fi
Bonus Caps Deferrals and Banks' Risk-Taking



       


Ettore Croci, Christos Pantzalis, Jung Chul Park, Dimitris Petmezas
Email: ettore.croci@unicatt.it
The Role of Corporate Political Strategies in M&As



       


Eva Sierminska, Maria Cristina Rossi
Email: eva.sierminska@ceps.lu
Single again? Asset and portfolio changes due to widowhood shock.



       


Evangelos Vagenas-Nanos, Antonios Siganos, Patrick Verwijmeren
Email: evangelos.vagenas-nanos@glasgow.ac.uk
Divergence of Sentiment and Stock Market Trading



       

Participants

Paper


F.Y. Eric C. Lam, Shujing Wang, K.C. John Wei
Email: fyericcl@hkbu.edu.hk
The Profitability Premium: Macroeconomic Risks or Expectation Errors?



       


Fabian Baetje, Lukas Menkhoff
Email: baetje@gif.uni-hannover.de
Equity premium prediction: Are economic and technical indicators instable?



       


Fabiola Montalto, Christof Beuselinck
Email: fabiola.montalto@unical.it
The Voice of Foreign Blockholders: A Corporate Governance perspective



       


Fan He, Chinmoy Ghosh, Haoyong Zhou
Email: fan.he@ccsu.edu
Can Globalized Board Room Help with Cross-Listing? The Effects of U.S. Directors on Cross-Listed Foreign Firms



       


Frank Song, Huili Chang
Email: fmsong@econ.hku.hk
The Unconventional Effects of Large-scale Asset Purchases: A Firm-level Analysis



       


Frederiek Schoubben, Steve Van Uytbergen
Email: frederiek.schoubben@kuleuven.be
The effect of gender diversity on corporate cash policy



       

Participants

Paper


Gabrielle Wanzenried, Andreas Dietrich, Rebel Cole
Email: gabrielle.wanzenried@hslu.ch
Why are net-interest margins across countries so different?



       


Gbenga Ibikunle, Seth Armitage
Email: gbenga.ibikunle@ed.ac.uk
Price Discovery in London's Upstairs Equity Market



       


Gianluca Marcato, Vianey Mushi
Email: g.marcato@henley.reading.ac.uk
Investors Behaviour and Price Discovery: A Tale from Smoothing Dynamics of Commercial Real Estate Returns



       


Gianluca Mattarocci, Lucia Gibilaro
Email: gianluca.mattarocci@uniroma2.it
Real Estate Exposure and Bank Share Price Synchronicity



       


Giorgio Valente, Gino Cenedese, Richard Payne, Lucio Sarno
Email: g.valente@cityu.edu.hk
What Do Stock Market Tell Us About Exchange Rates?



       


Giulia Fantini
Email: fntgli@gmail.com
FINANCIAL DERIVATIVES USAGE BY UK & ITALIAN SMES. EMPIRICAL EVIDENCE FROM UK & ITALIAN NON-FINANCIAL FIRMS.



       


Glen Vermeulen, Peter Kort
Email: glen.vermeulen@uantwerpen.be
Real Options and Bank Bailouts: how Uncertainty affects Optimal Bank Bailout Policy



       


Gonul Colak, Jun Yang, Pengfei Ye
Email: gonul.colak@hanken.fi
S&P 500 Index Addition Events and Excess Executive Compensation



       


Gul Demirtas
Email: guldemirtas@sabanciuniv.edu
Board Involvement in the M&A Negotiation Process



       

Participants

Paper


H. Arthur Luo, Ronald Balvers
Email: luoha@mcmaster.ca
Social Screens and Systematic Boycott Risk



       


Halit Gonenc, Neslihan Ozkan
Email: h.gonenc@rug.nl
Do Corporate Acquisitions Influence CEO Compensation? Empirical Evidence from Continental Europe



       


Hang Dong
Email: hang.dong@ie.edu
Mutual Fund Dividend Policy



       


Hanqing Wang
Email: hanqing.wang@nhh.no
Risk Aversion and CEO Selection



       


Hany Ahmad
Email: hahmed055@gmail.com
Agency Conflicts and Hedging Financial Risks Decisions - Evidence on Corporate Governance Influence



       


Haoping Xu, Chao Chen
Email: haopingxu@fudan.edu.cn
The Roles of Innovation Input and Outcome in IPO Pricing --Evidence from the Bio-Pharmaceutical Industry in China



       


Harminder Singh, Peipei Wang, Yuanji Wen
Email: singh@deakin.edu.au
The Disappearing High-Volume Return Premium in China



       


Henk Berkman, Paul Koch, Joakim Westerholm
Email: h.berkman@auckland.ac.nz
INSIDE THE DIRECTOR NETWORK: WHEN INSIDERS TRADE OUTSIDE STOCKS



       


Henry Lahr, Ying Wang
Email: henry.lahr@open.ac.uk
Takeover regulation to protect shareholders: Wealth creation or wealth destruction?



       


Hongxian Zhang, John Wald
Email: zhanghongx@mst.edu
Corruption Governance and Public Pension Funds



       


Hsiangping Tsai, Chia-Ying Chan, Kuo-An Li
Email: hptsai@saturn.yzu.edu.tw
Why do executives commit financial fraud? Executiv



       


Hsiao-Jung Chen, Chao-Hung Chen
Email: hjchen@mail.stust.edu.tw
Managerial Overconfidence and Bank Risk Taking: A Cross-Country Analysis



       


Hubert De la bruslerie
Email: hlb@dauphine.fr
Analysts' forecast revisions and informativeness of the acquirer's stock after M&A transactions



       


Huichou Huang, Ronald MacDonald
Email: huichou.huang@exeter.oxon.org
Currency Carry Trades Position-unwinding Risk and Sovereign Credit Premia



       


Huseyin Aytug, Fatih Altunok, Arif Oduncu
Email: huseyin.aytug@tcmb.gov.tr
Understanding exchange rate exposure through net foreign exchange position channel



       


Hussein Halabi, Idlan Zakaria
Email: hhalab@essex.ac.uk
Mandatory IFRS Adoption and Earnings Quality: The Impact of Country-Specific Factors



       

Participants

Paper


Ian Marsh, Simon Hayley
Email: I.Marsh@city.ac.uk
Do retail FX traders learn?



       


Ibrahim Jamali, Wassim Dbouk, Lawrence Kryzanowski
Email: ij08@aub.edu.lb
Forecasting the LIBOR-Federal Funds Rate Spread During and After the Financial Crisis



       


Ilknur Zer
Email: ilknur.zerboudet@frb.gov
Information Disclosures Default Risk and Bank Value



       


Iman Honarvar, Dennis Bams, Thorsten Lehnert
Email: i.honarvargheysary@maastrichtuniversity.nl
Towards Disentangling Sentiment from Risk Premia



       


Indrajeet Mohite
Email: indramohite@gmail.com
The Tangible Value of Experiential Learning in M&A



       


Ines Chaieb, Vihang Errunza, Rajna Gibson Brandon
Email: ines.chaieb@unige.ch
Integration of Sovereign Bonds Markets: Time Variation and Maturity Effects



       


Ioannis Vrontos, Petros Dellaportas, Loukia Meligkotsidou, Roberto Savona
Email: vrontos@aueb.gr
Risk Dynamics in the Eurozone: A New Factor Model for Sovereign CDS and Equity Returns



       


Ivan Lim, Jens Hagendorff, Seth Armitage
Email: w.lim-2@sms.ed.ac.uk
Too close for comfort? Regulatory connections and public subsidies in banks



       

Participants

Paper


Jairaj Gupta, Andros Gregoriou, Jerome Healy
Email: jairajgupta89@gmail.com
USING HAZARD MODELS CORRECTLY: A COMPARISON EMPLOYING DIFFERENT DEFINITIONS OF SMEs FINANCIAL DISTRESS



       


Jan Riepe
Email: j.riepe@uni-tuebingen.de
Managerial Overconfidence and the Use of Level 3 Estimates Evidence from the banking industry



       


Jan-Philip Schade, Manuel Ammann, Guillaume Coqueret
Email: jan-philip.schade@unisg.ch
Characteristics-Based Portfolio Choice with Short-Sale Constraints



       


Janis Skrastins
Email: jskrastins@london.edu
Firm Boundaries and Financial Contracts



       


Janko Cizel, Edward Altman, Herbert Rijken
Email: j.cizel@vu.nl
Anatomy of Bank Distress: The Information Content of Accounting Fundamentals Within and Across Countries



       


Jason Smith, Michael Faulkender
Email: jason.smith@usu.edu
Taxes and Leverage at Multinational Corporations



       


Javier Villar Burke
Email: javier.villar-burke@ec.europa.eu
Loan contract characteristics and monetary transmission in the EU



       


Jean-Gabriel Cousin, Eric de Bodt, Richard Roll
Email: jgcousin@univ-lille2.fr
The Hubris Hypothesis: Empirical Evidence



       


Jean-Philippe Weisskopf, Philippe Masset, Benoit Faye, Eric Le Fur
Email: jean-philippe.weisskopf@ehl.ch
Red obsession: the ascent of fine wine in China



       


Jeffrey Callen, Gauri Bhat, Dan Segal
Email: callen@rotman.utoronto.ca
Testing the Transparency Implications of Mandatory IFRS Adoption: The Spread/Maturity Relation of Credit Default Swaps



       


Jia-Hau Guo, Lung-Fu Chang, Mao-Wei Hung
Email: jiahau@faculty.nctu.edu.tw
Limit Hits and Informationally Related Stocks



       


Jing Yang, Zhenguo Lin, Laura Yue Liu
Email: jyang@fullerton.edu
Was the 2008 Crisis a “Correction” to the Housing Market?



       


Jingwen GE
Email: jingwen.ge2802@gmail.com
Gender Observations for European Financial Analysts



       


Jocelyn Grira, Narjess Boubakri, Jean-Claude Cosset
Email: jocelyn.grira@uaeu.ac.ae
Sovereign Wealth Funds Investment Effects on Target Firms



       


John Dooley, Mikhail V. Oet, Agostino Capponi, Peng-Chu Chen, Stephen Ong
Email: john.m.dooley@clev.frb.org
Systemic risk policy in a collateralized interbank market



       


Jorge M. Uribe, Helena Chulia, Montserrat Guillen
Email: jorge.uribe@correounivalle.edu.co
MEASURING UNCERTAINTY IN THE STOCK MARKET



       


Jose Marti, Anita Quas
Email: jmartipe@ccee.ucm.es
Certification of public-sector lending of high-growth SMEs towards banks



       


Josep A. Tribo
Email: joatribo@emp.uc3m.es
Banks



       


Juan Cabrera, Eleni Gousgounis
Email: jcabrera@ramapo.edu
Short sales constraints and market quality: An experimental approach



       


Julapa Jagtiani, Ian Kotliar, Raman Quinn Maingi
Email: julapa.jagtiani@phil.frb.org
The Evolution of U.S. Community Banks and Its Impact on Small Business Lending



       


Jun Yang, Huamao Wang
Email: jy79@kent.ac.uk
Dynamic Asset-Liability Management under Regulatory Constraints and Affine Inflation



       


Jungmu Kim, Woonjun Sung
Email: assmir@business.kaist.ac.kr
The Cross-sectional Relation between Distress Risk Premiums and the Explanatory Power of Structural Models



       

Participants

Paper


Kai-Shi Chuang
Email: kschuang@thu.edu.tw
The impact of corporate life cycle on shareholder wealth: Evidence from mergers and acquisitions



       


Kanis Saengchote
Email: kanis@cbs.chula.ac.th
Recourse to Non-Housing Assets and Mortgage Credit Supply



       


Karen Lai, Ferdinand Gul, Walid Saffar, Kevin Zhu
Email: karen.lai@monash.edu
Political Institutions Stock Market Liquidity and Firm Dividend Policy



       


Kati Schnuerer, Martin Glaum, Peter Schmidt
Email: kati.schnuerer@wirtschaft.uni-giessen.de
What Determines Managers' Perceptions of Cash Flow Forecasting Quality?



       


Kavitha Ranganathan, Poonam Mehra
Email: kavitha.r@tapmi.edu.in
The 52 Week High Reference Price Effect on Indian Mergers and Acquisitions: Does the Regulatory Environment Matter?



       


Keith Cuthbertson, Simon Hayley, Nicholas Motson, Dirk Nitzsche
Email: k.cuthbertson@city.ac.uk
DIVERSIFICATION RETURNSRE BALANCING RETURNS AND VOLATILITY PUMPING



       


Kentaro Asai
Email: urotankecon@gmail.com
Designing a banking system to eliminate the potential for catastrophe



       


Kian Tan, Adrian Chapman-Davies, Jerry Parwada
Email: eric.tan@otago.ac.nz
The Impact of Scandals on Mutual Fund Performance Money Flows and Fees



       


Konstantinos Tolikas
Email: tolikask@cardiff.ac.uk
Relative Informational Efficiency and Predictability in the Corporate Bond Market



       


Kyojik Roy Song, Yura Kim, Tomas Mantecon
Email: roysong@skku.edu
Short-term institutional investors and agency costs of debt



       

Participants

Paper


Lammertjan Dam, Kenan Qiao
Email: l.dam@rug.nl
The Unlevered Capital Asset Pricing Model



       


Lars Hornuf, Armin Schwienbacher
Email: hornuf@iaaeu.de
Funding Dynamics in Crowdinvesting



       


Laura Ballester, Ana Gonzalez-Urteaga
Email: laura.ballester@uv.es
How credit ratings affect sovereign credit risk: cross-border evidence in the Latin American emerging markets



       


Laura Dahm, Gjergji Cici, Alexander Kempf
Email: dahm@wiso.uni-koeln.de
Trading Efficiency of Fund Families: Impact on Fund Performance and Investment Behavior



       


Leentje Moortgat, Jan Annaert, Marc Deloof
Email: leentje.moortgat@uantwerpen.be
The long-run evolution of dividend policy: Evidence from Belgium 1838-2012



       


Li An, Bronson Argyle
Email: anl@pbcsf.tsinghua.edu.cn
V-Shaped Disposition: Mutual Fund Trading Behavior and Price Effects



       


Lidia Sanchis, Antonio Rubia, Pedro Serrano
Email: lidia.sanchis@uclm.es
Market Frictions and the Pricing of Credit Default Swaps



       


Long Yi, Kit Pong Wong
Email: jasonyi@hkbu.edu.hk
Institutional Investors and Corporate Investment: Distorting or Disciplining?



       


Lorenzo Bretscher
Email: l.p.bretscher@lse.ac.uk
Limits to Arbitrage and Mispricing in TIPS



       


Loriana Pelizzon, Monica Billio, Massimiliano Caporin, Roberto Panzica
Email: pelizzon@safe.uni-frankfurt.de
Network Connectivity and Systematic Risk



       


Lorne Switzer
Email: switz@jmsb.concordia.ca
ASSESSING STOCK PRICE RISK IN DEVELOPED MARKETS USING EXTREME MEASURES



       


Lu Liu, Hossein Asgharian, Marcus Larsson
Email: lu.liu@nek.lu.se
Spatial dependence in international bond markets



       


Lu Xing, Wenxuan Hou
Email: luxing1126@gmail.com
The Role of Board Secretaries in Management Earnings Forecasts



       


Luis Coelho, Kose John, Alok Kumar, Richard Taffler
Email: Coelho.Serra@googlemail.com
Bankruptcy sells stocks... but who's buying and why?



       


Luisa Alemany, Jaume Villanueva
Email: luisa.alemany@esade.edu
Early-Stage Investors Criteria and New Venture Financial Performance: Are They Related?



       


Luyao Pan, Xianming Zhou
Email: luyaopan_20@163.com
Newly Listed Firms as Acquisition Targets: The Debutante Effect



       


Luzi Hail, Jannis Bischof, Holger Daske, Ferdinand Elfers
Email: lhail@wharton.upenn.edu
A Tale of Two Regulators: Risk Disclosures Liquidity and Enforcement in the Banking Sector



       

Participants

Paper


Magdalena Grothe, Magdalena Grothe, Aidan Meyler
Email: magdalena.grothe@ecb.int
Inflation forecasts: Are market-based and survey-based measures informative?



       


Manoj Kulchania
Email: manoj.kulchania@gmail.com
Cost Structure and Payout Policy



       


Marc Kramer
Email: m.m.kramer@rug.nl
Financial Literacy Overconfidence and Financial Advice Seeking



       


Marc-Andre Goricke, Gjergji Cici, Monika Gehde-Trapp, Alexander Kempf
Email: goericke@wiso.uni-koeln.de
What They Did in their Previous Lives: The Investment Value of Mutual Fund Managers



       


Marcos Gonzalez Fernandez, Maria del Carmen Gonzalez Velasco
Email: mgonf@unileon.es
BOND YIELDS SOVEREIGN RISK AND MATURITY STRUCTURE



       


Maria Belda-Ruiz, J.Samuel Baixauli-Soler, Gregorio Sanchez-Marin
Email: maria.belda@um.es
Stock options and gender differences in risk taking: The moderating role of corporate hierarchy



       


Maria Rocha Sousa, Joao Gama, Elisio Brandao
Email: 100427011@fep.up.pt
Stress-testing the return on lending under real extreme adverse circumstances



       


Mariacristina Rossi, Elisa Luciano, Federico Petri
Email: rossi.unito@gmail.com
Life Insurance Demand and Financial Inclusion; Evidence from Italian households



       


Marina Balboa, Belen Nieto
Email: marina.balboa@ua.es
Liquidity and Corporate Debt Market Timing



       


Marinela Adriana Finta, Bart Frijns, Alireza Tourani-Rad
Email: marinela.finta@aut.ac.nz
Contemporaneous spillover effects between the US and the UK



       


Mario Hernandez Tinoco, Phil Holmes, Nick Wilson
Email: m.hernandez.tinoco@rug.nl
Polytomous Response Financial Distress Models: te role of Accounting Market and Macroeconomic Variables



       


Marius Zoican, Albert Menkveld
Email: m.a.zoican@vu.nl
Need for Speed? Exchange Latency and Liquidity



       


Marta Gomez-Puig, Simon Sosvilla-Rivero, Manish K. Singh
Email: marta.gomezpuig@ub.edu
Sovereigns and banks in the euro area: a tale of two crises



       


Martin Martens, Justinas Brazys, Johan Duyvesteyn
Email: mmartens@ese.eur.nl
Macroeconomic news and price discovery in international bond markets



       


Massimiliano Barbi, Marco Bigelli
Email: massimiliano.barbi@unibo.it
CROWDFUNDING PRACTICES IN AND OUTSIDE THE US



       


Matias Cabrera
Email: mdcabrer@emp.uc3m.es
Risk transfer and implicit insurance: The effect of banks' downgrades on sovereign debt



       


Maurizio Montone
Email: montone@ese.eur.nl
Optimal Pricing in the Online Betting Market



       


Maxime Bonelli, Daniel Mantilla-Garcia
Email: maxime.bonelli@inria.fr
A Predictive System with Heteroscedastic Expected Returns and Economic Constraints



       


Michael Erkens, Burcin Yurtoglu, Ying Gan
Email: erkens@ese.eur.nl
Economic Consequences of Deterrent Clawback Provisions



       


Michael Frommel, Xing Han
Email: michael.froemmel@ugent.be
Understanding the Controversy of Liquidity Beta



       


Michael Tuchscherer, Peter Grundke, Kamil Pliszka
Email: michael.tuchscherer@uni-osnabrueck.de
Model and estimation risk in credit risk stress tests



       


Mieszko Mazur, Galla Salganik
Email: m.mazur@ieseg.fr
Teaming up and quiet intervention: The impact of institutional investors on executive compensation policies



       


Millicent Chang, Felix Lim, Marvin Wee
Email: millicent.chang@uwa.edu.au
Do Regulatory Changes the Informativeness of Firm Dsiclosures?



       


Ming-Shann Tsai, Shu-Ling Chiang
Email: mstsai@nuk.edu.tw
The Valuation of Deposit Insurance Allowing for the Interest Rate Spread and Early-Bankruptcy Risk



       


Mira Farka, Amadeu DaSilva
Email: efarka@fullerton.edu
Increasing Risk Aversion and Asset Price Puzzles



       


Mohamed Belkhir, Hamdi Ben-Nasr, Sabri Boubaker
Email: m.belkhir@uaeu.ac.ae
Labor Protection and Corporate Debt Maturity: International Evidence



       


Mohammad Irani
Email: mir@sbs.su.se
Takeover Anticipation and Abnormal Returns



       


Myuran Rajaratnam, Bala Rajaratnam, Kanshukan Rajaratnam
Email: myuran.rajaratnam@gmail.com
A Theoretical Model for the Term Structure of Corporate Credit based on Competitive Advantage



       

Participants

Paper


Naaguesh Appadu, Sudi Sudarsanam
Email: naaguesh.appadu.1@city.ac.uk
Impact of target company pension liabilities on takeover premium bidder



       


Nader Virk, Timo Korkeam, Haizhi Wang, Peng Wang
Email: nadirvirk@gmail.com
Learning Chinese? The changing investment behavior of foreign institutions in the Chinese stock market



       


Nadia Linciano, Francesco Fancello, Monica Gentile, Matteo Modena
Email: n.linciano@consob.it
The liquidity of dual-listed corporate bonds. Empirical evidence from Italian markets



       


Natalia Reisel, Sandra Mortal
Email: nreisel@fordham.edu
Do Firms Hold too Much Cash? Evidence from Private and Public Firms



       


Natasa Todorovic, Raju Chinthalapati, Cesario Mateus
Email: n.todorovic@city.ac.uk
Alphas in disguise: A new approach to uncovering them



       


Ngoc Nguyen, Sungjun Cho, Stuart Hyde
Email: ngoc.nguyen@abdn.ac.uk
Sectoral Integration Comovement and Contagion



       


Nick Taylor
Email: nick.taylor@bristol.ac.uk
Optimal futures trading in the presence of liquidity risk



       


Nico Lehmann, Joerg-Markus Hitz
Email: nico.lehmann@wiwi.uni-goettingen.de
Does proxy voting advisory matter in a European context? Empirical evidence from German annual general meetings



       


Niels Hermes, Reggy Hooghiemstra, Lars Oxelheim, Trond Randoy
Email: c.l.m.hermes@rug.nl
The Impact of Board Internationalization on Earnings Management



       

Participants

Paper


Oksana Pryshchepa, Kevin Aretz, Shantanu Banerjee
Email: o.pryshchepa@bham.ac.uk
In the Path of the Storm: Does Distress Cause Non-Financial Firms To Risk-Shift?



       


Oscar Stolper, Andreas Walter
Email: oscar.stolper@wiwi.uni-marburg.de
It takes two to Tango: Households



       


Otgontsetseg Erhemjamts, Tumennasan Bayar, Marcia Cornett, Ty Leverty, Hassan Tehranian
Email: oerhemjamts@bentley.edu
Product Market Competition and the Efficient Use of Firm Resources



       

Participants

Paper


Panagiotis Andrikopoulos, Vasileios Kallinterakis, Mario Pedro Leite Ferreira, Thanos Verousis
Email: ab7724@coventry.ac.uk
Intraday Herding in Cross-Border Exchanges: Evidence from EURONEXT



       


Patrick Houweling, Jeroen van Zundert
Email: p.houweling@robeco.nl
Factor Investing in the Corporate Bond Market



       


Patrick Verwijmeren, Renee Adams, Ali Akyol
Email: verwijmeren@ese.eur.nl
Director skill sets



       


Pedro Piccoli, Mo Chaudhury
Email: pedro.r.piccoli@gmail.com
Stock Overreaction to Extreme Market Events



       


Philip Gharghori, Edwin Maberly, Annette Nguyen
Email: philip.gharghori@monash.edu
Informed trading around stock split announcements: Evidence from the option market



       


Philipp Doering, Sascha Neumann, Stephan Paul
Email: philipp.doering@rub.de
A Primer on Social Trading Trading Strategies and Return Characteristics



       


Philipp Gerlach, Raimond Maurer
Email: gerlach@finance.uni-frankfurt.de
Dynamic return-based classification of European mutual funds



       


Phuong-Anh Nguyen, Ambrus Kecskes, Sattar Mansi
Email: anh@vt.edu
Does corporate investment in stakeholder capital create value for shareholders? The importance of long-term investors



       


Poti Valerio
Email: valerio.poti@ucd.ie
Private firms' cash holding decisions: The role of risk attitudes



       

Participants

Paper

Participants

Paper


Rafael Schiozer, Raquel Oliveira
Email: rafael.schiozer@gmail.com
Asymmetric transmission of a bank liquidity shock



       


Raquel Lopez
Email: raquel.lopez@uclm.es
Do stylized facts of equity-based volatility indices apply to fixed-income volatility indices? Evidence from the US Treasury market



       


Ravel Jabbour
Email: ravel_jabbour@hotmail.com
Capital Ratios and Stress Testing: The In-Comprehensive SSM-ent



       


Regis Blazy, Nicolae Stef
Email: regis.blazy@unistra.fr
How do the bankruptcy systems perform in Eastern Europe?



       


Rekik Sabrine
Email: sabrine.rekik@dauphine.fr
THE MARKET VALUE OF TECHNOLOGICAL INNOVATION; EVIDENCE FROM EUROPEAN PATENTS



       


Richard Taffler
Email: Richard.Taffler@wbs.ac.uk
Emotional Finance: Theory and Application



       


Robert Loos, Benjamin Hammer, Bernhard Schwetzler
Email: robert.loos@hhl.de
Exit Through Exitus in Private Equity Buyouts



       


Roman Stebler, Stefan Morkoetter, Simone Westerfeld
Email: roman.stebler@student.unisg.ch
Rating Agencies and Information Efficiency: Do Multiple Credit Ratings Pay Off?



       


Rui Fan, Matteo Sandri, Stephen Taylor
Email: r.fan1@lancaster.ac.uk
Density forecast comparisons for stock prices obtained from high-frequency returns and daily option prices



       


Ryan Williams, Kristine Hankins
Email: rwilliams@email.arizona.edu
Risk Management and Distress: Hedging with Purchase Obligations



       

Participants

Paper


Samuel Sender
Email: s.j.sender@uvt.nl
Managerial incentives from option compensation and risky guarantees



       


Sean Foley, Talis Putnins
Email: sdvfoley@gmail.com
Should we be afraid of the dark? Dark trading and market quality



       


Semir Ben Ammar, Martin Eling, Andreas Milidonis
Email: semir.benammar@unisg.ch
Asset Pricing of Financial Institutions: The Cross-Section of Expected Insurance Stock Returns



       


Sergey Osmekhin, Frederic Deleze
Email: sergey.osmekhin@hanken.fi
Waiting-time distribution and market efficiency: evidence from statistical arbitrage



       


Shann Turnbull
Email: sturnbull@mba1963.hbs.edu
Might Supplementary Tethered Currencies Reduce Financial System Risks?



       


Shu Ling Chiang, Ming Shann Tsai
Email: g1352503@nccu.edu.tw
The Closed-form Pricing Formula for a Risky Asset When Its Risky Factors Follow Gamma Distributions



       


Silvio Vismara, Andrea Signori, Michele Meoli
Email: silvio.vismara@unibg.it
Regulation comes at a cost: underpricing and valuation of European IPOs



       


Sofia Ramos, Jorge Galan, Helena Veiga
Email: sofia.ramos@iscte.pt
An Analysis of the Dynamics of Efficiency of Mutual Funds



       


Song Zhang, Liang Han, Francis Greene
Email: song.zhang@port.ac.uk
Bank Market Concentration and Small Business Liquidity



       


Stefan Jaspersen, Gjergji Cici, Alexander Kempf
Email: jaspersen@wiso.uni-koeln.de
Speed of Information Diffusion within Fund Families



       


Stefan Morkoetter, Thomas Wetzer
Email: stefan.morkoetter@unisg.ch
Private Equity Discounts in M&A Transactions



       


Stefan Trueck, Rangga Handika, Olaf Korn
Email: stefan.trueck@mq.edu.au
Convenience Yield Risk Premiums



       


Stefano Bonini, Justin Deng, Mascia Ferrari, Kose John
Email: sbonini@stevens.edu
Til death do us part: the long tenured directors puzzle



       


Stephan Gasser, Thomas Kremser, Margarethe Rammerstorfer, Karl Weinmayer
Email: stephan.gasser@wu.ac.at
Markowitz Revisited: Social Portfolio Engineering



       


Stephen Brammer, Vineet Agarwal, Richard Taffler, Mike Brown
Email: s.brammer@bham.ac.uk
Corporate Reputation and Financial Performance: The Interaction between Capability and Character



       


Subramanian R. Iyer, Harikumar Sankaran, Ali Nejadmalayeri
Email: sriyer@unm.edu
CEO Overconfidence and Agency Cost of Debt : Evidence from Voluntary Turnovers



       


Suk-Joong Kim
Email: sukjoong.kim@sydney.edu.au
Australian dollar and Yen carry trade regimes and their determinants



       

Participants

Paper


Tarik Bazgour, Cedric Heuchenne, Danielle Sougne
Email: tarik.bazgour@ulg.ac.be
On the importance of Quality Liquidity-Level and Liquidity-Beta: A Markov-Swit



       


Tilan Tang, Daniel Miller, Anna Chorniy
Email: ttang@clemson.edu
Mergers in Medicare Part D: Decomposing Market Power Cost Efficiencies and Bargaining Power



       


Tom Aabo, Christos Pantzalis, Jung Chul Park
Email: taa@asb.dk
Multinationality as real option facilitator



       


Tom Berglund, Martin Holmen
Email: berglund@hanken.fi
Why Employees Choose to be Represented on Corporate Boards



       

Participants

Paper

Participants

Paper


Valerio Pesic, Giovanni Ferri
Email: valerio.pesic@uniroma1.it
A Market Assessment of the Process Toward Euro-Supervision of Banks



       


Vasilios Sogiakas, Konstantinos Konstantaras, Evangelos Vagenas-Nanos
Email: vasilios.sogiakas@glasgow.ac.uk
Diversification Risk Premium



       


Vathunyoo Sila, Angelica Gonzalez
Email: S1100464@sms.ed.ac.uk
Spillover effects of women on boards



       


Venkat Subramaniam, Zeng Fan , Liyu Ye
Email: vencat@tulane.edu
The value of the interbank network: Evidence from the syndicated loan market



       


Veronika Vinogradova
Email: nika.vinogradov@hotmail.com
Value creation in strategic M&A. How to make your growth strategy value-creating?



       


Victor Murinde, Christopher Green, Ye Bai, Isaya Maana, Kethi Ngoka-Kisinguh, Samuel Tiriongo
Email: v.murinde@bham.ac.uk
THE PEER MONITORING ROLE OF THE INTERBANK MARKET IN KENYA AND IMPLICATIONS FOR BANK REGULATION



       


Victoria Atanasov
Email: v.atanasov@vu.nl
Common Risk Factors in Equity Markets



       

Participants

Paper


Walter Farkas, Elise Gourier, Robert Huitema, Ciprian Necula
Email: walter.farkas@bf.uzh.ch
A Two-Factor Cointegrated Commodity Price Model with an Application to Spread Option Pricing



       


Wei-Peng Chen, Huimin Chung, Donald Lien
Email: wpc@ntut.edu.tw
The effect of institutional ownership on price discovery



       


Weiwei Cai, Wenxuan Hou, William Rees
Email: weiweicai90@gmail.com
Political Endorsement and Firm Performance: Evidence from Propaganda Coverage



       


Wenyun Shi, Yexiao Xu
Email: wenyun_shi@sjtu.edu.cn
Size Still Matters!



       


William Megginson, Abhinav Goyal, Shrikant Jategaonkar, Cal Muckley
Email: wmegginson@ou.edu
Whence the Privatized Firm Dividend Premium?



       


Woochan Kim, Juyoung Cheong
Email: wckim@korea.ac.kr
Revisiting Executive Pay in Family-Controlled Firms: Family Premium in Large Business Groups



       

Participants

Paper


Xi Fu, Mark Shackleton
Email: x.fu3@lancaster.ac.uk
Risk-Neutral Systematic Risk and Asset Returns



       


Xiao Xiao, Chen Zhou
Email: xiao@ese.eur.nl
entropy-based implied volatility and its information content



       

Participants

Paper


Yang Liu
Email: y.liu2@uva.nl
Factor Premium in Idiosyncratic Volatility



       


Yangyang Chen, Xin Chang, Chia Mei Shih, Rong Wang
Email: yangyang.chen@monash.edu
The Allocation of Equity Issuance Proceeds



       


Yaovi Gassesse Siliadin, Michele Breton
Email: yaovi-gassesse.siliadin@hec.ca
Heterogeneous rating categories and the credit spread puzzle



       


Ying Gan, Michael Erkens, Herve Stolowy
Email: gan@ese.eur.nl
Welcome back? Economic consequences of CEO reappointments



       


Yizhe Dong, Claudia Girardone, Jing-ming Guo
Email: yid1@aber.ac.uk
Board Governance Efficiency and Risk-taking: The Case of the Chine



       


Yoko Shirasu
Email: shirasu@cc.aoyama.ac.jp
What are the Factors of Banks



       


Yomna Abdulla, Viet Dang, Arif Khurshed
Email: yomna.abdulla@postgrad.mbs.ac.uk
The Use of Trade Credit by Public and Private Firms: An Empirical Investigation



       


Yu-Sheng Lai
Email: yushenglai@ncnu.edu.tw
Modeling and Forecasting the Conditional Covariance Matrix between Stock and Bond Returns Using a Multivariate High-Frequency-Based Volatility (HEAVY) Model



       


Yuen Jung Park, Tong Suk Kim, Jaewon Park
Email: yjpark@hallym.ac.kr
Macroeconomic Conditions and Credit Default Swap Spread Changes



       


Yunbi An, Jinqing Zhang, Hui Chen
Email: yunbi@uwindsor.ca
Corporate investment and expropriation by controlling shareholders: Evidence from Chinese listed companies



       

Participants

Paper


Zhaowen Qian, Mary Pieterse-bloem, Willem Verschoor, Remco Zwinkels
Email: qian@ese.eur.nl
Time-varying importance of country and industry factors in European corporate bonds



       


Zhe Shen, Jiaxing You
Email: z.shen@xmu.edu.cn
Driving the Presence of Investor Sentiment: the Role of Media Coverage in IPOs



       


Zhiping Zhou, Chunbo Liu, Cheng Zhang
Email: zhiping.zhou@phd.unibocconi.it
From Funding Liquidity to Market Liquidity: Evidence from Index Options Market



       


Zicheng Lei, Chendi Zhang
Email: phd11zl@mail.wbs.ac.uk
LEVERAGED BUYBACKS



       


Zih Ying Lin, Chang Chuang-Chang, Wang Yaw-Huei
Email: zylin256@gmail.com
The Impacts of Asymmetric Information and Short Sales on the Illiquidity Risk Premium in the Stock Option Market