EFMA

European Financial Management Association
2016 Annual Meetings
June 29-July 2, 2016
Basel, SWITZERLAND


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: EFMA2016-wwz@unibas.ch

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 EFMA2016 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 EFMA2016 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 1, 2016


Accepted Papers & Participants List

Participants

Paper


Massimiliano Affinito, Matteo Piazza
Email: massimiliano.affinito@bancaditalia.it
Always look at the bright side? Central counterparties and interbank markets during the financial crisis



       


Dr. Godfred Afrifa
Email: godfred.afrifa@canterbury.ac.uk
Financial Stability, Inventory Investment and Profitability of SMEs



       


Vineet Agarwal, Daniel Aghanya, Sunil Poshakwale
Email: vineet.agarwal@cranfield.ac.uk
The Real Effects of Statutory Audit and Corporate Reporting Directives on Costs and Risk-taking Behaviour of the EU Banking Sector



       


Muhammad Farooq Ahmad, Thomas Lambert
Email: muhammadfarooq.ahmad@skema.edu
Collective Bargaining and Takeover Activity around the World



       


Fatih Altunok, Inci Gumus, Tumer Kapan, Steven Ongena
Email: fatih.altunok@tcmb.gov.tr
The Effect of US Unconventional Monetary Policies on Bank Lending in Emerging Markets: Evidence from Turkey



       


Henrik Andersson, Kenth Skogsvik
Email: henrik.andersson@hhs.se
Rational Investor Behaviour and Market Mispricing



       


Panayiotis Andreou, Ruslan Tuneshev, Dennis Philip, Anastasios Kagkadis
Email: benz@pandreou.com
Differences in Expectations and the Cross Section of Stock Returns



       


Petra Andrlikova, Jamie Alcock
Email: petraan@econ.usyd.edu.au
The rising importance of Asymmetric Dependence in UK equity returns



       


James Ang, Chaopeng Wu, Di Tang
Email: jang@business.fsu.edu
Social Media and Corporate Governance: Acquisitions Under Negative Reactions from Small Investors



       


Georgios Angelopoulos, Nikolaos Karampatsas, Daniel Giamouridis
Email: angelopoulos.georg@gmail.com
Credit News around Seasoned Equity Offerings: Evidence from the Credit Default Swap Market



       


Yakup Eser Arisoy, Kevin Aretz
Email: eser.arisoy@dauphine.fr
Do Stock Markets Price Expected Stock Skewness? New Evidence from Quantile Regression based Skewness Forecasts



       


Manuel J. Rocha Armada, Gilberto Loureiro, Cristiana Cerqueira Leal
Email: rarmada@eeg.uminho.pt
Selling Winners, Buying Losers: Mental Decision Rules of Individual Investors on Their Holdings



       


Rama R. Aroul, Thai Trang
Email: ramya.aroul@ehl.ch
Corporate Governance and its Effects on REIT Credit Ratings



       


Victoria Atanasov
Email: atanasov@uni-mannheim.de
Beta under the microscope or why the CAPM failed



       

Participants

Paper


Kremena Bachmann, Remo Stossel, Thorsten Hens
Email: kremena.bachmann@bf.uzh.ch
Which Measures Predict Risk Taking in a Multi-Stage Controlled Decision Process?



       


Fabian Baetje, Lukas Menkhoff
Email: baetje@gif.uni-hannover.de
Predicting the equity premium via its components



       


Balasingham Balachandran, Yun Zhou, Michael Theobald, Huu Nhan Duong
Email: B.Balachandran@latrobe.edu.au
Dividend Initiations, Information Content and Informed Trading in the Options Market



       


Leonidas Barbopoulos, Sudi Sudarsanam, Krishna Paudyal
Email: lb90@st-andrews.ac.uk
Earnout deals: Method of initial payment and acquirers



       


Pedro Barroso
Email: p.barroso@unsw.edu.au
Using out-of-sample errors in portfolio optimization



       


Arabinda Basistha, Marketa Halova Wolfe, Alexander Kurov
Email: ArBasistha@mail.wvu.edu
Volatility Forecasting: The Role of Internet Search Activity and Implied Volatility



       


Flavio Bazzana, Roberto Gabriele, Anna Zadorozhanya
Email: flavio.bazzana@unitn.it
The role of covenants in bond issue and investment policy. The case of Russian companies.



       


Anthony Bellofatto
Email: anthony.bellofatto@uclouvain.be
The cultural proximity effect on retail investors' foreign investing: A disaggregated analysis of the Belgian French- and Dutch-speaking investors



       


Harjeet S. Bhabra, Yu Zhang
Email: harjeet.bhabra@concordia.ca
CEO Age and Firm Performance



       


Emilio Bisetti
Email: bisetti@cmu.edu
Advertising, Consumption and Asset Prices



       


Mohammad Bitar, Thomas Walker, Kuntara Pukthuanthong, Mohammad Kabir Hassan
Email: mohammad.bitar@concordia.ca
The performance of Islamic vs. conventional banks: A note on the suitability of capital ratios



       


Andreas Bloechlinger
Email: abloechlinger@gmail.com
Senior Structured Finance Obligations Are Not Economic Catastrophe Bonds



       


Paul Borochin Borochin, Jie Yang
Email: paul.borochin@uconn.edu
Institutional Investor Type, Misvaluation, and Governance



       


Reza Bradrania, Joakim Westerholm, James Yeoh
Email: Reza.Bradrania@unisa.edu.au
Do CEOs Who Trade Shares Adopt More Aggressive Corporate Investment Strategies?



       


Neil Brisley
Email: nbrisley@uwaterloo.ca
Market-specific human capital: compensation, shareholder value, and the cross-border market for talent.



       


Melk Caspar Bucher
Email: melk.bucher@unisg.ch
Conditional Currency Hedging



       


Krisztina Buti
Email: krisztina.buti@eccles.utah.edu
Firm Size, Idiosyncratic Risk, and Shareholder Gains in Corporate Acquisitions



       

Participants

Paper


Christos Cabolis, Konstantinos Serfes, Panagiotis Avramidis
Email: christos.cabolis@imd.org
Does one bank size fit all? The role of diversification and monitoring



       


Cristiana Cardi, Camilla Mazzoli
Email: c.cardi@univpm.it
To Disclose or Not To Disclose? The Unbiased Effect of Non-financial Information in Ipos



       


Andrea Carosi, Stefano Mengoli, Giulia Baschieri
Email: acarosi@uniss.it
Initial Public Offerings and the Firm Location



       


Sylvain Carre
Email: sylvain.carre@epfl.ch
Disclosures, Rollover Risk, and Debt Runs.



       


Ana-Maria Cazacu, Florian Neagu, Liviu Voinea
Email: anamaria.cazacu@bnro.ro
Are expatriates managing banks CEE subsidiaries more risk takers?



       


Arkaja Chakraverty
Email: arkaja_chakraverty@isb.edu
Leverage, Unemployment Risk and Employee Compensation



       


Chuang-Chang Chang, Sharon S. Yang
Email: jrwei.huang@gmail.com
A General Pricing Framework for No-Negative-Equity Guarantees with Equity-release Products: A Theoretical and Empirical Study



       


Yao Chen, Chendi Zhang, Alok Kumar
Email: phd12yc@mail.wbs.ac.uk
Searching for Gambles: Investor Attention, Gambling Sentiment, and Stock Market Outcomes



       


Wei-Peng Chen, Chih-Chiang Wu, Jun Lu, Shu Ling Lin
Email: wpc@ntut.edu.tw
Funding Liquidity and Market Quality: Evidence from the S&P 500 ETF and Index Futures



       


Hsiao-Jung Chen
Email: hjchen@stust.edu.tw
Managerial Overconfidence, Corporate Social Responsibility and Bank Performance: A Cross-Country Analysis



       


An-Sing Chen, Teng Yuan Cheng
Email: finasc@ccu.edu.tw
Are men more overconfident than women? Evidence from the Taiwan futures market



       


Qiwei Chen, Ying Jiang, Len Skerratt
Email: qiwei.chen@brunel.ac.uk
The overreaction to the mandatory adoption of IFRS in Europe



       


Yeguang Chi
Email: ygchi@saif.sjtu.edu.cn
Private Information in the Chinese Stock Market: Evidence from Mutual Funds and Corporate Insiders



       


Robin K. Chou, Jing Lu, Ying Hao, Qinqin Wu
Email: rchou@nccu.edu.tw
Sources of Investor Sentiment and Price Deviations of Cross-Listed Shares: Evidence from Chinese A- and H-shares



       


Beata Coldbeck, Aydin Ozkan
Email: b.coldbeck@bradford.ac.uk
Volatility of Research and Development Investment and Corporate Cash Holdings



       


Rebel Cole, Rebel Cole
Email: andreas.dietrich@hslu.ch
Governance and SME Credit Availability Around the World



       


Stefano Colonnello, Christoph Herpfer
Email: stefano.colonnello@iwh-halle.de
Do Courts Matter for Firm Value? Evidence from the U.S. Court System



       


Stefano Colucci, Francesco Cesarone
Email: stefano.colucci@symphonia.it
A Quick Tool to forecast VaR using Implied and Realized Volatilities



       


Jean-Gabriel Cousin, Richard Roll, Eric De Bodt
Email: jgcousin@univ-lille2.fr
Full Stock Payment Marginalization in M&A Transactions



       


Ettore Croci, Dimitris Petmezas, Oguzhan Ozbas, Nihat Aktas
Email: ettore.croci@unicatt.it
Executive compensation and deployment of corporate resources: Evidence from working capital



       

Participants

Paper


Mariela Dal Borgo
Email: mariela.dalborgo@banxico.org.mx
Does Bankruptcy Protection Affect Risk-Taking in Household Portfolios?



       


Jo Danbolt, Betty Wu, Antonios Siganos, Mark Aleksanyan
Email: jo.danbolt@ed.ac.uk
Media Deterrence and Illegal Insider Trading Prior to Merger Announcements



       


Hubert De La Bruslerie, Julien Le Maux
Email: hubert.de-la-bruslerie@dauphine.fr
Litigation risk: Measurement and impact on M&A transaction terms



       


Rodrigo De-Losso, Bruno Giovannetti, Alan De Genaro, Fernando Chague
Email: delosso@usp.br
Well-connected Short-sellers Pay Lower Loan Fees: a Market-wide Analysis



       


Alfonso Del Giudice Del Guidice, Andrea Signori, Lorenzo Caprio
Email: andrea.signori@unicatt.it
Cash Holdings and Family Firms: the Role of Founders and Heirs



       


Andreas Dietrich, Reto Wernli
Email: andreas.dietrich@hslu.ch
What Drives the Interest Rates in the P2P Consumer Lending Market? Empirical Evidence from Switzerland



       


Wolfgang Drobetz, Peyman Momtaz, Gishan Dissanaike
Email: Wolfgang.drobetz@wiso.uni-hamburg.de
Legal Shareholder Rights and Acquirer Returns



       


Ariadna Dumitrescu, Javier Gil-Bazo
Email: ariadna.dumitrescu@esade.edu
Familiarity and Competition: The Case of Mutual Funds



       


Michal Dzielinski, Alexander F. Wagner, Richard J. Zeckhauser
Email: mdz@sbs.su.se
In no (un)certain terms: Managerial style in communicating earnings news



       

Participants

Paper


Alexander Eisl, Stefan Pichler, Christian Ochs
Email: Alexander.Eisl@wu.ac.at
Sovereign Debt Issuance under Fiscal Budget Uncertainty and Market Frictions



       


Nabil El Meslmani, Sandra Betton
Email: nabil.elmeslmani@concordia.ca
Expected Risk and Uncertainty about Expected Risk in Mergers and Acquisitions



       


Luminita Enache, Anup Srivastava
Email: luminita.enache@tuck.dartmouth.edu
An investigation into the amounts and the properties of intangible investments reported in SG&A



       


Ana Escribano Escribano, Antonio Diaz
Email: ana.escribano@uclm.es
Liquidity measures throughout the lifetime of the US Treasury bond



       


Kevin Evans, Khelifa Mazouz, Woon Sau Leung
Email: evansk1@cardiff.ac.uk
A Risk Explanation for the R&D Anomaly



       

Participants

Paper


Dawei Fang, Michael Kirchler, Daniel Kleinlercher, Martin Holmen
Email: dawei.fang@cff.gu.se
The impact of tournament incentives on asset markets: Theory and experiment



       


David Feldman, Konark Saxena, Jiaming Li
Email: d.feldman@unsw.edu.au
Politically Motivated Corporate Decisions: Evidence From China



       


Jeanpierre Fenech, Abdul Wasi, Barry Williams
Email: jeanpierre.fenech@monash.edu
Does increased non-interest income result in increased bank systemic risk?



       


Aikaterini Ferentinou, Andrianos Tsekrekos, Panagiotis Tsaousis, Seraina Anagnostopoulou
Email: aikaterini.ferentinou@uni-graz.at
The option market reaction to bank loan announcements



       


Massimo Ferrari, Julien Mazzacurati, Claudia Guagliano
Email: Massimo.Ferrari@esma.europa.eu
Collateral scarcity premia in EU repo markets



       


Elena Ferrer, Nuria Suarez, Rafael Santamaria
Email: elena.ferrer@unavarra.es
Does Analysts Information Influence the Cost of Debt? Some International Evidence



       


Stephen Figlewski, Robert Neal, Robert Battalio
Email: sfiglews@stern.nyu.edu
Exercise Boundary Violations in American-Style Options: The Rule, not the Exception



       


Catarina Figueira, Giorgio Caselli, Joseph G. Nellis
Email: catarina.figueira@cranfield.ac.uk
Monetary policy, ownership structure and bank risk taking: Evidence from Europe



       


Ioannis Floros, Vladimir Ivanov, Rebel Cole
Email: ivfloros@iastate.edu
Reducing uncertainty through a two-stage IPO: Evidence from U.S. exchange upgrades



       


David Florysiak, Vidhan Goyal
Email: florysiak@bwl.lmu.de
Capital Market Access and Cash Flow Allocation during the Financial Crisis



       


Pascal Frantz, Francesca Lenoci, Elena Beccalli
Email: p.frantz@lse.ac.uk
Hidden Effects Of Bank Recapitalizations



       


Fulvia Fringuellotti, Radu Tunaru, Erich Walter Farkas
Email: fulvia.fringuellotti@bf.uzh.ch
Regulatory Capital Requirements: Saving Too Much for Rainy Days?



       


Anja Frommherz, Steven Figlewski
Email: anja.frommherz@unibas.ch
Volatility Leadership Among Index Options



       

Participants

Paper


S Galanti, Anne-Ga
Email: sebastien.galanti@univ-orleans.fr
Optimism bias in financial analysts' earnings forecasts: do commission sharing agreement rules reduce conflicts of interest?



       


Sergey Gelman
Email: sgelman@hse.ru
Firm-specific uncertainty around earnings announcements and the cross-section of stock returns



       


Hamed Ghanbari, Stylianos Perrakis, Michael Oancea
Email: hamed.ghanbari@concordia.ca
Jump-Diffusion Option Valuation and Option-Implied Investor Preferences: A Stochastic Dominance Approach



       


Chinmoy Ghosh, Di Huang, Paul Borochin
Email: chinmoy.ghosh@business.uconn.edu
Is there an information asymmetry discount? New Insights from Mergers and Acquisitions



       


Mireia Gine, Maria Guadalupe, Vicente Cu
Email: mireia.gine@gmail.com
Price and Probability: Decomposing the Takeover Effects of Anti-Takeover Provisions



       


Chris Godfrey, Chris Brooks
Email: c.godfrey@icmacentre.ac.uk
The Negative Credit Risk Premium Puzzle: A Limits to Arbitrage Story



       


Halit Gonenc, Bruce Seifert
Email: h.gonenc@rug.nl
The Effects of Country and Firm-Level Governance on Cash Management



       


Jocelyn Grira, Issouf Soumare, M. Kabir Hassan
Email: jocelyn.grira@uaeu.ac.ae
Pricing Beliefs: Empirical Evidence from the Implied Cost of Deposit Insurance for Islamic Banks



       


Klaus Grobys, Jari-Pekka Heinonen, James Kolari
Email: klaus.grobys@uwasa.fi
Is currency momentum driven by global economic risk?



       


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



       


Aparna Gupta, Pablo Campos De Carvalho
Email: guptaa@rpi.edu
A Network Approach to Unravel Asset Prices Co-movements Using Minimal Dependence Structures



       


Jonas Gusset, Heinz Zimmermann
Email: jonas.gusset@unibas.ch
Anomaly in Stock-Bond Correlations - The Role of Monetary Policy



       

Participants

Paper


Christian Haddad, Frederic Lobez
Email: christian.haddad@univ-lille2.fr
Creditor rights, systemic risk and bank regulations: evidence from cross-country study



       


Jianlei Han, Zheyao Pan
Email: j.han@business.uq.edu.au
On the Relation between Futures-Cash Basis and Liquidity: Evidence from a Natural Experiment in China



       


Erwin Hansen, Mauricio Jara-Bertin
Email: ehansen@unegocios.cl
Does the FEDs QE program alleviate firms financial constraints in emerging economies?



       


Guanming He, Richard Taffler, Helen Ren
Email: guanming.he@wbs.ac.uk
Insider sales and future stock price crash risk: Firm-level analysis



       


Niels Hermes, Robert Lensink, Linyang Li
Email: c.l.m.hermes@rug.nl
Political Connections and Households Access to Bank Loans: Evidence from China



       


Keng-Yu Ho, Ching-Ho Chan, Yu-Jen Hsiao, Chuang-Chang Chang
Email: kengyuho@ntu.edu.tw
Solicited versus Unsolicited Credit Rating and Bank Leverage Decision



       


Dmytro Holod, Joe Peek
Email: dmytro.holod@stonybrook.edu
The Value to Banks of Small Business Lending



       


Armen Hovakimian, Huajing Hu
Email: armen.hovakimian@baruch.cuny.edu
The Impact of Reference Point Prices on Seasoned Equity Offerings



       


Chin-Wen Hsin, Shin-Rong Shiah-Hou, Feng-Yi Chang
Email: fncwhsin@saturn.yzu.edu.tw
Performance of Financial Hedging and Earnings Management under Diverse Corporate Information Quality



       


Zhenyi Huang, Loannis Oikonomou, Andreas G. F. Hoepner, George Alexandridis
Email: huangzhenyi0204@gmail.com
The Impact of Corporate Cultural Distance on Mergers and Acquisitions



       


Xin Huang
Email: xin.huang@frb.gov
Macroeconomic News Announcements, Systemic Risk, Financial Market Volatility and Jumps



       


Zsuzsa Huszar, Weina Zhang, Ruth Tan
Email: zsuzsa.r.huszar@gmail.com
Do short sellers exploit industry information?



       


Lyudmyla Hvozdyk Hvozdyk, Serik Rustanov
Email: lhvozdyk@essex.ac.uk
The Effect of Financial Transaction Tax on Market Liquidity and Volatility: An Italian Perspective



       

Participants

Paper


Maria Chiara Iannino, Leonidas Barbopoulos
Email: maria.chiara.iannino@univie.ac.at
Acquirers Gains from Earnouts in High vs. Low Periods of EMVCs.



       


Gbenga Ibikunle
Email: gbenga.ibikunle@ed.ac.uk
Competition for Order flow and Price Discovery: The Curious Case of High-tech Entrants



       


Can Inci, Deniz Ozenbas
Email: ainci@bryant.edu
Intraday Volatility and the Closing Auction at Borsa Istanbul



       


Koen Inghelbrecht, Garo Garabedian
Email: koen.inghelbrecht@ugent.be
A Unified Market Liquidity Measure



       


George Issa, Elvis Jarnecic
Email: giss5076@uni.sydney.edu.au
Effect of Bilateral Trading Relationships on Execution Costs in Over-the-Counter Markets



       


Katerina Ivanov, Weidong Tian
Email: epanttse@uncc.edu
Identify Too Big to Fail Banks and Capital Insurance



       

Participants

Paper


Yeejin Jang, Natalia Reisel
Email: jang67@purdue.edu
Why are firms sold? Evidence from acquisitions of European private firms



       


Jeewon Jang, Jangkoo Kang
Email: jeewonjang@chosun.ac.kr
An Intertemporal CAPM with Higher-Order Moments



       


Malte Janzen, Iwan Meier, Wolfgang Drobetz
Email: Malte.Janzen@wiso.uni-hamburg.de
Investment and financing decisions of private and public firms



       


Mauricio Jara Jara-Bertin, Rodrigo Wagner, Aldo Musacchio, Sergio Lazzarini
Email: mjara@unegocios.cl
Does The Bond Market Discipline State Owned Enterprises?



       


Elvis Jarnecic, George Issa
Email: elvis.jarnecic@sydney.edu.au
Collateral Reuse as a Direct Funding Mechanism in Repo Markets



       


Ranko Jelic, Dietmar Maringer, Xiaohua Chen, Wolfgang Aussenegg
Email: r.jelic@sussex.ac.uk
Time Varying Illiquidity of European Corporate Bonds



       


Byoung Hyun Jeon, Suk Joon Byun
Email: jeon4466@business.kaist.ac.kr
Momentum crashes and an investor's anchoring bias



       


Wei Jiang, Andrew Stark, Elisabeth Dedman
Email: wei.jiang-2@mbs.ac.uk
The Information Content of Accounting Accruals When Accompanied by Cash or Stock Dividends



       


Yuxiang Jiang, Jerchern Lin
Email: yuxiangj@buffalo.edu
Firm Characteristics And Low Beta Anomaly



       


Liang Jin, Richard Taffler
Email: liang.jin@warwick.ac.uk
Fund manager skill: Does selling matter more than buying?



       


Xing Jin, Yi Hong
Email: xing.jin@wbs.ac.uk
Explicit solutions for dynamic portfolio choice in jump-diffusion models with multiple risky assets and state variables and their applications



       


Rachel Gordon Juergens, Jennifer Juergens, David Becher
Email: gordonre@missouri.edu
Why Hire Your Rival? The Case of Bank-Debt Underwriting



       

Participants

Paper


Min Jung Kang, Y. Han Kim
Email: kangmin@umflint.edu
Bankers on the board and CEO incentives



       


Masayasu Kanno
Email: masayasukanno@hotmail.co.jp
Interconnectedness and systemic risk in the US CDS market



       


Alper Kara, Steven Ongena, David Marques-Ibanez
Email: a.kara@lboro.ac.uk
Securitization and Credit Quality



       


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



       


Ralf Kellner, Daniel R
Email: ralf.kellner@ur.de
Financial Market Integration Asymmetry and Contagion



       


Florian Kiesel, Dirk Schiereck, Sascha Kolaric
Email: kiesel@bwl.tu-darmstadt.de
Revaluating firm credit risk - The impact of the rating review process on credit markets



       


Hyonok Kim, Yukihiro Yasuda, James A. Wilcox
Email: hokim@tku.ac.jp
Shocks and Shock Absorbers in Japanese Bonds and Banks During the Global Financial Crisis



       


Donghan Kim
Email: kdh8997@business.kaist.ac.kr
Do informed investors manipulate markets using options prior to SEO?



       


Min Ki Kim, Tong Suk Kim, Deok Hyeon Lee
Email: m0729g@business.kaist.ac.kr
Abnormal Trading Volume and Cross-Section of Stock Returns



       


Yongsik Kim, Jinyong Kim
Email: yskim83@business.kaist.ac.kr
Transitory Price, Resiliency, and the Cross-Section of Stock Returns



       


Sol Kim, Da Hea Kim
Email: solkim@hufs.ac.kr
Delta-Hedged Gains and the Risk-Neutral Moments



       


Axel Kind, Marco Poltera, Pascal Gantenbein
Email: axel.kind@uni-konstanz.de
Corporate Governance and the Market Value of Shareholder Voting Rights



       


Patrycja Klusak, Rasha Alsakka, Owain Ap Gwilym
Email: p.klusak@uea.ac.uk
The Impact of ESMA Regulatory Identifiers on the Quality of Ratings



       


Kuan-Cheng Ko
Email: kcko@ncnu.edu.tw
Asset Growth, Style Investing, and Momentum



       


Michael Kogler
Email: michael.kogler@student.unisg.ch
The Optimal Adjustment of Bank Capital Regulation in a Downturn



       


Sam Kolahgar, Harjeet Bhabra, Azadeh Babaghadei
Email: sam.kolahgar@concordia.ca
Effect of Firm's Investor Relation, Communication and Disclosure on Risk



       


Sascha Kolaric, Patrick Lieser
Email: kolaric@bwl.tu-darmstadt.de
Securities class action litigation, defendant stock price revaluation, and industry spillover effects



       


Alain Krapl, Robert Salyer
Email: krapla1@nku.edu
The effects of fair value reporting on corporate foreign exchange exposures



       


Laurie Krigman, Mia Li Rivolta
Email: lkrigman@babson.edu
Board composition and organizational resilience: Evidence from sudden CEO departures



       


Laura-Chlo Kuntz, Olaf Korn
Email: lkuntz@uni-goettingen.de
Low-Beta Investment Strategies



       


Alexander Kurov, Marketa Wolfe, Georg Strasser, Alessio Sancetta
Email: Alex.Kurov@mail.wvu.edu
Price Drift before U.S. Macroeconomic News: Private Information about Public Announcements?



       


Vlado Kysucky
Email: vkysucky@szu.edu.cn
The Conditional Nature of Credit Constraints



       

Participants

Paper


F.Y. Eric C. Lam, Wikrom Prombutr
Email: fyericcl@hkbu.edu.hk
More Extensive Interactive Tests on the Investment and Profitability Effects



       


Chzee An Lau, Yuan Wu, Wenjun Xie
Email: clau008@e.ntu.edu.sg
Multi-Dimensional Pairs Trading Using Copulas



       


Sangho Lee
Email: slee171@gsu.edu
The Impact of Partnership Network on Corporate Policy



       


Paulo Leite, Maria Ceu Cortez
Email: pleite@ipca.pt
The Performance of European Socially Responsible Fixed-Income Funds



       


Li Li, Jean-Fran
Email: l.li@montpellier-bs.com
The role of word choice in the earnings press release by French listed companies



       


Ivan Lim, Seth Armitage, Jens Hagendorff
Email: w.lim-2@sms.ed.ac.uk
Regulatory Monitoring, Information Asymmetry and Accounting Quality: Evidence from the Banking Industry



       


Sha Liu, Jingguang Han
Email: s.liu@soton.ac.uk
What does media tone premium tell about expected stock returns?



       


Jinyu Liu, Baozhong Yang, Lei Jiang
Email: liujy.12@sem.tsinghua.edu.cn
Communication and Comovement: Evidence from Online Stock Forums



       


Jun Liu, Xudong Zeng
Email: xudongzeng@gmail.com
Diversification and Correlation Ambiguity



       


Clark Liu, K.C. John Wei, Shujing Wang
Email: liuyue@pbcsf.tsinghua.edu.cn
Demand Shock, Speculative Beta, and Asset Prices: Evidence from the Shanghai-Hong Kong Stock Connect Program



       


Chien-Ling Lo, Min-Teh Yu, Yaw-Huei Wang, Pai-Ta Shih
Email: locl@fcu.edu.tw
Two Variance Components, Variance Jumps, and the Pricing of VIX Derivatives



       


Gerald Lobo, Herv, Luc Paugam
Email: paugam@essec.edu
The Association between Expected Synergies and Post-Acquisition Performance in Cross-Border Mergers and Acquisitions



       


Richard Lord
Email: lordr@mail.montclair.edu
The New Wave of Levered Recapitalizations: Causes and Consequences



       


Stefano Lugo, Clemens Kool, Nils Boesel
Email: s.lugo@uu.nl
Do European Banks with a Covered Bond Program still issue Asset-Backed Securities for funding?



       


Thomas Z. Lys, Rita Nevada Gunn
Email: tlys@kellogg.northwestern.edu
The Paradoxical Impact of Corporate Inversions on US Tax Revenue



       

Participants

Paper


Tomas Mantecon
Email: tomas.mantecon@unt.edu
Industry Shocks and Firm Boundaries



       


Natalia Matanova
Email: nxm40@psu.edu
Do PE and VC Firms Monitor Cash Reserves post-IPO?



       


Gianluca Mattarocci, Gianluca Mattarocci, Lucia Gibilaro
Email: gianluca.mattarocci@uniroma2.it
Financial distress and private information sharing: Evidence from the Italian Credit Register



       


Niall Mcgeever, John Cotter
Email: niall.mc-geever@ucdconnect.ie
Are equity market anomalies disappearing? Evidence from the U.K.



       


Nathan P. Mcnamee, Nickolaos Travlos, Dimitris Petmezas, Christos Mavis
Email: n.mcnamee@surrey.ac.uk
Selling to Buy: Asset Sales and Method of Payment in M&As



       


Mark Raun Moritzen
Email: markrm@sam.sdu.dk
The Impact of Competition and Time-to-Finance on Corporate Cash Holdings



       


Cal Muckley, James O'Donovan, Conall O'Sullivan
Email: cal.muckley@ucd.ie
Does informed option trading before a merger deal announcement differ according to deal side?



       

Participants

Paper


Shammyla Naeem, K.C. John Wei, Chi-Hsiou D Hung
Email: shammyla.naeem@glasgow.ac.uk
Credit Rating Changes of Peer Firms and Corporate Capital Structure



       


Ciprian Necula, Boris Waelchli, Walter Farkas
Email: ciprian.necula@bf.uzh.ch
Herding and stochastic volatility



       


Louis Nguyen, Arman Eshraghi, Jens Hagendorff
Email: ddn2@st-andrews.ac.uk
Does CEO Cultural Heritage Affect Performance under Competitive Pressure?



       


Tu Nguyen, Jay Cai, Neil Brisley
Email: nguyen.thanhtu@gmail.com
CEO stock ownership requirements, risk-taking, and compensation



       


Kjell G. Nyborg, Lilia Mukhlynina
Email: lilia.mukhlynina@bf.uzh.ch
The Choice of Valuation Techniques in Practice: Education versus Profession



       

Participants

Paper


Martha O'Hagan-Luff O''Hagan-Luff, Colm Kearney, Jenny Berrill
Email: luffm@tcd.ie
Portfolio-based tests of the costs of rapid firm-level internationalisation



       


Thomas J. O'Brien, Santiago Ruiz De Vargas
Email: thomas.obrien@uconn.edu
Big Mac Index and Effective Exchange Rates: The Us Dollar, The Euro, and The Yuan



       


Dong Jun Oh, Tong Suk Kim, Byoung Uk Kang
Email: dongjjun@business.kaist.ac.kr
Hedge Funds Trading and Stock Market Mispricing



       


Alfredo Martin Oliver
Email: alfredo.martin@uib.es
Access to Nancial Services and Bank Restructuring: A Spatial Competition Approach



       


Cuneyt Orman, Bulent Koksal
Email: cuneytorman@gmail.com
Structure of Debt Maturity across Firm Types



       


Giorgio Ottonello Ottonello, Marti. G Subrahmanyam, Rainer Jankowitsch
Email: giorgio.ottonello@wu.ac.at
The New Rules of the Rating Game: Market Perception of Corporate Ratings



       

Participants

Paper


Robert Parham, Ron Kaniel
Email: robert.parham@simon.rochester.edu
WSJ Category Kings - the impact of media attention on consumer and mutual fund investment decisions



       


Laura Parisi, Paolo Giudici
Email: laura.parisi01@universitadipavia.it
CoRisk: measuring systemic risk through default probability contagion



       


Fabio Parlapiano Parlapiano, Alberto Maria Sorrentino, Roberto Felici, Giuseppe Cascarino, Matteo Accornero
Email: fabio.parlapiano@uniroma1.it
Sectoral Risk in Italian Banks Credit Exposures to Non-Financial Firms



       


Roberto Pascual, Pamela Moulton, Bidisha Chakrabarty
Email: rpascual@uib.es
Shackled High Speed Traders? Latency Reduction and Short Sale Bans



       


Bartolom Pascual-Fuster, Rafel Crespi-Cladera
Email: tomeu.pascual@uib.es
Politicians inside the boardroom; is it a convenient burden?



       


Matthias Pelster, Johannes Vilsmeier
Email: pelster@leuphana.de
The determinants of CDS spreads: evidence from the model space



       


Ni Peng, Norman Strong, Ning Gao
Email: n.peng@qmul.ac.uk
Market power in horizontal mergers: Evidence from wealth transfers between merging firms and their customers



       


Dinh Phan, Seema Narayan, Paresh Narayan
Email: dinh.phan@deakin.edu.au
Terrorism and International Stock Returns



       


Aurelien Philippot
Email: aurelien.philippot@fsa.ulaval.ca
Analysts'reinitiations of coverage and market underreaction



       


Julia Puaschunder
Email: julia.puaschunder@gmail.com
Bowling all alone: Governmental debt is associated with low social capital



       

Participants

Paper


Xiaolin Qian, Lewis H. K. Tam
Email: xiaolinqian@umac.mo
Flee When You Can: Blockholders Right of Liquidation and Corporate Governance



       

Participants

Paper


Marc Steffen Rapp, Daniel Powell
Email: rappm@wiwi.uni-marburg.de
Cash Holdings, Agency Conflicts and the Performance of Listed Family Firms in Germany



       


Alexandre F. Roch, Jean Yves Filbien, Cederic Okou, Diego Amaya
Email: roch.alexandre_f@uqam.ca
Distilling Liquidity Costs from Limit Order Books



       


Artur Rodrigues, Paulo J. Pereira, Alcino Azevedo
Email: artur.rodrigues@eeg.uminho.pt
Non-Competition Covenants in Acquisition Deals



       


Patrick Roger, Alain Schatt, Tristan Roger
Email: proger@unistra.fr
Behavioral biases in number processing: The case of analysts' target prices



       


Leonidas Rompolis, George Chalamandaris
Email: rompolis@aueb.gr
Recovering the Market Risk Premium from Stock and Option Prices



       


Pierangelo Rosati, Riccardo Palumbo
Email: pierangelo.rosati@dcu.ie
Do firms try to fool banks when they apply for new loans?



       


Antonio Rubia, Antonio Moreno, Germ, Marina Balboa
Email: antonio.rubia@ua.es
On Small and Large Shocks in Small and Large Banks: A (Size-dependent) Analysis of Systemic Contagion



       


Stefan Ruenzi, Michael Ungeheuer, Florens Focke
Email: ruenzi@bwl.uni-mannheim.de
Advertising, Attention, and Financial Markets



       


Harley , Jr. Ryan, Huimin Li
Email: cryan@gsu.edu
Does Founding Family Ownership Affect Firm Performance? Evidence from the Evolution of Family Firms



       

Participants

Paper


Amirhossein Sadoghi Sadoghi, Stefan Kassberger
Email: a.sadoghi@fs.de
The Impact of Macroprudential Policies on Systemic Financial Stability



       


Yoshie Saito
Email: ylord@odu.edu
Is Cash Compensation for Long-Tenured CEOs Efficiently Allocated?



       


Nic Schaub, Markus Schmid, Stefan Ruenzi, Daniel Hoechle
Email: markus.schmid@unisg.ch
The Impact of Financial Advice on Trade Performance and Behavioral Biases



       


Rafael Schiozer, Ramon Vilarins
Email: rafael.schiozer@gmail.com
Bailout Policies and Banking Risk in Crisis Periods



       


Markus Schmid, Meik Scholz, Peter Limbach
Email: markus.schmid@unisg.ch
Do CEOs Matter? Corporate Performance and the CEO Life Cycle



       


Astrid Schornick, Dmitry Makarov
Email: astrid.schornick@insead.edu
Household investments, limited participation and equity premium with wealth heterogeneity



       


Frederiek Schoubben, Cynthia Van Hulle
Email: frederiek.schoubben@kuleuven.be
The role of an insurer's opaqueness on the reaction to income shocks



       


Henning Schr Schroeder, Michael Halling, Wolfgang Drobetz
Email: Henning.Schroeder@wiso.uni-hamburg.de
Corporate life-cycle dynamics of cash holdings



       


Hesam Shahriari
Email: shahrih@mcmaster.ca
Relationship-Specific Investment, Contracting Environment and the Choice of Capital Structure



       


Chenguang Shang, Matthew Ross
Email: cshang@bentley.edu
Political Connections and Corporate Innovation Productivity



       


Latha Shanker
Email: latha.shanker@concordia.ca
New indices of adequate and excess speculation and their relationship with volatility in the crude oil futures market



       


Zhe Shen, Qian Sun, William Megginson, Bo Li
Email: z.shen@xmu.edu.cn
Do Share Issue Privatizations Really Improve Firm Performance in China?



       


Vathunyoo Ben Sila, Jens Hagendorff, Angelica Gonzalez
Email: ben.sila@ed.ac.uk
Independent director reputation incentives and stock price informativeness



       


Giorgia Simion, Andrea Veller, Elisa Cavezzali, Ugo Rigoni
Email: giorgia.simion@unive.it
The Impact of Liquidity Regulation Announcements on the CDS Market of Large European Banks



       


Karen Simonyan, Abu Jalal, Ki Han
Email: ksimonyan@suffolk.edu
Stock Return Momentum and Corporate Policies



       


Stace Sirmans, Andy Naranjo, Jongsub Lee
Email: ssirmans@walton.uark.edu
Related Securities and the Cross-section of Stock Return Momentum



       


Jens Jackwerth Slavutskaya, Anna Slavutskaya, Benjamin Golez
Email: jens.jackwerth@uni-konstanz.de
Funding Liquidity Implied by S&P 500 Derivatives



       


Anna Slavutskaya, Jens Jackwerth
Email: anna.slavutskaya@epfl.ch
Relative Alpha



       


Wei Song, Jie Chen, Woon Sau Leung
Email: w.song@swansea.ac.uk
The Impact of Stakeholder Orientation on Bank Risk-Taking: Evidence from Natural Experiment



       


Jean-Loup Soula
Email: jlsoula@unistra.fr
Measuring heterogeneity in bank liquidity risk: who are the winners and the losers?



       


James Spindler
Email: jspindler@law.utexas.edu
Long-Term Incentives to Underperform in the Short Term



       


Anup Srivastava
Email: anup.srivastava@tuck.dartmouth.edu
A systematic problem in the detection of abnormal acts with industry-based models



       


Irina Stefanescu, Jun Yang, Kangzhen Xie, Yupeng Yang
Email: irina.stefanescu@frb.gov
Pay Me Now (and Later): Pension Benefit Manipulation before Plan Freezes and Executive Retirement



       


Catalin Stefanescu
Email: stefanes@american.edu
Collective Action Clauses in International Sovereign Bond Contracts and Their Effect on Spreads at Issuance



       


Bertram I. Steininger, Felix Schindler, Tim A. Kroencke
Email: steininger@immo.rwth-aachen.de
Time-varying Macroeconomic Risk of Real Estate Returns



       


Ping Sun, Strong Norman, Marie Dutordoir
Email: ping.sun@postgrad.mbs.ac.uk
Shelf versus traditional seasoned equity offerings: the impact of manipulative short selling



       


Yuxin Sun, Gbenga Ibikunle
Email: yuxinsun@hotmail.com
A Decade in the Life of a Market: Visible Trading Fragmentation, Market Quality and Efficiency



       

Participants

Paper


Richard Taffler, Amit Goyal, Arman Eshraghi, Liang Jin
Email: Richard.Taffler@wbs.ac.uk
Fund Manager Active Share, Overconfidence and Investment Performance



       


Vivian W. Tai, Yi-Hsun Lai
Email: whtai@ncnu.edu.tw
Multiple Bank Relationships and Corporate Risk Management



       


Lewis Tam, Xiaolin Qian, Bihong Huang, Meryem Duygun
Email: lewistam@umac.mo
Defined-Benefit Pension Plans and Investment Choices: The Role of Employees



       


Kian Ming Tan, Jerry Parwada
Email: eric.tan@otago.ac.nz
The Effect of Fund Managers Status on Money Flows, Performance, and Risk-Taking Behaviors



       


Zenon Taoushianis, Spiros H. Martzoukos, Chris Charalambous
Email: taoushianis.zenon@ucy.ac.cy
Assessing Bankruptcy Probability with Alternative Structural Models and an Enhanced Empirical Model



       


Roi Taussig
Email: taussigroi@hotmail.com
Employee Expenses, Operating Flexibility, and Expected Stock Returns



       


Kristyna Ters, Joerg Urban, Jacob Gyntelberg, Peter Hoerdahl
Email: Kristyna.Ters@unibas.ch
Limits to credit risk arbitrage: Evidence from intraday euro sovereign debt markets



       


Anna Triantafyllou Triantafyllou, Emmanuel Kalokairinos, Sofia Kalogeropoulou, Anna Merika
Email: atriant@acg.edu
The Causal Relationship Between Ceo Tenure And Firm Financial Performance In The Shipping Industry



       


Cameron Truong
Email: cameron.truong@monash.edu
Earnings Announcement Idiosyncratic Volatility and the Cross-section of Stock Returns



       


Shann Turnbull
Email: sturnbull@mba1963.hbs.edu
Defining and achieving good governance



       


Torsten Twardawski, Axel Kind
Email: torsten.twardawski@uni-konstanz.de
Board Overconfidence in Mergers & Acquisitions: A Self-Attribution Bias



       


Chi Feng Tzeng, Martin Widdicks, Stephen Taylor
Email: cftzeng@mx.nthu.edu.tw
Jumps Information inferred from option prices



       

Participants

Paper


Joerg Urban, Kristyna Ters, Lubos Komarek
Email: joerg.urban@bis.org
Intraday dynamics of euro area sovereign credit risk contagion



       


Jorge Uribe, Montserrat Guill, Helena Chuli
Email: jorge.uribe@correounivalle.edu.co
Spillovers From The United States To Latin American and G7 Stock Markets: A Var Quantile Analysis



       

Participants

Paper


Mika Vaihekoski, Jan Antell
Email: mika.vaihekoski@utu.fi
Expected return and conditional asset pricing: A new testing approach



       


Nader Virk, Farrukh Javed
Email: nader.virk@plymouth.ac.uk
European Equity Market Integration and Joint Relationship of Conditional Volatility and Correlations



       


Silvio Vismara Vismara, Michael Robinson, Ari Pandes, Michele Meoli
Email: silvio.vismara@unibg.it
Does Spending Time in the Minors Pay Off?



       


Valeriya Vitkova, Sudi Sudarsanam, Siyang Tian
Email: valeriya.vitkova.2@city.ac.uk
Do diversified firms allocate capital inefficiently? Evidence from equity carve-outs



       

Participants

Paper


Yuan Wang, Huayi Tang, Jingzhi Huang, Jaewon Choi
Email: yuan.wang@concordia.ca
How does the conflict of interest between loan holders and bondholders affect bond IPO underpricing?



       


Ming-Chang Wang, Pang-Ying Chou, Lee-Young Cheng
Email: mcwang@ccu.edu.tw
Does Public Latency Influence Market Quality? An Analysis of Pre-trade Transparency at the Taiwan Futures Exchange



       


Yun-Yi Wang
Email: yyiwang@fcu.edu.tw
Strategic Spoofing Order Trading by Different Types of Investors in the Futures Markets



       


Yaw-Huei Wang, Kuang-Chieh Yen
Email: wangyh@ntu.edu.tw
The Information Content of the Implied Volatility Term Structure on Future Returns



       


Shujing Wang, Ninghua Zhong, K.C.John Wei
Email: shujingwang@connect.ust.hk
The Demand Effect of Yield-Chasing Retail Investors: Evidence from the Chinese Corporate Bond Market



       


Liu Wang
Email: lwang@providence.edu
Stock Market Valuation, Foreign Investment and Cross-Country Arbitrage



       


Jo-Yu Wang, Yang-Che Wu
Email: wangjoyu@hotmail.com
The study on self-sufficient catastrophe bailout programs



       


Gabrielle Wanzenried
Email: gabrielle.wanzenried@hslu.ch
Bankers Pay in State-Owned Banks - How Important Are Governance and Political-Economic Factors?



       


Felix Weidemann
Email: weidemann@wiso.uni-koeln.de
The Determinants of Cash Holdings: Evidence from Meta-Regression Analysis



       


Christian Wilk, J, Elisabeth Klaes
Email: C.Wilk@fs.de
Strategic News Disclosure before Index Recompositions



       


Barry Williams, Jan-Egbert Sturm
Email: barry.williams@monash.edu
The performance of foreign banks in Switzerland



       


Alain Wouassom, Nicholas Tsitsianis, Gulnur Muradoglu
Email: a.wouassom@qmul.ac.uk
Global Contrarian strategy: Equilibrium of endogenous trading?



       


Jan Wrampelmeyer, Jan Wrampelmeyer, Angelo Ranaldo, Matthias Rupprecht
Email: jan.wrampelmeyer@unisg.ch
Fragility of Money Markets



       


Fei Wu, Hong Zhang, Bohui Zhang, Massimo Massa
Email: fwu@saif.sjtu.edu.cn
Saving Long-term Investment From Short-Termism: the Surprising Role of Short Selling



       


Wenfeng Wu, Oliver Rui
Email: wfwu@sjtu.edu.cn
Financial Development, Trade Credit and Corporate Cash Holding: Cross-Country Analyses



       


Yang-Che Wu, Wen-Lin Wu, Jo-Yu Wang, Ming Jing Yang
Email: wuyangche@fcu.edu.tw
The Effectiveness of Asset, Liability, and Equity Hedging Against the Catastrophe Risk: the Cases of Winter Storms in North America and Europe



       

Participants

Paper


Chunling Xia, Jana Fidrmuc
Email: phd11cx@mail.wbs.ac.uk
Target insiders' trades around the takeover announcement date



       


Yexiao Xu, Wenyun Shi
Email: ixyxi@utdallas.edu
Is Beta Still Useful Over A Longer-Horizon? An Implied Cost of Capital Approach.



       


Georgios Xyngis
Email: g.xyngis@uea.ac.uk
Business-Cycle Variation in Macroeconomic Uncertainty and the Cross-Section of Expected Returns: Evidence for Horizon-Dependent Risks



       

Participants

Paper


Vijay Yadav, Massimo Massa
Email: yadav@essec.edu
Fight Inside the Wrapper: The Balance of Power between Insurance Companies and Asset Management Companies



       


Alev Yildirim Yildirim
Email: yildirim.alev@gmail.com
The Effect of Relationship Banking on Firm Efficiency



       


Bohyun Yoon, Byoung-Kyu Min, Dong-Hyun Ahn
Email: yoonbo@kangwon.ac.kr
Why Has the Size Premium Disappeared?



       

Participants

Paper


Gulnara Zaynutdinova Zaynutdinova, Tong Yao, George Jiang
Email: gulnara.zaynutdinova@mail.wvu.edu
Mutual Fund Performance: The Effects of Liquidity Service Provision and Active Portfolio Management



       


Cheng Zeng, Yangke Liu, Edward Lee, Viet Anh Dang
Email: cheng.zeng@manchester.ac.uk
Does debt maturity affect stock price crash risk?



       


Huizhong Zhang
Email: hui.zhang@adelaide.edu.au
Interbank Networking, Peer Pressure and the Performance of Investment banking Syndicates in M&As



       


Qingjing Zhang Zhang, Jing-Ming Kuo, Taufiq Choudhry, Jian Chen
Email: qjzhang1014@gmail.com
Is Liquidity the Trigger for Stock Returns? A Double Take and the Role of Investors



       


Yelin Zhang, Sofia Johan, Douglas Cumming
Email: sjohan@schulich.yorku.ca
Dissection of Mutual Fund Fees, Flows, and Performance



       


Liping Zhao, Zhang Zilong, Lin Yupeng
Email: lzhaoah@connect.ust.hk
Sharing the surplus with clients: the protection of bank proprietary information and loan pricing



       


Rui Zhong
Email: ruizhong@outlook.com
Political Uncertainty and Credit Risk: An International Study



       


Zhengyi Zhou
Email: zyzhou.12@saif.sjtu.edu.cn
Housing market sentiment and policy effectiveness: Evidence from Shanghai



       


Severin Zoergiebel
Email: zoergiebel@finance.uni-frankfurt.de
The Rise of the Unicorns - How Media Affects Start-up Valuations



       


Claudia Zunft
Email: claudia.zunft@gmail.com
A Low-Risk Strategy based on Higher Moments in Currency Markets