European Financial Management Association
2023 Annual Meetings
June 28 - July 1, 2023
Cardiff Business School, Cardiff University, UK.

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:

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 EFMA2023 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 EFMA2023 meetings, discussants are kindly required to hand out to the authors and the session chair 1-2 pages handwritten comments with their constructive comments.

Accepted Papers & Participants List




Kristina Lalova (presenting).
The Value of Employee Morale Similarity in Mergers and Acquisitions: Evidence from Glassdoor.


Michael LaCour-Little (presenting), Andrey Pavlov , Susan Wachter.
Adverse Selection and Climate Risk: A Response to Ouazad and Khan (2021).


Philipp Lentner (presenting).
Are ECB announcement days special? Evidence from QE announcements.


Ya Li (presenting), Linjun Feng, Jing Xu.
Picking A Thorny Rose: Optimal Timing of Liquidity Premium.


Yiwei Li (presenting), Zhe Shen, Yeqin Zeng, Zhiliang Zhu.
Generalist CEOs and Debt Concentration.


Ang Li (presenting), Minyou Fan, Xing Han, Jiadong Liu.
Decomposing Basis-Momentum in Currency Market.


Zan Li (presenting), Pawel Bilinski, Jay Jung.
Using ‘Mood Images’ in an Annual Report to Influence Shareholder Say-On-Pay Votes.


Dan Li (presenting), Jonathan Brogaard, Jeffrey Yang.
Does High Frequency Market Manipulation Harm Market Quality?


Lifang Li (presenting).
When the Long is Long and the Short is Short.


Kun Li (presenting).
Spillover Effects of ESG Information Disclosure Mirrored in Earnings Forecasts.


Yubin Li (presenting), Xin Liu, Ke Peng, Zhaodong (Ken) Zhong.
Are Daytime and Overnight Sentiments Different?


Yuexin Li (presenting), Géraldine David, Kim Oosterlinck, Luc Renneboog.
Art in Times of Crisis.


Huimin Li (presenting), Dazhi Zheng, Fengyun Li.
Capital Gain Overhang and risk-return trade-off: An international study.


Sicong Li (presenting), Victor DeMiguel, Alberto Martin-Utrera.
Comparing Factor Models with Price-Impact Costs.


Shuyu Li (presenting), Marie Dutordoir, João Quariguasi Frota Neto.
When green is no longer a win - new evidence on the shareholder wealth effects of green bond issuance.


Kefu Liao (presenting), Kevin Evans, Dudley Gilder.
The role of jumps in anticipating volatility.


Shushu Liao (presenting), Jeong-Bon Kim, Yangke Liu.
Creditor Rights, Access to Finance, and Stock Price Crash Risk.


Grzegorz Pawlina (presenting), Shushu Liao, Nhut H. Nguyen.
Family to Firm Expansion: How Does the CEO Children Number Affect Corporate Investment?


Jing Liao (presenting), Feiyang Cheng, Ahmet Sensoy, Shouyu Yao, Xutang Liu.
Local Happiness and Financial Misconduct: Does Happiness Reduce Organizational Opportunistic Behavior?


Zih-Ying Lin (presenting), Jia-Wen Lu.
The impact of COVID-19 on global investor attention.


Xianmin Liu (presenting), Gulnur Muradoglu, Ni Peng.
Green innovation and cross-border M&As: Evidence from China.


Jie Liu (presenting), Jing Chi, Ji Wu , M. Humayun Kabir.
Air pollution and mergers and acquisitions: Evidence from China.


Yini Liu (presenting), Ca Nguyen.
The Role of Financial Covenants in Pricing Private Investments in Public Equity.


Yangke Liu(presenting), Cheng Yan, Weining Zhang.
Bank Competition and Cost of Equity Capital.


Shu LIU(presenting), Minggui YU.
Helping Hand or Grasping Hand? The Bright Side of Political Connections in Crisis.


Jiatao Liu(presenting), Ian Marsh, Yajun Xiao.
Cybercrime and the Cross-Section of Equity Returns.


Yongda Liu (presenting), Carol Padgett, Chao Yin.
Will Powerful Customers Push Suppliers to Improve Their Internal Information Quality?


Yi-Hsin Lo (presenting).
How do firms respond to reduced private equity buyout activity?


Tiago Loncan (presenting).
Can employee welfare policies insure workers against fluctuations in employment?


Richard Lord (presenting), Yoshie Saito.
Influence of Regulatory Regime and Firm Size on Reporting of Discontinued Operations.


Jun Lu (presenting), Lei Gao, Wei Wang, Yao Xiong.
Corporate Social Responsibility and Short-Selling: Evidence from China.


Shun Lu (presenting), Marina Glushenkova, Wei Huang, Kent Matthews.
SME Relationship Banking and Loan Contracting: Survey-based Evidence from China.


Jianan Lu (presenting), Wenxuan Hou, Brian Main.
The Cultural Revolution and Present-day Household Finance.