Business School
Institute of Global Finance
The 29th Australasian Finance and Banking Conference
CONFERENCE PROGRAM
29th Australasian Finance and Banking Conference
Wednesday 14 to Friday 16 December 2016 Shangri-La Hotel, Sydney
Program – Day 1 Wednesday 14 December 2016
Registration Registration – Upper Grand Ballroom Lobby 7:45am – 8:30am
Behavioural Corporate Tax Financing Financial Market International Asset Pricing I Finance I Policy Constraints Institutions I Microstructure I Finance Session 1 8:30am – 10:30am Chair: Jinji Hao Chair: Lin Mi Chair: Don Chance Chair: Jing Yu Chair: Necmi Chair: Stephen Brown Chair: Veljko Fotak Avkiran Cambridge I & II Cambridge III Cambridge IV Essex I Essex II Bradfield Lounge Harlequin
Morning Tea Morning Tea – Grand Ballroom Lobby 10:30am – 11:00am
International Business Forum
Business Forum Launch of the World Bank Report Doing Business 2017 11:00am – 1:00pm Augusto López-Claros, World Bank
Grand Ballroom II
Lunch Lunch – Grand Ballroom I 1:00pm – 2:00pm
Keynote Address
Keynote Low Latency Trading on Macroeconomic Announcements 2:00pm – 3:00pm Tarun Chordia, Emory University
Grand Ballroom II
Afternoon Tea Afternoon Tea – Grand Ballroom Lobby 3:00pm – 3:30pm
Financial Return Emerging Derivative Financial Funds Markets & Asset Pricing II Markets I Predictability Markets Instruments Economics I Management I Financial Stability Session 2 3:30pm – 5:30pm Chair: Li Yang Chair: Ming Zeng Chair: Bonnie Chair: Xiaoming Chair: Carlo Sala Chair: Xiao Qiao Chair: Ai He Chair: Giovanni Buchanan Li Bradfield Calice Ballroom II Cambridge I & II Cambridge III Cambridge IV Essex I Essex II Lounge Harlequin Program – Day 2 Thursday 15 December 2016 Corporate Financial Financial Mathematical Corporate Corporate Finance I Capital Markets I Finance II Institutions II Institutions III Finance Finance III Session 3 8:30am – 9:30am Chair: Tinghua Duan Chair: Yeguang Chi Chair: Xiaoran Ni Chair: Kevin Davis Chair: Nithi Chair: Asjeet Lamba Chair: Wenxing Sopitpongstorn Guo Cambridge I & II Cambridge III Cambridge IV Essex I Essex II Bradfield Lounge Harlequin Portfolio Financial Behavioural Financial Corporate Capital Structure Capital Markets II Management Markets II Finance II Institutions IV Financial Policies Session 4 9:30am – 11:30am Chair: Jinsuk Yang Chair: Jia Chen Chair: Chulwoo Han Chair: Remco Chair: Pedro Chair: Pei Shao Chair: Bo Li Zwinkels Barroso Cambridge I & II Cambridge III Cambridge IV Essex I Essex II Bradfield Lounge Harlequin
Morning Tea Morning Tea – Grand Ballroom Lobby 11:30am – 12:00pm Keynote Address
Keynote State Capitalism vs. Private Enterprise 12:00pm – 1:00pm Alexander Ljungqvist, New York University
Grand Ballroom II Lunch Lunch – Grand Ballroom I 1:00pm – 2:00pm Financial Financial Funds Financial Financial Asset Pricing III Debt Contracting Regulations I Markets III Management II Economics II Institutions V Session 5 2:00pm – 4:00pm Chair: Anders Chair: Radomir Chair: Chelsea Chair: Kian Tan Chair: Tiffany Thng Chair: Thomas Chair: David Tripe Anderson Todorov Yaqiong Yao Weber Cambridge I & II Cambridge III Cambridge IV Essex I Essex II Bradfield Lounge Harlequin
Afternoon Tea Afternoon Tea – Grand Ballroom Lobby 4:00pm – 4:30pm International Financial Capital Behavioural Capital Corporate Corporate Corporate Finance Institutions VI Markets III Finance III Markets IV Finance IV Finance V Session 6 4:30pm – 5:30pm Chair: Dong Wook Chair: Joris van Chair: Nattavut Chair: Jae Kim Chair: Ruchith Chair: Douglas Chair: Ye Ye Lee Toor Suwanyangyuan Dissanayake Cumming Cambridge I & II Cambridge III Cambridge IV Essex I Essex III Bradfield Lounge Harlequin Pre- Dinner Drinks Pre-Dinner Drinks – Grand Ballroom Lobby 6:45pm – 7:30pm Conference Dinner Keynotes Grand Ballroom I & II Conference Dinner 7:30pm Some Open Questions for Financial Economics in the Women, Business and the Law Wake of the Global Financial Crisis Stephen Schaefer, London Business School Augusto López-Claros, World Bank Program – Day 3 Friday 16 December 2016
Capital Markets & Asset Pricing with Financial Market CEOs & Boards I Asset Pricing IV Stakeholders Corporate Finance Skewness Regulations II Microstructure II Session 7 8:45am – 10:45am Chair: Brahim Chair: Yulia Veld- Chair: Christine Chair: Jozef Drienko Chair: Wei Cai Chair: Yuxin Sun Chair: Hanwen Sun Saadouni Merkoulova Brown Cambridge I & II Cambridge III Cambridge IV Essex I Essex II Bradfield Lounge Harlequin Morning Tea Morning Tea – Grand Ballroom Lobby 10:45am – 11:15am Keynote Address
Keynote Are Stocks Held Only for Wealth Accumulation? 11:15am – 12:15pm Avanidhar Subrahmanyam, University of California Los Angeles
Grand Ballroom II Lunch Lunch – Grand Ballroom I 12:15pm – 1:00pm
Funds CEOs & Corporate Quantitative Market Funds Systemic Risk Management III Boards II Finance VI Finance Microstructure III Management IV Session 8 1:00pm – 3:00pm Chair: George Chair: Sofia Johan Chair: Yili Lian Chair: Rochelle Chair: Josh Della Chair: Qiongbing Wu Chair: Jianfeng Shen Jiaguo Wang Edge Vedova Cambridge I & II Cambridge II Cambridge IV Essex I Essex II Bradfield Lounge Harlequin
Afternoon Tea Afternoon Tea – Grand Ballroom Lobby 3:00pm – 3:15pm
Regulations & Ownership & Corporate Behavioural Financial Financial Corporate Social Asset Pricing V Capital Structure Governance Finance IV Reporting Institutions VII Responsibilities Session 9 3:15pm – 5:15pm Chair: Roy Chair: O. Emre Chair: Ying Gan Chair: Arvid Chair: Natalya Chair: Buhui Qiu Chair: Elvira Sojli Martelanc Ergungor Hoffmann Zelenyuk Cambridge I & II Cambridge III Cambridge IV Essex I Essex II Bradfield Lounge Harlequin
Conference Concludes 5:15pm 14 December 2016 8:30am – 10:30am 14 December 2016 8:30am – 10:30am Session 1 Cambridge I & II Session 1 Cambridge III Asset Pricing I Behavioural Finance I Economic Policy Uncertainty and Equity Risk Premium: ( ) * + + Evidence from China ," - - Xiaoming Li, Massey University Beliefs Discussant: Viet Nga Cao, Monash University Arvid O. I. Hoffmann, University of Adelaide Thomas Post, Maastricht University Discussant: Wei Lu, University of New South Wales
/ #5 " 7 " Sebastian Scheurle, Goethe University Frankfurt , Institute of Business Administration, Karachi Discussant: Yulia V. Veld-Merkoulova, Monash University Mohammad Nishat, Institute of Business Administration, Karachi Discussant: Nebojsa Dimic, University of Vaasa
Corporate Cash Holdings in the Cross Section of Stock 9 % * ! ; 7 " ! " Stephen J. Brown, New York Universit Viet Nga Cao, Monash University Chris Veld, Monash University Andrew P. Marshall, University of Strathclyde ' ! <= < ! # ! , Monash University Krishna Paudyal, University of Strathclyde Discussant: Sebastian Scheurle, Goethe University Frankfurt Discussant: Xiaoming Li, Massey University
# $ % ' ! > #? * ! ? " Nebojsa Dimic, University of Vaasa 7 Vitaly Orlov, University of Vaasa Wei Lu, University of New South Wales Janne Jaakko Äijö, University of Vaasa Peter L. Swan, University of New South Wales Discussant: Sana Fatima Tauseef, Institute of Business Administration, P. Joakim Westerholm, University of Sydney Karachi Discussant: Arvid O. I. Hoffmann, University of Adelaide
Chair: Jinji Hao, Washington University in Saint Louis Chair: Lin Mi, University of Queensland
14 December 2016 8:30am – 10:30am 14 December 2016 8:30am – 10:30am Session 1 Cambridge IV Session 1 Essex I " , 7 ! % Financing Constraints ( ) * , 5 \ 5 % Investment and Financing Decisions of Private and Public ( " %#G , University of New South Wales Firms Ling Lei Lisic, George Mason University Wolfgang Drobetz, University of Hamburg Kelly Wentland, George Mason University ! G K , University of Hamburg Discussant: Shijie Yang, University of Hong Kong Iwan Meier, HEC Montreal Discussant: Xueping Wu, City University of Hong Kong
7 R " , 7 ! # " * - % , Cycles Chen Chen, Monash University Yulong Wang, University of Melbourne Shufang Lai, Chinese University of Hong Kong Discussant: Jungwon Suh, Sungkyunkwan University Thomas C. Omer, University of Nebraska at Lincoln Discussant: Erik Rui Wang, Chinese University of Hong Kong, Shenzhen ! 5 % 7 /! , 5 ; ) % ! ) 5 ,"! Evidence > ) # %" #5! ( % Shijie Yang, University of Hong Kong Xueping Wu, City University of Hong Kong Hong Zou, University of Hong Kong Chau Kin Au Yeung, Chinese University of Hong Kong Discussant: Mark Humphery-Jenner, University of New South Wales Discussant: Malte Janzen, University of Hamburg
9 * 5 * ! 7 /! $ % > " R ! " ! ! " , 5 Bing Li, City University of Hong Kong Heejung Choi, Korea University Zhenbin Liu, Chinese University of Hong Kong, Shenzhen G ) , Sungkyunkwan University Erik Rui Wang, Chinese University of Hong Kong, Shenzhen Discussant: Yulong Wang, University of Melbourne Discussant: Chen Chen, Monash University
Chair: Don M. Chance, Louisiana State University Chair: Jing Yu, University of Western Australia 14 December 2016 8:30am – 10:30am 14 December 2016 8:30am – 10:30am Session 1 Essex II Session 1 ! + Financial Institutions I 5 * % % % Chinese Banking Sector Haoyu Gao, City University of Hong Kong Kai Du, University of Adelaide Junbo Wang, City University of Hong Kong G [ , City University of Hong Kong Valentin Zelenyuk, University of Queensland Discussant: Giovanni Calice, Loughborough University Discussant: Xiaolu Hu, RMIT University
Slack-Based Directional Distance Function in the Presence of 9 7 ? " % 5""! < ( ; % , University of Technology Sydney * 7 , University of Queensland " # Valentin Zelenyuk, University of Queensland Eliza Wu, University of Sydney Discussant: Dong Xiang, Qilu University of Technology
5 % % >! / ! 5 ! ) * ! Quasi-Natural Experiment in China ) " ! ) / 9 Xiaolu Hu, RMIT University > ! , Loughborough University Jing Shi, RMIT University Tola Adesina, Birkbeck, University of London Discussant: Valentin Zelenyuk, University of Queensland Discussant: Junchao Xiao, City University of Hong Kong
% ( !% # " % 5 # ; # ! * ! * $ % & ' " Function Approach ( " ' ) * Dong Xiang, Qilu University of Technology G ( Ning Zhang, Jiangxi University of Finance and Economics Discussant: Huong Thanh Nguyen, University of Technology Sydney Discussant: Manh Duc Pham, University of Queensland Chair: Necmi K Avkiran, University of Queensland Chair: Stephen J. Brown, Monash University
14 December 2016 8:30am – 10:30am Session 1 Harlequin International Finance ' ! - , " % % Policy #( + , University of Macau Dimitris Margaritis, University of Auckland Yang Zhang, University of Macau Discussant: Vitaly Orlov, University of Vaasa
?" ! % [ Thomas Andreas Maurer, Washington University in Saint Louis % * , University of New South Wales Ngoc-Khanh Tran, Washington University in Saint Louis Discussant: \ , Singapore Management University
! % 7 % Vitaly Orlov, University of Vaasa Discussant: Ming-Hua Liu, University of Macau
% , \ , Singapore Management University Discussant: Thuy Duong To, University of New South Wales
Chair: Veljko Fotak, University at Buffalo 14 December 2016 3:30pm – 6:00pm 14 December 2016 3:30pm – 5:30pm Session 2 Ballroom II Session 2 Cambridge I & II ! Return Predictability 5 ) ! !! ! / ! 5 5 Sebastian Stöckl, University of Liechtenstein Ya-Kai Chang, Chung Yuan Christian University Discussant: Jinji Hao, Washington University in Saint Louis Robin K. Chou, National Chengchi University G % ' , Oregon State University Discussant: Jianfeng Shen, University of New South Wales # - + $ % " - ( $ % Sectoral Labor Reallocation and Return Predictability Yiping Lin, University of New South Wales Esther Eiling, University of Amsterdam Peter L. Swan, University of New South Wales Raymond Kan, University of Toronto Frederick H. Harris, Wake Forest University Ali Sharifkhani, University of Toronto Discussant: P. Joakim Westerholm, University of Sydney Discussant: Francisco Santos, Norwegian School of Economics ( $ % - < ! ! % Counterparty Performance 7= G 9 ! , University of Sydney 5 !# ! , 7 / ! % Discussant: Yiping Lin, University of New South Wales G _ ( , Washington University in Saint Louis 7 * % ! # Discussant: Sebastian Stöckl, University of Liechtenstein of FX Geir Hoidal Bjonnes, Institute for Financial Research ; " % ] K , University of Hamburg / Royal Bank of Scotland Discussant: David B. Nickerson, Ryerson University Return Predictability Information in Single-Country Closed- " - % End Funds’ Discounts % ! Francisco Santos, Norwegian School of Economics David B. Nickerson, Ryerson University Discussant: Ali Sharifkhani, University of Toronto Discussant: Neophytos Kathitziotis, University of Hamburg / Royal Bank of Scotland
Chair: Li Yang, University of New South Wales Chair: Ming Zeng, Singapore Management University
14 December 2016 3:30pm – 5:30pm 14 December 2016 3:30pm – 5:30pm Session 2 Cambridge III Session 2 Cambridge IV Asset Pricing II 9 % * !!% ""! 7 > " 5 7 , / < ) Ruchith Dissanayake, University of Alberta > % > , Macquarie University Discussant: Ti Zhou, South University of Science and Technology Bo Yu, Tianjin University of Finance & Economics China Discussant: Lidan Zhang, University of Macau
Intra-Industry Effects of Private Equity Investments in China * + Wei-Huei Hsu, Massey University Zhuo Chen, Tsinghua University Discussant: Yongxian Tan, Shanghai University of Finance and Pengfei Li, Tsinghua University Economics Zhengwei Wang, Tsinghua University Bohui Zhang, University of New South Wales Discussant: Qifei Zhu, University of Texas at Austin
Political Connection, Capital Structure and Cost of Debt: 7 / / ! Evidence from China Section of Asset Returns Adrian C. H. Lei, University of Macau \ , South University of Science and Technology China Lidan Zhang, University of Macau Discussant: Ruchith Dissanayake, University of Alberta Discussant: Gary Gang Tian, Macquarie University
! 7 K R "! % ) Share Structure Reform Frank Weikai Li, Hong Kong University of Science & Technology ' , , Shanghai University of Finance and Economics Qifei Zhu, University of Texas at Austin Xuan Tian, Indiana University Discussant: Pengfei Li, Tsinghua University Xinde Zhang, Shanghai University of Finance and Economics Hailong Zhao, Shanghai University of Finance and Economics Discussant: Wei-Huei Hsu, Massey University Chair: Bonnie Buchanan, Seattle University Chair: Xiaoming Li, Massey University 14 December 2016 3:30pm – 5:30pm 14 December 2016 3:30pm – 5:30pm Session 2 Essex I Session 2 Essex II Derivative Instruments Financial Economics I 9 ? ! ?" # "! < < 5 " ! 5 ! + $ % > + ! ! Application ( > #5 , Università della Svizzera italiana Daniel Ruf, University of St. Gallen Chiara Legnazzi, Swiss Finance Institute Discussant: Haotong Li, University of Cambridge Carlo Sala, Swiss Finance Institute Discussant: Luis Goncalves-Pinto, National University of Singapore
?" Loss Aversion and Residential Property Development ] , University of New South Wales Decisions in China: A Semi-Parametric Estimation Donghyun Kim, University of Wisconsin Helen X. Bao, University of Cambridge Geul Lee, Hankuk University of Foreign Studies , University of Cambridge Discussant: Wenrui Zhang, Chinese University of Hong Kong Discussant: Lin Mi, University of Queensland
How Does Stock Illiquidity Affect the Informational Content of ? ? ! 5 ?" 7 ! + > ! #7 , National University of Singapore Helen X. Bao, University of Cambridge Jing Xu, Renmin University of China Haotong Li, University of Cambridge Discussant: Giovanni Barone-Adesi, Università della Svizzera italiana Discussant: Daniel Ruf, University of St. Gallen
! ! * ! ) " " 9 % * 9 ; " ! K ! < [ Xin (Simba) Chang, University of Cambridge + , University of Queensland Yangyang Chen, Hong Kong Polytechnic University Karen L. Benson, University of Queensland Sarah Qian Wang, University of Warwick Robert W. Faff, University of Queensland Kuo Zhang, Xiamen University Discussant: Chunming Meng, University of Cambridge Wenrui Zhang, Chinese University of Hong Kong Discussant: Chang Mo Kang, University of New South Wales Chair: Carlo Sala, ESADE Business School Chair: Xiao Qiao, SummerHaven Investment Management, LLC
14 December 2016 3:30pm – 5:30pm 14 December 2016 3:30pm – 5:30pm Session 2 ! + Session 2 Harlequin ! / ! % < ! 5 ! % 5 ! Funding Liquidity Shocks in a Natural Experiment: Evidence Perspective from the CDS Big Bang *% , VU University Amsterdam Xinjie Wang, Southern University of Science and Technology Evert Wipplinger, VU University Amsterdam Yangru Wu, Rutgers University Discussant: Jingrui Xu, University of New South Wales Hongjun Yan, DePaul University Zhaodong Zhong, Rutgers University Discussant: Nikolaos Karouzakis, University of Sussex Rise of Factor Investing: Asset Prices, Informational ?/_ > # !! %- % * Financial Crisis Lin William Cong, University of Chicago Yoshiaki Ogura, Waseda University Douglas Xu, University of Chicago Discussant: Alyssa G. Anderson, Board of Governors of the Federal Discussant: Matthijs Breugem, Frankfurt School of Finance & Reserve System Management
Concentration Effects and Cross-Effects in the International An International Examination of the Role of Default and 5 % + $ % / David Feldman, University of New South Wales ; ! ] K , University of Sussex Konark Saxena, University of New South Wales John Hatgioannides, City University London G [ , University of New South Wales Discussant: Yangru Wu, Rutgers University Discussant: Teodor Dyakov, VU University Amsterdam
5 5 7 + % 7 ! % "! 7 " with Institutional Investors Displacement: Evidence from the Overnight Reverse _ , Frankfurt School of Finance & Management Repurchase Facility Adrian Buss, INSEAD 5!% >= 5 , Board of Governors of the Federal Reserve Discussant: Lin William Cong, University of Chicago System John Kandrac, Board of Governors of the Federal Reserve System Discussant: Yoshiaki Ogura, Waseda University Chair: Ai He, Emory University Chair: Giovanni Calice, Loughborough University 15 December 2016 8:30am – 9:30am 15 December 2016 8:30am – 9:30am Session 3 Cambridge I & II Session 3 Cambridge III Corporate Finance I " ! ? K " ! < ! / ! % 5 + 5 5 $ * {5 \ Konan Chan, National Chengchi University + Yanzhi Wang, National Taiwan University Chong Chen, City University of Hong Kong Hsiao-Lin Yang, National Chengchi University Xueping Wu, City University of Hong Kong
Financial Development and Reallocation of Capital in * $ % !!% | " + # > " * >! / ! ! Evidence from Private Placements and Public Offerings in % , Nagasaki University ) Kazuo Yamada, Ritsumeikan University Cheng-Yi Shiu, National Central University at Taiwan Hui-Shan Wei, Southern Taiwan University of Science and Technology
- " + % ! 7 International Financial Integration: Stock Return Linkage and 5 $ < ! ! % / ) < ? 5 Kai-Shi Chuang, Tunghai University Countries Võ Xuân Vinh, University of Economics Ho Chi Minh City Craig Ellis, Education Centre Australia
Chair: Tinghua Duan, University of Edinburgh Chair: Yeguang Chi, Shanghai Jiao Tong University
15 December 2016 8:30am – 9:30am 15 December 2016 8:30am – 9:30am Session 3 Cambridge IV Session 3 Essex I Corporate Finance II Financial Institutions II ) * !! ) ! " ! 7 + $ % " ! * G " % ( , Deakin University , Waseda University Siqiwen Li, University of Canberra
5 5 ! 5 * / 5 ,"! \# Adam Steen, Charles Sturt University Xiping Li, Massey University Alfred H.S. Wong, Charles Sturt University * 9= += " , Massey University Mariya Yesseleva-Piokna, Charles Sturt University Christopher B. Malone, Massey University
Voluntary Zero-Dividend Paying Firms: Determinants and * < ! ! Consequences Financial Institutions Hyunseok Kim, Sungkyunkwan University Florian Kaufmann, Universitat Munchen G (% ] , Sungkyunkwan University Shane Magee, Macquarie University Sue Wright, Macquarie University
Chair: Xiaoran Ni, Tsinghua University Chair: Kevin Davis, University of Melbourne 15 December 2016 8:30am – 9:30am 15 December 2016 8:30am – 9:30am Session 3 Essex II Session 3 ! + Financial Institutions III ! Bank Consolidation, Competition and Interest Rate Pass- Impact of Persistent Bad Returns and Volatility on Retirement " ! % Outcomes G % + , University of Macau Anup K. Basu, Queensland University of Technology Ming-Hua Liu, University of Macau Osei K. Wiafe
7 # 7 # 7 5 ?" 7 G "#* } " ~ G " # 7 ! 5 !% Processes Using Quadrature Kimie Harada, Chuo University ( K , University of Nottingham Kimiyo Kitamura, Chuo University Ding Chen, University of Sussex David P. Newton, University of Bath
* , ! / ! ,"! # * , " < ! ! % 5 % , Investigation of the Australian Resources Index Pedro Barroso, University of New South Wales Neha Deo, Western Sydney University Frickson Kho, University of New South Wales Mason Prasad, KPMG Li Yang, University of New South Wales Maria Estela Varua, Western Sydney University
Chair: Nithi Sopitpongstorn, Monash University Chair: Asjeet S. Lamba, University of Melbourne
15 December 2016 8:30am – 9:30am Session 3 Harlequin Corporate Finance III * ? + " > * ; % , Waseda University
"# ! 5 - ," " { 5 $ [ > , University of Nottingham China Danni Wang, University of Nottingham China
Corporate Risk, Returns and Economic Outlook + _ K, University of Southern Queensland
Chair: Wenxing Guo, University of New South Wales 15 December 2016 9:30am – 11:30am 15 December 2016 9:30am – 11:30am Session 4 Cambridge I & II Session 4 Cambridge III Capital Structure 7 ! Strategic Default and Capital Structure Decision ? < ! 7 ! ?" K 7 Ye Ye, University of Sydney ) 9 # 5 Shumi M. Akhtar II, University of Sydney Raymond Kan, University of Toronto Discussant: Edison G. Yu, Federal Reserve Bank of Philadelphia Xiaolu Wang, Iowa State University Guofu Zhou, Washington University in Saint Louis Discussant: Bowei Li, University of Melbourne
" ! *% 7 ! ?" K + * , University of Danang Carlo Sala, ESADE Business School Viet Anh Dang, University of Manchester Giovanni Barone-Adesi, Swiss Finance Institute Fariborz Moshirian, University of New South Wales Discussant: Guillaume Coqueret, Montpellier Business School Lily H.G. Nguyen, La Trobe University Bohui Zhang, University of New South Wales Discussant: Ye Ye, University of Sydney
+ ! ! + "! ! - - 7 Loans ?" ! < ; * Mitchell Berlin, Federal Reserve Bank of Philadelphia Bowei Li, University of Melbourne Greg Nini, Drexel University Discussant: Xiaolu Wang, Iowa State University >= ' , Federal Reserve Bank of Philadelphia Discussant: Anisha Nyatee, University of Rochester
Competition and Capital Structure " ! 7 " ( 5 ! + Anisha Nyatee, University of Rochester Dimensions Discussant: Tung Lam Dang, University of Danang > !! $ , Montpellier Business School Discussant: Carlo Sala, ESADE Business School
Chair: Jinsuk Yang, University of Texas at Arlington Chair: Jia Chen, Peking University
15 December 2016 9:30am – 11:30am 15 December 2016 9:30am – 11:30am Session 4 Cambridge IV Session 4 Essex I ! Behavioural Finance II ,"! % % 5 ! ! ) ! Exploratory Study Moritz Wagner, University of Auckland Necmi K Avkiran, University of Queensland G = + , University of Auckland Discussant: Hasibul Chowdhury, University of Queensland Discussant: Frank Weikai Li, Hong Kong University of Science & Technology
" % " ( ! R > * % Chenxi Liu, Singapore Management University " ! Discussant: Toshinori Sasaki, Toyo University G (= ] , La Trobe University Discussant: Alexander Molchanov, Massey University
! 7 % * " % " + $ % Days to Cover and Stock Returns Hasibul Chowdhury, University of Queensland Harrison G. Hong, Columbia University Mamiza Haq, University of Queensland Frank Weikai Li, Hong Kong University of Science & Technology Allan Hodgson, University of Queensland Sophie X. Ni, Hong Kong University of Science & Technology Shams Pathan, University of Queensland Jose A. Scheinkman, Columbia University Discussant: Necmi K Avkiran, University of Queensland Philip Yan, Goldman Sachs Group, Inc. Discussant: John B. Lee, University of Auckland
Bank Soundness and Cash Holdings: Evidence from a Bank- < ! 7 ! Returns , Toyo University Ben Jacobsen, Tilburg University Katsushi Suzuki, Hitotsubashi University 5! , ! , Massey University Discussant: Chenxi Liu, Singapore Management University Cherry Yi Zhang, Nottingham University Business School China Discussant: Jae H. Kim, La Trobe University
Chair: Chulwoo Han, Durham University Chair: Remco C. J. Zwinkels, VU University Amsterdam 15 December 2016 9:30am – 11:30am 15 December 2016 9:30am – 11:30am Session 4 Essex II Session 4 ! + " ! Financial Institutions IV < ! > ) 7 / ! % - - 9 !! ! Stock Returns Information Asymmetries Nowadays Juan M. Sotes-Paladino, University of Melbourne ( ; % , RMIT University George Jiaguo Wang, University of Manchester Discussant: Gauri Bhat, Southern Methodist University Chelsea Yaqiong Yao, Lancaster University Discussant: Diamond Wang, University of Auckland
9 * |= = # ! Ieva Sakalauskaite, University of Amsterdam Diamond Wang, University of Auckland Discussant: Liangliang Jiang, Lingnan University Discussant: Chelsea Yaqiong Yao, Lancaster University
Private Debt: Volatility, Credit Risk, and Returns " ! + ! % * ! G= , York University > , Southern Methodist University Grant Fleming, Continuity Capital Partners Hemang Desai, Southern Methodist University Zhangxin Frank Liu, University of Western Australia Discussant: Hung Manh Nguyen, RMIT University Discussant: Dong Wook Lee, Korea University
7 7 /! " !! 7 !% * " 5 Held Companies: Evidence of Negative Externalities + ! G , Lingnan University Heejung Choi, Korea University Ross Levine, University of California, Berkeley Dong Wook Lee, Korea University Chen Lin, University of Hong Kong Discussant: Douglas J. Cumming, York University Discussant: Ieva Sakalauskaite, University of Amsterdam
Chair: Pedro Barroso, University of New South Wales Chair: Pei Shao, University of Lethbridge
15 December 2016 9:30am – 11:30am Session 4 Harlequin Corporate Financial Policies Uncertainty and Firm Dividend Policy – A Natural Experiment Bonnie Buchanan, Seattle University Cathy Xuying Cao, Seattle University Eva Liljeblom, Swedish School of Economics and Business Administration Susan Weihrich, Seattle University Discussant: Xiaoting Wei, Australian National University
Unexpected Dividend Change Announcements and Corporate Bond Price Reactions Xiaoting Wei, Australian National University Cameron Truong, Monash University Viet Minh Do, Monash University Discussant: Don M. Chance, Louisiana State University
Dividends on Unearned Shares and Corporate Payout Policy: An Analysis of Dividend Equivalent Rights * = , Louisiana State University Discussant: Mikiharu Noma, Hitotsubashi University
+ # / ! % " " ! G " Akitoshi Ito, University of Tsukuba Toshitaka Mikabe ; , Hitotsubashi University Discussant: Bonnie Buchanan, Seattle University
Chair: Bo Li, Tsinghua University 15 December 2016 2:00pm – 4:00pm 15 December 2016 2:00pm – 4:00pm Session 5 Cambridge I & II Session 5 Cambridge III Financial Regulations I ! * ! ! 5 + $ % "! " ! # ," # - * ) + $ % Returns Xinjie Wang, Southern University of Science and Technology < >= 5K , Technical University of Munich Yangru Wu, Rutgers University Discussant: Jinsuk Yang, University of Texas at Arlington Zhaodong Zhong, Rutgers Uiversity Discussant: Jia Chen, Peking University
* ! - " % ! ?" 5 * ( % | % " < ! ! ; % Saskia ter Ellen, Norges Bank % Willem F. C. Verschoor, Erasmus University Rotterdam Christine A. Brown, Monash University = G= \) ! , VU University Amsterdam John C. Handley, University of Melbourne Discussant: Chulwoo Han, Durham University Asjeet S. Lamba, University of Melbourne Discussant: Robin Döttling, University of Amsterdam " % 7 % ! # " 5 $ # 7 G , Peking University G ' , University of Texas at Arlington Ruichang Lu, National University of Singapore Discussant: Vitor G. Azevedo, Technical University of Munich Discussant: Asjeet S. Lamba, University of Melbourne
+ $ % " \ + ) Improving the Naive Portfolio Strategy Robin Döttling, University of Amsterdam Chulwoo Han, Durham University Discussant: Xinjie Wang, Southern University of Science and Discussant: Remco C. J. Zwinkels, VU University Amsterdam Technology
Chair: Anders Anderson, Swedish House of Finance Chair: Radomir Todorov, Bank of Canada
15 December 2016 2:00pm – 4:00pm 15 December 2016 2:00pm – 4:00pm Session 5 Cambridge IV Session 5 Essex I Asset Pricing III On the Economic Value of Alphas > 9 9 )#* " Raymond Kan, University of Toronto than Performance Xiaolu Wang, Iowa State University Oleg Chuprinin, University of New South Wales Discussant: Redouane Elkamhi, University of Toronto , University of New South Wales Discussant: George Jiaguo Wang, University of Manchester
Information Environment, Systematic Volatility and Stock 7 Return Synchronicity ! " G 9 , Hong Kong Polytechnic University Yeguang Chi, Shanghai Jiao Tong University Steven X. Wei, Hong Kong Polytechnic University Discussant: Ai He, Emory University Wayne Yu, Hong Kong Polytechnic University Discussant: Xiao Qiao, SummerHaven Investment Management, LLC
9 ( ? ! ? !! * % 9 ! % ! !!% Performance Redouane Elkamhi, University of Toronto Stephen J. Brown, New York University Denitsa Stefanova, Luxembourg School of Finance Juan M. Sotes-Paladino, University of Melbourne Discussant: Raymond Kan, University of Toronto > G 9 , University of Manchester Chelsea Yaqiong Yao, Lancaster University Discussant: Thomas Ruf, University of New South Wales Correlated Volatility Shocks Relationship Lending in Shadow Banking: Impact of Financial Xiao Qiao, SummerHaven Investment Management, LLC R !%#( ! ! % Yongning Wang, University of Chicago Ai He, Emory University Discussant: Jing Wang, Hong Kong Polytechnic University Discussant: Yeguang Chi, Shanghai Jiao Tong University
Chair: Chelsea Yaqiong Yao, Lancaster University Chair: Kian M. E. Tan, University of Otago 15 December 2016 2:00pm – 4:00pm 15 December 2016 2:00pm – 4:00pm Session 5 Essex II Session 5 ! + Debt Contracting Financial Economics II 9 % * * 5 $ % " Quxian Zhang, Erasmus University Rotterdam [ > , National University of Singapore Discussant: Xiaoran Ni, Tsinghua University Toni Whited, University of Michigan Na Zhang, Fudan University Discussant: Peter L. Swan, University of New South Wales
* ! < ! + + ! Optimal Clearinghouse Collateral Requirements Bo Li, Tsinghua University Agostino Capponi, Johns Hopkins University Lynnette D. Purda, Queen’s University W. Allen Cheng, Columbia University Wei Wang, Queen’s University Discussant: Peter MacKay, Hong Kong University of Science & Discussant: Le Zhang, University of New South Wales Technology
Shareholder Litigation Rights and the Cost of Debt: Evidence < ! ! % % !!% 7 9 ! !! $ % from Derivative Lawsuits ? !% 7 * ) # Xiaoran Ni, Tsinghua University Peter L. Swan, University of New South Wales Sirui Yin, University of Arizona Discussant: Xiaodan Gao, National University of Singapore Discussant: Quxian Zhang, Erasmus University Rotterdam
"! % ! + ? K !% % Fei Ding, Hong Kong University of Science & Technology Tao Chen, Nanyang Technological University 7 ] %, Hong Kong University of Science & Technology Yu Jin, Shanghai University of Finance and Economics Discussant: W. Allen Cheng, Columbia University Le Zhang, University of New South Wales Discussant: Bo Li, Tsinghua University
Chair: Tiffany Thng, University of Reading Chair: Thomas Weber, Ecole Polytechnique Federale de Lausanne
15 December 2016 2:00pm – 4:00pm Session 5 Harlequin Financial Institutions V 7 > ! < " ! 5 Life Cycle Perspective and Evidence from China Yuejia Zhang, University of Auckland David G. Mayes, University of Auckland Discussant: Joris van Toor, Tilburg University
Differences in the Reliability of Fair Value Hierarchy 5 # % % Chu Yeong Lim, Singapore Management University Jeffrey Ng, Hong Kong Polytechnic University Gary Pan, Singapore Management University Kevin Ow Yong, Singapore Management University Discussant: Amine Tarazi, Université de Limoges 9 7 # 9 7 # + Kees Cools, University of Groningen Arthur van Soest, Tilburg University G , Tilburg University Discussant: David G. Mayes, University of Auckland
* * !% + $ % ; ) Isabelle Distinguin, Université de Limoges Aref Mahdavi-Ardekani, Université de Limoges 5 K , Université de Limoges Discussant: Kevin Ow Yong, Singapore Management University
Chair: David W. L. Tripe, Massey University 15 December 2016 4:30pm – 5:30pm 15 December 2016 4:30pm – 5:30pm Session 6 Cambridge I & II Session 6 Cambridge III International Corporate Finance Financial Institutions VI % ] + ! + " # ( ) 7 Sujin Yi, Sungkyunkwan University Stress Life Insurers Mark Feodoria, Christian-Albrechts-Universität zu Kiel !! , Deutsche Bundesbank
+ # ! ! * " Sonja Kobinger the Chinese Banking Industry ' '2 3 & 9 G , Jinan University ( ' (' Yunguo Liu, Sun Yat-sen University Gerald J. Lobo, University of Houston Yue Xu, Sun Yat-sen University
+ * 5 $ How to Effectively Use Western Law to Cure Chinese from China 7 /! # 5 " % Yang Duan, Hong Kong Baptist University > 7 /% + " Lu Li, Shanghai International Studies University Wei Cai, RMIT University
Chair: Dong Wook Lee, Korea University Chair: Joris van Toor, Tilburg University
15 December 2016 4:30pm – 5:30pm 15 December 2016 4:30pm – 5:30pm Session 6 Cambridge IV Session 6 Essex I " ! Behavioural Finance III Unethical Behavior and Debt Contracting: Evidence from ) > ! ! ! ?" > Nihad Aliyev, University of Technology Sydney Veljko Fotak, State University of New York Xuezhong He, University of Technology Sydney Feng Jiang, University at Buffalo Haekwon Lee, University at Buffalo
( ) * " ) * | # ! " / / ) ! Van H. Vu, University of Newcastle Stanley B. Gyoshev, University of Exeter Joanne Horton, University of Exeter Shan Wu, University of Exeter
* + 5 7? | " Self-Assessment of Retirement Preparedness Yutao Li, University of Waterloo Bob Lissington, Massey University Pei Shao, University of Lethbridge Claire D. Matthews, Massey University Michael Naylor, Massey University
Chair: Nattavut Suwanyangyuan, Simon Fraser University Chair: Jae H. Kim, La Trobe University 15 December 2016 4:30pm – 5:30pm 15 December 2016 4:30pm – 5:30pm Session 6 Essex II Session 6 ! + " ! < Corporate Finance IV Interdependencies and Causalities in Coupled Financial < ! ! % + ! Networks Institutions and Large Shareholders Irena Vodenska, Boston University Narjess Boubakri, American University of Sharjah Hideaki Aoyama, Kyoto University Jean-Claude Cosset, HEC Montreal Yoshi Fujiwara, University of Hyogo Dev R. Mishra, University of Saskatchewan Hiroshi Iyetomi, Niigata University Hyacinthe Y. Somé, Université de Sherbrooke Yuta Arai, Niigata University < ! ! % ; ) 5 ! ? !% Q' 7 R Weiping Li, Oklahoma State University from CFO Social Networks in the Financial Industry > , , Southwest Jiaotong University Yaoyi Xi, University of Kansas
+ $ % Why Do Firms Underwrite Private Placement Shares of Other Hawfeng Shyu, Sun Yat-sen University G " Chengwei Wang, Sungkyunkwan University ? / , Kyushu University
Chair: Ruchith Dissanayake, University of Alberta Chair: Douglas J. Cumming, York University
15 December 2016 4:30pm – 5:30pm Session 6 Harlequin Corporate Finance V ( ) ! * Yongxian Tan, Shanghai University of Finance and Economics Shage Zhang, Trinity University
* 9 $ % Offering % , University of Reading Carol Padgett, University of Reading Michael P. Clements, University of Reading
Institutional Investors and Duration of Executive Compensation Bobae Choi, University of Newcastle Jae B. Kim, University of Minnesota Doowon Lee, University of Newcastle
Chair: Ye Ye, University of Sydney 16 December 2016 8:45am – 10:45am 16 December 2016 8:45am – 10:45am Session 7 Cambridge I & II Session 7 Cambridge III " ! " Asset Pricing with Skewness Financial Distress and Customer-Supplier Relationships Residual Co-Skewness and Expected Returns Yili Lian, Pennsylvania State University Paul Karehnke, University of New South Wales Discussant: Buhui Qiu, University of Sydney Discussant: Zhongxiang Xu, University of Nottingham
Investor Protection and the Value Impact of Stock Liquidity 7 5 % * " ! Tao Huang, Xi’an Jiaotong University Jamie Alcock, University of Sydney Fei Wu, Shanghai Jiao Tong University Petra Andrlikova, University of Sydney G ' , University of Western Australia Discussant: Liang Dong, University of Macau Bohui Zhang, University of New South Wales Discussant: Ying Xia, Monash University
* + $ % 5 ! 5 !# * ! ) Zhongxiang Xu, University of Nottingham Dan Li, University of Hong Kong Xiafei Li, University of Nottingham Ying Xia, Monash University Thanaset Chevapatrakul, University of Nottingham Discussant: Yili Lian, Pennsylvania State University Ning Gao, University of Manchester Discussant: Paul Karehnke, University of New South Wales
Stock Price Crashes along the Supply Chain ( # ," Buhui Qiu, University of Sydney 5 Fangming Xu, University of Bristol Keith Lam, University of Macau Cheng Zeng, University of Manchester Liang Dong, University of Macau Discussant: Jing Yu, University of Western Australia Discussant: Petra Andrlikova, University of Sydney
Chair: Brahim Saadouni, University of New South Wales / Chair: Yulia V. Veld-Merkoulova, Monash University University of Manchester
16 December 2016 8:45am – 10:45am 16 December 2016 8:45am – 10:45am Session 7 Cambridge IV Session 7 Essex I CEOs and Boards I Asset Pricing IV Director Cronyism and CEO Pay in New Zealand Return Drift Following Stock Split Announcements !! + , University of Auckland Annette Nguyen, Deakin University Helen Roberts, University of Otago 7 ! " > , Monash University Discussant: Tinghua Duan, University of Edinburgh Discussant: Josh Della Vedova, University of Sydney
* " !! ) " + # % ! #|" Attila Balogh, University of Sydney Pedro Barroso, University of New South Wales Discussant: Kevin Liu, University of New South Wales Discussant: Binh Huu Do, Monash University
* ? ! * 7 ! Newly Public Chinese Entrepreneurial Firms Investors Douglas J. Cumming, York University G * !! < , University of Sydney * , University of Edinburgh Andrew R. Grant, University of Sydney Wenxuan Hou, University of Edinburgh P. Joakim Westerholm, University of Sydney Bill Rees, University of Edinburgh Discussant: Philip Gharghori, Monash University Discussant: Michelle Li, University of Auckland What Drives Non-Executive Director Compensation in Pension Cointegration and Relative Value Arbitrage 5 ! " Binh Huu Do, Monash University Kevin Liu, University of New South Wales Robert W. Faff, University of Queensland Elizabeth Ooi, University of Western Australia Discussant: Pedro Barroso, University of New South Wales Discussant: Attila Balogh, University of Sydney
Chair: Christine Brown, Monash University Chair: Jozef Drienko, Australian National University 16 December 2016 8:45am – 10:45am 16 December 2016 8:45am – 10:45am Session 7 Essex II Session 7 ! + Financial Regulations II " " ! + > ) - Estimating Order Imbalance Using Low Frequency Data " ! JinGi Ha, Singapore Management University Jyotirmoy Podder, Torrens University G ( , Singapore Management University $ (= ( $ , University of Adelaide Discussant: Xiao Tian, University of South Australia Discussant: Rochelle M. Edge, Board of Governors of the Federal Reserve System
< ! ! ! % " ! " 7 " ! + $ % G 7 + // , Victoria University of Wellington , Massey University Roger J. Willett, University of Tasmania Hamish D. Anderson, Massey University Discussant: Natalya Zelenyuk, University of Queensland Ben R. Marshall, Massey University " # $
" " ! $ + Information Content of Limit Order Book in Energy Futures 9 9 + 7 # ! % Jose M. Berrospide, Board of Governors of the Federal Reserve [ , University of South Australia System Huu Nhan Duong, Monash University !! = , Board of Governors of the Federal Reserve Petko S. Kalev, University of South Australia System Discussant: Jianfeng Hu, Singapore Management University Discussant: Tariq H. Haque, University of Adelaide 5 5!" ( $ % # ! Natalya Zelenyuk, University of Queensland Robert W. Faff, University of Queensland Laura Malceniece, Stockholm School of Economics Shams Pathan, University of Queensland 4 (' " 5 # "5 2 #" )" 2 " Discussant: Martien Jan Peter Lubberink, Victoria University of ! G= 7 ,, University of Technology Sydney Wellington Discussant: Rui Ma, Massey University
Chair: Wei Cai, RMIT University Chair: Yuxin Sun, University of Edinburgh
16 December 2016 8:45am – 10:45am Session 7 Harlequin Stakeholders ( ) * 5 ! ; ) " ! from Angel Networks ) > ! < " !, University of Houston Vijay Yerramilli, University of Houston # % '
How Do Changes in Firms’ Social Performance Affect ! 9 ! ) ! "! % + % Jun-Koo Kang, Nanyang Technological University Srinivasan Selvam, Nanyang Technological University Discussant: Claire Yang Liu, University of New South Wales
Reporting Bias in Private Equity: Reporting Frequency, ) - > G , York University Minjie Zhang, York University Discussant: Srinivasan Selvam, Nanyang Technological University
* ! > Claire Yang Liu, University of New South Wales Angie Low, Nanyang Technological University Ronald W. Masulis, University of New South Wales Le Zhang, University of New South Wales Discussant: Buvaneshwaran Gokul Venugopal, University of Houston
' 6 7' # # 16 December 2016 1:00pm – 3:00pm 16 December 2016 1:00pm – 3:00pm Session 8 Cambridge I & II Session 8 Cambridge III CEOs and Boards II Relationship between the Projections and Recommendations 5 * + 9 $ % 5 !% 9 , > , University of New South Wales Discussant: (Michael) Hui Li, La Trobe University Marcel dos Santos Cabral, University of Sao Paulo % ! , University of Sao Paulo Discussant: Rongju Zhang, Monash University * 5 7 ! ! # !!% " /! Investing ? # Karl Weinmayer, Vienna University of Economics and Business Anthony Saunders, New York University Stephan M. Gasser, Vienna University of Economics and Business Keke Song, Melbourne University Margarethe Rammerstorfer, Vienna University of Economics and Discussant: Shuran Zhang, Chinese University of Hong Kong Business Discussant: Don (Tissa) U. A. Galagedera, Monash University *% 7 ! ! ) - + $ % " 5 5"" /% + # $ # ! ? $ % < ! ! % Rongju Zhang, Monash University Paul Farah, La Trobe University Nicolas Nicolas Langrené, CSIRO } !~ ( + , La Trobe University Yu Tian, Monash University Lily H.G. Nguyen, La Trobe University Zili Zhu, CSIRO Discussant: Wenxing Guo, University of New South Wales Fima Klebaner, Monash University Kais Hamza, Monash University Discussant: Roy Martelanc, University of Sao Paulo Proxy Contests and Board Interlocks 5 ! " 7 !! Shuran Zhang, Chinese University of Hong Kong ) # 7 ? !! # 7 Discussant: Keke Song, Melbourne University Appraisal * } ~ |= 5= > ! , Monash University Discussant: Karl Weinmayer, Vienna University of Economics and Business Chair: George Jiaguo Wang, University of Manchester ' 6 # ' ' 8 5
16 December 2016 1:00pm – 3:00pm 16 December 2016 1:00pm – 3:00pm Session 8 Cambridge IV Session 8 Essex I Corporate Finance VI Systemic Risk Property Rights and Foreign Lending: How Bilateral 9 9 ! 5 % > ," " 5 Investor Sentiment % + O. Emre Ergungor, Federal Reserve Bank of Cleveland Veljko Fotak, University at Buffalo Discussant: Hyun-Soo Choi, Singapore Management University Haekwon Lee, University at Buffalo Discussant: Chander Shekhar, University of Melbourne
G ) < Propagation of Endogenous Liquidity Shocks within the Capital / Bibo Liu, Tsinghua University Andrea Eross, Heriot-Watt University, Edinburgh Xuan Tian, Indiana University Andrew Urquhart, University of Southampton Discussant: Ying Gan, Erasmus University Rotterdam Simon Wolfe, University of Southampton Discussant: Zeineb Affes, University of Paris 1 Panthéon-Sorbonne
7 7! - 9 ! ) % 7 ! % 9 ! ! Retail Shareholders Dong Beom Choi, Federal Reserve Bank of New York Hue Hwa Au Yong, Monash University Hyun-Soo Choi, Singapore Management University Christine A. Brown, Monash University Discussant: O. Emre Ergungor, Federal Reserve Bank of Cleveland Chloe Choy Yeing Ho, Queensland University of Technology Chander Shekhar, University of Melbourne Discussant: Veljko Fotak, University at Buffalo " | 5 > * / >*7 - Predicting US Banks Bankruptcy: Logit Versus Canonical % , " - |= =#? * # Discriminant Analysis Acquisitions Zeineb Affes, University of Paris 1 Panthéon-Sorbonne ' > , Erasmus University Rotterdam Rania Hentati Kaffel, University of Paris 1 Panthéon-Sorbonne Buhui Qiu, University of Sydney Discussant: Andrea Eross, Heriot-Watt University, Edinburgh Discussant: Bibo Liu, Tsinghua University
Chair: Yili Lian, Pennsylvania State University Chair: Rochelle M. Edge, Board of Governors of the Federal Reserve System 16 December 2016 1:00pm – 3:00pm 16 December 2016 1:00pm – 3:00pm Session 8 Essex II Session 8 ! + Quantitative Finance *% # !! ?" K % > * 5 ! % "! Naveed Chehrazi, Stanford University * Peter W. Glynn, Stanford University >/ / ! , University of Edinburgh 5= 9 / , Ecole Polytechnique Federale de Lausanne Yuxin Sun, University of Edinburgh Discussant: Christian Ochs, Vienna University of Economics and Ivan Diaz-Rainey, University of Otago Business Discussant: Zewen Feng, University of Sydney
" % | ! ! 5 5 * + < /! ! # | - ! % % Zeineb Affes, University of Paris 1 Panthéon-Sorbonne Yuxin Sun, University of Edinburgh Rania Hentati Kaffel, University of Paris 1 Panthéon-Sorbonne Gbenga Ibikunle, University of Edinburgh Discussant: Nithi Sopitpongstorn, Monash University Discussant: Jozef Drienko, Australian National University
Sovereign Debt Issuance Under Fiscal Budget Uncertainty and 5 " ! ! ! 5! Zewen Feng, University of Sydney Alexander Eisl, Vienna University of Economics and Business Hui Zheng, University of Sydney Christian Ochs, Vienna University of Economics and Business Discussant: Gbenga Ibikunle, University of Edinburgh Stefan Pichler, Vienna University of Economics and Business Discussant: Thomas A. Weber, Ecole Polytechnique Federale de Lausanne ; # #7 ! ! % Nithi Sopitpongstorn, Monash University G K * , Australian National University Jiti Gao, Monash University Jan Drienko, Australian National University Param Silvapulle, Monash University Anna Helen von Reibnitz, Australian National University Xibin Zhang, Monash University Discussant: Yuxin Sun, University of Edinburgh Discussant: Rania Hentati Kaffel, University of Paris 1 Panthéon- Sorbonne
Chair: Josh Della Vedova, University of Sydney Chair: Qiongbing Wu, Western Sydney University
16 December 2016 1:00pm – 3:00pm Session 8 Harlequin < 5 < ! Anders Anderson, Swedish House of Finance Howard Jones, University of Oxford Jose Vicente Martinez, University of Oxford Discussant: Kian M. E. Tan, University of Otago
+ + " - ! % 5 ( " G= ) , Monash University Yan Lu, University of Central Florida Sugata Ray, University of Florida Discussant: Yixuan Rui, University of New South Wales
" Jerry T. Parwada, University of New South Wales ] = = , University of Otago Discussant: Anders Anderson, Swedish House of Finance
Hedge Fund Ownership, Funding Liquidity Constraints and , # Jerry T. Parwada, University of New South Wales Yixuan Rui, University of New South Wales Jianfeng Shen, University of New South Wales Discussant: Stephen J. Brown, Monash University
Chair: Jianfeng Shen, University of New South Wales 16 December 2016 3:15pm – 5:15pm 16 December 2016 3:15pm – 5:15pm Session 9 Cambridge I & II Session 9 Cambridge III Ownership and Capital Structure Regulations and Corporate Social Responsibilities Ownership Structure, Asset Intensity and Firm Performance Institutional Ownership and Corporate Social Responsibility: Philippe Masset, Ecole hôtelière de Lausanne Evidence from Exogenous Variation in Institutional Ownership G #7 ! "" 9 " , Ecole hôtelière de Lausanne , ! Discussant: Phuong Dung Le, RMIT University Xiaoyu Zhang, Norwegian School of Economics Discussant: Jiaying Wei, ESSEC Business School
!! - + !! Worldwide Short Selling Regulations and IPO Underpricing Shareholders Thomas Jason Boulton, Miami University of Ohio Hanwen Sun # Scott Smart, Indiana University # ; 8 # Chad J. Zutter, University of Pittsburgh Discussant: Jean-Philippe Weisskopf, Ecole hôtelière de Lausanne Discussant: Van Ha Nguyen, University of Newcastle
+ G " ! !- ! > 7 " ! G % ] , Curtin University Shareholder Activism Robert B. Durand, Curtin University G % 9 , ESSEC Business School * # # $ Discussant: Xiaoyu Zhang, Norwegian School of Economics
5 , # * " " ! Does Corporate Social Responsibility Reduce Information Phuong Dung Le, RMIT University 5 % % ; ) " ! 5 ! Discussant: Joye Khoo, Curtin University Van Ha Nguyen, University of Newcastle Frank W. Agbola, University of Newcastle Bobae Choi, University of Newcastle Discussant: Scott Smart, Indiana University
Chair: Roy Martelanc, University of Sao Paulo Chair: O. Emre Ergungor, Federal Reserve Bank of Cleveland
16 December 2016 3:15pm – 5:15pm 16 December 2016 3:15pm – 5:15pm Session 9 Cambridge IV Session 9 Essex I " > Behavioural Finance IV Financial Dependence and Corporate Alliances ! ( ! Ian P.L. Kwan, University of Navarra | Qiongbing Wu, Western Sydney University Authors Tamara Nunes, University of Lausanne Discussant: Jamshed Iqbal, University of Vaasa Stefanie Schraeder, University of New South Wales Discussant: Oleg Chuprinin, University of New South Wales
Do Firm- and Country-Level Information Environments Play a Bandwagon Effect in Peer-to-Peer Finance: Is Access to Credit ! " ! " + Zhe An, Monash University Oleg Chuprinin, University of New South Wales Zhian Chen, University of New South Wales Maggie Rong Hu, Chinese University of Hong Kong Donghui Li, Jinan University Discussant: Stefanie Schraeder, University of New South Wales Michael Murong, University of New South Wales Discussant: Ronan Powell, University College Dublin " > ! % ! ! Institutions Steven F. Cahan, University of Auckland G $/ !, University of Vaasa Chen Chen, Monash University # ' ' Nhut H. Nguyen, Massey University Discussant: Qiongbing Wu, Western Sydney University Discussant: Wei Wu, University of Sydney
5 $ 5 9 ! Institutional and Household Share Ownership, Stock Returns, Peng Huang, University of Waikato and Earnings Announcements Mark Humphery-Jenner, University of New South Wales Andrew R. Grant, University of Sydney Ronan Powell, University College Dublin P. Joakim Westerholm, University of Sydney Discussant: Donghui Li, Jinan University Wei Wu, University of Sydney Discussant: Steven F. Cahan, University of Auckland
Chair: Ying Gan, Erasmus University Rotterdam Chair: Arvid O. I. Hoffmann, University of Adelaide 16 December 2016 3:15pm – 5:15pm 16 December 2016 3:15pm – 5:15pm Session 9 Essex II Session 9 ! + Financial Reporting Financial Institutions VII < ! % * ! " % " ? 7 # Evidence from the U.S. Services Sector Case of a Cooperative Bank G. Nathan Dong, Columbia University Joris van Toor, Tilburg University Eda Orhun, Zayed University Kees Cools, Tilburg University Discussant: Nattavut Suwanyangyuan, Simon Fraser University Jürgen Dornigg, Tilburg University Hans M. Groeneveld, Tilburg University Discussant: Swati Kanoria, University of Warwick ! ! #* 7 " ! " > G " , Bank of Canada Hideaki Sakawa, Nagoya City University Discussant: Kees Cools, Tilburg University Naoki Watanabel, Ritsumeikan University Discussant: Eda Orhun, Zayed University
7 ! ! - ! Incentives for Bankers to Reveal Risk ! % ! % Swati Kanoria, University of Warwick ) , Monash University Discussant: Radomir Todorov, Bank of Canada Ferdinand A. Gul, Monash University Discussant: Hideaki Sakawa, Nagoya City University
5 9 R * | Bank Lending Decisions and the Value Effect of Loan Evidence in Reporting Attributes of Financial Disclosure Announcements: New Evidence from the Sensitivity between Nattavut Suwanyangyuan, Simon Fraser University Bank Loans and Firm Performance Adjusted for Earnings Discussant: Tee Chwee Ming, Monash University Huanyu Cui, University of Wollongong Xiaofei Pan, University of Wollongong Gary Gang Tian, Macquarie University Chair: Natalya Zelenyuk, University of Queensland Chair: Buhui Qiu, University of Sydney
16 December 2016 3:15pm – 5:15pm Session 9 Harlequin Asset Pricing V 5 5 ! ( ! - < ! ! % , 7 ! % # > !! , Curtin University
+ $ % ( ) 5 ! Woraphon Wattanatorn, Mahidol University Chaiyuth Padungsaksawasdi, Florida International University Pornchai Chunhachinda, Thammasat University Sarayut Nathaphan, Mahidol University
5 " !!#? *G 5 Record Days Xuewu Wesley Wang, University of Oklahoma Darren Roulstone, Ohio State University Nearness to the 52-Week High and Low Prices, Past Returns, and Average Stock Returns Li-Wen Chen, National Chung Cheng University Hsin-Yi Yu, National University of Kaohsiung 5 < ! ! + !#< ! ! % ! U Hou Lok, National Taiwan University Yuh-Dauh Lyuu, National Taiwan University Dynamic Conditional Correlations between Chinese Sector Returns and the S&P500 Index: An Interpretation Based on Investment Shocks Myeong Hyeon Kim, Korea Housing & Urban Guarantee Corporation Lingxia Sun, Nankai University
Chair: Elvira Sojli, University of New South Wales