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I2016 FINAL Programme The 14th INFINITI Conference on International Finance 13-14 June 2016 Trinity College Dublin Ireland “Finance now - enhancing stability or sowing the seeds of the next crisis?” Eventus® Software for Event Studies and Financial Markets Research Make the Most of Your Research Time data from your subscribed Trading-volume event studies, ◊ Save time while using the most ◊ CRSP™ stock database. powerful methods! bid-ask event studies and ab- solute-return event studies. ◊ Included SuperReg software ◊ Run a complete short- or long- for regression automates Event-study statistical tests in- horizon event study with just a ◊ fixed effects and robustness clude calendar time, standard- few simple statements or methods: influence and collin- ized-cross sectional (BMP), Pa- WRDS Eventus query menus earity diagnostics, single- and tell, skewness-adjusted, event and a file of dates and CUSIPs, double-cluster standard er- parameter, rank, Wilcoxon, Ib- PERMNOs or non-CRSP identifi- rors, nonparametric boot- botson’s RATS, conventional ers. strap, wild and wild-cluster and wild bootstrap tests and bootstrap and more. ◊ Use CRSP™ or data extracted more. from any other security return ◊ Many more features than can Calendar-time portfolio re- database. ◊ be listed here… please visit gression, Ibbotson’s RATS, our web site. ◊ Automatic or customizable and bootstrapped skewness- event-time alignment, estima- adjusted buy-and-hold meth- ◊ Available for use through tion-period setup and event ods for long-run stock-price Wharton’s WRDS (institutional windows. Use powerful op- performance studies. subscriptions to WRDS and tions to tailor a wide array of Eventus for WRDS required), Output files of CAR, BHAR and parameters to your needs. ◊ and for Windows (SAS for Win- more for further analysis; SAS, dows required). Eventus for ◊ Fama-French classic and new Excel, Stata, CSV and text out- WRDS subscribers have a five-factor, user-defined factor put formats available. choice of web menus for some models, market model, mar- common tasks, as well as PC ket adjusted, mean adjusted, ◊ In addition to event studies, SAS Connect remote submis- buy-and-hold or cumulative, fast intuitive retrieval and sion, SAS Studio via web companion portfolios and event-time alignment of stock browser and the WRDS Cloud more. and market return, price, vol- ume, distribution and other command line for more ad- vanced research needs. Find out why top researchers depend on Eventus. Chat with Eventus creator Professor Arnie Cowan at INFINITI 2016, attend Arnie’s session Tuesday at 11:30, and visit our website today! www.eventstudy.com ® Eventus Software Welcome from the Conference Chair for Event Studies and Dear all Financial Markets Research I’m delighted to welcome delegates, old and new, back to Trinity College Dublin for the 14th INFINITI Conference on Interational Finance. Back home Make the Most of Your Research Time again, after a few years on the road, Linda and I and all involved are confident that we will, as ever, have a wonderful Conference. We welcome as the latest in our series of excellent Keynote Speakers, Professor data from your subscribed Andrew Karolyi of the Johnston School of Management at Cornell University. He ◊ Save time while using the most ◊ Trading-volume event studies, CRSP™ stock database. will speak on the emergence of what has become known as the "listing gap" powerful methods! bid-ask event studies and ab- and pose the question, “Why are firms not listing?” solute-return event studies. ◊ Included SuperReg software ◊ Run a complete short- or long- for regression automates Event-study statistical tests in- horizon event study with just a ◊ fixed effects and robustness The Conference is the sum of the people at the Conference. We have 230 plus papers in a wide variety of clude calendar time, standard- few simple statements or methods: influence and collin- sessions, from over 30 countries. ized-cross sectional (BMP), Pa- WRDS Eventus query menus earity diagnostics, single- and tell, skewness-adjusted, event and a file of dates and CUSIPs, double-cluster standard er- parameter, rank, Wilcoxon, Ib- We continue our relationship with Elsevier, and will again be publishing papers in conjunction with some PERMNOs or non-CRSP identifi- rors, nonparametric boot- botson’s RATS, conventional excellent journals: the International Review of Financial Analysis and Finance Research Letters. ers. strap, wild and wild-cluster and wild bootstrap tests and bootstrap and more. ◊ Use CRSP™ or data extracted more. The popular Meet the Editors session runs, as does a workshop on Overleaf, a new collaborative publishing from any other security return ◊ Many more features than can Calendar-time portfolio re- tool, plus workshops on high speed finance and foreign exchange, on diversifying finance and on event database. ◊ be listed here… please visit gression, Ibbotson’s RATS, studies. our web site. ◊ Automatic or customizable and bootstrapped skewness- event-time alignment, estima- adjusted buy-and-hold meth- ◊ Available for use through We would like to take this opportunity to thank our sponsors: Monash University, Eventus and Elsevier. Your tion-period setup and event ods for long-run stock-price Wharton’s WRDS (institutional support is greatly appreciated. We have a few local sponsors this year that we would also like to thank: windows. Use powerful op- performance studies. subscriptions to WRDS and Skellig Chocolates and Carlow Brewing Company. tions to tailor a wide array of Eventus for WRDS required), Output files of CAR, BHAR and parameters to your needs. ◊ and for Windows (SAS for Win- more for further analysis; SAS, dows required). Eventus for Finally, we remind you of the inaugural INFINITI Conference on International Finance ASIA-PACIFIC, in Ho ◊ Fama-French classic and new Excel, Stata, CSV and text out- WRDS subscribers have a Chi Minh City, Vietnam, on 7-8 December 2016. All authors who have presented papers at the INFINITI five-factor, user-defined factor put formats available. choice of web menus for some Conferences in 2016, 2015 and 2014 will, subject to light review by the Conference chair, have a paper models, market model, mar- common tasks, as well as PC ket adjusted, mean adjusted, ◊ In addition to event studies, accepted for same. SAS Connect remote submis- buy-and-hold or cumulative, fast intuitive retrieval and sion, SAS Studio via web companion portfolios and event-time alignment of stock Let’s have another great Conference! browser and the WRDS Cloud more. and market return, price, vol- ume, distribution and other command line for more ad- vanced research needs. Find out why top researchers depend on Eventus. Chat with Eventus Professor Brian M Lucey, B.A. (Dubl.), M.A. (NUI), Ph.D (Stirling), F.T.C.D. Professor of Finance, Trinity Business School creator Professor Arnie Cowan at INFINITI 2016, attend Arnie’s session Trinity College Dublin Tuesday at 11:30, and visit our website today! www.eventstudy.com ____________________ 1 What and who are INFINITI? INFINITI was constituted in Trinity College Dublin in the summer of 2003, and has three main activities: Running the annual INFINITI Conference on International Finance, Hosting short- and long-term visitors through the IIIS, and Maintaining an active research agenda. Our work is available from the IIIS, SSRN or REPEC. Conference Chair Brian Lucey, Trinity College Dublin, Ireland Conference Organiser Linda Soriton Other members include: Elaine Hutson, Monash University, Australia Colm Kearney, Monash University, Australia Thomas Lagoarde-Segot, KEDGE Business School & Aix-Marseille School of Economics, Aix- Marseille Université, France Charles Larkin, Cardiff Metropolitan University, UK & Trinity College Dublin & Seanad Éireann, Ireland Maurice Peat, The University of Sydney, Australia INFINITI 2016 is kindly sponsored by: INFINITI 2016 Table of Contents Welcome from the Conference Chair ............................................................................................................................ 1 What and who are INFINITI? .............................................................................................................................................. 2 Table of Contents ............................................................................................................................................................... 3 Special Issues ....................................................................................................................................................................... 4 Reviewers ............................................................................................................................................................................. 5 INFINITI Conferences 2016 & 20176 .................................................................................................................................. 8 General Information ......................................................................................................................................................... 10 Conference Venue ..................................................................................................................................................... 10 Conference Reception Desk ..................................................................................................................................... 10 Completion of Registration .......................................................................................................................................
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