TWENTY-FIFTH ANNUAL CONFERENCE MULTINATIONAL FINANCE SOCIETY http://www.mfsociety.org Sponsored by ESSCA - School of Management, France University of Macedonia, School of Business Administration, Greece June 24-27, 2018 Novotel Budapest City Hotel Alkotas utca 63-67 1123, Budapest HUNGARY Multinational Finance Society Multinational Finance Society : A non-profit organization established in 1995 for the advancement and dissemination of financial knowledge and research findings pertaining to industrialized and developing countries among members of the academic and business communities. Conference Objective To bring together researchers, doctoral students and practitioners from various international institutions to focus on timely financial issues and research findings pertaining to industrialized and developing countries. Keynote Speakers Kris Jacobs - C.T. Bauer College of Business - University of Houston, USA Jarrad Harford - Foster School of Business - University of Washington, USA Program Committee - Chair Panayiotis Theodossiou - Cyprus University of Technology, Cyprus Program Committee Andreas Andrikopoulos - University of the Aegean, Greece George Athanassakos - University of Western Ontario, Canada Balasingham Balachandran - La Trobe University, Australia Wolfgang Bessler - Justus-Liebig University Giessen, Germany Laurence Booth - University of Toronto, Canada Scott Brown - University of Puerto Rico, USA Christian Bucio - Universidad Autónoma del Estado de México, Mexico Jeffrey Lawrence Callen - University of Toronto, Canada Ephraim Clark - Middlesex University Business School, UK George Constantinides - University of Chicago, USA Chanaka Edirisinghe - Rensselaer Polytechnic Institute, USA Elyas Elyasiani - Temple University, USA Anthony Yanxiang Gu - State University of New York, USA Zhaoyang Gu - Chinese University of Hong Kong, Hong Kong John Hall - University of Pretoria, South Africa Soosung Hwang - Sungkyunkwan University, Korea Can Inci - Bryant University, USA Petko Kalev - La Trobe University, Australia Kiridaran Kanagaretnam - York University, Canada Olga Kandinskaia - CIIM, Cyprus Mehmet Karan - Hacettepe University, Turkey Lawrence Kryzanowski - Concordia University, Canada Radu Lupu - Bucharest University of Economic Studies, Romania Didier Maillard - CNAM, France Anastasios Malliaris - Loyola University Chicago, USA Minna Martikainen - Hanken School of Economics, Finland Robert Mathieu - Wilfrid Laurier University, Canada Roni Michaely - Cornell University, USA Louis Murray - University College Dublin, Ireland Silvia Muzzioli - University of Modena and Reggio Emilia, Italy Nandkumar Nayar - Lehigh University, USA Christos Negakis - University of Macedonia, Greece Edgar Ortiz - Universidad Nacional Autonoma de Mexico, Mexico Dionisis Philippas - ESSCA Grand Ecole de Management, France Nikolaos Philippas - University of Piraeus, Greece Richard Saito - Fundacao Getulio Vargas, Brazil Yoko Shirasu - Aoyama Gakuin University, Japan Raul Susmel - University of Houston, USA Lorne Switzer - Concordia University, Canada Malick Sy - RMIT University, Australia Samuel Szewczyk - Drexel University, USA Uwe Walz - Goethe University of Frankfurt, Germany Shuye Wang - Renmin University of China, China Yukihiro Yasuda - Hitotsubashi University, Japan Yildiray Yildirim - Baruch College-CUNY, USA Ania Zalewska - University of Bath, UK WINTER 2019 CONFERENCE OF THE MULTINATIONAL FINANCE SOCIETY January 6 - 8, 2019 San Juan, Puerto Rico KEYNOTE SPEAKER Sheridan Titman - University of Texas at Austin, USA PROGRAM CHAIRS Scott Brown (Finance) - University of Puerto Rico Main Campus, Puerto Rico Arleen Hernandez (International Business) - University of Puerto Rico Main Campus, Puerto Rico Panayiotis Theodossiou - Cyprus University of Technology, Cyprus ORGANIZING INSTITUTIONS University of Puerto Rico School of Business, Main Campus, Puerto Rico FURTHER INFORMATION Information regarding the conference, accommodations, feature speakers, travel arrangements, fees and other activities can be found on the MFS website as needed. Information about past conferences can also be found on the website. LETTER FROM THE PROGRAM CHAIRS Dear Colleagues, We welcome you to the 25th Annual Conference of the Multinational Finance Society in the beautiful city of Budapest, Hungary. The economic and political developments around the world have been challenging to businesses, financial institutions, regulations and governments. The general economic conditions, the increased public and private debt, the non-performing loans in the portfolios of many European banks and the turbulence in the financial and banking sectors of numerous European Union countries, necessitate the discussion of micro- and macro-finance issues and the exploration of timely solutions to financial problems. The experience of recent years has shown once more that no modern country can operate and develop without a strong - healthy financial sector - building such is neither easy nor straightforward and therefore discussing financial issues is of paramount importance. The wide range of participation from academicians and practitioners circles and the broad range of research topics covered in this conference proves this point very clearly. This year’s meeting has also received many excellent submissions. In total, we received 455 papers - of those papers, 353 were accepted for presentation by the Program Committee. The conference program includes 265 registered papers covering a wide range of research areas making the conference a perfect platform for research exchange and inspiration. Once more, it is wonderful to welcome our participants from so many countries, such as Algeria, Australia, Austria, Belgium, Brazil, Canada, China, Colombia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Ghana, Greece, Hong Kong, Hungary, India, Ireland, Israel, Italy, Japan, Korea, Lebanon, Lithuania, Malaysia, Mexico, Netherlands, New Zealand, Norway, Oman, Pakistan, Poland, Portugal, Puerto Rico, Romania, Saudi Arabia, Serbia, Singapore, Slovakia, South Africa, Spain, Sri Lanka, Switzerland, Taiwan, Thailand, Turkey, UAE, United Kingdom, United States of America and Vietnam. This creates an opportunity to not only meet our old friends again but also our new colleagues from Hungary as well as other first-comers. We are lucky this year to have two outstanding keynote speakers, Professor Jarrad Harford of Foster School of Business - University of Washington, USA and Professor Kris Jacobs of C.T. Bauer College of Business - University of Houston, USA. We have a wonderful location in the lively city of Budapest and surrounding areas, which is well known for its outstanding architecture and culture. We would like to thank ESSCA - School of Management, France and the University of Macedonia, School of Business Administration, Greece for their support in the organization of our conference. On behalf of everyone involved, we would like to thank the members of the Organizing Committee, and all other individuals who have helped bring the conference about. Special thanks go to our local organizing committee members from ESSCA, France Director & Professor Zsuzsa Deli-Gray, Mr. Robert Rahner and Dr. Dionisis Philippas and our friends from University of Macedonia, Greece and in particular Professor and Dean of the School of Business Administration, Christos Negakis. Special thanks go to our support staff Gregoris Gregoriou, Theodoros Theodossiou, Adamos Stavrinos and Fanos Theodosiou for their administrative assistance. This conference would have not been possible without all of their hard work! We wish you a pleasant stay in Budapest and we hope you enjoy the conference. The Program Chair, Panayiotis Theodossiou Professor of Finance 1 GENERAL INFORMATION CONFERENCE INQUIRIES Global Business Publications [email protected] CONFERENCE REGISTRATION Sunday, June 24 (Novotel Budapest City Hotel) 12:00 p.m. - 6:00 p.m. Monday, June 25 (Novotel Budapest City Hotel) 8:00 a.m. - 5:45 p.m. Tuesday, June 26 (Novotel Budapest City Hotel) 8:00 a.m. - 5:45 p.m. SOCIAL FUNCTIONS Monday, June 25 Luncheon (Arcade Restaurant) 12:15 - 1:15 p.m. Keynote Speech (Prof. Jacobs - Bartok II) 1:15 - 2:00 p.m. Refreshments 3:45 - 4:00 p.m. Meeting of the Board of Directors and Trustees (place TBA) 6:30 - 8:00 p.m. Tuesday, June 26 Luncheon (Arcade Restaurant) 12:30 - 1:15 p.m. Keynote Speech (Prof. Harford - Bartok II) 1:15 - 2:15 p.m. Refreshments 4:00 - 4:15 p.m. Presentation & Awards Ceremony (Gallery Level Foyer of Patria Room) 7:45 - 8:30 p.m. Gala Dinner (Gallery Level Foyer of Patria Room) 8:30 - 11:00 p.m. 2 LIST OF SESSIONS Monday 8:30 - 10:15 a.m. Session 1 Asset Pricing I Liszt I Session 2 Behavioral I Liszt II Session 3 Capital Structure I Liszt III Session 4 GARCH Lehár I Session 5 Financial Regulation Lehár II Session 6 Mutual Funds Lehár III Session 7 Bankruptcy and Financial Distress Brahms I Session 8 IPOs & Buyouts Brahms II Monday 10:30 - 12:15 p.m. Session 9 Asset Pricing II Liszt I Session 10 Behavioral II Liszt II Session 11 Capital Structure II Liszt III Session 12 Cryptocurrencies Lehár I Session 13 Banking and Mortgages Lehár II Session 14 Hedge Funds Lehár III Session 15 Mergers and Acquisitions I Brahms I Session 16 SME Financing Brahms II Monday 2:00 - 3:45 p.m. Session 17 Asset Pricing III Liszt I Session 18 Behavioral III Liszt II Session 19 Corporate Governance I Liszt III Session 20 Cointegration Lehár I Session 21 Banking I Lehár II Session 22 Liquidity Lehár III Session 23 Real