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9TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE

April 2018 · La Trobe City Campus

INNOVATIVE | RESPONSIBLE | ENGAGED PHD SYMPOSIUM PROGRAM · 1 Overview

Welcome / 3 Members of the Executive Committee / 4 FMCG Lifetime Outstanding Achievement Awards / 5 Plenary Speakers / 6 Members of the PhD Symposium Committee / 8 Awards Selection Committee / 9 PhD Symposium Program / 10 Conference Academic Sessions / 14 City Campus / 24 Members of the Program Committee / 26 Financial Markets and Corporate Governance Conference 2019 / 27

2 · 9TH FMCG CONFERENCE Welcome

On behalf of the conference organising On behalf of the College of Arts, Social On behalf of La Trobe Business School, committee, I welcome you to the 9th annual Sciences and Commence at La Trobe I would like to welcome you all to the 2018 Financial Markets and Corporate Governance University, I’d like to welcome you to the 2018 Conference on Financial Markets and Conference and associated PhD Symposium. Financial Markets and Corporate Governance Corporate Governance and the associated Conference and PhD Symposium. PhD Symposium. Importantly, I would like to recognise at the outset the support of , The 2018 FMCG Conference brings together The conference has been running for nearly University of , and Victoria leading experts to discuss the emerging and a decade and its themes are just as relevant University of Wellington, current trends on not just a domestic, but a this year as they were in the first meeting. Research Network (SSRN) and Pacific Basin global scale. With the impressive collection of We hope the conference will continue to Finance Journal (PBFJ). panellists, speakers, presenters and talented deliver a wide range of relevant and timely PhD students that we have assembled, contributions to a number of important We are particularly fortunate in being able I’m sure that you will discover a number of topics that are central to the smooth to welcome four world renowned academics interesting, relevant and timely insights, and operation of global economies. The program as our keynote speakers: Professors Robert will greatly enjoy the breadth and depth of has been specifically designed to bring Faff, Ron Masulis, Tom Smith and Avanidhar topics covered. together doctoral students and experienced Subrahmanyam. We are also very pleased to academics, and provide an opportunity for have James Fazzino as our industry-focused Throughout the conference, I sincerely interaction with industry representatives. keynote speaker. James joined La Trobe as a hope that you will take the opportunity to Vice-Chancellor’s Fellow in November last year. network and develop new contacts, and gain I hope you enjoy the presentations and Prior to this, he was the CEO of Incitec Pivot. a heightened enthusiasm and awareness of debates during the course of this conference, the challenges and the opportunities that lie and have an opportunity to network with This year, we are also recognizing the ahead for those working and researching in colleagues, both familiar and new. I look outstanding achievements of Professor this field. forward to meeting you and wish you well Stephen Brown in theoretical and empirical during your time with us in Melbourne. research in finance and Professor Ferdinand Gul Finally, I would like to thank all of our sponsors, in empirical research in auditing and assurance. the organising committee, and our supporters Professor Jane Hamilton in making this conference possible. Head, La Trobe Business School It is pleasing to note that 34 PhD students (from , India, New Zealand, Spain, Professor Phillip Dolan UK and USA, representing 16 ) are Pro Vice-Chancellor presenting their work at the PhD symposium; College of Arts, Social Sciences while 106 academics (from Australia, Bahrain, and Commerce, La Trobe University Canada, China, Denmark, Finland, Hong Kong, Germany, Netherland, New Zealand, Spain, Taiwan, Thailand, UK and USA) are presenting their research at the conference. I would like to take this opportunity to thank each of you for agreeing to present a paper and/or serve as a discussant at our conference this year. We hope you find this conference inspiring, transformative and enjoyable. I look forward to seeing you all again in April 2019 to celebrate our 10th anniversary in . Professor Balasingham Balachandran Conference Chair Professor of Finance, La Trobe University

PHD SYMPOSIUM PROGRAM · 3 Members of the Executive Committee

Prof Balasingham Balachandran (La Trobe University) Prof Christine Brown (Monash University) Prof Robert Faff () A/Prof Darren Henry (La Trobe University) Prof Barry Oliver (University of Queensland) Prof Paul Mather (La Trobe University) Prof Tom Smith () Emeritus Prof Michael Theobald (University of Birmingham) Prof Tony van Zijl (Victoria University of Wellington)

Conference Chair Prof Balasingham Balachandran (La Trobe University)

4 · 9TH FMCG CONFERENCE FMCG Lifetime Outstanding Achievement Awards

Professor Stephen Brown Professor Ferdinand A. Gul Monash University and New York University Over a long and distinguished career, Professor Over a long and distinguished career, Professor Stephen Brown has made many fundamental and Ferdinand A. Gul has made outstanding long lasting contributions to the field of finance, contributions to the field of empirical research both in theoretical and empirical research. in auditing and assurance. Accordingly, a Lifetime achievement award will be presented to Accordingly, a Lifetime achievement award will be presented Stephen at the Conference Dinner of the 9th FMCG Conference. to Ferdi at the Conference Dinner of the 9th FMCG Conference. The Conference Dinner will be held on 5 April 2018, at the Melbourne The Conference Dinner will be held on 5 April 2018, at the Melbourne Aquarium in Melbourne, Australia. Aquarium in Melbourne, Australia. Stephen joined the Monash Business School on 1 January 2016. Professor Gul is a world-renowned authority in the field of empirical Appointed on a 0.4 basis, he will spend four months each year at the accounting. He is the Professor of Accounting and Monash Business School while transitioning to emeritus status as Finance at Deakin University. Professor of Finance at NYU Stern School of Business. He received his Doctor of Economics degree from Monash University in He graduated with a B.Econ (Hons) from Monash in 1971 and an MBA 2012 and a PhD from University of New England in 1982. Professor Gul and PhD from the University of Chicago in 1976. Before joining New subscribes to an inter-disciplinary research philosophy that emphasizes York University in 1986 Stephen worked at Bell Telephone Laboratories the idea that theories and forces in economics, politics and play out during which he spent time on assignment as District Manager at the in the practice of accounting, auditing and corporate finance. AT&T Pension Fund, as well as Yale University where he was Associate Professor of Finance. He is a member of CFA Society Melbourne and He has published in finance and in all the main stream accounting CFA Society New York. journals. In addition, he has published books on China’s socio economic reforms, auditing and corporate governance of East Asian Corporations. He has published widely in a range of high quality journals and is the author of five books, two of which have been translated into Japanese. He is currently Co-editor of Journal of Contemporary Accounting and Economics and sits on the Editorial Boards of the Contemporary As well as serving on a number of editorial boards, Stephen was a Accounting Research, Accounting Horizons and British Accounting Review. founding editor of the Review of Financial Studies and a Managing Editor of the Journal of Financial and Quantitative Analysis. He has served as an Associate Editor of Contemporary Accounting Research and Auditing: A Journal of Practice and Theory. Stephen has recently been appointed Executive Editor of the Financial Analysts Journal published by CFA Institute. He has served as an expert witness for the US Department of Justice and has testified on his research before a Full Committee Hearing of the U.S. Congress House Financial Services Committee in March 2007.

PHD SYMPOSIUM PROGRAM · 5 Plenary Speakers

We are particularly fortunate in being able to welcome four world renowned academics as our keynote speakers: Professors Avanidhar Subrahmanyam, Ron Masulis, Tom Smith and Robert Faff. We are also very pleased to have James Fazzino as our industry‑focused keynote speaker. Professor Avanidhar (Subra) Professor Ron Masulis Subrahmanyam Ron’s expertise is in empirical corporate Professor of Finance Avanidhar (Subra) finance and corporate governance. Subrahmanyam is a Distinguished Professor He publishes in M&A, boards of directors, of Finance, Goldyne and Irwin Hearsh Chair executive compensation, ownership in Money and Banking at the UCLA Anderson structure, business groups, private equity, School of . investment banking, international finance He comes to La Trobe University annually and market microstructure. as visiting faculty. A founding editor of Among financial economists worldwide, he the Journal of Financial Markets, Subra has one of the highest sustained rates of top previously served as associate editor of the tier publications and citations. He is the 2018 Review of Financial Studies and the Journal Asia/Pacific Finance Cavalcade’s Chair, 2018 of Finance. He is a member of the National FMA Annual Program Vice President and Bureau of Economic Research’s Working has served on the AFA, WFA, FMA and FIRS Research Group on Market Microstructure. boards of directors and the editorial boards His scholarly efforts have been recognized of the top four finance journals. He is an ECGI with best paper awards at the Western research associate and an ABFER senior Finance Association meetings and the academic fellow. International Conference of Finance in Taiwan, and he was honoured with the Smith Breeden Prize for the best paper published in the Journal of Finance (1999). His documentation of market liquidity led to a number of studies analysing why trading costs fluctuate over time and earned him the Fama-DFA prize for the best paper on investments published in the Journal of Financial Economics (2000). Subra has served as a consultant to the Nasdaq Stock Market, the National Stock Exchange in Mumbai, India, San Jose Mercury News and Irwin/McGraw-Hill. He is a UCLA Anderson Inspirational 100 alumnus.

6 · 9TH FMCG CONFERENCE We hope you find this conference inspiring, transformative and enjoyable.

Professor Tom Smith Professor Robert Faff James Fazzino Tom has a PhD from Stanford and is regarded Robert Faff is Professor of Finance and Mr James Fazzino comes to La Trobe as Australia’s top Finance Academic. immediate past Director of Research at University fresh from a successful career in the UQ Business School. the international chemicals industry, having His research interests are in the areas of concluded in 2017 a highly successful Environmental Finance; Asset Pricing Theory He has an international reputation in empirical eight‑year term as Executive Officer and and Tests; Design of Markets – Market finance research: securing 14 Australian Managing Director of Incitec Pivot Limited. Microstructure; and Derivatives. His articles Research Council grants (funding exceeding have appeared in leading journals including $4 million); >310 refereed journal publications; He also served as the Chief Financial Officer the Journal of Financial Economics, Journal career citations >11,000 (Google Scholar); and Finance Director at Incitec, and had of Finance, Review of Financial Studies, and a h-index of 53 (Google Scholar). senior finance roles in ICI/ including Journal of Financial and Quantitative Analysis, CFO Chemicals Group, Assistant Treasurer Journal of Business, Journal of Law and His particular passion is nurturing and and Head of Investor Relations. Economics, Journal of Accounting Research. developing the career trajectories of early career researchers. Robert has supervised Under his leadership, Incitec was transformed Tom is particularly proud of all of his PhD more than 35 PhD students to successful from a fertiliser co-operative, operating in students and the fact that they have more completion and examined 50 PhD four Australian states with an enterprise than 50 tier 1 publications. dissertations. value of $400 million, to a Global Diversified Industrial Chemicals company, operating in Building on a 35-year academic career, his 13 countries and with an enterprise value of latest passion is “Pitching Research” https:// $8 billion. It is now the world’s second largest ssrn.com/abstract=2462059, now gaining supplier of commercial explosives, and great traction domestically and worldwide as Australia’s largest manufacturer and supplier exemplified by: (a) >11,500 SSRN downloads; of fertilisers. (b) >240 pitching talks/events; (c) at 37 Australian universities; and (d) spanning Mr Fazzino, a Male Champion of Change, more than 50 different countries. is passionate about diversity, and oversaw a doubling of the number of women In addition, Robert is Editor-in-Chief of in senior management at Incitec since 2012. Pacific-Basin Finance Journal and was the former Editor of Accounting and Finance Mr Fazzino is strongly connected to La Trobe. (2002–2011). He is currently a member, and was formerly chair, of the La Trobe Business School Advisory Board, and in 2016 was appointed as an Adjunct Professor in the La Trobe Business School. Mr Fazzino is a La Trobe University alumnus. The first member of his family to attend university, he obtained a Bachelor of Economics (Honours) from the University.

PHD SYMPOSIUM PROGRAM · 7 Members of the PhD Symposium Committee

Prof Kamran Ahmed Dr Abeyratna Gunasekarage Prof Avanidhar Subrahmanyam [email protected] [email protected] [email protected] A/Prof Jahangir Ali Dr Mamiza Haq Dr Kannan Thuraisamy [email protected] [email protected] [email protected] Dr Hue Hwa Au Yong Prof Petko Kalev Prof Gary Tian [email protected] [email protected] [email protected] Prof Balasingham Balachandran Dr Christo Karuna Prof Cameron Truong [email protected] [email protected] [email protected] A/Prof Ishaq Bhatti Prof Jae Kim Dr Thu Phuong Truong [email protected] [email protected] [email protected] Prof Ron Bird Prof Chandra Krishnamurti Dr Luisa Unda [email protected] [email protected] [email protected] Prof Stephen Brown Dr Michael Li Dr Van Vu [email protected] [email protected] [email protected] Prof Adrian Cheung Dr Angela Lou Prof Roger Willet [email protected] [email protected] [email protected] Dr Huu Duong Prof Ron Masulis Ms Yiming Yang [email protected] [email protected] [email protected] Dr Lien Duong Prof Paul Mather Prof Xiangkang Yin [email protected] [email protected] [email protected] Prof Robert Faff Dr Lily Nguyen A/Prof Jin Yu [email protected] [email protected] [email protected] A/Prof Philip Gharghori Dr My Nguyen Dr Jing Zhao [email protected] [email protected] [email protected] Prof Ferdinand Gul Dr Shams Pathan Dr Zhongyan Zhu [email protected] [email protected] [email protected] Prof Tom Smith [email protected]

8 · 9TH FMCG CONFERENCE Conference PhD Symposium Best Paper Awards Best Paper Awards Selection Committee Selection Committee

Stream 1: Accounting Information/ Disclosure Practices/ Stream 1: Accounting Information/ Disclosure Practices/ Earnings Quality Earnings Quality Professor Ferdinand A. Gul (Deakin University) Professor Cameron Truong (Monash University) Professor Paul Mather (La Trobe University) Dr Christo Karuna (Monash University) Dr Christo Karuna (Monash University) Sponsor: School of Accounting and Commercial Law, Sponsor: School of Accounting and Commercial Law, Victoria University of Wellington Victoria University of Wellington Stream 2: Asset Pricing/Emerging Markets/Financial Markets/ Stream 2: Asset Pricing/Emerging Markets/Financial Markets/ Market Microstructure Market Microstructure Professor Petko Kalev (La Trobe University) Professor Robert Faff (University of Queensland) Professor Xiangkang Yin (La Trobe University) Professor Petko Kalev (La Trobe University) Sponsor: Department of Economics and Finance, Professor Tom Smith (Macquarie University) La Trobe University Sponsor: Department of Economics and Finance, La Trobe University Stream 3: Banking/Behavioural Finance/Corporate Finance/ Financial Economics Stream 3: Banking/Behavioural Finance/Corporate Finance/ Dr Shams Pathan (University of Queensland) Financial Economics Professor Alfred Yawson (University of ) Associate Professor Peter Kien Pham (University of New Sponsor: Department of Banking and Finance, South Wales) Monash University Emeritus Professor Michael Theobald (University of Birmingham) Dr Huu Nhan Duong (Monash University) Stream 4: Corporate Governance/Social Responsibility Sponsor: Department of Banking and Finance, Associate Professor Peter Kien Pham (University of ) Monash University Dr Lily Nguyen (La Trobe University) Sponsor: UQ Business School Stream 4: Corporate Governance/Social Responsibility Professor Balasingham Balachandran (La Trobe University) Stream 5: Funds Management/Risk Management/ Associate Professor Peter Kien Pham (University of New South Wales) Quantitative Finance Dr Lily Nguyen (La Trobe University) Dr Huu Nhan Duong (Monash University) Sponsor: UQ Business School Associate Professor Peter Kien Pham (University of New South Wales) Sponsor: Department of Economics and Finance, Stream 5: Funds Management/ Risk Management/ La Trobe University Quantitative Finance Professor Stephen Brown (Monash University) Professor Chandra Krishnamurti (University of ) Dr Huu Nhan Duong (Monash University) Sponsor: Department of Economics and Finance, La Trobe University

PHD SYMPOSIUM PROGRAM · 9 PhD Symposium Program

8.00 am Arrival tea and registration Level 20, Reception area

8.50 am – Opening/Welcome address Level 2, Rooms 2.15 and 2.16 9.00 am Professor Jane Hamilton (Head, La Trobe Business School) Session Chair: Greg Jamieson (Head, Economics and Finance, La Trobe University)

9.00 am – Pitching Research Level 2, Room 2.15 10.00 am Professor Robert Faff (University of Queensland) Session Chair: Lily Nguyen (La Trobe University)

10.00 am – Morning tea Level 20, Lounge area 10.15 am

10.15 AM – 12.30 PM CONCURRENT SESSIONS 1

1.1 BA N K I N G Level 20, Room 1 · Session Chair: Van Vu (University of Newcastle)

10.15 am Does Bank Competition Increase Bank Liquidity Creation? Presenter: Seungho (Sean) Choi (University of New South A State-level Perspective Wales) Discussant: Shams Pathan (University of Queensland)

11.00 am Effectiveness of the Basel III bail-in framework: Evidence Presenter: Yilian Guo (Macquarie University) from the hybrid security market Discussant: Ishaq Bhatti (La Trobe University)

11.45 am Financial Integration and Bank Performance During Natural Presenter: Dung (June) Nguyen (University of Otago) Disasters in The Asia-Pacific Discussant: My Nguyen (RMIT University)

1.2 ASSET PRICING/FINANCIAL MARKETS I Level 20, Room 2 · Session Chair: Kannan Thuraisamy (Deakin University)

10.15 am Short Selling, Trading Activity and Volatility in Corporate Presenter: Xiao Tian (La Trobe University) Bond Market Discussant: Kannan Thuraisamy (Deakin University)

11.00 am Heterogenous Cash-Flow Risk and the Cross Section Presenter: Petra Andrlikova () of Return Correlations Discussant: Xiangkang Yin (La Trobe University)

11.45 am Credit default swaps and the volatility of firm value Presenter: Binh Nguyen (Victoria University of Wellington) Discussant: Jae Kim (La Trobe University)

1.3 CORPORATE GOVERNANCE Level 20, Room 3 · Session Chair: Lily Nguyen (La Trobe University)

10.15 am On the Importance of Liquidity Fees and Exit Gates Presenter: Chanyuan (Georgina) GE (Macquarie University) in the Money Market Mutual Fund Industry Discussant: Ron Bird ()

11.00 am Does Corporate General Counsel mitigate Agency Presenter: Michael Michael (La Trobe University) Problems? Evidence from Dividend Policy Discussant: Cameron Truong (Monash University)

11.45 am Pay-gap pays: The effect of CEO’s industry tournament Presenter: Hasibul Chowdhury (University of Queensland) on corporate social responsibility Discussant: Gary Tian (Macquarie University)

10 · 9TH FMCG CONFERENCE 1.4 EMERGING MARKETS Level 20, Room 4 · Session Chair: Chandra Krishnamurti (University of South Australia)

10.15 am Examining the Personal Finance Attitudes, Behaviours Presenter: Sathyapriya Govindrajulu (PSG Institute of and Knowledge Level Among Private and Public Sector Management, India) Bank Employees in Coimbatore City Discussant: Mamiza Haq (University of Queensland)

11.00 am Analysis of the impact of international donor agencies Presenter: Keshara de Silva (RMIT University) on public sector Environmental sustainability performance Discussant: Jahangir Ali (La Trobe University) in Sri Lanka

11.45 am Corporate governance of IPO firms: a study in Presenter: Manali Chatterjee (Indian , Indian context Kharagpur) Discussant: Thu Phuong Truong (Victoria University of Wellington)

1.5 CORPORATE FINANCE Level 2, Room 2.10 · Session Chair: Lien Duong ()

10.15 am Takeover premium and bidder performance in relation Presenter: Hoa Luong (Curtin University) to market optimism and CEO relative compensation: Discussant: Abeyratna Gunasekarage (Monash University) Evidence from market

11.00 am Fire or keep? Stay or leave? The other side of the of CEO Presenter: Tom Stannard (Victoria University of Wellington) retention decisions Discussant: Jin Yu (Monash University)

11.45 am Female and R2 Presenter: Saba Sehrish () Discussant: Huu Nhan Duong (Monash University)

1.6 CORPORATE GOVERNANCE II Level 3, Room 3.04 · Session Chair: Michael Li (La Trobe University)

10.15 am Limiting insider trading in extreme sentiment periods: Presenter: Dewan Rahman (University of Queensland) Evidence from a quasi-natural experiment on board Discussant: Zhongyan Zhu (Monash University) independence

11.00 am Blockholder Heterogeneity, Stock Liquidity, and the Presenter: Michael Wang (Monash University) Efficiency of Blockholder Discussant: Michael Li (La Trobe University)

11.45 am Retail Investors and Shareholder Activism Presenter: Bilal Hafeez (Massey University) Discussant: Yiming Yang (The (HKU))

12.30 pm – Lunch Level 20, Lounge area 1.15 pm

1.15 pm – Panel Session – “Session with Experts” Level 2, Room 2.15 2.45 pm (Strictly limited to PhD students) Session Chair: Bala Balachandran (La Trobe University) Panellists: Professor Stephen Brown (Monash University and New York University) Professor Robert Faff (University of Queensland) Professor Ferdinand Gul (Deakin University) Professor Tom Smith (University of Queensland and Macquarie University) Professor Avanidhar Subrahmanyam (UCLA Anderson School of Management)

PHD SYMPOSIUM PROGRAM · 11 2.45 PM – 4.15 PM CONCURRENT SESSIONS 2

2.1 ACCOUNTING I Level 20, Room 1 · Session Chair: Kamran Ahmed (La Trobe University)

2.45 pm The Role of Auditor Provided Tax Service on Income Presenter: Arfian Erma Zudana (Victoria University Shifting by U.S. Multinationals of Wellington) Discussant: Kamran Ahmed (La Trobe University)

3.30 pm Financial Statement Frauds: The Need For A Paradigm Presenter: Francis Awolowo (Sheffield Hallam University) Shift To Forensic Accounting Discussant: Roger Willett (Victoria University of Wellington)

2.2 ASSET PRICING/FINANCIAL MARKETS II Level 20, Room 2 · Session Chair: Jing Zhao (La Trobe University)

2.45 pm Wealth Effects of Government Dependency on Firms Presenter: Bharat Raj Parajuli (University of Utah) Discussant: Jing Zhao (La Trobe University)

3.30 pm Information and attention comovements: Presenter: Barbara Hong (La Trobe University) Evidence from cross-listed stocks Discussant: Petko Kalev (La Trobe University)

2.3 CORPORATE GOVERNANCE III Level 20, Room 3 · Session Chair: Gary Tian (Macquarie University)

2.45 pm Empirical Investigations on Governance – Performance Presenter: Mohammed Zakriya (Universitat Ramon Llull) Interplay: The Investors’ Perspective Discussant: Au Yong Hue Hwa (Monash University)

3.30 pm Dual Holdings and Corporate Cash Holdings Presenter: June Yanjun Liu (Monash University) Discussant: Lien Duong (Curtin University)

2.5 CORPORATE FINANCE II Level 20, Room 4 · Session Chair: Shams Pathan (University of Queensland)

2.45 pm Partisan Political Conflict and the Cost of Equity Capital Presenter: Anh Viet Pham Discussant: Chandra Krishnamurti (University of South Australia)

3.30 pm Financial Constraints Presenter: Fatematuz Tamanna Ahamed (Victoria University of Wellington) Discussant: Luisa Unda (Monash University)

4.15 pm to Afternoon tea Level 20, Lounge area 4.30 pm

12 · 9TH FMCG CONFERENCE 4.30 PM – 6.00 PM CONCURRENT SESSIONS 3

3.1 ACCOUNTING II Level 20, Room 1 · Session Chair: Paul Mather (La Trobe University)

4.30 pm Corporate Tax Avoidance and Foreign Competition: Presenter: Nader Atawnah (La Trobe University) Evidence from Industry – Level Import Data Discussant: Christo Karuna (Monash University)

5.15 pm Value Relevance of Integrated Reporting: Comparative Presenter: Jamy Mohaimen (Victoria University of Wellington) Cross Country Analysis between Mandatory and Discussant: Paul Mather (La Trobe University) Voluntary Implementer

3.2 ASSET PRICING/MARKET MICROSTRUCTURE Level 20, Room 2 · Session Chair: Huu Duong (Monash University)

4.30 pm CEO Turnover Announcements and Informed Trading Presenter: Thu Dung Nguyen (La Trobe University) in the Options Market Discussant: Philip Gharghori (Monash University)

5.15 pm Program Trading and Return Comovement Presenter: Mingyi Li (La Trobe University)

3.3 CORPORATE GOVERNANCE IV Level 20, Room 3 · Session Chair: Mamiza Haq (University of Queensland)

4.30 pm Essays on Corporate Governance Presenter: Nawaf AlMaskati (University of Waikato) Discussant: Angela Lou (La Trobe University)

5.15 pm Award-winning CEOs and Corporate Innovation Presenter: Mia Hang Pham (Monash University) Discussant: Lily Nguyen (La Trobe University)

3.4 CORPORATE FINANCE III Level 20, Room 4 · Session Chair: Adrian Cheung ()

4.30 pm The impact of Media Sentiment on Firm Risk, Corporate Presenter: Jiexiang (Jenny) Huang (University of Otago) Investment and Financial Policies Discussant: Van Vu (University of Newcastle)

5.15 pm Rookie director and Firm performance: Evidence Presenter: Jeffrey Chen (Victoria University of Wellington) from China Discussant: Adrian Cheung (Flinders University)

6.15 pm – 6.30 pm Presentation of Awards – PhD Symposium Level 3, Rooms 3.08 and 3.09 8.00 pm Session Chair: Jane Hamilton 6.45 pm Conference Opening/Welcome address Professor Phillip Dolan (Pro Vice-Chancellor, College of Arts, Social Sciences and Commerce)

8.00 pm Canapés and drinks

PHD SYMPOSIUM PROGRAM · 13 Conference Academic Sessions

4 APRIL 2018

6.45 pm Conference Opening/Welcome address Level 3, Rooms 3.08 and 3.09 Professor Phillip Dolan Session Chair: Jane Hamilton (La Trobe University) (Pro Vice-Chancellor, College of Arts, Social Sciences and Commerce) Canapés and Drinks

5 APRIL 2018

8.00 am Arrival Tea and Registration Level 20, Reception and Lounge area

8.30 AM – 10.30 AM CONCURRENT ACADEMIC SESSIONS 1

1.1 ACCOUNTING I Level 20, Room 1 · Session Chair: Kamran Ahmed (La Trobe University)

8.30 am “Keep your eyes on it” Do Local Gambling Muhammad Jahangir Ali (La Trobe University), Samar Alharbi (La Trobe Preferences Increases Earnings University), Balasingham Balachandran (La Trobe University), Huu Nhan Duong Management? (Monash University), Edward J. Podolski (Deakin University) Discussant: Yimei Man (University of Waikato)

9.00 am The Impact of Other Comprehensive Yuan George Shan (University of ), Yan Wang (Guangdong Income Disclosure and Corporate University of Finance and Economics) Governance on Earnings Management and Discussant: Solomon Opare (Victoria University of Wellington) Firm Performance

9.30 am IFRS Adoption and Seasoned Equity Offering Muhammad Nurul Houqe (Victoria University of Wellington), Tony van Zijl Underperformance (Victoria University of Wellington), Solomon Opare (Victoria University of Wellington) Discussant: Yan Wang (Guangdong University of Finance and Economics)

10.00 am Business Strategy, Earnings Quality, Muhammad Nurul Houqe (Victoria University of Wellington), Reza M. Monem and Financial Flexibility (), Tony van Zijl (Victoria University of Wellington) Discussant: Kamran Ahmed (La Trobe University)

1.2 BANKING I Level 20, Room 2 · Session Chair: Mamiza Haq (University of Queensland)

8.30 am Not All Shareholders (Care to) Improve Shams Pathan (University of Queensland), Mamiza Haq Bank Transparency (University of Queensland) Discussant: Dung Thi Thuy Nguyen (University of Otago)

9.00 am Bank Stocks Inform Higher Economic Ajay Kumar Garg Mittal (Indian Institute of Management (IIM), Lucknow), Growth – Evidence from Asia Amit Mittal (Indian Institute of Management (IIM), Lucknow) Discussant: Gaurav Seth (Indian Institute of Technology (IIT), Kanpur)

9.30 am The Non-Monotonic Relationship between Ivan Diaz-Rainey (University of Otago), Minh Le (University of Otago), Helen Financial Integration and Cost Efficiency: Roberts (University of Otago), Dung Thi Thuy Nguyen (University of Otago) Evidence from Asian Commercial Banks Discussant: Mamiza Haq (University of Queensland)

10.00 am Changes in the Basel Capital Adequacy B.V. Phani (Indian Institute of Technology (IIT), Kanpur), Gaurav Seth Regulations and its Implication on (Indian Institute of Technology (IIT), Kanpur) Profitability of Banks: Evidence from India Discussant: Amit Mittal (Indian Institute of Management (IIM), Lucknow)

14 · 9TH FMCG CONFERENCE 1.3 CORPORATE GOVERNANCE I Level 20, Room 3 · Session Chair: Lien Duong (Curtin University)

8.30 am Corporate Governance, Institutions, Susanna Lu (University of Waikato), Ron Bird (University of Waikato), Markets, and Social Factors Nawaf Almaskati (University of Waikato) Discussant: Yuan George Shan (University of Western Australia)

9.00 am Do Proprietary Costs Deter Insider Trading? Lyungmae Choi (City University of Hong Kong) Discussant: Gary Tian (Macquarie University)

9.30 am The Wall Street Rule and Its Impact on Lien Duong (Curtin University), Brandon Chen (Victoria University of Board Monitoring Wellington), Thu Phuong Truong (Victoria University of Wellington) Discussant: Yanlin Li (Macquarie University)

10.00 am Extending the Corporate Governance Yuan George Shan (University of Western Australia), Indrit Troshani Mosaic: Managerial Ownership, Audit (), Janice Loftus (University of Adelaide) Committees and Non-Audit Services Discussant: Nawaf Almaskati (University of Waikato)

1.4 EMERGING MARKETS I Level 20, Room 4 · Session Chair: Chandra Krishnamurti (University of South Australia)

8.30 am Competition and Commercial Banks Dimu Ehalaiye (Massey University), Joseph Akande (University of Jos), Risk‑Taking: Evidence from Sub-Saharan Farai Kwenda (University of KwaZulu-Natal) Africa Region Discussant: Rajiv Nair (Deakin University)

9.00 am Buffer Capital, Loan Portfolio Quality Ernest Gyapong (Massey University), Godfred Afrifa (Canterbury Christ and the Performance of Microfinance Church University College) Institutions: A Global Analysis Discussant: Ra-Pee Pattanapanyasat ()

9.30 am Strategic Disclosure and Investors’ Ra-Pee Pattanapanyasat (Chulalongkorn University) Sophistication in Small Business Capital Discussant: Ernest Gyapong (Massey University) Formation

10.00 am CSR Disclosure and Financial Transparency: Somanath V S, Mohammad Muttakin (Deakin University), Arifur Khan Evidence from India (Deakin University), Rajiv Nair (Deakin University), Nava Subramaniam (RMIT University) Discussant: Dimu Ehalaiye (Massey University)

1.5 CORPORATE FINANCE I Level 2, Room 2.10 · Session Chair: Gary Tian (Macquarie University)

8.30 am The Effects of Corporate Culture on James Cicon (University of Central Missouri), Yanhui Wu (Queensland Corporate Policies: A Study of How University of Technology), Qing Zhou (Macquarie University) ‘Caution’ Impacts Corporate Policies Discussant: Jiexiang Huang (University of Otago),

9.00 am Effects of Customer Industry Competition Srinivasan Selvam (Peking University – HSBC Business School) on Suppliers: Evidence from Product Discussant: Yanhui Wu (Queensland University of Technology) Market Competition Shocks

9.30 am Government Spending Shocks and Yanhui Wu (Queensland University of Technology), Huizhong Zhang, Firm Innovation Ruchith Dissanayake (Queensland University of Technology) Discussant: Srinivasan Selvam (Peking University – HSBC Business School)

10.00 am The Role of Media on CEO Power and Eric K. M. Tan (University of Otago), Jiexiang Huang (University of Otago), Firm Performance Helen Roberts (University of Otago) Discussant: Qing Zhou (Macquarie University)

10.30 am – Morning tea Level 20, Lounge area 10.45 am

10.45 am – Asset Pricing and Behavioural Finance: Level 2, Rooms 2.15 and 2.16 12.45 pm Past, Present and Future Session Chair: Petko Kalev (La Trobe University) Professor Avanidhar Subrahmanyam (UCLA Anderson School of Management)

PHD SYMPOSIUM PROGRAM · 15 12.45 pm – Lunch Level 20, Lounge area 1.30 pm

1.30 pm – Corporate Governance: Past, Present Level 2, Rooms 2.15 and 2.16 3.00 pm and Future Session Chair: Gary Tian (Macquarie University) Professor Ron Masulis (University of New South Wales)

3.00 pm – Keynote Address “Asymmetric Modelling Level 2, Rooms 2.15 and 2.16 4.00 pm of the Adjustment Speed of Cash Holdings” Session Chair: Xiangkang Yin Professor Robert Faff (University of Queensland)

4.00 pm – Afternoon Tea Level 20, Lounge area 4.15 pm

4.15 pm – Capital Market Research in Accounting: Level 2, Rooms 2.15 and 2.16 5.45 pm Past, Present and Future Session Chair: A/Prof Jahangir Ali (La Trobe University) Dr Christo Karuna (Monash University)

6.30 PM – 10.30 PM CONFERENCE DINNER

6.30 pm Pre dinner drinks Melbourne Aquarium

7.00 pm Dinner

7.10 pm Welcome Address Mr Greg Jamieson (Head, Dept. of Economics and Finance, La Trobe University)

7.30 pm Keynote Address “Strategic takeover of Dyno Mr James Fazzino (Vice Chancellor’s Fellow and Adjunct Professor, Nobel and its impact on Incitec Pivot’s Value” La Trobe Business School)

8.15 pm Presentation of Conference Best Papers Awards

8.45 pm Presentation of Lifetime Achievement Awards

9.15 pm Thank You Address Conference Chair Bala Balachandran (La Trobe University)

6 APRIL 2018

8.00 am Arrival Tea and Registration Level 20, Reception and Lounge area

8.30 AM – 10.30 AM CONCURRENT ACADEMIC SESSIONS 2

2.1 ACCOUNTING II Level 20, Room 1 · Session Chair: Arifur Khan (Deakin University)

8.30 am Significance Testing in Accounting Jae H. Kim (La Trobe University), Kamran Ahmed (La Trobe University), Research: A Critical Evaluation Based Philip Inyeob Ji (Monash University) on Evidence Discussant: Luisa Unda (Monash University)

9.00 am CFO Tenure, CFO Board Membership Mohammad Muttakin (Deakin University), George Tanewski (Deakin University), and Accounting Conservatism Arifur Khan (Deakin University) Discussant: Danika J. Wright (The University of Sydney)

9.30 am The Role of the Board of Directors Dinithi Ranasinghe (Otago University), Luisa Unda (Monash University) in Non‑GAAP Earnings Disclosures Discussant: Paul Mather (La Trobe University)

10.00 am Accounting Information, Life Cycle Attila Balogh (UNSW), Jiri Svec (The University of Sydney), Danika J. Wright and Debt Markets (The University of Sydney) Discussant: Arifur Khan (Deakin University)

16 · 9TH FMCG CONFERENCE 2.2 ASSET PRICING I Level 20, Room 2 · Session Chair: Jing Shi (Macquarie University)

8.30 am What Follows Innovation Awards? Yiming Yang (The University of Hong Kong), Tong Zhou R&D 100 Awards, Product Segmentation, (Zhongshan University), Po-Hsuan Hsu (The University of Hong Kong) and Stock Returns Discussant: Sivathaasan Nadarajah (Griffith University)

9.00 am Opinion and Long-Run Performance of Zheyao Pan (Macquarie University), Zhang Guangli (Central University of Finance Private Placements: Evidence from the and Economics (CUFE) – Business School), Jianlei Han (University of ) Auction Market Discussant: M. Al Mamun (La Trobe University)

9.30 am Presidential Approval Rating and Md. Lutfur Rahman (East West University), M. Al Mamun (La Trobe University) Stock Return Discussant: Zheyao Pan (Macquarie University)

10.00 am Stock Liquidity and Default Risk Around Sivathaasan Nadarajah (Griffith University), Searat Ali (Griffith University), the World Allen R. Huang (Griffith University), Benjamin Liu (Griffith University) Discussant: Yiming Yang (The University of Hong Kong)

2.3 CORPORATE GOVERNANCE II Level 20, Room 3 · Session Chair: Shann Turnbull (International Institute for Self-governance)

8.30 am The Role of Governance on the Wellbeing Shann Turnbull (International Institute for Self-governance) of Individuals or Organizations Discussant: Ifedapo Francis Awolowo (Sheffield Hallam University)

9.00 am Corporate Risk-Taking, Foreign Institutional Donghui Li, Garland Huang, Sheng Xiao, Zhe An (Monash University) Ownership, and the Role of Country-Level Discussant: Muhammad Nurul Houqe (Victoria University of Wellington) Corporate Governance

9.30 am Accounting Scandals: Beyond Corporate Murray C. Clark (Sheffield Hallam University), Ifedapo Francis Awolowo Governance (Sheffield Hallam University), Dora Chan (Sheffield Hallam University), Nigel Garrow (Sheffield Hallam University) Discussant: Shann Turnbull (International Institute for Self‑governance)

10.00 am The Effects of the Appointment of Yanlin Li (Macquarie University), Gary Gang Tian (Macquarie University), New Independent Directors Professionally Xin Wang (Southwestern University of Finance and Economics (SWUFE)) Affiliated with Their Predecessors: Discussant: Lien Duong (Curtin University) Evidence from China

2.4 EMERGING MARKETS II Level 20, Room 4 · Session Chair: Thu Phuong Truong (Victoria University of Wellington)

8.30 am Performance of Private Equity Backed IPOs: Mohan Raj (Indian Institute of Management (IIMB), Bangalore), Evidence from an Emerging Market Venkateshwarlu Masuna (National Institute of Industrial Engineering (NITIE)), Jayadev Madugula (Indian Institute of Management (IIMB), Bangalore), Jainil Lakhani (Indian Institute of Management (IIM), Ranchi) Discussant: Shivaani MV (Indian Institute of Technology (IIT), Delhi)

9.00 am Stock Splits and Liquidity Risk in the May Hu (Deakin University), Ameeta Jain (Deakin University), Xinwei Zheng Chinese Stock Market (Deakin University) Discussant: Thu Phuong Truong (Victoria University of Wellington)

9.30 am Does Competitive Position of a Firm Surendra S. Yadav (Indian Institute of Technology (IIT), Delhi), Shivaani MV Affect the Quality of Risk Disclosure (Indian Institute of Technology (IIT), Delhi), P.K. Jain (Indian Institute of in Annual Report? Technology (IIT), Delhi) Discussant: Jayadev Madugula (Indian Institute of Management (IIMB), Bangalore)

10.00 am Transaction Costs and Liquidity Hao Quach (Lincoln University), Thu Phuong Truong (Victoria Co‑Movements within and Across University of Wellington), Cuong Nguyen (Lincoln University) Exchanges: Evidence from Vietnam Discussant: Xinwei Zheng (Deakin University)

PHD SYMPOSIUM PROGRAM · 17 2.5 CORPORATE FINANCE II Level 2, Room 2.15 · Session Chair: Huu Nhan Duong (Monash University)

8.30 am Economic Policy Uncertainty and Firm Tax Ferdinand A. Gul (Deakin University), My Nguyen (RMIT University), Avoidance Justin Hung Nguyen (Victoria University of Wellington), Huu Nhan Duong (Monash University) Discussant: Tom Scott (Auckland University of Technology)

9.00 am Open Market Share Repurchases, Dividend Balasingham Balachandran (La Trobe University), Huu Nhan Duong Tax Cut and Information Content (La Trobe University), Ladshiya Atisoothanan (La Trobe University) Discussant: Chandrasekhar Krishnamurti (University of South Australia)

9.30 am Corporate Governance and Dividend Policy: Chandra Thapa (University of Strathclyde), Santosh Koirala (University the Importance of Personal Liability in of Strathclyde), Andrew P. Marshall (University of Strathclyde) Enforcement Discussant: Ladshiya Atisoothanan (La Trobe University)

10.00 am Share Pledges and Firm Value Chelsea Liu (University of Adelaide), Qi Li (University of Auckland), Tom Scott (Auckland University of Technology) Discussant: My Nguyen (RMIT University)

2.6 CORPORATE FINANCE III Level 2, Room 2.16 · Session Chair: Alfred Yawson (University of Adelaide)

8.30 am Does Frugality Influence Firm Behavior? Matthew Wynter (University of Illinois at Chicago) Evidence from Natural Disasters Discussant: May Hu (Deakin University)

9.00 am Managerial Ability and Corporate Capital May Hu (Deakin University), Tongxia Li (Deakin University), Structure Chien-Ting Lin (Deakin University) Discussant: Mohammed Zakriya (ESADE Business School)

9.30 am Sustain and Deliver: Capturing the Valuation Mohammed Zakriya (ESADE Business School) Effects of Corporate Sustainability Discussant: Tongxia Li (Deakin University)

10.00 am Managerial Ability and the Speed of May Hu (Deakin University), Tongxia Li (Deakin University), Leverage Adjustment Chien-Ting Lin (Deakin University) Discussant: Matthew Wynter (University of Illinois at Chicago)

10.30 am to Morning tea Level 20, Lounge area 10.45 am

10.45 am – Keynote Address “Asset Pricing When Level 2, Rooms 2.15 and 2.16 11.45 pm Trading Is for Entertainment” Session Chair: Jae Kim (La Trobe University) Professor Avanidhar Subrahmanyam (UCLA Anderson School of Management)

11.45 am – Keynote Address “Boards of Directors – Level 2, Rooms 2.15 and 2.16 12.45 pm Recent Evidence on How to Improve Firm Session Chair: Chandra Krishnamurti (University of South Australia) Performance” Professor Ron Masulis (University of New South Wales)

12.45 pm – Lunch Level 20, Lounge area 1.30 pm

1.30 pm – Keynote Address “Dealing with Endogeneity” Level 2, Rooms 2.15 and 2.16 3.00 pm Professor Tom Smith Session Chair: Alfred Yawson (University of Adelaide)

3.00 pm – Panel Discussion on “Endogeneity – Level 2, Rooms 2.15 4.00 pm Empirical Evidence” Session Chair: Petko Kalev (La Trobe University) Panelists: Shams Pathan (University of Queensland), Huu Duong (Monash University) and Lily Nguyen (La Trobe University)

4.00 pm – Afternoon Tea Level 20, Lounge area 4.15 pm

18 · 9TH FMCG CONFERENCE 4.15 PM – 4.45 PM CONCURRENT ACADEMIC SESSIONS 3

3.1 CORPORATE FINANCE IV Level 20, Room 1 · Session Chair: Jin Yu (Monash University)

4.15 pm Information Content of Dividend Initiations Balasingham Balachandran (La Trobe University), Huu Nhan Duong Revisited: The Impact of 2003 Dividend (Monash University), Michael Theobald (University of Birmingham), Tax Cut Yun Zhou (La Trobe University) Discussant: Jin Yu (Monash University)

4.45 pm Making Yourself a Central Hub: Advisor Huizhong Zhang (University of Adelaide), Alfred Yawson Network Position and M&A Activities (University of Adelaide) Discussant: Huu Duong (Monash University)

5.15 pm Socially Responsible Firms and Mergers Domenico Pensiero (University of Southern Queensland), Syed Shams and Acquisitions Performance: Australian (University of Southern Queensland), Chandrasekhar Krishnamurti (University Evidence of Southern Australia), Eswaran Velayutham (University of Southern Queensland) Discussant: Alfred Yawson (University of Adelaide)

3.2 CORPORATE FINANCE V Level 20, Room 2 · Session Chair: Tony van Zijl (Victoria University of Wellington)

4.15 pm Cross-Listings, Investor Protection and Muhammad Nurul Houqe (Victoria University of Wellington), Binh Bui (Victoria Earnings Quality University of Wellington), Tony van Zijl (Victoria University of Wellington) Discussant: Alan V. S. Douglas (University of Waterloo)

4.45 pm The Leverage-Profitability Puzzle Revisited Sean Cleary (Queen’s School of Business), Alan V. S. Douglas (University of Waterloo), Tu Nguyen (University of Waterloo) Discussant: Zhe An (Monash University)

5.15 pm Do Dividend Initiations Convey Future Balasingham Balachandran (La Trobe University), Berty Vidanapathirana Earnings Prospects: Evidence From (La Trobe University) Imputation Environment? Discussant: Yun Zhou (La Trobe University)

3.3 FINANCIAL MARKETS Level 20, Room 3 · Session Chair: Van Vu (University of Newcastle)

4.15 pm The Bright and Dark Sides of Financial Fengfei Li (Deakin University), Yoshio Nozawa (Federal Reserve Derivatives: Options Trading and Product Board of Governors), Po-Hsuan Hsu (The University of Hong Kong) Development Discussant: Gaurav Kumar (Indian Institute of Technology (IIT), Kanpur)

4.45 pm Trading Frequency, Information Quality Chung-Ching Tai (Tunghai University), Yi-Heng Tseng (Yuan Ze University) and Order Choices – Evidences from the Discussant: Bharat Raj Parajuli (University of Utah) Accelerations in the Information Disclosure

5.15 pm Commonality in Liquidity – New Evidence Gaurav Kumar (Indian Institute of Technology (IIT), Kanpur), from National Stock Exchange, India Arun Kumar Misra (Indian Institute of Technology (IIT), Kanpur) Discussant: Yi-Heng Tseng (Yuan Ze University)

3.4 BANKING/INVESTMENTS Level 20, Room 4 · Session Chair: Jared DeLisle (Utah State University)

4.15 pm Revenue Diversification and Bank Capital Lucas Yao Wen Lee (University of Queensland), Mamiza Haq Across Countries: The Influence of (University of Queensland) Regulation and Supervision Discussant: Shane Magee (Macquarie University)

4.45 pm The Impact of a Remuneration Guideline Sue Wright (University of Newcastle), Shane Magee (Macquarie University), in the Australian Banking Industry Cheok Man Ng (Macquarie University) Discussant: Mamiza Haq (University of Queensland)

5.15 pm Does Probability Weighting Drive Skewness Jared DeLisle (Utah State University), Ryan J. Whitby (Utah State University), Preferences? Benjamin M. Blau (Utah State University) Discussant: Shams Pathan (University of Queensland)

PHD SYMPOSIUM PROGRAM · 19 3.5 CORPORATE GOVERNANCE III Level 2, Room 2.16 · Session Chair: Emma Zhang (Monash University)

4.15 pm CEO Power and Corporate Social Sudipta Bose (UNSW), Habib Khan (University of ), Syed Shams Responsibility (CSR) Disclosure: Evidence (University of Southern Queensland), Afzalur Rashid (University of Southern from an Emerging Economy Queensland) Discussant: Joni Vendi (La Trobe University)

4.45 pm Boardroom Gender Diversity and CEO Ammad Ahmed (Griffith University), Muhammad Atif (Griffith University) Pay Deviation: An Australian Evidence Discussant: Syed Shams (University of Southern Queensland)

5.15 pm Politically connected boards, family Joni Vendi (La Trobe University), Kamran Ahmed (La Trobe University), business groups and cost of capital: Jane Hamilton (La Trobe University) Evidence from Indonesia Discussant: Ammad Ahmed (Griffith University)

3.6 CORPORATE GOVERNANCE IV Level 2, Room 2.15 · Session Chair: Martien Jan Peter Lubberink (Victoria University of Wellington)

4.15 pm Corporate Governance and the Insolvency Searat Ali (Griffith University), Jamshed Iqbal (University of Vaasa) Risk of Financial Institutions Discussant: Bjorn Rock (Justus-Liebig-University Giessen)

4.45 pm The Ceiling Trumps the Cliff-Gender-Related Bjorn Rock (Justus-Liebig-University Giessen), Myriam Bechtoldt Promotion Patterns to German and British (EBS Universität für Wirtschaft und Recht), Christina E. Bannier Management Boards (Justus-Liebig-University Giessen) Discussant: Searat Ali (Griffith University)

5.15 pm Corporate General Counsels, Financial Md Al Mamun (La Trobe University), Balasingham Balachandran Reporting Opacity and Stock Price (La Trobe University), Huu Nhan Duong (Monash University), Ferdinand A. Gul Crash Risk (Deakin University) Discussant: Hasibul Chowdhury (University of Queensland)

7 APRIL 2018

8.30 AM – 10.30 AM CONCURRENT SESSION 4

4.1 ACCOUNTING III Level 20, Room 1 · Session Chair: Roger J. Willett (Victoria University of Wellington)

8.30 am Earnings Management and Agency Costs: Yimei Man (University of Waikato), Nirosha Hewa Wellalage (University of Evidence from China Waikato), Stuart Locke (University of Waikato) Discussant: Samar Alharbi (La Trobe University)

9.00 am Passive Ownership and Earnings Ahmed Baig (Texas Tech University), Jared DeLisle (Utah State University), Manipulation Gulnara R. Zaynutdinova (Washington State University) Discussant: Roger J. Willett (Victoria University of Wellington)

9.30 am Corporate Governance and Real Earnings Paul R. Mather (La Trobe University), Muhammad Jahangir Ali (La Trobe Management in Family Firms: Evidence from University), Rushdi Razzaque (Independent University, Bangladesh (IUB)) an Emerging Economy Discussant: Richard Donald Morris (University of New South Wales)

10.00 am Corporate General Counsel, Audit Effort Balachandran Muniandy (La Trobe University), Ferdinand A Gul (Deakin and Audit Report Lag University), Michael Michael (La Trobe University), Muhammad Jahangir Ali (La Trobe University) Discussant: Rajeev Singhal (Oakland University)

4.2 CORPORATE GOVERNANCE V Level 20, Room 2 · Session Chair: (Michael) Hui Li (La Trobe University)

8.30 am Moderating Powerful CEOs Through Lubna Rahman (UNSW), Md Emdadul Islam (UNSW), Jo-Ann Suchard (UNSW), Improved Governance Mark Humphery-Jenner (UNSW) Discussant: Adrian Cheung (Flinders University)

20 · 9TH FMCG CONFERENCE 9.00 am Do Appearances Deceive? The Curious Case Saif Ullah (Concordia University) of CSR Activities and Shunned Companies Discussant: Muhammad Atif (Griffith University)

9.30 am The Role of Ownership and Governance Mohsin Khawaja (La Trobe University), Ishaq Bhatti (La Trobe University), Structure in Raising Capital: An Dawood Ashraf, Darren Henry (La Trobe University) International Study Discussant: Fan Yu (Macquarie University)

10.00 am The Outsider Effect: The Case of Lack (Michael) Hui Li (La Trobe University), Paul Farah (La Trobe University), of CEO Succession Planning Huong Giang (Lily) Nguyen (La Trobe University) Discussant: Emma Zhang (Monash University)

4.3 CORPORATE FINANCE VI Level 20, Room 3 · Session Chair: Ali Sheikhbahaei (Monash University)

8.30 am Evidence of Strategic News Tone Dispersion Robert W. Faff (University of Queensland), Dewan Rahman (University Effects Around Opportunistic Insider of Queensland), Barry Ross Oliver (University of Queensland) Purchases Discussant: Le Vu (La Trobe University)

9.00 am 10-K Filing Content and SEO Flotation Costs Amalia Di Iorio (La Trobe University), Ali Sheikhbahaei (Monash University) Discussant: Khaled Alsabah (University of Colorado at Boulder)

9.30 am Disclosure Tone and Short-Selling Pressure: Ankit Jain (Indian School of Business (ISB), Hyderabad) Evidence from Regulation-SHO Discussant: Shaheen Jahan (La Trobe University)

10.00 am An Empirical Investigation of the Legal Muhammad Nurul Houqe (Victoria University of Wellington), Tony van Zijl Origin Theory for Minority Investors (Victoria University of Wellington), Mohammad Tareq (RMIT University) Protection Discussant: Ying Dou (Monash University)

4.4 CORPORATE FINANCE VII Level 20, Room 4 · Session Chair: Cameron Truong (Monash University)

8.30 am Earnings Announcement Lottery Payoffs Cameron Truong (Monash University), Hung Nguyen (Monash University) and the Cross-Section of Stock Returns Discussant: Syed Shams (University of Southern Queensland)

9.00 am The Impact of Blockholder Activism on the Elaine Hutson (Monash University), Jin Yu (Monash University), Information Environment of Stock Price Stephen Brown (Monash University), Michael Wang (Monash University) Discussant: Searat Ali (Griffith University)

9.30 am Effects of Investor Tax Heterogeneity on Xiangkang Yin (La Trobe University), Jing Zhao (La Trobe University), Stock Prices and Trading Behavior around Nguyen Ngoc Anh Le (La Trobe University) the Ex-Dividend Day: The Case of Australia Discussant: Abeyratna Gunasekarage (Monash University)

10.00 am Women on Board: Does the Gender Diversity Searat Ali (Griffith University), Benjamin Liu (Griffith University), Reduce Default Risk? J.J. Su (Griffith University) Discussant: Michael Wang (Monash University)

4.5 ASSET PRICING II Level 2, Room 2.15 · Session Chair: Van Vu (University of Newcastle)

8.30 am Are Long-Run Tax Expectations Priced Ruchith Dissanayake (Queensland University of Technology) in the Cross-Section of Stock Returns? Discussant: Josh Della Vedova (The University of Sydney)

9.00 am The Effects of Bank Credit Cycles on Van Vu (University of Newcastle) Corporate Liquidity and Investment Discussant: Jun Wang (University of Western Ontario) Decisions

9.30 am What Explains the Returns of Large Stocks Philip Gharghori (Monash University), Daniel Chai (Monash University), in the Australian Equity Market? Mardy Chiah (Swinburne University of Technology) Discussant: Angel Zhong (RMIT University)

10.00 am Faulty Anchors: Individual Investor Order Andrew R. Grant (The University of Sydney), P. Joakim Westerholm Intensity and Order Type at the 52 Week High (The University of Sydney), Josh Della Vedova (The University of Sydney) Discussant: Ruchith Dissanayake (Queensland University of Technology)

10.30 am – Morning tea Level 20, Lounge area 10.45 am

PHD SYMPOSIUM PROGRAM · 21 10.45 AM – 12.45 PM CONCURRENT SESSION 5

5.1 ACCOUNTING IV Level 20, Room 1 · Session Chair: Muhammad Jahangir Ali (La Trobe University)

10.45 am Why the Fundamental Relation between Firm Roger J. Willett (Victoria University of Wellington), Martien Jan Peter Lubberink Market and Accounting Values is Log-Linear (Victoria University of Wellington) Discussant: Jared DeLisle (Utah State University)

11.15 am The Impact of Loan Covenants on Audit Rajeev Singhal (Oakland University), Yun Ellen Zhu (Oakland University), Delays and Audit Fees Mohinder Parkash (Oakland University) Discussant: Michael Michael (La Trobe University)

11.45 am The Impact of Legal Efficacy on Value Troy Yao (Queensland University of Technology), Richard Donald Morris Relevance of the Three-Level Fair Value (University of New South Wales), Lin Liao (University of New South Wales), Measurement Hierarchy Helen Hyon Ju Kang (University of New South Wales) Discussant: Muhammad Jahangir Ali (La Trobe University)

12.15 pm The '15 Days' Debate: Evidence from 10-K Khaled Alsabah (University of Colorado at Boulder) Submissions Discussant: Ali Sheikhbahaei (Monash University)

5.2 CORPORATE GOVERNANCE VI Level 20, Room 2 · Session Chair: Yaowen Shan (University of Technology Sydney)

10.45 am Does Board Gender Diversity Affect Allen R. Huang (Griffith University), Benjamin Liu (Griffith University), Corporate Cash Holdings? Muhammad Atif (Griffith University) Discussant: Saif Ullah (Concordia University)

11.15 am Monitoring and CEO Contractual Fan Yu (Macquarie University) Incentive Pay Discussant: Mohsin Khawaja (La Trobe University)

11.45 am Empowering Minority Shareholders and Yaowen Shan (University of Technology Sydney), Martin Bugeja (University Improving Corporate Accountability via of Technology Sydney), Terry Stirling Walter (The University of Sydney), Lower Voting Thresholds: Evidence from David Yermack (New York University), Raymond da Silva Rosa (University the Australian Two-Strikes Rule of Western Australia) Discussant: Hoa Luong (Curtin University)

12.15 pm CEO Relative Compensation, Takeover Hoa Luong (Curtin University), Lien Duong (Curtin University), John Evans Premium and Bidder Performance (Curtin University) in Australia: Efficient Contracting or Discussant: Yaowen Shan (University of Technology Sydney) Managerial Power?

5.3 CORPORATE GOVERNANCE VII Level 20, Room 3 · Session Chair: Adrian Cheung (Flinders University)

10.45 am Does Prestigious Board Experience Matter? Karen Van-Peursem (Victoria University of Wellington), Mosammet Jahan Evidence from New Zealand (Victoria University of Wellington), Martien Jan Peter Lubberink (Victoria University of Wellington) Discussant: Md Emdadul Islam (UNSW)

11.15 am How Valuable are Independent Directors? Emma Zhang (Monash University), Ronald W. Masulis (UNSW) Evidence from External Distractions Discussant: (Michael) Hui Li (La Trobe University)

11.45 am Inventor CEOs Md Emdadul Islam (UNSW), Jason Zein (UNSW) Discussant: Martien Jan Peter Lubberink (Victoria University of Wellington)

12.15 pm How Does Corporate Sexual Equality Trevor Marwick (Curtin University), Adrian Cheung (Flinders University), Affect Firm Value? Free Cash Flow Mostafa Monzur Hasan (Curtin University) vs Cost of Capital Discussant: Lubna Rahman (UNSW),

22 · 9TH FMCG CONFERENCE 5.4 ASSET PRICING III Level 20, Room 4 · Session Chair: Angel Zhong (RMIT University)

10.45 am Investment-Related Anomalies in Australia: Viet Nga Cao (Monash University), Philip Gray (Monash University), Evidence and Explanations Angel Zhong (RMIT University) Discussant: Mardy Chiah (Swinburne University of Technology)

11.15 am Market Volatility, Liquidity Shocks, and Rui Ma (Massey University), Hamish D. Anderson (Massey University), Stock Returns: Worldwide Evidence Ben R. Marshall (Massey University) Discussant: Yi-Wei Chuang (National Sun Yat-sen University)

11.45 am CEO's Industry Tournament Incentives Shams Pathan (University of Queensland), Hasibul Chowdhury (University and Stock Price Crash Risk of Queensland), Mamiza Haq (University of Queensland), Allan C. Hodgson (University of Queensland) Discussant: Lily Nguyen (La Trobe University)

12.15 pm The Impact of Intraday Net Buying Ming-Hung Wu (National Sun Yat-sen University), Wei‑Che Tsai (National Sun Pressure on Implied Volatility in the Yat-sen University), Yi-Wei Chuang (National Sun Yat-sen University) VIX Options Market Discussant: Rui Ma (Massey University)

5.5 CORPORATE FINANCE VIII Level 2 Room 2.15 · Session Chair: Ying Dou (Monash University)

10.45 am The Impact of Share Repurchase on Le Vu (La Trobe University), Lily Nguyen (La Trobe University), Xiangkang Yin Firm Innovation (La Trobe University) Discussant: Dewan Rahman (University of Queensland)

11.15 am Residual Debt and Stable Dividends Alan V. S. Douglas (University of Waterloo) Discussant: Bala Balachandran (La Trobe University)

11.45 am Does short selling have an impact upon Balasingham Balachandran (La Trobe University), Shaheen Jahan a firm’s cash holdings? (La Trobe University), Michael F. Theobald (University of Birmingham), Huu Nhan Duong (Monash University) Discussant: Ankit Jain (Indian School of Business (ISB), Hyderabad)

12.15 pm Shareholder Wealth Consequences Ying Dou (Monash University), Jason Zein (UNSW), Ronald W. Masulis (UNSW) of Insider Pledging of Company Stock Discussant: Alan V. S. Douglas (University of Waterloo) as Collateral for Personal Loans

5.6 CORPORATE FINANCE/EARNINGS QUALITY Level 2 Room 2.16 · Session Chair: Abeyratna Gunasekarage (Monash University)

10.45 am Basel Iii Accord: Influence of Business Nafisa Zabeen Ovi (Monash University), Syed Shams (University of Southern Cycle and Revenue Diversification on Queensland) Capital Buffer and Credit Risk Discussant: Olayinka Moses (Victoria University of Wellington)

11.15 am Competition in the Acquisition Market Piyadasa Edirisuriya (Monash University), Syed Shams (University of Southern and Returns to Bidders in Australia Queensland), Abeyratna Gunasekarage (Monash University) Discussant: Nguyen Ngoc Anh Le (La Trobe University)

11.45 am Bank Activism and Value Creation Keke Song (Melbourne Business School), Jun Wang (University of Western Ontario) Discussant: Van Vu (University of Newcastle)

12.15 pm EITI Implementation Experience and Muhammad Nurul Houqe (Victoria University of Wellington), Tony van Zijl Perceived Control of Corruption (Victoria University of Wellington), Olayinka Moses (Victoria University of Wellington) Discussant: Cameron Truong (Monash University)

PHD SYMPOSIUM PROGRAM · 23 La Trobe University City Campus

LEVEL 2

2.0 2.0 2.

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24 · 9TH FMCG CONFERENCE 360 Collins Street Melbourne

LEVEL 20

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20.02 20.0 Reception 20.20

PHD SYMPOSIUM PROGRAM · 25 Members of the Program Committee

Prof Balasingham Balachandran Dr Justin Nguyen [email protected] [email protected] Prof Stephen Brown Dr Lily Nguyen [email protected] [email protected] Dr Daisy Chou A/Prof Peter Pham [email protected] [email protected] Dr Huu Duong Dr Shams Pathan [email protected] [email protected] Prof Robert Faff Prof Tom Smith [email protected] [email protected] Prof Ferdinand Gul Prof Avanidhar Subrahmanyam [email protected] [email protected] Dr Mamiza Haq Em/Prof Michael Theobald [email protected] [email protected] A/Prof Darren Henry Dr Kannan Thuraisamy [email protected] [email protected] Prof Petko Kalev Prof Cameron Truong [email protected] [email protected] Dr Sutharson Kanapathippillai Dr Thu Phuong Truong [email protected] [email protected] Dr Christo Karuna Dr Luisa Unda [email protected] [email protected] Dr Arifur Khan Dr Eswaran Velayutham [email protected] [email protected] Prof Chandra Krishnamurti Dr Van Vu [email protected] [email protected] Dr Hoang Luong Prof Xiangkang Yin [email protected] [email protected] Prof Ron Masulis Dr Jing Zhao [email protected] [email protected] Prof Paul Mather [email protected]

26 · 9TH FMCG CONFERENCE Financial Markets and Corporate Governance Conference 2019

The 10th Financial Markets and Corporate Governance conference will be hosted by Department of Applied Finance, Macquarie University, Sydney. FMCG 2019 Conference 24–26 April 2019 FMCG 2019 PhD Symposium 23 April 2019

Uniquely located in the heart of Australia’s largest high-tech precinct, Macquarie University brings together more than 40,000 students and 3000 staff in one thriving hub of discovery. While only 50 years young, Macquarie has risen to be a progressive and influential institution both locally and internationally.

Macquarie University is famous of its programs in Applied Finance which prepares graduates for future leadership roles in the financial sector. As a newly aligned Applied Finance team, Department of Applied Finance, through its research and teaching programs, is highly engaged with national and international scholars, industry professional bodies and businesses. These connections enhance our research and ensure our teaching programs deliver the vital skills for employability in an ever-changing world.

Please visit: mq.edu.au/about/about-the-university/faculties-and-departments/faculty-of- business-and-economics/departments-and-centres/department-of-applied-finance

PHD SYMPOSIUM PROGRAM · 27 SPONSORS

9TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE