2018 Eastern Finance Association 54th Annual Meeting

Philadelphia, PA

EFA Eastern Finance Association

Welcome to the 54th Annual Meeting of the Eastern Finance Association

President David Becher

Vice-President – Program Michael Goldstein

Vice-President – Local Arrangements

Edward Nelling

Executive Director

David Lange Vice-President – Planning Anne Anderson Vice-President – Finance Jon Fulkerson

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Table of Contents

Welcome Message – Michael Goldstein, Vice-President – Program 2018 1 Events & General Information 2 EFA Leadership – Officers & Directors 3 EFA Program Organizers 4 EFA Program Committee Members 5 List of EFA Distinguished Scholars 8 2018 Distinguished Scholar Award 9 Outstanding Paper Awards 10 Exhibitors 13 Sessions Summary 14 Thursday Sessions 18 Friday Sessions 37 Saturday Sessions 53 Participant Index 62 Future Meeting Information 69 Hotel Floor Plan Map 70

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Dear EFA Members and 2018 Meeting Participants,

Welcome to Philadelphia! The EFA O cers and Directors, Track Chairs, members of the Program Committee and I welcome you to the 54th Annual Meeting of the Eastern Finance Association. With nearly 225 research papers in 82 academic sessionsffi including 12 special sessions, and Professor Joel Hasbrouck as our keynote speaker, it promises to be an exciting meeting. Professor Joel Hasbrouck, of the Stern School of New York University, is the recipient of the 2018 Distinguished Scholar Award. Joel has published widely in the area of markets and trading. He has published numerous articles in leading peer‐reviewed journals, currently serves as an associate editor for a number of finance journals, and is a former editor of the Review of Financial Studies. He will discuss “Currency markets: a settlement perspective” at the membership luncheon on Friday, April 13.

We are also fortunate to have Dr. Jeffrey Harris, the Chief Economist of the U.S. Securities and Exchange Commission (who also served as a former Chief Economist of the CFTC, a former Visiting Economist at Nasdaq, and a current EFA Track Chair), discuss current topics of interest to the SEC as well as the roles of financial economists inside and out of the SEC, and how academics can work at the SEC, the CFTC, and Nasdaq. This Special Panel will be our only session on Thursday April 12, 12:00 – 1:30 pm. In addition, we are honored to have two special academic sessions with papers by economists at the U.S. Commodity Futures Trading Commission (Thursday, 3:30 pm) and the U.S. Securities and Exchange Commission (Friday, 3:45 pm). Finally, we are very honored to host three sessions for the Philadelphia Area Finance Symposium, which features papers and discussants from Philadelphia area schools such as Penn/Wharton, Drexel, Temple, Villanova, St. Joseph’s, and Delaware. We are very thankful to David Becher (EFA President) for organizing these three Philadelphia-area sessions. We also have six other panel sessions that span a wide variety of interests, including panels on: Islamic finance (Thursday, 8:30 am), incorporating the Series 7 course into finance curriculum (Thursday; 10:15 am), new research analytics and data sources on WRDS (Thursday, 3:30 pm), how to give a good conference presentation (Friday, 8:30 am), teaching Excel (Saturday, 8:00 am), and community-based, student-led research partnerships (Saturday, 9:45 am). There are numerous people that contributed to the program. In particular, our distinguished Track Chairs were invaluable and worked diligently to coordinate the reviews and help select the papers to be presented. The Track Chairs include Nicole Boyson and Michel Habib (Corporate Finance), James Angel and Marc Lipson (Investments), Russell Wermers (Institutions and Markets), Larry Fauver (International Finance), and Jeff Harris (Special Topics and Derivatives). I also owe profound gratitude to my good friend Edward Nelling, VP‐Local Arrangements, for very effectively handling all the operational details. Keeping us all organized and on track were David Lange (Executive Director), Jon Fulkerson (VP‐Finance), Anne Anderson (VP-Planning), David Becher (President), and Evelyn Gosnell (Webmaster). A special thanks to Anne Anderson and David Becher for all their patience and guidance on this year’s program. Last but certainly not least, thanks to all of you who submitted papers, are discussants of papers, and are chairing sessions. Best regards, Michael A. Goldstein, Ph.D. 2018 EFA Vice-President – Program Donald P. Babson Chair of Applied Investments and Professor of Finance Babson College

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Events and General Information

EFA REGISTRATION – SOCIETY HILL BALLROOM FOYER Wednesday, April 11th 3:00 pm - 7:00 pm Thursday, April 12th 7:30 am - 4:30 pm Friday, April 13th 7:30 am - 2:00 pm

EXHIBIT HALL – BALLROOM A Thursday, April 12th 8:00 am - 5:00 pm Friday, April 13th 8:00 am - 5:00 pm

EVENTS Wednesday, April 11 5:30 pm -7:00 pm President’s Reception Hamilton Room

Thursday, April 12 8:00 am - 8:30 am Early Coffee Break Ballroom A 8:30 am - 11:00 am EFA Board Meeting* William Penn Board Room 10:00 am - 10:15 am Morning Coffee Break Ballroom A 11:00 am - 12:00 pm EFA Trustees Meeting* William Penn Board Room 12:00 pm - 1:30 pm Jeff Harris, SEC Chief Economist Ballroom B 3:15 pm - 3:30 pm Afternoon Coffee Break Ballroom A 5:30 pm - 7:00 pm Member’s Reception Hamilton Room

Friday, April 13 8:00 am - 8:30 am Early Coffee Break Ballroom A 8:00 am – 9:30 am Program Committee Breakfast* Hamilton Room 8:00 am - 10:30 am FMA Mid-year Board Meeting* William Penn Board Room 10:00 am - 10:15 am Morning Coffee Break Ballroom A 12:00 pm - 1:30 pm Keynote Luncheon – Joel Hasbrouck Society Hill Ballroom 3:30 pm - 3:45 pm Afternoon Coffee Break Ballroom A 5:45 pm - 7:15 pm VP-Program’s Reception Hamilton Room

Saturday, April 14 7:30 am – 8:00 am Early Coffee Break Society Hill Ballroom Foyer 9:30 am - 9:45 am Morning Coffee Break Society Hill Ballroom Foyer

*Invitation-only event

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EFA Leadership

OFFICERS AND DIRECTORS President David Becher, Drexel University Chairman – Trustees Jack Wolf, Clemson University Vice-Chairman – Trustees Daniel Bradley University of South Florida Vice-President – Planning Anne Anderson, Lehigh University Vice-President – Program Michael Goldstein, Babson College Vice-President – Local Arrangements Ed Nelling, Drexel University Vice-President – Program Elect Johnathan Clarke, Georgia Tech University Vice-President – Finance Jon Fulkerson, University of Dayton Executive Director David Lange, University of Auburn, Montgomery (Emeritus) Co-Editors of The Financial Review Richard Warr & Srinivasan Krishnamurthy, North Carolina State University

DIRECTORS 2017-2018 Leonce Bargeron, University of Kentucky

Brandon Cline, Mississippi State

Ann Marie Hibbert, West Virginia University

P.K. Jain, University of Memphis

Ben Sopranzetti, Rutgers University

Adam Yore, University of Missouri

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EFA Program Organizers

Vice-President – Program Michael Goldstein, Babson College

TRACK CHAIRS Corporate Finance Nicole Boyson, Northeastern University

Michel Habib, University of Zurich

Institutions and Markets Russell Wermers, University of Maryland

Investments James Angel, Georgetown University

Marc Lipson, Darden/University of Virginia

International Finance Larry Fauver, University of Tennessee

Special Topics & Derivatives Jeffrey Harris, American University and The U.S. Securities and Exchange Commission

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EFA Program Committee

Tyler Abbot, Sciences Po Patrick Dennis, University of Virginia Senay Agca, George Washington Univ. Jesse Ellis, North Carolina State University Andrew Ainsworth, University of Sydney Otgo Erhemjamts, Bentley University Abdulrahman Alshehri, King Khalid Univ. Susanne Espenlaub, Alliance Manchester Bus. Sch. Anne Anderson, Lehigh University Jose Faias, Catolica Lisbon SBE Deniz Anginer, World Bank Larry Fauver, University of Tennessee Ian Appel, Boston College Jonathan Fluharty-Jaidee, West Virginia University Samar Ashour, University of Arkansas Jon Fulkerson, University of Dayton Hadiye Aslan, Georgia State University Valentina Galvani, University of Alberta Don Autore, Florida State University William Gerken, University of Kentucky Davide Avino, Cardiff University Victoria Geyfman, Bloomsburg Univ. of Penn. John (Jianqiu) Bai, Northeastern University Balbinder Singh Gill, Temple University Hang Bai, University of Connecticut Michael Goldstein, Babson College Vickie Bajtelsmit, Colorado State University Rachel Gordon, Towson University H. Kent Baker, American University Eleni Gousgounis, Stevens Institute of Tech. Leonce Bargeron, University of Kentucky Tiantian Gu, Northeastern University Daniel Barth, Office of Financial Research Ufuk Gucbilmez, University of Bath Shmuel Baruch, University of Utah Michel Habib, University of Zurich Vishaal Baulkaran, University of Lethbridge Seonghee Han, Penn. State Univ., Abington Mikael Bergbrant, St. John's University Kristine Hankins, University of Kentucky Jason Berkowitz, St. John's University M. Kabir Hassan, University of New Orleans Mehdi Beyhaghi, Univ. of Texas at San Antonio Zhaozhao He, Univ. of New Hampshire Rita Biswas, University at Albany - SUNY Tim Herberger, Bamberg University Marcus Braga-Alves, University of Akron Richard Herron, Babson College Eric Brisker, University of Akron Ann Marie Hibbert, West Virginia University David Brown, University of Arizona Aimee Hoffmann Smith, Bentley University Qiang Bu, Penn State Harrisburg Sara Holland, University of Georgia Alex Butler, Rice University Md Miran Hossain, Florida Atlantic University Briana Chang, Univ. of Wisconsin - Madison Alan Huang, University of Waterloo Yung-Ho Chang, Tunghai University Ruidi Huang, U. of Illinois Urbana-Champaign Chun-Da Chen, Lamar University Kershen Huang, Bentley University Jaewon Choi, U. of Illinois Urbana-Champaign John Hund, University of Georgia Marco Cipriani, Fed. Reserve Bank of New York David Hunter, University of Queensland Chris Clifford, University of Kentucky Gbenga Ibikunle, University of Edinburgh Lee Cohen, University of Georgia Stacey Jacobsen, Southern Methodist University Brittany Cole, Tennessee Tech University Susan Ji, Governors State University Felipe Cortes, Northeastern University George Jiang, Washington State University Carmen Cotei, University of Hartford Chotibhak Jotikasthira, Southern Methodist Univ. Saumya Dash, Indian Institute of Mgmt. Indore Namho Kang, University of Connecticut Adri De Ridder, Uppsala University Simi Kedia, Rutgers University R. Jared DeLisle, Utah State University Eric Kelley, University of Tennessee Steven Dennis, Kent State University YoungHa Ki, Widener University

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EFA Program Committee (cont.)

Sehoon Kim, University of Florida Grzegorz Michalski, Wroclaw University Asta Klimaviciene, ISM University Banikanta Mishra, Xavier Inst. of Mgmt. Anzhela Knyazeva, US SEC Amit Mittal, Indian Institute of Mgmt., Lucknow Kyungyeon Koh, Univ. of Massachusetts Amherst Anahit Mkrtchyan, Northeastern University Georgios Koimisis, CUNY Graduate Center Betul Mollahaliloglu, Tulane University Lingtian Kong, Erasmus University Rotterdam David Moore, University of Kentucky Tunde Kovacs, Univ. of Massachusetts Lowell Sandra Mortal, University of Alabama Alain Krapl, Northern Kentucky University Pamela Moulton, Cornell University CNV Krishnan, Case Western Reserve Univ. Benjamin Munyan, Vanderbilt University Nitin Kumar, Indian School of Business Andy Naranjo, University of Florida Amy Kwan, University of Sydney Alok Nemani, University of Arizona Asjeet Lamba, University of Melbourne Ehsan Nikbakht, Hofstra University Chunhua Lan, University of New South Wales Esen Onur, Commodity Futures Trading Comm. Claire Lending, Western Washington Univ. Eric Osmer, Northern Illinois University Frank Li, University of Western Ontario Igor Osobov, University of South Carolina Dongmei li, Univ. of South Carolina - Columbia Diego Ostinelli, University of Zurich Jingrui Li, West Virginia University Therese Pactwa, St. John's University Tao Li, University of Florida Bo Pan, Sheffield University Yili Lian, Penn. State Univ. - Scranton Marios Panayides, Penn. State Univ. Rose Liao, Rutgers University Jung Chul Park, University of South Florida Hong-Jen Lin, City University of New York Hieu Phan, Univ. of Massachusetts Lowell Ying Chou Lin, Southeastern Oklahoma State U. Richard Philip, University of Sydney Marc Lipson, University of Virginia Katarzyna Platt, SUNY College at Old Westbury Rongbing Liu, Univ. of Massachusetts Boston Mark Potter, Babson College Baixiao Liu, Florida State University Gabriel Power, Laval University Gilad Livne, University of Exeter William Pratt, Oklahoma City University Matthijs Lof, Aalto University Andy Puckett, University of Tennessee Jun Lou, Siena College Kamran Quddus, Indian Inst. of Mmgt - Calcutta Gilberto Loureiro, University of Minho Tijana Rajkovic, San Jose State University David Louton, Bryant University Kartik Raman, Bentley University Qingzhong Ma, California State University, Chico Gary Rangel, Universiti Sains Malaysia Debasish Maitra, Faculty Dominik Roesch, SUNY- Buffalo Hosein Maleki, Temple University Zaur Rzakhanov, University of Massachusetts Nadya Malenko, Boston College Samer Saade, Institute of Mgmt. Tech. Dubai William Mann, UCLA Anderson School Hamid Sakaki, Central Connecticut State Univ. Dalia Marciukaityte, Illinois State University Michael Schill, University of Virginia Eleni Mariola, Iona College Miriam Schwartz-Ziv, Michigan State University Jose Vicente Martinez, Univ. of Connecticut Christopher Schwarz, UC Irvine Gianluca Mattarocci, John Sedunov, Villanova University Taylan Mavruk, University of Gothenburg Matthew Serfling, University of Tennessee M. Imtiaz Mazumder, St. Ambrose University Ke Shen, Lehigh University Cedric Mbanga, Missouri State University Jaideep Shenoy, University of Connecticut Mohamed Mekhaimer, Clarkson University Andriy Shkilko, Wilfrid Laurier University Felix Meschke, University of Kansas Thomas Shohfi, Rensselaer Polytechnic Institute

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EFA Program Committee (cont.)

Zamira Simkins, Stevenson University Jie Zhang, Trent University & Concordia University Vivek Singh, University of Michigan - Dearborn Wei Zhang, California State University, Chico Pierre Six, Neoma Business School Christina Zhang, Calif. State Univ. - Monterey Bay K. Smimou, University of Ontario Inst. of Tech. Yijia Zhao, Univ. of Massachusetts Boston Nonna Sorokina, The College of New Jersey Jing Zhao, Portland State University Bogdan Stacescu, BI Norwegian Bus. School Yao Zheng, Northern Illinois University David Stolin, Toulouse Business School Qiancheng Zheng, Emporia State University Chih-Huei Su, University of St. Thomas Kuncheng Zheng, Northeastern University

Alvaro Taboada, Mississippi State University Feifei Zhu, Radford University Jerome Taillard, Babson College Hongping Tan, McGill University Tih Koon Tan, Univ. of District of Columbia John Thornton, Kent State University Wei-Che Tsai, National Sun Yat-Sen University Hui-Ju Tsai, Washington College Omer Unsal, Merrimack College Semih Uslu, Johns Hopkins Carey Business School Ozge Uygur, Rowan University Tomas Valnek, University of Sussex Robert Van Ness, University of Mississippi Minh Vo, Metropolitan State University Milos Vulanovic, EDHEC Business School Chi Wan, Univ. of Massachusetts Boston Ying Wang, SUNY at Albany Lingling Wang, University of Connecticut Teng Wang, Board of Governors, Fed. Reserve Ching-chang Wang, Southern Taiwan Sci.&Tech. Li Wang, Case Western Reserve Univ. William Wells, Georgia Southern University Kristina Westerling, Bentley University Joshua White, Vanderbilt University Ryan Williams, University of Arizona Jack Wolf, Clemson University Yan Xie, University of Michigan - Dearborn Nancy Xu, Columbia Business School Jinming Xue, Univ of Maryland - College Park Tina Yang, Villanova University Fan Yang, University of Connecticut Wenhao Yang, University of South Carolina Baozhong Yang, Georgia State University Masaaki Yoshimori, Rice University Xiaojing (Aggie) Yuan, Univ. of Mass. - Lowell Maxim Zagonov, University of Toulouse Gulnara Zaynutdinova, West Virginia University

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EFA Distinguished Scholars

Name Affiliation Year Merton Miller University of Chicago 1987 Richard Roll University of California, Los Angeles 1988 Robert Merton Harvard University 1989 Michael Jensen Harvard University 1990 William Sharpe William F. Sharpe Associates 1991 Harry Markowitz Baruch University 1992 Stewart Myers Massachusetts Institute of Technology 1993 Edwin Elton New York University 1994 Eugene Fama University of Chicago 1995 Franco Modigliani Massachusetts Institute of Technology 1996 Stephen Ross Yale University 1997 Edward Kane Boston College 1998 Rene Stulz Ohio State University 1999 Sheridan Titman University of Texas 2000 Eduardo Schwartz University of California, Los Angeles 2001 John McConnell Purdue University 2002 George Benston Emory University 2003 Burton Malkiel Princeton University 2004 Robert Shiller Yale University 2005 Franklin Allen University of Pennsylvania 2006 Laura Starks University of Texas at Austin 2007 Ralph Walkling Drexel University 2008 Jay Ritter University of Florida 2009 John Graham Duke University 2010 Andrew Karolyi Cornell University 2011 David Denis University of Pittsburgh 2012 Mark Flannery University of Florida 2013 Edward Altman New York University 2014 Matthew Spiegel Yale University 2015 Diane Denis University of Pittsburgh 2016 Roni Michaely Cornell University 2017 Joel Hasbrouck New York University 2018

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2018 Distinguished Scholar

Joel Hasbrouck Kenneth G. Langone Professor of Business Administration Professor of Finance Stern School of Business New York University

Keynote Address “Currency markets: a settlement perspective”

Joel Hasbrouck is the Kenneth G. Langone Professor of Business Administration and Professor of Finance at the Stern School of Business, NYU. Professor Hasbrouck has published widely on the analysis, design and regulation of securities trading mechanisms (market microstructure). He is the author of widely used book, Empirical Market Microstructure (Oxford, 2006). He has published multiple highly influential articles in the American Economic Review, the Review of Economics and Statistics, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Journal of Banking and Finance, the Journal of Financial Markets, as well as in other finance journals. Prof. Hasbrouck is presently an Advisory Editor of the Journal of Financial Markets, and an Associate Editor of the Journal of Financial Econometrics and the Journal of Financial Intermediation. He served as an editor of the Review of Financial Studies from 2004-2008. Previously, Prof. Hasbrouck served as an Associate Editor for the Journal of Finance (1993-1999, 2003-2004), the Review of Financial Studies (1995-1997, 2002-2004), and Finance Research Letters (2008-2012). He referees for many finance journals and serves regularly on numerous conference program committees, and is a key organizer of the Stern Microstructure Meetings. He has also served as a Director for the American Finance Association. This year marks the 35th year that Professor Hasbrouck has been on the finance faculty of the Stern School of Business at New York University. He is currently a Fellow of the Society of Financial Econometrics and a Fellow of the Columbia Law School Program in the Law and Economics of Capital Markets. Professor Hasbrouck served as the second Visiting Economist at the New York Stock Exchange (1990-1992), where he helped produce the TORQ database, perhaps the earliest widely-available order and audit trail record of market activity. He has also served on the Nasdaq Economic Advisory Board (1998-2001) and the Scientific Advisory Board of ITG, Inc. (1999-2003). Professor Hasbrouck received all of his post-secondary education in the Philadelphia area. He holds M.A. and Ph.D. degrees from the University of Pennsylvania and a B.S. in Chemistry from Haverford College.

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Outstanding Paper Awards

Outstanding Paper in Investments “Local Economic Consequences of Stock Market Listings” Larry Fauver, University of Tennessee Alex Butler, Rice University Ioannis Spyridopoulos, American University (Session D.6, Thursday, April 12, 1:45 - 3:15pm)

Outstanding Paper in Institutions and Markets “Do investors follow directors?” Jay Dahya, Baruch College Richard Herron, Babson College (Session I.4, Friday, April 13, 3:45 - 5:15pm)

Outstanding Paper in International Finance “Credit Stimulus, Executive Compensation, and Firm Leverage: Theory and Evidence" Sandeep Dahiya, Georgetown University Lei Ge, Georgetown University Pedro Gete, Georgetown University (Session H.3, Friday, April 13, 2:00 - 3:30pm)

Outstanding Doctoral Student Paper - Theoretical “Supervision, Loophole Innovation and Bank Leverage Cycles” Jianxing Wei, UPF and Barcelona GSE Tong Xu, Emory University (Session E.4, Thursday, April 12, 3:30 - 5:00pm)

Outstanding Doctoral Student Paper - Empirical “CEO cultural gap and cross-border M&As” Thibaut Morillon, University of Missouri (Session F.3, Friday, April 13, 8:30 - 10:00am)

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Outstanding Paper Awards (cont.)

The Wharton School-WRDS Outstanding Paper in Corporate Finance “Insider Investor and Information” Ehsan Azarmsa, University of Chicago Lin William Cong, University of Chicago (Session I.1, Friday, April 13, 3:45 - 5:15pm)

Wharton Research Data Services (WRDS) is the leading data research platform and business intelligence tool for over 30,000 corporate, academic, government and nonprofit clients in 32 countries. WRDS provides the user with one location to access over 200 terabytes of data across multiple disciplines including Finance, Marketing, and Economics. WRDS provides flexible data delivery options including a powerful web query method that reduces research time, and the WRDS Cloud for executing research and strategy development. Our Analytics team, doctoral‐level support and rigorous data review and validation give clients the confidence to tailor research within complex databases and create a wide range of reliable data models including Portfolio Construction & Benchmarks, Event Studies, Re‐turns and Market‐to‐Book Ratios and Momentum. From client‐centered research support to analytics and consulting services, WRDS is the global gold standard in data management and research, all backed by the credibility and leadership of Wharton Business School. www.whartonwrds.com .

Founded in 1881 as the first collegiate business school, the Wharton School of the University of Pennsylvania is recognized globally for intellectual leadership and ongoing innovation across every major discipline of business education. With a broad global community and one of the most published business school faculties, Wharton creates ongoing economic and social value around the world. The School has 5,000 undergraduate, MBA, executive MBA and doctoral students; more than 9,000 annual participants in executive education programs; and a powerful alumni network of more than 92,000 graduates.

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Outstanding Paper Awards (cont.)

The Global Association of Risk Professionals Outstanding Paper in Risk Management “An Inconvenient Cost: The Effects of Climate Change on Municipal Bonds" Marcus Painter, University of Kentucky (Session G.6, Friday, April 13, 10:15 - 11:45am)

Our Mission

To be the leading professional association for risk managers dedicated to the advancement of the risk profession through education, research and the promotion of best practices globally.

What we do

We are an independent, non-partisan, not-for profit association committed to advocating best practices in risk management at all levels of an organization. Founded in 1996, we have over 150,000 members spanning 195 countries and territories, and offer two globally recognized certifications – the Financial Risk Manager (FRM®) and Energy Risk Professional (ERP®). These certifications, along with our research-based benchmarking initiatives and forums, provide the perfect platform to educate and enable the risk community to make better informed risk decisions by “creating a culture of risk awareness®”.

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Exhibitors

The Eastern Finance Association is pleased to welcome the following sponsors and exhibitors:

Center for Research in Security Prices (CRSP)

eLEARNABOUT

Global Association of Risk Professionals (GARP)

Investopedia

Palgrave Macmillan

Securities Training Corporation

StockTrak

S&P Global Market Intelligence

Wharton Research Data Services (WRDS)

Be sure to stop by and visit with the vendors anytime between 8:00-5:00 Thursday and Friday. The exhibit hall will be closed during the keynote luncheon.

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Sessions Summary

Thursday, April 12, 2018, 8:30am

Session A.1 Corporate Finance: Auditors Session A.2 CEO Incentives Session A.3 International Capital Structure and Cost of Capital Session A.4 Loans Session A.5 Anomalies Session A.6 Extreme Events Session A.7 Volatility and stock returns Session A.8 PANEL: Islamic Finance: Genesis, Degeneration and Reconstruction

Thursday, April 12, 2018, 10:15am

Session B.1 Aspects of Debt I Session B.2 Payout Policy I Session B.3 International Banking Session B.4 Financial Institutions I Session B.5 Behavioral Finance Session B.6 Hedge Funds Session B.7 International Finance: Consumers, Banks, and Elections Session B.8 PANEL: Incorporating Series 7 course in finance curriculum

Thursday, April 12, 2018, 12:00pm

Session C.9 SPECIAL PANEL: A Discussion with the current Chief Economist of the U.S. Securities and Exchange Commission (SEC)

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Sessions Summary (cont.)

Thursday, April 12, 2018, 1:45pm

Session D.1 Innovation Session D.2 Corporate Finance: Distress, IPOs, and Covenants Session D.3 Stock Price International Finance Session D.4 Mutual Funds I Session D.5 Market Microstructure Session D.6 Location Session D.7 Auctions and CAT Bonds Session D.8 Philadelphia Area Finance Symposium I

Thursday, April 12, 2018, 3:30pm

Session E.1 Mergers & Acquisitions I Session E.2 How to Raise Cash and Whether to Keep it Session E.3 Other International Finance Areas Session E.4 Bank Leverage Session E.5 CFTC Special Session: Market Quality Session E.6 Business Cycles, Labor, and Pay Inequality Session E.7 Information Session E.8 Climate: Carbon Session E.9 PANEL: New Research Analytics and Data Sources on WRDS

Friday, April 13, 2018, 8:30am

Session F.1 Mergers & Acquisitions II Session F.2 Determinants of Value Session F.3 International Culture, Social Capital, and Trust Session F.4 Bank Size Session F.5 Liquidity Session F.6 Market Attention Session F.7 Hedge Fund Strategies Session F.8 PANEL: Presenting at Conferences: the good, the bad, and the ugly

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Sessions Summary (cont.)

Friday, April 13, 2018, 10:15am

Session G.1 CEO Dismissal, Departure, and Succession Session G.2 Payout Policy II Session G.3 International Corporate Finance in Emerging Markets Session G.4 Mutual Funds II Session G.5 Short selling Session G.6 Climate Change Session G.7 Return Predictability Using Options Session G.8 Philadelphia Area Finance Symposium II

Friday, April 13, 2018, 2:00pm

Session H.1 Aspects of Debt II Session H.2 Corporate Investment Session H.3 Compensation, Voting, and Activism Session H.4 Financial Institutions II Session H.5 Debt Markets Session H.6 Stock research Session H.7 Risk and Management Session H.8 Philadelphia Area Finance Symposium III

Friday, April 13, 2018, 3:45pm

Session I.1 Insiders Session I.2 Compensation Session I.3 Equity Emerging Markets Session I.4 Institutional Investors Session I.5 Distress Session I.6 Trading strategies Session I.7 Current Regulatory Topics Session I.8 US SEC Special Session: Financing Decisions: Regulatory perspectives and Recent Evidence

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Sessions Summary (cont.)

Saturday, April 14, 2018, 8:00am

Session J.1 Corporate Governance Session J.2 Labor Session J.3 International Bond Markets Session J.4 Mutual Funds III Session J.5 Dividends Session J.6 Trading activity Session J.7 Asset Pricing Topics Session J.8 PANEL: Teaching Excel

Saturday, April 14, 2018, 9:45am

Session K.1 Mergers & Acquisitions III Session K.2 Social Aspects of Corporate Finance Session K.3 Financial Crisis and IPO Withdrawal Session K.4 Residential Lending and Housing Session K.5 Exchange Traded Products Session K.6 Idiosyncratic Volatility and Shocks Session K.7 Litigation Session K.8 PANEL: Benefits of Community-Based, Student-Led Research Partnership in Studying Regional Economic and Financial Indicators

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Thursday Sessions

Eastern Finance Association 2018 Program

A.1 Corporate Finance: Auditors Date and Time: Thursday, April 12, 2018 8:30am - 10:00am Room: Reynolds Session Chair: Stefan Wendt, Reykjavik University Paper 1: "Auditor Reputation, Underwriter Certification, and Post-IPO Stock Returns" Mark Richard Gruskin, Penn State University Lehigh Valley Sudip Datta, Wayne State University Mai Iskandar-Datta, Wayne State University Discussant: Cheolwoo Lee, Ferris State University Paper 2: "Going concern opinions and IPO pricing accuracy" Natalia Matanova, Pennsylvania State University Tanja Steigner, Emporia State University Bingsheng Yi, California State University, Dominguez Hills Qiancheng Zheng, Emporia State University Discussant: Thanh Ngo, East Carolina University Paper 3: "Why Do Clients with Quality Local Auditor Options Choose Nonlocal Auditors?" Adam S. Yore, University of Missouri Nathan Lundstrom, University of Missouri Discussant: Sami Vahamaa, University of Vaasa

A.2 CEO Incentives Date and Time: Thursday, April 12, 2018 8:30am - 10:00am Room: Frampton Session Chair: Tijana Rajkovic, San Jose State University Paper 1: "Overconfidence or Optimism? A Look at CEO Option-Exercise Behavior" Jackson Mills, Saint Joseph's University Discussant: Seonghee (Sammy) Han, Pennsylvania State University, Abington Paper 2: "CEO Equity-Based Incentives and Shareholder Say-on-Pay in the U.S." Denton Collins, Texas Tech University Blair Marquardt, Texas Tech University Xu Niu, Texas Tech University Discussant: Yazhou He, Saïd Business School Paper 3: "Incentivized Monitoring: Independent Board Chairs, CEO Incentives and Firm Performance " Krishnan Dandapani, Florida International University Suchismita Mishra, Florida International University Shahid Hamid, FIU Arun Upadhyay, Florida International University Discussant: Mia L Rivolta, Xavier University

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Thursday Sessions (cont.)

A.3 International Capital Structure and Cost of Capital Date and Time: Thursday, April 12, 2018 8:30am - 10:00am Room: Shippen Session Chair: Zexi Wang, University of Bern Paper 1: "Peer Effects in Corporate Capital Structure around the World" Aaron Brauner, University at Albany Andy Naranjo, University of Florida Jongsub Lee, University of Florida Discussant: Larry Fauver, James F. Smith, Jr. Professor of Financial Institutions, University of Tennessee Paper 2: "Industry competition and firm innovation: Evidence from China" Bo Pan, Sheffield University Management School Junhong Yang, University of Sheffield Discussant: Benjamin Bennett, Ohio State University Paper 3: "Credit Ratings and Firm Innovation: Evidence from Sovereign Downgrades" Rui Wang, Lingnan University Shijie Yang, The Chinese University of Hong Kong, Shenzhen Discussant: Lynnette Purda, RBC Fellow of Finance, Queen's University

A.4 Loans Date and Time: Thursday, April 12, 2018 8:30am - 10:00am Room: Flower Session Chair: Michelle Lowry, Drexel University Paper 1: "Local Product Market Competition and Bank Loans" Iftekhar Hasan, Fordham University Yi Shen, University of Massachusetts Lowell Xiaojing (Aggie) Yuan, University of Massachusetts Lowell Discussant: Sonia Dissem, University of Lille and Skema Business School Paper 2: "The effect of equity capital on bank production functions : Evidence from quasi-natural experiment" Karen Y. Jang, Florida International University Discussant: Lee Jeremy Cohen, University of Georgia Paper 3: "Lending Relationships, Corporate Risk-Taking and Investments" Hosein Maleki, Temple University, Fox School of Business Mahsa S. Kaviani, Temple University, Fox School of Business Discussant: Anna-Leigh Stone, Samford University

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Thursday Sessions (cont.)

A.5 Anomalies Date and Time: Thursday, April 12, 2018 8:30am - 10:00am Room: Claypoole Session Chair: Hoa Tran, Temple University Paper 1: "Asset Efficiency and the Asset Growth Anomaly" Kyungyeon Koh, University of Massachusetts Amherst Discussant: Daniel A. Rogers, Portland State University Paper 2: "A Microcap-Based Factor Model" Yuming Li, California State University - Fullerton Discussant: Di Luo, University of Southampton Paper 3: " Downgrade Risk and Equity Returns" Sakya Sarkar, Tulane University, A.B. Freeman School of Business Discussant: Matthias Horn, Bamberg University, Department of Finance

A.6 Extreme Events Date and Time: Thursday, April 12, 2018 8:30am - 10:00am Room: Bromley Session Chair: Sudipta Basu, Temple University Paper 1: "Cross -Sectional Analysis of the Equity Tail Risk Premium" Jingrui Li, West Virginia University Victor Chow, West Virginia University Bingxin Li, West Virginia University Discussant: Mi Wu, University of Rochester Paper 2: "Public Disclosure and Price Fragility " Ehsan Azarmsa, University of Chicago, Booth School of Business Discussant: Tong Xu, Emory University Paper 3: "Recovery Theorem with a Multivariate Markov Chain" Anthony Sanford, University of Washington Discussant: Louis R. Piccotti, University at Albany, SUNY

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Thursday Sessions (cont.)

A.7 Volatility and stock returns Date and Time: Thursday, April 12, 2018 8:30am - 10:00am Room: Whitpen Session Chair: Jeffrey Stark, Middle Tennessee State University Paper 1: "Abnormal Stock Market Returns around Peaks in VIX: The Evidence of Investor Overreaction?" Valeriy Zakamulin, School of Business and Law, University of Agder Discussant: Pratik Kothari, University of Missouri Paper 2: "Stock Volatility and Trading" Anna Agapova, Florida Atlantic University Margarita Kaprielyan, Elon University Discussant: Peter Scholz, HSBA - Hamburg School of Business Administration Paper 3: "When Good News Is Not So Good: The Asymmetric Effect of Correlation Uncertainty" Junya Jiang, University of North Carolina at Charlotte Discussant: Christian Riis Flor, University of Southern Denmark

PANEL SESSION: A.8 Islamic Finance: Genesis, Degeneration and Reconstruction Date and Time: Thursday, April 12, 2018 8:30am - 10:00am Room: Cook Session Islamic Finance has become a global industry, providing services throughout the Description: world in both emerging and established markets. The industry has progressed in terms of development through an increase in market share, as well as an increase in the amount of institutions and the initiatives on the industry-level. In a global business environment, how well have the religious-based values translated into actual performance? Are those holding true to the system hindered and put at a disadvantage or have the Islamic institutions been able to demonstrate that faith- based activities can be rewarding, both economically and spiritually? These are matters conducive to modern empirical methods.

Moderator: M. Kabir Hassan, University of New Orleans

Panelists: Ahmed Elnahas, Eastern Kentucky University

Parvez Ahmed, University of North Florida

Mehmet Asutay, Durham University

Rwan Elkhatib, Al Dhaheri Chair in Islamic Finance , Zayed University

Syed H. Ali Jafri , Tarleton State University

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B.1 Aspects of Debt I Date and Time: Thursday, April 12, 2018 10:15am - 11:45am Room: Reynolds Session Chair: Busra Agcayazi, West Virginia University Paper 1: "Shareholders valuation of long-term debt and decline in firms’ leverage ratio" Mark Richard Gruskin, Penn State University Lehigh Valley Ranjan D'Mello, Wayne State University Manoj Kulchania, Wayne State University Discussant: Dalia Marciukaityte, Illinois State University Paper 2: "Financial advisor reputation and the cost of debt: Theory and evidence from project finance loans" Gabriel Power, Laval University Issouf Soumare, Laval University Djerry C. Tandja M., Laval University Discussant: Yi Shen, University of Massachusetts Lowell Paper 3: "Detecting Determinants of Capital Structure" Kirstine Boye Petersen, University of Southern Denmark Christian Riis Flor, University of Southern Denmark Discussant: Sakya Sarkar, Tulane University, A.B. Freeman School of Business

B.2 Payout Policy I Date and Time: Thursday, April 12, 2018 10:15am - 11:45am Room: Frampton Session Chair: David Javakhadze, Florida Atlantic University Paper 1: "The Evolution of Employee Compensation, Dilution, and Payout Policy" Kathleen Kahle, University of Arizona Alice Bonaime, University of Arizona David Moore, University of Kentucky Alok Kumar Nemani, University of Arizona Discussant: Laurie Krigman, PhD, Babson College Paper 2: "Does Better Corporate Governance Encourage Payout? Idiosyncratic Risk, Agency Problem, and Dividend Policy" Debarati Bhattacharya, Palumbo Donahue School of Business, Duquesne University Wei-Hsien Li, Department of Finance, National Central University S. Ghon Rhee, Shidler College of Business, University of Hawaii at Manoa Discussant: Tijana Rajkovic, San Jose State University Paper 3: "The Case of Unsustainable Dividends" Thanh Ngo, East Carolina University Jurica Susnjara, Texas State University Discussant: Kyungyeon Koh, University of Massachusetts Amherst

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B.3 International Banking Date and Time: Thursday, April 12, 2018 10:15am - 11:45am Room: Shippen Session Chair: Michael Bowe, University of Manchester Paper 1: "Asset commonality of European Banks" Sonia Dissem, University of Lille and Skema Business School Discussant: Karen Y. Jang, Florida International University Paper 2: "Firm -Level Unhedged Currency Risk and Bank Loan Contracting " Mikael Carl Bergbrant, St. John's University Bill Francis, Rensselaer Polytechnic Institute Delroy Hunter, Serge Bonanni Professor of International Finance, University of South Florida Discussant: Christina Zhang, California State University - Monterey Bay Paper 3: "What Explains the Carry Trade Predictability? Evidence from Economic Variables" Phuvadon Wuthisatian, University of New Orleans Jennifer Lynne Brodmann, University of New Orleans M. Kabir Hassan, University of New Orleans Discussant: Jie Zhang, Trent University & Concordia University

B.4 Financial Institutions I Date and Time: Thursday, April 12, 2018 10:15am - 11:45am Room: Flower Session Chair: Lee Jeremy Cohen, University of Georgia Paper 1: "Do Regulatory Capital Requirements Matter for Bond Yields?" Catharina Claussen, University of Muenster Johannes Kriebel, University of Muenster Andreas Pfingsten, Chairman of the Banking Department, University of Muenster Discussant: Stefania D'Amico, Federal Reserve Bank of Chicago Paper 2: "Double the Insurance, Double the Funds?" Anna-Leigh Stone, Samford University Discussant: John H. Thornton, Jr., Kent State University Paper 3: "The Disposition Effect: Evidence on Institutional Investors and Mutual Funds in the United States of America" Edgardo Cayon, CESA Julio Sarmiento, Chair , PUJ Jairo Rendon, PUJ Juan Sandoval, Pontificia Universidad Javeriana Discussant: Xu Niu, Texas Tech University

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B.5 Behavioral Finance Date and Time: Thursday, April 12, 2018 10:15am - 11:45am Room: Claypoole Session Chair: Lingna Sun, University of Massachusetts Lowell Paper 1: "Alcohol Consumption and Speculative Investment Behavior: Sensation Seeking in the Stock Market" Suin Lee, University of South Florida Christos Pantzalis, University of South Florida Jung Chul Park, University of South Florida Discussant: Florian Barth, Friedrich-Alexander-Universität Erlangen-Nürnberg Paper 2: "Behavioral Portfolio Theory Revisited: Lessons Learned from the Field" Andreas Oehler, Chair of Finance, Bamberg University Matthias Horn, Bamberg University, Department of Finance Discussant: Qingzhong Ma, California State University, Chico

B.6 Hedge Funds Date and Time: Thursday, April 12, 2018 10:15am - 11:45am Room: Bromley Session Chair: Valeriy Zakamulin, School of Business and Law, University of Agder Paper 1: "Bringing Order to Chaos: Capturing Relevant Information with Hedge Fund Factor Models" Yongjia Li, Boise State University Alexey Malakhov, University of Arkansas Discussant: Markus Broman, Syracuse University Paper 2: "Dissatisfied Investors and Hedge Fund Activism" Yazhou He, Said Business School Discussant: Xiaohui Yang, Fairleigh Dickinson University Paper 3: "Informed Trading by Hedge Funds" Qiping Huang, University of Kentucky Discussant: Hendrik Tentesch, University of Augsburg

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B.7 International Finance: Consumers, Banks, and Elections Date and Time: Thursday, April 12, 2018 10:15am - 11:45am Room: Whitpen Session Chair: Ruben Cox, Erasmus School of Economics Paper 1: "Determinants of households’ savings paradox: Evidence from Germany" Tobias Meyll, Department of Financial Services, University of Giessen Thomas Pauls, Goethe University Andreas Walter, Department of Financial Services, University of Giessen Discussant: Jackson Mills, Saint Joseph's University Paper 2: "A Residential Bank Lending Channel During the Financial Crisis" Salman Tahsin, Park University Tim Yeager, University of Arkansas Discussant: Chintal Ajitbhai Desai, Virginia Commonwealth University

B.8 PANEL SESSION Incorporating Series 7 course in finance curriculum Date and Time: Thursday, April 12, 2018 10:15am - 11:45am Room: Cook Session The Department of Labor projects that demand for financial advisors outstrips the Description: supply for the next ten years. Since the advent of regulation of securities industry, prospective employees need to obtain Series 7: General Securities License. This is required license for professional to work as a broker/dealer and many other roles in the industry. Usually financial services firms hire employees, train them and expect them to pass the series 7 exam before they can do business with clients. This takes roughly three to six months. Securities Training Corporation of NY has partnered with different business schools since fall 2015 to offer series 7 course. By offering series 7 course as a part of the business curriculum prepares students to successfully take the exam. Financial services firms recognize these students who have completed the course, sponsor them to take the series 7 exam. Students receive employment offers prior to graduation. This is a good example of how business schools can meet real world needs by offering in-demand curriculum. This panel discussion will discuss how to successfully integrate series 7 course into the business curriculum. The panelists will provide details of how schools can partner with Securities Training Corporation, receive sponsorship from financial services firms and student employment opportunities. Also, the panelists will discuss on how the proposed changes to the Series 7 exam into Securities Industries Exam (SIE) from fall 2018 will affect students and employers. Panelists: Mr. David Snyder Senior Vice-President, Securities Training Corporation, NY [email protected] Dr. Marvin Keene Professor of Finance, Coastal Carolina University, SC [email protected] Dr. Leonard Arvi Associate Professor of Finance, Salisbury University, MD [email protected] Moderator: David Snyder, Securities Training Corp Panelists: David Snyder, Securities Training Corp

Marvin Keene, Coastal Carolina University

Leonard Arvi, Salisbury University

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SPECIAL PANEL SESSION: A Discussion with the current Chief Economist of the U.S. Securities and C.9 Exchange Commission (SEC)

Date and Time: Thursday, April 12, 2018 12:00 - 1:30pm

Room: Ballroom B

Session Dr. Jeffrey Harris, the current Chief Economist of the US SEC, a former Chief Description: Economist of the CFTC, a former Visiting Economist at Nasdaq, and a current EFA Track Chair, will discuss current topics of interest to the SEC, the roles of financial economists inside and out of the SEC, and how academics can work at the SEC, the CFTC, and Nasdaq

Presenter: Jeffrey Harris, American University

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D.1 Innovation Date and Time: Thursday, April 12, 2018 1:45 - 3:15pm Room: Reynolds Session Chair: Omer Unsal, Merrimack College Paper 1: "The Value of Innovation and the Spillover Effect on Alliance Partners" JianPing Qi, University of South Florida Ninon Sutton, University of South Florida Qiancheng Zheng, Emporia State University Discussant: Adam S. Yore, University of Missouri Paper 2: "Innovat ion and Product Market Value: Evidence from Brand Data" Bo Xu, University of Massachusetts Boston Mine Ertugrul, University of Massachusetts Boston Karthik Krishnan, Northeastern University Discussant: Xinjie Ma, Temple University Paper 3: "Entering a New Market: First-Mover Advantages and Risk Dynamics under Market Uncertainty" Christian Riis Flor, University of Southern Denmark Mark Raun Moritzen, University of Southern Denmark Discussant: Chuanqian Zhang, William Paterson University

D.2 Corporate Finance: Distress, IPOs, and Covanants Date and Time: Thursday, April 12, 2018 1:45 - 3:15pm Room: Frampton Session Chair: Anne Anderson, Lehigh University Paper 1: "Bank Relationships and the Resolution of Financial Distress: Evidence from Corporate Bankruptcy Filings" Hosein Maleki, Temple University, Fox School of Business Mahsa S. Kaviani, Temple University, Fox School of Business Discussant: Arnt Verriest, EDHEC Business School Paper 2: "Why Do Bondholders Also Hold Equity? Examining Loan Covenant Violations" Dennis Hamilton, University of Iowa Steven Irlbeck, University of Iowa Eric McKee, University of Iowa Discussant: Alok Kumar Nemani, University of Arizona

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D.3 Stock Price International Finance Date and Time: Thursday, April 12, 2018 1:45 - 3:15pm Room: Shippen Session Chair: Michael S. Pagano, Villanova University Paper 1: "Comparison of Cost of Equity Models: New International Evidence" Thomas J. O'Brien, University of Connecticut Demissew Ejara, University of New Haven Alain Krapl, Northern Kentucky University Santiago Ruiz De Vargas, German Certified Public Accountant, Certified Valuation Analyst, NOERR AG Discussant: Mikael Carl Bergbrant, St. John's University Paper 2: "The Evolving Patterns of the Price Discovery Process: Evidence from the Stock Index Futures Markets of China, India and Russia" Qingfeng "Wilson" Liu, James Madison University Qingzhong Ma, California State University, Chico Hui Sono, James Madison University Wei Zhang, California State University, Chico Discussant: Wei-Xuan Li, Stockton University Paper 3: "An empirical analysis of spillover effects from the Volkswagen emission scandal" Florian Barth, Friedrich-Alexander-Universitat Erlangen-Nurnberg Christian Eckert, Friedrich-Alexander-Universitat Erlangen-Nurnberg (FAU) Nadine Gatzert, Friedrich-Alexander-Universitat Erlangen-Nurnberg Hendrik Scholz, Friedrich-Alexander-Universitat Erlangen-Nurnberg Discussant: Tobias Meyll, Department of Financial Services, University of Giessen

D.4 Mutual Funds I Date and Time: Thursday, April 12, 2018 1:45 - 3:15pm Room: Flower Session Chair: Michel A Robe, University of Illinois at Urbana-Champaign Paper 1: "Active Management in Real Estate Mutual Funds" Viktoriya Lantushenko, Saint Joseph's University Edward Nelling, Drexel University Discussant: Leng Ling, Georgia College and State University Paper 2: "Active Share: A Blessing and A Curse" Brandon Cline, Mississippi State University Collin Gilstrap, The University of Toledo Discussant: Ang Li, University of Kentucky Paper 3: "Decomposing mutual fund alpha into security selection and security weighting" Jeffrey Stark, Middle Tennessee State University Discussant: Matthias Horn, Bamberg University, Department of Finance

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D.5 Market Microstructure Date and Time: Thursday, April 12, 2018 1:45 - 3:15pm Room: Claypoole Session Chair: Robert A. Van Ness, University of Mississippi Paper 1: "Has Stock Exchange Demutualization Improved Market Quality?" Kobana Abukari, Laurentian University Isaac Otchere, Professor, Carleton University Discussant: Brittany Cole, Tennessee Tech University Paper 2: "Order Book Characteristics and Stock Price Pinning" Antonio Figueiredo, NSU Suchismita Mishra, Florida International University Pankaj K. Jain, CFA, Chair and George Johnson Professor, University of Memphis Discussant: Eleni Gousgounis, Stevens Institute of Technology Paper 3: "The Impact of Make-Take Fees on Market Efficiency" Jeff Black, University of Memphis Discussant: Pei-Shih (Pace) Weng, National Dong Hwa University

D.6 Location Date and Time: Thursday, April 12, 2018 1:45 - 3:15pm Room: Bromley Session Chair: Ahmed Elnahas, Eastern Kentucky University Paper 1: "Local Demand, Preferred Habitats and Excess Comovement" Markus Broman, Syracuse University Discussant: Marcus Painter, PhD Candidate, University of Kentucky Paper 2: "Local Economic Consequences of Stock Market Listings" Larry Fauver, James F. Smith, Jr. Professor of Financial Institutions, University of Tennessee Alex Butler, Rice University Ioannis Spyridopoulos, American University Discussant: Jonathan E Clarke, Georgia Institute of Technology Paper 3: "Local news and the change in local portfolios" Taylan Mavruk, University of Gothenburg Discussant: Suin Lee, University of South Florida

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D.7 Auctions and CAT Bonds Date and Time: Thursday, April 12, 2018 1:45 - 3:15pm Room: Whitpen Session Chair: Xiaohui Yang, Fairleigh Dickinson University Paper 1: "How Auctions Amplify House-Price Fluctuations" Alina Arefeva, Johns Hopkins Carey Business School Discussant: Ehsan Azarmsa, University of Chicago, Booth School of Business Paper 2: "How to Set a Deadline for Auctioning a House" Alina Arefeva, Johns Hopkins Carey Business School Delong Meng, Stanford University Discussant: Jos van Bommel, CFA, University of Luxembourg Paper 3: "The Influence of Sponsor Characteristics and (Non-)Events On The Risk Premium of Cat Bonds" Marc Gurtler, Department of Finance, University of Braunschweig - Institute of Technology Tobias Goetze, Department of Finance, University of Braunschweig - Institute of Technology Discussant: William McCumber, Louisiana Tech University

D.8 Philadelphia Area Finance Symposium I Date and Time: Thursday, April 12, 2018 1:45 - 3:15pm Room: Cook Session Chair: David Becher, Drexel University Paper 1: "The Rise of Common Ownership" Erik Gilje, Wharton/University of Pennsylvania Todd Gormley, Washington University in St. Louis Doron Levit, Wharton/University of Pennsylvania Discussant: Greg Nini, Drexel University Paper 2: "Director Appointments -- It is Who You Know" Jay Cai, Drexel University Tu Nguyen, University of Waterloo Ralph Walkling, Stratakis Chair in Corporate Governance, Drexel University Discussant: Mireia Gine, Wharton/University of Pennsylvania Paper 3: "Anatomy of a Merger Wave: An Examination of the Chinese Acquisitions of U.S. Targets" Di Li, Peking University, HSBC Business School Lan Xu, Assistant Professor, University of Delaware Discussant: Lily Li, Temple University

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E.1 Mergers & Acquisitions I Date and Time: Thursday, April 12, 2018 3:30 - 5:00pm Room: Reynolds Session Chair: Mark Richard Gruskin, Penn State University Lehigh Valley Paper 1: "Congruence in Governance: Evidence from Creditor Monitoring of Corporate Acquisitions" David Becher, Drexel University Thomas Griffin, Drexel University Greg Nini, Drexel University Discussant: Sehoon Kim, University of Florida Paper 2: "Debt Issues around Merger & Acquisition Activities" Steven A. Dennis, Firestone Chair of Corporate Finance, Kent State University Song Wang, Saint Xavier University Yilei Zhang, UNC Charlotte Discussant: Djerry C. Tandja M., Laval University Paper 3: "Are Volatile Firms Better at Acquiring?" Qingzhong Ma, California State University, Chico David A. Whidbee, Omer L. Carey Chair in Financial Education, Washington State University Wei Zhang, California State University, Chico Discussant: Rachel Gordon, Towson University

E.2 How to Raise Cash and Whether to Keep it Date and Time: Thursday, April 12, 2018 3:30 - 5:00pm Room: Frampton Session Chair: David Moore, University of Kentucky Paper 1: "Employee Protection and Cash Holdings" Christof Beuselinck, IESEG School of Management & LEM Garen Markarian, WHU Otto Beisheim School of Management Arnt Verriest, EDHEC Business School Discussant: Alev Yildirim, Graduate Center CUNY Paper 2: "Corporate Decision-Making in the Presence of Political Uncertainty: The Case of Corporate Cash Holdings" Anna-Leigh Stone, Samford University William Hankins, Jacksonville State Univeristy Chak Hung Jack Cheng, University of South Carolina Upstate Ching-Wai (Jeremy) Chiu, Bank of England Discussant: Wei-Hsien Li, Department of Finance, National Central University Paper 3: "Financing size and the choice between asset sale and security issuance" Chintal Ajitbhai Desai, Virginia Commonwealth University Manu Gupta, Virginia Commonwealth University Discussant: Lan Xu, Assistant Professor, University of Delaware

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E.3 Other International Finance Areas Date and Time: Thursday, April 12, 2018 3:30 - 5:00pm Room: Shippen Session Chair: Benedicte Reyes, Monmouth University Paper 1: "Does Quantitative Easing Affect Financial Market Integration?" Lawrence Kryzanowski, Senior Concordia Research Chair in Finance, Concordia University Jie Zhang, Trent University & Concordia University Rui Zhong, Central University of Finance and Economics Discussant: Antonio Figueiredo, NSU Paper 2: "Financial Development, Government Bond Returns, and Stability: International Evidence" Sabri Boubaker, Champagne School of Management, Groupe Esc Troyes, France Duc Khuong Khuong NGUYEN, IPAG Business School Vanja Piljak, University of Vaasa, Finland Andreas Savvides, Cyprus University of Technology, Limassol, Cyprus Discussant: Thibaut Morillon, University of Missouri Paper 3: "Global Asset Portfolios Dynamics: Benefits from Advanced vs. Emerging Markets" Nick T Laopodis, Deree College and ALBA Graduate Business School at The American College of Greece Theodore Bratis, Athens University of Economics and Business Georgios Kouretas, Athens University of Economics and Business Discussant: Edgardo Cayon, CESA

E.4 Bank Leverage Date and Time: Thursday, April 12, 2018 3:30 - 5:00pm Room: Flower Session Chair: William H. Wells, Georgia Southern University Paper 1: "Supervision, Loophole Innovation and Bank Leverage Cycles" Jianxing Wei, UPF and Barcelona GSE Tong Xu, Emory University Discussant: James J. Angel, Georgetown University Paper 2: "Bank Leverage Components" Nonna Y Sorokina, The College of New Jersey John H. Thornton, Jr., Kent State University Ajay Patel, Thomas S. Goho Chair in Finance, Wake Forest University Discussant: Steven E. Kozlowski, Fairfield University Paper 3: "The Effects of Leverage Ratio Adjustment on Banks' Balance Sheet and Risk: Impact of the Risk Measurement Approach" Christoph Maidl, University Muenster Corinna Woyand, University of Muenster Discussant: Marcin Jerzy Michalski, Alliance Manchester Business School, The University of Manchester

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E.5 CFTC: Market Quality Date and Time: Thursday, April 12, 2018 3:30 - 5:00pm Room: Claypoole Session Chair: Daniel A. Rogers, Portland State University Paper 1: "Automation and Livestock Market Quality" Pradeep Yadav, University of Oklahoma Vikas Raman, Warwick Business School Richard Haynes, U.S. CFTC Michel A Robe, The Clearing Corporation Professor in Derivatives Trading, University of Illinois at Urbana-Champaign Discussant: Alexei Orlov, U.S. Securities and Exchange Commission Paper 2: "Block Trades in Options Markets" Eleni Gousgounis, Stevens Institute of Technology Sayee Srinivasan, U.S. Commodity Futures Trading Commission Discussant: Anthony Sanford, University of Washington Paper 3: "Trader Positions and Marketwide Liquidity Demand" Esen Onur, Commodity Futures Trading Commission Tugkan Tuzun, Federal Reserve Board John Roberts, Commodity Futures Trading Commission Discussant: Lifei Xue, University of Texas at El Paso Paper 4: "Mechanism Selection and Trade Formation on Swap Execution Facilities: Evidence from Index CDS" David Reiffen, US CFTC Haoxiang Zhu, MIT, NBER Lynn Riggs, US CFTC Esen Onur, Commodity Futures Trading Commission Discussant: Ehsan Azarmsa, University of Chicago, Booth School of Business

E.6 Business Cycles, Labor, and Pay Inequality Date and Time: Thursday, April 12, 2018 3:30 - 5:00pm Room: Bromley Session Chair: Sakya Sarkar, Tulane University, A.B. Freeman School of Business Paper 1: "Income Inequality in S&P 500 Companies" Ozge Uygur, Rowan University Discussant: Yun Zhu, St. John's University Paper 2: "Global Business Cycle and Stock Returns" Victoria Atanasov, University of Mannheim Discussant: Qingfeng "Wilson" Liu, James Madison University Paper 3: "Liquidity Risk and the Labor Hiring Rate Premium" Weimin Liu, Nottingham University Business School Di Luo, University of Southampton Seyoung Park, Loughborough University Huainan Zhao, Loughborough University Discussant: Tunde Kovacs, University of Massachusetts Lowell

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E.7 Information Date and Time: Thursday, April 12, 2018 3:30 - 5:00pm Room: Whitpen Session Chair: Thomas J. O'Brien, University of Connecticut Paper 1: "Illegal Insider Trading: Commission and SEC Detection " Brandon Cline, Mississippi State University Valeriya Posylnaya, Mississippi State University Discussant: Jeff Black, University of Memphis Paper 2: "Trading and Information in Futures Markets" Guillermo Llorente, Universidad Autonoma de Madrid Jiang Wang, Massachusetts Intitute of Technology Discussant: Tingting Liu, CFA, Creighton University Paper 3: "Which Market Dominates the Price Discovery in Currency Futures? The Case of Chicago Mercantile Exchange and Intercontinental Exchange" Wei-Xuan Li, Stockton University Clara C Chen, Stockton University Discussant: Alexander Kurov, West Virginia University

E.8 Climate: Carbon Date and Time: Thursday, April 12, 2018 3:30 - 5:00pm Room: Cook Session Chair: Jurica Susnjara, Texas State University Paper 1: "Carbon Risk" Marco Wilkens, University of Augsburg Martin Rohleder, University of Augsburg Maximilian Goergen, University of Augsburg / VfU Andrea Jacob, University of Augsburg Martin Nerlinger, University of Augsburg Discussant: Yanhui Zhao, University of Connecticut Paper 2: "Implied Volatility Surface in Crude Oil and Natural Gas Markets" Duong Le, Marietta College Discussant: Jack S.K. Chang, California State University, Los Angeles

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PANEL SESSION: E.9 New Research Analytics and Data Sources on WRDS Date and Time: Thursday, April 12, 2018 3:30 - 5:00pm Room: Ballroom B Session The goal of this special session is to introduce and discuss new research analytics Description: tools and resources available at Wharton Research Data Services (WRDS). Analytics Tools are the latest addition to the WRDS platform. These tools are derived from both commercial databases and raw data from public filings, and are processed to be more user-friendly, efficient and accurate to facilitate empirical research. We select the most commonly used metrics by our vast pool of academic researchers, some of which are computationally expensive to achieve due to programming complexity or sheer data size. The final products are mainly web- based so that researchers of different programming background can all easily obtain the analytics data through familiar web clicking, and eventually process the output in their preferred statistical package format. Moderator: Luis Palacios, Wharton Research Data Services Panelists: Qingyi (Freda) Drechsler, Wharton Research Data Services: Senior Research Director, Wharton Research Data Services, The Wharton School, University of Pennsylvania

Title: New Research Analytics Tools: Financial Ratios, Bond Returns and Beta Calculation

Abstract: Financial Ratios are very frequently used by researchers in empirical testing as control variables. While it is not theoretically complicated to replicate various ratios, it is indeed more efficient to have a centralized financial ratio library that hosts all the commonly used metrics. WRDS Financial Ratios suite hosts over 70 financial ratios at both individual company level and more aggregately, at industry/sector level. While empirical asset pricing on equity has been facilitated by high quality data provided by CRSP, there is a large blank in the standard pricing database for fixed income studies. Although TRACE database provides the transaction data on US corporate bonds, cleaning the data and calculating the dirty bond return is not straightforward. WRDS Bond Returns provides a CRSP-style return database for the US corporate bond market, and hopefully lowers the entrance barrier for empirical research on that front. Lastly, we introduce a powerful engine, WRDS Beta Suite, for calculating rolling beta for various risk models.

Credentials: Freda’s primary research focus is on empirical asset pricing and behavioral finance, including asset pricing anomalies and short selling. She received her Ph.D. and M.A. degree in Applied Economics from the Wharton School of the University of Pennsylvania, and her Bachelor degree from University of Hong Kong after transferring from Tsinghua University in Beijing. Prior to joining WRDS, Freda worked as a quantitative analyst and portfolio manager at Turner Investments.

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Jun Wu, Wharton Research Data Services: Research Director, Wharton Research Data Services, Wharton School, University of Pennsylvania

Title: Intraday Indicators: An Efficient Way to Utilize TAQ for Financial Market Research

Abstract: NYSE TAQ is an important data source for empirical market microstructure and empirical asset pricing research. One of the biggest problems in using the trade and quote files is that they are stored by individual trading days and too large in size. Therefore, researchers find it difficult to process the TAQ data for large samples and for long sample periods. WRDS completed the heavy- duty data work for researchers and pre-calculated variables such as price, flows, liquidity, volatility, and informativeness using TAQ data for all listed stocks since 1993. This TAQ derivative is called Intraday Indicators Dataset (IID). IID provides over 289 variables in 5-minute, 15-minute, 30-minute, and daily versions.

Credentials: Jun’s research interests are in investments and empirical asset pricing, including industry momentum, mutual fund performance, liquidity and risk modeling. Jun received his Ph.D. and M.A. in Finance from Kelley School of Business at Indiana University Bloomington.

Rui Dai, Wharton Research Data Services: Senior Research Director, Wharton Research Data Services, Wharton School, University of Pennsylvania

Title: Event Study Suite, the SEC analytics, and New Data Sources

Abstract: This presentation includes a few subfields that are related to research frontier, efficiency and big data. The first part of this subsection includes various event tools that are designed to help researchers to conduct event studies in an efficient way. Those tools cover a wide collection from standard daily event study with CRSP data to event studies base on high frequency transactions. The second part is about unique databases parsed from the public filings, such as hedging transactions of insiders and historical subsidiaries, and various linguistic data and tools, which WRDS has developed from those unique data, such as Bag of Words, and Sentiment in MD&A. The last part of this presentation would cover a few new databases that have been recently integrated into WRDS, including Thomson Reuters (Global Ownership), S&P (SNL Banking Data), Ravenpack (Global Structured News), 2IQ (Global Insider), RepRisk (Global ESG data based on news), ISS Voting Analytics, BvD ORBIS, and various health care data.

Credentials: Rui Dai is a senior research director at WRDS and received his PhD from the York University. His papers were presented in several national and international conferences such as New York Fed/NYU Stern Conference on Financial Intermediation, FMA, EFA, CICF and NFA.

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Friday Sessions

F.1 Mergers & Acquisitions II Date and Time: Friday, April 13, 2018 8:30 - 10:00am Room: Reynolds Session Chair: Qingzhong Ma, California State University, Chico Paper 1: "Strategic Announcement Bundling- Earnings Announcements and M&A Announcements" Chih-Huei Su, University of St. Thomas Huajing Hu, Adelphi University Katarzyna N. Platt, SUNY College at Old Westbury Discussant: Anzhela Knyazeva, US SEC Paper 2: "Preemptive Bidding in Common Value Takeover Auctions: Social Surplus and Seller’s Revenue" Anna Dodonova, University of Ottawa Yuri Khoroshilov, University of Ottawa Discussant: Jonathan T. Fluharty-Jaidee, West Virginia University Paper 3: "Acquisiti ons and Funding Conditions" David Becher, Drexel University Tyler K. Jensen, Iowa State University Tingting Liu, CFA, Creighton University Discussant: Tina Yang, Villanova University

F.2 Determinants of Value Date and Time: Friday, April 13, 2018 8:30 - 10:00am Room: Frampton Session Chair: C.R. Narayanaswamy, Clayton State University Paper 1: "Large Customers and the Value of Firm Diversification" Zhenxu Tong, University of Exeter Mengyu Wang, University of Exeter Discussant: Keven Yost, Auburn University Paper 2: "Brag, Brag, Brag: Corporate Crowing and Shareholder Wealth" Don Chance, Louisiana State University Stephen Ferris, Rogers Chair of Money, Banking and Finance , University of Missouri Pratik Kothari, University of Missouri Discussant: Axel Grossmann, Georgia Southern University Paper 3: "Corporate Tax Avoidance and Firm Value Revisited" Richard Herron, Babson College Rajarishi Nahata, Baruch College Discussant: Alain Krapl, Northern Kentucky University

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Friday Sessions (cont.)

F.3 International Culture, Social Capital, and Trust Date and Time: Friday, April 13, 2018 8:30 - 10:00am Room: Shippen Session Chair: Yun Zhu, St. John's University Paper 1: "Does Credit Rating Agency Value Corporate Social Responsibility? The Role of Societal Trust and Consistent Corporate Policy" Ying Li, University of Washington Bothell Kiyoung Chang, University of South Florida Sarasota-Manatee Hyeongsop Shim, Ulsan National Institute of Science and Technology School of Business Administration Discussant: Marcus V. Braga-Alves, University of Akron Paper 2: "CEO cultural gap and cross-border M&As" Thibaut Morillon, University of Missouri Discussant: Ben Sopranzetti, Rutgers Business School Paper 3: "The International Effect of Managerial Social Capital on the Cash Flow Sensitivity of Cash" David Javakhadze, Florida Atlantic University Tijana Rajkovic, San Jose State University Discussant: Ying Li, University of Washington Bothell

F.4 Bank Size Date and Time: Friday, April 13, 2018 8:30 - 10:00am Room: Flower Session Chair: Congyu Liu, Drexel University Paper 1: "Risk Taking, Diversification, and the U.S. Bank Size Anomalies" Majeed Simaan, Rensselaer Polytechnic Institute Discussant: Victoria Geyfman, Bloomsburg University of Pennsylvania Paper 2: "Too Big to Care, Too Small to Matter: Macrofinancial Policy and Bank Liquidity Creation" Michael Bowe, University of Manchester Olga Kolokolova, Alliance Manchester Business School, The University of Manchester Marcin Jerzy Michalski, Alliance Manchester Business School, The University of Manchester Discussant: Corinna Woyand, University of Muenster Paper 3: "Bank capital, portfolio rating change and loan conditions" Stijn Claessens, Bank of International Settlement Andy Law, Board of Governors of the Federal Reserve System Teng Wang, Board of Governors of the Federal Reserve System Discussant: Aaron Brauner, University at Albany

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Friday Sessions (cont.)

F.5 Liquidity Date and Time: Friday, April 13, 2018 8:30 - 10:00am Room: Claypoole Session Chair: Sabuhi Sardarli, Kansas State University Paper 1: "Arbitraging Liquidity" Davide Tomio, Darden School of Business Discussant: Li Jiasun, George Mason University Paper 2: "Does Public News Alleviate the Market’s Underreaction to Liquidity Shocks?" Mengming Michael Dong, Rice University Discussant: Esen Onur, Commodity Futures Trading Commission Paper 3: "Network Centrality and Liquidity" Jared Egginton, Boise State University William McCumber, Louisiana Tech University Discussant: Bo Pan, Sheffield University Management School

F.6 Market Attention Date and Time: Friday, April 13, 2018 8:30 - 10:00am Room: Bromley Session Chair: Clara C Chen, Stockton University Paper 1: "Is all that Twitters gold? Social media attention and stock returns" Sara Shirley, Middle Tennessee State University Jeffrey Stark, Middle Tennessee State University David Rakowski, University of Texas at Arlington Discussant: Ann Marie Hibbert, West Virginia University Paper 2: "Seeking the limelight - Not for all firms" Tunde Kovacs, University of Massachusetts Lowell Pegaret Pichler, Northeastern University Yi Shen, University of Massachusetts Lowell Discussant: Steven Irlbeck, University of Iowa Paper 3: "What Do Investors Learn from Advertisements?" Ruben Cox, Erasmus School of Economics Peter de Goeij, Tilburg University Discussant: Taylan Mavruk, University of Gothenburg

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Friday Sessions (cont.)

F.7 Hedge Fund Strategies Date and Time: Friday, April 13, 2018 8:30 - 10:00am Room: Whitpen Session Chair: Daewoung Choi, Louisiana State University in Shreveport Paper 1: "Can Investors Benefit from Hedge Fund Strategies? Utility-Based, Out-of- Sample Evidence" Alexei Orlov, U.S. Securities and Exchange Commission Massimo Guidolin, Università Commerciale Luigi Bocconi Discussant: Bakhtear Talukdar, University of Wisconsin-Whitewater Paper 2: "Holdings Concentration and Hedge Fund Investment Strategies" Xiaohui Yang, Fairleigh Dickinson University Discussant: Zhaohui Zhang, Long Island University

PANEL PRESENATION: F.8 Presenting at Conferences: the good, the bad, and the ugly Date and Time: Friday, April 13, 2018 8:30 - 10:00am Room: Cook Session Two accomplished presenters, one of whom is Dean of the Graduate School of Description: Business at Babson College, will give a tutorial on how to give a good presentation at a conference. Presenter: Mark Potter, Babson College Panelists: Peter J. Dadalt, Susquehanna University

Mark Potter, Associate Professor of Finance and Dean, F.W. Olin Graduate Business School, Babson College

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Friday Sessions (cont.)

G.1 CEO Dismissal, Departure, and Succession Date and Time: Friday, April 13, 2018 10:15 - 11:45am Room: Reynolds Session Chair: Laurie Krigman, PhD, Babson College Paper 1: "Does CEO Tenure Matter? Evidence from CEO Successions" Daewoung Choi, Louisiana State University in Shreveport Donghyun Kim, Ohio Northern University Lukai Yang, University of Alabama Discussant: Mark Richard Gruskin, Penn State University Lehigh Valley Paper 2: "Worth the wait? Delay in CEO succession after unplanned CEO departures" Mia L Rivolta, Xavier University Discussant: Laurie Krigman, PhD, Babson College Paper 3: "Bad Luck, You’re Fired! Firm Performance and CEO Dismissal" Rahul Chhabra, University of Michigan Discussant: Yuri Khoroshilov, University of Ottawa

G.2 Payout Policy II Date and Time: Friday, April 13, 2018 10:15 - 11:45am Room: Frampton Session Chair: Tyler K. Jensen, Iowa State University Paper 1: "Seasoned Equity Offerings and Payout Policy" Keven Yost, Auburn University Mark D Walker, North Carolina State University Discussant: Mengyu Wang, University of Exeter Paper 2: "Ambiguity, Risk, and Dividend Payout Policy" Jay Dahya, Baruch College Richard Herron, Babson College Yehuda Izhakian, Baruch College Discussant: Margarita Kaprielyan, Elon University Paper 3: "Managerial Self-Interest and Strategic Share Repurchases: Evidence from Equity Vesting Schedules" David Moore, University of Kentucky Discussant: Mengming Michael Dong, Rice University

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Friday Sessions (cont.)

G.3 International Corporate Finance in Emerging Markets Date and Time: Friday, April 13, 2018 10:15 - 11:45am Room: Shippen Session Chair: Teng Wang, Board of Governors of the Federal Reserve System Paper 1: "Cross -border M&As and Credit Risk: Evidence from the CDS Market" Iuliana Ismailescu, Pace University Burcin Col, Pace University Discussant: Guillermo Llorente, Universidad Autonoma de Madrid Paper 2: "Do Inflation Adjustments Lead to Inflated Earnings? Evidence of Managerial Discretion among Private Firms" Felipe Restrepo, Ivey Business School, Western University Jerome Taillard, Associate Professor, Babson College Discussant: Steven A. Dennis, Firestone Chair of Corporate Finance, Kent State University Paper 3: "The Political and Financial Economics of Withdrawn Privatizations" Gabriele Lattanzio, PhD Candidate in Finance, The University of Oklahoma Discussant: John W Goodell, University of Akron Paper 4: "Politics and Financial Flexibility: Evidence from China" Yun Zhu, St. John's University Iftekhar Hasan, Fordham University Discussant: Ting Zhang, U. of Dayton

G.4 Mutual Funds II Date and Time: Friday, April 13, 2018 10:15 - 11:45am Room: Flower Session Chair: Wolfgang Drobetz, Hamburg University Paper 1: "Beta Anomaly and Mutual Fund Performance" Jeong Ho (John) Kim, Emory University Jue Ren, Texas Christian University Discussant: Jon Fulkerson, University of Dayton Paper 2: "How Do Passive Funds Act as Active Owners? Evidence from Mutual Fund Voting Records" Li Jiasun, George Mason University Shenje Hshieh, City University of Hong Kong Yingcong Tang, UCLA Anderson School of Management Discussant: Marc Lipson, University of Virginia Paper 3: "The Determinants of Mutual Fund Brokerage Fees" Ricardo Bernebe Torres, Quinnipiac University John H. Thornton, Jr., Kent State University Discussant: Jeffrey Stark, Middle Tennessee State University Paper 4: "Does Insider Information Flow from Companies to Mutual Funds?" Jing Lin, University of Electronic Science and Technology of China Leng Ling, Georgia College and State University Mingshan Zhou, Southwestern University of Finance and Economics Discussant: Valeriya Posylnaya, Mississippi State University

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Friday Sessions (cont.)

G.5 Short selling Date and Time: Friday, April 13, 2018 10:15 - 11:45am Room: Claypoole Session Chair: Pankaj K. Jain, CFA, University of Memphis Paper 1: "Do short sellers cause CEOs to be fired? Evidence from an SEC experiment" Benjamin Bennett, Ohio State University Zexi Wang, University of Bern Discussant: Archana Jain, Rochester Institute of Technology Paper 2: "Price stabilization, short selling, and the development of IPO secondary market liquidity" Thomas Jason Boulton, Lindmor Professor, Miami University Marcus V. Braga-Alves, University of Akron Discussant: Brian Roseman, California State University, Fullerton Paper 3: "The road less traveled: When short sellers disagree with common investment signals" Mohammad Anisur Rahman, Florida International University Bakhtear Talukdar, University of Wisconsin-Whitewater A. M. Parhizgari, Ph.D., Florida International University Discussant: Xu Guo, State University of New York at Buffalo

G.6 Climate Change Date and Time: Friday, April 13, 2018 10:15 - 11:45am Room: Bromley Session Chair: Jonathan Daigle, Monmouth University Paper 1: "Municipal Bond Trading, Information Relatedness, and Natural Disasters" Robert A. Van Ness, Tom B. Scott Chair of Financial Institutions, University of Mississippi Bonnie F. Van Ness, University of Mississippi Brittany Cole, Tennessee Tech University Discussant: Zhipeng Yan, New Jersey Institute of Technology Paper 2: "An Inconvenient Cost: The Effects of Climate Change on Municipal Bonds" Marcus Painter, PhD Candidate, University of Kentucky Discussant: Tobias Goetze, Department of Finance, University of Braunschweig - Institute of Technology Paper 3: "Pricing Tropical Cyclone Risk in a Non-stationary Climate Environment Using a Coupled Tropical Cyclone Generator" Carolyn Chang, California State University, Fullerton Jack S.K. Chang, California State University, Los Angeles Discussant: Daniel Folkinshteyn, Rowan University

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Friday Sessions (cont.)

G.7 Return Predictability Using Options Date and Time: Friday, April 13, 2018 10:15 - 11:45am Room: Whitpen Session Chair: Joe Wayne Byers, Montclair State University Paper 1: "Belief Heterogeneity in the Options Market and Return Predictability" Yanhui Zhao, University of Connecticut Paul Borochin, Department of Finance, University of Connecticut Discussant: Jingrui Li, West Virginia University Paper 2: "Stock return predictability: consider your open options" Farhang Farazmand, Citibank NA Andre de Souza, St John's University Discussant: Robert Brooks, University of Alabama

G.8 Philadelphia Area Finance Symposium II Date and Time: Friday, April 13, 2018 10:15 - 11:45am Room: Cook Session Chair: Srinivasan Krishnamurthy, NCSU Paper 1: "Information Revelation Through Regulatory Process: Interactions Between the SEC and Companies Ahead of the IPO" Michelle Lowry, Drexel University Roni Michaely, Cornell University Ekaterina Volkova, University of Melbourne Discussant: Lalitha Naveen, Temple University Paper 2: "Does Private Equity Improve Operating Performance of Portfolio Firms? Evidence from Working Capital Efficiency around LBOs" Johnny Jiung-Yee Lee, Drexel University Mi (Meg) Luo, Villanova University Discussant: Casey Dougal, Drexel University Paper 3: "R&D and Stock Price Jump" Cheng Jiang, Temple University Kose John, New York University Discussant: Matthias Fleckstein, University of Delaware

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Friday Sessions (cont.)

H.1 Aspects of Debt II Date and Time: Friday, April 13, 2018 2:00 - 3:30pm Room: Reynolds Session Chair: Nonna Y Sorokina, The College of New Jersey Paper 1: "Agency Cost of Debt Overhang with Optimal Investment Timing and Size" Chuanqian Zhang, William Paterson University Sudipto Sarkar, McMaster University Michi Nishihara, Osaka University Discussant: Kirstine Boye Petersen, University of Southern Denmark Paper 2: "Creditor Concentration, Debtor Quality, and the Cost of Debt" Daniel Folkinshteyn, Rowan University Discussant: Claire Liang, Southern Illinois University Paper 3: "Pension risk overhang and cost of debt" Ruiqing Shao, Shanghai Lixin University of Accounting and Finance Qingyin Tang, Shanghai Lixin University of Accounting and Finance Junbo Wang, CUHK Chunchi Wu, SUNY Albany Ting Zhang, U. of Dayton Discussant: Ali Sanati, University of Minnesota

H.2 Corporate Investment Date and Time: Friday, April 13, 2018 2:00 - 3:30pm Room: Frampton Session Chair: Taylan Mavruk, University of Gothenburg Paper 1: "The Relationship between CEO Insider Debt Holding and Firm's Investment" Chengru Hu, SUNY Canton Discussant: Xu Niu, Texas Tech University Paper 2: "Policy Uncertainty, Investment, and the Cost of Capital" Wolfgang Drobetz, Hamburg University Omrane Guedhami, University of South Carolina Sadok El Ghoul, University of Alberta Malte Janzen, Hamburg University Discussant: Anna-Leigh Stone, Samford University Paper 3: "Measuring Investment Opportunities using Financial Statement Text" Sudipta Basu, Temple University Xinjie Ma, Temple University Hoa Tran, Temple University Discussant: Chih-Huei Su, University of St. Thomas

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Friday Sessions (cont.)

H.3 Compensation, Voting, and Activism Date and Time: Friday, April 13, 2018 2:00 - 3:30pm Room: Shippen Session Chair: Edward Nelling, Drexel University Paper 1: "Credit Stimulus, Executive Compensation, and Firm Leverage: Theory and Evidence" Sandeep Dahiya, Georgetown University Lei Ge, Georgetown University Pedro Gete, Economics Department - Georgetown University Discussant: Zhan Li, University of Winnipeg Paper 2: "Directors’ and Officers’ Liability Insurance and Independent Directors’ Voting" Tianshi Li, University of International Business and Economics Tina Yang, Villanova University Jigao Zhu, University of International Business and Economics Discussant: Thomas Griffin, Drexel University Paper 3: "Hedge Fund Activism and Internal Capital Markets" Sehoon Kim, University of Florida Discussant: Donald Bowen, Virginia Tech

H.4 Financial Institutions II Date and Time: Friday, April 13, 2018 2:00 - 3:30pm Room: Flower Session Chair: Rita Biswas, University at Albany - SUNY Paper 1: "Bank Liquidity Creation and Systemic Risk" Sara Yasar, M.Sc, University of Vaasa Sami Vahamaa, University of Vaasa Discussant: Congyu Liu, Ph.D. Candidate, Drexel University Paper 2: "Bank Earnings Management and Analyst Coverage: Evidence from Loan Loss Provisions" Fariz Huseynov, North Dakota State University Sabuhi Sardarli, Kansas State University Wei Zhang, North Dakota State University Yongtao Hong, North Dakota State University Discussant: Catharina Claussen, University of Muenster Paper 3: "Investors' Appetite for Money-Like Assets: The Money Market Fund Industry after the 2014 Regulatory Reform" Gabriele La Spada, Federal Reserve Bank of New York Marco Cipriani, Federal Reserve Bank of New York Discussant: Li Jiasun, George Mason University

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Friday Sessions (cont.)

H.5 Debt Markets Date and Time: Friday, April 13, 2018 2:00 - 3:30pm Room: Claypoole Session Chair: Zhipeng Yan, New Jersey Institute of Technology Paper 1: "Market States, Sentiment, and Momentum in the Corporate Bond Market" Valentina Galvani, University of Alberta Lifang Li, University of Alberta Discussant: Elmira Shekari Namin, Cornell College Paper 2: "Secondary Market Trading and the Cost of New Debt Issuance" Ryan Davis, University of Alabama at Birmingham David Maslar, University of Tennessee Brian Roseman, California State University, Fullerton Discussant: Brittany Cole, Tennessee Tech University Paper 3: "Special Repo Rates and the Cross-Section of Bond Prices" N. Aaron Pancost, University of Texas at Austin McCombs School of Business Stefania D'Amico, Federal Reserve Bank of Chicago Discussant: Alexei Orlov, U.S. Securities and Exchange Commission

H.6 Stock research Date and Time: Friday, April 13, 2018 2:00 - 3:30pm Room: Bromley Session Chair: Jonathan E Clarke, Georgia Institute of Technology Paper 1: "Do analyst earnings forecast revisions help market understand the post- earnings announcement drift?" Feixue Xie, University of Texas at El Paso Lifei Xue, University of Texas at El Paso Discussant: Pankaj K. Jain, CFA, Chair and George Johnson Professor, University of Memphis Paper 2: "The Value of Hot News: Intellectual Property and the Sell-Side Research Industry" Daniel Bradley, University of South Florida Jonathan E Clarke, Georgia Institute of Technology Linghang Zeng, Georgia Institute of Technology Discussant: Jungbae Kim, NYU Stern School of Business Paper 3: "Waiting for Guidance: Disclosure noise, verification delay, and the value- relevance of good-news versus bad-news management earnings forecasts" Lee Jeremy Cohen, University of Georgia Alan J Marcus, Gabelli Chair of Finance, Boston College Zabihollah Rezaee, University of Memphis Hassan Tehranian, Boston College Discussant: Jonathan E Clarke, Georgia Institute of Technology

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Friday Sessions (cont.)

H.7 Risk and Management Date and Time: Friday, April 13, 2018 2:00 - 3:30pm Room: Whitpen Session Chair: Anzhela Knyazeva, US SEC Paper 1: "A General Form Model of Managerial Incentives and Risk-Taking" Jonathan T. Fluharty-Jaidee, West Virginia University Discussant: Jennifer Lynne Brodmann, University of New Orleans Paper 2: "Real option valuation in a Gollier/Weitzman world: the effect of long-run discount rate uncertainty" Josee Bastien, Universite Laval Gabriel Power, Laval University Djerry C. Tandja M., Laval University Discussant: Joe Wayne Byers, Montclair State University Paper 3: "Covered Calls on the S&P 500: Resolution of an Anomaly" Robert Brooks, University of Alabama Don Chance, Louisiana State University Mike Hemler, Notre Dame University Discussant: Patrick Lach, CFA, CFP, Associate Professor of Finance, Bellarmine University

H.8 Philadelphia Area Finance Symposium III Date and Time: Friday, April 13, 2018 2:00 - 3:30pm Room: Cook Session Chair: David Becher, Drexel University Paper 1: "Shadow Funding Costs: Measuring the Cost of Balance Sheet Constraints" Matthias Fleckstein, University of Delaware Francis Longstaff, UCLA and NBER Discussant: John Sedunov, III, Villanova University Paper 2: "Insurer Opacity, CEO Compensation, and Crash Risk" James Carson, Amos Distinguished Professor of Insurance, University of Georgia Elyas Elyasiani, Temple University Yuan Wen, State University of New York at New Paltz Discussant: Steve Miller, St. Joseph's University Paper 3: "Applying the Empirical Average Cost of Capital: Estimating the Cost of Funds at the Firm and Industry Levels" Gerard Olson, Villanova University Michael S. Pagano, Villanova University Discussant: Erik Gilje, Wharton/University of Pennsylvania

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Friday Sessions (cont.)

I.1 Insiders Date and Time: Friday, April 13, 2018 3:45 - 5:15pm Room: Reynolds Session Chair: Brandon Cline, Mississippi State University Paper 1: "Strategic Voting and Insider Ownership" Blair Marquardt, Texas Tech University Brett Myers, Texas Tech University Xu Niu, Texas Tech University Discussant: Anne Anderson, Lehigh University Paper 2: "Insider Investor and Information" Ehsan Azarmsa, University of Chicago, Booth School of Business Lin William Cong, University of Chicago Discussant: Michel A. Habib, Univ. of Zurich Paper 3: "When are insider trades more informative?" Xuewu Wesley Wang, University of Oklahoma Nejat Seyhun, University of Michigan Zhipeng Yan, New Jersey Institute of Technology Discussant: Brandon Cline, Mississippi State University

I.2 Compensation Date and Time: Friday, April 13, 2018 3:45 - 5:15pm Room: Frampton Session Chair: David Moore, University of Kentucky Paper 1: "Successful Motivation with Side Effects: Exploring Nonlinear Compensation of Mortgage Brokers" Irina Dyshko, Goethe University Frankfurt Discussant: Anthony W. Orlando, PhD Candidate, University of Southern California, Sol Price School of Public Policy Paper 2: "C ompensation Consultants: Whom do they Serve? Evidence from Consultant Switching" Rachel Gordon, Towson University Adam S. Yore, University of Missouri Discussant: Daewoung Choi, Louisiana State University in Shreveport Paper 3: "Managerial Compensation and Stock Price Informativeness" Benjamin Bennett, Ohio State University Todd Milbourn, Washington University in St Louis Gerald Garvey, USNW Zexi Wang, University of Bern Discussant: Chengru Hu, SUNY Canton

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Friday Sessions (cont.)

I.3 Equity Emerging Markets Date and Time: Friday, April 13, 2018 3:45 - 5:15pm Room: Shippen Session Chair: Victoria Geyfman, Bloomsburg University of Pennsylvania Paper 1: "Lucky Issuance: The Role of Numerological Superstition in Irrational Return Premiums" Pei-Shih (Pace) Weng, National Dong Hwa University Discussant: Ryan Davis, University of Alabama at Birmingham Paper 2: "The Impact of Shanghai-Hongkong Stock Connect Program on China's A-H Shares Prices" Zhaohui Zhang, Long Island University Rong Qi, St. John's University Alex Chung, Norwich University Discussant: Markus Broman, Syracuse University Paper 3: "Country Governance and International Equity Returns" Ben Marshall R., Massey University Hung Nguyen T., Monash University Nhut Hoang Nguyen, Associate Professor of Finance, Massey University Nuttawat Visaltanachoti, Massey University Discussant: Zamira Simkins, Stevenson University Paper 4: "The Real Effects of Elections on Firms’ Growth Opportunities" John Sedunov, III, Villanova University Matthew Wynter, University of Illinois at Chicago Discussant: Lynnette Purda, RBC Fellow of Finance, Queen's University

I.4 Institutional Investors Date and Time: Friday, April 13, 2018 3:45 - 5:15pm Room: Flower Session Chair: Benjamin Munyan, Vanderbilt University, Owen Graduate School of Management Paper 1: "Do investors follow directors?" Jay Dahya, Baruch College Richard Herron, Babson College Discussant: Ioannis Spyridopoulos, American University Paper 2: "Do PE and VC Firms Monitor Cash Reserves post-IPO?" Meziane Lasfer, University of London Natalia Matanova, Pennsylvania State University Discussant: Sabuhi Sardarli, Kansas State University Paper 3: "Foreign focused mutual funds and exchange traded funds: Do they improve portfolio management?" Eli Sherrill, Illinois State University Jeffrey Stark, Middle Tennessee State University Sara Shirley, Middle Tennessee State University Discussant: Viktoriya Lantushenko, Saint Joseph's University

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Friday Sessions (cont.)

I.5 Distress Date and Time: Friday, April 13, 2018 3:45 - 5:15pm Room: Claypoole Session Chair: Dalia Marciukaityte, Illinois State University Paper 1: "Distressed Stocks in Distressed Times" Efdal Ulas Misirli, Federal Reserve Bank of Richmond Assaf Eisdorfer, University of Connecticut Discussant: Victoria Atanasov, University of Mannheim Paper 2: "Distressed, Expanding, and Overvalued: Evidence that External Financing Activity Explains the Distress Anomaly" Steven E. Kozlowski, Fairfield University Discussant: Vivek Singh, University of Michigan - Dearborn Paper 3: "The Impact of Illiquidity on Firm-level Crash Risk and the Role of Media Independence: International Evidence " Wenlian Gao, Associate Professor of Finance, Dominican University Feifei Zhu, Radford University Donghui Li, Jinan University Zhe An, Monash University Discussant: Rongbing Liu, University of Massachusetts Boston

I.6 Trading strategies Date and Time: Friday, April 13, 2018 3:45 - 5:15pm Room: Bromley Session Chair: Majeed Simaan, Rensselaer Polytechnic Institute Paper 1: "Investor Sentiment and Style Investing " Samar Ashour, University of Arkansas Adam Harper, Miami University (Grace) Qing Hao, University of Texas-Arlington Discussant: Edward Nelling, Drexel University Paper 2: "Return Predictability of Short Interest and Credit Ratings" Xu Guo, State University of New York at Buffalo Chunchi Wu, SUNY at Buffalo Discussant: Chen Gu, West Virginia University Paper 3: "Trading Strategies in Intraday-Trading: Do Momentum and Reversal in Stock Prices Exist?" Tim Alexander Herberger, Bamberg University, Department of Finance Matthias Horn, Bamberg University, Department of Finance Andreas Oehler, Chair of Finance, Bamberg University Discussant: Nick T Laopodis, Deree College and ALBA Graduate Business School at The American College of Greece

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Friday Sessions (cont.)

I.7 Current Regulatory Topics Date and Time: Friday, April 13, 2018 3:45 - 5:15pm Room: Whitpen Session Chair: Cheng Jiang, Temple University Paper 1: "Coin offerings and securities regulation" William Mann, UCLA Anderson School Li Jiasun, George Mason University Discussant: Jonathan Daigle, Monmouth University Paper 2: "How Robo-Advisors Evaluate the Risk Preferences of Private Investors" Michael Tertilt, HSBA - Hamburg School of Business Administration Peter Scholz, HSBA - Hamburg School of Business Administration Discussant: Ruben Cox, Erasmus School of Economics Paper 3: "Transparency in the Investment Industry: Public Perception of Brokers and Investment Advisers" Leisa Flynn, University of Southern Mississippi Gary Kelly, University of Southern Mississippi Patrick Lach, CFA, CFP, Associate Professor of Finance, Bellarmine University Discussant: Djerry C. Tandja M., Laval University

US SEC Special Session: Financing Decisions: Regulatory perspectives and I.8 Recent Evidence Date and Time: Friday, April 13, 2018 3:45 - 5:15pm Room: Cook Session Chair: Jennifer Juergens, U.S. Securities and Exchange Commission Paper 1: "Public Equity Ownership and the Law" Vladimir Gatchev, University of Central Florida Christo Pirinsky, U.S. Securities and Exchange Commission Discussant: Daniel Bradley, University of South Florida Paper 2: "Competition and Operating Volatilities Around the World" Tanakorn Makaew, U.S. Securities and Exchange Commission Vojislav Maksimovic, University of Maryland Discussant: Tiantian Gu , Northeastern University Paper 3: "Foreign issuer puzzle in emerging growth company IPOs" Rachita Gullapalli, U.S. Securities and Exchange Commission Anzhela Knyazeva, US SEC Discussant: Qiancheng Zheng, Emporia State University Paper 4: "Soft and hard information and signal extraction in securities crowdfunding" Vladimir Ivanov, U.S. Securities and Exchange Commission Anzhela Knyazeva, US SEC Discussant: Sandeep Dahiya, Georgetown University

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Saturday Sessions

J.1 Corporate Governance Date and Time: Saturday, April 14, 2018 8:00 - 9:30am Room: Reynolds Session Chair: Frank Li, Ivey Business School, University of Western Ontario Paper 1: "Force -Fields, Risk-Taking, and Termination Pay: Severance's Barrier to Internal Governance" Jonathan T. Fluharty-Jaidee, West Virginia University Discussant: Salman Tahsin, Park University Paper 2: "The Externality in the CEO Market and Regulating Board Independence" Zhan Li, University of Winnipeg Discussant: Benedicte Reyes, Monmouth University Paper 3: "Were non-independent boards really captured before SOX?" Donald Bowen, Virginia Tech Discussant: Jerome Taillard, Associate Professor, Babson College

J.2 Labor Date and Time: Saturday, April 14, 2018 8:00 - 9:30am Room: Frampton Session Chair: Feixue Xie, University of Texas at El Paso Paper 1: "Analyst Coverage and Workplace Safety" Chi Zhang, University of Massachusetts Lowell Connie Mao, Temple University Discussant: Omer Unsal, Merrimack College Paper 2: "How Does Labor Mobility Affect Corporate Leverage and Investment?" Ali Sanati, University of Minnesota Discussant: Fangfang Du, Arizona State University Paper 3: "Labor Laws and Corporate Investment" Dalia Marciukaityte, Illinois State University Discussant: Lingna Sun, University of Massachusetts Lowell

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Saturday Sessions (cont.)

J.3 International Bond Markets Date and Time: Saturday, April 14, 2018 8:00 - 9:30am Room: Shippen Session Chair: Nick T Laopodis, Deree College and ALBA Graduate Business School at The American College of Greece Paper 1: "Foreclosure Moratorium and Strategic Default" Nikolaos Artavanis, University of Massachusetts, Isenberg School Management Ioannis Spyridopoulos, American University Discussant: Alina Arefeva, Johns Hopkins Carey Business School Paper 2: "FX Risk Premia from the Bond Markets" Mi Wu, University of Rochester Discussant: Miguel Villanueva, Crowninshield Financial Research LLC Paper 3: "The Corporate Sector Purchase Programme at Work: Yield Heterogeneity and the Portfolio Rebalancing Channel" Andrea Zaghini, Banca d'Italia Discussant: Sima Jannati, University of Miami

J.4 Mutual Funds III Date and Time: Saturday, April 14, 2018 8:00 - 9:30am Room: Flower Session Chair: Sara Shirley, Middle Tennessee State University Paper 1: "On Size Effects in Separate Accounts" Richard Evans, Darden School of Business, University of Virginia Martin Rohleder, University of Augsburg Hendrik Tentesch, University of Augsburg Marco Wilkens, University of Augsburg Discussant: Jue Ren, Texas Christian University Paper 2: "Mutual Fund Preference for Pure-Play Firms" Bradford Jordan, University of Kentucky - Gatton College of Business & Economics Ang Li, University of Kentucky Mark Liu, University of Kentucky - Gatton College of Business & Economics Discussant: Andre de Souza, St John's University Paper 3: "Precision and performance chasing: Evidence from mutual fund flows" Jon Fulkerson, University of Dayton Timothy Riley, University of Arkansas Discussant: Marc Lipson, University of Virginia

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Saturday Sessions (cont.)

J.5 Dividends Date and Time: Saturday, April 14, 2018 8:00 - 9:30am Room: Claypoole Session Chair: Frank D'Souza, Loyola University Maryland Paper 1: "Procyclicality of the Comovement between Dividend Growth and Consumption Growth" Nancy R. Xu, Columbia Business School Discussant: Veda Fatmy, University of Vaasa Paper 2: "Stock Price Behavior on Ex-Dividend Dates" Hui-Ju Tsai, Washington College Discussant: Richard Herron, Babson College Paper 3: "Exchange Rate Misalignments, Capital Flows, and Volatility" Axel Grossmann, Georgia Southern University Alexei Orlov, U.S. Securities and Exchange Commission Discussant: Pia Helbing, Trinity College Dublin

J.6 Trading activity Date and Time: Saturday, April 14, 2018 8:00 - 9:30am Room: Bromley Session Chair: Elmira Shekari Namin, Cornell College Paper 1: "Asymmetric Information and the Distribution of Trading Volume" Jos van Bommel, CFA, University of Luxembourg Matthijs Lof, Aalto University Discussant: Esen Onur, Commodity Futures Trading Commission Paper 2: "Corporate Social Responsibility and Pre-Announcement Trading Volume" Lucia Gao, University of Massachusetts Boston Sangwan Kim, University of Massachusetts Boston Rongbing Liu, University of Massachusetts Boston Discussant: Kershen Huang, Bentley University Paper 3: "Strategic Trade when Securitized Portfolio Values are Unknown" Louis R. Piccotti, University at Albany, SUNY Discussant: Rahul Chhabra, University of Michigan

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Saturday Sessions (cont.)

J.7 Asset Pricing Topics Date and Time: Saturday, April 14, 2018 8:00 - 9:30am Room: Whitpen Session Chair: Chinmay Jain, University of Ontario Institute of Technology Paper 1: "Risk Neutral Skewness Anomaly and Momentum Crashes" Yanhui Zhao, University of Connecticut Paul Borochin, Department of Finance, University of Connecticut Discussant: Yuming Li, California State University - Fullerton Paper 2: "Does Collateral Value Affect Asset Prices? Evidence from a Natural Experiment in Texas" Albert Zevelev, Baruch College Discussant: Sanket Korgaonkar, Pennsylvania State University Paper 3: "The Impact of Outliers on Computing Conditional Risk Measures for Crude Oil and Natural Gas Commodity Futures Prices" Joe Wayne Byers, Montclair State University Ivilina Popova, Texas State University - San Marcos Betty J. Simkins, Williams Companies Chair, Oklahoma State University Discussant: Maximilian Gorgen, University of Augsburg

PANEL SESSION: J.8 Teaching Excel Date and Time: Saturday, April 14, 2018 8:00 - 9:30am Room: Cook Session This special session will feature four experienced faculty who use and teach Excel Description: in the classroom in both modeling and more mainstream finance classes. These faculty will explain their approaches and challenges. Presenter: Peter J. Dadalt, Susquehanna University

Panelists: Peter J. Dadalt, Susquehanna University

Jacqueline L. Garner, Georgia Institute of Technology

Jack G. Wolf, Clemson University

Jonathan Godbey, Georgia State University

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Saturday Sessions (cont.)

K.1 Mergers & Acquisitions III Date and Time: Saturday, April 14, 2018 9:45 - 11:15am Room: Reynolds Session Chair: Chih-Huei Su, University of St. Thomas Paper 1: "Does Social Media Attention Matter? Evidence from Mergers and Acquisitions. " Christina Zhang, California State University - Monterey Bay Leslie Boni, California State University, Monterey Bay Shwadhin Sharma, California State University, Monterey Bay Discussant: Chi Zhang, University of Massachusetts Lowell Paper 2: "The Development of the Takeover Auction Process: The Evolution of Property Rights in the Modern Wild West" Tingting Liu, CFA, Creighton University Harold Mulherin, University of Georgia William Brown Jr, University of North Carolina at Greensboro Discussant: Nhut Hoang Nguyen, Associate Professor of Finance, Massey University Paper 3: "Do Corporate Managers Care about Dividend Clienteles? Evidence from M&A Transactions" Cheolwoo Lee, Ferris State University Jin Q Jeon, Dongguk University James Ligon, Professor Emeritus, University of Alabama Charn Soranakom, Unaffiliated Discussant: Richard Herron, Babson College

K.2 Social Aspects of Corporate Finance Date and Time: Saturday, April 14, 2018 9:45 - 11:15am Room: Frampton Session Chair: Lucia Gao, University of Massachusetts Boston Paper 1: "From Playground to Boardroom: Endowed Social Status and Managerial Performance" Fangfang Du, Arizona State University Discussant: David Moore, University of Kentucky Paper 2: "Leverage, Debt Maturity, and Social Capital" Kershen Huang, Bentley University Chenguang Shang, Bentley University Discussant: Congyu Liu, Ph.D. Candidate, Drexel University Paper 3: "Does Lesbian and Gay Friendliness Pay Off? A New Look at LGBT Policies and Firm Performance" Veda Fatmy, University of Vaasa John Kihn, University of Vaasa Jukka Sihvonen, University of Vaasa Sami Vahamaa, University of Vaasa Discussant: Jonathan T. Fluharty-Jaidee, West Virginia University

2018 Eastern Finance Association 57

Saturday Sessions (cont.)

K.3 Financial Crisis and IPO Withdrawal Date and Time: Saturday, April 14, 2018 9:45 - 11:15am Room: Shippen Session Chair: Gabriele Lattanzio, The University of Oklahoma Paper 1: "The Determinants of IPO Withdrawal - Evidence from Europe" Brian Lucey, Trinity College Pia Helbing, Trinity College Dublin Discussant: Natalia Matanova, Pennsylvania State University Paper 2: "Expectations and Financial Markets: The Case of Brexit" Chen Gu, West Virginia University Ann Marie Hibbert, West Virginia University Discussant: Vanja Piljak, University of Vaasa, Finland Paper 3: "Dividends and underinvestment in China: Did foreign investors export liquidity during the global financial crisis?" Wei Huang, Nottingham University Business School China John W Goodell, University of Akron Abhinav Goyal, University of Liverpool Discussant: Iuliana Ismailescu, Pace University

K.4 Residential Lending and Housing Date and Time: Saturday, April 14, 2018 9:45 - 11:15am Room: Flower Session Chair: Jason P Berkowitz, St. John's University Paper 1: "Bank Credit Standards and the Residential Mortgage Boom" Salman Tahsin, Park University Tim Yeager, University of Arkansas Discussant: Irina Dyshko, Goethe University Frankfurt Paper 2: "Asset Markets, Credit Markets, and Inequality: Distributional Changes in Housing, 1970-2017" Anthony W. Orlando, PhD Candidate, University of Southern California, Sol Price School of Public Policy Discussant: Albert Zevelev, Baruch College Paper 3: "Multiple Tranches, Information Asymmetry and the Impediments to Mortgage Renegotiation" Sanket Korgaonkar, Pennsylvania State University Discussant: Alina Arefeva, Johns Hopkins Carey Business School

2018 Eastern Finance Association 58

Saturday Sessions (cont.)

K.5 Exchange Traded Products Date and Time: Saturday, April 14, 2018 9:45 - 11:15am Room: Claypoole Session Chair: Jon Fulkerson, University of Dayton Paper 1: "Active trading in passive ETFs" Archana Jain, Rochester Institute of Technology Chinmay Jain, University of Ontario Institute of Technology Christine X. Jiang, University of Memphis Discussant: Davide Tomio, Darden School of Business Paper 2: "Intraday Arbitrage Between ETFs and their Underlying Portfolios" Travis Box, University of Mississippi Ryan Davis, University of Alabama at Birmingham Andrew Lynch, University of Mississippi Discussant: Stoyu I. Ivanov, Nancie Fimbel Investment Fellow, San Jose State University Paper 3: "Why Do Investors Chase Passive Returns?" Markus Broman, Syracuse University Discussant: Sara Shirley, Middle Tennessee State University

K.6 Idiosyncratic Volatility and Shocks Date and Time: Saturday, April 14, 2018 9:45 - 11:15am Room: Bromley Session Chair: Lifang Li, University of Alberta Paper 1: "Do Idiosyncratic Shocks to Large Firms Contain Systematic Information?" Sima Jannati, University of Miami Discussant: Hui-Ju Tsai, Washington College Paper 2: "Idiosyncratic Return Volatility, Uncertainty, and Asset Pricing Implications" Claire Liang, Southern Illinois University Zhenyang Tang, Clark University Discussant: Yehuda Izhakian, Baruch College Paper 3: "The Role of Investor Attention in Idiosyncratic Volatility Puzzle and New Results " Vivek Singh, University of Michigan - Dearborn Jungshk Hur, Louisiana Tech. Discussant: Efdal Ulas Misirli, Federal Reserve Bank of Richmond

2018 Eastern Finance Association 59

Saturday Sessions (cont.)

K.7 Litigation Date and Time: Saturday, April 14, 2018 9:45 - 11:15am Room: Whitpen Session Chair: Zhipeng Yan, New Jersey Institute of Technology Paper 1: "Employee Disputes and Innovation Performance: Evidence from Pharmaceutical Industry" Omer Unsal, Merrimack College Blake Rayfield, University of New Orleans Discussant: Yanhui Zhao, University of Connecticut Paper 2: "Shareholder Litigation and Corporate Cash Holdings: Evidence from Universal Demand Laws " Lingna Sun, University of Massachusetts Lowell Hieu Phan, University of Massachusetts Lowell Hien Nguyen, Ho Chi Minh University of Technology, Vietnam National University - Ho Chi Minh City Discussant: Shijie Yang, The Chinese University of Hong Kong, Shenzhen Paper 3: "Stock Price Reactivity to Earnings Announcements: A Cross-Section Study of Cammer/Krogman Factors" Miguel Villanueva, Crowninshield Financial Research LLC Steven Feinstein, Babson College Discussant: Benjamin Bennett, Ohio State University

2018 Eastern Finance Association 60

Saturday Sessions (cont.)

Benefits of Community-Based, Student-Led Research Partnership in Studying K.8 Regional Economic and Financial Indicators Date and Time: Saturday, April 14, 2018 9:45 - 11:15am Room: Cook Session Session Description: In this special session, the presenters will outline the research Description: and benefits of a community-based, student-led research partnership between the National Bank of Commerce, University of Wisconsin-Superior, University of Minnesota-Duluth, and College of St. Scholastica to study the regional economic and financial indicators in Northern Minnesota and Northwest Wisconsin. The main goals of the partnership, named Regional Economic Indicators Forum (REIF), are: (1) to support local business owners in their decision-making by collecting and analyzing primary and secondary data on regional economic and financial indicators that are coincident, leading, and lagging in nature, (2) to serve as a collaborative, non-political venue that brings professionals and businesses together to discuss critical issues affecting the region, and (3) to provide research and professional networking opportunities for undergraduate students attending the three regional universities. Research reports produced by the partnership to date can be found here: https://nbcbanking.com/About-NBC/R-E-I-F/ A video of one of the REIF public research presentations can be found here: https://www.youtube.com/watch?v=Sl67xxJ9g_s EFA members should find this session interesting because it will describe the research and benefits of a partnership between a commercial bank and three regional universities. REIF research findings over the last 4 years, implications of research for the local businesses and the community in general, and the pedagogical benefits of student-led research will be discussed.

Zamira Simkins, Associate Professor of Finance, Stevenson University, Owings Mills, MD, [email protected]; Rubana Mahjabeen, Assistant Professor of Economics, University of Wisconsin-Superior, Superior, WI, [email protected]; Dr. David Johnson, Maryville University, [email protected]; Ms. Almira Salimgarieva (Student), University of Wisconsin-Superior, [email protected]

Presenter: Zamira Simkins, Stevenson University

Panelists: Rubana Mahjabeen, University of Wisconsin-Superior

David Johnson, Maryville University

Almira Salimgarieva, University of Wisconsin - Superior

2018 Eastern Finance Association 61

List of Participants on Program

Session Function Legend: (A)=Author (C)=Chair (D)=Discussant (M)=Moderator (P)=Panelist

Participant Sessions (Role) Bowen, Donald H-3(D), J-1(A) Abukari, Kobana D-5(A) Box, Travis K-5(A) Agapova, Anna A-7(A) Bradley, Daniel H-6(A), I-8(D) Agcayazi, Busra B-1(C) Braga-Alves, Marcus V. F-3(D), G-5(A) Ahmed, Parvez A-8(P) Bratis, Theodore E-3(A) An, Zhe I-5(A) Brauner, Aaron A-3(A), F-4(D) Anderson, Anne D-2(C), I-1(D) Brodmann, Jennifer B-3(A), H-7(D) Angel, James J. E-4(D) Lynne B-6(D), D-6(A), I-3(D), Arefeva, Alina D-7(A), J-3(D), K-4(D) Broman, Markus K-5(A) Artavanis, Nikolaos J-3(A) Brooks, Robert G-7(D), H-7(A) Arvi, Leonard B-8(P) Brown Jr, William K-1(A) Ashour, Samar I-6(A) Butler, Alex D-6(A) Asutay, Mehmet A-8(P) Byers, Joe Wayne G-7(C), H-7(D), J-7(A) Atanasov, Victoria E-6(A), I-5(D) Cai, Jay D-8(A) A-6(A), D-7(D), E-5(D), Azarmsa, Ehsan I-1(A) Carson, James H-8(A) Barth, Florian B-5(D), D-3(A) Cayon, Edgardo B-4(A), E-3(D) Bastien, Josee H-7(A) Chance, Don F-2(A), H-7(A) Basu, Sudipta A-6(C), H-2(A) Chang, Carolyn G-6(A) D-8(C), E-1(A), F-1(A), Chang, Jack S.K. E-8(D), G-6(A) Becher, David H-8(C) Chang, Kiyoung F-3(A) A-3(D), G-5(A), I-2(A), Chen, Clara C E-7(A), F-6(C) Bennett, Benjamin K-7(D) Cheng, Chak Hung Jack E-2(A) Bergbrant, Mikael Carl B-3(A), D-3(D) Chhabra, Rahul G-1(A), J-6(D) Berkowitz, Jason P K-4(C) Chiu, Ching-Wai E-2(A) Bernebe Torres, Ricardo G-4(A) (Jeremy) Beuselinck, Christof E-2(A) Choi, Daewoung F-7(C), G-1(A), I-2(D) Bhattacharya, Debarati B-2(A) Chow, Victor A-6(A) Biswas, Rita H-4(C) Chung, Alex I-3(A) Black, Jeff D-5(A), E-7(D) Cipriani, Marco H-4(A) Bonaime, Alice B-2(A) Claessens, Stijn F-4(A) Boni, Leslie K-1(A) D-6(D), H-6(A), H-6(D), Clarke, Jonathan E Borochin, Paul G-7(A), J-7(A) H-6(C) Boubaker, Sabri E-3(A) Claussen, Catharina B-4(A), H-4(D) D-4(A), E-7(A), I-1(C), Boulton, Thomas Jason G-5(A) Cline, Brandon I-1(D) Bowe, Michael B-3(C), F-4(A)

2018 Eastern Finance Association 62

Session Function Legend: (A)=Author (C)=Chair (D)=Discussant (M)=Moderator (P)=Panelist

Cohen, Lee Jeremy A-4(D), B-4(C), H-6(A) Evans, Richard J-4(A) Col, Burcin G-3(A) Farazmand, Farhang G-7(A) Cole, Brittany D-5(D), G-6(A), H-5(D) Fatmy, Veda J-5(D), K-2(A) Collins, Denton A-2(A) Fauver, Larry A-3(D), D-6(A) Cong, Lin William I-1(A) Feinstein, Steven K-7(A) Cox, Ruben B-7(C), F-6(A), I-7(D) Ferris, Stephen F-2(A) D'Amico, Stefania B-4(D), H-5(A) Figueiredo, Antonio D-5(A), E-3(D) D'Mello, Ranjan B-1(A) Fleckstein, Matthias G-8(D), H-8(A) D'Souza, Frank J-5(C) Flor, Christian Riis A-7(D), B-1(A), D-1(A) Dadalt, Peter J. F-8(P), J-8(P), J-8(M) Fluharty-Jaidee, Jonathan F-1(D), H-7(A), J-1(A), Dahiya, Sandeep H-3(A), I-8(D) T. K-2(D) Dahya, Jay G-2(A), I-4(A) Flynn, Leisa I-7(A) Dai, Rui E-9(P) Folkinshteyn, Daniel G-6(D), H-1(A) Daigle, Jonathan G-6(C), I-7(D) Francis, Bill B-3(A) Dandapani, Krishnan A-2(A) Fulkerson, Jon G-4(D), J-4(A), K-5(C) Datta, Sudip A-1(A) Galvani, Valentina H-5(A) Davis, Ryan H-5(A), I-3(D), K-5(A) Gao, Lucia J-6(A), K-2(C) de Goeij, Peter F-6(A) Gao, Wenlian I-5(A) de Souza, Andre G-7(A), J-4(D) Garner, Jacqueline L. J-8(P) Dennis, Steven A. E-1(A), G-3(D) Garvey, Gerald I-2(A) Desai, Chintal Ajitbhai B-7(D), E-2(A) Gatchev, Vladimir I-8(A) Dissem, Sonia A-4(D), B-3(A) Gatzert, Nadine D-3(A) Dodonova, Anna F-1(A) Gurtler, Marc D-7(A) Dong, Mengming Ge, Lei H-3(A) F-5(A), G-2(D) Michael Gete, Pedro H-3(A) Dougal, Casey G-8(D) Geyfman, Victoria F-4(D), I-3(C) Drechsler, Qingyi (Freda) E-9(P) Gilje, Erik D-8(A), H-8(D) Drobetz, Wolfgang G-4(C), H-2(A) Gilstrap, Collin D-4(A) Du, Fangfang J-2(D), K-2(A) Gine, Mireia D-8(D) Dyshko, Irina I-2(A), K-4(D) Godbey, Jonathan J-8(P) Eckert, Christian D-3(A) Goergen, Maximilian E-8(A), J-7(D) Egginton, Jared F-5(A) Goetze, Tobias D-7(A), G-6(D) Eisdorfer, Assaf I-5(A) Goodell, John W G-3(D), K-3(A) Ejara, Demissew D-3(A) Gordon, Rachel E-1(D), I-2(A) El Ghoul, Sadok H-2(A) Gormley, Todd D-8(A) Elkhatib, Rwan A-8(P) Gousgounis, Eleni D-5(D), E-5(A) Elnahas, Ahmed D-6(C) Goyal, Abhinav K-3(A) Elnahas, Ahmed A-8(P) Griffin, Thomas E-1(A), H-3(D) Elyasiani, Elyas H-8(A) Grossmann, Axel F-2(D), J-5(A) Ertugrul, Mine D-1(A)

2018 Eastern Finance Association 63

Session Function Legend: (A)=Author (C)=Chair (D)=Discussant (M)=Moderator (P)=Panelist

A-1(A), B-1(A), E-1(C), Irlbeck, Steven D-2(A), F-6(D) Gruskin, Mark Richard G-1(D) Iskandar-Datta, Mai A-1(A) Gu, Chen I-6(D), K-3(A) Ismailescu, Iuliana G-3(A), K-3(D) Gu , Tiantian I-8(D) Ivanov, Stoyu I. K-5(D) Guedhami, Omrane H-2(A) Ivanov, Vladimir I-8(A) Guidolin, Massimo F-7(A) Izhakian, Yehuda G-2(A), K-6(D) Gullapalli, Rachita I-8(A) Jacob, Andrea E-8(A) Guo, Xu G-5(D), I-6(A) Jafri , Syed H. Ali A-8(P) Gupta, Manu E-2(A) Jain, Archana G-5(D), K-5(A) Habib, Michel A. I-1(D) Jain, Chinmay J-7(C), K-5(A) Hamid, Shahid A-2(A) Jain, Pankaj K., CFA D-5(A), G-5(C), H-6(D) Hamilton, Dennis D-2(A) Jang, Karen Y. A-4(A), B-3(D) Han, Seonghee (Sammy) A-2(D) Jannati, Sima J-3(D), K-6(A) Hankins, William E-2(A) Janzen, Malte H-2(A) Hao, (Grace) Qing I-6(A) Javakhadze, David B-2(C), F-3(A) Harper, Adam I-6(A) Jensen, Tyler K. F-1(A), G-2(C) Harris, Jeffrey C-9(M) Jeon, Jin Q K-1(A) Hasan, Iftekhar A-4(A), G-3(A) Jiang, Cheng G-8(A), I-7(C) Hassan, M. Kabir A-8(M), B-3(A) Jiang, Christine X. K-5(A) Haynes, Richard E-5(A) Jiang, Junya A-7(A) He, Yazhou A-2(D), B-6(A) F-5(D), G-4(A), H-4(D), Jiasun, Li Helbing, Pia J-5(D), K-3(A) I-7(A) Hemler, Mike H-7(A) John, Kose G-8(A) Herberger, Tim Johnson, David K-8(P) I-6(A) Alexander Jordan, Bradford J-4(A) F-2(A), G-2(A), I-4(A), Herron, Richard Juergens, Jennifer I-8(C) J-5(D), K-1(D) Kahle, Kathleen B-2(A) Hibbert, Ann Marie F-6(D), K-3(A) Kaprielyan, Margarita A-7(A), G-2(D) Hong, Yongtao H-4(A) Kaviani, Mahsa S. A-4(A), D-2(A) A-5(D), B-5(A), D-4(D), Horn, Matthias I-6(A) Keene, Marvin B-8(P) Hshieh, Shenje G-4(A) Kelly, Gary I-7(A) Hu, Chengru H-2(A), I-2(D) Khoroshilov, Yuri F-1(A), G-1(D) Hu, Huajing F-1(A) Kihn, John K-2(A) Huang, Kershen J-6(D), K-2(A) Kim, Donghyun G-1(A) Huang, Qiping B-6(A) Kim, Jeong Ho (John) G-4(A) Huang, Wei K-3(A) Kim, Jungbae H-6(D) Hunter, Delroy B-3(A) Kim, Sangwan J-6(A) Hur, Jungshk K-6(A) Kim, Sehoon E-1(D), H-3(A) Huseynov, Fariz H-4(A) Knyazeva, Anzhela F-1(D), H-7(C), I-8(A) Koh, Kyungyeon A-5(A), B-2(D)

2018 Eastern Finance Association 64

Session Function Legend: (A)=Author (C)=Chair (D)=Discussant (M)=Moderator (P)=Panelist

Kolokolova, Olga F-4(A) Li, Yongjia B-6(A) Korgaonkar, Sanket J-7(D), K-4(A) Li, Yuming A-5(A), J-7(D) Kothari, Pratik A-7(D), F-2(A) Li, Zhan H-3(D), J-1(A) Kouretas, Georgios E-3(A) Liang, Claire H-1(D), K-6(A) Kovacs, Tunde E-6(D), F-6(A) Ligon, James K-1(A) Kozlowski, Steven E. E-4(D), I-5(A) Lin, Jing G-4(A) Krapl, Alain D-3(A), F-2(D) Ling, Leng D-4(D), G-4(A) Kriebel, Johannes B-4(A) Lipson, Marc G-4(D), J-4(D) Krigman, Laurie, PhD B-2(D), G-1(C), G-1(D) Liu, Congyu F-4(C), H-4(D), K-2(D) Krishnamurthy, Liu, Mark J-4(A) G-8(C) Srinivasan Liu, Qingfeng "Wilson" D-3(A), E-6(D) Krishnan, Karthik D-1(A) Liu, Rongbing I-5(D), J-6(A) Kryzanowski, Lawrence E-3(A) Liu, Tingting, CFA E-7(D), F-1(A), K-1(A) Kulchania, Manoj B-1(A) Liu, Weimin E-6(A) Kurov, Alexander E-7(D) Llorente, Guillermo E-7(A), G-3(D) La Spada, Gabriele H-4(A) Lof, Matthijs J-6(A) Lach, Patrick, CFA, CFP H-7(D), I-7(A) Longstaff, Francis H-8(A) Lantushenko, Viktoriya D-4(A), I-4(D) Lowry, Michelle A-4(C), G-8(A) Laopodis, Nick T E-3(A), I-6(D), J-3(C) Lucey, Brian K-3(A) Lasfer, Meziane I-4(A) Lundstrom, Nathan A-1(A) Lattanzio, Gabriele G-3(A), K-3(C) Luo, Di A-5(D), E-6(A) Law, Andy F-4(A) Luo, Mi (Meg) G-8(A) Le, Duong E-8(A) Lynch, Andrew K-5(A) Lee, Cheolwoo A-1(D), K-1(A) B-5(D), D-3(A), E-1(A), Ma, Qingzhong Lee, Johnny Jiung-Yee G-8(A) F-1(C) Lee, Jongsub A-3(A) Ma, Xinjie D-1(D), H-2(A) Lee, Suin B-5(A), D-6(D) Mahjabeen, Rubana K-8(P) Levit, Doron D-8(A) Maidl, Christoph E-4(A) Li, Ang D-4(D), J-4(A) Makaew, Tanakorn I-8(A) Li, Bingxin A-6(A) Maksimovic, Vojislav I-8(A) Li, Di D-8(A) Malakhov, Alexey B-6(A) Li, Donghui I-5(A) Maleki, Hosein A-4(A), D-2(A) Li, Frank J-1(C) Mann, William I-7(A) Li, Jingrui A-6(A), G-7(D) Mao, Connie J-2(A) Li, Lifang H-5(A), K-6(C) Marciukaityte, Dalia B-1(D), I-5(C), J-2(A) Li, Lily D-8(D) Marcus, Alan J H-6(A) Li, Tianshi H-3(A) Markarian, Garen E-2(A) Li, Wei-Hsien B-2(A), E-2(D) Marquardt, Blair A-2(A), I-1(A) Li, Wei-Xuan D-3(D), E-7(A) Marshall R., Ben I-3(A) Li, Ying F-3(D), F-3(A) Maslar, David H-5(A)

2018 Eastern Finance Association 65

Session Function Legend: (A)=Author (C)=Chair (D)=Discussant (M)=Moderator (P)=Panelist

Matanova, Natalia A-1(A), I-4(A), K-3(D) Olson, Gerard H-8(A) Mavruk, Taylan D-6(A), F-6(D), H-2(C) Onur, Esen E-5(A), F-5(D), J-6(D) McCumber, William D-7(D), F-5(A) Orlando, Anthony W. I-2(D), K-4(A) McKee, Eric D-2(A) E-5(D), F-7(A), H-5(D), Orlov, Alexei Meng, Delong D-7(A) J-5(A) Meyll, Tobias B-7(A), D-3(D) Otchere, Isaac D-5(A) Michaely, Roni G-8(A) Pagano, Michael S. D-3(C), H-8(A) Michalski, Marcin Jerzy E-4(D), F-4(A) Painter, Marcus D-6(D), G-6(A) Milbourn, Todd I-2(A) Palacios, Luis E-9(M) Miller, Steve H-8(D) Pan, Bo A-3(A), F-5(D) Mills, Jackson A-2(A), B-7(D) Pancost, N. Aaron H-5(A) Mishra, Suchismita A-2(A), D-5(A) Pantzalis, Christos B-5(A) Misirli, Efdal Ulas I-5(A), K-6(D) Parhizgari, A. M., Ph.D. G-5(A) B-2(A), E-2(C), G-2(A), Park, Jung Chul B-5(A) Moore, David I-2(C), K-2(D) Park, Seyoung E-6(A) Morillon, Thibaut E-3(D), F-3(A) Patel, Ajay E-4(A) Moritzen, Mark Raun D-1(A) Pauls, Thomas B-7(A) Mulherin, Harold K-1(A) Petersen, Kirstine Boye B-1(A), H-1(D) Munyan, Benjamin I-4(C) Pfingsten, Andreas B-4(A) Myers, Brett I-1(A) Phan, Hieu K-7(A) Nahata, Rajarishi F-2(A) Piccotti, Louis R. A-6(D), J-6(A) Naranjo, Andy A-3(A) Pichler, Pegaret F-6(A) Narayanaswamy, C.R. F-2(C) Piljak, Vanja E-3(A), K-3(D) Naveen, Lalitha G-8(D) Pirinsky, Christo I-8(A) Nelling, Edward D-4(A), H-3(C), I-6(D) Platt, Katarzyna N. F-1(A) Nemani, Alok Kumar B-2(A), D-2(D) Popova, Ivilina J-7(A) Nerlinger, Martin E-8(A) Posylnaya, Valeriya E-7(A), G-4(D) Ngo, Thanh A-1(D), B-2(A) Potter, Mark F-8(M), F-8(P) NGUYEN, Duc Khuong Power, Gabriel B-1(A), H-7(A) E-3(A) Khuong Purda, Lynnette A-3(D), I-3(D) Nguyen, Hien K-7(A) Qi, JianPing D-1(A) Nguyen, Nhut Hoang I-3(A), K-1(D) Qi, Rong I-3(A) Nguyen, Tu D-8(A) Rahman, Mohammad G-5(A) Nguyen T., Hung I-3(A) Anisur Nini, Greg D-8(D), E-1(A) Rajkovic, Tijana A-2(C), B-2(D), F-3(A) Nishihara, Michi H-1(A) Rakowski, David F-6(A) A-2(A), B-4(D), H-2(D), Raman, Vikas E-5(A) Niu, Xu I-1(A) Rayfield, Blake K-7(A) O'Brien, Thomas J. D-3(A), E-7(C) Reiffen, David E-5(A) Oehler, Andreas B-5(A), I-6(A) Ren, Jue G-4(A), J-4(D)

2018 Eastern Finance Association 66

Session Function Legend: (A)=Author (C)=Chair (D)=Discussant (M)=Moderator (P)=Panelist

Rendon, Jairo B-4(A) Singh, Vivek I-5(D), K-6(A) Restrepo, Felipe G-3(A) Snyder, David B-8(P), B-8(M) Reyes, Benedicte E-3(C), J-1(D) Sono, Hui D-3(A) Rezaee, Zabihollah H-6(A) Sopranzetti, Ben F-3(D) Rhee, S. Ghon B-2(A) Soranakom, Charn K-1(A) Riggs, Lynn E-5(A) Sorokina, Nonna Y E-4(A), H-1(C) Riley, Timothy J-4(A) Soumare, Issouf B-1(A) Rivolta, Mia L A-2(D), G-1(A) Spyridopoulos, Ioannis D-6(A), I-4(D), J-3(A) Robe, Michel A D-4(C), E-5(A) Srinivasan, Sayee E-5(A) Roberts, John E-5(A) A-7(C), D-4(A), F-6(A), Stark, Jeffrey Rogers, Daniel A. A-5(D), E-5(C) G-4(D), I-4(A) Rohleder, Martin E-8(A), J-4(A) Steigner, Tanja A-1(A) A-4(D), B-4(A), E-2(A), Roseman, Brian G-5(D), H-5(A) Stone, Anna-Leigh H-2(D) Ruiz De Vargas, Santiago D-3(A) Su, Chih-Huei F-1(A), H-2(D), K-1(C) Salimgarieva, Almira K-8(P) Sun, Lingna B-5(C), J-2(D), K-7(A) Sanati, Ali H-1(D), J-2(A) Susnjara, Jurica B-2(A), E-8(C) Sandoval, Juan B-4(A) Sutton, Ninon D-1(A) Sanford, Anthony A-6(A), E-5(D) Tahsin, Salman B-7(A), J-1(D), K-4(A) Sardarli, Sabuhi F-5(C), H-4(A), I-4(D) Taillard, Jerome G-3(A), J-1(D) Sarkar, Sakya A-5(A), B-1(D), E-6(C) Talukdar, Bakhtear F-7(D), G-5(A) Sarkar, Sudipto H-1(A) B-1(A), E-1(D), H-7(A), Tandja M., Djerry C. Sarmiento, Julio B-4(A) I-7(D) Savvides, Andreas E-3(A) Tang, Qingyin H-1(A) Scholz, Hendrik D-3(A) Tang, Yingcong G-4(A) Scholz, Peter A-7(D), I-7(A) Tang, Zhenyang K-6(A) Sedunov, John, III H-8(D), I-3(A) Tehranian, Hassan H-6(A) Seyhun, Nejat I-1(A) Tentesch, Hendrik B-6(D), J-4(A) Shang, Chenguang K-2(A) Tertilt, Michael I-7(A) Shao, Ruiqing H-1(A) Thornton, John H., Jr. B-4(D), E-4(A), G-4(A) Sharma, Shwadhin K-1(A) Tomio, Davide F-5(A), K-5(D) Shekari Namin, Elmira H-5(D), J-6(C) Tong, Zhenxu F-2(A) Shen, Yi A-4(A), B-1(D), F-6(A) Tran, Hoa A-5(C), H-2(A) Sherrill, Eli I-4(A) Tsai, Hui-Ju J-5(A), K-6(D) Shim, Hyeongsop F-3(A) Tuzun, Tugkan E-5(A) F-6(A), I-4(A), J-4(C), Shirley, Sara Unsal, Omer D-1(C), J-2(D), K-7(A) K-5(D) Upadhyay, Arun A-2(A) Sihvonen, Jukka K-2(A) Uygur, Ozge E-6(A) Simaan, Majeed F-4(A), I-6(C) Vahamaa, Sami A-1(D), H-4(A), K-2(A) Simkins, Betty J. J-7(A) van Bommel, Jos, CFA D-7(D), J-6(A) Simkins, Zamira I-3(D), K-8(M)

2018 Eastern Finance Association 67

Session Function Legend: (A)=Author (C)=Chair (D)=Discussant (M)=Moderator (P)=Panelist

Van Ness, Bonnie F. G-6(A) Yan, Zhipeng I-1(A) Van Ness, Robert A. D-5(C), G-6(A) Yan, Zhipeng G-6(D), H-5(C), K-7(C) Verriest, Arnt D-2(D), E-2(A) Yang, Junhong A-3(A) Villanueva, Miguel J-3(D), K-7(A) Yang, Lukai G-1(A) Visaltanachoti, Nuttawat I-3(A) Yang, Shijie A-3(A), K-7(D) Volkova, Ekaterina G-8(A) Yang, Tina F-1(D), H-3(A) Walker, Mark D G-2(A) Yang, Xiaohui B-6(D), D-7(C), F-7(A) Walkling, Ralph D-8(A) Yasar, Sara H-4(A) Walter, Andreas B-7(A) Yeager, Tim B-7(A), K-4(A) Wang, Jiang E-7(A) Yi, Bingsheng A-1(A) Wang, Junbo H-1(A) Yildirim, Alev E-2(D) Wang, Mengyu F-2(A), G-2(D) Yore, Adam S. A-1(A), D-1(D), I-2(A) Wang, Rui A-3(A) Yost, Keven F-2(D), G-2(A) Wang, Song E-1(A) Yuan, Xiaojing (Aggie) A-4(A) Wang, Teng F-4(A), G-3(C) Zaghini, Andrea J-3(A) Wang, Xuewu Wesley I-1(A) Zakamulin, Valeriy A-7(A), B-6(C) Wang, Zexi A-3(C), G-5(A), I-2(A) Zeng, Linghang H-6(A) Wei, Jianxing E-4(A) Zevelev, Albert J-7(A), K-4(D) Wells, William H. E-4(C) Zhang, Chi J-2(A), K-1(D) Wen, Yuan H-8(A) Zhang, Christina B-3(D), K-1(A) Wendt, Stefan A-1(C) Zhang, Chuanqian D-1(D), H-1(A) Weng, Pei-Shih (Pace) D-5(D), I-3(A) Zhang, Jie B-3(D), E-3(A) Whidbee, David A. E-1(A) Zhang, Ting G-3(D), H-1(A) Wilkens, Marco E-8(A), J-4(A) Zhang, Wei D-3(A), E-1(A) Wolf, Jack G. J-8(P) Zhang, Wei H-4(A) Woyand, Corinna E-4(A), F-4(D) Zhang, Yilei E-1(A) Wu, Chunchi I-6(A) Zhang, Zhaohui F-7(D), I-3(A) Wu, Chunchi H-1(A) Zhao, Huainan E-6(A) Wu, Jun E-9(P) E-8(D), G-7(A), J-7(A), Zhao, Yanhui Wu, Mi A-6(D), J-3(A) K-7(D) Wuthisatian, Phuvadon B-3(A) Zheng, Qiancheng A-1(A), D-1(A), I-8(D) Wynter, Matthew I-3(A) Zhong, Rui E-3(A) Xie, Feixue H-6(A), J-2(C) Zhou, Mingshan G-4(A) Xu, Bo D-1(A) Zhu, Feifei I-5(A) Xu, Lan D-8(A), E-2(D) Zhu, Haoxiang E-5(A) Xu, Nancy R. J-5(A) Zhu, Jigao H-3(A) Xu, Tong A-6(D), E-4(A) Zhu, Yun E-6(D), F-3(C), G-3(A) Xue, Lifei E-5(D), H-6(A) Yadav, Pradeep E-5(A)

2018 Eastern Finance Association 68

Future Meetings

2019 MEETING Miami, Florida – April 10-13, 2019 – Miami Beach Resort

2020 MEETING Boston, Massachusetts – April 1-4, 2020 – Sheraton Boston Hotel (400th anniversary of the Mayflower arrival in Plymouth, MA)

2018 Eastern Finance Association 69

HOTEL FLOOR PLAN MAP

2018 Eastern Finance Association 70

2018 Eastern Finance Association 71

EFA Eastern Finance Association