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2018 Meeting Program 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 2018 Eastern Finance Association i 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 2018 Eastern Finance Association ii 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 2018 Eastern Finance Association 1 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 2018 Eastern Finance Association 2 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 2018 Eastern Finance Association 3 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 2018 Eastern Finance Association 4 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
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