European Finance Association 44Th EFA Annual Meeting Mannheim, Germany, August 23–26, 2017
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European Finance Association 44th EFA Annual Meeting Mannheim, Germany, August 23–26, 2017 2017 Program Disclaimer Please note that this program includes updates until July 20, 2017. Any changes made after this date are not reflected in the printed program, but can be seen in the online program and smartphone application. All data concerning authors, papers, discussants, and session chairs were directly imported from ConfTool and therefore are based on information provided by users. 2 44th EFA Annual Meeting Table of Contents Welcome to Mannheim 5 General Information 6 Transportation 7 Reading the Program 10 Program Overview 11 Detailed Program 12 Wednesday, August 23 12 Doctoral Tutorial 12 Doctoral Workshop 13 Conference Check-in 14 Welcome Reception 15 Thursday, August 24 16 Academic Program 16 Panel Session 24 EFA General Assembly 32 Heidelberg Cruise 33 Friday, August 25 34 Academic Program 34 Keynote Speech by Campbell R. Harvey 46 EFA 2017 Best Paper Prizes 47 Deutsche Bundesbank Conference Dinner 48 Saturday, August 26 50 Academic Program 50 Mannheim City Tours 58 Heidelberg City Tour 60 EFA Executive Committee 2017 62 EFA 2017 Program Committee 64 Partners 76 Exhibitors 80 European Finance Association 45th Annual Meeting 82 University of Mannheim Campus Map 84 EFA 2017 App Follow us on Guest WiFi: EFA2017 Connect Android and iOS #EFA2017 Username: Mannheim2017 via Eduroam Password: Mannheim2017 44th EFA Annual Meeting 3 4 44th EFA Annual Meeting Welcome to Mannheim DEAR EFA MEMBERS, On behalf of the EFA 2017 Program Committee, the University of Mannheim, and the University of Mannheim Business School, we are delighted to welcome you to the 44th Annual Meeting of the European Finance Association here in Mannheim, Germany. This year, we received 1,737 submissions to the EFA conference. All submissions were triple reviewed and 225 were selected for presentation. Our special thanks go to the 755 reviewers and 24 track chairs for their dedication and hard work during the past few months. Without their support, we would not have been able to build the program. The EFA 2017 is again a truly global event. Colleagues from 22 countries and five continents contribute to the program. The members of the Program Committee were drawn from 205 institutions in 28 countries. We are looking forward to an exciting program with 75 parallel sessions, a panel session on “Renationalization of Western Countries: Impact on the Real and Financial Sectors of Economies,” and the keynote address of Prof. Campbell R. Harvey. The social program with the Welcome Reception on Wednesday, a cruise on the Neckar on Thursday evening, and the conference dinner in the beautiful Schwetzingen Palace on Friday night offers plenty of additional opportunities to network. We also express our gratitude to the sponsors for their valuable support. Finally, we thank the presenters, discussants and session chairs for their active participation in the program. We look forward to spending this time together with you here in Mannheim and hope you will enjoy the conference. Sincerely, Ernst Maug Wolfgang Bühler EFA 2017 Program and Organization Chair; EFA 2017 Organization and Program Chair; Professor of Corporate Finance Professor (em.) of Finance University of Mannheim Business School University of Mannheim Business School 44th EFA Annual Meeting 5 General Information PROGRAM SCHEDULE ADMISSION POLICY The program is arranged chronologically • The conference is open to registered by date and time of the activity. Papers, attendees only. discussants, and rooms are indicated. • Participants registered to social events are requested to show their tickets. To read abstracts or download papers, Attendees who are unable to show their please consult our smartphone application tickets for the Heidelberg Cruise and Con- “EFA 2017.” ference Dinner cannot be granted access. • All attendees are required to wear their OPENING HOURS OF REGISTRATION badges at all times. AND HELP DESK • Anyone attending the EFA 2017 should not • Wednesday: 17:00–20:00 participate in canvassing, demonstrating, (at Welcome Reception) engaging in inappropriate behavior, or • Thursday: 8:00–18:00 (East Wing) any other activity that may disrupt the • Friday: 8:00–17:00 (East Wing) EFA 2017. • Saturday: 8:00–12:30 (East Wing) • The organizers reserve the right to exclude or remove anyone, who breaks or is FIRST AID ASSISTANCE viewed as likely to break these rules from If first aid is required, please inform a member the EFA 2017. of the staff immediately or call 112. COMPANIONS LOST & FOUND Accompanying guests are welcome to The lost and found is located at the help desk . participate in social events, given previous registration. They will be asked to show their tickets. 6 44th EFA Annual Meeting Transportation GETTING TO THE UNIVERSITY OF GETTING AROUND THE CITY MANNHEIM Within the city of Mannheim, the transport From Mannheim main station, the university network is comprised of trams and buses. can be reached within 10 minutes on foot. One trip, day-ticket or multiple day tickets can be bought at the RNV ticket machines. You can also take a tram to reach To plan you journey, you can use the campus (1 stop, approx. 2 minutes). also the Deutsche Bahn Stop: Universität smartphone app. • Line #1: direction Schönau • Line #2: direction Neckarstadt West TAXI • Line #4A: direction Bad Dürkheim Taxis are readily available in Mannheim at • Line #5: direction Heidelberg numerous locations. Taxi stands can be • Line #6: direction Rheingönheim found at the train station or at the Parade- platz, the main shopping square in down- town Mannheim. To book a taxi, please call +49 621 444044. © Peggy Rudolph für Rhein-Neckar-Verkehr GmbH 44th EFA Annual Meeting 7 Umleitungen Mannheim Neugestaltung Planken – Gültig ab 1. März 2017 PUBLIC TRANSPORT Neckarvorlandstr. Biblis/ NECKAR 2 Neckarstadt West 1 Schönau Waldfriedhof 4 Biblis/Lampertheim Öllager Sand- 62 Lampertheim 53 Käfertal Bf/Im Rott 3 Sandhofen Käfertaler Wald 4A Oststadt 60 58 (Friesen- 50 hofen Lanzvilla heimer Neckarspitze 62 Verbindungs- 5 Viernheim/ Am 60 Insel) kanal 60 Weinheim Salzkai 2 53 Pfeifferswörth 5 Carl- Ida-Scipio- Mosel- Exerzier- Kurpfalzbrücke Hauptgüterbahnhof Landzun- 3 Wohl- Käfertal Mann- Benz-Str. Heim str. platz gelegen Süd heimer Str. 54 real Vogelstang Güteramt genstr. 61 EKZ 15 56 Warnemünder Weg Landgüterhalle Popakademie Max- 5/5A Alte Joseph-Str. Bonifatius- Boveristr. 62 Eisenlohr- Verlängerte Jungbuschstr. Jungbusch- 53 61 Feuerwache kirche 61 Käfertal Bf 5A Heddesheim Bf MVV- 1 platz schule Kurpfalz- 6 Schaf- 54 56 64 15 Wallstadt Ost Teufels- Hochhaus 3 Käfertal brücke 5 2 weide Im Rott 53 Handelshafen 3 A brücke /4 Brauerei DB-Bf 6/6A 4 1 Friedrich- Käfertal Akademiestr. 15 Lange Engelhorn- Collini-Center Str. Käfertaler Dalbergstr. Rötterstr. Str. Wachen- 0 heimer Str. Ludolf- 6 1 Markt- Kurpfalzbrücke Ost Rheinstr. 3 3 Universitäts- 2 Krehl-Str. Hölderlin- 6/ 4 6A platz 1 Gewerkschafts- klinikum Dudenstr. 5 1 A Talstr. str. /5 haus 5 7 Bibienastr. 50 6 6A Rheingönheim Universität MA Rathaus/ Abend- Theresien- Adolf-Damaschke- 7 7 Vogelstang REM krankenhaus West 6 akademie 7 Ring 0 5 2 5A TÜV 50 Sandhofen A Paradeplatz Mensa /6 Lessingstr. 5 6 2 Ziethen- 8 Andreas- 57 Wallstadt 3 A 5 Nationaltheater 2 A Guten- am Schloss 4 / Hofer-Str. 4 MA Haupt- str. 1 5 5 berg- 6 Neuostheim 1 A Kolpingstr. friedhof 4 Schloss /5 6 Feuden- Feuden- 5 7 str. Neckar- 6A Rosengarten SAP Arena S-Bf 0 heim heim Fernmeldeturm platt 5 Lieb- 7 8 Express RHEIN Strohmarkt Oststadt frauenstr. Kirche Kreuz Feudenheim Oppau 3 64 60 7 2 57 58 Konrad- Kunst- Lanzvilla 2 2 76 Maudach Wasserturm Oststadt Pfeiffers- Am Au- Blücher- Adenauer- Universität halle 62 Brücke wörth buckel str. 4 Am Friedrichs- Neckarstr. 5 60 625 Seckenheim 6/ 3 /5 5A 7 6A 4A 1 A 5/ platz 60 8 9 6 2 5 2 3 Maximilianstr. 626 Rathaus E 8 EX /6 1 A 0 50 X E P A 4 4 6 64 P Ludwigstr. X R A 3 5 R PR E 6 60 ES E SS 6 Kutzerweiher Legende S SS 3 3 74 75 76 77 NECKAR 1 rnv-Bahnlinie Arbeitsamt Tattersall Otto-Beck-Str. Am Oberen Umsteige- 571 580 581 Berliner Platz nicht bedienter haltestelle 6 Kunstverein Luisenpark Streckenabschnitt /6 4 9/ A Haltestelle nur Oggersheim 8 9 61 rnv-Buslinie 1 E EX Holbeinstr. in eine Richtung X . Werderstr. 4A 9 Express Ludwigshafen Mitte . Carl-Benz- S-Bahnlinie Mannheim mit Haltepunkt einzelne Fahrten Bad Dürkheim Bf 710 711 Mühldorferstr. Stadion Harrlach 74 Walzmühle Hauptbahnhof Planetarium 62 Lucas-Cranach-Str. Regionalbahnlinie 60 Endhaltestelle 10 Friesenheim Reichskanzler-Müller- 6 6 R mit Haltepunkt saisonale 15 60 63 Str./Schwetzingen 9 9 9 Mitte Rheinallee 9 EXPRESS Schwindstr. Eisenbahn- Bedienung Fernverkehr 6 6A Rheingönheim Nord Kopernikusstr. Pestalozzi- Weber- 9 Mobilitätszentrale 6 Luisenpark/ E Neuostheim ausgewählte Halberg Technoseum 6 4 Grünewald- X 710 10 Luitpoldhafen schule str. A PR 7 Technoseum E regionale Buslinie 7 Lindenhof- 3 Krappmühlstr. Süd str. SS 6 9 45 74 LU Rathaus 63 platz 3 Fahrlach 75 Rheingönheim Hochschule Möhlstr. Eastsite Duale Hochschule Pforzheimer Str. Am City-Airport 5 9 Express S1 S2 Richtung 77 Parkinsel Windeckstr. S1 S2 S3 S4 62 Schäferstock 64 Edingen/Heidelberg S3 S4 Ludwigshafen Hbf Pfalzplatz 63 Ri. Heidelberg 45 50 6 SAP Arena S-Bf 571 Haßloch 6 50 Neckarau West 580 Deidesheim/Ruppertsberg Rhein- 3 1 8 Express Schwetzingen Gerd-Dehof-Platz 62 Hans- Mai- SAP 581 Limburgerhof goldhalle Rheinau Bf Hockenheim SAP Arena Bf 6A Rheinau Karlsplatz 45 Thoma-Str. markt Arena Gesamtherstellung und Kartografie: © Baumgardt Consultants GbR in Zusammenarbeit mit rnv GmbH Altrip Herausgeber: Rhein-Neckar-Verkehr GmbH, Stand April 2017, Umleitungsangebot, kurzfristige Abweichungen und Änderungen möglich Haßloch Speyer th 8 44 EFA Annual Meeting Deidesheim Druck_rnv_Minifolder-MA_nur_SLNP.indd 1 12.04.17 16:38 Limburgerhof Limburgerhof Mutterstadt/Oggersheim Umleitungen Mannheim Neugestaltung Planken – Gültig ab 1.