Livro Cs6 V28.Indd 1 15/07/16 10:44 Founded by the Vincentian Fathers in 1870, St

MANHATTAN | NEW YORK WORLD FINANCE CONFERENCE July 29-31, 2016

Livro cs6_V28.indd 1 15/07/16 10:44 Founded by the Vincentian Fathers in 1870, St. John's University is a private, Catholic university with three campuses in New York (Queens, Manhattan, and Staten Island) as well as two campuses in Europe (Rome and Paris). In addition, St. John's has a graduate center in Oakdale, New York.

St. John's is organized into five undergraduate and six graduate schools. The university has nearly 25,000 full- and part-time undergraduate and graduate students at the University’s six locations, including non-resident students representing 47 states, the District of Columbia, Guam, Puerto Rico, the US Virgin Islands, and 116 countries. The Princeton Review named St. John’s a Best Northeastern College. St. John’s also appears in The Princeton Review’s 2013 Edition of “The Best 377 Colleges.”

For almost ninety years the Tobin College of Business has offered opportunities for individuals from throughout the world to study in New York City’s dynamic business and cultural environment. The curriculum offered by the business school emphasizes a strong cross-functional understanding of business practice, experiential learning, and a global perspective, all in a values-based context. Many Tobin alumni currently lead great organizations worldwide.

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WELCOME ADDRESS

JULY 2016 Welcome to the World Finance Conference in New York, United States. I would like to thank Professor Iftekhar Hasan, Corrigan Chair in International Business and Finance at Gabelli School of Business, Fordham University, Professor René M. Stulz, Chair of Banking and Monetary Economics and Director of The Dice Center for Financial Economics, Ohio State University, and Professor Markus K. Brunnermeier, Edwards S. Sanford Professor of Economics and Director of the Bendheim Center for Finance, Princeton University.

I would also like to express my most sincere appreciation to the program co-chair, Mikael Bergbrant, Assistant Professor of Finance at St. John’s University and all the staff from the St. John's University.

Special thanks to the St. John's University, the host institution of this wonderful event.

I wish every participant a productive conference and an enjoyable stay in New York.

João Paulo Vieito, MBA, MSF, Ph.D. CHAIRMAN World Finance Conference

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Welcome to the 2016 World Finance Conference at St. John’s University’s Manhat- tan campus.

The Peter J. Tobin College of Business at St. John’s University is very proud to host this important conference that grapples with world financial issues. We believe that being here in the heart of the financial capital of the world is invigorating—and we hope that it is intellectually stimulating to the conference.

The study of economics and finance is foundational to all of our programs at the Tobin College of Business. Moreover, we have undergraduate degrees (Bachelor of Science) that specialize in economics or finance, and a master’s degree (Mas- ter of Science) in investment management, preparing students for the Chartered Financial Analyst (CFA) certification. Our Student Managed Investment Funds, both undergraduate and graduate, provide an experiential learning experience for students that is exceptional—and an added bonus is that both funds typically yield higher than expected returns. The programs offered by the Tobin College of Business are accredited by AACSB—International. The faculty in our Department of Economics & Finance are outstanding scholars, with a wide array of intellectual contributions that range from the top-level theoretical journals to popularly ac- cessible practical journals and books.

In the face of the current disequilibrium in the global economy and pundits touting a pending crisis in the global financial system, it is important for scholars from around the world to gather to share their views. We hope that the speakers, paper presentations, special sessions, and most importantly, the discussions at this conference will promote a valuable exchange of ideas in research, teaching, and managerial practices and will provide fertile ground for cross-country collabora- tions that might bring us closer to resolving the current economic dilemma.

The Tobin College of Business at St. John’s University is delighted to have been selected as this year’s hosts for the World Finance Conference. We are grateful to the Conference Chair, Joao Paulo Vieito, School of Business Studies, Polytechnic Institute of Viana do Castelo, and to Conference Co-Chair, Mikael Bergbrant, Tobin College of Business, St. John’s University, for affording us this opportunity. We hope that you find the conference meaningful and that you take away a treasure of valuable insights. We also hope that you will find some time to enjoy the many attractions of The Big Apple. Welcome to New York!

Victoria Shoaf, Ph.D., CPA Dean Peter J. Tobin College of Business St. John’s University

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On behalf of St. Johns University, I would like to welcome all participants to our country, city, and University. I hope you will enjoy the conference at our new state-of-the-art Manhattan campus. New York is a very special city in that it is extremely diverse, just like the World Finance Conference, and there is something for everyone to enjoy! NYC has more than 8.5 million residents throughout the five boroughs, and more than 25,000 places to eat. I am sure that many of you come here to get a taste of NY in addition to attend the conference, and I am sure the city will not disappoint.

Although there are so many different things to do in NYC that your trip here will only allow you to start scratching the surface of the city, here are a few things that I enjoy and would recommend you to do while you are here: 1. Take a walk in Central Park (or perhaps a morning run)...... 2. Attend a Broadway show (you can buy tickets directly at the theaters or discounted tickets at “TKTS Discount Booth” in Time Square)...... 3. Visit one of the many museums NYC has to offer (my favorites are the Museum of Modern Art (MOMA) and the Guggenheim Museum)...... 4. Take a ride to the Statue of Liberty and Ellis Island (or jump on the free Staten Island ferry to view the Statue from a distance)...... 5. Walk over the Brooklyn Bridge (and if time allows, stroll around Brook- lyn Bridge Park where the view of the Manhattan skyline is amazing)..... 6. The views from Rockefeller Center are great, especially around sunset. If you prefer to have a drink while taking in the views, 230 5th Avenue has a rooftop bar with beautiful views...... 7. Stop by the market in Union Square and buy some locally sourced food (to eat or bring home) Very special thanks go to Dean Victoria Shoaf and the Peter J. Tobin College of Business at St. John's University for making this conference possible. I would also like to thank João Paulo Vieito for providing us the opportunity to host this conference.

Finally, thank you for visiting us. If you have any questions about anything re- garding our University, conference or city, just ask!

Mikael Bergbrant, MBA, MSF, Ph.D. Assistant Professor of Finance Peter J. Tobin College of Business St. John’s University

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SCIENTIFIC COMMITEE (Alphabetical Order)

Chairman: João Paulo Vieito Polytechnic Institute of Viana do Castelo, Portugal

Almir Ferreira de Sousa Giorgio Valente São Paulo University, Brazil City University of Hong Kong, Hong Kong Andrey Karolyi Gonzalo Cortazar Cornell University, United States Pontificia Universidad Católica de Chile, Anjan Thakor Chile Washingthon University, United States Guido Mantovani Bhagwan Chowdhry Ca´ Foscari University, Italy Indian School of Business and Universi- Harjoat Bhamra ty of California at Los Angeles (UCLA), Emperial College of London, United United States Kingdom Carlos P. Maquieira Henrik Cronqvist Universidad Autonoma de Chile China Europe International Business Carlos Pombo School (CEIBS), China Universidad de los Andes, Colombia Hideaki Kato Christian Wolff Nagoya University, Japan University of Luxembourg, Luxemburg Huining Henry Cao Christopher Polk Cheung Kong Graduate School of Busi- London School of Economics, United ness, China Kingdom Ian Cooper Cynthia J. Campbell London Business School, United Kingdom Iowa State University, United States Ike Mathur David Ding Southern Illinois University, United States Massey University, New Zealand James R. Lothian Dilip K. Ghosh Fordham University, United States American University of Cairo, Egypt Jay Ritter Douglas T. Breeden University of Florida, United States Duke University, United States Jonathan Karpoff Eduardo S. Schwartz University of Washington, United States University of California at Los Angeles Joseph P. H. Fan (UCLA), Unites States Chinese University of Hong Kong, Hong Kong Fariborz Moshirian Julian Franks University of New South Wales, Australia London Business School, United Kingdom Finn Østrup Jun - Koo Kang Copenhagen Business School, Denmark Nanyang Business School, Singapore Franklin Allen Lars Oxelheim The Wharton School, University of Lund University, Sweden Pennsylvania, United States Lloyd P. Blenman Ghon Rhee University of North Carolina-Charlotte, University of Hawaii, United States United States

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SCIENTIFIC COMMITEE

Lorenzo Preve Ronald Masulis IAE Business School, Universidad Austral Australian School of Business, Autralia in Buenos Aires, Argentina Sankar De Marcin Kacperczyk Indian School Business, India Imperial College of London, United Tan Wang Kingdom Shanghai Advanced Institute of Finance, Michela Verardo China London School of Economics, United Tarun Ramadorai Kingdom Saïd Business School – Oxford University, Michael Brennan United Kingdom University of California at Los Angeles Tom Smith (UCLA), United States University of Queensland Business Mohamed Ariff School, Australia Bond University, Australia Usha Mittoo Mungo Wilson University of Manitoba, Canada Saïd Business School – Oxford University, Wayne Ferson United Kingdom University of Southern California, United Nicholas Apergis States University of Piraeus, Greece Yong H. Kim Nils H. Hakansson University of Cincinnati, United States Haas School of Business, University of California, Berkeley, United States Pablo Fernandez IESE Business School, Spain Paul B. McGuinness Chinese University of Hong Kong, Hong Kong Raman Uppal EDHEC Business School, United Kingdom Ramo Gencay Simon Fraser University, Canada René Garcia EDHEC Business School, France René Stulz Ohio State University, United States Richard Brealey London Business School, United Kingdom Robert Faff Queensland Business School, Australia

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reviewers (Alphabetical Order)

• A. Seddik Meziani - Montclair State University • Christophe Volonté - University of Basel • A.K.M. Atiqur Rahman - North South University • Chun Yu Mak - University of Birmingham • Aaron Gilbert - Auckland University of Technology • Chunbo Liu - Norwegian School of Economics • Abdullah Iqbal - University of Kent • Chyanda Querido - Bank of America • Abul Shamsuddin - University of Newcastle • Claudia Girardone - University of Essex • Adam Kolasinski - Texas A&M University • Claudio Morana - University of Milan-Bicocca • Adrian Lee - University of Technology Sydney • Claudio Tebaldi - Univ. L. Bocconi • Alexander Wagner - University of Zurich • Constantin Mellios - University Paris 1 Pantheon- • Alireza Tourani-Rad - Auckland University of Sorbonne Technology • Craig Brown - National University of Singapore • Amitabh Gupta - University of Delhi • Daniele Bianchi - Warwick Business School • Ana-Maria Fuertes - Cass Business School • Danling Jiang - Florida State University • Andrea Buraschi - Imperial College London • Darwin Choi - Hong Kong University of Science and • Andreea Mitrache - Toulouse Business School Technology • Andrei Semenov - York University • David Burnie - Western Michigan University • Angie Andrikogiannopoulou - University of Geneva • David Ding - Singapore Management University & Swiss Finance Institute • David Feldman - University New South Wales • Angie Low - Nanyang Technological University • David Sun - Kainan University • Ania Zalewska - University of Bath • Deepak Tandon - International Management • Antoine Renucci - Université de Pau Institute • Anzhela Knyazeva - U.S. Securities and Exchange • Denis Gorea - Bank of Canada Commission • Dina Vasic - Zagreb School Of Economics and • Arie Gozluklu - Warwick Business School Management • Arif Khurshed - University of Manchester • Dirk Hackbarth - Boston University Questrom • Ashwini Agrawal - London School of Economics School of Business • Asli Demirguc-Kunt - World Bank • Donald Keim - Wharton School, University of • Athanasios Pantelous - University of Liverpool Pennsylvania • Avi Wohl - Tel Aviv University • Dong Lou - London School of Economics • Bahattin Buyuksahin - Bank of Canada • Dongcheol Kim - Korea University Business School • Barbara Rindi - Bocconi University and IGIER • Elena Goldman - Pace University • Berardino Palazzo - Boston University • Eleni Dendrinou-Louri - Athens University of Eco- • Bernard Cornet - University of Kansas and Paris nomics and Business School of Economics • Elvira Sojli - Erasmus University • Bhissum Nowbutsing - University of Technology • Elzbieta Malinowska-Misiag - Warsaw School of Mauritius Economics • Boda Kang - University of York • Enrichetta Ravina - Columbia Business School • Bogdan Stacescu - BI Norwegian Business School • Eun Jung Lee - Hanyang University • Bong-Chan Kho - Seoul National University • Evgeny Lyandres - Boston University • Brahim Saadouni - The University of Manchester • Evren ÖRS - HEC Paris • Bruno Gerard - BI Norwegian Business School • Ewa Kosycarz - SGH Warsaw School of Economics • Carlo Maria Gallimberti - Boston College • Fabio Moneta - Queen's University • Catherine Bruneau-Chassefière - University Paris • Felix Kubler - University of Zurich/ Swiss Finance Pantheon-Sorbonne Institute • Chandrasekhar Krishnamurti - University of Sou- • Frederiek Schoubben - KU Leuven (University of thern Queensland Leuven) • Changhua Yu - Peking University • Fulvio Pegoraro - Banque de France • Changmin Lee - Hanyang University Business • Gabriel Adegbite - Edinburgh Napier University School • Gennaro Bernile – Singapore Management Uni- • Charlotte Ostergaard - BI Norwegian Business versity School • Gil Cohen - Carmel Academic Center • Christian Ewald - University of Glasgow • Gino Cenedese - Bank of England • Christian R Flor - University of Southern Denmark • Greg Nini - Drexel University • Christian Wolff - University of Luxembourg • Gregory Bauer - Bank of Canada

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reviewers

• Guldem Gokcek - New York University & University • Laurence Booth - University of Toronto of LIverpool • Laurence Lescourret - ESSEC Business School • Guneratne Wickremasinghe - Victoria University • Lawrence Kryzanowski - Concordia University • Gunnar Grass - HEC Montreal • Lei Mao - University of Warwick • Gunter Dufey - University of Michigan & NTU/NBS • Lihui Tian - Institute of Finance & Development at Singapore Nankai University • Gurdip Bakshi - University of Maryland • Linda Sandris Larsen - University of Southern • Hamza Bahaji - University of Paris Dauphine Denmark • Hanane Dakhli - University of Paris 1 Pantheon • Lora Dimitrova - University of Exeter Sorbonne / Champagne School of Management • Lorenzo Preve - IAE Business School • Harjeet Bhabra - Concordia University • Lorne Switzer - Concordia University • Helen Wong - The Hong Kong Polytechnic University • Lu Liu - Lund University • Henry Leung - Sydney University • M. Humayun Kabir - Massey University • Hitesh Doshi - University of Houston • Marcel Prokopczuk - Leibniz University Hannover • Holly Yang - Singapore Management University • Mario di Filippo - Banque de France • Hong Zhang - PBC School of Finance • Martin Dutto Giolongo - Universidad Nacional Del • HONGJUN YAN - Rutgers Business School Litoral • Hua Shang - Southwestern University of Finance • Massimo Guidolin - Bocconi University and Economics • Matthijs Lof - Aalto University School of Business • Ines Chaieb - University of Geneva • Meziane Lasfer - Cass Business School, City • Inun Jariya Achchi Mohamed - South Eastern University London University of Sri Lanka • Michael Gallmeyer - University of Virginia • Irina Zviadadze - Stockholm School of Economics • Mieszko Mazur - IESEG School of Management • Ivan Shaliastovich - The Wharton School, University • Mira Farka - California State University of Pennsylvania • Miroslav Mateev - American University in The • Jack Strauss - University of Denver Emirates • James Yae - University of Houston • Mo Chaudhury - McGill University • Jan Bartholdy - Aarhus University • Mulatu Zerihun - Tshwane University of Technology • Jan Bena - University of British Columbia • N K Chidambaran - Fordham University • Jang Schiltz - University of Luxembourg • Naaguesh Appadu - Cass Business School • Javier Villar Burke - European Commission • Necdet Saglam - Anadolu University • Jayant Kale - Northeastern University • Nick Baltas - UBS Investment Bank, Imperial • Jerome Detemple - Boston University College Business School and Queen Mary Univer- • Jian Zhang - National University Singapore sity of London • Jocelyn Martel - ESSEC Business School • Nikos Loukeris - University of Macedonia • Joel Barber - Florida International University • Ning Zhu - Shanghai Advanced Institute of Finance • Johan Knif - Hanken School of Economics and UC Davis • John Nofsinger - University of Alaska Anchorage • Nisan Langberg - University of Houston and Tel • John Olukuru - Strathmore University Aviv University • John Wingender - Creighton University • Noriyoshi Yanase - Tokyo Keizai University • Jose Liberti - Northwestern University • Offer Shapir – New York University, Shanghai • Jun Chen - Auckland University of Technology • Onur Arugaslan - Western Michigan University • Junye Li - ESSEC business school • Pablo Fernandez - IESE Business School • Justin Birru - The Ohio State University • Padma Kadiyala - Pace University • Karl Schmedders - University of Zurich • Paolo Colla - Bocconi University • Katarzyna Kochaniak - Cracow University of • Paolo Saona - Saint Louis University Economics • Pasquale Della Corte - Imperial College London • Katrin Gottschalk - Auckland University of Tech- • Paul Moon Sub Choi - Ewha School of Business nology • Pawel Smaga - Warsaw School of Economics • Kazuo Yamada - Nagasaki University • Per Östberg - University of Zurich • Ki Young Park - Yonsei University • Philip Gharghori - Monash University • Konstantinos Stathopoulos - Manchester Business • Philipp Illeditsh - The Wharton School, University School of Pennsylvania

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reviewers

• Pierlauro Lopez - Banque de France • Todd Kaplan - University of Haifa • Pierre Chaigneau - HEC Montreal • Tom Aabo - Aarhus University • Piet Sercu - KU Leuven • Tom Berglund - Hanken School of Economics • Ping He - Tsinghua University • Tony Berrada - University of Geneva • Ping-Sheng Koh - Hong Kong University of Science • Travis Selmier - Indiana University and Technology • Ufuk Gucbilmez - University of Edinburgh • Prabakaran Sellamuthu - Pondificia Universidad • Vaneesha Dutra - University of Denver Javeriana Cali • Vasilios Sogiakas - University of Glasgow • Prabhakar Reddy Patil - Securities and Exchange • Viet Anh Dang - University of Manchester Board of India • Virginia Sarria Allende - IAE Business School - • Rainer Jankowitsch - Vienna University of Econo- Universidad Austral mics and Business • Vishaal Baulkaran - University of Lethbridge • Ran Duchin - University of Washington • Vito Gala - The Wharton School, University of • Raoul Minetti - Michigan State University Pennsylvania • Ravi Jain - National University of Singapore • Wai Mun Fong - National University of Singapore • Raymond Kin Ho Wong - The Chinese University of • Weina Zhang - National University of Singapore Hong Kong • Wilko Bolt - De Nederlandsche Bank • Ric Colacito - University of North Carolina • William Mann - UCLA Anderson School of Mana- • Roger Su - Auckland University Of Technology gement • Ronald Bird - University of Technology Sydney • Wissam Abdallah - Cardiff Business School • Sam Han - Korea University Business School • Wolfgang Drobetz - Hamburg University • Sean Cleary - Queen's University • Wook Sohn - KDI School of Public Policy and • Seongkyu (Gilbert) Park - Hong Kong Polytechnic Management University • Xiao Xiao - Erasmus University Rotterdam • Sergio Masciantonio - European Commission • Ying Wang - State University Of New York • Serhiy Stepanchuk - Ecole Polytechnique Federale • Yoko Shirasu - Aoyama Gakuin University de Lausanne • Yue Liu - University of Edinburgh • Shai Bernstein - Stanford University • Yufeng Han - University of Colorado Denver • Shams Pathan - The University of Queensland • Yupana Wiwattanakantang - National University of • Simon Gervais - Duke University Singapore • Simon Stevenson - University of Reading • Yves Rakotondratsimba - Ece Paris • Soyoung Kim - Seoul National University • Zafar Iqbal - Australian Institute of Business • Stavros Zenios - University of Cyprus and Wharton • zhaowen qian - Erasmus University Financial Institutions Center • Zhe Shen - Xiamen University • Stefano Caselli - Bocconi University • Zili Zhuang - The Chinese University of Hong Kong • Stefano Rossi - Purdue University • Zsuzsa Reka Huszar - National University of • Stephane Dubreuille - Neoma Business School Singapore • Suk-Joong Kim - The University of Sydney • Sumit Agarwal – National University of Singapore • Sun Young Park - Korea Insurance Research Institute • Sundas Rauf - University of Central Punjab • Syed Shams - University of Southern Queensland • Taeyoon Sung - Yonsei University • Takero Doi - Keio University • Tao Jin - PBC School of Finance, Tsinghua Uni- versity • Tarun Chordia - Emory University • Teodora Paligorova - Bank of Canada • Theodosios Dimopoulos - HEC Lausanne/ UNIL • Thi Hong Van HOANG - Montpellier Business School • Thomas Bates - Arizona State University • Thomas Gehrig - University of Vienna

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Most Important Moments

Keynote Speaker Prof. Iftekhar Hasan 2016-07-29 09:20/10:00 he Great Hall at Cooper Union

Keynote Speaker Prof. René Stulz 2016-07-29 13:45/13:55 The Great Hall at Cooper Union Photo with all the Photo with all the Participants 2016-07-29 13:45/13:55 The Great Hall at Cooper Union Participants Keynote Speaker Prof. Markus Brunnermeier 2016-07-30 13:45/13:55 The Great Hall at Cooper Union

Best Paper Award 2016-07-30 13:45/13:55 The Great Hall at Cooper Union

TIMETABLE JULY 29 — 31 2016-07-28 14:30/17:30 St. John's University - Manhattan Campus 2016-07-29 08:00/17:30 St. John's University - Manhattan Campus Conference Registration 2016-07-30 08:00/17:30 St. John's University - Manhattan Campus 2016-07-31 08:00/12:30 St. John's University - Manhattan Campus

Session EVENT DATE TIME ROOM CHAIR JULY 29 The Great Hall at Reception 2016-07-29 08:00/09:00 Cooper Union The Great Hall at 1 Opening Session 2016-07-29 09:00/09:20 Cooper Union The Great Hall at 2 Keynote Speaker - Prof. Iftekhar Hasan 2016-07-29 09:20/10:00 Cooper Union The Great Hall at 3 Coffee Break 2016-07-29 10:00/10:30 Cooper Union The Great Hall at 4 PhD Tutorial Session 2016-07-29 10:30/12:00 Cooper Union Anna Martin

5 Corporate Governance and Agency 2016-07-29 10:30/12:00 C-06 Pascal Gantenbein

6 Asset Pricing 2016-07-29 10:30/12:00 C-07 Marie Lambert

7 Banking and Financial Institutions 2016-07-29 10:30/12:00 107 Leo de Haan

8 International Finance 2016-07-29 10:30/12:00 108 Leandro Medina

Galla 9 Investments 2016-07-29 10:30/12:00 203 Salganik-Shoshan

10 Market Efficiency and Anomalies 2016-07-29 10:30/12:00 205 Tao Wang

11 Risk Management 2016-07-29 10:30/12:00 206 Xin Huang

12 Futures and Forwards 2016-07-29 10:30/12:00 207 Ana-Maria Fuertes

13 Merger and Acquisition 2016-07-29 10:30/12:00 208 Yue Liu

14 Depository Institutions 2016-07-29 10:30/12:00 209 Julapa Jagtiani

15 Options 2016-07-29 10:30/12:00 210 Jerry Coakley

16 Small Business Finance 2016-07-29 10:30/12:00 211 Guillaume Andrieu

17 Behavioral Corporate Finance 2016-07-29 10:30/12:00 212 Mohamed Al Guindy

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TIMETABLE JULY 29 — 31

Session EVENT DATE TIME ROOM CHAIR 18 Banking II 2016-07-29 10:30/12:00 213 Liqun Du

19 Liquidity and Asset Prices 2016-07-29 10:30/12:00 214 Sanders Chang

The Great Hall at 20 Lunch 2016-07-29 12:00/13:00 Cooper Union The Great Hall at 21 Keynote Speaker - Prof. René Stulz 2016-07-29 13:00/13:45 Cooper Union The Great Hall Photo with all the participants 2016-07-29 13:45/13:55 at Cooper Union

22 Asset Pricing 2016-07-29 14:00/15:30 C-06 Claudio Morana

23 Market Efficiency and Anomalies 2016-07-29 14:00/15:30 C-07 Alexander Kurov

24 Options 2016-07-29 14:00/15:30 107 Jian Wu

25 Bankruptcy and Financial Distress 2016-07-29 14:00/15:30 108 Jose Faias

26 Merger and Acquisition 2016-07-29 14:00/15:30 203 Dimitris Petmezas

27 Currency Markets and Exchange Rates 2016-07-29 14:00/15:30 205 Saskia Ellen

28 Corporate Governance and Agency 2016-07-29 14:00/15:30 206 Jo Danbolt

Portfolio Management and Perform- 29 2016-07-29 14:00/15:30 207 Moustafa AbuElFadl ance Evaluation

30 Banking and Financial Institutions 2016-07-29 14:00/15:30 208 Tobias Dieler

31 Bond Pricing 2016-07-29 14:00/15:30 209 Roberto de Santis

32 Banking II 2016-07-29 14:00/15:30 210 Saquib Aziz

Financial Education and Economic 33 2016-07-29 14:00/15:30 211 Krishnan Dandapani Developments Bjarne Astrup 34 Investments 2016-07-29 14:00/15:30 212 Jensen

35 Corporate Finance 2016-07-29 14:00/15:30 213 William Megginson

36 Var Measures and Testing 2016-07-29 14:00/15:30 214 Ming-Hsin Chou

37 Coffee Break 2016-07-29 15:30/16:00 105 and 106

38 Asset Pricing 2016-07-29 16:00/17:30 C-06 Ryan Whitby

39 Banking and Financial Institutions 2016-07-29 16:00/17:30 C-07 Jacob Bikker

40 Corporate Finance 2016-07-29 16:00/18:00 107 Joseph Golec

41 Market Efficiency and Anomalies 2016-07-29 16:00/18:00 108 Angela Maddaloni

Portfolio Management and Perform- 42 2016-07-29 16:00/17:30 203 George Tauchen ance Evaluation

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TIMETABLE JULY 29 — 31

Session EVENT DATE TIME ROOM CHAIR 43 Emerging Markets and Adr’s 2016-07-29 16:00/18:00 205 Edgardo Cayon

44 Behavioral Investments 2016-07-29 16:00/17:30 206 Yoram Kroll

45 Executive Compensation 2016-07-29 16:00/17:30 207 Kuan-Hui Lee

46 Corporate Governance and Agency 2016-07-29 16:00/18:00 208 Paolo Saona

47 Capital Structure and Cost of Capital 2016-07-29 16:00/18:00 209 Alfonsina Iona

48 Banking II 2016-07-29 16:00/18:00 210 Rashid Mehmood

49 Asset Pricing II 2016-07-29 16:00/17:30 211 Paulo Maio

50 Market Microstructure 2016-07-29 16:00/18:00 212 Mikhail Oet

51 Investments 2016-07-29 16:00/17:30 213 Robert Vermeulen

52 Liquidity and Asset Prices 2016-07-29 16:00/17:30 214 Aparna Gupta

JULY 30

53 Banking and Financial Institutions 2016-07-30 08:30/10:00 C-06 Ion Lapteacru

54 Options 2016-07-30 08:30/10:00 C-07 Yeqin Zeng

55 International Portfolios 2016-07-30 08:30/10:00 107 Diego A. Agudelo

56 Market Efficiency and Anomalies 2016-07-30 08:30/10:00 108 Gil Cohen

57 Currency Derivatives and Ndf’s 2016-07-30 08:30/10:00 203 Lorenzo Pozzi

58 Asset Pricing 2016-07-30 08:30/10:00 205 Andrew Detzel

59 Mutual Funds, Closed-End Funds, and Etfs 2016-07-30 08:30/10:00 206 Simon Gueguen

Konstantinos 60 Corporate Governance and Agency 2016-07-30 08:30/10:00 207 Stathopoulos

61 Depository Institutions 2016-07-30 08:30/10:00 208 Daniel Makina

62 Futures and Forwards 2016-07-30 08:30/10:00 209 Jr-Yan Wang

63 Asset Pricing II 2016-07-30 08:30/10:00 210 Christian Goulding

64 Corporate Finance 2016-07-30 08:30/10:00 211 Magnus Blomkvist

65 International Finance 2016-07-30 08:30/10:00 212 Lu Liu

66 Investments 2016-07-30 08:30/10:00 213 Vanita Tripathi

67 Banking II 2016-07-30 08:30/10:30 214 Paolo Mistrulli

68 Coffee Break 2016-07-30 10:00/10:30 105 and 106

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TIMETABLE JULY 29 — 31

Session EVENT DATE TIME ROOM CHAIR 69 Corporate Finance 2016-07-30 10:30/12:00 C-06 Wolfgang Drobetz

70 Asset Pricing 2016-07-30 10:30/12:00 C-07 Jose P. Dapena

71 Banking and Financial Institutions 2016-07-30 10:30/12:00 107 Wilko Bolt

72 Investments 2016-07-30 10:30/12:00 108 Takeshi Kobayashi

73 Risk Management 2016-07-30 10:30/12:00 203 Radoslav Raykov

74 Corporate Finance 2016-07-30 10:30/12:00 205 Nahum Biger

Market Integration, Segmentation, and 75 2016-07-30 10:30/12:00 206 Xingzhi Yao Efficiency Natalja von 76 Regulation of Depository Institutions 2016-07-30 10:30/12:00 207 Westernhagen

77 Small Business Finance 2016-07-30 10:30/12:00 208 Jongsub Lee

78 International Corporate Finance 2016-07-30 10:30/12:00 209 Ramona Jimborean

79 Market Efficiency and Anomalies 2016-07-30 10:30/12:00 210 Emmanuel Alanis

80 Corporate Governance and Agency 2016-07-30 10:30/12:00 211 Jun Huang

81 Banking II 2016-07-30 10:30/12:00 212 Stephen Ong

82 International Finance 2016-07-30 10:30/12:00 213 Kyung Suh Park

The Great Hall 83 Lunch 2016-07-30 12:00/13:00 at Cooper Union Keynote Speaker - Prof. Markus 84 2016-07-30 13:00/13:45 The Great Hall Brunnermeier at Cooper Union The Great Hall Best Paper Award 2016-07-30 13:45/13:55 at Cooper Union

85 Banking and Financial Institutions 2016-07-30 14:00/15:30 C-06 Mikko Makinen

86 Corporate Finance 2016-07-30 14:00/15:30 C-07 Yunbi An

87 Big Events and House Markets 2016-07-30 14:00/15:30 107 Zbigniew Drewniak

88 Bankruptcy and Financial Distress 2016-07-30 14:00/15:30 108 Razvan Vlahu

89 International Finance 2016-07-30 14:00/15:30 203 Kwaku Opong

90 Bond Pricing 2016-07-30 14:00/15:30 205 Yoon Shin

91 Corporate Governance and Agency 2016-07-30 14:00/15:30 206 Helen Spiropoulos

92 Investments 2016-07-30 14:00/15:30 207 Alex Huang

93 Real Estat 2016-07-30 14:00/15:30 208 MeiChi Huang

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TIMETABLE JULY 29 — 31

Session EVENT DATE TIME ROOM CHAIR 94 Spreads, Market Depth and Volatility 2016-07-30 14:00/15:30 209 Wook Sohn

Market Integration, Segmentation, and 95 2016-07-30 14:00/15:30 210 Lars Oxelheim Efficiency

96 Asset Pricing 2016-07-30 14:00/15:30 211 Jack Strauss

97 Corporate Finance II 2016-07-30 14:00/15:30 212 Sundas Rauf

98 Banking II 2016-07-30 14:00/15:30 213 Guillermo Dumrauf

99 Coffee Break 2016-07-30 15:30/16:00 105 and 106

100 Market Efficiency and Anomalies 2016-07-30 16:00/17:30 C-06 Jerchern Lin

101 Venture Capital and Private Equity 2016-07-30 16:00/17:30 c-07 Xueyong Zhang

Yves 102 Futures and Forwards 2016-07-30 16:00/17:30 107 Rakotondratsimba

103 Ipo’s and Seo’s 2016-07-30 16:00/17:30 108 Romain Boissin

Danilo Valerio 104 Small Business Finance 2016-07-30 16:00/17:30 203 Mascia Portfolio Management and Perform- 105 2016-07-30 16:00/17:30 205 Eric Jondeau ance Evaluation

106 Risk Measures and Asset Prices 2016-07-30 16:00/17:30 206 Stavros Zenios

107 Merger and Acquisition 2016-07-30 16:00/18:00 207 Jana Fidrmuc

108 Bankruptcy and Financial Distress 2016-07-30 16:00/17:30 208 Todd Kaplan

109 Dividend and Payout Policy 2016-07-30 16:00/18:00 209 Humberto Valencia

110 Corporate Governance and Agency 2016-07-30 16:00/17:30 210 Josep A. Tribo

111 Regulation of Depository Institutions 2016-07-30 16:00/17:30 211 Peter Scholz

112 Corporate Finance 2016-07-30 16:00/18:00 212 David Burnie

113 Risk Management 2016-07-30 16:00/18:00 213 Chris Henderson

114 Corporate Finance II 2016-07-30 16:00/10:00 214 Yelena Larkin

JULY 31

115 Asset Pricing 2016-07-31 08:30/10:00 c-06 Vasco Gabriel

116 Merger and Acquisition 2016-07-31 08:30/10:00 c-07 Lucia Gao

117 Liquidity and Asset Prices 2016-07-31 08:30/10:00 107 David Feldman

James O.G. 118 Behavioral Investments 2016-07-31 08:30/10:00 108 Thewissen

119 Market Efficiency and Anomalies 2016-07-31 08:30/10:00 203 Andreas Dietrich

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TIMETABLE JULY 29 — 31 Session EVENT DATE TIME ROOM CHAIR 120 Regulation of Depository Institutions 2016-07-31 08:30/10:00 205 Xiaofeng Liu

121 Bond Pricing 2016-07-31 08:30/10:00 206 David Sun

122 Capital Structure and Cost of Capital 2016-07-31 08:30/10:00 207 Alberto Dell`Acqua

123 Banking and Financial Institutions 2016-07-31 08:30/10:00 208 Travis Selmier II

124 Currency Markets and Exchange Rates 2016-07-31 08:30/10:00 209 Beniamino Moro

125 Risk Management 2016-07-31 08:30/10:00 210 Nicolas Aubert

126 Corporate Finance 2016-07-31 08:30/10:00 211 Berardino Palazzo

127 Corporate Governance and Agency 2016-07-31 08:30/10:00 212 David-Jan Jansen

Market Integration, Segmentation, and 128 2016-07-31 08:30/10:00 213 J.B. Kim Efficiency

129 Investments 2016-07-31 08:30/10:00 214 Matthew Darst

130 Coffee Break 2016-07-31 10:00/10:30 105 and 106

131 Asset Pricing 2016-07-31 10:30/12:00 c-06 Lei Jiang

132 Futures and Forwards 2016-07-31 10:30/12:00 c-07 Peter Lerner

133 Banking and Financial Institutions 2016-07-31 10:30/12:00 107 Svatopluk Kapounek

Mutual Funds,Closed-End Funds, and 134 2016-07-31 10:30/12:00 108 Javier Pantoja Etfs

135 Emerging Markets and Adr’s 2016-07-31 10:30/12:00 203 Xiuping Hua

136 Investments 2016-07-31 10:30/12:00 205 Yu-Chen Wei

137 Corporate Governance and Agency 2016-07-31 10:30/12:00 206 Aurobindo Ghosh

138 Merger and Acquisition 2016-07-31 10:30/12:00 207 Christos Mavis

139 International Finance 2016-07-31 10:30/12:00 208 Pierre Siklos

140 Market Efficiency and Anomalies 2016-07-31 10:30/12:00 209 Henk Berkman

Portfolio Management and Perform- 141 2016-07-31 10:30/12:00 210 Hamza Bahaji ance Evaluation

142 Corporate Finance 2016-07-31 10:30/12:00 211 Amitabh Gupta

143 Banking II 2016-07-31 10:30/12:00 212 Stephane Fourneaux

144 Corporate Finance II 2016-07-31 10:30/12:00 213 Ansgar Belke

Frederiek 145 Corporate Governance and Agency 2016-07-31 10:30/12:00 214 Schoubben

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KEYNOTE SPEAKER JULY 29, 09:20 — 10:00 Location: The Great Hall at Cooper Union

Iftekhar Hasan Fordham University, New York

Professor of Finance. Corrigan Chair in International Busines and Finance. Gabelli School of Business

Iftekhar Hasan is the E. Gerald Corrig- of Entrepreneurial Studies at New York an Chair in International Business and University's Stern School of Business Finance at Gabelli School of Business and the Center for Financial Studies and co-director of the Center for Re- at RPI. He is a Fulbright Scholar and search in Contemporary Finance. Pro- holds an honorary PhD from the Roma- fessor Hasan serves as the scientific nian-American University in Bucharest. advisor at the Central Bank of Finland. Professor Hasan has held visiting fac- He is the managing editor of the Jour- ulty positions at several American and nal of Financial Stability. Professor European universities, including the Hasan's research interests are in the University of Rome, Italy; the University areas of financial institutions, corpo- of Strasbourg, France; the University of rate finance, capital markets and en- Carlos III, Madrid; EPFL at Lausanne, trepreneurial finance. Professor Hasan Switzerland; the University of Limog- has more than 300 publications in print, es, France; National Taiwan University including 14 books and edited volumes, at Taipei; the University of Romania at and more than 175 peer-reviewed ar- Bucharest; and NYU's Stern School of ticles in finance, economics, account- Business. ing and management journals such as JFE, JFQA, JoB, JME, RoF, JFI, JMCB, JCF, FM, JEF, JIMF, JBF, SMJ, RP, CAR, JAAF, and JMIS. Professor Hasan has presented his research at more than 450 professional meetings and institutions worldwide and has been a con- sultant for numerous international organizations, including the World Bank, the IMF, the United Nations, the Federal Reserve Bank of Atlanta, the Banque de France and the Italian Deposit Insur- ance Corporation. Professor Hasan is a research fellow at the Berkley Center

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KEYNOTE SPEAKER JULY 29, 13:00 — 13:45

Location: The Great Hall at Cooper Union

René M. Stulz The Ohio State University

Chair of Banking and Monetary Economics Director, The Dice Center for Financial Economics

René M. Stulz is the Everett D. Reese for twelve years. He is on the editorial Chair of Banking and Monetary Eco- board of more than ten academic and nomics and the Director of the Dice practitioner journals. Further, he is a Center for Research in Financial Eco- member of the Asset Pricing and Cor- nomics at The Ohio State University. He porate Finance Programs and the direc- has also taught at the Massachusetts tor of the Risk of Financial Institutions Institute of Technology, the University of Group of the National Bureau of Eco- Chicago, and the University of Roches- nomic Research. He is also a member ter. He received his Ph.D. from the Mas- of the Squam Lake Group. He has pub- sachusetts Institute of Technology. He lished more than sixty papers in finance was awarded a Marvin Bower Fellow- and economics journals, including the ship from the Harvard Business School, Journal of Political Economy, the Jour- a Doctorat Honoris Causa from the Uni- nal of Financial Economics, the Journal versity of Neuchâtel, and the Risk Man- of Finance, and the Review of Financial ager Award of the Global Association of Studies. He is the author of a textbook Risk Professionals. In 2004, the mag- titled Risk Management and Deriva- azine Treasury and Risk Management tives, a co-author of the Squam Lake named him one of the 100 most influ- Report: Fixing the Financial System, ential people in finance. A recent study and has edited several books, including found that he was the sixth most often the Handbook of the Economics of Fi- cited contributor to the top journals in nance. René M. Stulz has taught in exec- financial economics from 2003 to 2008. utive development programs in the U.S., He is a past president of the American Europe, and Asia. He has consulted for Finance Association and of the Western major corporations, law firms, the New Finance Association, and a fellow of the York Stock Exchange, the IMF, and the American Finance Association, of the World Bank. He is a director of Banque Financial Management Association, and Bonhote, the president of the Gamma of the European Corporate Governance Foundation, and a trustee of the Global Institute. René M. Stulz was the editor of Association of Risk Professionals. the Journal of Finance, the leading academic publication in the field of finance,

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KEYNOTE SPEAKER JULY 30, 13:00 — 13:45

Location: The Great Hall at Cooper Union

Markus K. Brunnermeier Princeton University

Edwards S. Sanford Professor of Economics. Director of the Bendheim Center for Finance.

Markus K. Brunnermeier is the Ed- studying the impact of financial frictions wards S. Sanford Professor at Prince- on the macroeconomy. He has been ton University. He is a faculty member awarded several best paper prices and of the Department of Economics and served on the editorial boards of sever- director of Princeton's Bendheim Cen- al leading economics and finance jour- ter for Finance. He is the founding and nals. He has tried to establish the con- former director of Princeton’s Julis cepts liquidity spirals, CoVaR as co-risk Rabinowitz Center for Public Policy and measure, the volatility paradox, and the Finance and affiliated with the Interna- I Theory of Money. tional Economics Section. He is also a research associate at NBER, CEPR, and CESifo. He is a member of several ad- visory groups, including to the IMF, the Federal Reserve of New York, the Euro- pean Systemic Risk Board, the Bundes- bank and the U.S. Congressional Bud- get Office. Brunnermeier was awarded his Ph.D. by the London School of Eco- nomics (LSE). His research focuses on international financial markets and the macroeconomy with special emphasis on bubbles, liquidity, financial and monetary price stability. To explore these topics, his models incorporate frictions as well as behavioral elements. He is a Sloan Research Fellow, Fellow of the Econometric Society and the recipient of the Bernácer Prize granted for outstanding contributions in the fields of macroeconomics and finance. He received a Guggenheim Fellowship for

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Conference Registration Date: 2016-07-28 • Time: 14:30-17:30 • St. John's University - Manhattan Campus Date: 2016-07-29 • Time: 08:00-17:30 • St. John´s University - Manhattan Campus ______

SESSION: 1 • OPENING SESSION Date: 2016-07-29 • Time: 09:00-09:20 ______

SESSION: 2 • KEYNOTE SPEAKER - PROF. IFTEKHAR HASAN Room: The Great Hall at Cooper Union • Date: 2016-07-29 • Time: 09:20-10:00

Iftekhar Hasan Fordham University, New York

Professor of Finance. Corrigan Chair in International Busines and Finance. Gabelli School of Business

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SESSION: 3 • COFFEE BREAK Room: Cooper Union • Date: 2016-07-29 • Time: 10:00-10:30

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SESSION: 4 • PHD TOTURIAL SESSION - ANNA MARTIN - ST JOHN’S UNIVERSITY Room: The Great Hall at Cooper Union • Date: 2016-07-29 • Time: 10:30-12:00

Insiders Trading and Market Sentiment Over The Earnings Announcements. Harold Contreras Warwick Business School

Banks' Leverage: Does US Dollar Diversification Really Matters? Justine Pedrono Aix Marseille Université

Diversification Effect of Naïve and Optimized Carry Trades Jurij-Andrei Reichenecker University of Liechtenstein

Ownership Structure, Corporate Boards, and Management Earnings Forecasts: Evidence From China Min Wang Xian Jiaotong-Liverpool University

Open to All the Ph.D. Students

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SESSION: 5 • CORPORATE GOVERNANCE AND AGENCY Room: C-06 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Pascal Gantenbein - University of Basel (Switzerland)

Paper: Tunneling Proceeds from Seasoned Equity Offering: The China Experience Authors: E. Han Kim - University of Michigan (United States) Heuijung Kim - Sungkyunkwan University (South Korea) Yuan Li - University of Southern California (United States) Yao Lu - Tsinghua University (China) Xinzheng Shi - Tsinghua University (China) Presenter: Yao Lu - Tsinghua University (China) Discussant: William Megginson - University of Oklahoma (United States)

Paper: Corporate Governance and Equity Returns: Evidence from Switzerland and the 2008 Financial Crisis Authors: Pascal Gantenbein - University of Basel (Switzerland) Andreas Rehrauer - University of Basel (Switzerland) Presenter: Pascal Gantenbein - University of Basel (Switzerland) Discussant: Gil Cohen - Carmel Academic Center (Israel)

Paper: The Real Effects of Short Selling on Firm Risk-Taking: Evidence from a Quasi-Natural Experiment in China Authors: Xiaoran Ni - University of Michigan (China) Presenter: Xiaoran Ni - University of Michigan (United States) Discussant: Dawood Ashraf - Islamic Research & Training Institute (Saudi Arabia)

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SESSION: 6 • ASSET PRICING Room: C-07 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Marie Lambert - University of Liege, HEC Liege (Belgium)

Paper: Momentum and Reversal Trading in Russian Stock Market: How to Limit Losses Authors: Tamara Teplova - National Research University- Higher School of Economics (Russia) Evgeniia Mikova - National Research University - Higher School of Economics (Russia) Presenter: Evgeniia Mikova - National Research University Higher School of Economics (Russia) Discussant: Aparna Gupta - Rensselaer Polytechnic Institute (United States)

Paper: Size and Value Matter, But Not The Way You Thought Authors: Marie Lambert - University of Liege, HEC Management School (Belgium) Boris Fays - University of Liege, HEC Management School (Belgium) Georges Hübner - University of Liege, HEC Management School (Belgium) Presenter: Marie Lambert - University of Liege, HEC Management School (Belgium) Discussant: Philip Gharghori - Monash University (Australia)

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SESSION: 7 • BANKING AND FINANCIAL INSTITUTIONS Room: 107 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Leo de Haan - De Nederlandsche Bank (Netherlands)

Paper: Loan Performance of Contractual Savings for Housing Authors: Marlis Schairer - University of Hohenheim (Germany) Presenter: Marlis Schairer - University of Hohenheim (Germany) Discussant: Alexandre Girard - University of Namur (Belgium)

Paper: Pricing and Usage: An Empirical Analysis of Lines of Credit Authors: Miguel A. Duran - University of Malaga (Spain) Presenter: Miguel A. Duran - University of Malaga (Spain) Discussant: Mahdi Mohseni - Texas A&M University (United States)

Paper: Timing of Banks’ Loan Loss Provisioning During the Crisis Authors: Leo de Haan - De Nederlandsche Bank (Netherlands) Maarten van Oordt - Bank of Canada (Canada) Presenter: Leo de Haan - De Nederlandsche Bank (Netherlands) Discussant: Wook Sohn - Bank of Korea Economic Research Institute (South Korea)

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SESSION: 8 • INTERNATIONAL FINANCE Room: 108 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Leandro Medina - International Monetary Fund (United States)

Paper: Internal Capital Markets and Dividend Policy: Evidence from Indian Corporates Authors: Elena Goldman - Pace University (United States) Plachikkat Viswanath - Pace University (United States) Presenter: Plachikkat Viswanath - Pace University (United States) Discussant: Le Vu - La Trobe University (Australia)

Paper: Identification of Price Exuberance in Latin American Equity Markets Authors: Sergio Garcia - University of Texas Rio Grande Valley (United States) Cristhian Mellado-Cid - Universidad Católica de la Santísima Concepción (Chile) Diego Escobari - University of Texas Rio Grande Valley (United States) Presenter: Cristhian Mellado-Cid - Universidad Católica de la Santísima Concepción (Chile) Discussant: Ryan Whitby - Utah State University (United States)

Paper: Fiscal Stimulus Impacts on Firms Authors: Leandro Medina - International Monetary Fund (United States) Carolina Correa-Caro - International Monetary Fund (United States) Marcos Poplawski Ribeiro - International Monetary Fund (United States) Ben Sutton - International Monetary Fund (United States) Presenter: Leandro Medina - International Monetary Fund (United States) Discussant: Diego Saravia - Central Bank of Chile (Chile)

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SESSION: 9 • INVESTMENTS Room: 203 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Galla Salganik-Shoshan - Ben-Gurion University of the Negev (Israel)

Paper: Investment Flows: Retail versus Institutional Mutual Funds Authors: Galla Salganik-Shoshan - Ben-Gurion University of the Negev (Israel) Presenter: Galla Salganik-Shoshan - Ben-Gurion University of the Negev (Israel) Discussant: Yu-Chen Wei - National Kaohsiung First University of Science and Technology (Taiwan)

Paper: Investment Decision to Generate Income: Leasing of Real Estate versus Real Estate Investment Funds – REIT, in the Brazilian Market Authors: Claudio Antonio Rojo - UNIOESTE (Brazil) Geysler Rogis Flor Bertolini - UNIOESTE (Brazil) Pang Lien Hsu - UNIOESTE (Brazil) Presenter: Claudio Antonio Rojo - UNIOESTE (Brazil) Discussant: Garrison Song - Mount St. Joseph University (United States)

Paper: Socially Responsible Investment Portfolios: Does the Optimization Process Matter? Authors: Ioannis Oikonomou - ICMA Centre, University of Reading (United Kingdom) Emmanouil Platanakis - University of Reading (United Kingdom) Charles Sutcliffe - University of Reading (United Kingdom) Presenter: Ioannis Oikonomou - ICMA Centre, University of Reading (United Kingdom) Discussant: Arco Van Oord - De Nederlandsche Bank (Netherlands)

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SESSION: 10 • MARKET EFFICIENCY AND ANOMALIES Room: 205 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Tao Wang - City University of New York (United States)

Paper: Pairs Trading on International ETFs Authors: Panagiotis Schizas - University of Peloponnisos (Greece) Dimitrios Thomakos - University of Peloponnisos (Greece) Tao Wang - City University of New York (United States) Presenter: Tao Wang - City University of New York (United States) Discussant: Daniele Bernardi - DIAMAN SCF SRL (Italy)

Paper: Timing Success Explained! The Fallacy of Beating Efficient Markets Authors: Peter Scholz - Hamburg School of Business Administration (Germany) Ursula Walther - Hochschule für Recht und Wirtschaft (Germany) Presenter: Peter Scholz - Hamburg School of Business Administration (Germany) Discussant: Julien Idier - Banque de France (France)

Paper: Rational Exuberance Booms and Asymmetric Business Cycles Authors: Gene Ambrocio - Bank of Finland (Finland) Presenter: Gene Ambrocio - Bank of Finland (Finland) Discussant: Travis Selmier II - Indiana University (United States)

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SESSION: 11 • RISK MANAGEMENT Room: 206 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Xin Huang - Federal Reserve Board (United States)

Paper: Optimal Catastrophe Reinsurance Contract Design Using Tail Risk Measures Authors: Nanjun Zhu - Peking University (China) Yulin Feng - Stanford University (United States) Presenter: Yulin Feng - Stanford University (United States) Discussant: Stavros Zenios - University of Cyprus (Cyprus)

Paper: Analysis of Granularity Adjustment for Regulatory Capital Authors: Mario Krali - Technical University of Munich (Germany) Andrey Gurov - American University in Bulgaria (Bulgaria) Presenter: Mario Krali - Technical University of Munich (Germany) Discussant: Anton Van Boxtel - Institute for Advanced Studies (Austria)

Paper: Macroeconomic News Announcements, Systemic Risk, Financial Market Volatility and Jumps Authors: Xin Huang - Federal Reserve Board (United States) Presenter: Xin Huang - Federal Reserve Board (United States) Discussant: Jose Faias - Universidade Catolica Portuguesa (Portugal)

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SESSION: 12 • FUTURES AND FORWARDS Room: 207 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Ana-Maria Fuertes - Cass Business School (United Kingdom)

Paper: Commodities as Lotteries: Skewness and the Returns of Commodity Futures Authors: Adrian Fernandez - Auckland University of Technology (New Zealand) Bart Frijns - Auckland University of Technology (New Zealand) Ana-Maria Fuertes - Cass Business School (United Kingdom) Joelle Miffre - EDHEC Business School (France) Presenter: Ana-Maria Fuertes - Cass Business School (United Kingdom) Discussant: Sol Kim - Hankuk University of Foreign Studies (South Korea)

Paper: Microscopic Momentum in Commodity Futures Authors: Robert Bianchi - Griffith University (Australia) Michael Drew - Griffith University (Australia) John Hua Fan - Griffith University (Australia) Presenter: John Hua Fan - Griffith University (Australia) Discussant: Walt Pohl - University of Zurich (Switzerland)

Paper: Forecasting Commodity Price Volatility with Internet Search Activity Authors: Arabinda Basistha - West Virginia University (United States) Alexander Kurov - West Virginia University (United States) Marketa Wolfe - Skidmore College (United States) Presenter: Marketa Wolfe - Skidmore College (United States) Discussant: Theo Berger - University of Bremen (Germany)

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SESSION: 13 • MERGER AND ACQUISITION Room: 208 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Yue Liu - University of Edinburgh (United Kingdom)

Paper: Shareholder Wealth Effects of M&A Withdrawals Authors: Yue (Lucy) Liu - University of Edinburgh (United Kingdom) Presenter: Yue Liu - University of Edinburgh (United Kingdom) Discussant: Robert Chatt - Pennsylvania State University (United States)

Paper: The Route of Listing and Acquisition: Does an IPO Help Mitigate an M&A underperformance Authors: Yang Bai - University of Edinburgh (United Kingdom) Jo Danbolt - University of Edinburgh (United Kingdom) Ufuk Gucbilmez - University of Edinburgh (United Kingdom) Presenter: Yang Bai - University of Edinburgh (United Kingdom) Discussant: Jana Fidrmuc - Warwick Business School (United Kingdom)

Paper: Selling to Buy: Asset Sales and Method of Payment in M&As Authors: Christos Mavis - Surrey Business School (United Kingdom) Nathan McNamee - Surrey Business School (United Kingdom) Dimitris Petmezas - Surrey Business School (United Kingdom) Nickolaos Travlos - ALBA Graduate Business School (Greece) Presenter: Dimitris Petmezas - Surrey Business School (United Kingdom) Discussant: Tatsuo Ushijima - Keio University (Japan)

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SESSION: 14 • DEPOSITORY INSTITUTIONS Room: 209 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Julapa Jagtiani - Federal Reserve Bank of Philadelphia (United States)

Paper: The Effects of Dodd-Frank Act on Bank Risk: The Case of Global Systemically Important Banks (G-SIBs) Authors: Sunil Mohanty - City University of New York (United States) Aigbe Akhigbe - University of Akron (United States) Abdulrahman Basheikh - King Abdulaziz University (Saudi Arabia) Haroon Khan - King Abdulaziz University (Saudi Arabia) Presenter: Sunil Mohanty - City University of New York (United States) Discussant: Johannes Reeg - Uni Wuerzburg (Germany)

Paper: Interest Rates on - Time Deposits and Savings Accounts Before and During the Crisis: How Important is Creditworthiness? Authors: Jacob Bikker - De Nederlandsche Bank (Netherlands) Dirk Gerritsen - Utrecht University (Netherlands) Steffie Schwillens - De Nederlandsche Bank (Netherlands) Presenter: Jacob Bikker - De Nederlandsche Bank (Netherlands) Discussant: Vasilios Sogiakas - University of Glasgow (United Kingdom)

Paper: Big Data for Supervisory Risk Identification Authors: Bernhard Kronfellner - Vienna University of Technology & The Boston Consulting Group (Austria) Clemens Nopp - The Boston Consulting Group (Austria) Presenter: Bernhard Kronfellner - Vienna University of Technology & The Boston Consulting Group (Austria) Discussant: Julapa Jagtiani - Federal Reserve Bank of Philadelphia (United States) ______

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SESSION: 15 • OPTIONS Room: 210 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Jerry Coakley - University of Essex (United Kingdom)

Paper: Bond and Option Prices with a Stochastic Mean Authors: Haitham Al-Zoubi - Alfaisal University (Saudi Arabia) Presenter: Haitham Al-Zoubi - Alfaisal University (Saudi Arabia) Discussant: Yves Rakotondratsimba - ECE Paris (France)

Paper: Investor Heterogeneity, Sentiment, and Skewness Preference in Options Market Authors: Aristogenis Lazos - Essex Business School (United Kingdom) Jerry Coakley - Essex Business School (United Kingdom) Xiaoquan Liu - University of Nottingham Ningbo (China) Presenter: Aristogenis Lazos - Essex Business School (United Kingdom) Discussant: Gustavo Araujo - Central Bank of Brazil (Brazil)

Paper: Sensitivity Measures of the Hybrid Collar Strategy Authors: Ewa Dziawgo - Nicholas Copernicus University in Torun (Poland) Presenter: Ewa Dziawgo - Nicholas Copernicus University in Torun (Poland) Discussant: Prabakaran Sellamuthu - Ponticifia Univesidad Javeriana Cali (Colombia)

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SESSION: 16 • SMALL BUSINESS FINANCE Room: 211 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Guillaume Andrieu - Montpellier Business School (France)

Paper: Bank Debt and Trade Credit for SMEs: International Evidence Authors: Guillaume Andrieu - Montpellier Business School (France) Raffaele Stagliano - Montpellier Business School (France) Peter Van der Zwan - Erasmus School of Economics (Netherlands) Presenter: Guillaume Andrieu - Montpellier Business School (France) Discussant: Tomas Williams - Universitat Pompeu Fabra (Spain)

Paper: In Love With the Debit Card But Still Married to Cash Authors: Lola Hernandez - De Nederlandsche Bank/ Dutch Central Bank (Netherlands) Carin van der Cruijsen - De Nederlandsche Bank/ Dutch Central (Netherlands) Nicole Jonker - De Nederlandsche Bank/ Dutch Central (Netherlands) Presenter: Lola Hernandez Hernandez - De Nederlandsche Bank/ Dutch Central Bank (Netherlands) Discussant: Ji Yeong Chung - Seoul National University (South Korea)

Paper: Inclusive Sustainable Development and Microfinance Authors: Walid Jebili - Enda inter-arabe (Tunisia) Bilel Ouesleti - Enda inter-arabe (Tunisia) Thomas Fortin - Université Libre de Bruxelles (France) Presenter: Bilel Ouesleti - Enda inter-arabe (Tunisia) Discussant: Dmytro Osiichuk - Kozminski University (Poland)

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SESSION: 17 • BEHAVIORAL CORPORATE FINANCE Room: 212 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Mohamed Al Guindy - Queens University (Canada)

Paper: Financial Literacy and Entrepreneurship Authors: Georgios Panos - University of Glasgow (United Kingdom) Presenter: Georgios Panos - University of Glasgow (United Kingdom) Discussant: Thomas Pauls - University of Giessen, Institute of Financial Services (Germany)

Paper: Optimal Portfolio Selection Intelligence (OPSI) model Authors: Nikolaos Loukeris - University of Macedonia (Greece) I. Eleftheriadis - University of Macedonia (Greece) S. Livanis - University of Macedonia (Greece) Presenter: Nikolaos Loukeris - University of Macedonia (Greece) Discussant: George Athanassakos - University of Western Ontario (Canada)

Paper: To Tweet or Not to Tweet: Can Twitter Help Companies Lower Their Cost of Equity Capital? Authors: Mohamed Al Guindy - Queens University (Canada) Presenter: Mohamed Al Guindy - Queens University (Canada) Discussant: Alya Al Nasseri - Brunel University (United Kingdom)

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SESSION: 18 • BANKING II Room: 213 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Liqun Du - Peking University (China)

Paper: Non-Performing Assets in the Indian Banking Sector - A Menace Authors: Deepak Tandon - International Management Institute (India) Neelam Tandon - Bhartiya Vidya Bhavan’s Usha & Lakshmi Mittal Institute of Management (India) Tanya & Vanshika Kapoor - India Institute of Management (India) Presenter: Deepak Tandon - International Management Institute (India) Discussant: Malgorzata Olszak - University of Warsaw (Poland)

Paper: The Informational Content of the Loan Market: An Equity Portfolio-Based Approach Authors: Claudia Champagne - Sherbrooke University (Canada) Stéphane Chrétien - Laval University (Canada) Frank Coggins - Sherbrooke University (Canada) Presenter: Claudia Champagne - Sherbrooke University (Canada) Discussant: José Manuel Feria-Dominguez - Pablo de Olavide University of Seville (Spain)

Paper: Research into the Effect of Monetary Supply on Effectiveness of China’s Monetary Policy Authors: Liqun Du - Peking University (China) Wenzhong Li - Bank of China (China) Presenter: Liqun Du - Peking University (China) Discussant: Giuseppe Cappelletti - European Central Bank (Germany)

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SESSION: 19 • LIQUIDITY AND ASSET PRICES Room: 214 • Date: 2016-07-29 • Time: 10:30-12:00 Chair: Sanders Chang - University of Dayton (United States)

Paper: Information Asymmetry, Liquidity, and Stock Returns Authors: Sanders Chang - University of Dayton (United States) Fukuo Wang - University of Dayton (United States) Presenter: Sanders Chang - University of Dayton (United States) Discussant: Youngmin Choi - Georgia Institute of Technology (United States)

Paper: Asset Pricing in Collapsing Markets Authors: Yury Dranev – NRU Higher School of Economics, Moscow (Russia) Dmitry Chupin - NRU Higher School of Economics, Moscow (Russia) Presenter: Yury Dranev - NRU Higher School of Economics, Moscow (Russia) Discussant: Sitikantha Parida - Clark University (United States)

Paper: The Impact of Stock Liquidity on Idiosyncratic Volatility: Evidence Using Decimalization Authors: Ozkan Haykir - University of Exeter (United Kingdom) Abhay Abhyankar - University of Exeter (United Kingdom) Richard Harris - University of Exeter (United Kingdom) Presenter: Ozkan Haykir - University of Exeter (United Kingdom) Discussant: Clément Goulet - Université Paris 1 / LabEx ReFi (France)

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SESSION: 20 • LUNCH Room: The Great Hall at Cooper Union • Date: 2016-07-29 • Time: 12:00-13:00

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SESSION: 21 • KEYNOTE SPEAKER - PROF. RENÉ STULZ Room: The Great Hall at Cooper Union • Date: 2016-07-29 • Time: 13:00-13:45

René M. Stulz The Ohio State University

Chair of Banking and Monetary Economics Director, The Dice Center for Financial Economics

Photo with all the participants 2016-07-29 13:45/13:55 The Great Hall at Cooper Union

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SESSION: 22 • ASSET PRICING Room: C-06 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Claudio Morana - Università di Milano-Bicocca (Italy)

Paper: Semiparametric Estimation of Multivariate GARCH Models Authors: Claudio Morana - University of Milan-Bicocca (Italy) Presenter: Claudio Morana - University of Milan-Bicocca (Italy) Discussant: U Hou Lok - National Taiwan University (Taiwan)

Paper: Scale Economies in Pension Fund Investments: A Dissection of Investment Costs Across Asset Classes Authors: David Rijsbergen - De Nederlandsche Bank NV (Netherlands) Dirk Broeders - De Nederlandsche Bank NV (Netherlands) Arco van Oord - De Nederlandsche Bank NV (Netherlands) Presenter: David Rijsbergen - De Nederlandsche Bank NV (Netherlands) Discussant: Henk Berkman - University of Auckland (New Zealand)

Paper: What Drives Liquidity Bias in Return Measurement? Authors: David Jackson - Carleton University (Canada) Presenter: David Jackson - Carleton University (Canada) Discussant: Andrew Detzel - University of Denver (United States)

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SESSION: 23 • MARKET EFFICIENCY AND ANOMALIES Room: C-07 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Alexander Kurov - West Virginia University (United States)

Paper: Analyst Target Price Accuracy and the Incidence of Cash Flow Forecasts Authors: Noor Hashim - Lancaster University (United Kingdom) Norman Strong - Manchester University (United Kingdom) Presenter: Noor Hashim - Lancaster University (United Kingdom) Discussant: Angela Maddaloni - European Central Bank (Germany)

Paper: Stock Exchange Mergers and Risk Diversification? The case of NASDAQ and OMX Authors: Jens Henriksson - NASDAQ OMX Stockholm (Sweden) João Paulo Vieito - Polytechnic Institute of Viana do Castelo (Portugal) Wing-Keung Wong - Hong Kong Baptist University (Hong Kong) Wenjing Xie - Hong Kong Baptist University (Hong Kong) Presenter: João Paulo Vieito - Polytechnic Institute of Viana do Castelo (Portugal) Discussant: Marta Gomez-Puig - Universitat de Barcelona (Spain)

Paper: Price Drift before U.S. Macroeconomic News: Private Information about Public Announcements? Authors: Alexander Kurov - West Virginia University (United States) Alessio Sancetta - Royal Holloway, University of London (United Kingdom) Georg Strasser - European Central Bank (Germany) Marketa Halova Wolfe - Skidmore College (United States) Presenter: Alexander Kurov - West Virginia University (United States) Discussant: Matthias Saerens - KU Leuven (Belgium)

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SESSION: 24 • OPTIONS Room: 107 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Jian Wu - Neoma Business School - Rouen Campus (France)

Paper: How to Make Finance more Responsible? The Case of Applications of Exotic Options in Corporate Finance Authors: Jian WU - Neoma Business School (France) Presenter: Jian Wu - Neoma Business School (France) Discussant: Jose P. Dapena - Universidad del CEMA (Argentina)

Paper: Disentangling Hedging and Speculation Authors: Liu Hong - University of Arkansas (United States) Wayne Y. Lee - University of Arkansas (United States) Yongjia Li - University of Arkansas (United States) Kangzhen Xie - University of Arkansas (United States) Presenter: Liu Hong - University of Arkansas (United States) Discussant: Yeqin Zeng - ICMA Centre and University of Reading (United Kingdom)

Paper: The Impact of Competition and Time-to-Finance on Corporate Cash Holdings Authors: Mark Raun Moritzen - University of Southern Denmark (Denmark) Presenter: Mark Raun Moritzen - University of Southern Denmark (Denmark) Discussant: Marc Arnold - University of St. Galen (Switzerland)

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SESSION: 25 • BANKRUPTCY AND FINANCIAL DISTRESS Room: 108 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Jose Faias - Universidade Catolica Portuguesa (Portugal)

Paper: “Great Expectations” or “Side Effects”? Bankruptcy Law Reforms and Bank Credit for SMEs Authors: Marco Ghitti - Edhec Risk Institute (United Kingdom) Presenter: Marco Ghitti - Edhec Rick Institute (United Kingdom) Discussant: Tom Vanacker - Ghent University (Belgium)

Paper: Default Risk Premium in Credit and Equity Market: A New Approach for Structural Model Estimation Authors: Raffaele Corvino - Cass Business School (United Kingdom) Gianluca Fusai - Cass Business School (United Kingdom) Alessandro Beber - Cass Business School (United Kingdom) Presenter: Raffaele Corvino - Cass Business School (United Kingdom) Discussant: Berardino Palazzo - Boston University (United States)

Paper: Does More Risk Induce More Failure? Authors: Jose Faias – Universidade Católica Portuguesa (Portugal) Leila Amorim - Universidade Federal da Bahia (Brazil) Presenter: Jose Faias - Universidade Catolica Portuguesa (Portugal) Discussant: Henrik Andersson - Stockholm School of Economics (Sweden)

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SESSION: 26 • MERGER AND ACQUISITION Room: 203 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Dimitris Petmezas - University of Surrey (United Kingdom)

Paper: Ownership Structure and Mergers and Acquisitions Decisions: Are Family Firms Different Acquirers? Authors: Nicolas Eugster - University of Fribourg (Switzerland) Presenter: Nicolas Eugster - University of Fribourg (Switzerland) Discussant: Edward Jones - Heriot-Watt University (United Kingdom)

Paper: Backing into the U.S.: A Study of Chinese Reverse Mergers Authors: Charles Duval - Florida Southern College (United States) Will Quilliam - Florida Southern College (United States) Quang Vu - University of Economics Hochiminh City (Vietnam) Noema Santos - State College of Florida (United States) Presenter: Charles Duval - Florida Southern College (United States) Discussant: Jun Huang - Shanghai University of Finance and Economics (China)

Paper: Credit Ratings and Acquisitions Authors: Nihat Aktas - WHU Otto Beisheim School of Management (Germany) Nikolaos Karampatsas - Surrey Business School (United Kingdom) Dimitris Petmezas - Surrey Business School (United Kingdom) Henri Servaes - London Business School (United Kingdom) Presenter: Dimitris Petmezas - Surrey Business School (United Kingdom) Discussant: Pascal Gantenbein - University of Basel (Switzerland)

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SESSION: 27 • CURRENCY MARKETS AND EXCHANGE RATES Room: 205 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Saskia ter Ellen - Norges Bank (Norway)

Paper: Modelling - Time: Varying Conditional Discrete Jumps in Sub-Saharan African Foreign Exchange Markets Authors: Saint Kuttu - University of Ghana (Ghana) Anthony Aboagye - University of Ghana (Ghana) Gofred Bokpin - University of Ghana (Ghana) Presenter: Saint Kuttu - University of Ghana (Ghana) Discussant: George Adu - The Nordic Africa Institute (Sweden)

Paper: Agreeing on Disagreement: Heterogeneity or Uncertainty? Authors: Saskia ter Ellen - Norges Bank (Norway) Willem F.C. Verschoor - VU Amsterdam, Tinbergen Institute (Netherlands) Remco C.J. Zwinkels - VU Amsterdam, Tinbergen Institute (Netherlands) Presenter: Saskia ter Ellen - Norges Bank (Norway) Discussant: Pablo San Martin - U. Católica de la Santísima Concepcion (Chile)

Paper: Liquidity, Information and the Size of the Forward Exchange Rate Bias Authors: Lloyd Blenman - University of North Carolina Charlotte (United States) Guan Jun Wang - Savannah State University (United States) Presenter: Guan Jun Wang - Savannah State University (United States) Discussant: Patrycja Klusak - Norwich Business School (United Kingdom)

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SESSION: 28 • CORPORATE GOVERNANCE AND AGENCY Room: 206 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Jo Danbolt - University of Edinburgh Business School (United Kingdom)

Paper: Controlling Shareholders and CEO Pay Monitoring: Evidence from a Panel Threshold Model in French Companies Authors: Lionel Almeida - University of Paris Ouest - EconomiX (France) Presenter: Lionel Almeida - University Paris Ouest - EconomiX (France) Discussant: Yunbi An - University of Windsor (Canada)

Paper: Gaming the FTSE 100 Index Authors: Jo Danbolt - University of Edinburgh Business School (United Kingdom) Ian Hirst - Heriot-Watt University (United Kingdom) Edward Jones - Heriot-Watt University (United Kingdom) Presenter: Jo Danbolt - University of Edinburgh Busiuness School (United Kingdom) Discussant: David-Jan Jansen - DNB (Netherlands)

Paper: Help or Hinderance? Boardroom Network Connectivity and Firm Performance Authors: Angela Andersen - Auckland University of Technology (New Zealand) Aaron Gilbert - Auckland University of Technology (New Zealand) Presenter: Aaron Gilbert - Auckland University of Technology (New Zealand) Discussant: Wharton School, University of Pennsylvania (United States)

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SESSION: 29 • PORTFOLIO MANAGEMENT AND PERFORMANCE EVALUATION Room: 207 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Moustafa Abuelfadl - Ithaca College (United States)

Paper: Individual Day Traders and Portfolio Optimization Authors: Moustafa Abuelfadl - Ithaca College (United States) Presenter: Moustafa Abuelfadl - Ithaca College (United States) Discussant: Yun-Yi Wang - Feng Chia University (Taiwan)

Paper: Is there a Sacrifice Cost of Leverage Constraints? The Case of Islamic Equity Investments Authors: Dawood Ashraf - Islamic Research and Training Institute (Saudi Arabia) Karl Felixson - Hanken school of Economics (Finland) Mohsin Khawaja - King Fahd University of Petroleum & Minerals (Saudi Arabia) Syed Mujahid Hussain - Hanken school of Economics (Finland) Presenter: Dawood Ashraf - Islamic Research and Training Institute (Saudi Arabia) Discussant: Bilel Ouesleti - Enda Inter-arabe (Tunisia)

Paper: Oil Price Shocks; Heterogeneity in Response and Implications for the Energy Sector stock and UK’s Equity Market Authors: Muhammad Ali Nasir - Leeds Beckett University (United Kingdom) Sabih Abbas Rizvi - Leeds Beckett University (United Kingdom) Matteo Rossi - University of Sannio (Italy) Presenter: Muhammad Ali Nasir - Leeds Beckett University (United Kingdom) Discussant: Giulio Cifarelli - University of Florence (Italy)

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Session: 30 • BANKING AND FINANCIAL INSTITUTIONS Room: 208 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Tobias Dieler - Swiss Finance Institute and Ecole Polytechnique Fédérale de Lausanne (Germany)

Paper: (In)Efficient Asset Trade, Differential Borrowing Cost and Central Bank Policy Authors: Tobias Dieler - Ecole Polytechnique Federale de Lausanne (Switzerland) Presenter: Tobias Dieler - Ecole Polytechnique Fédérale de Lausanne (Germany) Discussant: Anastassia Fedyk - Harvard Business School (United States)

Paper: On the Value of Virtual Currencies Authors: Wilko Bolt - De Nederlandsche Bank (Netherlands) Maarten van Oordt – Bank of Canada (Canada) Presenter: Wilko Bolt - De Nederlandsche Bank (Netherlands) Discussant: Ion Lapteacru - University of Bordeaux (France)

Paper: Trust and the Supply Side of Financial Advice Authors: Thomas Pauls - University of Giessen, Institute of Financial Services (Germany) Oscar Stolper - University of Marburg (Germany) Andreas Walter - University of Giessen (Germany) Presenter: Thomas Pauls - University of Giessen, Institute of Financial Services (Germany) Discussant: Maela Giofré - University of Turin (Italy)

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SESSION: 31 • BOND PRICING Room: 209 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Roberto De Santis - European Central Bank (Germany)

Paper: Liquidity, Taxes and Yield Spreads between Tax-exempt and Taxable Bonds Authors: Woongsun Yoo - Saginaw Valley State University (United States) Presenter: Woongsun Yoo - Saginaw Valley State University (United States) Discussant: Josephine Gemson - Loyola Institute of Business Administration (India)

Paper: Malfunctioning and Fragmentation of Sovereign Bond Markets Authors: Roberto de Santis - European Central Bank (Germany) Michael Stein - University of Duisburg-Essen (Germany) Presenter: Roberto de Santis - European Central Bank (Germany) Discussant: George Tauchen - Duke University (United States)

Paper: Corporate Bonds or Bank Loans? The Choice of Funding Sources and Information Disclosure of Polish Listed Companies Authors: Anna Białek-Jaworska - University of Warsaw (Poland) Tomasz Krawczyk - University of Warsaw (Poland) Presenter: Anna Białek-Jaworska - University of Warsaw (Poland) Discussant: Grace Ofori-Abebrese - Kwame NKrumah University of Science and Technology (Ghana)

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SESSION: 32 • BANKING II Room: 210 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Saquib Aziz - ESC Rennes School of Business & University of Rennes 1 (France)

Paper: Housing Price Expectations and Subprime Lending: The Incremental Role of Securitization Authors: Guodong Chen - University of Michigan (United States) Presenter: Guodong Chen - University of Michigan (United States) Discussant: MeiChi Huang - National Taipei University (Taiwan)

Paper: Concentration, Efficiency and Performance of Indian Banking Industry Authors: Madhu Vij - University of Delhi (India) Swati Dhawan - University of Delhi (India) Presenter: Madhu Vij - University of Delhi (India) Discussant: Saquib Aziz - ESC Rennes School of Business & University of Rennes 1 (France)

Paper: Risk Exposure, Liquidity and Bank Governance: Are They Different Before, During and After the Recent Financial Crisis? Authors: Petko Bachvarov - IBM (Bulgaria) Miroslav Mateev - American University in the Emirates Dubai (United Arab Emirates) Presenter: Petko Bachvarov - IBM (Bulgaria) Discussant: J.B. Kim - Oklahoma State University (United States)

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SESSION: 33 • FINANCIAL EDUCATION AND ECONOMIC DEVELOPMENTS Room: 211 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Krishnan Dandapani - Florida International University (United States)

Paper: Financial Inclusion and Economic Development in Rajasthan Authors: S.S.Somra Somraji - University of Rajasthan (India) Presenter: S.S. Somra Somraji - University of Rajasthan (India) Discussant: Rashid Mehmood - State Bank of Pakistan (Pakistan)

Paper: Assurance of Learning in an Online MBA Program Authors: Krishnan Dandapani - Florida International University (United States) Deanne Butchey - Florida International University (United States) Edward Lawrence - Florida International University (United Arab Emirates) Presenter: Krishnan Dandapani - Florida International University (United States) Discussant: Mondher Cherif - University of Rheims (France)

Paper: Financial Education Programs in Colombia: Challenges in Assessing Their Effectiveness Authors: Pilar B. Álvarez-Franco - Universidad EAFIT (Colombia) Melisa Muñoz-Murillo - Universidad EAFIT (Colombia) Diego A. Restrepo-Tobón - Universidad EAFIT (Colombia) Presenter: Diego A. Restrepo-Tobón - Universidad EAFIT (Colombia) Discussant: Joy Awoh - Anglia Ruskin University (United Kingdom)

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SESSION: 34 • INVESTMENTS Room: 212 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Bjarne Astrup Jensen - Copenhagen Business School (Denmark)

Paper: Determinants of Colombian Household Debt Authors: Emilio Cardona Magne - Universidad de Los Andes (Colombia) Daniela Pradilla - Universidad de Los Andes (Colombia) Presenter: Emilio Cardona Magne - Universidad de Los Andes (Colombia) Discussant: Konstantinos Gavriilidis - University of Stirling (United Kingdom)

Paper: Value at Risk (VaR) as a Risk Measurement Tool in the Indian Mutual Funds Industry Authors: Raj S. Dhankar - Ansal University (India) R. Srinivasan - Indian Institute of Management (India) Presenter: Raj S. Dhankar - Ansal University (India) Discussant: Ying Wang - University at Albany – State University of New York (United States)

Paper: The Debt Tax Shield, Economic Growth and Inequality Authors: Bjarne Astrup Jensen - Copenhagen Business School (Denmark) Marcel Fischer - Copenhagen Business School (Denmark) Presenter: Bjarne Astrup Jensen - Copenhagen Business School (Denmark) Discussant: Jonh Neumann - St. John’s University (United States)

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SESSION: 35 • CORPORATE FINANCE Room: 213 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: William Megginson - University of Oklahoma (United States)

Paper: Initial Public Offerings and the Firm Location Authors: Giulia Baschieri - Ca’ Foscari University of Venice (Italy) Andrea Carosi - University of Sassari (Italy) Stefano Mengoli - University of Bologna (Italy) Presenter: Giulia Baschieri - Ca’ Foscari University of Venice (Italy) Discussant: Xueyong Zhang - Central University of Finance and Economics (China)

Paper: A New Perspective on the Size, Value, and Momentum Effects: Broad Sample Evidence from Europe Authors: James Foye - University of Ljubljana (Slovenia) Presenter: James Foye - University of Ljubljana (Slovenia) Discussant: Marcel Prokopczuk - Leibniz University Hannover (Germany)

Paper: Disentangling the Effects of State Ownership on Investment – Evidence From Europe Authors: Patrick Jaslowitzer - Philipps-Universität Marburg, Germany (Germany) William L Megginson - University of Oklahoma (United States) Marc Steffen Rapp - Philipps-Universität Marburg (Germany) Presenter: William L Megginson - University of Oklahoma (United States) Discussant: Eric Jondeau - University of Lausanne (Switzerland)

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SESSION: 36 • VAR MEASURES AND TESTING Room: 214 • Date: 2016-07-29 • Time: 14:00-15:30 Chair: Ming-Hsin Chou - National Taiwan University (Taiwan)

Paper: Pricing and Analysis of a Cyber Liability Insurance using Gumbel Copula – A case for Cyber Risk Index Authors: Anand Shah - Tata Consultancy Services (TCS) (India) Presenter: Anand Shah - Tata Consultancy Services (TCS) (India) Discussant: Emeka Lawrence Chukwunyere - Coventry University (United Kingdom)

Paper: Pricing People-Risk: Evidence From Financial Institutions Authors: José Manuel Feria-Dominguez - Pablo de Olavide University of Seville (Spain) Enrique Jiménez-Rodríguez - Pablo de Olavide University (Spain) Pilar Camacho-Rubio - Pablo de Olavide University (Spain) Presenter: José Manuel Feria-Dominguez - Pablo de Olavide University of Seville (Spain) Discussant: Elda du Toit - University of Pretoria (South Africa)

Paper: An Efficient Tree for the Heston Stochastic-Volatility Model Authors: Ming-Hsin Chou - National Taiwan University (Taiwan) Yuh-Dauh Lyuu - National Taiwan University (Taiwan) Presenter: Ming-Hsin Chou - National Taiwan University (Taiwan) Discussant: Ewa Dziawgo - Nicholas Copernicus University in Toruń (Poland)

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SESSION: 37 • COFFEE BREAK Room: 105 and 106 • Date: 2016-07-29 • Time: 15:30-16:00

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SESSION: 38 • ASSET PRICING Room: C-06 • Date: 2016-07-29 • Time: 16:00-17:30 Chair: Ryan Whitby - Utah State University (United States)

Paper: Exchange Rate Risk in the U.S. Equity Market Authors: Ding Du - Northern Arizona University (United States) Presenter: Ding Du - Northern Arizona University (United States) Discussant: Jurij-Andrei Reichenecker - University of Liechtenstein (Liechtenstein)

Paper: Investment-Specific Shocks, Business Cycles, and Asset Prices Authors: Giuliano Curatola - Goethe University Frankfurt (Germany) Michael Donadelli - Goethe University Frankfurt (Germany) Patrick Grüning - Bank of Lithuania and Vilnius University (Lithuania) Christoph Meinerding - Goethe University Frankfurt (Germany) Presenter: Michael Donadelli - Goethe University Frankfurt (Germany) Discussant: Ana-Maria Fuertes - Cass Business School (United Kingdom)

Paper: Skewness Preferences and Gambling Cultures Authors: Benjamin Blau - Utah State University (United States) Jason Hsu - Research Affiliates (United States) Ryan Whitby - Utah State University (United States) Presenter: Ryan Whitby - Utah State University (United States) Discussant: Ming-Hsin Chou - National Taiwan University (Taiwan)

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SESSION: 39 • BANKING AND FINANCIAL INSTITUTIONS Room: C-07 • Date: 2016-07-29 • Time: 16:00-17:30 Chair: Jacob Bikker - De Nederlandsche Bank (Netherlands)

Paper: Confidence, Overconfidence and The 2007-2009 Financial Crisis Authors: Damiano Bruno Silipo - Università della Calabria (Italy) Giovanni Verga - University of Parma (Italy) Svetlana Hlebik - Università Cattolica di Milano (Italy) Presenter: Giovanni Verga - University of Parma (Italy) Discussant: Régis Blazy - University of Strasbourg (France)

Paper: The Conditional Nature of Credit Constraints Authors: Vlado Kysucky - Shenzhen International Business School (China) Presenter: Vlado Kysucky - Shenzhen International Business School (China) Discussant: Jacob Bikker - De Nederlandsche Bank (Netherlands)

Paper: The Number of Bank Relationships and Bank Lending to New Firms: Evidence from Firm-level Data in Japan Authors: Yuta Ogane - Nagoya University (Japan) Presenter: Yuta Ogane - Nagoya University (Japan) Discussant: Gene Ambrocio - Bank of Finland (Finland)

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SESSION: 40 • CORPORATE FINANCE Room: 107 • Date: 2016-07-29 • Time: 16:00-18:00 Chair: Joseph Golec - University of Connecticut (United States)

Paper: Does the Stock Market React Differently to Intangible Asset Investments than to Tangible Asset Investments? Authors: Neeraj Gupta - Elon University (United States) Joseph Golec - University of Connecticut (United States) Carmelo Giaccotto - University of Connecticut (United States) Presenter: Neeraj Gupta - Elon University (United States) Discussant: Xiao Zhong - University of Utah (United States)

Paper: Does Firm Age Moderate the Relationship between Debt and Stock Returns? Authors: Bolaji Tunde Matemilola - University Putra Malaysia (Malaysia) Bany-Ariffin A.N - University Putra Malaysia (Malaysia) Annuar Md Nassir - University Putra Malaysia (Malaysia) Azman Saini W.N.W - University Putra Malaysia (Malaysia) Presenter: Bolaji Tunde Matemilola - University Putra Malaysia (Malaysia) Discussant: Saint Kuttu - University of Ghana (Ghana)

Paper: Cognition, Emotion and Perceived Values in Crowdfunding Decision Making Authors: Krystallia Moysidou - University of Hamburg (Germany) Presenter: Krystallia Moysidou - University of Hamburg (Germany) Discussant: Mohamed Al Guindy - Queens University (Canada)

Paper: Forecasting Bankruptcy: an European Analysis Authors: Guido Max Mantovani - Ca Foscari University (Italy) Presenter: Guido Max Mantovani - Ca Foscari University (Italy) Discussant: Martin Gurny - Macquarie University (Australia) ______

SESSION: 41 • MARKET EFFICIENCY AND ANOMALIES Room: 108 • Date: 2016-07-29 • Time: 16:00-18:00 Chair: Angela Maddaloni - European Central Bank (Germany)

Paper: The Importance of Being Special: Repo Markets During the Crisis Authors: Angela Maddaloni - European Central Bank (Germany) Stefano Corradin - European Central Bank (Germany) Presenter: Angela Maddaloni - European Central Bank (Germany) Discussant: Karoll Gomez - Universidad Nacional de Colombia (Colombia)

Paper: Rational Investor Bahaviour and Market Mispricing - The Resale Option Pricing Effect Authors: Kenth Skogsvik - Stockholm School of Economics (Sweden) Henrik Andersson - Stockholm School of Economics (Sweden) Presenter: Henrik Andersson - Stockholm School of Economics (Sweden) Discussant: Saskia ter Ellen - Norges Bank (Norway)

Paper: The Effect of Relative Mispricing on the Cross-listing Decision and Premium Authors: Kee-Hong Bae - York University (Canada) Yi Ding - The Chinese University of Hong (China) Xiaoqiao Wang - Nanjing University (China) Presenter: Kee-Hong Bae - York University (Canada) Discussant: Kyung Suh Park - Korea University (South Korea)

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Paper: New Evidence on the Relationship Between Earnings Quality and the Value Premium: What is Driving the Relationship – Risk, Mispricing or Both? Authors: George Athanassakos - University of Western Ontario (Canada) Presenter: George Athanassakos - University of Western Ontario (Canada) Discussant: Sungbin Sohn - Peking University HSBC Business School (China) ______SESSION: 42 • PORTFOLIO MANAGEMENT AND PERFORMANCE EVALUATION Room: 203 • Date: 2016-07-29 • Time: 16:00-17:30 Chair: George Tauchen - Duke University (United States)

Paper: Efficient Parallel Solution Methods for Dynamic Portfolio Choice Models in Discrete Time: Authors: Vanya Horneff - Goethe University Frankfurt (Germany) Raimond Maurer - Goethe University Frankfurt (Germany) Peter Schober - Goethe University Frankfurt (Germany) Presenter: Peter Schober - Goethe University Frankfurt (Germany) Discussant: Le Thi Dieu Huyen - Banking Academy of Vietnam (Vietnam)

Paper: Can Investors Time the Market: Evidence from US REITs Authors: Ekaterina Damianova - Durham University (United Kingdom) Presenter: Ekaterina Damianova - Durham University (United Kingdom) Discussant: Godfred Bokpin - University of Ghana Business School (Ghana)

Paper: Jump Regression Authors: Jia Li - Duke University (United States) Viktor Todorov - Northwestern University (United States) George Tauchen - Duke University (United States) Presenter: George Tauchen - Duke University (United States) Discussant: Hamza Bahaji - University of Paris Dauphine (France) ______SESSION: 43 • EMERGING MARKETS AND ADR’S Room: 205 • Date: 2016-07-29 • Time: 16:00-18:00 Chair: Edgardo Cayon - CESA Business School (Colombia)

Paper: The Effects of the Global Financial Crisis on the Colombian Local Currency Bonds Prices: An Event Study Authors: Edgardo Cayon - CESA Business School (Colombia) Julio Sarmiento - Pontificia Universidad Javeriana (Colombia) Ravi Shukla - Syracuse University (United States) Presenter: Edgardo Cayon - CESA Business School (Colombia) Discussant: Plachikkat Viswanath - Pace University (United States)

Paper: Who knows Better in an Emerging Market? Performance of Institutions, Foreigners and Individuals. Authors: Diego A. Agudelo - Universidad EAFIT (Colombia) James E. Byder - Universidad EAFIT (Colombia) Paula A. Yepes - Universidad EAFIT (Colombia) Presenter: Diego A. Agudelo - Universidad EAFIT (Colombia) Discussant: Cristhian Mellado-Cid - U. Católica de la Santísima Concepcion (Chile)

Paper: Monetary Policy and Bank Risk-taking: Evidence from Emerging Economies Authors: Bang Nam Jeon - Drexel University (United States) Ji Wu - Southwestern University of Finance and Economics (China) Minghua Chen - Southwestern University of Finance and Economics (China) Rui Wang - Southwestern University of Finance and Economics (China) Presenter: Ji Wu - Southwestern University of Finance and Economics (China) Discussant: Pawel Wnuczak - Kozminski University (Poland)

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Paper: The Role of Corporate Governance for Acquisitions by the Emerging Market Multinationals: Evidence from India Authors: Burcin Col - Pace University (United States) Kaustav Sen - Pace University (United States) Presenter: Kaustav Sen - Pace University (United States) Discussant: Petra Posedel Šimović - Zagreb School of Economics and Management (Croatia) ______

SESSION: 44 • BEHAVIORAL INVESTMENTS Room: 206 • Date: 2016-07-29 • Time: 16:00-17:30 Chair: Yoram Kroll - Ono Academic College (OAC) Israel (Israel)

Paper: Trust and Venture Capital Investments Authors: Christophe Volonté - University of Basel and University of Konstanz (Switzerland) Pascal Gantenbein - University of Basel (Switzerland) Axel Kind - University of Konstanz (Germany) Presenter: Christophe Volonté - University of Basel and University of Konstanz (Switzerland) Discussant: Georgios Panos - University of Glasgow (United Kingdom)

Paper: Do all Investors Behave Myopically? An Experimental Examination Authors: Yoram Kroll - Ono Academic College (Israel) Moti Amar - Ono Academic College (Israel) Presenter: Yoram Kroll - Ono Academic College (Israel) Discussant: Jo Danbolt - University of Edinburgh Busiuness School (United Kingdom)

Paper: Dispersion of Stock Returns and Investor Sentiment: StockTwits Evidence Authors: Alya Al Nasseri - Brunel University (United Kingdom) Faek MENLA ALI - Brunel University (United Kingdom) Allan Tucker - Brunel University (United Kingdom) Presenter: Alya Al Nasseri - Brunel University (United Kingdom) Discussant: Tao Wang - City University of New York (United States) ______

SESSION: 45 • EXECUTIVE COMPENSATION Room: 207 • Date: 2016-07-29 • Time: 16:00-17:30 Chair: Kuan-Hui Lee - Seoul National University (South Korea)

Paper: On the Impact of Long-Run Seasonalities on Daily Value-at-Risk Forecasts Authors: The Berger - University of Bremen (Germany) Presenter: Theo Berger - University of Bremen (Germany) Discussant: Milton Biage - Universidade Federal de Santa Catarina (Brazil)

Paper: Director Excess Compensation and Firm Future Performance: The Perspective of Corporate Governance Authors: Jin Ying Wang - Ming Chuan University (Taiwan) Presenter: Jin Ying Wang - Ming Chuan University (Taiwan) Discussant: Helen Spiropoulos - University of Technology Sydney (Australia)

Paper: Executive Options and Stock Liquidity Authors: Kuan-Hui Lee - Seoul National University (South Korea) Carrie Pan - Santa Clara University (United States) Christo Pirinsky - George Washington University (United States) Presenter: Kuan-Hui Lee - Seoul National University (South Korea) Discussant: Lars Oxelheim - Lund University (Sweden)

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SESSION: 46 • CORPORATE GOVERNANCE AND AGENCY Room: 208 • Date: 2016-07-29 • Time: 16:00-18:00 Chair: Paolo Saona - Saint Louis University (Spain)

Paper: Bank Loan Pricing and Top Executive Gender: A Cross-Cultural Perspective Authors: Clarissa Hauptmann - Maastricht University (Netherlands) Stefanie Kleimeier - Maastricht University (Netherlands) Stefan Straetmans - Maastricht University (Netherlands) Presenter: Clarissa Hauptmann - Maastricht University (Netherlands) Discussant: Yao Lu - Tsinghua University (China)

Paper: The Weighted Average Cost of Capital Over the Lifecycle of the Firm: Is the Overinvestment Problem of Mature Firms Intensified by a Higher WACC? Authors: Carlos García - EAFIT University (Colombia) Jimmy Saravia - EAFIT University (Colombia) David Yepes - EAFIT University (Colombia) Presenter: Jimmy Saravia - EAFIT University (Colombia) Discussant: Eric Duca - Colegio Universitario de Estudios Financieros (CUNEF) (Spain)

Paper: The Contest to the Control and Firm Value: An Analysis of Latin American Firms Authors: Mauricio Jara-Bertin - Universidad de Chile (Chile) Felix López-Iturriaga - Universidad de Valladolid (Spain) Pablo San Martin-Mosqueira - Universidad Catolica de la Santisima Concepcion (Chile) Paolo Saona-Hoffmann - Saint Louis University- Madrid Campus (Spain) Presenter: Paolo Saona-Hoffmann - Saint Louis University - Madrid Campus (Spain) Discussant: Jannine Poletti-Hughes - University of Liverpool Management School (United Kingdom)

Paper: Stock Liquidity and Second Blockholder as Drivers of Corporate Value: Evidence from Latin America Authors: Carlos Pombo - Universidad del los Andes (Colombia) Rodrigo Taborda - Universidad de los Andes (Colombia) Presenter: Rodrigo Taborda - Universidad de los Andes (Colombia) Discussant: Christos Mavis - Surrey Business School (United Kingdom)

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SESSION: 47 • CAPITAL STRUCTURE AND COST OF CAPITAL Room: 209 • Date: 2016-07-29 • Time: 16:00-18:00 Chair: Alfonsina Iona - Queen Mary University of London (United Kingdom)

Paper: Transition to the Optimal Capital Structure: an Algorithm of Value Maximization Authors: Pawel Mielcarz - Kozminski University (Poland) Ryszard Owczarkowski - Kozminski University - (Poland) Dmytro Osiichuk - Kozminski University (Poland) Presenter: Dmytro Osiichuk - Kozminski University (Poland) Discussant: Armen Arakelyan - CNMV (Spain)

Paper: Is Cost of Equity a Mere Function of Leverage? The Case of The Bond IPO. Authors: Paul Dion - Queen’s University (Canada) Tashfeen Hussain - Smith School of Business at Queen’s University (Canada) Presenter: Paul Dion - Queens University (Canada) Discussant: Min Wang - Xian Jiaotong-Liverpool University (China)

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Paper: Economic Freedom, Firm Investment and Financing Constraints. Theory and Empirical Evidence. Authors: Alfonsina Iona - Queen Mary University of London (United Kingdom) Leone Leonida - King’s College London (United Kingdom) Dario Maimone Ansaldo Patti - University of Messina (Italy) Pietro Navarra - University of Messina (Italy) Presenter: Alfonsina Iona - Queen Mary University of London (United Kingdom) Discussant: Leandro Medina - International Monetary Fund (United States)

Paper: Capital Structure on Valuation Authors: Guillermo Dumrauf - Universidad del CEMA (Argentina) Presenter: Guillermo Dumrauf - Universidad del CEMA (Argentina) Discussant: Sanders Chang - University of Dayton (United States)

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SESSION: 48 • BANKING II Room: 210 • Date: 2016-07-29 • Time: 16:00-18:00 Chair: Rashid Mehmood - State Bank of Pakistan (Pakistan)

Paper: Investigating the Nexus Between Stock Exchange and Economic Growth in Ghana Authors: Grace Ofori-Abebrese - Kwame Nkrumah University of Science and Technology (Ghana) Presenter: Grace Ofori-Abebrese - Kwame NKrumah university of science and Technology (Ghana) Discussant: Cécile Godfroid – Université de Mons (Belgium)

Paper: E-Banking Services as a Competitive Edge in Pakistan Banking Sector: Recent Adopters Prospective Authors: Sundas Rauf - University of Central Punjab (Pakistan) Rashid Mehmood - State Bank of Pakistan (Pakistan) Mehwish Rauf - (Pakistan) Presenter: Rashid Mehmood - State Bank of Pakistan (Pakistan) Discussant: Daniel Makina - University of South Africa (South Africa)

Paper: Capital Requirements, Risk Shifting and the Mortgage Market Authors: Arzu Uluc - Bank of England (United Kingdom) Tomasz Wieladek - Barclays (United Kingdom) Presenter: Arzu Uluc - Bank of England (United Kingdom) Discussant: Krishnan Dandapani - Florida International University (United States)

Paper: Geography, Bank Business Strategies, and Efficiency Authors: Diego Restrepo-Tobon - Universidad EAFIT (Colombia) Subal Kumbhakar - Binghamton University (United States) Christopher Parmeter - University of Miami (United States) Presenter: Diego Restrepo-Tobon - Universidad EAFIT (Colombia) Discussant: Raditya Sukmana - Universitas Airlangga (Indonesia)

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SESSION: 49 • ASSET PRICING II Room: 211 • Date: 2016-07-29 • Time: 16:00-17:30 Chair: Paulo Maio - Hanken School of Economics (Finland)

Paper: Can Weight-based Measures Distinguish between Informed and Uninformed Fund Managers? Authors: Junbo Wang - Louisiana State University (United States) Presenter: Junbo Wang - Louisiana State University (United States) Discussant: Raj S. Dhankar - Ansal University (India)

Paper: A Simple Model that Helps Explaining the Accruals Anomaly Authors: Hui Guo - University of Cincinnati (United States) Paulo Maio - Hanken School of Economics (Finland) Presenter: Paulo Maio - Hanken School of Economics (Finland) Discussant: Steffen Hitzemann - The Ohio State University (United States)

Paper: Ambiguity Aversion and Asset Price Dynamics Authors: Louis Piccotti - University at Albany, State University of New York (United States) Yangru Wu - Rutgers Business School (United States) Presenter: Louis Piccotti - University at Albany, State University of New York (United States) Discussant: Vasco Gabriel - University of Surrey (United Kingdom) ______

SESSION: 50 • MARKET MICROSTRUCTURE Room: 212 • Date: 2016-07-29 • Time: 16:00-18:00 Chair: Mikhail Oet - Federal Reserve Bank of Cleveland (United States)

Paper: Stress in Heterogeneous Financial Agents: Validity and Dynamics Authors: Mikhail V. Oet - Federal Reserve Bank of Cleveland / Case Western Reserve University (United States) John M. Dooley - Federal Reserve Bank of Cleveland (United States) Stephen J. Ong - Federal Reserve Bank of Cleveland (United States) Presenter: Mikhail V. Oet - Federal Reserve Bank of Cleveland / Case Western Reserve University (United States) Discussant: Konstantin Kosenko - Bank of Israel (Israel)

Paper: Commonality in High-Frequency Trading Authors: Matthias Saerens - KU Leuven (Belgium) Cynthia Van Hulle - KU Leuven (Belgium) Gunther Wuyts - KU Leuven (Belgium) Presenter: Matthias Saerens - KU Leuven (Belgium) Discussant: Galla Salganik-Shoshan - Ben-Gurion University of the Negev (Israel)

Paper: A Fully Non-Parametric Heteroscedastik Model Authors: Clement Goulet - University Paris 1 Pantheon Sorbonne/ LabEx ReFi (France) Matthieu Garcin - Natixis Asset Management/LabEx ReFi (France) Presenter: Clément Goulet - University Paris 1 Pantheon Sorbonne/ LabEx ReFi (France) Discussant: Ali Murad Syed - University of Dammam (Saudi Arabia)

Paper: What Does the PIN Model Identify as Private Information? Authors: Jefferson Duarte - Rice University (United States) Edwin Hu - Rice University (United States) Lance Young - University of Washington (United States) Presenter: Jefferson Duarte - Rice University (United States) Discussant: Bjarne Astrup Jensen - Copenhagen Business School (Denmark)

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SESSION: 51 • INVESTMENTS Room: 213 • Date: 2016-07-29 • Time: 16:00-17:30 Chair: Robert Vermeulen - De Nederlandsche Bank (Netherlands)

Paper: Adjusting Warrant Prices to Credit Risk Changes: Fact or Fiction? Authors: Andrea Schertler - University of Lueneburg (Germany) Saskia Stoerch - Leuphana University Lüneburg (Germany) Presenter: Andrea Schertler - University of Lueneburg (Germany) Discussant: Neveen Ahmed - AUC (Egypt)

Paper: An Improvement of the Global Minimum Variance Portfolio Using a Black-Litterman Approach Authors: Maximilian Adelmann - University of Zurich (Switzerland) Presenter: Maximilian Adelmann - Universtiy of Zurich (Switzerland) Discussant: Robert Vermeulen - De Nederlandsche Bank (Netherlands)

Paper: Relationship between Aggregate Stock Returns and Macroeconomic Factors in BRICS Stock Markets - Short Run Analysis Authors: Vanita Tripathi - University of Delhi (India) Arnav Kumar - University of Delhi (India) Presenter: Vanita Tripathi - University of Delhi (India) Discussant: Giulia Baschieri - Ca’ Foscari University of Venice (Italy)

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SESSION: 52 • LIQUIDITY AND ASSET PRICES Room: 214 • Date: 2016-07-29 • Time: 16:00-17:30 Chair: Aparna Gupta - Rensselaer Polytechnic Institute (United States)

Paper: Pandemic Crises in Financial Systems and Liquidity Emergency Authors: Julien Idier - Banque de France (France) Thibaut Piquard - Paris school of economics (France) Presenter: Julien Idier - Banque de France (France) Discussant: Alex Huang - National Chiao Tung University (Taiwan)

Paper: Realized Skewness for Information Uncertainty Authors: Youngmin Choi - Georgia Institute of Technology (United States) Suzanne Lee - Georgia Institute of Technology (United States) Presenter: Youngmin Choi - Georgia Institute of Technology (United States) Discussant: Harold Contreras - Warwick Business School (United Kingdom)

Paper: Filtering for Risk Assessment of Interbank Network Authors: Majeed Simaan - Rensselaer Polytechnic Institute (United States) Aparna Gupta - Rensselaer Polytechnic Institute (United States) Koushik Kar - Rensselaer Polytechnic Institute (United States) Presenter: Aparna Gupta - Rensselaer Polytechnic Institute (United States) Discussant: Justine Pedrono- GREQAM AMSE (France)

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SESSION: 53 • BANKING AND FINANCIAL INSTITUTIONS Room: C-06 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Ion Lapteacru - University of Bordeaux (France)

Paper: The Main Determinants of Banking Crises in OECD Countries Authors: Cristina Pereira - CEFAGE-UE, Universidade de Évora (Portugal) Joaquim J. S. Ramalho - CEFAGE-UE, Universidade de Évora (Portugal) Jacinto Vidigal da Silva - CEFAGE-UE, Universidade de Évora (Portugal) Presenter: Cristina Pereira - CEFAGE-UE, Universidade de Évora (Portugal) Discussant: Dina Vasic - Zagreb School of Economics and Management (Croatia)

Paper: Income and Funding Structures, Banking Regulation and Bank Risk-Taking: The Role of Ownership in Central and Eastern European Banks Authors: Ion Lapteacru - University of Bordeaux (France) Presenter: Ion Lapteacru - University of Bordeaux (France) Discussant: Razvan Vlahu - Dutch Central Bank (Netherlands)

Paper: Time-Varying Mark-Up and the ECB Monetary Policy Transmission in a Highly Non-Linear Framework Authors: Giulio Cifarelli - University of Florence (Italy) Giovanna Paladino – Intesa Sanpaolo and Luiss University (Italy) Presenter: Giulio Cifarelli - University of Florence (Italy) Discussant: Javier Villar Burke - Universidade de Santiago de Compostela (Spain)

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SESSION: 54 • OPTIONS Room: C-07 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Yeqin Zeng - ICMA Centre, Henley Business School, University of Reading (United Kingdom)

Paper: Financial Hedging and Firm Performance: Evidence from Cross-Border Mergers and Acquisitions Authors: Yeqin Zeng - ICMA Centre, University of Reading (United Kingdom) Bo Han - Central Washington University (United States) Zhong Chen - ICMA Centre, University of Reading (United Kingdom) Presenter: Yeqin Zeng - ICMA Centre, University of Reading (United Kingdom) Discussant: Feng Zhan - John Carroll University (United States)

Paper: The Waterline Tree: A Binomial Tree for Separable Local-Volatility Models Authors: U Hou Lok - National Taiwan University (Taiwan) Yuh-Dauh Lyuu - National Taiwan University (Taiwan) Presenter: U Hou Lok - National Taiwan University (Taiwan) Discussant: Liu Hong - University of Arkansas (United States)

Paper: Intangible Capital and the Investment-q Relation Authors: Ryan Peters - Wharton School, University of Pennsylvania (United States) Lucian Taylor - Wharton School, University of Pennsylvania (United States) Presenter: Ryan Peters – Wharton School, University Pennsylvania (United States) Discussant: Thomas David - Université Paris Dauphine (France)

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SESSION: 55 • INTERNATIONAL PORTFOLIOS Room: 107 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Diego A. Agudelo - Universidad EAFIT (Colombia)

Paper: Insurance Companies’ Trading Behaviour during the European Sovereign Debt Crisis: Flight Home or Flight to Quality? Authors: Robert Vermeulen - De Nederlandsche Bank (Netherlands) Melle Bijlsma - De Nederlandsche Bank (Netherlands) Presenter: Robert Vermeulen - De Nederlandsche Bank (Netherlands) Discussant: Yulin Feng - Stanford University (United States)

Paper: Extreme Daily Returns and the Cross-section of Expected Returns: Evidence from Brazil Authors: Edmundo R Lizarzaburu - ESAN University (Peru) Luis Berggrun - Universidad ICESI (Colombia) Emilio Cardona Magne - Universidad de los Andes (Colombia) Presenter: Emilio Cardona Magne - Universidad de los Andes (Colombia) Discussant: Ramona Jimborean - Banque de France (France)

Paper: Analysis of the Gold Price in Dollars Through Time Series and Intelligent Systems Authors: Celeste Karen Ramirez Martinez - Universidad Nacional Autonoma de México (Mexico) Arturo Morales Castro - Universidad Nacional Autonoma de México (Mexico) Presenter: Celeste Karen Ramirez Martinez - Universidad Nacional Autonoma de México (Mexico) Discussant: Diego A. Agudelo - Universidad EAFIT (Colombia)

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SESSION: 56 • MARKET EFFICIENCY AND ANOMALIES Room: 108 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: GIL Cohen - Carmel Academic Center (Israel)

Paper: Return Drift Following Stock Split Announcements Authors: Philip Gharghori - Monash University (Australia) Annette Nguyen - Deakin University (Australia) Presenter: Philip Gharghori - Monash University (Australia) Discussant: Noor Hashim - Lancaster University (United Kingdom)

Paper: Is it Possible to Predict Firm’s Earnings Per-Share Surprises? Authors: Gil Cohen - Carmel Academic Center (Israel) Julia Pavlodsky - Ort Brauda College (Israel) Presenter: GIL Cohen - Carmel Academic Center (Israel) Discussant: Qing Xue - China University of Petroleum-Beijing (China)

Paper: Return Parity Authors: Daniele Bernardi - Diaman SCF (Italy) Ruggero Bertelli - University of Siena (Italy) Presenter: Daniele Bernardi - Diaman SCF (Italy) Discussant: Gazi Kara - Federal Reserve Board (United States) ______

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SESSION: 57 • CURRENCY DERIVATIVES AND NDF’S Room: 203 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Lorenzo Pozzi - Erasmus University Rotterdam (Netherlands)

Paper: A Direct Test of the Scapegoat Model of Exchange Rates Authors: Lorenzo Pozzi - Erasmus University Rotterdam (Netherlands) Barbara Sadaba - Erasmus University Rotterdam (Netherlands) Presenter: Lorenzo Pozzi - Erasmus University Rotterdam (Netherlands) Discussant: Ding Du - Northern Arizona University (United States)

Paper: Econometric Analysis of the Long-term Relationship Among the Macroeconomic Variables for a Single Currency Union in the GCC Region Authors: Abdussalam Aljadani - De Montfort University (United Kingdom) Fred Mear - De Montfort University (United Kingdom) Raimi Luqman - De Montfort University (United Kingdom) Presenter: Abdussalam Aljadani - De Montfort University (United Kingdom) Discussant: David Sun - Kainan University (Taiwan)

Paper: What does the Tail of the Distribution of Current Stock Prices Tell us About Future Economic Activity? Authors: Gustavo Araujo - Central Bank of Brazil (Brazil) Jose Vicente - Central Bank of Brazil (Brazil) Presenter: Gustavo Araujo - Central Bank of Brazil (Brazil) Discussant: Paulo Maio - Hanken School of Economics (Finland)

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SESSION: 58 • ASSET PRICING Room: 205 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Andrew Detzel - University of Denver (United States)

Paper: Is there a Contagion Effect in Emerging Markets ? Authors: Guilherme Ribeiro de Macedo - Federal University of Rio Grande do Sul (Brazil) Igor Alexandre Clemente de Morais - UNISINOS (Brazil) Leonardo Berteli Piveta - UNISINOS (Brazil) Marcia Regina Godoy - UNISINOS (Brazil) Presenter: Guilherme Ribeiro de Macedo - Federal University of Rio Grande do Sul (Brazil) Discussant: Kidambi Sridharan Sriram - IIT Madras (India)

Paper: The Dog Has Barked for a Long Time: Dividend Growth is Predictable Authors: Andrew Detzel - University of Denver (United States) Jack Strauss - University of Denver (United States) Presenter: Andrew Detzel - University of Denver (United States) Discussant: Xiao Qiao - University of Chicago Booth School of Business (United States)

Paper: What Makes the Market Jump? Authors: Marcel Prokopczuk - Leibniz University Hannover (Germany) Chardin Wese Simen - University of Reading (United Kingdom) Presenter: Marcel Prokopczuk - Leibniz University Hannover (Germany) Discussant: Jerchern Lin - State University of New York (United States)

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SESSION: 59 • MUTUAL FUNDS, CLOSED-END FUNDS, AND ETFS Room: 206 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Simon Gueguen - University of Paris Dauphine (France)

Paper: The Performance of Islamic Versus Conventional Mutual Funds: Malaysian Evidence Authors: Fadillah Mansor - La Trobe University (Australia) M. Ishaq Bhatti - La Trobe University (Australia) Presenter: M. Ishaq Bhatti - La Trobe University (Australia) Discussant: Kuan-Hui Lee - Seoul National University (South Korea)

Paper: Venture Capital Performance Under Funds of Funds Monitoring Authors: Stephane Dubreuille - NEOMA business school (France) Mondher Cherif - IUT Reims (France) Stephane Fourneaux - NEOMA business school (France) Joseph Onochie - Barruch College (United States) Presenter: Stephane Fourneaux - NEOMA Business School (France) Discussant: Simon Gueguen - University of Paris Dauphine (France)

Paper: Commonality and the Dynamics of the Stock Market Volatility Spillover on US Mutual Funds: A New Approach Authors: I Premachandra - Department of Accountancy and Finance (New Zealand) Duminda Kuruppuarachchi - University of Sri Jayewardenepura (Sri Lanka) John Watson - Monash Business School (Australia) Don U.A. Galagedera - Moansh Business School (Australia) Presenter: John Watson - Monash Business School (Australia) Discussant: Lei Jiang - Tsinghua University (China)

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SESSION: 60 • CORPORATE GOVERNANCE AND AGENCY Room: 207 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Konstantinos Stathopoulos - Manchester Business School (United Kingdom)

Paper: The Effect of Family Control on Value and Risk-Taking in Mexico: A Socioemotional Wealth Approach Authors: Jannine Poletti-Hughes - University of Liverpool Management School (United Kingdom) Jonathan Williams - Bangor University (United Kingdom) Presenter: Jannine Poletti-Hughes - University of Liverpool Management School (United Kingdom) Discussant: James O.G. Thewissen - Katholieke Universiteit Leuven (Belgium)

Paper: Is Board Turnover Driven by Performance? Evidence from Closely-Held Family Firms Authors: Maximiliano Gonzalez - INALDE Business School (Colombia) Alexander Guzmán - CESA School of Business (Colombia) Eduardo Pablo - Minnesota State University (United States) Maria-Andrea Trujillo - CESA School of Business (Colombia) Presenter: Maximiliano Gonzalez - INALDE Business School (Colombia) Discussant: Humberto Valencia - EGADE Business School (Mexico)

Paper: Institutional Investment Horizons and Labor Investment Efficiency Authors: Mohamed Ghaly - Lancaster University Management School (United Kingdom) Viet Anh Dang - Manchester Business School (United Kingdom) Konstantinos Stathopoulos - Manchester Business School (United Kingdom) Presenter: Konstantinos Stathopoulos - Manchester Business School (United Kingdom) Discussant: Josep A. Tribo - Universidad Carlos III (Spain) ______

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SESSION: 61 • DEPOSITORY INSTITUTIONS Room: 208 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Daniel Makina - University of South Africa (South Africa)

Paper: Does Low Efficiency Turn Into High Risk? An Empirical Examination of Cooperative Banks Authors: Johannes Reeg - University of Wuerzburg (Germany) Markus Stralla - University of Wuerzburg (Germany) Presenter: Markus Stralla - University of Wuerzburg (Germany) Discussant: Svatopluk Kapounek - Mendel University in Brno (Czech Republic)

Paper: Diversification and Bank Performance in a Developing Economy: Evidence from Bangladesh Authors: A.K.M. Atiqur Rahman - North South University (Bangladesh) Presenter: A.K.M. Atiqur Rahman - North South University (Bangladesh) Discussant: Yong Tan - University of Huddersfield (United Kingdom)

Paper: Account Ownership and Use of Financial Services among Individuals: Evidence from Selected Sub-Sa- haran Economies Authors: Letenah Ejigu Wale - University of South Africa (South Africa) Daniel Makina - University of South Africa (South Africa) Presenter: Daniel Makina - University of South Africa (South Africa) Discussant: Linh Nguyen - University of St Andrews (United Kingdom)

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SESSION: 62 • FUTURES AND FORWARDS Room: 209 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Jr-Yan Wang - National Taiwan University (Taiwan)

Paper: Strategic Spoofing Order Trading by Different Types of Investors in the Futures Markets Authors: Yun-Yi Wang - Feng Chia University (Taiwan) Presenter: Yun-Yi Wang - Feng Chia University (Taiwan) Discussant: Peter Lerner - Wenzhou university (United States)

Paper: Information About Price and Volatility Jumps Inferred from Options Prices Authors: Stephen J. Taylor - Lancaster University (United kingdom) Chi-Feng Tzeng - National Tsing Hua University (Taiwan) Martin Widdicks - Lancaster University (United Kingdom) Presenter: Chi-Feng Tzeng - National Tsing Hua University (Taiwan) Discussant: Mikhail Oet - Federal Reserve Bank of Cleveland (United States)

Paper: Price Dynamics of CO2 Emission Allowance and Theory of Storage Authors: Mao-Wei Hung - National Taiwan University (Taiwan) Yi-Chen Ko - National Taiwan University (Taiwan) Jr-Yan Wang - National Taiwan University (Taiwan) Presenter: Jr-Yan Wang - National Taiwan University (Taiwan) Discussant: Woongsun Yoo - Saginaw Valley State Unioversity (United States)

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SESSION: 63 • ASSET PRICING II Room: 210 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Christian Goulding - Michigan State University (United States)

Paper: Rare Preference Fluctuations and Aggregate Asset Pricing Authors: Mark Clements - Research Affiliates, LLC (United States) Christian Goulding - Michigan State University (United States) Presenter: Christian Goulding - Michigan State University (United States) Discussant: Ephraim Clark - Middlesex University (United Kingdom)

Paper: Quantitative Easing Policy: Changes the Volatility of the Assets in Brazil? Authors: Milton Biage - Universidade Federal de Santa Catarina (Brazil) Helberte Joao França Almeida - Universidade Federal de Santa Catarina (Brazil) Adilson Giovanini - Universidade Federal de Santa Catarina (Brazil) Kleverton Saath - Universidade Federal de Santa Catarina (Brazil) Presenter: Milton Biage - Universidade Federal de Santa Catarina (Brazil) Discussant: Edgardo Cayon - CESA Business School (Colombia)

Paper: Shorting on Toxic Arbitrage Authors: Linquan Chen - Warwick Business School (United Kingdom) Roman Kozhan - Warwick Business School (United Kingdom) Arie E. Gozluklu - Warwick Business School (United Kingdom) Presenter: Arie E. Gozluklu - Warwick Business School (United Kingdom) Discussant: Louis Piccotti - University at Albany, State University of New York (United States)

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SESSION: 64 • CORPORATE FINANCE Room: 211 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Magnus Blomkvist - Audencia Business School (France)

Paper: What Matters Most: The CEO Pay Slice, Inside Debt, or Overconfidence? Authors: Randy Beavers - Seattle Pacific University (United States) Presenter: Randy Beavers - Seattle Pacific University (United States) Discussant: Suparna Ray - Business School (United Kingdom)

Paper: CEO Turnovers and Capital Structure Persistence Authors: Viktoriya Staneva - Baruch College (United States) Presenter: Viktoriya Staneva - Baruch College (United States) Discussant: Eda Orhun - Zayed University Campus (United Arab Emirates)

Paper: Are Open Market Share Repurchase Programs Really Flexible? Authors: Ruidi Huang - University of Illinois at Urbana-Champaign (United States) Presenter: Ruidi Huang - University of Illinois at Urbana-Champaign (United States) Discussant: Magnus Blomkvist - Audencia Business School (France)

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SESSION: 65 • INTERNATIONAL FINANCE Room: 212 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Lu Liu - Stockholm Business School (Sweden)

Paper: Comparative Study of Exchange Rate Performance: South African Rand versus Currencies of Selected Emerging Economies Authors: Mulatu Fekadu Zerihun - University of Pretoria and Tshwane University of Technology (South Africa) Martinus C. Breitenbach - University of Pretoria (South Africa) Presenter: Mulatu Fekadu Zerihun - University of Pretoria and Tshwane University of Technology (South Africa) Discussant: Deepak Tandon - International Management Institute (India)

Paper: Exchange Rate Impact on Stock Price: New Evidence from Free-Floating Economies Authors: Alireza Zarei - Sunway University (Malaysia) Mohamed Ariff - University Putra Malaysia (Malaysia) Siong Hook Law - University Putra Malaysia (Malaysia) Annuar Md Nassir - University Putra Malaysia (Malaysia) Presenter: Alireza Zarei - Sunway University (Malaysia) Discussant: Ferdinand Owoundi - University of Poitiers (France)

Paper: US Monetary Spillovers to Latin America: The Role of Long-term Interest Rates Authors: Elias Albagli - Central Bank of Chile (Chile) Leiva Danilo - Central Bank of Chile (Chile) Diego Saravia - Central Bank of Chile (Chile) Presenter: Diego Saravia - Central Bank of Chile (Chile) Discussant: Lu Liu - Stockholm Business School (Sweden)

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SESSION: 66 • INVESTMENTS Room: 213 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Vanita Tripathi - University of Delhi (India)

Paper: A Portfolio Investigation in South African Bond Market Authors: Jinghua Wang - Stockton University (United States) John Bilson - Illinois Institute of Tech (United States) Presenter: Jinghua Wang - Stockton University (United States) Discussant: John Olukuru - Strathmore University (Kenya)

Paper: Do Ants Turn Into Grasshoppers?: The Habit of Thrift and Retirement Spending Authors: Tao Guo - William Paterson University (United States) Michael Finke - Texas Tech University (United States) Presenter: Tao Guo - William Paterson University (United States) Discussant: James Foye - University of Ljubljana (Slovenia)

Paper: Does China Really Matter for Indian Stock Market? Authors: Vanita Tripathi - University of Delhi (India) Neerza Neerza - University of Delhi (India) Presenter: Vanita Tripathi - University of Delhi (India) Discussant: Jingrui Xu - University of New South Wales (Australia)

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SESSION: 67 • BANKING II Room: 214 • Date: 2016-07-30 • Time: 08:30-10:00 Chair: Paolo Mistrulli - Bank of Italy (Italy)

Paper: Size is not Everything Authors: Asani Sarkar - Federal Reserve New York (United States) Samuel Antill - Stanford University (United States) Presenter: Samuel Antill - Stanford University (United States) Discussant: Aristogenis Lazos - University of Essex (United Kingdom)

Paper: NPA (Non Performing Assets) Index as a Credit Risk Management Tool A Case Study of Indian Banking System Authors: Dr. Alok Mohan Sherry - National Institute of Financial Management (An Autonomous Institute of Ministry of Finance, Government of India) (India) Dr. Pramod Kumar Pandey - National Institute of Financial Management (An Autonomous Institute of Ministry of Finance, Government of India) (India) Saurabh Maheshwari - National Institute of Financial Management (An Autonomous Institute of Ministry of Finance, Government of India) (India) Presenter: Alok Sherry - National Institute of Financial Managament (India) Discussant: Bolaji Tunde Matemilola - Universiti Putra Malaysia (Malaysia)

Paper: Determinants of Bank Profitability in Emerging Markets During Crisis Period? Authors: Ulaganathan Subramanian - Universiti Teknologi Brunei (Brunei) Presenter: Ulaganathan Subramanian - Universiti Teknologi Brunei (Brunei) Discussant: Paolo Mistrulli - Bank of Italy (Italy)

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SESSION: 68 • COFFEE BREAK Room: 105 and 106 • Date: 2016-07-30 • Time: 10:00-10:30

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SESSION: 69 • CORPORATE FINANCE Room: C-06 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Wolfgang Drobetz - Hamburg University (Germany)

Paper: Customer Risk and The Choice Between Cash and Lines of Credit Authors: Thomas David - Paris Dauphine University (France) Presenter: Thomas David - Paris Dauphine University (France) Discussant: Mark Raun Moritzen - University of Southern Denmark (Denmark)

Paper: Corporate Life-Cycle Dynamics of Cash Holdings Authors: Henning Schroeder - University of Hamburg (Germany) Michael Halling - Stockholm School of Economics (Sweden) Wolfgang Drobetz - University of Hamburg (Germany) Presenter: Wolfgang Drobetz - University of Hamburg (Germany) Discussant: Aurobindo Ghosh - Singapore Management University (Singapore)

Paper: Listing Status, Financial Crisis, and the Provision of Trade Credit Authors: Yomna Abdulla - University of Bahrain (Bahrain) Viet Anh Dang - University of Manchester (United Kingdom) Arif Khurshed - Alliance Manchester Business School (United Kingdom) Presenter: Viet Anh Dang - University of Manchester (Vietnam) Discussant: Antoine Renucci Renucci - Université de Pau (France)

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SESSION: 70 • ASSET PRICING Room: C-07 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Jose P. Dapena - Universidad del CEMA (Argentina)

Paper: A Practitioner’s Defense of Return Predictability Authors: Blair Hull - Hull Investments LLC (United States) Xiao Qiao - University of Chicago Booth School of Business (United States) Presenter: Xiao Qiao - University of Chicago Booth School of Business (United States) Discussant: Marie Lambert - University of Liege, HEC Liege (Belgium)

Paper: Testing Excess Returns From Passive Options Investment Strategies Authors: Jose P. Dapena – Universidad del CEMA (Argentina) Julian Siri - Universidad del CEMA (Argentina) Presenter: Jose P. Dapena - Universidad del CEMA (Argentina) Discussant: Jian Wu - Neoma Business School - Rouen Campus (France)

Paper: Testing VaR Accuracy for CDS Portfolios Using Historical Simulation and Delta-Normal Approaches Authors: Viviane Y. Naimy - Notre Dame University (Lebanon) Presenter: Viviane Y. Naimy - Notre Dame University (Lebanon) Discussant: Mario Krali - Technical University of Munich (Germany)

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SESSION: 71 • BANKING AND FINANCIAL INSTITUTIONS Room: 107 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Wilko Bolt - De Nederlandsche Bank (Netherlands)

Paper: Does Scale Dedfine The Winners in Community Banking? Authors: Joseph Hughes - Rutgers University (United States) Julapa Jagtiani - Federal Reserve Bank of Philadelphia (United States) Loretta Mester - Federal Reserve Bank of Cleveland (United States) Presenter: Julapa Jagtiani - Federal Reserve Bank of Philadelphia (United States) Discussant: Wilko Bolt - De Nederlandsche Bank (Netherlands)

Paper: Mortgages and Credit Cycle Divergence in Eurozone Economies Authors: Anna Samarina - University of Groningen (Netherlands) Lu Zhang - Utrecht University (Netherlands) Dirk Bezemer - University of Groningen (Netherlands) Presenter: Anna Samarina - University of Groningen (Netherlands) Discussant: Martin Leandro Dutto Giolongo - National University of Litoral (Argentina)

Paper: Liquidity Provision in Sovereign Debt Markets and Bank Lending: Evidence from Colombia Authors: Tomas Williams - Universitat Pompeu Fabra (Spain) Presenter: Tomas Williams - Universitat Pompeu Fabra (Spain) Discussant: Andrea Veller - Cà Foscari University (Italy)

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SESSION: 72 • INVESTMENTS Room: 108 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Takeshi Kobayashi - Nagoya University Commerce and Business (Japan)

Paper: Financing Asset Sales and Business Cycles Authors: Marc Arnold - University of St. Gallen (Switzerland) Dirk Hackbarth - Boston University (United States) Tatjana Puhan - Swiss Life Asset Manager (Switzerland) Presenter: Marc Arnold - University of St. Gallen (Switzerland) Discussant: Guillaume Andrieu - Montpellier Business School (France)

Paper: Dynamic Term Structure Modeling under Macro-economic Driven Regime Shifts Authors: Takeshi Kobayashi - Nagoya University of Commerce and Business (Japan) Presenter: Takeshi Kobayashi - Nagoya University of Commerce and Business (Japan) Discussant: Ales Marsal - Charles University (Czech Republic)

Paper: Does the Degree of Shari’ah Compliance Affect the Volatility? Evidence from the MENA Region Authors: Neveen Ahmed - The American University in Cairo (Egypt) Omar Farooq - (Egypt) Mohammed Bouaddi - The American University in Cairo (Egypt) Presenter: Neveen Ahmed - The American University in Cairo (Egypt) Discussant: Saad Alnefaee - Saudi Electronic University (Saudi Arabia)

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SESSION: 73 • RISK MANAGEMENT Room: 203 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Radoslav Raykov - Bank of Canada (Canada)

Paper: Reducing Procyclical Collateral Requirements in Centrally Cleared Derivatives Markets Authors: Radoslav Raykov - Bank of Canada (Canada) Presenter: Radoslav Raykov - Bank of Canada (Canada) Discussant: David Rijsbergen - De Nederlandsche Bank (Netherlands)

Paper: Mimicking Credit Ratings by a Perpetual-Debt Structural Model Authors: Gaia Barone - Luiss Guido Carli University of Rome (Italy) Presenter: Gaia Barone - Luiss Guido Carli University of Rome (Italy) Discussant: Franck Martin - Université de Rennes 1 (France)

Paper: Optimization of Equity Momentum: (How) does it Work? Authors: Arco Van Oord - Erasmus University Rotterdam / De Nederlandsche Bank (Netherlands) Presenter: Arco Van Oord - Erasmus University Rotterdam / De Nederlandsche Bank (Netherlands) Discussant: Tao Guo - William Paterson University (United States)

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SESSION: 74 • CORPORATE FINANCE Room: 205 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Nahum BIGER - Carmel Academic Center - Haifa (Israel)

Paper: Bringing the Future Forward: The Impact of Corporate Social Responsibility on the Returns-Earnings Relation Authors: Ahmed Marhfor - Université du Québec en Abitibi (Canada) Kais Bouslah - University of St Andrews (United Kingdom) Bouchra M’ Zali - Université du Québec en Abitibi (Canada) Presenter: Ahmed Marhfor - Université du Québec en Abitibi (Canada) Discussant: Vicente Pina - University of Zaragoza (Spain)

Paper: The Impact of the Competitive Environment on the Link between Environmental and Economic Perfor- mance Authors: Roel Brouwers – K.U. Leuven (Belgium) Frederiek Schoubben – K.U. Leuven (Belgium) Cynthia Van Hulle – K.U. Leuven (Belgium) Presenter: Frederiek Schoubben – K.U. Leuven (Belgium) Discussant: Beatriz Mariano – London School of Economics (United Kingdom)

Paper: New Financial Tools for Small Business: A commitment Mechanism, Bank Finding, Binary Options Market and Purchase Contract Securitization Authors: Nahum Biger - Carmel Academic Center- Haifa (Israel) Noam Sher - Carmel Academic Center - Haifa (Israel) Presenter: Nahum Biger - Carmel Academic Center - Haifa (Israel) Discussant: Mikko Makinen - Bank of Finland (Finland)

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Session: 75 • MARKET INTEGRATION, SEGMENTATION, AND EFFICIENCY Room: 206 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Xingzhi Yao - Lancaster University (United Kingdom)

Paper: A Modified Fractionally Co-integrated VAR Model for Predicting Returns Authors: Xingzhi Yao - Lancaster University (United Kingdom) Marwan Izzeldin - Lancaster University (United Kingdom) Presenter: Xingzhi Yao - Lancaster University (United Kingdom) Discussant: Moisa Altar - Romanian-American University (Romania)

Paper: Fragmentation and Heterogeneity in the Corporate Bond Market Authors: Andrea Zaghini - Banca d’Italia (Italy) Presenter: Andrea Zaghini - Banca d’Italia (Italy) Discussant: Claudio Antonio Rojo - Unioeste (Brazil)

Paper: Cross-Border Asset Holdings and Comovements in Sovereign Bond Markets Authors: Hossein Asgharian - Lund University (Sweden) Lu Liu - Lund University (Sweden) Marcus Larsson - Handelsbanken (Sweden) Presenter: Lu Liu - Stockholm Business School (Sweden) Discussant: Lorenzo Pozzi - Erasmus University Rotterdam (Netherlands)

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SESSION: 76 • REGULATION OF DEPOSITORY INSTITUTIONS Room: 207 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Natalja von Westernhagen - Deutsche Bundesbank (Germany)

Paper: Bank Runs and Regulatory Communication: An Experimental Analysis Authors: Surajeet Chakravarty - University of Exeter Business School (United Kingdom) Miguel Fonseca - University of Exeter Business School (United Kingdom) Todd Kaplan - University of Haifa and University of Exeter Business School (Israel) Presenter: Todd Kaplan - University of Haifa and University of Exeter Business School (United Kingdom) Discussant: Mina Glambosky - City University of New York (United States)

Paper: Fundamentals Matter - Idiosyncratic Shocks and Interbank Relations Authors: Peter Bednarek - Deutsche Bundesbank (Germany) Valeriya Dinger - University of Osnabrueck (Germany) Natalja von Westernhagen - Deutsche Bundesbank (Germany) Presenter: Natalja von Westernhagen - Deutsche Bundesbank (Germany) Discussant: Tobias Dieler - Swiss Finance Institute and Ecole Polytechnique Fédérale de Lausanne (Germany)

Paper: Impact of Loan Contract Characteristics on Monetary Transmission and Consumer Rent Authors: Javier Villar Burke - European Commission and University of Santiago de Compostela (Spain) Presenter: Javier Villar Burke - European Commission and University of Santiago de Compostela (Spain) Discussant: Sunil Mohanty - Brooklyn College-City University of New York (United States)

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SESSION: 77 • SMALL BUSINESS FINANCE Room: 208 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Jongsub Lee - University of Florida (United States)

Paper: Control beyond Ownership: Subcontractors of Large Business Groups Authors: Woojin Kim - Seoul National University (South Korea) Jongsub Lee - University of Florida (United States) Yunxiao Liu - Korea University (South Korea) Presenter: Jongsub Lee - University of Florida (United States) Discussant: Christophe Volonté - University of Basel (Switzerland)

Paper: Money Chasing Deals? The Stake Story Authors: Ravi Teja K - Indian Institute of Technology (India) Arun Kumar Gopalaswamy - Indian Institute of Technology (India) Presenter: Rabi Teja K. - Indian Institute of Technology (India) Discussant: Ganapatrao Shitole - SNDT Arts and Commerce College for Women (India)

Paper: Hide and Seek Search: Why Angels Hide and Entrepreneurs Seek Authors: Merwan Engineer - University of Victoria (Canada) Paul Schure - University of Victoria (Canada) Dan Hieu Vo - Hartwick College (United States) Presenter: Dan Hieu Vo - Hartwick College (United States) Discussant: Guido Mantovani - Ca Foscari University (Italy)

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SESSION: 78 • INTERNATIONAL CORPORATE FINANCE Room: 209 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Ramona Jimborean - Banque de France (France)

Paper: Financial Stress Transmission in EMU Sovereign Bond Market Volatility: A Connectedness Analysis Authors: Fernando Fernández-Rodríguez - Universidad de Las Palmas de Gran Canária (Spain) Marta Gómez-Puig - Universitat de Barcelona (Spain) Simon Sosvilla-Rivero - Universidad Complutense de Madrid (Spain) Presenter: Marta Gomez-Puig - Universitat de Barcelona (Spain) Discussant: Fred Mear - De Montfort University (United Kingdom)

Paper: What Drives Private Non-Financial Sector Borrowing in Emerging Market Economies? Authors: Ramona Jimborean - Banque de France (France) Presenter: Ramona Jimborean - Banque de France (France) Discussant: Muhamed Zulkhibri - Islamic Development Bank (Saudi Arabia)

Paper: How International Orientation of Top Managerial Teams May (not) Moderate the Performance of Serial Acquirers? Authors: Suparna Ray - University of Exeter Business School (United Kingdom) Grzegorz Trojanowski - University of Exeter Business School (United Kingdom) Dorota Piaskowska - University College Dublin (Ireland) Rajesh Tharyan - University of Exeter Business School (United Kingdom) Presenter: Suparna Ray - University of Exeter Business School (United Kingdom) Discussant: Ruidi Huang - University of Illinois at Urbana-Champaign (United States)

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SESSION: 79 • MARKET EFFICIENCY AND ANOMALIES Room: 210 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Emmanuel Alanis - Texas State University (United States)

Paper: Volatility Spillover of the Agriculture sector on the Nairobi Securities Exchange Authors: Michael Chuchu - Strathmore University (Kenya) John Olukuru - Strathmore University (Kenya) Presenter: John Olukuru - Strathmore University (Kenya) Discussant: Emilio Cardona Magne - UNIANDES (Colombia)

Paper: Effect of Macroeconomic News Releases on Bond Yields in India China and Japan Authors: Sreejata Banerjee - Chennai Mathematical Institute (India) Divya Sinha - The Smart Cube (India) Presenter: Sreejata Banerjee - Chennai Mathematical Institute (India) Discussant: Javier Pantoja - Universidad EAFIT (Colombia)

Paper: Conditional Value Premium: Belief Difference, Short-Sale Constraints, and Institutional Ownership Authors: Hogyu Jhang - Previously Georgia Institute Technology (United States) Emmanuel Alanis - Texas State University (United States) Presenter: Emmanuel Alanis - Texas State University (United States) Discussant: Rui Chen – Central University of Finance and Economics (China)

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SESSION: 80 • CORPORATE GOVERNANCE AND AGENCY Room: 211 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Jun Huang - Shanghai University of Finance and Economics (China)

Paper: Gender Quota Inside the Boardroom: Female Directors as New Keyplayers? Authors: Antoine Rebérioux - Université Paris-Diderot LADYSS (France) Gwenael Roudaut - Ecole Polytechnique, Paris (France) Presenter: Gwenael Roudaut - Ecole Polytechnique, Paris (France) Discussant: Xiaojing Yuan - University of Massachusetts Lowell (United States)

Paper: Can Online Annual General Meetings Increase Shareholders’ Participation in Corporate Governance? Evidence from China Authors: Huasheng Gao - Nanyang Technological University (Singapore) Jun Huang - Shanghai University of Finance and Economics (China) Presenter: Jun Huang - Shanghai University of Finance and Economics (China) Discussant: Xiuping Hua - University of Nottingham Ningbo China (China)

Paper: Walking the Walk: Inside Ownership and Selective Hedging Authors: Håkan Jankensgård - Lund University (Sweden) Presenter: Håkan Jankensgård - Lund University (Sweden) Discussant: Xiaofeng Liu - Nankai University (China)

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SESSION: 81 • BANKING II Room: 212 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Stephen Ong - Federal Reserve Bank of Cleveland (United States)

Paper: Unsolicited Sovereign Ratings and the Sovereign-Bank Ceiling: An Unintended Consequence of Regu- latory Disclosure Authors: Patrycja Klusak - Norwich Business School (United Kingdom) Owain ap Gwilym - Bangor Business School (United Kingdom) Rasha Alsakka - Bangor Business School (United Kingdom) Presenter: Patrycja Klusak - Norwich Business School (United Kingdom) Discussant: Hussein Al-Tamimi - University of Sharjah (United Arab Emirates)

Paper: The Value to Banks of Small Business Lending Authors: Dmytro Holod - Stony Brook University (United States) Joe Peek - Federal Reserve Bank of Boston (United States) Presenter: Dmytro Holod - Stony Brook University (United States) Discussant: Yuta Ogane - Nagoya University (Japan)

Paper: Spillovers and Contagion in Financial Intermediaries Authors: Lucia Alessi - European Central Bank (Germany) Mikhail V. Oet - Federal Reserve Bank of Cleveland / Case Western Reserve University (United States) John M. Dooley - Federal Reserve Bank of Cleveland (United States) Mark Kerssenfischer - European Central Bank (Germany) Stephen J. Ong - Federal Reserve Bank of Cleveland (United States) Presenter: Stephen J. Ong - Federal Reserve Bank of Cleveland (United States) Discussant: Lawrence White – New York University – Stern School (United States)

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SESSION: 82 • INTERNATIONAL FINANCE Room: 213 • Date: 2016-07-30 • Time: 10:30-12:00 Chair: Kyung Suh Park - Korea University (South Korea)

Paper: Study on Chinese Stock Market Returns and its Policy Implications Authors: Zhenya Liu - Renmin University of China (China) Shixuan Wang - University of Birmingham (United Kingdom) Presenter: Shixuan Wang - University of Birmingham (United Kingdom) Discussant: Claudio Morana - Università di Milano-Bicocca (Italy)

Paper: Currency Risk Factors in a Recursive Multi-Country Economy Authors: Riccardo Colacito - University of North Carolina, Chapel Hill (United States) Max Croce - University of North Carolina, Chapel Hill (United States) Federico Gavazzoni - INSEAD (France) Robert Ready - University of Rochester (United States) Presenter: Robert Ready - University of Rochester (United States) Discussant: Evgeniia Mikova - National Research University Higher School of Economics (Russia)

Paper: Overnight Strategy of Foreign Day-traders and Their Performance: An Empirical Study from the Korea Stock Exchange Authors: Kyung Suh Park - Korea University Business School (South Korea) Hye-hyun Park - Korea University Business School (South Korea) Presenter: Kyung Suh Park - Korea University Business School (South Korea) Discussant: Thiago Souza - University of Southern Denmark (Denmark)

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SESSION: 83 • LUNCH Room: The Great Hall at Cooper Union • Date: 2016-07-30 • Time: 12:00-13:00

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SESSION: 84 • KEYNOTE SPEAKER - PROF. MARKUS BRUNNERMEIER Room: The Great Hall at Cooper Union • Date: 2016-07-30 • Time: 13:00-13:45

Markus K. Brunnermeier Princeton University

Edwards S. Sanford Professor of Economics. Director of the Bendheim Center for Finance.

Best Paper Award 2016-07-30 13:45/13:55 The Great Hall at Cooper Union ______

SESSION: 85 • BANKING AND FINANCIAL INSTITUTIONS Room: C-06 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Mikko Makinen - Bank of Finland (Finland)

Paper: Acquisitions and Regulatory Arbitrage by Captive Finance Companies Authors: Mina Glambosky - City University of New York (United States) Kimberly Gleason - University of Pittsburgh (United States) Presenter: Mina Glambosky - City University of New York (United States) Discussant: Natalja von Westernhagen - Deutsche Bundesbank (Germany)

Paper: How to Reconcile Financial Incentives and Pro-social Motivations of Loan Officers in Microfinance? Authors: Cécile Godfroid – University of Mons (Belgium) Julie de Pril - University of Mons (Belgium) Presenter: Cécile Godfroid - University of Mons (Belgium) Discussant: Marlis Schairer - University of Hohenheim (Germany)

Paper: This Time the Financial Crisis is not the Same for the Nordic Banks Authors: Tom Berglund - Hanken School of Economics (Finland) Mikko Makinen - Bank of Finland (Finland) Presenter: Mikko Makinen - Bank of Finland (Finland) Discussant: Davide Salvatore Mare - University of Edinburgh Business School (United Kingdom)

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SESSION: 86 • CORPORATE FINANCE Room: C-07 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Yunbi An - University of Windsor (Canada)

Paper: Can ‘Delitigation’ Transform an Industry? Authors: Gayle DeLong - Baruch College (United States) Presenter: Gayle DeLong - Baruch College (United States) Discussant: Danilo Valerio Mascia - University of Cagliari (Italy)

Paper: The Impacts of Accrual-Based and Real Earnings Management on Executive Compensation: Evidence from Private Sector Firms in China Authors: Fangzhao Zhou - University of Windsor (Canada) Lei Wang - University of Windsor (Canada) Zenan Zhang - University of Windsor (Canada) Yunbi An - University of Windsor (Canada) Presenter: Yunbi An - University of Windsor (Canada) Discussant: Lionel Almeida - University Paris Ouest - EconomiX (France)

Paper: Do Investors Learn From the Past? Evidence from Follow-On Equity Issues Authors: Eric Duca - Colegio Universitario de Estudios Financieros (CUNEF), Madrid (Spain) Presenter: Eric Duca - Colegio Universitario de Estudios Financieros (CUNEF), Madrid (Spain) Discussant: David Burnie - Western Michigan University (United States)

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SESSION: 87 • BIG EVENTS AND HOUSE MARKETS Room: 107 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Zbigniew Drewniak - WSB University in Torun (Poland)

Paper: Does Home Production Drive Structural Transformation? Authors: Alessio Moro - Università Degli Studi di Cagliari (Italy) Solmaz Moslehi - Monash University (Australia) Satoshi Tanaka - University of Queensland (Australia) Presenter: Alessio Moro - Università Degli Studi di Cagliari (Italy) Discussant: Enrique Jimenez-Rodriguez - Pablo Olavide University of Seville (Spain)

Paper: Multiple Lending, Credit Lines and Financial Contagion Authors: Paolo Emilio Mistrulli - Bank of Italy (Italy) Giuseppe Cappelletti - European Central Bank (Germany) Presenter: Giuseppe Cappelletti - European Central Bank (Germany) Discussant: Andreas Dietrich - Lucerne University of Applied Sciences (Switzerland)

Paper: Major Sporting Events Impact on the Basis of UEFA Euro 2012 Championships Authors: Zbigniew Drewniak - WSB University in Torun (Poland) Presenter: Zbigniew Drewniak - WSB University in Torun (Poland) Discussant: Anand Shah - Tata Consultancy Services (India)

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SESSION: 88 • BANKRUPTCY AND FINANCIAL DISTRESS Room: 108 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Razvan Vlahu - Dutch Central Bank (Netherlands)

Paper: Default and Recovery Rate in Chapter 11 with Multiple Debt Structure Authors: Xiyang Wang - University of Nottingham (United Kingdom) David Newton - University of Nottingham (United Kingdom) Presenter: Xiang Wang - The University of Nottingham (United Kingdom) Discussant: Marco Ghitti - Edhec Rick Institute - Europe (United Kingdom)

Paper: Political Influence and the Performance of Non-Profit Spanish Banks Authors: Pina Vicente - University of Zaragoza (Spain) Torres Lourdes - University of Zaragoza (Spain) Bachiller Patricia - University of Zaragoza (Spain) Presenter: Vicente Pina - University of Zaragoza (Spain) Discussant: Juan Lara-Rubio - University of Granada (Spain)

Paper: Collective Strategic Defaults: Bailouts and Repayment Incentives Authors: Razvan Vlahu - Dutch Central Bank (Netherlands) Presenter: Razvan Vlahu - Dutch Central Bank (Netherlands) Discussant: Nahum BIGER - Carmel Academic Center - Haifa (Israel)

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SESSION: 89 • INTERNATIONAL FINANCE Room: 203 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Kwaku Opong - University of Glasgow (United Kingdom)

Paper: Prospect Theory and Migrant Remittance Decision Making Authors: Kwaku Opong - University of Glasgow (United Kingdom) Philip McIlkenny - University of Ottawa (Canada) Collins Ntim - University of Huddersfield (United Kingdom) Presenter: Kwaku Opong - University of Glasgow (United Kingdom) Discussant: Lola Hernandez Hernandez - De Nederlandsche Bank/ Dutch Central Bank (Netherlands)

Paper: Do Exchange Rate Misalignments Really Affect Economic Growth? The Case of Sub-Saharan African Countries Authors: Ferdinand Owoundi - University of Poitiers (France) Presenter: Ferdinand Owoundi - University of Poitiers (France) Discussant: Robert Ready - University of Rochester (United States)

Paper: Did Quantitative Easing Affect Interest Rates Outside the US? New Evidence Based on Interest Rate Differentials Authors: Ansgar Belke - University of Duisburg-Essen (Germany) Daniel Gros - Centre for European Policy Studies (Belgium) Thomas Osowski - University of Duisburg-Essen (Germany) Presenter: Ansgar Belke - University of Duisburg-Essen (Germany) Discussant: Arie Gozluklu - Warwick Business School (United Kingdom)

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Session: 90 • BOND PRICING Room: 205 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Yoon Shin - Loyola University Maryland (United States)

Paper: Ratings vs. Guarantees: Issuer Choices and their Impact on Bond Yields Authors: Seung Hun Han - KAIST (South Korea) Michael Pagano - Villanova University (United States) Yoon Shin - Loyola University Maryland (United States) Presenter: Yoon Shin - Loyola University Maryland (United States) Discussant: Andrea Zaghini - Banca Itali (Italy)

Paper: Valuation, Simulation and Sensitivities Under Low and High Interest Rate Regimes Authors: Stephane Dang-Nguyen - Alef-servizi Spa (Italy) Yves Rakotondratsimba - ECE School of Engineering (France) Presenter: Stephane Dang-Nguyen - Alef servizi Spa (Italy) Discussant: Haitham Al-Zoubi - Alfaisal University (Saudi Arabia)

Paper: Fiscal Policy and the Term Structure of Interest Rates Authors: Ales Marsal - Charles University (Slovakia) Lorant Kaszab - National Bank of Hungary (Hungary) Roman Horvath - Charles University in Prague (Czech Republic) Presenter: Ales Marsal - Charles University (Czech Republic) Discussant: Mulatu Fekadu Zerihun - University of Pretoria and Tshwane University of Technology (South Africa)

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SESSION: 91 • CORPORATE GOVERNANCE AND AGENCY Room: 206 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Helen Spiropoulos - University of Technology Sydney (Australia)

Paper: Keeping it real or keeping it simple? Ownership Concentration Measures Compared Authors: Taylan Mavruk - University of Gothenburg (Sweden) Conny Overland - University of Gothenburg (Sweden) Stefan Sjögren - University of Gothenburg (Sweden) Presenter: Taylan Mavruk - University of Gothenburg (Sweden) Discussant: Collins Okafor - North Carolina A&T State University (United States)

Paper: The Impact of Corporate Social Responsibility on Default Risk: Empirical evidence from US Firms Authors: Muhammad Suhail Rizwan - NUST Business School (Pakistan) Asfia Obaid - NUST Business School (Pakistan) Dawood Ashraf - Islamic Research & Training Institute (Saudi Arabia) Presenter: Dawood Ashraf - Islamic Research & Training Institute (Saudi Arabia) Discussant: Emmanuel Alanis - Texas State University (United States)

Paper: Who Joins a Sinking Ship and Why? Some Evidence on Independent Directors Who Join Fraudulent Firms. Authors: Martin Bugeja - University of Technology Sydney (Australia) Samir Ghannam - University of Technology Sydney (Australia) Zoltan Matolcsy - University of Technology Sydney (Australia) Helen Spiropoulos - University of Technology Sydney (Australia) Presenter: Helen Spiropoulos - University of Technology Sydney (Australia) Discussant: Jin Ying Wang - Ming Chuan University (Taiwan)

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SESSION: 92 • INVESTMENTS Room: 207 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Alex Huang - National Chiao Tung University (Taiwan)

Paper: Influences of Public Investment on Debt Sustainability and Some Recommendations about Public Investment in Vietnam Authors: Thi Dieu Huyen Le - Banking Academy of Vietnam (Vietnam) Thi Cam Giang Nguyen - Banking Academy of Vietnam (Vietnam) Presenter: Thi Dieu Huyen Le - Banking Academy of Vietnam (Vietnam) Discussant: Celeste Karen Ramirez Martinez - Universidad Nacional Autonoma de Mexico (Mexico)

Paper: Analysis of an Approach to Implementing Cash Flow Valuation Models within Student-Managed Invest- ment Funds Authors: John Neumann - St. John’s University (United States) Presenter: Jonh Neumann - St. John’s University (United States) Discussant: Yoram Kroll - Ono academic College (Israel)

Paper: Dynamics of Stock Liquidity Authors: Alex Huang - National Chiao Tung University (Taiwan) Ching-Liang Chang - Kainan University (Taiwan) Presenter: Alex Huang - National Chiao Tung University (Taiwan) Discussant: Thomas Nitschka - Swiss National Bank (Switzerland)

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SESSION: 93 • REAL ESTAT Room: 208 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: MeiChi Huang - National Taipei University (Taiwan)

Paper: Modelling the Like-kind Exchange in the Real Estate Market Authors: Melina Petrova - Syracuse University (United States) Garrison Song - Mount St. Joseph University (United States) Presenter: Garrison Song - Mount St. Joseph University (United States) Discussant: Charles DuVal - Florida Southern College (United States)

Paper: Do Real Estate Mutual Funds Outperform Benchmarks? Authors: Ivan Stetsyuk - Fox School of Business Temple University (United States) Elyas Elyasiani - Fox School of Business Temple University (United States) Presenter: Ivan Stetsyuk - Fox School of Business Temple University (United States) Discussant: Junbo Wang - Louisiana State University (United States)

Paper: Risk Diversification Gains From Housing Assets: Evidence From Dynamic Optimal Portfolios Including Metropolitan Housing Assets In the US Authors: MeiChi Huang - National Taipei University (Taiwan) Presenter: MeiChi Huang - National Taipei University (Taiwan) Discussant: Danika Wright - The University of Sydney (Australia)

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SESSION: 94 • SPREADS, MARKET DEPTH AND VOLATILITY Room: 209 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Wook Sohn - Wook Sohn, Bank of Korea Economic Research Institute (South Korea)

Paper: Short Sales Restrictions and Market Quality: Evidence from Korea Authors: Yunsung Eom - Hansung University (South Korea) Jaehoon Hahn - Yonsei University (South Korea) Wook Sohn - Bank of Korea Economic Research Institute (South Korea) Presenter: Wook Sohn - Bank of Korea Economic Research Institute (South Korea) Discussant: Alexander Kurov - West Virginia University (United States)

Paper: Does Short Selling affect Market Quality Equally?: International Evidence from a set of Natural Experi- ments Authors: Xiaohu Deng - University of Memphis (United States) Xiao Zhong - University of Utah (United States) Presenter: Xiao Zhong - University of Utah (United States) Discussant: Ozkan Haykir - University of Exeter (United Kingdom)

Paper: Inflation and Physical Capital Accumulation: Does the Level of Inflation Matter? Authors: Muhammad Khan - IQRA University (Pakistan) Arslan Tariq Rana - University of Orléans (France) Presenter: Muhammad khan - IQRA University (Pakistan) Discussant: Yen-Ju Hsu - National Taiwan University (Taiwan)

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SESSION: 95 • MARKET INTEGRATION, SEGMENTATION, AND EFFICIENCY Room: 210 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Lars Oxelheim - Lund University (Sweden)

Paper: The Impact of Institutions in Influencing IPO Firm Voluntary Disclosure of CEO Salary Authors: Bruce Hearn - University of Sussex (United Kingdom) Lars Oxelheim - Lund University (Sweden) Trond Randoy - University of Agder (Norway) Presenter: Lars Oxelheim - Lund University (Sweden) Discussant: Kaustav Sen - Pace University (United States)

Paper: Dynamics of Day-Ahead Trading of Electricity in India Authors: Kritika Mathur - Faculty of Management Studies (India) Pankaj Sinha - Faculty of Management Studies (India) Presenter: Kritika Mathur - Faculty of Management Studies (India) Discussant: Vanita Tripathi - University of Delhi (India)

Paper: Assessing the Effects of International Shocks on Eastern European Countries Authors: Moisa Altar - Romanian-American University, Bucharest (Romania) Adrian Ifrim - Romanian-American University, Bucharest (Romania) Adam-Nelu Altar-Samuel - Romanian-American University, Bucharest (Romania) Judita Samuel - Romanian-American University, Bucharest (Romania) Presenter: Moisa Altar - Romanian-American University, Bucharest (Romania) Discussant: Aneta Hryckiewicz-Gontarczyk - Kozminski University (Poland)

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SESSION: 96 • ASSET PRICING Room: 211 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Jack Strauss - University of Denver (United States)

Paper: The Systemic Effects of Benchmarking Authors: Diogo Duarte - Boston University (United States) Kyounghwan Lee - Boston University (United States) Gustavo Schwenkler - Boston University (United States) Presenter: Diogo Duarte - Boston University (United States) Discussant: Peter Scholz - Hamburg School of Business Administration (Germany)

Paper: Patterns in Relation of Expected Return to Volatility Authors: Michal Czerwonko - Concordia University (Canada) Presenter: Michal Czerwonko - Concordia University (Canada) Discussant: Jack Strauss - University of Denver (United States)

Paper: China: From Imitator to Innovator? Authors: Juliane Proelss - Concordia University (Canada) Denis Schweizer - Concordia University (Canada) Feng Zhan - Boler School of Business, John Carroll University (United States) Presenter: Feng Zhan - Boler School of Business, John Carroll University (United States) Discussant: Ahmed Marhfor - l’Université du Québec en Abitibi-Témiscamingue (Canada)

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SESSION: 97 • CORPORATE FINANCE II Room: 212 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Sundas Rauf - University of Central Punjab (Pakistan)

Paper: Financial Inclusion of Women Through Self Help Groups in Thane District of Maharashtra State Authors: Ganapatrao Shitole - S.N.D.T. Arts and Commerce College for Women (India) Presenter: Ganapatrao Shitole - S.N.D.T. Arts and Commerce College for Women (India) Discussant: Dmytro Holod - Stony Brook University (United States)

Paper: Is the M&A Announcement Effect Different Across Europe? More Evidences from Continental Europe and the UK Authors: Miroslav Mateev - American University in the Emirates (Bulgaria) Presenter: Miroslav Mateev - American University in the Emirates (United Arab Emirates) Discussant: Yue Liu - University of Edinburgh (United Kingdom)

Paper: Empirical Study on M&A Behaviors in International Oil Industry: A Competitive-Dynamics Perspective Authors: Qing Xue - China University of Petroleum at Beijing (China) Qianyu Wu - Queen’s University, Smith School of Business (Canada) Zhen Wang - China University of Petroleum at Beijing (China) Mingming Liu - China University of Petroleum at Beijing (China) Presenter: Qing Xue - China University of Petroleum at Beijing (China) Discussant: Håkan Jankensgård - Lund University (Sweden)

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SESSION: 98 • BANKING II Room: 213 • Date: 2016-07-30 • Time: 14:00-15:30 Chair: Guillermo Dumrauf - Universidad del CEMA (Argentina)

Paper: Consumer Credit Demand After Great Recession - The Impact of Auto Lending at the Zero-Lower Bound Authors: Christopher Henderson - Federal Reserve Bank of Philadelphia (United States) Jason Keegan - Federal Reserve Bank of Philadelphia (United States) Presenter: Christopher Henderson - Federal Reserve Bank of Philadelphia (United States) Discussant: Xinxin Shang - Macquarie University (Australia)

Paper: Corporate Tax Policy Changes and Its Effect On Firms’ Value Authors: Aslam Izah Selamat - Universiti Putra Malaysia (Malaysia) Mohamed Ariff - University Putra Malaysia (Malaysia) Presenter: Mohamed Ariff - University Putra Malaysia (Malaysia) Discussant: Guillermo Dumrauf - Universidad del CEMA (Argentina)

Paper: Financial Deepening, Trade Openness, Capital Inflow and Growth In India–An Evidence From Co-Inte- gration Authors: Mahendra Pal - Delhi School of Economics (India) Presenter: Mahendra Pal - Delhi School of Economics (India) Discussant: Liqun Du - Peking University (China)

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SESSION: 99 • COFFEE BREAK Room: 105 and 106 • Date: 2016-07-30 • Time: 15:30-16:00

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Session: 100 • Market Efficiency and Anomalies Room: C-06 • Date: 2016-07-30 • Time: 16:00-17:30 Chair: Jerchern Lin - The State University of New York (United States)

Paper: Does Market Irrationality in the Media Affect Stock Returns? Authors: Rajna Gibson Brandon - University of Geneva (Switzerland) Christopher Hemmens - University of Geneva (Switzerland) Mathieu Trépanier - University of St Gallen (Switzerland) Presenter: Mathieu Trepanier - University of St Gallen (Switzerland) Discussant: Michal Czerwonko - Concordia University (Canada)

Paper: Firm Characteristics and Low Beta Anomaly Authors: Jerchern Lin - The State University of New York (United States) Yuxiang Jiang - The State University of New York (United States) Presenter: Jerchern Lin - The State University of New York (United States) Discussant: Peter Schober - Goethe University Frankfurt (Germany)

Paper: How Much are Credit Ratings Really Worth? Authors: Armen Arakelyan - Spanish Securities Exchange Commission (Spain) Carlos Salvador Muñoz - Colegio Universitario de Estudios Financieros (Spain) Presenter: Armen Arakelyan - Spanish Securities Exchange Commission (Spain) Discussant: Lauren Stagnol - EconomiX / Amundi (France)

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SESSION: 101 • VENTURE CAPITAL AND PRIVATE EQUITY Room: C-07 • Date: 2016-07-30 • Time: 16:00-17:30 Chair: Xueyong Zhang - Central University of Finance and Economics (China)

Paper: Alone or Ally: Private Equity Investing Preferences in Large Projects with New Structures and Environments Authors: Josephine Gemson - Loyola Institute of Business Administration (India) A. Thillai Rajan - Indian Institute of Technology Madras (India) Presenter: Josephine Gemson - Loyola Institute of Business Administration (India) Discussant: MIngming Liu - China University of Petroleum-Beijing (China)

Paper: Venture Capital, Innovation Ability and Post-IPO Performance Authors: Xueyong zhang - Central University of Finance and Economics (China) Yeqing zhang - Tsinghua University (China) Presenter: Xueyong Zhang - Central University of Finance and Economics (China) Discussant: Nanjun Zhu - Peking University (China)

Paper: Addressing Financial Challenges of Public Private Partnerships in Infrastructure in Developing Asia Authors: Simrit Kaur - University of Delhi (India) Harpreet Kaur - University of Delhi (India) Presenter: Simrit Kaur - University of Delhi (India) Discussant: Rabi Teja K. - Indian Institute of Technology (India)

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SESSION: 102 • FUTURES AND FORWARDS Room: 107 • Date: 2016-07-30 • Time: 16:00-17:30 Chair: Yves Rakotondratsimba - ECE Paris (France)

Paper: Effectiveness of Commodity Futures as Opposed to Crop Insurance In Curbing Spot Price Volatility Risk Authors: Rancy Chepchichir - Strathmore University (Kenya) John Olukuru - Strathmore University (Kenya) Presenter: John Olukuru - Strathmore University (Kenya) Discussant: Xingzhi Yao - Lancaster University (United Kingdom)

Paper: Simulation of Commodity Futures price under cointegration Authors: Jean Marc Le Caillec - TELECOM Bretagne, LabSTICC/CID/SFIIS (France) Victoria Galano - ECE Paris Graduate School of Engineering (France) Yves Rakotondratsimba - ECE Paris Graduate School of Engineering (France) Presenter: Yves Rakotondratsimba - ECE Paris Graduate School of Engineering (France) Discussant: Alok Sherry - National Institute of Financial Managament (India)

Paper: Commodity Forward Curve Dynamics with Inventory Information Authors: Marcel Prokopczuk - Leibniz University Hannover (Germany) Sebastian Vicedom - Leibniz University Hannover (Germany) Presenter: Marcel Prokopczuk - Leibniz University Hannover (Germany) Discussant: Jiangxingyun Zhang - University of Rennes 1 (France)

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SESSION: 103 • IPO’S AND SEO’S Room: 108 • Date: 2016-07-30 • Time: 16:00-17:30 Chair: Romain Boissin - University of Montpellier (France)

Paper: Securitization Process Integration In Modern Financial Systems: Evidence From The EU Securitization Market During Recent Financial Crisis Authors: Dina Vasic - Zagreb School of Economics and Management (Croatia) Zoran Bubas - Zagreb School of Economics and Management (Croatia) Dario Sulejmanovic - Zagreb School of Economics and Management (Croatia) Presenter: Dina Vasic - Zagreb School of Economics and Management (Croatia) Discussant: Dima Leshchinskii - Menlo College (United States)

Paper: Analyst coverage prediction for IPOs Authors: Romain Boissin - University of Montpellier (France) Presenter: Romain Boissin - University of Montpellier (France) Discussant: Paul Dion - Queens University (Canada)

Paper: Does the IPO Market Provide an Efficient Tool to Facilitate Industry Restructuring? Authors: Magnus Blomkvist - Audencia Business School (France) Presenter: Magnus Blomkvist - Audencia Business School (France) Discussant: Mohamed Ariff - University Putra Malaysia (Malaysia)

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SESSION: 104 • SMALL BUSINESS FINANCE Room: 203 • Date: 2016-07-30 • Time: 16:00-17:30 Chair: Danilo Valerio Mascia - University of Cagliari (Italy)

Paper: Price Conditions of the Bank Financing: Does Gender Matter? Authors: Danilo Valerio Mascia - University of Cagliari (Italy) Stefania Patrizia Sonia Rossi - University of Cagliari (Italy) Presenter: Danilo Valerio Mascia - University of Cagliari (Italy) Discussant: Dan Hieu Vo - Hartwick College (United States)

Paper: Microcredit Price Modelling for Microfinance Institutions using Risk Premium Analysis Authors: Juan Lara-Rubio - University of Granada (Spain) Antonio Blanco-Oliver - University of Seville (Spain) Presenter: Juan Lara-Rubio - University of Granada (Spain) Discussant: Jinghua Wang - Stockton University (United States)

Paper: Local Banking Development and the Use of Debt Financing by Start-ups Authors: Marc Deloof - University of Antwerp (Belgium) Maurizio La Rocca - University of Calabria (Italy) Tom Vanacker - Ghent University (Belgium) Presenter: Tom Vanacker - Ghent University (Belgium) Discussant: Paulo Regis - Xi an Jiaotong - Liverpool University (China)

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SESSION: 105 • PORTFOLIO MANAGEMENT AND PERFORMANCE EVALUATION Room: 205 • Date: 2016-07-30 • Time: 16:00-17:30 Chair: Eric Jondeau - University of Lausanne (Switzerland)

Paper: Average Skewness Matters! Authors: Eric Jondeau - University of Lausanne (Switzerland) Qunzi Zhang - Shandong University (China) Presenter: Eric Jondeau - University of Lausanne (Switzerland) Discussant: Samuel Antill - Stanford Graduate School of Business (United States)

Paper: Financial Education, Investor Protection and International Portfolio Diversification Authors: Maela Giofré - University of Turin (Italy) Presenter: Maela Giofré - University of Turin (Italy) Discussant: Taylan Mavruk - University of Gothenburg (Sweden)

Paper: Asset Allocation Brewed Across African Stock Markets Authors: Lord Mensah - University of Ghana Business School (Ghana) Esther Mills - University of Ghana Business School (Ghana) Godfred Bokpin - University of Ghana Business School (Ghana) Presenter: Godfred Bokpin - University of Ghana Business School (Ghana) Discussant: Ekaterina Damianova - Durham University (United Kingdom)

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SESSION: 106 • RISK MEASURES AND ASSET PRICES Room: 206 • Date: 2016-07-30 • Time: 16:00-17:30 Chair: Stavros Zenios - University of Cyprus (Cyprus)

Paper: Oil Volatility Risk Authors: Lin Gao - University of Luxembourg (Luxembourg) Steffen Hitzemann - The Ohio State University (United States) Ivan Shaliastovich - University of Pennsylvania (United States) Lai Xu - Syracuse University (United States) Presenter: Steffen Hitzemann - The Ohio State University (United States) Discussant: Patrick Grüning - Bank of Lithuania (Lithuania)

Paper: The Case for Contingent Convertible Debt for Sovereigns Authors: Stavros Zenios - University of Cyprus (Cyprus) Andrea Consiglio - University of Palermo (Italy) Presenter: Stavros Zenios - University of Cyprus (Cyprus) Discussant: Viviane Y. Naimy - Notre Dame University (Lebanon)

Paper: The Determinants of Country´s Risk Premium Volatility: Evidence from Panel VAR Model Authors: Petra Pali - Institute of Economics (Croatia) Petra Posedel Šimovi - Zagreb School of Economics and Management (Croatia) Maruška Vizek - Institute of Economics (Croatia) Presenter: Petra Posedel Šimović - Zagreb School of Economics and Management (Croatia) Discussant: Madhu Vij - University of Delhi (India)

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SESSION: 107 • MERGER AND ACQUISITION Room: 207 • Date: 2016-07-30 • Time: 16:00-18:00 Chair: Jana Fidrmuc - Warwick Business School (United Kingdom)

Paper: Firing Frictions and the Mergers and Acquisitions Market Authors: Robert Chatt - Pennsylvania State University (United States) Matthew Gustafson - Pennsylvania State University (United States) Adam Welker - Pennsylvania State University (United States) Presenter: Robert Chatt - Pennsylvania State University (United States) Discussant: Xiang Wang - The University of Nottingham (United Kingdom)

Paper: Target Insiders’ Trades Around the Takeover Announcement Date Authors: Chunling Xia - Warwick Business School (United Kingdom) Jana Fidrmuc - Warwick Business School (United Kingdom) Presenter: Jana Fidrmuc - Warwick Business School (United Kingdom) Discussant: Lucia Gao - University of Massachusetts Boston (United States)

Paper: The Effects of Corporate Diversification on Employee and Executive Pays Authors: Tatsuo Ushijima - Keio University (Japan) Presenter: Tatsuo Ushijima - Keio University (Japan) Discussant: Konstantinos Stathopoulos - Manchester Business School (United Kingdom)

Paper: Institutional Environment, Negotiated Control Transfer and Investor Protection Authors: Chloe Wenting Chen - Guangzhou University (China) Shanmin Li - Sun Yat-sen Business School (China) Presenter: Chloe Wenting Chen - Guangzhou University (China) Discussant: Alessio Moro - Universita Degli Studi di Cagliari (Italy)

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SESSION: 108 • BANKRUPTCY AND FINANCIAL DISTRESS Room: 208 • Date: 2016-07-30 • Time: 16:00-17:30 Chair: Todd Kaplan - University of Exeter (United Kingdom)

Paper: Bank Acquisitiveness and Financial Crisis Vulnerability Authors: Saquib Aziz - ESC Rennes School of Business & University of Rennes 1 (France) Jean-Jacques Lilti - University of Rennes 1 (France) Michael Dowling - ESC Rennes School of Business (France) Presenter: Saquib Aziz - ESC Rennes School of Business & University of Rennes 1 (France) Discussant: Guodong Chen - University of Michigan (United States)

Paper: State-aid, Stability and Competition in European Banking Authors: Franco Fiordelisi - University of Rome 3 (Italy) Davide Salvatore Mare - University of Edinburgh Business School (United States) Philip Molyneux - Bangor University (United Kingdom) Presenter: Davide Salvatore Mare - University of Edinburgh Business School (United Kingdom) Discussant: Todd Kaplan - University of Exeter (United Kingdom)

Paper: Distress Risk and Stock Returns of Renewable Energy Companies Authors: Stefan Trueck - Macquarie University (Australia) Martin Gurny - Macquarie University (Australia) Presenter: Martin Gurny - Macquarie University (Australia) Discussant: David Jackson - Carleton University (Canada) ______SESSION: 109 • DIVIDEND AND PAYOUT POLICY Room: 209 • Date: 2016-07-30 • Time: 16:00-18:00 Chair: Humberto Valencia - EGADE Business School (Mexico)

Paper: Dividend Policy and Family Relations. The Case of Mexico Authors: Humberto Valencia-Herrera - EGADE Business School (Mexico) Felipe Ruiz-Rivera - EGADE Business School (Mexico) Presenter: Humberto Valencia-Herrera - EGADE Business School (Mexico) Discussant: Gwenael Roudaut - Ecole Polytechnique (France)

Paper: How Share Repurchase Affects Firm Innovation Authors: Lily Nguyen - La Trobe University (Australia) Le Vu - La Trobe University (Australia) Xiangkang Yin - La Trobe University (Australia) Presenter: Le Vu - La Trobe University (Australia) Discussant: Amitabh Gupta - University of Delhi (India)

Paper: Dividend Growth Predictability and Stock Price Movement Authors: Min Zhu - Queensland University of Technology (Australia) Rui Chen - Central University of Finance and Economics (China) Ke Du - Southwest University of Finance and Economics (China) Presenter: Rui Chen - Central University of Finance and Economics (China) Discussant: Xin Huang - Federal Reserve Board (United States)

Paper: Dividends and Stock Prices:A Fresh Look at the Relationship Authors: Dilip K. Ghosh - Rutgers University (United States) Arun J Prakash - Florida International University (Egypt) Dipasri Ghosh - California State University, Fullerton (United States) Presenter: Dilip K. Ghosh - Rutgers University (United States) Discussant: Muhammad khan - IQRA University (Pakistan)

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SESSION: 110 • CORPORATE GOVERNANCE AND AGENCY Room: 210 • Date: 2016-07-30 • Time: 16:00-17:30 Chair: Josep A. Tribo - Universidad Carlos III (Spain)

Paper: Banks’ Equity Holdings and Their Impact on Security Issues in Different Institutional Settings Authors: Josep A Tribo - Universidad Carlos III (Spain) Presenter: Josep A. Tribo - Universidad Carlos III (Spain) Discussant: Wissam Abdallah - Cardiff University (United Kingdom)

Paper: Does The Corporate Governance Profile Really Impact On Firm Performance and Bank Allowances? Authors: Guido Max Mantovani - Ca Foscari University - Venice (Italy) Elisabetta Castellan - Ca Foscari University - Venice (Israel) Presenter: Guido Mantovani - Ca Foscari University - Venice (Italy) Discussant: Paolo Saona - Saint Louis University (Spain)

Paper: The Nature of Organizational Hybrids: Exploring the Evolutionary Dynamics of Israeli Business Groups, 1995-2008. Authors: Konstantin Kosenko - Bank of Israel (Israel) Presenter: Konstantin Kosenko - Bank of Israel (Israel) Discussant: Arzu Uluc - Bank of England (United Kingdom)

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SESSION: 111 • REGULATION OF DEPOSITORY INSTITUTIONS Room: 211 • Date: 2016-07-30 • Time: 16:00-17:30 Chair: Peter Scholz - Hamburg School of Business Administration (Germany)

Paper: Basel Liquidity Regulation and Credit Risk Market Perception: Evidence From Large European Banks Authors: Giorgia Simion - Ca’ Foscari University (Italy) Ugo Rigoni - Ca’ Foscari University (Italy) Elisa Cavezzali - Ca’ Foscari University (Italy) Andrea Veller - Ca’ Foscari University (Italy) Presenter: Andrea Veller – Ca’ Foscari University (Italy) Discussant: Sundas Rauf - University of Central Punjab (Pakistan)

Paper: Leverage Ratio: One Size Does Not Fit All Authors: David Grossmann - Hamburg School of Business Administration (Germany) Peter Scholz - Hamburg School of Business Administration (Germany) Presenter: Peter Scholz - Hamburg School of Business Administration (Germany) Discussant: Andrey Gurov - American University in Bulgaria (Bulgaria)

Paper: Readiness of the UAE Banks for the Implementation of Basel III Authors: Hussein Hassan Al-Tamimi - University of Sharjah (United Arab Emirates) Mohammed Warsame - University of Sharjah (United Arab Emirates) Andi Duqi - University of Sharjah (United Arab Emirates) Presenter: Hussein Hassan Al-Tamimi - University of Sharjah (United Arab Emirates) Discussant: Markus Stralla - University of Wuerzburg (Germany)

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SESSION: 112 • CORPORATE FINANCE Room: 212 • Date: 2016-07-30 • Time: 16:00-18:00 Chair: David Burnie - Western Michigan University (United States)

Paper: Audit Market Concentration in Turkey: an Empirical Investigation of the Relationship Between the Audit Firm Characteristics Authors: Necdet Saglam - Anadolu University (Turkey) Abdullah Orhan - Anadolu University (Turkey) Presenter: Necdet Saglam - Anadolu University (Turkey) Discussant: loannis Oikonomou - ICMA Centre, University of Reading (United Kingdom)

Paper: An Examination of Public Companies Accounting Oversight Board (PCAOB) Reviews Before and After the 2008 Financial Collapse Authors: David Burnie - Western Michigan University (United States) Sheldon Langsam - Western Michigan University (United States) Presenter: David Burnie - Western Michigan University (United States) Discussant: Abdussalam Aljadani - De Montfort University (United Kingdom)

Paper: The Market vs Book Leverage Ratio Dilemma: An Analysis of the Lead-Lag Relationship and Speed of Adjustment Authors: Jan Hanousek - CERGE-EI (Czech Republic) Anastasiya Shamshur - University of East Anglia (United Kingdom) Jiri Tresl - University of Nebraska (United States) Presenter: Anastasiya Shamshur - University of East Anglia (United Kingdom) Discussant: Derek Strocher - Calvert Social Investment Foundation (United States)

Paper: How Do Customer-Supplier Relationships Affect Innovation? Authors: Zhaozhao He - University of Kansas (United States) Marcin Krolikowski - Providence College (United States) Xiaojing Yuan - University of Massachusetts Lowell (United States) Presenter: Xiaojing Yuan - University of Massachusetts Lowell (United States) Discussant: Weishen Wang - College of Charleston (United States)

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SESSION: 113 • RISK MANAGEMENT Room: 213 • Date: 2016-07-30 • Time: 16:00-18:00 Chair: Chris Henderson - Federal Reserve Bank of Philadelphia (United States)

Paper: Seasonal Stochastic Volatility Authors: Janis Back - WHU Otto Beisheim School of Management (Germany) Marcel Prokopczuk - Leibniz University Hannover, Institute of Financial Markets (Germany) Raphael Paschke - University of Mannheim (Germany) Markus Rudolf - WHU Otto Beisheim School of Management (Germany) Juan Carlos Arismendi - University of Reading (United Kingdom) Presenter: Juan Carlos Arismendi - University of Reading (United Kingdom) Discussant: Yury Dranev - NRU Higher School of Economics (Russia)

Paper: Risk Neutral Moments for Pricing and Hedging S&P 500 Options Authors: Sol Kim - Hankuk University of Foreign Studies (South Korea) Presenter: Sol Kim - Hankuk University of Foreign Studies (South Korea) Discussant: Stephane Dang-Nguyen - Alef-servizi Spa (Italy)

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Paper: Estimation of Hedge Ratio: Wild Bootstrapping Approach Authors: Phong Minh Nguyen - La Trobe University (Australia) Jae H. Kim - La Trobe University (Australia) Darren Henry - La Trobe University (Australia) Presenter: Phong Minh Nguyen - La Trobe University (Australia) Discussant: Marketa Wolfe - Skidmore College (United States)

Paper: A Comparative Analysis of Corporate Failure Models Authors: Xinxin Shang - Macquarie University (Australia) Geoff Loudon - Macquarie University (Australia) Egon Kalotay - Macquarie University (Australia) Presenter: Xinxin Shang - Macquarie University (Australia) Discussant: Chris Henderson - Federal Reserve Bank of Philadelphia (United States)

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SESSION: 114 • CORPORATE FINANCE II Room: 214 • Date: 2016-07-30 • Time: 16:00-18:00 Chair: Yelena Larkin - York University (Canada)

Paper: Staggered Boards and the Value of Voting Rights Authors: Oguzhan Karakas - Boston College (United States) Mahdi Mohseni - Texas A&M University (United States) Presenter: Mahdi Mohseni - Texas A&M University (United States) Discussant: Dimitris Petmezas - University of Surrey (United Kingdom)

Paper: Application of the Concept of Actual Dividends in Project Finance Venture Valuation: Theoretical Over- view and Practical Implications Authors: Krzysztof Jackowicz - Kozminski University in Warsaw (Poland) Pawel Mielcarz - Kozminski University in Warsaw (Poland) Pawel Wnuczak - Kozminski University in Warsaw (Poland) Presenter: Pawel Wnuczak - Kozminski University (Poland) Discussant: Ji Wu - Southwestern University of Finance and Economics (China)

Paper: Earnings Announcements, Stock Price Reaction and Market Efficiency-The Case of Saudi Arabia Authors: Ali Murad Syed - University of Dammam (Saudi Arabia) Ishtiaq Ahmad Bajwa - University of Dammam (Saudi Arabia) Presenter: Ali Murad Syed - University of Dammam (Saudi Arabia) Discussant: Sangwon Suh - Chung-Ang University (South Korea) Paper: Climbing the Corporate Ladder: Whom Do Highly Skilled CEOs Work For? Authors: Jason Kotter - Penn State University (United States) Yelena Larkin - York University (Canada) Presenter: Yelena Larkin - York University (Canada) Discussant: Jefferson Duarte - Rice University (United States)

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SESSION: 115 • ASSET PRICING Room: C-06 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: Vasco Gabriel - University of Surrey (United Kingdom)

Paper: A Network Approach to Unravel Asset Prices Co-movements Using Minimal Dependence Structures Authors: Pablo J. C. de Carvalho - Rensselaer Polytechnic Institute (United States) Aparna Gupta - Rensselaer Polytechnic Institute (United States) Presenter: Aparna Gupta - Rensselaer Polytechnic Institute (United States) Discussant: Chiraz Labidi - United Arab Emirates University (United Arab Emirates)

Paper: Is there a Too-Big-to-Fail Discount in Excess Returns on German Banks’ Stocks? Authors: Thomas Nitschka - Swiss National Bank (Switzerland) Presenter: Thomas Nitschka - Swiss National Bank (Switzerland) Discussant: Richard Stehle - Humboldt University, Berlin (Germany)

Paper: Conditional Moment Restriction Estimation of Asset Pricing Models: Some Preliminary Results Authors: Luis Martins - ISCTE (Portugal) Vasco Gabriel - University of Surrey (United Kingdom) Marco Fernandes - ISCTE (Portugal) Presenter: Vasco Gabriel - University of Surrey (United Kingdom) Discussant: Yuting Meng - Florida State University (United States)

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SESSION: 116 • MERGER AND ACQUISITION Room: C-07 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: Lucia Gao - University of Massachusetts Boston (United States)

Paper: Difference in Political Ideology and Its Impact on Mergers and Acquisitions Authors: Dongnyoung Kim - Texas A&M University (United States) Angela Passarelli - College of Charleston (United States) Weishen Wang - College of Charleston (United States) Presenter: Weishen Wang - College of Charleston (United States) Discussant: Yelena Larkin - York University (Canada)

Paper: Identifying Wealth Transfer in M&A using Credit Default Swaps Authors: Benjamin Murray - The University of Sydney (Australia) Jiri Svec - The University of Sydney (Australia) Danika Wright - The University of Sydney (Australia) Presenter: Danika Wright - The University of Sydney (Australia) Discussant: Nikolaos Karampatsas - University of Surrey (United Kingdom)

Paper: Acquiring Social Value: Target Corporate Social Responsibility and Acquirer Performance Authors: Mine Ertugrul - University of Massachusetts Boston (United States) Lucia Gao - University of Massachusetts Boston (United States) Presenter: Lucia Gao - University of Massachusetts Boston (United States) Discussant: Aaron Gilbert - Auckland University of Technology (New Zealand)

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SESSION: 117 • LIQUIDITY AND ASSET PRICES Room: 107 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: David Feldman – University New South Wales (Australia)

Paper: is The Active Fund Management Industry Concentrated Enough? Authors: David Feldman - University New South Wales (Australia) Konark Saxena - University New South Wales (Australia) Jingrui Xu - University New South Wales (Australia) Presenter: David Feldman - University New South Wales (Australia) Discussant: M. Ishaq Bhatti - La Trobe University (Australia)

Paper: Does Liquidity Risk Premium Affect Optimal Portfolio Holdings of U.S Treasury Securities? Authors: Karoll Gomez - Universidad Nacional de Colombia (Colombia) Presenter: Karoll Gomez - Universidad Nacional de Colombia (Colombia) Discussant: Andrea Schertler - University of Lueneburg (Germany)

Paper: Bank regulation under fire sale externalities Authors: Gazi Kara - Federal Reserve Board (United States) Mehmet Ozsoy - Ozyegin University (Turkey) Presenter: Gazi Kara - Federal Reserve Board (United States) Discussant: Julian Ricardo Siri - UCEMA (Argentina)

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SESSION: 118 • BEHAVIORAL INVESTMENTS Room: 108 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: James O.G. Thewissen - Katholieke Universiteit Leuven (Belgium)

Paper: The First Cut is the Deepest: Stock Market Re-entry Decision and Hot Stove Effect Authors: Ozlem Arikan - University of Warwick (United Kingdom) Arie E. Gozluklu - Warwick Business School (United Kingdom) Gi H. Kim - University of Warwick (United Kingdom) Hiroaki Sakaguchi - University of Warwick (United Kingdom) Presenter: Arie E. Gozluklu - Warwick Business School (United Kingdom) Discussant: Vlado Kysucky - Shenzhen International Business School (China)

Paper: Jockeying for Position in CEO Letters: Impression Management and Sentiment Analytics Authors: Kris Boudt - Vrije Universiteit Brussel (Belgium) James O.G. Thewissen - Katholieke Universiteit Leuven (Belgium) Presenter: James O.G. Thewissen - Katholieke Universiteit Leuven (Belgium) Discussant: Mathieu Trepanier - SIAW - University of St.Gallen (Switzerland)

Paper: News Consumption: From Information to Returns Authors: Anastassia Fedyk - Harvard Business School (United States) Presenter: Anastassia Fedyk - Harvard Business School (United States) Discussant: Shixuan Wang - University of Birmingham (United Kingdom)

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SESSION: 119 • MARKET EFFICIENCY AND ANOMALIES Room: 203 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: Andreas Dietrich - Lucerne University of Applied Sciences (Switzerland)

Paper: Could the Extended Trading of CSI 300 Index Futures Facilitate its Role of Price Discovery? Authors: Sungbin Sohn - Peking University HSBC Business School (China) Xiaofeng Zhang - Helijin Technology Shanghai Ltd. (China) Presenter: Sungbin Sohn - Peking University HSBC Business School (China) Discussant: Muhammad Ali Nasir - Leeds Beckett University (United Kingdom)

Paper: What Drives the Interest Rates in the P2P Consumer Lending Market? Empirical Evidence from Swit- zerland Authors: Andreas Dietrich - Lucerne University of Applied Sciences (Switzerland) Reto Wernli - Lucerne University of Applied Sciences (Switzerland) Presenter: Andreas Dietrich - Lucerne University of Applied Sciences (Switzerland) Discussant: Krystallia Moysidou - University of Hamburg (Germany)

Paper: A Fundamental Bond Index Including Solvency Criteria Authors: Lauren Stagnol - Amundi Asset Management (France) Marielle de Jong - Amundi Asset Management (France) Presenter: Lauren Stagnol - EconomiX / Amundi Asset Management (France) Discussant: Guilherme Macedo - Federal University of Rio Grande do Sul (Brazil)

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SESSION: 120 • REGULATION OF DEPOSITORY INSTITUTIONS Room: 205 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: Xiaofeng Liu - Nankai University (China)

Paper: A Horserace or Boost In a Market Power? Banking Sector Competition After Foreign Bank Exits Authors: Aneta Hryckiewicz-Gontarczyk - Kozminski University (Poland) Lukasz Kozlowski - Kozminski University (Poland) Presenter: Aneta Hryckiewicz-Gontarczyk - Kozminski University (Poland) Discussant: Miguel A. Duran - University of Malaga (Spain)

Paper: The Effectiveness of Insider Trading Regulation and CEO Compensation: A Theoretical Model Authors: Xiaofeng Liu - Nankai Univeristy, Columbia University Visiting Scholar (China) Hua Cao - Nankai University, Columbia University Visiting Scholar (China) Presenter: Xiaofeng Liu - Nankai Univeristy, Columbia University Visiting Scholar (China) Discussant: Yang Bai - University of Edinburgh (United Kingdom)

Paper: Trader Compensation, Risk, and the Banking Labour Market Authors: Anton Van Boxtel - Institute for Advanced Studies (Austria) Presenter: Anton Van Boxtel - Institute for Advanced Studies (Austria) Discussant: Randy Beavers - Seattle Pacific University (United States)

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SESSION: 121 • BOND PRICING Room: 206 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: David Sun - Kainan University (Taiwan)

Paper: Indebted We Stand-Examining Debt Restructuring in a Currency Union Authors: David Sun - Kainan University (Taiwan) Presenter: David Sun - Kainan University (Taiwan) Discussant: Takeshi Kobayashi - Nagoya University Commerce and Business (Japan)

Paper: Dynamics of Bond Market During the EMU Crisis: Theoretical and Empirical Approaches in a Portfolio Framwork Authors: Franck Martin - University of Rennes 1 (France) Jiangxingyun Zhang - University of Rennes 1 (France) Presenter: Franck Martin - University of Rennes 1 (France) Discussant: Roberto De Santis - European Central Bank (Germany)

Paper: The Association between Corporate Bond Yields and Oil Returns Authors: Juan Huang - Temple University (United States) Elyas Elyasiani - Temple University (United States) Presenter: Juan Huang - Temple University (United States) Discussant: Yoon Shin - Loyola University Maryland (United States)

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SESSION: 122 • CAPITAL STRUCTURE AND COST OF CAPITAL Room: 207 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: Alberto Dell`Acqua - SDA Bocconi School of Management Milan (Italy)

Paper: Debt Specialization in Different Financial Systems Authors: Stefano Caselli - Bocconi University Milan (Italy) Alberto Dell’Acqua - SDA Bocconi School of Management Milan (Italy) Leonardo Etro - SDA Bocconi School of Management Milan (Italy) Emanuele Teti - SDA Bocconi School of Management Milan (Italy) Presenter: Alberto Dell`Acqua - SDA Bocconi School of Management Milan (Italy) Discussant: Alfonsina Iona - Queen Mary University of London (United Kingdom)

Paper: Uncertainty, Major Investments, and Capital Structure Dynamics Authors: Chang Y. Ha - HSBC Business School, Peking University (China) Hyun Joong Im - HSBC Business School, Peking University (China) Janghoon Shon - HSBC Business School, Peking University (China) Presenter: Chang Y. Ha - HSBC Business School, Peking University (China) Discussant: Raffaele Corvino - Cass Business School (United Kingdom)

Paper: Voluntary Disclosure and Market Competition: Theory and Evidence from The U.S. Services Sector Authors: Nathan Dong - Columbia University (United States) Eda Orhun - Zayed University Campus (United Arab Emirates) Presenter: Eda Orhun - Zayed University Campus (United Arab Emirates) Discussant: Anna Białek-Jaworska - Uniwersytet Warsawski (Poland)

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SESSION: 123 • BANKING AND FINANCIAL INSTITUTIONS Room: 208 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: Travis Selmier II - Indiana University (United States)

Paper: Social Capital and Folk-lending in China’s Hottest Financial Market Authors: W. Travis Selmier II - Indiana University (United States) Presenter: Travis Selmier II - Indiana University (United States) Discussant: Radoslav Raykov - Bank of Canada (Canada)

Paper: Systemic Risk and Systemic Importance: Differences, and Their Integration Within A Unique Frame- work (More Systemic More Risky?) Authors: Sergio Masciantonio - European Commission (Belgium) Andrea Zaghini - Banca d’Italia (Italy) Presenter: Andrea Zaghini - Banca Itali (Italy) Discussant: Claudia Champagne - Sherbrooke University (Canada)

Paper: How Does Bank Lending React to a Catastrophic Weather Event? Authors: Linh Nguyen - University of St Andrews (United Kingdom) John Wilson - University of St Andrews (United Kingdom) Presenter: Linh Nguyen - University of St Andrews (United Kingdom) Discussant: Leo de Haan - De Nederlandsche Bank (Netherlands)

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SESSION: 124 • CURRENCY MARKETS AND EXCHANGE RATES Room: 209 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: Beniamino Moro - University of Cagliari (Italy)

Paper: The European Crisis and the Accumulation of TARGET2 Imbalances Authors: Beniamino Moro - University of Cagliari (Italy) Presenter: Beniamino Moro - University of Cagliari (Italy) Discussant: Pierre Siklos - Wilfrid Laurier University (Canada)

Paper: An Empirical Analysis of Exchange Rate Dynamics and Pass-Through Effects on Domestic Prices in Ghana Authors: George Adu - Nordic Africa Institute, Uppsala University & KNUST (Sweden) Amin Karimu - Umea University (Sweden) Justice Tei Mensah - Swedish University of Agricultural Sciences, Uppsala (Sweden) Presenter: George Adu - Nordic Africa Institute, Uppsala University & KNUST (Sweden) Discussant: Guan Jun Wang - Savannah State University (United States)

Paper: Description of Carnot Cycle in the Financial Market Authors: Prabakaran Sellamuthu - Pondificia Universidad Javeriana Cali (Colombia) Presenter: Prabakaran Sellamuthu - Ponticifia Univesidad Javeriana Cali (Colombia) Discussant: S.S. Somra - University of Rajasthan Jaipur (India)

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Session: 125 • RISK MANAGEMENT Room: 210 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: Nicolas Aubert - Aix Marseille University and INSEEC Business School (France)

Paper: Welfare Costs of Oil Shocks Authors: Steffen Hitzemann - The Ohio State University (United States) Amir Yaron - University of Pennsylvania (United States) Presenter: Steffen Hitzemann - The Ohio State University (United States) Discussant: Gaia Barone - LUISS Guido Carli (Italy)

Paper: Do as I Say not as I do: How Much Risk the Bankers take with their Own Money? Authors: Yacine Bekrar - Toulon University (France) Nicolas Aubert - Aix Marseille University and INSEEC Business School (France) Thomas Rapp - Paris Descartes University and Harvard Harkness fellow (United States) Presenter: Nicolas Aubert - Aix Marseille University and INSEEC Business School (France) Discussant: Moustafa Abuelfadl - Ithaca College (United States)

Paper: Diversification Intensive of Risk Premia Authors: Vasilios Sogiakas - University of Glasgow (United Kingdom) Konstantinos Konstantaras - Heriot-Watt University (United Kingdom) Evangelos Vagenas-Nanos - University of Glasgow (United Kingdom) Presenter: Vasilios Sogiakas - University of Glasgow (United Kingdom) Discussant: Ursula Walther - Berlin School of Economics and Law (Germany)

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SESSION: 126 • CORPORATE FINANCE Room: 211 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: Berardino Palazzo - Boston University (United States)

Paper: How do Bankruptcy Systems Perform in Eastern Europe? Authors: Régis Blazy - University of Strasbourg (France) Nicolae Stef - University of Strasbourg (France) Presenter: Régis Blazy - University of Strasbourg (France) Discussant: Hanane Dakhli - Groupe ESC Troyes (France)

Paper: Firm Selection and Corporate Cash Holdings Authors: Berardino Palazzo - Boston University (United States) Begenau Juliane - Harvard Business School (United States) Presenter: Berardino Palazzo - Boston University (United States) Discussant: Viktoriya Staneva - Baruch College (United States)

Paper: Legal Shareholder Rights and Acquirer Returns Authors: Gishan Dissanaike - University of Cambridge (United Kingdom) Wolfgang Drobetz - Hamburg University (Germany) Peyman Momtaz - Hamburg University (Germany) Presenter: Wolfgang Drobetz - Hamburg University (Germany) Discussant: Nicolas Eugster - University of Fribourg (Switzerland)

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SESSION: 127 • CORPORATE GOVERNANCE AND AGENCY Room: 212 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: David-Jan Jansen - DNB (Netherlands)

Paper: Are Financial Regulators Insulated from Regulatory Capture ? Authors: Mathilde Poulain - University Paris 1 Panthéon-Sorbonne/ Labex ReFi (France) Presenter: Mathilde Poulain - University Paris 1 Panthéon-Sorbonne/ Labex ReFi (France) Discussant: Xiaoran Ni - University of Michigan (United States)

Paper: Do Managers of Cross-Listed Firms Listen To The Market In M&A Deals? Authors: Abed AL-Nasser Abdallah - American University of Sharjah (United Arab Emirates) Wissam Abdallah - Cardiff University (United Kingdom) Presenter: Wissam Abdallah - Cardiff University (United Kingdom) Discussant: Sapnoti Eswar - University of Cincinnati (United States)

Paper: Can Media Consumption Explain The Relationship Between Political Preferences and Households’ Views On Inflation? Authors: David-Jan Jansen - De Nederlandsche Bank (Netherlands) Matthias Neuenkirch - Trier University (Germany) Presenter: David-Jan Jansen - De Nederlandsche Bank (Netherlands) Discussant: Stefania Patrizia Sonia Rossi - University of Cagliari (Italy)

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SESSION: 128 • MARKET INTEGRATION, SEGMENTATION, AND EFFICIENCY Room: 213 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: J.B. Kim - Oklahoma State University (United States)

Paper: The CAPM Misspecification, Portfolio Sorts, and the Size Related Regularities Authors: Thiago de Oliveira Souza - University of Southern Denmark (Denmark) Presenter: Thiago de Oliveira Souza - University of Southern Denmark (Denmark) Discussant: Michael Donadelli - Goethe University Frankfurt (Germany)

Paper: Reconsidering Stock Markets, Banks, and Economic Growth: A System Approach Authors: Jaebeom Kim - Oklahoma State University (United States) Tolina Fufa - Oklahoma State University (United States) Presenter: Jaebeom Kim - Oklahoma State University (United States) Discussant: Kee-Hong Bae - York University (Canada)

Paper: Real Stock Prices and the Long-Run Money Demand in Saudi Arabia Authors: Saad Alnefaee - Saudi Electronic University (Saudi Arabia) Presenter: Saad Alnefaee - Saudi Electronic University (Saudi Arabia) Discussant: Claudia Williamson - Mississippi State University (United States)

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SESSION: 129 • INVESTMENTS Room: 214 • Date: 2016-07-31 • Time: 08:30-10:00 Chair: Matthew Darst - Federal Reserve Board of Governors (United States)

Paper: Do Fund Managers Herd Intentionally During Financial Crises? Evidence from Bulgaria Authors: Konstantinos Gavriilidis - University of Stirling (United Kingdom) Vasileios Kallinterakis - University of Liverpool (United Kingdom) Nikolay Yordanov - Ernst & Young (Bulgaria) Presenter: Konstantinos Gavriilidis - University of Stirling (United Kingdom) Discussant: Ivan Stetsyuk - Temple University (United States)

Paper: Competition and Frequency of Voluntary Disclosure by Mutual Funds Authors: Sitikantha Parida - Clark University (United States) Presenter: Sitikantha Parida - Clark University (United States) Discussant: Jerry Coakley - University of Essex (United Kingdom)

Paper: Protective Bond Covenants and Optimal Debt Liability Structure Authors: R. Matthew Darst - Federal Reserve Board of Governors (United States) Md. Ehraz Refayet - Department of Treasury, OCC (United States) Presenter: R. Matthew Darst - Federal Reserve Board of Governors (United States) Discussant: Giovanni Verga - University of Parma (Italy)

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SESSION: 130 • COFFEE BREAK Room: 105 and 106 • Date: 2016-07-31 • Time: 10:00-10:30

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SESSION: 131 • ASSET PRICING Room: C-06 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Lei Jiang - Tsinghua University (China)

Paper: Tis the Season! Mood-Based Cross-Sectional Return Seasonality Authors: David Hirshleifer - University of California at Irvine (United States) Danling Jiang - Florida State University (United States) Yuting Meng - Florida State University (United States) David Peterson - Florida State University (United States) Presenter: Yuting Meng - Florida State University (United States) Discussant: Diogo Duarte - Boston University (United States)

Paper: Recursive Preferences, Agent Heterogeneity and Wealth Dynamics Authors: Ole Wilms - University Zurich (Switzerland) Karl Schmedders - University Zurich (Switzerland) Walt Pohl - University of Zurich (Switzerland) Presenter: Walt Pohl - University of Zurich (Switzerland) Discussant: David Feldman – University of New South Wales (Australia)

Paper: Stock Return Asymmetry: Beyond Skewness Authors: Lei Jiang - Tsinghua University (China) Ke Wu - Renmin University of China (China) Guofu Zhou - University in St. Louis (United States) Yifeng Zhu - Emory University (United States) Presenter: Lei Jiang - Tsinghua University (China) Discussant: Christian Goulding - Michigan State University (United States)

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SESSION: 132 • FUTURES AND FORWARDS Room: C-07 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Peter Lerner - Wenzhou University (United States)

Paper: Commodities, Financialization, and Heterogeneous Agents Authors: Nicole Branger - University of Muenster (Germany) Patrick Grüning - Bank of Lithuania (Lithuania) Christian Schlag - Goethe University Frankfurt (Germany) Presenter: Patrick Grüning - Bank of Lithuania (Lithuania) Discussant: Juan Carlos Arismendi - University of Reading (United Kingdom)

Paper: Informational Criteria for Positive and Negative Bubbles: an Experiment in Forensic Finance. Authors: Peter Lerner - Wenzhou university (United States) Presenter: Peter Lerner - Wenzhou University (United States) Discussant: Kritika Mathur - Faculty of Management Studies (India)

Paper: On the Economic Sources of Commodity Market Volatility Authors: Marcel Prokopczuk - Leibniz University Hannover (Germany) Lazaros Symeonidis - University of East Anglia (United Kingdom) Presenter: Marcel Prokopczuk - Leibniz University Hannover (Germany) Discussant: Chi-Feng Tzeng - National Tsing Hua University (Taiwan)

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SESSION: 133 • BANKING AND FINANCIAL INSTITUTIONS Room: 107 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Svatopluk Kapounek - Mendel University in Brno (Czech Republic)

Paper: A Financial Distress Risk Model: The Case of Banking Industry Authors: Martin Leandro Dutto Giolongo - National University of Litoral (Argentina) Patricia Guadalupe Gomila - National University of Litoral (Argentina) Carlos Alberto Beltran - National University of Litoral (Argentina) Presenter: Martin Leandro Dutto Giolongo - National University of Litoral (Argentina) Discussant: Bernhard Kronfellner - The Boston Consulting Group (Austria)

Paper: Bank Lending Activities in the EU Countries: Difference Between Bank-based and Market-based Systems Authors: Svatopluk Kapounek - Mendel University in Brno (Czech Republic) Zuzana Kucerova - VSB-Technical University of Ostrava (Czech Republic) Presenter: Svatopluk Kapounek - Mendel University in Brno (Czech Republic) Discussant: Cristina Pereira - CEFAGE-UE, Universidade de Évora (Portugal)

Paper: Financing Channels, Monetary Policy and Bank-Characteristics: Evidence from Non-Interest Banking in Indonesia Authors: Muhamed Zulkhibri - Islamic Development Bank (Saudi Arabia) Raditya Sukmana - Universitas Airlangga (Indonesia) Presenter: Muhamed Zulkhibri - Islamic Development Bank (Saudi Arabia) Discussant: A.K.M. Rahman - North South University (Bangladesh)

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SESSION: 134 • MUTUAL FUNDS, CLOSED-END FUNDS, AND ETFS Room: 108 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Javier Pantoja - Universidad EAFIT (Colombia)

Paper: Risk, Competition and Efficiency: Evidence From The Chinese Banking Industry Authors: Yong Tan - University of Huddersfield (United Kingdom) Presenter: Yong Tan - University of Huddersfield (United Kingdom) Discussant: Anna Samarina - University of Groningen (Netherlands)

Paper: Colombia’s Central Bank Communications and The Financial System: A Content Analysis Approach Authors: Carlos Alberto Velasquez Restrepo - EAFIT University (Colombia) Javier Pantoja Robayo - EAFIT University (Colombia) Presenter: Javier Pantoja Robayo - EAFIT University (Colombia) Discussant: Sreejata Banerjee - Chennai Mathematical Institute (India)

Paper: Strategic Behavior of Informed Traders in Indian Equity Markets Authors: Sriram Kidambi Sridharan - Indian Institute of Technology Madras (India) Arun Kumar Gopalaswamy - Indian Institute of Technology Madras (India) Presenter: Kidambi Sridharan Sriram - Indian Institute of Technology Madras (India) Discussant: John Olukuru - Strathmore University (Kenya)

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SESSION: 135 • EMERGING MARKETS AND ADR’S Room: 203 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Xiuping Hua - University of Nottingham Ningbo China (China)

Paper: An Evaluation of Islamic Insurance: Case of Pakistan Authors: Muhammad Hanif - Bahria University (Pakistan) Abdullah Iqbal - Kent Business School (United Kingdom) Presenter: Muhammad Hanif - Bahria University (Pakistan) Discussant: Alireza Zarei - Sunway University Malaysia (Malaysia)

Paper: Financial Constraints, Government Subsidies, and Innovation: Evidence from the Chinese Automotive and Electronics Industries Authors: Xiuping Hua - Nottingham University Business School China (China) Xiaoquan Liu - Nottingham University Business School China (China) Miao Wang - Nottingham University Business School China (China) Presenter: Xiuping Hua - Nottingham University Business School China (China) Discussant: Nikolaos Loukeris - University of Macedonia (Greece)

Paper: Dynamic Spillovers between GCC and Global Markets: The Role of Economic Uncertainty Authors: Theo Berger - University of Bremen (Germany) Chiraz Labidi - United Arab Emirates University (United Arab Emirates) Gazi Salah Uddin - Linköping University (Sweden) Jonathan Siverskog - Linköping University (Sweden) Presenter: Chiraz Labidi - United Arab Emirates University (United Arab Emirates) Discussant: Simrit Kaur - University of Delhi (India)

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SESSION: 136 • INVESTMENTS Room: 205 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Yu-Chen Wei - National Kaohsiung First University of Science and Technology (Taiwan)

Paper: The Causal Impact of News Sentiment to Market Responses Authors: Wei Yu-Chen - National Kaohsiung First University of Science and Technology (Taiwan) Lu Yang-Cheng - Ming Chuan University (Taiwan) Yen-Ju Hsu - National Taiwan University (Taiwan) Presenter: Yen-Ju Hsu - National Taiwan University (Taiwan) Discussant: Nicolas Aubert - Aix Marseille University and Inseec Business School (France)

Paper: What Drives Sovereign Spreads in the Euro Area? The Importance of the Alignment of Views Between Investors and Policymakers. Authors: Renaud Beaupain - IESEG School of Management (France) Alexandre Girard - University of Namur (Belgium) Presenter: Alexandre Girard - University of Namur (Belgium) Discussant: Mahendra Pal - University of Delhi (India)

Paper: Local Religious Beliefs and Hedge Fund Risk-Taking Behaviors Authors: Lei Gao - Iowa State University (United States) Ying Wang - University at Albany – State University of New York (United States) Jing Zhao - North Carolina State University (United States) Presenter: Ying Wang - University at Albany – State University of New York (United States) Discussant: David Newton - Nottingham University (United Kingdom)

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SESSION: 137 • CORPORATE GOVERNANCE AND AGENCY Room: 206 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Aurobindo Ghosh - Singapore Management University (Singapore)

Paper: Executive Compensation and CSR: Does GP Matter? Authors: Collins E Okafor - North Carolina A&T State University (United States) Nacasisu U Ujah - University of Nebraska at Kearney (United States) Presenter: Collins E Okafor - North Carolina A&T State University (United States) Discussant: Gayle DeLong - Baruch College (United States)

Paper: Governance Matter: Morningstar Stewardship Grades and Mutual Fund Performance Authors: Ghosh Aurobindo - Singapore Management University (Singapore) Jerry Cao - Singapore Management University (Singapore) Jeremy Goh - Singapore Management University (Singapore) Wee Seng Ng - National University of Singapore (Singapore) Presenter: Aurobindo Ghosh - Singapore Management University (Singapore) Discussant: John Watson - Monash University (Australia)

Paper: Accounting audits: On financing risk in the presence of agency conflicts Authors: Beatriz Mariano - London School of Economics (United Kingdom) Presenter: Beatriz Mariano - London School of Economics (United Kingdom) Discussant: Mathilde Poulain - Labex ReFi (France)

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SESSION: 138 • MERGER AND ACQUISITION Room: 207 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Christos Mavis - Surrey Business School (United Kingdom)

Paper: Ownership Structure and Post-Acquisition Performance: Evidence from India Authors: Pradip Banerjee - Indian Institute of Management Indore (India) Soumen De - Menlo College (United States) Jan Jindra - The U.S. Securities and Exchange Commission (United States) Dima Leshchinskii - Menlo College (United States) Jayanta Mukhopadhyay - JD Birla Institute (India) Presenter: Dima Leshchinskii - Menlo College (United States) Discussant: Maximiliano Gonzalez - INALDE Business School (Colombia)

Paper: Has Takeover Regulation Altered Value Creation: Evidence from the European M&A Market Authors: Sapnoti Eswar - University of Cincinnati (United States) Presenter: Sapnoti Eswar - University of Cincinnati (United States) Discussant: Miroslav Mateev - American University in the Emirates (United Arab Emirates)

Paper: Does Firing a CEO Payoff? Authors: George Alexandridis - ICMA Centre, Henley Business School (United Kingdom) John Doukas - Old Dominion University (United States) Christos Mavis - Surrey Business School (United Kingdom) Presenter: Christos Mavis - Surrey Business School (United Kingdom) Discussant: Wolfgang Drobetz - Hamburg Univeristy (Germany)

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SESSION: 139 • INTERNATIONAL FINANCE Room: 208 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Pierre Siklos - Wilfrid Laurier University (Canada)

Paper: Special Drawing Rights – Stability Authors: Mario W. Cardullo - The Belfield Group, Inc. (United States) Presenter: Mario W. Cardullo - The Belfield Group, Inc. (United States) Discussant: Beniamino Moro - University of Cagliari (Italy)

Paper: Monetary Policy, Medium- and Long-term Yields at the Zero Lower Bound: International Evidence Authors: Pierre Siklos - Wilfrid Laurier University (Canada) Domenico Lombardi - Centre for International Governance Innovation (Canada) Samantha St. Amand - Centre for International Governance Innovation (Canada) Presenter: Pierre Siklos - Wilfrid Laurier University (Canada) Discussant: Kwaku Opong - University of Glasgow (United Kingdom)

Paper: Is Investors’ Pessimistic View Necessarily Detrimental To an Issuing Firm? Authors: Dong-Hyun Ahn - Seoul National University (South Korea) H. Henry Cao - Cheung Kong Graduate School of Business (China) Ji-Yeong Chung - Seoul National University (South Korea) Zhiwu Chen - Yale University (United States) Presenter: Ji-Yeong Chung - Seoul National University (South Korea) Discussant: Jongsub Lee - University of Florida (United States)

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SESSION: 140 • MARKET EFFICIENCY AND ANOMALIES Room: 209 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Henk Berkman - University of Auckland (New Zealand)

Paper: Personal Trading by Employees of Financial Institutions Authors: Henk Berkman - University of Auckland (New Zealand) Paul Koch - University of Kansa (United States) Peter Westerholm - University of Sydney (Australia) Presenter: Henk Berkman - University of Auckland (New Zealand) Discussant: Stephen Ong - Federal Reserve Bank of Cleveland (United States)

Paper: Access to Credit and Investment Decisions of SMEs in China: Size Matters Authors: Paulo Regis - Xi’an Jiaotong-Liverpool University (China) Presenter: Paulo Regis – Xi’an Jiaotong-Liverpool University (China) Discussant: Lourdes Torres - University of Zaragoza (Spain)

Paper: Equity Risk Factors and the Intertemporal CAPM Authors: Ilan Cooper - Norwegian Business School (BI) (Norway) Paulo Maio - Hanken School of Economics (Finland) Presenter: Paulo Maio - Hanken School of Economics (Finland) Discussant: Stephane Dubreuille - Neoma Business School (France)

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SESSION: 141 • PORTFOLIO MANAGEMENT AND PERFORMANCE EVALUATION Room: 210 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Hamza Bahaji - University of Paris Dauphine (France)

Paper: Enhanced Index Tracking with Cumulative Area Ratios Authors: Ephraim Clark - Middlesex University (United Kingdom) Nitin Deshmukh - Middlesex University (United Kingdom) Celal Barkan Güran - Istanbul Technical University (Turkey) Presenter: Ephraim Clark - Middlesex University (United Kingdom) Discussant: Maximilian Adelmann - Universtiy of Zurich (Switzerland)

Paper: How Rational Could VIX Investing Be? Authors: Hamza Bahaji - University of Paris Dauphine (France) Salah Abderkane - Bloomberg Financial Markets Ltd (United Kingdom) Presenter: Hamza Bahaji - University of Paris Dauphine (France) Discussant: Jr-Yan Wang - National Taiwan University (Taiwan)

Paper: Non-U.S. Multi-Factor Data Sets Should be Used with Caution Authors: Roman Brückner - Humboldt University (Germany) Patrick Lehmann - PwC (Germany) Martin H. Schmidt - Humboldt University (Germany) Richard Stehle - Humboldt University, Berlin (Germany) Presenter: Richard Stehle - Humboldt University, Berlin (Germany) Discussant: Zbigniew Drewniak - WSB University in Torun (Poland)

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SESSION: 142 • CORPORATE FINANCE Room: 211 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Amitabh Gupta - University of Delhi (India)

Paper: IPO Timing: An Option to Expand Authors: Hanane Dakhli - Champagne School of Management / University Paris 1 Panthéon Sorbonne (PRISM Sor- bonne) (France) Presenter: Hanane Dakhli - Champagne School of Management / University Paris 1 Panthéon Sorbonne (PRISM Sorbonne) (France) Discussant: Matthew Darst - Federal Reserve Board of Governors (United States)

Paper: Family Ownership and Firm Performance: Evidence from India Authors: Amitabh Gupta - University of Delhi (India) Tripti Nashier - University of Delhi (India) Presenter: Amitabh Gupta - University of Delhi (India) Discussant: Jimmy Saravia - EAFIT University (Colombia)

Paper: Do Intrinsic Values Calculated By Equity Valuation Models Reflect Correct Market Share Prices? Authors: John Hall - University of Pertoria (South Africa) Elda du Toit - University of Pretoria (South Africa) Munyaradzi Kafesu - University of Pretoria (South Africa) Presenter: Elda du Toit - University of Pretoria (South Africa) Discussant: Rodrigo Taborda - Universidad de Los Andes (Colombia)

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SESSION: 143 • BANKING II Room: 212 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Stephane Fourneaux - NEOMA Business School (France)

Paper: What Drives Heterogeneity of Cyclicality of Loan-Loss Provisions in the EU? Authors: Malgorzata Olszak - University of Warsaw (Poland) Mateusz Pipien - Cracow University of Economics (Poland) Sylwia Roszkowska - University of Lódziensis (Poland) Iwona Kowalska - University of Warsaw (Poland) Presenter: Malgorzata Olszak - University of Warsaw (Poland) Discussant: Diego Restrepo-Tobon - EAFIT University (Colombia)

Paper: When Time Is Not on Our Side: The Costs of Regulatory Forbearance in the Closure of Insolvent Banks Authors: Rebel Cole - DePaul University (United States) Lawrence White - Stern School of Business, New York University (United States) Presenter: Lawrence White - Stern School of Business, New York University (United States) Discussant: Stephane Fourneaux - NEOMA Business School (France)

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SESSION: 144 • CORPORATE FINANCE II Room: 213 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Ansgar Belke - University of Duisburg-Essen (Germany)

Paper: Do Share Issue Privatizations Really Improve Firm Performance in China? Authors: Bo Li - Shantou University (China) William Megginson - University of Oklahoma (United States) Zhe Shen - Xiamen University (China) Qian Sun - Fudan University (China) Presenter: William Megginson - University of Oklahoma (United States) Discussant: Hua Cao - Nankai University (China)

Paper: Individualism, Democracy, and Contract Enforcement Authors: Brandon Cline - Mississippi State University (United States) Claudia Williamson - Mississippi State University (United States) Presenter: Claudia Williamson - Mississippi State University (United States) Discussant: Ansgar Belke - University of Duisburg-Essen (Germany)

Paper: Family-run Firms: Growth and Financing Choices Authors: Antoine Renucci - Université de Pau et des Pays de l’Adour (France) Presenter: Antoine Renucci - Université de Pau et des Pays de l’Adour (France) Discussant: Viet Dang - University of Manchester (Vietnam)

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SESSION: 145 • CORPORATE GOVERNANCE AND AGENCY Room: 214 • Date: 2016-07-31 • Time: 10:30-12:00 Chair: Frederiek Schoubben - KU Leuven (University of Leuven) (Belgium)

Paper: Market Reaction To The Disclosure of Active Vs Passive Blockholders: Does the Purpose of Transaction Matter ? Authors: Simon Gueguen - University of Paris-Dauphine (France) Olivier Ramond - University of Paris-Dauphine (France) Presenter: Simon Gueguen - University of Paris Dauphine (France) Discussant: Frederiek Schoubben – K. University of Leuven (Belgium)

Paper: Busy Directors and Stock Price Synchronicity Authors: Yunsen Chen - Central University of Finance and Economics (China) Yao Lu - Tsinghua University (China) Dengjin Zheng - Tsinghua University (China) Presenter: Yao Lu - Tsinghua University (China) Discussant: Romain Boissin - University of Montpellier (France)

Paper: Republican Managers and Innovation Authors: Bader Alhashel - Kuwait Univesity (Kuwait) Mohammad Almarzouq - Kuwait University (Kuwait) Presenter: Bader Alhashel - Kuwait University (Kuwait) Discussant: Anastasiya Shamshur - University of East Anglia (United Kingdom)

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DETAIL ACADEMIC PROGRAM JULY 29 — 31, 2016

XX ⋅ Presenter | XX* ⋅ Discussant | XX** ⋅ Chair Last Name First Name Affiliation Country Session Abdallah Wissam Cardiff University United Kingdom 110*;127; Abuelfadl Moustafa Ithaca College United States 29; 29**; 125*; Adelmann Maximilian University of Zurich Switzerland 51; 141*; Adu George The Nordic Africa Institute Sweden 27*;124; Agudelo Diego A. Universidad EAFIT Colombia 43; 55**; 55*; Ahmed Neveen The American University in Cairo Egypt 51*;72; Al Nasseri Alya Brunel University United Kingdom 17*;44; Al-Tamimi Hussein University of Sharjah United Arab Emirates 81*;111; Al-Zoubi Haitham Alfaisal University Saudi Arabia 15; 90*; Alanis Emmanuel Texas State University United States 79; 79**; 91*; Alhashel Bader Kuwait University Kuwait 145; Ali Amal Dar Al-Hekma University Saudi Arabia Aljadani Abdussalam Montfort University United Kingdom 57; 112*; Almeida Lionel University Paris Ouest - EconomiX France 28; 86*; Alnefaee Saad Saudi Electronic University Saudi Arabia 72*;128; Altar Moisa Romanian-American University Romania 75*;95; Amar Moty Ono Academic Center Israel Ambrocio Gene Bank of Finland Finland 10; 39*; An Yunbi University of Windsor Canada 28*;86; 86**; Andersson Henrik Stockholm School of Economics Sweden 25*;41; Andrieu Guillaume Montpellier Business School France 16; 16**; 72*; Antill Samuel Stanford Graduate School of Business United States 67; 105*; Arakelyan Armen CNMV Spain 47*;100; Araujo Gustavo Central Bank of Brazil Brazil 15*;57; Ariff Mohamed University Putra Malasya Malaysia 98; 103*; Arismendi Juan Carlos University of Reading United Kingdom 113; 132*; Arnold Marc University of St. Galen Switzerland 24*;72; Ashraf Dawood Islamic Research & Training Institute Saudi Arabia 5*;29; 91; Athanassakos George University of Western Ontario Canada 41; 17*; Aix Marseille University and INSEEC Business Aubert Nicolas France 125; 125**; 136*; School Awoh Joy Anglia Ruskin University United Kingdom 33*; ESC Rennes School of Business & University of Aziz Saquib France 32**; 32*;108; Rennes 1 Bachvarov Petko IBM Bulgaria 32; Bae Kee-Hong York University Canada 41; 128*; Bahaji Hamza University of Paris Dauphine France 42*;141; 141**; Bai Yang University of Edinburgh United Kingdom 13; 120*; Banerjee Sreejata Chennai Mathematical Institute India 79; 134*; Barone Gaia LUISS Guido Carli Italy 73; 125*; Baschieri Giulia Ca’ Foscari University of Venice Italy 35; 51*; Beavers Randy Seattle Pacific University United States 64; 120*; Belke Ansgar University of Duisburg-Essen Germany 89; 144**; 144*; Berger Theo University of Bremen Germany 12*;45; Berkman Henk University of Auckland New Zealand 22*;140; 140**; Bernardi Daniele Diaman SCF Italy 56; 10*; Bhatti M. Ishaq La Trobe University Australia 59; 117*; Białek-Jaworska Anna University of Warsovia Poland 31; 122*;

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DETAIL ACADEMIC PROGRAM JULY 29 — 31, 2016

XX ⋅ Presenter | XX* ⋅ Discussant | XX** ⋅ Chair Last Name First Name Affiliation Country Session Biage Milton Universidade Federal de Santa Catarina Brazil 45*;63; Biger Nahum Carmel Academic Center - Haifa Israel 74; 74**; 88*; Bikker Jacob De Nederland Bank Netherlands 14; 39**; 39*; Blazy Régis University of Strasbourg France 39*; 126; Blomkvist Magnus Audencia Business School France 103; 64*; 64**; Boissin Romain University of Montpellier France 103; 103**; 145*; Bokpin Godfred University of Ghana Business School Ghana 42*; 105; Bolt Wilko De Nederlandsche Bank Netherlands 30; 71**; 71*; Brunnermeier Markus K. Princeton University United States Burnie David Western Michigan University United States 112; 112**; 86*; Cao Hua Nankai University China 144*; Cappelletti Giuseppe European Central Bank Germany 18*; 87; Cardona Magne Emilio UNIANDES Colombia 34; 55; 79*; Cardullo Mario Belfield Group United States 139; Cayon Edgardo CESA Business School Colombia 43; 43**; 63*; Champagne Claudia Sherbrooke University Canada 18; 123*; Chang Sanders University of Dayton United States 19; 19**; 47*; Chatt Robert Pennsylvania State University United States 13*;107; Williams Cheke Oritseweyinmi University of Kent United Kingdom Chen Guodong University of Michigan United States 32; 108*; Chen Rui Central University of Finance and Economics China 79*; 109; Chen Wenting Guangzhou University China 107; Cherif Mondher University of Rheims France 33*; Choi Youngmin Georgia Institute of Technology United States 19*;52; Chou Ming-Hsin National Taiwan University Taiwan 36; 36**; 38*; Chukwunyere Emeka Lawrence Coventry University United Kingdom 36*; Chung Ji Yeong Seoul National University South Korea 139; 16*; Cifarelli Giulio University of Florence Italy 53; 29*; Clark Ephraim Middlesex University United Kingdom 141; 63*; Coakley Jerry University of Essex United Kingdom 15**; 129*; Cohen Gil Carmel Academic Center Israel 56; 56**; 5*; Contreras Harold Warwick Business School United Kingdom 52*; Corvino Raffaele Cass Business School United Kingdom 25; 122*; Czerwonko Michal Concordia University Canada 96; 100*; Dakhli Hanane Groupe ESC Troyes France 142; 126*; Damianova Ekaterina Durham University United Kingdom 42; 105*; Danbolt Jo University of Edinburgh Busiuness School United Kingdom 28; 28**; 44*; Dandapani Krishnan Florida International University United States 33; 33**; 48*; Dang Viet University of Manchester Vietnam 69; 144*; Dang-Nguyen Stephane Alef-servizi spa Italy 90; 113*; Dapena Jose P Universidad del CEMA Argentina 70; 70**; 24*; Darst Matthew Federal Reserve Board of Governors United States 129; 129**; 142*; David Thomas Université Paris Dauphine France 69; 54*; de Haan Leo De Nederlandsche Bank Netherlands 7; 7**; 123*; De Santis Roberto European Central Bank Germany 31; 31**; 121*; Dell`Acqua Alberto SDA Bocconi School of Management Milan Italy 122; 122**; DeLong Gayle Baruch College United States 86; 137*;

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DETAIL ACADEMIC PROGRAM JULY 29 — 31, 2016

XX ⋅ Presenter | XX* ⋅ Discussant | XX** ⋅ Chair Last Name First Name Affiliation Country Session Detzel Andrew University of Denver United States 58; 58**; 22*; Dhankar Raj S. Ansal University India 34; 49*; Swiss Finance Institute and Ecole Polytechnique Dieler Tobias Switzerland 30; 30**; 76*; Fédérale de Lausanne Dietrich Andreas Lucerne University of Applied Sciences Switzerland 87*; 119; 119**; Dion Paul Queens University Canada 47; 103*; Donadelli Michael Goethe University Frankfurt Germany 128*; 38; Dranev Yury NRU Higher School of Economics Russia 19; 113*; Drewniak Zbigniew WSB University in Torun Poland 87; 87**; 141*; Drobetz Wolfgang Hamburg Univeristy Germany 126; 69; 69**; 138*; Du Ding Northern Arizona University United States 38; 57*; Du Liqun Peking University China 18; 18**; 98*; Duarte Diogo Boston University United States 96; 131*; Duarte Jefferson Rice University United States 50; 114*; Dubreuille Stephane NEOMA Business School France 140*; Colegio Universitario de Estudios Financieros Duca Eric Spain 86; 46*; (CUNEF) Dumrauf Guillermo Universidad del CEMA Argentina 47; 98**; 98*; Duran Miguel A. University of Malaga Spain 7; 120*; Dutto Giolongo Martin Leandro National University of Litoral Argentina 133; 71*; DuVal Charles Florida Southern College United States 26; 93*; Dziawgo Ewa Nicholas Copernicus University in Toruń, Poland Poland 15; 36*; Eswar Sapnoti University of Cincinnati United States 138; 127*; Eugster Nicolas University of Fribourg Switzerland 26; 126*; Faias Jose Universidade Católica Portuguesa Portugal 25; 25**; 11*; Fan John Hua Griffith University Australia 12; Fedyk Anastassia Harvard Business School United States 118; 30*; Feldman David University New South Wales Australia 117; 117**; 131*; Feng Yulin Stanford University United States 11; 55*; Feria-Dominguez José Manuel Pablo de Olavide University of Seville Spain 36; 18*; Fidrmuc Jana Warwick Business School United Kingdom 107; 107**; 13*; Fourneaux Stephane NEOMA Business School France 59; 143**; 143*; Foye James University of Ljubljana Slovenia 35; 66*; Fuertes Ana-Maria Cass Business School United Kingdom 12; 12**; 38*; Gabriel Vasco University of Surrey United Kingdom 115; 115**; 49*; Gantenbein Pascal University of Basel Switzerland 5; 5**; 26*; Gao Lucia University of Massachusetts Boston United States 116; 116**; 107*; Gavriilidis Konstantinos University of Stirling United Kingdom 129; 34*; Gemson Josephine Loyola Institute of Business Administration India 101; 31*; Gharghori Philip Monash University Australia 56; 6*; Ghitti Marco EDHEC Risk Institute - EUROPE United Kingdom 25; 88*; Ghosh Aurobindo Singapore Management University Singapore 137; 137**; 69*; Ghosh Dilip K. Rutgers University United States 109; Gilbert Aaron Auckland University of Technology New Zealand 28; 116*; Giofré Maela University of Turin Italy 105; 30*; Girard Alexandre University of Namur Belgium 136; 7*; Glambosky Mina City University of New York United States 85; 76*; Godfroid Cécile UMONS Belgium 85; 48*;

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DETAIL ACADEMIC PROGRAM JULY 29 — 31, 2016

XX ⋅ Presenter | XX* ⋅ Discussant | XX** ⋅ Chair Last Name First Name Affiliation Country Session Golec Joseph University of Connecticut United States 40**; Gomez Karoll Universidad Nacional de Colombia Colombia 117; 41*; Gomez-Puig Marta Universitat de Barcelona Spain 78; 23*; Gonzalez Maximiliano INALDE Business School Colombia 60; 138*; Goulding Christian Michigan State University United States 63; 63**; 131*; Goulet Clément Université Paris 1 / LabEx ReFi France 50; 19*; Gozluklu Arie Warwick Business School United Kingdom 63; 89*; 118; Grüning Patrick Bank of Lithuania Lithuania 106*;132; Gueguen Simon University of Paris Dauphine France 145; 59*; 59**; Guindy Mohamed Al Queens University Canada 17; 17**; 40*; Guo Tao William Paterson University United States 66; 73*; Gupta Neeraj Elon University United States 40; Gupta Amitabh University of Delhi India 142; 142**; 109*; Gupta Aparna Rensselaer Polytechnic Institute United States 6*; 52; 52**; 115; Gurny Martin Macquarie University Australia 108; 40*; Gurov Andrey American University in Bulgaria Bulgaria 111*; Ha Chang Y. HSBC Business School, Peking University China 122; Hanif Muhammad Bahria University Peru 135; Hasan Iftekhar Fordham School of Business United States Hashim Noor Lancaster University United Kingdom 23; 56*; Hauptmann Clarissa Maastricht University Netherlands 46; Haykir Ozkan University of Exeter United Kingdom 19; 94*; Henderson Chris Federal Reserve Bank of Philadelphia United States 98; 113**; 113*; Hernandez Lola De Nederlandsche Bank/ Dutch Central Bank Netherlands 16; 89*; Hernandez Hitzemann Steffen The Ohio State University United States 49*; 106; 125; Holod Dmytro Stony Brook University United States 81; 97*; Hong Liu University of Arkansas United States 24; 54*; Hryckiewicz- Aneta Kozminski University Poland 120; 95*; Gontarczyk Hsu Yen-Ju National Taiwan University Taiwan 136; 94*; Hua Xiuping University of Nottingham Ningbo China China 135; 135**; 80*; Huang Xin Federal Reserve Board United States 11; 11**; 109*; Huang Juan Temple University United States 121; Huang Alex National Chiao Tung University Taiwan 92; 92**; 52*; Huang MeiChi National Taipei University Taiwan 93; 93**; 32*; Huang Jun Shanghai University of Finance and Economics China 80; 80**; 26*; Huang Ruidi University of Illinois at Urbana-Champaign United States 64; 78*; Idier Julien Banque de France France 52; 10*; Iona Alfonsina Queen Mary University of London United Kingdom 47; 47**; 122*; Jackson David Carleton University Canada 22; 108*; Jagtiani Julapa Federal Reserve Bank of Philadelphia United States 71; 14**; 14*; Jankensgård Håkan Lund University Sweden 80; 97*; Jansen David-Jan De Nederlandsche Bank Netherlands 127; 127**; 28*; Jensen Bjarne Astrup Copenhagen Business School Denmark 34; 34**; 50*; Jiang Lei Tsinghua University China 131; 131**; 59*; Jimborean Ramona Banque de France France 78; 78**; 55*; Jimenez-Rodri- Enrique Pablo Olavide University of Seville Spain 87*; guez

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DETAIL ACADEMIC PROGRAM JULY 29 — 31, 2016

XX ⋅ Presenter | XX* ⋅ Discussant | XX** ⋅ Chair Last Name First Name Affiliation Country Session Jondeau Eric University of Lausanne Switzerland 105; 105**; 35*; Jones Edward Heriot-Watt University United Kingdom 26*; K. Rabi Teja Indian Institute of Technology India 77; 101*; Kaplan Todd University of Exeter United Kingdom 76; 108**; 108*; Kapounek Svatopluk Mendel University in Brno Czech Republic 133; 133**; 61*; Kara Gazi Federal Reserve Board United States 117; 56*; Karampatsas Nikolaos University of Surrey United Kingdom 116*; Kaur Simrit University of Delhi India 101; 135*; Keegan Jason Federal Reserve Bank of Philadelphia United States Khan Muhammad IQRA University Pakistan 94; 109*; Kim Sol Hankuk University of Foreign Studies South Korea 113; 12*; Kim J.B. Oklahoma State University United States 128; 128**; 32*; Klusak Patrycja Norwich Business School United Kingdom 81; 27*; Kobayashi Takeshi Nagoya University Commerce and Business Japan 72; 72**; 121*; Kosenko Konstantin Bank of Israel Israel 110; 50*; Kozubovska Mariolia Glasgow University United Kingdom Krali Mario Technical University of Munich Germany 11; 70*; Kroll Yoram Ono academic College (OAC) Israel 44; 44**; 92*; Kronfellner Bernhard The Boston Consulting Group Austria 14; 133*; Kurov Alexander West Virginia University United States 23; 23**; 94*; Kuttu Saint University of Ghana Ghana 27; 40*; Kysucky Vlado Shenzhen International Business School China 39; 118*; Labidi Chiraz United Arab Emirates University United Arab Emirates 135; 115*; Lambert Marie University of Liege, HEC Belgium 6; 6**; 70*; Lapteacru Ion University of Bordeaux France 53; 53**; 30*; Lara-Rubio Juan University of Granada Spain 104; 88*; Larkin Yelena York University Canada 114; 114**; 116*; Lazos Aristogenis University of Essex United Kingdom 15; 67*; Lee Kuan-Hui Seoul National University South Korea 45; 45**; 59*; Lee Jongsub University of Florida United States 77; 77**; 139*; Lerner Peter Wenzhou university United States 132; 132**; 62*; Leshchinskii Dima Menlo College United States 138; 103*; Lin Jerchern The State University of New York (SUNY) United States 100; 100**; 58*; Liu Yue University of Edinburgh (Business School) United Kingdom 13; 13**; 97*; Liu Lu Stockholm Business School Sweden 75; 65**; 65*; Liu Xiaofeng Nankai University China 120; 120**; 80*; Liu MIngming China University of Petroleum-Beijing China 101*; Lok U Hou National Taiwan University Taiwan 54; 22*; Loukeris Nikolaos University of Macedonia Greece 17; 135*; Lu Yao Tsinghua University China 5; 46*;145; Macedo Guilherme Federal University of Rio Grande do Sul Brazil 58; 119*; Maddaloni Angela European Central Bank Germany 41; 41**; 23*; Maio Paulo Hanken School of Economics Finland 49; 49**; 57*;140; Makina Daniel University of South Africa South Africa 61; 61**; 48*; Makinen Mikko Bank of Finland Finland 85; 85**; 74*; Manso Sandra World Finance Conference Portugal Mantovani Guido Ca Foscari University Italy 40; 77*;110;

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DETAIL ACADEMIC PROGRAM JULY 29 — 31, 2016

XX ⋅ Presenter | XX* ⋅ Discussant | XX** ⋅ Chair Last Name First Name Affiliation Country Session Mare Davide Salvatore University of Edinburgh Business School United Kingdom 108; 85*; Marhfor Ahmed Université du Québec en Abitibi-Témiscamingue Canada 74; 96*; Mariano Beatriz London School of Economics United Kingdom 137; 74*; Marsal Ales Charles University Czech Republic 90; 72*; Martin Franck Université de Rennes 1 France 121; 73*; Mascia Danilo Valerio University of Cagliari Italy 104; 104**; 86*; Mateev Miroslav American University in the Emirates United Arab Emirates 97; 138*; Matemilola Bolaji Tunde University Putra Malaysia Malaysia 40; 67*; Mathur Kritika Faculty of Management Studies India 95; 132*; Mavis Christos Surrey Business School United Kingdom 138; 138**; 46*; Mavruk Taylan University of Gothenburg, Sweden Sweden 91; 105*; Mear Fred De Montfort University United Kingdom 78*; Medina Leandro International Monetary Fund United States 8; 8**; 47*; Megginson William L University of Oklahoma United States 5*;35; 144; 35**; Mehmood Rashid State Bank of Pakistan Pakistan 48; 48**; 33*; Mellado-Cid Cristhian Uiversidad Católica de la Santísima Concepcion Chile 8; 43*; Meng Yuting Florida State University United States 131; 115*; National Research University Higher School of Mikova Evgeniia Russia 6; 82*; Economics Mistrulli Paolo Bank of Italy Italy 67*; 67**; Mohanty Sunil Brooklyn College-CUNY United States 14; 76*; Mohseni Mahdi Texas A&M University United States 114; 7*; Morana Claudio Università di Milano-Bicocca Italy 22; 22**; 82*; Moritzen Mark Raun University of Southern Denmark Denmark 24; 69*; Moro Beniamino University of Cagliari Italy 124; 124**; 139*; Moro Alessio University of Cagliari Italy 87; 107*; Moysidou Krystallia University of Hamburg Germany 40; 119*; Naimy Viviane Y. Notre Dame University Lebanon 70; 106*; Nasir Muhammad Ali Leeds Beckett University United Kingdom 29; 119*; Neumann John St. Johns University United States 92; 34*; Newton David Nottingham University United Kingdom 136*; Nguyen Linh University of St Andrews United Kingdom 123; 61*; Nguyen Phong Minh La Trobe University Australia 113; Ni Xiaoran University of Michigan United States 5; 127*; Nitschka Thomas Swiss National Bank Switzerland 115; 92*; Nopp Clemens The Boston Consulting Group (Austria) GmbH Austria Oet Mikhail Federal Reserve Bank of Cleveland United States 50; 50**; 62*; Kwame Nkrumah University of science and Ofori-Abebrese Grace Ghana 48; 31*; Technology Ogane Yuta Nagoya University Japan 39; 81*; Oikonomou Ioannis ICMA Centre, University of Reading United Kingdom 9; 112*; Okafor Collins North Carolina A&T State University United States 137; 91*; Olszak Malgorzata University of Warsaw Poland 143; 18*; Olszak Marcin University of Warsaw, Centre for Europe Poland Olukuru John Strathmore University Kenya 79; 134*;102; 66*; Ong Stephen Federal Reserve Bank of Cleveland United States 81; 81**; 140*; Opong Kwaku University of Glasgow United Kingdom 89; 89**; 139*; Orhun Eda Zayed University Campus United Arab Emirates 122; 64*;

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DETAIL ACADEMIC PROGRAM JULY 29 — 31, 2016

XX ⋅ Presenter | XX* ⋅ Discussant | XX** ⋅ Chair Last Name First Name Affiliation Country Session Osiichuk Dmytro Kozminski University Poland 47; 16*; Ouesleti Bilel Enda inter-arabe Tunisia 16; 29*; Owoundi Ferdinand University of Poitiers France 89; 65*; Oxelheim Lars Lund University Sweden 95; 95**; 45*; Pal Mahendra University of Delhi India 98; 136*; Palazzo Berardino Boston University United States 126; 126**; 25*; Pan Carrie Santa Clara University United States Panos Georgios University of Glasgow United Kingdom 17; 44*; Pantoja Javier Universidad EAFIT Colombia 134; 134**; 79*; Parida Sitikantha Clark University United States 129; 19*; Park Kyung Suh Korea University South Korea 82; 82**; 41*; Pauls Thomas University of Giessen Germany 30; 17*; Pedrono Justine GREQAM AMSE France 52*; Pereira Cristina CEFAGE-UE, Universidade de Évora Portugal 53; 133*; Peters Ryan Wharton - UPenn United States 54; 28*; Petmezas Dimitris University of Surrey United Kingdom 13; 26; 26**; 114*; Piccotti Louis University at Albany and State University of New York United States 49; 63*; Pina Vicente University of Zaragoza Spain 88; 74*; Pohl Walt University of Zurich Switzerland 131; 12*; Poletti-Hughes Jannine University of Liverpool Management School United Kingdom 60; 46*; Posedel Šimović Petra Zagreb School of Economics and Management Croatia 106; 43*; Poulain Mathilde Labex ReFi France 127; 137*; Pozzi Lorenzo Erasmus University Rotterdam Netherlands 57; 57**; 75*; Prokopczuk Marcel Leibniz University Hannover Germany 35*;58; 102; 132; Qiao Xiao University of Chicago Booth School of Business United States 70; 58*; Rahman A.K.M. North South University Bangladesh 61; 133*; Rakotondratsimba Yves ECE Paris France 102; 102**; 15*; Ramirez Martinez Celeste Karen Universidad Nacional Autonoma De Mexico Mexico 55; 92*; Rauf Sundas University of Central Punjab Pakistan 97**; 111*; Ray Suparna Exeter Business School United Kingdom 78; 64*; Raykov Radoslav Bank of Canada Canada 73; 73**; 123*; Ready Robert University of Rochester United States 82; 89*; Reeg Johannes Uni Wuerzburg Germany 14*; Regis Paulo Xi an Jiaotong - Liverpool University China 140; 104*; Reichenecker Jurij-Andrei University of Liechtenstein Liechtenstein 38*; Renucci Antoine Université de Pau France 144; 69*; Restrepo-Tobon Diego Uviersidad EAFIT Colombia 33; 48; 143*; Rijsbergen David De Nederlandsche Bank Netherlands 22; 73*; Rojo Claudio Antonio UNIOESTE Brazil 75*; 9; Rossi Stefania University of Cagliari Italy 127*; Roudaut Gwenael Ecole Polytechnique France 80; 109*; Saboleh Abraham Tom Electricity Distribution and Supply Authority Sierra Leone Saerens Matthias KU Leuven Belgium 50; 23*; Saglam Necdet Anadolu University Turkey 112; Salganik-Shoshan Galla Ben-Gurion University of the Negev Israel 9; 50*; 9**; Samarina Anna University of Groningen Netherlands 71; 134*; San Martin Pablo Universidad Católica de la Santísima Concepcion Chile 27*;

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DETAIL ACADEMIC PROGRAM JULY 29 — 31, 2016

XX ⋅ Presenter | XX* ⋅ Discussant | XX** ⋅ Chair Last Name First Name Affiliation Country Session Saona Paolo Saint Louis University Spain 46; 46**; 110*; Saravia Diego Central Bank of Chile Chile 65; 8*; Saravia Jimmy EAFIT University Colombia 46; 142*; Scarpelli Dominic Palgrave Macmillan United States Schairer Marlis University of Hohenheim Germany 7; 85*; Schertler Andrea University of Lueneburg Germany 51; 117*; Schober Peter Goethe University Frankfurt Germany 42; 100*; Scholz Peter Hamburg School of Business Administration Germany 10; 111; 111**; 96*; Schoubben Frederiek KU Leuven Belgium 74; 145**; 145*; Sellamuthu Prabakaran Ponticifia Univesidad Javeriana Cali Colombia 124; 15*; Selmier II Travis Indiana University United States 123; 123**; 10*; Sen Kaustav Pace University United States 43; 95*; Shah Anand Tata Consultancy Services (TCS) India 36; 87*; Shamshur Anastasiya University of East Anglia United Kingdom 112; 145*; Shang Xinxin Macquarie University Australia 113; 98*; Sherry Alok National Institute of Financial Managament India 67; 102*; Shin Yoon Loyola University Maryland United States 90; 90**; 121*; Shitole Ganapatrao SNDT Arts and Commerce College for Women India 97; 77*; Siklos Pierre Wilfrid Laurier University Canada 139; 139**; 124*; Siri Julian Ricardo Universidad UCEMA Argentina 117*; Sogiakas Vasilios University of Glasgow United Kingdom 125; 14*; Sohn Wook Bank of Korea Economic Research Institute South Korea 94; 94**; 7*; Sohn Sungbin Peking University HSBC Business School China 119; 41*; Somra S.S. University of Rajasthan Jaipur India 33; 124*; Song Garrison Mount St. Joseph University United States 93; 9*; Souza Thiago University of Southern Denmark Denmark 128; 82*; Spiropoulos Helen University of Technology Sydney Australia 91; 91**; 45*; Sriram Kidambi Sridharan India Institute of Mangement, Madras India 134; 58*; Stagnol Lauren EconomiX / Amundi France 119; 100*; Staneva Viktoriya Baruch College United States 64; 126*; Stathopoulos Konstantinos Manchester Business School United Kingdom 60; 60**; 107*; Stehle Richard Humboldt University Germany 141; 115*; Steiner Peter University of Graz Austria Stetsyuk Ivan Temple University United States 93; 129*; Stralla Markus University of Wuerzburg Germany 61; 111*; Strauss Jack University of Denver United States 96**; 96*; Strocher Derek Calvert Social Investment Foundation, Inc. United States 112*; Stulz René Ohio State University United States Subramanian Ulaganathan Universiti Teknologi Brunei Brunei 67; Suh Sangwon Chung-Ang University South Korea 114*; Sukmana Raditya Universitas Airlangga Indonesia 48*; Sun David Kainan University Taiwan 121; 121**; 57*; Syed Ali Murad University of Dammam Saudi Arabia 114; 50*; Taborda Rodrigo Universidad de Los Andes Colombia 46; 142*; Tan Yong University of Huddersfield United Kingdom 134; 61*; Tandon Deepak International Management Institute India 18; 65*; Tauchen George Duke University United States 42; 42**; 31*;

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DETAIL ACADEMIC PROGRAM JULY 29 — 31, 2016

XX ⋅ Presenter | XX* ⋅ Discussant | XX** ⋅ Chair Last Name First Name Affiliation Country Session ter Ellen Saskia Norges Bank Norway 27; 27**; 41*; Thewissen James O.G. Katholieke Universiteit Leuven Belgium 118; 118**; 60*; Thi Dieu Huyen Le Banking Academy of Vietnam Vietnam 92; 42*; Toit Elda University of Pretoria South Africa 142; 36*; Torregrosa Rocio Springer Verlag GmbH Germany Torres Lourdes University of Zaragoza Spain 140*; Trepanier Mathieu SIAW - HSG Switzerland 100; 118*; Tribo Josep A. Universidad Carlos III Spain 110; 110**; 60*; Tripathi Vanita University of Delhi India 66; 66**; 51; 95*; Tzeng Chi-Feng National Tsing Hua University Taiwan 62; 132*; Uluc Arzu Bank of England United Kingdom 48; 110*; Ushijima Tatsuo Keio University Japan 107; 13*; Valencia Humberto EGADE Business School Mexico 109; 109**; 60*; Van Boxtel Anton Institute for Advanced Studies Austria 120; 11*; Van Oord Arco De Nederlandsche Bank Netherlands 73; 9*; Vanacker Tom Ghent University Belgium 104; 25*; Vasic Dina Zagreb School of Economics and Management Croatia 103; 53*; Veller Andrea Cà Foscari University Italy 111; 71*; Verga Giovanni University of Parma Italy 39; 129*; Vermeulen Robert De Nederlandsche Bank Netherlands 55; 51**; 51*; Vieito João Paulo Polytechnic Institute of Viana do Castelo Portugal 23; Vij Madhu University of Delhi India 32; 106*; Villar Burke Javier Universidade de Santiago de Compostela Spain 76; 53*; Viswanath Plachikkat Pace University United States 8; 43*; Vlahu Razvan Dutch Central Bank Netherlands 88; 88**; 53*; Vo Dan Hieu Hartwick College United States 77; 104*; Volonté Christophe University of Basel Switzerland 44; 77*; Von Natalja Deutsche Bundesbank Germany 76; 76**; 85*; Westernhagen Vu Le La Trobe University Australia 109; 8*; Walther Ursula Berlin School of Economics and Law Germany 125*; Wang Shixuan University of Birmingham United Kingdom 82; 118*; Wang Yun-Yi Feng Chia University Taiwan 62; 29*; Wang Jin Ying Ming Chuan University Taiwan 45; 91*; Wang Xiang The University of Nottingham United Kingdom 88; 107*; Wang Jr-Yan National Taiwan University Taiwan 62; 62**; 141*; Wang Guan Jun Savannah State University United States 27; 124*; Wang Junbo Louisiana State University United States 49; 93*; Wang Weishen College of Charleston United States 116; 112*; Wang Tao City University of New York United States 10; 10**; 44*; Wang Ying University at Albany - SUNY United States 136; 34*; Wang Min Xian Jiaotong-Liverpool University China 47*; Wang Jinghua Stockton University United States 66; 104*; Watson John Monash University Australia 59; 137*; National Kaohsiung First University of Science and Wei Yu-Chen Taiwan 136**; 9*; Technology Werner Thomas University of Paderborn Germany Whitby Ryan Utah State University United States 38; 38**; 8*;

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DETAIL ACADEMIC PROGRAM JULY 29 — 31, 2016

XX ⋅ Presenter | XX* ⋅ Discussant | XX** ⋅ Chair Last Name First Name Affiliation Country Session White Lawrence New York University –Stern School of Business United States 143; 81*; Williams Tomas Universitat Pompeu Fabra Spain 71; 16*; Williamson Claudia Mississippi State University United States 144; 128*; Wnuczak Pawel Kozminski University Poland 114; 43*; Wolfe Marketa Skidmore College United States 12; 113*; Wright Danika The University of Sydney Australia 116; 93*; Wynter Loren University of Kent United Kingdom Wu Jian NEOMA Business School France 24; 24**; 70*; Wu Ji Southwestern University of Finance and Economics China 43; 114*; Xu Jingrui University of New South Wales Australia 66*; Xue Qing China University of Petroleum-Beijing China 97; 56*; Yao Xingzhi Lancaster University United Kingdom 75; 75**; 102*; Yoo Woongsun Saginaw Valley State University United States 31; 62*; Yuan Xiaojing University of Massachusetts Lowell United States 112; 80*; Zaghini Andrea Banca Itali Italy 75; 90*;123; Zarei Alireza Sunway University Malaysia Malaysia 65; 135*; Zeng Yeqin ICMA Centre, University of Reading United Kingdom 54; 54**; 24*; Zenios Stavros University of Cyprus Cyprus 106; 106**; 11*; Zerihun Mulatu Fekadu Tshwane University of Technology South Africa 65; 90*; Zhan Feng John Carroll University United States 96; 54*; Zhang Xueyong Central University of Finance and Economics China 101; 101**; 35*; Zhang Jiangxingyun University of Rennes 1 France 102*; Zhong Xiao University of Utah United States 94; 40*; Zhu Nanjun Peking University China 101*; Zulkhibri Muhamed Islamic Development Bank Saudi Arabia 133; 78*;

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Partners

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Livro cs6_V28.indd 103 15/07/16 10:45 WOrldFinanceConference SEE YOU IN Sardinia, Italy 26 — 28 ⋅ JULY ⋅ 2017

SEE YOU IN Bangkok, Thailand 14 — 15 ⋅ DECEMBER ⋅ 2017

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