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III World Finance Conference Rio de Janeiro July 2 - 4, 2012 WORLD FINANCE CONFERENCE WELCOME ADDRESS I'm delighted to welcome you to the III World Finance Conference in Rio de Janeiro. We are blessed with an excellent programme. The aim of the Conference is to establish a high quality discussion forum in all finance subjects, for the academics, professional society and praconers. The conference will provide the opportunity to present research work in the field of all finance areas. The program is structured in 38 themac areas composed by high quality papers from researchers from all over the world. My sincere thanks to all presenters and discussants who will be aending the conference. I would like to invite all parcipants to enjoy Rio de Janeiro , and parcipate acvely in this high quality conference. We have made a great effort to make this a truly remarkable event and we are now starng to work on the IV World Finance Conference that will take place in the first week of July 2013 in Cyprus. You are also invited to submit papers to this Conference aer July 2012. Enjoy the conference and also the amazing city of Rio de Janeiro. João Paulo Vieito Chairman 2 SCIENTIFIC COMMITEE (Alphabetical Order) Chairman: João Paulo Vieito Polytechnic Instute of Viana do Castelo Portugal Almir Ferreira de Sousa Ike Mathur São Paulo University, Brazil Southern Illinois University, USA Bhagwan Chowdhry James R. Lothian Indian School of Business and University of Fordham University, USA California at Los Angeles (UCLA), USA Jonathan Karpoff Carlos P. Maquieira University of Washington, USA Universidad Santo Tomás, Chile Lars Oxelheim Carlos Pombo Lund University, Sweden Universidad de los Andes, Colombia Lloyd P. Blenman Chrisan Wolff University of North Carolina‐Charloe, USA University of Luxembourg, Luxemburg Lorenzo Preve Cynthia J. Campbell IAE Business School, Universidad Austral in Iowa State University, USA Buenos Aires, Argenna David DING Michael Brennan Massey University, New Zealand University of California at Los Angeles Dilip K. Ghosh (UCLA), USA American University; Cairo, Egypt Mohamed Ariff Douglas T. Breeden Bond University, Australia Duke University and Massachuses Instute of Nicholas Apergis Tech‐ University of Piraeus, Greece nology, USA Paul B. McGuinness Eduardo S. Schwartz Chinese University of Hong Kong, Hong Kong University of California at Los Angeles (UCLA), USA Raman Uppal Fariborz Moshirian EDHEC Business School, France University of New South Wales, Australia Ramazan Gençay Finn Østrup Simon Fraser University, Canada Copenhagen Business School, Denmark René Stulz Franklin Allen Ohio State University, USA The Wharton School, University of Richard Brealey Pennsylvania London Business School, United Kingdom Giorgio Valente Robert Faff University of Leicester, UK Queensland Business School, Australia Gonzalo Cortazar Ron Giammarino Ponficia Universidad Católica de Chile, Chile University of Brish Columbia, Canada Hideaki Kato Sankar De Nagoya University, Japan Indian School Business, India Huining Henry Cao Usha Mioo Cheung Kong Graduate School of Business, University of Manitoba, Canada China Wayne Ferson Ian Cooper University of Southern California., USA London Business School, United Kingdom Yong H. Kim University of Cincinna, USA WORLD FINANCE CONFERENCE 3 TIMETABLE 4 Room Room Room Room Room Room Room Room Room Room Room 1 2 3 4 5 6 7 8 9 10 11 Portfolio Executive Market Management Corporate Banking and 15:00 ‐ 16:30 Depository Compensa‐ Efficiency and Perfor‐ Governance Asset Pricing Investments Financial Corporate Risk Institutions tion And mance evalu‐ and Agency Institutions Finance Management Anomalies ation July 02 Coffee Break Banking and Corporate Financial Trading Costs Bankruptcy Market Corporate Risk Executive 17:00 ‐ 18:30 Governance Institutions and Market and Financial Efficiency and Asset Pricing Investments Finance Management Compensation and Agency Structure Distress Anomalies TIMETABLE Room Room Room Room Room Room Room Room Room Room Room 1 2 3 4 5 6 7 8 9 10 11 Corporate Bankruptcy and Market Banking and Credit 09:00 ‐ Governance Capital struc‐ Risk Manage‐ Financial Dis‐ Asset Corporate Efficiency and Financial Supply and 10:30 and Agency ture and Cost Investments ment tress Allocation Finance Anomalies Institutions Banking of Capital Coffee Break WORLD Small Regulation of Currency Emerging Executive 11:00 ‐ Corporate Business Depository Depository Liquidity and Markets and Markets Compensa‐ 12:30 Institutions Asset Prices Exchange Corporate tion Governance Finance Investments Institutions Rates Finance Finance July 03 and Agency FINANCE Lunch CONFERENCE Currency Mutual Order Flow Corporate Banking and 14:30 – Markets and Small Business Risk Manage‐ Dividend and Funds,Closed‐ Financial 16:00 Exchange Finance ment Payout Policy Bond Pricing Asset Pricing End Funds, and and Market Governance Investments Institutions Rates ETFs Dynamics and Agency Coffee Break Currency Risk Measures HedgeFunds, 16:30 ‐ Markets and Merger and and Asset Pric‐ Corporate Market Reits and Valuation 18:00 Exchange Acquisition es International Finance Microstructure Alternative Investments and Rates Finance Investments Investments Gala Dinner 5 TIMETABLE 6 Room Room Room Room Room Room Room Room Room Room Room 1 2 3 4 5 6 7 8 9 10 11 Banking Capital Market Corporate Market Emerging Risk and 09:00 – Corporate structure and Efficiency and Equity Governance and Asset Pricing Foreign Direct Microstruc‐ Markets Manage‐ Financial 10:30 Finance Cost of Anomalies Valuation Agency Investment ture Finance ment Institu‐ Capital tions July 04 Coffee Break Portfolio Capital struc‐ Capital Budg‐ Management Corporate Asset Pric‐ 11:00 – ture and Cost eting and Real and Perfor‐ International Corporate Governance and Investments Interna‐ ing and 12:30 of Finance Finance tional Cor‐ Efficiency Capital Options mance Agency porate Evaluation Finance OPENING SESSION - July 02 CEASAR HOTEL ‐ AUDITORIUM 13.30—14.30h In what Form will the Eurozone Emerge from the Crisis? Nippon Life Professor of Finance and Professor of Economics Wharton School of the University of Pennsylvania Franklin Allen is the Nippon Life Professor of Finance and Professor of Economics at the Wharton School of the Uni- versity of Pennsylvania. He has been on the faculty since 1980. He is currently Co-Director of the Wharton Financial Institutions Center. He was formerly Vice Dean and Director of Wharton Doctoral Programs and Executive Editor of the Review of Financial Studies, one of the leading academic finance journals. He is a past President of the American Finance Association, the Western Finance Association, the Society for Financial Studies, and the Financial Interme- diation Research Society. He received his doctorate from Oxford University. Dr. Allen's main areas of interest are corporate finance, asset pricing, financial innovation, comparative financial systems, and financial crises. He is a co- author with Richard Brealey and Stewart Myers of the eighth through tenth editions of the textbook Principles of Cor- porate Finance. WORLD FINANCE CONFERENCE 7 DETAIL ACADEMIC PROGRAM - July 02 Session 1: Opening Session - Keynote Speaker - Franklin Allen Room: Caesars Park Ipanema Hotel Date/Time: 2012-07-02-13:30 14:15 ____________________________________________________________________________________ Session 2: Corporate Governance and Agency Room: Room 5 Date/Time: 2012-07-02-15:00 16:30 Chair: James Ang - Florida State University (United States) Paper: The Role of Technological Synergy in Mergers and Acquisitions Authors: James Ang - Florida State University (United States) Chaopeng Wu - Xiamen University (China) Presenter: James Ang - Florida State University (United States) Discussant: Martin Cherkes - Columbia Business School (United States) Paper: Managed Distribution Policies in Closed-End Funds and Shareholder Activism Authors: Martin Cherkes - Columbia University (United States) Presenter: Martin Cherkes - Columbia Business School (United States) Discussant: Shengping Zhang - Guanghua School of Management, Peking University (China) Paper: A Model of Endogenous Cross-Holdings in Oligopoly Authors: Cheng-Zhong Qin - University of California, Santa Barbara (United States) Shengping Zhang - Peking University (China) Dandan Zhu - University of California, Santa Barbara (United States) Presenter: Shengping Zhang - Guanghua School of Management, Peking University (China) Discussant: James Ang - Florida State University (United States) ____________________________________________________________________________________ Session 3: Market Efficiency and Anomalies Room: Room 3 Date/Time: 2012-07-02-15:00 16:30 Chair: Joel Peress - INSEAD (France) Paper: Short-Term and Long-Term Dependencies of The S&P 500 Index and Commodity Prices: A Wave- let Analyzis Authors: Michael Graham - Stockholm University (Sweden) Jarno Kiviaho - University of Vaasa (Finland) Jussi Nikkinen - University of Vaasa (Finland) Presenter: Michael Graham - Stockholm University (Sweden) Discussant: Joel Peress - INSEAD (France) Paper: The Media and the Diffusion of Information in Financial Markets: Evidence from Newspaper Strikes Authors: Joel Peress - INSEAD (France) Presenter: Joel Peress - INSEAD (France) Discussant: Adrian Lee - University of Technology, Sydney (Australia) Paper: Contracts for Dummies? The Performance of Individual Investors in Contracts for Difference Authors: Adrian Lee - University of Technology Sydney (Australia) Shan Choy - University of Technology Sydney (Australia) Presenter: