From the President of Asian Finance Association

Welcome from the President of Asian Finance Association

Dear Delegates,

I am delighted to welcome you to the 31st Asian Finance Association Annual Meeting! We are most grateful to the President, the Vice president, faculty and staff of the University of Economics Ho Chi Minh City, for their support and organization of the Conference. In particular, an enormous thank you goes to Professor Xuân Vinh Võ and his team at the UEH Institute of Business Research, who has invested so much of his time into making this happen.

We thank the University of Economics Ho Chi Minh City and CFVG for their generous sponsorship.

We have world class Keynote Speakers in Professor David M Reeb who holds the Mr. and Mrs. Lin Jo Yan Professorship in Banking and Finance at National University of Singapore, School of Business and Professor Michelle Lowry who is a TD Bank Professor of Finance at the LeBow School of Business, Drexel University.

We hope that you will have a great Conference here in Ho Chi Minh City and we also look forward to seeing many of you in our next 32nd Asian Finance Association Annual Meeting.

Let’s enjoy these few days we have together!

Professor Robin K. Chou

The President of Asian Finance Association

Professor in Finance, National Chengchi University, Taiwan

Table of Contents

Welcome from the President of Asian Finance Association ...... 1 Table of Contents ...... 2 Welcome from the President of the University of Economics Ho Chi Minh City ...... 3 Welcome from the Local Organizer ...... 4 Meet the Editors: Special session on the value of replication studies ...... 5 General Information ...... 6 Conference Venue ...... 6 Conference Reception Desk ...... 6 Completion of Registration ...... 6 Dress Code ...... 6 Catering/Refreshments ...... 6 Internet Access/Wifi: ...... 6 Parallel sessions ...... 6 Papers ...... 7 Social Event ...... 7 Keynote Speakers...... 8 Conference Program in Brief ...... 10 Conference Program in Details ...... 12 Conference Organizers...... 49 Contact Information ...... 51 Notes ...... 52

Welcome from the President of the UEH

Dear Asian FA participants,

The University of Economics Ho Chi Minh City (UEH) is delighted to host the 31st Asian Finance Association Annual Meeting, which is taking place from 7 – 9 July 2019.

This was the latest in a long and distinguished line of such prestigious international conference to be held in Ho Chi Minh City, and we are glad to welcome more than 200 global finance experts at UEH. We had worked hard with the Asian Finance Association – the Program Committee, including various prestigious academic organizations involved to further strengthen the global academic community’s ability to connect, exchange new ideas and strategies for implementing academic science.

The UEH and the Program Committee are fully committed to design a stimulating and attractive program over these two days.

We hope you enjoy and engaging, personal and surprising experience in Ho Chi Minh City!

Professor Dong Phong NGUYEN

President

The University of Economics Ho Chi Minh City

Vietnam

Welcome from the Local Organizer

Dear Delegates,

Welcome to the University of Economics Ho Chi Minh City. Welcome to the 31st Asian Finance Association Annual Conference.

As a local organizer, I thank the management and the administration here at the University of Economics Ho Chi Minh City to make this happen. I acknowledge particular support and encouragement from the President Professor Dong Phong Nguyen, Vice President Professor Trong Hoai Nguyen, and Head of International Relations Dr. Mai Dong Tran.

I also thank Professor Karen Benson, Professor Robert Faff, Professor Robin Chou, Professor Bohui Zhang and Professor Yenn-ru Chen for continuous support.

I wish to thank the organizing team at the Institute of Business Research, especially a big thank you goes to Dang Bao Anh Phan, Thi Hong Xuan Nguyen and Ngoc Mien Nguyen.

I gratefully acknowledge the financial support from the University of Economics Ho Chi Minh City, CFVG, Asian Finance Association and Pacific Basin Finance journal.

I hope that you are going to have a good time participating in the conference. Also, please take time if you are visitors to enjoy the sights, sounds, tastes and smells of Ho Chi Minh City, and indeed Vietnam.

Welcome again!

Associate Professor Xuan Vinh VO

Dean, Institute of Business Research

The University of Economics Ho Chi Minh City

Vietnam

Meet the Editors: Special session on the value of replication studies

This year, we are delighted to have the following Editors at our Conference:

Professor Robert Faff (Pacific-Basin Finance Journal)

Professor Kwangwoo Park (Asia-Pacific Journal of Financial Studies)

Professor Allaudeen Hammed (International Review of Finance)

General Information

Conference Venue Dress Code

The whole Conference, including the The dress code for the Conference is smart Welcome Reception on Sunday – July 7, casual will be held at: Catering/Refreshments The University of Economics Ho Chi Minh Tea, coffee and water will be served during City the breaks, as indicated in the Conference 59C Nguyen Dinh Chieu Street, Ward 6, Program. District 3, HCMC, Vietnam A lunch will also be provided on both days. There are Conference Assistants to help Internet Access/Wifi guide you to the different venues and the specific rooms. WIFI Name: ASIANFA-UEH

Conference Reception Desk WIFI Password: asianfa@ueh2019

We have a dedicated Conference Reception Parallel sessions Desk located in the Front Balcony at the All presenters may upload presentations in First floor: either MS PowerPoint or PDF format. You Sunday – July 7, 2019: 16:00pm – 18:00pm are responsible for ensuring that your Monday – July 7, 2019: 7:30am – 15:00pm presentations are uploaded in advance of the start of the Session. Tuesday – July 9, 2019: 7:30am – 15:00pm Conference Assistants are available on each Completion of Registration room to assist if required. You will receive your Conference Program as well as your Conference Badge. Please During the Parallel sessions, each Presenting wear your badge at all times during the Author will make a 15-18-minute Conference. presentation on their paper. The allocated Discussant will then have 4-5 minutes to The Badge is your entrance ticket to the respond to the presentation. session rooms and any events organized outside the University.

The Session Chair is responsible for Papers directing any Q&A and for ensuring that the Full papers (and presentations) are only Session starts and ends on time. Any time available directly from the Authors after the left at the end of each Session will be Conference. devoted to general Q&A on all papers presented during the Session. Presenting Social Event

Authors are therefore asked to remain in TUESDAY EVENING CONFERENCE their rooms until the end of the Session. GALA DINNER

Developmental Sessions: Each author has The Conference Gala Dinner will be held 20 minutes to make a presentation, after from 18:00 to 21:00 at: which time the Session Moderators will The Independence Palace comment on both the presentation and the paper. 135 Nam Ky Khoi Nghia Street, Ben Thanh Ward, District 1, HCMC

Access with your badge.

Keynote Speakers

Professor David M Reeb

David Reeb is a Professor of Finance and holds the Mr. and Mrs. Lin Jo Yan Professorship in Banking and Finance in the Department of Finance at National University of Singapore (NUS) Business School. Dr. Reeb also serves as a Senior Fellow of the Asian Bureau of Finance and Economic Research (ABFER), a Fellow of the Academy of International Business, and as the Director of Business Doctoral Programs at NUS.

Dr. Reeb’s academic research interests range from founding-family ownership to the properties of mandatory disclosure rules, spanning the incentives of financial regulators to the economics of information. His work has appeared in the Journal of Finance, Journal of Financial Economics, Journal of Accounting and Economics, Accounting Review, Administrative Science Quarterly, Management Science, American Economic Review, Journal of Law and Economics, and the Journal of International Business Studies. His body of research has generated over 3,000 citations in other academic works, according to Web of Science (Google Scholar 12,000+). In addition, his work has been featured in The Wall Street Journal, BusinessWeek, The Economist, Forbes, the Financial Times, the International Herald Tribune, Inc. Magazine, Smart Money, MSNBC, and several other leading publications in the US, Canada, and Australia. He has also been interviewed by CNN, Comcast and Bloomberg TV.

Dr. Reeb has been consistently recognized for his academic contributions. His 2003 study on founding-family firms is the mostly cited paper in the Journal of Finance that year. Similarly, his research on accounting report integrity is the mostly highly cited paper in the Journal of Accounting and Economics in 2004. More recently, his research on board of director heterogeneity and R&D disclosures are some of the most highly cited paper in Financial Management (2011) and Journal of Accounting and Economics (2015).

Professor Michelle Lowry

Michelle is the TD Bank Professor of Finance at the LeBow School of Business, Drexel University, and the Academic Director of the Gupta Institute for Corporate Governance at the University. She received her PhD from the University of Rochester, and was previously a professor at Penn State University. In addition, she is a past visiting professor at INSEAD and at the Wharton School. She is an associate editor of the Journal of Financial Economics, a past associate editor of the Review of Financial Studies, and a founding member and the current vice-president of AFFECT (Academic Female Finance Committee), which strives for gender equality among the field of finance academics.

Her research focuses on a variety of issues in empirical corporate finance, including initial public offerings, mergers, and corporate governance. She is particularly interested in the ways that companies’ corporate governance affects their performance around these corporate events. Her research has been published in top finance journals, including the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Finance. Her research also relates to the effects of policy on firm outcomes, in particular regulation related to firm governance and shareholder voting. In this vein, she has participated in an SEC panel on shareholder voting. Finally, her research has also attracted attention in the popular press, with cites in the Wall Street Journal, USA Today, NPR’s Morning Edition and Market Place, and Forbes.

Conference Program in Brief

Sunday, 7 July 10:00 – 12:00 Asian Financial Association Board of Director Meeting (Room 205) 16:00 – 18:00 Reception and Early Registration (Front Balcony)

Monday, 8 July 7:30 – 15:00 Registration (Front Balcony) 8:30 – 9:30 Conference Opening (Room 103) Chair: Dong Phong Nguyen, Trong Hoai Nguyen, Robin Chou 9:30 – 11:00 Parallel Session 1A (Room 201) Parallel Session 1E (Room 210) Parallel Session 1B (Room 202) Parallel Session 1F (Room 211) Parallel Session 1C (Room 204) Parallel Session 1G (Room 212) Parallel Session 1D (Room 205) Parallel Session 1H (Room 306) 11:00 – 11:30 Tea Break 11:30 – 12:30 Keynote Speech by Professor David M REEB (Room 103) Chair: Robin Chou 12:30 – 13:30 Lunch 13:30 – 14:00 Asian Shadow Financial Regulatory Committee Statement (Room 103) Chair: Martin Young 14:00 – 15:30 Parallel Session 2A (Room 201) Parallel Session 2E (Room 210) Parallel Session 2B (Room 202) Parallel Session 2F (Room 211) Parallel Session 2C (Room 204) Parallel Session 2G (Room 212) Parallel Session 2D (Room 205) Parallel Session 2H (Room 306) 15:30 – 16:00 Tea Break 16:00 – 17:30 Parallel Session 3A (Room 201) Parallel Session 3E (Room 210) Parallel Session 3B (Room 202) Parallel Session 3F (Room 211) Parallel Session 3C (Room 204) Parallel Session 3G (Room 212) Parallel Session 3D (Room 205) Parallel Session 3H - Developmental Session (Room 306)

Tuesday, 9 July 7:30 – 15:00 Registration (Front Balcony) 8:00 – 9:30 Parallel Session 4A (Room 201) Parallel Session 4E (Room 210) Parallel Session 4B (Room 202) Parallel Session 4F (Room 211) Parallel Session 4C (Room 204) Parallel Session 4G (Room 212) Parallel Session 4D (Room 205) Parallel Session 4H - Developmental Session (Room 306) 9:30 – 10:00 Tea Break 10:00 – 11:30 Meet the Editors: Special Session on the value of replication studies (Room 103) Panelists: Professor Robert Faff, Editor, Pacific Basin Finance Journal Professor Kwangwoo Park, Editor, Asia-Pacific Journal of Financial Studies Professor Allaudeen Hammed, Editor, International Review of Finance

11:30 – 12:30 Keynote Speech by Professor Michelle Lowry (Room 103) Chair: Karen Benson 12:30 – 13:30 Lunch 13:30 – 15:00 Parallel Session 5A (Room 201) Parallel Session 5E (Room 210) Parallel Session 5B (Room 202) Parallel Session 5F (Room 211) Parallel Session 5C (Room 204) Parallel Session 5G (Room 212) Parallel Session 5D (Room 205) Parallel Session 5H (Room 306) 15:00 – 15:30 Tea Break 15:30 – 17:00 Parallel Session 6A (Room 201) Parallel Session 6E (Room 210) Parallel Session 6B (Room 202) Parallel Session 6F (Room 211) Parallel Session 6C (Room 204) Parallel Session 6G (Room 212) Parallel Session 6D (Room 205) Parallel Session 6H (Room 306) 18:00 – 21:00 Conference Dinner Chair: Dong Phong Nguyen, Trong Hoai Nguyen, Viet Tien Ho, Robin Chou

Conference Program in Details

Monday, 9:30 – 11:00, Parallel Sessions 1

Parallel Session 1A (Room 201)

Session Chair: Martin Young, Massey University

The Cultural Impact of The Chinese Lunar New Year On The Disposition Effect

Hsiao-Peng Fu, Providence University

Discussant: Qiaozhi Ye, University of Queensland

Diminishing Investment Opportunities: Evidence From Lengthy Regulatory Approval Delay At Project Level

Qiaozhi Ye, University of Queensland

Discussant: Qiaoqiao Zhu, Australian National University

Experience, Information and Ceo Outside Directorship

Qiaoqiao Zhu, Australian National University

Discussant: John Lee, University of Auckland

Measuring The Potential Effect of Taxes On The Home Bias In New Zealand Pies

John Lee, University of Auckland

Discussant: Hsiao-Peng Fu, Providence University

Parallel Session 1B (Room 202)

Session Chair: Jing Shi, Macquarie University

Are Banks Really Special? Evidence From A Natural Experiment

Jing Shi, Macquarie University

Discussant: Qiongbing Wu, Western Sydney University

Bank Efficiency and The Bond Markets: Evidence From Asia-Pacific Region

Qiongbing Wu, Western Sydney University

Discussant: Yang Wang, The Hong Kong Polytechnic University

The Effect of Firm-Level Political Uncertainty On Bank Loan Contracting

Yang Wang, The Hong Kong Polytechnic University

Discussant: Katsutoshi Shimizu, Nagoya University

Overconfident Manager and Bank Liquidity Regulations

Katsutoshi Shimizu, Nagoya University

Discussant: Jing Shi, Macquarie University

Parallel Session 1C (Room 204)

Session Chair: Yongjin Kim, City University of Hong Kong

Option Listing and Cost of Bank Debt

Changhwan Choi, Nanyang Technological University

Discussant: Hsien-Hsing Liao, National Taiwan University

Uncertainty In Information Asymmetry and Corporate Bond Yield Spreads

Hsien-Hsing Liao, National Taiwan University

Discussant: Yongjin Kim, City University of Hong Kong

Labor Adjustment Costs and Corporate Tax Avoidance: Evidence From Labor Skills

Justin Nguyen, Victoria University of Wellington

Discussant: Changhwan Choi, Nanyang Technological University

Does Corporate Investment Respond To Time-Varying Cost of Capital? Empirical Evidence

Yongjin Kim, City University of Hong Kong

Discussant: Justin Nguyen, Victoria University of Wellington

Parallel Session 1D (Room 205)

Session Chair: Si Cheng, Chinese University of Hong Kong

Financial Globalization Vs. Income Inequality: The Surprising Role of Foreign Portfolio Flows In Taming The Top 1%

Si Cheng, Chinese University of Hong Kong

Discussant: George Panayotov, HKUST

Employment Protection and Tax Aggressiveness

Yanguang Liu, The University of Arizona

Discussant: Si Cheng, Chinese University of Hong Kong

Can Economic Freedom Succeed Without Political Freedom?

Meng Zheng, The Open University of Hong Kong

Discussant: Yanguang Liu, The University of Arizona

Global Risks In The Currency Market

George Panayotov, HKUST

Discussant: Meng Zheng, The Open University of Hong Kong

Parallel Session 1E (Room 210)

Session Chair: Jo-Ann Suchard, UNSW

The Revolving Door and Corporate Fraud In China

Jian Zhang, Shanghai International Studies University

Discussant: Wenlong Bian, Sungkyunkwan University

Powerful Ceos and Corporate Governance

Jo‐ann Suchard, UNSW

Discussant: Shida Liu, Tsinghua University, School of Economics and Management

What Shapes Credit Rating Effectiveness In China? Evidence From The Upgrading In The Banking Sector

Shida Liu, Tsinghua University, School of Economics and Management

Discussant: Jo-Ann Suchard, UNSW

Can Non-State Banks Be Credit Smoothers? Evidence From China

Wenlong Bian, Sungkyunkwan University

Discussant: Jian Zhang, Shanghai International Studies University

Parallel Session 1F (Room 211)

Session Chair: Daniel Ladley, University of Leicester

Panic and Propagation In 1873: A Computational Network Approach

Daniel Ladley, University of Leicester

Discussant: Zhenzhen Fan, Nankai University

Benchmarking and Improving Accuracy of Mortgage Default Models Under Prepayment Selection

Thi Mai Luong, University of Technology Sydney

Discussant: Hawfeng Shyu, Sun Yat-Sen University

Us Tail Risk and Currency Risk Premia

Zhenzhen Fan, Nankai University

Discussant: Daniel Ladley, University of Leicester

Accounting Comparability and Short Selling Interest

Hawfeng Shyu, Sun Yat-Sen University

Discussant: Thi Mai Luong, University of Technology Sydney

Parallel Session 1G (Room 212)

Session Chair: David Ding, Singapore Management University

Information and High Price Impact Trades: Implication For Volatility and Price Efficiency

Xiaozhou Zhou, Faculty of Management (ESG), University of Quebec at Montreal

Discussant: Antonia Kirilova, Singapore Management University

Does Frequent Use of Securities Service Mobile App Induce Investors To Trade More?

Wenwu Cai, School of Economics and Business Administration, Chongqing University

Discussant: Yun Dai, Sun Yat-sen University

Non-Compete Enforceability and Non-Executive Employee Stock Options

Yun Dai, Sun Yat-sen University

Discussant: Wenwu Cai, School of Economics and Business Administration, Chongqing University

Who Has Skills In Trading Options?

Antonia Kirilova, Singapore Management University

Discussant: Xiaozhou Zhou, Faculty of Management (ESG), University of Quebec at Montreal

Parallel Session 1H (Room 306)

Session Chair: Jin-Ray Lu, National Dong Hwa University

Forecasting Individual Stock Returns Using Macroeconomic and Technical Variables

Hui Zeng, Massey University

Discussant: Kuang-Chieh Yen, Soochow University

Equity Fund Manager Ability and Returns of Equity

Jin-Ray Lu, National Dong Hwa University

Discussant: Anh-Tuan Doan, University of Economics Ho Chi Minh City

Realized Global Riskiness Index and Market Return

Kuang-Chieh Yen, Soochow University

Discussant: Jin-Ray Lu, National Dong Hwa University

Ownership Concentration and Bank Stock Price Informativeness

Anh-Tuan Doan, University of Economics Ho Chi Minh City

Discussant: Hui Zeng, Massey University

Monday, 14:00 – 15:30, Parallel Sessions 2 (Room 201)

Session Chair: Bohui Zhang, Chinese University of Hong Kong, Shenzhen

Parallel Session 2A (Room 201)

Ensemble Machine Learning and Stock Return Predictability

Hongwei Zhang, Tilburg University

Discussant: Jieting Chen, Waseda University

Etfs and Anomalies

Man Nguyen, University of Technology, Sydney

Discussant: Hongwei Zhang, Tilburgh University

Aggregate Information In Different Anomalies: International Evidence

Qingjie Du, The Hong Kong Polytechnic University

Discussant: Man Nguyen, University of Technology, Sydney

A Time-Varying Risk-Return Relationship

Jieting Chen, Waseda University

Discussant: Qingjie Du, The Hong Kong Polytechnic University

Parallel Session 2B (Room 202) Session Chair: Peter Pham, University of New South Wales Language and Innovation Yanan Wang, Zhongnan University of Economics and Law Discussant: Qijian Wang, Sun Yat-sen University Passive Institutional Investors and Corporate Innovation Qijian Wang, Sun Yat-sen University Discussant: Peter Pham, University of New South Wales

Foreign Expansion and Corporate Innovation: Cross-Country Evidence

Peter Pham, The University of New South Wales

Discussant: Incheol Kim, University of Texas Rio Grande Valley

Internationalization, Environmental Competitive Advantage, and Firm Performance

Incheol Kim, University of Texas Rio Grande Valley

Discussant: Yanan Wang, Zhongnan University of Economics and Law

Parallel Session 2C (Room 204)

Session Chair: Yiuman Tse, University of Missouri - St Louis

Equity Issues By Distressed Firms Around The World

Bokyung Park, Seoul National University

Discussant: Gang Li, The Hong Kong Polytechnic University

Reexamining The Pricing Kernel Puzzle: International Evidence

Gang Li, Hong Kong Polytechnic University

Discussant: Yuree Lim, University of Wisconsin - La Crosse

The Dark Side of The Jobs Act: Evidence From Private Placements

Yuree Lim, University of Wisconsin - La Crosse

Discussant: Yiuman Tse, University of Missouri - St Louis

The Impact of The U.s. Stock Market Opens On Price Discovery of Government Bond Futures

Yiuman Tse, University of Missouri - St Louis

Discussant: Bokyung Park, Seoul National University

Parallel Session 2D (Room 205)

Session Chair: Wenrui Zhang, Department of Finance, Chinese University of Hong Kong

Stock Market Liberalization and Innovation

Wenrui Zhang, Chinese University of Hong Kong

Discussant: Man Dang, Da Nang University of Economics HCMC

Education and Financial Literacy: Evidence From The Great Famine In China

Xu Gan, School of Economics and management, Wuhan University

Discussant: Liyao Wang, Singapore Management University

Political Disagreement and Stock Price

Liyao Wang, Singapore Management University

Discussant: Wenrui Zhang, Chinese University of Hong Kong

Corruption and Conglomerate Diversification In Acquisitions: Global Evidence

Man Dang, DUE

Discussant: Xu Gan, Economics and Management School of Wuhan University

Parallel Session 2E (Room 210)

Session Chair: Hai Tran, Loyola Marymount University

Concentration of Authority Within Board of Directors and Variability In Firm Performance

Hai Tran, Loyola Marymount University

Discussant: Van Hoang Vu, University of Newcastle

Do Foreign Institutional Investors Learn Over Time? Evidence From Investment In Ipos

Suman Neupane, University of Queensland

Discussant: Hai Tran, Loyola Marymount University

Military Ceos and Bank Loan Contracts

Van Hoang Vu, Latrobe University and University of Newcastle

Discussant: Suman Neupane, University of Queensland

Parallel Session 2F (Room 211)

Session Chair: Tie Su, University of Miami

Non-Marketability and One-Day Selling Lockup

Tie Su, University of Miami

Discussant: Linti Zhang, The Hong Kong Polytechnic University

Portfolio Liquidity : Is The Whole Is More Than The Sum of Its Parts?

Son Pham Duy, School of Economics and Finance - Massey University

Discussant: Junqing Kang, University of Technology Sydney

Information Diffusion and Speed Competition

Junqing Kang, University of Technology Sydney

Discussant: Tie Su, University of Miami

On The Cross Section of Dividend Strip Returns

Linti Zhang, The Hong Kong Polytechnic University

Discussant: Son Pham Duy, School of Economics and Finance - Massey University

Parallel Session 2G (Room 212)

Session Chair: Shaojun Zhang, The Hong Kong Polytechnic University

Is There A Diversification Discount? Implication From Randomly Formed "Conglomerates"

Xianming Zhou, Australian National University

Discussant: Huacheng Zhang, Southwestern University of Finance and Economics

Decomposing Roe

Huacheng Zhang, Southwestern University of Finance and Economics

Discussant: Brahim Saadouni

Incentive Fees: do They Bond Underwriters and Ipo Issuers?

Brahim Saadouni, University of Manchester

Discussant: Xianming Zhou, Australian National University

Government Spending Shocks and Firm Innovation

Yanhui Wu, queensland university of technology

Discussant: Shaojun Zhang, The Hong Kong Polytechnic University

Parallel Session 2H (Room 306)

Session Chair: Peter Mackay, Hong Kong University of Science and Technology

How Does Cross-Functional Cooperation Influence Organizational Performance? The Mediating Role of Management Accounting Systems

Nguyen Phong Nguyen, University of Economics Ho Chi Minh City

Discussant: Xiaoran Ni, Xiamen University

Does Stakeholder Orientation Matter For Earnings Management: Evidence From State Constituency Statutes

Xiaoran Ni, Xiamen University

Discussant: Peter Mackay, Hong Kong University of Science and Technology

Fintech Credit and Service Quality

Lai Wei, Lingnan University

Discussant: Nguyen Phong Nguyen, University of Economics Ho Chi Minh City

Corporate Risk Management: The Hedging Footprint

Peter Mackay, Hong Kong University of Science and Technology

Discussant: Lai Wei, Faculty of Business, Lingnan University

Monday, 16:00 - 17:30, Parallel Sessions 3

Parallel Session 3A (Room 201)

Session Chair: Gergana Jostova, George Washington University

Countercyclical Bank Liquidity, Procyclical Capital and Their Interactions In An Equilibrium Analysis

Chao Huang, The University of Edinburgh

Discussant: Frankie Chau, Durham University Business School

'Too-Interconnected-To-Fail’ Financial Institutions: Evidence From The Transmission of Credit Risk Across The G-Sifis

Frankie Chau, Durham University Business School

Discussant: Chao Huang, The University of Edinburgh

Shorting Fees, Private Information, and Smart Lending

Gergana Jostova, George Washington University

Discussant: Injun Hwang, Korea University Business School

Heterogeneity and Netting Efficiency Under Central Clearing: A Stochastic Network Analysis

Injun Hwang, Korea University Business School

Discussant: Gergana Jostova, George Washington University

Parallel Session 3B (Room 202)

Session Chair: Kelvin Tan, The University of Queensland

Leverage, Investment, and The Ultimate Ownership Under Reforms of Banking System In China

Yintian Wang, Tsinghua University

Discussant: K.c. John Wei, Hong Kong Polytechnic University

Investment Efficiency of Firms Outside The Business Group

Yunxiao Liu, SHU-UTS SILC Business School, Shanghai University

Discussant: Yintian Wang, Tsinghua University

What Promotes Corporate Investment? Evidence From Australia

Ji Wu, School of Economics and Finance, Massey Business School, Massey University (Albany Campus)

Discussant: Yunxiao Liu, SHU-UTS SILC Business School, Shanghai University

The Political Cycle of Corporate Investments: New Evidence From Chinese Manufacturing Firms

K.c. John Wei, School of Accounting and Finance, Hong Kong Polytechnic University

Discussant: Ji Wu, School of Economics and Finance, Massey Business School, Massey University (Albany Campus)

Parallel Session 3C (Room 204)

Session Chair: Tung Lam Dang, University of Economics

Stock Market Mispricing, Firms Distress Risk, Financial Frictions and Financial System Stability

Zaafri Husodo, Department of Management, Faculty of Economics and Business, Universitas Indonesia

Discussant: Wooyeon Kim, KAIST College of Business

Leverage and Stock Returns In Indian and Chinese Markets Shabir Hakim, Effat University Discussant: Narongdech Thakerngkiat, Massey University Slow Information Diffusion and Limits To Arbitrage Narongdech Thakerngkiat, Massey University Discussant: Shabir Hakim, Effat University 25

Flow Toxicity of High Frequency Trading and Its Impact On Price Volatility: Evidence From The Kospi 200 Futures Market

Wooyeon Kim, KAIST College of Business

Discussant: Zaafri Husodo, Department of Management, Faculty of Economics and Business, Universitas Indonesia

Parallel Session 3D (Room 205)

Session Chair: Robert Faff, University of Queensland

How Does Economic Policy Uncertainty Interact With Firm Characteristics In Affecting Capital Structure? Evidence From Us Firms

Mei Qiu, School of Economics and Finance, Massey University

Discussant: Ryan Peters, Tulane

Margin Trading and Corporate Investments: Evidence From A Quasi-Natural Experiment In China

Ming Gu, Xiamen University

Discussant: Mei Qiu, School of Economics and Finance, Massey University

The Communist Party of China and Corporate Takeovers

Xiaogang Bi, Nottingham University Business School China

Discussant: Ming Gu, Xiamen University

Acquisition Prices and The Measurement of Intangible Capital

Ryan Peters, Tulane

Discussant: Xiaogang Bi, Nottingham University Business School China

Parallel Session 3E (Room 210)

Session Chair: Dan Zhang, University of Wollongong

How Does Air Pollution Induced Fund Manager Mood Affect The Stock Markets In China?

Robin Chou, National Chengchi University

Discussant: Dan Zhang, University of Wollongong

How do Individual Politicians Affect Privatization? Evidence From China

Kunru Zou, Nanyang Technological University

Discussant: Xiaolu Hu, Royal Melbourne Institute of Technology

Institutional Investors, Controlling Shareholders and Accounting Conservatism: Evidence From China

Dan Zhang, University of Wollongong

Discussant: Kunru Zou, Nanyang Technological University

Foreign Ownership In Chinese Credit Ratings Industry: Information Revelation Or Certification?

Xiaolu Hu, RMIT University

Discussant: Robin Chou, National Chengchi University

Parallel Session 3F (Room 211)

Session Chair: Jing Liao, Massey University

Cash Holdings: Evidence From Firm-Level Big Data In Japan

Daisuke Miyakawa, Hitotsubashi University

Discussant: Cheng-Tsu Huang, National Central University

Does Geopolitical Uncertainty Affect Leverage and Debt Maturity? Evidence From Midas Regression

Joye Khoo, Curtin University

Discussant: Daisuke Miyakawa, Hitotsubashi University

Financial Expert Ceos, Political Influence and Corporate Investment Decisions: Evidence From China

Jing Liao, Massey University

Discussant: Joye Khoo, Curtin University

The Role of Analyst Cash Flow Forecasts and Earnings Forecasts: Empirical Evidence From The Oil and Gas Industry

Cheng-Tsu Huang, National Central University

Discussant: Jing Liao, Massey University

Parallel Session 3G (Room 212)

Session Chair: Xuan Vinh Vo, University of Economics Ho Chi Minh City

Trading At Night: Evidence From Chinese and Us Precious Metal Futures Markets

Xiaoquan Liu, Univeristy of Nottingham Ningbo China

Discussant: Jun Uno, Waseda University

Trader Classiﬁcation By Cluster Analysis: Interaction Between Hfts and Other Traders Jun Uno, Waseda University Discussant: Ravipa Rojasavachai , UNSW The Link Between Global Oil Price and Stock Price of Domestic Energy Firms - Evidence From Vietnam Mien Nguyen Thi Ngoc, University of Economics HCM City Discussant: Li Yang, University of New South Wales

Parallel Session 3H - Developmental Session (Room 306)

Session Chair: Yenn-Ru Chen, National Chengchi University

The Impact of Agency Cost On Firm Performance: A Comparison Between Private and Privatized Corporations Listed On Vietnam Stock Market

Hoang Yen Khanh Le

Change In University Governance: Insights From Higher Level Leaders of Autonomous Higher Education Institutions In Vietnam - An Exploratory Study

Mai Dong Tran, University of Economics Ho Chi Minh City

Currency Risk Exposures In External Balance Sheet of An Economy (fiji Economy)

Devendra Kumar Jain, University of South Pacific

Tuesday, 8:00 – 9:30, Parallel Sessions 4

Parallel Session 4A (Room 201)

Session Chair: Kazuhiko Ohashi, Hitotsubashi University

Non-Affine and Non-Reduced Form Approach To Pricing of Vix and Vvix: Quadratic Diffusion Model

Kazuhiko Ohashi, Hitotsubashi University

Discussant: Van Dang, University of South Australia

Why do Option Prices Predict Stock Returns? The Role of Price Pressure In The Stock Market

Allaudeen Hameed, National University of Singapore

Discussant: Thuy Duong To, University of New South Wales

Easy To Parse, Easy To Trade - The Role of News Informativeness In Algorithmic Trading

Van Dang, University of South Australia

Discussant: Allaudeen Hameed, National University of Singapore

Cheap Tips Or Expensive Inflation Swaps? Mispricing In Real Asset Markets

Thuy Duong To, University of New South Wales

Discussant: Kazuhiko Ohashi, Hitotsubashi University

Parallel Session 4B (Room 202)

Session Chair: Kotaro Inoue, Tokyo Institute of Technology

Institutional Ownership and Corporate Risk-Taking In Japanese Listed Firms

Hideaki Sakawa, Nagoya City University

Discussant: Tanapond Swanpitak, University of Wollongong

The Heterogeneity of Institutional Ownership and Innovation In Japanese Firms

Hitoshi Takehara, Waseda University

Discussant: Hideaki Sakawa, Nagoya City University

Family Control and Cost of Debt: Evidence From Thailand

Tanapond Swanpitak, University of Wollongong

Discussant: Narendra Nath Kushwaha, Indian Institute of Management Tiruchirappalli

Control-Ownership Wedge, Related Party Loans and Institutional Ownership: Evidence From Indian Business Group Firms

Narendra Nath Kushwaha, Indian Institute of Management Tiruchirappalli

Discussant: Hideaki Sakawa, Nagoya City University

Parallel Session 4C (Room 204)

Session Chair: Zhe An, Monash University

Is There A Trade-Off Between Curbing Real and Accrual Earnings Management? Evidence From Foreign Institutional Investors

Zhe An, Monash University

Discussant: Qie Ellie Yin, Hong Kong Baptist University

Are Better-Governed Firms More Innovative? Evidence From Korea

Paul Moon Sub Choi, Ewha School of Business

Discussant: Zhe An, Monash University

More Pronounced Pecking Order In Face of Intensified Product Market Competition

Qie Ellie Yin, Hong Kong Baptist University

Discussant: Lingxia Sun, Business School of Nankai University

Dollar-Weighted Return On Aggregate Corporate Sector: How Is It Distributed Across Countries?

Lingxia Sun, Business School of Nankai University

Discussant: Paul Moon Sub Choi, Ewha School of Business

Parallel Session 4D (Room 205)

Session Chair: Daewoung Choi, Louisiana State University Shreveport

Measuring Ceo Personality Using Machine-Learning Algorithms: A New Approach and Validity Tests

Karel Hrazdil, Simon Fraser University

Discussant: Shin-Rong Shiah-Hou, Yuan Ze University

Ceo Lifetime Work Experience and Stock Price Crash Risk

Daewoung Choi, Louisiana State University Shreveport

Discussant: Kotaro Miwa, Tokio Marine Asset Management

Do Powerful Ceos Engage In Overinvestment?

Shin-Rong Shiah-Hou, Yuan Ze University

Discussant: Daewoung Choi, Louisiana State University Shreveport

Textual Opinion In Analyst Reports

Kotaro Miwa, Tokio Marine Asset Management

Discussant: Karel Hrazdil, Simon Fraser University

Parallel Session 4E (Room 210)

Session Chair: Giang Nguyen, NUCB Business School

Acquiring Divestors

Giang Nguyen, NUCB Business School

Discussant: Shunji Mei, The University of Queensland

Pressured To Perform: Evidence From Quasi-Experiment In Initial Ceo Contract Length and M&a

Shunji Mei, The University of Queensland

Discussant: Abdullah Mamun, University of Saskatchewan

Passive Trading and Performance: A Quasi Natural Experiment Using The Stock Exchange Merger In Japan

Isaac Otchere, Carleton University

Discussant: Giang Nguyen, NUCB Business School

The Value of Intangible Capital Transfer In Mergers

Abdullah Mamun, University of Saskatchewan

Discussant: Isaac Otchere, Carleton University

Parallel Session 4F (Room 211)

Session Chair: Gang Li, The Hong Kong Polytechnic University

The Source of Analysts’ Advantage In Producing Macro Information: The Political Background of Investment Banks

Bo Liu, Zhejiang University

Discussant: Yasmine Farzami, Massey University

The Interbank Market Puzzle

Oskar Kowalewski, IÉSEG School of Management

Discussant: Gang Li, Rotman School of Management, University of Toronto

Stock Return Autocorrelations and The Cross Section of Option Returns

Gang Li, Rotman School of Management, University of Toronto

Discussant: Oskar Kowalewski, IÉSEG School of Management

Dynamics of Liquidity Interconnectedness

Yasmine Farzami, Massey University

Discussant: Bo Liu, Zhejiang University

Parallel Session 4G (Room 212)

Session Chair: Viet Tien Ho, University of Economics Ho Chi Minh City

Corporate Social Responsibility and Ceo Pay Performance Sensitivity: Evidence From Chinese Listed Firms

Siwen Song, University of Wollongong

Discussant: Ming Xu, The Hong Kong Polytechnic University

The Impact of Mandatory Csr Disclosure On Corporate Cash Holdings: Evidence From A Quasi- Natural Experiment In China

Tianpei Luo, School of Economics, Finance and Property, Curtin University

Discussant: Viet Tien Ho, University of Economics Ho Chi Minh City

Sustainability Disclosures and Financial Performance

Ming Xu, The Hong Kong Polytechnic University

Discussant: Siwen Song, School of Accounting, University of Wollongong

The Impact of Information Disclosure and Transparency Index and Foreign Ownership On Corporate Financial Performance - A Study From Ho Chi Minh Stock Exchange

Viet Tien Ho, University of Economics Ho Chi Minh City

Discussant: Tianpei Luo, School of Economics, Finance and Property, Curtin University

Parallel Session 4H - Developmental Session (Room 306)

Session Chair: Konari Uchida, Kyushu University

Investigating The Randomness In Asean Stock Markets: An Approximate Entropy Approach

Thi Tuan Anh Tran

Economic Policy Uncertainty, Investor Sentiment In Bitcoin Market

Toan Luu Duc Huynh, WHU – Otto Beisheim School of Management

Trade Credit In Transition Economies: Does State Ownership Matter?

Nam Tran, University of Economics Ho Chi Minh City

Tuesday, 13:30 - 15:00, Parallel Sessions 5

Parallel Session 5A (Room 201)

Session Chair: Soon Heng Leong, Faculty of Finance, Cass Business School, City, University of London

Bank Loans and Corporate Debts During Quantitative Easing

Chien-Lin Lu, National Ilan University

Discussant: Soon Heng Leong, Faculty of Finance, Cass Business School, City, University of London

The Enhanced and Improved Credit Scoring Model of Small and Medium-Size Enterprise Loans

Yi-Kai Chen, Department of Finance, National University of Kaohsiung

Discussant: Noor Ulain Rizvi, Indian Institute of Technology Delhi

An Impact Assessment of Higher Capital Adequacy Requirements: Evidence From India and China

Noor Ulain Rizvi, Indian Institute of Technology Delhi

Discussant: Yi-Kai Chen, Department of Finance, National University of Kaohsiung

The Contribution of Shadow Insurance To Systemic Risk

Soon Heng Leong, Faculty of Finance, Cass Business School, City, University of London

Discussant: Chien-Lin Lu, National Ilan University

Parallel Session 5B (Room 202)

Session Chair: Thuy Duong To, University of New South Wales

Carbon Risk (co2 Risk) and Stock Return

Haehean Park, SWUFE

Discussant: Justin Nguyen, Victoria University of Wellington

Carbon Risk and The Cost of Capital: Evidence From A Natural Experiment

Justin Nguyen, Victoria University of Wellington

Discussant: Haehean Park, SWUFE

Does Foreign Direct Investment Leads To Environment Degradation? The Role of Governance Quality

Dang Bao Anh Phan, University of Finance - Marketing Ho Chi Minh City

Discussant: Mien Nguyen Thi Ngoc , University of Economics HCM City

Does Party School Education Shape The Executive Behavior Preference

May Hu, Deakin University

Discussant: David Smith, Massey University

Parallel Session 5C (Room 204)

Session Chair: Yenn-Ru Chen, National Chengchi University

Spinoffs, Ownership Structure, and Firm Performance

Hyun Seung Na, Korea University Business School

Discussant: Kotaro Inoue, Tokyo Institute of Technology

How Labor Unions Affect Firm Value: Evidence From Political Contributions In The United States

Kelvin J.k. Tan, The University of Queensland

Discussant: Yenn-Ru Chen, National Chengchi University

Institutional Investors, Stewardship Code, and Corporate Performance: International Evidence

Kotaro Inoue, Tokyo Institute of Technology

Discussant: Kelvin J.k. Tan, The University of Queensland

Industrial Policy and Post-Merger Innovations and Performance: The Evidence of China

Yenn-Ru Chen, National Chengchi University

Discussant: Hyun Seung Na, Korea University Business School

Parallel Session 5D (Room 205)

Session Chair: Re-Jin J. Guo, University of Illinois at Chicago

Organization Capital and Analyst Coverage

Re-Jin J. Guo, University of Illinois at Chicago

Discussant: Yu-Chen Wei, National Kaohsiung University of Science and Technology

Skewness: Lottery Or Asymmetric Response To News?

Hang Wang, University of New South Wales

Discussant: Re-Jin J. Guo, University of Illinois at Chicago

The Impact Analysis of Media Reputation On Corporate Governance and Performance of Financial Institutions

Yu-Chen Wei, Department of Money and Banking, National Kaohsiung University of Science and Technology

Discussant: Hang Wang, University of New South Wales

Dividend Distribution Taxes, Stock Prices and Corporate Financial Policy

Vishwanatha Ramanna, Shiv Nadar University

Discussant: Yu-Chen Wei, National Kaohsiung University of Science and Technology

Parallel Session 5E (Room 210)

Session Chair: Toshiki Honda, Hitotsubashi University

Asset Size, Performance, and Flows: Evidence From Japanese Mutual Funds

Toshiki Honda, Hitotsubashi University

Discussant: Chengwei Wang, Sungkyunkwan University

Style Consistency and Industry Concentration of Chinese Mutual Funds

Liping Zou, Massey University

Discussant: Toshiki Honda, Hitotsubashi University

The Value of Peace of Mind: Secrets In Firm Segments and Fleeing Mutual Fund Flows

Chengwei Wang, Sungkyunkwan University

Discussant: Yen Hoang, Banking Faculty, University of Economics Ho Chi Minh City

Asymmetric Determinants of Mortgage Interest Rate Pass-Through: A Panel Nonlinear Common-Factor Analysis

Yen Hoang, Banking Faculty, University of Economics Ho Chi Minh City

Discussant: Liping Zou, School of Economics and Finance, Massey Business School, Massey University (Albany Campus)

Parallel Session 5F (Room 211)

Session Chair: Qi Zeng, University of Melbourne

Analyzing Credit Risk Transmission To The Non-Financial Sector In Europe: A Network Approach

Pierre Siklos, Wilfrid Laurier University

Discussant: Qi Zeng, University of Melbourne

Can Illiquidity Be Priced In An Active Secondary Market? Theory and Evidence

Pallab Dey, University of New South Wales (UNSW)

Discussant: Pierre Siklos, Wilfrid Laurier University

Co-Opted Directors, Covenant Intensity and Violations

Viet do, Monash University

Discussant: Pallab Dey, University of New South Wales (UNSW)

Individual Investors' Beliefs, Trading Intention and Endowment Effects

Qi Zeng, University of Melbourne

Discussant: Viet do, Monash University - Department of Banking and Finance

Parallel Session 5G (Room 212)

Session Chair: Kwangwoo Park, Korea Advanced Institute of Science and Technology (KAIST)

Customer-Supplier Relationships and Management Earnings Forecasts

Shaojun Zhang, The Hong Kong Polytechnic University

Discussant: Shiang Liu, University of Wisconsin – La Crosse

Customer Concentration and Managerial Agency Costs

Kwangwoo Park, Korea Advanced Institute of Science and Technology (KAIST)

Discussant: Shaojun Zhang, The Hong Kong Polytechnic University

Customer Concentration and Corporate Operational Risk

Shiang Liu, University of Wisconsin – La Crosse

Discussant: Kwangwoo Park, Korea Advanced Institute of Science and Technology (KAIST)

Parallel Session 5H (Room 306)

Session Chair: Lee Smales, University of Western Australia

Macroeconomic News and Treasury Futures Return Volatility: do Treasury Auctions Matter?

Lee Smales, University of Western Australia

Discussant: Sha Liu, College of Business, University College Dublin

Media Tone and Expected Stock Returns

Sha Liu, College of Business, University College Dublin

Discussant: Hyung Kyu Choi, QUAD Investment Management

Hedge Fund Awards: The Impact On Investors and Managers

Hyung Kyu Choi, QUAD Investment Management

Discussant: Paul McNelis, Fordham University

Off-Shore Fears and On-Shore Risk: Exchange Rate Pressures and Chinese Bank Share Volatility

Paul McNelis, Fordham University

Discussant: Lee Smales, University of Western Australia

Tuesday, 15:30 - 17:00, Parallel Sessions 6

Parallel Session 6A (Room 201)

Session Chair: Khoa Hoang, University of Queensland, UQ Business School

An Inflation-Based Icapm: Evidence From China

Bin Guo, Nankai University

Discussant: Shouyu Yao, Tianjin University

Finance and Firm Volatility

Tao Chen, Nanyang Technological University

Discussant: Bin Guo, Nankai University

Max Is Not The Max: The Interference of Daily Price Limits

Shouyu Yao, Tianjin University

Discussant: Khoa Hoang, University of Queensland, UQ Business School

Implied Cost of Capital, Measurement Errors and Return Predictability

Khoa Hoang, University of Queensland

Discussant: Tao Chen, Nanyang Technological University

Parallel Session 6B (Room 202)

Session Chair: Yexiao Xu, The University of Texas at Dallas

Capital Asset Pricing Within The Eurozone: Evidence From A Liquidity-Adjusted Markov Switching Model

Abhijit Sharma, University of Bradford School of Management

Discussant: Yexiao Xu, The University of Texas at Dallas

Weather, Order Submission, and Trading Performance: Evidence From Taiwan

Pei-Shih Weng, National Dong Hwa University

Discussant: Dashan Huang, Singapore Management University

The Fuel of Mispricing: The Role of Trading Volume

Yufeng Han, UNCC

Discussant: Pei-Shih Weng, National Dong Hwa University

Does Air Quality Matter In Asset Pricing?

Yexiao Xu, The University of Texas at Dallas

Discussant: Abhijit Sharma, University of Bradford School of Management

Parallel Session 6C (Room 204)

Session Chair: Hieu Phan, University of Massachusetts Lowell

Shareholder Litigation Rights and Capital Structure Decisions

Hieu Phan, University of Massachusetts Lowell

Discussant: Lunan Jiang, Henan University

Capital Structure Persistence and Market Timing

Naoshi Ikeda, Tokyo Institute of Technology

Discussant: Hieu Phan, University of Massachusetts Lowell

The Relative Stability of Corporate Capital Structure

Zhiyue Sun, Curtin University

Discussant: Naoshi Ikeda, Tokyo Institute of Technology

Liquidity Risk and Corporate Bond Yield Spread: Evidence From China

Yinghui Chen, Zhongnan University of Eoconomics and Law

Discussant: Zhiyue Sun, Curtin University

Parallel Session 6D (Room 205)

Session Chair: Allaudeen Hameed, National University of Singapore

Joint Dynamics of Stock Market Returns and Exchange Rates To Oil Shocks

Li Yang, UNSW

Discussant: Yeow Hwee Chua, National University of Singapore

Are Retail Investors Uninformed Noise Traders? Evidence From Minimum Trading Unit Reductions In Singapore and Indonesia Stock Exchange

Yeow Hwee Chua, National University of Singapore

Discussant: Yizhi Wang, Australian National University

Digesting The Profitability and Investment Premia: Evidence From The Short Selling Activity

Yizhi Wang, Australian National University

Discussant: Luca Xianran Lin, IESE Business School

Friends With Threats: Credit Risk Under Common Ownership

Luca Xianran Lin, IESE Business School

Discussant: Li Yang, UNSW

Parallel Session 6E (Room 210)

Session Chair: David Smith, Massey University

Real Earnings Management and Financial Distress Prediction

Ruei-Shian Wu, Yuan Ze University

Discussant: David Smith, Massey University

Market Reactions To Investment Transparency

David Smith, Massey University

Discussant: Anum Malik, Massey University

Does Short Selling Discipline Manager'S Tone?

Ruichang Lu, Guanghua School of Management, Peking University

Discussant: Ruei-Shian Wu, Yuan Ze University

Style Shifting Behaviour: The Good, The Bad and The Ugly

Anum Malik, Massey University

Discussant: Ruichang Lu, Guanghua School of Management, Peking University

Parallel Session 6F (Room 211)

Session Chair: Konari Uchida, Kyushu University

The Timing Impact of Firm-Specific Announcements On Motives of Trade Initiation

Priyantha Mudalige, Curtin University

Discussant: Fei Gao, Singapore Institute of Technology

What Roles Proxy Advisors Play: Evidence From International Comparison

Konari Uchida, Kyushu University

Discussant: Yin Feng Gau, National Central University

High Frequency Trading and Price Discovery In The Foreign Exchange Market

Yin Feng Gau, National Central University

Discussant: Priyantha Mudalige, Curtin University

Secrets Behind Successful Etfs: Examining The Factors Driving Investor Behaviors and Fund Popularity

Fei Gao, Singapore Institute of Technology

Discussant: Konari Uchida, Kyushu University

Parallel Session 6G (Room 212)

Session Chair: Kalok Chan, The Chinese University of Hong Kong

Investor Participation and The Volatility-Volume Relation

Jiangze Bian, University of International Business and Economics China

Discussant: Hideyuki Takamizawa, Hitotsubashi University

Market Inattention, Strategical Disclosure Timing and Stock Price Crash Risk

Cheng Xiang, School of Economics and Business Administration, Chongqing University

Discussant: Jiangze Bian, University of International Business and Economics

Ceo Privacy and Idiosyncratic Risk: Evidence From Unlisted Firm Experience

Dev Mishra, University of Saskatchewan

Discussant: Cheng Xiang, School of Economics and Business Administration, Chongqing University

How Arbitrage-Free Is The Nelson-Siegel Model When Volatility Is Stochastic?

Hideyuki Takamizawa, Chuo University

Discussant: Dev Mishra, University of Saskatchewan

Parallel Session 6H (Room 306)

Session Chair: Nguyen Phong Nguyen, University of Economics Ho Chi Minh City

Japan Seos Before The Lost Decade: A Long-Run Stock Performance

Sirapat Polwitoon, Susquehanna university

Discussant: Yessy Peranginangin, School of Business Monash University Malaysia

Political Connections and Herding Behavior

Yessy Peranginangin, School of Business Monash University Malaysia

Discussant: Teng Sun, City University of Hong Kong

Technology Spillovers, Information Externality, and Stock Price Crash Risk

Teng Sun, City University of Hong Kong

Discussant: Sirapat Polwitoon, Susquehanna university

Foreign Exchange Rate Volatility and International Trade: Evidence From Asia

Dong Phong Nguyen, University of Economics Ho Chi Minh City

Discussant: Nguyen Phong Nguyen, University of Economics Ho Chi Minh City

Conference Organizers

Conference Local Organizers

Dong Phong Nguyen (University of Economics Ho Chi Minh City, Vietnam)

Trong Hoai Nguyen (University of Economics Ho Chi Minh City, Vietnam)

Bich Nguyet Phan Thi (University of Economics Ho Chi Minh City, Vietnam)

Huy Nhut Nguyen Huu (University of Economics Ho Chi Minh City, Vietnam)

Mai Dong Tran (University of Economics Ho Chi Minh City, Vietnam)

Xuan Vinh Vo (University of Economics Ho Chi Minh City, Vietnam)

Quang Hung Bui (University of Economics Ho Chi Minh City, Vietnam)

Conference Co-Chairs

Robin K. Chou (National Chengchi University, Taiwan)

Bohui Zhang (Chinese University of Hong Kong, Shenzhen, China)

Xuan Vinh Vo (University of Economics Ho Chi Minh City, Vietnam)

Contact Information

Institute of Business Research

University of Economics Ho Chi Minh City

59C Nguyen Dinh Chieu Street, Ward 6, District 3, HCMC, Vietnam

Dean | Assoc. Prof. Xuan Vinh Vo | [email protected]

Coordinator | Ms. Dang Bao Anh Phan | [email protected]

Coordinator | Ms. Thi Hong Xuan Nguyen | [email protected]

Coordinator | Ms. Ngoc Mien Nguyen | [email protected]

Asian FA and Conference Websites:

Further information about the Conference will be posted on the Asian Finance Association website: http://www.asian-fa.org/home and http://asianfa2019.ueh.edu.vn/.

Notes

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