7Th Financial Markets and Corporate Governance Conference

7th Financial Markets and Corporate Governance Conference

Conference partners Contents Welcome message from the FMCG Chair

Keynote speakers 4 Welcome to the 7th conference on Financial Markets and The Pacific Basin Finance Journal will present two $1000 best Corporate Governance. Monash University is delighted to paper prizes. All prizes will be announced at the conference Conference reviewers 6 have the opportunity to host this conference, the associated dinner on Thursday night. PhD Symposium and also to welcome you to Melbourne. Program overview – doctoral symposium 10 The conference includes more than …. technical papers by The conference will give participants a platform to exchange scholars from Australia, (anywhere else?) All papers presented ideas, discover new opportunities, reacquaint with colleagues, Program overview 12 at the conference are eligible to submit their papers to a meet new friends and broaden their knowledge. I believe we conference special issue of the Pacific-Basin Finance Journal. Detailed program 16 have chosen a venue that guarantees a successful technical The high quality of the submissions is such that we will be conference amid the culture and scenery of Melbourne. General information 23 inviting authors of selected papers to submit their paper to the As the conference chair of FMCG, I know that the success conference special issue. These papers will then undergo the of the conference depends ultimately on the many people normal review process. who have worked with us in planning and organising both the We are honoured to have as our keynote speaker Emeritus technical program and supporting social arrangements. In Professor Stephen J. Brown. He is David S. Loeb Professor of particular, we thank the Program Chairs and the large number Finance at the Leonard N. Stern School of Business, New York of reviewers for their advice on the technical program; the University. Editorial Panel and the Program Committee for their thorough and timely reviewing of the papers, and our partner institutions The Australian Centre for Financial Studies has arranged LaTrobe University, RMIT University, QUT, Victoria University of practitioner sessions during the conference and these Wellington, SIRCA and AFAANZ. We have been impressed by include presentations in the areas of Dividends and Taxation, the high overall quality of the papers submitted, indicating the Superannuation and Taxation, Corporate Governance and ever-improving profile of this conference. Culture in Financial Institutions, and Current Issues in Banking Regulation.………….. Each of the universities sponsoring the conference have provided an award of $1000 for the best papers in specified Recognition should go to the Local Organising Committee areas covered by the conference, including the best paper members who have all worked extremely hard on the details presented at the PhD Symposium. SIRCA has sponsored of important aspects of the conference programs and social a $1000 prize for the best paper which has used SIRCA Data. activities. We are also grateful for the financial support provided We hope that you enjoy the stimulating program we have by the Accounting and Finance Association of Australian organised for you. and New Zealand.

7TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE 2016 3 Keynote speakers

Stephen J. Brown Tom Smith Frank Finn Professor Jonathan Batten Stephen J. Brown is David S. Loeb Professor of Finance at the Professor Of Finance Jonathan A. Batten is Professor of Finance in the Department Leonard N. Stern School of Business, New York University. He Tom’s research interests are in the areas of Environmental of Banking and Finance at Monash University, Australia. graduated from Melbourne High School and Monash University Finance, Asset Pricing Theory and Tests; Design of Markets Prior to this position he worked at the Hong Kong University and studied at the University of Chicago, earning an MBA in - Market Microstructure; and Derivatives. His articles have of Science & Technology and Seoul National University. 1974 and a Ph.D in 1976. Following successive appointments appeared in leading journals including the Journal of Financial He has also been involved in various Technical Assistance at Bell Laboratories and Yale, he joined the faculty of New Economics, Journal of Finance, Review of Financial Studies, projects funded by the Asian Development Bank and the York University in 1986. In 2002 he was appointed Professorial Journal of Financial and Quantitative Analysis, Journal of World Bank and was recently a visiting research fellow at Fellow at the University of Melbourne, and in January 2016 he Business, Journal of Law and Economics, Journal of Accounting the Bank for International Settlements. He is the editor is taking up an appointment as Professor in the Department of Research, Journal of Empirical Finance, Journal of Futures of Emerging Markets Review, and the Journal of International Banking and Finance in the Faculty of Business and Economics Markets, Journal of Fixed Income and Journal of Portfolio Financial Markets, Institutions and Money, and also at Monash. He has served as President of the Western Finance Management. Tom is particularly proud of all of his PhD students an associate editor of a number of other journals including Association and Secretary/Treasurer of that organization, has and the fact that they have more than 50 tier 1 publications. the Journal of Banking & Finance, Journal of the Asia Pacific served on the Board of Directors of the American Finance ■■ Economy, Research in International Business and Finance, Association, and was a founding editor of the Review of BCom Hons, Commerce (UQ) and the International Review of Financial Analysis. Financial Studies. He has just stepped down as a Managing ■■ MFM, Financial Management (UQ)

Editor of The Journal of Financial and Quantitative Analysis to ■■ PhD, Finance (Graduate School of Business, take on a new role as Executive Editor of the Financial Analysts Stanford University) Journal. In addition he has served on the editorial board of The Journal of Finance and other journals. He has published numerous articles and five books on finance and economics related areas. He has served as an expert witness for the US Department of Justice and has testified on his research before a Full Committee Hearing of the U.S. Congress House Financial Services Committee in March 2007. In 2010 he served as a member of the Research Evaluation Committee of the Excellence in Research Australia initiative on behalf of the Commonwealth Government of Australia.

Research Interests ■■ Empirical Finance Kevin Davis ■■ Asset Pricing Theory Professor Ghon Rhee Kevin Davis is Professor of Finance at the University ■■ Performance Measurement of Melbourne, Research Director of the Australian Centre ■■ K. J. Luke Distinguished Professor of Finance ■■ Japanese Equity Markets for Financial Studies and a Professor of Finance at Monash ■■ Editor of the Pacific-Basin Finance Journal University. His primary research interests are financial ■■ Shidler College of Business, University of Hawaii Courses Taught regulation, financial institutions and markets, financial ■■ Financial Theory II innovation and corporate finance. He is co-author/editor of16 Ghon Rhee holds the K. J. Luke Distinguished Professor of Finance at the University of Hawaii. He is the editor of the ■■ Foundations of Financial Markets books in the areas of finance, banking, monetary economics and macroeconomics and has published numerous journal Pacific-Basin Finance Journal, a premier academic journal Academic Background articles and chapters in books. He is the Deputy Chair of SIRCA, focusing on Asia-Pacific capital markets and financial systems. a member of the Australian Competition Tribunal, and has He currently holds an adjunct professorship at Monash ■■ Ph.D., Finance, 1976 University (Australia) since September 2011 and a distinguished University of Chicago undertaken an extensive range of consulting assignments for financial institutions, business and government. Professor visiting professorship at National Central University (Taiwan). ■■ M.B.A., Business, 1974 Davis is a Senior Fellow of Finsia, a Fellow of FTA and holds University of Chicago He serves as the president of the Asian Finance Association Bachelor of Economics (Hons I) from Flinders University of South for a two-year period, 2014-2016. His research has been ■■ B.E.C., Economics, 1971 Australia and a Master of Economics from the Australian published in numerous academic journals, including: Journal Monash (Australia) National University. He was appointed by the Federal Treasurer of Finance, Review of Financial Studies, Journal of Financial in December 2013 as a panel member of the Financial System and Quantitative Analysis, Journal of Banking and Finance, Inquiry chaired by Mr David Murray. Journal of International Money and Finance, Journal of Financial Markets, Journal of Accounting and Economics, Journal of Risk and Insurance, Journal of Empirical Finance, Journal of Financial Services Research, Journal of International Business Studies, Decision Sciences, Financial Management. He has published over 90 academic papers and edited or authored 18 books on Asian financial markets.

4 7TH FINANCIAL MARKET AND CORPORATE 2016 5 Conference reviewers

All of the papers presented at the Financial Markets and Corporate Governance Conference have been subject to a rigorous blind review process. The Organising Committee gratefully acknowledges the contribution made by the following reviewers.

Simone Kelly Bond University - Finance Zhe An Monash University

Paul Lajbcygier Monash Unviersity Hue Hwa Au Yong Monash University - Department of Banking and Finance

Larelle Law Chapple QUT School of Business Katherine Avram Monash University

Gary S. Monroe University of New South Wales (UNSW) - Australian School of Business Balasingham Balachandran La Trobe University -Department of Economics and Finance

Anthony C. Ng Monash University Emawtee Bissoondoyal-Bheenick Monash University

Thu-Ha Nguyen Monash University - Monash Business School - Department of Banking and Kym Brown Monash University - Department of Accounting Finance

Viet Nga Cao Monash University Imon Palit Monash University

Daniel Chai Monash University Shams Pathan University of Queensland - Business School

Barbara Chambers Monash University Shrimal Perera Monash University - Department of Accounting and Finance

Silvio Contessi Monash University Deborah Ralston Australian Centre for Financial Studies

Kevin Thomas Davis University of Melbourne - Department of Finance Michaela Rankin Monash University

Michael J. Dempsey RMIT University - School of Economics, Finance, and Marketing Abu Zafar M. Shahriar Monash University

Viet Minh Do Monash University Michael T. Skully Monash University - Department of Banking and Finance

Huu Nhan Duong Monash University - Department of Banking and Finance Tom Smith University of Queensland

Robert W. Faff University of Queensland Maria Strydom Monash University

Jean-Pierre Fenech Monash University Monica Tan RMIT University

Philip Gharghori Monash University Alireza Tourani-Rad Auckland University of Technology - Faculty of Business & Law

Philip Gray Monash University Cameron Truong Monash University

Abey Gunasekarage Monash University John Vaz Monash University

Mamiza Haq University of Queensland - Finance Chris Veld Monash University

Richard A. Heaney University of Western Australia Yulia Veld-Merkoulova Monash University

Janice C. Y. How Queensland University of Technology Peter Verhoeven Queensland University of Technology - QUT Business School

Elaine Hutson Monash University - Dept of Banking and Finance Tram Vu Monash University - Department of Accounting

Thanh D. Huynh Auckland University of Technology - Department of Finance John R. Watson Monash University

Barry Williams Monash University

6 7TH FINANCIAL MARKET AND CORPORATE 2016 7 Program overview

7TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE 2016 9 Wednesday 30 March Wednesday 30 March

PHD SYMPOSIUM PHD SYMPOSIUM

0830 – 0900 Registration / Arrival tea & Coffee Pre Function Area Mohammad Shameem Jawed Hung (Justin) Nguyen INDIAN INSTITUTE OF MANAGEMENT INDORE RMIT UNIVERSITY “Stock Returns, Liquidity, Governance and Firm “Environmental Policies, Corporate Environmental 0900 – 1000 Session One Performance: Evidences from change in Minimum Risks and Bank Monitoring” Public Float Regulation in India” Disclosure: Trade Room IPOs: Stock Room 1430 – 1500 Afternoon Tea Pre Function Area Xiaowen Peng Jin Roc Lv THE UNIVERSITY OF QUEENSLAND THE UNIVERSITY OF MELBOURNE “Product Disclosure Statement and Investor Choice “Rent Extraction from Early Sales during IPO Lockup 1500 – 1700 Session Four in the Australian Superannuation Industry” Periods” Equity: Trade Room Equity: Stock Room Yujing Ma Nirav Parkikh NANYANG TECHNOLOGICAL UNIVERSITY, SINGAPORE RMIT UNIVERSITY Jun Myung Song Amira Kadour “Human Capital Driven Acquisition: Evidence from “Underwriter Discretion, Investor Participation THE UNIVERSITY OF NEW SOUTH WALES UNIVERSITY OF JENDOUBA TUNISIA the Inevitable Disclosure Doctrine” and IPO Pricing: Evidence from Indian IPO market” “Cross-Listing and Ownership Structure Changes” “Moral hazard under the effect of Bailout and Bailin events: a Markov Switching model analysis.” 1000 – 1030 Morning Tea Pre Function Area Angel Zhong Haileslasie Gebremariam MONASH UNIVERSITY UNIVERSITY OF OTAGO 1030 – 1200 Session Two “Institutional Investors in the Australian Equity Market” “MFI risk, governance and transparency in Sub-Saharan Africa” Reputation: Trade Room Equity markets: Stock Room Christian Wilk **TBC** Ngoc Huong Truong Md. Al Mamun Frankfurt School of Finance & Management Oliynka Moses Victoria University of Wellington? QUEENSLAND UNIVERSITY OF TECHNOLOGY LA TROBE UNIVERSITY “The More the Merrier: The Effect of Shareholders’ “Corporate governance and bank reputational “Powerful CEOs and Stock Price Crash Risk” Vote Turnout on Firm Performance” loss around regulatory enforcement actions”

Suichen Xu Mardy Chia 1700 – 1800 Cocktails Pre Function Area QUEENSLAND UNIVERSITY OF TECHNOLOGY MONASH UNIVERSITY “Reputation Loss for Corporate Misconduct: “Examining the Drivers of the Gross Evidence from China” Profitability Premium” 1200 – 1300 Lunch Alluvial Restaurant 2016 Doctoral symposium organisers:

1300 – 1430 Session Three Insert Organiser Names x 2

Liquidity: Trade Room Liquidity: Stock Room

Nader Atawnah Arkaja Chakraverty LA TROBE UNIVERSITY INDIAN SCHOOL OF BUSINESS “Foreign Competition and Stock Market Liquidity” “Leverage, Unemployment Risk and Employee Compensation”

10 PROGRAM OVERVIEW 7TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE 2016 11 Thursday 31 March: FMCG Friday 1 April: FMCG

DAY ONE DAY TWO

0800 – 0830 Registration / Arrival tea & Coffee Pre Function Area 0800 – 0830 Registration / Arrival tea & Coffee Pre Function Area

0830 – 1030 Session One 0830 – 1030 Session Four

Stream 1.1 Compensation Trade Room Stream 4.1 Governance Trade Room

Stream 1.2 Taxation Stock Room Stream 4.2 Trading 1 Stock Room

Stream 1.3 Social Responsibility Wool Room Stream 4.3 Volatility Wool Room

Stream 1.4 Bank Risk Wheat Room Stream 4.4 Dividends Wheat Room

1030 – 1100 Morning Tea Pre Function Area 1030 – 1100 Morning Tea Pre Function Area 1100 – 1200 Official Welcome Trade & Stock Room 1100 – 1200 Plenary Session Trade & Stock Room Welcome to Country Editor’s Panel Keynote Speaker: Professor Stephen Brown Paper Title: Managerial Talent and Hedge Fund Performance 1200 – 1300 Lunch Alluvial Restaurant

1200 – 1300 Lunch Alluvial Restaurant 1300 – 1430 Session Five

1300 – 1430 Session Two Stream 5.1 Practitioner Session Corporate Governance Trade Room and Cultural in Financial Institutions Stream 2.1 Practitioner Session Trade Room Superannuation and Taxation Stream 5.2 Trading 2 Stock Room

Stream 2.2 Bank Capital Stock Room Stream 5.3 Asset Pricing Wool Room

Stream 2.3 Bankruptcy and Distress Wool Room Stream 5.4 Brokers and Exchanges Wheat Room

Stream 2.4 CEO’s and Boards Wheat Room 1430 – 1500 Afternoon Tea Pre Function Area

1430 – 1500 Afternoon Tea Pre Function Area 1500 – 1630 Session Six

1500 – 1630 Session Three Stream 6.1 Practitioner Session Current issues Trade Room in Banking Regulation Stream 3.1 Practitioner Session Trade Room Dividend Imputation Sessions Stream 6.2 Venture Capital and R&D Stock Room

Stream 3.2 Financial Accounting Stock Room Stream 6.3 Derivatives and Risk Wool Room

Stream 3.3 Banking Wool Room Stream 6.4 Raising Equity Wheat Room

Stream 3.4 Deposit Insurance and Bank Guarantees Wheat Room 1630 – 1745 Post Conference Social Drinks Pre Function Area

1630 - 1745 Pre Dinner Drinks Pre Function Area

1745 onwards Conference Dinner Laneway 2 & 3

12 PROGRAM OVERVIEW 7TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE 2016 13 Detailed program Thursday 31 March: FMCG Thursday 31 March: FMCG

DAY ONE DAY ONE

0800 – 0830 Registration / Arrival tea & Coffee Pre Function Area 1300 – 1330 1330 - 1400 1400 - 1430 Bank Capital Bank Capital Bank Capital

0830 – 1030 Session One Stream 2.3 Bankruptcy and Distress Wool Room Stream 1.1 Compensation Trade Room 1300 – 1330 1330 - 1400 1400 - 1430 0830 – 0900 0900 – 0930 0930 – 1000 1000 – 1030 Bankruptcy and Distress Bankruptcy and Distress Bankruptcy and Distress Compensation Compensation Compensation Compensation Stream 2.4 CEO’s and Boards Wheat Room

Stream 1.2 Taxation - Stock Room 1300 – 1330 1330 - 1400 1400 - 1430 CEO’s and Boards CEO’s and Boards CEO’s and Boards 0830 – 0900 0900 – 0930 0930 – 1000 1000 – 1030 Taxation Taxation Taxation Taxation 1430 – 1500 Afternoon Tea Pre Function Area Stream 1.3 Social Responsibility Wool Room 1500 – 1630 Session Three 0830 – 0900 0900 – 0930 0930 – 1000 1000 – 1030 Social Responsibility Social Responsibility Social Responsibility Social Responsibility Stream 3.1 Practitioner Session Trade Room Stream 1.4 Bank Risk Wheat Room 1500 – 1700 0830 – 0900 0900 – 0930 0930 – 1000 1000 – 1030 Dividend Imputation Sessions Bank Risk Bank Risk Bank Risk Stream 3.2 Financial Accounting Stock Room

1030 – 1100 Morning Tea Pre Function Area 1500 – 1530 1530 - 1600 1600 - 1630 Financial Accounting Financial Accounting Financial Accounting 1100 – 1200 Welcome Trade & Stock Room Stream 3.3 Banking Wool Room Keynote Address:

Paper title: Managerail Talent and Hedge Fund Performance 1500 – 1530 1530 - 1600 1600 - 1630 Speaker: Professor Stephen Brown Banking Banking Banking Abstract: Stream 3.4 Deposit Insurance and Bank Guarantees Wheat Room

1200 – 1300 Lunch Alluvial Restaurant 1500 – 1530 1530 - 1600 1600 - 1630 Deposit Insurance and Bank Deposit Insurance and Bank Deposit Insurance and Bank Guarantees Guarantees Guarantees 1300 – 1430 Session Two

1900 – 1930 Pre Dinner Drinks Pre Function Area Stream 2.1 Practitioner Session Trade Room

1300 – 1330 1930 – 2230 Dinner Laneway 2 & 3 Superannuation and Taxation

Stream 2.2 Bank Capital Stock Room

16 DETAILED PROGRAM 7TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE 2016 17 Friday 01 April: FMCG Friday 01 April: FMCG

DAY TWO DAY TWO

0800 – 0830 Registration / Arrival tea & Coffee Pre Function Area Stream 5.4 Brokers and Exchanges Wheat Room

1300 – 1330 1330 - 1400 1400 - 1430 0830 – 1030 Session Four Brokers and Exchanges Brokers and Exchanges Brokers and Exchanges

1430 – 1500 Afternoon Tea Pre Function Area Stream 4.1 Governance Trade Room

0830 – 0900 0900 – 0930 0930 – 1000 1000 – 1030 1500 – 1630 Session Six Governance Governance Governance Governance

Stream 4.2 Trading 1 Stock Room Stream 6.1 Practitioner Session Trade Room

0830 – 0900 0900 – 0930 0930 – 1000 1000 – 1030 1500 – 1630 Practitioner Session Trading 1 Trading 1 Trading 1 Trading 1 Current Issues in Banking Regulation

Stream 4.3 Volatility Wool Room Stream 6.2 Venture Capital and R&D Stock Room

0830 – 0900 0900 – 0930 0930 – 1000 1000 – 1030 1500 – 1630 1500 – 1630 1500 – 1630 Volatility Volatility Volatility Volatility Venture Capital and R&D Venture Capital and R&D Venture Capital and R&D

Stream 4.4 Dividends Wheat Room Stream 6.3 Derivatives and Risk Wool Room

0830 – 0900 0900 – 0930 0930 – 1000 1000 – 1030 1500 – 1630 1500 – 1630 1500 – 1630 Dividends Dividends Dividends Dividends Derivatives and Risk Derivatives and Risk Derivatives and Risk

Stream 6.4 Raising Equity Wheat Room 1030 – 1100 Morning Tea Pre Function Area 1500 – 1630 1500 – 1630 1500 – 1630 1100 – 1200 Editors Panel: Trade & Stock Room Raising Equity Raising Equity Raising Equity Paper title: Speaker: 1630 – 1745 Closing Social Hour Pre Function Area Abstract:

1200 – 1300 Lunch Alluvial Restaurant

1300 – 1430 Session Five

Stream 5.1 Practitioner Session Trade Room

1300 – 1430 Practitioner Session Corporate Governance and Cultural in Financial Institutions

Stream 5.2 Trading 2 Stock Room

1300 – 1330 1330 - 1400 1400 - 1430 Trading 2 Trading 2 Trading 2

Stream 5.3 Asset Pricing Wool Room

1300 – 1330 1330 - 1400 1400 - 1430 Asset Pricing Asset Pricing Asset Pricing

18 DETAILED PROGRAM 7TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE 2016 19 General information

7TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE 2016 21 About Melbourne

Melbourne, the capital of Victoria, is the second largest city retail precinct includes the Melbourne Central Shopping in Australia. Melbourne’s multicultural atmosphere is set Centre complete with its own underground railway station, amongst Victorian-era buildings and gorgeous parkland. the Bourke Street pedestrian Mall, the part-time Swanston It has a population of just over 4 million people, and is Street Mall, and Collins Street which is home to exclusive a picturesque place with so much to offer. The city centre, fashion and jewellery stores. Chinatown, located along the also known as the Central Business District (CBD), is on the eastern end of Little Bourke Street, features traditional Chinese north bank of the Yarra River. It is approximately 5 kilometres shopping and dining experiences, established during the gold inland from Port Phillip Bay, where most of the pretty suburbs rush of the 1850s. A well-know landmark is Federation Square are situated. which is situated across the road from Flinders Street Station and opens out onto the Yarra River and adjacent parkland, Melbourne was founded in 1835 when settler John Batman features the city’s official visitor information centre, cafes, declared at a point on the northern bank of the Yarra River restaurants, and a hotel. (at the end of where William Street is now) would be “the place for a village”. In 1837, surveyor Robert Hoddle designed Melbourne is a mix of old and new. Exclusive shopping Melbourne’s central grid pattern which was aligned with arcades and the bustling Queen Victoria Market, along with the Yarra River and consisted of main thoroughfares 30 metres historical landmarks from centuries ago, blend in with modern wide with narrower east-west service lanes. This grid became office towers. The Rialto Towers in Collins Street is the central Melbourne’s central business district, bounded by La Trobe business district’s tallest building and an observation deck on Street, Spring Street, Flinders Street and Spencer Street. level 55 was open to the public up until 2009. Views of the city This created a spacious layout for the city centre which can be enjoyed from the taller Eureka Tower across the Yarra has allowed Melbourne’s tram network to remain in place River in neighbouring Southbank or the Melbourne Star despite demand for road space. Observation Wheel at Docklands. Melbourne’s city centre is characterised by spacious, tree- lined streets, many with tram lines running along them. The

22 GENERAL INFORMATION 7TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE 2016 23 Conference accommodation Extend your stay Venue map

InterContinental, Melbourne the Rialto Accommodation at the conference hotel, InterContinental, 495 Collins Street Melbourne Melbourne the Rialto is available for extensions upon request. 3000 Australia This is a great opportunity explore the city and beyond during Conference accommodation is available at the conference your visit and discover the distinct fortes and flavours of venue, Melbourne’s Intercontinental at The Rialto conveniently Melbourne and its destinations. located in the heart of the CBD. The hotel offers five star Spend some time in the city centre and you’ll discover it’s neatly modern guest rooms and suites with a unique twist. The hotel’s divided into little pockets for you to explore. Find art, bars and 253 exquisite guest rooms and suites have been exceptionally restaurants up and down in the laneways, retail therapy for any designed and furnished with a sleek combination of modern budget in Bourke and Collins streets, and creative outlets on luxury and authentic Melbourne style. The historic façade and show in Flinders Quarter. St Kilda Road means galleries and gothic style of The Rialto Melbourne means many of the guest gardens, while neighbouring Yarra Precinct and Docklands rooms and suites have distinctive period features, such as high deliver waterside views by the boatload. ceilings and ornate windows, providing an authentic heritage Melbourne experience in a five star hotel on Collins Street Just a tram ride away, the eclectic neighbourhoods on the city and Flinders Lane. fringe offer endless possibilities. Take a ride to the cool northern suburbs Collingwood, Fitzroy, Brunswick and Northcote. Guests can relax with all the comforts of home, including Flex your plastic in retail meccas South Yarra, Prahran and BOSE radio and alarm clocks, flat screen televisions and Toorak. Take your beach towel (or yacht) to bayside St Kilda, iPod docking stations. All rooms and suites are non-smoking Port Melbourne and South Melbourne, and go west for more and guests drift into a blissful nights sleep after making their fabulous food and beaches. personalised selection from the hotel’s comprehensive pillow menu. Level 10 offers a light filled gym, indoor pool and heated Travel across Victoria and experience the region’s stunning indoor spa. Guest can also treat them selves to a luxurious landscapes, historic towns and renowned food and wine. The treatment at Botanica Day Spa. The Spa is a sanctuary for state’s compact size means you can travel from high in the wellness and rejuvenation. mountains to the rugged southern coast and back to the city in just a short space of time. So hit the road on a touring route,

make your own way around, or follow an itinerary and see the wonders of Victoria for yourself.

To find out more take a look atw ww.visitmelbourne.com

24 GENERAL INFORMATION 7TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE 2016 25 Special conference issue of Pacific-Basin Finance Journal

The conference committee invites all presenters at the FMCG Special Issue Theme: Financial Markets, Institutions, 2016 conference to consider submitting their paper to the Governance and Crises. conference special issue of the Pacific-Basin Finance Journal. Topics: include, but are not limited to Published by Elsevier, Pacific-Basin Finance Journal provides a specialized forum for the publication of academic research ■■ Impact of governance on financial performance, on capital markets of the Asia-Pacific countries. The Pacific- risk taking and decision making Basin Finance Journal has generously sponsored two research ■■ Banking and financial institutions excellence awards at the FMCG 2016 conference. ■■ Audit/earnings quality, earnings, governance and shareholders’ wealth

■■ Capital raisings, payout policies, agency cost, signalling and overinvestment

■■ Market micro-structure, market mechanisms and firm value

■■ Financial crises, stock market liquidity and corporate governance

■■ Monitoring , Board independence, conflicts of interests and firm value

■■ Executive compensation, ownership structure, business groups and family firms

■■ Asset pricing, risk and emerging markets

Guest Editors: Barry Williams (Monash University) Balasingham Balachandran (La Trobe University) Submissions guidelines for the special issue:

■■ Go to the Journal website http://ees.elsevier.com/pbfj

■■ Log into the EES, as per a normal submission to PBFJ

■■ In response to the opening screen asking you to “select article type”, select the option: “FMCGC2016 SI: Financial Markets, Institutions, Governance and Crises”

■■ Complete all remaining requested information on EES as per a normal PBFJ manuscript submission

Other Important Information:

■■ Submission Deadline for the special issue: 1 June 2016

■■ Standard PBFJ submission fee is required since all manuscripts are subject to the Journal’s normal review process.

■■ The acceptance deadline (the date by which all manuscripts should be fully reviewed and final decisions made on all manuscripts; and those failing to meet the deadline may be excluded): 31 March 2017

■■ The expected publication date (the date the Special Issue is expected to be published): May 2017.