2017 FMA Annual Meeting Program
11 - 14 October, 2017 | Boston, MA

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Program Discussant Openings

Marriott Meeting Space Floor Plan


WEDNESDAY, 11 OCTOBER

Wednesday, 11 October – Special Events
Financial Planning & Analysis Roundtable
8:30 am, Salon J (4th Floor)
Note: Advance Registration Required
Conference Registration
12:00 noon - 5:00 pm, Registration Desk (4th Floor)
Placement Center
1:00 pm - 5:00 pm, Salons A - E (4th Floor)
Note: Name tags must be worn for admission to the Placement Center
Conference Reception
5:30 pm - 6:30 pm, Salons F & G (4th Floor)


THURSDAY, 12 OCTOBER

Thursday, 12 October – Special Events
Conference Registration
7:00 am - 4:00 pm, Registration Desk (4th Floor)
Christian Finance Faculty Association Meeting
7:00 am - 9:00 am, St Botolph (2nd Floor)
Placement Center
7:30 am - 4:00 pm, Salons A - E (4th Floor)
Note: Name tags must be worn for admission to the Placement Center
FMA Survey & Synthesis Series Associate Editors' Meeting
8:00 am - 10:00 am, Rhode Island (5th Floor)
Eastern Finance Association Board Meeting
8:00 am - 1:00 pm, Columbus One (1st Floor)
Coffee Break
8:00 am - 8:30 am, Exhibit Hall
(Gloucester, 3rd Floor)
Exhibits
8:00 am - 7:00 pm, Exhibit Hall
(Gloucester, 3rd Floor)
Coffee Break
9:30 am - 9:45 am, Exhibit Hall (Gloucester, 3rd Floor)
FMA Board of Directors' Meeting
11:30 am - 2:30 pm, Boylston (1st Floor)
Note: By Invitation Only
Women's Networking Luncheon
1:00 pm - 2:30 pm, Tremont (1st Floor)
Note: Advance Registration Required
FM Associate Editors' Meeting
3:00 pm - 4:00 pm, Rhode Island (5th Floor)
Keynote Address - Oliver Hart
4:15 pm - 5:30 pm, Salons F & G (4th Floor)
Conference Reception
5:45 pm - 7:00 pm, Exhibit Hall (Gloucester, 3rd Floor)

Thursday, 12 October – Sessions

Thursday – 8:00 am - 9:30 am

Session 001 - Peer Effects
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Thomas Moeller, Texas Christian University
Do Technology Spillovers Affect Corporate Financial Policies?
  Ambrus Kecskes, York University
  Phuong-Anh Nguyen, York University
Corporate Governance and Peer Effects
  Douglas Fairhurst, Washington State University
  Yoonsoo Nam, Washington State University
The Cost of Being Different: Peer Firm Costs of Cash Holdings
  Einar Cathrinus Kjenstad, Aarhus University
 
Presenter: Ambrus Kecskes

Discussant Vidhan Goyal, HKUST

Presenter: Douglas Fairhurst

Discussant Tanakorn Makaew, US SEC

Presenter: Einar Kjenstad

Discussant Tiantian Gu, Northeastern University

Session 002 - Merger Advisers
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson Jose Afonso Faias, Catolica-Lisbon School of Business and Economics
Top Defense Litigation Counsel in Mergers and Acquisitions, and Shareholder Value
  CNV Krishnan, Case Western Reserve University
  Randall Thomas, Vanderbilt University
  Steven Solomon, University of California Berkeley
Matches Made in Banks: Do Common Bank Relations Facilitate Better Mergers?
  Jiakai Chen, University of Hawaii
  Joon Ho Kim, University of Hawaii
  S. Ghon Rhee, University of Hawaii
Why Do Acquirers Switch Financial Advisors in Mergers and Acquisitions?
  Xiaoxiao Yu, University of Texas Arlington
  Yeqin Zeng, ICMA Centre, University of Reading
 
Presenter: CNV Krishnan

Discussant: Saira Latif, University of Massachusetts Lowell

Presenter: Jiakai Chen

Discussant: Jose Afonso Faias, Catolica-Lisbon School of Business and Economics

Presenter: Xiaoxiao Yu

Discussant: Hongxia Wang, Ashland University

Session 003 - Local Culture & Corporate Policy
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Lei Gao, Iowa State University
Local Obesity Prevalence and Corporate Policies
  Anup Agrawal, University of Alabama
  Yuree Lim, University of Wisconsin La Crosse
Local Risk Characteristics and Dividends: Does Local Creative Culture Support Dividends?
  Erdem Ucar, California State University Fullerton
International Payout Policy and Societal Trust
  Matthew Faulkner, Florida Atlantic University
  Kevin Brady, St Thomas University
 
Presenter: Anup Agrawal

Discussant Lei Gao, Iowa State University

Presenter: Erdem Ucar

Discussant Andreanne Tremblay, York University

Presenter: Matthew Faulkner

Discussant Minjie Huang, University of Louisville

Session 004 - Investment Policy
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Recep Bildik, Borsa Istanbul
Downward Wage Rigidity, Corporate Investment, and Firm Value
  DuckKi Cho, University of Sydney
Creative Destruction and Idiosyncratic Stock Return Variation in the Roaring Twenties and the Great Depression
  Lu Zhang, Ryerson University
  Randall Morck, University of Alberta
Turnover Stars and the Value of Human Capital
  S. Abraham Ravid, Yeshiva University, Syms School of Business
  Shu Han, Yeshiva University
 
Presenter: DuckKi Cho

Discussant Missaka Warusawitharana, Federal Reserve Board

Presenter: Lu Zhang

Discussant Jason (HyunJun) Na, Adelphi University

Presenter: Abraham Ravid

Discussant Lorenzo Casavecchia, Macquarie University

    Doctoral Student Consortium Job Market Paper Presentations    

Session 005 - Corporate Finance
    Thursday, 12 October, , 8:00 - 9:30 AM

Chairperson: Bernadette Minton, Ohio State University

Corporate Inversions and Cost of Equity: A Tale of Two Strategies

Tianpeng Zhou, Michigan State University

Discussant: Rohan Williamson, Georgetown University

Cross-border Buyout Performance

Siyang Tian, Cass Business School

Discussant: Nicole Boyson, Northeastern University

Firm-level Tournament Incentives and the Level and Valuation of Firm Cash Holdings

Yiwei Li, University of Reading

Discussant: Karen Wruck, Ohio State University

Session 006 - Corporate Bankruptcy
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Steven E. Kozlowski, Fairfield University
Patience Is A Virtue: Evidence from Bankruptcy
  Guangqian Pan, Australian National University
Distressed, Expanding, and Overvalued: Evidence that External Financing Activity Explains the Distress Anomaly
  Steven E Kozlowski, Fairfield University
 
Presenter: Guangqian Pan

Discussant James Donato, Rensselaer Polytechnic Institute

Presenter: Steven Kozlowski

Discussant Guangqian Pan, Australian National University

Session 007 - Credit Default Swaps & their Impact
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: David M Kemme, University of Memphis
Does the Introduction of One Derivative Affect Another Derivative? the Effect of Credit Default Swaps Trading on Equity Options
  Jie Cao, Chinese University of Hong Kong
  Yong Jin, Hong Kong Polytechnic University
  Neil Pearson, University of Illinois Urbana Champaign
  Dragon Tang, University of Hong Kong
Does CDS Trading Affect Risk-Taking Incentives in Managerial Compensation?
  Jie Chen, Cardiff University
  Woon Sau Leung, Cardiff University
  Wei Song, Swansea University
  Davide Avino, Swansea University
The Impact of Informed CDS Trading on Related Equity
  Hung-Gay Fung, University of Missouri St Louis
  Min-Ming Wen, California State University Los Angeles
  Gaiyan Zhang, University of Missouri St Louis
 
Presenter: Yong Jin

Discussant: David M Kemme, University of Memphis

Presenter: Wei Song

Discussant I-Ju Chen, Yuan Ze University

Presenter: Gaiyan Zhang

Discussant Chao Yin, University of Reading

    Research & Overview Session    

Session 008 - Empirical Asset Pricing
  Thursday, 12 October, 8:00 am - 9:30 am

Presented by Bryan Kelly, Associate Professor
University of Chicago

    Roundtable Session    

Session 009 - Student Chapter Management Roundtable
  Thursday, 12 October, 8:00 am - 9:30 am

Moderated by Ross Dickens, FMA Student Chapters' Committee Chairperson
Dean & Professor of Finance, University of Tennessee Martin

This session will discuss FMA's support for student chapters, including ideas for professional, social, and community service activities, fundraising, and recruiting. The Finance Leaders' Conference (2018 in Chicago) will be an added topic of the session.

   Doctoral Student Consortium Job Market Paper Presentations    

Session 010 - Asset Pricing
  Thursday, 12 October, 8:00 am - 9:30 am

Chairperson: Jennifer Conrad, University of North Carolina

Can Reinvestment Risk Explain the Dividend and Bond Term Structures?

Andrei S. Goncalves, Ohio State University

Discussant: Robert Dittmar, University of Michigan

The Cross-predictability of Industry Returns in International Financial Markets

Xin Wang, University of Toronto

Discussant: Shaojun Zhang, Ohio State University

Can Investors Profit from Information Diversity?

Ilona Mostipan, University of Oxford

 
Discussant: Kevin Crotty, Rice University

Session 011 - Corporate Bond Underwriting
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Iraj J. Fooladi, Dalhousie University
The Determinants of Underpricing for Corporate Bond Offerings
  Lisa Yang, Montana State University
  Jeremy Goh, Singapore Management University
The Impact of Lending Relationships on the Choice and Structure of Bond Underwriting Syndicates
  Santiago Carbó-Valverde, Bangor University, CUNEF and Funcas
  Pedro Jesús Cuadros-Solas, CUNEF
  Francisco Rodríguez-Fernández, University of Granada & Funcas
The Cost of Issuing Debt in the Presence of Credit Derivatives
  Alexander W Butler, Rice University
  Xiang Gao, Binghamton University SUNY
  Cihan Uzmanoglu, Binghamton University SUNY
 
Presenter: Lisa Yang

Discussant Xiang Gao, Binghamton University SUNY

Presenter: Pedro Cuadros-Solas

Discussant Lisa Yang, Montana State University

Presenter: Xiang Gao

Discussant Pedro J. Cuadros Solas, CUNEF

Session 012 - Angel Investors
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Taufique Samdani, Millikin University
How Do Investors Accumulate Network Capital? Evidence from Angel Networks
  Buvaneshwaran Venugopal, University of Houston
  Vijay Yerramilli, University of Houston
Groups, Networks and the Business Angels’ Investment Process.
  Stefano Bonini, Stevens Institute of Technology
  Vincenzo Capizzi, Universitŕ del Piemonte Orientale - SDA Bocconi
  Mario Valletta, Universita' del Piemonte Orientale
  Paola Zocchi, Universita' del Piemonte Orientale
Angels or Sharks? the Role of Personal Characteristics in Angel Investment Decisions
  Thomas J Boulton, Miami University
  Thomas Shohfi, Rensselaer Polytechnic Institute
  Pengcheng Zhu, University of Pittsburgh
 
Presenter: Buvaneshwaran Venugopal

Discussant: Jingyu Zhang, Imperial College London

Presenter: Vincenzo Capizzi

Discussant Lisa Schopohl, University of Reading

Presenter: Thomas Shohfi

Discussant: Anastasios Maligkris, University of Miami

Session 013 - Institutional Investors & Corporate Innovation
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Nga Nguyen, Marquette University
Institutional Multiple Holdings and Corporate Innovation
  Bin Qiu, University of Hawaii
Do Syndication Network and Spatial Concentration of Institutional Investors Enhance Innovation?
  Xiaoran Huang, Nanyang Technological University
Dual Ownership Activism and Innovations of US Multinationals
  Roman Bohdan, University of New Orleans
  Tarun Mukherjee, University of New Orleans
 
Presenter: Bin Qiu

Discussant Florian Muenkul, St. Mary's University

Presenter: Xiaoran Huang

Discussant Shen Zhang, Auburn University

Presenter: Roman Bohdan

Discussant Huan Yang, University of Massachusetts Amherst

Session 014 - Board of Directors - Diversity & Monitoring
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Ning Gao, University of Manchester
Lead Directors, Monitoring, and Forced CEO Turnover
  Mark Chen, Georgia State University
  Han Ma, Georgia State University
Monitoring the Monitor: Distracted Institutional Investors and Board Governance
  Claire Yang Liu, University of New South Wales
  Angie Low, Nanyang Tech University
  Ron Masulis, University of New South Wales
  Le Zhang, University of New South Wales
Does Diversity Pay in the Boardroom?
  Laura Casares Field, University of Delaware
  Matthew E Souther, University of Missouri
  Adam S Yore, University of Missouri
 
Presenter: Han Ma

Discussant Mia Rivolta, Xavier University

Presenter: Le Zhang

Discussant Rong Guo, Binghamton University SUNY

Presenter: Adam Yore

Discussant Wenqiao Zhang, University of Alabama

Session 015 - Disclosure Policies
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Manpreet Singh, Georgia Tech
Political Uncertainty and Firm Disclosure
  Audra Boone, Texas Christian University
  Abby Kim, US SEC
  Joshua T White, Vanderbilt University
Information Overload and Cost of Equity Capital
  Narjess Boubakri, American University of Sharjah
  Dev R Mishra, University of Saskatchewan
Managing Earnings for My Boss? Financial Reporting and the Balance of Power Between CEOs and CFOs
  Qinxi Wu, Baylor University
 
Presenter: Joshua White

Discussant Sangho Lee, Tulane University

Presenter: Dev Mishra

Discussant Prithu Vatsa, University of Miami

Presenter: Qinxi Wu

Discussant Naresh Gopal, University of Massachusetts Dartmouth

Session 016 - Corporate Governance & Firm Performance
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: William C, Johnson, Suffolk University
Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around the World
  Alex Edmans, London Business School, CEPR & ECGI
  Lucius Li, London School of Ecnomics
  Chendi Zhang, University of Warwick
The Lifecycle Effect of Firm Takeover Defenses
  William C Johnson, Suffolk University
  Jonathan M Karpoff, University of Washington
  Sangho Yi, Sogang University
Do Family Successions Reduce Firm Performance? A Re-Examination
  Xu Niu, Texas Tech University
 
Presenter: Lucius Li

Discussant Jianrong Wang, Illinois Institute of Technology

Presenter: William Johnson

Discussant Gabriele Lattanzio, University of Oklahoma

Presenter: Xu Niu

Discussant Lucius Li, London School of Economics

Session 017 - Trading in Options Markets
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Travis Box, University of Mississippi
The Informational Role of Index Option Trading
  Tarun Chordia, Emory University
  Alexander Kurov, West Virginia University
  Dmitriy Muravyev, Boston College
  Avanidhar Subrahmanyam, University of California Los Angeles
Option Trading Costs Are Lower Than You Think
  Dmitriy Muravyev, Boston College
  Neil D Pearson, University of Illinois
Order Cancellations, Fees, and Execution Quality in US Equity Options
  Todd G Griffith, Utah State University
  Robert A Van Ness, University of Mississippi
 
Presenter: Alexander Kurov

Discussant Andrew Lynch, University of Mississippi

Presenter: Dmitriy Muravyev

Discussant Kashi Nath Tiwari, KNT’s Academic Financial Research

Presenter: Todd Griffith

Discussant Amy Edwards, US SEC

Session 018 - Mutual Fund Predictability
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: David Walker, Georgetown University
Investing in Mutual Funds: Exploiting the Cross-Sectional Predictability in Fund Performance
  Xin Gao, Sacred Heart University
  Federico Nardari, University of Melbourne
Managerial Sentiment and Future Performance: Evidence from Letters to Shareholders of Closed-end Funds
  Yongqiang Chu, University of South Carolina
  Hugh Hoikwang Kim, University of South Carolina
Foreign Equity Mutual Funds and Exchange Traded Fund Positions: Do They Possess Skill?
  D. Eli Sherrill, Illinois State University
  Sara E Shirley, Middle Tennessee State University
  Jeffrey R Stark, Middle Tennessee State University
 
Presenter: Xin Gao

Discussant: Ziwei Zhao, Indiana University

Presenter: Hugh Hoikwang Kim

Discussant: Javier Rodriguez, University of Puerto Rico

Presenter: Sara Shirley

Discussant: Dallin Alldredge, Washington State University

Session 019 - Institutional Trading
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Scott Yonker, Cornell University
Information in Financial Markets: Who Gets it First?
  Nathan Swem, Federal Reserve System
Investing in Innovation: Evidence from Institutional Trading Around Patent Publications
  Viktoriya Lantushenko, Saint Joseph’s University
  Edward Nelling, Drexel University
Institutional Investors in Online Crowdfunding
  Mingfeng Lin, University of Arizona
  Richard Sias, University of Arizona
  Zaiyan Wei, Purdue University
 
Presenter: Nathan Swem

Discussant Jawad Addoum, Cornell Uinversity

Presenter: Viktoriya Lantushenko

Discussant Noah Stoffman, Indiana University

Presenter: Zaiyan Wei

Discussant Andy Puckett, University of Tennessee

Session 020 - Portfolio Performance Evaluation
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Tong Yu, University of Cincinnati
Investment Style Misclassification and Mutual Fund Performance
  Ehsan Ramezanifar, Maastricht University
  Dennis Bams, Maastricht University
  Roger Otten, Maastricht University
Portfolio Concentration and Mutual Fund Performance
  Timothy Brandon Riley, University of Arkansas
  Jon Fulkerson, Loyola University Maryland
Un-Fair Value: (Ab)Using Accounting Rules To Inflate Mutual Fund Performance
  Vladimir Atanasov, College of William and Mary
  John Merrick, College of William and Mary
  Philipp Schuster, Karlsruhe Institute of Technology
 
Presenter: Ehsan Ramezanifar

Discussant Lei Lu, University of Manitoba

Presenter: Timothy Riley

Discussant Zhenzhen Sun, University of Massachusetts Dartmouth

Presenter: Vladimir Atanasov

Discussant Elmira Shekari-Namin, Cornell College

Session 021 - The New & Improved Risk Factors
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Yanhui Zhao, University of Connecticut
Size and Value Matter, But Not the Way You Thought
  Marie Lambert, University of Liege
  Boris Fays, University of Liege
  Georges Hübner, University of Liege
Common Risk Factors in the Cross-Section of Corporate Bond Returns
  Jennie Bai, Georgetown University
  Turan Bali, Georgetown University
  Quan Wen, Georgetown University
Risk Neutral Skewness Anomaly and Momentum Crashes
  Yanhui Zhao, University of Connecticut
  Paul Borochin, University of Connecticut
 
Presenter: Marie Lambert

Discussant Yanhui Zhao, University of Connecticut

Presenter: Quan Wen

Discussant Senay Agca, George Washington University

Presenter: Yanhui Zhao

Discussant Alexander Barinov, University of California Riverside

Session 022 - Markets Under Asymmetric Information
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Brian Kluger, University of Cincinnati
When the Market Cannot Do It All! Informational Efficiency & Information Dispersion
  Brice Corgnet, EMLYON Business School, University Lyon
  Mark DeSantis, Chapman University
  David Porter, Chapman University
Costly Information Acquisition in Decentralized Markets: An Experiment
  Elena Asparouhova, University of Utah
  Peter Bossaerts, University of Melbourne
  Wenhao Yang, University of South Carolina
When Are Insider Trades More Informative?
  Xuewu Wang,
  Nejat Seyhun,
 
Presenter: Mark DeSantis

Discussant Jennifer Miele, Cal State Fresno

Presenter: Wenhao Yang

Discussant Ann B Gillette, Kennesaw State University

Presenter: Xuewu Wang

Discussant Jorida Papakroni, Franklin & Marshall College

Session 023 - Stock Market Participation
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Rawley Heimer, Boston College
Initial Returns and Stock Market Re-Entry Decisions
  Gi H Kim, University of Warwick
  Ozlem Arikan, University of Warwick
  Arie E Gozluklu, University of Warwick
  Hiroaki Sakaguchi, University of Warwick
Student Debt and Personal Portfolio Risk
  Birzhan Batkeyev, Kazakh-British Technical University
  Karthik Krishnan, Northeastern University
  Debarshi Nandy, Brandeis University
Exposure To Bankers: Networks and Stock Market Participation
  Arian Borgers, Maastricht University
  Rachel Pownall, Maastricht University
  Louis Raes, Tilburg University
 
Presenter: Gi Kim

Discussant Jonathan Reuter, Boston College

Presenter: Karthik Krishnan

Discussant Michaela Pagel, Columbia Business School

Presenter: Louis Raes

Discussant Rawley Heimer, Boston College

Session 024 - Volatility
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Bakhtear Talukdar, University of Wisconsin Whitewater
A Tale of Two Uncertainties
  Hae mi Choi, Loyola University Chicago
VIX Decomposition, the Price of Fear and Stock Return Predictability
  K Victor Chow, West Virginia University
  Wanjun Jiang, Peking University
  Jingrui Li, West Virginia University
Understanding the Idiosyncratic Jump Risk
  Yu Li, University of Houston
 
Presenter: Hae mi Choi

Discussant: Bakhtear Talukdar, University of Wisconsin Whitewater

Presenter: Jingrui Li

Discussant: Kyre Dane Lahtinen, University of South Alabama

Presenter: Yu Li

Discussant: Jian Jia, Illinois Institute of Technology

Session 025 - Residential Housing Pricing & Risk
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Diego Escobari, University of Texas Rio Grande Valley
Salience and Mispricing: Homebuyers’ Housing Decisions
  Artashes Karapetyan, BI Norwegian Business School
  Sumit Agarwal, Georgetown University
Cash-Out Refinancing and Housing Speculation
  Tong-yob Nam, Comptroller of the Currency
Getting On and Moving Up the Property Ladder: Real Hedging in the US Housing Market Before and After the Crisis
  Damian S Damianov, Durham University
  Diego Escobari, University of Texas Rio Grande Valley
Presenter: Artashes Karapetyan

Discussant Walter D'Lima, University of Notre Dame

Presenter: Tong-yob Nam

Discussant Diego Escobari, University of Texas Rio Grande Valley

Presenter: Tong-yob Nam

Discussant Minrong Zheng, University of Central Florida

Session 026 - Momentum 2
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Manuchehr Shahrokhi, California State University, Fresno
Finding A Better Momentum Strategy from the Stock and Commodity Futures Markets
  Kyung Yoon Kwon, KAIST College of Business
Continuing Overreaction and Momentum in A Market With Price Limits
  Hsiang-Hui Chu, National Chi Nan University
  Kuan-Cheng Ko, National Chi Nan University
  Shiou-Wen Lee, National Chi Nan University
  Nien-Tzu Yang, National United University
Economic Policy Uncertainty and Momentum
  Weike Xu, Clemson University
  Minxing Sun, University of Memphis
  Ming Gu, Xiamen University
  Yangru Wu, Rutgers University
 
Presenter: Kyung Yoon Kwon

Discussant Rafiqul Bhuyan, American University of Kuwait

Presenter: Kuan-ChengKo

Discussant Nga Trinh, University of Minnesota Duluth

Presenter: Weike Xu

Discussant Suresh Rajput, Sukkur Institute of Business Administration

Session 027 - Bank Regulation
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Sarah Khalaf, University of Miami
Risk Shifting and Regulatory Arbitrage: Evidence from Operational Risk
  Brian Clark, Rensselaer Polytechnic Institute & Comptroller of the Currency
  Alireza Ebrahim, Comptroller of the Currency
Public Service or Private Benefits: Bankers in the Governance of the Federal Reserve System
  Lamont Black, DePaul University
  Jennifer Dlugosz, Washington University in St. Louis
How Does the Stock Market View Bank Regulatory Capital Forbearance Policies?
  Van Son Lai, Laval University
  Xiaoxia Ye, University of Bradford
 
Presenter: Alireza Ebrahim

Discussant Carina Teresa Del Carmen Cuculiza Reyes, University of Miami

Presenter: Lamont Black

Discussant Sarah E A A Khalaf, University of Miami

Presenter: Van Son Lai

Discussant William Bazley, University of Miami

Session 028 - Banking: Macro Issues
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Ioannis Spyridopoulos, American University
Do Small Banks Reduce Households’ Financial Constraints and Improve their Sentiment? Evidence from the University of Michigan Surveys of Consumers
  Allen N Berger, University of South Carolina
  Felix Irresberger, Cardiff University
  Raluca A Roman, Federal Reserve Bank Kansas City
Cross-Border Bank Flows and Monetary Policy
  Ricardo Correa Correa, Federal Reserve Board
  Teodora Paligorova, Bank of Canada
  Horacio Sapriza, Federal Reserve Board
  Andrei Zlate, Federal Reserve Bank Boston
Oil Price Shocks: Bank Size and Firm Size Effects
  Bert Smoluk, University of Southern Maine
 
Presenter: Allen Berger

Discussant Zack Liu, University of Texas Austin

Presenter: Andrei Zlate

Discussant Ioannis Spyridopoulos, American University

Presenter: Bert Smoluk

Discussant Andrei Zlate , Federal Reserve Bank Boston

Session 029 - Factors
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Charles Trzcinka, Indiana University
Conditioning Information and Idiosyncratic Risk Puzzle
  Lei Jiang, Tsinghua University
  Jiening Pan, Nankai University
  Ke Wu, Renmin University
Show Me the Money: the Monetary Policy Risk Premium
  Mihail Velikov, Federal Reserve Bank Richmond
  Ali Ozdagli, Federal Reserve Bank Boston
Presenter: Jiening Pan

Discussant Priya Alagarsamy, University of Washington

Presenter: Mihail Velikov

Discussant Yao Deng, University of Minnesota

Session 030 - Debt Markets & Firms
  Thursday, 12 October, 8:00 am - 9:30 am
Chairperson: Ashrafee Tanvir Hossain, Memorial University of Newfoundland
Information Spillovers and Cross Monitoring Between the Stock Market and Loan Market
  Matthew T Billett, Indiana University
  Fangzhou Liu, Indiana University
  Xuan Tian, Tsinghua University
Financial Constraints and Future Stock Price Crash Risk
  Guanming He, University of Warwick
  Helen Ren, University of Warwick
Do Bondholders Value Senior Loan Lender Control Rights?
  Bo Li, Tsinghua University
  Lynnette Purda, Queen's University
  Wei Wang, Queen's University
 
Presenter: Fangzhou Liu

Discussant Wei Wang, Queen's University

Presenter: Helen Ren

Discussant Fangzhou Liu, Indiana University

Presenter: Wei Wang

Discussant Helen Ren, University of Warwick

Coffee Break, 9:30 am, Exhibit Hall (Gloucester, 3rd Floor)

Thursday – 9:45 am - 11:15 am

Session 031 - Supplier-Customer Networks
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Kristine Watson Hankins, University of Kentucky
Spillover Effects of IPOs Along Supply Chains: Evidence from Syndicated Bank Loans
  Liuling Liu, Bowling Green State University
  Sung Bae, Bowling Green State University
  Haizhi Wang, Illinois Institute of Technology
Customer Risk and Corporate Financial Policy: Evidence from Receivables Securitization
  Mike Qinghao Mao, Erasmus University Rotterdam
  Laura Xiaolei Liu, Peking University
  Greg Nini, Drexel University
Suppliers As Liquidity Insurers
  Daniel Corsten, IE Business School
  Reint Gropp, Halle Institute for Economic Research (IWH)
  Panos Markou, University of Cambridge
 
Presenter: Liuling Liu

Discussant Bill Johnson, Suffolk University

Presenter: Mike Qinghao Mao

Discussant Nitish Kumar, University of Florida

Presenter: Panos Markou

Discussant Jennifer Itzkowitz, Seton Hall University

Session 032 - M&As and Regulation
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Antonio J Macias , Baylor University
What Determines Horizontal Merger Antitrust Case Selection?
  Ni Peng, Queen Mary University of London
  Ning Gao, University of Manchester
  Norman Strong, University of Manchester
Does Competition Policy Affect Acquisition Efficiency? Evidence from the Reform of European Merger Control
  Gishan Dissanaike, University of Cambridge
  Wolfgang Drobetz, Hamburg University
  Peyman Momtaz, Hamburg University
The Value of Risk Transfer in Mergers: Role of Country Legal Institutions and Large Shareholders
  Narjess Boubakri, American University of Sharjah
  Jean-Claude Cosset, HEC-Montreal
  Dev Mishra, University of Saskatchewan
  Hyacinthe Some, Université de Sherbrooke
 
Presenter: Ni Peng

Discussant David Dicks, Baylor University

Presenter: Wolfgang Drobetz

Discussant Erik Devos, University of Texas El Paso

Presenter: Hyacinthe Some

Discussant Antonio J Macias, Baylor University

Session 033 - Behavioral Finance: Selective Attention & Taste-based Discrimination
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Keli Xiao, Stony Brook University
Rivalries, Price Discrimination, and Financial Constraints: Evidence from Airbnb
  Mitch Warachka, University of San Diego
  Barbara Bliss, University of San Diego
  Joey Engelberg, University of California San Diego
The Ostrich in Us: Selective Attention To Financial Accounts, Income, Spending, and Liquidity
  Michaela Pagel, Columbia Business School & CEPR
  Arna Olafsson, Copenhagen Business School
Selective Attention in Consumer Finance: Evidence from A Randomized Intervention in the Credit Card Market
  Paolina C Medina, Northwestern University
 
Presenter: Barbara Bliss

Discussant Nga Trinh , University of Minnesota Duluth

Presenter: Michaela Pagel

Discussant Mohamed Al Guindy , Carleton University

Presenter: Paolina Medina

Discussant Michael Barry , Boston College

Session 034 - Innovation: Causes & Consequences
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Anzhela Knyazeva, US SEC
The Oscar Goes To …: Takeovers and Innovation Envy
  I-Ju Chen, Yuan Ze University
  Po-Hsuan Hsu, University of Hong Kong
  Micah S. Officer, Loyola Marymount University
  Yanzhi Wang, National Taiwan University
Inventor CEOs
  MD Emdadul Islam, University of New South Wales
  Jason Zein, University of New South Wales
Innovation and Product Market Value: Evidence from Brand Data
  Mine Ertugrul, University of Massachusetts Boston
  Karthik Krishnan, Northeastern University
  Bo Xu, University of Massachusetts Boston
 
Presenter: I-Ju Chen

Discussant: Anzhela Knyazeva, US SEC

Presenter: MD Emdadul Islam

Discussant: Suin Lee, University of South Florida

Presenter: Mine Ertugrul

Discussant: Ahmet Kurt, Suffolk University

    Doctoral Student Consortium Job Market Presentations    

Session 035 - Financial Institutions 1

  Thursday, 12 October, 9:45 am - 11:15 am

Chairperson: Ayako Yasuda, University of California, Davis
Deposit-Lending Synergies: Evidence from Chinese International Students at US Universities

Jun Yang, Boston College

Discussant: Lamont Black, DePaul University

Skilled Labor Mobility and Firm Value: Evidence from a Natural Experiment

Mo Shen, Georgia State University

Discussant: Gonul Colak, Hanken School of Economics

The Effect of Relationship Banking on Firm Efficiency

Alev Yildirim, Graduate Center CUNY

Discussant: Valentina Salotti, Iowa State University

Session 036 - Credit Default Swaps
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Iuliana Ismailescu, Pace University
Information Risk and Credit Default Swap Markets
  Prajakta Desai, Bocconi University
 
The Dynamic Effects of CDS Trading on Firms
  Liu Hong, University of Arkansas
  Stace Sirmans, University of Arkansas
  Kangzhen Xie, Seton Hall University
Bank Loan Renegotiation and Credit Default Swaps
  James Donato, Rensselaer Polytechnic Institute
Presenter: Prajakta Desai

Discussant Eiichiro Kazumori, University at Buffalo SUNY

Presenter: Stace Sirmans

Discussant Iuliana Ismailescu, Pace University

Presenter: James Donato

Discussant Michael B Imerman, Lehigh University

Session 037 - CATs, Convertibles & Commodity Derivatives
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Marinela Adriana Finta, Singapore Management University
Analyzing Interactive Exercising Policies and Evaluations of Callable and (Or) Convertible Bonds
  Tian-Shyr Dai, National Chiao Tung University
  Liang-Chih Liu, National Chiao Tung University
Price Pressure in Commodity Futures or Informed Trading in Commodity Futures Options
  Alex Kurov, West Virginia University
  Bingxin Li, West Virginia University
  Raluca Stan, West Virginia University
CAT Bond Spreads: A New Model With An Empirical Validation Using Nonparametric Tests
  Denis-Alexandre Trottier, Laval University
  Van Son Lai, Laval University
  Anne-Sophie Charest, Laval University
 
Presenter: Tian-Shyr Dai

Discussant Van Son Lai, Laval University

Presenter: Raluca Stan

Discussant: Marinela Adriana Finta, Singapore Management University

Presenter: Van Son Lai

Discussant German G Creamer, Stevens Institute of Technology

    Overview and Research Session    

Session 038 - What Problem(s) is Corporate Governance Trying to Solve? On Cooperation and Competition
  Thursday, 12 October, 9:45 am - 11:15 am

Presented by Martijn Cremers , Bernard J Hank Professor
University of Notre Dame

This presentation will give an overview of some of the current debates in corporate governance, including whether agency cost is the primary problem that corporate governance is trying to solve. How corporations aim to contribute to human flourishing through both cooperation and competition, and how recent research illuminates the role of both will be addressed.

    Special Presentations    

Session 039 - Best Papers in Financial Management
  Thursday, 12 October, 9:45 am - 11:15 am

Moderator: Utpal Bhattacharya, Executive Editor, Financial Management

Selected by the Executive Editors, Editors, and Associate Editors, this session will feature top papers which have appeared in the Summer, 2017 and Fall, 2017 issues of Financial Management. (Presenting authors appear in bold.)

Summer 2017 Issue

How Much Do Corporate Defendants Really Lose? A New Verdict on the Reputation Loss Induced by Corporate Litigation
Bruce Haslem, Irena Hutton and Aimee Hoffmann Smith

Short Interest, Returns, and Unfavorable Fundamental Information
Ferhat Akbas, Ekkehart Boehmer, Bilal Erturk and Sorin Sorescu

Mutual Fund Liquidity Costs
Jon A Fulkerson and Timothy B Riley

Fall 2017 Issue

Firm Opacity Lies in the Eye of the Beholder
Sandeep Dahiya, Giuliano Iannotta, Marco Navone

CEO Age, Risk Incentives, and Hedging Strategy
Ettore Croci, Alfonso de Giudice and Hakan Jankensgard

CEO's Inside Debt and Dynamics of Capital Structure
Eric R Brisker and Wei Wang

    Doctoral Student Consortium Job Market Paper Presentations    

Session 040 - Asset Management

  Thursday, 12 October, 9:45 am - 11:15 am

Chairperson: Laura Starks, University of Texas
Institutional Money Manager Mutual Funds

William Beggs, University of Arizona

Discussant: Leonard Kostovetsky, Boston College

Do Index Funds' Family Ties Benefit the Firm They Own

Jose Alexandre Albuquerque de Sousa, Erasmus University Rotterdam

Discussant: Kai Li, University of British Columbia

Informed Trading by Hedge Funds

Qiping Huang, University of Kentucky

Discussant: Nicole Boyson, Northeastern University

Session 041 - Information & Disclosure in Public Offerings
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Jian Huang, Towson University
The Real Earnings Management of Cross-Listing Firms
  Klaus Beckmann, University of South Dakota
  Diego Escobari, University of Texas Rio Grande Valley
  Thanh Ngo, East Carolina University
Information Asymmetry, Mispricing and Security Issuance
  Jiyoon Lee, George Washington University
Underwriter Reputation and Post-IPO Price Performance: New Evidence from IPO Fraud of Chinese Listed Firms
  Qiuyue Zhang, Central University of Finance and Economics
  Xueyong Zhang, Central University of Finance and Economics
 
Presenter: Klaus Beckmann

Discussant Zhongling Qin, University of Georgia

Presenter: Jiyoon Lee

Discussant Mattias Nilsson, US SEC

Presenter: Qiuyue Zhang

Discussant Xiang Gao, Binghamton University SUNY

Session 042 - Crowdfunding
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Cynthia Campbell, Iowa State University
Does Success Bring Success? The Post-offering Lives of Equity-crowdfunded Firms
  Andrea Signori, Catholic University of Milan
  Silvio Vismara, University of Bergamo
Do Principles Pay in Real Estate Crowdfunding?
  Denis Schweizer, Concordia University
  Tingyu Zhou, Concordia University
P2P Debt and the Capital Structure of Private SMEs
  Jerry Coakley, University of Essex
  Winifred Huang, University of Bath
  Daniel Tsvetanov, University of Sussex
 
Presenter: Andrea Signori

Discussant Qianqian Yu, Boston College

Presenter: Denis Schweizer

Discussant Walter D'Lima, University of Notre Dame

Presenter: Winifred Huang

Discussant Luna (Yuechan) Lu, University of Massachusetts Boston

Session 043 - CEO Pay & Inside Debt
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Xudong Fu, University of Louisville
CEO Inside Debt and Insider Trading
  Eric R Brisker, University of Akron
  Dominique Gehy Outlaw, Hofstra University
  Aimee Hoffmann Smith, Bentley University
Bank CEO Inside Debt and Loan Contracting
  Chen Liu, Trinity Western University
  Yan Wendy Wu, Wilfrid Laurier University
CEOs Inside Debt and Firm Innovation
  Ming-Hsien Hsueh, National Changhua University of Education
  Fan-Yu Hsu, National Changhua University of Education
 
Presenter: Aimee Hoffmann Smith

Discussant Valeriya Posylnaya, Mississippi State University

Presenter: Chen Liu

Discussant Saiying Deng, Southern Illinois University

Presenter: Ming-Hsien Ethan Hsueh

Discussant Shrikant Jategaonkar, Southern Illinois University Edwardsville

Session 044 - Director Labor Markets
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Min-Yu (Stella) Liao, Illinois State University
Is Director Reputation Rewarded? New Evidence from Internal and External Labor Markets
  Mark Chen, Georgia State University
  Qinxi Wu, Georgia State University
  Evgenia Zhivotova, University of Amsterdam
Corporate Social Responsibility Controversies and Director Reputation
  Timo Korkeamaki, Hanken School of Economics
  Kent Hickman, Gonzaga University
  Niclas Meyer, Hanken School of Economics
Expertise on Boards and the Market for Directors With Acquisition Experience
  Seung Hee Choi, College of New Jersey
  Tirimba Obonyo, Drexel University
  Samuel Szewczyk, Drexel University
  George Tsetsekos, Drexel University
 
Presenter: Mark Chen

Discussant Min-Yu (Stella) Liao, Illinois State University

Presenter: Niclas Wagner

Discussant Richard Fu, University of Alabama Birmingham

Presenter: Tirimba Obonyo

Discussant Peter Simasek, Georgia Institute of Technology

Session 045 - Law & Finance
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Michael Fuerst, University of Miami
Alternative Legal Institutions and Finance
  Ross Levine, University of California Berkeley
  Jiafu An, University of Edinburgh
  Wenxuan Hou, University of Edinburgh
  Jo Danbolt, University of Edinburgh
For Richer, for Poorer: Banker's Skin-In-The-Game and Risk Taking in New England, 1867-1880
  Peter Koudijs, Stanford University & NBER
  Laura Salisbury, York University
Does Takeover Pressure Deter Corporate Investment? Evidence from State Anti-Takeover Legislations
  Qiang Kang, Florida International University
  Qiao Liu, Peking University
 
Presenter: Jiafu An

Discussant Michael Fuerst, University of Miami

Presenter: Peter Koudijs

Discussant Tingting Liu, Creighton University

Presenter: Qiang Kang

Discussant Zhongdong (Ronnie) Chen, University of Northern Iowa

Session 046 - Clawbacks & Severance Agreements
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Jing Zhao, Portland State University
Traveling Governance Effect of Shareholder Activism: Evidence from Clawback Provision Adoption
  C.S. Agnes Cheng, Hong Kong Polytechnic University
  Gang Hu, Hong Kong Polytechnic University
  Zeyu Sun, University of International Business and Economics
  Jing Xie, Hong Kong Polytechnic University
Force-Fields, Risk-Taking, and Termination Pay: Severance's Barrier To Internal Governance
  Jonathan Thomas Fluharty-Jaidee, West Virginia University
Are Compensation Clawback Measures Preventing Corporate Lawsuits?
  Matteo P Arena, Marquette University
  Nga Nguyen, Marquette University
 
Presenter: C.S. Agnes Cheng

Discussant Christine Panasian, Saint Mary’s University

Presenter: Jonathan Fluharty-Jaidee

Discussant He Li, University of Texas El Paso

Presenter: Nga Nguyen

Discussant Patty Bick, University of Tulsa

Session 047 - Liquidity in Fixed Income Markets
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Amy K Edwards, US SEC
Market Dominance in Bond and CDS Interdealer Networks
  Benjamin Munyan, Vanderbilt University
  Sumudu Watugala, Cornell University
Banking Regulation and Market Making
  David A Cimon, Bank of Canada
  Corey Garriott, Bank of Canada
Market Accessibility, Corporate Bond ETFs, and Liquidity
  Jayoung Nam, Indiana University
 
Presenter: Benjamin Munyan

Discussant Hari Phatak, US SEC

Presenter: David Cimon

Discussant Stephan Luck, Federal Reserve Board

Presenter: Jayoung Nam

Discussant Brittany Cole, Tennessee Tech

Session 048 - Portfolio Choice
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Ai He, Emory University
Venture or Safety? Retirement and Portfolio Choice
  Guodong Chen, New York University Shanghai
  Tong-yob Nam, Comptroller of the Currency
Maximum Withdrawal Rates: An Empirical and Global Perspective
  Javier Estrada, IESE Business School
Dynamic Systematic Risk Preference of Institutional Investors
  Jin Xu, Beijing Ruizhuoxitou Technology Development LLC
  Li Yong, Mercy College
 
Presenter: Guodong Chen

Discussant Ai He, Emory University

Presenter: Javier Estrada

Discussant Dongho Song, Boston College

Presenter: Li Yong

Discussant Seungho Baek, CUNY, Brooklyn

Session 049 - Mutual Fund Families & their Strategies
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: M Imtiaz Mazumder, St Ambrose University
Fund Flow Diversification: Implications for Fee-Setting and Performance
  Lorenzo Casavecchia, Macquarie University
  Byoung Uk Kang, Hong Kong Polytechnic University
  Ashish Tiwari, University of Iowa
Portfolio Pumping in Mutual Fund Families
  Pingle Wang, University of Rochester
Why Do We Have So Many Mutual Funds? the Organizational Structure of Mutual Fund Families
  Jennifer Huang, Cheung Kong Graduate School of Business
  Zhigang Qiu, Renmin University of China
  Yuehua Tang, University of Florida
  Xiaoyu Xu, University of Texas Austin
 
Presenter: Lorenzo Casavecchia

Discussant Wei Jiao, Binghamton University SUNY

Presenter: Pingle Wang

Discussant Yi Xiao, University of Oregon

Presenter: Yuehua Tang

Discussant: Min Kim, University of New South Wales

Session 050 - Informed Trading & Price Discovery
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Sahn-Wook Huh, University at Buffalo
Understanding the Impacts of Dark Pools on Price Discovery
  Linlin Ye, Chinese University of Hong Kong, Shenzhen
Informed Trading and Option Prices: Evidence from Activist Trading
  Dmitriy Muravyev, Boston College
  Pierre Collin-Dufresne, Ecole Polytechnique Federale de Lausanne
  Vyacheslav Fos, Boston College
High-Frequency Measures of Informed Trading and Corporate Announcements
  Michael J Brennan, University of California Los Angeles
  Sahn-Wook Huh, University at Buffalo SUNY
  Avanidhar Subrahmanyam, University of California Los Angeles
 
Presenter: Linlin Ye

Discussant Joon Chae, Seoul National University

Presenter: Dmitriy Muravyev

Discussant Sahn-Wook Huh, University at Buffalo SUNY

Presenter: Sahn-Wook Huh

Discussant Dmitriy Muravyev, Boston College

Session 051 - Anomalies
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Alexander Nunes Torres, Lehman College, CUNY
Profitability Anomaly and Aggregate Volatility Risk
  Alexander Barinov, University of California Riverside
There Are Two Very Different Accruals Anomalies
  Andrew L Detzel, University of Denver
  Philipp Schaberl, University of Denver
  Jack Strauss, University of Denver
Reevaluating the CCAPM
  Charles Clarke, University of Kentucky
 
Presenter: Alexander Barinov

Discussant: Xing Han, University of Otago

Presenter: Andrew Detzel

Discussant: Li Gao, University of Massachusetts Boston

Presenter: Charles Clarke

Discussant Paulo Maio, Hanken School of Economics

Session 052 - Asset Pricing: Theory
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Paresh Narayan, Deakin University
Misallocation Cycles
  David Schreindorfer, Arizona State University
  Lars-Alexander Kuehn, Carnegie Mellon University
  Cedric Ehouarne, Bank of America
Rational Mispricing With Unpredictable Demand Shocks
  Majid Hasan, EDHEC Business School
Asset Prices and Business Cycles With Financial Shocks
  Mahdi Nezafat, Michigan State University
  Ctirad Slavik, CERGE-EI
 
Presenter: David Schreindorfer

Discussant Georgios Koimisis, CUNY Graduate Center

Presenter: Majid Hasan

Discussant Anming Wu, University of Alberta, Canada

Presenter: Mahdi Nezafat

Discussant to be announced

Session 053 - Effects on Decision Making
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Grigori Erenburg, Western University
Do Peer Effects Influence Portfolio Choice? Evidence from 401(K) Allocations
  Charles Favreau, University of Arizona
Overcoming the “E-Word"? Instrumental Variables Analysis and the Role of National Culture in Corporate Finance
  Ajay Patel, Wake Forest University
  Robert Nash, Wake Forest University
Social Interaction At Workplace and the Decision To Annuitize Pension Assets
  Youngkyun Park, University of Idaho
  Sudipto Banerjee, Employee Benefit Research Institute
 
Presenter: Charles Favreau

Discussant: Neeru Chaudhry, Indian Institute of Technology Delhi

Presenter: Ajay Patel

Discussant Grigori Erenburg, Western University

Presenter: Youngkyun Park

Discussant: Randall Campbell, Mississippi State University

Session 054 - Arbitrage
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Jan Schneemeier, Indiana University
Arbitrage Risk, Arbitrageurs, and Additions To the S&P 500 Index
  Fawzi J Hyder, Lebanese American University
  Honghui Chen, University of Central Florida
Arbitrage and Its Physical Limits
  Louis Ederington, University of Oklahoma
  Chitru Fernando, University of Oklahoma
  Kateryna Holland, Purdue University
  Scott Linn, University of Oklahoma
Does Too Much Arbitrage Destabilize Stock Price? Evidence from Short Selling and Post Earning Announcement Drift
  Xiao Li, University of Arizona
 
Presenter: Fawzi Hyder

Discussant Jan Schneemeier, Indiana University

Presenter: Kateryna Holland

Discussant Bastian von Beschwitz, Federal Reserve Board

Presenter: Xiao Li

Discussant Tyler Beason, Arizona State University

Session 055 - Issues in Real Estate
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Andrew C. Spieler, Hofstra University
Payment Size and Default: Evidence from Small Changes in the National Mortgage Rate
  Don B Carmichael, University of Houston
  Dimuthu Ratnadiwakara, University of Houston
  Kevin Roshak, University of Houston
Building Social Capital At the Expense of Principals: Evidence from Residential Brokerage Trading Networks
  Patrick S Smith, San Diego State University
  Velma Zahirovic-Herbert, University of Georgia
  Karen M Gibler, Georgia State University
Bargaining, Financing and Asset Prices: the Case of Real Estate
  Xun Bian, Longwood University
  Zhenguo Lin, Florida International University
  Yingchun Liu, University of North Texas
 
Presenter: Dimuthu Ratnadiwakara

Discussant Garrett C. Smith, University of Wisconsin Whitewater

Presenter: Velma Zahirovic-Herbert

Discussant Andrew C. Spieler, Hofstra University

Presenter: Zhenguo Lin

Discussant Kashi Nath Tiwari, KNT’s Academic Financial Research

Session 056 - Momentum 1
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Mark Hutchinson, University College Cork
Dissecting Stock Price Momentum Using Financial Statement Analysis
  Irfan Safdar, Widener University
Asymmetric Inefficiency: An Explanation of Industry Momentum
  Shu Yan, Oklahoma State University
  Yuecheng Jia, Central University of Finance and Economics
Momentum and Reversal: A Long-Short Joint Approach
  Zhaobo Zhu, Shenzhen University
  Ping Chen, Shenzhen Huaruixin Asset Management
 
Presenter: Irfan Safdar

Discussant Mark Hutchinson, University College Cork

Presenter: Shu Yan

Discussant Weike Xu, Clemson University

Presenter: Zhaobo Zhu

Discussant Kyung Yoon Kwon, KAIST

Session 057 - Risk Management by Banks
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: John Sedunov, Villanova University
Business Complexity and Risk Management: Evidence from Operational Risk Events in US Bank Holding Companies
  Anna Chernobai, Syracuse University
  Ali Ozdagli, Federal Reserve Bank Boston
  Jianlin Wang, Federal Reserve Bank Boston
Cross Hedging in Banking Holding Companies
  Congyu Liu, Drexel University
Liquidity Management in Banking: What Is the Role of Leverage?
  Fabiana Gomez, University of Bristol
  Quynh-Anh Vo, Bank of England
 
Presenter: Anna Chernobai

Discussant: Abena Owusu, Rensselaer Polytechnic Institute

Presenter: Congyu Liu

Discussant: Lijuan Sun, Bloomsburg University

Presenter: Quynh-Anh Vo

Discussant Puneet Prakash, Missouri State University

Session 058 - Bank Operations
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Leonid Pugachev, University of Oklahoma
Shadow Banking, Bank Ownership, and Bank Efficiency in China
  Ning Ding, Dongbei University of Finance and Economics
  Hung-Gay Fung, University of Missouri St Louis
  Jingyi Jia, Southern Illinois University Edwardsville
How Does Competition Affect Bank Capital Structure? Evidence from A Natural Experiment
  Allen N Berger, University of South Carolina
  Özde Öztekin, Florida International University
  Raluca A Roman, Federal Reserve Bank Kansas City
Presenter: Jingyi Jia

Discussant Drew Peabody, University of Texas Dallas

Presenter: Özde Öztekin

Discussant Yijia Zhao, University of Massachusetts Boston

Session 059 - Stock Return Anomalies & Predictability
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Max Dolinsky, Central Michigan University
Forward Moments and Risk Premia Predictability
  Panayiotis Andreou, Cyprus University of Technology
  Anastasios Kagkadis, Lancaster University
  Dennis Philip, Durham University
  Abderrahim Taamouti, Durham University
The Multinational Return Premium: Investor’s Perspective
  Yeejin Jang, Purdue University
  Xue Wang, Purdue University
  Xiaoyan Zhang, Purdue University
Option-Implied Correlations, Factor Models, and Market Risk
  Adrian Buss, INSEAD
  Lorenzo Schönleber, Frankfurt School of Finance & Management
  Grigory Vilkov, Frankfurt School of Finance & Management
 
Presenter: Anastasios Kagkadis

Discussant Feng Jiao, University of Lethbridge

Presenter: Xue Wang

Discussant Max Dolinsky, Central Michigan University

Presenter: Lorenzo Schönleber

Discussant Shen Zhang, Auburn University

Session 060 - Alternative Investments
  Thursday, 12 October, 9:45 am - 11:15 am
Chairperson: Minjie Zhang, University of Windsor
You Needn’t Be the First Investor There: First-Mover Disadvantages in Emerging Private Equity Markets
  Alexander Peter Groh, EMLYON Business School
Venture Capital and the Disclosure of Material Weaknesses in Internal Control
  Lars Helge Hass, Lancaster University
  Douglas Cumming, York University
  Linda Myers, University of Arkansas
  Monika Tarsalewska, University of Exeter
Disentangling Crowdfunding from Fraudfunding
  Douglas Cumming J Cumming,
  Lars Hornuf, University of Trier
  Moein Karami, Concordia University
  Denis Schweizer, Concordia University
 
Presenter: Alexander Groh

Discussant Benjamin Hammer, HHL Leipzig Graduate School of Management

Presenter: Lars Helge Hass

Discussant Nicholas Crain, Vanderbilt University

Presenter: Moein Karami

Discussant Zaiyan Wei, Purdue University

Thursday – 11:30 am - 1:00 pm

Session 061 - Debt Maturity Structure
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Zsuzsanna Fluck, Michigan State University
Policy Uncertainty and Corporate Debt Maturity Structure
  Dung T T Tran, University of Massachusetts Lowell
  Hieu V Phan, University of Massachusetts Lowell
Corporate Debt Maturity Around the World: Role of Creditor Rights and Contract Enforcement
  Kose John, Temple University & New York University
  Mahsa S. Kaviani, Temple University
  Lawrence Kryzanowski, Concordia University
  Hosein Maleki, Temple University
CEO Inside Debt and Firms' Maturity Structure of Debt
  Safi Ullah Khan, Universiti Teknologi Brunei
  Jason Smith, Utah State University
  Atta Ullah Shah, Institute of Management Sciences
 
Presenter: Dung Tran

Discussant Elif Sisli Ciamarra, Stonehill College

Presenter: Mahsa Kaviani

Discussant Zsuzsanna Fluck, Michigan State University

Presenter: Safi Ullah Khan

Discussant Christian Goulding, Michigan State University

Session 062 - Cross-Border Mergers
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Evgeny Lyandres, Boston University
Cross-Border M&As and Credit Risk: Evidence from the CDS Market
  Iuliana Ismailescu, Pace University
  Burcin Col, Pace University
The Value of Economic Freedom in Cross-Border Mergers
  Vivek Pandey, University of Texas Tyler
  Tanja Steigner, Emporia State University
  Ninon K Sutton, University of South Florida
CEO Vs. President: Market Perception of Cross-Border M&A Announcement Based on Insider Trading
  Vinh Huy Nguyen, California State University, Fresno
  Suchismita Mishra, Florida International University
 
Presenter: Iuliana Ismailescu

Discussant Karthik Krishnan, Northeastern University

Presenter: Tanja Steigner

Discussant Debarshi Nandy, Brandeis University

Presenter: Vinh Huy Nguyen

Discussant Egor Matveyev, University of Alberta

Session 063 - Investor Behavior in the Market for Debt
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Andrei Simonov, Michigan State University
Proprietary Information and the Cost of Debt
  HyunJun Na, Adelphi University
The Pricing Impact of Debt IPO Prospectus: A Text-Based Study
  Kelly Nianyun Cai, University of Michigan Dearborn
  Kathleen Weiss Hanley, Lehigh University
  Alan Guoming Huang, University of Waterloo
  Xiaofei Zhao, University of Texas Dallas
Style-related Comovements of Bonds: Evidence from Moody's Rating Recalibration
  Xinyuan Stacie Tao, University at Buffalo SUNY
  Chunchi Wu, University at Buffalo SUNY
 
Presenter: HyunJun Na

Discussant Mattias Nilsson, US SEC

Presenter: Kelly Cai

Discussant Svetlana Gavrilova, University of Florida

Presenter: Xinyuan Tao

Discussant Yifei Li, University of Rhode Island

Session 064 - Corporate Culture 1
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Irena Hutton, Florida State University
Does Trustworthiness Influence Creditworthiness? - A Global Study of Corporate Social Responsibility Effect on Credit Rating
  Kiyoung Chang, University of South Florida Sarasota-Manatee
  Ying Li, University of Washington Bothell
  Hyeongsop Shim, Ulsan National Institute of Science and Technology
Right-To-Work Laws and Corporate Investment Decisions
  Dalia Marciukaityte, Illinois State University
Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets
  Teng Wang, Federal Reserve Board
  Buhui Qiu, University of Sydney
 
Presenter: Kiyoung Chang

Discussant Kelley Bergsma, Ohio University

Presenter: Dalia Marciukaityte

Discussant Matt Pierson, Florida State University

Presenter: Teng Wang

Discussant Irena Hutton, Florida State University

    Doctoral Student Consortium Job Market Paper Presentations    

Session 065 - Behavioral Finance

  Thursday, 12 October, 11:30 am - 1:00 pm

Chairperson: Emil Siriwardance, Harvard University
Do Investors' Subjective Risk Perception Influence Their Portfolio Choice? A Household Bargaining Perspective

Xianwu Zhang, Texas Tech University

Discussant: Daniel Bergstresser, Brandeis University

Losers Buy Beta

Koustav De, University of Michigan

Discussant: Ali Ozdagli, Boston Federal Reserve Bank

What Causes Passive Hedge Funds to Become Activists?

Marco Elia, Drexel University

Discussant: Emil Siriwardane, Harvard University

Session 066 - Venture Capital
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Matthew Denes, Carnegie Mellon University
Innovation in Entrepreneurial Firms and VC Exits
  Susanne Espenlaub, Alliance Manchester Business School
  Arif Khurshed, Alliance Manchester Business School
  Haitong Li, Alliance Manchester Business School
Do Venture Capital Investors Learn from Public Markets?
  Bibo Liu, Tsinghua University
  Xuan Tian, Tsinghua University
The Effect of Venture Capitalists Straying from their Industry Comfort Zones
  Tyler Joseph Hull, University of Massachusetts Boston
 
Presenter: Haitong Li

Discussant: Wanli Xhao, Southern Illinois University

Presenter: Bibo Liu

Discussant: Thomas Chemmanur, Boston College

Presenter: Tyler Hull

Discussant: Moein Karami, Concordia University

Session 067 - Volatility & Returns
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Diogo Duarte, Florida International University
Time-Varying Volatility and the Power Law Distribution of Stock Returns
  Missaka Warusawitharana, Federal Reserve System
Correlation Asymmetry: the Role of Volatility
  S. Mehmet Ozsoy, Ozyegin University
  Senad Lekpek, Ozyegin University
 
Extracting Latent States from High Frequency Option Prices
  Diego Amaya, Wilfrid Laurier University
  Jean-Francois Begin, Simon Fraser University
  Genevieve Gauthier, HEC Montreal
Presenter: Missaka Warusawitharana

Discussant Guillaume Roussellet, New York University

Presenter: Mehmet Ozsoy

Discussant Diogo Duarte, Florida International University

Presenter: Diego Amaya

Discussant Gustavo Schwenkler, Boston University

    Overview and Research Session    

Session 068 - Profiles in P-hacking
  Thursday, 12 October, 11:30 am - 1:00 pm

Presented by Cam Harvey , J Paul Sticht Professor
Duke University

Most of the empirical research that is published in top journals will not stand up to out of sample tests. This is a problem not just in finance but in many other scientific fields. However, in contrast to finance, these other fields have taken corrective action.

What can we learn from the experience of fields such as particle physics, genomics, epidemiology, and climate science that is relevant for financial economics? Is there a way to reduce the disturbing levels of p-hacking that plague published research in our field?

Session 069 - No Session Scheduled
  Thursday, 12 October, 11:30 am - 1:00 pm

    Doctoral Student Consortium Job Market Presentations    

Session 070 - Product Markets and Stock Markets
  Thursday, 12 October, 11:30 am - 1:00 pm

Chairperson: Nancy Wallace, University of California Berkeley
CDS Central Counterparty Clearing Liquidation: Road to Recovery or Invitation to Predation?

Magdalena Tywoniuk, University of Geneva and Swiss Finance Institute

Discussant Christopher Palmer, Massachusetts Institute of Technology

Systemic Risk and Credit Risk in Bank Loan Portfolios

Yu Shan, Baruch College CUNY

Discussant Michael LaCour-Little, Fannie Mae

Costly Mistakes in Credit Markets: Evidence from Consumer Loans

Jacelly Cespedes, University of Texas at Austin

Discussant Nancy Wallace, University of California Berkeley

Session 071 - Initial Public Offerings
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Prajakta Desai, Bocconi University
Insider Influence on Post-IPO Marketing Activity: Self-Serving or Value Enhancing?
  Minghui Ma, SUNY New Paltz
  Fang Chen, University of New Haven
  Orkunt Dalgic, SUNY New Paltz
  Jian Huang, Towson University
Investor Relations and IPO Performance
  Salim Chahine, American University of Beirut
  Gonul Colak, Hanken School of Economics
  Iftekhar Hasan, Fordham University & Bank of Finland
  Mohamad Mazboudi, American University of Beirut
Quid Pro Quo? What Factors Influence IPO Allocations To Investors?
  Tim Jenkinson, Oxford University
  Howard Jones, Oxford University
  Felix Suntheim, Financial Conduct Authority, UK
 
Presenter: Jian Huang

Discussant Xiaolin Zhang, Boston College

Presenter: Salim Chahine

Discussant Adam Yore, University of Missouri

Presenter: Tim Jenkinson

Discussant Xiaolin Zhang, Boston College

Session 072 - Governance, Finance & Value
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Xinyan Yan, University of Dayton
The Impact of Government Ownership on Entrepreneurial Exit
  Douglas Cumming, York University
  April Knill, Florida State University
  Kelsey Syvrud, Cornerstone Research
Financial and Corporate Governance Changes in Public Firms Transitioning from Non-Traded To Exchange-Listed Status: A Clinical Study of REITS
  Dan French, University of Missouri
  Thibaut Morillon, University of Missouri
  Andrew Kern, University of Missouri
  Adam Yore, University of Missouri
The Impact of Exogenous Corporate Governance Changes on Innovation and Market Value
  Lei Gao, Iowa State University
  Andrey Zagorchev, Rhodes College
 
Presenter: April Knill

Discussant Sailu Li, Valparaiso University

Presenter: Thibaut Morillon

Discussant Wenqiao Zhang, University of Alabama

Presenter: Lei Gao

Discussant Haoyi Yang, University of Alabama

Session 073 - CEOs
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Diana Knyazeva, US SEC
Local Tournament Incentives and Firm Risk
  Sirui Yin, University of Arizona
CEO Mobility and Corporate Policy Risk
  Gonul Colak, Hanken School of Economics
  Timo Korkeamaki, Hanken School of Economics
CEO Incentives, Managerial Myopia, and Corporate Stock Repurchase
  Douglas Cook, University of Alabama
  Weiwei Zhang, University of Alabama
  Zhang,
 
Presenter: Sirui Yin

Discussant Lalitha Naveen, Temple University

Presenter: Gonul Colak

Discussant Felix Meschke, University of Kansas

Presenter: Weiwei Zhang

Discussant Gustavo Grullon, Rice University

Session 074 - Board Characteristics & Monitoring
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Dennis Lasser, Binghamton University SUNY
External Monitoring and Board Structure: Why Do Major Customers Matter?
  Kristina Minnick, Bentley University
  Kartik Raman, Bentley University
  Chenguang Shang, Bentley University
Are Longer-Tenured Independent Directors Less Effective Monitors? Insights from Insider Trading
  Meng Gao, Singapore Management University
  Sheng Huang, Singapore Management University
Gender, Professional Experience and Effectiveness of Independent Directors
  Suman Banerjee, Stevens Institute of Technology
  Arun Upadhyay, Florida International University
 
Presenter: Chenguang Shang

Discussant Murali Jagannathan, Binghamton University SUNY

Presenter: Meng Gao

Discussant Srinivasan Krishnamurthy, North Carolina State University

Presenter: Suman Banerjee

Discussant Susan Elkinawy, Loyola Marymount University

Session 075 - Agency Costs & Short Selling
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Nicole Boyson, Northeastern University
Why Do Firms Disagree With Short Sellers? Managerial Self-Interest Versus Private Information
  Leonce Bargeron, University of Kentucky
  Alice Bonaime, University of Arizona
The Disciplinary Effects of Short Sales on the Controlling Shareholders
  Shenglan Chen, Inner Mongolia University
  Bingxuan Lin, University of Rhode Island
  Rui Lu, Sun Yat-Sen University
  Hui Ma, Shanghai University of Finance and Economomics
How Investor Protection Affects Managerial Risk-Taking? Private Benefits or Private Risks
  Chinmoy Ghosh, University of Connecticut
  Xiangkun Yao, University of Connecticut
 
Presenter: Leonce Bargeron

Discussant Nicole Boyson, Northeastern University

Presenter: Rui Lu

Discussant Chao Jiang, University of South Carolina

Presenter: Xiangkun Yao

Discussant Tunde Kovacs, University of Massachusetts Lowell

Session 076 - Executive Compensation & Say-on-Pay
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: David De Angelis, Rice University
Compensation Benchmarking and the Peer Effects of Say-On-Pay
  Diane K Denis, University of Pittsburgh
  Torsten Jochem, University of Amsterdam
  Anjana Rajamani, Erasmus University
Compensation Peer Groups: A Comparison of Execucomp and Non-Execucomp Firms
  Yi Jiang, California State University, Fullerton
  Thanh Nguyen, California State University Fullerton
CEO Equity-Based Incentives and Shareholder Say-On-Pay in the U.S.
  Denton Collins, Texas Tech University
  Blair B Marquardt, Texas Tech University
  Xu Niu, Texas Tech University
 
Presenter: Torsten Jochem

Discussant Nadya Malenko, Boston College

Presenter: Thanh Nguyen

Discussant John Bizjak, Texas Christian University

Presenter: Xu Niu

Discussant Jonathan Bitting, Rice University

Session 077 - High Frequency Trading
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Xiaoxia Lou, University of Delaware
Multimarket High-Frequency Trading and Commonality in Liquidity
  Olga Klein, University of Warwick
  Shiyun Song, University of Warwick
Every Cloud Has A Silver Lining: Fast Trading, Microwave Connectivity and Trading Costs
  Andriy Shkilko, Wilfrid Laurier University
  Konstantin Sokolov, Rochester Institute of Technology
Maker-Taker Fee, Liquidity Competition, and High Frequency Trading
  Yiping Lin, University of New South Wales
  Peter Swan, University of New South Wales
  Frederick Harris, Wake Forest University
 
Presenter: Shiyun Song

Discussant Xiaoxia Lou, University of Delaware

Presenter: Konstantin Sokolov

Discussant Joshua Madsen, University of Minnesota

Presenter: Frederick Harris

Discussant Michael Brolley, Wilfrid Laurier University

Session 078 - Asset Allocation
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Thomas Dangl, Vienna University of Technology
Long-Term Asset Allocation Under Time-Varying Investment Opportunities: Optimal Portfolios With Parameter and Model Uncertainty
  Thomas Dangl, Vienna University of Technology
  Alex Weissensteiner, Free University of Bozen-Bolzano
Building Efficient Portfolios Sensitive To Market Volatility
  James W Kolari, Texas A&M University
  Wei Liu, Iberia Bank
Presenter: Thomas Dangl

Discussant Hui Wang, University of Texas Dallas

Presenter: James Kolari

Discussant Scott Robertson, Boston University

Session 079 - Networks & Mutual Fund Performance
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Yuehua Tang, University of Florida
Does Corporate Managerial Ability Matter To Fund Managers?
  Feng Dong, Old Dominion University
  John A Doukas, Old Dominion University
Fund Manager Educational Networks and Portfolio Performance
  Botong Shang, University of Rochester
Unobserved Ties Between Corporate Executives and Mutual Fund Managers
  Jing Lin, Peking University
  Leng Ling, Georgia College & State University
  Mingshan Zhou, Southwestern University of Economics and Finance
 
Presenter: Feng Dong

Discussant Ambrus Kecskes, York University

Presenter: Botong Shang

Discussant Yilin Wu, National Taiwan University

Presenter: Leng Ling

Discussant Timothy Riley, University of Arkansas

Session 080 - Asset Pricing 1
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Rene Wells, University of Calgary
Dealer Trading At the Fix
  Carol Osler, Brandeis University
  Alasdair Turnbull, Clarkson University
Parameter Uncertainty: the Missing Piece of the Liquidity Premium Puzzle?
  Ferenc Horvath, Tilburg University
Information Aggregation and Data Snooping
  Oleg Rytchkov, Temple University
  Xun Zhong, Temple University
 
Presenter: Carol Osler

Discussant David Cimon, Bank of Canada

Presenter: Ferenc Horvath

Discussant Alexander Barinov, University of California Riverside

Presenter: Xun Zhong

Discussant Jason Sandvik, University of Utah

Session 081 - Capital Markets: Current Issues
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Anming Wu, Memorial University of Newfoundland - Grenfell
The Price of Liquidity Beta in China: A Sentiment-Based Explanation
  Michael Frömmel, Ghent University
  Xing Han, University of Otago, New Zealand
  Xinfeng Ruan, University of Otago
Can CDS Spreads Enhance Option-Implied Distributions? Evidence from the Cross-Section of Stock Returns
  Sirio Aramonte, Federal Reserve Board
  Mohammad Reza Jahan-Parvar, Federal Reserve Board
  Samuel Rosen, UNC Chapel Hill
  John Schindler, Federal Reserve Board
Why they Buy: Primary Market Demand for US Treasury Securities
  Patrick Herb, Brandeis University
 
Presenter: Michael Frömmel

Discussant Suresh Rajput, Sukkur Institute of Business Administration

Presenter: Mohammad Jahan-Parvar

Discussant Patrick Herb, Brandeis University

Presenter: Patrick Herb

Discussant Anming Wu, Memorial University of Newfoundland - Grenfell

Session 082 - Short Selling
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Xiaohu Deng, University of Tasmania
Customer News and Supplier Short Selling
  Rui Dai, WRDS
  Lilian Ng, York University
  Nataliya Zaiats, Suffolk University
Digesting the Profitability and Investment Premiums: Evidence from the Short Selling Activity
  Yizhi Wang, Australian National University
  Qiaoqiao Zhu, Australian National University
Payout Policy and Short Selling
  Bill Francis, Rensselaer Polytechnic Institute
  Gilna K R Samuel, Rensselaer Polytechnic Institute
 
Presenter: Nataliya Zaiats

Discussant Qiaoqiao Zhu, Australian National University

Presenter: Qiaoqiao Zhu

Discussant Shaojie Lai, Kent State University

Presenter: Gilna Samuel

Discussant Mohammad Anisur Rahman, Florida International University

Session 083 - Contracting and Cost of Debt
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Xiaqing Eleanor Xu, Seton Hall University
Judging Borrowers By their Shareholders: Institutional Investor Covenant Violations and Corporate Governance
  Chishen Wei, Singapore Management University
  Lei Zhang, Nanyang Technological University
Marketplace Lending of SMEs
  Douglas Cumming, York University
  Lars Hornuf, Universitat Trier
Pension Beta or Funding Shortfall? Analyzing the Effect of Pension Fund Risk on the Cost of Debt
  Qizhi Tao, Southwestern University of Finance and Economics
  Junbo Wang, Chinese University of Hong Kong
  Chunchi Wu, University at Buffalo SUNY
  Ting Zhang, University of Dayton
 
Presenter: Chishen Wei

Discussant Thanh Ngo, East Carolina University

Presenter: Douglas Cumming

Discussant Cihan Uzmanoglu, Binghamton University SUNY

Presenter: Ting Zhang

Discussant Douglas Cumming, York University

Session 084 - Financing Investment & Innovation
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Vidhan K Goyal, HKUST
Corporate Investment and Financing Dynamics
  Dirk Hackbarth, Boston University
  Dongming Sun, University of Illinois
Investment Spike Financing
  Hyun Joong Im, Peking University
  Colin Mayer, University of Oxford
  Oren Sussman, University of Oxford
Are Some Things Best Kept Secret? The Effect of the Uniform Trade Secrets Act on Financial Leverage
  Scott Bryan Guernsey, University of Oklahoma
 
Presenter: Dirk Hackbarth

Discussant Jordan Martel, University of Colorado Boulder

Presenter: Hyun Joong Im

Discussant R. Jay Kahn, University of Michigan

Presenter: Scott Guernsey

Discussant Gustaf Bellstam, University of Colorado Boulder

Session 085 - Intermediation in Public Real Estate Investments
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Guodong Chen, New York University Shanghai
Whose Skin Is It? Examining the Role of Risk Retention in CMBS Markets
  Carl F Larsson, James Madison University
  Tony Ciochetti, University of Texas San Antonio
Active Management in Real Estate Mutual Funds
  Viktoriya Lantushenko, Saint Joseph’s University
  Edward Nelling, Drexel University
Can We Have More Real Estate To Hold? Evidence from Statistical Properties of Listed REITs versus Listed Non-REIT Property Companies in the USA
  John L Glascock, University of Connecticut
  Wikrom Prombutr, California State University Long Beach
  Ying Zhang, Fairfield University
  Tingyu Zhou, Concordia University
 
Presenter: Carl Larsson

Discussant Tong Yob Nam, US OCC

Presenter: Viktoriya Lantushenko

Discussant Minjoon Lee, Carleton University

Presenter: Ying Zhang

Discussant Guodong Chen, New York University Shanghai

Session 086 - Earnings
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Da Ke, University of South Carolina
Insiders Versus Short Sellers: Informed Traders’ Competition Around Earnings Announcements
  Harold Contreras, Universidad de Chile
  Jana Fidrmuc, University of Warwick
  Roman Kozhan, University of Warwick
Earnings Predictability Following Equity Issues and Buyback Announcements
  Shahram Amini, Virginia Tech
  Vijay Singal, Virginia Tech
Trading Behavior Around Earnings Announcements
  Yunsung Eom, Hansung University
  Jaehoon Hahn, Yonsei University
  Wook Sohn, Bank of Korea Economic Research Institute
 
Presenter: Harold Contreras

Discussant Carina Cuculiza, University of Miami

Presenter: Shahram Amini

Discussant Jaehoon Hahn, Yonsei University

Presenter: Wook Sohn

Discussant Harold Contreras, Universidad de Chile

Session 087 - Bank Competition
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Jie Ying, University of Iowa
Integration Among Us Banks
  Abhinav Anand, Indian Institute of Management Bangalore
  John Cotter, University College Dublin
Bank Competition, Firm Risk-Taking and Investment
  Hosein Maleki, Temple University
  Mahsa S. Kaviani, Temple University
Bank Competition and the Design of Bank Loans
  Chongyan Chen, Pacific Lutheran University
  Robert L Kieschnick, University of Texas Dallas
 
Presenter: Abhinav Anand

Discussant Jie Ying, University of Iowa

Presenter: Hosein Maleki

Discussant Salotti Valentina, Iowa State University

Presenter: Ben Chen

Discussant Rajdeep Sengupta, Federal Reserve Bank Kansas City

Session 088 - Behavioral Finance
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Justin Birru, Ohio State University
Markets Learn Fast: the Case of Erroneous Futures Trades
  Naomi Boyd, West Virginia University
  Bahhatin Buyuksahin, Abu Dhabi Investment Authority
  Michael Haigh, Societe Generale
  Jeffrey Harris, American University
Pollution and Performance: Do Investors Make Worse Trades on Hazy Days?
  Jiekun Huang, University of Illinois Urbana-Champaign
  Nianhang Xu, Renmin University of China
  Honghai Yu, Nanjing University
Electricity Consumption, Future Earnings, and Stock Returns
  Bok Baik, Seoul National University
  Jung Min Kim, Seoul National University
  Woojin Kim, Seoul National University
 
Presenter: Naomi Boyd

Discussant Abby Kim, US SEC

Presenter: Nianhang Xu

Discussant Yao Deng, University of Minnesota

Presenter: Woojin Kim

Discussant Justin Birru, Ohio State University

Session 089
  Thursday, 12 October, 11:30 am - 1:00 pm

  No session scheduled

Session 090 - Private Equity Investors
  Thursday, 12 October, 11:30 am - 1:00 pm
Chairperson: Qianqian Yu, Lehigh University
Do Buy and Build Strategies Increase Illiquidity of Private Equity Investments?
  Benjamin Hammer, HHL Leipzig Graduate School of Management
Private Equity Investor Sentiment Around the World
  Minjie Zhang, University of Windsor
Spreading Sunshine: Fair Value Accounting and Information Production
  Nicholas Crain, Vanderbilt University
  Kelvin Law, Nanyang Technical University
 
Presenter: Benjamin Hammer

Discussant Cynthia J. Campbell, Iowa State University

Presenter: Minjie Zhang

Discussant: Wentao Wu, Louisiana State University

Presenter: Nicholas Crain

Discussant Qianqian Yu, Lehigh University

  Women's Networking Luncheon
1:00 pm - 2:30 -pm

Coordinated by Kai Li, W Maurice Young Chair in Finance, University of British Columbia, the luncheon provides an opportunity for women to network with each other, as well as share thoughts and solutions to the unique challenges women face in advancing in the finance profession. Panelists Reena Aggarwal (Georgetown), Audra Boone (TCU), and Michelle Lowry (Drexel) will share their perspectives on research, teaching, time management, research on gender in finance and economics, and more.
Moderator
Kai Li, W Maurice Young Chair in Finance
University of British Columbia

Panelists
Reena Aggarwal, Vice Provost for Faculty and Professor, McDonough School of Business Robert E. McDonough Professor of Business Administration and Professor of Finance
Director, Georgetown Center for Financial Markets and Policy Georgetown University

Audra Boone, C.R. Williams Professorship in Financial Services
Texas Christian University

Michelle Lowry, TD Bank Endowed Professor
Drexel University

(Advance Registration Required; additional fee applies )

Thursday – 2:30 pm - 4:00 pm

Session 091 - Policy & Regulation
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Janet Gao, Indiana University
Credit Supply and Capital Structure Adjustment
  Shofiqur Rahman, New Mexico State University
 
Minimum Wage and Corporate Policy
  Matthew Gustafson, Penn State University
  Jason Kotter, Penn State University
Shareholder Litigation Rights and the Cost of Debt: Evidence from Derivative Lawsuits
  Xiaoran Ni, Tsinghua University
  Sirui Yin, University of Arizona
Presenter: Shofiqur Rahman

Discussant Kayla Freeman, Indiana University

Presenter: Jason Kotter

Discussant Janet Gao, Indiana University

Presenter: Sirui Yin

Discussant David DeAngelis, Rice University

Session 092 - Behavioral M&A
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Seth Hoelscher, Missouri State University
The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility
  Fred Bereskin, University of Delaware
  Seong Byun, University of Mississippi
  Micah Officer, Loyola Marymount University
  Jong-Min Oh, University of Central Florida
Local Gambling Preference and Corporate Mergers and Acquisitions
  Jeffrey (Jun) Chen, North Dakota State University
  Fariz Huseynov, North Dakota State University
  Bochen Li, University of Cincinnati
  Wei (David) Zhang, North Dakota State University
Elephants (Or Donkeys) At the Gate: Political Ideology in M&A
  Saad Alnahedh, University of Colorado Boulder
  Bader Alhashel, Kuwait University
 
Presenter: Fred Bereskin

Discussant Alexander Wagner, University of Zurich

Presenter: Jeffrey Chen

Discussant Binay Adhikari, Miami University

Presenter: Bader Alhashel

Discussant Jongsub Lee, University of Florida

Session 093 - Investor Sentiment & Biases
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Nina Wang, Hofstra University
A Look At Alphabeticity Bias in 401(k) Investing
  Thomas W Doellman, Saint Louis University
  Jennifer Itzkowitz, Seton Hall University
  Jesse Itzkowitz, Yeshiva University
  Sabuhi HSardarli, Kansas State University
Mirage in the Desert: Investors Sentiment Purged
  Liya Chu, Singapore Management University
  Qianqian Du, Southwestern University of Finance and Economics
  Jun Tu, Singapore Management University
Trust and Local Bias of Individual Investors
  Na Wang, Hofstra University
  Ran Shao, Yeshiva University
 
Presenter: Jennifer Itzkowitz

Discussant Dominique G. Outlaw, Hofstra University

Presenter: Liya Chu

Discussant Nina Wang, Hofstra University

Presenter: Na Wang

Discussant Jennifer Itzkowit, Seton Hall University

    Panel Session    

Session 094 - Inaugural Pedagogy Series
  Thursday, 12 October, 2:30 pm - 4:00 pm

FMA has been extremely successful in offering workshops and sessions to create learning environments for its members. FMA's Econometrics Series, offered since 2008 has been well received. This year, FMA launches its “Inaugural Pedagogy Series.” Effective teaching is essential for the achievement of student learning outcomes. This year, FMA recognizes that excellence in the classroom is of extreme value, and we have arranged a stellar group of faculty members who are not only excellent researchers, but have also been recognized for teaching success who will share thoughts and strategies for effective teaching.

Moderator
Jacqueline Garner, Lecturer
Georgia Institute of Technology

Panelists

Mihir Desai, Mizuho Financial Group Professor of Finance and Professor of Law
Harvard Business School & Harvard Law School

John Graham, D Richard Mead Jr Family Professor of Finance
Duke University

Ajay Patel, Thomas S Goho Chair in Finance and Area Chair
Wake Forest University

Session 095
  Thursday, 12 October, 2:30 pm - 4:00 pm
 
No session scheduled

Session 096 - Real Effects of Banks
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Wei Song, Swansea University
The Real Effects of Bank Distress: Evidence from Bank Bailouts in Germany
  Johannes Bersch, Centre for European Economic Research (ZEW)
  Hans Degryse, KU Leuven & CEPR
  Thomas Kick, Deutsche Bundesbank
  Ingrid Stein, Deutsche Bundesbank
The Long-Term Impact of Bank Mergers on Stock Performance and Default Risk: the Aftermath of the 2008 Financial Crisis
  Valentina Salotti, Iowa State University
  Arnold R Cowan, Iowa State University
  Natalya A Schenck, Comptroller of the Currency
Debt Renegotiation and Debt Overhang: Evidence from Lender Mergers
  Yongqiang Chu, University of South Carolina
 
Presenter: Thomas Kick

Discussant Xinming Li, University of South Carolina

Presenter: Valentina Salotti

Discussant Ya Gao, University of Cincinnati

Presenter: Yongqiang Chu

Discussant Wei Song, Swansea University

Session 097 - Real Options & Investment
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson Lukai Yang, University of Alabama
Real Options, Firm Value, and Product Market Competition: A Model-Based Analysis
  Anming Wu, University of Alberta
Uncertainty, Financial Frictions and Investment Sensitivity To Cash Flows
  Delong Li, Johns Hopkins University
Modifying Real Options' Probability of Exercise
  Pascal Letourneau, University of Wisconsin Whitewater
  Sang Baum Kang, Illinois Institute of Technology
 
Presenter: Anming Wu

Discussant Guido Max Mantovani, Ca Foscari University of Venice

Presenter: Delong Li

Discussant James Conover, University of North Texas

Presenter: Pascal Letourneau

Discussant Kiplan Womack, UNC Charlotte

    Overview and Research Session    

Session 098 - Measurement and Financial Regulation
  Thursday, 12 October, 2:30 pm - 4:00 pm

Presented by Chester Spatt
Pamela and Kenneth B Dunn Professor of Finance, Carnegie Mellon University
Visiting (Fall, 2017), Massachusetts Institute of Technology

This presentation will address:

  • Cost-benefit analysis
  • Policy thresholds and line-drawing
  • Econometric and theoretical perspectives

    Overview and Research Session    

Session 099 - Executive Compensation

  Thursday, 12 October, 2:30 pm - 4:00 pm

Presented by Kevin J Murphy Kenneth L Trefftzs Chair in Finance
University of Southern California

Session 100
  Thursday, 12 October, 2:30 pm - 4:00 pm
 
No session scheduled

Session 101 - Securities Issuance: Alternatives to Public Equity
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Xiaojing Yuan, University of Massachusetts Lowell
Private Investments in Public Equity (Pipes): How Does the Capital Gains Tax Rate Affect Pricing and Performance?
  Thomas Chemmanur, Boston College
  C.S. Agnes Cheng, Hong Kong Polytechnic University
  Jing Xie, Hong Kong Polytechnic University
Underwriting Syndicate Structure and Securities Offering Reform
  Lantian Liang, University of Texas Dallas
  Harold H Zhang, University of Texas Dallas
  Feng Zhao, University of Texas Dallas
  Xiaofei Zhao, University of Texas Dallas
  Anil Shivdasani, UNC Chapel Hill
The Demand for Corporate Bonds
  Arthur Krebbers, University of Strathclyde
  Andrew Marshall, University of Strathclyde
  Patrick McColgan, University of Strathclyde
 
Presenter: Thomas Chemmanur

Discussant Mattias Nilsson, US SEC

Presenter: Feng Zhao

Discussant Harshit Rajaiya, Boston College

Presenter: Patrick McColgan

Discussant Cihan Uzmanoglu, Binghamton University SUNY

Session 102 - Intermediation & Investment
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Saira Latif, University of Massachusetts Lowell
Opacity, Risk, Performance and Inflows in Hedge Funds
  Flávia Vital Januzzi, Federal University of Juiz de Fora
  Aureliano Angel Bressan, Federal University of Minas Gerais
  Fernando Francis Moreira, University of Edinburgh
CFA Designation and Mutual Fund Performance: Further Evidence
  Yuhong Fan, Weber State University
  M Imtiaz Mazumder, St. Ambrose University
Are Crowdfunding Platforms Active and Effective Intermediaries?
  Yelin Zhang, York University
  Douglas Cumming, York University
 
Presenter: Flávia Januzzi

Discussant: Yan Lu, University of Central Florida

Presenter: Imtiaz Mazumder

Discussant: Tai David Yi, SUNY Fredonia

Presenter: Yelin Zhang

Discussant: Priya Garg, University of Massachusetts Boston

Session 103 - Executive Characteristics & Firm Policy
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Otgontsetseg Erhemjamts, Bentley University
Does Local Religiosity Affect Organizational Risk-Taking? Evidence from the Hedge Fund Industry
  Lei Gao, Iowa State University
  Ying Wang, University at Albany SUNY
  Jing Zhao, Portland State University
Men of Honor: Military CEOs and Directors in Korea
  Hyun-Dong Kim, KAIST College of Business
  Ji Yeol Jimmy Oh, Hanyang University
  Kwangwoo Park, KAIST
Does Being A Good Neighbor Always Pay Dividends? A Peer Effect Perspective on Corporate Social Responsibility and Shareholder Wealth
  Qi Ge, Skidmore College
  Ting Li, Skidmore College
 
Presenter: Jing Zhao

Discussant Tuugi Chuluun, Loyola University Maryland

Presenter: Kwangwoo Park

Discussant Otgontsetseg Erhemjamts, Bentley University

Presenter: Ting Li

Discussant Scott Lee, University of Nevada Las Vegas

Session 104 - Director Networks & Corporate Governance
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Rachita Gullapalli, US SEC
Corporate Fraud, Local Connections and Directors
  Chander Shekhar, University of Melbourne
  Jiawei Zheng, University of Melbourne
Social Networking and Corporate Innovation
  Ching-Hung Chang, National Taiwan University
  Qingqing Wu, North Carolina State University
Who You Connect With Matters: Director Networks and Firm Location
  Lindsay Baran, Kent State University
  Rachel Wilson, Wittenberg University
 
Presenter: Chander Shekhar

Discussant Ann Gillette, Kennesaw State University

Presenter: Qingqing Wu

Discussant Ming Ju, Temple University

Presenter: Rachel Wilson

Discussant Rachita Gullapalli, US SEC

Session 105 - Taxes & Financing Decisions
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Neeru Chaudhry, Indian Institute of Technology Delhi
Dividends and Taxes : the Moderating Role of Agency Conflicts
  Řyvind Břhren, BI Norwegian Business School
  Janis Berzins, BI Norwegian Business School
  Bogdan Stacescu, BI Norwegian Business School
External Governance and the Cost of Equity Financing
  Sabri Boubaker, ESC Troyes
  Samir Saadi, University of Ottawa
  Syrine Sassi, Université Paris Est Créteil
Tax Avoidance, Income Diversion, and Shareholder Value: Evidence from A Quasi-Natural Experiment
  Samer Ryan Semaan, Purdue University
 
Presenter: Bogdan Stacescu

Discussant Jianrong Wang, Illinois Institute of Technology

Presenter: Samir Saadi

Discussant Samar Ashour, University of Texas Arlington

Presenter: Samer Semaan

Discussant Emmanuel Alanis, Texas State University

Session 106 - Executive Compensation & Firm Risk Taking
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Xiaoyu Zhang, Norwegian School of Economics
Contracting on Performance and Risk-Taking: Creditors Vs. Shareholders
  Brian Akins, Rice University
  Jonathan Bitting, Rice University
  David De Angelis, Rice University
  Maclean Gaulin, Rice University
Corporate Social Responsibility and CEO Risk-Taking Incentives
  Craig Dunbar, Western University
  Frank Li, Western University
  Yaqi Shi, Western University
Differential Risk Taking Implications of Performance Incentives from Stock and Stock Option Holdings
  Elif Sisli Ciamarra, Stonehill College
  Tanseli Savaser, Bilkent University
 
Presenter: Jonathan Bitting

Discussant YiLin Wu, National Taiwan University

Presenter: Craig Dunbar

Discussant Elif Ciamarra, Brandeis University

Presenter: Elif Sisli Ciamarra

Discussant Zhongyuan Liu, University of New South Wales

Session 107 - Market Stress & Liquidity
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Mehmet Saglam, University of Cincinnati
Oil Market Factors As A Source of Liquidity Commonality in Global Equity Markets
  Abdulrahman Alhassan, University of New Orleans
  Atsuyuki Naka, University of New Orleans
Liquidity Provision Under Stress: the Fast, the Slow, and the Dead
  Vikas Raman, Warwick University
  Michel A Robe, American University
  Pradeep K Yadav, University of Oklahoma
Man Vs. Machine: Liquidity Provision and Market Fragility
  Pradeep K Yadav, University of Oklahoma
  Vikas Raman, University of Warwick
  Michel Robe, American University
 
Presenter: Atsuyuki Naka

Discussant Andrew Koch, University of Pittsburgh

Presenter: Michel Robe

Discussant Tugkan Tuzun, Federal Reserve System

Presenter: Pradeep Yadav

Discussant Mehmet Saglam, University of Cincinnati

Session 108 - Return Predictability
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Yu Wang, Boston College
Stock Price Synchronicity, Diversification and Predictability of Aggregate Stock Returns in International Markets
  Duygu Zirek, University of New Orleans
  K Ozgur Demirtas, Sabanci University
Is Smart Beta Still Smart Under the Lens of the Diversification Return?
  Wenguang Lin, Western Connecticut State University
  Gary C Sanger, Louisiana State University
Predicting the Equity Market with Option Implied Variables
  Marcel Prokopczuk, Leibniz University Hannover
  Chardin Wese Simen, ICMA Centre, University of Reading
  Bjorn Tharann, Leibniz University Hannover
 
Presenter: Duygu Zirek

Discussant Wenguang Lin, Western Connecticut State University

Presenter: Wenguang Lin

Discussant Bjorn Tharann, Leibniz University Hannover

Presenter: Björn Tharann

Discussant Duygu Zirek, University of New Orleans

Session 109 - Discontinuity in Mutual Fund Returns
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Fan Chen, Merrimack College
Investor Response To Jumps in Mutual Fund Returns
  Michael J Gibbs, University of Missouri
  Andrew A Lynch, University of Mississippi
  Kuntara Pukthuanthong, University of Missouri
Beyond Manipulation: Extreme Risk and the Smart Money Effect
  Jerchern Lin, University at Buffalo SUNY
Does MAX Matter for Mutual Funds?
  Bradley Goldie, Miami University
  Tyler Henry, Miami University
  Haim Kassa, Miami University
 
Presenter: Andrew Lynch

Discussant Jon Fulkerson, University of Dayton

Presenter: Jerchern Lin

Discussant confirmation pending

Presenter: Haim Kassa

Discussant Fan Chen, Merrimack College

Session 110 - Financial Crisis
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: J. Daniel Chi, University of Nevada Las Vegas
Financial Institution CEO Short Term Incentives and the Financial Crisis
  John Thornton, Kent State University
  Chen Xu, Kent State University
Contagion in the CDS Market
  Mark Endel Paddrik, Office of Financial Research
  Sriram Rajan, Office of Financial Research
  H Peyton Young, Oxford University & Office of Financial Research
Raising Capital When the Going Gets Tough: US Bank Equity Issuance from 2001 To 2014
  Lamont Black, DePaul University
  Ioannis Floros, Iowa State University
  Rajdeep Sengupta, Federal Reserve Bank Kansas City
 
Presenter: Chen Xu

Discussant Mark Endel Paddrik, Office of Financial Research

Presenter: Mark Paddrik

Discussant Nikhil Mathur, Claremont Graduate University

Presenter: Rajdeep Sengupta

Discussant BongGeun Choi, University of Chicago

Session 111 - Asset Pricing Model Components
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Shahil Sharma, University of Texas Rio Grande Valley
Data Snooping in Equity Premium Prediction
  Viktoria-Sophie Bartsch, Hamburg University
  Hubert Dichtl, Hamburg University
  Wolfgang Drobetz, Hamburg University
  Andreas Neuhierl, University of Notre Dame
Does More Trading Lead To Better Market Linkage? Evidence from the Commodity Futures Markets
  Hung-Gay Fung, University of Missouri St Louis
  Zijun Wang, University of Texas San Antonio
  Lin Zhao, Elon University
Dynamic Contracts and the Sharpe Ratio: Theory and Evidence
  Raymond C. W. Leung, Cheung Kong Graduate School of Business
 
Presenter: Viktoria-Sophie Bartsch

Discussant Zijun Wang, University of Texas San Antonio

Presenter: Lin Zhao

Discussant Georgios Koimisis, City University of New York

Presenter: Raymond Leung

Discussant Alexander Barinov, University of California Riverside

Session 112 - Multifactor Models
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Hui He Sono, James Madison University
The Share of Systematic Risk in Foreign Exchange and Stock Markets
  Zeng Ming, Singapore Management University
Multifactor Models and the APT: Evidence from A Broad Cross Section of Stock Returns
  Ilan Cooper, BI Norwegian Business School
  Paulo Maio, Hanken School of Economics
  Dennis Philip, Durham University
Medical Innovation, Labor Productivity, and the Cross Section of Stock Returns
  Tong Zhou, University of Hong Kong
 
Presenter: Zeng Ming

Discussant: Hui He Sono, James Madison University

Presenter: Paulo Maio

Discussant: Mohammad G Robbani, Alabama A&M University

Presenter: Tong Zhou

Discussant Anastasios Kagkadis, Lancaster University

Session 113 - Bonds & Yields
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Brittany Cole, Tennessee Tech University
Market Discipline in the Secondary Bond Market: The Case of Systemically Important Banks
  Elyas Elyasiani, Temple University
  Jason M Keegan, Federal Reserve Bank Philadelphia
Corporate Bond Portfolios and Macroeconomic Conditions
  Maximilian Bredendiek, Vienna Graduate School of Finance (VGSF)
  Giorgio Ottonello, Vienna Graduate School of Finance
  Rossen Valkanov, University of California San Diego
How Important Are Inflation Expectations for the Nominal Yield Curve?
  Roberto Gomez-Cram, University of Pennsylvania
  Amir Yaron, University of Pennsylvania & NBER
 
Presenter: Jason Keegan

Discussant Abby Kim, US SEC

Presenter: Maximilian Bredendiek

Discussant Brittany Cole, Tennessee Tech University

Presenter: Roberto Gomez Cram

Discussant Chen Jin, University of Mississippi

Session 114 - Corporate Policies & Asset Prices
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Viet Nga Cao, Monash University
IPO Lockup Expirations: A Persistent Anomaly of Scale
  Kevin Green, University of Texas Dallas
Post-Split Underreaction: the Relevance of Prior Split History
  Scott Walker, University of Technology Sydney
Corporate Cash Holdings in the Cross-Section of Stock Returns: the Role of Corporate Innovation
  Viet Nga Cao, Monash Univesity
  Andrew Marshall, University of Strathclyde
  Krishna Paudyal, University of Strathclyde
 
Presenter: Kevin Green

Discussant Viet Nga Cao, Monash University

Presenter: Scott Walker

Discussant Kevin Green, University of Texas Dallas

Presenter: Viet Nga Cao

Discussant Scott Walker, University of Technology Sydney

Session 115
  Thursday, 12 October, 2:30 pm - 4:00 pm
  No session scheduled

Session 116 - Prices & Information
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Mohamed Al Guindy, Carleton University
Center of Volume Mass: How Does Aggregate Options Market Opinion Predict Future Equity Returns?
  Gennaro Bernile, Singapore Management University
  Fei Gao, Singapore Management University
  Jianfeng Hu, Singapore Management University
The Information Contents in the Term Structure of Risk-Neutral Skewness
  Hao Chang, Rutgers University
  Paul Borochin, University of Connecticut
  Yangru Wu, Rutgers University
Intraday Return Patterns and the Extension of Trading Hours
  Kotaro Miwa, Tokio Marine Asset Management
  Kazuhiro Ueda, University of Tokyo
 
Presenter: Fei Gao

Discussant: You Lu, Illinois Institute of Technology

Presenter: Hao Chang

Discussant: Jingrui Li, West Virginia University

Presenter: Kotaro Miwa

Discussant: Helyoth Hessou, Laval University

Session 117
  Thursday, 12 October, 2:30 pm - 4:00 pm
  No session scheduled

Session 118 - Non-Bank Lenders
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Don Carmichael, University of Houston
Competition and Adverse Selection in An Online Lending Market
  Don B Carmichael, University of Houston
Do Credit Unions Serve the Underserved? Evidence from the Consumer Finance Survey
  Pankaj Kumar Maskara, Nova Southeastern Univesrity
  Florence Neymotin, Nova Southeastern University
Crowding Out Banks: Credit Substitution By Peer-To-Peer Lending
  Brian Wolfe, University at Buffalo SUNY
  Woongsun Yoo, Saginaw Valley State University
 
Presenter: Don Carmichael

Discussant Woongsun Yoo, Saginaw Valley State University

Presenter: Pankaj Maskara

Discussant David Walker, Georgetown University

Presenter: Woongsun Yoo

Discussant Don Carmichael, University of Houston

Session 119 - Volume, Price Impact & Dividend Yield
  Thursday, 12 October, 2:30 pm - 4:00 pm
Chairperson: Po-Hsuan Hsu, University of Hong Kong
Business-Cycle and Low-Frequency Movements in the Stock Market Price
  Chunhua Lan, University of New South Wales
Re-Examining Intra-Industry Information Transfers: Cross-Industry Abnormal Returns and Trading Volume Upon Earnings Announcements
  Jiri Tresl, Central Michigan University & CERGE-EI
  Jan Hanousek, CERGE-EI
  Iuliia Brushko, Moody's Analytics
An Analysis of the Price Impact
  Yongsik Kim, KAIST College of Business
 
Presenter: Chunhua Lan

Discussant Tong Zhou, Sun Yat-Sen University

Presenter: Iuliia Brushko

Discussant Hang Bai, University of Connecticut

Presenter: Yongsik Kim

Discussant Jin Peng, University of Connecticut

Session 120
  Thursday, 12 October, 2:30 pm - 4:00 pm
 
No session scheduled

Keynote Address
4:15 pm - 5:30 pm

Oliver Hart
2016 Nobel Laureate in Economics
Andrew E. Furer Professor of Economics, Harvard University

Oliver Hart is currently the Andrew E. Furer Professor of Economics at Harvard University, where he has taught since 1993. Hart works mainly on contract theory, the theory of the firm, corporate finance, and law and economics. His research centers on the roles that ownership structure and contractual arrangements play in the governance and boundaries of corporations. He has published a book (Firms, Contracts, and Financial Structure, Oxford University Press, 1995) and numerous journal articles. He has used his theoretical work on firms in two legal cases as a government expert (Black and Decker v. U.S.A. and WFC Holdings Corp. (Wells Fargo) v. U.S.A.). He is the 2016 co-recipient of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, a Fellow of the Econometric Society, the American Academy of Arts and Sciences, the British Academy, and the American Finance Association, a member of the National Academy of Sciences, and has several honorary degrees. He has been president of the American Law and Economics Association and a vice president of the American Economic Association.

FRIDAY, 13 OCTOBER

Friday, 13 October – Special Events
Conference Registration
6:45 am - 5:00 pm, Registration Desks (4th Floor)
Assistant Professors' Breakfast
7:00 am - 8:30 am, Salons H & I (4th Floor)
Note: Advance Registration is required
South-Western Finance Association Board Meeting
7:00 am - 9:00 am, Columbus One (1st Floor)
Midwest Finance Association Board Meeting
7:00 am - 12:00 noon, Columbus Two (1st Floor)
Placement Center
7:30 am - 5:00 pm, Salons A - E (4th Floor)
Note: Name tags must be worn for admission to the Placement Center
Coffee Breaks
8:00 am - 8:30 am & 10:00 am - 10:15 am, Exhibit Hall (Gloucester, 3rd Floor)
Luncheon & Outstanding Financial Executive Award Presentation (Adena Friedman)
12:00 noon - 2:00 pm, Salons F - K (4th Floor)
FMA Board of Trustees' Meeting
2:30 pm - 3:30 pm, Connecticut (5th Floor)
Note: By Invitation Only
KAFA Annual Board Meeting
3:00 pm - 5:00 pm, Board Meeting, Columbus Two (1st Floor)
KAFA Annual Business Meeting
5:30 pm - 8:30 pm, Business Meeting, St Botolph (2nd Floor)
Conference Reception
5:30 pm - 6:30 pm, Salons F & G (4th Floor)

Assistant Professor's Breakfast
7:00 am - 8:30 am

Jennifer Conrad, Dalton McMichael Distinguished Professor of Finance, UNC Chapel Hill and other leading academics will share the lessons learned from their own experiences to help assistant professor navigate their careers. Additionally, they will discuss topics such as time management, the publication process, mentorship, as well as how to balance research, teaching, service to the profession.

Moderator
Jennifer Conrad, Dalton McMichael Distinguished Professor of Finance
UNC Chapel Hill

Panelists
Elena Asparouhova, Associate Professor of Finance
University of Utah

Kathleen Weiss Hanley, Bolton-Perella Chair and Director, Center for Financial Services
Lehigh University

John Graham, D Richard Mead Jr Family Professor of Finance
Duke University

(Advance Registration Required; additional fee applies )

Coffee Break, 8:00 am, Exhibit Hall (Gloucester, 3rd Floor)

Friday, 13 October,

8:30 am - 10:00 am

Korea America Finance Association

Special Panel Presentation

Korea Panel Session   Friday, 13 October, 8:30 am - 10:00 am

Moderator
Soku Byoun, Baylor University

Presentations
Professor Dong-Soon Kim, Chung-Ang University, Korea
Are there the size effect and age effect in Korean equity funds?
- Focusing on the issue of neglected funds –

Professor Joon H. Hwang, Korea University
Mandatory Price Support of the Underwriter: Evidence from the putback option

Professor Min Jung Kang, at University of Michigan at Flint,
Predicting North Korean Aggressions using Foreign Short Sales and Media Tone

Session 121 - Liquidity & Price Discovery
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Jitendra Tayal, Ohio University
Short Selling and the Informational Efficiency of Stock Prices: A Natural Experiment
  Hae mi Choi, Loyola University Chicago
Price Discovery in Segmented But Partially Integrated Markets: Evidence from the Shanghai-Hong Kong Stock Connect Program
  Jin Peng, University of Connecticut
  Shantaram Hegde, University of Connecticut
The Role of National Culture and Media in Explaining Commonality in Liquidity
  Mohamed Mekhaimer, Clarkson University
  Pawan Jain, University of Wyoming
  Ronald W Spahr, University of Memphis
  Mark A Sunderman, University of Memphis
 
Presenter: Hae mi Choi

Discussant: Jitendra Tayal, Ohio University

Presenter: Jin Peng

Discussant: Hao Zhang, Rochester Institute of Technology

Presenter: Pawan Jain

Discussant: Heng Wang, Oklahoma State University

    PANEL SESSION    

Session 122 - Financial Misconduct Research: Challenges and Opportunities
  Friday, 13 October, 8:30 am - 10:00 am

Moderator
Jonathan M Karpoff, Professor of Finance & Washington Mutual Endowed Chair in Innovation
University of Washington

Panelists (tentative)
Allison P Koester, Assistant Professor
Georgetown University

D Scott Lee, Lincy Professor of Finance
University of Nevada Las Vegas

Gerald S Martin, Associate Professor
American University

Session 123 - Debt Structure
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Natalia Reisel, Fordham University
Volatility and the Priority Structure of Corporate Debt
  Dominique Carlo Badoer, University of Missouri
  Evan Dudley, Queen’s University
  Christopher James, University of Florida
How Do Firms Choose their Debt Types?
  Jinsook Lee, Canisius College
Debt Structure and Future Financing and Investment
  Sean Joseph Flynn, Jr, Colorado State University
 
Presenter: Dominique Carlo Badoer

Discussant Ron Sverdlove, Yeshiva University

Presenter: Jinsook Lee

Discussant Sean Flynn, Colorado State University

Presenter: Sean Flynn

Discussant Stefano Bonini, Stevens Institute of Technology

Session 124 - M&A Returns
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Ning Gao, Alliance Manchester Business School
Is There Really A 'Size Effect' in Acquirer Returns? Evidence from Serial and Non-Serial Acquisition Announcements
  Hang Li, University of Birmingham
  Nicholas F Carline, University of Birmingham
  Hisham Farag, University of Birmingham
Firm Size, Costly Short Sales and Shareholder Gains in Corporate Acquisitions
  Krisztina Buti, University of California San Diego
Relative Values, Announcement Timing, and Shareholder Returns in Mergers and Acquisitions
  Sangwon Lee, University of Houston
  Vijay Yerramilli, University of Houston
 
Presenter: Hang Li

Discussant Xian Sun, Johns Hopkins University

Presenter: Krisztina Buti

Discussant Leonidas Barbopoulos, University of St Andrews

Presenter: Sangwon Lee

Discussant Mazur Mieszko, IESEG School of Management

Session 125 - Politics & Firm Policy
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Xiaohu Deng, University of Tasmania
Political Connections, Government Procurement Contracts, and the Cost of Debt
  Reza Houston, Indiana State University
  David Maslar, University of Tennessee
  Kuntara Pukthuanthong, University of Missouri
Do WTO Rulings Really Matter? Evidence from the Rare Earth Elements Market
  Juliane Proelss, Concordia University
  Denis Schweizer, Concordia University
  Volker Seiler, University of Paderborn
Corporate Lobbying and Financial Institution Firm Performance: Evidence from Shareholder Litigations
  Omer Unsal, University of New Orleans
  William Hippler, University of La Verne
  M. Kabir Hassan, University of New Orleans
 
Presenter: Reza Houston

Discussant Mingxin Sun, University of Memphis

Presenter: Juliane Proelss

Discussant Ahmed Elnahas, Eastern Kentucky University

Presenter: William Hippler

Discussant Ghada Ismail, Eastern Kentucky University

Session 126 - Determinants of Cash Holdings 1
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Robert L Kieschnick, University of Texas Dallas
Shareholder Litigation and Corporate Cash Holdings: Evidence from Universal Demand Laws
  Hien T Nguyen, Ho Chi Minh University of Technology, Vietnam National University
  Hieu V Phan, University of Massachusetts Lowell
  Lingna Sun, University of Massachusetts Lowell
Do Peer Firms Affect Corporate Cash Saving Decisions?
  Yuan Zhuang, Singapore Management University
Why Do Multinational Firms Hold So Much Cash? Further Evidence on the Precautionary Motive
  Suyan Zheng, University of Cincinnati
 
Presenter: Lingna Sun

Discussant Chongyang Chen, Pacific Lutheran University

Presenter: Yuan Zhuang

Discussant Douglas O Cook, University of Alabama

Presenter: Suyan Zheng

Discussant Hui Wang, University of Texas Dallas

Session 127 - Hedge Fund Activism 1
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Ahmad Etebari, University of New Hampshire
Third-Party Reaction To Hedge Fund Activism: Auditor’s Perspective
  Huimin Chen, Rensselaer Polytechnic Institute
  Bill Francis, Rensselaer Polytechnic Institute
  Yinjie Shen, Rensselaer Polytechnic Institute
  Qiang Wu, Rensselaer Polytechnic Institute
Hedge Fund Activism and Redundant Monitoring
  Ryan Flugum, University of Missouri
  Matthew Souther, University of Missouri
Hedge Fund Activism and Organization Capital
  Bill Francis, Rensselaer Polytechnic Institute
  Gilna K R Samuel, Rensselaer Polytechnic Institute
  Yinjie Shen, Rensselaer Polytechnic Institute
 
Presenter: Huimin (Amy) Chen

Discussant Imtiaz M. Mazumder, St. Ambrose University

Presenter: Ryan Flugum

Discussant Kainan Wang, University of Toledo

Presenter: Gilna Samuel

Discussant Juha Joenvaara, University of Oulu

Session 128 - Corporate Investment
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Diana Knyazeva, US SEC
Vertical Integration To Mitigate Internal Capital Market Inefficiencies: Theory and Evidence
  Erik Devos, University of Texas El Paso
  He Li, University of Texas El Paso
Research Versus Development: A Comparative Study of Corporate Financing
  Jiyoon Lee, George Washington University
  Jiyoung Park, Yonsei University
Use It or Lose It: Fiscal Year End Corporate Investment Around the World
  Yong H Kim, University of Cincinnati
  Hyun-Han Shin, Yonsei University
  Bochen Li, University of Cincinnati
 
Presenter: He Li

Discussant Qing Liu, Boston University

Presenter: Jiyoung Park

Discussant Jie Yang, Federal Reserve Board

Presenter: Bochen Li

Discussant Diana Knyazeva, US SEC

Session 129 - Preferences & Trading Behavior
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Lingjie Ma, University of Illinois at Chicago
Investor Heterogeneity, Sentiment and Skewness Preference in Options Market
  Aristogenis Lazos, University of Essex
  Jerry Coakley, University of Essex
  Xiaoquan Liu, Universiy of Nottingham Nigbo
A Strange Disposition? Option Trading, Reference Prices, and Volatility
  Kelley Bergsma, Ohio University
  Andy Fodor, Ohio University
  Emily Tedford, Ohio University
Why Do Option Returns Change Sign from Day To Night?
  Dmitriy Muravyev, Boston College
  Xuechuan (Charles) Ni, Boston College
 
Presenter: Aristogenis Lazos

Discussant Kelley Bergsma, Ohio University

Presenter: Kelley Bergsma

Discussant Kashi Nath Tiwari, KNT’s Academic Financial Research

Presenter: Dmitriy Muravyev

Discussant Yanhui Zhao, University of Connecticut

    Panel Session    

Session 130 - Current Developments in the Alternative Funds Industry
  Friday, 13 October, 8:30 am - 10:00 am

This panel session will engage academics, fund industry professionals and regulation in a discussion of the latest developments and critical issues in the alternative funds industry.

Fraud in the Hedge Fund Industry: Cases and Analysis
Majed Muhtaseb, Professor
California State Polytechnic University Pomona

Liquid Alternative Investments
Keith Black, Managing Director, Curriculum & Exams
CAIA Association

Hedge Funds versus Exchange Traded Funds
Mahmoud Haddad, Professor
University of Tennessee Martin

    Overview and Research Session    

Session 131 - Venture Capital & Private Equity
  Friday, 13 October, 8:30 am - 10:00 am

Presented by Ayako Yasuda, Associate Professor
University of California, Davis

Session 132 - Dividends, Bubbles and Market Puzzles: Theories & Experiments
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Alla Kammerdiner, New Mexico State University
Payout Policy, Investor Rationality, and Market Efficiency: Evidence from Laboratory Experiments
  Elena Asparouhova, University of Utah
  Corina Besliu, University of Utah
  Michael Lemmon, BlackRock
Learning in Speculative Bubbles: An Experiment
  Jieying Hong, ESSEC
  Sophie Moinas, Toulouse School of Economics
  Sebastien Pouget, University of Toulouse
Stock Market “Puzzles" Observed in the Experimental Call Auction and Continuous Double Auction Market - A Comparison of the Two Market Institutions
  Reinhard Selten, University of Bonn
  Tibor M Neugebauer, University of Luxembourg, University of California Santa Barbara & University of Castellon
 
Presenter: Elena Asparouhova

Discussant: Sakshi Raj, University of New Orleans

Presenter: Sebastien Pouget

Discussant: Alla Kammerdiner, New Mexico State University

Presenter: Tibor Neugebauer

Discussant Elena Pikulina, University of British Columbia

Session 133 - Corporate Payout Policy
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Seth Hoelscher, Missouri State University
Accelerated Share Repurchases: Value Creation or Extraction
  Charles Edward Teague, UNC Charlotte
  Tao-Hsien Dolly King, UNC Charlotte
Ambiguity, Risk, and Dividend Payout Policy
  Jay Dahya, Baruch College, CUNY
  Richard Herron, Babson College
  Yehuda Izhakian, Baruch College, CUNY
Does Better Corporate Governance Encourage Payout? Idiosyncratic Risk, Agency Problem, and Dividend Policy
  Debarati Bhattacharya, Duquesne University
  Wei-Hsien Li, National Central University
  S. Ghon Rhee, University of Hawaii Manoa
 
Presenter: Charles Teague

Discussant: Seth Hoelscher, Missouri State University

Presenter: Richard Herron

Discussant: Rumpa Biswas, Texas Tech University

Presenter: Wei-Hsien Li

Discussant: Charles Teague, UNC Charlotte

Session 134 - Financing Patterns - International Evidence
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Anthony Rice, Arizona State University
Index Membership and Capital Structure: International Evidence
  Vidhan K Goyal, Hong Kong University of Science and Technology
  Daniel Urban, Technical University of Munich
  Wenting Zhao, Technical University of Munich
Regulations and Firm Financing: Impact of Clause 49 in India
  Zoya Saher, University of Surrey
  Sarmistha Pal, University of Surrey
  Tiago Pinheiro, University of Surrey
Financing Patterns in Transition Economies: Privatized Versus De Novo Private Firms
  Barkat Ullah, Rhode Island College
  Zuobao Wei, University of Texas El Paso
  Nilesh Sah, Northeastern Illinois University
 
Presenter: Vidhan Goyal

Discussant Yessenia Tellez, Rice University

Presenter: Zoya Saher

Discussant Anna-Leigh Stone, Samford University

Presenter: Barkat Ullah

Discussant Lu Zhang, Ryerson University

Session 135 - Corporate Culture 2
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Fei Xie, University of Delaware
When Culture Matters: Corporate Flexibility and Stock Returns
  Shiu-Yik Au, York University
  Ming Dong, York University
  Andreanne Tremblay, York University
Fifty Shades of Corporate Culture
  William Grieser, Tulane University
  Nishad Kapadia, Tulane University
  Rachel Li, Michigan State University
  Andrei Simonov, Michigan State University
CEO Savings Culture and Corporate Cash Policy
  Xiaoding Liu, University of Oregon
  Chen Lin, University of Hong Kong
 
Presenter: Shiu-Yik Au

Discussant Tingting Liu, Creighton University

Presenter: Andrei Simonov

Discussant Sara Holland, University of Georgia

Presenter: Xiaoding Liu

Discussant Huan Yang, University of Massachusetts Amherst

Session 136 - CEO Pay & Ownership
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Duong Pham, Georgia Southern University
Heterogeneity in the Effect of Managerial Equity Incentives on Firm Value
  Hui Liang James, University of Texas Tyler
  Bradley Benson, Ball State University
  Jung Chul Park, University of South Florida
Executive Compensation Under Common Ownership
  Heung Jin Kwon, University of Chicago
CEO Compensation and Government Ownership
  Ginka Borisova, Iowa State University
  Jesus M Salas, Lehigh University
  Andrey Zagorchev, Rhodes College
 
Presenter: Hui Liang James

Discussant Garrett Smith, University of Wisconsin Whitewater

Presenter: Heung Jin Kwon

Discussant Mahsa Khoshnoud, Catawba College

Presenter: Andrey Zagorchev

Discussant Duong Pham, Georgia Southern University

Session 137 - Culture, Corruption & Corporate Boards
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Tirimba Obonyo, Drexel University
Can Director Compensation Mitigate the Negative Effects of Corruption?
  Natasha A Burns, University of Texas San Antonio
  Anna Kapalczynski, University of Texas San Antonio
  John K Wald, University of Texas San Antonio
Allies or Dissidents? Evidence from Directors’ Sharing of Surnames
  Youchao Tan, Southwestern University of Finance and Economics
  Jason Xiao, Cardiff University
  Cheng (Colin) Zeng, University of Manchester
  Hong Zou, University of Hong Kong
A Clash of Cultures: the Governance and Valuation Effects of Multiple Corporate Cultures
  Stephen P Ferris, University of Missouri
  Narayanan Jayaraman, Georgia Tech
  Teng Zhang, Georgia Tech
 
Presenter: Anna Kapalczynski

Discussant Shibao Liu, Drexel University

Presenter: Cheng Zeng

Discussant Tirimba Obonyo, Drexel University

Presenter: Teng Zhang

Discussant Frederick Bereskin, University of Delaware

Session 138 - CEOs & CFOs
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Bina Sharma, University of Texas Rio Grande Valley
When do CEOs Delegate Authority? Evidence from Mergers and Acquisitions
  Daniel Greene, Clemson University
  Jared Smith, North Carolina State University
From Playground To Boardroom, CEO's Family Background and Managerial Style
  Fangfang Du, Arizona State University
On the Labor Market for Chief Financial Officers
  Stuart Gillan, University of Georgia
  Nga Nguyen, Marquette University
 
Presenter: Daniel Greene

Discussant Xinyan Yan, University of Dayton

Presenter: Fangfang Du

Discussant David C. Cicero, Auburn University

Presenter: Nga Nguyen

Discussant Rongbing Liu, University of Massachusetts Boston

Session 139 - Order Submission Strategies
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Sudip Gupta, Fordham University
Stock Order Placement Strategies Around Options Expirations
  Antonio Figueiredo, Nova Southeastern University
  Suchismita Mishra, Florida International University
  Pankaj Jain, University of Memphis
Order Anticipation Around Predictable Trades
  Mehmet Saglam, University of Cincinnati
Choice of Order Size and Price Discovery: the Last Digit Puzzle
  Rene Wells, University of Calgary
 
Presenter: Antonio Figueiredo

Discussant Raymond Fishe, University of Richmond

Presenter: Mehmet Saglam

Discussant Vikas Raman, Warwick University

Presenter: Rene Wells

Discussant Chiyoung Cheong, Indiana University

Session 140 - The Time-Varying Equity Risk Premium
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Fousseni Chabi-Yo, University of Massachusetts
Variance of the Variance Risk Premium
  Yiying Cheng, University of St Thomas
  Steven Clark, UNC Charlotte
Good Jumps, Bad Jumps, and Conditional Equity Premium
  Hui Guo, University of Cincinnati
  Kent Wang, Xiamen University
  Hao Zhou, Tsinghua University
Countercyclical and Time-Varying Risk Aversion and the Equity Premium
  Jan Antell, Hanken School of Economics
  Mika Vaihekoski, University of Turku
 
Presenter: Yiying Cheng

Discussant Duong Nguyen, University of Massachusetts Dartmouth

Presenter: Hui Guo

Discussant Charlie Clarke, University of Kentucky

Presenter: Jan Antell

Discussant Fousseni Chabi-Yo, University of Massachusetts

Session 141 - Integration, Tracking & Pricing
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Kashi Nath Tiwari, KNT's Academic Financial Research
Degree of Integration Between Brent Oil Spot and Futures Markets: Intraday Evidence
  A. Can Inci, Bryant University
  H Nejat Seyhun, University of Michigan
Interdependencies Between CDS Spreads in the European Union: Is Greece the Black Sheep or Black Swan?
  Dimitrios Koutmos, Worcester Polytechnic Institute
How Well Do Regular and Leveraged VIX Exchange-Traded Products Track the VIX Index?
  Hongfei Tang, Seton Hall University
  Xiaoqing Eleanor Xu, Seton Hall University
 
Presenter: Can Inci

Discussant Kashi Nath Tiwari, KNT's Acadenic Financial Research

Presenter: Dimitrios Koutmos

Discussant Hui-Ju Tsai, Washington College

Presenter: Xiaoqing Eleanor Xu

Discussant Yu Li, University of Houston

Session 142 - Systematic Risk
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Kemal Saatcioglu, Rhode Island College
Are Stocks Priced To Yield A Non-Resiliency Premium?
  Jian Hua, Baruch College, CUNY
  Lin Peng, Baruch College, CUNY
  Robert Schwartz, Baruch College, CUNY
  Nazli Sila Alan, Fairfield University
Systematic Risk and Share Turnover [Or Beta As A Measure of Mispricing]
  Maria Kasch, Humboldt University of Berlin
Size or Bad Diversification? An Asset Allocation Perspective on US Bank Size Anomalies
  Majeed Simaan, Rensselaer Polytechnic Institute
 
Presenter: Jian Hua

Discussant Serkan Karadas, Sewanee: The University of the South

Presenter: Maria Kasch

Discussant Florent Deisting, ESC Pau Business School

Presenter: Majeed Simaan

Discussant Maria Kasch, Humboldt University of Berlin

Session 143 - Mutual Fund Competition
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Sara Shirley, Middle Tennessee State University
Is the Active Fund Management Industry Concentrated Enough?
  David Feldman, University of New South Wales
  Konark Saxena, University of New South Wales
  Jingrui Xu, University of New South Wales
Diseconomies of Scope and Mutual Fund Manager Performance
  Richard Evans, University of Virginia
  Javier Gil-Bazo, Universitat Pompeu Fabra
  Marc Lipson, University of Virginia
ETF Competition and Market Quality
  Travis Box, University of Mississippi
  Ryan Davis, University of Alabama Birmingham
  Kathleen Fuller, University of Mississippi
 
Presenter: David Feldman

Discussant Abigail Hornstein, Wesleyan University

Presenter: Marc Lipson

Discussant Steve Liu, Missouri S&T

Presenter: Travis Box

Discussant Sara Shirley, Middle Tennessee State University

Session 144 - Corporate Governance 1
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Sonya Lim, DePaul University
Dissecting the Relation Between Insider and Institutional Trading
  George J Jiang, Finance Professor in Washington State University
  He Wang, Washington State University
  David Alan Whidbee, Washington State University
Insider Trading in Family Firms: Evidence from Short Selling Around Insider Sales
  Hanwen Sun, University of Sheffield
  Shuxing Yin, University of Sheffield
Does Stardom Affect the Informativeness of CEO Trades? Evidence from Insider Trades of Star and Non-Star CEOs of S&P 1500 Firms
  Mohammad Riaz Uddin, North South University
  Sanjiv Sabherwal, University of Texas Arlington
 
Presenter: He Wang

Discussant Eunju Lee, University of Massachusetts Lowell

Presenter: Hanwen Sun

Discussant Xuewu (Wesley) Wang, University of Oklahoma

Presenter: Mohammad Riaz Uddin

Discussant Aimee Hoffman Smith, Bentley University

Session 145 - Bank Performance
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Violeta Diaz, St Mary's University
Forming Appropriate Peer Groups for Bank Research: A Cluster Analysis of Bank Financial Statements
  Ken B Cyree, University of Mississippi
  Travis R Davidson, Ohio University
  John D Stowe, Ohio University
The Impact of Institutional Investors on Bank Performance
  Violeta Diaz, St. Mary's University
  Mohammad Jafarinejad, University of Wisconsin Whitewater
Institutional Investors and Bank Earnings Management
  Steve Miller, Saint Joseph’s University
  Camelia Minoiu, University of Pennsylvania
  Bin Wang, Marquette University
  Tina Yang, Villanova University
 
Presenter: Travis Davidson

Discussant Violeta Diaz, St Mary's University

Presenter: Mohammad Jafarinejad

Discussant Mengyi Gu, University of Massachusetts Boston

Presenter: Bin Wang

Discussant Bhavik Parikh, Saint Francis Xavier University

Session 146 - The Fed, GCB & FHLBB
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Alex Hsu, Georgia Tech
The Inability of the Federal Home Loan Bank System To Limit Moral Hazard At Its Largest Banks During the Financial Crisis
  James Cash Acrey, University of Arkansas
  Timothy J Yeager, University of Arkansas
Does the Fed Respond To the Stock Market?
  Eric Olson, West Virginia University
  Alex Kurov, West Virginia Universtiy
“Time for A Reassessment": The Bank Lending Channel from the European Syndicated Loan Market Perspective
  Aurore Burietz, IESEG School of Management
  Matthieu Picault, IESEG School of Management
 
Presenter: Timothy Yeager

Discussant Suzzane Steele, Brandeis University

Presenter: Eric Olson

Discussant Alex Hsu, Georgia Tech

Presenter: Matthieu Picault

Discussant Kuncheng (KC) Zheng, Northeastern University

Session 147 - Credits & Loans
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Thomas Kick, Deutsche Bundesbank
Financial Crises, Financial Constraints, and Government Guarantees
  John Hackney, University of South Carolina
Central Bank Funding and the Dynamics of Bank Lending After the Crisis
  Peter Bednarek, Deutsche Bundesbank
  Valeriya Dinger, University of Osnabrueck
  Daniel Marcel te Kaat, University of Osnabrueck
  Natalja von Westernhagen, Deutsche Bundesbank
Anatomy of A Bank Panic in an Opaque Banking Sector: Who Sees What Why
  Lucy Chernykh, Clemson University
  Sergey Mityakov, Clemson University
 
Presenter: John Hackney

Discussant Blake Marsh, Federal Reserve Bank Kansas City

Presenter: Peter Bednarek

Discussant Valentina Salotti, Iowa State University

Presenter: Sergey Mityakov

Discussant Quynh-Anh Vo, Bank of England

Session 148 - Portfolio Performance
  Friday, 13 October, 8:30 am - 10:00 am
Chairperson: Jay Wang, University of Oregon
On the Use of Intercepts as Performance Measures
  Jim Musumeci, Bentley University
Estimating Skill in Private Equity Performance Using Market Data
  Maurice McCourt, ESSEC Busines School
The Effect of Familiarity With Foreign Markets on Institutional Investors’ Performance
  Mark Fedenia, University of Wisconsin Madison
  Hilla Skiba, Colorado State University
  Tatyana Sokolyk, Brock University
 
Presenter: Jim Musumeci

Discussant Jingyun Yang, University of Oregon

Presenter: Maurice McCourt

Discussant Yong Chen, Texas A&M University

Presenter: Tatyana Sokolyk

Discussant Claire Hong, HKUST

Coffee Break, 10:00 am, Exhibit Hall (Gloucester, 3rd Floor)

Friday, 10:15 am - 11:15 am

Korea America Finance Association

Special Panel Presentation

Asia Panel Session   Friday, 13 October, 10:15 am - 11:45 am

Moderator
Yook K Choi, University of Central Florida

Presentations
Professor Ajai Singh, Suntrust Professor of Finance at University of Central Florida
Trading Restrictions and Supply Effects (Evidence from Japan)

Professor Jimmy Hilliard, Harbert Eminent Professor of Finance at Auburn University
A Test of Chinese Market Efficiency: Put-Call Parity and the Impact of Soft Interventions

Professor Woojin Kim, Professor of Finance at Seoul National University
New Equity Issues in Emerging Economy: Investment Financing or Recapitalization

Session 149 - Propagation of Economic Shocks
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: W Paul Chiou, Northeastern University
The Global Propagation of Economic Shocks: Financial Contagion Along International Supply-Chains
  Christoph Maximilian Schiller, University of Toronto
The Big Short: Illusionary Benefits of Close Supply Chain Relationships
  Jocelyn D Evans, College of Charleston
  Dominique G Outlaw, Hofstra University
Bad Bad Contagion
  Juan M. Londono, Federal Reserve Board
 
Presenter: Christoph Schiller

Discussant W Paul Chiou, Northeastern University

Presenter: Dominique Outlaw

Discussant Jimmy Yang, Oregon State University

Presenter: Juan Londono

Discussant David Myers, Northeastern University

Session 150
  Friday, 13 October, 10:15 am - 11:45 am

  No session scheduled

Session 151 - Incentive & Leverage
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Alexander Vadilyev, Australian National University
The Negative Effects of Managerial Incentives on Operating Lease Intensity
  Erik Devos, University of Texas El Paso
  He Li, University of Texas El Paso
Outside Employment Opportunities, Leverage, and Employee Wage: Evidence from China
  Guangzhong Li, Sun Yat-sen Business School
The Employee Clientele of Corporate Leverage: Evidence from Personal Labor Income Diversification
  Huan Yang, University of Massachusetts Amherst
  Tao Shu, University of Georgia
  Jie He, University of Georgia
 
Presenter: Erik Devos

Discussant Sapnoti Eswar, University of Cincinnati

Presenter: Guangzhong Li

Discussant DuckKi Cho, University of Sydney Business School

Presenter: Huan Yang

Discussant Sheng-Jun Xu, University of Alberta

Session 152 - Merger Waves
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Leonce Bargeron, University of Kentucky
Selling To Buy: Asset Sales and Merger Waves
  Christos P Mavis, Surrey Business School
  Nathan P McNamee, University of Surrey
  Dimitris Petmezas, Surrey Business School
  Nickolaos Travlos, University of Surrey
What Drives Merger Waves & Bankruptcy Waves
  Ya Gao, University of Manitoba
  Michael Ferguson, University of Cincinnati
Economic Shocks, Competition and Merger Activity
  Marcin Krolikowski, Providence College
  Kevin Okoeguale, Saint Mary’s College of California
 
Presenter: Dimitris Petmezas

Discussant Mira Straska, Virginia Commonwealth University

Presenter: Ya Gao

Discussant Anne Anderson, Lehigh University

Presenter: Marcin Krolikowski

Discussant Ayla Kayhan, US SEC

Session 153 - Political Influence, Legal Expertise & Corporate Policy
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Hamed Mahmudi, University of Oklahoma
Value of Political Influence in Corporate Litigation
  Anna Abdulmanova, University of Missouri
Lawyer CEOs
  Irena Hutton, Florida State University
  Todd Henderson, University of Chicago
  Danling Jiang, Stony Brook University SUNY
  Matthew Pierson, Florida State University
Do Common Stock Investments By Members of the US Congress Predict Market Returns?
  Sami Keskek, University of Arkansas
 
Presenter: Anna Abdulmanova

Discussant Gabriele Lattanzio, University of Oklahoma

Presenter: Irena Hutton

Discussant Scott Guernsey, University of Oklahoma

Presenter: Sami Keskek

Discussant Ian Cherry, University of Central Florida

Session 154 - Determinants of Cash Holdings 2
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Susan Elkinawy, Loyola Marymount University
Cash Holding and Technological Development: Evidence from IT-Mediated Improvement in Inventory Management
  Ashraf Al Zaman, Saint Mary's University
Interest Rates, Cash and Short-Term Investments
  Bektemir Ysmailov, University of Nebraska Lincoln
Operating Leases and Cash Holdings
  Douglas O Cook, University of Alabama
  Robert L Kieschnick, University of Texas Dallas
  Rabih Moussawi, Villanova University
 
Presenter: Ashraf Al Zaman

Discussant Jie Yang, Georgetown University

Presenter: Bektemir Ysmailov

Discussant Susan Elkinawy, Loyola Marymount University

Presenter: Robert Kieschnick

Discussant Jun Zhou, Dalhousie University

Session 155 - Hedge Funds
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Yuehua Tang, University of Florida
Information Content of Hedge Fund Equity Option Holdings
  Juha Joenväärä, University of Oulu
  Mikko Kauppila, University of Oulu
  Pekka Tolonen, University of Oulu
Are Hedge Fund Capacity Constraints Binding? Evidence on Scale and Competition
  Charles Cao, Penn State University
  Raisa Velthuis, Villanova University
Gambling or De-Risking: Hedge Fund Risk Taking Vs. Managers’ Compensation
  Chengdong Yin, Purdue University
  Xiaoyan Zhang, Purdue University
 
Presenter: Juha Joenväärä

Discussant Selim Topaloglu, Queen's University

Presenter: Raisa Velthuis

Discussant Marc Lipson, University of Virginia

Presenter: Chengdong Yin

Discussant Yuehua Tang, University of Florida

Session 156 - Labor & Finance
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Huajing Hu, Adelphi University
Employment Protection Laws and Corporate Liquidity Management
  Neslihan Ozkan, University of Bristol
  Ahmet Karpuz, University of Bristol
  Kirak Kim, University of Bristol
Employee Benefit Plans and Innovation
  Neeru Chaudhry, Indian Institute of Technology Delhi
Personal Bankruptcy Laws and Corporate Policies
  Yi-wen Chen, Southwestern University of Finance and Economics
  Joseph Taylor Halford, University of Wisconsin Milwaukee
  Hung-Chia Hsu, University of Arkansas
  Chu-Bin Lin, Southwest Jiaotong University
 
Presenter: Neslihan Ozkan

Discussant: Tingting Que, University of Alabama Huntsville

Presenter: Neeru Chaudhry

Discussant: Fangfang Du, Arizona State University

Presenter: Joseph Halford

Discussant: Huajing Hu, Adelphi University

Session 157 - Volatility & Options
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Gabriel Ramirez, Kennesaw State University
Short-Run and Long-Run Factor Structure in Equity Options
  Hamed Ghanbari, Concordia University
Understanding and Trading the Term Structure of Volatility
  Jim Campasano, University of Massachusetts Amherst & Central Connecticut State University
  Matthew Linn, University of Massachusetts Amherst
A Dimension-Invariant Cascade Model for VIX Futures
  Zhiguang Wang, South Dakota State University
  Brice Dupoyet, Florida International University
 
Presenter: Hamed Ghanbari

Discussant Jimmy Jin, Hong Kong Polytechnic University

Presenter: Jim Campasano

Discussant Kashi Nath Tiwari, KNT’s Academic Financial Research

Presenter: Zhiguang Wang

Discussant Claudio Tebaldi, Bocconi University

    Overview and Research Session    

Session 158 - Financial Research: Writing, Data and Programming
  Friday, 13 October, 10:15 am - 11:45 am

Presented by Michael Roberts, William H Lawrence Professor of Finance
University of Pennsylvania

This session examines the process of doing research, paying close attention to writing and exposition. Other topics discussed are data, replication, and programming

    Overview and Research Session    

Session 159 - Entrepreneurial Finance
  Friday, 13 October, 10:15 am - 11:45 am

Presented by Yael Hochberg, Ralph S O'Connor Associate Professor of Entrepreneurship and Head
Rice University Entrepreneurship Initiative, Rice University

Session 160 - Market Equilibrium Under Non-Standard Preferences
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Jared Linna, University of Wisconsin La Crosse
Herding and Contrarianism: A Matter of Preference
  Chad Kendall, University of Southern California
Confirming Signals Are Hard To Resist: Blessing and Curse of Information Under Confirmation Bias
  Tamara Nunes, Swiss Finance Institute & University of Lausanne
  Stefanie Schraeder, University of New South Wales
Hedging, Speculation and Forward Market Equilibrium Under Ambiguity
  Vadhindran K Rao, Metropolitan State University
 
Presenter: Chad Kendall

Discussant Vadhindran Rao, Metropolitan State University

Presenter: Stefanie Schraeder

Discussant Yelin Zhang, York University

Presenter: Vadhindran Rao

Discussant Matthew Hood, Texas State University

Session 161 - Governance & Payout Policy
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Feng Zhan, John Carroll University
Minority Shareholder Protections and Value-Driven Payout Policy
  Wenling Lu, Western Michigan University
  Brian Carson McTier, Washington State University
  Nischala Reddy, Washington State University
The Effect of Creditor Rights on Dividend Payout With Changes in the Information Environment
  Wolfgang Bessler, Justus-Liebig University Giessen and Goethe University Frankfurt
  Halit Gonenc, University of Groningen
  Mario Hernandez Tinoco, University of Groningen
Payout Policy and the Interaction of Firm- and Country-Level Governance
  Richard Herron, Babson College
 
Presenter: Brian McTier

Discussant Chen Liu , Trinity Western University

Presenter: Halit Gonenc

Discussant Mary Becker, John Carroll University

Presenter: Richard Herron

Discussant Liqiang Chen, Saint Mary's University

Session 162 - How the Models of Financing Matter
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Yeejin Jang, Purdue University
The Role of Public Equity in Business Groups' Internal Capital Markets
  Jungwon Suh, Sungkyunkwan University (SKKU)
  Heejung Choi, Korea University
Product Market Competition and Debt Choice
  Sabri Boubaker, Champagne School of Management (Groupe ESC Troyes)
  Walid Saffar, Hong Kong Polytechnic University
  Syrine Sassi, IRG, Universite Paris Est Creteil
Presenter: Heejung Choi

Discussant Jinhee Kim, University of Virginia

Presenter: Sabri Boubaker

Discussant Yunjeen Kim, Boston University

Session 163 - Behavioral Corporate Finance
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Ambrus Kecskes, York University
Initial Public Offerings and the Firm Location
  Giulia Baschieri, Ca' Foscari University of Venice
  Andrea Carosi, University of Sassari
  Stefano Mengoli, University of Bologna
Friends or Foes? Divisional Managers and Efficiency of Capital Allocation
  Tatiana Salikhova, University of Arkansas
  Tomas Jandik, University of Arkansas
Education Matters: Top Managerial Talent, Innovation, and Firm Performance
  Zhaozhao He, University of New Hampshire
  David Hirshleifer, University of California Irvine
 
Presenter: Andrea Carosi

Discussant Xiaoding Liu, University of Oregon

Presenter: Tatiana Salikhova

Discussant Garrett Schaller, University of Texas Austin

Presenter: Zhaozhao He

Discussant Phuong-Anh Nguyen, York University

Session 164 - Executive Compensation, Product Markets & Innovation
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Christo Pirinsky, US SEC
Does Executive Compensation Depend on Product Market Structure? Evidence from Shocks To Firm Risk
  Xiaoyuan Hu, University of Maryland
The Impact of Organized Labor on CEO Inside Debt: Strategic Substitution or Incentive Alignment?
  Tao-Hsien Dolly King, UNC Charlotte
  Takeshi Nishikawa, University of Colorado Denver
  Andrew K Prevost, University of Vermont
Motivating Innovation: Evidence from Chief Executive Officer Compensation Contracts
  Bill B Francis, Rensselaer Polytechnic Institute
  Iftekhar Hasan, Fordham University & Bank of Finland
  Zenu Sharma, Long Island University Post
  Maya Waisman, Fordham University
 
Presenter: Xiaoyuan Hu

Discussant Zhichuan Frank Li, Western University

Presenter: Takeshi Nishikawa

Discussant Rongbing Liu, University of Massachusetts Boston

Presenter: Zenu Sharma

Discussant Christo Pirinsky, US SEC

Session 165 - Board of Directors - Evidence from Open & Closed-end Funds and Spinoffs
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Connie X. Mao, Temple University
Compensation and Decision Making of Newly Formed Board of Directors: Evidence from Corporate Spin-Offs
  Duong Thuy Pham, Georgia Southern University
Do Companies and Funds Benefit from having Overlapping Directors?
  Miriam Schwartz-Ziv, Michigan State University
  Rachel Li, Michigan State University
  Zoran Ivkovich, Michigan State University
Board Independence and Firm Value: Evidence from Closed-End Funds
  Matthew E Souther, University of Missouri
 
Presenter: Duong Pham

Discussant Arun Upadhyay, Florida International University

Presenter: Rachel Li

Discussant Ian R. Appel, Boston College

Presenter: Matthew Souther

Discussant Tina Yang, Villanova University

Session 166 - Corporate Social Responsibility
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Omrane Guedhami, University of South Carolina
The Mediating Role of Brand Asset on the Valuation Impact of Corporate Social Responsibility
  Mine Ertugrul, University of Massachusetts Boston
  Katsiaryna Salavei Bardos, Fairfield University
  Lucia Silva Gao, University of Massachusetts Boston
Corporate Social Responsibility and Accounting Restatements
  Qin Liang, Portland State University
  Kathleen Rupley, Portland State University
  Qiming Wang, Willamette University
  Lin Zheng, Indiana University
Corporate Social Responsibility Initiatives and Market Reactions: the Role of CEO Risk Preferences
  Trung Nguyen, Old Dominion University
  Anh Dang, Old Dominion University
 
Presenter: Mine Ertugrul

Discussant Kiyoung Chang, University of South Florida

Presenter: Qin Lian

Discussant Ting Li, Skidmore College

Presenter: Trung Nguyen

Discussant Xiaoyu Zhang, Norwegian School of Economics

Session 167 - Limit Order Book Dynamics
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Bidisha Chakrabarty, Saint Louis University
Decomposing the Dynamics of Intraday Trading Activity and Trading Outcomes
  Yashar Barardehi, Ohio University
  Dan Bernhardt, University of Illinois
Bid- and Ask-Side Liquidity in the NYSE Limit Order Book
  Tolga Cenesizoglu, Alliance Manchester Business School
  Gunnar Grass, HEC Montreal
Commonality in Limit Order Cancellations
  Jared Egginton, Boise State University
  Ethan D Watson, UNC Wilmington
 
Presenter: Yashar Barardehi

Discussant Shawn O'Donoughue, Indiana University

Presenter: Tolga Cenesizoglu

Discussant Todd Griffith, Utah State University

Presenter: Ethan Watson

Discussant Brian Roseman, Cal State Fullerton

Session 168 - Asset Pricing: The Global Perspective
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Christos Giannikos, Baruch College & Graduate Center, City University of New York
Jump Risk Premia Across Major International Equity Markets
  Oussama M'saddek, Centre de Recherche Clermontois en Gestion et Management
  Mohamed Arouri, Université d’Auvergne
  Kuntara Pukthuanthong, University of Missouri
The Price of Asymmetric Dependence: International Evidence
  Jamie Alcock, University of Sydney
  Petra Andrlikova, University of Sydney
Reit Valuation: A Global Perspective
  Pawan Jain, University of Wyoming
 
Presenter: Mohamed Arouri

Discussant: Zaur Rzakhanov, University of Massachusetts Boston

Presenter: Petra Andrlikova

Discussant Yexiao Xu, University of Texas Dallas

Presenter: Pawan Jain

Discussant: Avis Devine, York University

Session 169 - Investing
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Da Ke, University of South Carolina
Discount Rates and Asset Returns: Implications for Endowment Strategies
  David T Brown, University of Florida
  Dan Scholz, NISA Investment Advisors LLC
Cheap Products or Cheap Talk? Disclosed Markups and Ex-Post Performance of Structured Products
  Petra Vokata, Aalto University
The Returns To Art Investing: Long-Run Evidence from A Latin American Market
  Urbi Alain Garay, IESA
 
Presenter: David Brown

Discussant Florent Deisting, PAU Business School

Presenter: Petra Vokata

Discussant Samar Ashour, University of Texas Arlington

Presenter: Urbi Garay

Discussant Rafiqul Bhuyan, American University of Kuwait

Session 170 - Credit Events
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Blerina Bela Zykaj, Clemson University
When do CDS Spreads Lead? Rating Events, Private Entities, and Firm-Specific Information Flows
  Jongsub Lee, University of Florida
  Andy Naranjo, University of Florida
  Guner Velioglu, University of Florida
Pricing Efficiency and Market Transparency: Evidence from Corporate Bond Market
  Jia Chen, Peking University
  Ruichang Lu, Peking University
 
Presenter: Guner Velioglu

Discussant Alexander Kurov, West Virginia University

Presenter: Jia Chen

Discussant Brittany Cole, Tennessee Tech University

Session 171 - Risk Preference & Incentives of Mutual Fund Managers
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Meijun Qian, Australian National University
Do Catastrophic Experiences Affect Risk Attitudes? Evidence from U.S.-Based Managers of Non-US Mutual Funds
  Gennaro Bernile, Singapore Management University
  Vineet Bhagwat, University of Oregon
  Ambrus Kecskes, York University
  Phuong-Anh Nguyen, York University
Mutual Fund Disproportionate Portfolio Adjustment
  Claire Yurong Hong, Hong Kong University of Science and Technology
Contractual and Tournament Incentive in the Mutual Fund Industry
  Elena Pikulina, University of British Columbia
 
Presenter: Phyong-Anh Nguyen

Discussant Yu Wang, Boston College

Presenter: Yurong Hong

Discussant Danielle Xu, Gonzaga University

Presenter: Elena Pikulina

Discussant Lingling Wang, University of Conneticut

Session 172 - Monetary Policy & Markets
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Destan Kirimhan, University of South Carolina
Individual Stock Market Liquidity, Financial Crisis and Quantitative Easing
  Ajay Kumar Mishra, IBS Hyderabad, The IFHE University
  Bhavik Parikh, St Francis Xavier University
  Ronald W Spahr, University of Memphis
Reserve Balances, Federal Funds Market and Arbitrage in the New Regulatory Framework
  Ayelen Banegas, Federal Reserve Board
  Manjola Tase, Federal Reserve Board
Cross-Border Bank Lending and Monetary Policy Spillover
  Wenyu Zhu, Renmin University of China
  Jiawen Yang, George Washington University
 
Presenter: Bhavik Parikh

Discussant Jin Cai, University of South Carolina

Presenter: Manjola Tase

Discussant Camelia Minoiu, International Monetary Fund

Presenter: Wenyu Zhu

Discussant Destan Kirimhan, University of South Carolina

Session 173 - Bank Failures
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Amar Gande, Southern Methodist University
When Positive Sentiment Is Not So Positive: Textual Analytics and Bank Failures
  Aparna Gupta, Rensselaer Polytechnic Institute
  Majeed Simaan, Rensselaer Polytechnic Institute
  Mohammed J Zaki, Rensselaer Polytechnic Institute
Audit and Fraud: Evidence from Bank Failures
  Lucy Chernykh, Clemson University
Lost in Translation: The Effects of Cultural Values on Bank Failures around the World
  Allen N Berger, University of South Carolina, Wharton Financial Institutions Center, European Banking Center
  Xinming Li, University of South Carolina
  Charles S Morris, Federal Reserve Bank Kansas City
  Raluca Roman, Federal Reserve Bank Kansas City
 
Presenter: Aparna Gupta

Discussant Florian Kiesel, Technische Universität Darmstadt

Presenter: Lucy Chernykh

Discussant Bolortuya Enkhtaivan, Western Michigan University

Presenter: Xinming Li

Discussant Lamont Black, DePaul University

Session 174 - Lending Relationships
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Yun Zhu, St John's University
To Ask or Not To Ask? Collateral Versus Screening in Lending Relationships
  Artashes Karapetyan, BI Norwegian Business School
  Hans Degryse, KU Leuven
  Sudipto Karmakar, Banco de Portugal &UECE
Collateral Versus Informed Screening During Banking Relationships
  Artashes Karapetyan, BI Norwegian Business School
  Bogdan Stacescu, BI Norwegian Business School
Relationship Lending With Institutional Investors
  Debarshi Nandy, Brandeis University
  Pei Shao, University of Lethbridge
  Elif Sisli-Ciamarra, Stonehill College
 
Presenter: Artashes Karapetyan

Discussant: Yun Zhu, St John's University

Presenter: Bogdan Stacescu

Discussant: Nikolaos Artavanis, University of Massachusetts

Presenter: Pei Shao

Discussant: Ettore Croci, Universita Cattolica del Sacro Cuore

Session 175 - CEO Pay
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Minjie Huang, University of Louisville
The Consequences of Mandated Compensation Disclosure
  Hongyan Li, Virginia Tech
  Jin Xu, Virginia Tech
CEO Evaluation Horizons and Innovation
  Lingtian Kong, Erasmus University Rotterdam
Executive Incentives To Innovate and Governance Policy
  Dae Woung Choi, University of Alabama
  Douglas O Cook, University of Alabama
  M. Tony Via, Kent State University
 
Presenter: Hongyan Li

Discussant Xinyan Yan, University of Dayton

Presenter: Lingtian Kong

Discussant Harshit Rajaiya, Boston College

Presenter: Tony Via

Discussant Minjie Huang, University of Louisville

Session 176 - Institutional Lending
  Friday, 13 October, 10:15 am - 11:45 am
Chairperson: Elinda Kiss, University of Maryland
Institutional Lenders and Loan Dynamics
  Mehdi Beyhaghi, University of Texas San Antonio
  Ca Nguyen, University of Texas San Antonio
  John Wald, University of Texas San Antonio
Prudential Policies and their Impact on Credit in the United States
  Paul Calem, Federal Reserve Bank Philadelphia
  Ricardo Correa, Federal Reserve Board
  Seung J Lee, Federal Reserve Board
 
Presenter: Ca Nguyen

Discussant: Aziz Alimov, University of British Columbia

Presenter: Seung Lee

Discussant Joao Pinto, Católica Porto Business School, Catholic University of Portugal

Annual Meeting Luncheon
Presentation of the 2017 Outstanding Financial Executive Award

Adena Friedman
President and Chief Executive Officer
NASDAQ

Adena Friedman assumed the role of President and Chief Executive Officer of Nasdaq on January 1, 2017 and is a member of the Board of Directors. Ms. Friedman brings more than 20 years of industry leadership and expertise and is credited with significant contributions that shaped Nasdaq’s strategic transformation to a leading global exchange and technology solutions company with operations on six continents. Prior to her appointment as Chief Executive Officer, Ms. Friedman served as President and Chief Operating Officer of Nasdaq throughout 2016 and was responsible for overseeing all of the company’s business segments with a focus on driving efficiency, product development, growth and expansion.

Friday, 2:00 pm - 3:30 pm

Session 177 - The Financial Implications of Globalization
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Rita Biswas, University at Albany SUNY
Determinants of Globalization
  Catalina Hurwitz, University of the District of Columbia
  Wen-Hsiu Chou, Florida International University
  Chun-Hao Chang, Florida International University
Nowhere To Run, Nowhere To Hide: Asset Diversification in A Flat World
  John Cotter, University College Dublin
  Stuart Gabriel, University of California Los Angeles
  Richard Roll, California Institute of Technology
Global Housing Markets and Monetary Policy Spillovers: Evidence from OECD Countries
  Shikong (Scott) Luo, University of Alabama
  Jun Ma , University of Alabama
 
Presenter: Catalina Hurwitz

Discussant Aaron K Brauner, University at Albany SUNY

Presenter: John Cotter

Discussant Louis R Piccotti, University at Albany SUNY

Presenter: Shikong Luo

Discussant Nikhil Mathur,

Session 178 - Momentum
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: K.C. Chen, California State University, Fresno
Speculation and Momentum in Emerging Markets
  Chin-Wen Hsin, Yuan Ze University
  Shu-Cing Peng, National Taiwan University
Optimal Dynamic Momentum Strategies
  Kai Li, University of Technology Sydney
  Jun Liu, University of California San Diego
Time Series Momentum and Economic Risk
  Mark Colin Hutchinson, University College Cork
  John Joseph O'Brien, University College Cork
 
Presenter: Chin-Wen Hsin

Discussant Han-Sheng Chen, Southeastern Oklahoma State University

Presenter: Kai Li

Discussant: Ou Hu, Youngstown State University

Presenter: Mark Hutchinson

Discussant Thomas W. Barkley, Syracuse University

Session 179 - Bank Loans
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Vidhan Goyal, HKUST
Penalty of Audit Tenure on Loan Price, Added Value of Audit Reputation and Industry Specialization
  Bolortuya Enkhtaivan, Western Michigan University
  Zagdbazar Davaadorj, Texas A&M International University
The Choice Between Project Financing and Corporate Financing: Evidence from the Corporate Syndicated Loan Market
  Joăo Monteiro Pinto, Católica Porto Business School, Catholic University of Portugal
  Paulo Pimenta Alves, Católica Porto Business School, Catholic University of Portugal
The Effect of Organization Capital on Cost of Bank Loans
  Anna Danielova, McMaster University
  Bill B Francis, Rensselaer Polytechnic Institute
  Haimeng Teng, Rensselaer Polytechnic Institute
  Qiang Wu, Rensselaer Polytechnic Institute
 
Presenter: Bolortuya Enkhtaivan

Discussant Emmanuel Alanis, Texas State University

Presenter: Joăo Pinto

Discussant Vidhan Goyal, HKUST

Presenter: Haimeng Teng

Discussant Max Dolinsky, Central Michigan University

Session 180 - Value Creation in M&As
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Matthew Rhodes-Kropf, MIT
Firm Diversification: Characteristic Changes, Organic Growth, and Long-Run Performance
  Luis Garcia-Feijoo, Florida Atlantic University
  Garrett Smith, University of Wisconsin Whitewater
Acquisitions and Funding Conditions
  David Becher, Drexel University
  Tyler K Jensen, Iowa State University
  Tingting Liu, Creighton University
Do Divestitures Create Value? Evidence from Options Markets
  Vinay Patel, University of Technology Sydney
  David Michayluk, University of Technology Sydney
 
Presenter: Garrett Smith

Discussant John Bai, Northeastern University

Presenter: Tyler Jensen

Discussant Anzhela Knyazeva, US SEC

Presenter: David Michayluk

Discussant Halit Gonenc, University of Groningen

Session 181 - Social Responsibility
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Senay Agca, George Washington University
Reexamination of the Relationship Between Institutional Ownership Horizon and Corporate Social Responsibility
  Otgontsetseg Erhemjamts, Bentley University
  Kershen Huang, Bentley University
Does Corporate Social Responsibility Add Value Evidence from Capital Structure and Product Markets Interactions
  Kee-Hong Bae, York University
  Sadok El Ghoul, University of Alberta
  Omrane Guedhami, University of South Carolina
  Chuck C.Y. Kwok, University of South Carolina
  Ying Zheng, Bryant University
Local Altruism and Corporate Social Responsibility
  Yuree Lim, University of Wisconsin La Crosse
 
Presenter: Otgontsetseg Erhemjamts

Discussant Senay Agca, George Washington University

Presenter: Ying Zheng

Discussant Jie Yang, Federal Reserve Board

Presenter: Yuree Lim

Discussant Hatice Uzun, Long Island University

Session 182 - Determinants of Cash Holdings 3
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Jimmy Yang, Oregon State University
Financial Development, Uncertainty and Cash-Cash Flow Sensitivity
  Alexander Vadilyev, Australian National University
Is Government A Unique Customer? Evidence from Cash Holdings
  Saud Asaad Al-Thaqeb, University of Kuwait
  Joel T Harper, University of Tulsa
A Test of Substitutability of Cash Holdings and Lines of Credit: A Cross-Country Perspective
  Mohsen Mollagholamali, Western Kentucky University
  Ramesh Rao, Oklahoma State University
 
Presenter: Alexander Vadilyev

Discussant: Elisabeta Pana, Central Connecticut State University

Presenter: Joel Harper

Discussant Gautam Vora, University of New Mexico

Presenter: Mohsen Mollagholamali

Discussant Andrey Zagorchev, Rhodes College

Session 183 - Hedge Fund Performance
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Kevin A Mullally, University of Alabama
Bringing Order To Chaos: Capturing Relevant Information With Hedge Fund Factor Models
  Yongjia Li, University of Arkansas
  Alexey Malakhov, University of Arkansas
Funding Liquidity Risk and Hedge Fund Performance
  Mahmut Ilerisoy, University of Iowa
  J Sa-Aadu, University of Iowa
  Ashish Tiwari, University of Iowa
Fooling the Savvy Investor? Secrecy and Hedge Fund Performance
  Sergiy Gorovyy, Ellington Management Group
  Patrick Joseph Kelly, New Economic School
  Olga Kuzmina, New Economic School
 
Presenter: Alexey Malakhov

Discussant Pavel Teterin, University of Alabama

Presenter: Mahmut Ilerisoy

Discussant Yuehua Tang, University of Florida

Presenter: Patrick Kelly

Discussant Kevin Mullally, University of Alabama

Session 184 - Earnings Management & Corporate Reporting
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Chengru Hu, SUNY at Canton
Hedge Fund and Corporate Misreporting
  Na Dai, University at Albany SUNY
  Alfred Liu, University at Albany SUNY
Auditors’ Diversified Experience and Audit Characteristics
  Bill Francis, Rensselaer Polytechnic Institute
  Qiang Wu, Rensselaer Polytechnic Institute
  Ibrahim Siraj, Long Island University - Post
Distress Risk and Earnings Management
  Zhongling Qin, University of Georgia
  Xiao Ren, University of Georgia
 
Presenter: Na Dai

Discussant Linus Wilson, University of Louisiana Lafayette

Presenter: Qiang Wu

Discussant Abrar M. Fitwi, Saint Mary's College

Presenter: Zhongling Qin

Discussant Thanh Ngo, East Carolina University

Session 185 - Option Pricing Models
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Dmitriy Muravyev, Boston College
A Jump-Diffusion Model for Margined Options: An Application To Brent Crude Oil Contracts
  Jimmy E Hilliard, Auburn University
  Jitka Hilliard, Auburn University
Bankruptcy Risk Premium and the Valuation of Stock Options
  San-Lin Chung, National Taiwan University
  Chien-Ling Lo, Feng Chia University
A Dynamic Option Pricing Model With Economic Regime Shifts
  Zongming Ma, Dalhousie University
  Huawei Niu, Nanjing Audit University
  Yonggan Zhao, Dalhousie University
 
Presenter: Jimmy Hilliard

Discussant Yu Li, University of Houston

Presenter: Chien-Ling Lo

Discussant Diego Amaya, Wilfrid Laurier University

Presenter: Zongming Ma

Discussant Yong Jin, Hong Kong Polytechnic University

    Overview and Research Session    

Session 186 - Household Finance
  Friday, 13 October, 2:00 pm - 3:30 pm

Presented by James Choi, Professor of Finance
Yale University

This session will cover the latest research developments on how households manage their investments, savings, and debt.

    Panel Session    

Session 187 - The Role of Academic Research in Policy Making
  Friday, 13 October, 2:00 pm - 3:30 pm

This session will help attendees:

  • Learn how financial research affects rulemaking activities at the SEC;
  • see which journals, papers, and authors are most cited in SEC rule proposals and adoptions; and
  • understand how researchers can do more to affect financial market policy.
Panelists
Scott Bauguess, Deputy Director
Division of Economic and Risk Analysis, U.S. SEC

Vanessa Countryman, Chief Counsel,
Division of Economic and Risk Analysis, U.S. SEC

Narahari Phatak, Associate Director for Policy
Division of Economic and Risk Analysis, U.S. SEC

Session 188 - Idiosyncratic Risk
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Yexiao Xu, University of Texas Dallas
Firm Specific Uncertainty Around Earnings Announcements and the Cross ]Section of Stock Returns
  Sergey Gelman, Higher School of Economics
Do Idiosyncratic Skewness and Kurtosis Really Matter?
  Mohamed Ayadi, Brock University
  Xu Cao, Canada Octet Capital Management
  Skander Lazrak, Brock University
  Yan Wang, Brock University
Idiosyncratic Risk Matters To Large Stocks!
  Yangqiulu Luo, University of Houston
  Guojun Wu, University of Houston
  Yexiao Xu, University of Texas Dallas
 
Presenter: Sergey Gelman

Discussant Skander Lazrak, Brock University

Presenter: Skander Lazrak

Discussant Yexiao Xu, University of Texas Dallas

Presenter: Yexiao Xu

Discussant Sergey Gelman, Higher School of Economics

Session 189 - Cash Flow Risk & Corporate Policy
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Kent Baker, American University
In for A Bumpy Ride? Cash Flow Risk and Dividend Payouts
  Christian Andres, WHU - Otto Beisheim School of Management
  Ulrich Hofbaur, WHU - Otto Beisheim School of Management
Upside and Downside Components of Cash Flow Volatility Implications for Corporate Policies
  John Easterwood, Virginia Tech
  Bradley Paye, Virginia Tech
  Yutong Xie, Virginia Tech
 
Presenter: Christian Andres

Discussant Jun Zhang, Oklahoma State University

Presenter: Yutong Xie

Discussant Yessenia Tellez, Rice University

Session 190 - Shareholder Activism
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Thomas D Shohfi, Rensselaer Polytechnic Institute
Are Banks Special? Evidence from Bank Activism
  Jun Wang, University of Western Ontario
  Keke Song, University of Melbourne
Hedge Fund Activism and Internal Capital Markets
  Sehoon Kim, University of Florida
The Materiality of Environmental and Social Shareholder Activism – Who Cares?!
  Lisa Schopohl, University of Reading
 
Presenter: Jun Wang

Discussant: Daphne Wang, Jacksonville University

Presenter: Sehoon Kim

Discussant: Lingtian Kong, Erasmus University Rotterdam

Presenter: Lisa Schopohl

Discussant: Jiaying Wei, ESSEC Business School

Session 191 - Forces for Innovation
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Henrik Cronqvist, University of Miami
Superstar CEOs and Innovation
  Julian Atanassov, University of Nebraska Lincoln
  Keun Jae Park, Washington and Jefferson College
In the Mood for Creativity: Weather-Induced Mood, Inventor Productivity, and Firm Value
  Yangyang Chen, Hong Kong Polytechnic University
  Po-Hsuan Hsu, University of Hong Kong
  Edward J Podolski, Deakin University
  Madhu Veeraraghavan, TA PAI Management Institute
Firm-Level R&D After Periods of Intense Technological Innovation: The Role of Investor Sentiment
  Sirio Aramonte, Federal Reserve Board
 
Presenter: Julian Atanasov

Discussant Melina Murren, University of Miami

Presenter: Po-Hsuan Hsu

Discussant Lin Sun, Florida State University

Presenter: Sirio Aramonte

Discussant Dongmei Li, University of South Carolina

Session 192 - Executive Compensation & Firm Policy
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Qinxi Wu, Georgia State University
Pay-Performance Sensitivity and Production Efficiency
  Yoon Choi, University of Central Florida
 
A Comprehensive Analysis of Employee's Option Compensation on Firm's Litigation
  Isarin Durongkadej, Oklahoma State University
  SIQI WEI, Oklahoma State University
CEO Stock Option Exercises and Earnings Announcements
  Nassima Selmane, University of Toulouse & University of Groningen
Presenter: Yoon Choi

Discussant Chanho Cho, Louisiana Tech University

Presenter: Isarin Durongkadej

Discussant Qinxi Wu, Georgia State University

Presenter: Nassima Selmane

Discussant Mehdi Haghbaali, Georgia State University

Session 193 - Indications of Information Flow
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Zhongdong Chen, University of Northern Iowa
Informed Versus Uninformed Investors: Internet Searches, Options Trading, and Post-Earnings Announcement Drift
  Eric Fricke, California State University, East Bay
  Scott Fung, California State University East Bay
  M Sinan Goktan, California State University East Bay
Does Information Disclosure Matter in Competitive Industries?
  Lee-Hsien Pan, SUNY Geneseo
  Chien-Ting Lin, Deakin University
  Shih-Cheng Lee, Yuan Ze University
  Kung-Cheng Ho, Zhongnan University of Economics and Law
Tippers and Tippees: Brokers' Pre-Release of Price-Sensitive Information To their VIP Clients
  Tamara Nefedova, Université Paris-Dauphine
 
Presenter: Eric Fricke

Discussant Kevin Krieger, University of West Florida

Presenter: Lee-Hsien Pan

Discussant Samour Ashour, University of Texas Arlington

Presenter: Tamara Nefedova

Discussant Justin Cox, University of Mississippi

Session 194 - Ownership Structure
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Joshua D. Spizman, Loyola Marymount University
The Extreme Control Choice
  Ronald Anderson, Temple University
  Ezgi H Ottolenghi, Texas Tech University
  David Reeb, National University of Singapore
Dual Class Firm Structure and Innovation
  Lindsay Baran, Kent State University
  Arno Forst, University of Texas Rio Grande Valley
  M. Tony Via, Kent State University
Institutional Ownership and Corporate Social Responsibility: Evidence from Exogenous Variation Near Index Thresholds
  Xiaoyu Zhang, Norwegian School of Economics (NHH)
 
Presenter: Ezgi Ottolenghi

Discussant Frederick Bereskin, University of Delaware

Presenter: Lindsay Baran

Discussant Jong-Min Oh, University of Central Florida

Presenter: Xiaoyu Zhang

Discussant Joshua D. Spizman, Loyola Marymount University

Session 195 - Trading Rules & Stock Liquidity
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Ryan J. Davies, Babson College
Transparency in the Equity Market: Evidence from A Natural Experiment
  Wan-Jiun Paul Chiou, Northeastern University
  Nathan G Dong, Columbia University
  Alejandro Serrano, Penn State Abington
Making Cents of Tick Sizes
  Todd Griffith, Utah State University
  Brian Roseman, California State University Fullerton
Make-Take Fees Versus Order Flow Inducements: Evidence from the NASDAQ OMX PHLX Exchange
  Robert Battalio, University of Notre Dame
  Todd Griffith, Utah State University
  Robert A Van Ness, University of Mississippi
 
Presenter: Alejandro Serrano

Discussant Yashar Heydari Barardehi, Ohio University

Presenter: Brian Roseman

Discussant Michael Goldstein, Babson College

Presenter: Robert Van Ness

Discussant Carol Osler, Brandeis University

Session 196 - Alternative Approaches to Asset Pricing: Incorporating Ambiguity & Parameter Uncertainty
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Oleg Rytchkov, Temple University
A Simple Robust Single Market Factor Model Under Statistical Ambiguity
  Ariel M Viale, Palm Beach Atlantic University
What Is Wrong With Representative Agent Equilibrium Models?
  Luca Pezzo, Washington University in Saint Louis
Asset Pricing Under Prior-Induced Beta Uncertainty
  Shuting (Sophia) Hu, Texas A&M University
  Shane Johnson, Texas A&M University
  Yan Liu, Texas A&M University
 
Presenter: Ariel Viale

Discussant Ferenc Horvath, Tilburg University

Presenter: Luca Pezzo

Discussant Oleg Rytchkov, Temple University

Presenter: Shuting (Sophia) Hu

Discussant Pedram Nezafat, Michigan State University

Session 197 - Macro Effects and Bond Markets
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Mohammad Robbani, Alabama A&M University
Monetary Policy and Corporate Bond Returns
  Alexandros Kontonikas, University of Essex
  Paulo Maio, Hanken School of Economics
  Zivile Zekaite, European Central Bank
Unemployment and Credit Risk
  Hang Bai, University of Connecticut
Bank Risk-Taking, Country Financial Capacity and Bank Bailouts in Crisis Periods: A Cross Country Analysis
  Rafael F Schiozer, Fundacao Getulio Vargas EAESP and Copenhagen Business School
  Ramon S Vilarins, Central Bank of Brazil
  Frederico A Mourad, Fundacao Getulio Vargas EAESP
 
Presenter: Alexandros Kontonikas

Discussant Stefan Wendt, Reykjavik University

Presenter: Hang Bai

Discussant Giorgio Ottonello, Vienna Graduate School of Finance

Presenter: Rafael Schiozer

Discussant Peter Bednarek, Deutsche Bundesbank

Session 198 - Asset Pricing 2
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Mikael Bergbrant, St John's University
Modeling the Cross Section of Stock Returns Using Sensible Models in A Model Pool
  I-Hsuan Ethan Chiang, UNC Charlotte
  Yin Liao, Queensland University of Technology
  Qing Zhou, University of Queensland
Dominance of Hybrid Contratum Strategies Over Momentum and Contrarian Strategies: Half A Century of Evidence
  Kobana Abukari, Laurentian University
  Isaac Otchere, Carleton University
Idiosyncratic Volatility Shocks, Behavior Bias, and Cross-Sectional Stock Returns
  Richard Fenner, Utica College
  Yufeng Han, UNC Charlotte
  Zhaodan Huang, Utica College
 
Presenter: I-Hsuan Ethan Chiang

Discussant Hainan Sheng, University of Northern Iowa

Presenter: Kobana Abukari

Discussant Xia Liu, University of Texas Arlington

Presenter: Zhaodan Huang

Discussant: Mikael Bergbrant, St John's University

Session 199 - Cost of Debt
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Dirk Hackbarth, Boston University
Why Do Firms Issue Guaranteed Bonds?
  Fang Chen, University of New Haven
  Jing-Zhi Huang, Pennsylvania State University
  Zhenzhen Sun, University of Massachusetts Dartmouth
  Tong Yu, University of Cincinnati
Natural Disasters and Capital Structure
  Dongnyoung Kim, Texas A&M University Kingsville
  Incheol Kim, University of Texas Rio Grande Valley
  Ahmed Elnahas, Eastern Kentucky University
Real Asset Liquidity, Cash Holdings, and the Cost of Corporate Debt
  Adam Usman, James Madison University
  Ali Nejadmalayeri, Oklahoma State University
 
Presenter: Fang Chen

Discussant Daniel Bergstresser, Brandeis University

Presenter: Incheol Kim

Discussant Felipe Cortes, Northeastern University

Presenter: Adam Usman

Discussant Marc Arnold, University of St. Gallen

Session 200 - Cross-Sectional Asset Pricing 2
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Hanane Dakhli, Sorbonne University/Groupe ESC Troyes
Product Market Competition and the Profitability Premium
  Yao Deng, University of Minnesota
The R&D Anomaly: Risk or Mispricing?
  Woon Sau Leung, Cardiff University
  Khelifa Mazouz, Cardiff University
  Kevin Philip Evans, Cardiff University
The Value of Growth: Changes in Profitability and Future Stock Returns
  Juan Sotes-Paladino, Melbourne University
  George Jiaguo Wang, Manchester University
  Yaqiong Yao, Lancaster University
 
Presenter: Yao Deng

Discussant Shingo Goto, University of Rhode Island

Presenter: Woon Sau Leung

Discussant: Hanane Dakhli, Sorbonne University/Groupe ESC Troyes

Presenter: Yaqiong Yao

Discussant Ou Hu, Youngstown State University

Session 201 - Lending 1
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Rasha Ashraf, Georgia State University
Loan Pricing Over the Business Cycle
  Jens Forssbaeck, Lund University
  Frederik Lundtofte, Lund University
  Anders Vilhelmsson, Lund University
Supply Chain Characteristics and Bank Lending Decisions
  Iftekhar Hasan, Fordham University & Bank of Finland
  Kristina Minnick, Bentley University
  Kartik Raman, Bentley University
Imputing Borrower Heterogeneity and Dynamics in Mortgage Default Models
  Timothy Patrick Dombrowski, Louisiana State University
  R. Kelley Pace, Louisiana State University
  Junbo Wang, Louisiana State University
 
Presenter: Jens Forssbaeck

Discussant Puneet Prakash, Missouri State University

Presenter: Kartik Raman

Discussant: Tom Griffin, Drexel University

Presenter: Timothy Dombrowski

Discussant Cai Liu, University of Reading

Session 202 - Systemic Risk
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Nonna Sorokina, The College of New Jersey
Systemic Risk and Competition: Bank Herding in Europe
  Consuelo Silva-Buston, Universidad de los Andes
Bank Securitization and Systemic Risk
  Frank Hong Liu, University of Glasgow
  Zhizhen Chen, University of Glasgow
  Kose John, New York University & Temple University
  Mingming Zhou, University of Colorado Colorado Springs
The Impact of Extended Liability on Bank Runs: Evidence from the Panic of 1893
  Haelim Park Anderson, Office of Financial Research
  Sumudu Weerakoon Watugala, Cornell University & Office of Financial Research
 
Presenter: Consuelo Silva-Buston

Discussant: John Sedunov, Villanova University

Presenter: Hong Liu

Discussant: Nonna Sorokina, The College of New Jersey

Presenter: Sumudu Watugala

Discussant Anoop Rai, Hofstra University

Session 203 - Variants of Liquidity
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Yao Shen, Baruch College, CUNY
Information and Liquidity of Over-The-Counter Securities: Evidence from Public Registration of Private Debt
  Madhu Kalimipalli, Wilfrid Laurier University
  Song Han, Federal Reserve Board
  Alan G Huang, University of Waterloo
  Ke Wang, Federal Reserve Board
Economic Policy Uncertainty and Corporate Cash Holding
  Huu Nhan Duong, Monash University
  Hung Nguyen, RMIT University
  My Nguyen, RMIT University
Stock Market Liquidity and Incentives for Corporate Innovation
  Lai Van Vo, Western Connecticut State University
  Huong T T Le, Northeastern Illinois University
  Ji-Chai Lin, Hong Kong Polytechnic University
 
Presenter: Madhu Kalimipalli

Discussant Yao Shen, Baruch College, CUNY

Presenter: My Nguyen

Discussant Zhaozhao He, University of New Hampshire

Presenter: Lai Van Vo

Discussant Tong Liu, University of Pennsylvania

Session 204 - Agency & Incentive Issues in Financial Institutions
  Friday, 13 October, 2:00 pm - 3:30 pm
Chairperson: Sean Wilkoff, Cornerstone Research
Could Expansions in Directed Lending Programs Hurt Small Businesses? Evidence from A Policy Change
  Deeksha Kale, Boston College
Incentives Behind Clearinghouse Default Waterfalls
  W Allen Cheng, Columbia University
  Agostino Capponi, Columbia University
  Jay Sethuraman, Columbia University
Did Shareholders Affect the Credit Rating Decision: Evidence from a Semparametric Ordered Model with Marginal Effects Analysis
  Yixiao Jiang, Rutgers University
 
Presenter: Deeksha Kale

Discussant Erin Smith, University of Rochester

Presenter: Wan-Schwin Cheng

Discussant Ivana Ruffini, Federal Reserve Bank Chicago

Presenter: Yixiao Jiang

Discussant Diana Knyazeva, US SEC

Friday, 3:45 pm - 5:15 pm

Session 205 - Exchange Rates
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Harry Xia, California State University, Fresno
Real Exchange Rates and Currency Risk Premia
  Pierluigi Balduzzi, Boston College
  I-Hsuan Ethan Chiang, UNC Charlotte
Foreign Exchange Market Efficiency: Different Tales from Developed and Developing Markets During Recent Financial Crisis
  Ehab Abdeltawab Yamani, Jackson State University & Tanta University
The Impact of Jumps on Carry Trade Returns
  Suzanne S Lee, Georgia Tech
  Minho Wang, Georgia Tech
 
Presenter: Pierluigi Balduzzi

Discussant Can Inci, Bryant University

Presenter: Ehab Yamani

Discussant Florent Deisting, Pau Business School in France

Presenter: Minho Wang

Discussant Harry Xia, Cal State Fresno

Session 206 - China Research
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Geoffrey Ngene, Mercer University
B-Shares' Discount Puzzle in China: A Revisit of Dual-Share Firms
  Chunda Chen, Lamar University
  Wanwei Tang, Lamar University
China: from Imitator To Innovator?
  Juliane Proelss, Concordia University
  Denis Schweizer, Concordia University
  Feng Zhan, John Carroll University
Why Don't Share Issue Privatizations Improve Profitability in China?
  Bo Li, Shantou University
  William L Megginson, University of Oklahoma
  Zhe Shen, Xiamen University
  Qian Sun, Fudan University
 
Presenter: Chunda Chen

Discussant Geoffrey Ngene, Mercer University

Presenter: Feng Zhan

Discussant Bohdan Roman, University of New Orleans

Presenter: William Megginson

Discussant Anitha Manohar, Quinnipiac University

Session 207 - Compensation & Capital Structure
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Ahmet Kurt, Suffolk University
Accounting-Based Compensation Plans and Corporate Debt Contracts
  Zhi Li, Ohio State University
  Lingling Wang, University of Connecticut
  Karen Wruck, Ohio State University
Employee Benefit Plans and Loan Contracts
  Neeru Chaudhry, Indian Institute of Technology Delhi
Defined Benefit Pension Plans and Cost of Equity
  Robert Houmes, Jacksonville University
  Daphne Wang, Jacksonville University
  Thanh N Ngo, East Carolina University
  Ruth O'Keefe, Jacksonville University
 
Presenter: Lingling Wang

Discussant: Zhimin Wang, New Jersey City University

Presenter: Neeru Chaudhry

Discussant: Vincent J Intintoli, Clemson University

Presenter: Robert Houmes

Discussant: Hongxian Zhang, Missouri University of Science & Technology

Session 208 - Form of Payment & Capital Structure in M&As
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Kateryna Holland, Purdue University
How Do Firms Price Optimal Capital Structure? Evidence from Merger Premium
  James Ang, Florida State University
  Mai Daher, American University of Beirut
  Ahmad Ismail, American University of Beirut
M&A Negotiations with Limited Information: How do Opaque Firms Buy and Get Bought?
  Carlo Chiarella, CUNEF
  Stefano Gatti, Bocconi University
  Pierpaolo Battigalli, Bocconi University
  Tommaso Orlando, Banca d'Italia
Idiosyncratic Volatility and Acquirer Gains from Earnout Financed M&As
  Leonidas Barbopoulos, University of St Andrews
 
Presenter: Ahmad Ismail

Discussant Taehyun Kim, University of Notre Dame

Presenter: Carlo Chiarella

Discussant Greg Allen, Ohio State University

Presenter: Leonidas Barbopoulos

Discussant Anya Mkrtchyan, Northeastern University

Session 209 - Institutional Investors
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Wenhao Yang, University of South Carolina
Taking A Long View: Investor Trading Horizon and Earnings Management Strategy
  Yeejin Jang, Purdue University
  Kyung Yun Lee, Purdue University
Shareholder Investment Horizons and the Choice Between Bank Debt and Public Debt
  Xudong Fu, University of Louisville
  Tian Tang, University of Louisville
  Brandon Cline, Mississippi State University
Motivated Institutional Investors and Firm Investment Efficiency
  Yeqin Zeng, ICMA Centre, University of Reading
  Charles Ward, ICMA Centre, University of Reading
  Chao Yin, ICMA Centre, University of Reading
 
Presenter: Yeejin Jang

Discussant Yuan Zou, Columbia University

Presenter: Xudong Fu

Discussant Austin Hill-Kleespie, University of Utah

Presenter: Yeqin Zeng

Discussant Mohammad Irani, University of South Carolina

Session 210 - Trade Credit
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Mari L Robertson, University of Cincinnati
Determinants of Diminishing Trade Credit
  Chris Harris, Elon University
  Scott Roark, Boise State University
Securitization, Trade Credit and the Nature of Goods
  Chris Harris, Elon University
  Donna Dudney, University of Nebraska Lincoln
Trade Credit and Product Market Power During A Financial Crisis
  Adalto B Goncalves, Insper Institute of Education
  Rafael F Schiozer, Fundacao Getulio Vargas EAESP
  Hsia H Sheng, Fundacao Getulio Vargas EAESP
 
Presenter: Chris Harris

Discussant Panos Markou, University of Cambridge

Presenter: Donna Dudney

Discussant: Rafael Schiozer, Fundacao Getulio Vargas EAESP and Copenhagen Business School

Presenter: Rafael Schiozer

Discussant Samir Saadi, University of Ottawa

Session 211 - Governance & Activism
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Winifred Huang, University of Bath
On the Shareholders’ Composition of the Company and the Governance Mechanisms of the Firm. Can This Contribute To the Firm Performance (Including the Capacity To Attract Capital and Bank Allowances)?
  Guido Max Mantovani, Ca' Foscari University of Venice
  Sarah Di Gloria, Ca' Foscari University of Venice
Environmental, Social and Governance Proposals and Shareholder Activism
  Jiaying Wei, ESSEC Busines School
Hedge Fund Activism and Corporate M&A Decisions
  Szuyin Wu, University at Buffalo SUNY
  Kee Chung, University at Buffalo SUNY
 
Presenter: Guido Mantovani

Discussant Xiaoyuan Hu, University of Maryland

Presenter: Jiaying Wei

Discussant: Asli Ascioglu, Bryant University

Presenter: Szuyin Wu

Discussant: Jared Wilson, Indiana University

Session 212 - Heterogeneity & Dispersion of Blockholders
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Radhakrishnan Gopalan, Washington University in St Louis
Blockholders Diversity and Company Value
  Ekaterina Volkova, Cornell University
The Geography of Institutional Investors, Information Production, and Initial Public Offerings
  Thomas Chemmanur, Boston College
  Jiekun Huang, University of Illinois Urbana-Champaign
  Yuyuan Zhu, Boston College
Blockholder Heterogeneity, Multiple Blocks, and the Dance Between Blockholders
  Miriam Schwartz-Ziv, Michigan State University
  Charles Hadlock, Michigan State University
 
Presenter: Ekaterina Volkova

Discussant Ian Appel, Boston College

Presenter: Thomas Chemmanur

Discussant Kathleen Hanley, Lehigh University

Presenter: Miriam Schwartz-Ziv

Discussant Radhakrishnan Gopalan, Washington University in St. Louis

Session 213 - Corporate Risk Management
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: J.D Jayaraman, New Jersey City University
Financial Hedging and Corporate Investment Behavior: Evidence from Mergers and Acquisitions
  Yeqin Zeng, ICMA Centre, University of Reading
  George Alexandridis, ICMA Centre, University of Reading
  Zhong Chen, ICMA Centre, University of Reading
Hedging With Regret
  Olaf Korn, University of Göttingen
  Marc Oliver Rieger, University of Trier
Revealing Private Information: The Informativeness of Corporate Derivatives Use
  Chitru S Fernando, University of Oklahoma
  Seth A Hoelscher, Missouri State University
  Vikas Raman, University of Warwick
 
Presenter: George Alexandridis

Discussant Hugo Montesinos, Florida State University

Presenter: Olaf Korn

Discussant Michael Stanley Padhi, University of Maryland

Presenter: Seth Hoelscher

Discussant Marco Bianco, University of Bologna

    Overview and Research Session    

Session 214 - The Financial Crisis   Friday, 13 October, 3:45 pm - 5:15 pm

Presented by Andrew Metrick, Michael H Jordan Professor of Finance and Management
Yale University

    Panel Session    

Session 215 - New Developments in European Corporate Governance
  Friday, 13 October, 3:45 pm - 5:15 pm

This special panel session will address the extent to which corporate ownership and governance practices in EU countries such as Germany, France, and the Nordic countries are "converging" with the capital markets-based governance practices in the US and UK Also, are they also retaining important elements of their own ownership and governance systems--and are these elements sources of strength and competitive advantage or impediments to further valuable governance reforms?

Moderator
Donald A Chew, Founding Editor & Editor-in-Chief
Journal of Applied Corporate Finance

Panelists
Tom Berglund, Professor of Economics
Hanken School of Economics

Wolfgang Bessler, Professor of Finance and Banking
Justus-Liebig University Giessen & Goethe University Frankfurt

Charles Elson, Edgard S Woolard Jr Chair in Corporate Governance
Professor of Finance
Director, John L Weinberg Center for Corporate Governance
University of Delaware

Marc Steffen Rapp, Professor of Business and Head, Management Accounting Research Group
Phillips-Universität Marburg

Session 216 - Investor Perceptions & Experiences
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Elena Pikulina, University of British Columbia
Investing in Managerial Honesty
  Rajna Gibson, Swiss Finance Institute and University of Geneva
  Matthias Sohn, Zeppelin University
  Carmen Tanner, University of Zurich & Zeppelin University
  Alexander Wagner, Swiss Finance Institute & University of Zurich
Wall Street Crosses Memory Lane: How Witnessed Returns Affect Professionals' Expected Returns
  Zwetelina Iliewa, Centre for European Economic Research (ZEW) Mannheim
  Arvid O I Hoffmann, University of Adelaide
  Lena Jaroszek, Copenhagen Business School
The Mortgage Illusion
  Nelson Camanho, Catolica Lisbon Business School of Business & Economics
  Daniel Fernandes, Catolica Lisbon Business School of Business & Economics
 
Presenter: Alexander Wagner

Discussant Da Ke, University of South Carolina

Presenter: Zwetelina Iliewa

Discussant Minjie Huang, University of Louisville

Presenter: Nelson Camanho

Discussant Walter D'Lima , University of Notre Dame

Session 217 - Dividend Policy Around the World
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Hamed Mahmudi, University of Oklahoma
Dividend Policy in Turkey: Survey Evidence from Borsa Istanbul Firms
  H Kent Baker, American University
  Erhan Kilincarslan, Birkbeck University of London
  Alperl Haktan Arsal, Yildiz Technical University
Internal Control vs Market Force: The Dividend Policy in China
  Jing-Ming Kuo, University of Birmingham
  Rebecca Stratling, University of Durham
  Qingjing Zhang, University of Southampton
The Impact of Concentrated Ownership on Payout Across Nordic Firms
  Twahir M Khalfan, Reykjavik University
  Stefan Wendt, Reykjavik University
 
Presenter: Kent Baker

Discussant Hamed Mahmudi, University of Oklahoma

Presenter: Qingjing Zhang

Discussant Sabatino Silveri, University of Memphis

Presenter: Stefan Wendt

Discussant Vijay Gautam, Oklahoma State University

Session 218
  Friday, 13 October, 3:45 pm - 5:15 pm

  No session scheduled

Session 219 - Insider Trades, Investor Sentiment & Envy
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Chao Jiang, University of South Carolina
Insider Trading and Investor Sentiment
  Chang Y. Ha, Peking University
  Tong Li, Peking University
Does Envy Induce Misbehavior in Business? Evidence from Insider Stock Trades
  Mi Shen, University of Alabama
Free Lunches for Insiders Under Investor Inertia
  Woojin Kim, Seoul National University
  Shu-Feng Wang, National Central University
 
Presenter: Chang Ha

Discussant Jide Wintoki, University of Kansas

Presenter: Mi Shen

Discussant Babak Lotfaliei, San Diego State University

Presenter: Woojin Kim

Discussant David Cicero, Auburn University

Session 220 - Executive Compensation & CEO Characteristics
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Dragana Cvijanovic, UNC Chapel Hill
Generalist Versus Specialist: the Board's Revealed Perception of CEO's General Skills and CEO Pay
  Lixiong Guo, University of New South Wales
  Zhongyuan Liu, University of New South Wales
Are Female CEOs Paid Less?
  Bakhtear Talukdar, University of Wisconsin Whitewater
Culture and the Compensation Gap Between Managers and Employees: Evidence from China
  Wei Jiang, Jinan University
  Bingxuan Lin, University of Rhode Island
  Yunguo Liu, Sun Yat-sen University
  Yue Xu, Sun Yat-sen University
 
Presenter: Zhongyuan Liu

Discussant Jordan Nickerson, Boston College

Presenter: Bakhtear Talukdar

Discussant Dragana Cvijanovic, UNC Chapel Hill

Presenter: Wei Jiang

Discussant Mattias Nilsson, US SEC

Session 221 - Mechanisms for Corporate Control
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: William C. Johnson, Suffolk University
Strangers on the Board: the Impact of Board Internationalization on Earnings Management
  Reggy Hooghiemstra, University of Groningen
  Niels Hermes, University of Groningen
  Lars Oxelheim, Lund University
  Trond Randoy, Agder University
Reducing Agency Conflict Between Bank Stakeholders: The Role of Independent-But-Related Directors
  Thierno Amadou Barry, Université de Limoges
  Laetitia Lepetit, Université de Limoges
  Frank Strobel, University of Birmingham
  Thu Ha Tran, Université de Limoges
Strategic Voting and Insider Ownership
  Blair B Marquardt, Texas Tech University
  Brett W Myers, Texas Tech University
  Xu Niu, Texas Tech University
 
Presenter: Niels Hermes

Discussant Mia L. Rivolta, Xavier University

Presenter: Frank Strobel

Discussant Xiaojing Yuan, University of Massachusetts Lowell

Presenter: Xu Niu

Discussant Rong Guo, Binghamton University SUNY

Session 222 - Innovation
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Jay Dahya, Baruch College, CUNY
What Should I Do Next? CEO Succession and Subsequent Corporate Strategy
  Naaguesh Appadu, Cass Business School, City
Strategy Uniqueness and Innovation Efficiency
  Rongrong Zhang, Georgia Southern University
Failed or Stealth Innovation?
  David Reeb, National University of Singapore
  Wanli Zhao, Southern Illinois University
 
Presenter: Naaguesh Appadu

Discussant Jay Dahya, Baruch College, CUNY

Presenter: Rongrong Zhang

Discussant Leonidas Barbopoulos, University of St Andrews

Presenter: Wanli Zhao

Discussant Ettore Croci, Universitŕ Cattolica del Sacro Cuore

Session 223 - Mutual Fund Performance Persistence
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Zafer Yuksel, University of Massachusetts Boston
The Life Cycle of Investment Management When Today's Alpha Is Tomorrow's Beta
  Georgios Magkotsios, University of Southern California
The Causal Effects of Proximity on Investment: Evidence from Flight Introductions
  Jesse Ellis, North Carolina State University
  Leonardo Madureira, Case Western Reserve University
  Shane Underwood, Baylor University
Why Do Investors Chase Passive Returns?
  Markus Sebastian Broman, Syracuse University
 
Presenter: Georgios Magkotsios

Discussant: Yi Liu, University of Wisconsin Milwaukee

Presenter: Leonardo Madureira

Discussant Zafer Yuksel, University of Massachusetts Boston

Presenter: Markus Broman

Discussant Viktoriya Lantushenko, Saint Joseph's University

Session 224 - Liquidity
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: George H Wang, George Mason University
Error-In-Variables and Tests of Asset Pricing Models With Liquidity Risk
  Anandi Banerjee, University of Houston
Information Asymmetry, Liquidity, and Stock Returns
  Sanders Chang, University of Dayton
  F Albert Wang, US SEC
Liquidity Skewness Premium
  Giho Jeong, KAIST College of Business
  Jangkoo Kang, KAIST
  Kyung Yoon Kwon, KAIST
 
Presenter: Anandi Banerjee

Discussant Petra Andrlikova, University of Sydney

Presenter: Sanders Chang

Discussant Ethan Watson, UNC Wilmington

Presenter: Giho Jeong

Discussant Recep Bildik, Borsa Istanbul

Session 225 - Term Structure
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Chotibhak Jotikasthira, Southern Methodist University
Estimating Discrete-Time Gaussian Term Structure Models in Canonical Companion Form
  Juliusz Franciszek Radwanski, Humboldt University of Berlin
Information in the Term Structure: A Forecasting Perspective
  Hitesh Doshi, University of Houston
  Kris Jacobs, University of Houston
  Rui Liu, University of Houston
 
Presenter: Juliusz Radwanski

Discussant Anh Le, Penn State University

Presenter: Rui Liu

Discussant Marcel Priebsch, Federal Reserve Board

Session 226 - Pricing
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: William B. Elliott, John Carroll University
Structural Changes in Corporate Bond Underpricing
  Florian Nagler, Bocconi University, IGIER
  Giorgio Ottonello, Vienna Graduate School of Finance
Rational Mispricing and Irrational Mispricing in Sports Betting Markets: Theory and Evidence
  Shingo Goto, University of Rhode Island
  Toru Yamada, Nomura Asset Management
Closed-end Fund Discounts and Taxes
  Shishir Paudel, Alabama A&M University
  Sabatino (Dino) Silveri, University of Memphis
  Mark Wu, Roger Williams University
Presenter: Giorgio Ottonello

Discussant Hilmi Songur, University of Arizona

Presenter: Shingo Goto

Discussant Jason Berkowitz, St. John's University

Presenter: Shishir Paudel

Discussant Mary Becker, John Carroll University

Session 227
  Friday, 13 October, 3:45 pm - 5:15 pm

  No session scheduled

Session 228 - Asset Pricing Theory
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Bing Han, University of Toronto
Correlation Uncertainty, Heterogeneous Beliefs, and Asset Prices
  Junya Jiang, UNC Charlotte
  Weidong Tian, UNC Charlotte
Sticky Expectations and the Profitability Anomaly
  Jean Philippe Bouchaud, CFM
  Augustin Landier, Toulouse School of Economics & HBS
  Philipp Krueger, University of Geneva & Swiss Finance Institute
  David Thesmar, Massachusetts Institute of Technology
Ambiguity Aversion and Tests of Asset Pricing Models: A Portfolio Choice Perspective
  Valery Polkovnichenko, University of Texas Dallas
  Hui Wang, University of Texas Dallas
 
Presenter: Junya Jiang

Discussant Valery Polkovnichenko, University of Texas Dallas

Presenter: Philipp Krueger

Discussant Yueran Ma, Harvard University

Presenter: Valery Polkovnichenko

Discussant Jianjun Miao, Boston University

Session 229 - Monetary Policy
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Matthieu Picault, IESEG School of Management
Monetary Policy, Credit Spreads, and Corporate Financing and Investment
  Ding Du, Comptroller of the Currency
Equilibrium Implications of Interest Rates Smoothing
  Diogo Duarte, Florida International University
  Rodolfo Prieto, Boston University
Limits To Monetary Policy Transmission at the Zero Lower Bound and Beyond: The Role of Nonbanks
  Gregory J Cohen, Federal Reserve Board
  Seung Jung Lee, Federal Reserve Board
  Viktors Stebunovs, Federal Reserve Board
 
Presenter: Ding Du

Discussant: Matthieu Picault, IESEG School of Management

Presenter: Diogo Duarte

Discussant: Nancy L Beneda, University of North Dakota

Presenter: Seung Jung Lee

Discussant: Jens Forssbaeck, University of North Dakota

Session 230 - Shadow Banking
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Tanja Steigner, Emporia State University
Relationship Lending in Shadow Banking: Impact of Financial Firms' Cross-Holding Relation in Money Market Funds
  Ai He, Emory University
Shadow Banking and Risk Sharing
  Jie Ying, University of Iowa
Loan Syndicate Structure After Leveraged Lending Regulation: A Shift To Shadow Banking?
  Natalya Schenck, Comptroller of Currency
  Lan Shi, Comptroller of the Currency
 
Presenter: Ai He

Discussant: Mengming Dong, Rice University

Presenter: Jie Ying

Discussant: Alejandro Rivera, University of Texas Dallas

Presenter: Natalya Schenck

Discussant Jaideep Shenoy, University of Connecticut

Session 231 - Lending 2
  Friday, 13 October, 3:45 pm - 5:15 pm
Chairperson: Maria Chaderina, WU Vienna University of Economics and Business
The Rainbow of Credit
  Lei Gao, Iowa State University
  Hua Sun, Iowa State University
Should Companies Care Who their Lender Is? Evidence from Loan Covenants
  Di Kang, Zhejiang University
Presenter: Hua Sun

Discussant Artashes Karapetyan, BI Norwegian Business School

Presenter: Di Kang

Discussant Maria Chaderina, WU Vienna University of Economics and Business

Session 232
  Friday, 13 October, 3:45 pm - 5:15 pm

  No session scheduled

Saturday, 14 October

Saturday, 14 October – Special Events
Jack Rader Members' & Friends' Breakfast
7:15 am - 8:30 am, Provincetown (4th Floor)
Placement Center
7:30 am - 11:30 am, Salons A - E (4th Floor)
Conference Registration
8:00 am - 11:30 am, Registration Desks (4th Floor)

  Jack Rader Members' & Friends' Breakfast
7:15 am - 8:30 am

As a conference tradition, this breakfast brings both long-standing and new members of the Association to learn about the FMA's latest initiatives and to hear from a distinguished speaker. This year, Dan diBartolomeo, Founder and President of Northfield Information Services will give a special presentation, “Making Robo-Investing Work.”
(Advance Registration Required; additional fee applies )

Saturday – Sessions

8:30 am - 10:00 am

Session 233 -
  Saturday, 14 October, 8:30 am - 10:00 am
  No session scheduled

Session 234
  Saturday, 8:30 am - 10:00 am

  No session scheduled

Session 235 - Anomalies 2
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Mobina Shafaati, Louisiana State University
Investors' Limited Attention: Evidence from REITs
  Honghui Chen, University of Central Florida
  David Harrison, University of Central Florida
  Mahsa Khoshnoud, Catawba College
Is Corporate Tweeting Informative or Is It Just Hype? Evidence from the SEC Social Media Regulation
  Mohamed Al Guindy, Carleton University
The Max Effect Revisited
  Jake Gorman, Curtin University
  Farida Akhtar, Curtin University
  Robert B Durand, Curtin University
  John Gould, Curtin University
 
Presenter: Mahsa Khoshnoud

Discussant Sonya Lim, DePaul University

Presenter: Mohamed Al Guindy

Discussant Dexin Zhou, Baruch College, CUNY

Presenter: Robert Durand

Discussant Yi Tang, Fordham University

Session 236 - Media & Mergers
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Murali Jagannathan, Binghamton University SUNY
M&A Rumors: Why Sellers Hate Them
  Yan Alperovych, EMLYON Business School
  Douglas Cumming, York University
  Alexander Peter Groh, EMLYON Business School
Media Deterrence and Illegal Insider Trading Prior To Merger Announcements
  Mark Aleksanyan, University of Glasgow
  Jo Danbolt, University of Edinburgh
  Antonios Siganos, University of Glasgow
  Betty (H.T.) Wu, University of Glasgow
Media Negativity and the Market Reaction To M&A Announcements
  Mehmet Cihan, University of Connecticut
  Chinmoy Ghosh, University of Connecticut
  Cristian Pinto-Gutierrez, Tulane University
 
Presenter: Yan Alperovych

Discussant Antonio Macias, Baylor University

Presenter: Betty (H.T.) Wu

Discussant He Li, University of Texas El Paso

Presenter: Cristian Pinto-Gutierrez

Discussant Shweta Srinivasan, Binghamton University SUNY

Session 237 - The Markets & the Media
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Ann Marie Hibbert, West Virginia University
Swarm Intelligence? Stock Opinions of the Crowd and Stock Returns
  Matthias Pelster, Leuphana University Lueneburg
  Bastian Breitmayer, Leuphana University Lueneburg
  Filippo Massari, University of New South Wales
Yesterday’s News: Media Created Emotions in Asset Markets
  Heikki Lehkonen, Jyväskylä University School of Business and Economics
  Kuntara Pukthuanthong, University of Missouri
Seeking the Limelight - Not for All Firms
  Tunde Kovacs, University of Massachusetts Lowell
  Pegaret Pichler, Northeastern University
  Yi Shen, University of Massachusetts Lowell
 
Presenter: Bastian Breitmayer

Discussant Tunde Kovacs, University of Massachusetts Lowell

Presenter: Heikki Lehkonen

Discussant Chen Gu, West Virginia University

Presenter: Tunde Kovacs

Discussant Ann Marie Hibbert, West Virginia University

Session 238 - Investor Attention & its Effect on Choices & Prices
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Michael Young, University of Alabama
Investor Attention and Commonalities Across Asset Pricing Anomalies
  Lei Jiang, Tsinghua University
  Jinyu Liu, Tsinghua University
  Lin Peng, Baruch College CUNY
Salience Theory and Stock Prices: Empirical Evidence
  Mathijs Cosemans, Erasmus University Rotterdam
  Rik Frehen, Tilburg University
Terrorist Attacks and Investor Risk Preference: Evidence from Mutual Fund Flows
  Albert Wang, Auburn University
  Michael Young, University of Alabama
 
Presenter: Lin Peng

Discussant Badrinath Kottimukkalur, George Washington University

Presenter: Mathijs Cosemans

Discussant Luca Pezzo, Washington University in St. Louis

Presenter: Michael Young

Discussant: Vladimir Kotomin, Illinois State University

Session 239 - Litigation
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Minjie Huang, University of Louisville
The Asymmetric Effects of Legal Distance: Evidence from Cross-Border Partnering in Leveraged Buyouts
  Douglas Cumming, York University
  Anantha Krishna Divakaruni, Vlerick Business School
  Miguel Meuleman, Imperial College London
How Lenders Evaluate Lawsuits? Evidence from Corporate Bond Market
  Xian Gu, Central University of Finance and Economics
  Iftekhar Hasan, Fordham University & Bank of Finland
  Haitian Lu, Hong Kong Polytechnic University
Shareholder Litigation Risk and Its Effect on A Firm's Cash, Investment, and Debt
  Vuk Talijan, University of Southern California
 
Presenter: Anantha Krishna Divakaruni

Discussant Minjie Huang, University of Louisville

Presenter: Iftekhar Hasan

Discussant Vuk Talijan, University of Southern California

Presenter: Vuk Talijan

Discussant Anantha Krishna, Vlerick Business School

Session 240 - Financial Analysts 1
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Chi Zhang, Temple University
Financial Analyst Coverage for US Firms Facing Foreign Competition: Evidence from Trade Liberalization
  Dongyoung Lee, McGill University
  He Wen, University of Missouri St Louis
Does Policy Analysis Matter? The Value of Washington Analysts to Investment and Capital Markets
  Daniel Bradley, University of South Florida
  Sinan Gokkaya, Ohio University
  Xi Liu, Ohio University
  Roni Michaely, Cornell University
Analyst Coverage and the Quality of Corporate Investment Decisions
  Marco Navone, University of Technology Sydney
  Thomas Y To, University of Sydney
  Eliza Wu , University of Sydney
 
Presenter: Dongyoung Lee

Discussant Chi Zhang, Temple University

Presenter: Sinan Gokkaya

Discussant Thomas Shohfi, Rensselaer Polytechnic Institute

Presenter: Marco Navone

Discussant Qiao Jiang, Temple University

Session 241 - Financial Innovation
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Sapnoti Eswar, University of Cincinnati
Does Financial Innovation Increase Inequality? A Competitive Search Approach
  BongGeun Choi, University of Chicago
  Hyun Lee, University of Connecticut
Valuation of Corporate Innovation and the Pricing of Risk in the Biopharmaceutical Industry
  Richard Ebil Ottoo, Global Association of Risk Professionals
Does Financial Innovation Enhance or Inhibit Real Innovation?
  Lora Dimitrova, University of Exeter
  Sapnoti K Eswar, University of Cincinnati
 
Presenter: Hyun Lee

Discussant Aparna Gupta, Rensselaer Polytechnic Institute

Presenter: Richard Ottoo

Discussant: Mark Potter, Babson College

Presenter: Sapnoti Eswar

Discussant Marc Via, Kent State University

 
Session 242 - Pay Disparities Within the Firm
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Neeru Chaudhry, Indian Institute of Technology Delhi
Top Management Team Pay Disparities and Financial Reporting Complexity
  KoEun Park, University of Massachusetts Boston
The Impact of the CEO-Worker Pay Ratio on Firm Value
  Ming Ju, Temple University
Presenter: KoEun Park

Discussant: Daqi Xin, Rensselaer Polytechnic Institute

Presenter: Ming Ju

Discussant: Fangfang Du, Arizona State University

Session 243 - Corporate, Social & Philanthropic Engagement
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Ying Chou Lin, Southeastern Oklahoma State University
The Role of Corporate Philanthropy in Family Firm Succession: A Social Outreach Perspective
  Kam C Chan, Western Kentucky Univesity
  Yue Pan, Xiamen University
  Ruoyu Wang, Xiamen Univesity
  Nianhang Xu, Renmin University of China
Leviathan Inc. and Corporate Environmental Engagement
  Po-Hsuan Hsu, University of Hong Kong
  Hao Liang, Singapore Management University
  Pedro Matos, University of Virginia
Do Capital Market Value Corporate Social Responsibility? Evidence from Seasoned Equity Offerings
  Zhi-Yuan Feng, Wenzhou Business College
  Carl R Chen, University of Dayton
  Yen-Jung Tseng, Australian National University
 
Presenter: Kam Chan

Discussant Sungjin Hong, Yeungnam University

Presenter: Po-Hsuan Hsu

Discussant Ying Lin, University of Oregon

Presenter: Carl Chen

Discussant Harminder Singh, Deakin University

"
Session 244 - Economic & Financial Structure
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Samuel C Weaver, Lehigh University
Does the Stock Market Benefit the Economy?
  Kee-Hong Bae, York University
  Jisok Kang, University of Cambridge
Does Economic Structure Determine Financial Structure?
  Franklin Allen, Imperial College London
  Laura Bartiloro, Banca d'Italia
  Xian Gu, Central University of Finance and Economics
  Oskar Kowalewski, IESEG School of Management
 
Estimating Downside Risk in Stock Returns Under Structural Breaks
  Matthew Hood, Texas State University
  Farooq Malik, Zayed University
Presenter: Jisok Kang

Discussant Edward Zychowicz, Hofstra University

Presenter: Oskar Kowalewski

Discussant Dong Wook Lee, Korea University

Presenter: Matthew Hood

Discussant Tao Li, Bentley University

Session 245 - Securities Issuance & Corporate Financial Policy
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Aslihan Gizem Korkmaz, Dominican University of California
Convertible Debt & Target Leverage Adjustments
  Ashleigh Eldemire-Poindexter, University of South Carolina
Seasoned Equity Offerings and Payout Policy
  Mark D Walker, North Carolina State University
  Keven Yost, Auburn University
Do IPO Costs Affect Innovation?
  Zhilu Lin, University of Mississippi
  Kathleen Petrie Fuller, University of Mississippi
 
Presenter: Ashleigh Eldemire-Poindexter

Discussant Siqi Wei, Oklahoma State University

Presenter: Keven Yost

Discussant Syed Walid Reza, Binghamton University SUNY

Presenter: Zhilu Lin

Discussant D. Brian Blank, Mississippi State University

Session 246 - Public versus Private Acquirers in M&As
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Candace Jens, Tulane University
Buy and Build Strategies in Private Equity: Boost or Transformation?
  Benjamin Hammer, HHL Leipzig Graduate School of Management
  Heiko Hinrichs, HHL Leipzig Graduate School of Management
  Denis Schweizer, Concordia University
Do Private Acquirers Pay Less Compared To Public Acquirers?
  Mason Gerety, Northern Arizona University
  Ding Du, Northern Arizona University
Why Do Private Acquirers Outperform Public Acquirers?
  Andrey Golubov, University of Toronto
  Nan Xiong, Shanghai Advanced Institute of Finance
 
Presenter: Denis Schweizer

Discussant Botong Shang, University of Rochester

Presenter: Mason Gerety

Discussant Melinda Newman, University of Akron

Presenter: Nan Xiong

Discussant Candace Jens, Tulane University

Session 247 - Market Reaction to Earnings & Dividend Announcements
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Nassima Selmane, University of Toulouse & University of Groningen
Earning Investor Trust: The Role of Past Earnings Management
  Florian Eugster, Stockholm School of Economics
  Alexander Wagner, Swiss Finance Institute and University of Zurich
The Case of Unsustainable Dividends
  Thanh Ngo, East Carolina University
  Jurica Susnjara, Texas State University
Presenter: Alexander Wagner

Discussant: Robert Kim, University of Massachusetts Boston

Presenter: Thanh Ngo

Discussant: Naresh Gopal, University of Massachusetts Dartmouth

Session 248 - Relative Performance Evaluation in Executive Compensation
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: David Cicero, Auburn University
Industry Tournament Incentive and Corporate Social Responsibility
  Hasibul Chowdhury, University of Queensland
  Mamiza Haq, University of Queensland
  Allan Hodgson, University of Queensland
  Shams Pathan, University of Queensland
The Role of Peer Firm Selection in Explicit Relative Performance Awards
  John Bizjak, Texas Christian University
  Swaminathan Kalpathy, Texas Christian University
  Zhichuan Frank Li, Western University
  Brian Young, Southern Methodist University
Relative Performance Evaluation and CEO Risk-Taking
  Karen Hopper Wruck, Ohio State University
  YiLin Wu, National Taiwan University
 
Presenter: Hasibul Chowdhury

Discussant Jian Huang , Towson University

Presenter: Swaminathan Kalpathy

Discussant David Cicero, Auburn University

Presenter: YiLin Wu

Discussant Swaminathan Kalpathy, Texas Christian University

Session 249 - Corporate Governance 2
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Weiwei Zhang, University of Alabama
What You Say and How You Say It: Information Disclosure in Latin American Firms
  Maximiliano Gonzalez, Universidad de los Andes, School of Management
  Alexander Guzman, CESA School of Business
  Diego Tellez, EAFIT School of Economics and Finance
  Maria AndreaTrujillo, CESA School of Business
Busy Directors and Corporate Payout: Are All Busy Directors the Same?
  Bradley Benson, Ball State University
  Travis Davidson, Ohio University
  Hui James, University of Texas Tyler
  Hongxia Wang, Ashland University
On the Alignment of Stakeholder Orientation Between the Board and Managers
  Omesh Kini, Georgia State University
  Sangho Lee, Georgia State University
  Mo Shen, Georgia State University
 
Presenter: Alexander Guzmán

Discussant: Xiaoqiong (Crystal) Wang, University of Wisconsin Milwaukee

Presenter: Travis Davidson

Discussant: Andrea Anthony, Golden Gate University

Presenter: Sangho Lee

Discussant: Victor Jarosiewicz, University of Missouri

Session 250 - Funding Liquidity & Capital Flows
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Zhi Li, Chapman University
Reversals in Global Market Integration and Funding Liquidity
  Amir Akbari, University of Ontario
  Francesca Carrieri, McGill University
  Aytek Malkhozov, Federal Reserve Board
Bank Capital and Bank Stock Performance
  Christa HS Bouwman, Texas A&M University & Wharton Financial Institutions Center
  Hwagyun (Hagen) Kim, Texas A&M University
  Sang-Ook (Simon) Shin, Texas A&M University
The Liquidity and Welfare Implications of the Securities Lending Market for European Treasuries
  Zsuzsa Reka Huszar, National University of Singapore
  Zorka Simon, Research Center SAFE Goethe University
 
Presenter: Amir Akbari

Discussant Matthew M. Wynter, University of Illinois Chicago

Presenter: Sang-Ook (Simon) Shin

Discussant Jie Yang, Federal Reserve System

Presenter: Zorka Simon

Discussant Thomas Kick, Deutsche Bundesbank

Session 251 - Cross-Sectional Asset Pricing
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Shen Zhang, Auburn University
Corporate Activities and the Market Risk Premium
  Erik Lie, University of Iowa
  Bo Meng, University of Iowa
  Yiming Qian, University of Iowa
  Guofu Zhou, Washington University in St Louis
Asset Allocation, Market Sentiment and Asset Pricing
  Shen Zhang, Auburn University
  Jitka Hilliard, Auburn University
  Arun Narayanasamy, Just Energy
Does the Stock Market Price Shifts in Corporate Financial Flexibility?
  Suresh Kumar Oad Rajput, Sukkur Institute of Business Administration
  Jianguo Chen, Massey University
  Udomsak (Jeff) Wongchoti, Massey University
  Robert Faff, University of Queensland
 
Presenter: Bo Meng

Discussant Hui Guo, University of Cincinnati

Presenter: Shen Zhang

Discussant Suresh Rajput, Sukkur Institute of Business Administration

Presenter: Suresh Rajput

Discussant Shen Zhang, Auburn University

Session 252
  Saturday, 14 October, 8:30 am - 10:00 am

  No session scheduled

Session 253 - OTC Markets & Securities Lending
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Jesse Blocher, Vanderbilt University
Is Short Selling in OTC Stocks Informative?
  Archana Jain, Rochester Institute of Technology
  Chinmay Jain, University of Ontario Institute of Technology
Stock Price Crashes and Equity Lending Market Condition: Evidence from Lending Fees and Fee Risk
  Eric Chieh Chang, University of Hong Kong
  Tse-Chun Lin, University of Hong Kong
  Xiaorong Ma, University of Hong Kong
 
Presenter: Archana Jain

Discussant Bruno Giovannetti, FGV-EESP

Presenter: Xiaorong Ma

Discussant Mehrdad Samadi, Southern Methodist University

Session 254 - Information, Trading & Pricing
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Ryan Davis, University of Alabama Birmingham
Flight To Safety: Earnings Announcements After Trading Hours
  EunJu Lee, University of Massachusetts Lowell
  Gerald Lobo, University of Houston
  Xiaojing Yuan, University of Massachusetts Lowell
The Value of Scattered Information
  Christian Goulding, Michigan State University
  Xingtan Zhang, University of Pennsylvania
Financialization, Intraday Institutional Trading, and Commodity Market Quality
  Vikas Raman, University of Warwick
  Michel Robe, American University
  Pradeep Yadav, University of Oklahoma
 
Presenter: Xiaojing Yuan

Discussant Ryan Davis, University of Alabama Birmingham

Presenter: Christian Goulding

Discussant Ahmet Karagozoglu, Hofstra University

Presenter: Vikas Raman

Discussant Vivek Sharma, University of Memphis

Session 255 - Mutual Fund Performance Evaluation
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Andrew A, Lynch, University of Mississippi
How Indirectly Held Equity Positions Impact Portfolio Characteristics
  D. Eli Sherrill, Illinois State University
  Sara E Shirley, Middle Tennessee State University
  Jeffrey R Stark, Middle Tennessee State University
Use of Options, Short Sales, and Leverage By Mutual Funds
  Paul Calluzzo, Queen's University
  Fabio Moneta, Queen's University
  Selim Topaloglu, Queen's University
Political Partisan Bias in Mutual Fund Portfolios
  M Babajide Wintoki, University of Kansas
  Yaoyi Xi, University of Kansas
 
Presenter: Eli Sherrill

Discussant Michael J. Gibbs, Cal State Long Beach

Presenter: Selim Topaloglu

Discussant Khaled Obiad, University of Missouri

Presenter: Yaoyi Xi

Discussant Travis Box, University of Mississippi

Session 256 - International Finance
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Paresh Narayan, Deakin University
Index Reconstitutions and the Role of Foreign Institutional Investors on Local Corporate Governance: Evidence from MSCI Standard Index
  Hung-Ling Chen, Shih Chien University
  Cheng-Yi Shiu, National Central University
  Hui-Shan Wei, Southern Taiwan University of Science and Technology
Foreign Born Resident Networks and Stock Comovement: When Local Bias Meets Home (Country) Bias
  Yun (Eric) Meng, University of Wisconsin Green Bay
  Christos Pantzalis, University of South Florida
Order Flows, Differential Risk Premiums and the UIP Puzzle
  Rita Biswas, University at Buffalo SUNY
  Louis R Piccotti, University at Albany SUNY
  Ben Z Schreiber, Bank of Israel & Bar-Ilan University
 
Presenter: Cheng-Yi Shiu

Discussant Saeyoung Chang, University of Nevada Las Vegas

Presenter: Yun Meng

Discussant Mohamed Mekhaimer, Clarkson University

Presenter: Rita Biswas

Discussant Charli Tandja , Universite Laval

Session 257 - Strategic Behavior in Banking
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Nonna Y. Sorokina, The College of New Jersey
Bank Geographic Diversification and Systemic Risk: A Gravity-Deregulation Approach
  Saiying Deng, Southern Illinois University
  Cong Xia, Southern Illinois University
 
Foreclosure Moratorium and Strategic Default
  Nikolaos Artavanis, University of Massachusetts Amherst
  Ioannis Spyridopoulos, American University
The Dark Side of Political Connection: Exchange Easy Loans for the Political Career of Bank CEOs
  Hung-Kun Chen, Tamkang University
  Iftekhar Hasan, Fordham University & Bank of Finland
  Chih-Yung Lin, Yuan Ze University
  Ju-Fang Yen, National Taipei University
Presenter: Saiying Deng

Discussant Kandarp Srinivasan, Northeastern University

Presenter: Nikoloas Artavanis

Discussant Nonna Sorokina, The College of New Jersey

Presenter: Hung-Kun Chen

Discussant Leonid Pugachev, University of Oklahoma

Session 258 - Law & Lending
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Wei-Ling Song, Louisiana State University
Taxation and Financial Intermediation: Evidence from A Quasi-Natural Experiment
  Sanjay Banerji, University of Nottingham
  Dimitris K Chronopoulos, University of St Andrews
  Anna L Sobiech, University of St Andrews
  John O SWilson, University of St Andrews
Enforcement Actions and Bank Loan Contracting
  Raluca A Roman, Federal Reserve Bank Kansas City
Litigation Environments and Bank Lending: Evidence from the Courts
  Wei-Ling Song, Louisiana State University
  Haitian Lu, Hong Kong Polytechnic University
  Zhen Lei, Hong Kong Polytechnic University
 
Presenter: Dimitris Chronopoulos

Discussant Ellen He, University of Warwick

Presenter: Raluca Roman

Discussant Harold Contreras Muńoz, University of Chile

Presenter: Wei-Ling Song

Discussant Lucius Li, King Fahd University of Petroleum and Minerals

Session 259 - Government Policy & Financial Markets
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Birsel T Pirim, Ohio State University
Double the Insurance, Double the Funds?
  Anna-Leigh Stone, Samford University
Yesterday Once More: Short Selling and Two Banking Crises
  Dien Giau Bui, National Taiwan University
  Chih-Yung Lin, Yuan Ze University
  Tse-Chun Lin, University of Hong Kong
The Implications of Tail Dependency for Counterparty Credit Risk Pricing
  Herbert Kimura, University of Brasília
  Vladimir Belitsky, University of Săo Paulo
  Vinicius Amorim Sobreiro, University of Brasília
  Juan Arismendi Zambrano, ICMA Centre, University of Reading
 
Presenter: Anna-Leigh Stone

Discussant: Puneet Prakash, Missouri State University

Presenter: Chih-Yung Lin

Discussant: Birsel T Pirim, Ohio State University

Presenter: Juan Arismendi Zambrano

Discussant: Abhinav Anand, Indian Institute of Management Bangalore

Session 260 - Corporate & International Bonds
  Saturday, 14 October, 8:30 am - 10:00 am
Chairperson: Mark Wu, Roger Williams University
The Term Structure of Liquidity Premia for Corporate Bonds: Evidence from U.S Government Insured Bonds
  Diego Luis Leal Gonzalez, University of Oklahoma
  Bryan Stanhouse, University of Oklahoma
  Duane Stock, University of Oklahoma
Do the Distributional Characteristics of Corporate Bonds Predict their Future Returns?
  Jennie Bai, Georgetown University
  Turan Bali, Georgetown University
  Quan Wen, Georgetown University
Much Ado About Nothing: A Study of Differential Pricing and Liquidity of Short and Long Term Bonds
  Zorka Simon, Research Center SAFE Goethe University
  Joost Driessen, Tilburg University
  Theo E Nijman, Tilburg University
 
Presenter: Diego Leal

Discussant: Richard Herron, Babson College

Presenter: Quan Wen

Discussant: Gi Kim, University of Warwick

Presenter: Zorka Simon

Discussant: Shan Yan, Susquehanna University

Saturday – 10:15 am - 11:45 am

Session 261
  Saturday, 14 October, 10:15 am - 11:45 am
  No session scheduled

Session 262
  Saturday, 14 October, 10:15 am - 11:45 am

  No session scheduled

Session 263 - Capital Structure - Other Determinants
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Ayla Kayhan, CFTC
The Impact of Intrafirm Distance on Stock Market Liquidity
  George D Cashman, Marquette University
  David M Harrison, University of Central Florida
  Michael J Seiler, College of William & Mary
  Hainan Sheng, University of Northern Iowa
Relative Financial Leverage, Wealth Effects of Product Quality Failures, and Product Market Effects
  Omesh Kini, Georgia State University
  Jaideep Shenoy, University of Connecticut
  Venkat Subramaniam, Tulane University
Media Coverage and Corporate Leverage Adjustments
  Tung Lam Dang, University of Danang
  Viet Anh Dang, Alliance Manchester Business School
  Fariborz Moshirian, University of New South Wales
  Lily H G Nguyen, La Trobe University
  Bohui Zhang, University of New South Wales
Presenter: Hainan Sheng

Discussant Carlo Chiarella, CUNEF

Presenter: Jaideep Shenoy

Discussant John Bai, Northeastern University

Presenter: Viet Anh Dang

Discussant Gustaf Bellstam, University of Colorado Boulder

Session 264 - Labor and M&As
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Erik Devos, University of Texas El Paso
Labor Unemployment Benefits and Takeovers
  Lixiong Guo, University of New South Wales
  Jing Kong, University of New South Wales
Collective Bargaining and Mergers and Acquisitions Around the World
  M. Farooq Ahmad, IÉSEG School of Management
  Thomas Lambert, Erasmus University Rotterdam
Does Employee Inside Debt Discipline Managers in the Market for Corporate Control? Evidence from Corporate Pension Deficits
  Xin Chang, University of Cambridge & Nanyang Technological University
  Jun-koo Kang, Nanyang Technological University
  Wenrui Zhang, Chinese University of Hong Kong
 
Presenter: Jing Kong

Discussant M. Farooq Ahmad, IÉSEG School of Management

Presenter: Farooq Ahmad

Discussant Wenrui Zhang, Chinese University of Hong Kong

Presenter: Wenrui Zhang

Discussant Jing Kong, University of New South Wales

Session 265 - Reactions to Earnings Announcements & Forecasts
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Eunju Lee, University of Massachusetts Lowell
Do Record Earnings Affect Investors’ Trading Behavior?
  Juwon Jang, Texas A&M University
  Eunju Lee, University of Massachusetts Lowell
  Senyo Tse, Texas A&M University
An Analyst By Any Other Last Name: Country Favorability and Market Reaction To Analyst Forecasts
  Jay Heon Jung, Cass Business School
  Alok Kumar, University of Miami
  Sonya S Lim, DePaul University
  Choong-Yuel Yoo, KAIST
Do Seasonal Patterns of Earnings Releases Affect the Post-Earning Announcement Drift?
  Suyan Zheng, University of Cincinnati
 
Presenter: Eunju Lee

Discussant Ujjal Chatterjee, American University of Sarjah

Presenter: Sonya Lim

Discussant Justin Cox, University of Mississippi

Presenter: Suyan Zheng

Discussant Abu Amin, Central Michigan university

Session 266 - Complexity, Individual Choices & Market Efficiency
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Elena Asparouhova, University of Utah
Insuring Risk Under Contract Complexity: An Experimental Approach
  Corina Besliu, University of Utah
The Efficient Markets Hypothesis Does Not Hold When Securities Valuation Is Computationally Intractable
  Peter Bossaerts, University of Melbourne
  Shireen Tang, University of Melbourne
  Carsten Murawski, University of Melbourne
  Nitin Yadav, University of Melbourne
Individual Choice in Markets
  Sean Crockett, Baruch College, CUNY
  Daniel Friedman, University of California Santa Cruz
  Ryan Oprea, University of California Santa Barbara
 
Presenter: Corina Besliu

Discussant Mark DeSantis, Chapman University

Presenter: Peter Bossaerts

Discussant Sébastian Pouget, Toulouse School of Economics

Presenter: Sean Crockett

Discussant Tibor Neugebauer, University of Luxembourg

Session 267 - Ethics & the Firm
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Shu (Susan) Feng, Clark University
Unfair Labor Practice Charges and Audit Fees
  Bill Francis, Rensselaer Polytechnic Institute
  Iftekhar Hasan, Fordham University & Bank of Finland
  Qiang Wu, Rensselaer Polytechnic Institute
  Ibrahim Siraj, Long Island University - Post
Staying Clean: Do Non-implicated Peer Firms Necessarily Benefit from Anti-corruption Policies?
  Jared Stanfield, University of New South Wales
  Bohui Zhang, University of New South Wales
  Le Zhang, University of New South Wales
Investors' Trust in Companies and Financial Report Misstatements
  Sun Rui, Nanyang Technological University
 
Presenter: Ibrahim Siraj

Discussant: Shiu-Yik Au, York University

Presenter: Jared Stanfield

Discussant: Mohsen Mollagholamali, Western Kentucky University

Presenter: Sun Rui

Discussant: Alexander Guzman Vasquez, CESA Colegio de Estudios Superiores de Administracion

Session 268 - Financial Analysts 2
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Hendrik Devos, University of Texas El Paso
Do Security Analysts Learn from their Colleagues?
  Kenny Phua, Nanyang Technological University
  Mandy Tham, Wealth Management Institute
  Chishen Wei, Singapore Management University
Analysts Forecasts: Bond Analysts Versus Equity Analysts
  Robert Kim, University of Massachusetts Boston
  William Kross, University at Buffalo SUNY
  Inho Suk, University at Buffalo SUNY
Analysts and Hedge Fund Activism
  Ryan Flugum, University of Missouri
  John Howe, University of Missouri
 
Presenter: Chishen Wei

Discussant Sinan Gokkaya, Ohio University

Presenter: Robert Kim

Discussant Yao Shen, Baruch College, CUNY

Presenter: Ryan Flugum

Discussant Thomas Shohfi, Rensselaer Polytechnic Institute

Session 269 - Mechanisms for Risk Management
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Kashi Nath Tiwari, KNT’s Academic Financial Research
Inventory and Corporate Risk Management
  Marco Bianco, University of Bologna
  Andrea Gamba, University of Warwick
Do All Diversified Firms Hold Less Cash? Evidence Around the World
  Christina Atanasova, Simon Fraser University
  Mingxin Li, Simon Fraser University
A Theory on the Risk-Taking Behavior of Microfinance Borrowers, Creditor Rights, and Social Capital
  Michael Stanley Padhi, University of Maryland
 
Presenter: Marco Bianco

Discussant Mingxin Li, Simon Fraser University

Presenter: Mingxin Li

Discussant Michael Padhi, University of Maryland

Presenter: Michael Padhi

Discussant Kashi Nath Tiwari, KNT’s Academic Financial Research

Session 270 - Insider Trading & CEO Rating
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Mohammad Riaz Uddin, North South University
Local Policy Risk and Insider Trading
  Erdem Ucar, California State University Fullerton
  Mehmet E Akbulut, California State University Fullerton
Internal CEO Approval and External Reporting Quality
  Minjie Huang, University of Louisville
  Adi Masli, University of Kansas
  Felix Meschke, University of Kansas
  James P Guthrie, University of Kansas
The Impact of the Insider Share Pledging Regulation on Stock Trading and Firm Valuation
  Yu-Chun Wang, Ming Chuan University
  Robin Chou, National Chengchi University
 
Presenter: Erdem Ucar

Discussant: Cheng Zeng, University of Manchester

Presenter: Felix Meschke

Discussant: Ying-Chou Lin, Southeastern Oklahoma State University

Presenter: Robin Chou

Discussant: Hanwen Sun, University of Sheffield

Session 271 - Life & Health Insurance
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Jennifer Brodmann, University of New Orleans
Medical Loss Ratio Malpractice?
  Evan M Eastman, Florida State University
  David L Eckles, University of Georgia
How Do Hurricanes Affect Life Insurance Premiums? the Effects of Financial Constraints on Pricing
  Shan Ge, Ohio State University
The Effects of Investment Advisors in the Life Insurance Industry
  Kyeonghee Kim, University of Wisconsin Madison
  Joan T Schmit, University of Wisconsin Madison
  J. Tyler Leverty, University of Wisconsin Madison
 
Presenter: Evan Eastman

Discussant Qiao Jiang, Temple University

Presenter: Shan Ge

Discussant Makeen Huda, University of New Orleans

Presenter: Kyeonghee Kim

Discussant Serkan Karadas, Sewanee: The University of the South

Session 272 - Financial Reporting & Earnings Quality
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Mengming Dong, Rice University
Should I Stay or Should I Go? IFRS Adoption and Deregistration
  Jay Dahya, Baruch College, CUNY
  Kathleen Bakarich, Hofstra University
Foreign Listing, Earnings, and Stock Valuation: What Is the Missing Link?
  Liu Wang, Providence College
Signalling Under Uncertainty - The Case of IFRS Adoption
  Waqar Ahmed, University of Warwick
  Osman Ghani, PricewaterhouseCoopers LLP
 
Presenter: Jay Dahya

Discussant Mengming Dong, Rice University

Presenter: Liu Wang

Discussant Wenyao Hu, Rensselaer Polytechnic Institute

Presenter: Waqar Ahmed

Discussant Mengming Dong, Rice University

Session 273 - Issues in Capital Raising
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Bonnie Van Ness, University of Mississippi
The Value of Bond Listing
  Brittany Cole, Tennessee Tech University
  Bonnie F Van Ness, University of Mississippi
  Robert A Van Ness, University of Mississippi
Market Timing in Private Placements of Equity
  Yong Huang, Zhongnan University of Economics and Law
  Konari Uchida, Kyushu University
  Daolin Zha, China University of Geosciences
Price Clustering of Chinese IPOs
  Bill Hu, Arkansas State University
  Christine Jiang, Univ of Memphis
  Yixi Ning, Univ of Victoria Houston
  Thomas McInish, Univ of Memphis  
Presenter: Bonnie Van Ness

Discussant Petra Vokata, Aalto University

Presenter: Konari Uchida

Discussant Magnus Blomkvist, Audencia Business School

Presenter: Christine Jiang

Discussant Peng Wang, University of Southampton

Session 274 -
  Saturday, 14 October, 10:15 am - 11:45 am

  No session scheduled

Session 275 - External Forces & Dividend Policy
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Jun Zhang, Oklahoma State University
Employment Protection Laws and Payout Policy
  M Farooq Ahmad, IESEG School of Management
  Christof Beuselinck, IESEG School of Management
  Helen Bollaert, Université Côte d'Azur – SKEMA
Institutional Ownership and Flexibility in Payout Policy: Evidence from the Financial Crisis
  Imran Haque, Texas A&M University
Import Competition and Financial Flexibility: Evidence from Corporate Payout Policy
  Laurence Booth, University of Toronto
  Jun Zhou, Dalhousie University
 
Presenter: Christof Beuselinck

Discussant Yi Zheng, University of North Texas

Presenter: Imran Haque

Discussant Yessenia Tellez, Rice University

Presenter: Jun Zhou

Discussant Jizhe Zhang, University of Mississippi

Session 276 - Compensation Horizon
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Veljko Fotak, University at Buffalo SUNY
Short-Horizon Incentives and Stock Price Inflation
  Jianxin Daniel Chi, University of Nevada Las Vegas
  Manu Gupta, Virginia Commonwealth University
  Shane Johnson, Texas A&M University
Cash Signing Bonus and Labor Market Condition
  Xiaoxiao He, City University of Hong Kong
  Margaret Rui Zhu, City University of Hong Kong
Can Tunneling Explain Executive Pay’s Sensitivity To Other Member Firms’ Performance?
  Hyungseok Kim, Corporate Governance Service
  Woochan Kim, Korea University
 
Presenter: Daniel Chi

Discussant Lisa Yang, Montana State University

Presenter: Rui Zhu

Discussant Sridhar Gogineni, University of Wyoming

Presenter: Hyungseok Kim

Discussant Veljko Fotak, University at Buffalo SUNY

Session 277 - Earnings Management
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Guldem Gokcek, New York University & University of Liverpool
Job Security and Earnings Management
  Chen Cai, Cleveland State University
  Di Li, Georgia State University
  Xiaohua Fang, Georgia State University
The Effect of Political Connections on Earnings Management: the Evidence from Government Suppliers
  Thanh Ngo, East Carolina University
  Jurica Susnjara, Texas State University
Vice or Virtue? the Impact of Earnings Management on Bank Loan Agreements
  Young Sang Kim, Northern Kentucky University
  Yura Kim, University of Seoul
  Ha-Chin Yi, Texas State University
 
Presenter: Chen Cai

Discussant Kandarp Srinivasan, Northeastern University

Presenter: Jurica Susnjara

Discussant Guldem Gokcek, New York University & University of Liverpool

Presenter: Young Sang Kim

Discussant Haimeng Teng, Rensselaer Polytechnic Institute

Session 278 - Politics & Finance
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Eitan Goldman, Indiana University
Political Sensitivity in the US Corporate Bond Market: Evidence from Government Contractors
  Karen Ann Craig, Eastern Michigan University
  Brandy Hadley, Appalachian State University
Do Political Contributions Impact Shareholder Wealth? Evidence from State Campaign Finance Reforms
  D Brian Blank, Mississippi State University
State Ownership, Liquidity and Valuation: Evidence from Privatization
  Narjess Boubakri, American University of Sharjah
  Ruiyuan Chen, University of South Carolina
  Sadok El Ghoul, University of Alberta
  Omrane Guedhami, University of South Carolina
 
Presenter: Brandy Hadley

Discussant Jess Cornaggia, Penn State University

Presenter: Brian Blank

Discussant Alex Borisov, University of Cincinnati

Presenter: Omrane Guedhami

Discussant Kateryna Holland, Purdue University

Session 279 - Asset Prices & Returns
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Oleg Rytchkov, Temple University
The Good the Bad and the Trending
  Austin Henry Hill-Kleespie, University of Utah
Time Variation in Cash Flows and Discount Rates
  Tolga Cenesizoglu, Alliance Manchester Business School & HEC Montreal
  Denada Ibrushi, HEC Montreal
The Equilibrium Term Structure of Equity and Interest Rates
  Taeyoung Doh, Federal Reserve Bank Kansas City
  Shu Wu, University of Kansas
 
Presenter: Austin Hill-Kleespie

Discussant: Kotaro Miwa, Tokio Marine Asset Management

Presenter: Denada Ibrushi

Discussant: Alexandros Kontonikas, University of Essex

Presenter: Taeyoung Doh

Discussant: Victor Luo, Stevens Institute of Technology

Session 280
  Saturday, 14 October, 10:15 am - 11:45 am

  No session scheduled

Session 281 - The Wisdom of Short Selling
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Marcus V. Braga-Alves, University of Akron
The Limits of Fundamental Abritrage: Evidence from Detailed Hedge Fund Transaction Data
  Bastian von Beschwitz, Federal Reserve Board
  Sandro Lunghi, Inalytics
  Daniel Schmidt, HEC Paris
The Short-selling Skill of Institutions and Individuals
  Fernando Chague, São Paulo School of Economics - FGV/EESP
  Rodrigo De-Losso, University of Sao Paulo
  Bruno Giovannetti, São Paulo School of Economics - FGV/EESP
Short Selling Around the Expiration of IPO Share Lockups
  Michael Gibbs, University of Missouri
  (Grace) Qing Hao, University of Texas Arlington
 
Presenter: Bastian von Beschwitz

Discussant Yu Wang, Boston College

Presenter: Bruno Giovannetti

Discussant Marcus V. Braga-Alves, University of Akron

Presenter: Grace Hao

Discussant Thomas J. Boulton, Miami University

Session 282 - Uncertainty, Risk & Investment Choices
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Xiaoqiong (Crystal) Wang, University of Wisconsin Milwaukee
Optimal Reactions of Retail and Institutional Investors To Politics-Induced Local Market Uncertainty
  Tom Aabo, Aarhus University
  Suin Lee, University of South Florida
  Christos Pantzalis, University of South Florida
  Jung Chul Park, University of South Florida
Ability To Capture Up Market Gains and Avoid Down Market Losses: the Upside and Downside Capture Ratios
  Timothy Michael Marlo, Southern Illinois University Carbondale
  Jeffrey R Stark, Middle Tennessee State University
 
Does Hedging Matter for Household Finance? Evidence from Hedging Housing Price Risks With Exchange Traded Options
  Li Bao, University of Toulouse
  William Cheung, Wasade University
  Stephan Unger, Saint Anselm College
 
Presenter: Suin Lee

Discussant Hyacinthe Some, Université de Sherbrooke

Presenter: Timothy Marlo

Discussant Jon Fulkerson, Loyola University Maryland

Presenter: Stephan Unger

Discussant Rosy Xu, University of Miami

Session 283 - Mutual Fund Management Styles
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Charles Trzcinka, Indiana University
Tailored vs Mass Produced Portfolio Managers Concurrently Managing Separately Managed Accounts and Mutual Funds
  Fan Chen, Merrimack College
  Li-Wen Chen,
  Hardy Johnson, Kansas State University
  Sabuhi Sardarli, Kansas State University
If Busy, Team Up! When Multitasking Fund Manager Meets Team
  Si Zhou, University of Southampton
  Jean Chen, University of Liverpool & Xi'an Jiaotong-Liverpool University
  Li Xie, Xi'an Jiaotong-Liverpool University
Incentives Behind Side-By-Side Management of Mutual Funds and Hedge Funds
  Chengdong Yin, Purdue University
  John Bae, Elon University
  Xiaoyan Zhang, Purdue University
 
Presenter: Fan Chen

Discussant Charles Trzcinka, Indiana University

Presenter: Si Zhou

Discussant Chengcheng Li, University of Wisconsin Milwaukee

Presenter: Chengdong Yin

Discussant Hai Tran, Loyola Marymount University

Session 284 - Networks
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Chao Jiang, University of South Carolina
Stock Prices of Public Firms and their Spillovers on Privately-Held Companies
  Heejung Choi, Korea University
  Dongwook Lee, Korea University
Geographic Spillover of Idiosyncratic Shocks
  Sima Jannati, University of Miami
CEO Network Centrality and Insider Trading Gains
  Rwan El-Khatib, Zayed University
  Dobrina Jandik, University of St. Thomas
  Tomas Jandik, University of Arkansas
 
Presenter: Dongwook Lee

Discussant Hyun Joong Im, Peking University

Presenter: Sima Jannati

Discussant Robert Viglione, University of South Carolina

Presenter: Tomas Jandik

Discussant Mi Shen, University of Alabama

Session 285 - Credit Markets
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Rachel Li, Michigan State University
Secondary Market Trading and the Cost of New Debt Issuance
  Ryan L Davis, University of Alabama Birmingham
  David A Maslar, University of Tennessee
  Brian S Roseman, California State University Fullerton
Are Credit Rating Agencies Information Providers or Certifiers? A Textual Analysis of Rating Announcements
  Florian Kiesel, Technische Universität Darmstadt
The Real Effect of Financial Reform: Evidence from Public Debt Market
  Xian Gu, Central University of Finance and Economics
 
Presenter: David Maslar

Discussant Zhenyang (David) Tang, Clark University

Presenter: Florian Kiesel

Discussant Rachel Li, Southern Methodist University

Presenter: Xian Gu

Discussant Xiaowei Xu, University of Rhode Island

Session 286 - Hedge Fund Activism 2
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Kevin Mullally, University of Alabama
Do Activist Hedge Funds Target Female CEOs? the Role of CEO Gender in Hedge Fund Activism
  Yinjie (Victor) Shen, Rensselaer Polytechnic Institute
  Bill Francis, Rensselaer Polytechnic Institute
  Qiang Wu, Rensselaer Polytechnic Institute
The Benefits of Friendship in Hedge Fund Activism
  Tao Li, University of Warwick
  Yazhou Ellen He, University of Warwick
Hedging their Bets: Do Hedge Fund Activists Really Contribute To Long-Term Value?
  Valeriya Vitkova, Cass Business School
  Sudi Sudarsanam, Cranfield School of Management
 
Presenter: Yinjie Shen

Discussant Nicole Boyson, Northeastern University

Presenter: Ellen He

Discussant Nathan Swem, Federal Reserve System

Presenter: Valeriya Vitkova

Discussant Huimin (Amy) Chen, Rensselaer Polytechnic Institute

Session 287 - Bank Risk
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Jang H Cho, San Jose State University
How Loan Portfolio Diversification Affects US Banks’ Return and Risk: Correlation and Contagion Perspectives
  Hsin Hao Fu, National Chengchi University
  Yi Ting Hsieh, Shih Chien University
Sovereign Debt and Bank Loans: Complements or Substitutes
  Cai Liu, ICMA Centre, University of Reading
  Simone Varotto, ICMA Centre, University of Reading
Covered Bonds, Asset Encumbrance and Bank Risk: Evidence from the European Banking Industry
  Emilia Garcia-Appendini, University of St Gallen
  Stefano Gatti, Bocconi University
  Giacomo Nocera, Audencia Business School
 
Presenter: Yi-Ting Hsieh

Discussant: Jang H Cho, San Jose State University

Presenter: Cai Liu

Discussant: Delroy Hunter, University of South Florida

Presenter: Giacomo Nocera

Discussant: Carl F Larsson, James Madison University

Session 288 - Tax, Insurance & Contract Design
  Saturday, 14 October, 10:15 am - 11:45 am
Chairperson: Mattia Landoni, Southern Methodist University
The Spillover Effect of Municipal Bond Insurers on Uninsured Municipal Bonds
  Chunchi Wu, University at Buffalo SUNY
  Xuan Zhang, University at Buffalo SUNY
“Far from Par"- How Does Contract Design Impact the Return on Treasury Floating Rate Notes?
  Karan Bhanot, University of Texas San Antonio
  Liang Guo, California State University San Bernadino
Liquidity, Taxes and Yield Spreads Between Tax-Exempt and Taxable Bonds
  Chunchi Wu, University at Buffalo SUNY
  Woongsun Yoo, Saginaw Valley State University
 
Presenter: Xuan Zhang

Discussant Charles Trzcinka, Indiana University

Presenter: Karan Bhanot

Discussant Donald E. Bowen, Virginia Tech

Presenter: Woongsun Yoo

Discussant Diego Luis Leal Gonzalez, University of Oklahoma