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European Financial Management Association
2019 Annual Meeting
June 26-29, 2019
University of Azores, Ponta Delgada, Island of S. Miguel, Portugal

Note#1: Session Chairs and Discussants can download papers for the meetings from this page. Authors can update the version of their paper(s) and/or abstract(s) on this webpage later. Please email your paper/abstract directly to: efma2019@uac.pt

Note#2: If you wish your paper to be considered for publication in the EFM journal, convey your interest to your Session Chair.

Presentations: For your presentations at the EFMA2019 Meetings please note that all rooms are equipped with computers. Power Point (USB or CD) and Overhead Projector (transparencies) presentation options are available.

Conference Presentations:
Laptops will be Available in all Rooms for Conference Presentations.

Discussants' Responsibility: To better serve the needs of authors presenting papers at the EFMA2019 meetings, discussants are kindly required to hand out to the authors and the session chair 1-2 pages handwritten comments with their constructive comments.

Deadline for Posting Revised Paper is MAY 1, 2019

Accepted Papers & Participants List



Abreu Margarida, Mendes Victor
Email: mabreu@iseg.ulisboa.pt
Do Individual Investors Trade Differently in Different Markets?


Acosta-Smith Jonathan, Ferrara Gerardo, Rodriguez-Tous Francesc
Email: Jonathan.Smith@bankofengland.co.uk
Capital Regulation and Clearing: An unexpected interaction


Acosta-Smith Jonathan, Arnould Guillaume, Milonas Kristoffer, Vo Quynh-Anh
Email: jonathan.smith@bankofengland.co.uk
Bank capital and liquidity transformation


AHMAD Muhammad Farooq, de Bodt Eric, Harford Jarrad
Email: m.ahmad@ieseg.fr
International Trade and the Propagation of Merger Waves


Ahmed Waqar, Taffler Richard
Email: waqar.ahmed@wbs.ac.uk
Disentangling the share buyback puzzle: post-event insider trades


Akhtar Shumi, Shumi Akhtar ,Ye Ye
Email: shumi.akhtar@sydney.edu.au
The Impact of Institutional Shareholders and Corporate Governance on Strategic Default


Aldrighi Dante, Sztutman Andre
Email: aldrighi@usp.br
Political Connections and Access to Brazilian Development Bank?s Loans


Almeida Heitor, Huang Ruidi, Liu Ping, Xuan Yuhai
Email: halmeida@illinois.edu
The Impact of Obamacare on Firm Employment and Performance


Andreu Laura, Ortiz Cristina
Email: landreu@unizar.es
Stock-specific determinants of the disposition effect in fund managers


Andries Alin, Sprincean Nicu, Tunaru Radu
Email: alin.andries@uaic.ro
Systemic risk spillovers and interconnectedness between systemically important banks


Andronoudis Dimos, Dargenidou Christina, Konstantinidi Eirini
Email: d.andronoudis@bristol.ac.uk
The Risk Relevance of US R&D Accounting


Ang Alvin, Tumarkin Robert
Email: alvinang@hsu.edu.hk
Funding Disclosures, Information Asymmetry, and the Cost of Capital


Anton Miguel, Azar Jose, Gine Mireia, Lin Luca
Email: manton@iese.edu
Acquisitions, Common Ownership, and the Cournot Merger Paradox


Areal Nelson, Areal Nelson, Cortez Maria, Oliveira Benilde, Silva Florinda
Email: c.j.adcock@soas.ac.uk
Portfolio performance persistence: does the choice of performance measure matter?


Au Yong Hue Hwa, Ho Chloe, Shekhar Chander
Email: huehwa.auyong@monash.edu
Popularity of Rights Offers: Evidence from Down Under


Azevedo Alcino, El Kalak Izidin, Tunaru Radu
Email: ElKalakI@cardiff.ac.uk
Delisting Timing: A Theoretical Model and Empirical Evidence


Aziz Saqib, Aziz Saqib
Email: m.ahmad@ieseg.fr
Do differences in societal trust let the cross-border mergers die?




Balachandran Balasingham, Duong Huu Nhan, Luong Hoang, Nguyen Lily
Email: B.Balachandran@latrobe.edu.au
Does Takeover Activity Affect Stock Price Crash Risk? Evidence from International M&A Laws


Bansraj Dyaran, Smit Han, Volosovych Vadym
Email: bansraj@ese.eur.nl
Can Private Equity Act as Strategic Buyers? Evidence from Serial (Buy-and-Build) Strategies


Baros Aleksandra, Baros Aleksandra
Email: aleksandra.baros@unicatt.it
Corporate Divestitures During Industry Downturns


Barth Andreas, Inaki Aldasoro ,Andreas Barth
Email: andreas.barth@finance.uni-frankfurt.de
Syndicated loans and CDS positioning


Barth Andreas, Mansouri Sasan, Woebbeking Fabian, Zoergiebel Severin
Email: andreas.barth@finance.uni-frankfurt.de
How to talk down your stock returns


Baule Rainer, Baule Rainer
Email: rainer.baule@fernuni-hagen.de
Counterparty Risk Allocation


Baulkaran Vishaal, Baulkaran Vishaal
Email: vishaal.baulkaran@uleth.ca
Financial Literacy: The case of Personal Bankruptcy and Consumer Credit Delinquency


Benz Andreas, Hoang Daniel
Email: andreas.benz@kit.edu
Corporate Diversification and Capital Structure


Bernard Carole, Bondarenko Oleg, Vanduffel Steven
Email: carole.bernard@grenoble-em.com
Option Implied Dependence


Bertrand J?r?mie, Klein Paul-Olivier, Soula Jean-Loup
Email: jeremiebertrand59@hotmail.fr
Trust and Liquidity Creation


Boelaars Ilja, Broeders Dirk
Email: iaboelaars@uchicago.edu
Fair Pensions


Bonfim Diana, Bonfim Diana, Soares Carla
Email: njalves@bportugal.pt
Surviving the perfect storm: the role of the lender of last resort


Brinster Leonhard, Tykvova Tereza
Email: leonhard.brinster@uni-hohenheim.de
The Role of VC Syndication Ties in Formation of Strategic Alliances


Brok Peter, Brok Peter
Email: p.j.s.brok@tilburguniversity.edu
As Uncertain as Taxes


Broman Markus, Densmore Michael, Shum Nolan Pauline
Email: msbroman@syr.edu
Does Sub-Advising Abroad Improve the Performance of International Mutual Funds?




Cai Xiangshang, De Cesari Amedeo, Gao Ning, Peng Ni
Email: xiangshang.cai@manchester.ac.uk
Acquisitions and Technology Valuation


Chan Chia-Ying, Hsieh Shu-Fan, Wang Ming-Chun
Email: sherrychan@mail.ntpu.edu.tw
Retail Investor Attention and Herding Behavior


Chen Hsiu-lang, Hsiu-lang Chen
Email: hsiulang@uic.edu
Why Do Mutual Funds Invest in ETFs?


Chen Jia, Jia Chen ,Ruichang Lu
Email: jia.chen@gsm.pku.edu.cn
Does Public Disclosure Crowd Out Private Information Production?


Chen Rui, Hartarska Valentina, Nadolnyak Denis
Email: ruichen@auburn.edu
Banking Crises and the Performance of Microfinance Institutions


Chen Sheng-Hung, Chen Sheng-Hung
Corporate Financial Risk, Macroeconomic Risk, and Tax Avoidance Behavior


Chiou-Wei Song-Zan, Chen Sheng-Hung, Zhu Zhen
Email: chiouwei@nkust.edu.tw
Natural Gas Price, Market Fundamentals, and Hedging Effectiveness


Choi Lyungmae, Cho DuckKi, Bharath Sreedhar
Email: lyunchoi@cityu.edu.hk
Win-Stay, Lose-Shift: A Strategy of Serial Acquirers


Chuli Helena, Uribe Jorge M.
Email: hchulia@ub.edu
Together forever? Good and bad market volatility shocks and international consumption risk-sharing: A tale of a sign


Chung Chang-Shu, Chen Ting-Fu, Lin Shih-Kuei
Email: rorysrose@gmail.com
Model Specification and Time-Varying Risk Premia: Evidence from Spot and Option Markets


Cincinelli Peter, Ameeta Jaiswal-Dale ,Fanny Simon-Lee,Giovanna Zanotti,Peter Cincinelli
Email: peter.cincinelli@unibg.it
The role of social networking in capital sourcing


Clapham Benjamin, Clapham Benjamin
Email: clapham@wiwi.uni-frankfurt.de
Is There a Magnet Effect of Rule-Based Circuit Breakers in Times of High-Frequency Trading?


Cocco Ludovico Maria, Cavezzali Elisa, Rigoni Ugo, Simion Giorgia
Email: ludovicomaria.cocco@unive.it
Causes of insolvency from bankruptcy filings: empirical evidence from the Italian SME context


Consiglio Andrea, Marialena Athanasopoulou,Andrea,Angel Gavilan Consiglio ,Aitor Erce ,Stavros Zenios
Email: andrea.consiglio@unipa.it
Risk management for sovereign financing within a debt sustainability framework


Correia Maria do Rosario, Ch Meneses Raquel F
Email: maria.correia@guc.edu.eg
Venture Capital and the Use of Convertible Securities and Control Rights Covenants: A Fuzzy Set Approach


Correia Maria do Carmo, Maria Carmo Correia ,Gilberto Loureiro
Email: mcorreia@ipca.pt
The Impact of Underwriters? Reputation in post-IPO Stock Price Informativeness: International Evidence


Correia-Domingues Renato Heitor, Otero-Gonzlez Luis, Correia-Domingues Renato Heitor, Reboredo-Nogueira Juan Carlos
Email: pablo.duran@usc.es
Does Sustainability Score Impact Mutual Fund Performance?


Cortez Maria, Ferruz Luis, Cortez Maria
Email: gbadiaf@unizar.es
The performance of socially responsible stock portfolios: International evidence


Cotter John, Eyiah-Donkor Emmanuel, Poti Valerio
Email: john.cotter@ucd.ie
Commodity Return Predictability: Economic Value and Links to the Real Economy


Covachev Svetoslav, Covachev Svetoslav
Email: b00582132@essec.edu
The Paradox of Closing Mutual Funds to New Investors


Croci Ettore, Degl'Innocenti Marta, Zhou Si
Email: ettore.croci@unicatt.it
Supply Chain Relationships and Bank Lending


Czerwonko Michal, Perrakis Stylianos
Email: michalc04@gmail.com
Index Option Anomalies: How Real Are They?




Dai Na, Dai Na, Nahata Raj
Cross Country Cultural Differences, Hedge Fund Contracting, and Risk Taking


Danbolt Jo, Danbolt Jo, Siganos Antonios, Wu Betty
Email: Mark.Aleksanyan@glasgow.ac.uk
Fear and media coverage: The case of insider trading in takeover targets


dbouk Wassim, dbouk Wassim
Email: wd08@aub.edu.lb
Keeping up with the Joneses? Evidence from Peer Performance in the Banking Industry


De Amicis Chiara, Falconieri Sonia, Tastan Mesut
Email: chiara.de-amicis@cass.city.ac.uk
Are Female Managers More Informative?


De Bortoli Daiane, da Costa Jr Newton, Goulart Marco, Campara Jessica
Email: bortoli.daia@gmail.com
Prospect theory, personality traits, cognitive reflection test and investor profile analysis: A behavioral finance study


de Sverac Beatrice, Soares de Fonseca Jos
Email: bseverac@parisnanterre.fr
Arbitrage Strategies between French Treasury Inflation Linked and Nominal Bonds: Solving the Puzzle


Decourt Roberto, Almeida Heitor, Protin Philippe, Gonzalez Matheus
Email: rfdecourt@unisinos.br


Dedman Elisabeth, Hua Shan, Livne Gilad, Kungwal Thanamas
Email: e.dedman@surrey.ac.uk


Dinkelaker Kilian, Kilian Richard Dinkelaker ,Stefan Morkoetter ,Andreas-Walter
Email: kilian.dinkelaker@unisg.ch
A closer look at credit rating processes: Uncovering the impact of analyst rotation


Do Viet, Do Viet, Vu Tram
Email: Jesslyn.Lim@singaporetech.edu.sg
Co-Opted Directors, Covenant Intensity and Violations


Drobetz Wolfgang, Drobetz Wolfgang, El Ghoul Sadok, Guedhami Omrane, Schroeder Henning
Email: simon.doering@uni-hamburg.de
Institutional Investment Horizon and Firm Valuation: A Global Perspective


Duan Tinghua, Li Kai, Rogo Rafael, Zhang Ray
Email: t.duan@ieseg.fr
The Myth about Public versus Private Enforcement of Securities Laws ? Evidence from Chinese Comment Letters


Dyhrberg Anne Haubo, Foley Sean, Svec Jiri
Email: anne.dyhrberg@sydney.edu.au
When bigger is better: The impact of a tiny tick size on undercutting behavior




Evans Richard, KARAKAS OGUZHAN, Moussawi Rabih, Young Michael
Email: evansr@darden.virginia.edu
Phantom of the Opera: ETFs and Shareholder Voting




Faour Mohamad, Faour Mohamad, Muckley Cal
Email: john.cotter@ucd.ie
Do dividend cuts and omissions signal default risk?


Fardnia Pedram, Kaspereit Thomas, Fardnia Pedram, Xu Sizhe
Email: thomas.walker@concordia.ca
Financial performance and safety in the aviation industry


Farinha Jorge, Diez-Estebán Jose Maria, Garcia-Gomez Conrado, Mateus Cesario
Email: jfarinha@fep.up.pt
Does board composition and ownership structure affect banks? systemic risk? European evidence


Feito-Ruiz Isabel, Renneboog Luc, Vansteenkiste Cara
Email: ifeir@unileon.es
Elective Stock and Scrip Dividends


Ferreira Eurico, Ferreira Eurico
Email: aserra@fep.up.pt
ECB, BoE and Fed Monetary-Policy announcements: price and volume effects on European securities markets


Ferriani Fabrizio, Veronese Giovanni
Email: fabrizio.ferriani@bancaditalia.it
U.S. shale producers: a case of dynamic risk management?


Fidrmuc Jana, Xia Chunling
Email: Jana.Fidrmuc@wbs.ac.uk
Savvy target insiders' trading before takeover announcements


Finnerty John, Gonzalez Laura
Email: finnerty@fordham.edu
Road to Perdition: Deepening Insolvency or Costly Delays before Filing Bankruptcy


Florackis Chris, Sainani Sushil
Email: florakis@liverpool.ac.uk
Chief Financial Officers, Resistance to Pressure and Earnings Management


Florysiak David, Schandlbauer Alexander
Email: florysiak@sam.sdu.dk
The Information Content of ICO White Papers


Foglia Manzillo Vincenzo, Pesic Valerio
Email: v.fogliamanzillo@consob.it
European Stock Reactions to Corporate Earnings Announcements: a First Market Assessment for Capital Markets Union?s Project


Forte Santiago, Lovreta Lidija
Email: santiago.forte@esade.edu
Implied Equity and Firm Asset Volatility in Credit Default Swap Premia




Gama Ana, Gama Ana, Bentes Sonia
Email: r.dnavas@iscal.ipl.pt
The Relevance of Using Accounting Fundamentals in the Euronext 100 Index


Ganguly Abhishek (Abhi), Ganguly Abhishek (Abhi)
Email: abhigang@iu.edu
Media and Shareholder Activism


Gao Lucia, Ertugrul Mine, Gao Lucia
Email: kbardos@fairfield.edu
Corporate Social Responsibility, Product Market Perception, and Firm Value


Gaspar Raquel M., Gaspar Raquel M., Beleza Sousa Jo?o
Email: joao.carvalho@ctr.unipartner.pt
Path-dependency of Constant Proportion Portfolio Insurance Strategies


Gehricke Sebastian, Zhang Jin
Email: sebastian.gehricke@otago.ac.nz
Modeling VXX under jump diffusion with stochastic long-term mean


Geranio Manuela, Mazzoli Camilla, Palmucci Fabrizio
Email: manuela.geranio@unibocconi.it
Friends will be friends: IPO Pricing and the Network Game


Ghanbari Hamed, Perrakis Stylianos
Email: hamed.ghanbari@uleth.ca
The Transient and The Persistent Variance Risk Premium


Ghitti Marco, Ghitti Marco
Email: marco.ghitti@skema.edu
Courts meet the Law: consequences of Bankruptcy Law Enforcement on Bank Credit for SMEs.


Golinski Adam, Spencer Peter
Email: adam.golinski@york.ac.uk
A new perspective on Gaussian shadow rate term structure models


Gomez-Puig Marta, Gomez-Puig Marta, Sosvilla-Rivero Simon
Email: mks344@gmail.com
Measuring sovereign risk in peripheral euro area countries with contingent claim models: A comparison with traditional indicators.


Gries Thomas, Mitschke Alexandra
Email: thomas.gries@notes.upb.de
Systemic Risk from Interbank Credit Markets?


Gu Zhaoyang, Sun Amy X, Wang Brian Y, Xue Jian
Email: zygu@baf.cuhk.edu.hk
Security Classification Decisions and Subsequent Earnings Management ? Evidence from China


Guedes Maria Jo?o, Imagin?rio Jo?o
Email: mjguedes@iseg.ulisboa.pt
Governance and Government Debt


Gueguen Simon, La Bruslerie Hubert de, Gueguen Simon
Email: hlb@dauphine.psl.eu
Creditor?s holdup and the setting of private appropriation in a control contract between shareholders


Guidolin Massimo, Orlov Alexei
Email: massimo.guidolin@unibocconi.it
Can Investors Benefit from Hedge Fund Strategies? Utility-Based, Out-of-Sample Evidence


GUO Li, Li Guo ,Lin Peng,Yubo Tao ,Jun Tu
Email: liguo.2014@pbs.smu.edu.sg
News Co-Occurrence, Attention Spillover and Return Predictability


Gupta Aparna, Owusu Abena
Email: guptaa@rpi.edu
Learning the Quality of Risk Culture in Insurance Firms


Gutsche Robert, Rif Alexandru
Email: robert.gutsche@unisg.ch
The Shortcomings of Segment Reporting and their Impact on Analysts? Earnings Forecasts




Hackbarth Dirk, Rivera Alejandro, Wong Tak
Email: dirkhackbarth@gmail.com
Optimal Short-termism


Han Xuyuan, Liu Zhenya, Wang Shixuan
Email: hanxuyuan8003@163.com
Tail dependence structure of metal commodity futures in London Metal Exchange


Handler Lukas, Jankowitsch Rainer
Email: lukas.handler@wu.ac.at
Political Uncertainty and Sovereign Bond Markets


Hanousek Jan, Jan Hanousek,Anastasiya Shamshur ,Jiri Tresl
Email: 12honzade@gmail.com
Corporate policies of private firms with concentrated ownership


Hendriock Mario, Kempf Alexander
Email: gjergji.cici@ku.edu
The Impact of Labor Mobility Restrictions on Managerial Actions: Evidence from the Mutual Fund Industry


Hermes Niels, Marco Meyer,Boudewijn de Bruin ,Olha Cherednychenko ,Niels Hermes ,Marc Kramer
Email: c.l.m.hermes@rug.nl
Consumer Protection and Financial Advice Seeking: Evidence from the Dutch Commission Ban


Heyden Thomas, Heyden Thomas
Email: christina.bannier@wirtschaft.uni-giessen.de
The dynamics of SMEs' capital structure and performance: Evidence from a panel VAR


Ho Keng-Yu, Ho Keng-Yu, Ho Po-Hsin, Nie Wei-Ying
CEO Overconfidence and Bondholder Wealth Effects: Evidence from Mergers and Acquisitions


Ho Chloe C. Y., Wu Eliza, Yu Jing
Email: chloe.ho@uwa.edu.au
Is corporate social responsibility a risky business? Evidence from seasoned equity offerings


Horvath Balint, Horvath Balint, Zhai Wei
Email: s.biswas@bristol.ac.uk
Eliminating the Tax Shield through Allowance for Corporate Equity: Cross-border Credit Supply Effects


Huang Xin, Huang Xin
Email: xin.huang@frb.gov
The Risk of Betting on Risk: Conditional Variance and Correlation of Corporate Credit Default Swaps


Huang Qiubin, de Haan Jakob, Scholtens Bert
Email: qiubinhuang@gmail.com
Impact of the Dodd-Frank Act on Systemic Risk: A Counterfactual Analysis


Huang Chenchen, Ozkan Neslihan, Xu Fangming
Email: ch17572@bristol.ac.uk
Does Derivative Lawsuit Risk Influence Corporate Alliance Performance?


Huang Guan-Ying, Huang Henry, Rhee S. Ghon
Email: huanggy@swufe.edu.cn
Real Asset Liquidity and Corporate Innovation


Huang Winifred, Wei Xingjie
Email: w.huang@bath.ac.uk
Can We Judge a Book by its Cover: Team Confidence and Capital Raising through Initial Coin Offerings


Hunt Katherine, Malin Mirela
Email: k.hunt@griffith.edu.au
ETFs and Wealth Advisors: What is the missing link?






Jagtiani Julapa, Julapa Jagtiani,Raman Quinn Maingi
Email: julapa.jagtiani@phil.frb.org
How Important Are Local Community Banks to Small Business Lending ? Evidence from Mergers and Acquisitions


Jang Yeejin, Reisel Natalia
Email: y.jang@unsw.edu.au
Strategic Alliances, Macroeconomic Conditions and Firm Performance


Jelic Ranko, Aussenegg Wolfgang, Jelic Ranko
Email: w.ahmad@bham.ac.uk
IPO lockups and insider trading:Do all bosses fill their boots?


Jensen Bjarne Astrup, Fischer Marcel
Email: ba.fi@cbs.dk
The Debt Tax Shield, Economic Growth and Inequality


Jo Chanik, Redouane Elkamhi
Email: chanik.jo15@rotman.utoronto.ca
Time-varying Stockholders Consumption Risk Sharing, and Asset Prices




Kalimipalli Madhu, Dodd Olga, Kalimipalli Madhu
Email: wchan@wlu.ca


Karouzakis Nikolaos, Kalogeropoulos Konstantinos, Karouzakis Nikolaos
Email: T.Dubiel-Teleszynski1@lse.ac.uk
Predicting Bond Risk Premia via Sequential Learning


Kazemi Hossein, Xiaohui Yang ,Hossein Kazemi
Email: kazemi@isenberg.umass.edu
Performance of Hedge Funds and Selective Disclosure of Information by Prime Brokers


Kedar-Levy Haim, Haim Kedar-Levy ,Joon Seok Kim,Sean Sehyun Yoo
Email: hlevy@som.bgu.ac.il
The impact of Strategic Trades on Future IVOL, Liquidity Risk, and Liquidity Commonality


Khadivar Hamed, Khadivar Hamed, Pukthuanthong Kuntara, J. Walker Thomas
Email: frederick.davis@concordia.ca
Insider Trading in Firms Rumored to be Takeover Targets


Khrashchevskyi Ian, Khrashchevskyi Ian
Email: ian.khrashchevskyi@sbs.su.se
Do higher moments risk premia compensate for macroeconomic risk?


Kim Sun Young, Kim Sun Young
Email: chulwoo.han@durham.ac.uk
Betting Against Analyst Target Price


Kim Wooyeon, Kwon Kyung Yoon, Kim Wooyeon
Email: jkkang@business.kaist.ac.kr
Flow Toxicity of High Frequency Trading and Its Impact on Price Volatility: Evidence from the KOSPI 200 Futures Market


Korajczyk Robert, Neuhierl Andreas,Soohun Kim
Email: soohun.kim@scheller.gatech.edu
Arbitrage Portfolios


Kund Arndt-Gerrit, Rugilo Daniel
Email: kund@wiso.uni-koeln.de
Assessing the Implications of IFRS 9 on Financial Stability using Bank Stress Tests


Kwak Byungjin, Lobo Gerald, Mo Kyoungwon
Email: bjkwak@kaist.ac.kr
Executive Pensions and Debt Restructuring Choice




Labidi Chiraz, Laribi Dorra, Ureche-Rangau Loredana
Email: labidi@uaeu.ac.ae
National Culture and Socially Responsible Fund Flows


Lagasio Valentina, Lagasio Valentina, Pesic Valerio
Email: marina.brogi@uniroma1.it
Can governance help in making an IPO successful? New evidence from Europe


Laguna Marie-Aude, Williams Ryan
Email: marie-aude.laguna@dauphine.fr
Financial and Non-Financial Risk Management: OSHA Penalties from Random Plant Inspections


Lair Thibault, Lair Thibault
Email: lair.thibault@gmail.com
Scarcity risk, liquidity provision and risk premia in commodity markets


Lee Changmin, Lee Changmin, Ahn Seong Jin
Email: cellc@hanyang.ac.kr
Who, Republican or Democrat CEOs, laughs last? Political cycles in the market for corporate directors


Lehmann Nico, Sarabi Almasa
Email: nico.lehmann@wiwi.uni-goettingen.de
Revisiting the Monitoring Role of Sovereign Wealth Funds


Leit?o Jo?o, Ferreira Joaquim
Email: jleitao@ubi.pt
Assessing NAFTA and EU?s Optimum Currency Areas: A SVAR Approach


Li Yuexin, Ma Marshall, Renneboog Luc
Email: yuexin.li@uvt.nl
Trust in Art Markets


Li Xiang, Su Dan
Email: xiang.li@iwh-halle.de
Financial Globalization, Rollover Risk, and Bank Risk


Li Zhe, Wang Ping, Kuo Jing Ming
Email: zxl609@bham.ac.uk
Cross-Border Mergers and Acquisitions and Corporate Social Responsibility: Evidence from Chinese Listed Firms


Lim So-Yeon, Lim So-Yeon
Email: sylim0423@xmu.edu.cn
Multi-family Cofounders and Firm Value


Lim So-Yeon, Lim So-Yeon
Email: sylim0423@xmu.edu.cn
The Estate Tax and the Payout Policy in Family Firms


Lin Zih-Ying, Lin Zih-Ying, Wang Yaw-Huei
Implied Volatility Spreads and Future Options Returns around Information Events and Conditions


Lin Luca X., Lin Luca X.
Email: llin@iese.edu
Friends with Threats: Credit Risk Under Common Ownership


Lin Hai, Nguyen Binh, Wang Junbo, Zhang Cheng
Credit Default Swaps and Firm Risk


Liu Shuang, Liu Shuang
Email: sliu4406@uni.sydney.edu.au
Analyst Behavior and Economic Policy Uncertainty


Liu Yanjun, Liu Yanjun
Email: yanjun.liu@monash.edu
Dual Holdings and Corporate Cash Holdings


Liu Liang-Chih, Dai Tian-Shyr
Email: lcliu@ntut.edu.tw
Analyzing Interactive Exercising Policies of Callable and (or) Convertible Bonds


Liu Xianda, Hou Wenxuan, Main Brian
Email: Xianda.liu@ed.ac.uk
Military Director and Stock Price Informativeness


Loureiro Gilberto, Silva S?nia
Email: gilberto@eeg.uminho.pt
Earnings Management and Stock Price Crashes: The Deteriorating Information Environment Post-Cross-Delisting


Lovo Stefano, Fernadez-Sierra Manuel, Lovo Stefano, Vukan Nir
Email: astebro@hec.fr
Herding in Equity Crowdfunding


Lu Jianan, Hou Wenxuan, Main Brian
Email: jianan.lu@ed.ac.uk
Financial development and the lingering effect of the Cultural Revolution: trust or risk preference?


Lu Shanglin, Lu Shanglin, Wang Shixuan
Email: zhenya.liu@ruc.edu.cn
Managing Time Series Momentum


Lu Ruichang, Lu Ruichang, Zhang Xiaojun
Email: yufeiliu@pku.edu.cn
The interplay between bond analyst and equity analyst


Luong Hoang, Nguyen Lily, Pham Peter
Email: h.luong@business.uq.edu.au
Foreign Expansion and Corporate Innovation: Cross-Country Evidence




Madaleno Mara, Vieira Elisabete
Email: maramadaleno@ua.pt
Risk and maturity effects on Iberian Companies? Capital Structure Speed of Adjustment


Maio Paulo, Maio Paulo
Email: p.barroso@unws.edu.au
What drives exchange rates? Time-series and cross-sectional evidence


Mantilla-Garcia Daniel, Ter Horst Enrique, Molina German, Audeguil Emilien
Email: d.mantillag@uniandes.edu.co
Assets' Dependence Structure Implications for Portfolio Insurance


Margaretic Paula, Cifuentes Rodrigo, Carre?o Gabriel
Measuring endogenous peer effects in interbank markets


Marks Joseph, Joseph Marks,Chenguang Shang
Email: j.marks@northeastern.edu
Does Stock Liquidity Affect Corporate Debt Maturity Structure?


martin jens, Jens Martin,Mario Stefanus
Email: j.martin@uva.nl
Secondary buyouts and the strategies of PE investors


Matawlie Nishad, Matawlie Nishad
Email: matawlie@ese.eur.nl
Do Overconfident CEOs Ignore Toehold Strategies?


Mattarocci Gianluca, Mattarocci Gianluca
Email: lucia.gibilaro@unibg.it
Cross border banking and foreign branch regulation in Europe


McCartney W. Ben, McCartney W. Ben
Email: wmccartn@purdue.edu
Housing Market Distress and Voter Participation


Meunier Luc, Gajewski Jean-Franois, Meunier Luc
Email: francois.desmoulins-lebeault@grenoble-em.com
Do Incentives Contracts Lead to Higher Risk-taking? The Impact of Executives' Characteristics


Mielcarz Pawe?, Osiichuk Dmytro
Email: pmielcarz@kozminski.edu.pl


Milcheva Stanimira, Yildirim Yildiray, Zhu Bing
Email: s.milcheva@ucl.ac.uk
Geographical Distance to Headquarter and Firm Performance before and after the GFC


Miletkov Mihail, Miletkov Mihail, Staneva Viktoriya
Email: ZhaoZhao.He@unh.edu
The X Factor in Corporate Board Structure


Minnick Kristina, Kristina Minnick ,Natasha Burns,Laura Starks
Email: kminnick@bentley.edu
CEO Turnover: Cross-Country Effects


Mnchhalfen Patrick, Rainer Baule,Mnchhalfen Patrick, Tallau Christian
Email: rainer.baule@fernuni-hagen.de
Disclosure Policies for the Issuer Estimated Value —Facts and Fiction


Mooney Tim, Tim Mooney
Email: timothy.mooney@jefferson.edu
Informed Merger Trading by Investment Bank-Affiliated Mutual Funds


Morais Flvio, Serrasqueiro Zlia, Ramalho Joaquim
Email: flavio.morais@ubi.pt
The zero leverage phenomenon in European listed firms: a financing decision or an imposition of the financial market?


Moreau Quentin, Moreau Quentin
Email: edith.ginglinger@dauphine.psl.eu
Climate risk and capital structure


Mota Jorge H., Coutinho dos Santos Mrio
Email: jorgemota@ua.pt
Does Internal Capital Market Membership Matter for Capital Allocation? Theory and Evidence from the Euro Area




Nam Seunghan, Nam Seunghan
Email: deutsche@me.com
The role of accruals in the prediction of future earnings


Nath Harmindar (Mindi), Brooks Robert D.
Email: mindi.nath@monash.edu
Investor-herding and risk-profiles: A State-Space model based assessment


Negrea Bogdan, Negrea Bogdan
Email: bogdan.negrea@fin.ase.ro
The Endogenous Price under Perfect Liquidity


Neupane Biwesh, Neupane Biwesh, Neupane Suman, Thapa Chandra
Email: a.marshall@strath.ac.uk
Do foreign institutional investors improve board monitoring?


Nguyen Linh H., Nguyen Linh X. D., Tan Linzhi
Email: linh.nguyen@dmu.ac.uk
Tail Risk Connectedness Between US Industries


Nielsen Kasper Meisner, Hanspal Tobin, Nielsen Kasper Meisner
Email: san.fi@cbs.dk
Do Financial Misconduct Experiences Spur White-Collar Crime?




Oliveira Andr, Oliveira Andr, Pimentel Pedro
Determination of the optimal time to invest in the new Montijo Airport in Portugal using the real options analysis




Park Hyuna, Park Hyuna
Email: hyuna.park38@brooklyn.cuny.edu
The Intangible-adjusted Book-to-market Ratio


Pascual Roberto, Hendershott Terrence, Nawn Samarpan, Pascual Roberto
Email: bidisha.chakrabarty@slu.edu
Order Exposure in High Frequency Markets


Pedio Manuela, Pedio Manuela
Email: massimo.guidolin@unibocconi.it
Forecasting Commodity Futures Returns with Stepwise Regressions: Do Commodity?Specific Factors Help?


Pei Duo, Pei Duo
Email: dp802@scarletmail.rutgers.edu
Information Response in Shareholder Activism


Pelster Matthias, Arnold Marc, Subrahmanyam Marti
Paying Attention


Peltomki Jarkko, Khrashchevskyi Ian, Peltomki Jarkko
Email: Denis.Davydov@uwasa.fi
Investor attention allocation and portfolio performance: who benefits from what information?


Perote Javier, Mora-Valencia Andr?s, Perote Javier
Email: Campus Miguel de Unamuno (Edif. F.E.S.), 37007 Salamanca, Spain
Expected shortfall assessment in commodity (L)ETF portfolios with semi-nonparametric specifications


Petrova Milena, Ghosh Chinmoy, Hartmann Lisa
Email: mpetrova@syr.edu
The Effect of the Financial Advisor's Reputation in M&A Deals by European Firms


Pianeselli Daniele, Pianeselli Daniele
Email: daniele.pianeselli@bancaditalia.it
How did U.S. venture capital react to the crisis? Revisiting evidence


Pinto Joo, Santos Mrio
Email: jpinto@porto.ucp.pt
The Choice between Corporate and Structured Financing: Evidence from New Corporate Borrowings


Popova Ivilina, Dr. Byers, Simkins Betty
Email: joe.w.byers@okstate.edu
Robust Estimation of Conditional Risk Measures for Crude Oil and Natural Gas Futures Prices in the Presence of Outliers


Portilla Yolanda, Portilla Yolanda
Email: gloyola@fen.uchile.cl
Optimal financing of highly innovative projects under double moral hazard


Prassa Chara, Prassa Chara
Email: Daniel.Giamouridis@baml.com
Strategic Debt Restructuring and Asset Substitution


Pres-Perepeczo Agnieszka, Czerwinski Mateusz, Ferris Stephen P., Pres-Perepeczo Agnieszka, Wisniewski Tomasz
Email: katarzyna.byrka-kita@usz.edu.pl
Should They Stay or Should They Go? CEO Appointments and Performance in a Transitional Economy






Ramezanifar Ehsan, Bams Dennis, Otten Roger
Email: e.ramezanifar@uu.nl
Investor Sophistication and Mutual Fund Investment Style Changes


Rammerstorfer Margarethe, Rammerstorfer Margarethe, Weinmayer Karl
Email: stephan.gasser@wu.ac.at
DEA Portfolio Modeling: The Case of Socially Responsible Investing


Rizzo Antonino Emanuele, Rizzo Antonino Emanuele
Email: s.cassella@uvt.nl
Do Shareholders Gain from Their Right to Sue? Evidence from Federal Judge Turnover


Rodrigues Artur, Pereira Paulo J., Rodrigues Artur
Toehold M&A Dynamic Games


Romaniuk Katarzyna, Romaniuk Katarzyna
Email: katarzyna.romaniuk@xjtlu.edu.cn
Optimal portfolio in corporate pension plans: risk shifting and risk management


Rother Carsten, Drobetz Wolfgang, Lohre Harald, Rother Carsten
Email: dichtl@dichtl-rc.de
Active factor completion strategies


Rotondi Francesco, Battauz Anna
American Options and Stochastic Interest Rates


Ru Hong, Ru Hong
Email: hongrucn@icloud.com
How Do Individual Politicians Affect Privatization? Evidence from China




Rubio Gonzalo, Ana Gonzalez-Urteaga ,Belen Nieto,Gonzalo Rubio
Email: gonzalo.rubio@uch.ceu.es
An Analysis of Connectedness Dynamics between Risk-Neutral Equity and Treasury Volatilities


Rubio Martin Gracia, Rubio Martin Gracia
Valuation of football players in financial statements: the power of the crowd versus transfer fees




Sakkas Nikolaos, Sakkas Nikolaos, Danbolt Jo, Eshraghi Arman
Email: Xiao.Han@ed.ac.uk
Persistence of investor sentiment in the past 50 years: A behavioral perspective


Salakhova Dilyara, Virginie Coudert ,Dilyara Salakhova,Edmund Moshammer
Email: salakhova.dilyara@gmail.com
Price effect of mutual fund flows on the corporate bond market. The French case


Sankaran Harikumar, Palmon Oded, Sankaran Harikumar
Email: sriyer@unm.edu
Using Peer Benchmarking to Inflate CEO Compensation: Transparency and Firm Performance


Santos Ant?nio, Santos Ant?nio
Email: ammsantos@bportugal.pt
Sectoral concentration risk in Portuguese banks? loan exposures to non-financial firms


Sapkota Niranjan, Sapkota Niranjan
Email: klaus.grobys@uva.fi
Contagion of Uncertainty: Transmission of Risk from the Cryptocurrency Market to the Foreign Exchange Market


Sarto Jos? Luis, Sarto Jos? Luis
Email: landreu@unizar.es
Capturing the valuable trading decisions through a dynamic perspective of Active Share


Sekerci Naciye, Karmaziene Egle, Sekerci Naciye
Email: adigiuli@escpeurope.eu
Common Ownership and Firm Dividend Policies


Severin Peter, Olbert Marcel
Email: severin@uni-mannheim.de
Private Equity and Taxes


Shang Danjue, Shang Danjue
Information Driven Stock Price Comovement


Shanker Latha, Shanker Latha
Email: latha.shanker@concordia.ca
Futures market hedging pressure, speculative pressure and spot market volatility


Shiwakoti Radha, Iqbal Abdullah, Jarvis Robin
Email: radha.shiwakoti@brunel.ac.uk
Is say on pay working? Evidence from the UK


Silva Florinda, Cortez Maria Ceu, Silva Florinda
Email: pg31723@alunos.uminho.pt
The impact of social screening on European bond portfolio performance


Sosvilla-Rivero Simn, Fernndez-Prez Adrin, Fernndez-Rodrguez Fernando, Sosvilla-Rivero Simn
Email: julian.andrada@ulpgc.es
Time connectedness of fear


Sousa Miguel, Freitas Susana
Email: miguel.sousa@oba.co.uk
Fire Sales: reality or perception?


Steffen Tom, Steffen Tom
Email: tom.steffen@unige.ch
Skin in the game: Resource proximity and price impact


Stepanova Anastasia, Ivantsova Olga
Email: anastasianstepanova@gmail.com
Good Corporate Governance in Banks: Institutional Investors Follow, Returns Dont


Sun Bo, Sun Bo
The Stock Market Response to a ?Regulatory Sine Curve?


Sun Chuanping, Sun Chuanping
Email: chuanping.sun@qmul.ac.uk
Regularising the Factor Zoo with OWL: A Correlation-Robust Machine Learning Approach


Swartz Mick, Emami-Langroodi Farrokh
Email: mick.swartz@marshall.usc.edu
A Commodity Based Economic Model of Risk Factors Affecting the Returns of 11 Global Macro Hedge Fund Categories




Email: ptamini@unistra.fr
Reserves Hoarding in Banking Industry: Explaining the African Paradox


Tian Gary Gang, Liu Jiawei, Tian Gary Gang, Wang Xin
Email: yanlin.li@students.mq.edu.au
Courtesy calls for reciprocity: Evidence from the effect of unqualified independent directors in China


Email: atriant@acg.edu


Tsekeris Athanasios, Hillier David, McColgan Patrick, Tsekeris Athanasios
Email: d.andriosopoulos@strath.ac.uk
Paid Generously to Destroy Value? New Evidence from Corporate Acquisitions




Uno Jun, Goshima Keiichi, Tobe Reiko
Email: juno@waseda.jp
Trader Classification by Cluster Analysis:Interaction between HFTs and Other Traders


Uribe Jorge M., Uribe Jorge M.
Email: jorge.uribe@correounivalle.edu.co
Scaling Down Downside Risk with Inter Quantile Semivariances




Veleanu Veronica, Veleanu Veronica
Email: veronica.veleanu@surrey.ac.uk
Currency Risk in Corporate Bond Spreads in the Eurozone


Vicente Luis, Sarto Jos Luis, Vicente Luis
Email: rgimeno@unizar.es
Does mutual fund industry learn from its past errors?


Vitkova Valeriya, Valeriya Vitkova,Sudi Sudarsanam ,Dimitris Kyriazis
Email: valeriya.vitkova.2@city.ac.uk
Hedge Fund Win versus Management Win: Activism Outcome, Governance Impact and Shareholder Value Gains


Vu Tram, Do Viet, Vu Tram
Email: viet.cao@monash.edu
Firm-Level Investment Flexibility and Loan Contract Terms




Waisman Maya, Peng Emma, Waisman Maya, Yang Meng
Email: ihasan@fordham.edu
The Effect of Bank Organizational Risk-Management on the Pricing of Non-Deposit Debt: An Empirical Note


Wallmeier Martin, Iseli Christoph
Email: martin.wallmeier@unifr.ch
Home Bias and Expected Stock Returns: An Equilibrium Analysis


Wang Jianxin, Jianxin Wang ,Minxian Yang
Email: jianxin.wang@uts.edu.au
Conditional Volatility Persistence


Wang Kai, Wang Kai
Email: kai.wang@unibocconi.it
Risk-Neutral Cumulants, Expected Risk Premia, and Future Stock Returns


Wang Youan, Wang Zigan
Email: markwang@connect.hku.hk
Politics in Tax Office: Complicated Effects of Contributing to a Politician on Tax Avoidance Using Regression Discontinuity Design


Weilmnster Kim J., Weilmnster Kim J.
Email: Florian.R.Roeder@wirtschaft.uni-giessen.de
The Smart Money Effect in Germany - Do Investment Focus and Bank-Affiliation Matter?


Weiner Robert, Robert Weiner
Email: rweiner@gwu.edu
Disclosure Regulation and Competition between Multinational and Domestic Acquirors: Who Gains from Transparency?


Weitz Sebastian, Weitz Sebastian
Email: christian.koziol@uni-tuebingen.de
Does Model Complexity Improve Pricing Accuracy? The Case of CoCos


Westermann Ramona, Miltersen Kristian R., Westermann Ramona
Email: jdn.fi@cbs.dk
The Tax Asymmetry Motive to Hold Corporate Cash


Whitby Ryan, Ryan Whitby,Benjamin Blau ,Todd Griffith
Email: ryan.whitby@usu.edu
Financial Markets and Innovation


White Reilly, Salyer Robert, White Reilly
Email: krapla1@nku.edu
Tax Avoidance, Tax Risk, and the Volatility of Stock Returns


Wierzbitzki Marc, Seidens Sebastian
Email: marc.wierzbitzki@whu.edu
The Causal Influence of Investment Goals on the Disposition Effect


Williams Ryan, Hankins Kristine, Williams Ryan
Email: halmeida@illinois.edu
Do Firms Hedge During Distress?




Xu Xia, Xu Xia
Email: lecourtois@em-lyon.com
Portfolio Optimization in the Presence of Extreme Risks: A Pareto-Dirichlet Approach




YAN Shuo, YAN Shuo
Email: yans@sustc.edu.cn
Corporate Political Connections and the Finance-Growth Nexus: Evidence from China


YAN Jiali, Mark Shackleton ,Jiali Yan,Chelsea Yao
Email: j.yan@lancaster.ac.uk
What drives a firm's ES performance? Evidence from stock returns


Yang Zhaojun, Yang Zhaojun
Email: tangxiaolin318@163.com
Investment and asset securitization with an option-for-guarantee swap


Yang Endong, Yang Endong, Cai Ning, Feng Jinlu, Liu Yong
Email: ruhong@ntu.edu.sg
Government Credit and Trade War


Yu Luping, Yu Luping
Email: wangzg@hku.hk
Deregulating the Open Market Stock Repurchase Restriction Around the World: The Effects on Firm Value and Behaviors




Zakriya Mohammed, Zakriya Mohammed
Email: ariadna.dumitrescu@esade.edu
Governance, Information Flow and Stock Returns: Evidence from a Natural Experiment


Zenios Stavros, Pagliardi Giovanni, Zenios Stavros
Email: vito.gala@gmail.com
Politics Policy and International Stock Returns


Zhang Longwen, Wei Minghai
Email: zhlongw@mail2.sysu.edu.cn
How Analyst Recommendations Respond to Corporate Uncertainty Caused by Investment Behavior: Currying Favor with Management or Conflicts of Interest from Connections


Zhang Xiang, Liu Lu
Email: xiangzhang@swufe.edu.cn
Financialization and Commodity Excess Spillovers


Zhang Hai, Chen Bingzheng, Hu Yi, Zhang Hai
Email: chenz.14@sem.tsinghua.edu.cn
Three-fund Constant Proportion Portfolio Insurance Strategy


Zhao Ruoran, Hou Wenxuan
Email: Ruoran.Zhao@ed.ac.uk
Socially Responsible Initial Coin Offerings


Zhao Yunfei, Walker Thomas, Zhao Yunfei
Email: carlajjoub@gmail.com
Social Media Posts and Stock Returns: The Trump Factor


Email: p.zimmermann@ieseg.fr
The Role of the Leverage Effect in the Price Discovery Process of Credit Markets