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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

Participants

Paper


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?



       

Participants

Paper


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?



       

Participants

Paper


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
Email:
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?



       

Participants

Paper


Dai Na, Dai Na, Nahata Raj
Email:
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
INFORMATION ASYMMETRY INDEX: The View of Market Analysts



       


Dedman Elisabeth, Hua Shan, Livne Gilad, Kungwal Thanamas
Email: e.dedman@surrey.ac.uk
WHY DO UK FIRMS REPURCHASE THEIR OWN SHARES?



       


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



       

Participants

Paper


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



       

Participants

Paper


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



       

Participants

Paper


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



       

Participants

Paper


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
Email:
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?



       

Participants

Paper

Participants

Paper


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



       

Participants

Paper


Kalimipalli Madhu, Dodd Olga, Kalimipalli Madhu
Email: wchan@wlu.ca
EVALUATING THE IMPACT OF POST-CRISIS GROWTH IN EMERGING MARKET CORPORATE DEBT



       


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



       

Participants

Paper


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
Email:
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
Email:
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



       

Participants

Paper


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
Email:
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
PREDATORY TRADE FINANCE: THE IMPACT OF BARGAINING POWER AND FINANCING CONSTRAINTS ON THE DEMAND AND SUPPLY OF TRADE CREDIT



       


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



       

Participants

Paper


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?



       

Participants

Paper


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



       

Participants

Paper


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
Email:
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



       

Participants

Paper

Participants

Paper


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
Email:
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
Email:
American Options and Stochastic Interest Rates



       


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



       


RUBIO ANDRES, RUBIO ANDRES
Email:
VALUE OF THE FIRM WITH CORPORATE TAXES AND CONTINGENT VALUATION APPROACH



       


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
Email:
Valuation of football players in financial statements: the power of the crowd versus transfer fees



       

Participants

Paper


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
Email:
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
Email:
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



       

Participants

Paper


TAMINI Arnaud, PETEY Jo?l
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



       


Triantafillou Anna, ANDREAS ANDRIKOPOULOS,TAMARA MARIA CASASOLA ,ANNA MERIKA ,ANNA TRIANTAFYLLOU
Email: atriant@acg.edu
AGENCY COSTS IN THE HOSPITALITY INDUSTRY



       


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



       

Participants

Paper


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



       

Participants

Paper


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



       

Participants

Paper


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?



       

Participants

Paper


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



       

Participants

Paper


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



       

Participants

Paper


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



       


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