29th Annual Global Finance Conference Program
Top Papers
Foreign Bias in Equity Portfolios: Informational Advantage or Familiarity Bias?
Martijn Boermans (De Nederlandsche Bank), Ian Cooper(London Business School), Piet Sercu (KU Leuven), Rosanne Vanpee (KU Leuven)
Ali Fatemi (DePaul University), Iraj Fooladi> (Dalhousie University), Yonggan Zhao (Dalhousie University)
Wolfgang Bessler (University of Hamburg)
Mandatory Pension Saving and Homeownership
Bjarne Astrup Jensen (Universität Konstanz and Copenhagen Business School), Bjarne Astrup Jensen (Copenhagen Business School), Marlene Koch (Universität Konstanz)
Anita Mendiratta (Indian Institute of Technology, Delhi), Shveta Singh (Indian Institute of Technology, Delhi), Surendra Yadav (Indian Institute of Technology, Delhi), Arvind Mahajan (Texas A&M University)
Endogenous Dynamic Concentration of the Active Fund Management Industry
David Feldman (UNSW Sydney), Jingrui Xu (Xiamen University)
Michael Frenkel (WHU - Otto Beisheim School of Management), Haiko Stefan (WHU - Otto Beisheim School of Management)
PROGRAM
Day 1 - Monday, June 20, 2022
09:00 - Parallel Sessions A
10:30 - Break
11:00 - Parallel Sessions B
12:30 - Break
14:00 - Parallel sessions C
15:30 - Break
16:00 - Parallel Sessions D
18:30 - Welcome Reception
The Welcome Reception will take place at the Nogueira da Silva Museum. Buses depart from the conference venue at 18:00.
Day 2 - Tuesday, June 21, 2022
9:00 - Parallel Sessions E
10:30 - Break
11:00 - Special session on Sustainability and Corporate Social Responsibility
12:00 - Break
14:00 - Parallel Sessions F
15:30 - Break
16:00 - Keynote Address
Special session on Sustainability and Corporate Social Responsibility
Room B1
Ali Fatemi (DePaul University)
Iraj Fooladi (Dalhousie University)
Manuchehr Shahrokhi (California State University, Fresno)
Keynote Address
Room B1
Climate Financial Risk: Portfolios and Stress Tests
Robert Engle (New York University)
Day 3 - Wednesday, June 22, 2022
09:00 - Parallel Sessions G
10:30 - Break
11:00 Parallel Special Session B/C
Parallel Special Session B
Room B1: Special Session on Corporate Governance
Lemma Senbet (University of Maryland)
Parallel Special Session C
Room B2: Special session on Real Options and M&As
Dean Paxson (University of Manchester)
Lenos Trigeorgis (University of Cyprus)
Paulo J. Pereira (University of Porto)
Program Matrix
Monday, June 20, 2022
A: 09:00 - 10:30
A1 - Sustainability and Corporate Social Responsibility I 0.01
A2 - Risk, Debt and Interest Rates 0.03
A3 - Mergers and Acquisitions and Corporate Investments 0.05
A4 - Securities Issues, Private Equity and Foreign Investment 0.07
B: 11:00 - 12:30
B1 - Risk and Asset Pricing 0.01
B2 - Financial Markets 0.03
B3 - Volatility and Risk Measures 0.05
B4 - Derivatives I 0.07
C: 14:00 - 15:30
C1 - Sustainability and Corporate Social Responsibility II 0.01
C2 - Blockchain and Cryptocurrencies 0.03
C3 - Corporate Governance and Dividend Policy 0.05
C4 - Mutual Funds and Social Responsibility 0.07
C5 - Fintech, Artificial Intelligence and Machine Learning 0.15
D: 16:00 - 17:30
D1 - Derivatives and Real Options 0.01
D2 - Entrepreneurship and Crowdfunding 0.03
D4 - Behavioral Finance I 0.07
Tuesday, June 21, 2022
E: 09:00 - 10:30
E1 - Corporate Social Responsibility and Ethics 0.01
E2 - Behavioral Finance II 0.03
E3 - Global Finance 0.05
E4 - Banking II 0.07
E5 - Corporate Governance and Shareholder Activism 0.11
F: 14:00 - 15:30
F1 - Corporate Social Responsibility/ESG 0.01
F2 - Empirical Finance 0.03
F3 - Accounting and Finance 0.05
F4 - Empirical Asset Pricing 0.07
F5 - Banking and Cryptocurrencies 0.11
Wednesday, June 22, 2022
G: 09:00 - 10:30
G1 - Sustainability and Corporate Social Responsibility III 0.01
G2 - Banking III 0.03
G3 - Corporate Governance 0.05
G4 - Sustainability and Corporate Social Responsibility IV 0.07
G5 - Venture Capital and Innovation 0.11
G6 - Corporate finance and performanceB2
Sessions
Monday
Session A1: Sustainability and Corporate Social Responsibility I
Room: 0.01
Session Chair: Johannes A. Barg (University of Hamburg)
CSR and Financial Crisis: Worldwide Evidence from Covid-19 Pandemic
Niccolo Nirino (University of Turin), Nicola Miglietta (University of Turin), João Paulo Vieito (Polytechnic Institute of Viana do Castelo)
Discussant: Johannes A. Barg (University of Hamburg)
Factor Exposures of Environmental, Social, and Governance (ESG) Indexes
Asli Ascioglu (Bryant University), Kemal Saatcioglu (Rhode Island College)
Discussant: Asli Ascioglu (Bryant University)
Board Ancestral Diversity and Voluntary Greenhouse Gas Emission Disclosure
Johannes A. Barg (University of Hamburg), Wolfgang Drobetz (University of Hamburg), Sadok El Ghoul (University of Alberta), Omrane Guedhami (University of South Carolina)
Discussant: Kemal Saatcioglu (Rhode Island College)
How Pervasive Is Greenwashing? an Examination of Short Selling Based on Environmental, Social, and Governance (Esg) Ratings
Asli Ascioglu (Bryant University), Juan Gonzalez (Bryant University), Kemal Saatcioglu (Rhode Island College)
Discussant: João Paulo Vieito (Polytechnic Institute of Viana do Castelo)
Session A2: Risk, Debt and Interest Rates
Room: 0.03
Session Chair: Julian Fernandez (Copenhagen Business School)
A New Approach to Markowitz Portfolio Optimization Using Ruin-Based Outcomes
Abraham Hernández-Pacheco (ISEG & CEMAPRE; President of VITALIS Expertos en Pensiones; Past Chairman of PBSS-International Actuarial Association), Roberto Carcache (Researcher at VITALIS Expertos en Pensiones; Member of PBSS-International Actuarial Association)
Discussant: Julian Fernandez (Copenhagen Business School)
The Cspp Impact on Non-Financial Firms’ Cost of Borrowing and Debt Choice
Joana Kanda (Universidade Católica Portuguesa, Católica Porto Business School), João Pinto (Universidade Católica Portuguesa, Católica Porto Business School and CEGE), Beatriz Silva (Universidade Católica Portuguesa, Católica Porto Business School)
Discussant: Roberto Carcache (VITALIS Expertos en Pensiones)
Price Elasticity of Demand and Risk-Bearing Capacity in Sovereign Bond Auctions
Rui Albuquerque (Boston College), José-Miguel Cardoso-Costa (Banco of Portugal), Jose Faias (Catolica Lisbon SBE)
Discussant: João Pinto (Católica Porto Business School)
Exchange Rate Uncertainty, Uncovered Interest Rate Parity, and Fx Interventions
Julian Fernandez (Copenhagen Business School)
Discussant: Jose Faias (Catolica Lisbon SBE)
Session A3: Mergers and Acquisitions and Corporate Investments
Room: 0.05
Session Chair: Artur Rodrigues (University of Minho)
Do Earnouts Create the Right Incentives?: Earnings Management Around Earnout-Based Acquisitions
António Pedro Coelho (University of Minho), Gilberto Loureiro (University of Minho)
Discussant: Gabriele Lattanzio (Nazarbayev University)
M&A and Cybersecurity Risk: Empirical Evidence
Gabriele Lattanzio (Nazarbayev University), Jerome Taillard (Babson College)
Discussant: António Pedro Coelho (University of Minho)
Ipo Firms and the Desire to Acquire: Evidence from Germany
Fatemeh Zare (Technical University of Darmstadt), Linus Köke (Technical University of Darmstadt), Berkay Ulusoy (Technical University of Darmstadt), Daniel Vollmer (Technical University of Darmstadt)
Discussant: Artur Rodrigues (University of Minho)
Investment and Leverage with Caps and Floors
Artur Rodrigues (University of Minho)
Discussant: Fatemeh Zare (Technical University of Darmstadt)
Session A4: Securities Issues, Private Equity and Foreign Investment
Room: 0.07
Session Chair: Carlos Gutierrez Mangas (University of Chicago)
Deviations from the Law of One Price: Chinese Cross-Listings and the Ah Ratio as an Equity Return Factor
Carlos Gutierrez Mangas (University of Chicago)
Discussant: Michael Silva (Universidade Regional de Blumenau - FURB)
The Impact of the Brexit Referendum on Uk Greenfield Foreign Direct Investment Inflows - Insights from a County Perspective
Michael Frenkel (WHU - Otto Beisheim School of Management), Haiko Stefan (WHU - Otto Beisheim School of Management)
Discussant: Carlos Gutierrez Mangas (University of Chicago)
Influence of the Investor’s Short-Term Horizon on Ipo Performance: an Emerging Markets Perspective
Michael Silva (Universidade Regional de Blumenau - FURB), Tarcísio Silva (Universidade Regional de Blumenau - FURB)
Discussant: Haiko Stefan (WHU - Otto Beisheim School of Management)
Session B1: Risk and Asset Pricing
Room: 0.01
Session Chair: Giuliano Curatola (University of Siena)
Learning from Heightened Equity Premium
Beatrice Sagna (Universite Paris Dauphine PSL)
Discussant: Michael Silva (Universidade Regional de Blumenau - FURB)
Risk and Risk-Reward in Finance Theory. the Nobel Prize Lecture by Merton H. Miller – 30 Years Later.
Tomasz Berent (Warsaw School of Economics, Poland)
Discussant: Beatrice Sagna (Universite Paris Dauphine PSL)
Asset Prices when Large Investors Interact Strategically
Giuliano Curatola (University of Siena)
Discussant: Tomasz Berent (Warsaw School of Economics)
The Influence of the Dynamic Structure of Capital on the Economic Performance of the European and Brazilian Companies Listed on Stock Market
Roberto Soares Júnior (Regional University of Blumenau - FURB/BRAZIL), Tarcisio da Silva (Regional University of Blumenau - FURB), Maycon da Rosa (Regional University of Blumenau - FURB/BRAZIL), Michael Silva (Regional University of Blumenau - FURB/BRAZIL)
Discussant: Giuliano Curatola (University of Siena)
Session B2: Financial Markets
Room: 0.03
Session Chair: David Feldman (UNSW Sydney)
Endogenous Dynamic Concentration of the Active Fund Management Industry
David Feldman (UNSW Sydney), Jingrui Xu (Xiamen University)
Discussant: Antonio Figueiredo (Nova Southeastern University)
Externalities of Foreign Institutional Ownership: Evidence from Supplier Innovation
Bingxuan Lin (University of Rhode Island), Minghai Wei (Sun Yat-sen University), Xiaowei Xu (University of Rhode Island), Zhaoying Yi (Capital University of Economics and Business)
Discussant: David Feldman (UNSW Sydney)
Do Financial Markets Anticipate Corporate-Related Decisions of the United States Supreme Court?
Kate Suslava (Bucknell University), Yehuda Davis (Yeshiva University), Suresh Govindaraj (Rutgers University)
Discussant: Bingxuan Lin (University of Rhode Island)
Global Portfolio Optimization Via Fx Option Implied Volatilities
Antonio Figueiredo (Nova Southeastern University), Brice Dupoyet (Florida International University), Ali Parhizgari (Florida International University)
Discussant: Kate Suslava (Bucknell University)
Session B3: Volatility and Risk Measures
Room: 0.05
Session Chair: Wolfgang Schadner (University of St. Gallen)
Expected Randomness
Wolfgang Schadner (University of St. Gallen)
Discussant: Lykourgos Alexiou (University of Liverpool Management School)
Nailing down Volatile Temperatures: Examining Their Effects on Asset Prices
Leonardo Bortolan (University of Bologna), Atreya Dey (University of Edinburgh Business School), Luca Taschini (London School of Economics & University of Edinburgh Business School)
Discussant: Wolfgang Schadner (University of St. Gallen)
What Are the Events that Shake Our World? Measuring and Hedging Geovol
Susana Campos Martins (University of Oxford)
Discussant: Atreya Dey (University of Edinburgh Business School)
Pricing Event Risk: Evidence from Concave Implied Volatility Curves
Lykourgos Alexiou (University of Liverpool Management School), Alexandros Kostakis (University of Liverpool Management School), Amit Goyal (Swiss Finance Institute, University of Lausanne), Leonidas Rompolis (Athens University of Economics and Business)
Discussant: Susana Campos Martins (University of Oxford)
Session B4: Derivatives I
Room: 0.07
Session Chair: Andreas Christopoulos (Yeshiva University)
Synthetic Cap Rate Indices (1991-Covid Era)
Andreas Christopoulos (Yeshiva University - Sy Syms School of Business), Joshua Barratt (Barratt Consulting), Daniel Ilut (Cornell University)
Discussant: Mário Fernandes (Iscte - Instituto Universitário de Lisboa)
Two-Side Filtration Model of Financial Asset Pricing with Idiosyncratic Noise
Pavel Levin (St John’s University)
Discussant: Andreas Christopoulos (Yeshiva University)
Economic Analysis of Public Service Obligations on Air Transport Using Real Option Analysis
André Oliveira (University of the Azores), Gualter Couto (University of the Azores), Pedro Pimentel (University of the Azores)
Discussant: Pavel Levin (St John’s University)
Modeling Energy Futures Prices Under Alternative Time-Varying Volatility Dynamics
Mário Fernandes (Business Research Unit (ISCTE)), José Dias (Business Research Unit and ISCTE), João Nunes (Business Research Unit and ISCTE)
Discussant: André Oliveira (University of the Azores)
Session C1: Sustainability and Corporate Social Responsibility II
Room: 0.01
Session Chair: Carlos Alves (University of Porto)
Zero Leverage on SMEs: Is Sustainable Development Influencing the Phenomenon?
Flávio Morais (University of Beira Interior, Department of Management and Economics), Luís Marques (University of Beira Interior, Department of Management and Economics), Zélia Serrasqueiro (University of Beira Interior, Department of Management and Economics), Joaquim Ramalho (Department of Economics & Business Research Unit (BRU-IUL), Instituto Universitário de Lisboa (ISCTE-IUL),)
Discussant: Ana Dinis (Polytechnic Institute of Cávado and Ave (IPCA))
Commitment to ESG and CEO Compensation: Wealth Generation or Reallocation?
Carlos Alves (University of Porto), Joaquim Fontes-Filho (Fundação Jetúlio Vargas, Rio de Janeiro, Brasil)
Discussant: Flávio Morais (University of Beira Interior)
Company-Level Ghg Emissions and an Institutional Investor’s Active Ownership Objective: Long-Term Shareholder, Socially Responsible Investor, Common Owner or Stakeholder-Oriented Shareholder?
Robert Annabel (University of New South Wales), Arghya Ghosh (University of New South Wales), Anthony Asher (University of New South Wales)
Discussant: Carlos Alves (University of Porto)
Tax Law and the Environment: Car Taxation in Portugal
Ana Dinis (Research Centre on Accounting and Taxation (CICF), Polytechnic Institute of Cávado and Ave (IPCA)), Sara Dias (Research Centre for Justice and Governance (JusGov), University of Minho; Polytechnic Institute of Cávado and Ave (IPCA))
Discussant: Robert Annabel (University of New South Wales)
Session C2: Blockchain and Cryptocurrencies
Room: 0.03
Session Chair: Monzurul Hoque (Saint Xavier University)
Cryptocurrency Valuation: an Explainable Ai Approach
Luyao Zhang (Duke Kunshan University), Yulin Liu (SciEcon CIC and Bochsler Finance)
Discussant: Monzurul Hoque (Saint Xavier University)
Are Decentralized Finance Really Decentralized? a Social Network Analysis of Aave Protocol on Ethereum Blockchain
Ziqiao Ao (Duke Kunshan University), Gergely Horvath (Duke Kunshan University), Luyao Zhang (Duke Kunshan University)
Discussant: Luyao Zhang (Duke Kunshan University)
Cryptocurrencies: Composition of Investment Portfolios – Covid Challenges
Marco Santos (Universidade Aveiro), Mara Madaleno (Universidade de Aveiro and GOVCOPP), Júlio Lobão (Faculdade de Economia, Universidade do Porto)
Discussant: Luyao Zhang (Duke Kunshan University)
Antebellum Free Banking in a World of Ai and Blockchain – a Second Coming?
Monzurul Hoque (Saint Xavier University, Chicago)
Discussant: Marco Santos (Universidade Aveiro)
Session C3: Corporate Governance and Dividend Policy
Room: 0.05
Session Chair: Marco Rispoli (University of Milano-Bicocca)
Determinants of Dividend Payout Policy: Evidence from Emerging Markets of G20 Bloc
Wagner Dantas de Souza Junior (Regional University of Blumenau), Mohamed Mehdi Hijazi (University of Barcelona), Tarcísio Pedro da Silva (Regional University of Blumenau)
Discussant: Maria Elisabete Neves (Polytechnic of Coimbra)
Debt Maturity and Cost-Complementarities
Marco Rispoli (University of Milano-Bicocca)
Discussant: Mohamed Mehdi Hijazi (University of Barcelona)
Geographic Matching Between Firm Internationalization and Board Foreignness
Hong Zhao (NEOMA Business School), Samia Belaounia (NEOMA Business School)
Discussant: Marco Rispoli (University of Milano-Bicocca)
Corporate Governance and Corporate Social Responsibility on Iberian Corporate Performance: Panel Data Evidence
Maria Elisabete Neves (Polytechnic of Coimbra, Coimbra Business School Research Centre| ISCAC, Coimbra Portugal.), Adriana Santos (NA), Catarina Proença (NA), Carlos Pinho (NA)
Discussant: Samia Belaounia (NEOMA Business School)
Session C4: Mutual Funds and Social Responsibility
Room: 0.07
Session Chair: Iraj Fooladi (Dalhousie University)
Performance Persistence and Style Consistency of Indian Fixed Income Mutual Funds – a Longitudinal Study
Mayank Patel (J G University, Ahmedabad, India.), Vinodh Madhavan (Amrut Mody School of Management, Ahmedabad University, India), Supratim Das Gupta (Amrut Mody School of Management, Ahmedabad University, India)
Discussant: Michael Prendergast (NA)
Relationship Between Engagements in Corporate Social Irresponsibility, Corporate Social Responsibility, and Firm Value
Anita Mendiratta (Indian Institute of Technology, Delhi), Shveta Singh (Indian Institute of Technology, Delhi), Surendra Yadav (Indian Institute of Technology, Delhi), Arvind Mahajan (Texas A&M University)
Discussant: Mayank Patel (J G University)
Performance of Sri Funds Under Different Economic Regimes Determined Macroeconomic Factors that Follow First-Order K-State Markov Chain
Ali Fatemi (DePaul University), Iraj Fooladi (Dalhousie University), Yonggan Zhao (Dalhousie University)
Discussant: Arvind Mahajan (Texas A&M University)
Mutual Fund Allocations that Maximize Safe Portfolio Returns
Michael Prendergast (Self)
Discussant: Nargess Kayhani (Mount Saint Vincent University)
Session C5: Fintech, Artificial Intelligence and Machine Learning
Room: 0.15
Session Chair: Javier Gil-Bazo (Universitat Pompeu Fabra)
Beyond Proptech: Asymmetries in Financing Real Estate Innovation
Thomas Hall (Christopher Newport University)
Discussant: Monzurul Hoque (Saint Xavier University)
Ai in Business Management
Ralf Wandmacher (accadis Hochschule Bad Homburg), Christian Sturm (accadis Hochschule Bad Homburg), Philipp Weber (accadis Hochschule Bad Homburg)
Discussant: Thomas Hall (Christopher Newport University)
Machine Learning and Fund Characteristics Help to Select Mutual Funds with Positive Alpha
Victor DeMiguel (London Business School), Javier Gil-Bazo (Universitat Pompeu Fabra), Francisco J. Nogales (Universidad Carlos III de MadridAndre), Andre A. P. Santos (University of Edinburgh Business School and Department of Economics, Universidade Federal de Santa Catarina)
Discussant: Christian Sturm (accadis Hochschule Bad Homburg)
Session D1: Derivatives and Real Options
Room: 0.01
Session Chair: Dean Paxson (Alliance Manchester Business School)
Dynamic Debt with Intensity Based Models
João Reis (Instituto Universitário de Lisboa (ISCTE-IUL) & Business Research Unit (BRU-IUL), Lisboa, Portugal), José Dias (Instituto Universitário de Lisboa (ISCTE-IUL) & Business Research Unit (BRU-IUL), Lisboa, Portugal)
Discussant: Dean Paxson (Alliance Manchester Business School)
Auctions and Real Options: Bidding for Feed-In Tariff
Luciana Barbosa (Business Research Unit (BRU-IUL) and Iscte - Instituto Universit ́ario de Lisboa), Cláudia Nunes (CEMAT and Instituto Superior Técnico, Universidade de Lisboa), Artur Rodrigues (NIPE and School of Economics and Management, University of Minho), Alberto Sardinha (INESC-ID and Instituto Superior Técnico, Universidade de Lisboa)
Discussant: João Reis (Iscte - Instituto Universitário de Lisboa)
Real Layered Collar Options
Dean Paxson (Alliance Manchester Business School, University of Manchester), Roger Adkins (School of Management, University of Bradford)
Discussant: Luciana Barbosa (Iscte - Instituto Universitário de Lisboa)
Session D2: Entrepreneurship and Crowdfunding
Room: 0.03
Session Chair: Thomas Hall (Christopher Newport University)
Estimation of Default and Pricing for Invoice Trading (P2b) in Crowdlending Platforms
Cristian Marques (Universidade de Santiago de Compostela), Luis Otero (Universidade de Santiago de Compostela), Pablo Durán (Universidade de Santiago de Compostela)
Discussant: Ashay Kadam (Goa Institute of Management)
What Determines Global Flows of Entrepreneurial Finance?
Thomas Hall (Christopher Newport University)
Discussant: Cristian Marques (Universidade de Santiago de Compostela)
The Economic Angel Investor Approaches: Economic or Strategic.
Hamilcar Vaz do Vale (Universidade de São Paulo USP), Roy Martelanc (Universidade de São Paulo)
Discussant: Thomas Hall (Christopher Newport University)
Effect of Caste on Access to Finance for Enterprises in India’s Unorganised Sector
Ashay Kadam (Faculty of Finance, Goa Institute of Management, India), Prakash Singh (Faculty of Economics, Goa Institute of Management, India), Jayati Chatterjee (Humanities and Social Sciences, Indian Institute of Technology Madras, India.)
Discussant: Hamilcar Vaz do Vale (Universidade de São Paulo)
Session D3: Banking I
Room: 0.05
Session Chair: Alain Schatt (HEC Lausanne)
Which Factors Play a Role in Coco Issuance? Evidence from European Banks.
Theo Vermaelen (INSEAD), Sara Wagner (BIL), Christian Wolff (University of Luxembourg)
Discussant: Alain Schatt (HEC Lausanne)
Bank Ownership and Control in an Emerging Market: Changes in Risk and Return
Basak Tanyeri Gunsur (Bilkent University), Aslihan Salih (TED University)
Discussant: Christian Wolff (University of Luxembourg)
The Carrot and the Stick: Bank Bailouts and the Disciplining Role of Board Appointments
Christian Mücke (Goethe University Frankfurt - GSEFM and Leibniz Institute for Financial Research SAFE e.V.), Loriana Pelizzon (Leibniz Institute for Financial Research SAFE e.V., Goethe University Frankfurt, Ca’ Foscari University of Venice, and CEPR), Vincenzo Pezone (Tilburg University), Anjan Thakor (Washington University in St. Louis, ECGI, FTG Fellow, and MIT LFE research affiliate)
Discussant: Basak Tanyeri Gunsur (Bilkent University)
Audit Effort in Global Systemic Banks
Gerald Lobo (University of Houston), Romain Oberson (University of Québec), Alain Schatt (HEC Lausanne)
Discussant: Christian Mücke (Goethe University Frankfurt)
Session D4: Behavioral Finance I
Room: 0.07
Session Chair: Renata Herrerias (ITAM)
Björn Borg Vs. New Wave Group: Stock Ownership and Company Name Fluency
H. Kent Baker (American University), Adri De Ridder (Uppsala University, Campus Gotland), Auke Plantinga (University of Groningen)
Discussant: Robinson Reyes Pena (Florida International University)
The Effect of Personality Traits on Household Finance: Evidence from Europe
Rashed Ashqar (University of Porto), Júlio Lobão (University of Porto)
Discussant: Adri De Ridder (Uppsala University)
Financial Behavior and the Misconception of Financial Inclusion
Renata Herrerias (ITAM, Department of Business Administration), Cecilia M. O. Alvarez (ITAM, Department of Business Administration)
Discussant: Rashed Ashqar (University of Porto)
Hot Potatoes: Underpricing of Stocks Following Extreme Negative Returns
Mustafa Caglayan (Florida International University), Edward Lawrence (Florida International University), Robinson Reyes Pena (Florida International University)
Discussant: Renata Herrerias (ITAM)
Tuesday June 21, 2022
Session E1: Corporate Social Responsibility and Ethics
Room: 0.01
Session Chair: Charli Tandja (UQO)
Does It Pay to Be Green? the Impact of Equator Principles on Project Loans
Gabriel Power (Laval University, Canada), Charli Tandja (UQO, Canada)
Discussant: Bijitaswa Chakraborty (Indian Institute of Technology Kharagpur)
Too Invested to Change: the Role of Uncertainty Avoidance on Firms’ Greenhouse Gas Emissions
Marcos Velazquez (Florida International University), Arun Upadhyay (Florida Intenational University), Abu Amin (Central Michigan University)
Discussant: Luis Vicente (University of Zaragoza)
Does the Information in the Csr Disclosure Designate Value Relevance or Impression Management: a Content Analysis Approach in the Indian Context
Bijitaswa Chakraborty (Indian Institute of Technology Kharagpur, India), Titas Bhattacharjee (Indian Institute of Technology Kharagpur, India)
Discussant: Marcos Velazquez (Florida International University)
Ethical Window Dressing: Sri Funds Are as Good as Their Word
Fernando Muñoz (University of Zaragoza (Spain)), Cristina Ortiz (University of Zaragoza (Spain)), Luis Vicente (University of Zaragoza (Spain))
Discussant: Charli Tandja (UQO)
Session E2: Behavioral Finance II
Room: 0.03
Session Chair: Cristiana Cerqueira Leal (University of Minho)
How Retail Investors Affect Stock Market?
Xiaozhou Zhou (Faculty of Management (ESG),University of Quebec at Montreal), Feng Zhan (University of Western Ontario), Chang Chan (Department of Finance and Cooperative Management, National Taipei University)
Discussant: Cristiana Cerqueira Leal (University of Minho)
Can Salience Theory Explain Investor Behaviour? Real-World Evidence from the Cryptocurrency Market
Rongxin Chen (University of Southampton), Chung-Ching Tai (University of Southampton), Gabriele Lepori (University of Southampton), Ming-Chien Sung (University of Southampton)
Discussant: Feng Zhan (University of Western Ontario)
Evolution of Investor Sentiment: a Systematic Literature Review and Bibliometric Analysis
Nhan Huynh (Department of Applied Finance, Macquarie Business School, Macquarie University, Australia)
Discussant: Rongxin Chen (University of Southampton)
The Impact of Financial Literacy and Personality Traits on Financial Behaviour
Ana Isabel Araújo (University of Minho), Cristiana Cerqueira Leal (NIPE & EEG, University of Minho)
Discussant: Nhan Huynh (Macquarie University)
Session E3: Global Finance
Room: 0.05
Session Chair: Caroline Orth (Universidade Federal do Rio Grande do Sul (UFRGS))
Evolution of Institutionalist Thought: Ceremonial-Instrumental Dichotomy of the Veblen-Ayres Tradition
Caroline Orth (Universidade Federal do Rio Grande do Sul), Clea Macagnam (Universidade do Vale do Rio dos Sinos), Fabiano Coelho (Universidade do Vale do Rio dos Sinos), Marlla Feitosa (Universidade do Vale do Rio dos Sinos)
Discussant: Manuel Graça (University of Porto)
Measuring Financial Cycles: Empirical Evidence for Germany, United Kingdom and United States of America
Tiago Dutra (Instituto Universitario de Lisboa (ISCTE-IUL)), Jose Carlos Dias (Instituto Universitario de Lisboa (ISCTE-IUL)), Joao Teixeira (Universidade dos Açores (SBE))
Discussant: Caroline Orth (Universidade Federal do Rio Grande do Sul (UFRGS))
Impact of Mobile Money on Resilience to Health Shocks in Sub-Saharan Africa: Evidence from Togo
Ayi Gavriel Ayayi (Université du Québec à Trois Rivières, Québec, Canada), Hamitande Dout (Université du Québec à Trois Rivières, Québec, Canada), Mawuli Kodjovi Couchoro (Université de Lomé, Togo), Pagnamam Yekpa (Université de Lomé, Togo)
Discussant: Tiago Dutra (Iscte - Instituto Universitário de Lisboa)
Sustainability and Organizational Ambidexterity: the Relevance for the Analysis in the Field of Finance
Manuel Graça (Faculdade de Economia da Universidade do Porto), Isabel Correia (Universidade do Minho, Escola de Economia e Gestão)
Discussant: Pagnamam Yekpa (Université de Lomé)
Session E4: Banking II
Room: 0.07
Session Chair: Bjarne Astrup Jensen (Copenhagen Business School)
Forecasting Crash Risk in U.s. Bank Returns - the Role of Credit Booms
Marius Mihai (Widener University), Iqbal Mansur (Widener University)
Discussant: Filipe Correia (University of Georgia)
Mandatory Pension Saving and Homeownership
Bjarne Astrup Jensen (Universität Konstanz and Copenhagen Business School), Bjarne Astrup Jensen (Copenhagen Business School), Marlene Koch (Universität Konstanz)
Discussant: Marius Mihai (Widener University)
Technology Use, Performance and Profitability in the South Asian Banking Sector: Partial Least Squares Analysis
Piyadasa Edirisuriya (Monash University)
Discussant: Bjarne Astrup Jensen (Copenhagen Business School)
The Online Payday Loan Premium
Filipe Correia (University of Georgia), Peter Han (University of Illinois), Jialan Wang (University of Illinois)
Discussant: Piyadasa Edirisuriya (Monash University)
Session E5: Corporate Governance and Shareholder Activism
Room: 0.11
Session Chair: Wolfgang Bessler (University of Hamburg)
Do Registered Investment Funds Undermine Shareholder Activism? Evidence from Hedge Fund Proposals
Gilberto Loureito (Associate Professor of Finance, University of Minho & NIPE), Cesar Mendonça (Ph.D. candidate, University of Minho & NIPE)
Discussant: Wolfgang Bessler (University of Hamburg)
Corporate Control and Shareholder Activism in Germany: an Empirical Analysis of Hedge Fund Strategies
Wolfgang Bessler (University of Hamburg)
Discussant: Feixue Xie (The University of Texas at El Paso)
Corruption as Institutional Fragility and Foreign Direct Investment a Study in Developing Countries
Marlla Feitosa (Universidade Federal do Sul e Sudeste do Pará (UNIFESSPA)), Clea Beatriz Macagnam (Universidade do Vale do Rio dos Sinos), Caroline Orth (Universidade Federal do Rio Grande do Sul (UFRGS)), Fabiano Simões Coelho (Universidade do Vale do Rio dos Sinos)
Discussant: Cesar Mendonça (University of Minho)
Impact of Bottom-Up Internal Governance on Risk-Taking and Corporate Decisions
Md Raihan Uddin Chowdhury (The University of Texas at El Paso), Feixue Xie (The University of Texas at El Paso)
Discussant: Marlla Feitosa (Universidade do Vale do Rio dos Sinos)
Session F1: Corporate Social Responsibility/ESG
Room: 0.01
Session Chair: Florinda Silva (University of Minho)
In Search of Inclusive ESG Ratings: Solving the Csr-Financial Performance Link
Pablo Vilas (University of Zaragoza), Laura Andreu (University of Zaragoza), José L. Sarto (University of Zaragoza)
Discussant: Maria Ceu Cortez (University of Minho)
Disagreement in Mutual Fund Sustainability Labelling
Sofia Brito-Ramos (ESSEC Business School, France), Maria Ceu Cortez (NIPE - School of Economics and Management, University of Minho), Florinda Silva (NIPE - School of Economics and Management, University of Minho)
Discussant: José L. Sarto (University of Zaragoza)
Effects of Corporate Social Responsibility on Firms’ Capital Structure Choice
Ana Vinhas (Universidade Aveiro), Mara Madaleno (Universidade de Aveiro and GOVCOPP)
Discussant: Helen Popper (Santa Clara University)
Climate Change Salience and International Equity Returns
David Climate Change Salience and International Equity Returns (Vanderbilt University), Helen Popper (Santa Clara University)
Discussant: Ana Vinhas (Universidade Aveiro)
Session F2: Empirical Finance
Room: 0.03
Session Chair: Atreya Dey (University of Edinburgh Business School)
What Is the Role of Finance and Productivity for Sme Growth?
Zélia Serrasqueiro (University of Beira Interior), Beatriz Pinto (University of Beira Interior), Filipe Sardo (University of Beira Interior)
Discussant: Rogerio Adelino (Universidade Mackenzie)
Non-Financial Information, Financial Analysts’ Industrial Expertise, and Target Price Accuracy
Alain Schatt (HEC Lausanne), Adam Aoun (EHL Hospitality Business School Singapore), Michel DUBOIS (University of Neuchâtel)
Discussant: Zélia Serrasqueiro (University of Beira Interior)
Surging Sovereign Spreads: the Impact of Rising Seas on Sovereign Risk
Atreya Dey (University of Edinburgh Business School)
Discussant: Adam Aoun (EHL Hospitality Business School)
Arbitrage Implications in Pricing of Volatility Futures
Rogerio Adelino (Universidade Mackenzie), Leonardo Cruz Basso (Universidade Mackenzie), Eli Haddad Jr (Universidade Mackenzie)
Discussant: Atreya Dey (University of Edinburgh Business School)
Session F3: Accounting and Finance
Room: 0.05
Session Chair: Eli Hadad Junior (Universidade Presbiteriana Mackenzie)
Benefits of Having a Female Cfo
Kate Suslava (Bucknell University), Joshua Livnat (NYU and PGIM), Julia Klevak (PGIM)
Discussant: Eli Hadad Junior (Universidade Presbiteriana Mackenzie)
Evaluating Brazilian Companies in the Electricity Sector, from the Perspective of Fundamental Analysis, Using Methods of Multicriteria Decision Support.
Felipe Fortuna Lucas (All Investimentos – XP Investimentos), Carlos Francisco Simões Gomes (Federal Fluminense University), Marcos dos Santos (Military Engineering Institute), Solange Fortuna Lucas (Brazilian Institute of Geography and Statistics)
Discussant: Kate Suslava (Bucknell University)
Economic-Financial Performance of Sugar-Energy Companies in the South-Central Region of Brazil
Eli Hadad Junior (Universidade Presbiteriana Mackenzie), Lucas Iugas Correa (NA), Ana Lucia Fontes de Souza Vasconcelos (Universidade Presbiteriana Mackenzie), Paola Richter Londero (Serviço Nacional de Aprendizagem do Cooperativismo no Estado de São Paulo)
Discussant: Felipe Fortuna Lucas (Brazilian Institute of Geography and Statistics)
Session F4: Empirical Asset Pricing
Room: 0.07
Session Chair: Ian Cooper (London Business School)
Fund Trading Divergence and Performance Contribution
Ruth Gimeno (Accounting and Finance Department and Institute of Research in Employment, Digital Society and Sustainability, University of Zaragoza), Laura Andreu (Accounting and Finance Department and Institute of Research in Employment, Digital Society and Sustainability, University of Zaragoza), José Luis Sarto (Accounting and Finance Department and Institute of Research in Employment, Digital Society and Sustainability, University of Zaragoza)
Discussant: Peter Lerner (Anglo-American University)
Foreign Bias in Equity Portfolios: Informational Advantage or Familiarity Bias?
Martijn Boermans (De Nederlandsche Bank), Ian Cooper (London Business School), Piet Sercu (KU Leuven), Rosanne Vanpee (KU Leuven)
Discussant: Ruth Gimeno (University of Zaragoza)
Securities Lending and Trading by Active and Passive Funds
Pekka Honkanen (Terry College of Business, University of Georgia)
Discussant: Ian Cooper (London Business School)
The Market Drives Etfs or Etfs the Market: Causality Without Granger
Peter Lerner (Anglo-American University, Prague)
Discussant: Pekka Honkanen (University of Georgia)
Session F5: Banking and Cryptocurrencies
Room: 0.11
Session Chair: Yassine Bakkar (Queen’s University Belfast)
Borrower- and Lender-Based Macroprudential Policies: What Works Best Against Bank Systemic Risk?
Yassine Bakkar (Queen’s University Belfast)
Discussant: Ricardo Cabral (ISEG, University of Lisbon)
Economic Modelling of the Bitcoin Mining Industry
Louis Bertucci (Institut Louis Bachelier), Charles Bertucci (Ecole Polytechnique), Jean-Michel Lasry (Université Paris-Dauphine), Pierre-Louis Lions (Collège de France)
Discussant: Yassine Bakkar (Queen’s University Belfast)
The Liquidationist ‘Genie’ Within the Eurozone’s Banking Union
Ricardo Cabral (ISEG, University of Lisbon)
Discussant: Louis Bertucci (Institut Louis Bachelier)
Fintech Effect on Paradigm Shift in Edtech
Monzurul Hoque (Saint Xavier University, Chicago)
Discussant: Javier Gil-Bazo (Universitat Pompeu Fabra)
Sok: Blockchain Decentralization
Luyao Zhang (Duke Kunshan University), Xinshi Ma (Duke University), Yulin Liu (NA)
Discussant: Nelson Areal (University of Minho)
Wednesday June 22, 2022
Session G1: Sustainability and Corporate Social Responsibility III
Room: 0.01
Session Chair: Benedito Aguiar Neto (Universidade Presbiteriana Mackenzie)
Sustainability Assessment and Its Relationship with Green Innovation in Its Manufacturing Systems and New Products: the Case of a Brazilian Organization
Maria Célia Oliveira (Universidade Presbiteriana Mackenzie), Alaercio Nicoletti Junior NA (Universidade Presbiteriana Mackenzie), Virgínia do Socorro Motta Aguiar NA (Universidade Presbiteriana Mackenzie), Benedito Guimarães Aguiar Neto NA (Universidade Presbiteriana Mackenzie)
Discussant: Victor Dragotă (Bucharest University of Economic Studies)
Sustainability Trends and Their Synergy with Circular Economy, Esg and Green Innovation Practices
Maria Célia Oliveira (Universidade Presbiteriana Mackenzie), Benedito Aguiar Neto (Universidade Presbiteriana Mackenzie), Virgínia do Socorro Motta Aguiar (Universidade Presbiteriana Mackenzie), André Luís Helleno (Universidade Presbiteriana Mackenzie)
Discussant: Jiawei Wang (University of Iowa)
Egalitarianism, Hierarchy, and Dividend Policy
Victor Dragotă (Bucharest University of Economic Studies, Department of Finance, and Center of Financial and Monetary Research (CEFIMO)), Ingrid-Mihaela Dragotă (Bucharest University of Economic Studies, Department of Finance), Hanaan Yaseen (Bucharest University of Economic Studies, Finance Doctoral School, and Center of Financial and Monetary Research (CEFIMO)), Cosmin-Octavian Cepoi (Bucharest University of Economic Studies, Department of Money and banking, and Center of Financial and Monetary Research (CEFIMO))
Discussant: André Luís Helleno (Universidade Presbiteriana Mackenzie)
Climate Policy Uncertainty and Firm Pollutant Emission
Jiawei Wang (University of Iowa)
Discussant: Maria Célia Oliveira (Universidade Presbiteriana Mackenzie)
Session G2: Banking III
Room: 0.03
Session Chair: Iuliana Ismailescu (Pace University)
Digital-Only Banks – Awareness and the Level of Acceptance: Evidence from Poland
Katarzyna Schmidt-Jessa (Poznań University of Economics and Business), Maciej Stradomski (Poznań University of Economics and Business)
Discussant: Katarzyna Kwiatkowska (Univeristy of Szczecin)
Borrowing Costs and Personal Collateral in Sme Lending
Ana Paula Gama (University of Beira Interior)
Discussant: Katarzyna Schmidt-Jessa (Poznań University of Economics and Business)
Bank Financial Strength Ratings Vs. Credit Ratings: Evidence from the Cds Market
Iuliana Ismailescu (Pace University, USA), John Ruddy (University of Scranton, USA)
Discussant: Ana Paula Gama (University of Beira Interior)
Give Change a Chance - Bank Profitability and Board Changes
Dorota Skała (Univeristy of Szczecin, Institute of Economics and Finance), Urszula Mrzygłód (University of Gdańsk, Faculty of Economics), Joanna Rachuba (Univeristy of Szczecin, Institute of Economics and Finance), Katarzyna Kwiatkowska (Univeristy of Szczecin, Doctoral School, Institute of Economics and Finance)
Discussant: Iuliana Ismailescu (Pace University)
Session G3: Corporate Governance
Room: 0.05
Session Chair: Germán López-Espinosa (Universidad de Navarra - IESE Business School)
Ownership Structure, Board Composition and Ceo Dominance, What Really Matter to Corporate Deleveraging Policies
Aamer Shahzad (Department of Commerce, University of the Punjab, Gujranwala Campus, Pakistan), Main Sajid Nazir (Institute of Administrative Sciences University of the Punjab, Lahore, Pakistan & HEC Montreal, University of Montreal, Canada), Flávio Morais (Department of Management and Economics Universidade da Beira Interior, Portugal), Affaf Asghar Butt (Department of Business Administration University of the Punjab, Gujranwala Campus, Pakistan)
Discussant: Germán López-Espinosa (Universidad de Navarra - IESE Business School)
Challenge Accepted: Impacts of a Strong Minoritary Shareholder
Filipe Ferreira (Universidade de São Paulo), Roy Martelanc (Universidade de São Paulo)
Discussant: Flávio Morais (University of Beira Interior)
The Role of National and Gender Board Diversity on Firm Performance: a Perspective from the Iberian Stock Markets
João Teodósio (Polytechnic Institute of Santarém, School of Management and Technology, Santarém, Portugal), Elisabete Vieira (Higher Institute of Accounting and Administration, University of Aveiro, Aveiro, Portugal), Mara Madaleno (Department of Economics Management and Industrial Engineering, University of Aveiro, Aveiro, Portugal)
Discussant: Filipe Ferreira (Universidade de São Paulo)
Does Managerial Remuneration Affect Corporate Frauds?
Sadrita Deb (Assistant Professor Bharathidasan Institute of Management Tiruchirapalli India), Abhijeet Chandra (Assistant Professor Vinod Gupta School of Management Indian Institute of Technology Kharagpur India)
Discussant: João Teodósio (Polytechnic Institute of Santarém)
Loan Loss Reserves Underprovisioning in U.s. Banks: Managerial Preferences for Gambling
Marina Balboa (Universidad de Alicante), Germán López-Espinosa (Universidad de Navarra - IESE Business School), Antonio Rubia (Universidad de Alicante), Lenos Trigeorgis (University of Cyprus)
Discussant: Sadrita Deb (Bharathidasan Institute of Management)
Session G4: Sustainability and Corporate Social Responsibility IV
Room: 0.07
Session Chair: Arvind Mahajan (Texas A&M University)
A Conceptual Framework for Developing Islamic Venture Capital Roadmap
Khurram Sharif (Qatar University)
Discussant: Samuel Mamede (Mackenzie Presbyterian University)
A Blended Strategy to Improve Financial Performance? Exploring the Impact of Internationalization and Csr
Guillermo Badía (Deusto Business School, University of Deusto (Spain)), Laura Baselga-Pascual (Deusto Business School, University of Deusto (Spain)), Aitor Garmendia-Lazcano (Deusto Business School, University of Deusto (Spain)), Lidia Lobán (Deusto Business School, University of Deusto (Spain))
Discussant: Khurram Sharif (Qatar University)
The Effects of Esg Violations on Firm Value?
Rakesh Mallipeddi (Tulane University), Arvind Mahajan (Texas A&M University), Subodha Kumar (Temple University)
Discussant: Guillermo Badía (University of Deusto)
The Impact of Corruption on Corporate Debt
Samuel Mamede (Mackenzie Presbyterian University), Manuel Armada (University of Minho)
Discussant: Arvind Mahajan (Texas A&M University)
Session G5: Venture Capital and Innovation
Room: 0.11
Session Chair: Eleonora Isaia (University of Torino)
You Can’t Be What You Can’t See: the Role of Gender in the Intergenerational Transmission of Entrepreneurship
Noemi Oggero (Univeristy of Turin)
Discussant: Jie Zhang (Trent University)
Young Generation and Potential Use of Robo-Advisors
Eleonora Isaia (University of Torino, Italy, Department of Management), Noemi Oggero (University of Torino, Italy, Department of Management)
Discussant: Benedito Aguiar Neto (Universidade Presbiteriana Mackenzie)
From Technological Innovation to Product Innovation: the Perking Order of Arm’s Length Financing for Corporate Innovation Process
Denis Schweizer (Concordia University), Aoran Zhang (University of Nottingham), Jie Zhang (Trent University), Yufei Zhao (Concordia University)
Discussant: Eleonora Isaia (University of Torino)
A New Integrated Innovation System Approach with Induced Innovation Policy in the Perspective of Transformative Change
Benedito Aguiar Neto (Universidade Presbiteriana Mackenzie-Escola de Engenharia), Virginia Motta Aguiar (Universidade Presbiteriana Mackenzie-Escola de Engenharia), Manuel José Rocha Armada (Universidade do Minho-Escola de Economia e Gestão)
Discussant: Noemi Oggero (Univeristy of Turin)
Session G6: Corporate finance and performance
Room: B2
Session Chair: Harry Xia (California State University, Fresno)
Insiders and M&A Announcements: What Are Those Insiders Up To?
Ya Gao (University of Manitoba), Xiaozhou Zhou (University of Quebec in Montreal), Jian Song (McMaster University), Jun Wen (Xi’an Jiaotong University)
Discussant: Omid Sabbaghi (University of Detroit Mercy)
Fair Value Accounting and Decision Usefulness for Smes in Macau – from Stakeholders’ Perspective
Tan Cheng Lok (City University of Macau, Macau), Harry Xia (California State University, Fresno, USA)
Discussant: Xiaozhou Zhou (University of Quebec at Montreal)
Overvaluation, Industry Sectors, and the Cross-Section of Volatility: Recent Evidence
Omid Sabbaghi (University of Detroit Mercy, College of Business Administration)
Discussant: Harry Xia (California State University, Fresno)