2010 FMA European Conference Program

Session 01 SPECIAL SESSION Frontiers of Financial Research: Asset Management Thursday, 10 June, 8:30 am - 10:00 am, Amerikahaus
Moderator Laura Starks, Chair - Finance Department, Charles E. & Sara M. Seay Regents’ Chair, and Director, AIM Investment Center University of Texas Austin Panelists Lawrence Kryzanowski, Professor, Concordia University Research Chair in Finance Concordia University John Finnerty, Managing Principal of Finnerty Economic Consulting, LLC, and Professor of Finance and Director of the MS in Finance Program Finnerty Economic Consulting and Fordham University Rolf Banz, Chief Investment Architect at Pictet Asset Management (PAM) Pictet

Session 02
Managerial Talent and Governance
Thursday, 10 June, 8:30 am - 10:00 am, Shanghai
Chairperson Ron Hoffmeister

Is a CEO-Turnover Good or Bad News?
Axel Kind, University of Basel
Yves Schläpfer, University of Basel
Market Timing and Managerial Talent
Amir Rubin, Simon Fraser University
Alexander Vedrashko, Simon Fraser University
Management Quality and Private Placements
Min-Hsien Chiang, National Cheng Kung University
Yen-Po Fang, National Cheng Kung University

Presenter: Yves Schläpfer Presenter: Amir Rubin Presenter: Yen Po Fang

Discussant: J Ronald Hoffmeister, Arizona State University Discussant: Maria Vargas, Universidad de Zaragoza Discussant: Donald Fraser, Texas A&M University

Session 03
Portfolio Optimization
Thursday, 10 June, 8:30 am - 10:00 am, Altes Land I
Chairperson Javier Estrada

Dynamic Jump Risk and Portfolio Allocation
Matthias Kurmann, Swiss Finance Institute
Optimal Portfolios with Traditional and Alternative Investments: An Empirical Investigation
Edwin O. Fischer, University of Graz
Susanne Lind-Braucher, University of Graz
Portfolio Optimization with Serially Correlated, Skewed and Fat Tailed Index Returns
Markus Glawischnig, University of Graz
Immanuel Seidl, University of Graz

Presenter: Matthias Kurmann Presenter: Susanne Lind-Braucher Presenter: Immanuel Seidl

Discussant: Maik Dierkes, Universitat Munster Discussant: Javier Estrada, IESE Business School Discussant: Matthias Kurmann, Swiss Finance Institute

Session 04
Credit Default and Derivatives
Thursday, 10 June, 8:30 am - 10:00 am, Altes Land II
Chairperson Juan Ignacio Pena

Are there Arbitrage Opportunities in Credit Derivatives Markets? A New Test and an Application to the Case of CDS and ASPs
Sergio Mayordomo, Universidad Carlos III de Madrid
Juan Ignacio Peña, Universidad Carlos III de Madrid
Juan Romo, Universidad Carlos III de Madrid
Trading the Bond-CDS Basis - The Role of Credit Risk and Liquidity
Monika Trapp, University of Cologne
Pseudo Maximum Likelihood Estimation of Structural Credit Risk Models with Exogenous Default Barrier
Santiago Forte, ESADE Business School
Lidija Lovreta, ESADE Business School

Presenter: Juan Ignacio Peña Presenter: Monika Trapp Presenter: Lidija Lovreta

Discussant: Monika Trapp, Universitat zu Koln Discussant: Bjorn Imbierowicsz, Goethe University Discussant: Juan Ignacio Pena, Universidad Carlos III

Session 05
Stock Return Behavior
Thursday, 10 June, 8:30 am - 10:00 am, Altes Land III
Chairperson Alexander Kerl

Market Reaction to Patterns of Earnings
Anna Agapova, Florida Atlantic University
Zhanel Mailibayeva, Florida Atlantic University
Market Reactions to Changes in the FTSE SmallCap Index
Ernest N. Biktimirov, Brock University
Boya Li, Brock University
Public Attention, Adverse Selection, and the Pricing of Stocks
Matthias Bank, University of Innsbruck
Georg Peter, University of Innbruck

Presenter: Anna Agapova Presenter: Ernest Biktimirov Presenter: Matthias Bank

Discussant: Alexander Kerl, University of Tuebingen Discussant: Anna Agapova, Florida Atlantic University Discussant: Salla Poyry, HANKEN School of Economics

Session 06
Volatility
Thursday, 10 June, 8:30 am - 10:00 am, Altes Land IV
Chairperson Robin Lumsdaine

Intraday Price and Volume Information for Volatility-Based Trading: Does it Pay?
Elena Kalotychou, Cass Business School
Ana-Maria Fuertes, Cass Business School
Natasha Todorovic, Cass Business School
The Impact of News Announcements on Volatility Spillovers: International Evidence from Implied Volatility Markets
George J. Jiang, University of Arizona
Eirini Konstantinidi, University of Piraeus
George Skiadopoulos, University of Piraeus

Presenter: Elena Kalotychou Presenter: Eirini Konstantinidi

Discussant: Eirini Konstantinidi, University of Piraeus Discussant: Robin L Lumsdaine, American University

Session 07
Financial Distress
Thursday, 10 June, 8:30 am - 10:00 am, Oak Room I
Chairperson Santiago Forte

Can Bankruptcy Codes Create Value? Evidence from Creditors' Recoveries in France, Germany and the UK
RÃ©gis B, University of Strasbourg and EM Strasbourg Business School
JoÃ«l Petey, University of Strasbourg
Laurent Weill, University of Strasbourg and EM Strasbourg Business School
Recovery Determinants of Distressed Banks: Regulators, Market Discipline, or the Environment?
Thomas Kick, Deutsche Bundesbank
Michael Koetter, University of Groningen
Tigran Poghosyan, International Monetary Fund
Estimating Market-implied Recovery Rates from Credit Default Swap Premia
Timo Stefan Schläfer, Karlsruhe Institute of Technology
Marliese Uhrig-Homburg, Karlsruhe Institute of Technology

Presenter: Laurent Weill Presenter: Michael Koetter Presenter: Timo Schläfer

Discussant: Michael Koetter, University of Groningen Discussant: Timo Schlafer, Karlsruhe Institute of Technology Discussant: Santiago Forte, ESADE Business Schol

Session 08
Financing and Share Repurchases
Thursday, 10 June, 8:30 am - 10:00 am, Oak Room II
Chairperson Fred Kaen

Long-run Common Stock Returns following Stock Repurchases
Ken Yook, Johns Hopkins University
Financing Activities and Payout Policies of Entreprenurial Firms: Empirical Evidence from German Initial Public Offerings
Wolfgang Bessler, Justus-Leibig-University Giessen
Wolfgang Drobetz, University of Hamburg
Martin Seim, Justus-Leibig-University Giessen

Presenter: Ken Yook Presenter: Martin Seim

Discussant: Dusan Isakov, University of Fribourg Discussant: Fred Kaen, University of New Hampshire

Session 09
International Governance, Leverage, and Firm Value
Thursday, 10 June, 8:30 am - 10:00 am, Pine Room I
Chairperson Sadok El Ghoul

Bank Ownership, Firm Value and Firm Capital Structure in Europe
Product Market Competition, Corporate Governance, and Firm Value: Evidence from the EU-Area
Manuel Ammann, University of St Gallen
David Oesch, University of St Gallen
Markus Schmid, University of St Gallen
Exogenous Change in Distribution of Voting Rights, Control and Firm Value: The Case of Indian Banks
Chinmoy Ghosh, University of Connecticut
James Hilliard, University of Georgia
B V Phani, Indian Institute of Technology

Presenter: Lieven Baert Presenter: Markus Schmid Presenter: Chinmoy Ghosh

Discussant: Stefan Platikanov, Suffolk University Discussant: Sadok El Ghoul, University of Alberta Discussant: Nathan Mauck, Florida State University

Session 10
Bank Management 1
Thursday, 10 June, 8:30 am - 10:00 am, Pine Room II
Chairperson Lucy Chernykh

Can Banks Circumvent Mortgage Capital Requirements? The Case of Mortgage Portfolios under Basel II
Christopher Henderson, Federal Reserve Bank of Philadelphia
Julapa A. Jagtiani, Federal Reserve Bank of Philadelphia
The Effect of Bank's Disclosure on the Market Reaction to and Loan Loss Provisions
Wook Sohn, KDI School
Hyosoon Choi, KDIC

Presenter: Julapa Jagtiani Presenter: Wook Sohn

Discussant: Benton Gup, University of Alabama Discussant: Andreas Pfingsten, Universitat Muenster

Session 11 SPECIAL SESSION Skew-Elliptical Distributions in Finance Thursday, 10 June, 10:30 am - 12:00 noon, Amerikahaus
Moderator Martin Eling, Professor of Insurance University of Ulm Panelists Nicola Maria Rinaldo Loperfido, Professor of Economics and Statistics Universita degli Studi di Urbino Chris Adcock, Professor of Finance, Managing Editor of the European Journal of Finance University of Sheffield Luisa Tibiletti, Associate Professor of Mathematics for Finance and Economics University of Turin

Session 12 Boards and Governance Thursday, 10 June, 10:30 am - 12:00 noon, Shanghai Chairperson Jens Hagendorff
To Comply or Not to Comply: Evidence on Changes and Factors Associated with Changes in Compliance with the UK Code of Corporate Governance Amama Shaukat, University of Exeter	Board Quality and the Cost of Debt Capital: The Case of Bank Loans L Paige Fields, Texas A&M University Donald R Fraser, Texas A&M University Avanidhar Subrahmanyam, UCLA
Presenter: Amama Shaukat	Presenter: Donald Fraser
Discussant: Mireia Gine, University of Pennsylvania, WRDS	Discussant: Jens Hagendorff, University of Leeds

Session 13
Governance and Compensation
Thursday, 10 June, 10:30 am - 12:00 noon, Altes Land I
Chairperson Markus Schmid

CEO Compensation and Financial Leverage
Richard A. Lord, Montclair State University
A Meta-Analysis Concerning Ownership, Capital Structure and Value
Maurizio La Rocca, University of Calabria
CFO Gender and Earnings Management
Zuobao Wei, University of Texas at El Paso
Feixue Xie, University of Texas at El Paso

Presenter: Richard A Lord Presenter: Maurizio La Rocca Presenter: Zuobao Wei

Discussant: Andreas Dietrich, Lucerne University of Applied Sciences Discussant: Yen-Po Fang, National Cheng Kung University Discussant: Markus Schmid, University of St Gallen

Session 14
Consumer and Investor Behavior
Thursday, 10 June, 10:30 am - 12:00 noon, Altes Land II
Chairperson Laurie Prather

Option-Implied Risk Attitude under Rank-dependent Utility
Maik Dierkes, University of Muenster
The Impact of the Taxpayer Relief Act of 1997 on Housing Turnover in the US Single Family Residential Market
Andrea J Heuson, University of Miami
David Ling, University of Florida
Nonlinear Dynamics Behavior in the REIT Industry: A Pre- and Post-1993 Comparison
Benjamas Jirasakuldech, Slippery Rock University of Pennsylvania
Riza Emekter, Robert Morris University

Presenter: Maik Dierkes Presenter: Andrea Heuson Presenter: Riza Emekter

Discussant: Riza Emekter, Robert Morris University Discussant: Laurie Prather, Bond University Discussant: Iwan Meier, HEC Montreal

Session 15
Equity Analysis
Thursday, 10 June, 10:30 am - 12:00 noon, Altes Land III
Chairperson Asher Curtis

Fundamental Analysis in Value - Glamour Contexts
Chau Minh Duong, Canterbury Christ Church University
Gioia Pescetto, Canterbury Christ Church University
Daniel Santamaria, Canterbury Christ Church University
A Time-Series Analysis of Fundamentals, Sentiment and Arbitrage Costs
Marcus Burger, University of Utah
Asher Curtis, University of Utah
Industries and Stock Return Reversals
Allaudeen Hameed, National University of Singapore
Joshua Huang,
Mujtaba Mian, Hong Kong Polytechnic University

Presenter: Chau Duong Presenter: Asher Curtis Presenter: Allaudeen Hameed

Discussant: Viet Nga Cao, University of Edinburgh Discussant: Arie E Gozluklu, Universita Bocconi Discussant: Chau Duong, Canterbury Christ Church University

Session 16
Mutual Funds I
Thursday, 10 June, 10:30 am - 12:00 noon, Altes Land IV
Chairperson Xiaolu Wang

On Time Varying Mutual Fund Performance
Xiaolu Wang, University of Toronto
The Effects of Mutual Fund Manager Replacements on Fund Flows
Joop Huij, Robeco Asset Management and Rotterdam School of Management, Erasmus University
Simon Lansdorp, Erasmus University
Marno Verbeek, Erasmus University
Are Aggregate Mutual Fund Flows Smart?
Puneet Jaiprakash, Virginia Tech
Raman Kumar, Virginia Tech

Presenter: Xiaolu Wang Presenter: Simon Lansdorp Presenter: Raman Kumar

Discussant: Valeri Zakamouline, University of Agder Discussant: Peter Luckoff, University of Giessen Discussant: Xiaolu Wang, University of Toronto

Session 17
The Cost of Debt
Thursday, 10 June, 10:30 am - 12:00 noon, Oak Room I
Chairperson Stanislava Nikolova

Competition and the Cost of Debt
Philip Valta, Swiss Finance Institute
Determinants and Real Impact of Debt Rollover: Evidence from Debt Reclassifications
Xin Chang, Nanyang Technological University
Yunling Chen, Hong Kong University of Science & Technology
Sudipto Dasgupta, Hong Kong University of Science & Technology

Presenter: Philip Valta Presenter: Xin Chang

Discussant: Xin Chang, Nanyang Technological University Discussant: Stanislava Nikolova, US SEC & George Mason University

Session 18
Mergers and Acquisitions 1
Thursday, 10 June, 10:30 am - 12:00 noon, Oak Room II
Chairperson Antonio Macias

CEO Value Destruction in M&A Deals and Beyond
Lucy Liu, University of Edinburgh
Richard Julian Taffler, University of Edinburgh
Kose John, New York University
Corporate Diversification and Shareholders’ Wealth
Manapol Ekkayokkaya, Chulalongkorn University
Krishna Paudyal, University of Leeds
International Cross-Listing, Cash Reserve and Acquisition
Chinmoy Ghosh, University of Connecticut
Fan He, University of Connecticut

Presenter: Lucy Liu Presenter: Krishna Paudyal Presenter: Fan He

Discussant: Krishna Paudyal, Leeds University Discussant: Jochen Lawrenz, University of Innsbruck Discussant: Antonio J Macias, Texas Christian University

Session 19
Asset Sales
Thursday, 10 June, 10:30 am - 12:00 noon, Pine Room I
Chairperson Jana Fidrmuc

Cross Border Asset Sales
Valentina Salotti, Iowa State University
Ginka Borisova, Iowa State University
Under the Hammer: Do Private Equity Investors really Acquire Target Firms for Less?
Peter Roosenboom, RSM, Erasmus University
Jana Fidrmuc, Warwick Business School
Tim Teunissen, RSM, Erasmus University
Prediction of Equity Values for Venture Capital Backed Firms
Soenke Sievers, University of Cologne
Georg Keienburg, University of Cologne

Presenter: Valentina Salotti Presenter: Jana Fidrmuc Presenter: Soenke Sievers

Discussant: Andrey Zagorchev, Lehigh University Discussant: Alfonso Del Giudice, Universita' Cattolica Discussant: Parianen Veeren, Concordia University

Session 20
Bank Management 2
Thursday, 10 June, 10:30 am - 12:00 noon, Pine Room II
Chairperson Andreas Pfingsten

Credibility of Non-insurance and Governance as Determinants of Market Discipline and Risk-taking in Banking
Apanard Penny Angkinand, Milken Institute
Clas Wihlborg, Chapman University
Hidden Reserves and Earnings Management in German Banks - An Empirical Study
Sven Bornemann, Finance Center Münster
Thomas Kick, Deutsche Bundesbank
Christoph Memmel, Deutsche Bundesbank
Andreas Pfingsten, Finance Center Münster Bank Connections, Corporate Investment and Crisis
Susanne Espenlaub, Manchester Business School
Arif Khurshed, Manchester Business School
Thitima Sitthipongpanich, Dhurakij Pundit University (Thailand)
Yupana Wiwattanakantang, Institute of Economic Research, Hitotsubashi University (Japan)

Presenter: Clas Wihborg Presenter: Andreas Pfingsten Presenter: Susanne Espenlaub

Discussant: Fan He, University of Connecticut Discussant: Wook Sohn, KDI School Discussant: Nuria Suarez, University of Oviedo

Session 21 SPECIAL SESSION The Global Financial Crisis Thursday, 10 June, 13:30 pm - 15:00 pm, Amerikahaus
Moderator Benton Gup, Robert Hunt Cochrane/Alabama Bankers Association Chair of Banking University of Alabama Panelists William Megginson, Rainbolt Chair in Finance University of Oklahoma Heinz Hockmann, Chairman of the Board Silk Invest Ltd Hans-Helmut Kotz, Member of the Executive Board Deutsche Bundesbank Clas Wihlborg, Fletcher Jones Chair in International Business Chapman University

Session 22 Concentration and Family Ownership Thursday, 10 June, 13:30 pm - 15:00 pm, Shanghai Chairperson Andrea Heuson
Corporate Finance in Family Business Groups Jongsub Lee, New York University	Concentrated Control, Agency Problems and Dividend Policy Ben Amoako-Adu, Wilfrid Laurier University Vishaal Baulkaran, Wilfrid Laurier University Brian Smith, Wilfrid Laurier University	The Impact of Founding-Family Ownership on Labor Relations: Evidence from French Workplace-Level Data Timothee Waxin, Universite Paris-Dauphine
Presenter: Jongsub Lee	Presenter: Vishaal Baulkaran	Presenter: Timothee Waxin
Discussant: Andrea J Heuson, University of Miami	Discussant: Timothee Waxin, Universite Paris-Dauphine	Discussant: Issam Hallak, Universita Bocconi

Session 23
Asset Pricing 1
Thursday, 10 June, 13:30 pm - 15:00 pm, Altes Land I
Chairperson James Kolari

On Stock Returns and the Exchange Risk Puzzle
Will J Armstrong, Texas A&M University
Johan Knif, Hanken School of Economics, Finland
James W Kolari, Texas A&M University
Seppo Pynnönen, University of Vaasa, Finland Return Predictability and Social Dynamics
Jochen Lawrenz, University of Innsbruck
Richard Hule, University of Innsbruck
Value Anomaly - The Relationship with Firms' Investment and Financing Flexibility
Viet Nga Cao, University of Edinburgh

Presenter: James W Kolari Presenter: Jochen Lawrenz Presenter: Viet Nga Cao

Discussant: Philipp Kurmann, University of Giessen Discussant: Arie Gozluklu, Universita Bocconi Discussant: James W Kolari, Texas A&M University

Session 24
Credit Ratings
Thursday, 10 June, 13:30 pm - 15:00 pm, Altes Land II
Chairperson Daniel Roesch

Do Investors Care about Credit Ratings? An Analysis through the Cycle
Giacomo Nocera, Universita' Bocconi
Giuliano Iannotta, Universita' Bocconi
Andrea Resti, Universita' Bocconi
Credit Rating Announcements - The Impact of the Agency’s Reason, Public Information, and M&A
Bjorn Imbierowicz, Goethe University Frankfurt
Mark Wahrenburg, Goethe University Frankfurt

Presenter: Giacomo Nocera Presenter: Bjorn Imbierowicz

Discussant: Daniel Roesch, University of Hannover Discussant: Giacomo Nocera, Universita Bocconi

Session 25
Stock Market Dynamics
Thursday, 10 June, 13:30 pm - 15:00 pm, Altes Land III
Chairperson Nikiforos Laopodis

Market Crashes, Order Imbalance and Stock Returns: Evidence from NYSE
Maria Kasch, University of Mannheim
Jose Gonzalo Rangel, Banco de Mexico
Moritz Weigand, University of Bonn
Monetary Policy and Stock Market Dynamics Across Monetary Regimes
Nick Laopodis, Fairfield University
On Monetary Policy and Stock Market Anomalies
Alexandros Kontonikas, University of Glasgow
Alexandros Kostakis, University of Glasgow

Presenter: Maria Kasch Presenter: Nick Laopodis Presenter: Alexandros Kontonikas

Discussant: Asher Curtis, University of Utah Discussant: Alexander Kontonikas, University of Glasgow Discussant: Nikiforos T Laopodis, Fairfield University

Session 26
Mutual Funds 2
Thursday, 10 June, 13:30 pm - 15:00 pm, Altes Land IV
Chairperson Raman Kumar

Better than the Original? The Relative Success of Copycat Funds
Yu Wang, Erasmus University Rotterdam
Marno Verbeek, Erasmus University Rotterdam
Mutual Fund Tournaments
Iwan Meier, HEC Montreal
Aymen Karoui, HEC Montreal

Presenter: Yu Wang Presenter: Iwan Meier

Discussant: John Adams, University of North Florida Discussant: Raman Kumar, Virginia Tech

Session 27
Capital Structure
Thursday, 10 June, 13:30 pm - 15:00 pm, Oak Room I
Chairperson Irina Stefanescu

Asset-Backed Securitization in Industrial Firms - An Empirical Investigation
Mike Lemmon, University of Utah
Laura Xiaolei Liu, Hong Kong University of Science and Technology
Mike Mao Qinghao, Hong Kong University of Science and Technology
What Drives Leverage in Leveraged Buyouts? An Analysis of European LBOs’ Capital Structure
Wouter De Maeseneire, Vlerick Leuven Gent Management School
Samantha Brinkhuis, Erasmus University Rotterdam
The Decision to Repurchase Debt
Timothy Kruse, Xavier University
Tom Nohel, Loyola University of Chicago
Steven K Todd, Loyola University of Chicago

Presenter: Mike Mao Qinghao Presenter: Wouter De Maeseneire Presenter: Tom Nohel

Discussant: Irina Stefanescu, Indiana University Discussant: Mike Qinghao Mao , Hong Kong University of Science & Technology Discussant: Wouter De Maeseneire, Vlerick Leuven Gent Management School

Session 28
Insiders
Thursday, 10 June, 13:30 pm - 15:00 pm, Oak Room II
Chairperson Swami Kalpathy

More than just Contrarians: Insider Trading in Glamour and Value Firms
Alan Gregory, University of Exeter
Rajesh Tharyan, University of Exeter
Ian Tonks, University of Exeter
Insider Trading, Option Exercises and Private Benefits of Control
Peter Cziraki, Tilburg University
Peter de Goeij, Tilburg University
Luc Renneboog, Tilburg University
Insiders’ Use of Hedging Instruments: An Empirical Examination
Carr Bettis, Arizona State University
John Bizjak, Portland State University
Swaminathan Kalpathy, Southern Methodist University

Presenter: Alan Gregory Presenter: Peter Cziraki Presenter: Swaminathan Kalpathy

Discussant: Peter Cziraki, Tilburg University Discussant: Swami Kalpathy, Southern Methodist University Discussant: Huasheng Gao, Nanyang Technological University

Session 29
Takeovers
Thursday, 10 June, 13:30 pm - 15:00 pm, Pine Room I
Chairperson Valentina Salotti

Managerial Expectations and the Performance of Acquiring Firms: The Contribution of Soft Data
James Cicon, University of Missouri
Jonathan Clarke, Georgia Tech
Narayan Jayaraman, Georgia Tech
Stephen Ferris, University of Missouri Prior Target Valuation Changes and Acquirer Announcement Returns in Acquisitions of Recently Listed Targets
Thomas Moeller, Texas Christian University
Jan Jindra, Menlo College
When Do Targets Benefit From Negotiations? Evidence from Auctions and Negotiations
Carol L. Cain, Purdue University
Antonio Jesus Macias, Texas Christian University
Juan Manuel Sanchez, University of Arkansas

Presenter: Jonathan Clarke Presenter: Thomas Moeller Presenter: Antonio J Macias

Discussant: Amama Shaukat, University of Exeter Discussant: Valentina Salotti, Iowa State University Discussant: Jana P Fidrmuc, Warwick Business School

Session 30
Bank Studies
Thursday, 10 June, 13:30 pm - 15:00 pm, Pine Room II
Chairperson Sotiris Staikouras

Why are Net-interest Margins across Countries so Different?
Andreas Dietrich, Lucerne University of Applied Sciences and Arts
Gabrielle Wanzenried, Lucerne University of Applied Sciences and Arts
Rebel A Cole, DePaul University
What do Premiums Paid for Bank M&As Reflect? The Case of the European Union
Jens Hagendorff, University of Leeds
Ignacio Hernando, Banco de Espana
Maria Nieto, Banco de Espana
Larry Wall, Federal Reserve Bank of Atlanta Cross-Industry Product Diversification: The Case of Bank-Insurance Takeovers
Elyas Elyasiani, Temple University
Sotiris K Staikouras, Cass Business School
Panayiotis Dontis-Charitos, Cass Business School

Presenter: Andreas Dietrich Presenter: Jens Hagendorff Presenter: Sotiris K Staikouras

Discussant: Stefanie Kleimeier, Maastricht University Discussant: Sotiris K Staikouras, Cass Business School Discussant: Juha Joenvaara, University of Oulu

Session 31 SPECIAL SESSION Total Risk Evaluation for Capital Budgeting – A Roundtable Discussion Thursday, 10 June, 15:30 pm - 17:00 pm, Amerikahaus
Moderator Betty J Simkins, Professor and Williams Companies Professor in Business Oklahoma State University Panelists Stephen Brod Chevron Energy Solutions Sven Salchow, Controlling and Cost Management Deutsche Lufthansa AG Martin Glaum, Professor of International Management, Accounting, and Auditing Justus-Liebig-University Giessen Ameeta Jaiswal-Dale, Associate Professor University of St Thomas

Session 32
Governance Effects
Thursday, 10 June, 15:30 pm - 17:00 pm, Shanghai
Chairperson Ali Fatemi, DePaul University

Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
Joseph A McCahery, University of Amsterdam
Zacharias Sautner, University of Amsterdam
Laura T Starks, University of Texas at Austin
Incentive Effects of Extreme CEO Pay Cuts
Kai Li, Univesity of British Columbia
Jarrad Harford, University of Washington
Huasheng Gao, Nanyang Technological University
Thirty Years of Corporate Governance: Firm Valuation and Stock Returns
Martijn Cremers, Yale University
Allen Ferrell, Harvard University

Presenter: Laura Starks Presenter: Huasheng Gao Presenter: Martijn Cremers

Discussant: Denis Sosyura, University of Michigan Discussant: Martijn Cremers, Yale University Discussant: Thomas Moeller, Texas Christian University

Session 33
Volatility and Asset Pricing
Thursday, 10 June, 15:30 pm - 17:00 pm, Altes Land I
Chairperson Marcel Prokopczuk

Stochastic Volatility and Jumps: Exponentially Affine Yes or No? An Empirical Analysis of S&P 500 Dynamics
Norman Seeger, University of St Gallen
Katja Ignatieva, University of Frankfurt
Paulo Rodrigues, University of Frankfurt
The Option Implied Volatility Factors and the Cross-Section of the Market Risk Premia
Junye Li, ESSEC Business School
Default Risk, Idiosyncratic Coskewness and Equity Returns
Fousseni Chabi-Yo, The Ohio State University
Jun Yang, Bank of Canada

Presenter: Norman Seeger Presenter: Junye Li Presenter: Jun Yang

Discussant: Marcel Prokopczuk, ICMA Centre, University of Reading Discussant: Panayiotis Andreou, Cass Business School Discussant: Junye Li, ESSEC Business School

Session 34
Incentives
Thursday, 10 June, 15:30 pm - 17:00 pm, Altes Land II
Chairperson Dimitrios Gounopoulos, University of Surrey

Determinants of Demand Elasticity: Evidence from Federal Home Loan Bank Debt Auctions
Vladimir Atanasov, College of William and Mary
John Merrick, College of William and Mary
Rating Performance and Agency Incentives of Structured Finance Transactions
Daniel Roesch, Leibniz University Hannover
Harald Scheule, The University of Melbourne

Presenter: John Merrick Presenter: Daniel Roesch

Discussant: Roland Fuess, European Business School Discussant: Dimitrios Gounopoulos, University of Surrey

Session 35
Equity monitoring and regulation
Thursday, 10 June, 15:30 pm - 17:00 pm, Altes Land III
Chairperson Jonathan Clarke

The Role of IRS Monitoring in Equity Pricing in Public Firms
Sadok El Ghoul, University of Alberta - Campus Saint-Jean
Omrane Guedhami, University of South Carolina
Jeffrey Pittman, Memorial University of Newfoundland
Does Research Follow the Money? Evidence from the Global Settlement
Irina Stefanescu, Indiana University
Stacey Jacobsen, Indiana University
Xiaoyun Yu, Indiana University
Is there Life after Loss of Analyst Coverage?
Ajay Khorana, Citigroup
Simona Mola, Arizona State University
P Raghavendra Rau, Purdue University

Presenter: Sadok El Ghoul Presenter: Irina Stefanescu Presenter: Simona Mola

Discussant: Simona Mola, Arizona State University Discussant: Jonathan Clarke, Georgia Tech Discussant: Katrien Bosquet, KU Leuven

Session 36
Portfolio Management
Thursday, 10 June, 15:30 pm - 17:00 pm, Altes Land IV
Chairperson Simon Landsdorp

Geometric Mean Maximization: An Overlooked Portfolio Approach?
Javier Estrada, IESE Business School
On the Dynamics of Asset Correlation: What Matters to Portfolio Managers
Elena Kalotychou, Cass Business School
Sotiris K. Staikouras, Cass Business School
Gang Zhao, Cass Business School
The Anatomy of the Quant Crisis: A Real Investment Cycle Approach
Roland Fuss, European Business School
Katharina Reinhard, University Witten-Herdecke
Philipp Rindler, European Business Scool
Marcel Tyrell, Zeppelin University

Presenter: Javier Estrada Presenter: Gang Zhao Presenter: Roland Fuss

Discussant: Pedro Gurrola, European Business School London Discussant: Simone Dieckmann, Universitat Osnabruck Discussant: Simon Lansdorp, Erasmus University

Session 37
Relationships
Thursday, 10 June, 15:30 pm - 17:00 pm, Oak Room I
Chairperson Adrian Pop

The Value of Investment Banking Relationships: Evidence from the Collapse of Lehman Brothers
Chitru Fernando, University of Oklahoma
Anthony May, University of Oklahoma
William Megginson, University of Oklahoma
Political Geography and Stock Returns:The Value Implications of Indirect Access to Political Power
Chansog Francis Kim, City University of Hong Kong
Christos Pantzalis, University of South Florida
Jung Chul Park, Louisiana Tech University
Investing in Hedge Funds when the Fund's Characteristics are Exploitable
Juha Joenvaara, University of Oulu
Hannu Ari Kahra, University of Oulu

Presenter: William Megginson Presenter: Christos Pantzalis Presenter: Juha Joenvaara

Discussant: Adrian Pop, University of Nantes Discussant: Philip Valta, Swiss Finance Institute Discussant: Julian Holler, University of Giessen

Session 38
Mergers and Acquisitions 2
Thursday, 10 June, 15:30 pm - 17:00 pm, Oak Room II
Chairperson Sudi Sudarsanam

Impact of Takeover Regulation on Merger Arbitrage in the UK
Sudi Sudarsanam, Cranfield University
Dzung Viet Nguyen, Cranfield University
Synergies Disclosure in Mergers and Acquisitions
Manuel Vasconcelos, Erasmus University
Peter Roosenboom, Erasmus University
Marie Dutordoir, Manchester Business School
The IPO Market as a Screening Device and the Going Public Decision: Evidence from Acquisitions of Privately and Publicly Held Firms
Tomas Mantecon, University of North Texas
Paul Thistle, University of Nevada, Las Vegas

Presenter: Sudi Sudarsanam Presenter: Manuel Vasconcelos Presenter: Tomas Mantecon

Discussant: Manuel Vasconcelos, Erasmus University Discussant: Tomas Mantecon, University of North Texas Discussant: Jan Zimmermann, University of Giessen

Session 39
Dividend Policy
Thursday, 10 June, 15:30 pm - 17:00 pm, Pine Room I
Chairperson to be announced

Non-negotiable Shares, Controlling Shareholders, and Dividend Payments in China
Juan Jjuan Huang, Xiamen University
Qian Sun, Fudan University
Dividend Drop Ratios and Tax Theory: An Intraday Analysis under Different Tax and Price Quoting Regimes
Vyas Balasubramaniam, University of New South Wales
William Bertin, Bond University
Thomas Henker, University of New South Wales
Laurie Prather, Bond University

Presenter: Qian Sun Presenter: Laurie Prather

Discussant: Tom Nohel, Loyola University Chicago Discussant to be announced

Session 40
Initial Public Offerings
Thursday, 10 June, 15:30 pm - 17:00 pm, Pine Room II
Chairperson Alan Gregory

Why are Stock Exchange IPOs so Underpriced and yet Outperform in the Long Run? A Test of the Signaling Hypothesis
Isaac Otchere, Carleton University
Investor Participation and Lottery-Allocated Chinese IPOs
Jerry Coakley, University of Essex
Norvald Instefjord, University of Essex
Zhe Shen, Xiamen University
Is AIM a casino?
Susanne Espenlaub, Manchester Business School
Arif Khurshed, Manchester Business School
Abdulkadir Mohamed, Manchester Business School

Presenter: Isaac Otchere Presenter: Zhe Shen Presenter: Susanne Espenlaub

Discussant: Zhe Shen, Xiamen University Discussant: Isaac Otchere, Carleton University Discussant: Alan Gregory, University of Exeter

Keynote Address

Maureen O'Hara, Robert W. Purcell Professor of Management Professor of Finance
Cornell University

Maureen O'Hara is the Robert W. Purcell Professor of Finance at the Johnson Graduate School of Management, Cornell University and President of the Financial Management Association International. She holds degrees from the University of Illinois (B.S. Economics), Northwestern University (M.S. Economics and Ph.D. Finance), and Facultés Universitaires Catholiques à Mons (FUCAM), Belgium (Doctorate Honoris Causa). Dr. O'Hara joined the faculty at Cornell in 1979.
Professor O'Hara's research focuses on issues in market microstructure, and she is the author of numerous journal articles as well as the book Market Microstructure Theory (Blackwell:1995). Her most recent research looks at the role of uncertainty in affecting the liquidity and valuation of securities. In addition, Dr. O'Hara publishes widely on a broad range of topics including banking and financial intermediaries, law and finance, and experimental economics.

The Opening Reception will follow Dr. O'Hara's Keynote Address at the Hamburg Stock Exchange. Advance reservations are required for the Opening Reception. If you have not make your reservation, simply click here. The attendance fee is $10 for registrants and $15 for guests.

Session 41 SPECIAL SESSION Frontiers of Financial Research: Corporate Governance Friday, 11 June, 8:30 am - 10:00 am, Amerikahaus
Moderator Diane Denis, Professor and Duke Realty Chair in Finance Purdue University Panelists Charles Elson, Edgar S. Woolard, Jr., Chair in Corporate Governance and the Director of the John L. Weinberg Center for Corporate Governance University of Delaware Martijn Cremers, Associate Professor of Finance Yale University Don Chew, Executive Director Morgan Stanley Ernst Maug, Professor of Corporate Finance University of Mannheim

Session 42
Asset Pricing 2
Friday, 11 June, 8:30 am - 10:00 am, Shanghai
Chairperson Gwangheon Hong

Conditional Beta Pricing Models: A Nonparametric Approach
Eva Ferreira, University of the Basque Country
Javier Gil-Bazo, University Carlos III de Madrid
Susan Orbe, University of the Basque Country
Are Mispricing in Asset Prices due to Inflation Illusion?
Gwangheon Hong, Sogang University
Bong Soo Lee, Florida State University

Presenter: Javier Gil-Bazo Presenter: Gwangheon Hong

Discussant: Martin Seim, University of Giessen Discussant: Valeri Zakamouline, University of Agder

Session 43
Behavior and Investments
Friday, 11 June, 8:30 am - 10:00 am, Altes Land I
Chairperson Alexandra Niessen

Do Better Educated Investors Make Smarter Investment Decisions?
Petra Halling, Vienna University of Economics & Business
An Examination of the Relationship between the Disposition Effect and Gender, Age, and Product Type
Teng Yuan Cheng, National Cheng Kung University
Chun I Lee, Loyola Marymount University
Chao Hsien Lin, National Kaohsiung First University of Science and Technology
Hung Chih Li, National Cheng Kung University Option Trading by Individual Investors: Attention Grabbing versus Long-term Strategies
Christof Beuselinck, Tilburg University and CentER
Dries Heyman, Ghent University
Maarten Pronk, Tilburg University

Presenter: Petra Halling Presenter: Chao Hsien Lin Presenter: Dries Heyman

Discussant: Alexandra Niessen, University of Mannheim Discussant: Dries Heyman, Ghent University Discussant: Chao Hsien Lin, National Kaosiung First University of Science & Technology

Session 44
Fixed income
Friday, 11 June, 8:30 am - 10:00 am, Altes Land II
Chairperson Alex Kostakis

Regime Switching in Credit Spreads: An Empirical Analysis of the Determinants of European Asset Swap Spreads during the Credit Crisis
Wolfgang Aussenegg, Vienna University of Technology
Lukas Götz, Vienna University of Technology
Fixed-Income Fund Performance: Impact of Sponsor Ownership and Role of Luck and Ability in Tail Membership
Mohamed Ayadi, Brock University
Lawrence Kryzanowski, Concordia University

Presenter: Wolfgang Aussenegg Presenter: Lawrence Kryzanowski

Discussant: Jun Yang, Bank of Canada Discussant: Alex Kostakis, University of Glasgow

Session 45
Advice: Analysts and Advisors
Friday, 11 June, 8:30 am - 10:00 am, Altes Land III
Chairperson Christos Pantzalis

Target Price Accuracy
Alexander Kerl, University of Tuebingen
Andreas Walter, University of Giessen
Analysts' Incentive- and Cognitive-Based Processing Biases: Evidence from Recommendation Revisions
Ruei-Shian Wu, Yuan Ze University
Hsiou-wei Lin, National Taiwan University
Voluntary vs Mandatory Earnings Management in IPOs
Frank Skinner, University of Surrey
Dimitrios Gounopoulos, University of Surrey

Presenter: Alexander Kerl Presenter: Ruei-Shian Wu Presenter: Dimitrios Gounopoulos

Discussant: Soenke Sievers, University of Cologne Discussant: Christos Pantzalis, University of South Florida Discussant: Chinmoy Ghosh, University of Connecticut

Session 46
Venture Capital
Friday, 11 June, 8:30 am - 10:00 am, Altes Land IV
Chairperson Marina Balboa (to be confirmed)

Venture Capital: Performance, Persistence, and Reputation
Richard Smith, University of California, Riverside
Roberto Pedace, Scripps College
Vijay Sathe, Claremont Graduate University
Overcoming Distances via Syndication with Local Friends: The Case of Venture Capital
Tereza Tykvova, ZEW Mannheim
Andrea Schertler, Kiel University
The Double Market Approach in Venture Capital and Private Equity Activity: the Case of Europe
Marina Balboa, University of Alicante
Jose Marti, University Complutense of Madrid

Presenter: Richard Smith Presenter: Tereza Tykvova Presenter: Marina Balboa

Discussant: Marina Balboa, University of Alicante Discussant: Richard Smith, UC Riverside Discussant: Tereza Tykvova, ZEW Mannheim

Session 47
Hedging
Friday, 11 June, 8:30 am - 10:00 am, Oak Room I
Chairperson Martin Glaum

The Value Effect of Crude Oil Derivatives Transactions by Oil Producers
John W Kensinger, University of North Texas
Helen Xu, Holy Names University
Eric C Lin, California State University, Sacramento
Hedging Inflation Internationally
Ludwig B Chincarini, Pomona College
Salvatore Bruno, Index IQ
Does Operational and Financial Hedging Reduce Exposure? Evidence from the US Airline Industry
Stephen D Treanor, California State-Chico
Daniel A Rogers, Portland State University
David A Carter, Oklahoma State University
Betty J Simkins, Oklahoma State University

Presenter: John W Kensinger Presenter: Ludwig Chincarini Presenter: Betty Simkins

Discussant: Betty Simkins, Oklahoma State University Discussant: Dirk Schilling, University of Hamburg Discussant: Martin Glaum, University of Giessen

Session 48
Reputation
Friday, 11 June, 8:30 am - 10:00 am, Oak Room II
Chairperson Richard Lord

Aircraft Manufacturer Returns During World War II: Were They War-Hogs?
Fred R Kaen, University of New Hampshire
Bribery: Business as Usual?
Jonathan M Karpoff, University of Washington
D Scott Lee, Texas A&M University
Gerald S Martin, American University

Presenter: Fred R Kaen Presenter: Gerald S Martin

Discussant: Richard Lord, Montclair State University Discussant: Talis Putnins, University of Sydney

Session 49
Firm Value
Friday, 11 June, 8:30 am - 10:00 am, Pine Room I
Chairperson Petya Platikanova

The Association of a Firm's Media Reputation and Trade Credit Supply
Machteld Van den Bogaerd, Universiteit Antwerpen
Walter Aerts, Universiteit Antwerpen
Firm Age and Performance
Claudio Loderer, University of Bern
Urs Waelchli, University of Bern
Firm Expansion and Stock Price Momentum
Peter Mikael Nyberg, Helsinki School of Economics
Salla Poyry, Hanken School of Economics

Presenter: Machteld Van den Bogaerd Presenter: Urs Waelchli Presenter: Salla Poyry

Discussant: Michael Weber, UC Berkeley Discussant: Maurizio LaRocca, Universita della Calabria Discussant: Petya Platikanova, ESADE Business School

Session 50
Banking Crisis 1
Friday, 11 June, 8:30 am - 10:00 am, Pine Room II
Chairperson Tim Curry

Bank Fragility and the Financial Crisis - Evidence from the US Dual Banking System
Christian Rauch, Goethe University Frankfurt
Predicting Financial Distress in a High-Stress Financial World
Adrian Pop, University of Nantes
Jérôme Coffinet, Banque de France, Banking Commission
Muriel Tiesset, Banque de France, Banking Commission
How Bank Market Concentration, Regulation, and Institutions Shape the Real Effects of Banking Crises
Nuria Suárez-Suárez, University of Oviedo
Ana I Fernández-Álvarez, University of Oviedo
Francisco González-Rodríguez, University of Oviedo

Presenter: Christian Rauch Presenter: Adrian Pop Presenter: Nuria Suárez-Suárez

Discussant: Timothy Curry, FDIC Discussant: Christian Rauch, Goethe Universitat Frankfurt Discussant: Susanne Lind-Braucher, Universitat Graz

Session 51 SPECIAL SESSION The Financial Crisis and the Future of Securities Markets and Exchanges Friday, 11 June, 10:30 am - 12:00 noon, Amerikahaus
Moderator Hartmut Schmidt, Professor of Finance and Director, Institute of Money & Capital Markets Research University of Hamburg Panelists Maureen O'Hara, Robert W. Purcell Professor of Management and Professor of Finance Cornell University Thomas Book, Member of the Executive Committee Eurex Andreas Preuss CEO, Eurex Deputy Chairman, Executive Committee of Group Deutsche Börse, Frankfurt

Session 52
Compensation
Friday, 11 June, 10:30 am - 12:00 noon, Shanghai
Chairperson John Finnerty

What Determines Stock Option Contract Design?
Eva Liljeblom, Hanken School of Economics
Daniel Pasternack, Hanken School of Economics
Matts Rosenberg, Industrikapital
Bridging the Gender Pay Gap: Explaining the Unexplainable
Otgontsetseg Erhemjamts, Bentley University
Kristina Minnick, Bentley University
Roy A Wiggins III, Bentley University Modifying the Black-Scholes-Merton Model to Calculate the Cost of Employee Stock Options
John D Finnerty, Fordham University

Presenter: Eva Liljeblom Presenter: Otgo Erhemjamts Presenter: John Finnerty

Discussant: John Finnerty, Fordham University & Finnerty Economic Consulting Discussant: Machteld Van den Bogaerd, Universiteit Antwerpen Discussant: Otgo Erhemjamts, Bentley University

Session 53
Hedge Funds and Institutional Investors
Friday, 11 June, 10:30 am - 12:00 Noon, Altes Land I
Chairperson Ajay Patel, Wake Forest University

The Choice of Performance Measure Does Influence the Evaluation of Hedge Funds
Valeri Zakamouline, University of Agder
Identifying the Informed Investor in a Takeover Event: An Australian Study of Investor Trading Behaviour
Anna Christine McAdam, University of Sydney

Presenter: Valeri Zakamouline Presenter: Anna McAdam

Discussant: Anna McAdam, University of Sydney Discussant: Lawrence Kryzanowski, Concordia University

Session 54
Liquidity 1
Friday, 11 June, 10:30 am - 12:00 noon, Altes Land II
Chairperson Allaudeen Hameed

Trading Frequency and Asset Pricing: Evidence from a New Price Impact Ratio
Chris Florackis, University of Liverpool
Andros Gregoriou, Norwich Business School
Alexandros Kostakis, University of Glasgow
Commonality in Liquidity: A Demand Side Explanation
Andy Koch, University of Texas Austin
Stefan Ruenzi, University of Mannheim
Laura T Starks, University of Texas Austin
Corporate Governance and Market Liquidity
Ariadna Dumitrescu, ESADE Business School

Presenter: Alex Kostakis Presenter: Stefan Ruenzi Presenter: Ariadna Dumitrescu

Discussant: Matthias Bank, University of Innsbruck Discussant: Allaudeen Hameed, National University of Singapore Discussant: Amama Shaukat, University of Exeter

Session 55
International Markets and Politics
Friday, 11 June, 10:30 am - 12:00 noon, Altes Land III
Chairperson Qian Sun

Profit or Politics? Understanding Renationalizations in Russia
Lucy Chernykh, Bowling Green State University
To Liberalize or Not to Liberalize: Political and Economic Factors Affecting the Government's Decision to Allow Foreign Investors to Purchase Domestic Equity Securities
Mihail Miletkov, University of New Hampshire
Konstantin Lyubimov, University of Georgia
Ilker Kaya, American University of Sharjah

Presenter: Lucy Chernykh Presenter: Mihail Miletkov

Discussant: Qian Sun, Fudan University Discussant to be announced

Session 56
Overconfident Managers
Friday, 11 June, 10:30 am - 12:00 noon, Altes Land IV
Chairperson Narayanan Jayaraman

CEO Overconfidence and International Merger and Acquisition Activity
Stephen P Ferris, University of Missouri, Columbia
Narayanan Jayaraman, Georgia Tech
Sanjiv Sabherwal, University of Texas at Arlington
Coexistence and Dynamics of Overconfidence and Strategic Incentives
Katrien Bosquet, KU Leuven
Peter de Goeij, Tilburg University
Kristien Smedts, KU Leuven
Managerial Myopia and Corporate Investment
Jaideep Chowdhury, Virginia Tech
Alexei Ovtchinnikov, Vanderbilt University

Presenter: Narayanan Jayaraman Presenter: Katrien Bosquet Presenter: Alexei Ovtchinnikov

Discussant: Yilmaz Guney, University of Hull Discussant to be announced Discussant: Narayanan Jayaraman, Georgia Tech

Session 57
Option Pricing
Friday, 11 June, 10:30 am - 12:00 noon, Oak Room I
Chairperson Lars Stentoft

American Option Valuation: Implied Calibration of GARCH Pricing-Models
Michael Weber, University of California at Berkeley
Marcel Prokopczuk, ICMA Centre, University of Reading
Multivariate Option Pricing with Time Varying Volatility Models
Jeroen VK Rombouts, HEC Montréal
Lars Stentoft, HEC Montréal
Seasonality and the Valuation of Commodity Options
Janis Back, WHU - Otto Beisheim School of Management
Marcel Prokopczuk, ICMA Centre, University of Reading
Markus Rudolf, WHU - Otto Beisheim School of Management

Presenter: Michael Weber Presenter: Lars Stentoft Presenter: Marcel Prokopczuk

Discussant: Lars Stentoft, HEC Montreal Discussant: Valentin Braun, University of Frankfurt Discussant: Immanuel Seidl, University of Graz

Session 59
Corporate investments
Friday, 11 June, 10:30 am - 12:00 noon, Pine Room I
Chairperson Halit Gonenc

Creditor Rights and R&D Expenditures
Bruce Seifert, Old Dominion University
Halit Gonenc, University of Groningen
Corporate Investments and Learning
Nathalie Moyen, University of Colorado
Stefan Platikanov, Suffolk University

Presenter: Halit Gonenc Presenter: Stefan Platikanov

Discussant: Ruei-Shian Wu, Yuan Ze University Discussant: Halit Gonenc, University of Groningen

Session 60
Bank Lending
Friday, 11 June, 10:30 am - 12:00 noon, Pine Room II
Chairperson Stefanie Kleimeier

What Determines the Use of Collateral-Forbearance Lending?
Chien-an Wang, National Chi-Nan University
Arranger Certification in Project Finance
Stefano Gatti, Bocconi University
Stefanie Kleimeier, Maastricht University
William Leon Megginson, University of Oklahoma
Alessandro Steffanoni, Interbanca Bank Capital Ratios, Competition and Loan Spreads
Markus Jens Fischer, Goethe University Frankfurt
Sascha Steffen, University of Mannheim

Presenter: Chien-an Wang Presenter: Stefanie Kleimeier Presenter: Markus J Fischer

Discussant: Markus Fischer, Goethe Universtitat Frankfurt Discussant: Lieven Baert, University of Ghent Discussant: Joel Petey, University of Strasbourg

Luncheon Presentation

Andreas Preuss, CEO, Eurex and Deputy Chairman, Executive Committee of Group Deutsche Börse, Frankfurt

Andreas Preuss is a Member of the Executive Board and Deputy CEO of Deutsche Börse AG; as well as CEO of the Executive Boards of Eurex Zürich AG, Eurex Frankfurt AG, and Eurex Clearing AG. Mr. Preuss joined Deutsche Terminbörse (DTB), the electronic German futures and options exchange and predecessor of Eurex, in 1990, initially as member of the New Products division and then as Customer Service Director. In 1994 Mr. Preuss was appointed a Member of Deutsche Börse AG Group management, and in 1998 he became a Member of the Executive Boards of the newly established Eurex. In 2000 he became President of Trading Technologies International Inc. in Chicago before accepting the positions of COO, Member of the Board and (since 2003) Partner for Mako Group, one of the leading market makers in exchange-traded options. In 2006 Mr. Preuss rejoined Deutsche Börse AG, and was appointed a Member of the Executive Board of Deutsche Börse AG. Mr. Preuss holds a Masters degree in Economics from Hamburg University and completed the Stanford Executive Program in 2007.

Session 61 SPECIAL SESSION Repairing the Financial Infrastructure: Views from the Shadow Financial Regulatory Committees Friday, 11 June, 14:00 pm - 15:30 pm, Amerikahaus
Moderator George Kaufman, John F. Smith, Jr. Professor of Finance and Economics Loyola University Chicago Panelists Franklin Edwards, Arthur F Burns Chair in Free and Competitive Enterprise Columbia University Richard Herring, Jacob Safra Professor of International Banking and Co-Director, Wharton Financial Institutions Center The Wharton School, University of Pennsylvania Marshall E Blume, Howard Butcher III Professor of Financial Management and Director, Rodney L White Center The Wharton School, University of Pennsylvania Harald Benink, Professor of Finance and Banking Tilburg University

Session 62
Governance: Policy and Value
Friday, 11 June, 14:00 pm - 15:30 pm, Shanghai
Chairperson Urs Waelchi

Distance Matters! Shareholder Proximity and Corporate Policies
Vidhi Chhaochharia, University of Miami
Alok Kumar, University of Texas at Austin
Alexandra Niessen, University of Mannheim
The Vote is Cast: The Effect of Corporate Governance on Shareholder Value
Mireia Gine, University of Pennsylvania, WRDS
Maria Guadalupe, Columbia University
Vicente Cunyat, London School of Economics
Culture, Corporate Governance, and Dividend Policy: International Evidence
Sung C Bae, Bowling Green State University
Kiyoung Chang, Indiana University South Bend
Eun Kang, California State University San Marcos
Jung Chul Park, Louisiana Tech University

Presenter: Alexandra Niessen Presenter: Mireia Gine Presenter: Sung C Bae

Discussant: Sung C Bae, Bowling Green State University Discussant: Urs Waelchi, Universitat Bern Discussant: Jongsub Lee, New York University

Session 63
Investments and Derivatives
Friday, 11 June, 14:00 pm - 15:30 pm, Altes Land I
Chairperson Petra Halling

Intraday Tracking of DAX ETFs and Certificates: Where are the Bugs? The Volkswagen Case
Klaus Roeder, University of Regensburg
Christoph Schmidhammer, University of Regensburg
Sebastian Lobe, University of Regensburg
The Term Structure of VIX
Xingguo Luo, The University of Hong Kong
Jin E Zhang, The University of Hong Kong
Inverse Maturity Effects in Short-term Interest Rate Futures Markets
Pedro Gurrola, European Business School London
Renata Herrerias, Instituto Tecnologico Autonomo de Mexico

Presenter: Klaus Roeder Presenter: Xingguo Luo Presenter: Pedro Gurrola

Discussant: Petra Halling, Vienna University of Economics & Business Discussant: Norman Seeger, University of St Gallen Discussant: Klaus Roeder, Universitaet Regensburg

Session 64
Orders and Microstructure
Friday, 11 June, 14:00 pm - 15:30 pm, Altes Land II
Chairperson Roberto Pascual

Public Information Arrivals and the Impact of the Order Book on Stock Price
Fariborz Moshirian, The University of New South Wales, Australia
Huong Giang Nguyen, The University of New South Wales, Australia
Peter Pham, The University of Sydney, Australia
The Aggressiveness of Order Submissions, Revisions and Cancellations during the Market Preopening Period
Michael Bowe, University of Manchester
Stuart Hyde, University of Manchester
Ike Johnson, University of Manchester
The Relative Contribution of Ask and Bid Quotes to Price Discovery
Roberto Pascual, Universitat de les Illes Balears
Bartolomé Pascual-Fuster, Universitat de les Illes Balears

Presenter: Huong Giang Nguyen Presenter: Michael Bowe Presenter: Roberto Pascual

Discussant: Roberto Pascual, Universitat de les Illes Balears Discussant: Alex Kostakis, University of Glasgow Discussant: Huong Giang Nguyen, University of New South Wales

Session 65
Emerging Markets 1
Friday, 11 June, 14:00 pm - 15:30 pm, Altes Land III
Chairperson Laurent Weill

Forward Bias Trading in Emerging Markets
Manuel Mayer, Vienna Graduate School of Finance
External Debt to the Private Sector and the Price of Bank Loans
Issam Hallak, Bocconi University
Explaining Firm's Exchange Rate Exposure: The Role of Country Factors
Georgios Gatopoulos, University of Geneva
Dusan Isakov, University of Fribourg

Presenter: Manuel Mayer Presenter: Issam Hallak Presenter: Georgios Gatopoulos

Discussant: Georgios Gatopoulos, HEC and University of Geneva Discussant: Laurent Weill, University of Strasbourg Discussant: Laura Starks, University of Texas

Session 66
Disclosure and Reputation
Friday, 11 June, 14:00 pm - 15:30 pm, Altes Land IV
Chairperson Huong Higgins

The Reputation Puzzle: The Consequences of Reputation Losses for Bond Underwriters
Stanislava Nikolova, George Mason University and SEC
Glenn Williams, Florida Atlantic University
When does Accounting Quality Improve Investment Efficiency in Bank-centered Economies? Evidence from Japan
Bok Baik, Seoul National University
Boochun Jung, University of Hawaii
S Ghon Rhee, SKKU Business School and University of Hawaii
Hedge Accounting and its influence on financial hedging: Evidence from Germany and Switzerland
Martin Glaum, Justus-Liebig-Universität Giessen
Andre Klöcker, Justus-Liebig-Universität Giessen

Presenter: Stanislava Nikolova Presenter: Ghon Rhee Presenter: Martin Glaum

Discussant: Gerry Martin, American University Discussant: Huong Higgins, Worchester Polytechnic Institute Discussant: Asher Curtis, University of Utah

Session 67
Risk Management
Friday, 11 June, 14:00 pm - 15:30 pm, Oak Room I
Chairperson Najah Attig (to be confirmed)

Does Trading in Derivatives Affect Bank Risk? The Canadian Evidence
Najah Attig, St Mary's University
Jie Dai, St Mary's University
Crisis and Risk Dependencies
Peter Grundke, University of Osnabrück
Simone Dieckmann, University of Osnabrück
Portfolio Risk Forecasting
Valentin Braun, Goethe Universität
Andreas Hackethal, Goethe Universität

Presenter: Najah Attig Presenter: Simone Dieckmann Presenter: Valentin Braun

Discussant: Javier Gil-Bazo, University Carlos III de Madrid Discussant: Daniil Wagner, University of Giessen Discussant: Nick Laopodis, Fairfield University

Session 69
Shareholders and Corporate Policy
Friday, 11 June, 14:00 pm - 15:30 pm, Pine Room I
Chairperson Ernest Biktimirov

S&P 500 Index Additions and Cash Holding Decisions
Petya S Platikanova, ESADE Business School
Investor Horizon and Corporate Policies
Francois Derrien, HEC Paris
Ambrus Kecskes, Virginia Tech
David Thesmar, HEC Paris
Ownership and Dividend Policy: New Evidence from Germany
Matthias Smit, University of Groningen
Henk von Eije, University of Groningen

Presenter: Petya Platikanova Presenter: Francois Derrien Presenter: Matthias Smit

Discussant: Ernest Biktimirov, Brock University Discussant: Amir Rubin, Simon Fraser University Discussant: Francois Derrien, HEC Paris

Session 70
Market and Economic Development
Friday, 11 June, 14:00 pm - 15:30 pm, Pine Room II
Chairperson Mihail Miletkov

‘Sleeping with the enemy’ or ‘An ounce of prevention’: Sovereign Wealth Fund Investments and Market Destabilization
April Knill, Florida State University
Bong-Soo Lee, Florida State University
Nathan Mauck, Florida State University
Pension Funding and Capital Market Development
Taro Niggemann, Goethe University Frankfurt
Jörg Rocholl, ESMT Berlin
The Long-Run Relation among Financial Development, Technology and Economic Growth: A Panel Cointegration Study
Andrey Zagorchev, Lehigh University
Youngsoo Bae, University of Seoul
Geraldo Vasconcellos, Lehigh University

Presenter: Nathan Mauck Presenter: Taro Niggemann Presenter: Andrey Zagorchev

Discussant: Mihail Miletkov, University of New Hampshire Discussant: Zusana Fungacova, Bank of Finland Discussant: Vahap Uysal, University of Oklahoma

Session 71 SPECIAL SESSION Ship Financing and Risk Management Friday, 11 June, 16:00 pm - 17:30 pm, Amerikahaus
Moderator Stefan Albertijn, Senior Group Manager Shipping Department Alfred C Toepfer International GmbH Panelists Ilias Visvikis, Assistant Professor of Finance ALBA Graduate Business School Manolis Kavussanos, Professor of Finance Athens University of Economics and Business Guy Campbell, Managing Director Dry Cargo Chartering, Clarksons PLC

Session 72
Governance and Investor Information
Friday, 11 June, 16:00 pm - 17:30 pm, Shanghai
Chairperson Young Kim

Dual-stock Structure, Analyst Following, and Corporate Governance
Hoje Jo, Santa Clara University
Young Sang Kim, Northern Kentucky University
Layoffs: Are they Always Bad News?
Saeyoung Chang, University of Nevada, Las Vegas
J Ronald Hoffmeister, Arizona State University
Ownership Structure and Earnings Quality: Evidence from Newly Privatized Firms
Hamdi Ben Nasr, HEC Montreal
Narjess Boubakri, HEC Montreal
Jean-Claude Cosset, HEC Montreal

Presenter: Young Kim Presenter: J Ronald Hoffmeister Presenter: Hamdi Ben Nasr

Discussant: Vishaal Baulkaran, Wilfrid Laurier University Discussant: Yves Schlapfer, University of Basel Discussant: Zuobao Wei, University of Texas El Paso

Session 73
Socially Responsible Investing
Friday, 11 June, 16:00 pm - 17:30 pm, Altes Land I
Chairperson Iraj Fooladi

Does Greenness Matter? Environmental Performance, Ownership Structure and Analyst Coverage
Chitru Fernando, University of Oklahoma
Mark Sharfman, University of Oklahoma
Vahap Uysal, University of Oklahoma
The Cost of Investing"Well" for Ethical Fund Managers
Isabel Marco, Universidad de Zaragoza
Fernando Munoz, Universidad de Zaragoza
Maria Vargas, Universidad de Zaragoza
The Relationship between Corporate Social and Financial Performance: Do Endogeneity, Non-linearity, and Adjustment Issues Matter?
Yilmaz Guney, University of Hull
Adam Richard Schilke, British Sugar PLC

Presenter: Vahap Uysal Presenter: Maria Vargas Presenter: Yilmaz Guney

Discussant: Stefan Ruenzi, University of Mannheim Discussant: Iraj J Fooladi, Dalhousie University Discussant: Nargess Kayhani, Mount Saint Vincent University

Session 74
Information and Microstructure
Friday, 11 June, 16:00 pm - 17:30 pm, Altes Land II
Chairperson Ariadna Dumitrescu

Anything Wrong with Breaking a Buck? An Empirical Evaluation of NASDAQ $1 Minimum Price Maintenance Criterion
Feng Wu, University of Macau
S Ghon Rhee, University of Hawaii and SKKU
Pre-Trade Transparancy and Informed Trading, An Experimental Approach to Hidden Liquidity
Arie Eskenazi Gozluklu, Bocconi University
Short Selling: Information or Manipulation?
Carole Comerton-Forde, University of Sydney
Talis Putnins, University of Sydney

Presenter: Ghon Rhee Presenter: Arie E Gozluklu Presenter: Talis Putnins

Discussant: Ike Johnson, Manchester Business School Discussant: Ariadna Dumitrescu, ESADE Business School Discussant: S Ghon Rhee, University of Hawaii & SKKU

Session 75
Emerging Markets 2
Friday, 11 June, 16:00 pm - 17:30 pm, Altes Land III
Chairperson Eliza Wu

Capital Market Development, Competition, Property Rights, and the Value of Insurer Product-Line Diversification: A Cross-Country Analysis
Thomas R Betty-Stolzle, University of Georgia
Robert E Hoyt, University of Georgia
Sabine Wende, University of Cologne
Assessing Global Market Integration through Security Analyst Forecasts
Eliza Wu, University of New South Wales
Bohui Zhang, University of New South Wales
Asia-Pacific Interest Rate Movements: A Tale Of A Two-Horse Sleigh
Do Quoc Tho Nguyen, Rouen Business School
Thi Thu Ha Phi, Ernst & Young Australia
Thuy-Duong Tô, Australian School of Business

Presenter: Sabine Wende Presenter: Eliza Wu Presenter: Thuy-Duong To

Discussant: Manuel Mayer, Vienna Graduate School of Finance Discussant: Sabine Wende, University of Cologne Discussant: Eliza Wu, University of New South Wales

Discussant: Wolfgang Aussenegg, Vienna University of Technology Discussant: Francesco Vallascas, University of Cagliari

Session 76
Bank Risk
Friday, 11 June, 16:00 pm - 17:30 pm, Altes Land IV
Chairperson Francesco Vallascas

The Impact of European Bank Mergers on Bidder Default Risk
Francesco Vallascas, University of Cagliari
Jens Hagendorff, Leeds University
Bank Regulations and Interest Rate Risk: An International Perspective
Maxim Zagonov, Cass Business School
Aneel Keswani, Cass Business School
Ian Marsh, Cass Business School
Does Competition Influence Bank Failures?
Zuzana Fungacova, Bank of Finland
Laurent Weill, Université de Strasbourg and EM Strasbourg Business School

Presenter: Francesco Vallascas Presenter: Maxim Zagonov Presenter: Zuzana Fungacova

Discussant: Maxim Zagonov, Cass Business School

Session 77
Derivatives Valuation
Friday, 11 June, 16:00 pm - 17:30 pm, Oak Room I
Chairperson Martin Wallmeier

Multivariate Downside Risk: Normal versus Variance Gamma
Martin Wallmeier, University of Fribourg
Martin Diethelm, University of Fribourg
A Volatility Smirk that Defaults: The Case of the S&P 500 Index Options
Panayiotis C Andreou, Durham University
Commodity Derivatives Valuation with Autoregression and Moving Average Components in the Price Dynamics
Raphael Paschke, University of Mannheim
Marcel Prokopczuk, ICMA Centre, University of Reading

Presenter: Martin Wallmeier Presenter: Panayiotis C Andreou Presenter: Marcel Prokopczuk

Discussant: Xingguo Luo, University of Hong Kong Discussant: Martin Wallmeier, Universitat Freiburg Discussant: Gang Zhao, Cass Business School

Session 78
Private Ownership
Friday, 11 June, 16:00 pm - 17:30 pm, Oak Room II
Chairperson Susan Espenlaub

Speed and consequences of venture capitalist post-IPO exit
Imants Paeglis, Concordia University
Parianen Veeren, Concordia University
Going Private Transactions: Evidence from Europe
Ettore Croci, University of Milan - Bicocca
Alfonso Del Giudice, Universita' Cattolica
Venture Capital and the Financing of Innovation
Donia Trabelsi, University Paris 1 - Pantheon -Sorbonne
Ghasem Shiri, University Paris 1 - Pantheon -Sorbonne

Presenter: Parianen Veeren Presenter: Alfonso Del Giudice Presenter: Donia Trabelsi

Discussant: Donia Trabelsi, Universite Paris I Pantheon-Sorbonne Discussant: Taro Niggemann, Goethe University Frankfurt Discussant: Susan Espenlaub, Manchester Business School

Session 79
Small and Medium Enterprises
Friday, 11 June, 16:00 pm - 17:30 pm, Pine Room I
Chairperson Dusan Isakov

Family Ownership, Multiple Blockholders and Firm Performance
Dusan Isakov, University of Fribourg
Jean-Philippe Weisskopf, University of Fribourg
Sector Concentration Risk in SME Credit Portfolios : A Multifactor Approach
Michel Dietsch, Université de Strasbourg
Joël Petey, Université de Strasbourg
The Costs of SME's Financial Distress across Europe
Kevin Keasey, Leeds University
Julio Pindado, Universidad de Salmanca
Luis Rodrigues, Center for Advanced Studies in Management and Economics -

Presenter: Dusan Isakov Presenter: Joël Petey Presenter: Luis Rodrigues

Discussant: Luis Rodrigues, CEFAGE - ESTGV Discussant: Sudi Sudarsanam, Cranfield University Discussant: Clas Wihlborg, Chapman University

Session 80
Banking Crisis 2
Friday, 11 June, 16:00 pm - 17:30 pm, Pine Room II
Chairperson Duane Stock

Banking Crisis and Mergers – The Case of Japan
Huong Higgins, Worcester Polytechnic Institute
TARP Investments: Financials and Politics
Denis Sosyura, University of Michigan
Ran Duchin, University of Michigan
What the Market Watched: Bloomberg New Stories and Bank Returns as the Financial Crisis Unfolded
Robin L. Lumsdaine, American University

Presenter: Huong Higgins Presenter: Denis Sosyura Presenter: Robin L Lumsdaine

Discussant: Duane Stock, University of Oklahoma Discussant: Seraina Grunewald, University of Zurich Discussant: Julapa Jagtiani, Fed Res Bank Philadelphia

The 2010 European Conference will close with the Gala Dinner at the breathtaking Hotel Hafen Hamburg, overlooking the harbor.
Advance reservations are required for the dinner. If you have not made your reservations, simply click here.
The attendance fee is $15 for registrants and $25 for guests.

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