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
  Régis B, University of Strasbourg and EM Strasbourg Business School
  Joël 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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