2011 FMA Asian Conference Program
6 - 8 April, – Queenstown, New Zealand

 
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Session 01
  Capital Structure
    Thursday, 8:30 - 10:00
    Chair: David Smith, Massey University
Asymmetric Partial Adjustment towards Target Leverage: International Evidence
  Viet Anh Dang, Manchester Business School
  Ian Garrett, Manchester Business School
  Cuong Nguyen, Manchester Business School
 
Partial adjustment towards target capital structure: Evidence from New Zealand
  David Smith, Massey University
  Jianguo Chen, Massey University
  Hamish Anderson, Massey University
 
Collateral and Debt Capacity in the Optimal Capital Structure
  Timothy Riddiough, University of Wisconsin
  Antonio Mello, University of Wisconsin
  Erasmo Giambona, University of Amsterdam
 
Presenter: Cuong Nguyen Presenter: David Smith Presenter: Tim Riddiough
Discussant: David Smith, Massey University Discussant: Roger Stover, Iowa State University Discussant: Christine Brown, Monash University
Session 02
  Dividends and Share Repurchases
    Thursday, 8:30 - 10:00
    Chair: Warwick Anderson, Canterbury University
Managerial Intent - Corporate Governance and Open Market Share Repurchase Programs
  Gary L Caton, Montana State University
  Jeremy Goh, Singapore Management University
  Lee Yen Teik, Singapore Management University
  Scott Linn, University of Oklahoma
The Payout Policy of Australian firms: Dividends - Repurchases and Soft Substitution
  Gil Aharoni, The University of Melbourne
  Christine Ann Brown, Monash University
  George Wang, The University of Melbourne
 
The Role of Mid-year Dividends as Predictors of Yearly Earnings
  Warwick Wyndham Anderson, University of Canterbury
 
 
 
Presenter: Lee Yen Teik Presenter: Christine Brown Presenter: Warwick Anderson
Discussant: Kartick Gupta, Auckland University of Technology Discussant: Warwick Anderson, University of Canterbury Discussant: Hardjo Koerniadi, AUT University
Session 03
  Market Efficiency
    Thursday, 8:30 - 10:00
    Chair: Kevin Broom, Baylor University
Are Monthly Seasonals Real? A Three Century Perspective
  Cherry Yi Zhang, Massey University
  Ben Jacobsen, Massey University
 
 
Why does financial strength forecast stock return? Evidence from subsequent demand by institutional investors
  Nicole Y. Choi, University of Wyoming
  Richard W. Sias, Washington State University
 
 
The short-term impact of direct exposure to terrorist attacks: The case of the World Trade Center tenants and September 11
  Marie-Anne Lise Cam, RMIT University
 
 
 
Presenter: Cherry Yi Zhang Presenter: Nicole Choi Presenter: Marie-Anne Cam
Discussant: Walter Torous, UCLA Discussant: Lorenzo Casavecchia, University of Technolgoy Sydney Discussant: Kevin Broom, Baylor University
Session 04
  Issues in Banking
    Thursday, 8:30 - 10:00
    Chair: Pascal Nguyen, University of Technology Sydney
The Deposit Insurance and the Risk-Shifting Incentive: Evidence from the Blanket Deposit Insurance in Japan
  Wako Watanabe, Keio University
  Brahim Guizani, Tohoku University
 
 
Factors Determining European Bank risk
  Mamiza Haq, University of Queensland
The Influence of Government in Cross-Border Bank Mergers
  Andrew Karolyi, Cornell University
  Alvaro Taboada,
 
 
Presenter: Wako Watanabe Presenter: Mamiza Haq Presenter: Andrew Karolyi
Discussant: Mamiza Haq, University of Queensland Discussant: Pascal Nguyen, University of Technolgoy Sydney Discussant: Yuki Masujima, Bank of Japan
Session 05
  Factors that Affect Equity and Debt Decisions
    Thursday, 2:00 - 3:30
    Chair: Larry Rose, Massey University
Managerial Overconfidence and Share Repurchase
  Pei-Gi Shu, Fu Jen Catholic University
  Yin-Hua Yeh, Fu Jen Catholic University
  Yu-Hui Su, Soochow University
 
Leverage Dynamics over the Business Cycle
  Josef Zechner, Vienna University of Economics and Business
  Michael Halling, University of Utah
  Jin Yu, University of New South Wales
 
Cross Market and Cross Frim Effects in Implied Default Probabilities and Recovery Values
  Jennifer Conrad, University of North Carolina
  Robert F Dittmar, University of Michigan
  Allaudeen Hameed, National University of Singapore
 
Presenter: Yin-Hua Yeh Presenter: Josef Zechner Presenter: Jennifer Conrad
Discussant: Cuong Nguyen, Mancester Business School Discussant: Tim Riddiough, University of Wisconsin Discussant: Yin-Hua Yeh, Fu Jen Catholic University
Session 06
  IPOs 1
    Thursday, 2:00 - 3:30
    Chair: J. Jimmy Yang, Oregon State University
Further Insight into IPO Information Production
  Glenn Boyle, University of Canterbury
  Roger D Stover, Iowa State University
  Richard B Carter, Iowa state University
 
The Determinants of IPO-Related Shareholder Litigation: The Role of CEO Equity Incentives and Corporate Governance
  Kuntara Pukthuanthong, San Diego State University
  Thomas Walker, Concordia University
 
 
NOL Rights Plans
  Thomas J Boulton, Miami University
  Terry D Nixon, Miami University
 
 
Presenter: Roger Stover Presenter: kuntara Pukthuanthong Presenter: Thomas Boulton
Discussant: Kuntara Pukthuanthong, San Diego State University Discussant: Ron Masulis, University of New South Wales Discussant: J Jimmy Yang, Oregon State University
Session 07
  Portfolio Management and Information
    Thursday, 2:00 - 3:30
    Chair: Shan Lin, Queen's University
Managerial Herding - Investors� Wealth and the Role of Mutual Fund External and Internal Monitoring Mechanisms
  Lorenzo Casavecchia, University of Technology Sydney
  Anthony Tooman, ANZ Banking Group, Australia
 
 
Investors’ Distraction and Strategic Re-pricing Decisions
  Marco Navone, Finance Department - Università Bocconi
 
 
 
When Analysts Talk - Do Institutional Investors Listen? Evidence from Target Price Changes and Institutional Trading
  Shan Lin, Queen's University
  Hong-Ping Tan,
 
 
Presenter: Lorenzo Casavecchia Presenter: Marco Navone Presenter: Shan Lin
Discussant: Shan Lin, Queen's University Discussant: Doug Emery, University of Miami Discussant: Cherry Zhang, Massey University
Session 08
  Crises
    Thursday, 2:00 - 3:30
    Chair: Jonathan Dark, University of Melbourne
Early Warning Systems for Currency Crises: A Multivariate Extreme Value Approach
  Phornchanok Cumperayot, Chulalongkorn University
  Roy Kouwenberg, Mahidol University and Erasmus University Rotterdam
 
 
Extreme Downside Risk Spillover from the US and Japan to Asian-Pacific Stock Markets
  Lu Liu, Department of Economics, Lund University
 
 
 
The Banking System in East Asia and the Transmission of the Global Financial Crisis
  Jenny Corbett, ANU
  Prasanna Gai, ANU
  Kazuki Onji, ANU
 
Presenter: Phornchanok Cumperayot Presenter: Lu Liu Presenter: Jenny Corbett
Discussant: Lu Liu, Lund University Discussant: Jonathan Dark, University of Melbourne Discussant: Rachel Campbell Pownall, Tilburg University
Session 09
  Governance, Families and Culture
    Thursday, 4:00 - 5:30
    Chair: Aaron Gilbert, Auckland University of Technology
Cultural Values - CEO Risk Aversion and Corporate Takeovers
  Bart Frijns, Auckland University of Technology
  Aaron Gilbert, Auckland University of Technology
  Thorsten Lehnert, Luxembourg School of Finance
  Alireza Tourani-Rad, Auckland University of Technology
Family Management, Family Blockholder and Corporate Hedging Behavior: Evidence from Thailand
  Satjaporn Tungsong, Thammasat University, Bangkok
 
 
 
Family Business Groups around the World: Financing Advantages, Control Motivations and Organizational Choices
  Ronald Masulis, University of New South Wales
 
 
 
Presenter: Aaron Gilbert Presenter: Satjaporn Tungsong Presenter: Ron Masulis
Discussant: Satjaporn Tungsong, Thammasat University Discussant: Aaron Gilbert, Auckland University Discussant: Marco Navone, Universita Bocconi
Session 10
  IPOs 2
    Thursday, 4:00 - 5:30
    Chair: Marie-Anne Cam, RMIT University
Is the IPO Offer Price Revision Really a Proxy for Private
  Michael O'Connor Keefe, Victoria University of Wellington
 
 
 
IPO Pricing and Wealth Allocation
  Fabricio Perez, Wilfrid Laurier University
  Andriy Shkilko, Wilfrid Laurier University
  Ning Tang, Wilfrid Laurier University
 
The choice between rights and underwritten equity offerings: Evidence from Chinese stock markets
  Li Dang, California Polytechnic State University
  J. Jimmy Yang, Oregon State University
 
 
Presenter: Michael Keefe Presenter: Ning Tang Presenter: J. Jimmy Yang
Discussant: Marie Anne Cam, RMIT University Discussant: Wako Watanabe, Keio University Discussant: Ning Tang, Wilfrid Laurier University
Session 11
  Microstructure and Cost of Capital
    Thursday, 4:00 - 5:30
    Chair: Gordon Alexander, University of Minnesota
Why does the Bid-Ask Spread Widen on Ex-Dividend Days in Australia?
  Andrew Ainsworth, University of Sydney
  Adrian Lee, University of Technology, Sydney
 
 
Corporate governance - financing pattern and cost of capital: Evidence from New Zealand companies
  Hardjo Koerniadi, AUT University
  Alireza Tourani-Rad, AUT University
 
 
Can Quote Competition Reduce Preferenced Trading? A Reexamination of the SEC's 1997 Order Handling Rules
  S. Ghon Rhee, University of Hawaii
  Ning Tony Tang, Wilfrid Laurier University
 
 
Presenter: Andrew Ainsworth Presenter: Hardjo Koerniadi Presenter: S. Ghon Rhee
Discussant: Henk Berkman, University of Auckland Discussant: Jeff Wongchoti, Massey University Discussant: Gordon Alexander, University of Minnesota
Session 12
  Derivatives Pricing
    Thursday, 4:00 - 5:30
    Chair: Hai Lin, University of Otago
Diagnosing Affine Models of Options Pricing: Evidence from VIX
  Gang Li, Hong Kong Baptist University
  Chu Zhang, Hong Kong University of Science and Technology
 
 
Static Hedging and Pricing American Exotic Options
  San-Lin Chung, Department of Finance, National Taiwan University
  Pai-Ta Shih Department of Finance, National Taiwan University
  Wei-Che Tsai, Department of Finance, National Taiwan University
 
Stochastic Survival Rate and Derivative Pricing
  Paul Dawson, Kent State University, Ohio, USA
  Hai Lin, Xiamen University
  Yangshu Liu, Xiamen University
 
Presenter: Chu Zhang Presenter: Pai-Ta Shih Presenter: Hai Lin
Discussant: Hai Lin, Xiamen University Discussant: Chu Zhang, Hong Kong University of Science & Technology Discussant: Pai-Ta Shih, National Taiwan University
Session 13
  Governance and Performance
    Friday, 10:30 - 12:00
    Chair: Kasper Nielsen, Hong Kong University of Science & Technology
Financial Development - Corporate Governance and Cost of Equity Capital
  Kartick Gupta, Auckland University of Technology
  Chandrasekhar Krishnamurti, University of Southern Queensland
  Alireza Tourani-Rad, Auckland University of Technology
 
Firms Environmental, Social and Goverance (ESG) Choices, Performance and Managerial Motivation
  Stuart Gillan, Texas Tech University
  Jay C Hartzell, University of Texas at Austin
  Andrew Koch, University of Texas at Austin
  Laura T Starks, University of Texas at Austin
The AGR Anomaly: Corporate Governance and the Systematic Mispricing of US Stocks
  Walter Torous, University of California at Los Angeles
  Micah Allred, University of California at Los Angeles
 
 
Presenter: Kartick Gupta Presenter: Laura Starks Presenter: Walter Torous
Discussant: Reena Aggarwal, Georgetown University Discussant: Kasper Nielsen, HKUST Discussant: Roy Kauwenberg, Mahidol University
Session 14
  Financial Strategy
    Friday, 10:30 - 12:00
    Chair: Carolyn Wirth, Massey University
The economic impact of capital expenditures: Environmental regulatory delay as a source of strategic advantage?
  Carolyn Gail Wirth, Massey University
  Jing Chi, Massey University
  Martin Young, Massey University
 
Does the value of derivatives use depend on corporate governance? Evidence from U.K. Firms
  Pinghsun Huang, National Cheng Kung University, Tainan, Taiwan
  Udomsak wongchoti, Massey University, New Zealand
  Yan Zhang,
 
Financing of SMEs: Do They Match Their Assets and Liabilities?
  Jan Bartholdy, Arhus School of Business
  Cesario Mateus, American University of Sharjah
  Dennis Olson, American University of Sharjah
 
Presenter: Carolyn Wirth Presenter: Udomsak Wongchoti Presenter: Cesario Mateus
Discussant: Dennis Olson, American University of Sharjah Discussant: Lee Yen Teik, Singapore Management University Discussant: Carolyn Wirth, Massey University
Session 15
  Asset Allocation
    Friday, 10:30 - 12:00
    Chair: Michael Keefe, Victoria University of Wellington
Can the Life Insurance Market Provide Evidence for a Bequest Motive?
  Joachim Inkmann, University of Melbourne
  Alexander Michaelides, University of Cyprus
 
 
Ambiguity Attitudes and Portfolio Choice: Evidence from a Large Representative Survey
  Stephen G. Dimmock, Nanyang Technological University
  Roy Kouwenberg, Mahidol University and Erasmus University Rotterdam
  Peter P. Wakker, Erasmus University Rotterdam
 
The wisdom of crowds: Mutual fund investors' aggregate asset allocation decisions
  John Chalmers, University of Oregon
  Aditya Kaul, Univeristy of Waterloo
  Blake Phillips, Univeristy of Waterloo
 
Presenter: Joachim Inkmann Presenter: Roy Kouwenberg Presenter: Blake Phillips
Discussant: Blake Phillips, University of Waterloo Discussant: Michael Keefe, Victoria University of Wellington Discussant: Joachim Inkmann, University of Melbourne
Session 16
  Microstructure and Listings
    Friday, 10:30 - 12:00
    Chair: Olga Dodd, Auckland University of Technology
Economic Consequences of International Cross-listing and Multimarket Trading
  Olga Dodd, Auckland University of Technology
 
 
 
The NASDAQ Restructuring: Prestige Effect or Momentum Effect?
  Kevin D Broom, Baylor University
 
 
 
Overseas Listing as a Policy Tool: Evidence from China's H-Shares
  Qian Sun, Fudan University
  Wilson HS Tong, Wealth Management Institute of Lujiazui
  Yujun Wu, Wealth Management Institute of Lujiazui
 
Presenter: Olga Dodd Presenter: Kevin Broom Presenter: Qian Sun
Discussant: Yexiao Xu, University of Texas at Dallas Discussant: Olga Dodd, Auckland University of Technology Discussant: S Ghon Rhee, University of Hawaii
Session 17
  Goverance
    Friday, 1:30 - 3:00
    Chair: Terry Nixon, Miami University
Board Monitoring and the Wall Street Rule
  Brandon Chi-wei Chen, University of New South Wales
 
 
 
What death can tell: Are executives paid for their contribution to value?
  Bang Dang Nguyen, University of Cambridge
  Kasper Meisner Nielsen, Hong Kong University of Science and Technology
 
 
Does Proxy Voting Affect the Supply and/or Demand for Securities Lending
  Reena Aggarwal, Georgetown University
  Pedro Saffi,
  Jason Sturgess,
 
Presenter: Brandon Chen Presenter: Kasper Meisner Nielsen Presenter: Reena Aggarwal
Discussant: Yuen-Hsiang Lin, National Taipei College of Business Discussant: Terry Nixon, Miami University Discussant: Laura Starks, University of Texas
Session 18
  International Markets
    Friday, 1:30 - 3:00
    Chair: Nicole Choi, University of Wyoming
Global and Local Currency Lending: Cross-border Shock Transmission to Indonesia via Internal Fund Transfer
  Yuki Masujima, Bank of Japan
 
 
 
U.S and Local Market Gains and Asian Investors' Overconfidient Trading Behavior
  Wen-I Chuang, National Taiwan University
  Bong-Soo Lee, Florida State University
  Kai-Li Wang, Tunghai University
 
The Dynamics of Arbitrage: Covered Interest Parity in the Yen Forward Market
  Jonathan A Batten, HKUST
  Wai-Sum Chan, Chinese University of HOng Kong
  Hon-Lun Chung, HOng Kong Polytechnic University
  Peter Szilagyi, University of Cambridge
Presenter: Yuki Masujima Presenter: Wen-I Chuang Presenter: Jonathan Batten
Discussant: Wen-I Chuang, National Taiwan University Discussant: Nicole Choi, University of Wyoming Discussant: Phornchanok Cumperayot, Chulalongkorn University
Session 19
  Microstructure Trading and Market-takers
    Friday, 1:30 - 3:00
    Chair: Amy Kwan, University of New South Wales and Capital Markets CRC
Anonymity and Informed Trading
  Michael Aitken, The University of New South Wales and Capital Markets CRC
  Amy Kwan, The University of New South Wales and Capital Markets CRC
  Thomas McInish, The University of Memphis
 
Passing on Family Values: Informed Trading through Accounts of Children
  Hendrick Berkman, University of Auckland
  Paul Koch, University of Kansas
  P. Joakim Westerholm, University of Sydney
 
Maker-taker exchange fees and market liquidity: a natural experiemnt from New Zealand Stock Exchange
  Glenn Boyle, University of Canterbury
  Henk Berkmann,
  Alex Frino,
 
Presenter: Amy Kwan Presenter: Henk Berkman Presenter: Glenn Boyle
Discussant: David Ding, Massey University Discussant: Jennifer Conrad, University of North Carolina Discussant: Amy Kwan, University of New South Wales
Session 20
  Hedging Futures
    Friday, 1:30 - 3:00
    Chair: Jin-Wan Cho, Korea University
Shooting Yourself in the Foot by Currency Hedging
  Jin-Wan Cho, Korea University Business School
  Taeyong Kim, Morningstar Associates Korea
  Woojin Kim, Korea University Business School
 
Will tighter futures price limits decrease hedge effectiveness?
  Jonathan Dark, University of Melbourne
 
 
 
The Valuation of Equity Futures on the Tokyo Stock Exchange 1920-1923
  Toby Daglish, Victoria University of Wellington
  Lyndon Moore,
 
 
Presenter: Jin-Wan Cho Presenter: Jonathan Dark Presenter: Toby Daglish
Discussant: Andrew Karolyi, Cornell University Discussant: Jin-Wan Cho, Korea University Discussant: Yi-Hsuan Chen, Chung Hua University
Session 21
  Dividends and Share Repurchases
    Friday, 3:30 - 5:00
    Chair: Bill Megginson, University of Oklahoma
Board size and corporate risk-taking
  Makoto Nakano, Hitotsubashi University
  Pascal Nguyen, University of Technology Sydney
 
 
State Ownership and the Cost of Corporate Debt
  William Megginson, University of Oklahoma
  Ginka Borisova, Iowa State University
  Veljko Fotak, University of Oklahoma
  Kateryna Holland, University of Oklahoma
Managerial Incentives for Risk-Taking and Internal Capital Allocation
  Ja Young Suh, University of Technology Sydney
 
 
 
Presenter: Pascal Nguyen Presenter: William Megginson Presenter: Ja Young (Jenny) Suh
Discussant: Bill Megginson, University of Oklahoma Discussant: Qian Sun, Fudan University Discussant: Brandon Chi-wei Chen, University of New South Wales
Session 22
  Behavior and Asset Pricing
    Friday, 3:30 - 5:00
    Chair: Doug Emery, University of Miami
Learning to Bid in Internet Art Auctions
  Rachel Campbell Pownall, Tilburg University
  Leonard Wolk, Maastricht University
 
 
Sell-side Analyst Research and Stock Comovement
  Volkan Muslu, The University of Texas at Dallas
  Michael Rebello, The University of Texas at Dallas
  Yexiao Xu, The University of Texas at Dallas
 
Local Sports Sentiment and the Returns and Trading Behavior of Locally Headquartered Stocks: A Firm-Level Analysis
  Shao-Chi Chang, Institute of International Business, College of Management National Cheng Kung University
  Sheng-Syan Chen, Department of Finance, National Chengchi University
  Robin K. Chou, Department of Finance, National Chengchi University
  Yueh-Hsiang Lin, Department of Finance, National Taipei College of Business
Presenter: Rachel Campbell Pownall Presenter: Yexiao Xu Presenter: Yueh-Hsiang Lin
Discussant: Jonathan Batten, HKUST Discussant: Andrew Ainsworth, University of Sydney Discussant: Garry Twite, Australian National University
Session 23
  Volatility and Risk Management
    Friday, 3:30 - 5:00
    Chair: Toby Daglish, Victoria University of Wellington
Regime dependent information contents of model-free volatility: Evidence from the Eurodollar options markets
  Yi-Hsuan Chen, Department of Finance, Chung Hua University
  I-Doun Kuo, Department of Finance, Tunghai University
 
 
Pricing VIX Options: Evidence from Integrated S&P 500 Index Option and VIX Future Markets
  Yueh-Neng Lin, National Chung Hsing University
 
 
 
When More Is Less: Using Multiple Constraints to Reduce Tail Risk
  Gordon J. Alexander, University of Minnesota
  Alexandre M. Baptista, University of South Carolina
  Shu Yan, University of South Carolina
 
Presenter: Yi-Hsuan, Chen Presenter: Yueh-Neng Lin Presenter: Gordon J. Alexander
Discussant: Yueh-Ning Lin, National Chung Hsing University Discussant: David Tripe, Massey University Discussant: Toby Daglish, Victoria University of Wellingotn