Click Here to Register

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