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30th Annual Global Finance Conference Program

Sessions

Tuesday 13th of June 2023

Session B01: Financial instruments in Risk

Session Chair: Joshua Traut

Liquidity Derivatives

Matteo Bagnara, Ruggero Jappelli

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Which is Worse: Heavy Tails or Volatility Clusters?

Joshua Traut, Wolfgang Schadner

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The Impact of the HYG ETF on the Liquidity of the  Markets for the Underlying High-Yield Bonds

Natalia Resiel

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Non-Standard Errors

Felix Holzmeister, Christian Wolff

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Session B02: Finance in Europe

Session Chair: João Estevão

The Changing Relevance of Dual-Class Shares in Europe: A Corporate Governance and Performance Perspective

Wolfgang Bessler, Marco Vendrasco

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EU regional policy and local economic growth: Does banking development matter?

Paolo Coccorese

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The impact of NPL on a bank’s profitability in Portugal

João Estevão

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Environmental and social factors in the Performance and Efficiency of Portuguese companies: new evidence using GMM and DEA

Maria Elisabete Neves

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Session B03: Gender Behaviour in the financial world 

Session Chair: Jarkko Peltomäki

When Gender Matters: the role of Women in Mergers and Acquisitions

Benedetta Tiveron, Guido Max Mantovani, Andrea Moro

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Gender and Investor Performance: The Role of Attention 

Jarkko Peltomäki, Denis Davydov

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Isolating the female agency-driven development factor in external sovereign emerging market debt

Karim Henide

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A good fit matters: evidence from the impact of board gender quota on financial performance in France

Lucia Gao, Rey Dang, Linh Chi Vo, Honggang Qiu

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Session B04: Acquisitions

Session Chair: Sunil Poshakwale

Can investor sentiment predict merger outcomes? Evidence from International M&A activity

Ibtissem Rouine

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Killer Acquisition Theory in the Digital Economy

Max Berre

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Information Acquisition in Shareholder Voting

Adam Meirowitz, Shaoting Pi

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Session B05: Banking and Financial Services

Session Chair: Duc Duy Nguyen

Earnings Expectations and the Quality of Financial Services

Duc Duy Nguyen, Xiaomeng Shi, Mingzhu Wang

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The impact of climate risks on bank performance and lending growth

Fatima Chalabi

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Corporate Innovation and Bank Ownership: A Test of Two Competing Hypotheses

Mariko Yasu

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The Global Impacts of Non-Bank Financial Institutions

Yochanan Shachmurove

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Session B06: Corporate Governance II

Session Chair: Ali Parhizgari

Board Cooption and Work-Place Safety

Ali Parhizgari, Mohammad Hashemi Joo, Yuka Nishikawa

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Prestigious Directors, Firm Acquisitions, Financial Policies, and Risk

Sunil Poshakwale, Harsh Khedar, Vineet Agarwal

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Impact of Ownership Structure on Liquidity Sensitivity

Shalu Kalra

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The determinants of the voting premium of dual class shares: Leverage effect and unstable news flow components

Hubert De la Bruslerie

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How do Independent Boards Affect Shareholder Value? Evidence from a Structural Estimation

Francesco Celentano

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Session B07: Performance Analysesis

Session Chair: Yong Hyun Kwun (Yonghyun Kwon)

Relative Performance Evaluation with Business Group Affiliation as a Source of Common Risk

Yong Hyun Kwun (Yonghyun Kwon), Seung Hun Han, Yoon K Choi

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The Financial Structures of Surviving Fortune 500 Companies: A Retrospective Analysis for the Past Seven Decades

Wenjuan Xie

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Evidence on the Consequences of Risk Taking and Performance  for Bank Directors During the Financial Crisis

Wenling Lu, David Whidbee

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Business Angel Activities across countries: An Institutional Perspective

Muzna Rahman, Joanne Hamet

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Session B08: Sustainable and Social Investing

Session Chair: Sara Beatriz Ribeiro Magalhães

The Influence of Nudges on Market Participation and Socially Responsible Investing

Sara Beatriz Ribeiro Magalhães, Cristiana Cerqueira Leal

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Talk the green talk: a textual analysis of pension funds' disclosures of sustainable investing.

Annick Van Ool, Dirk Broeders, Rob Bauer

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ESG Investing Beyond Risk and Return

Rex Wang Renjie, Shuo Xia

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Higher risk requires more rewards? Climate risk exposure and top executives’ compensations

Nhan Huynh, Quang Thien Tran

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Session B09: Ventures

Session Chair: Shivangi Gupta

Business Accelerators and Venture Performance

Shivangi Gupta, Ashok Banerjee

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Shadow Capital in Venture Financing: Selection, Valuation, and Exit Dynamic

Na Dai, Douglas Cumming

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How and how well do institutional venture capital firms manage risk?

Luiz Bissoto

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Configuring Sharia complaint venture capital system through multi-stakeholder perspective taking

Khurram Sharif

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Session B10: Diversity in Religiosity & Age

Session Chair: Erik Devos

The Role of Religiosity in Loan Repayment in Microfinance Institutions

Rebel Cole, Uliana Filatova, Sara Khaled

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Local Religiosity and Financial Advisor Misconduct

Arnie Cowan, Lei Gao, Jianlei Han, Zheyao Pan

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Employee Diversity and Litigation Risk: Evidence from the Lilly Ledbetter Fair Pay Act

Erik Devos, He Li, Andrian Tippit

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Belief Polarization, Unconscious Bias, and Financial Markets

Nan Ma

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Session B11: ESG

Session Chair: Antonio Figueiredo

ESG Keywords in the 10-K: Relation to ESG Risk and Real Activities Manipulation

Antonio Figueiredo, Barri Litt

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ESG meets AAA across the globe:  International evidence on the effect of ESG rating changes on stock returns

Binam Ghimire, Mikhail Vasenin, Savva Shanaev, Janusz Brzeszczynski

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Environmental regulations and firm performance: The role of local governmental pressure

Zhaoyang Gu, Ye Liu, Peixin Wang

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ESG as Protection Against Downside Risk

Tobi Oladiran, Roman Kraussl, Denitsa Stefanova

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Session B12: New technologies in Economics and Finance

Session Chair: Max Berre

An Examination of Stablecoin Reporting, Economic Impact & Policy Forecasts

Hugo Benedetti, Sean Stein Smith

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Machine-Learning in Entrepreneurial Finance: Modelling Selection, Valuation, and Survival 

Max Berre

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Monotonicity for AI ethics and society: An empirical study of the monotonic neural additive model in criminology, education, health care, and finance

Luyao Zhang, Dangxing Chen

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Stablecoins as the cornerstone in the linkage between the digital and conventional financial markets 

Mariya Gubareva, Ahmed Bossman

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Session B13: Bubbles & Shocks

Session Chair: Ersi-Iliana Savvopoulou

A Model of Cycles and Bubbles under Heterogeneous Beliefs in Financial Markets

Carina Burs

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When foot prohibition, do investors listen? The role of pandemic shock in stock  market reactions and capital efficiency 

Kung-Cheng Ho

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Bubbles of Debt Sustainability?

Ersi-Iliana Savvopoulou

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Recovering from Shocks: Term Structure Signalling in Commodity Markets

Tom Burdorf - University of St. Gallen, Zeno Adams - University of St. Gallen, Niclas Käfer - University of St. Gallen

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Session B14: Social Media & Networks: Large influences on finance?

Session Chair: Kumushoy Abduraimova

Social Media Sentiment and Bitcoin Price Dynamics

Xiaozhou Zhou

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Twitter Information, Analyst Behavior, and Market Efficiency

Qiang Kang, Ann Marie Hibbert, Alok Kumar, Suchi Mishra

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Good Contagion: What Do Networks Say about Policy Transmission?

Kumushoy Abduraimova

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Social Connectedness and Local Stock Return Comovement

Jared DeLisle, Andrew Grant, Ruiqi Mao

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Session B15: Corporate governance: CEOs

Session Chair: Ben Sila

Little Emperor CEOs: Firm risk and performance when CEOs grow up without siblings

Ben Sila, Tianxi Wang, Angelica Gonzalez, Jens Hagendorff

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Why do CEOs Donate Stock? - CEO stock gifts and voluntary disclosure

Seonghee Han

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CEO Compensation and Shareholder Voice

John Barry

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CEO Social Capital and Discretionary Accruals

William McCumber, Huan Qiu

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Session B16: International Stock Markets and Countries

Session Chair: Steven Li

Dynamics of Price and Volatility Spillovers among Stock and Foreign Exchanges: Evidence from South Asian Countries

Rudra Prakash Pradhan, SMRK Samarakoon, Rana Pratap Maradana, EAIN Ediriweera

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Downside risk in Australian and Japanese stock markets: evidence based on the expectile regression

Steven Li, Kohei Marumo

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The cannibalization effect of intermittent renewables in Germany: Is renewable energy self-sustainable?

Maria Tselika, Kyriaki Tselika, Gunnar.S Eskeland

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Understanding the effect of stock liquidity on payout: Evidence from the Brazilian market

Mohamed Mehdi Hijazi, Paulo Gama, Wagner Dantas, Tarcisio Pedro da Silva

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Session B17: Focusing on the US

Session Chair: Robinson Reyes Pena

Financial Reform and Agricultural TFP:  Evidence from the United States

Xinpeng Xu

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The formal and informal institutional determinants of US banks' foreign branch activities

Dieter Vanwalleghem

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How would European firms fund themselves in the United States?

Hannah Winterberg

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An Efficient American Option Approximation Formula in Markets with Daily Price Limits

Jia-Hau Guo - College of Management, National Yang Ming Chiao Tung University, Yi-He Chang - College of Management, National Yang Ming Chiao Tung University

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Session B18: The Banking Industry

Session Chair: Andreas Hoefer

Efficiency of Banks With a Double Bottom Line

Johann Burgstaller, Katharina Dietl

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The Development of Central Bank Independence: Empirical Evidence

Andreas Hoefer

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Penalties and Misconduct in the US banking industry

Carmela D'Avino

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Optimal Severity of Stress-Test Scenarios

Johannes Fischer - Bank of England, Natalie Kessler - Vrije Universiteit Amsterdam

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Session B19: Risk Management

Session Chair: Federico Nardari

Corporate Environmental Disclosures and Risk Management (Rong Yang)

Rong Yang, Chune Young Chung, Incheol Kim

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An easy to implement stop-loss momentum strategy in emerging stock markets

Mohsin Sadaqat , Hilal Butt, Riza Demirer

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Ensembles of Portfolio Rules

Federico Nardari, Rainer Schüssler

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An Accelerated Static Hedging Method for the Analytic Valuation of American Options

Lung-Fu Chang, Jia-Hau Guo, Mao-Wei Hung

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Session B20: Panel Session: Behavioural use of PE ratio. Can PE forward be a solution?

Jasmine Bullock, Giorgio Bertinetti, Gregory Moscato, Guido Mantovani

Session B21: Climate Risk

Session Chair: Quentin Moreau

Systemic climate risk

Quentin Moreau, Tristan Jourde

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Safe-haven or false sense of security: Do green indices have a lower carbon risk than conventional indices?

Mathis Leifhelm, Peter Scholz

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Climate-Related Innovations: Economic Value and Risk Mitigation

Bing Liang, Huan Kaung

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Firm-level exposure to climate change risk and idiosyncratic volatility

Kasun Perera, Duminda Kuruppuarachchi, Sriyalatha Kumarasinghe, Tahir Suleman

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Session B22: Measurements and tools for strategic investing

Session Chair: Gaia Barone

Resilience and Implied Discount Rates

Elham Daadmehr

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TRACKING THE EURO STOXX 50

Gaia Barone, Emilio Barone

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Investor Confidence and Reaction to a Stock Market Crash

Matthew Morey, Aron Gottesman

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Expectation-Driven Term Structure of Equity and Bond Yields

Ming Zeng

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Session B23: Decision Making

Session Chair: Hilmi Songur

Local Peer Influence on Corporate Payout Decisions

Joshua Cave, Sandra Lancheros

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Turkish Outward Direct Investment in EU Countries: Panel Quantile

Hilmi Songur, Jason Heavilin, Talia Raya

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Dealer competition in over-the-counter markets

Alexander Singer

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How do stock prices affect corporate investment?  Evidence from academic publications of anomalies

Yuan Li

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Session B24: Different factors impacting investments and investors

Session Chair: Harshal Mulay

On the Relevance of Variances and Correlations for Multi-Factor Investors

Tom Oskar, Karl Zeissler

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Retail Investors’ Activity and Climate Disasters

Marinela Finta

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Re-examining the relationship between creditor rights and corporate leverage through a cultural lens

Harshal Mulay, Arpita Ghosh, Rama Seth

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Payout Policy around the World

Matias Braun

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