30th Annual Global Finance Conference Program
Sessions
Tuesday 13th of June 2023
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Session B01: Financial instruments in Risk
Session Chair: Joshua Traut
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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
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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
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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
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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
Information Acquisition in Shareholder Voting
Adam Meirowitz, Shaoting Pi
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Session B05: Banking and Financial Services
Session Chair: Duc Duy Nguyen
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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
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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)
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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
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The Influence of Nudges on Market Participation and Socially Responsible Investing
Sara Beatriz Ribeiro Magalhães, Cristiana Cerqueira Leal
View Paper
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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
View Paper
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ESG Investing Beyond Risk and Return
Rex Wang Renjie, Shuo Xia
View Paper
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Higher risk requires more rewards? Climate risk exposure and top executives’ compensations
Nhan Huynh, Quang Thien Tran
View Paper
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Session B09: Ventures
Session Chair: Shivangi Gupta
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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Session B21: Climate Risk
Session Chair: Quentin Moreau
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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
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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
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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
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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