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
Which is Worse: Heavy Tails or Volatility Clusters?
Joshua Traut, Wolfgang Schadner
The Impact of the HYG ETF on the Liquidity of the Markets for the Underlying High-Yield Bonds
Natalia Resiel
Non-Standard Errors
Felix Holzmeister, Christian Wolff
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
EU regional policy and local economic growth: Does banking development matter?
Paolo Coccorese, Joanna Santiago, Maria Leonor Sarmento
The impact of NPL on a bank’s profitability in Portugal
João Estevão
Environmental and social factors in the Performance and Efficiency of Portuguese companies: new evidence using GMM and DEA
Maria Elisabete Neves
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
Gender and Investor Performance: The Role of Attention
Jarkko Peltomäki, Denis Davydov
Isolating the female agency-driven development factor in external sovereign emerging market debt
Karim Henide
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
Session B04: Acquisitions
Session Chair: Sunil Poshakwale
Can investor sentiment predict merger outcomes? Evidence from International M&A activity
Ibtissem Rouine
Killer Acquisition Theory in the Digital Economy
Max Berre
Prestigious Directors, Firm Acquisitions, Financial Policies, and Risk
Sunil Poshakwale, Harsh Khedar, Vineet Agarwal
How sustainability orientation impacts performance of cross-border M&As: Evidence from BRIC
Neha Gupta, Smita Kashiramka, Shveta Singh
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
The impact of climate risks on bank performance and lending growth
Fatima Chalabi
Corporate Innovation and Bank Ownership: A Test of Two Competing Hypotheses
Mariko Yasu
The Global Impacts of Non-Bank Financial Institutions
Yochanan Shachmurove
Session B07: Corporate Governance II
Session Chair: Ali Parhizgari
Board Cooption and Work-Place Safety
Ali Parhizgari, Mohammad Hashemi Joo, Yuka Nishikawa
Impact of Ownership Structure on Liquidity Sensitivity
Shalu Kalra
The determinants of the voting premium of dual class shares: Leverage effect and unstable news flow components
Hubert De la Bruslerie
How do Independent Boards Affect Shareholder Value? Evidence from a Structural Estimation
Francesco Celentano
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
The Financial Structures of Surviving Fortune 500 Companies: A Retrospective Analysis for the Past Seven Decades
Wenjuan Xie
Evidence on the Consequences of Risk Taking and Performance for Bank Directors During the Financial Crisis
Wenling Lu, David Whidbee
Business Angel Activities across countries: An Institutional Perspective
Muzna Rahman, Joanne Hamet
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
View Paper
Talk the green talk: a textual analysis of pension funds' disclosures of sustainable investing.
Annick Van Ool, Dirk Broeders, Rob Bauer
View Paper
ESG Investing Beyond Risk and Return
Rex Wang Renjie, Shuo Xia
View Paper
Higher risk requires more rewards? Climate risk exposure and top executives’ compensations
Nhan Huynh, Quang Thien Tran
View Paper
Session B09: Ventures
Session Chair: Shivangi Gupta
Business Accelerators and Venture Performance
Shivangi Gupta, Ashok Banerjee
Shadow Capital in Venture Financing: Selection, Valuation, and Exit Dynamic
Na Dai, Douglas Cumming
How and how well do institutional venture capital firms manage risk?
Luiz Bissoto
Configuring Sharia complaint venture capital system through multi-stakeholder perspective taking
Khurram Sharif
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
Local Religiosity and Financial Advisor Misconduct
Arnie Cowan, Lei Gao, Jianlei Han, Zheyao Pan
Employee Diversity and Litigation Risk: Evidence from the Lilly Ledbetter Fair Pay Act
Erik Devos, He Li, Andrian Tippit
Belief Polarization, Unconscious Bias, and Financial Markets
Nan Ma
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
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
Environmental regulations and firm performance: The role of local governmental pressure
Zhaoyang Gu, Ye Liu, Peixin Wang
ESG as Protection Against Downside Risk
Tobi Oladiran, Roman Kraussl, Denitsa Stefanova
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
Machine-Learning in Entrepreneurial Finance: Modelling Selection, Valuation, and Survival
Max Berre
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
Stock Picking with Machine Learning
Dominik Wolff, Fabian Echterling
Session B13: Bubbles & Shocks
Session Chair: Ersi-Iliana Savvopoulou
A Model of Cycles and Bubbles under Heterogeneous Beliefs in Financial Markets
Carina Burs
When foot prohibition, do investors listen? The role of pandemic shock in stock market reactions and capital efficiency
Kung-Cheng Ho
Bubbles of Debt Sustainability?
Ersi-Iliana Savvopoulou
Shedding Light on Director Trades During Blackout Periods
Henry Leung, Yang Liu, Joakim Westerholm
Session B14: Social Media & Networks: Large influences on finance?
Session Chair: Kumushoy Abduraimova
Social Media Sentiment and Bitcoin Price Dynamics
Xiaozhou Zhou
Twitter Information, Analyst Behavior, and Market Efficiency
Qiang Kang, Ann Marie Hibbert, Alok Kumar, Suchi Mishra
Good Contagion: What Do Networks Say about Policy Transmission?
Kumushoy Abduraimova
Social Connectedness and Local Stock Return Comovement
Jared DeLisle, Andrew Grant, Ruiqi Mao
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
Why do CEOs Donate Stock? - CEO stock gifts and voluntary disclosure
Seonghee Han
CEO Compensation and Shareholder Voice
John Barry
CEO Social Capital and Discretionary Accruals
William McCumber, Huan Qiu
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
Downside risk in Australian and Japanese stock markets: evidence based on the expectile regression
Steven Li, Kohei Marumo
The cannibalization effect of intermittent renewables in Germany: Is renewable energy self-sustainable?
Maria Tselika, Kyriaki Tselika, Gunnar.S Eskeland
Pricing Efficiency of ETFs-Study of ETFs in Indian Stock Market
Sapar Rao, Suhas Harinarayan
Session B17: Focusing on the US
Session Chair: Robinson Reyes Pena
Financial Reform and Agricultural TFP: Evidence from the United States
Xinpeng Xu
Proposing a Funding Rate for US State Pension Plans
Robinson Reyes Pena
The formal and informal institutional determinants of US banks' foreign branch activities
Dieter Vanwalleghem
How would European firms fund themselves in the United States?
Hannah Winterberg
Session B18: The Banking Industry
Session Chair: Andreas Hoefer
Efficiency of Banks With a Double Bottom Line
Johann Burgstaller, Katharina Dietl
The Development of Central Bank Independence: Empirical Evidence
Andreas Hoefer
Penalties and Misconduct in the US banking industry
Carmela D'Avino
Bank Specialization and the Design of Loan Contracts
Marco Giometti, Stefano Pietrosanti
Session B19: Risk Management
Session Chair: Federico Nardari
Corporate Environmental Disclosures and Risk Management (Rong Yang)
Rong Yang, Chune Young Chung, Incheol Kim
An easy to implement stop-loss momentum strategy in emerging stock markets
Mohsin Sadaqat , Hilal Butt, Riza Demirer
Ensembles of Portfolio Rules
Federico Nardari, Rainer Schüssler
An Accelerated Static Hedging Method for the Analytic Valuation of American Options
Lung-Fu Chang, Jia-Hau Guo, Mao-Wei Hung
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
Safe-haven or false sense of security: Do green indices have a lower carbon risk than conventional indices?
Mathis Leifhelm, Peter Scholz
Climate-Related Innovations: Economic Value and Risk Mitigation
Bing Liang, Huan Kaung
Firm-level exposure to climate change risk and idiosyncratic volatility
Kasun Perera, Duminda Kuruppuarachchi, Sriyalatha Kumarasinghe, Tahir Suleman
Session B22: Measurements and tools for strategic investing
Session Chair: Gaia Barone
Resilience and Implied Discount Rates
Elham Daadmehr
TRACKING THE EURO STOXX 50
Gaia Barone, Emilio Barone
Investor Confidence and Reaction to a Stock Market Crash
Matthew Morey, Aron Gottesman
Expectation-Driven Term Structure of Equity and Bond Yields
Ming Zeng
Session B23: Decision Making
Session Chair: Hilmi Songur
Local Peer Influence on Corporate Payout Decisions
Joshua Cave, Sandra Lancheros
Turkish Outward Direct Investment in EU Countries: Panel Quantile
Hilmi Songur, Jason Heavilin, Talia Raya
Dealer competition in over-the-counter markets
Alexander Singer
How do stock prices affect corporate investment? Evidence from academic publications of anomalies
Yuan Li
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
Retail Investors’ Activity and Climate Disasters
Marinela Finta
Re-examining the relationship between creditor rights and corporate leverage through a cultural lens
Harshal Mulay, Arpita Ghosh, Rama Seth
The influence of financial literacy, overconfidence and loss aversion on investor’s market participation
Maria Helena Pereira, Cristiana Cerqueira Leal