Conference Program Location: SuriyanChandhra Room ...€¦ · Discussant: George J. Wang,...

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Conference Program

26 June 2016

Registration: 1:00 pm - 5:00 pm

Location: Anantara Siam Hotel lobby

Asian Finance Association Board Meeting: 2:00 pm - 4:00 pm

Location: SuriyanChandhra Room, Anantara Siam Hotel

Conference reception: 5:00 pm - 6:30 pm

Location: The Stock Exchange of Thailand Bldg.

Session 1: Asset Pricing Theory 1

27 June 2016 8:30 am – 10:30 am Location: Amorn room

Chair: Taufiq Choudhry, University of Southampton

Empirical Comparison of Hazard Models in Predicting SMEs Failure

Jairaj Gupta, University of Birmingham

Andros Gregoriou, University of Brighton

Tahera Ebrahimi, University of Hull

Discussant: Su Chen, Independent

The Early Exercise Premium in American Put Option Using Nonparametric Regression

Su Chen, Independent

Weiping Li, Oklahoma State University

Discussant: Taufiq Choudhry, University of Southampton

Forecasting the Daily Time-Varying European Banks Beta During the Crisis Period:

Comparison between GARCH Models and Kalman Filter

Taufiq Choudhry, University of Southampton

Yuanyuan Zhang, Southwestern University of Finance and Economics (SWUFE)

Discussant: Woraphon Wattanatorn, Thammasat University - Thammasat Business

School

Liquidity Timing in the Higher Moment Framework: Evidence from Bank Affiliated Fund

Woraphon Wattanatorn, Thammasat University - Thammasat Business School

Chaiyuth Padungsaksawasdi, Thammasat Business School

Sarayut Nathaphan, Mahidol University International College (MUIC)

Pornchai Chunhachinda, Thammasat University

Discussant: Jairaj Gupta, University of Birmingham

Session 2: Asset Pricing Empirical 1

27 June 2016 8:30 am – 10:30 am Location: Ratana room

Chair: Yexiao Xu, University of Texas at Dallas - School of Management

Idiosyncratic Risk Matters to Large Stocks

Yexiao Xu, University of Texas at Dallas - School of Management

Yangqiulu Luo, University of Houston - C.T. Bauer College of Business

Guojun Wu, University of Houston

Discussant: Lee A. Smales, Curtin University of Technology - School of Economics and

Finance

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Does More Complex Language in FOMC Decisions Impact Financial Markets?

Lee A. Smales, Curtin University of Technology - School of Economics and Finance

Nicholas Apergis, University of Piraeus

Discussant: Pierre L. Siklos, Wilfrid Laurier University - School of Business &

Economics

Monetary Policy, Medium- and Long-Term Yields at the Zero Lower Bound: International

Evidence

Domenico Lombardi, Centre for International Governance Innovation (CIGI)

Samantha St. Amand, Centre for International Governance Innovation (CIGI)

Pierre L. Siklos, Wilfrid Laurier University - School of Business & Economics

Discussant: Dominik Rösch , State University of New York at Buffalo - School of

Management

Cross-Sectional Identification of Informed Trading

Dion Bongaerts, Erasmus University Rotterdam (EUR) - Finance

Dominik Rösch , State University of New York at Buffalo - School of Management

Mathijs A. Van Dijk, Erasmus University - Rotterdam School of Management

Discussant: Yexiao Xu, University of Texas at Dallas - School of Management


27 June 2016 8:30 am – 10:30 am Location: Kosin room

Chair: Jin-Huei Yeh, National Central University at Taiwan

Marketing Capability and Stock Returns

Tze Chuan 'Chewie' Ang, Deakin University - Department of Finance

Van Anh (Vivian) Mai, Deakin University - Faculty of Business and Law

Harminder Singh, Deakin University - School of Accounting, Economics and Finance

Discussant: Junhua Zhong, Dongbei University of Finance and Economics

Predictive Regressions Based on Ex Ante Index Futures Market Information

Junhua Zhong, Dongbei University of Finance and Economics

Discussant: Jin-Huei Yeh, National Central University at Taiwan

Examining Strategic Investments Based on Asset Price Bubbles

Jin-Huei Yeh, National Central University at Taiwan

Shi-Jung Fan-Jian, National Central University at Taiwan

Yu-Tung Lin, National Central University at Taiwan

Kai-Huei Yu, National Central University at Taiwan

Discussant: George J. Wang, Manchester Business School

Starting on the Wrong Foot: Seasonality in Mutual Fund Performance

Stephen Brown, New York University-Stern School of Business

Juan M. Sotes-Paladino, University of Melbourne - Department of Finance

George J. Wang, Manchester Business School

Chelsea Yaqiong Yao, Lancaster University - Management School

Discussant: Tze Chuan 'Chewie' Ang, Deakin University - Department of Finance

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Session 4: Corporate Finance Empirical 2

27 June 2016 8:30 am – 10:30 am Location: Napa room

Chair: Victor Huang, University of Hawaii

Determinants of Analyst Replacement

Shin-Rong Shiah-Hou, Yuan-Ze University

Discussant: Kazuhiko Ohashi, Hitotsubashi University - Graduate School of

International Corporate Strategy

Multiple Lenders, Temporary Debt Restructuring, and Firm Performance: Evidence from

Contract-Level Data

Daisuke Miyakawa, Hitotsubashi University

Kazuhiko Ohashi, Hitotsubashi University - Graduate School of International

Corporate Strategy

Discussant: Shin-Rong Shiah-Hou, Yuan-Ze University

Investor Network: Implications for Information Diffusion and Asset Prices

Chung San-Lin, National Taiwan University

Wen-Rang Liu, National Taiwan University

Kevin Tseng, University of Kansas, School of Business

Discussant: Victor Huang, University of Hawaii


27 June 2016 8:30 am – 10:30 am Location: Dara room

Chair: Vijaya B. Marisetty, RMIT University

Should Private Sector Participate in Public Private Partnerships? Evidence from China and

India

Hong Nhung Dao, RMIT University

Vijaya B. Marisetty, RMIT University

Discussant: Carl Hsin-han Shen, National Central University All Things are Obedient to Money: CEO Compensation of Sin Companies

Sheng Syan Chen, National Taiwan University

Carl Hsin-han Shen, National Central University

Yanzhi Wang, National Taiwan University - Department of Finance

Discussant: Wilson Ng, University of Western Australia

The Informativeness of Substantial Shareholder Trading in the Lead Up to a Takeover Bid

Millicent Chang, University of Western Australia

Raymond da Silva Rosa, University of Western Australia - Department of Accounting and

Finance

Wilson Ng, University of Western Australia

Discussant: Morten Bennedsen, INSEAD - Economics and Political Sciences

Corporate Tax Havens and Transparency

Morten Bennedsen, INSEAD - Economics and Political Sciences

Stefan Zeume, University of Michigan, Stephen M. Ross School of Business

Discussant: Vijaya B. Marisetty, RMIT University

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27 June 2016 8:30 am – 10:30 am Location: Suriya room

Chair: Shaojun Zhang, Hong Kong Polytechnic University

Market Timing of Seasoned Equity Offerings with Long Regulative Process

Yong Huang, Kyushu University - Graduate School of Economics

Konari Uchida, Kyushu University - Faculty of Economics

Daolin Zah, China University of Geoscience, School of Economy and Management

Discussant: S. R. Vishwanath, Shiv Nadar University

Strategic Allocation to Institutional Investors, Underpricing and the After Market

Performance of IPOs

S. R. Vishwanath, Shiv Nadar University

Shantaram P. Hegde, University of Connecticut

Rama Seth, Indian Institute of Management Calcutta

M Durgaprasad, T.A. Pai Management Institute (TAPMI)

Discussant: Si Xu, Hunan University - Business School

On the Value of Corporate Social Responsibility Disclosure: Empirical Investigation of

Corporate Bond Issues in China

Si Xu, Hunan University - Business School

Guangming Gong, Hunan University - Business School

Xun Gong, Hunan University - School of Finance and Statistics

Discussant: Woojin Kim, Seoul National University - Business School

Who's Leaving Money on the Table? Evidence from IPOs within Business Groups

Woojin Kim, Seoul National University - Business School

Chan Lim, Seoul National University Business School

Tae Jun Yoon, Seoul National University Business School

Discussant: Yong Huang, Kyushu University - Graduate School of Economics

Session 7: Financial Intermediation 1

27 June 2016 8:30 am – 10:30 am Location: Chandra room

Chair: Wako Watanabe, Keio University Does the Policy Lending of the Government Financial Institution Mitigate the Credit Crunch?

Evidence from the Loan Level Data in Japan

Wako Watanabe, Keio University

Masahiro Sekino, ISI Software Co. , Ltd

Discussant: Jinjuan Ren, University of Macau

Short Sale, Margin Purchase, and Stock Price Crash Risk

Yan Luo, Fudan University

Jinjuan Ren, University of Macau

Discussant: Hai X. Nguyen, The Chinese University of Hong Kong

Too Big to Fail: Toward an Optimal Regulation

Chang Ma, Johns Hopkins University - Department of Economics

Hai X. Nguyen, The Chinese University of Hong Kong

Discussant: Jiakai Chen, University of Hawaii

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Off-Balance Sheet Financing and Bank Capital Regulation: Lessons from Asset-Backed

Commercial Paper

Jiakai Chen, University of Hawaii

Discussant: Wako Watanabe, Keio University

Session 8: Market Microstructure 1

27 June 2016 8:30 am – 10:30 am Location: Busaba room

Chair: Allaudeen Hameed, National University of Singapore (NUS)

Estimating Order Imbalance Using Low Frequency Data

JinGi Ha, Singapore Management University

Jianfeng Hu, Singapore Management University - Lee Kong Chian School of Business

Discussant: Allaudeen Hameed, National University of Singapore (NUS) - Department

of Finance

Informed Trading in Options or Price Pressure in Stocks? Connecting the Dots in Option-

Based Return Predictability

Luis Goncalves-Pinto, National University of Singapore

Bruce D. Grundy, University of Melbourne

Allaudeen Hameed, National University of Singapore (NUS) - Department of Finance

Thijs van der Heijden, University of Melbourne - Department of Finance

Discussant: Lars L. Norden, Stockholm University - Stockholm Business School

Best Execution: Can Institutional and Retail Investors Benefit from Fast and Fragmented

Trading?

Michal Dzieliński, Stockholm Business School

Björn Hagströmer, Stockholm Business School

Lars L. Norden, Stockholm University - Stockholm Business School

Discussant: Martin Hauptfleisch, University of Technology Sydney (UTS)

Predictable Trading

Martin Hauptfleisch, University of Technology Sydney (UTS)

Talis Putnins, University of Technology, Sydney - UTS Business School

Discussant: JinGi Ha, Singapore Management University

Coffee Break: 10:30 am to 10:45 am Location: Ballroom

Opening Ceremony: 10:45 am to 11:00 am Location: Ballroom

Welcome Remarks: 11:00 am to 11:15 am Location: Ballroom

Keynote Speech: ASEAN Financial Markets: SET’s challenges and opportunities

27 June 2016 11:15 am – 11:40 am Location: Ballroom

Mrs. Kesara Manchusree

President, The Stock Exchange of Thailand (SET) Group Photo Session: 11:40 am to 12:00 pm Location: Ballroom

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Lunch:

27 June 2016 12:00 pm - 1:00 pm Location: Montienthip Room

Session 9: Asset Pricing Behavioral 1

27 June 2016 1:15 pm – 3:15 pm Location: Amorn room

Chair: Roy Kouwenberg, Erasmus University Rotterdam (EUR)

Credit Risk Spillover Among Sovereign and Firms: An Analysis of Asian Debt

Yiling Zha, University of Dundee

D.M. Power, University of Dundee

Nongnuch Tantisantiwong, Southampton Business School, University of Southampton

Discussant: Sheng Sisi, Renmin University of China

Does Mood Affect the Efficiency of Credit Approval: Evidence from Online Peer-to-Peer

Lending

Yan Li, Renmin University of China

Sheng Sisi, Renmin University of China

Discussant: Ji Cao, Nankai University - Business School

Cumulative Prospect Theory and Underdiversification

Ji Cao, Nankai University - Business School

Discussant: Roy Kouwenberg, Erasmus University Rotterdam (EUR) - Erasmus School

of Economics (ESE)

Rank-Dependent Utility and Risk Taking in Complete Markets

Xue Dong He, The Chinese University of Hong Kong - Department of Systems Engineering

and Engineering Management

Roy Kouwenberg, Erasmus University Rotterdam (EUR) - Erasmus School of

Economics (ESE)

Xun Yu Zhou, University of Oxford - Nomura Centre for Mathematical Finance

Discussant: Nongnuch Tantisantiwong, Southampton Business School, University of

Southampton


27 June 2016 1:15 pm – 3:15 pm Location: Ratana room

Chair: Kalok Chan, CUHK Business School

Manager Sentiment and Stock Returns

Fuwei Jiang, Central University of Finance and Economics (CUFE) - School of Finance

Joshua A. Lee, Florida State University - Department of Accounting

Xiumin Martin, Washington University in Saint Louis - Olin School of Business

Guofu Zhou, Washington University in St. Louis - Olin School of Business

Discussant: Ramabhadran Thirumalai, Indian School of Business (ISB)

Downward Sloping Demand Curve, Price Pressure, or Slow Moving Capital?: Evidence from

an Exogenous Supply Shock

Ramabhadran Thirumalai, Indian School of Business (ISB)

Ankit Jain, Indian School of Business (ISB), Hyderabad

Prasanna L. Tantri, Indian School of Business

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Discussant: Tao Huang, Jiangxi University of Finance and Economics

R&D Information Quality and Stock Returns Tao Huang, Jiangxi University of Finance and Economics

Junye Li, ESSEC Business School

Fei Wu, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance

(SAIF)

Ning Zhu, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance

(SAIF)

Discussant: Clark Liu, Tsinghua University - PBC School of Finance

Portfolio Constraints and Asset Prices: Evidence from the Shanghai-Hong Kong Stock

Connect Program

Clark Liu, Tsinghua University - PBC School of Finance

Shujing Wang, Hong Kong University of Science & Technology (HKUST) - HKUST School

of Business and Management

K. C. John Wei, Hong Kong University of Science & Technology (HKUST)

Discussant: Hong Zhang, Tsinghua University - PBC School of Finance

Session 11: Corporate Finance Theory 1

27 June 2016 1:15 pm – 3:15 pm Location: Kosin room

Chair: Hsien-Hsing Liao, National Taiwan University

Interbank Intermediation

Marcel Bluhm, Wang Yanan Institute for Studies in Economics

Co-Pierre Georg, Deutsche Bundesbank

Jan Pieter Krahnen, Faculty of Economics and Business Administration, Goethe University

Frankfurt

Discussant: Mamduh M. Hanafi, Universitas Gadjah Mada (UGM) - Faculty of

Economics and Business (FEB)

Inter and Intraday Analyses of IPO Aftermarket: Evidence from Indonesia Stock Exchange

Mamduh M. Hanafi, Universitas Gadjah Mada (UGM) - Faculty of Economics and

Business (FEB)

Discussant: Hsien-Hsing Liao, National Taiwan University

Optimal Capital Structure and Speed of Adjustment: Inside Debt Perspective

Hsien-Hsing Liao, National Taiwan University

Tsung-Kang Chen, Fu Jen Catholic University

Yi-Han Chang, Independent

Discussant: Woojin Kim, Seoul National University - Business School

Control Beyond Ownership: Subcontractors of Large Business Groups

Woojin Kim, Seoul National University - Business School

Jongsub Lee, University of Florida - Warrington College of Business Administration

Yunxiao Liu, Korea University

Discussant: Marcel Bluhm, Wang Yanan Institute for Studies in Economics


27 June 2016 1:15 pm – 3:15 pm Location: Napa room

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Chair: Paul H. Malatesta, University of Washington

Cross-Country Differences in the Effect of Political Connections on Stock Price

Informativeness

Yuanto Kusnadi, Singapore Management University - School of Accountancy

Bin Srinidhi, University of Texas at Arlington - Department of Accounting

Discussant: Y. Han (Andy) Kim, SungKyunKwan University (SKKU)

The Face of Risk: CEO Testosterone and Risk Taking Behavior

Y. Han (Andy) Kim, SungKyunKwan University (SKKU)

Shinichi Kamiya, Nanyang Technological University (NTU) - Nanyang Business School

Jungwon Suh, Sungkyunkwan University (SKKU)

Discussant: Katsushi Suzuki, Hitotsubashi University - Graduate School of

International Corporate Strategy

Shareholder Perks, Ownership Structure, and Firm Value

Jonathan M. Karpoff, University of Washington - Michael G. Foster School of Business

Katsushi Suzuki, Hitotsubashi University - Graduate School of International Corporate

Strategy

Discussant: Paul H. Malatesta, University of Washington - Michael G. Foster School of

Business

Deregulation and the Cost of Public Debt

Qiang Kang, Florida International University (FIU) - Department of Finance

Xi Li, Hong Kong University of Science & Technology (HKUST)

Paul H. Malatesta, University of Washington - Michael G. Foster School of Business

Junbo Wang, City University of HongKong

Discussant: Yuanto Kusnadi, Singapore Management University - School of

Accountancy


27 June 2016 1:15 pm – 3:15 pm Location: Dara room

Chair: Wendy Hsu, Massey University

Funding Disclosures, Information Asymmetry, and the Cost of Capital

Alvin Ang, UNSW Business School, University of New South Wales

Robert Tumarkin, UNSW Australia Business School, School of Banking and Finance

Discussant: Wendy Hsu, Massey University

Mood and Analyst Optimism and Accuracy

Candie (Yuk Ying), Massey University

Wendy Hsu, Massey University

Discussant: Hawfeng Shyu, Zhongshan University - School of Business

Liquidity Risk and Takeovers

Hawfeng Shyu, Zhongshan University - School of Business

Discussant: Alvin Ang, UNSW Business School, University of New South Wales

Session 14: Derivative 1

27 June 2016 1:15 pm – 3:15 pm Location: Suriya room

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Chair: Gang Li, Hong Kong Polytechnic University

Cross Section of Option Return and Option-Implied Beta

Samuel Zeto, Hong Kong Baptist University (HKBU)

Discussant: Vu Tran, Swansea University - School of Management

Multiple Ratings and Heterogeneous Effects

Vu Tran, Swansea University - School of Management

Rasha Alsakka, Bangor Business School

Owain Ap Gwilym, Bangor Business School

Discussant: Zih-Ying Lin, National Central University - Department of Finance

Volatility Spreads and Innovation Grants Announcement Returns

Zih-Ying Lin, National Central University - Department of Finance

Guan-Ying Huang, National Central University-Department of Finance

Pei-Fang Hsieh, National Tsing Hua University - Department of Quantitative Finance

Discussant: Gang Li, Hong Kong Polytechnic University

On the Jump Dynamics and Jump Risk Premiums

Gang Li, Hong Kong Polytechnic University

Discussant: Samuel Zeto, Hong Kong Baptist University (HKBU)

Session 15: Financial Intermediation 2

27 June 2016 1:15 pm – 3:15 pm Location: Chandra room

Chair: Bohui Zhang, University of New South Wales (UNSW)

Insider Sales Under the Threat of Short Sellers: New Theory and New Tests

Kemin Wang, Fudan University - School of Management

Rencheng Wang, University of Queensland - Business School

Kuo-Chiang (John) Wei, Hong Kong University of Science & Technology (HKUST) -

Department of Finance

Bohui Zhang, University of New South Wales (UNSW) - School of Banking and Finance

Discussant: Robert B. Durand, Curtin University of Technology - School of Economics

and Finance - Department of Finance and Banking

Relationship Lending: A Source of Support or a Means of Exploitation? Evidence from a

Developing Economy

Inayat Hussain, Curtin University

Robert B. Durand, Curtin University of Technology - School of Economics and Finance

- Department of Finance and Banking

Mark N. Harris, Curtin University

Discussant: Yosman Bustaman, University of Indonesia (UI) - Faculty of Economics and

Business

Interest Margin, Market Power, Diversification Strategy and Banking Stability: Evidence

from ASEAN

Yosman Bustaman, University of Indonesia (UI) - Faculty of Economics and Business

Irwan Adi Ekaputra, University of Indonesia (UI) - Faculty of Economics and Business

Zaafri A. Husodo, Universitas Indonesia, Graduate School of Management

Ruslan Prijadi, Universitas Indonesia, Graduate School of Management

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Discussant: Jing Wen Kenny Phua, Nanyang Technological University (NTU)

Do Equity Analysts Learn from Their Colleagues? Evidence Using an Information Network

Centrality Measure

Jing Wen Kenny Phua, Nanyang Technological University (NTU)

T. Mandy Tham, Nanyang Technological University (NTU)

Chishen Wei, Nanyang Technological University (NTU) - Division of Banking & Finance

Discussant: Bohui Zhang, University of New South Wales (UNSW) - School of Banking

and Finance


27 June 2016 1:15 pm – 3:15 pm Location: Busaba room

Chair: Reena Aggarwal, Georgetown University

The Information Content of Special Orders

Huu Nhan Duong, Monash University - Department of Banking and Finance

Paul Lajbcygier, Monash University - Department of Banking & Finance

Van H. Vu, Newcastle Business School

Discussant: Haoming Chen, University of New South Wales (UNSW)

The Value of a Millisecond: Structural Segmentation of Uninformed Order Flow

Haoming Chen, University of New South Wales (UNSW)

Sean Foley, University of Sydney

Michael A. Goldstei, Babson College - Finance Division

Thomas Ruf, UNSW Australia Business School, School of Banking and Finance

Discussant: Zhen-Xing Wu, National Central University at Taiwan - Department of

Finance

Market Decline, High-Frequency Trading and Liquidity Commonality

George H. K. Wang, George Mason University

Zhen-Xing Wu, National Central University at Taiwan - Department of Finance

Hui Zheng, Discipline of Finance, The University of Sydney

Discussant: Yin-Feng Gau, National Central University

Information Shocks and Order Aggressiveness in the Foreign Exchange Market

Yin-Feng Gau, National Central University

Zhen-Xing Wu, National Central University at Taiwan - Department of Finance

Discussant: Van H. Vu, Newcastle Business School

Coffee Break: 3:15 pm to 3:30 pm Location: Conference Room Hallways



Chair: Hidenori Takahashi, Kobe University

Is the Idiosyncratic Volatility Anomaly Driven by the MAX or MIN Effect? New Evidence

from the Chinese Stock Market

Xiaoyuan Wan, Antai College of Economics and Management, Shanghai Jiao Tong

University (SJTU)

Discussant: Hidenori Takahashi, Kobe University

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Exogenous and Endogenous Attention, Distraction, Overconfidence and Sell-Side Analyst

Herding

Robert B. Durand, Curtin University of Technology - School of Economics and Finance -

Department of Finance and Banking

Manapon Limkriangkrai, Monash University

Lucia Fung, Department of Management, Hong Kong Baptist University

Discussant: Xiaoyuan Wan, Antai College of Economics and Management, Shanghai

Jiao Tong University (SJTU)

Page View-Based Investor Attention and IPO Pricing

Katsuhiko Okada, Kwansei Gakuin University Business School

Hidenori Takahashi, Kobe University

Discussant: Manapon Limkriangkrai, Monash University



Chair: Li Ge, Monash University

Forecasting Stock Returns in Good and Bad Times: The Role of Market States

Dashan Huang, Singapore Management University - Lee Kong Chian School of Business

Fuwei Jiang, Central University of Finance and Economics (CUFE) - School of Finance

Jun Tu, Singapore Management University - Lee Kong Chian School of Business

Guofu Zhou, Washington University in St. Louis - Olin School of Business

Discussant: Li Ge, Monash University - Monash Business School

Expectations and Risk Premia at 8:30am: Macroeconomic Announcements and the Yield

Curve

Peter Hoerdahl, Bank for International Settlements (BIS)

Eli M. Remolona, Bank for International Settlements (BIS) - Monetary and Economic

Department

Giorgio Valente, City University of Hong Kong (CityUHK) - Department of Economics &

Finance

Discussant: Fuwei Jiang, Central University of Finance and Economics (CUFE) - School

of Finance

Industry Concentration and Momentum Strategy: Evidence from China

Yujing Gong, Wenlan School of Business, Zhongnan University of Economics and Law

Discussant: Peter Hoerdahl, Bank for International Settlements (BIS)

Informed Options Trading Prior to Bankruptcy Filings

Li Ge, Monash University - Monash Business School

Jianfeng Hu, Singapore Management University - Lee Kong Chian School of Business

Mark Humphery-Jenner, University of New South Wales

Tse-Chun Lin, The University of Hong Kong - Faculty of Business and Economics

Discussant: Yujing Gong, Wenlan School of Business, Zhongnan University of

Economics and Law


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Chair: Jing Xie, Hong Kong Polytechnic University

Political Connection Disruption, Financial Flexibility and Cash Policy

Xiaofeng Zhao, The Chinese University of Hong Kong (CUHK) - Department of Finance

Haohan Ren, The Chinese University of Hong Kong (CUHK) - Department of Finance

Discussant: Manpreet Singh, Hong Kong University of Science & Technology -


Caring for Investors or Preying by Managers? Strategic Use of Dividend Payments by Mutual

Funds

Yugang Chen

Jun Xiao, Jiangxi University of Finance and Economics

Mingsheng Li, Bowling Green State University - College of Business Administration

Yugang Chen, Sun Yat-sen University

Discussant: Haohan Ren, The Chinese University of Hong Kong (CUHK) - Department

of Finance

Common Equity Blockholders and Diffusion of Tax Avoidance

Zeyu Sun, National University of Singapore (NUS), Business School, Department of

Accounting

Jing Xie, Hong Kong Polytechnic University School of Accounting and Finance

Discussant: Yugang Chen, Sun Yat-sen University

Threat of Entry: Trade Credit and the Defense of Market Power

Manpreet Singh, Hong Kong University of Science & Technology - Department of

Finance

Discussant: Jing Xie, Hong Kong Polytechnic University School of Accounting and

Finance



Chair: Y. Han (Andy) Kim, SungKyunKwan University (SKKU)

Stock Market Liquidity and Short-Termism Driven CEO Turnover

Min Jung Kang, University of Michigan-Flint

Y. Han (Andy) Kim, SungKyunKwan University (SKKU)

Discussant: Qi Zeng, University of Melbourne - Department of Finance

Firm Acquisitiveness and Tax Avoidance

Ferdinand A. Gul, Deakin University - Department of Accounting

Syed Shams, University of Southern Queensland


The Impact of Cultural Diversity in Corporate Boards on Firm Performance

Bart Frijns, Auckland University of Technology - Faculty of Business & Law

Olga Dodd, Auckland University of Technology

Helena Cimerova, Auckland University of Technology - Department of Finance

Discussant: Syed Shams, University of Southern Queensland

13

The Unintended Effects of Government Regulations in Emerging Financial Markets:

Evidence from Chinese IPOs

Franasois Derrien, HEC Paris (Groupe HEC) - Finance Department

Xiaohui Wu, Xiamen University

Qi Zeng, University of Melbourne - Department of Finance

Yan Zhang, Xiamen University

Discussant: Olga Dodd, Auckland University of Technology



Chair: Robert W. Faff, University of Queensland

Driving the Presence of Investor Sentiment: The Role of Media Bias in IPOs

Zhe Shen, Xiamen University - School of Management

Jiaxing You, Xiamen University

Michael Firth, Lingnan University - Department of Finance and Insurance

Discussant: Robert W. Faff, University of Queensland

Corporate Social Responsibility and Firm Risk: Implications from Employee Satisfaction

Weijie Lu, City University of Hong Kong

Discussant: Zhe Shen, Xiamen University - School of Management

Do Government Linked Companies Hold More Cash?

Chenxi LIU, Lee Kong Chain School of business

Nelson Yap, Singapore Management University - Lee Kong Chian School of Business

Sili Zhou, Singapore Management University - Lee Kong Chian School of Business

Discussant: Weijie Lu, City University of Hong Kong

Mapping 'Pitching Research' Tasks into the RSD7 Framework: A Pedagogic Perspective

Robert W. Faff, University of Queensland

Discussant: Sili Zhou, Singapore Management University - Lee Kong Chian School of

Business

Session 22: Special session “Why do the founding families exit their corporation? Evidence

from Listed Firms in Japan”

27 June 2016 3:30 pm – 4:30 pm Location: Suriyan room

Yupana Wiwattanakantang, National University of Singapore, NUS Business School

Session 23: International Finance 1

27 June 2016 3:30 pm – 5:30 pm Location: Chandra room

Chair: Hong Zhang, Tsinghua University

Country-Specific Growth Opportunities, Within-Country Heterogeneity, and the Role of

Financial Globalization

Dong Wook Lee, Korea University Business School

Lingxia Sun, Korea University Business School (KUBS)

Discussant: Nongnuch Tantisantiwong, Southampton Business School, University of

Southampton

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Individualism and Stock Price Crash Risk

Zhe An, Monash Business School, Monash University

Zhian Chen, University of New South Wales - School of Banking and Finance

Donghui Li, Jinan University - Management School

Xing Lu University of Edinburgh

Discussant: Dong Wook Lee, Korea University Business School

The Impact of Sin Culture: Evidence from Earning Management and Alcohol Consumption

in China

Hong Zhang

Zhe Li, Renmin University of China Massimo Massa INSEAD - Finance

Nianhang Xu, School of Business, Renmin University of China

Hong Zhang, Tsinghua University - PBC School of Finance

Discussant: Donghui Li, Jinan University - Management School

Portfolio Weighting: Combined Economic Factors

Nongnuch Tantisantiwong, Southampton Business School, University of Southampton

Nutt Treepoonsuk, University of Southampton - Southampton Business School

Discussant: Hong Zhang, Tsinghua University - PBC School of Finance



Chair: Kentaro Iwatsubo, Kobe University

A Tale of Two Averagings: Estimating the Integrated Volatility Using 'Pooled' High-

Frequency Data

Zhi Liu, University of Macau

Xinbing Kong, Soochow University

Bingyi Jing, Hong Kong University of Science & Technology (HKUST)

Discussant: Yang Ni, Shanghai Jiao Tong University (SJTU)

Quantitative Easing and Liquidity in the Japanese Government Bond Market

Kentaro Iwatsubo, Kobe University

Tomoki Taishi, Kobe University

Discussant: Zhi Liu, University of Macau

Market Liquidity: A Study from Proprietary Algorithmic Traders Perspective

Ashok Banerjee, Indian Institute of Management (IIM), Calcutta

Samarpan Nawn, CFA* IIM Calcutta Doctoral Student

Discussant: Kentaro Iwatsubo, Kobe University

Free Float and Market Liquidity Around the World

Xiaoya (Sara) Ding, University of San Francisco - School of Management

Yang Ni, Shanghai Jiao Tong University (SJTU)

Ligang Zhong, University of Windsor - Odette School of Business

Discussant: Samarpan Nawn, CFA* IIM Calcutta Doctoral Student

Session 25: Asset Pricing Theory 2

28 June 2016 8:30 am – 10:30 am Location: Amorn room

Chair: Jerome Detemple, Boston University

15

Dynamic Noisy Rational Expectations Equilibrium with Information Production and Beliefs-

Based Speculation

Jerome Detemple, Boston University - Department of Finance & Economics

Marcel Rindisbacher Questrom, School of Business, Boston University

Discussant: Ying Liu, Swiss Finance Institute

Funding Shortfall Risk and Asset Prices in General Equilibrium

Majid Hasan, EDHEC Business School

Discussant: Jerome Detemple, Boston University - Department of Finance & Economics

Why Do Large Investors Disclose Their Information?

Ying Liu, Swiss Finance Institute

Discussant: Majid Hasan, EDHEC Business School


28 June 2016 8:30 am – 10:30 am Location: Ratana room

Chair: Nicholas Tay, University of San Francisco

Stock Futures of a Flawed Market Index

Kotaro Miwa, Tokio Marine Asset Management

Kazuhiro Ueda, University of Tokyo

Discussant: Tianyu Wang, Imperial College Business School

Dynamic Conditional Correlations between Chinese Sector Returns and the S&P500 Index:

An Interpretation Based on Investment Shocks

Myeong Hyeon Kim, Asian Institute of Corporate Governance

Lingxia Sun, Korea University Business School (KUBS)

Discussant: Kotaro Miwa, Tokio Marine Asset Management

Country Governance and International Equity Returns

Ben R. Marshall, Massey University - School of Economics and Finance

Nhut H. Nguyen, Massey University The Hung Nguyen Monash University

Nuttawat Visaltanachoti, Massey University - Department of Economics and Finance

Discussant: Lingxia Sun, Korea University Business School (KUBS)

Market Closure and Short-Term Reversal

Pasquale Della Corte, Imperial College London

Robert Kosowski, Imperial College Business School

Tianyu Wang, Imperial College Business School

Discussant: Nuttawat Visaltanachoti, Massey University - Department of Economics

and Finance


28 June 2016 8:30 am – 10:30 am Location: Napa room

Chair: Chandrasekhar Krishnamurti, University of Southern Queensland

How Do CEO Work Experience and Career Concerns Affect Firm Investment Efficiency?

16

Chih-Wei Peng, National Changhua University of Education

Discussant: Chandrasekhar Krishnamurti, University of Southern Queensland

Does CEO Learning Improve Takeover Success?

Giang Duc Nguyen, Waseda University - Graduate School of Economics

Discussant: Chih-Wei Peng, National Changhua University of Education

How Do Short Sellers Discipline Firms with Accounting Irregularity? Evidence from Late

Filings

Ting Li, Skidmore College - Department of Management and Business

Xinlei Zhao, University of Kentucky, Von Allmen School of Accountancy

Discussant: Giang Duc Nguyen, Waseda University - Graduate School of Economics

Corruption Risk in the Defence Industry: Drivers and Stock Market Effects

Chandrasekhar Krishnamurti, University of Southern Queensland

Domenico Pensiero, University of Southern Queensland

Eswaran Velayutham, University of Southern Queensland

Discussant: Ting Li, Skidmore College - Department of Management and Business Session 28: Corporate Finance Empirical 14

28 June 2016 8:30 am – 10:30 am Location: Dara room

Chair: Hardjo Koerniadi, Auckland University of Technology

Do Minority Shareholders Benefit from Parent-Subsidiary Mergers?

Hardjo Koerniadi, Auckland University of Technology

Alireza Tourani-Rad, Auckland University of Technology - Faculty of Business & Law

Discussant: Azizah Abu Bakar, University of Glasgow

Ownership Dilution, Financial Constraint in Chinese M&A Payment

Lulu Gu, Zhongnan University of Economics and Law

W.R., Reed University of Canterbury

Discussant: Hardjo Koerniadi, Auckland University of Technology

A Gender Gap in Executive Cash Compensation in Thailand: A View of the Expectancy

Theory

Kannikar Namwong, Rajamangala University of Technology Rattanakosin - Faculty of

Business Administration

Tatre Jantarakolica, Thammasat University - Faculty of Economics

Thanomsak Suwannoi, Rajamangala University of Technology Rattanakosin - College

of Innovation Management

Jutamas Wongkantarakorn, Rajamangala University of Technology Rattanakosin - College of

Innovation Management

Discussant: Lulu Gu, Zhongnan University of Economics and Law

Investor mood and Mispricing of Cross-listed Shares

Azizah Abu Bakar, University of Glasgow

Discussant: Thanomsak Suwannoi, Rajamangala University of Technology

Rattanakosin - College of Innovation Management

Session 29: International Finance 2

17

28 June 2016 8:30 am – 10:30 am Location: Suriya room

Chair: Zhangxin Frank Liu, The University of Western Australia

Googling Investor Sentiment Around the World

Zhenyu Gao, Princeton University - Department of Economics

Haohan Ren, The Chinese University of Hong Kong (CUHK) - Department of Finance

Bohui Zhang, University of New South Wales (UNSW) - School of Banking and Finance

Discussant: Zhangxin Frank Liu, The University of Western Australia Business School

The Taste of Dim Sum: The Determinants of Offshore Chinese Yuan Bond Liquidity

Lei Meng, East China University of Science and Technology (ECUST)

Thanos Verousis, Newcastle University Business School

Discussant: Haohan Ren, The Chinese University of Hong Kong (CUHK) - Department

of Finance

Disclosure of Intended use of Proceeds and Stock Market Performance of Initial Public

Offerings (IPOs)

Kulabutr Komenkul, Rangsit University

Mo Sherif, Heriot-Watt University - Department of Accountancy and Finance

Bing Xu, Heriot-Watt University

Discussant: Lei Meng, East China University of Science and Technology (ECUST)

Private Debt: Volatility, Credit Risk, and Returns

Douglas J. Cumming, York University - Schulich School of Business

Grant Fleming, Continuity Capital Partners

Zhangxin Frank Liu, The University of Western Australia Business School

Discussant: Kulabutr Komenkul, Rangsit University



Chair: Victor Huang, University of Hawaii

Shareholder Perks in Japan: Price Movement and Trading Volume around Ex-Benefit Days

Taeko Yasutake, Soka University - Faculty of Economics

Wei Huang, University of Hawaii- Shidler College of Business

Ghon Rhee, University of Hawaii- Shidler College of Business

Katsushi Suzuki, Hitotsubashi University - Graduate School of International Corporate

Strategy

Discussant: Chinghung (Henry) Chang, National Taiwan University - College of

Management

Catalytic Effect of Internationalization on Innovation

Chinghung (Henry) Chang, National Taiwan University - College of Management

Ching-Hsing Chang, National Chiayi University

Pi Kun Hsu, National Chung Hsing University

Sheng-Yung Yang, National Chung Hsing University

Discussant: Taeko Yasutake, Soka University - Faculty of Economics

Session 31: Financial Crisis 1

18


Chair: Sirimon Treepongkaruna, University of Western Australia

Liquidity Commonality During the Financial Crisis: Effects of News Announcements

Ya-ting Chang, National Central University

Yin-Feng Gau, National Central University

Chih-Chiang Hsu, National Central University at Taiwan - Department of Economics

Discussant: Jinliu Li, Fudan University - Department of Finance

Can Commodity Futures Margin Requirements Control Risks Effectively? Evidence from

China

Jun Song, Fudan University

Jinliu Li, Fudan University - Department of Finance

Ruobing Ling, Fudan University

Discussant: Yin-Feng Gau, National Central University Coffee Break: 10:30 am to 10:45 am Location: Ballroom

Keynote Speech: New Findings on Corporate Boards of Directors

28 June 2016 10:45 am – 11:45 am Location: Ballroom

Ronald Masulis

Scientia Professor and Macquarie Group Chair of Financial Services, UNSW School of

Business, University of New South Wales and distinguished visiting research professor,

Stern School of Business, New York University

Asian Finance Association Annual General Meeting 2016: 11:45 am to 12:00 pm

Location: Ballroom

Lunch:

27 June 2016 12:00 pm - 1:00 pm Location: Montienthip Room



Chair: S. Ghon Rhee, University of Hawaii Shidler College of Business

Investor Sentiment Purged: A Powerful Predictor in the Cross-Section of Stock Returns

Qianqian Du, University of Stavanger

Liya Chu, Singapore Management University

Jun Tu, Singapore Management University

Discussant: Tomoki Kitamura, NLI Research Institute, Finance Research Group

Information Mirage and Belief Formation in Experimental Asset Markets

Tomoki Kitamura, NLI Research Institute, Finance Research Group

Munenori Nakasato, Aoyama Gakuin University, Graduate School of International

Management

Discussant: Joao Vieito, Scholl of Business Studies - Polytechnic Instituto of Viana do

Castelo

19

How Human Brain Works During Financial Investment Decisions?

Joao Vieito , Scholl of Business Studies - Polytechnic Instituto of Viana do Castelo

FÃ¡bio T. Rocha, Research on Artificial and Natural Intelligence (RANI)

Armando Freitas da Rocha, Research on Artificial and Natural Intelligence (RANI)

Discussant: Qianqian Du, University of Stavanger



Chair: Anchada Aida Charoenrook, Thammasat University

Equity Convexity and its Implications to Value Premium Puzzle: An Empirical Analysis

Junhua Zhong, Dongbei University of Finance and Economics

Ilan Cooper BI, Norwegian Business School

Richard Priestley, Norwegian Business School

Yongdong Shi, Dongbei University of Finance and Economics (DUFE)

Discussant: Chayapol Sirinonthakan, Southeast Insurance

Does AEC Help Diversification Among ASEAN Stock Market? Portfolio Optimization with

Skewness

Chayapol Sirinonthakan, Southeast Insurance

Anchada Aida Charoenrook, Thammasat University

Discussant: Kuan-Cheng Ko, National Chi Nan University - College of Management

Market Dynamics and Momentum in the Taiwan Stock Market

Kuan-Cheng Ko, National Chi Nan University - College of Management

Lin Chaonan, Xiamen University - School of Management

Zhi-Xiang Feng, National Chi Nan University

Nien-Tzu Yang, Department of Finance, Asia University, Taiwan

Discussant: Ye Bai, University of Nottingham

An Empirical Analysis of Chinese Financial Market Liberalisation Process

Ye Bai, University of Nottingham

Darien Chow, University of Nottingham

Discussant: Junhua Zhong, Dongbei University of Finance and Economics Session 34: Corporate Finance Empirical 9


Chair: Steen Thomsen, Copenhagen Business School

The Impact of Acquisitions on Corporate Bond Ratings

Gurmeet S. Bhabra, University of Otago - Department of Accountancy and Finance Qi Chang, Concordia University, Quebec - Department of Finance

Harjeet S. Bhabra, Concordia University, Quebec - John Molson School of Business

Discussant: Christian Wolff, University of Luxembourg - Luxembourg School of

Finance

20

Credit Risk Characteristics of US Small Business Portfolios

Christian C. P. Wolff, University of Luxembourg - Luxembourg School of Finance Dennis Bams, University of Maastricht - Limburg Institute of Financial Economics (LIFE)

Magdalena Pisa, WHU - Otto Beisheim School of Management

Discussant: Steen Thomsen, Copenhagen Business School

Long-Term Ownership by Industrial Foundations

Steen Thomsen, Copenhagen Business School Christa BÃ¸rsting, Copenhagen Business School

Johan Kuhn, Copenhagen Business School

Thomas Poulsen, Copenhagen Business School

Discussant: Jing Liao, Massey University

Macroeconomic Uncertainty, State Ownership, and Board Size in China

Jing Liao, Massey University Martin R. Young, Massey University - School of Economics and Finance

Discussant: Gurmeet S. Bhabra, University of Otago - Department of Accountancy and

Finance



Chair: Y. Han (Andy) Kim, SungKyunKwan University (SKKU)

Innovation Beyond Firm Boundaries: Common Blockholders, Strategic Alliances, and

Corporate Innovation

Jing Xie, Hong Kong Polytechnic University School of Accounting and Finance

Thomas J. Chemmanur, Boston College - Carroll School of Management

Yao Shen, Boston College - Carroll School of Management


Bankers on the Board and CEO Incentives

Y. Han (Andy) Kim, SungKyunKwan University (SKKU) Min Jung Kang, University of Michigan-Flint

Discussant: Florian Meier, University of East London

Stock Misvaluation and Changes in Cash Proceeds

Winifred Huang-Meier, University of Essex

Florian Meier, University of East London

Discussant: Wei Huang, The University of Nottingham Ningbo, China

Executive and Director Cash Compensation and Tax Aggressiveness of Chinese Firms

Wei Huang, The University of Nottingham Ningbo, China

Tingting Ying, University of Nottingham, Ningbo

Discussant: Jing Xie, Hong Kong Polytechnic University School of Accounting and

Finance



Chair: Nicholas Tay, University of San Francisco

21

A Tale of Two Styles: Do Qualified Foreign Institutional Investors Have an Edge Over

Domestic Funds Managers in China?

Liping Zou, School of Economics and Finance, Massey University

Albany Tiantian Tang, Massey University

Xiaoming Li, Massey University - School of Economics and Finance (Albany)

Discussant: Ser-Keng Ang, Singapore Management University

Building a Legacy: CEO Founder-Succession in Asia

Ser-Keng Ang, Singapore Management University

Sian A. Owen, UNSW Australia Business School, School of Banking and Finance

Jo-Ann Suchard, UNSW Australia Business School, School of Banking and Finance

Discussant: Feiying He, Hunan University

How Does Corporate Social Responsibility Change Capital Structure?

Feiying He, Hunan University Shenggang Yang, Hunan University - School of Finance and Statistics

Zhu Qi, Hunan University - School of Finance and Statistics

Zou Ziang, Hunan University

Discussant: Zhu Qi, Hunan University - School of Finance and Statistics

Does Earnings Smoothing Encourage Leverage?

Zhu Qi, Hunan University - School of Finance and Statistics

Chung-Hua Shen, Hunan University - School of Finance and Statistics

Shenggang Yang, Hunan University - School of Finance and Statistics

Discussant: Liping Zou, School of Economics and Finance, Massey University

Session 37: Derivative 2


Chair: Robert I. Webb, University of Virginia (UVA)

Do Derivatives Matter?: Evidence from a Policy Experiment

Ramabhadran S. Thirumalai, Indian School of Business Deepak Agrawal, Indian School of Business

K.R. Subramanyam, University of Southern California - Leventhal School of Accounting

Prasanna L. Tantri, Indian School of Business

Discussant: Robert I. Webb, University of Virginia (UVA) - McIntire School of

Commerce

The Impact of Latency Sensitive Trading on High Frequency Arbitrage Opportunities

Robert I. Webb, University of Virginia (UVA) - McIntire School of Commerce Alex Frino, Macquarie University

Vito Mollica, Macquarie Graduate School of Management

Shunquan Zhang, Macquarie University

Discussant: Yingying Wu, Xi'an Jiaotong Liverpool University

The Determinants of Convenience Yields

Yingying Wu, Xi'an Jiaotong Liverpool University Marcel Prokopezuk, Leibniz UniversitÃ¤t Hannover

Discussant: Hoyong Choi, London School of Economics & Political Science (LSE)

22

Information in (and not in) Treasury Options

Hoyong Choi, London School of Economics & Political Science (LSE)

Discussant: Ramabhadran S. Thirumalai, Indian School of Business Session 38: Practitioner Session 1


Construction of the Investor Sentiment Index (ISI)

Teerawut Sripinit, Thammasat University

Sicha Thubdimphun, Thammasat University

Siriyos Chuthanondha, The Stock Exchange of Thailand

Discussant: Surin Maneevitjit, The Stock Exchange of Thailand

Coffee Break: 3:15 pm to 3:30 pm Location: Conference Room Hallways



Chair: Shaojun Zhang, Hong Kong Polytechnic University

Co-Collateral Risk

Hong Zhang, Tsinghua University - PBC School of Finance

Massimo Massa, INSEAD - Finance

Chengwei Wang, INSEAD - Finance

Discussant: Chelsea Yaqiong Yao, Lancaster University - Management School

The Enduring Effect of Time-Series Momentum on Stock Returns Over Nearly 100-Years

Chelsea Yaqiong Yao, Lancaster University - Management School Ian D’Souza, New York University - Leonard N. Stern School of Business

Voraphat Srichanachaichok, Bangkok Bank

George J. Wang, Manchester Business School

Discussant: Shaojun Zhang, Hong Kong Polytechnic University Session 40: Asset Pricing Empirical 8


Chair: Takato Hiraki, Tokyo University of Science

Terrorism and International Stock Returns

Paresh Kumar Narayan, Deakin University - School of Accounting, Economics and

Finance Seema Narayan Dinh Phan, Deakin University - Faculty of Business and Law

Discussant: Takato Hiraki, Tokyo University of Science - School of Management

The Causes and Consequences of Fund Level Home Bias

Takato Hiraki, Tokyo University of Science - School of Management

Ming Liu, International University of Japan

Xue Wang, Renmin University of China

Discussant: Yinggang Zhou, Xiamen University - Department of Finance

23

What Makes Safe-haven Currencies Evidence from Conditional Coskewness

Yinggang Zhou, Xiamen University - Department of Finance Kalok Chan, CUHK Business School

Jian Yang, University of Colorado at Denver - Business School

Discussant: Yuxi Wang, Nanyang Technological University (NTU)

Is It Who You Know or What You Know? Evidence from IPO Allocations and Mutual Fund

Performance

Yuxi Wang, Nanyang Technological University (NTU) Chuan-Yang Hwang, Nanyang Technological University (NTU)

Sheridan Titman, University of Texas at Austin - Department of Finance

Discussant: Nicholas Tay, University of San Francisco Session 41: Corporate Finance Empirical 10


Chair: Gary Gang Tian, Macquarie University

Founder Premiums and Acquirer Returns for Private Targets

Yamin Xie, Hanken School of Economics - Department of Finance and Statistics

Discussant: Tatsuo Ushijima, Keio University - Faculty of Business and Commerce

The Effects of Corporate Diversification on Employee and Executive Pays

Tatsuo Ushijima, Keio University - Faculty of Business and Commerce

Discussant: Gary Tian, Macquarie University

Managerial Social Networks Versus Political Connections: Evidence from Firms’ Access to

Informal Financing Resources

Gary Gang Tian, Macquarie University Qigui Liu, University of Wollongong - School of Accounting, Economics & Finance

Jinbo Luo Jiangxi, University of Finance and Economics

Discussant: Megumi Suto, Graduate School of of Finance, Accounting & Law, Waseda

University

Corporate Social Responsibility and the Cost of Capital: Evidence from Japanese Firms

Megumi Suto, Graduate School of of Finance, Accounting & Law, Waseda University Hitoshi Takehara, Waseda University

Discussant: Yamin Xie, Hanken School of Economics - Department of Finance and

Statistics Session 42: Corporate Finance Empirical 13


Chair: Yanzhi Wang, National Taiwan University

Information Disclosure, Product Market Competition, and Firm Value

Kung-Cheng Ho, Zhongnan University of Economics and Law

Shih-Cheng Lee, Yuan Ze University

Ting Lin, Deakin University - School of Accounting, Economics and Finance

Lee-Hsien Pan, Keuka College

Discussant: Yanzhi Wang, National Taiwan University - Department of Finance

24

Organization Capital and Takeover Vulnerability

Yanzhi Wang, National Taiwan University - Department of Finance Konan Chan, National Chengchi University (NCCU)

Hsiaolin Yang, National Chengchi University (NCCU) - Department of Finance

Discussant: Mingxin Li, Simon Fraser University

Do All Diversified Firms Hold Less Cash? Evidence Around the World

Mingxin Li, Simon Fraser University Christina V. Atanasova, Simon Fraser University

Discussant: Kung-Cheng Ho, Zhongnan University of Economics and Law Session 43: Corporate Finance Empirical 16


Chair: Re-Jin Guo, University of Illinois at Chicago - Department of Finance

The Real Effect of Financial Innovation: Evidence from Credit Default Swaps Trading and

Corporate Innovation

Kuo Zhang, The Chinese University of Hong Kong (CUHK) - Department of Finance Xin (Simba) Chang, Cambridge Judge Business School

Yangyang Chen, Hong Kong Polytechnic University - Faculty of Business

Sarah Qian Wang, University of Warwick

Discussant: Bobae Choi, University of Newcastle (Australia) - Newcastle Business

School

Effects of Mandatory IFRS Adoption: Earnings Quality and Corporate Governance in Hong

Kong

Bobae Choi, University of Newcastle (Australia) - Newcastle Business School Bruce Li, Hong Kong Polytechnic University

Discussant: Re-Jin Guo, University of Illinois at Chicago - Department of Finance

Analyst Monitoring and Internal Capital Market Efficiency

Re-Jin Guo, University of Illinois at Chicago - Department of Finance Rong Irene Zhong, University of Illinois at Chicago - Department of Accounting

Discussant: Vidhan K. Goyal, Hong Kong University of Science & Technology

(HKUST) - Department of Finance

Capital Market Access and Cash Flow Allocation During the Financial Crisis

Vidhan K. Goyal, Hong Kong University of Science & Technology (HKUST) -

Department of Finance David Florysiak, Ludwig Maximilian University of Munich - Faculty of Business

Administration (Munich School of Management)

Discussant: Kuo Zhang, The Chinese University of Hong Kong (CUHK) - Department

of Finance Session 44: Financial Intermediation 3


Chair: Christian Tallau, MÜnster University of Applied Sciences

25

Revisiting Basel Risk Weights - Cross-Sectional Risk Sensitivity and Cyclicality

Christian Tallau, MÜnster University of Applied Sciences Rainer Baule, University of Hagen

Discussant: Katsutoshi Shimizu, Nagoya University

Bank Lending Behavior and the Business Cycle Under Basel Regulations: Is There a

Significant Procyclicality?

Katsutoshi Shimizu, Nagoya University Kim Cuong Ly, University of Glasgow

Discussant: Hsin-Yu Liang, Feng Chia University

Independent Directors in Bank Governance: Evidence from China

Hsin-Yu Liang, Feng Chia University Sheng-Hung Chen, Nanhua University - Department of Finance and Institute of Financial

Management

On Kit Tam, RMIT University

Discussant: S Lakshmi Naaraayanan, Hong Kong University of Science & Technology

(HKUST) - Department of Finance

Banking Relationships and Loan Contracting

S Lakshmi Narayanan, Hong Kong University of Science & Technology (HKUST) -


Sreedhar T. Bharath Arizona State University - W.P. Carey School of Business

Vidhan K. Goyal, Hong Kong University of Science & Technology (HKUST) - Department

of Finance

Anand Srinivasan, National University of Singapore - Department of Finance

Discussant: Christian Tallau, MÜnster University of Applied Sciences

Conference gala dinner and awards ceremony

28 June 2016 6:30 pm – 8:30 pm Location: Ballroom

Conference Program Location: SuriyanChandhra Room ...€¦ · Discussant: George J. Wang,...

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