XXVI Finance Forum

Santander (Spain)

 

Program Notes and Index of Sessions

 

Summary of All Sessions

Click here for an index of all participants

#Date/TimeLocationTitlePapers
1July 5, 2018
9:45-11:45
Room 20 CORPORATE FINANCE: THEORETICAL4
2July 5, 2018
9:45-11:45
Room 20 A CORPORATE FINANCE: EMPIRICAL I4
3July 5, 2018
9:45-11:45
Room 21 MUTUAL FUNDS4
4July 5, 2018
9:45-11:45
Room 19 ASSET PRICING: EMPIRICAL I4
5July 5, 2018
9:45-11:45
Room 24 FINANCIAL INTERMEDIATION AND INSTITUTIONS: BANKING I4
6July 5, 2018
14:45-16:45
Room 19 CORPORATE FINANCE: EMPIRICAL II4
7July 5, 2018
14:45-16:45
Room 20 MARKET MICROSTRUCTURE4
8July 5, 2018
14:45-16:45
Room 20 A FINANCIAL INTERMEDIATION AND INSTITUTIONS: INSTITUTIONAL INVESTORS I4
9July 5, 2018
14:45-16:45
Room 21 ASSET PRICING: EMPIRICAL II4
10July 5, 2018
14:45-16:45
Room 24 FINANCIAL INTERMEDIATION AND INSTITUTIONS: BANKING II4
11July 5, 2018
17:00-19:00
Room 19 CORPORATE FINANCE: EMPIRICAL III3
12July 5, 2018
17:00-19:00
Room 20 DERIVATIVES AND COMMODITIES I4
13July 5, 2018
17:00-19:00
Room 20 A ASSET PRICING: EMPIRICAL III4
14July 6, 2018
8:45-10:45
Room 19 CORPORATE FINANCE: EMPIRICAL IV4
15July 6, 2018
8:45-10:45
Room 20 CORPORATE FINANCE: EMPIRICAL V4
16July 6, 2018
8:45-10:45
Room 20 A FINANCIAL INTERMEDIATION AND INSTITUTIONS: INSTITUTIONAL INVESTORS II2
17July 6, 2018
8:45-10:45
Room 24 ASSET PRICING: EMPIRICAL IV4
18July 6, 2018
8:45-10:45
Room 21 FINANCIAL INTERMEDIATION AND INSTITUTIONS: BANKING III4
19July 6, 2018
11:00-13:00
Room 19 CORPORATE FINANCE: EMPIRICAL VI4
20July 6, 2018
11:00-13:00
Room 20 ASSET PRICING: EMPIRICAL V4
21July 6, 2018
11:00-13:00
Room 20 A FINANCIAL INTERMEDIATION AND INSTITUTIONS: BANKING IV4
22July 6, 2018
11:00-13:00
Room 24 RISK AND FINANCIAL STABILITY3
23July 6, 2018
15:45-17:45
Room 19 CORPORATE FINANCE: EMPIRICAL VII4
24July 6, 2018
15:45-17:45
Room 20 ASSET PRICING: EMPIRICAL VI4
25July 6, 2018
15:45-17:45
Room 20 A FINANCIAL INTERMEDIATION AND INSTITUTIONS: BANKING V4
26July 6, 2018
15:45-17:45
Room 24 ASSET PRICING: THEORETICAL3
27July 5, 2018
12:00-13:30
Room Gomez-Laa KEYNOTE SPEECH: "To FinTech and Beyond". Andrew Karolyi. Cornell University. 0
28July 6, 2018
13:00-14:30
Room Gomez-Laa KEYNOTE SPEECH: "Implied Stochastic Volatility Models". Yacine Ait-Sahalia. Princeton University.0
 

28 sessions, 99 papers, and 0 presentations with no associated papers


 

XXVI Finance Forum

Detailed List of Sessions

 
Session 1: CORPORATE FINANCE: THEORETICAL
July 5, 2018 9:45 to 11:45
Room 20
 
Session Chair: Antonio Moreno, University of Navarra
 

Clawback provisions, executive pay and accounting manipulation
By Alvaro Remesal; CEMFI
   presented by: Alvaro Remesal, CEMFI
   Discussant:   Bo Hu, VU University Amsterdam and Tinbergen Institute Amsterdam
 

Agency Problems in PPP Investment Projects
By Florina Silaghi; Universitat Autonoma de Barcelona
Sudipto Sarkar; McMaster University
   presented by: Florina Silaghi, Universitat Autonoma de Barcelona
   Discussant:   Jan Schneemeier, Indiana University
 

Why Do Big Firms Pay More For Performance?
By Bo Hu; VU Amsterdam
   presented by: Bo Hu, VU University Amsterdam and Tinbergen Institute Amsterdam
   Discussant:   Alvaro Remesal, CEMFI
 

Optimal Disclosure and Fight for Attention
By Jan Schneemeier; Indiana University
   presented by: Jan Schneemeier, Indiana University
   Discussant:   Florina Silaghi, Universitat Autonoma de Barcelona
 
Session 2: CORPORATE FINANCE: EMPIRICAL I
July 5, 2018 9:45 to 11:45
Room 20 A
 
Session Chair: Stefano Sacchetto, IESE Business School
 

How Costly Are External Financing and Agency for Private Firms?
By Stefano Sacchetto; IESE Business School
Nan Xiong
   presented by: Stefano Sacchetto, IESE Business School
   Discussant:   Faiza Majid, Universidad Carlos III de Madrid
 

TRADE CREDIT, CREDITOR PROTECTION AND FINANCIAL CRISIS
By SONIA BAÑOS-CABALLERO; UNIVERSIDAD DE MURCIA
PEDRO GARCIA-TERUEL; UNIVERSITY OF MURCIA
PEDRO MARTINEZ SOLANO; UNIVERSITY OF MURCIA
   presented by: SONIA BAÑOS-CABALLERO, UNIVERSIDAD DE MURCIA
   Discussant:   Stefano Sacchetto, IESE Business School
 

Debt as Threat: Evidence from Union Sponsored Shareholder Proposals
[slides]
By Alberta Di Giuli; ESCP Europe
ARTHUR PETIT-ROMEC; SKEMA Business School-Université Côte d'Azur
   presented by: ARTHUR PETIT-ROMEC, SKEMA Business School-Université Côte d'Azur
   Discussant:   SONIA BAÑOS-CABALLERO, UNIVERSIDAD DE MURCIA
 

Competition, Board Monitoring and Governance Regulation: Evidence from a quasi-natural experiment
By Faiza Majid; Universidad Carlos III de Madrid
   presented by: Faiza Majid, Universidad Carlos III de Madrid
   Discussant:   ARTHUR PETIT-ROMEC, SKEMA Business School-Université Côte d'Azur
 
Session 3: MUTUAL FUNDS
July 5, 2018 9:45 to 11:45
Room 21
 
Session Chair: Sergio Sanfilippo Azofra, University of Cantabria
 

Mutual Fund Performance and Changes in Factor Exposures
By Wolfgang Bessler; University of Giessen
Thomas Conlon; University College Dublin
Diego Víctor de Mingo-López; Universitat Jaume I
Juan Carlos Matallín-Sáez; Universitat Jaume I
   presented by: Diego Víctor de Mingo-López, Universitat Jaume I
   Discussant:   Cristina Ortiz, University of Zaragoza
 

The ‘Smart Money Effect’ Among Socially Responsible Mutual Fund Investors
By Fernando Muñoz; Universidad de Zaragoza
   presented by: Fernando Muñoz, Universidad de Zaragoza
   Discussant:   Mercedes Alda, UNIVERSIDAD DE ZARAGOZA
 

Managers beyond borders: side-by-side management in mutual funds and pension funds.
By Mercedes Alda; UNIVERSIDAD DE ZARAGOZA
   presented by: Mercedes Alda, UNIVERSIDAD DE ZARAGOZA
   Discussant:   Diego Víctor de Mingo-López, Universitat Jaume I
 

Euro government bond funds before and after the Euro debt crisis: Evidence from security-level holdings
By Cristina Ortiz; University of Zaragoza
Gloria Ramírez; Universidad de Antioquia
Luis Vicente; Universidad de Zaragoza
   presented by: Cristina Ortiz, University of Zaragoza
   Discussant:   Fernando Muñoz, Universidad de Zaragoza
 
Session 4: ASSET PRICING: EMPIRICAL I
July 5, 2018 9:45 to 11:45
Room 19
 
Session Chair: Helena Chulia, Universitat de Barcelona
 

Risk factor analysis of oil and gas companies traded in US stock markets
By Olga Klinkowska; University of Aberdeen Business School
Jingzhen Liu; University of Aberdeen
   presented by: Olga Klinkowska, University of Aberdeen Business School
   Discussant:   Helena Chulia, Universitat de Barcelona
 

The Price of Ignoring ESG Risks
By Simon Glossner; Catholic University Eichstaett-Ingolstad
   presented by: Simon Glossner, Catholic University Eichstaett-Ingolstad
   Discussant:   Isabel Figuerola Ferretti, ICADE
 

International Consumption Risk Sharing: The Role of Good and Bad Volatility
By Helena Chulia; Universitat de Barcelona
Jorge M. Uribe; Universidad del Valle, University of Barcelona
   presented by: Helena Chulia, Universitat de Barcelona
   Discussant:   Simon Glossner, Catholic University Eichstaett-Ingolstad
 

Recent Credit Risk and Bubble Behaviour in the corporate Energy Sector
By Ignacio Cervera; ICADE, Universidad Pontificia de Comillas
Isabel Figuerola Ferretti; ICADE
   presented by: Isabel Figuerola Ferretti, ICADE
   Discussant:   Olga Klinkowska, University of Aberdeen Business School
 
Session 5: FINANCIAL INTERMEDIATION AND INSTITUTIONS: BANKING I
July 5, 2018 9:45 to 11:45
Room 24
 
Session Chair: Begoña Torre Olmo, University of Cantabria
 

CONTAGION BETWEEN BANK AND SOVEREIGN RISK SINCE THE ADOPTION OF THE SINGLE SUPERVISION MECHANISM
By María Cantero Sáiz; University of Cantabria
Sergio Sanfilippo Azofra; University of Cantabria
Begoña Torre Olmo; University of Cantabria
   presented by: María Cantero Sáiz, University of Cantabria
   Discussant:   Alfredo Martin-Oliver, University Balearic Islands
 

Contagion spillovers between sovereign and financial European sector from a Delta CoVaR approach
By Javier Ojea Ferreiro; Complutense University of Madrid
   presented by: Javier Ojea Ferreiro, Complutense University of Madrid
   Discussant:   Laura Garcia-Jorcano, Universidad de Castilla-La Mancha
 

Measuring systemic-systematic tail risk in financial system: An expectile based approach
By Laura Garcia-Jorcano; Universidad de Castilla-La Mancha
LIDIA SANCHIS-MARCO; Department of Economic Analysis and Finance
   presented by: Laura Garcia-Jorcano, Universidad de Castilla-La Mancha
   Discussant:   María Cantero Sáiz, University of Cantabria
 

Credit Risk in Markets with Spatial Competition and Moral Hazard
By Alfredo Martin-Oliver; University Balearic Islands
Sonia Ruano; Banco de España
Vicente Salas-Fumás; Universidad de Zaragoza
   presented by: Alfredo Martin-Oliver, University Balearic Islands
   Discussant:   Javier Ojea Ferreiro, Complutense University of Madrid
 
Session 6: CORPORATE FINANCE: EMPIRICAL II
July 5, 2018 14:45 to 16:45
Room 19
 
Session Chair: PEDRO MARTINEZ SOLANO, UNIVERSITY OF MURCIA
 

The borrower orientation of credit unions and earnings management: evidence and real effects
By Javier Gomez-Biscarri; Universitat Pompeu Fabra and Barcelona GSE
German Lopez Espinosa; Universidad de Navarra
Andrés mesa; Universidad de Navarra
   presented by: German Lopez Espinosa, Universidad de Navarra
   Discussant:   Isabel Feito-Ruiz, University of Leon
 

AIM firms' Debt Maturity: Do the auditor quality and ownership structure matter?
By Isabel Feito-Ruiz; University of Leon
CLARA CARDONE-RIPORTELLA; PABLO DE OLAVIDE UNIVERSITY
Elisa Ughetto; Politecnico di Torino
   presented by: Isabel Feito-Ruiz, University of Leon
   Discussant:   PEDRO MARTINEZ SOLANO, UNIVERSITY OF MURCIA
 

THE POLITICAL AND FINANCIAL ECONOMICS OF WITHDRAWN PRIVATIZATIONS
By Gabriele Lattanzio; The University of Oklahoma
William Megginson; University of Oklahoma
   presented by: Gabriele Lattanzio, The University of Oklahoma
   Discussant:   German Lopez Espinosa, Universidad de Navarra
 

Bank debt in private family firms
By Nieves Díaz Díaz; Universidad de las Palmas de Gran Canaria
PEDRO GARCIA-TERUEL; UNIVERSITY OF MURCIA
PEDRO MARTINEZ SOLANO; UNIVERSITY OF MURCIA
   presented by: PEDRO MARTINEZ SOLANO, UNIVERSITY OF MURCIA
   Discussant:   Gabriele Lattanzio, The University of Oklahoma
 
Session 7: MARKET MICROSTRUCTURE
July 5, 2018 14:45 to 16:45
Room 20
 
Session Chair: Franco Zecchetto, Instituto Tecnológico Autónomo de México (ITAM)
 

Multivariate Testing for Fractional Integration under Conditional Heteroskedasticty
By Antonio Rubia; University of Alicante
   presented by: Antonio Rubia, University of Alicante
   Discussant:   Franco Zecchetto, Instituto Tecnológico Autónomo de México (ITAM)
 

Closing Time: The effects of closing mechanism and design on market quality
By Ester Félez Viñas; Stockholm University
Sean Foley; University of Sydney
Talis Putnins; University of Technology Sydney
Nicholas Cordi; University of Sydney
   presented by: Sean Foley, University of Sydney
   Discussant:   Giuliano Curatola, Goethe University Frankfurt and SAFE
 

Mortgage Design and Slow Recoveries. The Role of Recourse and Default.
By Pedro Gete; IE Business School
Franco Zecchetto; Instituto Tecnológico Autónomo de México (ITAM)
   presented by: Franco Zecchetto, Instituto Tecnológico Autónomo de México (ITAM)
   Discussant:   Sean Foley, University of Sydney
 

International capital markets with time-varying preferences
By Giuliano Curatola; Goethe University Frankfurt and SAFE
Ilya Dergunov; Goethe University Frankfurt and SAFE
   presented by: Giuliano Curatola, Goethe University Frankfurt and SAFE
   Discussant:   Antonio Rubia, University of Alicante
 
Session 8: FINANCIAL INTERMEDIATION AND INSTITUTIONS: INSTITUTIONAL INVESTORS I
July 5, 2018 14:45 to 16:45
Room 20 A
 
Session Chair: Víctor Manuel Gonzalez Mendez, University of Oviedo
 

INFLUENCE OF FORMAL AND INFORMAL INSTITUTIONS ON DEBT CONDITIONS
By Celia Alvarez Botas; University of Oviedo
Víctor Manuel Gonzalez Mendez; University of Oviedo
   presented by: Celia Alvarez Botas, University of Oviedo
   Discussant:   M. Dolores Robles, Universidad Complutense de Madrid
 

Idiosyncratic Bank Credit Risk Events and Peers’ Equity: Wake-Up Calls?
By Ana-Maria Fuertes; Cass Business School, City, University of London
M. Dolores Robles; Universidad Complutense de Madrid
   presented by: M. Dolores Robles, Universidad Complutense de Madrid
   Discussant:   Efe Cotelioglu, Swiss Finance Institute & University of Lugano
 

The Term Structure of Credit Spreads and Institutional Equity Trading
By Efe Cotelioglu; Swiss Finance Institute & University of Lugano
   presented by: Efe Cotelioglu, Swiss Finance Institute & University of Lugano
   Discussant:   Michal Kowalik, Federal Reserve Bank of Boston
 

Private Equity Investment in U.S. Banks
By Robert DeYoung; The University of Kansas
Michal Kowalik; Federal Reserve Bank of Boston
Gokhan Torna; Stony Brook University
   presented by: Michal Kowalik, Federal Reserve Bank of Boston
   Discussant:   Víctor Manuel Gonzalez Mendez, University of Oviedo
 
Session 9: ASSET PRICING: EMPIRICAL II
July 5, 2018 14:45 to 16:45
Room 21
 
Session Chair: Elisabeth Megally, University of Zurich
 

Do Financial Markets Respond to Macroeconomic Surprises? Evidence from the UK
By Reinhold Heinlein; Keele University
Gabriele Lepori; Keele University
   presented by: Gabriele Lepori, Keele University
   Discussant:   Elisabeth Megally, University of Zurich
 

Buy Low Sell High: the IPO Underpricing Effects in the Polish Stock Market
By Paulina Roszkowska; Hult International Business School
   presented by: Paulina Roszkowska, Hult International Business School
   Discussant:   Menna El Hefnawy, ESADE Business School
 

The Uncertainty of Value
By Turan G. Bali; McDonough School of Business, Georgetown
Luca Del Viva; ESADE Business School
Menna El Hefnawy; ESADE Business School
Lenos Trigeorgis; U. of Cyprus, King's College London and MIT
   presented by: Menna El Hefnawy, ESADE Business School
   Discussant:   Gabriele Lepori, Keele University
 

Valuation and incentives of exotic performance-vesting stock grants with path-dependent (price- and earnings-based) vesting schedules
By Elisabeth Megally; University of Zurich
   presented by: Elisabeth Megally, University of Zurich
   Discussant:   Paulina Roszkowska, Hult International Business School
 
Session 10: FINANCIAL INTERMEDIATION AND INSTITUTIONS: BANKING II
July 5, 2018 14:45 to 16:45
Room 24
 
Session Chair: Francisco Gonzalez, Universidad de Oviedo
 

Capital Requirements in Supervisory Stress Tests and their Adverse Impact on Small Business Lending
By Francisco Covas; The Clearing House Association
   presented by: Francisco Covas, The Clearing House Association
   Discussant:   Enrique Moral-Benito, Bank of Spain
 

Joint liquidity and capital regulation in a risk-shifting framework
By Sergio Vicente; Universidad Carlos III de Madrid
   presented by: Demian Macedo, Universidad de las Islas Baleares
   Discussant:   Vahid Saadi, IE Business School
 

The cleansing effect of banking crises
By Reint Gropp; Goethe University Frankfurt
Joerg Rocholl; ESMT European School of Management and Technology
Vahid Saadi; IE Business School
   presented by: Vahid Saadi, IE Business School
   Discussant:   Francisco Covas, The Clearing House Association
 

Credit Supply Shocks, Network Effects, and the Real Economy
By Laura Alfaro; Harvard Business School
Manuel Garcia-Santana; Universitat Pompeu Fabra
Enrique Moral-Benito; Bank of Spain
   presented by: Enrique Moral-Benito, Bank of Spain
   Discussant:   Sergio Vicente, Universidad Carlos III de Madrid
 
Session 11: CORPORATE FINANCE: EMPIRICAL III
July 5, 2018 17:00 to 19:00
Room 19
 
Session Chair: Maria-Antonia Tarrazon-Rodon, Universitat Autonoma de Barcelona
 

The real effects of Checks and Balances : Policy uncertainty and Corporate Investment
By Anne DUQUERROY; Banque de France
   presented by: Anne DUQUERROY, Banque de France
   Discussant:   Maurizio Montone, Erasmus School of Economics
 

Dual Ownership and Firm Investment Efficiency
By Luca Xianran Lin; IESE Business School
Miguel Anton; IESE Business School
   presented by: Luca Xianran Lin, IESE Business School
   Discussant:   Maria-Antonia Tarrazon-Rodon, Universitat Autonoma de Barcelona
 

CEO overconfidence and investor sentiment
By Maurizio Montone; Erasmus School of Economics
   presented by: Maurizio Montone, Erasmus School of Economics
   Discussant:   Luca Xianran Lin, IESE Business School
 
Session 12: DERIVATIVES AND COMMODITIES I
July 5, 2018 17:00 to 19:00
Room 20
 
Session Chair: Manuel Moreno, University of Castilla-La Mancha
 

Trading the Option Implied Volatility Smirk Using Firm Fundamentals
[slides]
By Ding Chen; University of Sussex
Biao Guo; Renmin University of China
   presented by: Ding Chen, University of Sussex
   Discussant:   Murat Ergun, LSE
 

The Informational Value of Consensus Prices: Evidence from the OTC Derivatives Market
By Murat Ergun; LSE
Andreas Uthemann; London School of Economics
   presented by: Murat Ergun, LSE
   Discussant:   Enrique Salvador, Universitat Jaume I
 

Pricing of agricultural derivatives: an approach based on models with mean reversion and seasonality
By Natalia Del Campo-Bustos; KPMG
Manuel Moreno; University of Castilla-La Mancha
   presented by: Manuel Moreno, University of Castilla-La Mancha
   Discussant:   Ding Chen, University of Sussex
 

Contingent Claims and Hedging of Credit Risk with Equity Options
By Davide Avino; Swansea University
Enrique Salvador; Universitat Jaume I
   presented by: Enrique Salvador, Universitat Jaume I
   Discussant:   Manuel Moreno, University of Castilla-La Mancha
 
Session 13: ASSET PRICING: EMPIRICAL III
July 5, 2018 17:00 to 19:00
Room 20 A
 
Session Chair: Juan Rodriguez-Poo, Universidad de Cantabria
 

Nonparametric Specification Testing of Conditional Asset Pricing Models
By Francisco Peñaranda; Queens College CUNY
Juan Rodriguez-Poo; Universidad de Cantabria
Stefan Sperlich; Universite de Geneve
   presented by: Juan Rodriguez-Poo, Universidad de Cantabria
   Discussant:   Min Cui, Indiana University
 

Evaluating Consumption CAPM under Heterogeneous Preferences
By Min Cui; Indiana University
   presented by: Min Cui, Indiana University
   Discussant:   Ilias Filippou, Warwick Business School
 

Predicting the Equity Risk Premium Using the Smooth Cross-Sectional Tail Risk: The Importance of Correlation
By Jose Faias; Universidade Catolica Portuguesa
   presented by: Jose Faias, Universidade Catolica Portuguesa
   Discussant:   Juan Rodriguez-Poo, Universidad de Cantabria
 

Do Managers Wipe out Momentum Profits?
By Ilias Filippou; Warwick Business School
Pedro Garcia Ares; University of Exeter
   presented by: Ilias Filippou, Warwick Business School
   Discussant:   Jose Faias, Universidade Catolica Portuguesa
 
Session 14: CORPORATE FINANCE: EMPIRICAL IV
July 6, 2018 8:45 to 10:45
Room 19
 
Session Chair: Juan-Pedro Gomez, IE Business School
 

Who pays a visit to Brussels? Firm value effects from meetings with European Commissioners
By Kizkitza Biguri; BI Norwegian Business School
Joerg Stahl; Católica Lisbon School of Business & Economics
   presented by: Joerg Stahl, Católica Lisbon School of Business & Economics
   Discussant:   Mohammed Zakriya, ESADE Business School
 

Shadow Pills and Long-Term Firm Value
By Martijn Cremers; University of Notre Dame
Scott Guernsey; University of Cambridge
Lubomir Litov; University of Oklahoma
Simone Sepe; University of Arizona
   presented by: Scott Guernsey, University of Cambridge
   Discussant:   Sergio Garcia, University Carlos III of Madrid
 

Sustain and Deliver: Capturing the Valuation Effects of Corporate Sustainability
By Mohammed Zakriya; ESADE Business School
   presented by: Mohammed Zakriya, ESADE Business School
   Discussant:   Scott Guernsey, University of Cambridge
 

The Role of Option Markets in Shareholder Activism
By Sergio Garcia; University Carlos III of Madrid
   presented by: Sergio Garcia, University Carlos III of Madrid
   Discussant:   Joerg Stahl, Católica Lisbon School of Business & Economics
 
Session 15: CORPORATE FINANCE: EMPIRICAL V
July 6, 2018 8:45 to 10:45
Room 20
 
Session Chair: Carlos López Gutiérrez, Universidad de Cantabria
 

Race across mud: The best choice for measuring credit risk
By Isabel Abinzano; Universidad Publica de Navarra and INARBE
Ana Gonzalez-Urteaga; Universidad Pública de Navarra
Luis Muga; Universidad Pública de Navarra and INARBE
Santiago Sanchez; Universidad Pública de Navarra
   presented by: Isabel Abinzano, Universidad Publica de Navarra and INARBE
   Discussant:   Jose Faias, Universidade Catolica Portuguesa
 

The Effects of Fund Flows on Corporate Investment: A Catering View
By Nelson Camanho; Católica-Lisbon School of Business and Economics
Jose Faias; Universidade Catolica Portuguesa
   presented by: Jose Faias, Universidade Catolica Portuguesa
   Discussant:   Bartolomé Pascual-Fuster, Universitat de les Illes Balears
 

GENDER DIVERSITY IN THE BOARDROOM: THE CONTRIBUTION OF WOMEN DIRECTORS
By Bartolomé Pascual-Fuster; Universitat de les Illes Balears
Rafel Crespí; Universitat de les Illes Balears
   presented by: Bartolomé Pascual-Fuster, Universitat de les Illes Balears
   Discussant:   Irma Martínez-García, Universidad de Oviedo
 

PROMOTING GENDER DIVERSITY ON BOARDS: HARMFUL OR BENEFICIAL FOR MERIT AND PERFORMANCE?
By Irma Martínez-García; Universidad de Oviedo
Silvia Gómez Ansón; Universidad de Oviedo
   presented by: Irma Martínez-García, Universidad de Oviedo
   Discussant:   Isabel Abinzano, Universidad Publica de Navarra and INARBE
 
Session 16: FINANCIAL INTERMEDIATION AND INSTITUTIONS: INSTITUTIONAL INVESTORS II
July 6, 2018 8:45 to 10:45
Room 20 A
 
Session Chair: Sergio Mayordomo, Banco de España
 

INTEGRATION AND EFFICIENCY CONVERGENCE IN EUROPEAN LIFE INSURANCE MARKETS
By J Cummins; Temple University
Maria Rubio-Misas; Universidad de Malaga
   presented by: Maria Rubio-Misas, Universidad de Malaga
   Discussant:   Sergio Mayordomo, Banco de España
 

Mutual Funding
By Javier Gil-Bazo; Universitat Pompeu Fabra and BGSE
Peter Hoffmann; European Central Bank
Sergio Mayordomo; Banco de España
   presented by: Sergio Mayordomo, Banco de España
   Discussant:   Maria Rubio-Misas, Universidad de Malaga
 
Session 17: ASSET PRICING: EMPIRICAL IV
July 6, 2018 8:45 to 10:45
Room 24
 
Session Chair: Gonzalo Rubio, Universidad CEU Cardenal Herrera
 

Value Timing: Risk and Return Across Asset Classes
By fahiz baba-yara; Nova School of Business and Economics
Martijn Boons; Nova School of Business and Economics
andrea tamoni; LSE
   presented by: Martijn Boons, Nova School of Business and Economics
   Discussant:   Pedro Garcia Ares, University of Exeter
 

Overcoming Arbitrage Limits: Option Trading and Momentum Returns
By Abhay Abhyankar; Xfi Center for Finance and Investment, University of Exeter
Ilias Filippou; Warwick Business School
Pedro Garcia Ares; University of Exeter
Ozkan Haykir; University of Exeter
   presented by: Pedro Garcia Ares, University of Exeter
   Discussant:   Chardin Wese Simen, ICMA Centre
 

Risk Neutral Volatilities for Equity and Treasury Bond Returns
By Ana Gonzalez-Urteaga; Universidad Pública de Navarra
Belen Nieto; Universidad de Alicante
Gonzalo Rubio; Universidad CEU Cardenal Herrera
   presented by: Gonzalo Rubio, Universidad CEU Cardenal Herrera
   Discussant:   Martijn Boons, Nova School of Business and Economics
 

Variance Risk: A Bird's Eye View
By Chardin Wese Simen; ICMA Centre
   presented by: Chardin Wese Simen, ICMA Centre
   Discussant:   Ana Gonzalez-Urteaga, Universidad Pública de Navarra
 
Session 18: FINANCIAL INTERMEDIATION AND INSTITUTIONS: BANKING III
July 6, 2018 8:45 to 10:45
Room 21
 
Session Chair: Xavier Freixas, Universitat Pompeu Fabra
 

The Mortgage Illusion
By Nelson Camanho; Católica-Lisbon School of Business and Economics
Daniel Fernandes; Católica-Lisbon School of Business and Economics
   presented by: Nelson Camanho, Católica-Lisbon School of Business and Economics
   Discussant:   Miguel A. Duran, University of Malaga
 

The Value of Lending Relationships when Creditors are in Control
By Jan Keil; The University of the West Indies at Mona
   presented by: Jan Keil, The University of the West Indies at Mona
   Discussant:   Miguel Garcia-Posada, Bank of Spain - Eurosystem
 

RISK–RETURN TRADE-OFF IN THE MARKET FOR LINES OF CREDIT
By Miguel A. Duran; University of Malaga
   presented by: Miguel A. Duran, University of Malaga
   Discussant:   Jan Keil, The University of the West Indies at Mona
 

Adapting lending policies when negative rates bite banks’ profits
By Oscar Arce; Bank of Spain
Miguel Garcia-Posada; Bank of Spain - Eurosystem
Sergio Mayordomo; Banco de España
Steven Ongena; University of Zurich
   presented by: Miguel Garcia-Posada, Bank of Spain - Eurosystem
   Discussant:   Nelson Camanho, Católica-Lisbon School of Business and Economics
 
Session 19: CORPORATE FINANCE: EMPIRICAL VI
July 6, 2018 11:00 to 13:00
Room 19
 
Session Chair: Anna Toldra, Universidad Carlos III
 

Regional Windfall Gains and Entrepreneurship
By Vicente Bermejo; ESADE Business School
Daniel Wolfenzon; Columbia University
Rafael Zambrana; Nova School of Business and Economics
   presented by: Rafael Zambrana, Nova School of Business and Economics
   Discussant:   Sergio Garcia, University Carlos III of Madrid
 

The Real Effects of Judicial Enforcement: Evidence from Italy
By Vincenzo Pezone; Goethe University and SAFE
   presented by: Vincenzo Pezone, Goethe University and SAFE
   Discussant:   Irem Demirci, Nova SBE
 

Looking for Transparency: Institutional Ownership and Innovation Disclosure
By Ivan Blanco; CUNEF
Sergio Garcia; University Carlos III of Madrid
David Wehrheim; IESE Business School
   presented by: Sergio Garcia, University Carlos III of Madrid
   Discussant:   Lora Dimitrova, University of Exeter
 

Capital Gains Tax and Innovation
By Lora Dimitrova; University of Exeter
Sapnoti K. Eswar; University of Cincinnati
   presented by: Lora Dimitrova, University of Exeter
   Discussant:   Vincenzo Pezone, Goethe University and SAFE
 
Session 20: ASSET PRICING: EMPIRICAL V
July 6, 2018 11:00 to 13:00
Room 20
 
Session Chair: Julia Reynolds, Università della Svizzera italiana
 

Global Portfolio Rebalancing and Exchange Rates
By Nelson Camanho; Católica-Lisbon School of Business and Economics
Harald Hau; University of Geneva and Swiss Finance I
Helene Rey; London Business School
   presented by: Nelson Camanho, Católica-Lisbon School of Business and Economics
   Discussant:   Julia Reynolds, Università della Svizzera italiana
 

Do external imbalances matter in explaining the cross-section of currency excess returns?
By Florent Rouxelin; UNSW Sydney
   presented by: Florent Rouxelin, UNSW Sydney
   Discussant:   Nelson Camanho, Católica-Lisbon School of Business and Economics
 

Monetary Policy and Currency Returns: the Foresight Saga
By Dmitry Borisenko; University of St.Gallen
Igor Pozdeev; NYU Stern School of Business
   presented by: Igor Pozdeev, NYU Stern School of Business
   Discussant:   Florent Rouxelin, UNSW Sydney
 

Deviations from the Triangular Arbitrage Parity in Foreign Exchange and Bitcoin Markets
By Julia Reynolds; Università della Svizzera italiana
Leopold Sögner; Institute for Advanced Studies
Martin Wagner; Technical University Dortmund
Dominik Wied; Universität zu Köln
   presented by: Julia Reynolds, Università della Svizzera italiana
   Discussant:   Igor Pozdeev, NYU Stern School of Business
 
Session 21: FINANCIAL INTERMEDIATION AND INSTITUTIONS: BANKING IV
July 6, 2018 11:00 to 13:00
Room 20 A
 
Session Chair: David Martinez-Miera, Universidad Carlos III
 

Self-Fulfilling Runs and Endogenous Liquidity Creation
By David Rivero-Leiva; Universitat de Barcelona
Hugo Rodriguez Mendizabal; IAE (CSIC) and Barcelona GSE
   presented by: David Rivero-Leiva, Universitat de Barcelona
   Discussant:   Andres Mesa Toro, Universidad de Navarra
 

Interest Rates, Market Power and Financial Stability
By David Martinez-Miera; Universidad Carlos III
   presented by: David Martinez-Miera, Universidad Carlos III
   Discussant:   Wei Li, Beihang University
 

Cobbler, stick to thy last: the disciplining of business loans in credit unions
By Javier Gomez-Biscarri; Universitat Pompeu Fabra and Barcelona GSE
German Lopez Espinosa; Universidad de Navarra
Andres Mesa Toro; Universidad de Navarra
   presented by: Andres Mesa Toro, Universidad de Navarra
   Discussant:   David Martinez-Miera, Universidad Carlos III
 

The Impact of Foreign Bank Deregulation on Firm Performance: Evidence from China
[slides]
By Wei Li; Beihang University
   presented by: Wei Li, Beihang University
   Discussant:   David Rivero-Leiva, Universitat de Barcelona
 
Session 22: RISK AND FINANCIAL STABILITY
July 6, 2018 11:00 to 13:00
Room 24
 
Session Chair: Sonia Benito, Universidad de Educación a Distancia
 

RISK TOLERANCE ALONG THE FINANCIAL CRISIS
By Francisco Callado Munoz; Centro Universitario de la Defensa Zaragoza
Natalia Utrero González; Centro Universitario de la Defensa Zaragoza
   presented by: Francisco José Callado-Muñoz, Centro Universitario de la Defensa
   Discussant:   Sonia Benito, Universidad de Educación a Distancia
 

Assessing the importance of the choice threshold in quantifying market risk under the POT method (EVT)
By Sonia Benito; Universidad de Educación a Distancia
   presented by: Sonia Benito, Universidad de Educación a Distancia
   Discussant:   Juandiego Paredes-Gazquez, Spanish Open University (UNED)
 

Content analysis of economic and financial resilience
By Adrián García Bruzón; Spanish Open University (UNED)
Marta De la Cuesta; Spanish Open University (UNED)
Juandiego Paredes-Gazquez; Spanish Open University (UNED)
   presented by: Adrián García Bruzón, Spanish Open University (UNED)
   Discussant:   Francisco José Callado-Muñoz, Centro Universitario de la Defensa
 
Session 23: CORPORATE FINANCE: EMPIRICAL VII
July 6, 2018 15:45 to 17:45
Room 19
 
Session Chair: Antonio Moreno, University of Navarra
 

Distracted Investors and Earnings Management
By Alexandre Garel; Auckland University of Technology
Jose-Maria Martin-Flores; ESCP Europe Business School
ARTHUR PETIT-ROMEC; SKEMA Business School-Université Côte d'Azur
Ayesha Scott; Auckland University of Technology
   presented by: Jose-Maria Martin-Flores, ESCP Europe Business School
   Discussant:   Scott Guernsey, University of Cambridge
 

Accounting conservatism and the profitability of corporate insiders
By Akram Khalilov; Universidad Carlos III de Madrid
   presented by: Akram Khalilov, Universidad Carlos III de Madrid
   Discussant:   Jose-Maria Martin-Flores, ESCP Europe Business School
 

Product Market Competition and Long-Term Firm Value: Evidence from Reverse Engineering Protections
By Scott Guernsey; University of Cambridge
   presented by: Scott Guernsey, University of Cambridge
   Discussant:   Albert Zevelev, Baruch CUNY
 

Does Collateral Value Affect Asset Prices? Evidence from a Natural Experiment in Texas
By Albert Zevelev; Baruch CUNY
   presented by: Albert Zevelev, Baruch CUNY
   Discussant:   Akram Khalilov, Universidad Carlos III de Madrid
 
Session 24: ASSET PRICING: EMPIRICAL VI
July 6, 2018 15:45 to 17:45
Room 20
 
Session Chair: Enrique Sentana, CEMFI
 

Are some risk-adjusted measures better able to predict future fund performance?
By Florinda Silva; Universidade do Minho
   presented by: Florinda Silva, Universidade do Minho
   Discussant:   Enrique Sentana, CEMFI
 

Financial contagion in the eurozone
By Dante Amengual; CEMFI
Enrique Sentana; CEMFI
   presented by: Enrique Sentana, CEMFI
   Discussant:   Manuel Moreno, University of Castilla-La Mancha
 

Seemingly Unrelated Stock Market Anomalies: Profitability, Distress, Lotteryness and Volatility
By Turan Bali; McDonough School of Business, Georgetown University
Luca Del Viva; ESADE Business School
Neophitos Lambertides; Cyprus University of Technology
Lenos Trigeorgis; U. of Cyprus, King's College London and MIT
   presented by: Luca Del Viva, ESADE Business School
   Discussant:   Florinda Silva, Universidade do Minho
 

Implied volatility indices: an empirical analysis based on stochastic volatility continuous-time models
By Manuel Moreno; University of Castilla-La Mancha
Jennifer Pérez-Jiménez; KPMG
   presented by: Manuel Moreno, University of Castilla-La Mancha
   Discussant:   Luca Del Viva, ESADE Business School
 
Session 25: FINANCIAL INTERMEDIATION AND INSTITUTIONS: BANKING V
July 6, 2018 15:45 to 17:45
Room 20 A
 
Session Chair: Domingo Garcia Coto, BME
 

“Keeping It Personal” or “Getting Real”? On the Drivers and Effectiveness of Personal versus Real Loan Guarantees
By Sergio Mayordomo; Banco de España
Antonio Moreno; University of Navarra
Steven Ongena; University of Zurich
Maria Rodriguez-Moreno; Banco de España
   presented by: Maria Rodriguez-Moreno, Banco de España
 

Breaking the Feedback Loop: Macroprudential Regulation of Banks' Sovereign Exposures
By Jorge Abad; CEMFI
   presented by: Jorge Abad, CEMFI
   Discussant:   Maria Rodriguez-Moreno, Banco de España
 

CREDIT ALLOCATION ALONG THE BUSINESS AND CREDIT CYCLE: EVIDENCE FROM THE LATEST BOOM BUST CREDIT CYCLE IN SPAIN
By Roberto Blanco; Banco de España
   presented by: Noelia Jimenez, Banco de España
   Discussant:   Jorge Abad, CEMFI
 

Making room for the needy: The credit-reallocation effects of the ECB’s Corporate QE
By Oscar Arce; Bank of Spain
Ricardo Gimeno; Banco de España
Sergio Mayordomo; Banco de España
   presented by: Sergio Mayordomo, Banco de España
   Discussant:   Noelia Jimenez, Banco de España
 
Session 26: ASSET PRICING: THEORETICAL
July 6, 2018 15:45 to 17:45
Room 24
 
Session Chair: Fernando Zapatero, University of Southern California
 

Corporate Debt, Capital Flows, and International Business Cycles
By Tommaso Trani; Universidad de Navarra
   presented by: Tommaso Trani, Universidad de Navarra
   Discussant:   Ramón Bermejo Climent, Universidad Pontificia Comillas
 

Factor Investing: a Stock Selection System for the European Equity Market
By Ramón Bermejo Climent; Universidad Pontificia Comillas
   presented by: Ramón Bermejo Climent, Universidad Pontificia Comillas
 

Rolling the Skewed Die to Meet Aspirations
By Fernando Zapatero; University of Southern California
   presented by: Fernando Zapatero, University of Southern California
   Discussant:   Tommaso Trani, Universidad de Navarra
 
Session 27: KEYNOTE SPEECH: "To FinTech and Beyond". Andrew Karolyi. Cornell University.
July 5, 2018 12:00 to 13:30
Room Gomez-Laa
 
 
Session 28: KEYNOTE SPEECH: "Implied Stochastic Volatility Models". Yacine Ait-Sahalia. Princeton University.
July 6, 2018 13:00 to 14:30
Room Gomez-Laa
 
 

28 sessions, 99 papers, and 0 presentations with no associated papers
 
Index of Participants

Legend: C=chair, P=Presenter, D=Discussant
#ParticipantRoles in Conference
2Abad, JorgeP25, D25
3Abinzano, IsabelP15, D15
4Alda, MercedesP3, D3
5Alvarez Botas, CeliaP8
6BAÑOS-CABALLERO, SONIAP2, D2
7Benito, SoniaP22, D22, C22
8Bermejo Climent, RamónP26, D26
9Boons, MartijnP17, D17
10Callado-Muñoz, Francisco JoséP22, D22
11Camanho, NelsonP18, D18, P20, D20
12Cantero Sáiz, MaríaP5, D5
13Chen, DingP12, D12
14Chulia, HelenaP4, D4, C4
15Cotelioglu, EfeP8, D8
16Covas, FranciscoP10, D10
17Cui, MinP13, D13
18Curatola, GiulianoP7, D7
19de Mingo-López, Diego VíctorP3, D3
20Del Viva, LucaP24, D24
21Demirci, IremD19
22Dimitrova, LoraP19, D19
23DUQUERROY, AnneP11
24Duran, Miguel A.P18, D18
25El Hefnawy, MennaP9, D9
26Ergun, MuratP12, D12
27Faias, JoseP13, D13, P15, D15
28Feito-Ruiz, IsabelP6, D6
29Figuerola Ferretti, IsabelP4, D4
30Filippou, IliasP13, D13
31Foley, SeanP7, D7
32Freixas, XavierC18
33García Bruzón, AdriánP22
34Garcia, SergioP14, D14, P19, D19
35Garcia Ares, PedroP17, D17
36Garcia Coto, DomingoC25
37Garcia-Jorcano, LauraP5, D5
38Garcia-Posada, MiguelP18, D18
39Glossner, SimonP4, D4
40Gomez, Juan-PedroC14
41Gonzalez, FranciscoC10
42Gonzalez Mendez, Víctor ManuelD8, C8
43Gonzalez-Urteaga, AnaD17
44Guernsey, ScottP14, D14, P23, D23
45Hu, BoP1, D1
46Jimenez, NoeliaP25, D25
47Keil, JanP18, D18
48Khalilov, AkramP23, D23
49Klinkowska, OlgaP4, D4
50Kowalik, MichalP8, D8
51Lattanzio, GabrieleP6, D6
52López Gutiérrez, CarlosC15
53Lepori, GabrieleP9, D9
54Li, WeiP21, D21
55Lin, Luca XianranP11, D11
56Lopez Espinosa, GermanP6, D6
57Macedo, DemianP10
58Majid, FaizaP2, D2
59Martínez-García, IrmaP15, D15
60Martin-Flores, Jose-MariaP23, D23
61Martin-Oliver, AlfredoP5, D5
62MARTINEZ SOLANO, PEDROP6, D6, C6
63Martinez-Miera, DavidP21, D21, C21
64Mayordomo, SergioP16, D16, C16, P25
65Megally, ElisabethP9, D9, C9
66Mesa Toro, AndresP21, D21
67Montone, MaurizioP11, D11
68Moral-Benito, EnriqueP10, D10
69Moreno, ManuelP12, D12, C12, P24, D24
70Moreno, AntonioC1, C23
71Muñoz, FernandoP3, D3
72Ojea Ferreiro, JavierP5, D5
73Ortiz, CristinaP3, D3
74Paredes-Gazquez, JuandiegoD22
75Pascual-Fuster, BartoloméP15, D15
76PETIT-ROMEC, ARTHURP2, D2
77Pezone, VincenzoP19, D19
78Pozdeev, IgorP20, D20
79Remesal, AlvaroP1, D1
80Reynolds, JuliaP20, D20, C20
81Rivero-Leiva, DavidP21, D21
82Robles, M. DoloresP8, D8
83Rodriguez-Moreno, MariaP25, D25
84Rodriguez-Poo, JuanP13, D13, C13
85Roszkowska, PaulinaP9, D9
86Rouxelin, FlorentP20, D20
87Rubia, AntonioP7, D7
88Rubio, GonzaloP17, C17
89Rubio-Misas, MariaP16, D16
90Saadi, VahidP10, D10
91Sacchetto, StefanoP2, D2, C2
92Salvador, EnriqueP12, D12
93Sanfilippo Azofra, SergioC3
94Schneemeier, JanP1, D1
95Sentana, EnriqueP24, D24, C24
96Silaghi, FlorinaP1, D1
97Silva, FlorindaP24, D24
98Stahl, JoergP14, D14
99Tarrazon-Rodon, Maria-AntoniaD11, C11
100Toldra, AnnaC19
101Torre Olmo, BegoñaC5
102Trani, TommasoP26, D26
103Vicente, SergioD10
104Wese Simen, ChardinP17, D17
105Zakriya, MohammedP14, D14
106Zambrana, RafaelP19
107Zapatero, FernandoP26, C26
108Zecchetto, FrancoP7, D7, C7
109Zevelev, AlbertP23, D23

 

This program was last updated on 2018-07-03 05:08:11 EDT