Summary of All Sessions |
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Click here for an index of all participants |
28 sessions, 99 papers, and 0 presentations with no associated papers |
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XXVI Finance Forum |
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Detailed List of Sessions |
| Session 1: CORPORATE FINANCE: THEORETICAL July 5, 2018 9:45 to 11:45 Room 20 |
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| 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 |
| # | Participant | Roles in Conference |
|---|---|---|
| 2 | Abad, Jorge | P25, D25 |
| 3 | Abinzano, Isabel | P15, D15 |
| 4 | Alda, Mercedes | P3, D3 |
| 5 | Alvarez Botas, Celia | P8 |
| 6 | BAÑOS-CABALLERO, SONIA | P2, D2 |
| 7 | Benito, Sonia | P22, D22, C22 |
| 8 | Bermejo Climent, Ramón | P26, D26 |
| 9 | Boons, Martijn | P17, D17 |
| 10 | Callado-Muñoz, Francisco José | P22, D22 |
| 11 | Camanho, Nelson | P18, D18, P20, D20 |
| 12 | Cantero Sáiz, María | P5, D5 |
| 13 | Chen, Ding | P12, D12 |
| 14 | Chulia, Helena | P4, D4, C4 |
| 15 | Cotelioglu, Efe | P8, D8 |
| 16 | Covas, Francisco | P10, D10 |
| 17 | Cui, Min | P13, D13 |
| 18 | Curatola, Giuliano | P7, D7 |
| 19 | de Mingo-López, Diego Víctor | P3, D3 |
| 20 | Del Viva, Luca | P24, D24 |
| 21 | Demirci, Irem | D19 |
| 22 | Dimitrova, Lora | P19, D19 |
| 23 | DUQUERROY, Anne | P11 |
| 24 | Duran, Miguel A. | P18, D18 |
| 25 | El Hefnawy, Menna | P9, D9 |
| 26 | Ergun, Murat | P12, D12 |
| 27 | Faias, Jose | P13, D13, P15, D15 |
| 28 | Feito-Ruiz, Isabel | P6, D6 |
| 29 | Figuerola Ferretti, Isabel | P4, D4 |
| 30 | Filippou, Ilias | P13, D13 |
| 31 | Foley, Sean | P7, D7 |
| 32 | Freixas, Xavier | C18 |
| 33 | García Bruzón, Adrián | P22 |
| 34 | Garcia, Sergio | P14, D14, P19, D19 |
| 35 | Garcia Ares, Pedro | P17, D17 |
| 36 | Garcia Coto, Domingo | C25 |
| 37 | Garcia-Jorcano, Laura | P5, D5 |
| 38 | Garcia-Posada, Miguel | P18, D18 |
| 39 | Glossner, Simon | P4, D4 |
| 40 | Gomez, Juan-Pedro | C14 |
| 41 | Gonzalez, Francisco | C10 |
| 42 | Gonzalez Mendez, Víctor Manuel | D8, C8 |
| 43 | Gonzalez-Urteaga, Ana | D17 |
| 44 | Guernsey, Scott | P14, D14, P23, D23 |
| 45 | Hu, Bo | P1, D1 |
| 46 | Jimenez, Noelia | P25, D25 |
| 47 | Keil, Jan | P18, D18 |
| 48 | Khalilov, Akram | P23, D23 |
| 49 | Klinkowska, Olga | P4, D4 |
| 50 | Kowalik, Michal | P8, D8 |
| 51 | Lattanzio, Gabriele | P6, D6 |
| 52 | López Gutiérrez, Carlos | C15 |
| 53 | Lepori, Gabriele | P9, D9 |
| 54 | Li, Wei | P21, D21 |
| 55 | Lin, Luca Xianran | P11, D11 |
| 56 | Lopez Espinosa, German | P6, D6 |
| 57 | Macedo, Demian | P10 |
| 58 | Majid, Faiza | P2, D2 |
| 59 | Martínez-García, Irma | P15, D15 |
| 60 | Martin-Flores, Jose-Maria | P23, D23 |
| 61 | Martin-Oliver, Alfredo | P5, D5 |
| 62 | MARTINEZ SOLANO, PEDRO | P6, D6, C6 |
| 63 | Martinez-Miera, David | P21, D21, C21 |
| 64 | Mayordomo, Sergio | P16, D16, C16, P25 |
| 65 | Megally, Elisabeth | P9, D9, C9 |
| 66 | Mesa Toro, Andres | P21, D21 |
| 67 | Montone, Maurizio | P11, D11 |
| 68 | Moral-Benito, Enrique | P10, D10 |
| 69 | Moreno, Manuel | P12, D12, C12, P24, D24 |
| 70 | Moreno, Antonio | C1, C23 |
| 71 | Muñoz, Fernando | P3, D3 |
| 72 | Ojea Ferreiro, Javier | P5, D5 |
| 73 | Ortiz, Cristina | P3, D3 |
| 74 | Paredes-Gazquez, Juandiego | D22 |
| 75 | Pascual-Fuster, Bartolomé | P15, D15 |
| 76 | PETIT-ROMEC, ARTHUR | P2, D2 |
| 77 | Pezone, Vincenzo | P19, D19 |
| 78 | Pozdeev, Igor | P20, D20 |
| 79 | Remesal, Alvaro | P1, D1 |
| 80 | Reynolds, Julia | P20, D20, C20 |
| 81 | Rivero-Leiva, David | P21, D21 |
| 82 | Robles, M. Dolores | P8, D8 |
| 83 | Rodriguez-Moreno, Maria | P25, D25 |
| 84 | Rodriguez-Poo, Juan | P13, D13, C13 |
| 85 | Roszkowska, Paulina | P9, D9 |
| 86 | Rouxelin, Florent | P20, D20 |
| 87 | Rubia, Antonio | P7, D7 |
| 88 | Rubio, Gonzalo | P17, C17 |
| 89 | Rubio-Misas, Maria | P16, D16 |
| 90 | Saadi, Vahid | P10, D10 |
| 91 | Sacchetto, Stefano | P2, D2, C2 |
| 92 | Salvador, Enrique | P12, D12 |
| 93 | Sanfilippo Azofra, Sergio | C3 |
| 94 | Schneemeier, Jan | P1, D1 |
| 95 | Sentana, Enrique | P24, D24, C24 |
| 96 | Silaghi, Florina | P1, D1 |
| 97 | Silva, Florinda | P24, D24 |
| 98 | Stahl, Joerg | P14, D14 |
| 99 | Tarrazon-Rodon, Maria-Antonia | D11, C11 |
| 100 | Toldra, Anna | C19 |
| 101 | Torre Olmo, Begoña | C5 |
| 102 | Trani, Tommaso | P26, D26 |
| 103 | Vicente, Sergio | D10 |
| 104 | Wese Simen, Chardin | P17, D17 |
| 105 | Zakriya, Mohammed | P14, D14 |
| 106 | Zambrana, Rafael | P19 |
| 107 | Zapatero, Fernando | P26, C26 |
| 108 | Zecchetto, Franco | P7, D7, C7 |
| 109 | Zevelev, Albert | P23, D23 |
This program was last updated on 2018-07-03 05:08:11 EDT