The First Annual Conference on IFRS Adoption, Governance and Financial Markets

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1 Université de la Manouba Institut Supérieur de Comptabilité et d Administration des Entreprises Laboratoire Interdisciplinaire de Gestion Université - Entreprise organise The First Annual Conference on IFRS Adoption, Governance and Financial Markets December , 2009 Hotel Riu Palace Oceana Hammamet - Tunisia

2 Conference Chair: Hamadi Matoussi, Université de la Manouba, Tunisia Samir Trabelsi, Brock University, St. Catharines, Ontario, Canada Co-organiser: KPMG Tunisia, Berges du Lac, Tunis, Tunisia Authors: Fathi Abid, FSEG de Sfax, Université de Sfax, Tunisia Hédi Baazoui, ISAE de Gafsa, Gafsa, Tunisia Hichem Baccour, Université Laval, Québec, Canada Patrick Boisselier, IAE de Nice, Nice, France Marie Claude Beaulieu, Université Laval, Québec, Canada Hakim Ben Othman, FSJEG de Jendouba, Université de Jendouba, Tunisia Damien Bo, IAE de Nice, Nice, France Michael Brennan, Anderson School, UCLA, USA and London Business School, UK Xiaolong Cheng, Anderson School, UCLA, USA Khaled Elkhal, University of Southern Indiana, Evansville, USA Olfa Errais, ISCAE, Université de la Manouba, Tunisia Rihab Grassa, ISCAE, Université de la Manouba, Tunisia Dorra Guermazi Ammous, FSEG de Sfax, Université de Sfax, Tunisia Iftekhar Hasan, Lally School of Management & Technology, Rensselaer Polytechnic Institute Mohamed Chakib Kolsi, Institut Supérieur de Gestion Industrielle de Sfax, Tunisia Réal Labelle, HEC Montréal, Montréal, Canada Nadia Massoud, Schulich School of Business, York University, Dominique Dufour, IAE de Nice, Nice, France Hamadi Matoussi, ISCAE, Université de la Manouba, Tunisia Sudesh Mujumdar, University of Southern Indiana, Evansville, USA Seunghan Nam, Stern School of Business, New York University Olfa Nafti Bakini, ISCAE, Université de la Manouba, Tunisia Joshua Ronen, Stern School of Business, New York University Anthony Saunders, Stern School of Business, New York University Barry Scholnick, Schulich School of Business, York University Anamitra Shome, Brock University, St. Catharines, Ontario, Canada Keke Song, Schulich School of Business, York University Samir Trabelsi, Brock University, St. Catharines, Ontario, Canada Saif Ullah, John Molson School of Business, Concordia University, Canada Daniel Zeghal, Telfer Shool of Management, University of Ottawa, Canada Imed chkir, Telfer Shool of Management, University of Ottawa, Canada Lamia Chourou, Queen s University, Kingston, Canada Abdul Rahman, Telfer Shool of Management, University of Ottawa, Canada Samir Saadi, Queen's University, Kingston, Canada

3 Referees: Fathi Abid, FSEG de Sfax, Université de Sfax, Tunisia Paul André, HEC Paris, France Chedli Baccouche, ISCAE, Université de la Manouba, Tunisia Hichem Baccour, Université Laval, Québec, CANADA Sami Ben Naeur, IMF, Washington, USA Hakim Ben Othmane, FSJEG de Jendouba, Université de Jendouba, Tunisia Patrick Boisselier, IAE de Nice, Université de Nice, France Narjess Boubakri, HEC Montreal, Canada and American University of Sharjah, United Arab Emirates Michael Brennan, Anderson School, UCLA, USA and London Business School, UK Daniel Coulombe, Université Laval, Québec, CANADA Pascal Dumontier, IAE de Grenoble, Université de Grenoble, France Khaled Elkhal, University of Southern Indiana, Evansville, USA Sarra Elleuch, ISCAE, Université de la Manouba, Tunisia Omrane Ghédhami, Moore School of Business, University of South Carolina, USA and Memorial University of Newfoundland, Canada Réal Labelle, HEC de Montréal, Canada Cedric Lesage, ESSEC de Paris, France Randa Maghraoui, ISCC de Bizerte, Tunisia Nadia Massoud, Schulich School of Business, Toronto, Canada Hamadi Matoussi, ISCAE, Université de la Manouba, Tunisia Benoit Pigé, Université de Franche Comté, France Bernard Raffournier, HEC Genève, Switzerland Joshua Ronen, Stern School of Business, New York University Samir Trabelsi, Brock University, Canada Daniel Zéghal, Telfer Shool of Management, University of Ottawa, Canada Keynote speakers: Michael Brennan, Anderson School, UCLA, USA and London Business School, UK Joshua Ronen, Stern School of Business, New York University Pascal Dumontier, IAE de Grenoble, Université Pierre Mendes France, Grenoble

4 Tentative Program Last update (December 2) Friday, December 18, :00 10:00 Participants registration 10:00 11:00 Welcome and Opening Remarks Karim Ben Kahla, Director - The High Institute of (ISCAE) Moncef Boussanouga, Chairman - KPMG Tunisia 11:00 11:30 Coffee break 11:30 13:30 13:30 15:30 Lunch 15:30 16:45 16 :45 17:15 Coffee break 17 :15 18h30 20:00 Dinner First presentation: «Les enseignements de la crise financière: faut-il bannir la juste valeur?» Presenter: Pascal Dumontier, Université de Grenoble Second presentation: to be defined soon Presenter: Gilles Salignon, Partner Advisory Services, KPMG France Plenary session 1 : Research in Finance Presenter: Michael Brennan - UCLA Anderson and London Business School Plenary session 2: Current Empirical Research issues in Financial Presenter: Joshua Ronen - Stern School of Business, New York University

5 Saturday, December 19, 2009 Paper presentations 7:30 8:45 Breakfast Session 1 : Finance 9:00-10:45 10:45 11:15 Research Paper I: Should Short-Selling be Restricted during a Financial Crisis? Iftekhar Hasan, Nadia Massoud, Anthony Saunders and Keke Song Discussant: Khaled Elkhal Research Paper II: Impact de la décotation des titres étrangers des marchés américains sur les rendements, la volatilité et la prime de risque sur les marchés domestiques: Evidence empirique Hichem Baccour and M. C. Beaulieu Discussant: Hamadi Matoussi Coffee break Session 2: 11:15 13:00 Research Paper III: Securitization Gains, Real Manipulation and Firm Value Mohamed Chakib Kolsi and Hamadi Matoussi Discussant: Pascal Dumontier Research Paper IV: Effects of executive migrations and subsequent restructuring events Seunghan Nam and Joshua Ronen

6 13:00-14:45 Lunch Research Paper V: Market (In) discipline of Subordinated Debt: Does Size Matter? Khaled Elkhal and Sudesh Mujumdar Discussant: Fathi Abid Session 3: Finance 14:45 16:45 16:45 17 :15 Research Paper VI: The Impact of Sharia Supervisory Board Characteristics on Bank Performance: Evidence from Bahrain Hamadi Matoussi, Samir Trabelsi and Rihab Grassa Discussant: Joshua Ronen Research Paper VII: Institutional Investing Michael J. Brennan and Xiaolong Cheng Coffee break Research Paper VIII: Investigating Transparency and Disclosure Determinants at Firm-Level in MENA Emerging Markets Hakim Ben Othman and Daniel Zeghal Discussant: Chedli Baccouche Session 4: 17 :15 19 :00 Research Paper X: Processus de normalisation et jeu des acteurs : une lecture critique du Due Process Dominique Dufour, Damien Bo and Patrick Boisselier Discussant: Hakim Ben Othman Research Paper XI: Adoption du système comptable et homogénéité des pratiques de mesure: cas des entreprises tunisiennes Hédi Baazoui Discussant: Samir Trabelsi 20:30 Conference Dinner

7 Sunday, December 20, 2009 Paper presentations 7:30 8:45 Breakfast Session 5 : Finance 9:00-10:45 10:45 11:15 Research Paper XII: Econometric Fragility and Day of-the-week Effect: Application to Currency Markets Imed chkir, Lamia Chourou, Abdul Rahman and Samir Saadi Discussant: Nadia Massoud Research Paper XIII: Valuation of the Guaranteed Minimum Death Benefit with Ratchet Feature Dorra Guermazi Ammous and Fathi Abid Discussant: Hichem Baccour Coffee break Session 6 : 11:15 13:15 Research Paper XIV: Some Considerations Relating to XBRL Implementation for Corporate Financial Reporting Anamitra Shome Discussant: Samir Trabelsi Research Paper XV: IAS-IFRS between adoption or adaptation: A comparative study between the Tunisian financial market and the French on the information content of Financial statements Olfa Nafti Bakini and Olfa Errais Discussant: Randa Maghraoui Research Paper XVI The Economic Consequences of Disclosure Regulation: Evidence from Online Disclosure of Corporate Governance Practices in U.S. and Canadian markets Real Labelle and Samir Trabelsi Discussant: Michael Brennan 13 :15 Closing session 13:30 Lunch