2011 FMA European Conference

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1 2011 FMA European Conference 8-10 June 2011 Porto, Portugal

2 Bem vindo ao Porto Dear Colleagues: Welcome to the 2011 FMA European Meeting in beautiful Porto, Portugal! You will find a wide array of sessions to attend, each of which offers a unique opportunity for the discussion of timely academic and practical issues in finance. There are many outstanding papers being presented on this year's program and many outstanding panel discussions as well as a number of opportunities for socializing. We express a very special thank you to the members of this year's Program Committee who evaluated the academic paper submissions. We would also like to extend our appreciation to all of the participants on the program Dr. René Stulz, our Keynote Speaker, Dr. Miguel Ferreira, Doctoral Student Consortium Coordinator, the paper presenters, session chairpersons, discussants, panel session organizers and panelists, and attendees. Each of you makes a vital contribution to the program's success, and we are most appreciative. Finally, we offer our most sincere thanks to this year's conference partners and sponsors: Universidade do Porto EGP-UPBS, University of Porto Business School Partners Faculdade de Economia da Universidade do Porto (FEP) Keynote Address Sponsor Associação Portuguesa de Bancos (APB) CEF.UP Sponsors Associação Portuguesa de Analistas Financeiros (APAF) Banco de Portugal Comissão do Mercado de Valores Mobiliários (CMVM) Luso-American Development Foundation (FLAD) NYSE Euronext Ordem dos Técnicos Oficiais de Contas (OTOC) The support provided by these partners and sponsors makes this a truly special event for all of us. Thank you for joining us. We know you will enjoy this year s program and social activities. Sincerely, Hendrik (Hank) Bessembinder Jorge Farinha Ana Paula Serra University of Utah Universidade do Porto Universidade do Porto

3 2011 FMA EUROPEAN CONFERENCE 8-10 JUNE 2010 PORTO, PORTUGAL TABLE OF CONTENTS Welcome... Inside Front Cover Dr. Hendrik (Hank) Bessembinder, University of Utah Dr. Jorge Farinha, Universidade do Porto Dr. Ana Paula Serra, Universidade do Porto Table of Contents... 1 Doctoral Student Consortium... 2 Keynote Address, Dr. René Stulz, The Ohio State University... 3 Special Panel Sessions European Conference Program Committee... 6 Partners and Sponsors... 8 Conference Program At-a-Glance Program Schedule Roster of Attendees Index of Participants Porto Palácio Hotel Map Routledge Taylor & Francis Group Oxford University Press Upcoming FMA Conferences FMA European Conference - Istanbul, Turkey... Inside Back Cover Conference Exhibitor Capital IQ Partners Sponsors Porto cover photo: Jordi Ramisa - Istanbul cover photo: Ilker Canikligil 2011 FMA European Conference Program - 1

4 2011 FMA EUROPEAN CONFERENCE DOCTORAL STUDENT CONSORTIUM COORDINATOR Dr. Miguel Ferreira, Universidade Nova de Lisboa Associate Professor of Finance PANELISTS & WORKSHOP LEADERS Dr. Craig Lewis, Vanderbilt University and US SEC Madison S. Wigginton Professor of Management in Finance Dr. Gordon Roberts, York University Professor of Finance and CIBC Professor of Financial Services Dr. Pedro Santa-Clara, Universidade Nova de Lisboa Millennium bcp and Professor of Finance Dr. João Santos, Federal Reserve Bank of New York Assistant Vice President, Financial Intermediation Function Dr. Laura Starks, University of Texas Chair, Finance Department, Charles E and Sarah M Seay Regents Chair, and Director, AIM Investment Center STUDENT PARTICIPANTS Iness Aguir... University of Texas San Antonio Gino Cenedese... University of Warwick Burcin Col... McGill University Catarina Alexandra Alves Fernandes... Universidade do Porto KiHoon Jimmy Hong... University of Cambridge Pearpilai Jutasompakorn... Monash University Olga Lebedeva... University of Mannheim Yuenjung Park... Korea Advanced Institute of Science & Technology (KAIST) Joao Filipe Monteiro Pinto... Universidade do Porto Manuel Teixeira de Vasconcelos... Erasmus University Alminas Zaldokas... INSEAD 2011 FMA European Conference Program - 2

5 KEYNOTE ADDRESS Dr. René M Stulz, The Ohio State University Keynote Address Sponsored By Thursday, 9 June, 17:15 (5:15) pm Sala Porto (Floor 1) René M. Stulz is the Everett D. Reese Chair of Banking and Monetary Economics and the Director of the Dice Center for Research in Financial Economics at the Ohio State University. He has also taught at the Massachusetts Institute of Technology, the University of Chicago, and the University of Rochester. He received his Ph.D. from the Massachusetts Institute of Technology. He was awarded a Marvin Bower Fellowship from the Harvard Business School, a Doctorat Honoris Causa from the University of Neuchâtel, and the 1999 Eastern Finance Association Distinguished Scholar Award. In 2004, the magazine Treasury and Risk Management named him one of the 100 most influential people in finance. A recent study found that he was the sixth most often cited contributor to the top journals in financial economics from 2003 to He is a past president of the American Finance Association, a past president of the Western Finance Association, and a fellow of the Financial Management Association. René M. Stulz was the editor of the Journal of Finance, a leading academic publication in the field of finance, for twelve years. He is on the editorial board of more than ten academic and practitioner journals. Further, he is a member of the Asset Pricing and Corporate Finance Programs of the National Bureau of Economic Research. He has published more than sixty papers in finance and economics journals, including the Journal of Political Economy, Journal of Financial Economics, Journal of Finance, and Review of Financial Studies. His published research deals with topics such as the valuation discount of conglomerates, the benefits and costs of leverage, spinoffs and asset sales, the determinants of liquid asset holdings of firms, secured debt, bank loans, the pricing of exotic options, credit risks, the cost of capital, managerial ownership, the market for corporate control, corporate governance, the performance of firms issuing debt and equity, the determinants of firm capital structures and liquid asset holdings, the use of derivatives in risk management, capital flows, and financial globalization. He is the author of a textbook titled Risk Management and Derivatives and a co-author of the Squam Lake Report: Fixing the Financial System, and has edited several books, including the Handbook of the Economics of Finance. René M. Stulz has taught in executive development programs in the US, Europe, and Asia. He has consulted for major corporations, the New York Stock Exchange, and the World Bank. He is a director of several companies, the president of the Gamma Foundation, and a trustee of the Global Association of Risk Professionals. Finally, he has worked with some of the country s most prominent law firms on issues such as the Procter and Gamble derivatives losses, internet IPOs, and the bankruptcy of Enron. OPENING RECEPTION Círculo Universitário do Porto (Rua do Campo Alegre, 877) 18:30 (6:30) pm Advance registration required 2011 FMA European Conference Program - 3

6 2011 FMA EUROPEAN CONFERENCE SPECIAL PANEL SESSIONS THURSDAY, 9 JUNE Session 06 Borrowing and Lending: Banks and Firms Revisited Thursday, 9 June, 8:30 am 10:00 am, Sala Tâmega (Floor 2) Special Session Sponsor Presentations Did the Rise of CLOs Lead to Riskier Lending? João Santos, Federal Reserve Bank of New York Lending Relationships and the Effect of Bank Distress: Evidence from the Financial Crisis Miguel Ferreira, Universidade Nova de Lisboa Daniel Carvalho, University of Southern California Pedro Matos, University of Southern California Borrowing Patterns, Bankruptcy, and Voluntary Liquidation José Mata, Universidade Nova de Lisboa António Antunes, Banco de Portugal Pedro Portugal, Banco de Portugal Session 16 Financial Regulation after the International Financial Crisis: What really will change? Thursday, 9 June, 10:30 am - 12:00 noon, Sala Tâmega (Floor 2) Special Session Sponsor Panelists Elisa Ferreira Member, Economic and Monetary Affairs Committee European Parliament Maureen O'Hara Robert W Purcell Professor of Finance Cornell University Carlos Tavares Vice Chairman, European Securities and Markets Authority (ESMA) Chair, Portuguese Securities Market Commission (CMVM) Session 26 Financial Markets and Public Finance in Portugal Thursday, 9 June, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Tâmega (Floor 2) Special Session Sponsor Panelists Raúl Manuel Simões Marques Chairman, APAF (Portuguese Association of Financial Analysts) Executive Vice-President of the Board of Directors and Executive Committee, Banif Gestão de Activos and Banif Açor Pensões Manuel Puerta da Costa Member of the Board, BPI Gestão de Activos and APAF João Cantiga Esteves, Member of the Board, APAF 2011 FMA European Conference Program - 4

7 FRIDAY, 10 JUNE Session 56 The Shadow Financial Regulatory Committee: Dissecting the Financial Crisis and Financial Reform Friday, 10 June, 10:30 am - 12:00 noon, Sala Tâmega (Floor 2) Moderator George Kaufman, John F Smith, Jr Professor of Finance & Economics Loyola University Chicago Panelists Franklin Edwards, Arthur F Burns Chair of Free and Competitive Enterprise Columbia University Richard Herring, Jacob Safra Professor of International Banking, Professor of Finance & Co-Director, Wharton Financial Institutions Center University of Pennsylvania Kenneth Scott, Ralph M Parsons Professor of Law and Business, Emeritus Stanford University Session 66 Research Opportunities in Corporate Governance Friday, 10 June, 13:30 (1:30) pm - 15:00 (3:00 pm), Sala Tâmega (Floor 2) Moderator Ralph A Walkling, Stratakis Chair in Corporate Governance and Executive Director of the Center for Corporate Governance Drexel University Panelists Marco Bigelli, Professor of Finance University of Bologna, Johns Hopkins University, and Université de Paris XII Charles Elson, Edgar S. Woolard, Jr., Chair in Corporate Governance & Director, John L. Weinberg Center for Corporate Governance University of Delaware Ajay Patel, Professor and GMAC Chair in Finance Wake Forest University Laura Starks, Chair, Finance Department, Charles E. & Sara M. Seay Regents Chair, and Director, AIM Investment Center University of Texas Austin René Stulz, Everett D. Reese Chair of Banking and Monetary Economics & Director, Dice Center for Research in Financial Economics The Ohio State University 2011 FMA European Conference Program - 5

8 2011 FMA EUROPEAN CONFERENCE PROGRAM COMMITTEE NAME AFFILIATION COUNTRY Margarida Abreu ISEG-UTL Portugal Vikas Agarwal Georgia State University US Rui AP Albuquerque Boston University US Gordon J Alexander University of Minnesota US Alvaro Santos Almeida Universidade do Porto Portugal Carlos Francisco Alves Universidade do Porto Portugal Mario Daniele Amore Copenhagen Business School Denmark Alexandre Miguel Baptista The George Washington University US Faten Ben Slimane Champagne Management School France Wolfgang Bessler University of Giessen Germany Keith C Brown University of Texas US Maria Carapeto Cass Business School UK Lal C Chugh University of Massachusetts Boston US Joao Cocco London Business School UK Costanza Consolandi University of Siena Italy Asher Curtis University of Utah US Qinglei Dai Universidade Nova de Lisboa Portugal Nandita Das Delaware State University US Gang (Nathan) Dong Rutgers University US Mário Coutinho dos dos Santos Portuguese Catholic University Portugal João Duque ISEG - UTL Portugal Gary W Emery University of Oklahoma US Vihang Errunza McGill University Canada Javier Estrada IESE Business School Spain Shuang Feng University of Massachusetts Amherst US Miguel Almeida Ferreira Universidade Nova de Lisboa Portugal Francisco Gomes London Business School UK Laura Gonzalez Fordham University US Mamiza Haq University of Queensland Australia Huong N Higgins Worcester Polytechnic Institute US Delroy M Hunter University of South Florida US Amrit Paul Judge Middlesex University Business School UK Aneel Keswani Cass Business School UK Lawrence Kryzanowski Concordia University Canada Asjeet S Lamba University of Melbourne Australia Thorsten Lehnert University of Luxembourg Luxembourg Abraham Lioui EDHEC Business School France Igor Loncarski University of Ljubljana Slovenia Qingzhong Ma Cornell University US Carmen Pilar Martí-Ballester Universitat Autònoma de Barcelona Spain Cesario Mateus University of Greenwich UK Pedro Matos University of Southern California US Victor Mendes CMVM Portugal Usha R Mittoo University of Manitoba Canada Rajesh Mohnot Middlesex University Dubai Dubai José António Moreira Universidade do Portto Portugal 2011 FMA European Conference Program - 6

9 Narayan Naik London Business School UK Mervi M Niskanen University of Eastern Finland Finland João Pedro Vidal Nunes ISCTE-IUL Business School Portugal José Renato Haas Ornelas Central Bank of Brazil Brazil Shams Pathan The University of Queensland Australia João Pedro Pereira ISCTE-IUL Business School Portugal José Manuel Peres Jorge Universidade Porto Portugal Petya Platikanova ESADE Business School Spain Peter F Pope Lancaster University UK Peter N Posch University of Ulm Germany Marcel Prokopczuk ICMA Centre, University of Reading UK Sofia Brito Ramos ISCTE Lisbon University Institute Portugal Clara Raposo ISEG-UTL Portugal Raghavendra Rau University of Cambridge UK Luc Renneboog Tilburg University Netherlands Cláudia Alexandra Ribeiro Universidade do Porto Portugal Lalith Samarakoon University of St Thomas US Leire San-Jose University of Huddersfield & Universidad del País Vasco UK & Spain Pedro Santa-Clara Universidade Nova de Lisboa Portugal João Santos Federal Reserve Bank New York US Nicos A Scordis St John's University US Henri Servaes London Business School UK Mark B Shackleton Lancaster University Management School UK Andre C Silva Universidade Nova de Lisboa Portugal Pierre Six Rouen Business School France Sotiris K Staikouras Cass Business School UK Carmen Stefanescu ESSEC France Duane R Stock University of Oklahoma US David Stolin Toulouse Business School France Janikan Supanvanij St Cloud State University US Kazunori Suzuki Chuo University Japan Erik Theissen University of Mannheim Germany Radu Sebastian Tunaru University of Kent at Canterbury UK Pedro Luiz Valls Pereira São Paulo School of Economics Brazil Manuel Vasconcelos Erasmus University Netherlands João Paulo Vieito Polytechnic Institute of Viana do Castelo Portugal Milos Vulanovic Western New England College US Jean-Philippe Weisskopf University of Fribourg Switzerland Sabine Wende University of Cologne Germany Lan Xu Washington University in St. Louis US Maxim Zagonov Toulouse Business School France Ania Zalewska University of Bath UK 2011 FMA European Conference Program - 7

10 2011 FMA EUROPEAN CONFERENCE PARTNERS UNIVERSIDADE DO PORTO About Universidade do Porto With origins dating back to the eighteenth century, the Universidade do Porto is currently the largest institution of teaching and scientific research in Portugal. Nearly 31,000 students, 2,300 teachers and researchers, and 1,700 non-teaching staff are in its 15 schools and 69 research units, spread across three campuses located in the city of Porto. With 14 faculties and a business school, the Universidade do Porto offers a wide range of courses covering all levels of higher education and all major areas of knowledge. The qualifications of faculty make it the most sought after institution of higher learning by most Portuguese university applicants. Every year, more than 2,000 international students also choose the Universidade do Porto to complete their higher education. The Universidade do Porto is responsible for more than 20% of the Portuguese scientific articles indexed annually in ISI Web of Science, making it the largest producer of science in Portugal. More than half of those research units were rated "Excellent" or "Very Good" in the latest international independent rankings. In fact, the Universidade do Porto has some of the most productive and internationally recognized centers of Portuguese research and development. In recent years, the Universidade do Porto has focused on economic value of research activities and recent partnerships with some of the largest companies have resulted in several innovations with proven success in national and international markets. EGP-UNIVERSITY OF PORTO BUSINESS SCHOOL (EGP-UPBS) EGP-UPBS is the Business School of the University of Porto. Its mission is the teaching of graduate courses and advanced executive management training programmes, as well as complementary activities in the fields of applied research and business services. Founded in 1988, the School s special governance structure is jointly assured by the University of Porto and a set of more than 20 large corporations and other private entities. This provides the school with a very effective blend of scientific and pedagogical rigor coupled with a special concern for the practical needs of the business world. School Faculty members are recruited from the University of Porto s different departments but also from both the professional world as well as from a large number of renowned international business schools. EGP-UPBS offers one of the oldest full time MBAs in Portugal, as well as the largest Executive MBA program in the country, both of which enjoy a double accreditation by AMBA-Association of MBAs and EPAS (EFMD). The full-time Magellan MBA is an international programme that currently has the largest percentage of international students of any internationally accredited MBA programme in Portugal. Students from both MBA programmes have been consistently recording relevant professional achievements, with a substantial number of these currently leading some of the most important private corporations in Portugal (Sonae, EDP Renewables, Cerealis, ColepCCL, Bial, etc.). The School has also one of the largest portfolios in Portugal of one-year Post-Graduate programmes (over 15) in all fields of Management, as well as a vast array of shorter duration open-enrollment courses for executives. In 2011, the quality of EGP-UPBS s in-company training programmes was internationally acknowledged as EGP-UPBS entered the top-100 Financial Times Woldwide Ranking of Customised Executive Education (at number 65). FEP-FACULDADE DE ECONOMIA DA UNIVERSIDADE DO PORTO Founded in 1953, the University of Porto School of Economics and Business (FEP - Faculdade de Economia da Universidade do Porto) awards academic degrees in the fields of economics and business. FEP is renowned for its high educational standards and scientific research, and for the academic merit, wide practical experience, and teaching ability of its faculty. Currently FEP has more than three thousand students enrolled in 20 programmes of Economics and Business, more than two hundred of which are foreign students. The school offers 2 undergraduate degrees in Economics and Business Administration, 16 MSc degrees and 2 PhD courses in Economics, Business and Management Studies. FEP has two Research Centres classified as Very Good by FCT, the National Foundation for Science and Technology. Its scientific production contributes to the University of Porto being in the top 200 European Universities in International Academic Rankings and being also recognised as the most prestigious teaching and research institution in the country, producing 22,5% of the scientific articles produced in Portugal. A highly qualified faculty, 77% of whom hold a PhD, good facilities and equipment, plus good relations with the business world are the basis for the first-rate training that FEP provides its students, which is fully recognized and appreciated in today s business and labour marketplace FMA European Conference Program - 8

11 CEF.UP CEF.UP is a research center in Economics and Finance hosted by the Faculdade de Economia (FEP), Universidade do Porto. It was created in 2009 following the merger of CEMPRE and CETE, also hosted by FEP and established in 1993 and 1991, respectively. CEF.UP conducts theoretical and applied research in Economics and Finance. It aims at producing high quality scientific research and contributing to the dissemination of economic knowledge and informing the public policy debate. CEF.UP organizes three seminar series, publishes a working papers series, manages a data center, and organizes scientific events. Jointly with NIPE, the Center develops and maintains a ranking of academic research performance website. The center regularly hosts visitors who cooperate with researchers on individual projects, participate in the seminars series, and teach in the PhD program in Economics. KEYNOTE ADDRESS SPONSOR ASSOCIAÇÃO PORTUGUESA DE BANCOS The Portuguese Banking Association (APB) is the main entity that represents the Portuguese banking sector. It was created in 1984 to strengthen the financial system, as well as its relationship with society and contribute to the development of a stronger banking sector and is especially attentive to the problems and needs of the country. Its purpose is to represent members with the authorities responsible for setting the regulatory framework that develops banking and economic policy in order to help improve the regulatory system, the service quality of banks, and reduce the levels of risk. CONFERENCE SPONSORS ASSOCIAÇÃO PORTUGUESA DE ANALISTAS FINANCEIROS (APAF) The Portuguese Association of Financial Analysts (APAF) was established in 1984 to transfer financial information and expertise between analysts and investment managers in Portugal with other countries through the European Federation. In order to attain its objectives, APAF also promotes several initiatives aiming to strengthen the professional qualifications of its members through close relations with the most prestige institutions of higher education. On an international level, APAF is a member of The European Federation of Financial Analysts' Societies (EFFAS), and participates in several initiatives and on specialised commissions that focus on the fields of financial analysis. BANCO DE PORTUGAL Banco de Portugal is the central bank of the Republic of Portugal. Established by royal charter on 19 November 1846 to act as a commercial bank and issuing bank, it came about as the result of a merger of the Banco de Lisboa and the Companhia de Confiança Nacional, an investment company specialising in the financing of public debt. The bank issues legal tender that is designated as the national currency the real until 1911, the escudo from 1911 until 1998, and the euro since Following its nationalisation in September 1974 and its new Organic Law (1975), the Banco de Portugal was, for the first time, responsible for the supervision of the banking system. It is an integral part of the European System of Central Banks, which was founded in June FMA European Conference Program - 9

12 COMISSÃO DO MERCADO DE VALORES MOBILIÁRIOS (CMVM) The Portuguese Securities Market Commission (CMVM) was established in April 1991 with the task of supervising and regulating securities and other financial instruments markets (traditionally known as stock markets), as well as the activity of all those who operate within said markets. The CMVM regulates the functioning of the securities markets, public offerings, actions of all the market operators and, in general, all matters pertaining to this area of activity. The CMVM is an independent public institution, with administrative and financial autonomy. LUSO-AMERICAN DEVELOPMENT FOUNDATION (FLAD) The Luso-American Development Foundation (FLAD) is a private, financially independent Portuguese institution. Its main goal is to contribute towards Portugal's development by providing financial and strategic support for innovative projects by fostering cooperation between Portuguese and American civil society. FLAD's support is channeled in different ways. It awards scholarships and sponsors institutional projects, training programs and exchanges, for example (programs and scholarships). A substantial part of the Foundation's activity consists of launching its own projects, which it manages alone or in partnership with other institutions. The Foundation is an active member of the main international foundations networks. It belongs to the Board of the European Foundation Centre (EFC) in Brussels and is represented on its Legal Committee. The Foundation is a member of the Council on Foundations, which gathers US foundations or foundations operating in the US. It is associated with the Bellagio Forum for Sustainable Development, which is a group of US and European grant making foundations in the environmental area and which promote initiatives designed for supporting sustainable governance. NYSE EURONEXT NYSE Euronext is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income, and exchangetraded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets - the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext, and NYSE Arca - represent one-third of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the Fortune 500. For more information, please visit ORDEM DOS TÉCNICOS OFICIAIS DE CONTAS (OTOC) Ordem dos Técnicos Oficiais de Contas (OTOC) is a professional organization responsible for regulating the accountancy practice in Portugal. OTOC administers an admittance examination every four months. Successful candidates earn the designation of Técnico Oficial de Contas (TOC), the authorized tax and accountancy practitioner in Portugal. OTOC, which is the largest Portuguese professional body with more than 75,000 affiliates, offers a broad range of training programs to its members, and is an active member in the public discussion of accounting and finance issues FMA European Conference Program - 10

13 2011 FMA EUROPEAN CONFERENCE PROGRAM THURSDAY, 8:30 AM - 10:00 AM Session 01 Corporate Finance Thursday, June 9, 8:30 am - 10:00 am, Sala Douro Norte (Floor 1) Chairperson: Yaxuan Qi, Concordia University Impact of Pecking Order Preferences on Firm Success in Real Business Cycles Andreas Mueller, RWTH Aachen University Malte Brettel, RWTH Aachen University Individual Political Contributions and Firm Performance Alexei V Ovtchinnikov, Vanderbilt University Eva Pantaleoni, Vanderbilt University Self-Expropriation versus Self-Interest in Dual-Class Voting: The Pirelli Case Study Marco Bigelli, Univ of Bologna Stefano Mengoli, Univ of Bologna Presenter: Andreas Mueller Presenter: Alexei Ovtchinnikov Presenter: Marco Bigelli Charles Reuter, ESCP Europe, LSF & Paris Ouest Yaxuan Qi, Concordia University Markus Schmid, Univ of Mannheim Session 02 Family Firms and Entrepeneurial Finance Thursday, June 9, 8:30 am - 10:00 am, Sala Douro Sul (Floor 1) Chairperson: Katrin Baedorf, WHU, Otto Beisheim Sch of Mgmt Financing and Managerial Support With (Some) Optimistic Entrepreneurs Laurent Vilanova, Univ of Lyon Coactis Do Not Wake Sleeping Dogs: Payout Policies in Founding Family Firms Jean-Philippe Weisskopf, Univ of Fribourg Presenter: Laurent Vilanova Presenter: Jean-Philippe Weisskopf Presenter: Ettore Croci Wei-Peng Chen, Shih Hsin University Katrin Baedorf, WHU, Otto Beisheim Sch of Mgmt Session 03 Managerial Incentives and Mergers Thursday, June 9, 8:30 am - 10:00 am, Sala Minho (Floor 1) Chairperson: George Alexandridis, ICMA Centre, University of Reading Cultural Values, CEO Risk Aversion and Corporate Takeovers Bart Frijns, Auckland Univ of Tech Aaron Gilbert, Auckland Univ of Tech Thorsten Lehnert, Luxembourg Sch of Finance Alireza Tourani-Rad, Auckland Univ of Tech Cash versus Stocks for M&A Payments: Determinants and Shareholder Valuation Isabel Feito-Ruiz, Univ of Oviedo Susana Menéndez-Requejo, Univ of Oviedo Ownership Structure, Family Control, and Acquisition Decisions Lorenzo Caprio, Università Cattolica del Sacro Cuore Milano Ettore Croci, Università degli Studi di Milano - Bicocca Alfonso Del Giudice, Universita Cattolica - Milan Dorra Najar, University Paris Dauphine Internal Capital Markets, Non-Cash Divestitures and Managerial Incentives Mieszko Mazur, IESEG Presenter: Thorsten Lehnert Presenter: Isabel Feito-Ruiz Presenter: Mieszko Mazur Mieszko Mazur, IESEG George Alexandridis, ICMA Centre, Univ of Reading Isabel Feito-Ruiz, Univ of Oviedo Session 04 Credit Markets Thursday, June 9, 8:30 am - 10:00 am, Sala Lima (Floor 1) Chairperson: Gordon Roberts, York University Savior or Sinner? Credit Defaults Swaps and the Market For Sovereign Debt Iuliana Ismailescu, Pace University Blake Phillips, Univ of Waterloo Cross-Listed Bonds and Rating Conservatism Yiğit Atilgan, Sabanci University Aloke Ghosh, Baruch College Jieying Zhang, Univ of Southern California Liquidity and Credit Risk Premia in the Pfandbrief Market Jan Bernd Siewert, Universität Mannheim Volker Vonhoff, Universität Mannheim Presenter: Blake Phillips Presenter: Yiğit Atilgan Presenter: Volker Vonhoff Yalin Gündüz, Deutsche Bundesbank Gordon Roberts, York University Mary Pieterse-Bloem, Tilburg University Session 05 Portfolio Management and Performance Thursday, June 9, 8:30 am - 10:00 am, Sala Cávado (Floor 1) Chairperson: F Douglas Foster, Australian National University Portfolio Matching by Multi-Fund Managers: Effects on Fund Performance and Flows Vijay Yadav, INSEAD Investment Style Volatility and Mutual Fund Performance Keith C Brown, Univ of Texas WV Harlow, Putnam Investments Hanjiang Zhang, Nanyang Technological Univ International Diversification Benefits with Foreign Exchange Investment Styles Tim A Kroencke, Centre for European Economic Research (ZEW) Felix Schindler, Centre for European Economic Research (ZEW) Andreas Schrimpf, Aarhus Univ & CREATES Presenter: Vijay Yadav Presenter: Keith C Brown Presenter: Tim A Kroencke Tim A Kroencke, Ctr for European Econ Res (ZEW) F Douglas Foster, Australian National University Keith C Brown, Univ of Texas 2011 FMA European Conference Program - 11

14 Session 06 Borrowing and Lending: Banks and Firms Revisited Thursday, June 9, 8:30 am 10:00 am, Sala Tâmega (Floor 2) Special Session Sponsor PRESENTATIONS Did the Rise of CLOs Lead to Riskier Lending? João Santos, Federal Reserve Bank of New York Lending Relationships and the Effect of Bank Distress: Evidence from the Financial Crisis Miguel Ferreira, Universidade Nova de Lisboa, Daniel Carvalho, University of Southern California Pedro Matos, University of Southern California Borrowing Patterns, Bankruptcy, and Voluntary Liquidation José Mata, Universidade Nova de Lisboa António Antunes, Banco de Portugal Pedro Portugal, Banco de Portugal Session 07 Management Compensation Thursday, June 9, 8:30 am - 10:00 am, Sala Corgo (Floor 2) Chairperson: Christopher W Anderson, University of Kansas Urban Agglomeration and CEO Compensation Bill B Francis, Rensselaer Polytechnic Institute Iftekhar Hasan, Rensselaer Polytechnic Institute Kose John, New York University Maya Waisman, Fordham University What Is the Most Effective Executive Compensation Plan? Helena Pinto, Univ of Strathclyde Martin Widdicks, Lancaster University Gender, Top Management Compensation Gap and Firm Performances: Tournament versus Behavioral Theory João Paulo Torre Vieito, Polythechnic Institute of Viana do Castelo Presenter: Bill B Francis Presenter: Helena Pinto Presenter: João Paulo Vieito Christopher W Anderson, Univ of Kansas Session 08 Derivatives Modeling Thursday, June 9, 8:30 am - 10:00 am, Sala Tua (Floor 2) Chairperson: Jr-Yan Wang, National Taiwan University Contingent Claims Valuation and Calibration with Parameter Uncertainty for Low Frequency Data Radu Tunaru, Univ of Kent at Canterbury João Paulo Vieito, Polytechnic Instititue of Viana do Castelo The Valuation of Forward-Start Rainbow Options Chun-Ying Chen, National Taiwan University Jr-Yan Wang, National Taiwan University Helena Pinto, University of Strathclyde Presenter: Radu Tunaru Presenter: Jr-Yan Wang Presenter: Yalin Gündüz Jaqueson K Galimberti, Univ Federal de Santa Catarina Cláudia Ribeiro, FEP, University of Porto and CEF.UP Session 09 Bank Risk Thursday, June 9, 8:30 am - 10:00 am, Sala Sousa (Floor 2) Chairperson: Julapa Jagtiani, Federal Reserve Bank Philadelphia, Risk Management, Corporate Governance, and Bank Performance During the Financial Crisis Vincent Aebi, Univ of St Gallen Gabriele Sabato, Royal Bank of Scotland Markus Schmid, Univ of Mannheim Risk and Stability in Islamic Banking Pejman Abedifar, Université de Limoges Amine Tarazi, Université de Limoges Philip Molyneux, Univ of Wales Does Modeling Framework Matter? A Comparative Study of Structural and Reduced-Form Models Yalin Gündüz, Deutsche Bundesbank Marliese Uhrig-Homburg, Karlsruhe Inst of Tech Jr-Yan Wang, National Taiwan University Bank Risk and Analyst Forecasts Mario Anolli, Univ del Cattolica Sacro Cuore Elena Beccalli, Univ Cattolica Sacro Cuore & London School of Economics Presenter: Markus Schmid Presenter: Pejman Abedifar Presenter: Mario Anolli Julapa Jagtiani, Fed Res Bank Philadelphia Milagros Vivel, Univ of Santiago de Compostela Oliver Pucker, Univ of Cologne Session 10 International Finance 1 Thursday, June 9, 8:30 am - 10:00 am, Sala Sabor (Floor 2) Chairperson: Iraj Fooladi, Dalhousie University Stock Exchange Consolidation and Financial Risk Faten Ben Slimane, Champagne Sch of Mgmt Sovereign Wealth Funds: An Exploratory Study of their Behavior Ali Fatemi, DePaul University Iraj Fooladi, Dalhousie University Nargess Kayhani, Mt Saint Vincent University Privatization and Fiscal Deficits in European Emerging Markets Christina Hunt, Bank of America Merrill Lynch David A Walker, Georgetown University Presenter: Faten Ben Slimane Presenter: Iraj Fooladi Presenter: David A Walker Ulf Nielsson, Copenhagen Business School Aditya Kaul, Univ of Alberta Iraj Fooladi, Dalhousie University 2011 FMA European Conference Program - 12

15 COFFEE BREAK, 10:00 am - 10:30 am Foyer, Floor 1 & Foyer, Floor 2 THURSDAY, 10:30 AM - 12:00 NOON Session 11 Agency and Financial Contracting Thursday, June 9, 10:30 am - 12:00 noon, Sala Douro Norte (Floor 1) Chairperson: Bill Francis, Rensselaer Polytechnic Institute Investor Objective and Financial Contracting: Evidence from the PIPE Market Christopher W Anderson, Univ of Kansas Na Dai, University at Albany SUNY Do Agency Relations Mediate the Interaction Between Firms Financial Policies and Business Cycles? Charles HJ Reuter, ESCP Europe, LSF & Paris Ouest Effort, Risk Sharing, and Syndication in Venture Capital András Danis, Vienna Grad Sch of Finance Presenter: Christopher W Anderson Presenter: Charles Reuter Presenter: Andras Danis M a Camino Ramón-Llorens, Universidad Politécnica de Cartagena Bill Francis, Rensselaer Polytechnic Institute Session 12 Governance and Corporate Decisions Thursday, June 9, 10:30 am - 12:00 noon, Sala Douro Sul (Floor 1) Chairperson: Narayanan Jayaraman, Georgia Tech Why do Firms Adopting more Antitakeover Provisions have Lower Valuation? Te-Feng Chen, National Taiwan University Huimin Chung, National Chiao Tung University Ming-Ying Lin, National Chiao Tung University Ji-Chai Lin, Louisiana State University Does Director Liability Protection Matter? Iness Aguir, Univ of Texas San Antonio Natasha Burns, Univ of Texas San Antonio Sattar A Mansi, Virginia Tech John K Wald, Univ of Texas San Antonio Alexander Guembel, Univ of Toulouse Overconfidence, Corporate Governance, and Global CEO Turnover Hyung-Suk Choi, Hongik University Steven P Ferris, Univ of Missouri Narayanan Jayaraman, Georgia Tech Sanjiv Sabherwal, Univ of Texas Arlington Presenter: Ming-Ying Lin Presenter: Sattar A Mansi Presenter: Narayanan Jayaraman Narayanan Jayaraman, Georgia Tech Alexander Molchanov, Massey University Session 13 Mergers Thursday, June 9, 10:30 am - 12:00 noon, Sala Minho (Floor 1) Chairperson: Alan Gregory, University of Exteter How have M&As Changed? Evidence from the Sixth Merger Wave George Alexandridis, ICMA Centre, Univ of Reading, Christos F Mavrovitis, ICMA Centre, Univ of Reading Nickolaos G Travlos, ALBA Grad Bus School Assessing Market Attractiveness for Mergers and Acquisitions: The MARC M&A Maturity Index Maria Carapeto, Cass Business School Scott Moeller, Cass Business School Anna Faelten, Cass Business School Alexandra Smolikova, Cass Business School Jean-Philippe Weisskopf, Université de Fribourg Managerial Discretion and the Value of Cash Proceeds From Asset Sales Petya Platikanova, ESADE Presenter: George Alexandridis Presenter: Anna Faelten Presenter: Petya Platikanova Ching-chieh Chang, Univ of Washington Alan Gregory, Univ of Exeter Martin Bugeja, Univ of Technology Sydney Session 14 Credit Thursday, June 9, 10:30 am - 12:00 noon, Sala Lima (Floor 1) Chairperson: John V Duca, Federal Reserve Bank Dallas A Short-Term View of Cash Holding, Trade Credit and Access to Short-Term Bank Finance Gerhard Kling, Univ of Southampton Salima Paul, Univ of West of England Bristol Eleimon Gonis, Univ of West of England Bristol Shifting Credit Standards and the Boom and Bust in US House Prices John V Duca, Federal Reserve Bank of Dallas John Muellbauer, Oxford University Anthony Murphy, Fed Res Bank of Dallas Does Loan Renegotiation Differ by Securitization Status? Yan Zhang, US OCC Presenter: Gerhard Kling Presenter: John V Duca Presenter: Yan Zhang Diana Bonfim, Banco de Portugal & ISEG-UTL David A Walker, Georgetown University John V Duca, Fed Res Bank Dallas 2011 FMA European Conference Program - 13

16 Session 15 Portfolio Decisions and Investor Choices Thursday, June 9, 10:30 am - 12:00 noon, Sala Cávado (Floor 1) Chairperson: David Rakowski, SIU Carbondale Investors Distraction and Strategic Re-Pricing Decisions Marco Navone, Università Bocconi The Wisdom of Crowds: Mutual Fund Investors' Aggregate Asset Allocation Decisions John Chalmers, Univ of Oregon Aditya Kaul, Univ of Alberta Blake Phillips, Univeristy of Waterloo Why Might Investors Choose Active Management? F Douglas Foster, Australian National University Geoffrey J Warren, Australian National University Presenter: Marco Navone Presenter: Aditya Kaul Presenter: F Douglas Foster Blake Phillips, Univ of Waterloo David Rakowski, SIU Carbondale Session 16 Financial Regulation after the International Financial Crisis: What will really change? Thursday, June 9, 10:30 am - 12:00 noon, Sala Tâmega (Floor 2) PANELISTS Elisa Ferreira, Member, Economic and Monetary Affairs Committee European Parliament Maureen O'Hara, Robert W Purcell Professor of Finance Cornell University Carlos Tavares, Vice Chairman, European Securities and Markets Authority (ESMA) Chair, Portuguese Securities Market Commission (CMVM) Juan Sotes-Paladino, Univ of Southern California Special Session Sponsor Session 17 Modeling Risk and Performance Thursday, June 9, 10:30 am - 12:00 noon, Sala Corgo (Floor 2) Chairperson: Nicos Scordis, St John's University Key Investment Criteria used by Venture Capitalists For Evaluating Entrepreneurs Business Proposals: a Cluster Analysis Mª Camino Ramón-Llorens, Universidad Politécnica de Cartagena Ginés Hernández-Cánovas, Universidad Politécnica de Cartagena The Efficiency of Ratio Models in Performance Measurement - The Case of Private Banking Portfolios Katrin Baedorf, WHU - Otto Beisheim Sch of Mgmt Prudence and the Modeling of Risk Nicos A Scordis, St John's University Presenter: Mª Camino Ramón-Llorens Presenter: Katrin Baedorf Presenter: Nicos Scordis Andreas Mueller, RWTH Aachen Nicos Scordis, St John's University Session 18 Options Pricing and Strategies Thursday, June 9, 10:30 am - 12:00 noon, Sala Tua (Floor 2) Chairperson: Craig Lewis, Vanderbilt University An Empirical Model Comparison for Valuing Crack Spread Options Steffen Mahringer, Goldman Sachs Marcel Prokopczuk, ICMA Centre, Univ of Reading Options on Troubled Stock Ana Câmara, Oklahoma State University António Câmara, Oklahoma State University Ivilina Popova, Texas State University Betty Simkins, Oklahoma State University Gerhard Winkler, Oesterreichische Nationalbank Presenter: Marcel Prokopczuk Presenter: Betty Simkins Presenter: Loke Seng Onn Panos K Pouliasis, Cass Business School Craig Lewis, Vanderbilt University Session 19 Contagion and Systemic Risk Thursday, June 9, 10:30 am - 12:00 noon, Sala Sousa (Floor 2) Chairperson: Raquel Gaspar, ISEG, Technical University of Lisbon Liquidity, Contagion and Financial Crisis Alexander Guembel, Univ of Toulouse Oren Sussman, Univ of Oxford Measuring International Systemic Risk: An Application of CoVaR To the Global Banking Industry Germán López-Espinosa, Univ of Navarra Antonio Moreno, Univ of Navarra Antonio Rubia, Univ of Alicante Laura Valderrama, IMF Persistence of Derivative Returns through the Financial Crisis: Directional Bets and Market Neutral Strategies Loke Seng Onn, Monash University Jothee Sinnakkannu, Monash University Guido Baltussen, Erasmus University Rotterdam The Real Effects of Banking Crises: Finance or Asset Allocation Effects? Some International Evidence Ana I Fernández, Univ of Oviedo Francisco González, Univ of Oviedo Nuria Suárez, Univ of Oviedo Presenter: Alexander Guembel Presenter: Antonio Rubia, Univ of Alicante Presenter: Nuria Suárez Raquel Gaspar, ISEG, Technical Univ of Lisbon Francesco Vallascas, Univ of Leeds & Univ of Cagliari Antonio Rubia, Univ of Alicante 2011 FMA European Conference Program - 14

17 Session 20 International Finance 2 Thursday, June 9, 10:30 am - 12:00 noon, Sala Sabor (Floor 2) Chairperson: Delroy Hunter, Univ of South Florida Taylor Rules and Exchange Rate Predictability in Emerging Economies Jaqueson K Galimberti, Universidade Federal de Santa Catarina Marcelo L Moura, Insper Institute of Education and Research Empirical Investigation of Covered Interest Rate Parity in Developed and Emerging Markets Emrah Sener, Ozyegin University Sait Satiroglu, Ozyegin University Yildiray Yildirim, Syracuse University Do Implicit Barriers Matter for Globalization? Ines Chaieb, Univ of Geneva Francesca Carrieri, McGill University Vihang Errunza, McGill University Presenter: Jaqueson Galimberti Presenter: Emrah Sener Presenter: Ines Chaieb Abu Jalal, Suffolk University Voker Vonhoff, Universität Mannheim Delroy Hunter, Univ of South Florida LUNCHEON, 12:00 noon - 13:30 (1:30) pm Madruga Restaurant (Floor -1) THURSDAY, 13:30 (1:30) PM - 15:00 (3:00) PM Session 21 Financing Thursday, June 9, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Douro Norte (Floor 1) Chairperson: Nizar Atrissi, Université Saint-Joseph Product Market Concentration, Financing Constraints, and Firms Business Cycle Sensitivity Peter Pontuch, Université Paris Dauphine Optimal Leverage, its Benefits, and the Business Cycle Dieter Hess, Univ of Cologne Philipp Immenkötter, Univ of Cologne Capital Structure and the Redeployability of Tangible Assets Murillo Campello, Univ of Illinois Urbana -Champaign & NBER Erasmo Giambona, Univ of Amsterdam Presenter: Peter Pontuch Presenter: Philipp Immenkötter Presenter: Murillo Campello Murillo Campello, Univ of Illinois Urbana-Champaign & NBER Gerhard Kling, Univ of Southhampton Petya Platikanova, ESADE Session 22 International Corporate Governance Thursday, June 9, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Douro Sul (Floor 1) Chairperson: Lawrence Kryzanowski, Concordia University Canadian Financial Restatements and Corporate Governance Lawrence Kryzanowski, Concordia University Ying Zhang, Concordia University Foreign Institutional Investment: Is Governance Quality at Home Important? Nida Abdioglu, Manchester Business School Arif Khurshed, Manchester Business School Konstantinos Stathopoulos, Manchester Business School Presenter: Lawrence Kryzanowski Presenter: Nida Abdioglu Presenter: Elvira Sojli Brandon Chen, Univ of New South Wales Ines Chaieb, Univ of Geneva Session 23 Buyouts and Acquisitions Thursday, June 9, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Minho (Floor 1) Chairperson: Sung Bae, Bowling Green State University Incidence and Structure of Buyout Syndicates: The Effects of Target and Lead-Investor Characteristics Nancy Huyghebaert, KU Leuven Randy Priem, KU Leuven Linda Van de Gucht, KU Leuven An Investment-Based Explanation for the Post- Merger Underperformance Puzzle Ching-chieh Chang, Univ of Washington The Impact of Foreign Government Investments on Corporate Performance: Evidence From the US Elvira Sojli, Erasmus University Wing Wah Tham, Erasmus University Lawrence Kryzanowski, Concordia University Presenter: Randy Priem Presenter: Ching-chieh Chang Presenter: Sung C Bae Ruediger Stucke, Univ of Oxford Sung Bae, Bowling Green State University Determinants of Target Selection and Acquirer Returns: Evidence from Cross-Border Acquisitions Sung C Bae, Bowling Green State University Kiyoung Chang, Univ of South Florida-Sarasota- Manatee Doseong Kim, Sogang University François Belot, University Paris Dauphine 2011 FMA European Conference Program - 15

18 Session 24 Borrowing Costs and Risk Thursday, June 9, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Lima (Floor 1) Chairperson: John Finnerty, Fordham University Convertibles and Hedge Funds as Distributors of Equity Exposure Stephen J Brown, New York University Bruce D Grundy, Univ of Melbourne Craig M Lewis, Vanderbilt University & US SEC Patrick Verwijmeren, VU University Amsterdam How Does Sovereign Debt Affect Corporate Borrowing Costs in Emerging Markets? Şenay Ağca, George Washington University Oya Celasun, International Monetary Fund Performance Pricing Covenants and Corporate Loan Spreads Kamphol Panyagometh, NIDA Business School Gordon S Roberts, York University Aron A Gottesman, Pace University Presenter: Craig Lewis Presenter: Şenay Ağca Presenter: Gordon Roberts John Finnerty, Fordham University Zuzana Fungáčová, Bank of Finland Andy Naranjo, Univ of Florida Session 25 Fund Management Thursday, June 9, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Cávado (Floor 1) Chairperson: Thorsten Lehnert, University of Luxembourg Do Regulated Mutual Fund Fees Affect Competition, Fund Flows and Performance? Evidence from US Equity Funds Natalie Y Oh, Univ of New South Wales Jerry T Parwada, Univ of New South Wales Kian Ming (Eric) Tan, Univ of New South Wales Know When To Hold Em, and Know When To Fold Em: The Success of Frequent Hedge Fund Activists Nicole M Boyson, Northeastern University Robert Mooradian, Northeastern University Why Closed-End Funds Make Open Market Repurchases? Susanne Espenlaub, Manchester Bus School Arif Khurshed, Manchester Business School Tianna Yang, Manchester Business School Presenter: Eric Tan Presenter: Robert Mooradian Presenter: Susanne Espenlaub Thorsten Lehnert, Univ of Luxembourg Ettore Croci, Università degli Studi di Milano - Bicocca Eric Tan, Univ of New South Wales Session 26 Financial Markets and Public Finance in Portugal Thursday, June 9, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Tâmega (Floor 2) PANELISTS Raul Marques, Chairman, APAF (Portuguese Association of Financial Analysts) and, Executive Vice-President of the Board of Directors and Executive Committee at Banif Gestão de Activos and Banif Açor Pensões Manuel Puerta da Costa, Member of the Board, BPI Gestão de Activos and APAF João Cantiga Esteves, XXX Special Session Sponsor Session 27 Forecasting and Market Efficiency Thursday, June 9, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Corgo (Floor 2) Chairperson: Christian Dick, ZEW Mannheim How Serious is the Anchoring Bias in US Macroeconomic Consensus Forecasts? Dieter Hess, Univ of Cologne Sebastian Orbe, Univ of Cologne Are Analysts Misleading Investors? The Case of Going-Concern Opinions Rúben M T Peixinho, Univ of Algarve & CEFAGE- UE Richard J Taffler, Manchester Business School Crash Worries and Stock Returns Guido Baltussen, Erasmus University Rotterdam Presenter: Sebastian Orbe Presenter: Rúben Peixinho Presenter: Guido Baltussen Christian Dick, Centre for European Economic Research (ZEW) Mannheim Danielle Lyssimachou, Manchester Bus School Loke Seng Onn, Monash University Session 28 Measuring and Managing Risk Thursday, June 9, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Tua (Floor 2) Chairperson: Radu Tunaru, University of Kent at Canterbury Pitfalls and Remedies in Testing the Calibration Quality of Rating Systems Wolfgang Aussenegg, Vienna Univ of Tech Florian Resch, Oesterreichische Nationalbank Gerhard Winkler, Oesterreichische Nationalbank & WU Wien The Information Content of the S&P 500 Index and VIX Options on the Dynamics of the S&P 500 Index San-Lin Chung, National Taiwan University Wei-Che Tsai, National Taiwan University Yaw-Huei Wang, National Taiwan University Pei-Shih Weng, National Central University VIX Dynamics With Stochastic Volatility of Volatility Andreas Kaeck, ICMA Centre, Univ of Reading Carol Alexander, ICMA Centre, Univ of Reading Presenter: Gerhard Winkler Presenter: Yaw-Huei Wang Presenter: Andreas Kaeck Yaw-Huei Wang, National Taiwan University Andreas Kaeck, ICMA Centre, Univ of Reading Radu Tunaru, Univ of Kent at Canterbury 2011 FMA European Conference Program - 16

19 Session 29 Default, Securitization, and Banking Thursday, June 9, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Sousa (Floor 2) Chairperson: Duane Stock, University of Oklahoma Consumer Strategic Default Bahavior: The Case of Mortgage and Home Equity Loan Defaults Julapa Jagtiani, Fed Res Bank of Philadelphia William W Lang, Fed Res Bank of Philadelphia Share Price Response to Credit Risk Securitization in European Banking Christian Farruggio, Univ of Bochum Tobias C Michalak, Univ of Bochum André Uhde, Univ of Bochum CEO Remuneration and Bank Default Risk: Evidence from the US and Europe Francesco Vallascas, Univ of Leeds & Univ of Cagliari Jens Hagendorff, Univ of Edinburgh Presenter: Julapa Jagtiani Presenter: Tobias Michalak Presenter: Jens Hagendorff Yan (Jenny) Zhang, US OCC Jens Hagendorff, Univ of Edinburgh Duane Stock, Univ of Oklahoma Session 30 International Cross Listings Thursday, June 9, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Sabor (Floor 2) Chairperson: Qian Sun, Fudan University Development of Emerging Stock Markets and the Demand for Cross-Listing Adriana Korczak, Univ of Bristol Piotr Korczak, Univ of Bristol One Security, Four Markets: Canada-US Cross- Listed Options and Underlying Equities Michal Czerwonko, McGill University Nabil Khoury, Univ of Quebec in Montreal Stylianos Perrakis, Concordia University Marko Savor, Univ of Quebec in Montreal Presenter: Adriana Korczak Presenter: Marko Savor Presenter: Qian Sun Qian Sun, Fudan University Yiğit Atilgan, Sabanci University How Cross-Listings from an Emerging Economy Affect the Host Market Qian Sun, Fudan University Wilson HS Tong, Hong Kong Poly University Xin Zhang, Queen's University Marko Savor, Univ of Quebec in Montreal COFFEE BREAK, 15:00 (3:00) PM - 15:30 (3:30) PM Foyer, Floor 1 & Foyer, Floor 2 THURSDAY, 15:30 (3:30) PM - 17:00 (5:00) PM Session 31 Debt Thursday, June 9, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Douro Norte (Floor 1) Chairperson: Thomas O'Brien, University of Connecticut Analysis of Debt Capacity as a Tax Incentive to Currency Hedging Luis Otero Gonzalez, Univ of Santiago de Compostela Milagros Vivel, Univ of Santiago de Compostela Sara Fernandez Lopez, Univ of Santiago de Compostela Pablo Durán, Univ of Santiago de Compostela Collateral and its Determinants: Evidence from Vietnam Thanh Dinh, Maastricht University Christa Hainz, ifo Inst for Economic Research Stefanie Kleimeier, Maastricht University Borrowing Beyond Borders: The Geography and Pricing of Syndicated Bank Loans Joel Houston, Univ of Florida Jennifer Itzkowitz, Seton Hall University Andy Naranjo, Univ of Florida Presenter: Luis Otero Presenter: Stefanie Kleimeier Presenter: Andy Naranjo Thomas O'Brien, Univ of Connecticut Günseli Tümer-Alkan, VU University Amsterdam Randy Priem, KU Leuven Session 32 Thursday, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Douro Sul, Floor 1, No Session Session 33 Corporate Acquisitions Thursday, June 9, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Minho (Floor 1) Chairperson: Fernando Anjos, University of Texas Excess Control Rights and Corporate Acquisitions François Belot, Université Paris-Dauphine Client Performance, Choice of Investment Bank Advisors in Corporate Takeovers, and Investment Bank Market Share Valeriy Sibilkov, Univ of Wisconsin - Milwaukee Takeovers and Target Firm Financial Distress Martin Bugeja, Univ of Technology, Sydney Presenter: François Belot Presenter: Valeriy Sibilkov Presenter: Martin Bugeja Fernando Anjos, Univ of Texas Alexei Ovtchinnikov, Vanderbilt University Mariela Borell, Centre for European Economic Research (ZEW) 2011 FMA European Conference Program - 17

20 Session 34 CDS Thursday, June 9, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Lima (Floor 1) Chairperson: João Pedro Pereira, ISCTE-IUL Business School Lisbon The Impact of Credit Rating Announcements on Credit Default Swap Spreads John D Finnerty, Fordham University Cameron Miller, Standard & Poor's Ren-Raw Chen, Fordham University The Complete Picture of Credit Default Swap Spreads - A Quantile Regression Approach Pedro Pires, ISCTE-IUL Business School Lisbon João Pedro Pereira, ISCTE-IUL Business School Lisbon Luís Filipe Martins, ISCTE-IUL Business School Lisbon Presenter: John D Finnerty Presenter: João Pedro Pereira Presenter: Lidija Lovreta Kam Fong Chan, Univ of Queensland Lidija Lovreta, CUNEF Session 35 Fund Performance and Management Thursday, June 9, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Cávado (Floor 1) Chairperson to be announced What Explains Mutual Fund Performance Persistence? International Evidence Miguel A Ferreira, Universidade Nova de Lisboa Aneel Keswani, Cass Business School Antonio F Miguel, ISCTE- Lisbon University Institute Sofia B Ramos, ISCTE- Lisbon University Institute Geography and Local (Dis)Advantage: Evidence from Muni Bond Funds David Rakowski, SIU Carbondale Saiying Deng, SIU Carbondale Structural Imbalances in the Credit Default Swap Market: Empirical Evidence Lidija Lovreta, CUNEF João Pedro Pereira, ISCTE-IUL Business School Lisbon Factor Decomposition and Diversification in European Corporate Bond Markets Mary Pieterse-Bloem, Tilburg University Ronald J Mahieu, Tilburg University Presenter: Antonio F Miguel Presenter: David Rakowski Presenter: Mary Pieterse-Bloem Benilde Oliveira, Univ of Minho Antonio Miguel, ISCTE- Lisbon University Institute Alfonso Del Giudice, Universita Cattolica - Milano Session 36 Financial Modeling Thursday, June 9, 15:30 (3:30) pm 17:00 (5:00) pm, Sala Tâmega (Floor 2) Chairperson: Matti Suominen, Aalto University Ambiguity Aversion, Strategic Trading and Funding Liquidity Ji Yeol Jimmy Oh, Univ of Cambridge A Stuctural Model of Short-term Reversals Matti Suominen, Aalto University Kalle Rinne, Aalto University Presenter: Ji Yeol Jimmy Oh Presenter: Matti Suominen Presenter: Jiehui Hu Matti Suominen, Aalto University Alexei Orlov, Radford University Session 37 Events and Market Efficiency Thursday, June 9, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Corgo (Floor 2) Chairperson: Marc Umber, Frankfurt School of Finance & Management Deal Spreads in European Cross-Border M&A: Do Deal Spreads Adequately Reflect the Risk in Merger Arbitrage? Marc P Umber, Frankfurt School of Finance & Management The Price of Growth: Evidence of the Pedestrian Nature of Post-Merger Returns Sandra Mortal, Univ of Memphis Michael J Schill, Univ of Virginia The Price of Macroeconomic Announcement News Peter C de Goeij, Tilburg University Jiehui Hu, Tilburg University Bas J M Werker, Tilburg University Sebastian Orbe, Univ of Cologne Differential Interpretation of Information and the Post- Announcement Drift: A Story of Consensus Learning António Barbosa, ISCTE Business SchoolLisbon Presenter: Marc Umber Presenter: Sandra Mortal Presenter: António Barbosa Anna Faelten, Cass Business School Marc Umber, Frankfurt School of Finance & Mgmt Steffen Hitzemann, Karlsruhe Institute of Technology Session 38 Capital Structure Thursday, June 9, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Tua (Floor 2) Chairperson: Philipp Immenkötter, Univ of Cologne Why are US Firms Using More Short-Term Debt? Claudia Custódio, Arizona State University Miguel Ferreira, Universidade Nova de Lisboa Luis Laureano, ISCTE-IUL Testing Dynamic Tradeoff Theory: Profitability and Leverage András Danis, Vienna Grad Sch of Finance Daniel Rettl, Vienna Grad Sch of Finance Presenter: Miguel Ferreira Gary W Emery, Univ of Oklahoma Presenter: András Danis Philipp Immenkötter, Univ of Cologne 2011 FMA European Conference Program - 18

2012 Annual Conference 2012 MERTON H MILLER DOCTORAL SEMINAR PROGRAM

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