2011 FMA European Conference

Transcription

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

21 Session 39 Bank Governance Thursday, June 9, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Sousa (Floor 2) Chairperson: Amama Shaukat, Univ of Exeter Which Cross-Border Mergers and Acquisitions Create Value to Listed Acquirer's Bank? The Role of Differences in Regulatory Arbitrage, Governance and Institution between Acquirers and Targets Sheng-Hung Chen, Nanhua University Mei-Hsin Hsiao, Nanhua University Risky Lending: Does Bank Corporate Governance Matter? Olubunmi Faleye, Northeastern University Karthik Krishnan, Northeastern University Did Bank Executive Compensation Structure Lead to Excessive Risk Taking and the Current Financial Crisis? Lin Guo, Suffolk University Abu Jalal, Suffolk University Shahriar Khaksari, Suffolk University Presenter: Sheng-Hung Chen Presenter: Olubunmi Faleye Presenter: Abu Jalal Amama Shaukat, Univ of Exeter Sheng-Hung Chen, Nanhua University Şenay Ağca, George Washington University Session 40 - Sala Sabor (Floor 2), 15:30 (3:30) pm - 17:00 (5:00 pm) No session scheduled KEYNOTE ADDRESS René M. Stulz, Everett D. Reese Chair of Banking and Monetary Economics Director of the Dice Center for Research in Financial Economics The Ohio State University SPONSORED BY Thursday, June 9, 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. He is a past president of the American Finance Association and of the Western Finance Association, and a fellow of the American Finance Association, of the Financial Management Association, and of the European Corporate Governance Institute. OPENING RECEPTION Círculo Universitário do Porto (walking directions available at the Conference Registration Desk) 18:30 (6:30) pm SPONSORED BY Advance reservations required FRIDAY, 8:30 AM - 10:00 AM Session 41 - Sala Douro Norte (Floor 1), 8:30 am - 10:00 am No session scheduled Session 42 Financial Strength and Distress Friday, June 10, 8:30 am - 10:00 am, Sala Douro Sul (Floor 1) Chairperson: Bo Zhao, George Washington University Cash Holdings within Subsidiaries: The Impact of Group Health Nico Dewaelheyns, KU Leuven Rosy Locorotondo, KU Leuven Cynthia Van Hulle, KU Leuven Financial Distress, Corporate Investment and the Chill Effect Lan Xu, Washington University in St Louis Ultimate Controllers, Ownership and the Probability of Insolvency in Financially Distressed Firms Jannine Poletti-Hughes, Univ of Liverpool Presenter: Rosy Locorotondo Presenter: Lan Xu Presenter: Jannine Poletti-Hughes Pedro J Garcia-Teruel, University of Murcia Bo Zhao, George Washington University Rosy Locorotondo, KU Leuven Session 43 LBOs and Delistings Friday, June 10, 8:30 am -10:00 am, Sala Minho (Floor 1) Chairperson: Sandra Mortal, University of Memphis The Delisting Decision: The Case of Buyout Offers with Squeeze-Out (BOSO) Isabelle Martinez, Univ of Toulouse Stéphanie Serve, Univ of Cergy Pontoise Delistings, Controlling Shareholders, and Firm Performance in Europe Ettore Croci, Università degli Studi di Milano - Bicocca Alfonso Del Giudice, Universita Cattolica - Milan 2011 FMA European Conference Program - 19 Who Benefits from the Leverage in LBOs? Rüdiger Stucke, Oxford University Tim Jenkinson, Oxford University & CEPR Presenters: Stéphanie Serve & Isabelle Martinez Presenter: Alfonso Del Giudice Presenter: Rüdiger Stucke Marco Bigelli, Univ of Bologna Melissa Toffanin, Concordia University Sandra Mortal, University of Memphis

22 Session 44 - Sala Lima (Floor 1), 8:30 am - 10:00 am No session scheduled Session 45 Institutional Investors and Return Predictability Friday, June 10, 8:30 am - 10:00 am, Sala Cávado (Floor 1) Chairperson: Laurent Barras, McGill University Hedge Fund Predictability Under the Magnifying Glass: The Economic Value of Forecasting Individual Fund Returns Doron Avramov, Hebrew Univ of Jerusalem Laurent Barras, McGill University Robert Kosowski, Imperial College Bus School Predicting Defined Benefit Pension Returns: The Impact of SFAS 132 Required Disclosure of Asset Allocation Information Joanne Doyle, James Madison University Kenneth Eades, Univ of Virginia Brooks Marshall, James Madison University Does Institutional Ownership Matter for International Stock Return Comovement? José Afonso Faias, Univ Católica Portuguesa Miguel A Ferreira, Univ Nova de Lisboa Pedro Santa-Clara, Univ Nova de Lisboa Pedro Matos, Univ of Southern California Presenter: Laurent Barras Presenter: Kenneth Eades Presenter: José Afonso Faias José Afonso Faias, Universidade Catolica Portuguesa Laurent Barras, McGill University Erkin Diyarbakirlioglu, Sorbonne Business School Session 46 - Sala Tâmega (Floor 2), 8:30 am - 10:00 am No session scheduled Session 47 Analysts, Accuracy, and Announcements Friday, June 10, 8:30 am - 10:00 am, Sala Corgo (Floor 2) Chairperson: Adriana Korczak, University of Bristol The Determinants of Target Price Accuracy: The International Evidence Pawel Bilinski, Manchester Business School Danielle Lyssimachou, Manchester Bus School Projected Earnings Accuracy and the Profitability of Stock Recommendations Dieter Hess, Univ of Cologne Daniel Kreutzmann, Univ of Cologne Oliver Pucker, Univ of Cologne 2011 FMA European Conference Program - 20 Effects Behind Words: Quantifying Qualitative Information in Corporate Announcements Michael Liebmann, Univ of Freiburg Michael Hagenau, Univ of Freiburg Matthias Häussler, WHU - Otto Beisheim School of Management Dirk Neumann, Univ of Freiburg Presenter: Danielle Lyssimachou Presenter: Oliver Pucker Presenter: Michael Liebmann Michael Liebmann, University of Freiburg Adriana Korczak, Univ of Bristol Session 48 Issues in Risk Management Friday, June 10, 8:30 am - 10:00 am, Sala Tua (Floor 2) Chairperson: Ricardo Correia, Universidad Carlos III de Madrid Dealing with Recession: A Real Option Approach Into Project Evaluation of SMEs Farrah Merlinda Muharam, Universidad Autonoma de Barcelona Maria-Antonia Tarrazon, Universidad Autonoma de Barcelona Patent Now or Later? Corporate Financing Decisions, Agency Costs and Social Benefits Ricardo Correia, Universidad Carlos III de Madrid Sydney Howell, Manchester Bus School Peter Duck, Manchester Bus School António Barbosa, ISCTE Bus School - Lisbon Macro Expectations, Aggregate Uncertainty, and Expected Term Premia Christian D Dick, Centre for European Economic Research (ZEW) Mannheim Maik Schmeling, Universität of Hannover Andreas Schrimpf, Aarhus University & CREATES Presenter: Farrah Merlinda Muharam Presenter: Ricardo Correia Presenter: Christian D Dick Ricardo Correia, Universidad Carlos III de Madrid Farrah Merlinda Muharam, Universidad Autonoma de Barcelona Jiehui Hu, Tilburg University Session 49 Cost of Bank Financing Friday, June 10, 8:30 am - 10:00 am, Sala Sousa (Floor 2) Chairperson: Tobias Michalak, University of Bochum International Return and Volatility Spillovers among Banks and Insurers: A VAR-BEKK Approach Elyas Elyasiani, Temple University Elena Kalotychou, Cass Business School Sotiris K Staikouras, Cass Business School Presenter: Sotiris Staikouras Ken-ichi Tatsumi, Gakushuin University Session 50 Trading and Behavioral Finance Friday, June 10, 8:30 am - 10:00 am, Sabor (Floor 2) Chairperson: Grant McQueen, Brigham Young University Positive Mood, Risk Attitudes, and Investment Decisions: Field Evidence from Comedy Movie Attendance in the US Gabriele M Lepori, Copenhagen Bus School Impact of the TARP Financing Choice on Existing Preferred Stock Dong H Kim, Univ of Oklahoma Duane Stock, Univ of Oklahoma Presenter: Duane Stock Tobias Michalak, University of Bochum Does Systematic Trading Behaviour in Different Investor Categories Impact upon Future Stock Returns? A Study of Investors in the Finnish Market Henry Leung, Univ of Sydney Annica Rose, Univ of Sydney Joakim Westerholm, Univ of Sydney Advertising, Visibility, and Stock Turnover Grant McQueen, Brigham Young University Keith Vorkink, Brigham Young University Eric DeRosia, Brigham Young University Glenn L Christensen, Brigham Young University Presenter: Gabriele Lepori Presenter: Annica Rose Presenter: Grant McQueen Laurent Vilanova, Univ of Lyon - Coactis Grant McQueen, Brigham Young University Annica Rose, Univ of Sydney

23 COFFEE BREAK, 10:00 am - 10:30 am Foyer, Floor 1 & Foyer, Floor 2 FRIDAY, 10:30 AM - 12:00 NOON Session 51 Borrowing Friday, June 10, 10:30 am - 12:00 noon, Sala Douro Norte (Floor 1) Chairperson: Kenneth Eades, University of Virginia What Happens after Default? Stylized Facts on Access to Credit Diana Bonfim, Banco de Portugal & ISEG-UTL Daniel A Dias, Univ of Illinois Urbana-Champaign & CEMAPRE Christine Richmond, IMF Conditional Conservatism, Agency Costs, and the Contractual Features of Debt Hye Seung (Grace) Lee, Lehigh University Bond Covenants, Bankruptcy Risk, and Issuance Costs Sattar A Mansi, Virginia Tech Yaxuan Qi, Concordia University John K Wald, Univ of Texas San Antonio Presenter: Diana Bonfim Presenter: Hye Seung Lee Presenter: Yaxuan Qi Peter Pontuch, Université Paris Dauphine Jiri Novak, Charles University Kenneth Eades, Univ of Virginia Session 52 Boards Friday, June 10, 10:30 am - 12:00 noon, Sala Douro Sul (Floor 1) Chairperson: Dusan Isakov, University of Fribourg Are all Non-Independent Non-Executives Undesirable? Directors Independence and Firm Value in UK Amama Shaukat, Univ of Exeter Board Monitoring and the Wall Street Rule Brandon Chen, Univ of New South Wales Paper Tiger? An Empirical Analysis of Majority Voting Jay Cai, Drexel University Jacqueline Garner, Drexel University Ralph Walkling, Drexel University Presenter: Amama Shaukat Presenter: Brandon Chen Presenter: Ralph Walkling Nida Abdioglu, Manchester Business School Ralph Walkling, Drexel University Jannine Poletti-Hughes, Univ of Liverpool Session 53 Financial Policies and Value Friday, June 10, 10:30 am - 12:00 noon, Sala Minho (Floor 1) Chairperson: Valeriy Sibilkov, University of Wisconsin Milwaukee The Relative Importance of Financial and Non- Financial Analysis in Project Evaluation - Evidence From Portuguese Firms Nuno Moutinho, Polytechnic Inst of Braganca MDS Lopes, Univ of Porto Shopping for Information? Diversification and the Network of Industries Fernando Anjos, Univ of Texas Austin Cesare Fracassi, Univ of Texas Austin Trade Credit Policy and Firm Value Cristina Martínez-Sola, Univ of Jaén Pedro J García-Teruel, Univ of Murcia Pedro Martinez-Solano, Univ of Murcia Presenter: Nuno Moutinho Presenter: Fernando Anjos Presenter: Cristina Martínez-Sola Rúben Peixinho, Univ of Algarve & CEFAGE-UE Valeriy Sibilkov, Univ of Wisconsin Milwaukee Andrea Signori, Univ of Bergamo Session 54 Regulation and Markets Friday, June 10, 10:30 am - 12:00 noon, Sala Lima (Floor 1) Chairperson: Elvira Sojili, Erasmus University Differential Access to Price Information in Financial Markets David Easley, Cornell University Maureen O'Hara, Cornell University Liyan Yang, Univ of Toronto Short Selling: The Impact of SEC Rule 201 of 2010 Chinmay Jain, Univ of Memphis Pankaj K Jain, Univ of Memphis Thomas H McInish, Univ of Memphis Do Less Regulated Markets Attract Lower Quality Firms? Evidence from the London AIM Market Ulf Nielsson, Copenhagen Business School Presenter: Maureen O'Hara Presenter: Thomas H McInish Presenter: Ulf Nielsson Ji Yeol Jimmy Oh, Univ of Cambridge Elvira Sojli, Erasmus University Faten Ben Slimane, Groupe ESC Troyes 2011 FMA European Conference Program - 21

24 Session 55 Portfolio Choice Friday, June 10, 10:30 am - 12:00 noon, Sala Cávado (Floor 1) Chairperson: Vijay Yadav, INSEAD The Value of Cross-Trading to Mutual Fund Families in Illiquid Markets: A Portfolio Choice Approach Luis Goncalves-Pinto, Univ of Southern California Juan Sotes-Paladino, Univ of Southern California Portfolio Selection with Spectral Risk Measures - A Really Good Choice? Mario Brandtner, Friedrich Schiller Univ of Jena The Determinants of International Equity Holdings: Information versus Culture Erkin Diyarbakirlioglu, Sorbonne Business School Presenter: Juan Sotes-Paladino Presenter: Mario Brandtner Presenter: Erkin Diyarbakirlioglu Discussant to be announced Marco Navone, Universitá Bocconi Vijay Yadav, INSEAD Session 56 The Shadow Financial Regulatory Committee: Dissecting the Financial Crisis and Financial Reform Friday, June 10, 10:30 am - 12:00 noon, Sala Tâmega (Floor 1) The Shadow Financial Regulatory Committee works to identify and analyze developing trends and ongoing events that promise to affect the efficiency and safe operation of sectors of the financial services industry; explore the spectrum of short- and long-term implications of emerging problems and policy changes; help develop private, regulatory and legislative responses to such problems that promote efficiency and safety and further the public interest; and to assess and respond to proposed and actual public policy initiatives with respect to the impact on the public interest. Moderator George Kaufman, John F Smith, Jr Professor of Finance and 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, and Co-Director, Wharton Financial Institutions Center University of Pennsylvania Kenneth Scott, Ralph M Parsons Professor of Law and Business, Emeritus Stanford University Session 57 Risk and Return 1 Friday, June 10, 10:30 am - 12:00 noon, Sala Corgo (Floor 2) Chairperson: Javier Estrada, IESE Business School Black Swans, Beta, Risk, and Return Javier Estrada, IESE Business School María Vargas, Univ of Zaragoza Local Sports Sentiment and the Returns and Trading Behavior of Locally Headquartered Stocks: A Firm-Level Analysis Shao-Chi Chang, National Cheng Kung Univ Sheng-Syan Chen, National Taiwan University Robin K Chou, Chengchi University Yueh-Hsiang Lin, National Taipei College of Bus The Impact of Stock Market Volatility Expectations on Investor Behavior: Evidence from Aggregate Mutual Fund Flows Louis Ederington, Univ of Oklahoma Evgenia (Janya) Golubeva, Univ of Oklahoma Presenter: Javier Estrada Presenter: Yueh-Hsiang Lin Presenter: Louis Ederington Yueh-hsiang Lin, National Taipei University Gabriele Lepori, Copenhagen Business School Session 58 Risk Friday, June 10, 10:30 am - 12:00 noon, Sala Tua (Floor 2) Chairperson: Betty Simkins, Oklahoma State University The Value Effects of Foreign Currency and Interest Rate Derivatives Use: Evidence From Italy, Spain and Portugal Florbela Galvão da Cunha, ISCTE Bus School José Dias Curto, ISCTE Business School Amrit Judge, Middlesex University Exposure, Hedging, and Value: New Evidence From the US Airline Industry Stephen David Treanor, Cal State Chico Daniel A Rogers, Portland State University David A Carter, Oklahoma State University Betty J Simkins, Oklahoma State University Javier Estrada, IESE Business School Nonlinear Foreign Exchange Exposure: Evidence from Brazilian Companies José Luiz Rossi, Insper Inst of Educ & Research Presenter: Florbela Galvão da Cunha Presenter: Betty Simkins Presenter: José Luiz Rossi Betty Simkins, Oklahoma State University Marcel Prokopczuk, ICMA Centre, Univ of Reading Session 59 - Sala Sousa, Floor 2, 10:30 am - 12:00 noon No session scheduled Delroy Hunter, Univ of South Florida 2011 FMA European Conference Program - 22

25 Session 60 Money and Capital Flows Friday, June 10, 10:30 am - 12:00 noon, Sala Sabor (Floor 2) Chairperson: Stefanie Kleimeier, Maastricht University Payment Systems in the Accession Countries Francisco José Callado Muñoz, Universitat de Girona Jana Hromcová, Universitat Autonoma de Barcelona Natalia Utrero González, Universitat de Girona Common Information Asymmetry Factors in Syndicated Loan Structures: Evidence From Syndications and Privately Placed Deals Claudia Champagne, Université de Sherbrooke Frank Coggins, Université de Sherbrooke Political Risk, Trade, and Capital Allocation Art Durnev, McGill University Alexander Molchanov, Massey University Presenter: Francisco José Callado Muñoz Presenter: Claudia Champagne Presenter: Alexander Molchanov Olubunmi Faleye, Northeastern University Stefanie Kleimeier, Maastricht University Francisco Jose Callado Muñoz, Universitat de Girona LUNCHEON, 12:00 noon - 13:30 (1:30) pm Madruga Restaurant (Floor -1) FRIDAY, 13:30 (1:30) PM - 15:00 (3:00) PM Session 61 Taxes and Leverage Friday, June 10, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Douro Norte (Floor 1) Chairperson: Nandu Nayar, Lehigh University Do Equity Tax Shields Reduce Leverage? The Austrian Case Manfred Frühwirth, WU Wien Marek Kobialka, WU Wien LYON Taming by the IRS: Evidence on the Tax Advantage of Debt Nandu Nayar, Lehigh University The Zero-Leverage Phenomenon: International Evidence Wolfgang Bessler, Univ of Giessen Wolfgang Drobetz, Univ of Hamburg Rebekka Haller, Univ of Hamburg Iwan Meier, HEC Montréal Presenter: Manfred Frühwirth Presenter: Nandu Nayar Presenter: Wolfgang Drobetz Nandu Nayar, Lehigh University Manfred Frühwirth, WU Wein Session 62 - Sala Douro Sul, Floor 1, 13:30 (1:30) pm - 15:00 (3:00) pm No session scheduled András Danis, Vienna Graduate School of Finance Session 63 Private Equity Friday, June 10, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Minho (Floor 1) Chairperson: Donia Trabelsi, University Paris I Panthéon - Sorbonne Do Private Equity Investors Help Distressed Companies to Become Healthy or do they Trigger Financial Distress? Mariela Borell, Centre for European Economic Research (ZEW) Tereza Tykvová, Centre for European Economic Research (ZEW) Why do Private Equity Firms Sell to Each Other? Miguel Sousa, University of Oxford & Faculdade de Economia do Porto Venture Capital and the Financing of Innovation Donia Trabelsi, Univ Paris 1 Panthéon - Sorbonne Ghasem Shiri, Univ Paris 1 Panthéon - Sorbonne Presenter: Mariela Borell Presenter: Miguel Sousa Presenter: Donia Trabelsi Miguel Sousa, University of Oxford & Faculdade de Economia do Porto Donia Trabelsi, Univ Paris I Panthéon - Sorbonne Nuno Moutinho, Polytechnic Inst of Braganca Session 64 Information and Market Prices Friday, June 10, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Lima (Floor 1) Chairperson: Richard Payne, Cass Business School Does Order Flow in the European Carbon Allowances Market Reveal Information? Iordanis Kalaitzoglou, Heriot-Watt University Boulis Maher Ibrahim, Heriot-Watt University Measuring the Information Content of Limit Order Flows Torben Latza, Univ of Bristol Richard Payne, Cass Business School Does the Introduction of S&P 500 ETF Options Improve Price Discovery of the S&P 500 ETF? Wei-Peng Chen, Shih Hsin University Huimin Chung, National Chiao Tung University Presenter: Iordanis Kalaitzoglou Presenter: Richard Payne Presenter: Wei-Peng Chen Richard Payne, Cass Business School Emrah Sener, Ozyegin University Thomas McInish, University of Memphis 2011 FMA European Conference Program - 23

26 Session 65 Risk and Performance Measurement Friday, June 10, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Cávado (Floor 1) Chairperson: Michael Wolf, University of Zurich Does the Use of Downside Risk-Adjusted Measures Impact the Performance of UK Investment Trusts? Chris Adcock, Univ of Sheffield Nelson Areal, Univ of Minho Manuel Armada, Univ of Minho Maria Ceu Cortez, Univ of Minho Florinda Silva, Univ of MInho Belilde Oliveira, Univ of Minho Which Hedge Fund Managers Deliver Alpha? Assessing Performance when Returns are Skewed Andrea Heuson, Univ of Miami Mark Hutchinson, University College Cork Presenter: Benilde Oliveira Presenter: Andrea J Heuson Presenter: Michael Wolf Mario Brandtner, Friedrich Schiller Univ of Jena Michael Wolf, Univ of Zurich Session 66 Research Opportunities in Corporate Governance Friday, June 10, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Tâmega (Floor 2) This panel will explore research topics in corporate governance including the current research the panel is pursuing. Also, what can we learn from international corporate governance? For example, the panel will discuss that, while the US is just enacting Say on Pay, it already exists in at least five other countries. Norway s experiment in mandating a fixed percentage of females on boards is another example. The panelists will offer their thoughts on the best and worst aspects of the governance structures of their country and others where their research was applicable. Moderator Ralph A Walkling, Stratakis Chair in Corporate Governance & Executive Director, Center for Corporate Governance Drexel University Panelists Marco Bigelli, Professor of Finance University of Bologna, Johns Hopkins University, and Université de Paris XII Robust Performance Hypothesis Testing with the Variance Olivier Ledoit, Univ of Zurich Michael Wolf, Univ of Zurich Mark Hutchinson, University College Cork Charles Elson, Edgar S. Woolard, Jr., Chair in Corporate Governance and the Director of the 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 and the Director of the Dice Center for Research in Financial Economics The Ohio State University Special Session Sponsor Session 67 Risk and Return 2 Friday, June 10, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Corgo (Floor 2) Chairperson: Valeri Zakamouline, University of Agder Leverage, Beta Estimation, and the Size Effect Jörg Seidel, Univ of Hamburg Wolfgang Drobetz, Univ of Hamburg Idiosyncratic Volatility Premium: Dividend Matters Bo Zhao, George Washington University Robert Savickas, George Washington University Why Does Higher Variability of Trading Activity Predict Lower Expected Returns? Alexander Barinov, Univ of Georgia Presenter: Wolfgang Drobetz Presenter: Bo Zhao Presenter: Alexander Barinov Valeri Zakamouline, Univ of Agder Hye Seung (Grace) Lee, Lehigh University Sotiris Staikouras, Cass Business School Session 68 Price Dynamics Friday, June 10, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Tua (Floor 2) Chairperson: Louis Ederington, University of Oklahoma Understanding the Price Dynamics of Emission Permits: A Model for Multiple Trading Periods Steffen Hitzemann, Karlsruhe Institute of Technology (KIT) Marliese Uhrig-Homburg, Karlsruhe Institute of Technology (KIT) Jumps and Trading Activities in Interest Rate Futures Markets: The Response To Macroeconomic Announcements Johan Bjursell, Ronin Capital LLC George HK Wang, George Mason University Robert I Webb, Univ of Virginia Forecasting Petroleum Futures Markets Volatility: The Role of Regimes & Market Conditions Nikos K Nomikos, Cass Business School Panos K Pouliasis, Cass Business School Presenter: Steffen Hitzemann Presenter: Robert I Webb Presenter: Panos K Pouliasis Paulo Pereira, Universidad do Porto & CEF.UP Louis Ederington, Univ of Oklahoma Iordanis (Jordan) Kalaitzoglou, Heriot-Watt University 2011 FMA European Conference Program - 24

27 Session 69 Bank Regulation Friday, June 10, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Sousa (Floor 2) Chairperson: Nuria Suárez, Univ of Oviedo Bank Capital Regulation - A Double-Edged Sword? Minimum Capital Norms Promote Safety but Lower Efficiency Vinod S Changarath, Univ of Cincinnati Michael F Ferguson, Univ of Cincinnati Does Deposit Insurance Retard the Development of Financial Markets? Kaysia T Campbell, Eastern Carolina University Delroy M Hunter, Univ of South Florida James E Owers, Georgia State University Bank Capital, Liquidity Creation and Deposit Insurance Zuzana Fungáčová, Bank of Finland Laurent Weill, Univ of Strasbourg Mingming Zhou, Univ of Colorado Col Springs Presenter: Vinod S Changarath Presenter: Delroy Hunter Presenter: Zuzana Fungáčová Pejman Abedifar, Université de Limoges Nuria Suárez, Univ of Oviedo Florbela Galvao da Cunha, ISCTE Business School Session 70 Insurance Friday, June 10, 13:30 (1:30) pm - 15:00 (3:00) pm, Sala Sabor (Floor 2) Chairperson: Mario Anolli, Universita Cattolica Sacro Cuore & London School of Economics How Have Acquirers Fared in Bank-Insurance Takeovers? A Risk Decomposition Approach Barbara Casu, Cass Business School Panagiotis Dontis-Charitos, Univ of Westminster Sotiris Staikouras, Cass Business School Jonathan Williams, Bangor University Liquidity Risk and Solvency II Raquel M Gaspar, ISEG, Tech Univ of Lisbon Hugo Sousa, Instituto de Seguros de Portugal The Shareholder Wealth Effects of Insurance Securitization: The Case of Catastrophe Bonds Bjoern Hagendorff, Univ of Leeds Jens Hagendorff, Univ of Edinburgh Kevin Keasey, Univ of Leeds Presenter: Panagiotis Dontis-Charitos Presenter: Raquel M Gaspar Presenter: Bjoern Hagendorff Bjoern Hagendorff, University of Leeds Mario Anolli, Universita Cattolica Sacro Cuore & London School of Economics Panagiotis Donis-Charitos, Univ of Westminster COFFEE BREAK, 15:00 (3:00) pm - 15:30 (3:30) pm Foyer, Floor 1 & Foyer, Floor 2 FRIDAY, 15:30 (3:30) PM - 17:00 (5:00) PM Session 71 - Sala Douro Norte, Floor 1, 15:30 (3:30) pm - 17:00 (5:00) pm No session scheduled Session 72 - Sala Douro Sud, Floor 1, 15:30 (3:30) pm - 17:00 (5:00) pm No session scheduled Session 73 Initial Public Offerings Friday, June 10, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Minho (Floor 1) Chairperson: Andrea Heuson, University of Miami Motives and Valuation Effects of Share Repurchase Announcements in Germany: A Comparison of Established Firms and Initial Public Offerings Wolfgang Bessler, Justus-Liebig-Univ Giessen Wolfgang Drobetz, Hamburg University Martin Seim, Justus-Liebig-University Giessen The Effect of a Firm's IPO on its IOU - An Examination of Changes in Bank Loan Covenants and Yields Melissa Toffanin, Concordia University What are IPO Underwriters Paid for? Michele Meoli, Univ of Bergamo Andrea Signori, Univ of Bergamo Silvio Vismara, Univ of Bergamo Presenter: Wolfgang Bessler Presenter: Melissa Toffanin Presenter: Andrea Signori Andrea Heuson, Univ of Miami Vinod Changarath, Univ of Cincinnati Wolfgang Bessler, Univ of Giessen Session 74 - Sala Lima, Floor 1, 15:30 (3:30) pm - 17:00 (5:00) pm No session scheduled Session 75 Ethics, Law, and Social Responsibility Friday, June 10, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Cávado (Floor 1) Chairperson: Robert Webb, University of Virginia Ethical vs Non-Ethical - Is There a Difference? Analyzing the Performance of Ethical and Non- Ethical Investment Funds Linnéa Lundberg, Stockholm University Maria Vikman, Stockholm University Jiri Novak, Charles University The Role of Law, Corruption and Culture in Investment Fund Manager Fees Sofia A Johan, Tilburg Law & Economics Center Dorra Najar, University Paris-Dauphine Stock Market Valuation of Corporate Social Responsibility Indicators Alan Gregory, Univ of Exeter Julie Whittaker, Univ of Exeter Xiaojuan Yan, Univ of Exeter Presenter: Jiri Novak Presenter: Dorra Najar Presenter: Alan Gregory 2011 FMA European Conference Program - 25

28 Robert Webb, Univ of Virginia Julie Whittaker, University of Exeter Sattar Mansi, Virginia Tech Session 76 - Sala Tâmega, Floor 2, 15:30 (3:30) - 17:00 (5:00) pm No session scheduled Session 77 International Equity Risk Friday, June 10, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Corgo (Floor 2) Chairperson: Alexander Barinov, University of Georgia Estimating Cost of Equity using the International CAPM: Are Two Factors Better than One? Walter Dolde, Univ of Connecticut Carmelo Giaccotto, Univ of Connecticut Dev R Mishra, Univ of Saskatchewan Thomas J O'Brien, Univ of Connecticut The Variance Risk Premium Around the World Juan-Miguel Londono, Tilburg University Spatial Modeling of Stock Market Comovements Gema Fernández-Avilés, Univ of Castilla Jose-María Montero, Univ of Castilla Alexei G Orlov, Radford University Presenter: Thomas O'Brien Presenter: Juan-Miguel Londono Presenter: Alexei G Orlov Dusan Isakov, University of Fribourg Alexander Barinov, University of Georgia Juan-Miguel Londono, Tilburg University Session 78 - Sala Tua, Floor 2, 15:30 (3:30) - 17:00 (5:00) pm No session scheduled Session 79 Bank Liquidity and Risk Friday, June 10, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Sousa (Floor 2) Chairperson: Claudia Champagne, Université de Sherbrooke Transmission of Bank Liquidity Shocks in Loan and Deposit Markets: The Role of Interbank Borrowing and Market Monitoring Franklin Allen, Univ of Pennsylvania Aneta Hryckiewicz, Univ of Frankfurt & Kozminski University Oskar Kowalewski, Warsaw School of Economics (SGH) Günseli Tümer-Alkan, VU Univ Amsterdam The Nexus between Monetary Policy, Banking Market Structure and Bank Risk Taking: An Empirical Assessment of the Risk Taking Channel of Monetary Policy Tobias C Michalak, Univ of Bochum Systemic Risk Measures: The Simpler the Better? María Rodríquez Moreno, Univ Carlos III de Madrid Juan Ignacio Peña, Univ Carlos III de Madrid Presenter: Günseli Tümer-Alkan Presenter: Tobias Michalak Presenter: Maria Rodriguez-Moreno María Rodríquez Moreno, Univ Carlos III de Madrid Jose Luis Rossi, Insper Inst of Educ & Research Claudia Champagne, Université de Sherbrooke Session 80 Stock Market Risk and Dynamics Friday, June 10, 15:30 (3:30) pm - 17:00 (5:00) pm, Sala Sabor (Floor 2) Chairperson: José Dias, ISCTE-Lisbon University Institute Regime-Switching and Long Memory in Systematic Risk: Evidence from Realized Betas of Industry Portfolios Kam Fong Chan, Univ of Queensland Bowman Robert, Univ of Queensland Lawrence Gillian, Res Bank of New Zealand Explaining the Dynamics of the Size Premium Valeriy Zakamulin, Univ of Agder The Dynamics of Stock Market Cycles in the Euro Zone José G Dias, ISCTE-Lisbon Univ Institute Sofia Brito Ramos, ISCTE-Lisbon Univ Institute Presenter: Kam Fong Chan Presenter: Valeriy Zakamulin Presenter: José G Dias José Dias, ISCTE-Lisbon University Institute Lan Xu, Washington University in St Louis Joana Franco Rocha, FEP, Universidade do Porto & CEF.UP WINE CELLAR TOUR AND TASTING AND GALA DINNER Yeatman Hotel Buses will depart Porto Palácio Hotel at 18:00 (6:00) pm and 18:30 (6:30) pm Advance Reservations Required 2011 FMA European Conference Program - 26

29 AT-A-GLANCE CONFERENCE PROGRAM THURSDAY, 9 JUNE - 8:30 am -10:00 am FLOOR 1 SALA DOURO NORTE SALA DOURO SUL SALA MINHO SALA LIMA SALA CÁVADO 01 Corporate Finance 04 Credit Markets 02 Family Firms and Entrepeneurial Finance 03 Managerial Incentives and Mergers 05 Portfolio Management and Performance FLOOR 2 SALA TÂMEGA SALA CORGO SALA TUA SALA SOUSA SALA SABOR 06 SPECIAL SESSION Borrowing and Lending: Banks and Firms Revisited 07 Management Compensation 08 Derivatives Modeling 09 Bank Risk 10 International Finance 1 THURSDAY, 9 JUNE - 10:30 am - 12:00 noon 10:00 am - 10:30 am - Foyer, Floor 1 and Foyer, Floor 2 COFFEE BREAK FLOOR 1 SALA DOURO NORTE SALA DOURO SUL SALA MINHO SALA LIMA SALA CÁVADO 11 Agency and Financial Contracting 12 Governance and Corporate Decisions 13 Mergers 14 Credit 15 Portfolio Decisions and Investor Choices FLOOR 2 SALA TÂMEGA SALA CORGO SALA TUA SALA SOUSA SALA SABOR Modeling Risk and Performance International Finance 2 16 SPECIAL SESSION Financial Regulation after the International Financial Crisis THURSDAY, 9 JUNE - 13:30 (1:30) pm - 15:00 (3:00) pm 18 Options Pricing and Strategies 19 Contagion and Systemic Risk Noon - 13:30 (1:30 pm) - Madruga Restaurant (Floor -1) LUNCHEON FLOOR 1 SALA DOURO NORTE SALA DOURO SUL SALA MINHO SALA LIMA SALA CÁVADO 21 Financing 22 International Corporate Governance 23 Buyouts and Acquisitions 24 Borrowing Costs and Risk 25 Fund Management FLOOR 2 SALA TÂMEGA SALA CORGO SALA TUA SALA SOUSA SALA SABOR 27 Forecasting and Market Efficiency 26 SPECIAL SESSION Financial Markets and Public Finance in Portugal THURSDAY, 9 JUNE - 15:30 (3:30) pm - 17:00 (5:00) pm 31 Debt 28 Measuring and Managing Risk 29 Default, Securitization, and Banking 15:00 (3:00) pm - 15:30 (3:30) pm - Foyer, Floor 1 and Foyer, Floor 2 COFFEE BREAK 30 International Cross Listings FLOOR 1 SALA DOURO NORTE SALA DOURO SUL SALA MINHO SALA LIMA SALA CÁVADO Corporate Acquisitions CDS 35 Fund Performance and Management FLOOR 2 SALA TÂMEGA SALA CORGO SALA TUA SALA SOUSA SALA SABOR 36 Financial Modeling 37 Events and Market Efficiency 38 Capital Structure 39 Bank Governance 17:15 (5:15) pm KEYNOTE ADDRESS Sala Porto, Floor 1 18:30 (6:30) pm RECEPTION Círculo Universitário do Porto (Rua do Campo Alegre, 877) 2011 FMA European Conference Program - 27

30 FRIDAY, 10 JUNE- 8:30 am - 10:00 am FLOOR 1 SALA DOURO NORTE SALA DOURO SUL SALA MINHO SALA LIMA SALA CÁVADO Financial Strength and Distress LBOs and Delistings Institutional Investors and Return Predictability FLOOR 2 SALA TÂMEGA SALA CORGO SALA TUA SALA SOUSA SALA SABOR Analysts, Accuracy, and Issues in Risk Management Cost of Bank Financing Trading and Behavioral Finance Announcements FRIDAY, 10 JUNE- 10:30 am - 12:00 noon 51 Borrowing 10:00 AM - 10:30 AM - Foyer, Floor 1 and Foyer, Floor 2 COFFEE BREAK FLOOR 1 SALA DOURO NORTE SALA DOURO SUL SALA MINHO SALA LIMA SALA CÁVADO Boards Regulation and Markets Portfolio Choice 53 Financial Policies and Value FLOOR 2 SALA TÂMEGA SALA CORGO SALA TUA SALA SOUSA SALA SABOR SPECIAL SESSION Risk and Return 1 Risk Money and Capital Flows Shadow Financial Regulatory Committee: Dissecting the Financial Crisis and Financial Reform Noon - 13:30 (1:30) pm - Madruga Restaurant - Floor -1 LUNCHEON FRIDAY, 10 JUNE- 13:30 (1:30) pm - 15:00 (3:00) pm FLOOR 1 SALA DOURO NORTE SALA DOURO SUL SALA MINHO SALA LIMA SALA CÁVADO Taxes and Leverage Private Equity Information and Market Prices Risk and Performance Measurement FLOOR 2 SALA TÂMEGA SALA CORGO SALA TUA SALA SOUSA SALA SABOR 66 SPECIAL SESSION Research Opportunities in Corporate Governance 67 Risk and Return 2 68 Price Dynamics 69 Bank Regulation 70 Insurance FRIDAY, 10 JUNE- 15:30 (3:30) pm - 17:00 (5:00) pm 15:00 (3:00) PM - 15:30 (3:30 PM) - Foyer, Floor 1 and Foyer, Floor 2 COFFEE BREAK FLOOR 1 SALA DOURO NORTE SALA DOURO SUL SALA MINHO SALA LIMA SALA CÁVADO Initial Public Offerings Ethics, Law, and Social Responsibiiity FLOOR 2 SALA TÂMEGA SALA CORGO SALA TUA SALA SOUSA SALA SABOR International Equity Risk Bank Liquidity and Risk Stock Market Risk and Dynamics 18:00 (6:00) pm and 18:30 (6:30) pm BUS DEPARTURES FROM HOTEL FOR WINE TOUR AND GALA DINNER (Advance Registration Required) 2011 FMA European Conference Program - 28

31 2011 FMA EUROPEAN CONFERENCE ROSTER OF ATTENDEES NAME AFFILIATION HOTEL ARRIVAL DEPARTURE Abdioglu, Nida Manchester Business School Porto Palácio 6/8/2011 Abedifar, Pejman Universite de Limoges Agca, Senay George Washington University Porto Palácio Aguir, Iness University of Texas San Antonio Aiguzhinov, Artur Universidade do Porto Alexandridis, George ICMA Centre, University of Reading Porto Palácio 6/7/2011 6/11/2011 Almeida, Álvaro Universidade do Porto Anderson, Christopher University of Kansas Porto Palácio 6/8/2011 6/15/2011 Anjos, Fernando University of Texas Porto Palácio 6/8/2011 6/11/2011 Anolli, Mario Università Cattolica del Sacro Cuore Atilgan, Yigit Sabanci University Atrissi, Nizar Université Saint-Joseph Porto Palácio Bae, Sung Bowling Green State University Porto Palácio 6/8/2011 6/12/2011 Baedorf, Katrin WHU - Otto Beisheim School of Management Baltussen, Guido Erasmus University Rotterdam Barbosa, António ISCTE Business School Barinov, Alexander University of Georgia Porto Palácio 6/6/2011 6/11/2011 Barras, Laurent McGill University Porto Palácio 6/8/2011 6/11/2011 Belot, Francois Université Paris-Dauphine Ben Slimane, Faten Champagne School of Management Benzinho, Jose IP Coimbra/ISCAC Bessembinder, Hank University of Utah Bessler, Wolfgang University of Giessen Bigelli, Marco University of Bologna Porto Palácio 6/8/2011 6/12/2011 Bonfim, Diana Banco de Portugal and ISEG-UTL Porto Palácio Borell, Mariela Centre for European Economic Research (ZEW), Mannheim Brandtner, Mario Friedrich Schiller University of Jena Brown, Keith University of Texas 6/9/2011 6/11/2011 Bugeja, Martin University of Technology, Sydney Porto Palácio 6/7/2011 6/11/2011 Callado-Muñoz, Francisco José Girona University Campello, Murillo University of Illinois Cenedese, Gino University of Warwick Porto Palácio 6/8/2011 6/10/2011 Chaieb, Ines University of Geneva & Swiss Finance Institute Chamberlain, Trevor McMaster University Champagne, Claudia Université de Sherbrooke Porto Palácio 6/8/2011 6/14/2011 Chan, Andrew Capital IQ Porto Palácio Chan, Kam Fong University of Queensland Porto Palácio 6/7/2011 6/11/2011 Chang, Ching-chieh University of Washington Porto Palácio 6/8/2011 6/10/2011 Changarath, Vinod University of Cincinnati Chen, Brandon University of New South Wales Chen, Sheng-Hung Nanhua University Chen, Wei-Peng Shih Hsin University Col, Burcin McGill University Porto Palácio 6/8/2011 6/11/2011 Cooley, Philip Trinity University Porto Palácio 6/8/2011 6/12/2011 Correia, Ricardo Universidad Carlos III Croci, Ettore University of Milan - Bicocca da Cunha, Florbela ISCTE Business School Porto Palácio 6/9/2011 6/10/2011 Dabo, Moriba Cairo University Danielova, Anna McMaster University Danis, Andras Vienna Graduate School of Finance Porto Palácio 12:00:00 AM?? 12:00:00 AM?? Del Giudice, Alfonso Universita Cattolica - Milan Porto Palácio 8/6/ /6/2011 Dias, José ISCTE - IUL Dick, Christian Centre for European Economic Research (ZEW) Mannheim Diyarbakirlioglu, Erkin Sorbonne Business School Porto Palácio 6/8/2011 6/11/2011 Dontis-Charitos, Panagiotis University of Westminster Porto Palácio 6/7/2011 6/12/2011 Draper, Paul University of Leeds Porto Palácio 6/8/2011 6/11/2011 Drobetz, Wolfgang University of Hamburg Duca, John Federal Reserve Bank of Dallas Eades, Ken University of Virginia Porto Palácio Easley, David Cornell University Ederington, Louis University of Oklahoma Porto Palácio 6/8/2011 6/11/2011 Elson, Charles University of Delaware Porto Palácio 6/9/2011 6/11/ FMA European Conference Program - 29

32 Emery, Gary University of Oklahoma Porto Palácio 6/8/2011 6/11/2011 Espenlaub, Susanne Manchester Business School Estrada, Javier IESE Business School Porto Palácio 6/8/2011 6/11/2011 Faelten, Anna Cass Business School Porto Palácio Faias, Jose Catolica Lisbon Faleye, Olubunmi Northeastern University Porto Palácio 6/7/2011 6/11/2011 Farinha, Jorge Universidad do Porto Fatemi, Ali DePaul University Porto Palácio 6/7/2011 6/11/2011 Feito-Ruiz, Isabel University of Oviedo Fernandes, Catarina University of Porto & Polytechnic Institute of Bragança Ferreira, Miguel Nova School of Business and Economics Finnerty, John Fordham University Porto Palácio 6/8/2011 6/12/2011 Fooladi, Iraj Dalhousie University Porto Palácio 6/7/2001 6/13/2011 Foster, Douglas Australian National University Porto Palácio 6/7/2011 6/12/2011 Francis, Bill Rensselaer Polytechnic Institute Porto Palácio 6/8/2011 6/11/2011 Fruehwirth, Manfred WU Wien Fungacova, Zuzana Bank of Finland Galimberti, Jaqueson Manchester Business School Garcia-Teruel, Pedro University of Murcia Porto Trinidade Hotel Gaspar, Raquel ISEG - Technical University of Lisbon Goncalves-Pinto, Luis USC Marshall School of Business Gregory, Alan University of Exeter Porto Palácio 6/8/2011 6/11/2011 Guembel, Alexander University of Toulouse Porto Palácio 6/8/2011 6/11/2011 Gunduz, Yalin Deutsche Bundesbank Porto Palácio 6/8/2011 6/11/2011 Hagenau, Michael University of Freiburg Hagendorff, Bjoern University of Leeds Porto Palácio 6/7/2011 6/11/2011 Hagendorff, Jens University of Edinburgh Porto Palácio Harlow, Van Putnam Investments 6/8/2011 6/11/2011 Harris, Robert University of Virginia Porto Palácio 6/7/2011 6/11/2011 Herring, Richard University of Pennsylvania Porto Palácio Heuson, Andrea University of Miami Porto Palácio 6/9/2011 6/12/2011 Hitzemann, Steffen Karlsruhe Institute of Technology Hong, KiHoon Jimmy University of Cambridge Porto Palácio Hu, Jiehui Tilburg University HF Tuela Porto Hunter, Delroy University of South Florida Porto Palácio 6/8/2011 6/12/2011 Hutchinson, Mark University College Cork Porto Palácio Immenkötter, Philipp University of Cologne Porto Palácio 6/8/2011 6/10/2011 Irek, Fabian Isakov, Dusan Itzkowitz, Jennifer Luxembourg School of Finance University of Fribourg University of Florida Jagtiani, Julapa Federal Reserve Bank of Philadelphia Porto Palácio 6/7/2011 6/12/2011 Jalal, Abu Suffolk University Porto Palácio 6/8/2011 6/12/2011 Jayaraman, Narayanan Georgia Institute of Technology Porto Palácio 6/8/2011 6/12/2011 Jorge, Jose CEF.UP, Universidade do Porto Joy, Michael Irish Public Bodies Mutal Insurance Ltd Jutasompakorn, Pearpilai Monash University Porto Palácio 6/8/2011 6/10/2011 Kaeck, Andreas ICMA Centre, University of Reading Porto Palácio Kalaitzoglou, Iordanis Heriot Watt University Porto Palácio Kalotychou, Elena Cass Business School Kaufman, George Loyola University Chicago Porto Palácio 6/9/2011 6/13/2011 Kaul, Aditya University of Alberta Khoury, Nabil Universite du Quebec a Montreal Porto Palácio 6/6/2011 6/11/2011 Kleimeier, Stefanie Maastricht University Porto Palácio Kling, Gerhard University of Southampton Porto Palácio 6/7/2011 6/11/2011 Korczak, Adriana University of Bristol Porto Palácio 6/8/2011 6/11/2011 Kroencke, Tim Centre for European Economic Research (ZEW) Kryzanowski, Lawrence Concordia University Porto Palácio 6/8/2011 6/11/2011 Lebedeva, Olga University of Mannheim Porto Palácio 6/7/2011 6/11/2011 Lee, Hye Seung Lehigh University Porto Palácio Lehnert, Thorsten Luxembourg School of Finance Lepori, Gabriele Copenhagen Business School Porto Palácio 6/7/2011 6/11/2011 Lewis, Craig Vanderbilt University & US SEC Liebmann, Michael University of Freiburg 6/8/2011 6/10/ FMA European Conference Program - 30

33 Lin, Ming-Ying National Chiao Tung University Porto Palácio 6/8/2011 Lin, Yueh-Hsiang National Taipei College of Business Locorotondo, Rosy Katholieke Universiteit Leuven & Research Foundation Flanders Porto Palácio 6/8/2011 6/12/2011 Londono Yarce, Juan Miguel Tilburg University Porto Palácio 6/8/2011 6/11/2011 Lovreta, Lidija CUNEF Porto Palácio Lyssimachou, Danielle Manchester Business School Porto Palácio 6/8/2011 6/12/2011 Mansi, Sattar Virginia Tech Porto Palácio 6/7/2011 6/10/2011 Martí, Carmen Universitat Autònoma de Barcelona Martinez, Isabelle University of Toulouse Paul Sabatier Porto Palácio Martinez-Sola, Cristina University of Jaen Mavrovitis, Christos ICMA Centre, Henley Business School Mazur, Mieszko IESEG Porto Palácio McInish, Thomas University of Memphis Porto Palácio 6/6/2011 6/12/2011 McQueen, Grant Brigham Young University Porto Palácio Michalak, Tobias University of Bochum Miguel, Antonio Instituto Universitario de Lisboa (ISCTE-IUL) Molchanov, Alexander Massey University Porto Palácio Mooradian, Robert Northeastern University Porto Palácio 6/7/2011 6/11/2011 Mortal, Sandra University of Memphis / SEC Moutinho, Nuno Instituto Politecnico de Braganca Mueller, Andreas RWTH Aachen University 6/8/2011 6/10/2011 Muharam, Farrah Merlinda Universitat Autonoma de Barcelona Muscarella, Chris Penn State University Porto Palácio 6/7/2011 6/11/2011 Najar, Dorra Université Paris Dauphine Naranjo, Andy University of Florida Porto Palácio 6/8/2011 6/14/2011 Navone, Marco Università Bocconi Porto Palácio 6/6/ /6/2011 Nayar, Nandkumar Lehigh University Porto Palácio Nielsson, Ulf Copenhagen Business School Porto Palácio Novak, Jiri Charles University in Prague Porto Palácio O'Brien, Thomas University of Connecticut Porto Palácio 6/8/2011 6/12/2011 Oh, Ji Yeol University of Cambridge O'Hara, Maureen Cornell University Porto Palácio 6/7/2011 6/11/2011 Oliveira, Benilde University of Minho Onn, Loke Monash University Orbe, Sebastian University of Cologne Porto Palácio 6/8/2011 6/10/2011 Orlov, Alexei Radford University Porto Palácio Ovtchinnikov, Alexei Vanderbilt University Porto Palácio 6/7/2011 6/11/2011 Palma, Pedro Universidade do Porto Panyagometh, Kamphol NIDA Business School Porto Palácio 6/7/2011 6/10/2011 Park, Yuenjung KAIST Porto Palácio 6/7/2011 6/10/2011 Patel, Ajay Wake Forest University Payne, Richard Cass Business School Peixinho, Ruben University of the Algarve and CEFAGE-UE Pereira, Joao Pedro ISCTE-IUL Porto Palácio Phillips, Blake University of Waterloo Pieterse-Bloem, Mary Tilburg University Porto Palácio 6/8/2011 6/11/2011 Pinto, Helena University of Strathclyde Pinto, João Universidad do Porto Platikanova, Petya ESADE Business School Porto Palácio Poletti Hughes, Jannine University of Liverpool Porto Palácio 6/8/2011 6/10/2011 Pontuch, Peter Universite Paris Dauphine Porto Palácio 6/8/2011 6/11/2011 Pouliasis, Panagiotis Cass Business School Porto Palácio 6/8/2011 6/12/2011 Priem, Randy Katholieke Universiteit Leuven Hotel Quality Inn 6/8/2011 6/12/2011 Portus Cale Prokopczuk, Marcel ICMA Centre - Henley Business School Porto Palácio Pucker, Oliver University of Cologne Porto Palácio 6/8/2011 6/10/2011 Qi, Yaxuan Concordia University Porto Palácio 6/8/2011 6/11/2011 Rader, Jack FMA Rakowski, David SIU Carbondale Porto Palácio Ramón-Llorens, M a Camino Universidad Politenica de Cartagena Reuter, Charles ESCP Europe, L.S.F., Université de Paris Ouest Roberts, Gordon York University Porto Palácio 6/7/2011 6/11/2011 Rodriguez-Moreno, Maria Universidad Carlos III Hotel Quality Inn Portus Caleþ 6/7/2011 6/11/ FMA European Conference Program - 31

34 Rosa, Mark Rose, Annica University of Sydney Porto Palácio 6/9/2011 6/10/2011 Rossi, José Insper Institute of Education and Research Porto Palácio Santa Clara, Pedro Universidad Nova de Lisboa Santos, Joao Federal Reserve Bank New York Savor, Marko University of Quebec in Montreal Porto Palácio Schallheim, James University of Utah 6/6/2011 6/11/2011 Schmid, Markus University of Mannheim Porto Palácio 6/8/2011 6/11/2011 Scordis, Nicos St. John's University Porto Palácio Scott, Ken Stanford University Porto Palácio Sener, Emrah Ozyegin University Porto Palácio 6/8/2011 6/12/2011 Serra, Ana Paula Universidad do Porto Serve, Stephanie University of Cergy-Pontoise Porto Palácio 6/7/2011 6/12/2011 Shaukat, Amama University of Exeter Porto Palácio 6/8/2011 6/11/2011 Sianab, Alex Capital IQ Sibilkov, Valeriy University of Wisconsin - Milwaukee Signori, Andrea University of Bergamo Porto Palácio Simkins, Betty Oklahoma State University Porto Palácio 6/7/2011 6/11/2011 Soares Lopes, Maria University of Porto Sojli, Elvira Erasmus University Rotterdam Sousa, Miguel Universidade do Porto & Oxford Private Equity Institute, Saïd Business School Springauf, Eva-Maria Oesterreichische National Bank Staikouras, Sotirs Cass Business School Starks, Laura University of Texas Stock, Duane University of Oklahoma Porto Palácio Strong, Robert University of Maine Porto Palácio 6/7/2011 6/12/2011 Stucke, Ruediger Oxford University Porto Palácio 6/7/2011 6/15/2011 Stulz, Rene The Ohio State University Porto Palácio 6/8/2011 6/11/2011 Suarez Suarez, Nuria University of Oviedo Sun, Qian Fudan University Porto Palácio 6/8/2011 6/10/2011 Suominen, Matti Aalto University Porto Palácio 6/9/2011 6/11/2011 Tan, Kian University of New South Wales Porto Palácio 6/8/2011 6/11/2011 Tastan, Mesut University of Texas Dallas Toffanin, Melissa Concordia University Trabelsi, Donia University Paris 1 Pantheon - Sorbonne 6/8/2011 6/11/2011 Tümer Alkan, Günseli VU University Amsterdam Tunaru, Radu University of Kent at Canterbury Umber, Marc Frankfurt School of Finance & Management Valderrama, Laura IMF Vallascas, Francesco University of Leeds Vasconcelos, Manuel Erasmus University Porto Palácio 6/7/2011 6/10/2011 Vieito, João Paulo Polytechnic Institute of Viana do Castelo Vilanova, Laurent University Lyon 2 - Coactis Vivel, Milagros University of Santiago de Compostela Vonhoff, Volker University of Mannheim Porto Palácio 6/8/2011 6/12/2011 Walker, David Georgetown University Porto Palácio 6/8/2011 6/10/2011 Walkling, Ralph Drexel University Porto Palácio 6/7/2011 6/12/2011 Wang, Jr-Yan National Taiwan University Wang, Yaw-Huei National Taiwan University Porto Palácio 6/8/2011 6/10/2011 Webb, Robert University of Virginia & KAIST Business School Porto Palácio 6/8/2011 6/13/2011 Weisskopf, Jean-Philippe University of Fribourg Westerholm, Joakim University of Sydney Whittaker, Julie University of Exeter Winkler, Gerhard Oesterreichische Nationalbank Porto Palácio Wolf, Michael University of Zurich Xu, Lan Washington University in St Louis Porto Palácio 6/8/2011 6/11/2011 Yadav, Vijay INSEAD Zakamulin, Valeriy University of Agder Zaldokas, Alminas INSEAD Zeitun, Rami University of Queensland Zhang, Yan US OCC Zhao, Bo The George Washington University 2011 FMA European Conference Program - 32

35 PRESENTERS - DISCUSSANTS - CHAIRPERSONS - SPECIAL SESSION PARTICIPANTS - DOCTORAL STUDENT CONSORTIUM PARTICIPANTS NAME SESSION(S) Nida Abdioglu Pejman Abedifar Senay Agca Iness Aguir DSC George Alexandridis Christopher Anderson Álvaro Almeida 55 Kalaitzoglou Iordanis Angelos 64 Fernando Anjos Mario Anolli Antonio Antunes 06 Yigit Atilgan Nizar Atrissi 21 Sung Bae 23 Katrin Baedorf Guido Baltussen António Barbosa Alexander Barinov Laurent Barras 45 François Belot Wolfgang Bessler 73 Marco Bigelli Diana Bonfim Mariela Borell Mario Brandtner Keith Brown 05 Martin Bugeja Francisco Jose Callado Munoz 60 Murillo Campello 21 Daniel Carvalho 06 Gino Cenedesde DSC Ines Chaieb Claudia Champagne Kam Fong Chan Ching-chieh Chang Vinod S. Changarath Brandon Chen Sheng-Hung Chen 39 Wei-Peng Chen Burcin Col DSC Ricardo Correia 48 Ettore Croci Manuel Puerta da Costa 26 Florbela Galvao da Cunha Andras Danis Manuel Teixeira de Vasconcelos DSC Alfonso Del Giudice Jose G. Dias 80 Christian Dick Erkin Diyarbakirlioglu Panagiotis Dontis-Charitos 70 Wolfgang Drobetz John V. Duca 14 Kenneth Eades Louis Ederington Franklin Edwards 56 Charles Elson 66 Gary Emery 36 Susanne Espenlaub 25 Javier Estrada 57 Anna Faelten José Faias 45 Olubunmi Faleye Isabel Feito-Ruiz 03 Catarina Alexandra Alves Fernandes DSC Elisa Ferreira 16 Miguel Ferreira DSC John Finnerty Iraj Fooladi 10 F Douglas Foster Bill B. Francis Manfred Frühwirth 61 Zuzana Fungacova Jaqueson Galimberti Florbela Galvao da Cunha 69 Pedro J Garcia-Teruel 42 Raquel Gaspar Alan Gregory Alexander Guembel Yalin Gunduz Bjoern Hagendorff 70 Jens Hagendorff 29 Richard Herring 56 Andrea J. Heuson Steffen Hitzemann KiHoon Jimmy Hong DSC Jiehui Hu Delroy Hunter Mark Hutchinson 65 Philipp Immenkötter Dusan Isakov Julapa Jagtiani Abu Jalal Narayanan Jayaraman 12 Jose P Jorge 80 Pearpilai Jutasompakorn DSC Andreas Kaeck 28 Iordanis (Jordan) Kalaitzoglou George Kaufman 56 Aditya Kaul Nabil Khoury 30 Stefanie Kleimeier Gerhard Kling Adriana Korczak Tim Alexander Kroencke 05 Lawrence Kryzanowski 22 Olga Lebedeva DSC Hye Seung Lee Thorsten Lehnert Gabriele Lepori Craig Lewis DSC Michael Liebmann 47 Ming-Ying Lin Yueh-hsiang Lin FMA European Conference Program - 33

36 Rosy Locorotondo 42 Juan-Miguel Londono 77 Lidija Lovreta 34 Danielle Lyssimachou Sattar Mansi Raul Manuel Simoes Marques 26 Isabelle Martinez 43 Cristina Martinez-Sola 53 Jose Mata 06 Pedro Matos 06 Mieszko Mazur 03 Thomas H McInish Grant McQueen 50 Tobias Michalak Antonio Miguel 35 Alexander Molchanov Manuel Alves Monteiro 26 Robert Mooradian Maria Rodriquez Moreno 79 Sandra Mortal Nuno Moutinho Andreas Mueller Farrah Merlinda Muharm 48 Dorra Najar Andy Naranjo Marco Navone Nandu Nayar 61 Ulf Nielsson Jiri Novak Thomas O'Brien Ji Yeol Jimmy Oh Maureen O'Hara Benilde Oliveira Loke Seng Onn Sebastian Orbe Alexei Orlov Luis Otero 31 Alexei Ovtchinnikov Yuenjung Park DSC Richard Payne 64 Ruben Peixinho Joao Pedro Pereira 34 Paulo Pereira 68 Blake Phillips Mary Pieterse-Bloem Helena Pinto 07 Joao Filipe Monteiro Pinto DSC Petya Platikanova Jannine Poletti-Hughes Peter Pontuch Pedro Portugal 06 Panos K Pouliasis Randy Priem Marcel Prokopczuk Oliver Pucker Yaxuan Qi David Rakowski M a Camino Ramón-Llorens Charles Reuter Claudia Ribeiro 08 Gordon Roberts DSC Annica Rose 50 José Luiz Rossi Pedro Santa-Clara DSC Joao Santos DSC 06 Marko Savor 30 Markus Schmid Nicos Scordis 17 Kenneth Scott 56 Emrah Sener Stéphanie Serve 43 Amama Shaukat Valeriy Sibilkov Andrea Signori Betty Simkins Faten Ben Slimane Elvira Sojli Juan Sotes-Paladino Miguel Sousa 63 Sotiris Staikouras Laura Starks DSC 66 Duane Stock Ruediger Stucke Rene Stulz Keynote Nuria Suarez Qian Sun 30 Matti Suominen 36 Eric Tan 25 Ken-ichi Tatsumi 49 Carlos Tavares 16 Melissa Toffanin Donia Trabelsi 63 Günseli Tümer-Alkan Radu Tunaru Marc Umber 37 Laura Valderrama 19 Francesco Vallascas 19 Joao Paulo Vieito 07 Laurent Vilanova Milagros Vivel 09 Volker Vonhoff David A. Walker Ralph Walkling Jr-Yan Wang 08 Yaw-Huei Wang 28 Robert I. Webb Jean-Philippe Weisskopf Julie Whittaker 75 Gerhard Winkler Michael Wolf 65 Lan Xu Vijay Yadav Valeri Zakamouline 67 Valeriy Zakamulin 80 Alminas Zaldokas DSC Yan (Jenny) Zhang Bo Zhao FMA European Conference Program - 34

37 PORTO PALÁCIO HOTEL FLOOR ONE Stairs up to Floor Two Sala Porto Keynote Address Thursday, 17:15 (5:15) pm Sala Douro Norte Sessions Sala Douro Sul Sessions Foyer Conference Registration Coffee Breaks Salas Minho Cávado Lima Sessions FLOOR TWO Stairs up from Floor One Sala Corgo Sala Sousa Sala Tua Sala Sabor Sessions Sessions Sessions Sessions Sala Tâmega Sessions Foyer Coffee Breaks Diagram for informational purposes only. Not to scale FMA European Conference Program - 35

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39 Financial Management Association Survey and Synthesis Series... Survey Research in Corporate Finance Bridging the Gap between Theory and Practice H. Kent Baker, J. Clay Singleton, and E. Theodore Veit Provides a unique summary of the state-of-the-art of survey research in finance. Hardback 464 pages February 2011 $69.95 $45.47 Truth in Lending Theory, History, and a Way Forward Thomas A. Durkin and Gregory Elliehausen This book concerns an ongoing public policy debate about the efficacy of financial disclosures as consumer protections. Hardback 368 pages March 2011 $74.00 $48.10 Asset Pricing and Portfolio Choice Theory Kerry Back Back covers the classical results on single-period, discrete-time, and continuous-time models of portfolio choice and asset pricing. Includes extensive exercises and solutions. Hardback 464 pages September 2010 $89.95 $58.47 Real Options in Theory and Practice Graeme Guthrie Develops the building blocks of real options analysis and shows readers how to apply them to a wide variety of problems in business and economics. Includes CD. Hardback 432 pages July 2009 $89.95 $58.47 Give your work the visibility it deserves Introducing 2 brand new top-level journals of the Society for Financial Studies RAPS Executive Editor: Wayne Ferson RCFS Executive Editor: Paolo Fulghieri Editors: Maureen O Hara Jeffrey Pontiff Amir Yaron New in 2011 New in 2012 Editors: Christopher Hennessy Joshua Rauh Michael Roberts Submit online

40 UPCOMING CONFERENCES 2011 CONFERENCES 2011 FMA ANNUAL MEETING October 19-22, 2011 Sheraton Denver Hotel Denver, Colorado CONFERENCES 2012 FMA ASIAN CONFERENCE July 2012 Phuket, Thailand SUBMISSION DEADLINE: DECEMBER 15, / 2012 FMA EUROPEAN CONFERENCE 6-8 June 2012 Istanbul, Turkey SUBMISSION DEADLINE: DECEMBER 1, FMA ANNUAL MEETING October 2012 Atlanta, Georgia SUBMISSION DEADLINE: JANUARY 13, 2012

41 Financial Management Association International First Call for Papers and Participation 2012 FMA European Conference 6-8 June 2012 Istanbul, Turkey Recep Bildik, Istanbul Stock Exchange and Koç University William L. Megginson, University of Oklahoma 2012 FMA European Conference Program Chairs DEADLINE SUMMARY Program Committee Member Application November 11, 2011 Completed Papers and Abstracts December 1, 2011 Panel Discussion Proposals December 1, 2011 Requests to serve as session chairperson or paper discussant February 10, 2012 Doctoral Student Consortium Applications February 18, 2012 The Sixteenth Annual European Conference of the Financial Management Association International (FMA) will be held June 6 through June 8 at the Point Hotel Barbaros in breathtaking Istanbul, Turkey. FMA s European Conference brings together academicians and practitioners with interests in financial decision-making and provides a forum for presenting new research and discussing current issues in financial management and related topics. Presentations of research papers, panel discussions, and tutorials will begin either Wednesday afternoon or Thursday morning and end Friday afternoon. The Doctoral Student Consortium will be held on Wednesday. Submission Fee: US$25/ US $35 for non-members For information on submission procedures, go to /

42 2012 Yılında Istanbul'da Görüşürüz!