Institutional and Individual Investors: Saving for Old Age

Transcription

1 Institutional and Individual Investors: Saving for Old Age Conference and Special Issue of Journal of Banking and Finance Edited by Professor Steven Ongena and Professor Ania Zalewska Academic Keynote Speakers: Michael Haliassos, Professor of Macroeconomics and Finance, Goethe University Frankfurt, Germany, and Director of the CEPR Network on Household Finance Russ Wermers, Professor of Finance, and Director, Centre for Financial Policy, Smith School of Business, University of Maryland, USA Policymaking Keynote Speakers Carmen Pagés-Serra, Chief of the Labour Markets and Social Security Unit, Inter-American Development Bank (IAD), USA Steve Webb, Minister of State for Pensions , Department for Work and Pensions; UK June 2015, School of Management, University of Bath, UK

2 Academic Programme Committee Söhnke Bartram Andriy Bodnaruk Alexandre Di Miceli da Silveira Bart Frijns Simone Giansante Reint Gropp Michael Haliassos Frank de Jong Jayant Kale Lawrence Kryzanowski Miguel A. Ferreira Steven Ongena Darius Palia Jesper Rangvid Sofia Ramos Raghavendra Rau Andrei Simonov Laura Spierdijk Russell Wermers David Yermack Anna (Ania) Zalewska Chendi Zhang Warwick Business School, UK Mendoza College of Business, University of Notre Dame, USA University of Sao Paulo, Brazil Auckland University of Technology, New Zealand School of Management, University of Bath, UK University of Frankfurt, Germany Goethe University Frankfurt, Germany University of Tilburg, The Netherlands D Amore McKim School of Business Northeastern University, USA Concordia Business School, Canada NOVA, Portugal University of Zürich and the Swiss Finance Institute, Switzerland Rutgers Business School, USA Copenhagen Business School, Denmark NEOMA, France Judge Business School, University of Cambridge, UK Eli Broad College of Business, Michigan State University, USA University of Groningen, The Netherlands University of Maryland at College Park, USA NYU Stern Business School, USA School of Management, University of Bath, UK Warwick Business School, UK

3 Keynote Speakers Michael Haliassos Carmen Pagés Serra Michael Haliassos holds the Chair for Macroeconomics and Finance at Goethe University Frankfurt. He is currently Director of the Center for Financial Studies and of the new CEPR network on Household Finance, and has been Founding Director ( ) of the multi-million Center of Excellence SAFE (on Sustainable Architecture of Finance in Europe). He is a Research Fellow of the Centre for Economic Policy Research (CEPR, UK) and of NETSPAR (The Netherlands). He is also advisor to the European Central Bank on the construction of the Eurozone Survey of Household Finances and Consumption. Haliassos received a B.A. from Cambridge University, and a Ph.D. in Economics from Yale University in 1987, under the supervision of James Tobin. His research interests lie in Macroeconomics and Finance with emphasis on household finance, where he co-edited the standard reference in the field (Household Portfolios, MIT Press, 2001), and recently edited a three-volume collection of critical writings (Edward Elgar, 2015). His papers have appeared in major international journals and edited volumes, including the Review of Financial Studies, the Review of Economics and Statistics, the International Economic Review, and the Economic Journal. In 2013, he edited an MIT Press volume on Financial Innovation: Too Much or Too Little?, now available as paperback and on MIT Scholarship Online. In 2015, Haliassos coedited a CUP volume on Financial Regulation: A Transatlantic Perspective. He has co-edited two special issues on Household Finance, one for Review of Finance (2011) and the other for the Journal of Pension Economics and Finance (2015). Haliassos has also been involved in policy analysis and advice. He recently completed a two-year term on the Panel of the journal Economic Policy ( ), and a three-year term as member of the 11- member Greek National Council on Research and Technology (ESET) advising the Greek government on how to fund and promote research and innovation ( ). He edits, together with Yiannis Ioannides (Tufts) and Thanasis Stengos (Guelph) the policy blog Greek Economists for Reform. Carmen Pagés is the Chief of the Labor Markets Unit at the Inter- American Development Bank (IDB), a unit created in 2009 to lead all technical and operational work related to labor markets and social security. A native of Spain, she holds a MA degree in Economics from the Universidad Autonoma de Barcelona and a Ph. D in Economics from Boston University. Previously, Carmen held positions as a principal research economist at the research department of the same institution, and as a senior labor economist at the World Bank. She has published extensively in leading academic and policy journals. In addition, she has published the books Better Pensions, Better Jobs: Toward Universal Coverage in Latin America and the Caribbean (jointly with M. Bosch and A. Melguizo); Social Insurance, Informality and the Labor Markets: How to Protect Workers while Creating Good Jobs (jointly with M. Frolich, D. Kaplan, J. Rigolini and D. Robalino); The Age of Productivity: Transforming Economies from the Bottom Up, the

4 annual flagship publication of the IDB in 2010; Law and Employment: Lessons from Latin America and the Caribbean (jointly with the Nobel Laureate Prof. James Heckman); Good Jobs Wanted: Labor Markets in Latin America and the Caribbean and Job Creation in Latin America and the Caribbean: Recent Trends and Policy Challenges (jointly with S. Scarpetta and G. Pierre). Steve Webb Steve Webb served as Minister of State for Pensions between May 2010 and May 2015, the longest-serving holder of the post. During that time he implemented major reforms to the state pension system, oversaw the successful introduction of automatic enrolment into workplace pensions and played a key role in the new pension freedoms implemented in April Steve was a Liberal Democrat MP from May 1997 to May 2015, first for Northavon and then for Thornbury & Yate. Immediately prior to this he was professor of social policy at Bath University for two years, having previously worked for nine years as an economist at the Institute for Fiscal Studies. Steve graduated with a first class honours degree in Politics, Philosophy & Economics from Hertford College, Oxford in Russ Wermers Russ Wermers is Professor of Finance and Director of the Center for Financial Policy (CFP) at the Smith School of Business, University of Maryland at College Park, where he won a campus-wide teaching award during 2005 and a Krowe Teaching Award(within the Smith Business School) during As Director, Professor Wermers guides the CFP in its mission of generating research that informs financial policy in the private and public sectors. His main research interests include studies of the efficiency of securities markets, as well as the role of institutional investors in setting stock prices. In addition, he studies and teaches quantitative equity strategies, and is currently researching microfinance institutions in Thailand. Most notably, his past research has developed new approaches to measuring and attributing the performance of mutual funds, pension funds, and hedge funds, which, among other applications, can be used to identify superior active funds. Professor Wermers also studies the investment behavior of these asset managers, as well as the impact of their trades on financial markets. His papers have been published in leading scholarly journals, such as The American Economic Review and The Journal of Finance. His coauthored article on mutual fund performance was a finalist for the Smith-Breeden Award for the Best Paper in the Journal of Finance during 2006/2007. He is coauthor of a book on the latest scientific approaches to performance evaluation and attribution of professional fund managers, written for academics and practitioners (published in December 2012). He received his Ph.D. from the University of California, Los Angeles, in December 1995.

5 Academic Programme Day 1: Monday, 22 June :00-8:50 Registration 8W3.13 8:50-9:00 9:00-10:00 Welcome address Keynote Speech: Challenges in Designing Investor-Borrower Protection, Michael Haliassos, Professor of Macroeconomics and Finance, Goethe University Frankfurt, Germany, and Director of the CEPR Network on Household Finance, 10:00-11:30 Session 1: Household Investment Perceptions Chair: Anna Zalewska, School of Management, University of Bath, UK 11:30-11:45 Coffee Break Culture and Household Saving Benjamin Guin, Swiss Institute of Banking and Finance, University of St. Gallen, Switzerland Discussant: Oscar Stolper, University of Marburg, Institute of Accounting and Finance, Germany The Luxury of Bequest Spyros Palligkinis, Goethe University Frankfurt, Germany Discussant: Suci Lestari, The University of Edinburg Business School, UK The Birthplace Bias of Individual Investors Ted Lindblom, University of Gothenburg, Sweden; Taylan Mavruk, University of Gothenburg, Sweden; Stefan Sjögren, University of Gothenburg, Sweden Discussant: Alexander Michaelides, Imperial College London, UK 11:45-13:15 Session 2: Portfolio Holdings Chair: Alexander Michaelides, Imperial College London, UK Mutual Funding Javier Gil-Bazo, Universitat Pompeu Fabra, Spain; Peter Hoffmann, European Central Bank, Germany; Sergio Mayordomo, University of Navarra, Spain Discussant: John C. Adams, University of Texas at Arlington, USA Why Do Mutual Funds Hold ETFs? A Study of Non-Dark Side of ETF Investment Hsiu-Lang Chen, College of Business Administration, University of Illinois, USA Discussant: Ashok Thomas, Dipartimento di Economia e Management, University of Pisa, Italy The Total Benefit of Alternative Assets to Pension Fund Portfolios Jens Carsten Jackwerth, University of Konstanz, Germany; Anna Slavutskaya, University of Konstanz, Germany Discussant: Mukul Tyagi, Maastricht University, School of Business and Economic, NL 13:15-14:15 Lunch in Wessex Restaurant

6 14:15-15:45 Session 3: Mutual Funds Chair: Simone Giansante, School of Management, University of Bath, UK 15: Coffee Break Lazy Investors, Lazy Fund Managers, Lousy Performance: National Culture and Mutual Fund Management Aneel Keswani, Cass Business School, UK; Antonio F. Miguel, ISCTE-Lisbon University Institute, Portugal; Sofia B. Ramos, ISCTE-Lisbon University Institute, Portugal Discussant: Anna Slavutskaya, University of Konstanz, Germany Do Indian Business Group Owned Mutual Funds Maximize Value for Investors? Prasad Hegde, Department of Consumer Science, Purdue University, USA; Jayant R. Kale, D Amore-McKim School of Business, Northeastern University, USA; Venkatesh Panchapagesan, Indian Institute of Management Bangalore, India Discussant: Sergio Mayordomo, University of Navarra, Spain Mutual Fund Performance, Management Teams, and Boards John C. Adams, University of Texas at Arlington, USA; Takeshi Nishikawa, School of Business, University of Colorado, Denver, USA; Ramesh P. Rao, Oklahoma State University, USA Discussant: Arjen Siegmann, VU University Amsterdam, Faculty of Economics and Business, NL 16:00-17:30 Session 4: Household Finance Chair: Jayant R. Kale, D Amore-McKim School of Business, Northeastern University, USA 17: Coffee Break Financial Literacy and Retirement Planning: Evidence from Malaysia Rayenda Brahmana, Faculty of Economics and Business, Universiti Malaysia Sarawak, Malaysia; Chin-Hong Puah, Faculty of Economics and Business, Universiti Malaysia Sarawak, Malaysia; Daw Tin Hla, Faculty of Economics and Business, Universiti Malaysia Sarawak, Malaysia; Suci Lestari, University of Edinburg Business School, UK Discussant: Luca Spataro, Dipartimento di Economia e Management, University of Pisa, Italy Financial Literacy, Human Capital and Stock Market Participation in Europe: An Empirical Exercise under Endogenous Framework Ashok Thomas, Dipartimento di Economia e Management, University of Pisa, Italy; Luca Spataro, Dipartimento di Economia e Management, University of Pisa, Italy Discussant: Maurizio Fiaschetti, Smith School of Enterprise and Environment, University of Oxford, UK Control Thyself: Self-Control Failure and Household Wealth Nina Biljanovska, Goethe University Frankfurt, Germany; Spyros Palligkinis, Goethe University Frankfurt, Germany Discussant: Taylan Mavruk, University of Gothenburg, Sweden 17:45-18:45 Keynote Speech: How Pension Policy is really made?, Steve Webb, Minister of State for Pensions , Department for Work and Pensions; UK 19:30-22:30 Conference dinner at the Roman Baths

7 Day 2, Tuesday, 23 June :00-10:00 Keynote Speech: The Challenges of Pensions Systems in Latin American and Caribbean Countries: What Next? Carmen Pagés-Serra, Chief of the Labour Markets and Social Security Unit, Inter-American Development Bank (IAD), USA 10: Parallel sessions Session 5: Regulation and codes Chair: Stephen G. Hall, University of Leicester, UK Pension Fund Risk Incentives to Monetary Policy Initiatives Sabri Boubaker, Group ESC Troyes, France; Dimitrios Gounopoulos, School of Business Management and Economics, University of Essex, UK; Nguyen Duc Kuong, IPAG Business School, France; Nikolaos Paltalidis, Portsmouth Business School, UK Discussant: Benjamin Guin, Swiss Institute of Banking and Finance, University of St. Gallen, Switzerland The Impact of Pension Reforms in India: A Natural Experiment Simone Giansante, School of Management, University of Bath, UK Discussant: Jayant R. Kale, D Amore-McKim School of Business, Northeastern University, USA Policy uncertainty and precautionary saving: Does a possible reduction of the mortgage interest deduction increase saving in the Netherlands? Mauro Mastrogiacomo, De Nederlandsche Bank & VU University Amsterdam, NL; Raun van Ooijen, University of Groningen, NL Discussant: Yuxin Zhang, Imperial College London, UK 8W3.13 Session 6: Financial Advice Chair: Hsiu-Lang Chen, College of Business Administration, University of Illinois, USA 11:30-11:45 Coffee Break The demand for advice in defined contribution pension plans: age, gender, and the size-of-bet effect Gordon L. Clark, Smith School of Enterprise and Environment, University of Oxford, UK; Maurizio Fiaschetti, Smith School of Enterprise and Environment, University of Oxford, UK; Paul Gerrans, UWA Business School, University of Western Australia, Australia Discussant: Takeshi Nishikawa, School of Business, University of Colorado, Denver, USA It takes two to Tango: Households response to financial advice and the role of financial sophistication Oscar Stolper, University of Marburg, Institute of Accounting and Finance, Germany; Andreas Walter, University of Giessen, Institute of Financial Services, Germany Discussant: Marc Oliver Rieger, University of Trier, Germany With whom and in what is it better to save? Personal pensions in the UK Anastasia Petraki, School of Management, University of Bath, UK; Anna Zalewska, School of Management, University of Bath, UK Discussant: Bruno Bonizzi, SOAS, University of London, UK

8 11:45-13:15 Session 7: Current Issues Chair: Steven Ongena, University of Zurich and the Swiss Finance Institute, Switzerland The Demand for Emerging Markets Assets by Foreign Institutional Investors: a Panel ARDL approach Bruno Bonizzi, SOAS, University of London, UK Discussant: Hsiu-Lang Chen, College of Business Administration, University of Illinois, USA Doom-loops: The Role of Rating Agencies in the Euro Financial Crisis Heather D. Gibson, Bank of Greece, Greece; Stephen G. Hall, University of Leicester, UK; George S. Tavlas, Bank of Greece, Greece Discussant: Nikolaos Paltalidis, Portsmouth Business School, UK Stock Market Mean Reversion and Portfolio Choice over the Life Cycle Alexander Michaelides, Imperial College London, UK; Yuxin Zhang, Imperial College London, UK Discussant: Aneel Keswani, Cass Business School, UK 13:15-14:15 14: Lunch in Wessex Restaurant Session 8: Risk sharing Chair: Aneel Keswani, Cass Business School, UK Intergenerational Risk Sharing in Individual Retirement Schemes Mark-Jan Boes, VU University Amsterdam, Faculty of Economics and Business, NL; Arjen Siegmann, VU University Amsterdam, Faculty of Economics and Business, NL Discussant: Spyros Palligkinis, Goethe University Frankfurt, Germany Optimal risk sharing in a collective defined contribution pension system Dennis Bams, Maastricht University, School of Business and Economic, NL; Peter Schotman, Maastricht University, School of Business and Economic, NL; Mukul Tyagi, Maastricht University, School of Business and Economic, NL Discussant: Stephen G. Hall, University of Leicester, UK Asset allocation of defined-benefit pension plans in the absence of agency conflicts Marc Oliver Rieger, University of Trier, Germany; Alexander F. Wagner, Swiss Finance Institute- University of Zurich, Switzerland; Patrick Ley, University of St. Gallen, Switzerland Discussant: Raun van Ooijen, University of Groningen, NL 15:45-16:00 16:00-17:00 Coffee Break Keynote Speech: Trends in the U.S. Pension Fund Industry: Investor Protection and Goals Russ Wermers, Professor of Finance, and Director, Centre for Financial Policy,Smith School of Business, University of Maryland, USA

9 Registration To register for the conference use the conference webpage click on Register for the event in Useful information box. All enquiries can be directed to The registration closes at 12:00pm GMT, 15 June Conference fees: Venue and Arrangements The conference will be held at the University of Bath School of Management. A conference dinner on the evening of 22 June will take place in the Roman Baths, an ancient site in the centre of the World Heritage city of Bath. Details of how to register for the conference, and travel information are available from on the conference website Local attractions Roman Bath s ancient thermae City of Bath Spa: City of Bristol: Cotswolds: Bradford on Avon: Castle Combe: Lacock: Stonehenge: