Borsa İstanbul Finance & Economics Conference (BIFEC) 2013
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1 Borsa İstanbul Finance & Economics Conference (BIFEC) 2013 Policy Issues and Challenges in the Global Financial System and Economies Day 1 Monday, September 30, 2013 Final Agenda Registration and Continental Breakfast Bell Ringing Ceremony for BIFEC Welcoming Remarks İbrahim M. TURHAN, Ph.D. (Borsa İstanbul, Chairman & CEO) Opening Panel: Redesigning Capital Markets in Post Global Crisis Era Room: Hall 1- Conference Hall Chair: İbrahim M. TURHAN, Ph.D. (Borsa İstanbul, Chairman & CEO) Panelists: Ivan TAKEV (Bulgarian Stock Exchange, CEO) Michael BUHL (Vienna Stock Exchange, Joint CEO) Paweł GRANIEWSKI (Warsaw Stock Exchange, Vice President of the Management Board & CBDO) Almir MIRICA (Sarajevo Stock Exchange, Executive Director) Lunch Session 1a: Residential and Commercial Real Estate Market Room: Hall 1- Conference Hall Chair: Yıldıray YILDIRIM; Syracuse University Auction versus Negotiated Sale: Evidence from Real Estate Sales (Abdullah YAVAS; University of Wisconsin-Madison) Self-Assessed House Prices (Morris A. DAVIS; University of Wisconsin-Madison) Counterparty Risk and Capital Structure (Brent W. AMBROSE; Pennsylvania State University) Session 1b: Investment Allocation and Strategies Room: Hall 2- FEAS Meeting Room Chair: Koray ŞİMŞEK; Sabancı University Diversification with Idiosyncratic Volatility in Real Time (Theodore MOORMAN; Baylor University) The Determinants of Bilateral Cross-Border Bond and Equity Flows: A Sectoral Analysis
2 (Faruk BALLI; Massey University) Dynamic Relationship Between Precious Metals (Ahmet ŞENSOY; Borsa İstanbul) Optimal Redemption Policies for Illiquid Investments (Cenk C. KARAHAN, Boğaziçi University) Session 1c: Behavioral Aspects of Investment Chair: Merih UÇTUM; City University of New York Overconfidence, Familiarity Bias and Representativeness Heuristic of Equity Investors (Bülent TEKÇE; Boğaziçi University) Sport Event Sentiment and Turkish Market Return (Ender DEMIR; İstanbul Medeniyet University) Event Study Methodology for Borsa Istanbul (Adil ORAN; METU) Risk Choices of Portfolio Managers in an Emerging Market Economy (Belma ÖZTÜRKKAL; Kadir Has University) Session 2a: Empirical Asset Pricing Anomalies Chair: Fernando ZAPATERO; University of Southern California Playing Favorites: How Firms Prevent the Revelation of Bad News (Dong LOU; London School of Economics and CEPR) In Search of Fundamentals (Zhi DA; University of Notre Dame) A Project-Level Analysis of Value Creation in Firms (Umit GURUN; University of Texas at Dallas) Policy Uncertainty and Corporate Investment (Huseyin GULEN; Purdue University) Session 2b: Financial Management of Institutions and Corporations Chair: Güler ARAS; Yıldız Technical University Can Institutional Investors Cherry-pick Hot IPOs? (Ufuk GÜÇBİLMEZ; University of Edinburgh Business School) Managerial Accommodation, Proxy Access, and the Cost of Shareholder Empowerment (Oğuzhan ÖZBAŞ; University of Southern California) Measuring Takeover Premiums in Cross-Border M&As: Insights From Turkey (Şerif ŞİMŞİR; Sabancı University) Short-term Wealth Effects of Mergers and Acquisitions: Evidence from Emerging Markets (Evren ARIK; Borsa İstanbul)
3 Session 2c: Financial Literacy and Payment Systems Chair: Orhan ERDEM; Borsa İstanbul Financial Illiteracy: Overconfidence and Consequences (Rasim MUTLU; Borsa İstanbul) Financial Literacy and Credit Card Arrears (Güzin Gülsün AKIN; Boğaziçi University) Anatomy of Formal and Informal Regulations for Credit Card Payment Services (Levent YILDIRAN; Boğaziçi University) Credit Card Satisfaction and Financial Literacy: Evidence from an Emerging Market Economy (Ahmet Faruk AYSAN; Central Bank of the Republic of Turkey) Coffee Break Session 3a: Two Continents: Conventional and Islamic Finance Chair: Murat MAZIBAŞ; Borsa İstanbul Can an Interest-Free Credit Facility Be More Efficient Than a Usurious Payday Loan? (M. Shahid EBRAHIM; Bangor University) Default and Prepayment Modeling in Participating Mortgages (Yusuf VARLI; Borsa İstanbul) Developing Sukuk Market for Sustainable Development (Zamir IQBAL; World Bank) Are Islamic Bonds Different from Conventional Bonds? International Evidence from Capital Market Tests (Kabir HASSAN; University of New Orleans) Causal Link Between Islamic and Conventional Banking: Evidence from Turkish Banking Sector (Serkan YÜKSEL; Borsa İstanbul) Session 3b: Market Structure Issues in Liquidity Chair: Dong LOU; London School of Economics and CEPR Wash Sales as a Stock Market Manipulation Tool (Bedri TAŞ; TOBB University) Determinants of Capital Structure: Evidence from a Dynamic Emerging Market Economy (Bülent KÖKSAL; İpek University) Rent versus Own Decision in the Cross Section of Expected Stock Returns (Figen Güneş DOĞAN; Bilkent University) Stock Market Reaction To Exchange Rate Regime Choices and Exchange Rates Stress: Evidence From Selected European Markets (Nasib NABULSI; Hanken School of Economics)
4 Session 3c: Financial Markets and Economic Growth Chair: Fuat ERDAL; İstanbul Technical University Day 2 Tuesday, 1 October 2013 Does Innovation Strategy Matter in Capital Structure Decisions? A Study in Indonesian Manufacturing Firms (Fitri SANTI; Gadjah Mada University) Does Too Much Finance Good or More Harm for Economic Growth? (Siong Hook LAW; University Putra Malaysia) How Local is the Local Risk (Sayad BARONYAN; Ozyegin University) Assembling International Equity Data Sets - Evidence from the Studies on the Cross-section of Returns (Antonina WASZCZUK; Europa Universität Viadrina) Session 4a: Behavioral Biases in Finance Chair: Serkan ÖZCAN; Odeabank Strategic Announcements by Star Analysts (Fernando ZAPATERO; University of Southern California) Trading Puzzle, Puzzling Trade (Orhan ERDEM; Borsa İstanbul) Over-correlated Markets and Consecutive Overreactions (Ahmet DURAN; İstanbul Technical University) Can You Teach Someone to be Financially Capable? A Meta-Analysis of the Literature (Margaret MILLER; World Bank) Session 4b: Empirical Methods in Financial Market Dynamics Chair: Ege YAZGAN; İstanbul Bilgi University The Effect of Investors' Confidence on Monetary Policy- Economic Growth Relationship: A Multivariate GARCH Approach (Chiara GUERELLO; University of Genoa) Benchmarking the Performance of Some Computational Intelligence Methods for the Prediction of Entering Insolvency in Case of Romanian Businesses during the Financial Crisis (Vasile GEORGESCU; University of Craiova) Mitigating Turkey's Trilemma Tradeoffs (Yasin AKÇELİK; Central Bank of the Republic of Turkey) The Linkage between Foreign Bank Penetration and Host Country Risks: The Case of Turkey (Derviş KIRIKKALELİ, University of Stirling)
5 Session 4c: Issues on Trading and Volatility Chair: Ali COŞKUN; Boğaziçi University Intraday Stealth Trading: The Evidence from the Warsaw Stock Exchange (Barbara BEDOWSKA-SOJKA; Poznan University of Economics) Agency and Transparency in Financial Markets (Sadettin ÇİTÇİ; Gebze Institute of Technology) Coffee Break Session 5a: Financial Stability and Growth Chair: Murat YÜLEK; İstanbul Commerce University Presenters: Fiscal Responsibility and US Government Reaction to Debt Accumulation: A Time Varying Approach (Merih UÇTUM; City University of New York Graduate Center) Financial Stability and Monetary Policy - The Case of Brazil (Benjamin M. TABAK; Central Bank of Brazil) Finance and Growth: For Whom? (Tatiana DIDIER; World Bank) Inflation Dynamics and Business Cycles (S. Hilmi KAL; Central Bank of The Republic of Turkey) Session 5b: Quantitative Approaches in Finance Chair: Cenk KARAHAN; Boğaziçi University Efficiency and Competitiveness in Turkish Banking (Canan YILDIRIM; Kadir Has University) Comovement and Polarization of Interest Rate and Stock Market in Turkey (Ahmet DURAN; Istanbul Technical University) The Intervention of Central Banks to Jumps in Exchange Rate Markets: The Case of Central Bank of the Republic of Turkey (Ramazan EKİNCİ; Dokuz Eylül University) Session 5c: Financial Markets and Institutions Chair: Talat ULUSSEVER; Borsa İstanbul What Explains the BIST Spread? Evidence from Conventional and Unconventional Policy Episodes in Turkey (Anil TALASLI; Central Bank of the Republic of Turkey) Financial Intermediaries, Credit Shocks and Business Cycles (Yasin MİMİR; CBRT Istanbul School of Central Banking) The Effects of Demographic Changes on the Long Term Housing Demand in Turkey (Birol KANIK; CBRT Istanbul School of Central Banking)
6 Lunch Plenary Talk: How Much Mathematics Do We Need in Finance? Mete SONER; ETH Zurich and Swiss Finance Institute Session 6a: Interactions of the MENA Stock Markets in a Global Economy: Bi-Directional Influences Chair: Fatma DOĞRUEL; Marmara University Impact of Global Shocks and Volatility on Herd Behavior in an Emerging Market: Evidence from Borsa Istanbul (Rıza DEMIRER; Southern Illinois University Edwardsville) Transparency and Financial Volatility: Some Theoretical Consideration with Application to the MENA Region (Hamid MOHTADI; University of Wisconsin-Milwaukee) Drivers of Foreign and Domestic Demand for Sovereign Bonds in Developed and Emerging Economies: Fundamentals vs. Market Sentiment (Tomasz ORPISZEWSKI; AXA Investment Managers) Session 6b: Asset Pricing Anomalies in Financial Markets Chair: Emrah ŞENER; Özyeğin University The Equity Premium in a DSGE Model with Limited Asset Market Participation (Lorenzo MENNA; University of Milan-Bicocca) Ambiguity, News and Asymmetric Correlations (Said Mehmet OZSOY; Ozyegin University) Only When the Tide Goes Out: Downside Returns and Hedge Fund Performance (Ashley WANG; Board of Governors of the Federal Reserve) Global Financial Factors Driving Daily Changes In Sovereign Credit Default Swaps (Alper BAKDUR; Bilkent University) Session 6c: Thinking Over the Hedging Strategies Chair: Muammer ÇAKIR; Borsa İstanbul Hedging Strategy for Electricity Market Price Volatility: The Case of Turkish Electricity Market (Sezer B. KAHYAOĞLU; Grant Thornton Turkey) Interaction between Single Stock Futures and the Underlying Securities: A Cross Country Analysis (Elif MUTLU; Borsa İstanbul) A Dynamic Kalman Filter Approach To Detect The Futures and Spot Markets Relation (Hasan ERTUĞRUL; Undersecretariat of Turkish Treasury) Price Behavior around Share Buyback in the Indian Equity Market (Chanchal CHATTERJEE; IMI-Kolkata)
7 Coffee Break Session 7a: A Closer Look to the Financial Crisis Chair: Ahmet DURAN; İstanbul Technical University Anticipating the Financial Crisis: Evidence from Insider Trading in Banks (Ozlem AKIN; Universitat Pompeu Fabra) Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis (Mahir BINICI; Central Bank of the Republic of Turkey) Financial Innovation and Fragility (Fabian KUEHNHAUSEN; Ludwig Maximilian University of Munich) The Impact of Sovereign Credit Downgrades and CDS on Holdings of Government Debt in Developed and Emerging Economies (Tomasz ORPISZEWSKI; AXA Investment Managers) Session 7b: Effects of Monetary Policy on Financial Markets Chair: Ali M. KUTAN; Southern Illinois University at Edwardsville Effects of Additional Monetary Tightening on Exchange Rates (Arif ODUNCU; Central Bank of the Republic of Turkey) Monetary Policy Misperception and the Risk-taking Channel (Michael ZABEL; University of Munich)
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