bangkok world finance & banking symposium · 3 bangkok 17 world finance & banking symposium welcome...

DECEMBER 14 — 15, 2017

BANGKOK

WORLD FINANCE & BANKING SYMPOSIUM

Livro WFBS Bangkok v17.indd 1 29/11/17 17:30

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WORLD FINANCE & BANKING SYMPOSIUMBANGKOK '17

Welcome to Thailand and the National Institute of Development Administration, or NIDA. NIDA is “a leading national institution which fosters leaders and knowledge for universal change.” It was established in B.E. 2509 (1966) and has been operating for more than 50 years for education of master’s degree and doctorate levels.

From its establishment, the Institute has created quality executives in various fields to serve society, pursuant to the royal wish of His Majesty the King. The National Institute of Development Administration has set its goal towards being a World Class University with the main pillar in development of administrative science and production of the country’s leading executives

The personnel of the institute comprises of the country’s foremost staff of faculty and personnel. The institute is considered an educational institution having the highest proportions of doctorate-level instructors and academic-position holding instructors in Thailand.

The information technology system and smart designed libraries as well as modern buildings and beautiful and eco-friendly environment, along with its lasting history, makes the National Institute of Development Administration one of the institutions that possess the broadest and strongest alumni network in the country.

One aspect that makes us proud is our role in social responsibility through instilling in our students, personnel and staff of teachers the characteristics of virtue, ethics, commitment to righteousness and fairness for public interest, rather than solely for self interest; as well as the fact that the institute has always contributed to proposing solutions and fostering innovation for society.

We hope that you will find the conference engaging and that it provides you with many networking opportunities and with many insights. I also hope that you will find some time to enjoy the many attractions of Thailand.

And so, it is with great pleasure that I welcome you to attend the World Finance and Banking Symposium 2018, in Bangkok, Thailand and we also look forward to meeting you at the conference.

Prof. Pradit Wanarat, Ph.D. PRESIDENT National Institute of Development Administration (NIDA)


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Prof. Viput Ongsakul Ph.D DEAN NIDA Business School

Welcome to NIDA Business School and I welcome everyone to participate in the World Finance and Banking Symposium 2018 in Bangkok, Thailand.

NIDA Business School is delighted to have been selected by WFC as this year’s host and we thank the Conference Chair, Joao Paulo Vieito for this opportunity to host the high quality of eminent researchers from across the globe.

NIDA Business School was established in 1966 as the first graduate school of business in Thailand and pioneered Thailand's first MBA and Ph.D programs and also laid down standards and foundation for business education. We introduced case based teaching and real world term projects for our classes.

And for the first time in Thailand, the School combined the two most internationally respected designations in the financial community to develop a Master of Science program with emphasis in financial analysis and risk management to prepare the student for the CFA© and FRM© exams.

The NIDA MSc in Financial Investment and Risk Management Program (FIRM) was selected by CFA Institute as the first CFA Program Partner in Thailand.

So, with a strong commitment to providing knowledge of global financial standards and practice to society it is an honor to host the WFC Banking Symposium here at NIDA.

The School has developed over the years to enlarge its purpose to include the region, in light of AEC and globalization. It was AACSB accredited in 2013 and now has a core faculty comprised of greater than 95% having Doctorate degrees; with all faculty members having obtained their degrees from AACSB accredited schools. The School also has an active and productive alumni network with more than 6000 alumni who are actively involved with the school in lecturing, speaking and inspiring the younger MBA students.

All basic elements of our school: newly renovated and upgraded smart classrooms and learning facilities (in 2017), alumni, students, academic and business networks, curriculum, accreditation make us proud to be one of the leading business schools in Thailand.

As hosts, we want you to take full advantage of your visit, and we hope to have arranged everything so that your stay is both productive and entertaining. We hope that you find the conference effective and that you take away a multitude of valuable insights as well as find some time to enjoy the many attractions of Thailand.

Welcome to Thailand! And see you at the symposium.


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WELCOME ADDRESS

João Paulo Vieito, MBA, MSF, Ph.D. CHAIRMAN World Finance & Banking Symposium

Welcome to the World Finance & Banking in Bangkok, Thailand. I would like to thank Professor Tim Jenkinson, Said Business School, Oxford University, and Professor Allaudeen Hameed from National University of Singapore Business School.

I would also like to express my most sincere appreciation to the program co-chair, Narumon Saardchom, Director Ph.D in Business Administration, NIDA Business School, Mr. Wayne Shibata and all the staff from the university.

Special thanks to the National Institute of Development Adminis-tration (NIDA), the host institution of this wonderful event.

I wish every participant a productive conference and an enjoyable stay in Bangkok.


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SCIENTIFIC COMMITEE(Alphabetical Order)

Almir Ferreira de Sousa São Paulo University, Brazil Andrey Karolyi Cornell University, United States Anjan Thakor Washingthon University, United States Bhagwan Chowdhry Indian School of Business and Universi-ty of California at Los Angeles (UCLA), United States Carlos P. Maquieira Universidad Autonoma de Chile Carlos Pombo Universidad de los Andes, Colombia Christian Wolff University of Luxembourg, Luxemburg Christopher Polk London School of Economics, United Kingdom Cynthia J. Campbell Iowa State University, United States David Ding Massey University, New Zealand Dilip K. Ghosh American University of Cairo, Egypt Douglas T. Breeden Duke University, United States Eduardo S. Schwartz University of California at Los Angeles (UCLA), Unites States Fariborz Moshirian University of New South Wales, Australia Finn Østrup Copenhagen Business School, Denmark Franklin Allen The Wharton School, University of Pennsylvania, United StatesGhon Rhee University of Hawaii, United States

Giorgio Valente City University of Hong Kong, Hong Kong Gonzalo Cortazar Pontificia Universidad Católica de Chile, Chile Guido Mantovani Ca´ Foscari University, Italy Harjoat Bhamra Emperial College of London, United Kingdom Henrik Cronqvist University of Miami, United States Hideaki Kato Nagoya University, Japan Huining Henry Cao Cheung Kong Graduate School of Busi-ness, China Ian Cooper London Business School, United Kingdom Ike Mathur Southern Illinois University, United States James R. Lothian Fordham University, United States Jay Ritter University of Florida, United States Jonathan Karpoff University of Washington, United States Joseph P. H. Fan Chinese University of Hong Kong, Hong Kong Julian Franks London Business School, United Kingdom Jun - Koo Kang Nanyang Business School, Singapore Lars Oxelheim Lund University, Sweden and University of Agder, Norway Lloyd P. Blenman University of North Carolina-Charlotte, United States

CHAIRMAN: João Paulo Vieito Polytechnic Institute of Viana do Castelo, Portugal


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SCIENTIFIC COMMITEE

Lorenzo Preve IAE Business School, Universidad Austral in Buenos Aires, Argentina Marcin Kacperczyk Imperial College of London, United Kingdom Michela Verardo London School of Economics, United Kingdom Michael Brennan University of California at Los Angeles (UCLA), United States Mohamed Ariff Bond University, Australia Mungo Wilson Saïd Business School – Oxford University, United Kingdom Nicholas Apergis University of Piraeus, Greece Nils H. HakanssonHaas School of Business, University of California, Berkeley, United StatesPablo Fernandez IESE Business School, Spain Paul B. McGuinness Chinese University of Hong Kong, Hong Kong Raman Uppal EDHEC Business School, United Kingdom Ramo Gencay Simon Fraser University, Canada René Garcia EDHEC Business School, France

René Stulz Ohio State University, United States Richard Brealey London Business School, United Kingdom Robert Faff Queensland Business School, Australia Ronald Masulis Australian School of Business, Autralia Sankar De Indian School Business, India Tan WangShanghai Advanced Institute of Finance, ChinaTarun Ramadorai Saïd Business School – Oxford University, United Kingdom Tim Jenkinson Imperial College of Condon – United Kingdom Tom Smith University of Queensland Business School, Australia Usha Mittoo University of Manitoba, Canada Wayne Ferson University of Southern California, United States Yong H. Kim University of Cincinnati, United States


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REVIEWERS(Alphabetical Order)

• A. Seddik Meziani - Montclair State University• Aaron Gilbert - Auckland University of Technology• Abdullah Iqbal - University of Kent• Abul Shamsuddin - University of Newcastle• Adam Kolasinski - Texas A&M University• Adrian Lee - University of Technology Sydney• Alexander Wagner - University of Zurich• Alireza Tourani-Rad - Auckland University of Technology• Ana-Maria Fuertes - Cass Business School• Andrea Buraschi - Imperial College London• Andreea Mitrache - Toulouse Business School• Andrei Semenov - York University• Angie Andrikogiannopoulou - University of Geneva & Swiss Finance Institute• Angie Low - Nanyang Technological University• Ania Zalewska - University of Bath• Anzhela Knyazeva - U.S. Securities and Exchange Commission• Arie Gozluklu - Warwick Business School• Arif Khurshed - University of Manchester• Ashwini Agrawal - London School of Economics• Asli Demirguc-Kunt - World Bank• Athanasios Pantelous - University of Liverpool• Attila Balogh - University of Sydney Business School• Avi Wohl - Tel Aviv University• Bahattin Buyuksahin - Bank of Canada• Barbara Rindi - Bocconi University and IGIER• Beatriz Mariano - Cass Business School• berardino palazzo - Boston University• Bernard Cornet - University of Kansas and Paris School of Economics• Boda Kang - University of York• Bogdan Stacescu - BI Norwegian Business School• Bong-Chan Kho - Seoul National University• Brahim Saadouni - The University of Manchester• Bruno Gerard - BI Norwegian Business School• Carlo Maria Gallimberti - Boston College• Catherine Bruneau-Chassefière - University Paris Pantheon-Sorbonne• Chandrasekhar Krishnamurti - University of Southern Queensland• Changhua Yu - Peking University• Changmin Lee - Hanyang University Business School• Charlotte Ostergaard - BI Norwegian Business School• Ching-Chang Wang - Southern Taiwan University of Science and Technology• Christian Wolff - University of Luxembourg• Christian Ewald - University of Glasgow• Christian Schlag - Goethe University Frankfurt• Christian R. Flor - University of Southern Denmark• Christophe Volonté - University of Basel• Chun Yu Mak - University of Birmingham• Chunbo Liu - Norwegian School of Economics• Chyanda Querido - Bank of America• Claudia Girardone - University of Essex• Claudio Morana - University of Milan-Bicocca• Claudio Tebaldi - Univ. L. Bocconi• Constantin Mellios - University Paris 1 Pantheon-Sorbonne• Craig Brown - National University of Singapore


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REVIEWERS

• Daniele Bianchi - Warwick Business School• Danika Wright - The University of Sydney• Danling Jiang - Florida State University• Darwin Choi - Hong Kong University of Science and Technology• David Burnie - Western Michigan University• David Ding - Singapore Management University• David Feldman - University New South Wales• Davide Salvatore Mare - University of Edinburgh Business School• Denis Gorea - Bank of Canada• Dimitrios Tsomocos - University of Oxford• Dirk Hackbarth - Boston University Questrom School of Business• Donald Keim - Wharton School, University of Pennsylvania• Dong Lou - London School of Economics• Dongcheol KIM - Korea University Business School• Elena Goldman - Pace University• Eleni Dendrinou-Louri - Athens University of Economics and Business• Elvira Sojli - University New South Wales (UNSW)• Elzbieta Malinowska-Misiag - Warsaw School of Economics• Enrichetta Ravina - Columbia Business School• Evgeny Lyandres - Boston University• Evren ÖRS - HEC Paris• Ewa Kosycarz - SGH Warsaw School of Economics• Fabio Moneta - Queen's University• Federica Teppa - De Nederlandsche Bank• Felix Kubler - University of Zurich/ Swiss Finance Institute• Francesca Zucchi - Federal Reserve Board• Frederiek Schoubben - KU Leuven • Fulvio Pegoraro - Banque de France• Gennaro Bernile - Singapore Management University• George Skiadopoulos - University of Piraeus and Queen Mary University of London• Gi Kim - University of Warwick• Gil Cohen - Carmel Academic Center• Gino Cenedese - Bank of England• Greg Nini - Drexel University• Gregory Bauer - Bank of Canada• Guillaume Andrieu - Montpellier Business School• Guldem Gokcek - New York University and University of Liverpool• Guneratne Wickremasinghe - Victoria University• Gunnar Grass - HEC Montreal• Gunter Dufey - University of Michigan & NTU/NBS Singapore• Gurdip Bakshi - University of Maryland• Gustavo Schwenkler - Boston University• Hamza Bahaji - University of Paris Dauphine• Hanane Dakhli - University of Paris 1 Pantheon Sorbonne / Champagne School of Management• Harjeet Bhabra - Concordia University• Helen Wong - The Hong Kong Polytechnic University• Helen Wong - The Hong Kong Polytechnic University• Hitesh Doshi - University of Houston• Holly Yang - Singapore Management University• Hong Zhang - PBC School of Finance• HongjunYan - Rutgers Business School• Hua Shang - Southwestern University of Finance and Economics• Ines Chaieb - University of Geneva


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• Irina Zviadadze - Stockholm School of Economics• Ivan Shaliastovich - University of Wisonsin - Madison• Jack Strauss - University of Denver• James Yae - University of Houston• Jan Bena - University of British Columbia• Jan Bartholdy - Aarhus University• Jang Schiltz - University of Luxembourg• Jannine Poletti-Hughes - University of Liverpool• Javier Villar Burke - European Commission• Jayant Kale - Northeastern University• Jerome Detemple - Boston University• Ji Wu - Southwestern University of Finance and Economics• Jian Zhang - National u of Singapore• Jian WU - Neoma Business School• Jinfei Sheng - University of British Columbia• Jocelyn Martel - ESSEC Business School• João Paulo Vieito - Polytehnic Institute of Viana do Castelo• Joel Barber - Florida International University• Johan Knif - Hanken School of Economics• John Wingender- Creighton University• John Nofsinger - University of Alaska Anchorage• Jose Liberti - Northwestern University• Jun Chen - Auckland Univesity of Technology• Junye Li - ESSEC Business school• Justin Birru - The Ohio State University• Karl Schmedders - University of Zurich• Katrin Gottschalk - Auckland University of Technology• Kazuo Yamada - Nagasaki University• Ki Young Park - Yonsei University• Konstantin Kosenko - Bank of Israel• Konstantinos Stathopoulos - Manchester Business School• Laurence Booth - University of Toronto• Laurence Lescourret - ESSEC Business School• Lawrence Kryzanowski - Concordia University• Lawrence White - Stern School of Business, New York University• Lei Mao - University of Warwick• Lei Jiang - Tsinghua University• Lihui Tian - Nankai University• Linda Sandris Larsen - University of Southern Denmark• Lora Dimitrova - University of Exeter• Lorenzo Preve - IAE Business School• Lorne Switzer - Concordia University• Lu Liu - Lund University• Mao-Wei Hung - National Taiwan University• Mario di Filippo - Banque de France• Massimo Guidolin - Bocconi University• Matt Darst - Federal Reserve Board of Governors (USA)• Matthijs Lof - Aalto University School of Business• Meziane Lasfer - Cass Business School• Michael Gallmeyer - University of Virginia• Michal Dzielinski - Stockholm University• Mieszko Mazur - IESEG School of Management• Mikko Makinen - Bank of Finland

REVIEWERS


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• Mira Farka - California State University, Fullerton• Miroslav Mateev - American University in the Emirates• Mo Chaudhury - McGill University• N. K. Chidambaran - Fordham University• Naaguesh Appadu - Cass Business School• Nanjun Zhu - Peking University• Nick Baltas - UBS Investment Bank and Imperial College Business School, Queen Mary

University of London• Ning Zhu - Shanghai Advanced Institute of Finance and University of California - Davis• Nisan Langberg - University of Houston and Tel Aviv University • Noriyoshi Yanase - Tokyo Keizai University• Offer Shapir - New York University, Shanghai • Oguzhan Karakas - Boston College• Olivia Lifeng Gu - University of Hong Kong• Onur Arugaslan - Western Michigan University• Pablo Fernandez - IESE Business School• Padma Kadiyala - Pace University• Paolo Colla - Bocconi University• Paolo Emilio Mistrulli - Banca d'Italia• Pasquale Della Corte - Imperial College• Patrick Grüning - Bank of Lithuania• Paul Moon Sub Choi - Ewha School of Business• Paulo Maio - Hanken School of Economics• Pawel Smaga - Warsaw School of Economics• Per Östberg - University of Zurich• Philip Gharghori - Monash University• Philipp Illeditsh - The Wharton School, University of Pennsylvania• Pierlauro Lopez - Banque de France• Pierre Chaigneau - HEC Montreal• Piet Sercu - KU Leuven• Ping He - Tsinghua University• Ping-Sheng Koh - Hong Kong University of Science and Technology• Prabhakar Reddy Patil - Securities and Exchange Board of India• Raffaele Stagliano - Montpellier Business School• Raffaele Corvino - Cass Business School• Rainer Jankowitsch - Vienna University of Economics and Business• Ramona Jimborean - Banque de France• Ran Duchin - University of Washington• Raoul Minetti - Michigan State University• Ravi Jain - National University of Singapore• Raymond Kin Ho Wong - The Chinese University of Hong Kong• Ric Colacito - University of North Carolina• Ronald Bird - University of Technology Sydney• Sam Han - Korea University Business School• Sasson Bar-Yosef - Hebrew University of Jerusalem• Sean Cleary - Queen's University• Seongkyu Park - Hong Kong Polytechnic University• Sergio Masciantonio - European Commission• Serhiy Stepanchuk - École Polytechnique Federale de Lausanne• Shai Bernstein - Stanford University• Shams Pathan - The University of Queensland• Simon Stevenson - University of Reading• Simon Gervais - Duke University

REVIEWERS


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• Soyoung Kim - Seoul National University• Stavros Zenios - University of Cyprus and The Wharton Financial Institutions Center• Stefano Rossi - Purdue University• Stefano Caselli - University of Bocconi• Stephane Dubreuille - Neoma Business School• Suhail Rizwan - National University of Science and Technology (NUST)• Suk-Joong Kim - The University of Sydney• Sumit Agarwal - National University of Singapore• Sun Young Park - Korea Insurance Research Institute• Taeyoon Sung - Yonsei University• Takero Doi - Keio University• Tao Jin - Tsinghua University• Tarun Chordia - Emory University• Teodora Paligorova - Bank of Canada• Theodosios Dimopoulos - HEC Lausanne / UNIL• Thi Hong Van Hoang - Montpellier Business School• Thomas Bates - Arizona State University• Thomas Gehrig - University of Vienna• Todd Kaplan - University of Haifa and University of Exeter • Tom Aabo - Aarhus University• Tom Berglund - Hanken School of Economics• Tony Berrada - University of Geneva• Travis Selmier - Indiana University• Ufuk Gucbilmez - University of Bath• Vaneesha Dutra - University of Denver• Vasilios Sogiakas - University of Glasgow• Viet Anh Dang - University of Manchester• Virginia Sarria Allende - IAE Business School - Universidad Austral• Vito Gala - The Wharton School, University of Pennsylvania• Wai Mun Fong - National University of Singapore• Weina Zhang - National University of Singapore• Wilko Bolt - De Nederlandsche Bank• William Mann - UCLA Anderson School of Management• Wissam Abdallah - Cardiff Business School• Wolfgang Drobetz - Hamburg University• Xiao Qiao - University of Chicago Booth School of Business• Xiao Xiao - Erasmus University Rotterdam• Xiaoran Ni - Tsinghua University• Yelena Larkin - York University• Yen-Ju Hsu - National Taiwan University• Yoko Shirasu - Aoyama Gakuin University• Yue Liu - University of Edinburgh• Yufeng Han - University of Colorado Denver• Yunsen Chen - Central University of Finance and Economics• Yupana Wiwattanakantang - National University of Singapore• Zafar Iqbal - Australian Institute of Business• Zhaowen Qian - Erasmus University• Zhe Shen - Xiamen University• Zili Zhuang - The Chinese University of Hong Kong• Zsuzsa Reka Huszar - National University of Singapore

REVIEWERS


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Tim Jenkinson is Professor of Finance at the Said Business School, Oxford University. One of the leading authorities on private equity, IPOs, and institutional asset management, Tim is renowned for his ability to collect critical, previously inaccessible, data by building strong links with institutional investors, banks and other players in the financial industry. His research is widely quoted and has been published in the top academic journals. He is Director of the Oxford Private Equity Institute, and is one of the founders of the Private Equity Research Consortium. Tim is a renowned teacher and presenter, and teaches executive courses on private equity, entrepreneurial finance, and valuation. He is a frequent keynote speaker at practitioner conferences and his research has recently been awarded the 2015 Commonfund Prize (for the paper with the most relevance to institutional investors) and a 2014 Brattle Group Prize (awarded by the American Finance Association for the best research on corporate finance).

Outside of academe he is a partner at the leading economics consultancy Oxera. He specializes on valuation, regulation, and corporate finance, and has been an expert witness in several high-profile cases. He is also on the board of DFC Global Corporation and has previously held board positions in several funds and companies.

He studied economics as an undergraduate at Cambridge University, before going as a Thouron Fellow to the University of Pennsylvania. He then returned to the UK and obtained a DPhil in Economics from Oxford.

Tim's personal website is at www.sbs.oxford.edu/timjenkinson Oxera's corporate website is at www.oxera.com

KEYNOTE SPEAKERDECEMBER 14, 13:30 — 14:30

TIM JENKINSON Said Business School Oxford University (United Kingdom)

LOCATION: AUDITORIUM


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Professor Hameed`s research interests include return-based trading strategies, stock return co-movement, liquidity, role of financial analysts and international financial markets. His research work has been published in leading finance journals such as The Journal of Finance, Journal of Financial Economics, The Journal of Financial and Quantitative Analysis and Review of Financial Studies. He is an Editor at the International Review of Finance and serves on editorial boards of the Financial Management, and Pacific-Basin Finance Journal.

Professor Hameed has won numerous awards including the Outstanding Researcher Award at NUS (2015), the University of North Carolina Kenan-Flagler Alumni Merit Award (2011), and Best Paper Awards at the FMA European Conference (2016), Swiss Society for Financial Market Research Conference (2014) and the China International Finance Conference (2008). He has delivered keynote addresses at international finance conferences.

Professor Hameed has also held visiting professor appointments at Chinese University of Hong Kong, University of Texas at Austin and University of North Carolina at Chapel Hill.

KEYNOTE SPEAKER DECEMBER 15, 13:00 — 13:50

ALLAUDEEN HAMEEDNational University of Singapore Business School (Singapore)

LOCATION: AUDITORIUM


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ACTIVITY Day TIME ROOM

Full Day Tour To Ayutthaya & Cruise (Only With Registration) Meeting Point Hotel Arnoma

13/12/2017 06:30/17:00

BUS to NIDA Business School leave the Anorma Hotel at 7:30 A.M. 14/12/2017 07:30/08:15

REGISTRATION 14/12/2017 08:00/08:45

OPENING SESSION 14/12/2017 09:00/10:00

Photo with all the participants 14/12/2017 10:00/10:30

COFFEE BREAK 14/12/2017 10:30/11:00

1 Corporate Social Responsability 14/12/2017 11:00/12:30 1Dom Pensiero University of Southern Queensland

2 Behavioral Corporate Finance 14/12/2017 11:00/13:00 2 Hardjo Koerniadi-Auckland University of Technology

3 Financial and depository Institutions Regulation 14/12/2017 11:00/12:30 3Sotirios Kokas University of Essex

4 Market Efficiency and Anomalies 14/12/2017 11:00/13:00 4 Evangelos Vagenas Nanos University of Glasgow

5 Risk Management 14/12/2017 11:00/12:30 5 Claudio Morana Universiy of Milano-Bicocca

6 Banking and Financial Institutions 14/12/2017 11:00/12:30 6 Kiridaran Kanagaretnam York University

7 Investments 14/12/2017 11:00/12:30 7 Nikolaos Karouzakis University of Sussex

8 Asset pricing 14/12/2017 11:00/13:00 8 Ekaterina Emm Seattle University

LUNCH 14/12/2017 12:30/13:30

TIMETABLE December 14 — 15, 2017

Plenary/Keynote Sessions: Siam Boromrajakumari Building Individual Sessions: Boonchana Attakhor, 9th Floor See page 51

MOST IMPORTANT MOMENTS

Full Day Tour to Ayutthaya & Cruise (Only with registration) Meeting Point Hotel Arnoma 13/12/2017 06:30/17:00

Only With Registration

OPENING SESSION 14/12/2017 09:00/10:00 Auditorium

PHOTO WITH ALL THE PARTICIPANTS 14/12/2017 10:00/10:30 Auditorium

KEYNOTE SPEAKER - Prof. Tim Jenkinson - Said Business School Oxford University 14/12/2017 13:30/14:30 Auditorium

GALA DINNER

14/12/2017 18:00/22:00 Only With Registration

KEYNOTE SPEAKER - Prof Allaudeen Hameed University of Singapore (NUS) Business School 15/12/2017 13:00/13:50 Auditorium

BEST PAPER AWARD 15/12/2017 13:50/14:00 Auditorium

Pradit Wanarat – President, NIDA Viput Ongsakul – Dean, NIDA Business School Narumon Saardchom – Co-Chair and Director of Ph.D. in Business Administration João Paulo Vieito – Chair, World Finance & Banking Symposium

4:00 P.M. — Two bus will be stand by at NIDA Serithai Road 4:30 P.M. — Leave from NIDA 6:00 - 6:30 P.M. — Arrival at Siam Niramit (depending of the trafiic) 6:30- 7:40 P.M. — Dinner

SESSION EVENT DATE TIME ROOM CHAIR


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KEYNOTE SPEAKER Prof. Tim Jenkinson - Said Business School - Oxford University

14/12/2017 13:30/14:30 Auditorium

9 Corporate Governance and Performances 14/12/2017 14:30/16:00 1Harjeet Bhabra Concordia University

10 Asset Pricing and Liquidity 14/12/2017 14:30/16:15 2 Paulina Roszkowska - Hult International Business School

11 Financial Crises 14/12/2017 14:30/16:00 3 Giuseppe Cappelletti European Central Bank

12 Banking and Financial Institutions 14/12/2017 14:30/16:00 4 Tom Berglund Hanken School of Economics

13 Credit Risk (Ph.D) 14/12/2017 14:30/16:00 5 Andreas Thomann University of Zurich

14 IPO 14/12/2017 14:30/16:00 6 Jerome Detemple Boston University

15 Monetary Economic Policy 14/12/2017 14:30/16:15 7 Marc Nueckles University of Duisburg-Essen

GALA DINNER 14/12/2017 18:00/22:00 Siam Niramit Theatre

BUS to NIDA Business School leave the Anorma Hotel at 7:30 A.M. 15/12/2017 07:30/08:15

19 Tiamruammit Road, Khwaeng Huai Khwang, Khet Huai Khwang, Krung Thep Maha Nakhon 10310

16 Behavior Finance 15/12/2017 08:30/10:00 1 Georgios Panos University of Glasgow

17 Managerial Compensation 15/12/2017 08:30/10:00 2 Don Chance Louisiana State University

18 Corporate Finance 15/12/2017 08:30/10:30 3 Soumen De Menlo College

19 International Corporate Finance 15/12/2017 08:30/10:00 4 Takashi Yaekur Waseda University

20 Banking and Financial Institutions 15/12/2017 08:30/10:00 5Zulkarnain Muhamad Sori International Centre for Education in Islamic Finance

21 Investments 15/12/2017 08:30/10:00 6Chanaka Edirisinghe Rensselaer Polytechnic Institute

COFFEE BREAK 15/12/2017 10:00/10:30

22 Bankruptcy and Financial Distress 15/12/2017 10:30/12:00 1 John Tsoukalas University of Glasgow

23 Corporate Governance 15/12/2017 10:30/12:00 2Alexander Muravyev Higher School of Economics

24 Asset Pricing 15/12/2017 10:30/12:00 3 Haim Shalit Ben Gurion University

25 Mergers 15/12/2017 10:30/12:00 4Paolo Di Giannatale Nottingham University Business School in China



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26 Behavior Finance 15/12/2017 10:30/12:00 5MIchael Frenkel - WHU - Otto Beisheim School of Management

27 Exchange Rates 15/12/2017 10:30/12:00 6 Robert Czudaj - Chemnitz University of Technology

28 Board and Corporate Governance in Emerging Economies 15/12/2017 10:30/12:00 7Pornsit Jiraporn Penn State University

LUNCH 15/12/2017 12:00/13:00

KEYNOTE SPEAKER Prof Allaudeen Hameed - University of Singapore (NUS) Business School

15/12/2017 13:00/13:50 Auditorium

BEST PAPER AWARD 15/12/2017 13:50/14:00 Auditorium

29 PHD TOTURIAL 15/12/2017 14:00/17:30 1

30 Banking and Financial institutions 15/12/2017 14:00/15:30 2Wolf Wagner Rotterdam School of Management

31 Investments 15/12/2017 14:00/15:30 3 James Foye University of Ljubljana

32 Corporate Finance (Ph.D) 15/12/2017 14:00/15:30 4Mohammed Jamal Uddin University of Milano-Bicocca

33 Working and Capital Budgeting 15/12/2017 14:00/15:30 5Ravichandran Krishnamurthy New York Institute of Technology

34 Asset Pricing (Ph.D) 15/12/2017 14:00/15:30 6 Jayoung Ko Sungkyunkwan University

35 International Finance 15/12/2017 14:00/15:30 7Marta Felis Autonomous University of Madrid

36 Small Business Finance 15/12/2017 14:00/15:30 8 Kent Matthews Cardiff Business School

COFFEE BREAK 15/12/2017 15:30/16:00

37 Corporate Governance 15/12/2017 16:00/17:30 1 Kotaro Inoue Tokyo Institute of Technology

38 Banking and Financial Regulation 15/12/2017 16:00/17:30 2Gunther Capelle-Blancard University Paris 1 Pantheon-Sorbonne

39 International Finance (Ph.D) 15/12/2017 16:00/17:30 3Marcela Guachamin ean Monnet University (France) and National Poly-technic School (Ecuador)

40 Banking and Financial Institution 15/12/2017 16:00/17:30 4Yong Kyu Gam Southwestern University of Finance and Economics

41 Investments 15/12/2017 16:00/17:30 5 Tristan-Pierre Maury EDHEC Business School

42 Market Efficiency and Asset pricing 15/12/2017 16:00/17:30 6Juergen Seufert University of Nottingham Ningbo



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FULL DAY TOUR TO AYUTTHAYA & CRUISE (Only with registration) Meeting Point Hotel Arnoma Date: 2017-12-13 • Time: 06:30 - 17:00

______________________________________________________________________________________________ BUS TO NIDA BUSINESS SCHOOL LEAVE THE ANORMA HOTEL Date: 2017-12-14 • Time: 07:30 - 08:15 ______________________________________________________________________________________________ REGISTRATION NIDA Business School • Date: 2017-12-14 • Time: 08:00 - 08:45

DETAILED PROGRAM


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OPENING SESSION Room: Auditorium • Date: 2017-12-14 • Time: 09:00 -10:00 Pradit Wanarat – President, NIDA Viput Ongsakul – Dean, NIDA Business School Narumon Saardchom – Co-Chair and Director of Ph.D. in Business Administration João Paulo Vieito – Chair, World Finance & Banking Symposium ______________________________________________________________________________________________ PHOTO WITH ALL THE PARTICIPANTS Room: Auditorium • Date: 2017-12-14 • Time: 10:00 - 10:30 ______________________________________________________________________________________________ COFFEE BREAK Date: 2017-12-14 • Time: 10:30 - 11:00 ______________________________________________________________________________________________ SESSION: 1 • CORPORATE SOCIAL RESPONSABILITY Room: 1 • Date: 2017-12-14 • Time: 11:00 - 12:30 Chair: Domenico Pensiero - University of Southern Queensland (Australia) Paper: The Role of Target Firms Corporate Social Engagement on Takeover Deals: Australia Evidence Authors: Chandrasekhar Krishnamurti - University of Southern Queensland (Australia) Syed Shams - University of Southern Queensland (Australia) Domenico Pensiero - University of Southern Queensland (Australia) Presenter: Domenico Pensiero - University of Southern Queensland (Australia) Discussant: Xiaojing Song - University of East Anglia (United Kingdom) Paper: Corporate Social Responsibility, Managerial Compensation Incentives, and Financial Risk Authors: Min Maung - University of Saskatchewan (Canada) Craig Wilson - University of Saskatchewan (Canada) Feiyi Yang - University of Saskatchewan (Canada) Presenter: Min Maung - University of Saskatchewan (Canada) Discussant: Doma Satish - India Business School Hyderabad (India) Paper: Stock Market Reaction to Green Bond Issuance Authors: Vishaal Baulkaran - University of Lethbridge (Canada) Presenter: Vishaal Baulkaran - University of Lethbridge (Canada) Discussant: Mehul Raithatha - Indian Institute of Management Indore (India)


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SESSION: 2 • BEHAVIORAL CORPORATE FINANCE Room: 2 • Date: 2017-12-14 • Time: 11:00 - 13:00 Chair: Hardjo Koerniadi - Auckland University of Technology (New Zealand) Paper: Does Air Pollution Affect Local Stock Returns in China? Authors: Mengmeng Guo - Southwestern University of Finance and Economics (China) Tao Yang - Southwestern University of Finance and Economics (China) Xiaoya Ding - University of San Francisco (United States) Ligang Zhong - University of Windsor (Canada) Presenter: Mengmeng Guo - Southwestern University of Finance and Economics (China) Discussant: Blazej Podgorski - Kozminski University (Poland) Paper: Empire Building and Corporate Social Responsibility Authors: Syed Shams - University of Southern Queensland (Australia) Chandrasekhar Krishnamurti - University of Southern Queensland (Australia) Hasibul Chowdhury - University of Queensland (Australia) Presenter: Syed Shams - University of Southern Queensland (Australia) Discussant: Kotaro Inoue - Tokyo Institute of Technology (Japan) Paper: What Drives the Declining Wealth Effect of Subsequent Share Repurchase Announcements? Authors: David Ding - Singapore Management University (Singapore) Hardjo Koerniadi - Auckland University of Technology (New Zealand) Chandrasekhar Krishnamurti - University of Southern Queensland (Australia) Presenter: Hardjo Koerniadi - Auckland University of Technology (New Zealand) Discussant: Kam Hong Kwok - Hang Seng Management College (Hong Kong) Paper: Effect Momentum Evidence from Advance Emerging Market Authors: Blazej Podgorski - Kozminski University (Poland) Presenter: Blazej Podgorski - Kozminski University (Poland) Discussant: Syed Shams - University of Southern Queensland (Australia) ______________________________________________________________________________________________ SESSION: 3 • FINANCIAL AND DEPOSITORY INSTITUTIONS REGULATION Room: 3 • Date: 2017-12-14 • Time: 11:00 - 12:30 Chair: Sotirios Kokas - University of Essex (United Kingdom) Paper: Credit Market Spillovers: Evidence from a Syndicated Loan Market Network Authors: Abhimanyu Guptay - University of Essex (United Kingdom) Sotirios Kokas - University of Essex (United Kingdom) Alexander Michaelides - Imperial College London (United Kingdom) Presenter: Sotirios Kokas - University of Essex (United Kingdom) Discussant: Yota Deli - University of Glasgow (United Kingdom) Paper: Mortgage Lending, Banking Crises and Financial Stability in Asia Authors: Peter Morgan - Asian Development Bank Institute (Japan) Yan Zhang - Asian Development Bank Institute (Japan) Presenter: Peter Morgan - Asian Development Bank Institute (Japan) Discussant: Willem Thorbecke - RIETI/Harvard University (Japan) Paper: The Effects of Bank Regulation Stringency? Evidence from Seasoned Equity Offerings Announcements Authors: Hui Li - Loughborough University (United Kingdom) Hong (Frank) Liu - University of Glasgow (United Kingdom) Chris Veld - Monash University (Australia) Presenter: Hong (Frank) Liu - University of Glasgow (United Kingdom) Discussant: Hassan Naqvi - SKK GSB (South Korea)


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SESSION: 4 • MARKET EFFICIENCY AND ANOMALIES Room: 4 • Date: 2017-12-14 • Time: 11:00 - 13:00 Chair: Evangelos Vagenas-Nanos - University of Glasgow (United Kingdom) Paper: Country Governance and International Equity Returns Authors: Ben Marshall - Massey University (New Zealand) Hung Nguyen - Monash University (Australia) Nhut Nguyen - Massey University (New Zealand) Nuttawat Visaltanachoti - Massey University (New Zealand) Presenter: Nuttawat Visaltanachoti - Massey University (New Zealand) Discussant: Marta Felis - Autonomous University of Madrid (Spain) Paper: Which Firms Benefit from Market Making? Authors: Y Peter Chung - University of California, Riverside (United States) Thomas Kim - University of California, Riverside (United States) Kenji Kutsuna - Kobe University (Japan) Richard Smith - University of California, Riverside (United States) Presenter: Y Peter Chung - University of California, Riverside (United States) Discussant: Michael Graham - Stellenbosch University (South Africa) Paper: Mood and Herding in International Stock Markets Authors: Azizah Abu Bakar - Coventry University (United Kingdom) Evangelos Vagenas-Nanos - University of Glasgow (United Kingdom) Presenter: Evangelos Vagenas-Nanos - University of Glasgow (United Kingdom) Discussant: Mike LI - University of Macau (Macau) Paper: When the Options Market Disagrees Authors: Ruslan Goyenko - McGill University/University of Notre Dame (Canada) Mathieu Fournier - HEC (Canada) Gunnar Grass - HEC (Canada) Presenter: Ruslan Goyenko - McGill University/University of Notre Dame (Canada) Discussant: Chulwoo Han - Durham University (United Kingdom)


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SESSION: 5 • RISK MANAGEMENT Room: 5 • Date: 2017-12-14 • Time: 11:00 - 12:30 Chair: Claudio Morana - Universiy of Milano-Bicocca (Italy) Paper: Semiparametric Estimation of Large Conditional Variance-covariance and Correlation Matrices with an Application to Financial data Authors: Claudio Morana – University of Milano-Bicocca (Italy) Presenter: Claudio Morana - Universiy of Milano-Bicocca (Italy) Discussant: Haim Shalit - Ben Gurion University (Israel) Paper: Risk Management Committee and Bank Performance: Evidence from the Adoption of Dodd-Frank Act Authors: Liangliang Jiang - Hong Kong Polytechnic University (Hong Kong) Chen Lin - University of Hong Kong (Hong Kong) Presenter: Liangliang Jiang - Hong Kong Polytechnic University (Hong Kong) Discussant: Meng-Wen Wu - National Taipei University (Taiwan) Paper: Conditional Fuzzy Inference: Beating the Bookie Authors: Georgios Sermpinis - University of Glasgow (United Kingdom) Arman Hassanniakalager - University of Glasgow (United Kingdom) Charalampos Stasinakis - University of Glasgow (United Kingdom) Thanos Verousis - Newcastle University (United Kingdom) Presenter: Charalampos Stasinakis - University of Glasgow (United Kingdom) Discussant: Juergen Seufert - University of Nottingham Ningbo (China) ______________________________________________________________________________________________ SESSION: 6 • BANKING AND FINANCIAL INSTITUTIONS Room: 6 • Date: 2017-12-14 • Time: 11:00 - 12:30 Chair: Kiridaran Kanagaretnam - York University (Canada) Paper: Bank Equity Ownership and Corporate Hedging: Evidence from Japan Authors: Noriyoshi Yanase - Tokyo University of Science (Japan) Piman Limpaphayom - Portland State University (United States) Daniel Rogers - Portland State University (United States) Presenter: Noriyoshi Yanase - Tokyo University of Science (Japan) Discussant: Fumiko Takeda - University of Tokyo (Japan) Paper: Banks Funding Structure and Earnings Quality Authors: Justin Jin - McMaster University (Canada) Kiridaran Kanagaretnam - York University (Canada) Yi Liu - McMaster University (Canada) Presenter: Kiridaran Kanagaretnam - York University (Canada) Discussant: Takashi Yaekura - Waseda University (Japan) Paper: Does Foreign Bank Penetration Affect the Risk of Domestic Banks? Evidence from Emerging Economies Authors: Bang Nam Jeon - Drexel University (United States) Wu Ji - Southwestern University of Finance and Economics (China) Chen Minghua - Southwestern University of Finance and Economics (China) Presenter: Bang Nam Jeon - Drexel University (United States) Discussant: Kent Matthews - Cardiff Business School (United Kingdom)


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SESSION: 7 • INVESTMENTS Room: 7 • Date: 2017-12-14 • Time: 11:00 - 12:30 Chair: Nikolaos Karouzakis - University of Sussex (United Kingdom) Paper: Where goes Momentum? Authors: Ron Bird - University of Technology Sydney & Waikato University (Australia) Xiaojun (Kevin) Gao - Westpac Bank (New Zealand) Danny Yeung - University of Technology Sydney (Australia) Presenter: Ron Bird - University of Technology Sydney & Waikato University (Australia) Discussant: Kuan-Hui Lee - Seoul National University (South Korea) Paper: Stock Exchange Mergers and Risk Diversification? The Case of NASDAQ and OMX Authors: Jens Henriksson - NASDAQ OMX (Stockholm) João Paulo Vieito - Polytechnic Institute of Viana do Castelo (Portugal) Wing-Keung Wong - Asia University (Taiwan) Wenjing Xie - Hong Kong Baptist University (Hong Kong) Presenter: João Paulo Vieito - Polytechnic Institute of Viana do Castelo (Portugal) Discussant: Ron Bird - University of Technology Sydney & Waikato University (Australia) Paper: The World Price of Tail Risk Authors: Kuan-Hui Lee - Seoul National University (South Korea) Cheol-Won Yang - Dankook University (South Korea) Presenter: Kuan-Hui Lee - Seoul National University (South Korea) Discussant: Ricardo Feijó - University of São Paulo (Brazil) ______________________________________________________________________________________________ SESSION: 8 • ASSET PRICING Room: 8 • Date: 2017-12-14 • Time: 11:00 - 13:00 Chair: Ekaterina Emm - Seattle University (United States) Paper: Trading Activity and Stock Returns: Evidence from Pakistan Stock Exchange Authors: Sana Tauseef - Institute of Business Administration, Karachi (Pakistan) Philippe Dupuy - Grenoble Ecole De Management (France) Presenter: Sana Tauseef - Institute of Business Administration, Karachi (Pakistan) Discussant: Thanet Wattanakul - Khon Kaen University (Thailand) Paper: Investor Sentiment Regimes and the Stock Price Reaction to Monetary Policy Authors: Alexandros Kontonikas - Essex Business School (United Kingdom) Haifeng Guo - Adam Smith Business School (United Kingdom) Chi-Hsiou Hung - Adam Smith Business School (United Kingdom) Presenter: Alexandros Kontonikas - University of Essex (United Kingdom) Discussant: Kozo Omori - Osaka University of Economics (Japan) Paper: Time Can Reduce Risk, but Not Variance Authors: Ekaterina Emm - Seattle University (United States) Ruben Trevino - Seattle University (United States) Presenter: Ekaterina Emm - Seattle University (United States) Discussant: Marc Nueckles - University of Duisburg-Essen (Germany) Paper: Risk-taking in Defined Benefit Pension Plans Authors: Tomoki Kitamura - NLI-Research Institute (Japan) Kozo Omori - Osaka University of Economics (Japan) Presenter: Kozo Omori - Osaka University of Economics (Japan) Discussant: Guenter Dufey - University of Michigan and NTU/NBS (United States)


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LUNCH Date: 2017-12-14 • Time: 12:30 - 13:30 ______________________________________________________________________________________________ KEYNOTE SPEAKER Prof. Tim Jenkinson - Said Business School - Oxford University Room: Auditorium • Date: 2017-12-14 • Time: 13:30 - 14:30 ____________________________________________________________________________________________ ______________________________________________________________________________________________ SESSION: 9 • CORPORATE GOVERNANCE AND PERFORMANCES Room: 1 • Date: 2017-12-14 • Time: 14:30 - 16:00 Chair: Harjeet Bhabra - Concordia University (Canada) Paper: Do Board Characteristics Play a Moderating Role in M&A Decisions of Family Firms? Evidence from India Authors: Radha Ladkani - Indian Institute of Management Indore (India) Mehul Raithatha - Indian Institute of Management Indore (India) Presenter: Mehul Raithatha - Indian Institute of Management Indore (India) Discussant: Noriyoshi Yanase - Tokyo University of Science (Japan) Paper: Non-linear Effect of Firm’s Communication and Disclosure on Risk and Value Authors: Sam Kolahgar - Concordia University - John Molson School of Business (Canada) Azadeh Babaghaderi - Concordia University - John Molson School of Business (Canada) Harjeet Bhabra - Concordia University (Canada) Presenter: Harjeet Bhabra - Concordia University (Canada) Discussant: Vincent Fromentin - CEREFIGE/Universite de Lorraine (France) Paper: Integration Contracts and Asset Complementarity: Theory and Evidence from US Data Authors: Paolo Di Giannatale - Nottingham University Business School in China (China) Francesco Passarelli - University of Turin and Bocconi University (Italy) Presenter: Paolo Di Giannatale - Nottingham University Business School in China (China) Discussant: Michael Buser - The Boston Consulting Group (Germany)

TIM JENKINSON Said Business School, Oxford University (United Kingdom)


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SESSION: 10 • ASSET PRICING AND LIQUIDITY Room: 2 • Date: 2017-12-14 • Time: 14:30 - 16:15 Chair: Paulina Roszkowska - Hult International Business School (United States) Paper: (Ab)Normal Returns in an Emerging Stock Market: International Investor Perspective Authors: Paulina Roszkowska - Hult International Business School (United States) Lukasz K. Langer - Haas School of Business, UC Berkeley (United States) Presenter: Paulina Roszkowska - Hult International Business School (United States) Discussant: Charalampos Stasinakis - University of Glasgow (United Kingdom) Paper: Time-varying Equity Risk Premium over Long-run Economic Cycles Authors: Katsunari Yamaguchi - Ibbotson Associates Japan (Japan) Presenter: Katsunari Yamaguchi - Ibbotson Associates Japan (Japan) Discussant: James Foye - University of Ljubljana (Slovenia) Paper: Asymmetric Impact of Earnings news on Investor Uncertainty Authors: Zihang Peng - University of Sydney (Australia) David Johnstone - University of Sydney (Australia) Demetris Christodoulou - University of Sydney (Australia) Presenter: Demetris Christodoulou - University of Sydney (Australia) Discussant: Y Peter Chung - University of California, Riverside (United States) Paper: Market Design of the French Futures Equity Index Market Contract : Evolution and Relation Between Volume and Open Interest Authors: Solenne Castillan - Montpellier Research in Management (France) Alain François-Heude - Montpellier Research in Management (France) Presenter: Solenne Castillan - Montpellier Research in Management (France) Discussant: Gunther Capelle-Blancard - University Paris 1 Pantheon-Sorbonne (France) ______________________________________________________________________________________________ SESSION: 11 • FINANCIAL CRISES Room: 3 • Date: 2017-12-14 • Time: 14:30 - 16:00 Chair: Giuseppe Cappelletti - European Central Bank (Germany) Paper: Bank Funding Shocks and Firm Performance: New Evidence from the Sovereign Debt Crisis Authors: Luisa Farinha - Banco de Portugal (Portugal) Marina-Eliza Spaliara - University of Glasgow (United Kingdom) Serafeim Tsoukas - University of Glasgow (United Kingdom) Presenter: Serafeim Tsoukas - University of Glasgow (United Kingdom) Discussant: Yong Kyu Gam - Southwestern University of Finance and Economics (China) Paper: On Reaching for Yield and the Coexistence of Bubbles and Negative Bubbles Authors: Viral Acharya - NYU Stern and RBI (United States) Hassan Naqvi - SKK GSB (South Korea) Presenter: Hassan Naqvi - SKK GSB (South Korea) Discussant: Bang Nam Jeon - Drexel University (United States) Paper: The Role of Counterparty Risk and Asymmetric Information in the Interbank Market Authors: Giuseppe Cappelletti - European Central Bank (Germany) Giovanni Guazzarotti - Bank of Italy (Italy) Presenter: Giuseppe Cappelletti - European Central Bank (Germany) Discussant: Serafeim Tsoukas - University of Glasgow (United Kingdom)


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SESSION: 12 • BANKING AND FINANCIAL INSTITUTIONS Room: 4 • Date: 2017-12-14 • Time: 14:30 - 16:00 Chair: Tom Berglund - Hanken School of Economics (Finland) Paper: When Does the Capital Adequacy Ratio Fail to Indicate Adequacy? Authors: Chung-Hua Shen - Institute of Bank and Money, Nanjing Audit University (China) Meng-Wen Wu - National Taipei University (Taiwan) Presenter: Meng-Wen Wu - National Taipei University (Taiwan) Discussant: Pitabas Mohanty - XLRI (India) Paper: Bank Enforcement Actions and the Terms of Lending Authors: Yota Deli - University of Glasgow (United Kingdom) Manthos Delis - Montpellier Business School (France) Iftekhar Hasan - Fordham Business School (United States) Liuling Liu - Bowling Green State University (United States) Presenter: Yota Deli - University of Glasgow (United Kingdom) Discussant: Sotirios Kokas - University of Essex (United Kingdom) Paper: Non-performing Loans as Risk Indicators in Banking Authors: Tom Berglund - Hanken School of Economics (Finland) Presenter: Tom Berglund - Hanken School of Economics (Finland) Discussant: Kiridaran Kanagaretnam - York University (Canada) ______________________________________________________________________________________________ SESSION: 13 • CREDIT RISK (PHD STUDENT) Room: 5 • Date: 2017-12-14 • Time: 14:30 - 16:00 Chair: Andreas Thomann - University of Zurich (Switzerland) Paper: Predicting Loss Given Default in Leasing: A closer Look at Models and Variable Selection Authors: Matthias Löderbusch - University of Muenster (Germany) Florian Kaposty - University of Muenster (Germany) Johannes Kriebel - University of Muenster (Germany) Presenter: Johannes Kriebel - University of Muenster (Germany) Discussant: Nerma Saracevic - University J.J Strossmayer (Bosnia and Herzegovina) Paper: Do Banks Benefit from Lending to Innovative Firms? Authors: Chu Chen - University of Hong Kong (Hong Kong) Frank Song - University of Hong Kong (Hong Kong) Zengyuan Sun - Xiamen University (China) Presenter: Chu Chen - University of Hong Kong (Hong Kong) Discussant: Johannes Kriebel - University of Muenster (Germany) Paper: Borrower Risk In Online P2p Microcredit Lending Model: A Synthesis Analysis Authors: Mohammed Jamal Uddin - University of Milano-Bicocca (Italy) Giuseppe Vizzari - University of Milano-Bicocca (Italy) Stefania Bandini - University of Milano-Bicocca (Italy) Mahmood Osman Imam - University of Dhaka (Bangladesh) Presenter: Mohammed Jamal Uddin - University of Milano-Bicocca (Italy) Discussant: Benjamin Aust - Technical University Bergakademie Freiberg (Germany)


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SESSION: 14 • IPO Room: 6 • Date: 2017-12-14 • Time: 14:30 - 16:00 Chair: Jerome Detemple - Boston University (United States) Paper: Credit Risk Contagion in Asia: Is It Country-Specific or Region-Wide? Authors: Nongnuch Tantisantiwong - University of Southampton (United Kingdom) David Power - University of Dundee (United Kingdom) Yiling Zha - University of Dundee (United Kingdom) Presenter: Nongnuch Tantisantiwong - University of Southampton (United Kingdom) Discussant: Hoyong Choi - Rotterdam School of Management, Erasmus University (Netherlands) Paper: Information and Derivatives Authors: Jerome Detemple - Boston University (United States) Marcel Rindisbacher - Boston Unversity (United States) Yang Wang - Boston University (United States) Presenter: Jerome Detemple - Boston University (United States) Discussant: Don Chance - Louisiana State University (United States) Paper: Is Trading What Makes Prices Informative? Evidence from Option Markets Authors: Danjue Shang - Utah State University (United States) Presenter: Danjue Shang - Utah State University (United States) Discussant: Ruslan Goyenko - McGill University/University of Notre Dame (Canada) ______________________________________________________________________________________________ SESSION: 15 • MONETARY ECONOMIC POLICY Room: 7 • Date: 2017-12-14 • Time: 14:30 - 16:15 Chair: Marc Nueckles - University of Duisburg-Essen (Germany) Paper: Fiscal Sustainability in Practice. The Evidence from Highly Indebted EU Economies Authors: Tomasz Uryszek - University of Lodz (Poland) Wojciech Zato - University of Lodz (Poland) Presenter: Tomasz Uryszek - University of Lodz (Poland) Discussant: Mihaly Borsi - Universitat Ramon Llull (Spain) Paper: Credit Contractions and Unemployment Authors: Mihaly Tamas Borsi - Universitat Ramon Llull (Spain) Presenter: Mihaly Tamas Borsi - Universitat Ramon Llull (Spain) Discussant: Tristan-Pierre Maury - EDHEC Business School (France) Paper: Structural Reforms, Financial Acceleration, and Unconventional Monetary Policy Authors: Marc Nueckles - University of Duisburg-Essen (Germany) Presenter: Marc Nueckles - University of Duisburg-Essen (Germany) Discussant: Frédéric Dufourt - Aix-Marseille Université (France) Paper: The Effect of the Feds Large-Scale Asset Purchases on Inflation Expectations Authors: Willem Thorbecke - RIETI/Harvard University (Japan) Presenter: Willem Thorbecke - RIETI/Harvard University (Japan) Discussant: Alexandros Kontonikas - University of Essex (United Kingdom)


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GALA DINNER & SIAM NIRAMIT SHOW Date: 2017-12-14 • Time: 18:00 - 22:00 (Only With Registration)

Siam Niramit Theatre 19 Tiamruammit Road, Khwaeng Huai Khwang, Khet Huai Khwang, Krung Thep Maha Nakhon 10310 http://www.siamniramit.com/contact.php Important Note: Bus Leave NIDA Business School at 16:30h

Siam Niramit is a colorful spectacular, performed on the gigantic stage and listed in the Guinness Book of World Records. Featuring over 150 performers with as many as 500 costumes, special effects as well as real elephants, the Siam Niramit Show takes you on a journey through the myths, festivals and the history of Siam and Thailand. The venue also includes some exhibition- pieces like traditional Thai- houses and some of the performers will pose for nice photo-opportunities.

4:00 P.M. — Two bus will be stand by at NIDA Serithai Road 4:30 P.M. — Leave from NIDA 6:00 - 6:30 P.M. — Arrival at Siam Niramit (depending of the trafiic) 6:30 - 7:40 P.M. — Dinner


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BUS to NIDA Business School leave the Anorma Hotel Date: 2017-12-15 • Time: 07:30 - 08:15 NIDA BUSINESS SCHOOL: Floor 8 Boonchana - Autthakorn 118 Moo3, Sereethai Road, Klong-Chan, Bangkapi, Bangkok 10240 ______________________________________________________________________________________________ ARNOMA GRAND BANGKOK HOTEL Ratchadamri Rd, Khwaeng Lumphini, Khet Pathum Wan, Krung Thep Maha Nakhon 10330, Tailândia Telefone: +66 2 655 5555


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SESSION: 16 • BEHAVIOR FINANCE Room: 1 • Date: 2017-12-15 • Time: 08:30 - 10:00 Chair: Georgios Panos - University of Glasgow (United Kingdom) Paper: Financial Literacy and Attitudes to Redistribution Authors: Georgios Panos - University of Glasgow (United Kingdom) Alberto Montagnoli - University of Sheffield (United Kingdom) Mirko Moro - University of Stirling (United Kingdom) Robert Wright - University of Strathclyde (United Kingdom) Presenter: Georgios Panos - University of Glasgow (United Kingdom) Discussant: Reka Heim - Danube University Krems (Austria) Paper: Google Search Intensity and its Relationship to the Returns and Trading Volumes of Japanese Startup Stocks Authors: Yuta Adachi - University of Tokyo (Japan) Motoki Masuda - University of Tokyo (Japan) Fumiko Takeda - University of Tokyo (Japan) Presenter: Fumiko Takeda - University of Tokyo (Japan) Discussant: Hardjo Koerniadi - Auckland University of Technology (New Zealand) Paper: The Effects of the Irruption of Blockchain Technology into Financial Markets Authors: Marta Felis - Universidad Autonoma de Madrid (Spain) Simon Olsen - Lykke Corp (Switzerland) Presenter: Marta Felis - Universidad Autonoma de Madrid (Spain) Discussant: Patrick Behr - Brazilian School of Public and Business Administration (Brazil) ______________________________________________________________________________________________ SESSION: 17 • MANAGERIAL COMPENSATION Room: 2 • Date: 2017-12-15 • Time: 08:30 - 10:00 Chair: Don Chance - Louisiana State University (United States) Paper: Corporate Governance in Asia - Challenges and Prospects Authors: Gunter Dufey - University of Michigan and NTU/NBS (United States) Presenter: Guenter Dufey - University of Michigan and NTU/NBS (United States) Discussant: Gurmeet Singh Bhabra - University of Otago (New Zealand) Paper: Brag, Brag, Brag: Corporate Crowing and Shareholder Wealth Authors: Pratik Kothari - University of Missouri (United States) Don Chance - Louisiana State University (United States) Stephen Ferris - University of Missouri (United States) Presenter: Don Chance - Louisiana State University (United States) Discussant: Danjue Shang - Utah State University (United States) Paper: Corporate Financial Distress and CEO Networks Authors: Harjeet Bhabra - Concordia University (Canada) Ahmed Eissa - Concordia University (Canada) Presenter: Harjeet Bhabra - Concordia University (Canada) Discussant: Pornsit Jiraporn - Penn State University (United States)


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SESSION: 18 • CORPORATE FINANCE Room: 3 • Date: 2017-12-15 • Time: 08:30 - 10:30 Chair: Soumen De - Menlo College (United States) Paper: Valuation Effects of Cultural Disparity on Cross Border Mergers: The Evidence from India Authors: Pradip Banerjee - Indian Institute of Management, Indore (India) Soumen De - Menlo College (United States) Manish Tewari - Menlo College (United States) Presenter: Soumen De - Menlo College (United States) Discussant: Matemilola Bolaji Tunde - Universiti Putra Malaysia (Malaysia) Paper: The Impact of Working Capital Management and Profitability: Case Study of Pharmaceutical and Chemical Firms Listed on Karachi Stock Exchange Authors: Arif Muhammad - Shaheed Benazir Bhutto University (Pakistan) Bab Shah - Shaheed Benazir Bhutto University, Shaheed Benazirabad (Pakistan) Presenter: Arif Muhammad - Shaheed Benazir Bhutto University (Pakistan) Discussant: Bruce Hearn - University of Sussex (United Kingdom) ______________________________________________________________________________________________ SESSION: 19 • INTERNATIONAL CORPORATE FINANCE Room: 4 • Date: 2017-12-15 • Time: 08:30 - 10:00 Chair: Takashi Yaekura - Waseda University (Japan) Paper: Does Gender Diversity within Corporate Management Improve Financial Performance of Companies Listed on Warsaw Stock Exchange? Authors: Krzysztof Kompa - CEST International Research Association & WULS-SGGW (Poland) Dorota Witkowska - University of Lodz (Poland) Presenter: Dorota Witkowska - University of Lodz (Poland) Discussant: Edward Chamisa - University of Cape Town (South Africa) Paper: Technological Determinants of Profitability of Economic Entities Operating in the Global Business Services Sector. Empirical Results from Poland Authors: Rafal Szmajser - Krakow University of Economics (Poland) Mariusz Andrzejewski - Cracow University of Economics (Poland) Marcin Kendzior - Cracow University of Economics (Poland) Presenter: Rafal Szmajser - Krakow University of Economics (Poland) Discussant: Paolo Di Giannatale - Nottingham University Business School in China (China) Paper: A Re-examination of La Porta et al. (1998): Does Legal Environment Really Matter? Authors: Takashi Obinata - University of Tokyo (Japan) Takashi Yaekura - Waseda University (Japan) Presenter: Takashi Yaekura - Waseda University (Japan) Discussant: Min Maung - University of Saskatchewan (Canada)


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SESSION: 20 • BANKING AND FINANCIAL INSTITUTIONS Room: 5 • Date: 2017-12-15 • Time: 08:30 - 10:00 Chair: Zulkarnain Muhamad Sori - International Centre for Education in Islamic Finance (Malaysia) Paper: Political Values and SEC Enforcement Actions Authors: Abdul-Rahman Khokhar - Saint Mary’s University (Canada) Hesam Shahriari - Prairie View A&M University (United States) Presenter: Abdul-Rahman Khokhar - Saint Mary`s University (Canada) Discussant: Wolf Wagner - Rotterdam School of Management (Netherlands) Paper: Effective Profit Rate Method and Revenue Recognition of Islamic Banks Authors: Zulkarnain Muhamad Sori - International Centre for Education in Islamic Finance (Malaysia) Presenter: Zulkarnain Muhamad Sori - International Centre for Education in Islamic Finance (Malaysia) Discussant: Abdul-Rahman Khokhar - Saint Mary`s University (Canada) Paper: Macroeconomic Model of Credit Losses for Two Loan Portfolios Authors: Petr Gapko - Czech Academy of Sciences (Czech Republic) Martin míd - Czech Academy of Sciences (Czech Republic) Presenter: Petr Gapko - Czech Academy of Sciences (Czech Republic) Discussant: Nongnuch Tantisantiwong - University of Southampton (United Kingdom) ______________________________________________________________________________________________ SESSION: 21 • INVESTMENTS Room: 6 • Date: 2017-12-15 • Time: 08:30 - 10:00 Chair: Chanaka Edirisinghe - Rensselaer Polytechnic Institute (United States) Paper: Volatility Transmission across Commodity Futures Markets Authors: Frankie Chau - Durham University Business School (United Kingdom) Rataporn Deesomsak - Durham University Business School (United Kingdom) Presenter: Frankie Chau - Durham University Business School (United Kingdom) Discussant: Claudio Morana - Universiy of Milano-Bicocca (Italy) Paper: Risk-adjusted Returns and Leverage Efficiency under Market Impact: Effects of Trade Dynamics Authors: Chanaka Edirisinghe - Rensselaer Polytechnic Institute (United States) Jingnan Chen - Singapore University of Technology and Design (Singapore) Jaehwan Jeong - Radford University (United States) Presenter: Chanaka Edirisinghe - Rensselaer Polytechnic Institute (United States) Discussant: Corlise Le Roux - University of Johannesburg (South Africa) Paper: An International Examination of the Role of Default and Liquidity Risks in the Interbank Market Authors: Nikolaos Karouzakis - University of Sussex (United Kingdom) Presenter: Nikolaos Karouzakis - University of Sussex (United Kingdom) Discussant: Ekaterina Emm - Seattle University (United States)


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COFFEE BREAK Date: 2017-12-15 • Time: 10:00 - 10:30 ______________________________________________________________________________________________ SESSION: 22 • BANKRUPTCY AND FINANCIAL DISTRESS Room: 1 • Date: 2017-12-15 • Time: 10:30 - 12:00 Chair: John Tsoukalas - University of Glasgow (United Kingdom) Paper: The Impact of Financing Constraints on R&D Investments: Evidence from South Korea Authors: Unyong Pyo - Brock University (Canada) Yong Jae Shin - Hankyong National University (South Korea) Presenter: Yong Jae Shin - Hankyong National University (South Korea) Discussant: koresh Galil - Ben-Gurion Univeristy (Israel) Paper: Financing Lumpy Investment Authors: Christoph Görtz - University of Birmingham (United Kingdom) Plutarchos Sakellaris - Athens University of Economics and Business (Greece) John Tsoukalas - University of Glasgow (United Kingdom) Presenter: John Tsoukalas - University of Glasgow (United Kingdom) Discussant: Bernhard Kronfellner - The Boston Consulting Group Austria GmbH (Austria) Paper: Impact of Institutional Quality on Debt-Returns Relationship in Developing Countries Authors: Matemilola Bolaji Tunde - Universiti Putra Malaysia (Malaysia) A.N Bany-Ariffin - Universiti Putra Malaysia (Malaysia) Md Nassir Annuar - Universiti Putra Malaysia (Malaysia) W.N.W Azman-Saini - Universiti Putra Malaysia (Malaysia) Presenter: Matemilola Bolaji Tunde - Universiti Putra Malaysia (Malaysia) Discussant: Yong Jae Shin - Hankyong National University (South Korea)


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SESSION: 23 • CORPORATE GOVERNANCE Room: 2 • Date: 2017-12-15 • Time: 10:30 - 12:00 Chair: Alexander Muravyev - Higher School of Economics (Russia) Paper: Governance Quality and Liquidity Management: Evidence from Australian Listed Companies Authors: Gurmeet Singh Bhabra - University of Otago (New Zealand) Johnny Skeggs - Cameron Partners (Canada) Harjeet Singh Bhabra - Concordia University (Canada) Presenter: Gurmeet Singh Bhabra - University of Otago (New Zealand) Discussant: Ravichandran Krishnamurthy - New York Institute of Technology (United Arab Emirates) Paper: Institutional Investors Monitoring and Stock Price Crash Risk: Evidence from Politically Connected Firms Authors: Chwee Ming Tee - Monash University (Malaysia) Presenter: Chwee Ming Tee - Monash University (Malaysia) Discussant: Mariusz Andrzejewski - Uniwersytet Ekonomiczny w Krakowie (Poland) Paper: Governance Structure, Cross-Listing Status and Corporate Disclosure: Evidence from the Emerging Market of Russia Authors: Alexander Muravyev - Higher School of Economics, St. Petersburg (Russia) Irina Berezinets - St. Petersburg State University GSoM, Russia (Russia) Presenter: Alexander Muravyev - Higher School of Economics, St. Petersburg (Russia) Discussant: Krzysztof Kompa - Warsaw University of Life Sciences (Poland) ________________________________________________________________________________________ SESSION: 24 • ASSET PRICING Room: 3 • Date: 2017-12-15 • Time: 10:30 - 12:00 Chair: Haim Shalit - Ben Gurion University (Israel) Paper: Using the Shapley Value of Optimal Portfolios for Systematic Risk Authors: Haim Shalit - Ben Gurion University (Israel) Presenter: Haim Shalit - Ben Gurion University (Israel) Discussant: Manas Mayur - Goa Institute of Management (India) Paper: A Dividend-Based Model to Explain the Cross Section of Equity Returns for both Financial and Non-Fi-nancial Stocks Authors: James Foye - University of Ljubljana (Slovenia) Aljosa Valentincic - University of Ljubljana (Slovenia) Presenter: James Foye - University of Ljubljana (Slovenia) Discussant: Chanaka Edirisinghe - Rensselaer Polytechnic Institute (United States) Paper: Liquidity as a Factor in Asset Pricing: Evidence from Asia-Pacific Stock Markets Authors: Keith Lam - University of Macau (Macau) Sophie Chan - University of Macau (Macau) Mike Li - University of Macau (Macau) Liang Dong - University of Macau (Macau) Presenter: Mike Li - University of Macau (Macau) Discussant: Solenne Castillan - Montpellier Research in Management (France)


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SESSION: 25 • MERGER Room: 4 • Date: 2017-12-15 • Time: 10:30 - 12:00 Chair: Paolo Di Giannatale - Nottingham University Business School in China (China) Paper: Information Asymmetry and Corporate Acquisitions Authors: Takato Mitsuya - Tokyo Institute of Technology (Japan) Naoshi Ikeda - Tokyo Institute of Technology (Japan) Kotaro Inoue - Tokyo Institute of Technology (Japan) Presenter: Kotaro Inoue - Tokyo Institute of Technology (Japan) Discussant: Evangelos Vagenas-Nanos - University of Glasgow (United Kingdom) Paper: An Hyperbolic Model of Optimal Cash Balances Authors: John van der Burg - Nelson Marlborough Institute of Technology (New Zealand) Xiaojing Song - University of East Anglia (United Kingdom) Mark Tippett - University of Sydney (Australia) Presenter: Xiaojing Song - University of East Anglia (United Kingdom) Discussant: Shahriar Khaksari - Suffolk University (United States) ______________________________________________________________________________________________ SESSION: 26 • BEHAVIOR FINANCE Room: 5 • Date: 2017-12-15 • Time: 10:30 - 12:00 Chair: MIchael Frenkel - WHU - Otto Beisheim School of Management (Germany) Paper: Do Forecasters in Foreign Exchange Markets Herd? Evidence from Major Currencies Authors: Michael Frenkel - WHU - Otto Beisheim School of Management (Germany) Matthias Mauch - WHU - Otto Beisheim School of Management (Germany) Jan Rülke - EBS Business School (Germany) Presenter: MIchael Frenkel - WHU - Otto Beisheim School of Management (Germany) Discussant: Katsunari Yamaguchi - Ibbotson Associates Japan (Japan) Paper: Leading-by-Example and Third-Party Punishment: Behavioral Evidence Authors: Reka Heim - Danube University Krems (Austria) Juergen Huber - University of Innsbruck (Austria) Presenter: Reka Heim - Danube University Krems (Austria) Discussant: Mengmeng Guo - Southwestern University of Finance and Economics (China) Paper: Investor Attention to Market Categories and Market Volatility: The Case of Emerging Markets Authors: Michael Graham - Stellenbosch University (South Africa) Anton Hasselgren - Stockholm University (Sweden) Jarkko Peltomaki - Stockholm University (Sweden) Presenter: Michael Graham - Stellenbosch University (South Africa) Discussant: Soumen De - Menlo College (United States)


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SESSION: 27 • EXCHANGE RATES Room: 6 • Date: 2017-12-15 • Time: 10:30 - 12:00 Chair: Robert Czudaj - Chemnitz University of Technology (Germany) Paper: Economic and Political Effects on Currency Clustering Dynamics Authors: Marcel Wollschlaeger - University of Duisburg-Essen (Germany) Alexander P. Becker - Boston University (United States) Irena Vodenska - Boston University (United States) Rudi Schaefer - University of Duisburg-Essen (Germany) Presenter: Irena Vodenska - Boston University (United States) Discussant: Nuttawat Visaltanachoti - Massey University (New Zealand) Paper: Capital Flows and GDP in Emerging Economies and the Role of Global Spillovers Authors: Joscha Beckmann - Ruhr University of Bochum (Germany) Robert Czudaj - Chemnitz University of Technology (Germany) Presenter: Robert Czudaj - Chemnitz University of Technology (Germany) Discussant: Irena Vodenska - Boston University (United States) Paper: Exchange Rate Misalignment and Economic Growth: On the Possible Transmission Channels for Emerging Economies Authors: Christian Tipoy - University of Pretoria (South Africa) Martinus Breitenbach - University of Pretoria (South Africa) Mulatu Fekadu Zerihun - University of Stellenbosch (South Africa) Presenter: Mulatu Fekadu Zerihun - University of Stellenbosch (South Africa) Discussant: Arturo Rodriguez - Universidad de Chile (Chile) ______________________________________________________________________________________________ SESSION: 28 • BOARD AND CORPORATE GOVERNANCE IN EMERGING ECONOMIES Room: 7 • Date: 2017-12-15 • Time: 10:30 - 12:00 Chair: Pornsit Jiraporn - Penn State University (United States) Paper: From Nexus of Contracts to Nexus of Institutions: The Determinants of Anglo-American Corporate Governance Migration Into Emerging Economies Authors: Bruce Hern - University of Sussex (United Kingdom) Lars Oxelheim - Lund University (Sweden) Trond Randoy - University of Agder (Norway) Presenter: Bruce Hearn - University of Sussex (United Kingdom) Discussant: Harjeet Bhabra - Concordia University (Canada) Paper: Firm Value And Its Non - Linear Relationship With Endogenous Promoter Ownership In India Authors: Doma Satish - Indian Business School Hyderabad (India) S V Satyanarayana - Osmania University (India) Presenter: Doma Satish - India Business School Hyderabad (India) Discussant: Rafal Szmajser - Krakow University of Economics (Poland) Paper: Board Co-option and Corporate Risk-taking: How do Co-opted Directors Influence Corporate Risk-taking? Authors: Pornsit Jiraporn - Pennsylvania State University, Great Valley (United States) Sangmook Lee - Pennsylvania State University, Great Valley (United States) Young S. Kim - Northern Kentucky University (United States) Presenter: Pornsit Jiraporn - Pennsylvania University, Great Valley (United States) Discussant: Naoshi Ikeda - Tokyo Institute of Technology (Japan)


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LUNCH Date: 2017-12-15 • Time: 12:00 - 13:00 ______________________________________________________________________________________________ KEYNOTE SPEAKER Prof Allaudeen Hameed - University of Singapore [NUS] Business School Room: Auditorium • Date: 2017-12-15 • Time: 13:00 - 13:50 BEST PAPER AWARD Room: Auditorium • Date: 15-12-2017 • Time: 13:50 - 14:00 ______________________________________________________________________________________________ SESSION: 29 • PHD TOTURIAL (PHD TOTURIAL) Room: 1 • Date: 2017-12-15 • Time: 14:00 - 17:30 Chair: Chanaka Edirisinghe - Rensselaer Polytechnic Institute (United States) Paper: Predictability in Russian Stock Market Authors: Ilya Dergunov - Goethe University Frankfurt and SAFE (Germany) Presenter: Ilya Dergunov - Goethe University Frankfurt and SAFE (Germany) Paper: Going Public Through Mergers with SPACs Authors: Hyunseok Kim - SKK Business School (South Korea) Jayoung Ko - SKK Business School (South Korea) Kyojik Roy Song - SKK Business School (South Korea) Presenter: Hyunseok Kim - SKK Business School (South Korea)

ALLAUDEEN HAMEEDNational University of Singapore Business School (Singapore)


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Paper: International Stock Portfolios : New Insights from Conditional Copula Models and Their Application to Market and Foreign Exchange Risks Authors: Robert Erbe - University of Zurich (Switzerland) Presenter: Robert Erbe - Universtiy of Zurich (Switzerland) Paper: Bond Market Indicator Authors: Andreas Thomann - University of Zurich (Switzerland) Presenter: Andreas Thomann - University of Zurich (Switzerland) Paper: The Distortionary Effects of Partisan Alignment on Political Accountability: Evidence from Kenya Authors: Michael Mbate - London School of Economics and Political Science (United Kingdom) Presenter: Michael Mbate - London School of Economics and Political Science (United Kingdom) Paper: Internal Rating Model for SME Customers in Islamic Banking Authors: Nerma Saracevic - University J.J Strossmayer (Bosnia and Herzegovina) Presenter: Nerma Saracevic - University J.J Strossmayer (Bosnia and Herzegovina) Paper: Impact of Formal Financial Services on Households Income and Employment Level in India Authors: Susanta Kumar Sethy - University of Hyderabad (India) Dr. Phanindra Goyari - University of Hyderabad (India) Presenter: Susanta Kumar Sethy - University of Hyderabad (India) Paper: An institutional Theory Perspective on the Challenges and Issues Facing by Microtakaful Providers in Malaysia Authors: Nor Syahidah Ishak - University of Sussex (United Kingdom) Presenter: Nor Syahidah Ishak - University of Sussex (United Kingdom) ______________________________________________________________________________________________ SESSION: 30 • BANKING AND FINANCIAL INSTITUTIONS Room: 2 • Date: 2017-12-15 • Time: 14:00 - 15:30 Chair: Wolf Wagner - Rotterdam School of Management (Netherlands) Paper: Modeling Bank Distress: Too Big to Fail is too Difficult to Predict Authors: Koresh Galil - Ben-Gurion University (Israel) Margalit Samuel - (Israel) Offer moshe shapir - New York University Shanghai (China) Presenter: koresh Galil - Ben-Gurion University (Israel) Discussant: Petr Gapko - Czech Academy of Sciences (Czech Republic) Paper: ABS or MBS: does it Matter which Asset the Central Bank Purchases? Authors: Meixing Dai - Université de Strasbourg (France) Frédéric Dufourt - Aix-Marseille Université (France) Qiao Zhang - Université de Strasbourg (France) Presenter: Frédéric Dufourt - Aix-Marseille Université (France) Discussant: Zulkarnain Muhamad Sori - International Centre for Education in Islamic Finance (Malaysia) Paper: Heterogenous Regulation of Financial Institutions Authors: Fred Malherbe - London Business School (United Kingdom) Wolf Wagner - Rotterdam School of Management (Netherlands) Presenter: Wolf Wagner - Rotterdam School of Management (Netherlands) Discussant: Narumon Saardchom - NIDA Business School (Thailand)


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SESSION: 31 • INVESTMENTS Room: 3 • Date: 2017-12-15 • Time: 14:00 - 15:30 Chair: James Foye - University of Ljubljana (Slovenia) Paper: Turnover Minimization: A Versatile Shrinkage Portfolio Estimator Authors: Chulwoo Han - Durham University (United Kingdom) Frank C. Park - Seoul National University (North Korea) Presenter: Chulwoo Han - Durham University (United Kingdom) Discussant: Tomoki Kitamura - Aoyama Gakuin University (Japan) Paper: Socially Conscious Investing in Good Times and Bad: Do Good Deeds Get Punished? Authors: Judy Qiu - School of Business, Ithaca College (United States) Hormoz Movassaghi - School of Business, Ithaca College (United States) Alka Bramhandkar - School of Business, Ithaca College (United States) Presenter: Hormoz Movassaghi - School of Business, Ithaca College (United States) Discussant: Tomasz Uryszek - University of Lodz (Poland) Paper: Analysis of the Relationship between GDP and FDI on the Economic Growth of Laos Authors: Thanet Wattanakul - Khon Kaen University, Nong Khai Campus (Thailand) Presenter: Thanet Wattanakul - Khon Kaen University, Nong Khai Campus (Thailand) Discussant: Hormoz Movassaghi - School of Business/Ithaca College (United States) ______________________________________________________________________________________________ SESSION: 32 • CORPORATE FINANCE(PHD STUDENT) Room: 4 • Date: 2017-12-15 • Time: 14:00 - 15:30 Chair: Mohammed Jamal Uddin - University of Milano-Bicocca (Italy) Paper: The Choice of SEO Method and its Consequences: Rights vs. Public Offers Authors: Kyojik (Roy) Song - SKKU Business School (South Korea) Ju Hyun Kim - SKKU Business School (South Korea) Presenter: Ju Hyun Kim - SKKU Business School (South Korea) Discussant: Ploypailin Kijkasiwat - University of Waikato (New Zealand) Paper: Impact of a Symbiotic Relationship on the Performance of MSMEs: Applying the Monte Carlo Method Authors: Ploypailin Kijkasiwat - University of Waikato (New Zealand) Stuart Locke - The University of Waikato (New Zealand) Nirosha Hewa Wellalage - The University of Waikato (New Zealand) Presenter: Ploypailin Kijkasiwat - University of Waikato (New Zealand) Discussant: Nhung Le - International University-Vietnam National University; Strasbourg University (Vietnam) Paper: The Impact of Family Ownership Status on Determinants of Leverage. Empirical Evidence from South East Asia Authors: Nhung Le - Vietnam National University and Strasbourg University (Vietnam) Presenter: Nhung Le - Vietnam National University and Strasbourg University (Vietnam) Discussant: Ju Hyun Kim - SKK Business School (South Korea)


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SESSION: 33 • WORKING AND CAPITAL BUDGETING Room: 5 • Date: 2017-12-15 • Time: 14:00 - 15:30 Chair: Ravichandran Krishnamurthy - New York Institute of Technology (United Arab Emirates) Paper: Cash Conversion Cycle: A Cross-Country Analysis Authors: Shahriar Khaksari - Suffolk University (United States) Abu Jalal - Suffolk University (United States) Presenter: Shahriar Khaksari - Suffolk University (United States) Discussant: John Tsoukalas - University of Glasgow (United Kingdom) Paper: Return on Net Working Capital as a Direct Measure of Profitability: An empirical Approach Authors: Sivasankaran Narayanaswamy - India Institute of Management, Ranchi (India) Saravanan Palanichamy - India Institute of Management, Shillong (India) Ravichandran Krishnamoorthy - New York Institute of Technology (United Arab Emirates) Punam Prasad - India Institute of Management, Ranchi (India) Presenter: Ravichandran Krishnamurthy - New York Institute of Technology (United Arab Emirates) Discussant: Arif Muhammad - Shaheed Benazir Bhutto University (Pakistan) Paper: Valuation of Corporate Innovation and the Pricing of Risk in the BioPharmaceutical Industry Authors: Richard Ottoo - Global Association of Risk Professionals (United States) Presenter: Richard Ottoo - Global Association of Risk Professionals (United States) Discussant: Jerome Detemple - Boston University (United States) ______________________________________________________________________________________________ SESSION: 34 • ASSET PRICING (PHD STUDENT) Room: 6 • Date: 2017-12-15 • Time: 14:00 - 15:30 Chair: Jayoung Ko - Sungkyunkwan University (South Korea) Paper: Covariance Estimation Using High-Low Prices with Implications for Futures vs Spot Volatility Authors: Lakshmi P - Institute for Financial Management & Research (India) Maheswaran S - Institute for financial management & research (India) Presenter: Lakshmi P - Institute for Financial Management & Research (India) Discussant: Rajeeve Lekshmanan Pillai - Kerala State Electricity Board Ltd. (India) Paper: The Phenomena of Negative Power Market Prices Authors: Benjamin Aust - Technical University Bergakademie Freiberg (Germany) Presenter: Benjamin Aust - Technical University Bergakademie Freiberg (Germany) Discussant: Andreas Thomann - University of Zurich (Switzerland)


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SESSION: 35 • INTERNATIONAL FINANCE Room: 7 • Date: 2017-12-15 • Time: 14:00 - 15:30 Chair: Marta Felis - Autonomous University of Madrid (Spain) Paper: Sugar Co-Movement With Emerging Market Esporters Authors: Corlise Le Roux - University of Johannesburg (South Africa) Presenter: Corlise Le Roux - University of Johannesburg (South Africa) Discussant: Aktham Almaghaireh - United Arab Emirates University (United Arab Emirates) Paper: The Factors Influencing the Decision to List on Abu Dhabi Securities Exchange Authors: Aktham Al Maghyereh - United Arab Emirates University (United Arab Emirates) Presenter: Aktham Al Maghaireh - United Arab Emirates University (United Arab Emirates) Discussant: Nikolaos Karouzakis - University of Sussex (United Kingdom) Paper: Technical Analysis Rules: New Evidence for the Chilean Stock Market Authors: Alejandro Bayas - Universidad de Chile (Chile) Arturo Rodriguez - Universidad de Chile (Chile) Presenter: Arturo Rodriguez - Universidad de Chile (Chile) Discussant: Robert Czudaj - Chemnitz University of Technology (Germany) ______________________________________________________________________________________________ SESSION: 36 • SMALL BUSINESS FINANCE Room: 8 • Date: 2017-12-15 • Time: 14:00 - 15:30 Chair: Kent Matthews - Cardiff Business School (United Kingdom) Paper: Run for Home: SME Lending and the Head Quarters Bias Authors: Tianshu Zhao - Birmingham Business School, University of Birmingham (United Kingdom) Kul Luintel - Cardiff Business School, Cardiff University (United Kingdom) Kent Matthews - Cardiff Business School (United Kingdom) Presenter: Kent Matthews - Cardiff Business School (United Kingdom) Discussant: Georgios Panos - University of Glasgow (United Kingdom) Paper: Market Demand and Default Risk in Small Business Finance: Evidence from the Financial Crisis Authors: Patrick Behr - Brazilian School of Public and Business Administration (Brazil) Andreas Madestam - Stockholm University (Sweden) Presenter: Patrick Behr - Brazilian School of Public and Business Administration (Brazil) Discussan

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