the illinois international journal of accounting symposium · relate to the field of accounting....

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THE ILLINOIS INTERNATIONAL

JOURNAL OF ACCOUNTING SYMPOSIUM

Held jointly with the University of Cyprus and Cyprus University of Technology

June 8-10, 2017

With the sponsorship of

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Symposium Organizer

Vernon K. Zimmerman Center for International Education and Research in Accounting at the University of

Illinois, Urbana-Champaign

Local Organizers

University of Cyprus, School of Economics and Management

Cyprus University of Technology, School of Management and Economics

Local Host Contacts

Prof Andreas Charitou, School of Economics and Management, University of Cyprus, Conference Co-Chair,

Co-Editor of TIJA, [email protected]

Prof Panayiotis Theodosiou, School of Management and Economics, Cyprus University of Technology,

Conference Co-Chair, [email protected]

Marios Kyriakou, School of Economics and Management, University of Cyprus, Administrative Officer,

[email protected]

Local Sponsors

Hellenic Bank

PwC Cyprus

mailto:[email protected]



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The International Journal of Accounting

The International Journal of Accounting is a quarterly publication established in 1966 at the University of

Illinois by the late Professor Vernon K. Zimmerman. The aims of The International Journal of Accounting are

to advance the academic and professional understanding of accounting theory and practice from an international

perspective and viewpoint. The Journal recognizes that international accounting is influenced by a variety of

forces i.e. governmental, political and economic.

Editor: Professor A. Rashad Abdel-khalik, Professor of Accountancy and V.K. Zimmerman Professor in

International Accounting, Director of the V. K. Zimmerman Center at the University of Illinois

Vernon K. Zimmerman Center for International Education and Research in Accounting at the University

of Illinois

The V. K. Zimmerman Center was originally established in 1962 as the Center for International Education and

Research in Accounting (CIERA), leading the nation in the study and teaching of international topics as they

relate to the field of accounting. The Zimmerman Center is home of The International Journal of Accounting

and also hosts a number of visiting scholars from around the world each year.

Illinois’ landmark contributions to accounting research and education date back to 1902, when the first

accounting courses were developed. The Illinois tradition of excellence in graduate accountancy education began

with the awarding of the Department’s first master’s degree in 1922 and its first Ph.D. in 1939.

University of Cyprus

The University of Cyprus was established in 1989 and admitted its first students in 1992. It was founded in

response to the growing intellectual needs of the Cypriot people, and is well placed to fulfil the numerous

aspirations of the country.

The University is a vigorous community of scholars engaged in the generation and diffusion of knowledge.

Despite its brief history, the University of Cyprus has earned the respect of the international academic community

and the appreciation of Cypriot society.

Admission for the majority of undergraduate students is by entrance examinations organized by the Ministry of

Education and Culture of the Republic of Cyprus, and the competition for places is intense. A number of places

are reserved for students with special needs or circumstances. Every effort is made to offer practical solutions to

students facing specific problems, be it access to University facilities, or assistance on academic issues.

When the University of Cyprus first opened its doors to students, the incoming class consisted of 486

undergraduate students. During the academic year 2014-2015 there were 6987 students (undergraduate and

postgraduate). There are 8 faculties, 22 departments and 11 research units at UCY.

The School Economics and Management, one of the first Schools of the University of Cyprus, was founded in

1989, but began operations in 1992. The objectives of the School are to diffuse knowledge, introduce students

in critical thinking, and enhance students´ expertise and competencies. It also seeks to enhance the moral, right

behavior and important values. It provides students with the essential tools that will help them face the challenges

of today. The School also offers its students suitable academic qualifications that will allow them to achieve a

successful career, either in the private or in the public sector.

The School of Economics and Management comprises the Department of Business and Public Administration,

the Department of Accounting and Finance and the Department of Economics. It also maintains two research

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units, the Economics Research Centre and the Centre for Banking and Financial Research. The School offers a

number of undergraduate and postgraduate studies to prospective students.

Cyprus University of Technology

The Cyprus University of Technology aspires to develop itself into a modern, pioneering University able to offer

education and high level research in leading branches of science and technology which have high impact on the

economic, technical, and scientific sectors.

With its orientation towards applied research, the University aspires to establish for itself a role in support of the

state and society in their efforts to confront problems, which cover all areas of science and technology. The

programmes of the CUT to a large extent complement scientific areas, which are not currently covered at

Undergraduate and Postgraduate levels by the University of Cyprus or any other institution of higher education

in the country.

The Cyprus University of Technology was founded by law on December 2003 and welcomed its first students

on September 2007. The Cyprus University of Technology is based at the city of Limassol, where all six faculties

are located.

The Faculty of Management and Economics at the Cyprus University of Technology is committed to developing

professionally competent and socially responsible students by offering high quality and value-based education.

It is comprised of highly qualified and internationally recognized academic members with wide ranging expertise

and ties to business world who collectively are taking the Faculty forward ensuring the excellence of the training

and education provided. It carries a tradition of high quality research while maintaining strong relationships with

local business community through ongoing engagements in discussions and collaborative activities with firm

and industry leaders aiming to strengthen employment prospects for its graduates.

The Faculty of Management and Economics consists of the Department of Hotel and Tourism Management and

the Department of Commerce, Finance and Shipping.

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Table of Content

WELCOME REMARK 6

SYMPOSIUM CO-CHAIRS 7

KEYNOTE SPEAKERS 9

PANELISTS 11

INFORMATION HIGHLIGHTS 13

MAPS 14

PROGRAM HIGHLIGHTS 15

SYMPOSIUM DETAILED PROGRAM 16

PhD CONSORTIUM 19

OPTIONAL TOUR 21

CITY OF LIMASSOL 22

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Welcome Remark

Dear Participants,

Welcome to the Illinois International Journal of Accounting Symposium hosted by University of Cyprus and

Cyprus University of Technology. We are delighted that you have joined us. We hope that you will enjoy the

opportunities from the symposium to exchange ideas.

This symposium’s objectives are to exchange new research ideas, stimulate accounting study, and advance

scholarly and professional understanding of accounting theory and practice from an international perspective.

We would like to thank the authors, the discussants, the panelists and all the participants who are contributing

to make this symposium a success.

Very special thanks go to the University of Cyprus and the Cyprus University of Technology for the generous

support to host the symposium.

Thank you for coming and have a great symposium!

Sincerely,

A. Rashad Abdel-khalik Andreas Charitou Panayiotis Theodosiou

Symposium Co-chair Symposium Co-chair Symposium Co-chair

Professor, Ph.D. Professor, PhD Professor, PhD.

V. K. Zimmerman Center Dean, Faculty of Dean, Faculty of

University of Illinois Economics and Management Management and Economics

USA University of Cyprus Cyprus University of Technology

Cyprus Cyprus

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Symposium Co-chairs

Rashad Abdel-Khalik, University of Illinois at Urbana-Champaign

Professor A. Rashad Abdel-khalik was born in Egypt, and attended Cairo University (B.

Com. Honors); Indiana University (MBA and MA in Economics) and the University

of Illinois (Ph.D. in Accountancy). He is the V. K. Zimmerman Professor of

International Accounting, Professor of Accountancy and Director of the V. K.

Zimmerman Center for International Education and Research in Accounting at the

University of Illinois. Prior to joining the Illinois faculty in 2000, he was a

Graduate Research Professor at the University of Florida where he worked for 23

years. He also was a faculty member at Columbia University, Duke University and the

University of Alberta.

Professor Abdel-khalik is the author of Accounting for Risk, Hedging and Complex Contracts (Rutledge,

June 2013), a n d h is published work has appeared in The Accounting Review; Journal of Accounting

Research; Contemporary Accounting Research; Journal of Accounting, Auditing and Finance;

Organization Studies; Accounting, Organization and Society; ABACUS; Journal of Accounting and Public

Policy; The International Journal of Accounting and International Journal of Forecasting. He has authored and

coauthored several research monographs for the American Accounting Association and the Financial

Accounting Standards Board and organized numerous research conferences including the annual Illinois

International Accounting Symposium. He is a two-time winner of the AAA Competitive Manuscript

Contest; former senior editor of The Accounting Review (AAA, 1990 - 1994); founding editor of the Journal

of Accounting Literature and current editor of The International Journal of Accounting (2001 to present).

Andreas Charitou, University of Cyprus

Dr. Andreas Charitou is Professor of Accounting and Finance at the University of Cyprus

and the Dean of the School of Economics and Management.. He has also taught at the

University of Toronto (Canada) for eleven years (Associate Professor with tenure) and

at the Pennsylvania State University as an instructor/lecturer (USA). He holds a B.Sc

degree in Business Administration/Accounting from the Athens School of Economics

and Business Sciences, Greece, 1980, and MSc (1983) and Ph.d (1986) degrees in

Accounting from the Pennsylvania State University, USA. He is Certified Management

Accountant (C.M.A., USA) and successfully completed the Certified Public Accountant

examinations (CPA, USA). He has also been a member of the Board of Directors of the Cyprus Securities and

Exchange Commission and of the Cyprus Stock Exchange. He has also been a member of the board of directors

of the Co-op Central Bank of Cyprus and the Chairman of the Risk Management Committee of the Bank as

well as member of the board of directors of the Hellenic Bank and Chairman of the Audit Committee. Dr.

Charitou has also been actively involved in executive education for top management globally. He has also

offered educational and consulting services on finance, management and accounting in several companies

worldwide. He has been awarded for his teaching excellence both at the Graduate (MBA) and undergraduate

level (Awards for Teaching Excellence, Graduate Business Council, University of Toronto).

His research interests are: international capital markets research, credit analysis and bankruptcy, international

cross listing, corporate governance, executive compensation, investments, banking and corporate finance. He

has also published several academic articles on Accounting, Finance and Management issues, in leading

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refereed international journals published in the USA, Canada, Australia, United Kingdom and Europe, such as:

Journal of Financial and Quantitative Analysis (JFQA); Journal of Banking and Finance, Journal of Business

Finance and Accounting; Journal of Accounting, Auditing and Finance; Abacus: Journal of Accounting,

Finance and Business Studies; Journal of Accounting and Public Policy, International Journal of Accounting,

European Accounting Review; Accounting and Business Research, British Accounting Review; Annals of

Operations Research, Journal of International Financial Management and Accounting, Journal of Accounting

and Business Research; Journal of Commercial Bank Lending, International Journal of Intelligent Systems in

Accounting, Finance and Management. He is a co-editor of the International Journal of Accounting and

Associate Editor of Abacus. He also serves on the editorial and advisory committee of several academic journals

and he is a member of the American Finance Association, European Accounting Association and Institute of

Management Accountants (USA).

Panayiotis Theodosiou, Cyprus University of Technology

Dr. Panayiotis Theodosiou is a Professor of Finance and the Dean of the Faculty of

Management and Economics at the Cyprus University of Technology, a state funded

university. Between the spring of 2009 and the fall of 2010, he served on the

University’s Interim Steering Committee. Previously, he was a tenured Professor at

Rutgers University, NJ, for eighteen years. His teaching interests are in financial

management, asset pricing, financial econometrics, real estate investing and financial

markets.

His research areas are asset pricing models, international financial markets, risk

measurement and robust estimation methods. He has published single- and co-authored

articles in the Review of Financial Studies, Journal of Risk and Insurance, Management Science and the

Journal of the American Statistical Association. His current research is on “Skewness and the Relation between

Risk and Return” and “Outliers in Stock Pricing Models and Implications for Event Studies.”

He is a Fellow and the Founding President of the Multinational Finance Society and the Editor-in-Chief of the

Multinational Finance Journal. He is currently serving on the National Economic Council, an advisory body

to the President of Cyprus. He is the author of numerous newspaper articles on economic policy, finance and

education and participates regularly as a finance expert on national TV and radio programs.

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Keynote Speakers

Lakshmanan Shivakumar – Lord David Sainsbury of Turville Professor, Professor of Accounting

Professor Lakshmanan Shivakumar is a prolific and influential

academic researcher, who has been invited to talk at universities and

conferences in over 25 countries. He is currently a council member of

the American Accounting Association. He was formerly the subject area

Chair for the Accounting group at London Business School. He has held

visiting positions at the University of Chicago Graduate School of

Business, the Indian School of Business, the Australian National

University and the University of New South Wales. His main research

interests are in the areas of financial reporting quality and stock-return

predictability. He has published articles in several top-tier accounting and finance journals and is a co-editor of

the Review of Accounting Studies and of The Accounting Review. His research on financial reporting quality

includes an examination of the role of conservatism in financial reporting and earnings management in firms

making public equity offerings. On stock return predictability, his research has addressed issues relating to the

causes of underlying price momentum and post-earnings-announcement drift anomalies. An award winning

teacher, Shivakumar currently teaches courses on Financial Statement Analysis and on Securities Analysis and

Financial Modelling. He also consults for bankers and consulting firms on valuation, financial analysis and

investment strategies. His research has been presented to regulators and development agencies across the world,

including the African Development Bank, the Federal Reserve Bank of New York and the Singapore Stock

Exchange.

Harris Georgiades – Minister of Finance of the Republic of Cyprus

Harris Georgiades was born in 1972 in Nicosia. He is the Minister of

Finance of the Republic of Cyprus since the 3rd April 2013. Previously

he served briefly as Minister of Labour and Social Insurance (1st March-

3rd April 2013). He had the leading role in the implementation and

successful conclusion of the reform and consolidation program for the

Cyprus economy. He participates in the Eurogroup and the ECOFIN.

He was elected Chairman of the Board of Governors of the European

Bank for Reconstruction and Development for the period 2014-2015 and

is a member of the Board of Governors of the International Monetary

Fund, the European Investment Bank and the European Stability Mechanism. He was selected by POLITICO as

one of the 28 most-influential Europeans for 2016. He participates in the New Leaders for Europe community

of the World Economic Forum. Prior to his appointment as Minister he was a Member of the House of

Representatives with the Democratic Rally Party (2011-2013). He also served as Press Spokesman and as

member of the Executive of the Democratic Rally. In parallel, he managed a family-owned hotel business (1999-

2013). He studied International Relations and Economics (BA, MA, 1992-96) at the University of Reading, UK

and was a post-graduate researcher at the Institute of European and International Studies, University of Reading

(1996-98). He graduated from the English School, Nicosia (1983-1990) and served his military service in the

Cyprus National Guard as a non-commissioned officer of the Artillery.

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Paolo Fioretti - Deputy Head of Banking at the European Stability Mechanism (ESM)

Paolo Fioretti is the Deputy Head of Banking at the European Stability

Mechanism (ESM). Within the department of Economics, Banking and Policy

Strategy (ESB), he is responsible for Financial Sectors Analysis and Monitoring

of the Euro Area banking sector under the ESM’s Early Warning System for the

implementation of the banks’ direct recapitalisation instrument. After having

held the role of ESM Country Team Coordinator for Ireland, Mr Fioretti is

currently covering the same role for Cyprus. Prior to this, Mr. Fioretti has

worked at Unicredit, Fitch Ratings as Director in the EMEA Financial

Institutions Team and in the Monitoring Department of the European

Investment Bank. Paolo Fioretti graduated in Economics and Social Science at

Bocconi University. He obtained a M.Sc. in Banking and Finance from the CUOA Business School and the

University of Venice.

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Panelists

Stefano Capodagli – Chief Risk Officer, Hellenic Bank

Stefano Capodagli, a native of Italy, has more than 20 years of commercial,

investment banking and development finance experience in EU, Eastern Europe,

Africa and Central-Asia. He has joined Hellenic Bank from Arab Banking

Corporation where he was Chief Risk Officer of the Algerian subsidiary, after

serving as Chief Risk Reforms Officer at the African Development Bank and prior

to that Managing Director/Deputy CRO with UniCredit Bank Austria AG in

Kazakhstan. Previously he covered South East Europe as Regional Portfolio

Manager at the European Bank for Reconstruction & Development managing a

sizable SME portfolio of equity, debt, guarantee investments and restructured assets

across all industries. He comes with extensive experience dealing with Strategic Risk , having at UniCredit

Group launched a Strategic Risk Management Programme “Reaching Excellence in New Europe Risk

Management”. He also was a senior corporate banker at Banca IMI, the investment banking arm of Intesa

Sanpaolo Group, providing structured, trade and export finance and financial advisory services to Italian and

global Corporate Groups. Mr. CAPODAGLI is a Certified Public Accountant and Internal Auditor and Certified

Professional Coach and holds an International Executive MBA from Bocconi University School of Management

of Milan (Italy and China) and an Economics degree from the University of Rome “La Sapienza”, Italy. He has

extensive experience as professional trainer (and professional coach) in Finance, Banking and HR Management

and has been teaching since 1994 in several Universities in Italy (Rome, Milan, Novara), Ukraine (Kiev School

of Economics, Lviv Business School) and Tunisia (Tunis Business School) as an adjunct professor.

Michalis Athanasiou – Chief Risk Officer, Bank of Cyprus

Michalis Athanasiou has extensive local and international experience including the

disposal of two foreign banking subsidiaries and extensive restructuring and

deleverage expertise under distressed conditions. Michalis has started his career at

Cyprus Popular Bank Group (CPB) in September 1995 at the treasury department,

where he rose through the ranks of the department and was promoted to Treasurer of

Cyprus Popular Bank Ltd in 2003. In June 2006 until the beginning of 2011 he was

seconded to Laiki Bank Australia (Ltd), a former subsidiary of the CPB Group, as its

Chief Executive Officer. After a successful tenor of almost 5 years overseeing the

growth in Balance sheet size and profitability of the subsidiary, he was instrumental

in the successful disposal of the subsidiary. He later served as a member of its Board

of Directors post the sale for 3 years. On his return to Cyprus he was appointed as Director of International

Operations being responsible for the subsidiaries of the Group in Romania, Serbia and Estonia. In January 2012

he was promoted to Group Chief Risk Officer and was reappointed to the same position in November 2013 when

joined the Bank of Cyprus (BOC) Group following the resolution measures of March 2013. He holds a

Bachelor’s Degree with Honors in Accounting and Finance from the University of North London and an M.Sc

with Distinction from the University of Reading in International Securities, Investment and Banking.

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Andreas Yiasemides – Partner, Head of Fund Services, PwC Cyprus

Andreas Yiasemides has joined PwC Cyprus as a Partner on 1st November 2016 and

is the Head of the Funds Services of the organisation. On his graduation from the

University of Manchester with a first class degree in Economics, he joined PwC in

1999 and qualified as a Chartered Accountant (FCA). He continued his career with

the Bank of Cyprus, holding various positions including heading the Custody and

Trusts Unit. He then moved on to an organization of professional services where he

set up and led the Funds Services Unit. He has served as a member of the Board of

Directors of the Bank of Cyprus and of the Central Bank of Cyprus and is the Vice

Chairman of Board of Directors of Cyprus Investment Fund Association (CIFA).

Marios Lazarou – Partner, KPMG

Marios is heading the Financial Risk Management Department of KPMG in Cyprus.

He has more than 15 years of advisory experience in the Financial Services sector.

During the last ten years, he has been involved in multiple advisory engagements in

the areas of banking risk and regulation with emphasis on capital adequacy, stress

testing, credit risk quantification and stress testing. He was the Cyprus Champion on

the KPMG AQR and KPMG Regulatory Centre of Excellence Forum at the EU level.

In the recent years he has contributed in certain high profile projects in the Cyprus

financial services industry as a regulatory and banking expert, either by leading the

projects or by supporting KPMG’s teams from other KPMG member firms.

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Information Highlights

Venue

The Symposium will be held in St Raphael Resort, Limassol, Cyprus

Contact details:

St Raphael Resort

502 Leoforos Amathountos, 4520 Pyrgos, Limassol, Cyprus

P.O. Box 51064 3594 Limassol, Cyprus

Tel: +357 25 834 200

Fax: +357 25 636 394

E-mail: [email protected]

Registration Desk

The registration desk will operate throughout the following times:

8:00am – 6:30pm, June 8, 2017, Lobby, St Raphael Resort

Mobile Phones

In the interest of other delegates and as a courtesy to speakers, please switch off your mobile phone before

entering the sessions.

Name Badges

Please wear your name badges at all times during the symposium. Duplicate name badges will not be available.

Transportation Information for the Symposium

A. Between Larnaca International Airport and St Raphael Resort

Local organizer will provide shuttle service between Larnaca International Airport and St Raphael Resort,

Limassol. We would appreciate your indicating the times and numbers of your flights of arrival and departure,

via email ([email protected] ).

If you are not staying at St Raphael Resort, you may use the shuttle and then get a taxi from there to your hotel.

If you miss the shuttle, please take a taxi from Larnaca International Airport to St Raphael Resort or to your

hotel in Limassol. A taxi will cost you about 60 Euros (about 45 minutes).

B. Between St Raphael Resort and Carob Mill restaurant, on Friday, 9 of June

Local organizer will provide shuttle service between St Raphael Resort and Carob Mill Restaurant, on Friday 9

of June, for Keynote Address and Gala Dinner. Shuttle bus will depart from St Raphael Resort at 6:30 pm.

According to the participants’ place of accommodation, bus will make some stops on the way.


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Maps

St Raphael Resort & Adjacent Hotels

A: St Raphael Resort (http://www.raphael.com.cy/ )

B: Grand Resort (http://www.grandresort.com.cy/ )

C: Elias Beach Hotel (https://www.kanikahotels.com/elias-beach-hotel-limassol )

http://www.raphael.com.cy/

http://www.grandresort.com.cy/

https://www.kanikahotels.com/elias-beach-hotel-limassol

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The Illinois International Journal of Accounting Symposium Program Highlights

Thursday, June 8, 2017

8:30 am – 6:30 pm Registration Lobby – St Raphael Resort

8:30 am – 12:30 pm PhD Consortium Phoenix Conference Room – St Raphael Resort

12:30 pm – 1:30 pm Lunch for PhD Consortium Participants Octagon Restaurant - St Raphael Resort

1:30 pm – 2:00 pm Welcoming Remarks Phoenix Conference Room – St Raphael Resort

2:00 pm – 3:15 pm Paper 1 Phoenix Conference Room – St Raphael Resort

3:15 pm – 3:30 pm Coffee Break



5:00 pm – 6:00 pm Keynote Address Phoenix Conference Room – St Raphael Resort

8:00 pm Welcoming Reception Dinner St Raphael Resort gardens

Friday, June 9, 2017

9:00 am – 10:15 am Paper 3 Phoenix Conference Room – St Raphael Resort

10:15 am – 10:30 am Coffee Break

10:30 am – 11:45 am Paper 4 Phoenix Conference Room – St Raphael Resort

11:45 am – 12:00 pm Coffee Break


1:15 pm – 2:45 pm Lunch Octagon Restaurant - St Raphael Resort



4:15 pm – 6:00 pm Presentation and Panel Discussion Phoenix Conference Room – St Raphael Resort

6:50 pm Departure from St Raphael Resort to Carob Mill restaurant (shuttle bus)

7:30 pm - 8:30 pm Keynote Address Carob Mill Restaurant

8:30 pm Gala Dinner Carob Mill Restaurant

Saturday, June 10, 2017

9:00 am – 5:30 pm Tour to Limassol – Paphos

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Symposium Detailed Program

Thursday, June 8, 2017

8:30 am – 12:30 pm PhD Consortium – Phoenix Conference Room – St Raphael Resort

Moderators: Jeffrey L. Callen, University of Toronto, Canada

Suresh Radhakrisknan, University of Texas at Dallas, US

Irene Karamanou, University of Cyprus, Cyprus

Participating

Faculty: YI Cheong Heon, City University of Hong Kong, China

Sasson Bar-Yosef, The Hebrew University of Jerusalem, Israel

Theodore Sougiannis, University of Illinois at Urbana-Champaign, US

12:30 pm – 1:30 pm Lunch for PhD Consortium Participants – Octagon Restaurant - St Raphael Resort

1:30 pm – 2:00 pm Welcoming Remarks – Phoenix Conference Room - St Raphael Resort

Rashad Abdel-Khalik, University of Illinois at Urbana-Champaign, Conference Co-Chair,

Editor of TIJA

Andreas Charitou, University of Cyprus, Conference Co-Chair, Co-Editor of TIJA

2:00 pm – 3:15 pm Paper 1 – Phoenix Conference Room - St Raphael Resort

Title: Specialist CEOs and IPO survival

Authors: Dimitrios Gounopoulos, Newcastle University Business School, UK (presenter)

Hang Pham, University of Sussex, UK

Discussant: Theodore Sougiannis, University of Illinois at Urbana-Champaign, US

Moderator: Jon Davis, University of Illinois at Urbana-Champaign, US



Title: What Turns the Taxman On? Audit Opinion and Tax Return Adjustments in a

Voluntary Audit Environment

Authors: Hannu Ojala, University of Tampere and Aalto University, Finland (presenter)

Lasse Niemi, Aalto University School of Business, Finland

Juha Kinnunen, Aalto University School of Business, Finland

Pontus Troberg, Hanken School of Economics, Finland

Jill Collis, Brunel University London, UK

Discussant: Suresh Radhakrisknan, University of Texas at Dallas, US

Moderator: Heibatollah Sami, Lehigh University, US


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5:00 pm – 6:00 pm Keynote Address – Phoenix Conference Room - St Raphael Resort

Topic: Corporate tax effect on macroeconomic growth: International Evidence

Speaker: Lakshmanan Shivakumar, Lord David Sainsbury of Turville Professor, Professor of

Accounting, UK

8:00 pm Welcoming Reception Dinner – St Raphael Resort gardens

Friday, June 9, 2017

9:00 am – 10:15 am Paper 3 – Phoenix Conference Room - St Raphael Resort

Title: Discovering the Concealed Benefits of Auditor-Provided Tax Services

Authors: Christoph Watrin, University of Münster, Germany (presenter)

Stephan Burggraef, University of Münster, Germany

Falko Weiß, University of Münster, Germany

Discussant: YI Cheong Heon, City University of Hong Kong, China

Moderator: William Cready, University of Texas at Dallas, US

10:15 am – 10:30 am Coffee Break

10:30 am – 11:45 am Paper 4 – Phoenix Conference Room - St Raphael Resort

Title: Managerial Miscalibration and Its Effects on the Auditability of Accounting

Estimates: Evidence from Pension Accounting

Authors: Wally Smieliauskas, University of Toronto, Canada (presenter)

Ulrich Menzefricke, University of Toronto, Canada

Discussant: Paul Chaney, Vanderbilt University, US

Moderator: Samir Trabelsi, Brock University, Canada

11:45 am – 12:00 pm Coffee Break


Title: Exogenous Information Shock and Dividend Payouts: Evidence from IFRS Adoption

Authors: Nishant Agarwal, Indian School of Business, India (presenter)

Arkaja Chakraverty, Indian School of Business, India

Discussant: Jeffrey L. Callen, University of Toronto, Canada

Moderator: Minyue Dong, University of Lausanne, Switzerland

1:15 pm – 2:45 pm Lunch – Octagon Restaurant - St Raphael Resort

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Title: Does the Market Value Greenhouse Gas Emissions? Evidence from Multicountry

Firm Data

Authors: Le Luo, The University of Newcastle, Australia (presenter)

Bo Bae Choi, The University of Newcastle, Australia

Discussant: Sasson Bar-Yosef, The Hebrew University of Jerusalem, Israel

Moderator: Ana Simpson, London School of Economics, UK


4:15 pm – 6:00 pm Presentation and Panel Discussion – Phoenix Conference Room - St Raphael Resort

Theme: The Practice of Risk Management & Banking Supervision

Speaker: Paolo Fioretti, Deputy Head of Banking, European Stability Mechanism,

Luxembourg

Panelists: Michalis Athanasiou, Chief Risk Officer, Bank of Cyprus

Stefano Capodagli, Chief Risk Officer, Hellenic Bank

Andreas Yiasemides, Partner, Head of Fund Services, PwC Cyprus

Marios Lazarou, Partner, KPMG

Moderator: Rashad Abdel-Khalik, University of Illinois at Urbana-Champaign, US

7:30 pm - 8:30 pm Keynote Address – Carob Mill Restaurant

Welcoming

remarks: Lambros Papadopoulos, Member of the Board of Directors, Hellenic Bank

Topic: The Cyprus Economy and the European Economic Environment

Speaker: Harris Georgiades, Minister of Finance of the Republic of Cyprus

8:30 pm Gala Dinner – Carob Mill Restaurant

Saturday, June 10, 2017

9:00 am – 5:30 pm Tour to Limassol - Paphos

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PhD Consortium, 8 of June, Phoenix Room & Atrium A/B Rooms

The PhD Consortium is a forum where PhD students can present their research ideas, confront them with the

scientific community, receive feedback from mentors, and tie cooperation bounds. Students will receive

inspiration from their peers and will have a chance to discuss their research objectives with senior members of

the community in the context of an established international conference.

The Consortium has the following objectives:

Provide a setting where PhD students can present their work and meet other students,

Provide feedback on students’ current research and guidance on future research directions,

Offer each student comments and fresh perspectives on their work from researchers and students outside

their own institution,

Promote the development of a supportive community of scholars and a spirit of collaborative research,

and

Contribute to the conference goals through interaction with other researchers and conference events.

The Consortium will be held on Thursday, 8 of June 2017, 8:30am – 12:30pm, Phoenix Conference Room, St

Raphael Resort.

Schedule:

8:30-10:00: Short presentation from participating faculty in groups – Phoenix Room

Group A: Methodological approaches to research

- “Research Quality and Natural Experiments”, J. L. Callen

- “Robustness Checks”, YI Cheong Heon

Group B: Qualities of good research; how to publish in good journals

- “Ingredients for “Good” Research: Some Personal Musings”, S. Radhakrisknan

- “TBC”, T. Sougiannis

Group C: New trends in accounting and finance research

- “TBC”, I. Karamanou

- “TBC”, S. Bar-Yosef

10:00-10:15: Break

Moderators: Jeffrey L. Callen, University of Toronto, Canada

Suresh Radhakrisknan, University of Texas at Dallas, US

Irene Karamanou, University of Cyprus, Cyprus

Participating Faculty: YI Cheong Heon, City University of Hong Kong, China

Sasson Bar-Yosef, The Hebrew University of Jerusalem, Israel

Theodore Sougiannis, University of Illinois at Urbana-Champaign, US

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10:15-12:00: PhD students presentations in 3 groups (7 students per group, 10-12 minutes each student).

Each group will be coordinated by one moderator and one participating faculty.

Group A – Phoenix Room: J. Callen - YI Cheong

Group B – Atrium A Room: S. Radhakrisknan – T. Sougiannis

Group C – Atrium B Room: I. Karamanou – S. Bar-Yosef

12:00-12:30: Round-table discussion and feedback to PhD students – Phoenix Room

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Optional Tour on Saturday, 10 of June

Schedule

9:00-9:30 a.m. St Raphael Resort to Kourion

9:30-10:20 a.m. Ruins of Eustolios house at ancient town Kourion - Kourion Mosaics

10:20-10:50 a.m. Kourion to “Petra tou Romiou”, also known as Aphrodite's Rock

10:50-11:35 a.m. stop at “Petra tou Romiou” for coffee/photos/optional swimming at sea

11:35-12:05 p.m. “Petra tou Romiou” to Paphos harbour

12:05-1:00 p.m. visit Paphos Mosaics near Paphos harbour

1:00-2:30 p.m. free time for food at Paphos harbour

2:30-2:40 p.m. Paphos harbour to Tombs of the Kings

2:40-3:25 p.m. Tour to the Tombs of the Kings

3:25-3:50 p.m. Tombs of the Kings to the Sanctuary of Aphrodite (Kouklia)

3:50-4:45 p.m. Tour to the Sanctuary of Aphrodite and the Archeological Museum

4:45-5:30 p.m. The Sanctuary of Aphrodite back to Limassol

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City of Limassol

Overview

Limassol is the second largest city of Cyprus with a population of approximately 180,000. It is one of six districts

and covers an area of 34.87 square kilometers. Located on the southern coast, Limassol stretches around

westward to the Paphos district, bordering with the district of Larnaca on the east and with Nicosia on the north.

In addition to the recognized popularity as a tourism destination, Limassol is also an administrative and business

centre, a port, a resort, the centre of the wine industry and home to many archeological sites.

History

The city of Limassol has a rich history that goes back to around the 2nd century B.C.

The city of Limassol is situated between the ancient cities of Amathous to the east and Kourion to the west.

Limassol was inhabited since the very ancient years and tombs discovered there date back to around the 2nd

century B.C., while others date back to around the 8th and 4th centuries B.C. The few ancient finds that were

discovered show that a small settlement existed there which did not manage to develop and flourish.

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The city, in the 10th century, was known as Nemesos and the Byzantine emperor, Constantine Porphyrogenitus,

refers to this city with this name.

The history of the city is mainly known for its events in 1191 A.D., which marked the end of the Byzantine Rule

in Cyprus. The king of England, Richard the Lionheart, foresaw the strategic importance of Cyprus as a base

for supplying the forces taking part in the Third Crusade and conquered the island. Richard celebrated his

marriage to Berengaria in Limassol where the latter was crowned Queen of England, and that is how the

Byzantine Rule in Cyprus came to an end.

Limassol was then surrendered to the Frankish Empire of the Lusignan Kings of the medieval Cypriot kingdom.

For about three centuries (1192-1489), Limassol experienced a remarkable period of prosperity. In 1489 A.D.,

the Queen of Cyprus, Ekaterini Cornaro, surrendered Cyprus to the city of Venice. This lasted until the Turkish

Occupation took place in 1570 A.D. The British then conquered Cyprus in 1878, and in 1960, significant

changes followed the liberation of Cyprus, which contributed to the cultural and artistic life of the city. Schools,

theatres, art galleries, music halls and football clubs were formed and played a significant role in the cultural life

of Limassol.

The city of Limassol was developed much after the Turkish invasion of 1974, when Famagusta, one of the most

touristic areas of Cyprus was captured by the Turkish armies. Luxurious hotels, restaurants and numerous

entertainment clubs were built and thus the city soon became a significant touristic centre.

Climate

Limassol has a wonderful Mediterranean climate. The city experiences long, dry, warm summers and short mild

winters. The summer temperature varies between 22°C and 39°C, whilst the winter temperature varies between

-1°C and 23°C. The temperature of the sea allows swimming almost all year round.

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Culture

Limassol’s population comprises of mostly Greek Cypriots as it is located in the south of Cyprus, whereas, the

majority of Turkish Cypriots are located in the northern part. However, within the past 20 years Cyprus in general

has been inhabited by many other nationalities such as the British and Russians, as well as more Eastern

Europeans in recent years.

The locals of Limassol are a closely knit society with a friendly nature. Furthermore, traditions are still up-kept

by many, offering plenty of cultural events throughout the year. Some events are performed in the open air

Greco-Roman theatre of Kourion by local and visiting theatre companies. The city hosts two major festivals; the

spring Carnival with its traditional Parade and the late summer Wine Festival, which are both very popular

amongst tourists.

Getting around Limassol

Limassol is a relatively easy city to get around. The city has four main roads which run parallel to each other

and across the city from West to East. Like any other major city in the world, during rush hour, traffic can occur

in the centre of Limassol. However, in general, the city has a decent road network, and the motorways: A1 –

Nicosia to Limassol and A6 – Paphos to Limassol, connect to other major cities in Cyprus.

Wish you a pleasant stay in Limassol!

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