Second annual meeting of the International Society for the Advancement of Financial Economics

8:30 - 8:45 (15min)

Registration & Coffee

8th Floor

8:45 - 9:00 (15min)

Welcome and Opening Remarks

Room 28801

9:00 - 10:00 (1h)

Corporate Morality

Room 28801

Professor Iftekhar Hasan

10:00 - 10:30 (30min)

Coffee break

8th Floor

10:30 - 12:00 (1h30)

A2.1: Asset pricing, allocation, and valuation

Room 28601

Nhat-Tan Le

› Trade Size and the Changing Nature of Price Formation - Ahmad Al-Haji, Télé-université du Québec 10:30-12:00 (1h30)

› An Integral Equation Approach for the Valuation of Finite-maturity Margin Call Stock Loans - DUC THI LUU, Department of Economics, Kiel University, Fulbright University (Email: tanle@fulbright.edu.vn) - Nhat Tan Le, Fulbright University, Vietnam 10:30-12:00 (1h30)

› Identifying Factor Importance in Empirical Asset Pricing by Interpretable Machine Learning - Sampan Nettayanun, Faculty of Business, Economics and Communications, Naresuan University - Siriyos Chuthanondha, Research Department, The Stock Exchange of Thailand 10:31-12:00 (1h29)

10:30 - 12:00 (1h30)

A2.2: Behavioral and experimental finance

Room 28602

Richard Ottoo

› Investor attention and Bitcoin futures market - Zih-Ying Lin, The Department of Finance and International Busines, Fu Jen Catholic University 10:30-12:00 (1h30)

› CEO Narcissism, Board Gender Diversity, and Investment Behaviour - Adam Arian, Australian Catholic University 10:30-12:00 (1h30)

› Human Capital, Behavioral Risk, and Corporate Valuation - Richard Ottoo, Dr. Richard Ebil Ottoo, Global Association of Risk Professionals 10:30-12:00 (1h30)

› Return Seasonalities and Mispricing: Evidence from a Retail Investors Trading Dominated Market - Weifeng Hung, Feng Chia University 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

A2.3: Central banking and monetary policy

Room 28701

Frankie Chau

› Non-stationary Financial Risk Factors and Macroeconomic Vulnerability for the UK - Katalin Julianna Varga, Central Bank of Hungary/ Magyar Nemzeti Bank 10:30-12:00 (1h30)

› The impact of banking crises on industrial growth: lessons from the last 40 years - Carlos Madeira, Bank for International Settlements (BIS) and Central Bank of Chile 10:30-12:00 (1h30)

› Does Fed communication affect uncertainty and risk aversion? - Frankie Chau, Durham University Business School - Raja Shaikh, Sukkur IBA University 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

A2.4: Corporate finance and governance

Room 28702

Cheng Lee-Young

› The marriage of Fintech and ESG in investment banks. Did Covid matchmake them? - Thuy Linh Vu, ESADE Business School 10:30-12:00 (1h30)

› Cross-Border Regulatory Cooperation and Firm Cross-Listing Decisions - Bin Yang, Jinan University [Guangzhou] 10:30-12:00 (1h30)

› Insider Investment Horizon and M&A Performance - Lee-Young Cheng, National Chung Cheng University 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

A2.5: Sustainable finance, ethics, and CSR

Room 28705

Paul Momtaz

› Low-carbon Transformation and Enterprise Risk Transfer: Evidence from Listed Firms' Subsidiaries - Xiaoran Ni, Xiamen University 10:30-12:00 (1h30)

› EMNCs and Their Internationalization Dynamics: Role of Nonmarket Strategies - Muhammad Saad Baloch, University of Southampton 10:30-12:00 (1h30)

› The Green Side of Debt Heterogeneity: Evidence from Facility-Level Toxic Releases - Mohsen Saad, American University of Sharjah 10:30-12:00 (1h30)

› Cybercrime on the Ethereum Blockchain - Paul Momtaz, TUM 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

A2.6: Financial engineering and derivatives

Room 28706

Yu-Min Lian

› The price formation of GCC country iShares: the role of unsynchronized trading days between the US and the GCC markets - Nassar Al-Nassar, Qassim University [Kingdom of Saudi Arabia] 10:30-12:00 (1h30)

› Influence of Minimum Support Price on price discovery in Agricultural Futures Markets - Neeti Jain, Indian Institute of Foreign Trade 10:30-12:00 (1h30)

› Option pricing in the presence of cojumps and credit risks under regime switching - Yu-Min Lian, Fu Jen Catholic University 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

A2.7: Commodity markets

Online (Zoom)

Shanglin Lu

› Implementation of a Commodity Trading Game in Introductory Economics Courses - Serkan Karadas, University of Illinois Springfield 10:30-12:00 (1h30)

› Unveiling the linkages among mineral and renewable commodities and regional stock sectors and their portfolio implications during health and military crises - Dr. Rima Assaf, American University in Dubai 10:30-12:00 (1h30)

› Intraday Cross-sectional Momentum in Commodity Futures - Shanglin Lu, University of International Business and Economics [Beijing, China] 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

A2.8: Financial intermediation, institutions & services

Online (Zoom)

Camilo Granados

› De-risking Strategies of Defined Benefits Plans and Economic Outcome: Empirical Evidence from U.S. Firms - Jeffrey Chen, North Dakota State University 10:30-12:00 (1h30)

› Negative interest rates and shadow banking - Zixuan Dai, University of South Australia [Adelaide] 10:30-12:00 (1h30)

› Bridging the Gap - How Neo-banking as FinTech Innovation is Driving Inclusive Finance? - Morshadul Hasan, Murdoch Business School, Murdoch University, Australia 10:31-12:00 (1h29)

10:30 - 12:00 (1h30)

A2.9: Sustainable finance, ethics, and CSR

Online (Zoom)

Kwasi Boateng

› ESG investing: Systematic literature review using ADO and TCCM framework - Suzan Dsouza, American University of the Middle East 10:30-12:00 (1h30)

› Energy efficiency governance in China: An index based comprehensive evaluation - Yishuai Ren, Hunan University 10:30-12:00 (1h30)

› Socially Responsible Investment Funds: A Robust Test of Efficiency - Kwasi Boateng, University of Tasmania 10:30-12:00 (1h30)

12:00 - 13:30 (1h30)

Lunch Break

Ballroom Bld 27

13:30 - 15:00 (1h30)

B1.1: Asset pricing, allocation, and valuation

Room 28601

Jérôme Detemple

› Impact of Market State on Momentum Portfolio Risk and Performance: A Risk-based Explanation - Yi Liu, University of North Texas 13:30-15:00 (1h30)

› Salient theory and the cross-section of stock returns: The role of recency effects - Daniel Chai, RMIT University 13:30-15:00 (1h30)

› Contracting Firm Pollution - Jerome Detemple, Boston University - Questrom School of Business 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

B1.2: Corporate finance and governance

Room 28602

Viet Anh Dang

› Whistleblowing and Financial Statement Readability - Abu Amin, Central Michigan University 13:30-15:00 (1h30)

› Customer Concentration and Suppliers' Innovation Investment, Do Common Institutional Investors play a role? - Bowen Wang, Massey University 13:30-15:00 (1h30)

› Extreme weather events and the timeliness of payment in supply chains: Evidence from Hurricane Katrina - Viet Dang, University of Manchester 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

B1.3: Financial intermediation, institutions & services

Room 28701

Amine Tarazi

› Barriers to the expansion of community off-grid solar systems: Evidence from rural India - Keyur Thaker, Indian Institute of Management Indore - , University of Canberra - Himanshu Pota, UNSW Canberra 13:30-15:00 (1h30)

› Does good fund performance lead to divergence among investors' beliefs of the manager's skill ? - Zhan Yaosong, Sun Yat-Sen University 13:30-15:00 (1h30)

› Liquidity Shock and Bank Risk - Amine Tarazi, Université de Limoges, LAPE, Institut Universitaire de France 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

B1.4: Corporate finance and governance

Room 28702

Eric Brisker

› How do languages react to CDS spreads? - , Department of Business Administration, Soochow University 13:30-15:00 (1h30)

› Digital Technologies and their Differential Impact on Sustainable Innovations: Determining from Operational and Governance Perspective - YiYao Miao, Hangzhou City University - , University of Waikato [Hamilton] - ChengMing Huang, Hangzhou City University - ChengWei Zhang, John Hopkins University 13:30-15:00 (1h30)

› CEO Inside Debt and the Sell-Off Decision - Eric Brisker, University of Akron 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

B1.5: Sustainable finance, ethics, and CSR

Room 28705

Ahmed Imran Hunjra

› Unmasking Greenwashing: ESG's Impact on Chinese Stock Returns - Zhang Min, University College of Dublin 13:30-15:00 (1h30)

› Russia-Ukraine war and Corporate social responsibility: Evidence from the largest oil importers and exporters - Yishuai Ren, Hunan University 13:30-15:00 (1h30)

› Role of Energy transition and Inclusive Governance in Energy and Climate Uncertainty - Ahmed Imran Hunjra, Rabat Business School, International University of Rabat 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

B1.6: Corporate finance and governance

Online (Zoom)

Manel Allaya

› Does Business Strategy Make Firms More Resilient during COVID‒19 pandemic period? - Riadh MANITA, Associate professor, BOUbaker, Ahsana, Gull 13:30-15:00 (1h30)

› R&D background of the top management team and corporate social responsibility: Evidence from Chinese family-listed enterprises - NAJOUA ELOMMAL, ISTEC Paris 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

B1.7: Financial markets and commodity markets

Online (Zoom)

Rui-Xiang Zhai

› Heterogeneous Stock Market Impact of Russia - Ukraine War for the World's Largest Oil and Gas Companies - António Martins, Universidade da Madeira 13:30-15:00 (1h30)

› Climate policy uncertainty and the U.S. stock markets: the predictability using Particle Swarm Optimization with eXtreme Gradient Boosting - Caihao Lu, Lincoln University 13:30-15:00 (1h30)

› Financialization Effect on Dynamics of the Commodity Futures Markets across Trader Types during Market Crises - Rui-Xiang Zhai, National Kaohsiung University of Science and Technology 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

B1.8: International finance and capital markets

Online (Zoom)

Fan Shi

› Exchange rate flexibilization and macroeconomic determinants: Evidence from MENA region - Nouhaila MOUTAIB, The Higher Institute of Commerce and Business Administration 13:30-15:00 (1h30)

› Forward Premium Anomaly Resolved - Nilanjana Chakraborty, Independent researcher 13:30-15:00 (1h30)

› Shocks of International Financial Risks and Fluctuations in China's Economic Cycles - Fan Shi, Zhejiang Shuren University 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

B1.9: Quantitative finance

Online (Zoom)

Georgios Kouretas

› The Idiosyncratic Volatility Puzzle in China: A Spatial Econometric Perspective - Bo Li, Beijing International Studies University - Fengping Ma, Beijing International Studies University 13:30-15:00 (1h30)

› Operational Risk Measurement: A Novel Approach Incorporating Reputational Risk Losses - Xuting Mao, School of Economics and Management, University of Chinese Academy of Sciences - Xiaoqian Zhu, School of Economics and Management, University of Chinese Academy of Sciences 13:30-15:00 (1h30)

› Assessing Global Spillovers of Climate Risks on Stock Market Volatility - Georgios Kouretas, Athens University of Economics and Business-Dept. of Business Administration, IPAG Business School, Athens University of Economics and Business 13:30-15:00 (1h30)

15:00 - 15:30 (30min)

Coffee break

8th Floor

15:30 - 17:00 (1h30)

B2.1: Asset pricing, allocation, and valuation

Room 28601

Keith Jin Deng Chan

› Data-driven Sparse Index-tracking under Leverage Control - Chanaka Edirisinghe, Rensselaer Polytechnic Institute 15:30-17:00 (1h30)

› Geopolitical Risks and Oil Production in the Middle East and Africa: Connectedness and Predictability using Machine Learning - Anh Le, Lincoln University - Caihao Lu, Lincoln University 15:30-17:00 (1h30)

› The Double-Edged Sword of Firm's Commitment to Net Zero on the Carbon Risk Premium - Keith Jun Deng CHan, the Hong Kong University of Science and Technology 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

B2.2: Small businesses and entrepreneurship

Room 28602

In Gyun Baek

› Fueling Innovation Capabilities through Equity Financing: Does SME Trust in Venture Capitalists Matter? - Saqib Aziz, Rennes School of Business, Rennes 15:30-17:00 (1h30)

› Syndication Patterns of Venture Capital Investments - Maia Gejadze, Assistant Professor of Finance 15:30-17:00 (1h30)

› Old and New: How Do Incumbent Financial Institutions Influence Fintech Outcomes? - Wasim Ahmad, Economic Sciences 15:30-17:00 (1h30)

› Reducing Small Entities' Information Disadvantages and Patent Abandonment with Online Accessibility - In Gyun Baek, National University of Singapore 15:31-17:00 (1h29)

15:30 - 17:00 (1h30)

B2.3: Real estate finance

Room 28701

Abdullah Yavas

› Inflation Hedging: A Comparative Wavelet Quantile Correlation Analysis of Real Estate and Alternative Assets - essafi yasmine, Métis lab, EM Normandie Business School - Aya Nasreddine, University Paris-Nanterre 15:30-17:00 (1h30)

› Not all REITs are alike: Modelling the dynamic connectedness of sectoral REITs and the US yield curve - Zaghum Umar, Zayed University 15:30-17:00 (1h30)

› Understanding the Unique Regulatory Landscape of Israeli Mortgages: A Comparative Analysis with OECD Countries, Emphasizing the Risks of Variable Interest Rates for Borrowers - Yehudith Kahn, HADASSAH ACADEMIC COLLEGE 15:30-17:00 (1h30)

› Price Impact of Climate Risk on Commercial Real Estate - Abdullah Yavas, University of Wisconsin-Madison 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

B2.4: Corporate finance and governance

Room 28702

Sampan Nettayanun

› Investing in a Bigger World: the Effects of Digital Transformation - Xuankai Zhao, Central University of Finance and Economics [Beijing] 15:30-17:00 (1h30)

› Strategic Reinsurance and Explainable AI - Sampan Nettayanun, Naresuan University, Faculty of Business, Economics and Communications - Eric Brisker, The University of Akron, College of Business, Department of Finance 15:30-17:00 (1h30)

› Does the type's financial constraint affect the firm's behavior in managing its earnings? - Pradip Banerjee, Indian Institute of Management Indore 15:30-17:00 (1h30)

› Do R&D and free cash flows increase value relevance in efficient-investment firms? Study on listed companies on the Swiss Stock Exchange - Felizia Rudiawarni, Universitas Surabaya, Indonesia 15:31-17:00 (1h29)

15:30 - 17:00 (1h30)

B2.5: Sustainable finance, ethics, and CSR

Room 28705

Yuwei Liao

› Women Directors and CSR Report Assurance: An International Examination - Asad Ali Rind, South Champagne Business School 15:30-17:00 (1h30)

› Self-Determination, Competence, and Relatedness and Their Impact on Green Performance: A Theoretical Modeling Study - Chou-Kang Chiu, Chou-Kang Chiu 15:30-17:00 (1h30)

› Decarbonization Record and Green Bond Premium - Yuwei LIAO, the Hong Kong University of Science and Technology 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

B2.6: Corporate finance and governance

Online (Zoom)

Hisham Farag

› National culture and capital structure dynamics - Marco Botta, Università Cattolica del Sacro Cuore 15:30-17:00 (1h30)

› Investor Overconfidence and Corporate Leasing - Zan Ye, The University of Queensland 15:30-17:00 (1h30)

› Protecting the Vulnerable Workers: Digital Finance and Firm Employment during the COVID-19 Pandemic - Zijun Cai, School of Management, Northwestern Polytechnical University 15:30-17:00 (1h30)

› Reform or Friction? ESG disclosure regulation around the world and - Hisham Farag, University of Birmingham 15:31-17:00 (1h29)

15:30 - 17:00 (1h30)

B2.7: Financial intermediation, institutions & services

Online (Zoom)

Jonathan Lee

› Banks Stock Market Reaction to the Italian and Spanish Windfall Tax Announcement: An Event Study - António Martins, Universidade da Madeira 15:30-17:00 (1h30)

› Regulating Zombie Mortgages - Huyen Nguyen, Halle Institute for Economic Research 15:30-17:00 (1h30)

› Social capital, institutions, and financing constraints around the world - ASMA HOUCINE, Excelia Business School, France 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

B2.8: Corporate finance and governance

Online (Zoom)

Khaled Hussainey

› Does policy board independence influence ESG performance? - Md Akhtaruzzaman, Australian Catholic University - Sohel Mehedi, Australian Catholic University 15:30-17:00 (1h30)

› Effects of Corporate Governance Code on corporate governance practices and firm performance - Thai Hanh Minh, Hanoi University of Science and Technology 15:31-17:00 (1h29)

› Carbon risk and trade credit - Hamdi Ben-Nasr, Qatar University 15:32-17:00 (1h28)

› The Impact of Brexit Disclosure on Trade Credit - Khaled Hussainey, Bangor University 15:33-17:00 (1h27)

15:30 - 17:00 (1h30)

B2.9: Special Track: Fintech

Online (Zoom)

Mustafa Nourallah

› Digital finance and birth rates: Evidence from China - Junshi Chen, Massey University 15:30-17:00 (1h30)

› Corporate Governance, Bank Stability and Risk Taking in the MENA Banks - Hassan Obeid, Paris business school 15:30-17:00 (1h30)

19:00 - 22:00 (3h)

Gala Dinner & Best Paper Awards

HOLIDAY INN PATTAYA, BALLROOM 1, FLOOR M