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

8:30 - 9:00 (30min)

Registration & Coffee

8th Floor

9:00 - 10:00 (1h)

Research on ESG-SDG in Banking, Finance and Economics

Room 28801

Professor Jonathan Batten

10:00 - 10:30 (30min)

Coffee break

8th Floor

10:30 - 12:00 (1h30)

C2.1: Behavioral and experimental finance

Room 28601

Santiago Carbó-Valverde

› Winners and losers of IPO lotteries in India - Raghupathy Madhavan Balakrishnan, Shiv Nadar University - Surya Majumdar, Shiv Nadar University 10:30-12:00 (1h30)

› Herding in Investment Trusts. New Evidence Using Tick-by-Tick Data - Karthik Natashekara, Indian Institute of Management Kozhikode [Inde] 10:30-12:00 (1h30)

› Cryptocurrency ownership and cognitive biases in perceived financial literacy - Santiago Carbo-Valverde, Universitat de València, FUNCAS 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

C2.2: Financial intermediation, institutions & services

Room 28602

Kanis Saengchote

› Volatility Transmission of Alternative Energy to U.S. financial system: A study of systemic stress and high inflation period - Syed Shams, University of Southern Queensland 10:30-12:00 (1h30)

› The Impact of Green Banking Practices and Climate Change Mitigation On Banking Sector Performance - Ramsha Noor, Lahore School of Economics 10:30-12:00 (1h30)

› Blockchain Banks and the Global Systematically Important Protocol (G-SIP) Framework - Kanis Saengchote, Chulalongkorn University [Bangkok] 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

C2.3: Central banking and monetary policy

Room 28701

Aristeidis Samitas

› The RMB/USD exchange rate : evidence from SETAR analysis - Jinzhao Chen, ESC Clermont BS, ClerMA 10:30-12:00 (1h30)

› Estimating the natural rate of interest and the risk appetite in the US: An accelerating score-driven state space model - Tibor Pal, University of Salerno 10:30-12:00 (1h30)

› Machine Learning Analysis of Banking Stability: Leveraging the CAMELS Framework for Global Predictions - ARISTEIDIS SAMITAS, National and Kapodistrian University of Athens 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

C2.4: Corporate finance and governance

Room 28702

Natdanai Aleenajitpong

› Distributional implications of corporate financing - Haris Khan, Information Technology University 10:30-12:00 (1h30)

› The determinants of audit opinion in resilient firms before and after covid pandemic: the case study of Tunisian banks publishing CSR information - WISSAL BEN LETAIFA, Wissal BEN LETAIFA, essec, University of tunis - Lotfi Taleb, University of tunis 10:30-12:00 (1h30)

› Initiating Electric Vehicle price index and its factors during COVID19 pandemic: Evidence from the stock exchange of Thailand - Natdanai Aleenajitpong, Kasetsart University [Bangkok, Thailand] 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

C2.5: Sustainable finance, ethics, and CSR

Room 28705

Faten Moussa

› The Impact of ESG on firm's performance in Malaysian non-financial listed firms: the role of board gender diversity - SHAYUTI MOHAMED ADNAN, Universiti Malaysia Terengganu, Universiti Malaysia Terengganu 10:30-12:00 (1h30)

› Does the presence of foreign Institutional investors impact ESG reporting? - ARCHANA PATRO, Indian Institute of Management BodhGaya 10:30-12:00 (1h30)

› Understanding CO2 Emissions Patterns, Drivers, and Policy Implications Across Sectors in the MENA Region - Faten Moussa, MSB- South Mediterranean University 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

C2.6: Asset pricing, allocation, and valuation

Online (Zoom)

Ting Zhang

› Evaluating Hit and Runs: Resolution of Uncertainty and Investment Goals - Robinson Reyes Pena, Florida International University 10:30-12:00 (1h30)

› Predicting CDS Spreads and Stock Returns with Weather Risk: A Study Utilizing NLP/LLM and AI Measures - YI ZHOU, San Francisco State University 10:30-12:00 (1h30)

› Do pensions have real teeth? Evidence from the state government borrowing costs - Ting Zhang, Ting Zhang, University of Dayton 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

C2.7: ESG and Corporate Governance

Online (Zoom)

Sheng Dachen

› ESG Fund Flows Under Shocks: Are They More Resilient Against Macro-Financial Shocks? - Yanchen WANG, Hong Kong Monetary Authority 10:30-12:00 (1h30)

› Does corporate internationalization affect green innovation? Evidence from China - Xiaoyi Qu, School of Business, Guangxi University 10:30-12:00 (1h30)

› The ethical issue of knowing in advance: Information asymmetry in corporate governance - Dachen Sheng, Yamanashi Gakuin University 10:30-12:00 (1h30)

10:30 - 12:00 (1h30)

C2.8: Sustainable finance, ethics, and CSR

Online (Zoom)

Nadia Doytch

› Oil price uncertainty and firm green innovation disclosure - Kai Huang, Kai Huang, Massey University 10:30-12:00 (1h30)

› Contributions of scientific research and financial development on greenhouse gas emissions in ANZUS countries - Khosrul Alam, Australian Catholic University - Md Akhtaruzzaman, Australian Catholic University 10:30-12:00 (1h30)

› Do Structural Transformation and ICT Development Reduce the Ecological Footprints of Nations? - Nadia Doytch, CUNY-Brooklyn College and the Graduate Center, Ateneo de Manila University School of Government, University of Economics Ho Chi Ming City 10:30-12:00 (1h30)

12:00 - 13:30 (1h30)

Lunch Break

Ballroom Bld 27

13:30 - 15:00 (1h30)

D1.1: Corporate finance and governance

Room 28601

Pornprom Prompes

› Board Co-option and Audit Quality: Evidence from US - asif saeed, University of Waikato 13:30-15:00 (1h30)

› Board Governance, ESG, and Firm Value: The Mediating Effect of Short Term Financial Performance - Allan Hodgson, UQ Business School, The University of Queensland - Pornprom Prompes, Faculty of Management Sciences, Kasetsart University 13:30-15:00 (1h30)

› Financial Surplus and Capital Structure Dynamics: Evidence from Indian Firms - Ajay Mishra, Vinod Gupta School of Management, IIT Kharagpur, Kharagpur WB India 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

D1.2: Financial markets and market microstructure

Room 28602

Gaurav Kumar

› Market reaction to Hindenburg reports: Exploring impacts and bolsters - Dharen Pandey, Magadh University 13:30-15:00 (1h30)

› Understanding Risk Absorption in the Banking System: Fresh Evidence from an Emerging Market - SHIV TIWARI, PhD Scholar, Indian Institute of Technology Kanpur 13:30-15:00 (1h30)

› Tokenized Bonds for Emerging Countries - MOHAMMED MUHSIN, University of Hyderabad 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

D1.3: Mergers and acquisitions

Room 28701

Hao Li

› Are firms favored by analysts more popular to acquirers? Evidence from China - Shan Lu, Sun Yat-Sen University 13:30-15:00 (1h30)

› How Sustainability Drives Wealth in Cross-Border M&A – Evidence from BRIC - Neha Gupta, Department of Management Studies, IIT Delhi 13:30-15:00 (1h30)

› The Impact of Climate Risk and Stakeholder Orientation on the Payment Method in Cross-border Mergers and Acquisitions - Hao Li, Cardiff University 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

D1.4: Corporate finance and governance

Room 28702

Jeffrey Chen

› Share Pledging, Firm value and Business groups - Aaishwarya Narayanan, Birla Institute of Technology and Science, Pilani, Hyderabad campus - Nivedita Sinha, Birla Institute of Technology and Science, Pilani, Hyderabad campus - Nimish Prabhune, Birla Institute of Technology and Science, Pilani, Hyderabad campus 13:30-15:00 (1h30)

› Institutional Investor Trading on Yankee Bond Pricing - Jeffrey Chen, North Dakota State University 13:31-15:00 (1h29)

› Dividends and Earnings in the Absence of Market Frictions - Khamis Al-Yahyaee, Department of Economics and Finance, College of Economics and Political Science, Sultan Qaboos University, Muscat University 13:32-15:00 (1h28)

13:30 - 15:00 (1h30)

D1.5: Sustainable Finance, Ethics and CSR

Room 28705

Waleed Alahdal

› Sustainable finance and ethical considerations: The role of Islamic finance and Corporate Social Responsibility in addressing poverty and inequality. - Ayodele Akande, Qatar Foundation -Hamad Bin Khalifa University - Dalal Aassouli, Qatar Foundation -Hamad Bin Khalifa University 13:31-15:00 (1h29)

› Towards the achievement of sustainable development goals: can companies achieve SDGs through the synergistic effect of ESG and audit committee expertise across 34 OECD countries. - Waleed Alahdal, Universiti Malaysia Terengganu (UMT) 13:32-15:00 (1h28)

13:30 - 15:00 (1h30)

D1.6: Asset pricing, allocation, and valuation

Online (Zoom)

Christian Pohl

› Portfolio strategy returns and macroeconomic risk factors: an empirical analysis across the world and asset classes - , Università degli Studi Roma Tre 13:30-15:00 (1h30)

› Beyond the Quill: Mutual Fund Manager's Cognitive Uniqueness Drives Fund Performance - Zhuo Chen, Tianjin University 13:30-15:00 (1h30)

› Is There Value Generation by Sustainability-Linked Bonds Issuances? - Christian Pohl, Technical University of Darmstadt 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

D1.7: Financial intermediation, institutions & services

Online (Zoom)

Phuong Le

› Modeling PD-LGD Dependencies in Stress Testing: Implications for Capital Requirements under Adverse Scenarios - Edouard Pineau, Ethifinance Analytics - Phuong LE, Ethifinance Analytics 13:30-15:00 (1h30)

› State Capitalism and Political Uncertainty in Banking: Empirical Evidence from Sovereign Wealth Funds - Jocelyn Grira, Athabasca University 13:32-15:00 (1h28)

13:30 - 15:00 (1h30)

D1.8: Corporate finance and governance

Online (Zoom)

Linh Tu Ho

› How do Mandatory Climate-Related Disclosures Affect Energy and Agriculture Markets? - Linh Tu Ho, Department of Financial and Business Systems, Faculty of Agribusiness & Commerce, Lincoln University, Christchurch 7647, New Zealand, Lincoln University Centre of Excellence in Transformative Agribusiness, Christchurch 7647, New Zealand 13:30-15:00 (1h30)

› Boardroom Wisdom or Stagnation? Examining Board Age and Firm Performance in French Companies - Mehwish Yousaf, Université de Montpellier - Pascal Nguyen, Université de Montpellier 13:30-15:00 (1h30)

› CEO Power, Regulatory Quality, and Investment-Cash flow Sensitivity - Noor ul Qayyum, Montpellier Research in Management - Pascal Nguyen, Mémoires - Montpellier Management (MOMA) 13:30-15:00 (1h30)

13:30 - 15:00 (1h30)

D1.9: Sustainable finance, ethics, and CSR

Online (Zoom)

Malgorzata Iwanicz-Drozdowska

› How executives treat target CSR commitment during M&A deals? - Mohamed Firas THRAYA, IDRAC 13:30-15:00 (1h30)

› ESG performance and economic growth in Europe - Malgorzata Iwanicz-Drozdowska, SGH Warsaw School of Economics, SGH Warsaw School of Economics 13:30-15:00 (1h30)

› Sustainability-forward-looking disclosure and stock liquidity - imen derouiche, University of Luxembourg 13:30-15:00 (1h30)

15:00 - 15:30 (30min)

Coffee break

8th Floor

15:30 - 17:00 (1h30)

D2.1: Corporate Finance & Governance

Room 28601

A. Can Inci

› The Impact of Digital Transformation on Financial Constraints：Do cost leadership strategy and managerial ownership matter？ - Xin Liu, Hebei University of Technology School of Economics and Management 15:30-17:00 (1h30)

› Does VAT amplify the impact of oil price risk on corporate cash holdings? Evidence from the UAE market - Mohammad Al-Shboul, University of Sharjah - Ghada Almaazmi, University of Sharjah 15:31-17:00 (1h29)

› CEO General Ability and the Takeover Market - A. Can Inci, Bryant University 15:32-17:00 (1h28)

15:30 - 17:00 (1h30)

D2.2: Cryptocurrency and NFTs

Room 28602

Barbara Będowska-Sójka

› Asymmetric time-frequency relationship between climate risk and real estate tokens - Tiwari Aviral Kumar, Indian Institute of Management Bodh Gaya, Bodh Gaya, India - Kyophilavong Phouphet, National University of Laos 15:30-17:00 (1h30)

› Asymmetric Impact of Cryptocurrencies Price Shocks on Stock Markets in GCC Countries: An Evidence from Nonlinear Autoregressive Distributed Lag Model - Al-Anzi Fawaz, Computer Engineering Department, Kuwait University - Sarah Al-Anzi, Abdullah Al Salem University 15:30-17:00 (1h30)

› Interaction Effects in the Cross-Section of Cryptocurrency Returns - Barbara Będowska-Sójka, Poznań University of Economics and Business 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

D2.3: Special Track: Fintech

Room 28701

Peter Öhman

› E-Rupee Dynamics - Design and Macro Implications on the Indian Payment Ecosystems: An Overview - Sanjogita R, SP Jain Institute of Management and Research - Vidhu Shekhar, SP Jain Institute of Management and Research 15:30-17:00 (1h30)

› Financial well-being and stress: What to do and what not to do Evidence from Sweden - Mustafa Nourallah, Centre for research on Economic Relations, Mid-Sweden University - Peter Öhman, Centre for research on Economic Relations, Mid-Sweden University 15:30-17:00 (1h30)

› Long-term Forecasting in Asset Pricing: Machine Learning Models' Sensitivity to Macroeconomic Shifts and Firm-Specific Factors - Yihe Qian, Guangzhou City University of Technology, University of Macau 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

D2.4: Corporate Finance and Governance

Room 28702

Pattarake Sarajoti

› Sustainable Finance for SMEs in Developing Economies: What Kind of International Capital Risk Mobilization? - Philippe Regnier, University of Applied Sciences and Arts Northwestern Switzerland 15:30-17:00 (1h30)

› Unlocking Synergies: Sufficiency Economy Philosophy for Sustainability - Sirimon Treepongkaruna, The University of Western Australia, Sasin School of Management, Chulalongkorn University - Pattarake Sarajoti, Sasin School of Management, Chulalongkorn University - Veerawin Korphaibool, Sasin School of Management, Chulalongkorn University 15:30-17:00 (1h30)

› Does the owner's human capital matter for corporate financing? Evidence from small and micro enterprises in China - Haizheng Li, Georgia Institute of Technology 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

D2.5: Behavioral and experimental finance

Room 28705

Ayobolawole Ogundipe

› Economic Surprises and Institutional Herding: Evidence from Taiwan - Min-Rui Choo, Department of Finance, School of Management, Ming Chuan University 15:30-17:00 (1h30)

› Composite Leading Indicator and Cryptocurrency Returns: A Three-Factor Model - Peng Sanshao, Sanshao Peng 15:30-17:00 (1h30)

› Managerial overconfidence and corporate environmental, social, and governance (ESG) performance around the world - Ayobolawole Ogundipe, University of Tasmania [Hobart, Australia] 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

D2.6: Corporate Finance and Governance

Online (Zoom)

Jun Zhou

› Investments Transformation and Stock Price Behavior - JUN ZHOU, Tokyo International University 15:30-17:00 (1h30)

› Firm-level Political Risk and Bankruptcy Emergence Chapter 11 - Miftah Zikri, University of Southern Queensland 15:30-17:00 (1h30)

› Does Sovereign ESG Performance Shape Corporate Cash Management in Emerging Markets? - ABDULLAH AL JUGHAIMAN, King Faisal University 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

D2.7: Sustainable finance, ethics, and CSR

Online (Zoom)

Marc Kouzez

› The carbon emission reduction effects of corporate green investments: Empirical evidence from Chinese listed enterprises - Meng Wang, Nanjing University of Aeronautics and Astronautics [Nanjing] 15:30-17:00 (1h30)

› Stock market reaction to COVID-19 outbreak: Evidence from ESG firms in emerging economies - Mona ElBannan, German University in Cairo 15:30-17:00 (1h30)

› Climate Governance and Green Innovation in Europe: New Perspective - Mahmoud HASSAN, Borddeaux School of Economics 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

D2.8: Corporate finance and governance

Online (Zoom)

Atta Mark Nyamekye

› Corporate diversification and accounting conservatism: evidence from Japan. - Mark Nyamekye Atta, Yokohama National University 15:30-17:00 (1h30)

› Russo-Ukrainian Geopolitical Tensions: An Empirical Analysis of Corporate Investment in Europe - Shan Jin, Faculty of Agribusiness and Commerce, Lincoln University - Khanh Hoang, Faculty of Agribusiness and Commerce, Lincoln University 15:30-17:00 (1h30)

› Analysts' Earnings Forecast Adjustment to Firm Guidance in light of CEO Powers - Sagi Akron, The School of Business Administration, The Faculty of Social Sciences, University of Haifa 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

D2.9: Sustainability and investments

Online (Zoom)

Takeda Fumiko & Yoshitaka Kubota

› The effect of IFRS adoption on foreign investment in Japanese equity market - Fumiko Takeda, Keio Business School 15:30-17:00 (1h30)

› CSR performance and family-foundation control - Diem Nguyen, Lund University, School of Economics and Management 15:30-17:00 (1h30)

› Green Investments by Institutional Investors : Evidence of the Role of Governments and Markets - Chee Yoong Liew, UCSI University Malaysia 15:31-17:00 (1h29)

PROGRAM > Detailed Program