during and after Financial Crisis May - Hofstra People · PDF fileFinancial Modeling during and after Financial Crisis May 20 ... Özge Yürükoğlu, Akın Şeber, M ... 18 Ahmet Karagözoğlu

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Financial Modeling during and after Financial Crisis

May 20‐22, 2010

İstanbul, Turkey

Keynote Speaker Dr. Vedat AKGİRAY, Chairman of the Capital Markets Board (SPK) of Turkey Dr. Akgiray who is a graduate of Robert College of Istanbul and Boğaziçi University obtained MA, MBA degrees and also PhD degree in finance at Syracuse University in the US. Having held several posts at numerous universities both in the US and in Turkey, he has published and presented more than 100 articles on various international academic platforms. Since 1990, he has held his academic position at Boğaziçi University, where he was promoted to full professorship in 2000. He is the founder of the masters program in Financial Engineering, where he has served as the chairman during the period 2002‐2009. In March of 2009, he was appointed as the Chairman of the Capital Markets Board of Turkey.

Honorary Chairs Dr. Erhan Erkut, Professor President Özyeğin University

Dr. Celal Aksu, Professor Dean of Faculty of Economics and Administrative Sciences Özyeğin University

Conference Chairs Dr. Ahmet K. Karagozoglu Associate Professor of Finance Hofstra University New York, USA

Dr. Mustafa O. Çağlayan Assistant Professor of Finance Özyeğin University Istanbul, TURKEY

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Thursday, May 20, 2010 Session No./Presenters Session Name/Paper Titles

8:30 AM 9:00 AM Registration

9:00 AM 9:15 AM Welcome Remarks

Prof. Dr. Celal Aksu, Dean

Assoc. Prof. Ahmet Karagözoğlu, Hofstra

University

Welcome by the Dean of Faculty of Economics and Administrative Sciences, Özyeğin University

Remarks by Co‐chair of the 46th Meeting of Euro Working Group on Financial Modeling

9:15 AM 10:45 AM Session D1.S1a Corporate Finance 1

(1) Özgür Arslan, Chrisostomos

Florackis, Aydın Özkan

(2) Ingrid Petrová

(3) Lidija Romic

(1) How and Why Do Firms Establish Financial Flexibility?

(2) The Impact of Asset‐Holding Period on the Cost of Required Capital for Insurance Company

(3) Accounting Principles and Practice

Session D1.S1b International Finance

(1) Marida Bertocchi, Rosella

Giacometti, Sergio Ortobelli

(2) Alain Chevalier

(3) Jaap Spronk, Ghassan Chammas

(1) A Stochastic Model for Mortality Rate on Italian Data

(2) Consolidation in the European Pharmaceutical Industry

(3) The Islamic Universe of Investment: The Impact of Industry Filters on the Investment Universe

10:45 AM 11:00 AM Break

11:00 AM 12:30 PM Session D1.S2a Portfolio & Fund Management 1

(1) Mustafa O. Çağlayan, Turan G. Bali,

Stephen J. Brown

(2) Keith Cuthbertson, Dirk Nitzsche,

Niall O’Sullivan

(3) João OliveiraSoares, João Carlos

Lourenço, Carlos A. Bana e Costa

(1) Do Hedge Funds’ Exposures to Risk Factors Predict Their Future Returns?

(2) Discovering False Discoveries in UK Mutual Fund Performance

(3) Efficient portfolios of investment projects

Session D1.S2b Financial Modeling 1

(1) Ahmet Göncü, Giray Ökten

(2) Ali Serhan Koyuncugil, Nermin

Özgülbaş

(3) Andrea Roncoroni

(1) Generating low‐discrepancy sequences from the normal distribution: Box‐Muller or inverse

transform?

(2) Data Mining for Financial Modeling: An Early Warning System against Financial Crises

(3) Does Model Framework Matter?

12:30 PM 1:45 PM Lunch Özyeğin University

1:45 PM 3:15 PM Session D1.S3a Options & Credit Markets

(1) Peter Carr, Liuren Wu

(2) TBA

(3) Francesca Vattari

(1) Robust Linkages between American Put Options and CDS

(2) TBA

(3) Martingale Measures and Option Pricing with Partial Probabilistic Information

Session D1.S3b Portfolio & Fund Management 2

(1) Carlos Ivorra, Clara Calvo, Vicente

Liern

(2) Tomáš Tichý, Sergio Ortobelli Lozza

(3) Haim Shalit

(1) Fuzzy Portfolio Selection

(2) Optimal portfolio and the impact of association measures

(3) Portfolio Risk Management with the Lorenz Curve

3:15 PM 3:30 PM Break

3:30 PM 5:00 PM Session D1.S4a Corporate Governance

(1) WiSaeng Kim, Hak Ju Kim

(2) Idoya Ferrero, María Jesús Muñoz

Torres, María Ángeles Fernández

Izquierdo

(3) María Angeles Fernandez, Luisa

Nieto, Vicente Arago

(1) Managerial Reactions to Abolishment of Pyramid Ownership Structure

(2) The Impact of the Board of Directors on Corporate Performance and Risk‐Taking Before and During

the Global Financial Crisis

(3) Changes in Institutional Ownership and Returns in the Spanish Stock Market

Session D1.S4b Risk Management 1

(1) Giorgio Consigli

(2) Wolfgang Kürsten, Rainer Linde

(3) Emrah Şener, Sayad Baronyan,

Levent Mengütürk

(1) Simultaneous market and credit risk control on a generic corporate bond portfolio during the credit

crisis

(2) Corporate Hedging versus Risk‐Shifting: A Dynamic Model of Rational Risk Management

(3) Ranking the Predictive Performances of Value‐at‐Risk Estimation Methods


5:15 PM 6:45 PM Session D1.S5a Financial Modeling 2

(1) Zeynep Topaloğlu, Yıldırım Yıldıray

(2) Stefan Trück

(3) Grégoire Leblon, Franck Moraux

(1) Bankruptcy Prediction

(2) Conditional and Dependent Credit Migrations in a Factor Model Copula Framework

(3) Quadratic Approaches for Modeling Term Structures of Interest Rates in Discrete Time

Session D1.S5b Financial Modeling 3

(1) Biliana Güner, Svetlozar Rachev, Dan

Edelman, Frank Fabozzi

(2) Taewon Kim, Donald C. Keenan

(3) Oral Erdoğan, B. Can Karahasan, M.

Hakan Şengöz, Kenan Tata

(1) Bayesian inference for hedge funds with stable distribution of returns

(2) Ratings‐Adjusted Securities

(3) Empirical Evidence on the Correlation Dynamics between Stock Markets and Maritime Markets

6:45 PM 7:00 PM Travel

7:00 PM 9:00 PM Dinner Nakkaş Kebap, Nakkaştepe

Time

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Friday, May 21, 2010 Session No./Presenters Session Name/Paper Titles

8:45 AM 9:00 AM Registration

9:00 AM 10:30 AM Session D2.S1a Risk Management 2

(1) Onno Steenbeek, R.W.J. van den

Goorbergh, X R.D.J. Molenaar, P.J.G.

Vlaar

(2) Giorgio Consigli, L.C.MacLean,

Y.Zhao, W.T.Ziemba

(3) Rosella Castellano, Luisa Scaccia

(1) Risk models after the credit crisis

(2) A Cox model for speculative bubbles in the equity market

(3) A Markov‐Switching Re‐evaluation of Event‐Study Methodology

Session D2.S1b Corporate Finance 2

(1) Idoya Ferrero, Elena Escrig, M

Ángeles Fernández, Raúl León, M Jesús

Muñoz, Juana María Rivera

(2) Hüseyin Yılmaz

(3) Burçin Yurtoğlu, Melsa Ararat, Hakan

Orbay

(1) Using Fuzzy Logic and Neuronal Networks to classify Socially Responsible Organizations

(2) Another Perspective to Corporate Cash Management: A New Model and Definition

(3) Board Characteristics and Corporate Performance in Turkey

10:30 AM 10:45 AM Break

10:45 AM 12:00 PM Keynote Speech

Prof. Dr. Erhan Erkut, President

Özyeğin University

Dr. Vedat Akgiray, President

Capital Markets Board of Turkey

Introduction by the President of Özyeğin University

Keynote Topic: Global Financial Crises, Financial Regulation and Mathematical Finance

12:00 PM 1:30 PM Lunch Özyeğin University

1:30 PM 2:45 PM Panel Discussion

Assist. Prof. Mustafa O. Çağlayan,


Assoc. Prof. Ahmet Karagözoğlu, Hofstra

University


● Contribution of financial models and modeling to risks in financial markets

● Assumptions and inputs for modeling after crisis

● Do models or human behavior cause crisis


3:00 PM 4:30 PM Session D2.S2a Energy Markets

(1) Rita D’Ecclesia, Cristina Bencivenga,

Umberto Triulzi

(2) Gaute Egeland Sanda, Eirik Tandberg

Olsen

(3) Silvana Stefani, Falbo P., Felletti D.

(1) Does Speculation drive oil prices? Evidence for the US market

(2) Hedging policies in electricity companies ‐ A multi‐company study

(3) Market power and optimal energy production under the EU ETS system

Session D2.S2b Volatility & Equity Markets

(1) Thomas Mertens

(2) Enrique Salvador, Vicent Aragó

(3) Özge Yürükoğlu, Akın Şeber, M. Barış

Akçay

(1) Excessively Volatile Stock Markets: Equilibrium Computation and Policy Analysis

(2) Reexamining the risk‐return relationship in Europe: the influence of financial crisis (2007‐2009)

(3) Efficiency of Implied Volatility and Historical Volatility Models in Emerging Markets during Financial

Crisis

4:30 PM 4:45 PM Closing Remarks

Prof. Dr. Rita D’Ecclesia, La Sapienza

University of Rome

Assist. Prof. Mustafa O. Çağlayan,


Euro Working Group on Financial Modeling

Remarks by Co‐chair of the 46th Meeting of Euro Working Group on Financial Modeling

4:45 PM 5:30 PM Travel

5:30 PM 8:00 PM Dinner Villa Bosphorus, Beylerbeyi

Time

Saturday, May 22, 2010

Boat Tour on Bosphorus Departure from hotel Marmara 11:00am

Cruise and Lunch 11:30am‐3:00pm

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List of Presenters No Presenter's Name Affiliation Country Coauthors1 Vedat Akgiray President, Capital Markets Board of Turkey Turkey KEYNOTE SPEAKER

2 Özgür Arslan Hacettepe University Turkey Chrisostomos Florackis, Aydın Özkan

3 Marida Bertocchi DMSIA, University of Bergamo Italy Rosella Giacometti, Sergio Ortobelli

4 Mustafa O. Çağlayan Özyeğin University Turkey Turan G. Bali, Stephen J. Brown

5 Peter Carr Courant Institute of Mathematical Sciences,

New York University

USA Liuren Wu

6 Rosella Castellano University of Macerata ‐ DIEF Italy Luisa Scaccia

7 Alain Chevalier ESCP Europe France

8 Giorgio Consigli DMSIA, University of Bergamo Italy L.C.MacLean, Y.Zhao, W.T.Ziemba

9 Keith Cuthbertson Cass Business School, City University, London United Kingdom Dirk Nitzsche, Niall O’Sullivan

10 Rita D’Ecclesia La Sapienza' University of Rome Italy Cristina Bencivenga, Umberto Triulzi

11 Oral Erdoğan İstanbul Bilgi University Turkey B. Can Karahasan, M. Hakan Şengöz, Kenan Tata

12 María Angeles Fernandez Department of Finance and Accounting,

Universitat Jaume I

Spain Luisa Nieto, Vicente Arago

13 Idoya Ferrero SoGReS, Jaume I University of Castellon Spain Elena Escrig, M Ángeles Fernández, Raúl León, M

Jesús Muñoz, Juana María Rivera

14 Idoya Ferrero SoGReS, Jaume I University of Castellon Spain María Jesús Muñoz Torres, María Ángeles

Fernández Izquierdo

15 Ahmet Göncü Center for Economic Research, Shandong

University

China Giray Ökten

16 Biliana Güner Faculty of Commerce, Yeditepe University Turkey Svetlozar Rachev, Dan Edelman, Frank Fabozzi

17 Carlos Ivorra Universidad de Valencia Spain Clara Calvo, Vicente Liern

18 Ahmet Karagözoğlu Department of Finance, Zarb School of

Business, Hofstra University

USA Conference Co‐Chair

19 Taewon Kim California State University, Los Angeles USA Donald C. Keenan

20 WiSaeng Kim Department of Finance, Zarb School of

Business, Hofstra University

USA Hak Ju Kim

21 Ali Serhan Koyuncugil Department of Research, Capital Markets

Board of Turkey

Turkey Nermin Özgülbaş

22 Wolfgang Kürsten School of Economics and Business Germany Rainer Linde

23 Grégoire Leblon Université de Rennes 1 and CNRS France Franck Moraux

24 Thomas Mertens Stern School of Business, New York University USA

25 Ingrid Petrová Department of Finance, Faculty of Economics,

VSB‐TU Ostrava

Czech Republic

26 Lidija Romic Faculty of Economic Sciences, Subotica Serbia

27 Andrea Roncoroni Department, ESSEC Business School Paris ‐

Singapore

France

28 Enrique Salvador Finance and Accounting Department,

Universitat Jaume I de Castellon

Spain Vicent Aragóa and Enrique Salvadora

29 Gaute Egeland Sanda Norwegian University of Science and

Technology

Norway Eirik Tandberg Olsen

30 Emrah Şener Center For Computational Finance, Özyeğin

University

Turkey Sayad Baronyan, Levent Mengütürk

31 Haim Shalit Department of Economics, Ben Gurion

University

Israel

32 João Oliveira Soares Department of Mathematics, IST, Technical

University of Lisbon

Portugal João Carlos Lourenço, Carlos A. Bana e Costa

33 Jaap Spronk Erasmus University Netherlands Ghassan Chammas

34 Onno Steenbeek Erasmus School of Economics, Erasmus

University Rotterdam

Netherlands R.W.J. van den Goorbergh, X R.D.J. Molenaar,

P.J.G. Vlaar

35 Silvana Stefani Università di Milano Bicocca Italy Falbo P., Felletti D.

36 Tomáš Tichý Department of Finance, Faculty of Economics,

Technical University Ostrava

Czech Republic Sergio Ortobelli Lozza

37 Zeynep Topaloğlu Bank Asya Turkey Yıldırım Yıldıray

38 Stefan Trück Department of Economics, Macquarie

University, Sydney

Australia

39 Francesca Vattari Department of Mathematics and Computer

Science, University of Perugia

Italy

40 Hüseyin Yılmaz Bilecik University Turkey

41 Burçin Yurtoğlu University of Vienna Austria Melsa Ararat, Hakan Orbay

42 Özge Yürükoğlu TSKB Risk Management Department and

Yeditepe University

Turkey Akın Şeber, M. Barış Akçay

46th EWGFM Meeting, Istanbul, Turkey

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46th EWGFM Meeting, Istanbul, TurkeyEuro Working Group on Financial Modeling46th Meeting of the Euro Working Group on Financial Modeling, Istanbul, Turkey "Financial Modeling during and after Financial Crisis" hosted by Ozyegin University, May 20-22, 2010, Co-chairs Dr. Ahmet K. Karagozoglu, Hofstra University & Dr. Mustafa O. Caglayan, Ozyegin University

Dr. Ahmet K. Karagozoglu

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Documents

during and after Financial Crisis May - Hofstra People · PDF fileFinancial Modeling during and after Financial Crisis May 20 ... Özge Yürükoğlu, Akın Şeber, M ... 18 Ahmet Karagözoğlu