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Hosted by the
Università di Roma Tre
in collaboration with University of Leicester School of Management
Conference Program
Under the patronage of
Sponsored by
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IFABS International Finance and Banking Society
www.ifabs.org
Mission: IFABS aims to promote excellence in the main fields of contemporary banking and finance research by providing a forum for discussion, critical analysis and networking among
academics, research students, policy-makers, and practitioners with interest in contemporary issues in banking and finance
encouraging and supporting high quality banking and finance education sponsoring annual international conferences that provide opportunity to present
research and exchange ideas providing seminars and workshops on current banking and finance topics Our Activities: From its inception in 2009, the Society has been active in increasing its visibility in an international context by: attracting more than 800 members which include researchers from academia,
policy-makers and the financial industry in 54 countries; organising 3 annual international conferences in Leicester, Crete & Rome with
distinguished keynote speakers and scientific committee members; having the support of a number of professional bodies attracting high-quality special issues in a number of journals including Journal of
Banking and Finance, Journal of Productivity Analysis, European Journal of Operational Research , and International Journal of Banking, Accounting and Finance; and
Organising PhD and Young Researchers' Sessions with senior discussants and encouraging promising researchers with best paper awards.
Contact: IFABS Secretariat Ken Edwards Building University of Leicester University Road, Leicester LE1 7RH United Kingdom E-mail:[email protected]
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Committee and Invited Speakers Conference Chairs Fethi M.D. University of Leicester, U.K. Fiordelisi F. Università di Roma Tre, Italy Monferrà S. University of Naples Parthenope, Italy
Scientific Committee Beccalli E. Università Cattolica del Sacro Cuore, Italy Berger A. University of South Carolina, U.S. Blenman L. University of North Carolina-Charlotte, U.S. Bos J. Maastricht University, The Netherlands Carretta A. Università di Roma Tor Vergata, Italy Casu B. City University, U.K. Cipollini A. University of Modena and Reggio Emilia, Italy Coakley J. University of Essex, U.K. De Jonghe O. Tilburg University, The Netherlands Delis M. University of Ioannina, Greece Dermine J. Insead, France Ferrari A. University of Reading, U.K. Francis B. Rensselaer Polytechnic Institute , U.S. Gobbi G. Banca d’Italia, Italy Hagendorff J. University of Edinburgh, U.K. Hasan I. Rensselaer Polytechnic Institute , U.S. Jackson P. M. University of Leicester, U.K. Koetter M. University of Groningen, Netherlands Lilley S. University of Leicester, U.K. Marques-Ibanez D. European Central Bank, Germany McKillop D. Queen's University Belfast, U.K. Molyneux P. Bangor University, U.K. Ongena S. Tilburg University, The Netherlands Pasiouras F. Technical University of Crete, Greece Previati D. Università di Roma Tre, Italy Tarazi A. Université de Limoges, France Shaban M. University of Leicester, U.K. Schwizer P. Università di Parma, Italy Wilson J.O.S. University of St. Andrews, U.K.
Local Organizing Committee Martelli D. University of Perugia, Italy Ricci O. Università di Roma Tre, Italy Stentella F.S. Università di Roma Tre, Italy
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Notes on the Keynote Speakers Ike Mathur is Professor of Finance at Southern Illinois University. He has published in top International journals such as Journal of Financial and Quantitative Analysis, Journal of Business, Journal of Banking and Finance, Journal of Corporate Finance, Journal of International Money and Finance, Journal of Futures Markets, Economic Letters. He is the author or co-author of over 120 articles and 14 books. He serves on the editorial boards of a number of journals and he is currently the executive editor of the Journal of Banking and Finance. Gianni De Nicolò is a Senior Economist at the Research Department of the International Monetary Fund (Financial Studies Division). Before joining the Fund, he worked as an Economist in the Division of International Finance at the Board of Governors of the Federal Reserve System, and taught at Brandeis University and the University of Rome “La Sapienza”. He widely published in top international journals, such as Journal of Finance, Journal of Money Credit and Banking, and Journal of Banking and Finance. Robert DeYoung is Capitol Federal Professor in Financial Markets and Institutions at the University of Kansas, U.S. He is also a visiting scholar at the Federal Reserve Bank of Kansas City, a research program coordinator at the FDIC's Center for Financial Research, and editor of the Journal of Money, Credit and Banking. Prior to joining KU, Bob was an associate director of research at the FDIC (2005-2007); an economic advisor at the Federal Reserve Bank of Chicago (1998-2005); a senior financial economist at the Office of the Comptroller of the Currency (1992-1998). He widely published in top international journals, such as Journal of Finance, Journal of Money Credit and Banking, Journal of Banking and Finance. Anjan Thakor is the John E. Simon Professor of Finance at the Olin Business School at the Washington University in St. Louis, U.S. Prior to joining the Olin Business School, he was Professor of Banking and Finance at the Ross School of Business, University of Michigan, where he also served as chairman of the Finance area. He has served on the faculties of Indiana University, Northwestern University, and UCLA. He widely published in top international journals, such as Journal of Finance, Journal of Financial Economics and Review of Financial Studies.
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Thursday, 30 June 2011
Location: Università di Roma Tre, Facoltà di Economia, Via S. D’Amico 77, 00145 Rome
08.00 – 08.40 Registration 08.40 Welcome address (Plenary session: Room 1) Franco Fiordelisi, Università di Roma Tre, Italy, Conference Chair
Carlo M. Travaglini, Università di Roma Tre, Italy, Dean of the Faculty of Economics M. Duygun Fethi, University of Leicester, UK, Founding President of IFABS and Conference Chair Luca Gasparini, Gruppo Banca Popolare di Milano, Italy
09.10 Keynote speech (Plenary session: Room 1) Ike Mathur, Professor of Finance at the Southern Illinois University, USA Executive Editor – Journal of Banking and Finance 09.40 Academic sessions (Parallel sessions: Rooms from 3 to 10) 11.00 Coffee break 11.30 Academic sessions (Parallel sessions: Rooms from 3 to 10) 13.00 Lunch 14.00 Keynote speech (Plenary session: Room 1)
Gianni De Nicolò, Senior Economist -Research Department of the International Monetary Fund (Financial Studies Division), Washington D.C., USA
14.40 Academic sessions (Parallel sessions: Rooms from 3 to 10) 16.10 Shuttle service to hotels
Thursday, 30 June 2011 Social program (optional)
17.30 Guided tour - Musei Capitolini 20.00 Gala (formal) Dinner - Terrazza Caffarelli
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Friday, 01 July 2011 Location: Università di Roma Tre, Facoltà di Economia,
Via S. D’Amico 77, 00145 Rome
08.45 Welcome address (Plenary session: Room 1)
Stefano Monferrà, Università di Napoli Parthenope Italy, Conference Chair Peter M. Jackson, University of Leicester, UKon behalf of IFABS Executive Committee Gregorio De Felice, Chief Economist, Intesa Sanpaolo, Italy
09.05 Keynote speech (Plenary session: Room 1)
Anjan Thakor, John E. Simon Professor of Finance at the Olin Business School, Washington University in St. Louis, USA
09.40 Academic sessions (Parallel sessions: Rooms from 3 to 10) 11.00 Coffee break 11.30 Academic sessions(Parallel sessions: Rooms from 3 to 10) 13.10 Lunch 14.00 Academic sessions (Parallel sessions: Rooms from 3 to 10) 15.40 Coffee break 16.10 Keynote speech (Plenary session: Room 1)
Bob DeYoung, Capitol Federal Professor in Financial Markets and Institutions at the University of Kansas, USA,co-editor -Journal of Money, Credit and Banking
16.45 Academic sessions(Parallel sessions: Rooms from 3 to 10)
18.20 Shuttle service to hotels
Friday, 01 July 2011 Social program (optional)
19.15 Guided tour –Trjans’ Market Museum 20.45 Informal Dinner: The Italian dinner-show at the Risto-Theatre
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Saturday, 02 July 2011 Location: Università di Roma Tre, Facoltà di Economia,
Via S. D’Amico 77, 00145 Rome
09.00 Academic sessions (Parallel sessions: Rooms from 3 to 10) 10.20 Coffee break
10.40 Academic sessions (Parallel sessions: Rooms from 3 to 10) 12.00 Best Ph.D. and Young Researcher Awards 12.15 Conclusions Stefano Monferrà, Universitàdi Napoli Parthenope, Italy, Conference Chair M. Duygun Fethi, University of Leicester, UK, Conference Chair Franco Fiordelisi, Università di Roma Tre, Italy, Conference Chair 12.45 Shuttle service to hotels
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Schedule of Academic Sessions
Thursday, 30 June 2011
Room 3 Room 4 Room 5 Room 6 Room 7 Room 8 Room 9 Room 10
09.40 - 11.00 1
Capital markets I 2
Banking: pricing 3
Financial Regulation I
4 Financial Economics
Issues I
5 Risk Management I
6 Financial Crisis I
7 (PhD) Asset Allocation
8 Globalization and Integration
in Financial Services I
11.30 - 13.00 9
Investments I 10
Capital Markets II
11 Banking: Capital
Structure
12 Banking: Disclosure
13 Financial Regulation II
14 Financial Crisis II
15 Corporate Finance I
16 (PhD) Banking Issues I
14.40 - 16.00 17
(PhD) Investments II 18
Investments III
19 Financial
Conglomerates
20 Banking Risks
21 (PhD) Risk
Management II
22 Securitization
23 (PhD) Corporate
Finance II
24 (PhD) Banking Issues II
Friday, 1 July 2011
Room 3 Room 4 Room 5 Room 6 Room 7 Room 8 Room 9
09.40 - 11.00 25
Investments IV 26
Investments V 27
Banking: Systemic Risk 28
(PhD) Banking Issues III 29
Financial Crisis III 30
Specialized Lending
31 (PhD) Corporate
Governance I
11.30 - 13.10 32
Fund management
33 Banking: Deposit Insurance
and Risk
34 Bank Lending
35 Corporate Governance II
36 Efficiency and Productivity
Analysis I
37 Globalization and Integration
in Financial Services II
38 Banking: Performance
and Risk I
14.00 - 15.40 39
Corporate Governance III 40
Corporate Finance III
41 TRIBUTE TO
PROF. SHELAGH HEFFERNAN
42 Banking: Performance
and Risk II
43 Efficiency and Productivity
Analysis II
44 Risk Management III
45 Investments VI
16.45 - 18.10 46
Portfolio Management 47
Corporate Finance IV 48
Banking: Entry Models
49 Bank Stability and
Innovation
50 Financial Economics Issues
II
51 (PhD) Specialized Lending and
Banking Diversification
52 (PhD) Banking Issues IV
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Saturday, 2 July 2011
Room 3 Room 4 Room 5 Room 6 Room 7 Room 8 Room 9 Room 10
09.00-10.20 53
Social Responsible Investments
54 Corporate Finance V
55 Banking Issues V
56 Financial Regulation
III
57 Financial Crisis IV
58 (PhD) Asset Allocation
II
59 Corporate
Governance IV
60 Corporate Finance VI
10.40-12.00 61
Capital Markets and Investments
62 Corporate Finance VII
63 Bank Lending II
64 Stock Prices
65 Risk Management IV
66 (PhD) Financial Crisis
V
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Detailed Academic Program
Thursday, 30 June 2011 (9.40 – 11.00)
Session 1: Capital Markets I When: Thursday 30 June 2011, 09.40 - 11.00 Where: Room 3 Chair: Sylvain Champonnois, University of California, USA
Paper Title Authors Presented by Affiliation
Characterization, identification and application of Price Jumps
Jying-Nan , W., Jin-Huei, Y. Jying-Nan Wang Minghsin University, Taiwan
Prestigious stock exchanges: anetwork analysis of international financial benters
Stavros Peristiani Stavros Peristiani Federal Reserve New York, USA
Listing and being listed costs: an international comparison
Geranio, M., Lazzari, V. Manuela Geranio Università L. Bocconi, Italy
Session 2: Banking: Pricing When: Thursday 30 June 2011, 09.40 - 11.00 Where: Room 4 Chair: Michael S. Pagano, Villanova University, USA Paper Title Authors Presented by Affiliation
Pending Approval Patents, Proprietary Information, and Bank Loan Spread
Xie,Y., Yan, M., Jiewei-Yu, J. Jeff Jiewei Yu Southern Methodist University, USA
Loan Spreads and Unexpected Earnings: Do Banks Know What Analysts Don’t Know?
Qi-Zhou, J., Jiewei-Yu, J. Jessie Qi Zhou Southern Methodist University, USA
An insight into bank's pricing: The case of covered warrant
Cocozza, R., De Simone, A., Gallo, A.
Angela Gallo Università di Salerno, Italy
Session 3: Financial Regulation I When: Thursday 30 June 2011, 09.40 - 11.00 Where: Room 5 Chair: Simona Zambelli, Università di Bologna, Italy
Paper Title Authors Presented by Affiliation
Macro Financial Determinants of the Great Financial Crisis: Implications for Financial Regulation
Caprio, G. J., D'Apice, V., Ferri, G., Puopolo, G. W.
Giovanni Walter Puopolo Università L. Bocconi, Italy
A Shot at Regulating Securitization Kiff, J., Kisser, M. Michael Kisser Norwegian School of Economics and Business Administration, Norway
The interbank market after the financial turmoil: Squeeze liquidity in a ‘lemons market’ or ask liquidity ‘on tap
De Socio, A., Antonio De Socio Banca d'Italia, Italy
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Session 4: Financial Economics Issues I When: Thursday 30 June 2011, 09.40 - 11.00 Where: Room 6 Chair: Claudia Girardone, University of Essex, UK
Paper Title Authors Presented by Affiliation
A smoke screen theory of financial intermediation Breton, R. Régis Breton Banque de France, France
Labor market imperfections, real wage rigidities and financial shocks
Acocella, N., Bisio, L., Di Bartolomeo, G., Pelloni, A.
Alessandra Pelloni Università di Roma Tor Vergata, Italy
Banking Competition and the Lending Channel: What is Competition?
Fethi, M.D., Shaban, M., Tsionas, E.G.
Meryem Duygun Fethi
University of Leicester, UK
Session 5: Risk ManagementI When: Thursday 30 June 2011, 09.40 - 11.00 Where: Room 7 Chair: Stefano Monferrà, Università di Napoli Parthenope, Italy
Paper Title Authors Presented by Affiliation
Bankruptcy Risk, Costs and Corporate Diversification Singhal, R., Zhu, Y. Rajeev Singhal Oakland University, USA
Exploring the Role of the Realized Return Distribution in the Formation of the Implied Volatility Smile
Chalamandaris, G., Rompolis, L.S.
Leonidas S. Rompolis Athens University, Greece
Can Credit Default Swaps Predict Currency Values? Sazali, A.,Yuewei, S. Sazali Abidin University of Waikato, New Zealand
Session 6: Financial Crisis I When: Thursday 30 June 2011, 09.40 - 11.00 Where: Room 8 Chair: Abdelhafid Benamraoui, University of Westminster, UK
Paper Title Authors Presented by Affiliation
What Happens to Problem Banks? Evidence from the 1980s and Guidance for the 2010s
Cole, R.A., Curry, T.J. Rebel A. Cole DePaul University, USA
Destructive Effects of Constructive Ambiguity in Risky Times
Vinogradov, D. Dmitri Vinogradov University of Essex, UK
Heterogeneous banking responses in the wake of the global financial crisis of 2007 - 2008
Bhimjee, D.,Ramos,S.B., Dias, G.J.
Sofia Ramos ISCTE IUL Ins tuto Universitário de Lisboa, Portugal
Session 7: (PhD) Asset Allocation When: Thursday 30 June 2011, 09.40 - 11.00 Where: Room 9 Chair: Claudio Porzio, Università di Napoli Parthenope, Italy
Paper Title Authors Presented by Affiliation Discussed by Affiliation
Does information content of option prices add value for asset allocation?
Zdorovenin, V., Pezier, J.
Vladimir Zdorovenin
University of Reading, UK
Claudio Porzio Università di Napoli Parthenope, Italy
A Comprehensive Evaluation of Portfolio Insurance Strategies
Pézier, J., Scheller, J. Johanna Scheller University of Reading, UK
M. Shahid Ebrahim Bangor University, UK
On the Precision of Public Information and Mutual Fund Performance
Abdesaken, G. Gerry Abdesaken Università L. Bocconi, Italy
Caterina Lucarelli Università Politecnica delle Marche, Italy
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Session 8: Globalization and Integration in Financial Services I When: Thursday 30 June 2011, 09.40 - 11.00 Where: Room 10 Chair: Lloyd P. Blenman, University of North Carolina, USA
Paper Title Authors Presented by Affiliation
Corporate culture and merger results in banking Fiordelisi, F., Martelli, D. Duccio Martelli Università di Perugia, Italy
The international diversification of banks and the value of their cross-border M&A advice
de Jong, A., Ongena, S., van der Poel, M.
Marieke van der Poel Erasmus University, Netherlands
How do acquirers fare in bank-insurance takeovers? A risk decomposition approach
Casu, B., Dontis-Charitos, P., Staikouras, S., Williams, J.,
Panagiotis Dontis-Charitos
University of Westminster, UK
Thursday, 30 June 2011 (11.30 – 13.00)
Session 9: Investments I When: Thursday 30 June 2011, 11.30 - 13.00 Where: Room 3 Chair: Carlo Mottura, Università di Roma Tre, Italy Paper Title Authors Presented by Affiliation
A unifying explanation for the momentum and accrual anomalies
Cerqueira, A., Brandão, E., Blenman, L.P.
Lloyd P. Blenman University of North Carolina, USA
Can Position Limits Restrain Rogue Traders? Shahid Ebrahim, M. M. Shahid Ebrahim Bangor University, UK
Pre-trade transparency and trade size Bontempi, M.E., Lucarelli, C., Mazzoli, C.
Caterina Lucarelli Università Politecnica delle Marche, Italy
Session 10: Capital Markets II When: Thursday 30 June 2011, 11.30 - 13.00 Where: Room 4, Chair: Stavros Peristiani, Federal Reserve New York, USA Paper Title Authors Presented by Affiliation
Capital Market Concentration and Cash holdings: Evidence from US Small Firms
Han, L., Zhang, S., Greene, F.J.
Liang Han University of Hull, UK
Why Do Firms Dual-List Their Stock? Insights from the Chinese Financial Markets
Busaba,W., Guo, L., Sun, Z., Yu, T.
Lin Guo Suffolk University, U.S.
The limits of the market discipline: proprietary trading and aggregate risk
Champonnois, S. Sylvain Champonnois University of California, USA
Session 11: Banking: Capital Structure When: Thursday 30 June 2011, 11.30 - 13.00 Where: Room 5 Chair: Elyas Elysiani, Temple University, USA Paper Title Authors Presented by Affiliation Large Capital Infusions, Investor Reactions, and the Return and Risk Performance of Financial Institutions over the Business Cycle and Recent Financial Crisis
Elyasiani,E., Mester, L.J., Pagano, M.S.
Michael S. Pagano Elyas Elysiani
Villanova University, USA Temple University USA
Bank equity involvement in industrial firm and bank risk Lepetit, L., Strobel, F. Frank Strobel University of Birmingham, UK
Changes in Capital and Risk: An Empirical Study of European Banks
Camara, B., Lepetit, L., Tarazi, A.
Laetitia Lepetit Université de Limoges, France
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Session 12: Banking: Disclosure When: Thursday 30 June 2011, 11.30 - 13.00 Where: Room 6 Chair: Mohamed Shaban, University of Leicester, UK Paper Title Authors Presented by Affiliation
Disclosures of Material Weakness by Japanese Firms after the Passage of the 2006 Financial Instruments and Exchange Law
Chernobai, A., Yasuda, Y. Yasuda Yukihiro Tokyo keizai University, Japan
Information Sharing and the Volume of Private Credit in Transition: Evidence from Ukrainian Bank-Level Panel Data
Grajzl, P., Laptieva, N. Peter Grajzl Washington and Lee University, USA
Information Disclosure, Depositor Discipline and the Growth of Bank Deposits in China
Wu, Y., Bowe, M. Yuliang Wu Queen’s University Belfast, Ireland
Session 13: Financial Regulation II When: Thursday 30 June 2011, 11.30 - 13.00 Where: Room 7 Chair: Andrew Vivian, Loughborough University, UK Paper Title Authors Presented by Affiliation Capital Regulation, Liquidity Requirements and Taxationin a Dynamic Model of Banking
De Nicolò, G., Gamba, A., Lucchetta, M.
Marcella Lucchetta European University Institute, Italy
Credit Lines and Capital Adequacy Foote, E. Elizabeth Foote London School of Economics, UK
Capital Regulation and Tail Risk Perotti, E., Ratnovski, L., Vlahu, R.
Lev Ratnovski International Monetary Fund, USA
Session 14: Financial Crisis II When: Thursday 30 June 2011, 11.30 - 13.00 Where: Room 8 Chair: Stefano Monferrà, Università di Napoli Parthenope, Italy Paper Title Authors Presented by Affiliation
What problem banks reveal about future financial distress: Evidence from the late 2000s financial crisis
Kahn, C.M., Papanikolaou, N.I.
Nikolaos I. Papanikolaou University of Luxembourg, Luxembourg
Was there a “small-bank” anomaly in the Great Crisis of 2007-09?
Bongini, P., Ferri, G., Lacitignola, P.
Paola Bongini Università di Milano–Bicocca, Italy
Relationship lending, hierarchical distance and credit tightening: evidences from the 2007-09 financial crisis
Monferrà, S., Sampagnaro, G.
Gabriele Sampagnaro Università di Napoli Parthenope, Italy
Session 15: Corporate Finance I When: Thursday 30 June 2011, 11.30 - 13.00 Where: Room 9 Chair: Elena Beccalli, Università Cattolica, Italy Paper Title Authors Presented by Affiliation
Does Firms’ Earnings Forecasts Matter in Technology Bubble?
Fiordelisi, F., Galloppo, G. Giuseppe Galloppo Università di Roma Tor Vergata, Italy
Start-up bank failures and the role of initial capital endowment
Libertucci, M., Piersante, F. Massimo Libertucci Banca d'Italia, Italy
Chasing forecasts: The relative timing of equity and debt ratings
Bonini, S., Pettinato, O. Stefano Bonini Università L. Bocconi, Italy
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Session 16: (PhD) Banking Issues I When: Thursday 30 June 2011, 11.30 - 13.00 Where: Room 10 Chair: Alessandra Ferrari, University of Reading, UK
Paper Title Authors Presented by Affiliation Discussed by Affiliation
Credit market competition and Interbank Liquidity
Leonello, A., Carletti, E.
Agnese Leonello European University Institute, Italy
Phil Molyneux Bangor University, UK
Bank Capital Buffer and Liquidity: Evidence from US and European publicly traded Banks
Distinguin,I., Roulet, C., Tarazi, A.
Caroline Roulet Université de Limoges, France
Caterina Giannetti Friedrich Schiller University of Jena, Germany
How banking models drive interest margins: Evidence from U.S. bank-level data
Arnold, I.J.M., van Ewijk, S.E.
Saskia E. van Ewijk
Nyenrode Business Universiteit, Netherlands
Claudia Girardone University of Essex, UK
Thursday, 30 June 2011 (14.40 – 16.00)
Session 17: (PhD) Investments II When: Thursday 30 June 2011, 14.40 - 16.00 Where: Room 3, 1st floor Chair: Sazali Abidin, University of Waikato, New Zealand
Paper Title Authors Presented by Affiliation Discussed by Affiliation
Sell-side analysts‘ target prices in the presence of conflicts of interest
Arand, D., Kerl, A. G. Daniel Arand University of Giessen, Germany
Shaojun Zhang
Hong Kong Polytechnic University, Hong Kong
The Forward Rate Premium Puzzle: A Case of Misspecification?
Hall, S. G., Kenjegaliev, A., Swamy, P.A.V.B., Tavlas, G.S.
Amangeldi Kenjegaliev
University of Leicester, UK
Sazali Abidin University of Waikato, New Zealand
Equity Mispricing, Market Timing and Targeting Behaviour: Empirical Evidence from UK
Iqbal-Hussain, H.,Guney, Y.
Hafezali Iqbal-Hussain
University of Hull, UK
Huyen Nguyen-Thi-Thanh
Université du Maine-Le Mans, France
Session 18: Investments III When: Thursday 30 June 2011, 14.40 - 16.00 Where: Room 4 Chair: Lin Guo, Suffolk University, U.S. Paper Title Authors Presented by Affiliation
Cross-Listing and Capital Investment Decisions Han, S.,Herrmann, D.,Kang, T., Wolfe, M.
Sam Han Korea University, Korea
Cross-listing, Price Informativeness, and the Sensitivity of Investment to Stock Price
Francis, B., Hasan, I., Kostova, G.
Bill Francis Rensselaer Polytechnic Institute, USA
Bounding Security Prices in Incomplete Markets. Does Stochastic Volatility Matter?
Marroquin-Martinez, N., Moreno, M.
Manuel Moreno University of Castilla-La Mancha, Spain
Session 19: Financial Conglomerates When: Thursday 30 June 2011, 14.40 - 16.00 Where: Room 5 Chair: Peter Grajzl, Washington and Lee University, USA Paper Title Authors Presented by Affiliation
Does group affiliation affect the interbank market exposure? Evidence from main European banking groups
Gibilaro, L., Mattarocci, G. Lucia Gibilaro Università di Bergamo, Italy
Accounting Information in Conglomerates: Does Consolidation Matter?
Dahl, D. Drew Dahl Utah State University, USA
When are multinational banks getting a bang for their buck on their subsidiaries abroad
Kowalewski, O. Oskar Kowalewski Warsaw School of Economics, Poland
16
Session 20: Banking Risks When: Thursday 30 June 2011, 14.40 - 16.00 Where: Room 6 Chair: Phil Molyneux, Bangor Universuty, UK Paper Title Authors Presented by Affiliation
What Do Equity Markets Tell Us about the Drivers of Bank Default Risk? Evidence from Emerging Markets
Eichler, S., Karmann, A., Maltritz, D., Sobanski, K.
Dominik Maltritz University of Erfurt, Germany
The determinants of shareholder value in Japanese banking
Fiordelisi, F., Radic, N., Matousek, R.
Nemanja Radić London Metropolitan University, UK
Banking Sector Reforms and Corporate Leverage in Emerging Markets
Agca, S., De Nicolò, G.,Detragiache, E.,
Gianni De Nicolò International Monetary Fund, USA
Session 21: (PhD) Risk Management II When: Thursday 30 June 2011, 14.40 - 16.00 Where: Room 7 Chair: Sergio Mayordomo, Spanish Securities Markets Commission (CNMV), Spain
Paper Title Authors Presented by Affiliation Discussed by Affiliation
Finance is Good for the Poor but it Depends Where You Live
Rewilak, J. Johan Rewilak University of Leicester, UK
Claudio Porzio Università di Napoli Parthenope, Italy
A Multidimensional Dependent Jump-Diffusion Approach for Pricing Barrier Reverse Convertibles
Cserna,B. Balázs Cserna University of Frankfurt, Germany
Leonidas S. Rompolis
Athens University, Greece
Analytical CoVAR KiHoon, J.H. KiHoon Jimmy Hong
University of Cambridge, UK
Rajeev Singhal Oakland University, USA
Session 22: Securitization When: Thursday 30 June 2011, 14.40 - 16.00 Where: Room 8 Chair: Laetitia Lepetit, Université de Limoges, France Paper Title Authors Presented by Affiliation
Asset Securitization and Cyclicality of Regulatory Capital Lutzenkirchen, K., Roesch, D., Scheule, H.
Daniel Roesch University of Hannover, Germany
Securitization and lending standards: Evidence from the wholesale loan market
Kara, A., Marques-Ibanez, D., Ongena, S.
David Marques-Ibanez European Central Bank, Germany
Session 23: (PhD) Corporate Finance II When: Thursday 30 June 2011, 14.40 - 16.00 Where: Room 9 Chair: Alberto Franco Pozzolo, Università del Molise, Italy
Paper Title Authors Presented by Affiliation Discussed by Affiliation
Corporate Cost of Borrowing: TRACE on Syndicated Loans
Fischer, M., Markus Fischer Goethe University Frankfurt, Germany
Ottorino Morresi Università di Roma Tre, Italy
Distances and Small Business Credit Constraints: the French case
Djedidi, S. Salima Djedidi Université Paris-Dauphine, France
Stefano Bonini Università L. Bocconi, Italy
A Tale of Two Returns: Investment and Stock Returns with Investment Specific Technology Change
Dulani-Jayasuriya, D. D. Dulani Jayasuriya
National University of Singapore, Singapore
Giuseppe Galloppo Università di Roma Tor Vergata, Italy
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Session 24: (PhD) Banking Issues II When: Thursday 30 June 2011, 14.40 - 16.00 Where: Room 10 Chair: Frank Strobel, University of Birmingham, UK
Paper Title Authors Presented by Affiliation Discussed by Affiliation
Banks’ Use of Credit Derivatives and the Pricing of Loans: What Is the Channel and Does It Persist Under Adverse Economic Conditions?
Norden,L., Silva Buston, C., Wagner, W.
Consuelo Silva Buston
Tilburg University, Netherlands
Michael S. Pagano Villanova University, USA
Risk and Stability in Islamic Banking Abedifar, P., Molyneux, P., Tarazi, A.
Pejman Abedifar
Université de Limoges, France
Manthos D. Delis University of Ioannina, Greece
Reforming Executive Compensation Disclosure Rules and Firm Corporate Governance
Chan, C.Y., Li, K.A., Lin, C.L.
Li Kuo An Yuan Ze University, Taiwan
Duccio Martelli Università di Roma Tor Vergata, Italy
Friday, 1 July 2011 (9.40 – 11.00)
Session 25: Investments IV When: Friday, 1 July 2011, 9.40 - 11.00 Where: Room 3 Chair: Annalisa Ferrando, European Central Bank, Germany Paper Title Authors Presented by Affiliation
What drives spreads in the Euro Area government bond market after the sovereign crisis
Sardena, T., Tizzanini, G., Zicchino, L.
Teresa Sardena Prometeia, Italy
The Risk Return Relationship for Structured Products and Risk Free Bonds: is the direct link really correct?
Pampurini, F. Francesca Pampurini Università di Macerata, Italy
Portfolio Choice with Indivisible and Illiquid Housing Assets: The Case of Spain
Mayordomo, S., Rodríguez-Moreno, M., Peña, J.I.
María Rodríguez-Moreno
Universidad Carlos III de Madrid, Spain
Session 26: Investments V When: Friday, 1 July 2011, 9.40 - 11.00 Where: Room 4 Chair: Massimo Scotti, University of Technology, Australia Paper Title Authors Presented by Affiliation
On the Predictability of Stock Market Prices: the Affirmative Case for High and Low Prices
Caporin, M., Ranaldo, A., Santucci-de Magistris, P.
Angelo Ranaldo Banca Nazionale Svizzera, Switzerland
Stock market returns and Annuitization: a case of myopic Extrapolation
Previtero, A. Alessandro Previtero University of Western Ontario, Canada
Dividend Signalling: Desperate times call for desperate measures
Tse, C.B. Chin-Bun Tse University of Bedfordshire, UK
Session 27: Banking: Systemic Risk When: Friday, 1 July 2011, 9.40 - 11.00 Where: Room 5 Chair: J. David Cummins, Temple University, USA Paper Title Authors Presented by Affiliation
In Search of Systematic Risk in Banking Fiordelisi, F., Marques-Ibanez, D.
David Marques-Ibanez European Central Bank, Germany
Robustness and informativeness of systemic risk measures
Löffler, G., Raupach,P. Gunter Löffler University of Ulm, Germany
Capital Constraints and Systematic Risk Holod, D., Kitsul, Y. Yuriy Kitsul Federal Reserve Board, USA
18
Session 28: (PhD) Banking Issues III When: Friday, 1 July 2011, 9.40 - 11.00 Where: Room 6 Chair: Bill Francis, Rensselaer Polytechnic Institute, USA
Paper Title Authors Presented by Affiliation Discussed by Affiliation
Information Disclosure and Market Discipline of Banks
Spargoli, F. Fabrizio Spargoli
Universitat Pompeu Fabra, Spain
Lucia Gibilaro Università di Bergamo, Italy
Herding Behavior in Bank Lending: Evidence from U.S. Commercial Banks
Liu, C. Chen Liu Queen’s University, Canada
Nemanja Radić London Metropolitan University, UK
The Relation between Bank Resolutions and Information Environment: Evidence from Failed Bank Auctions
Granja, J. João Granja University of Chicago, USA
John O.S Wilson University of St. Andrew, UK
Session 29: Financial Crisis III When: Friday, 1 July 2011, 9.40 - 11.00 Where: Room 7 Chair: Alessandra Guariglia, Durham University, UK Paper Title Authors Presented by Affiliation
The impact of the global financial crisis on Africa: evidence from a multi-country firm level survey
Fethi, M.D., Isaksson, A., Kaulich, F.
Meryem Duygun Fethi University of Leicester, UK
House Price Indicators: A Comparative Study between the UK and the USA Mortgage Markets
Benamraoui, A. Abdelhafid Benamraoui University of Westminster, UK
The Response of the Electronic European Interbank Market to the Financial Turmoil
Politi, M., Iori, G., Germano,G., Gabbi, G.
Giampaolo Gabbi Università di Siena, Italy
Session 30: Specialized Lending When: Friday, 1 July 2011, 9.40 - 11.00 Where: Room 8 Chair: Panagiotis Dontis-Charitos, University of Westminster, UK Paper Title Authors Presented by Affiliation
The Impact of Financial Experience on the Acquisition of Financial Literacy
Caratelli, M., Ricci, O., Naccarato, A.
Massimo Caratelli Università di Roma Tre, Italy
Performance of Private Equity Investments: Are Management Companies’ Shareholders Relevant?
Casselli, S., Gatti, S., Querci, F. Francesca Querci Università di Genova, Italy
The Role of Private Equity for Firms Restructuring: The Going Private Strategy
Giovannini, R., Capizzi, V., Caselli, S., Pesic, V.
Vincenzo Capizzi Università del Piemonte Orientale “A. Avogadro”, Italy
Session 31: (PhD) Corporate Governance I When: Friday, 1 July 2011, 9.40 - 11.00 Where: Room 9 Chair: Paola Brighi, Università di Bologna, Italy
Paper Title Authors Presented by Affiliation Discussed by Affiliation
Product Market Competition and Corporate Governance: Evidence from a Combination of Policy Changes
Amore, M. D., Zaldokas, A.
Mario Daniele Amore
Copenhagen Business School, Denmark
Daniele Previati Università di Roma Tre, Italy
Corporate Governance and the Likelihood of Securities Class Actions: Evidence from U.S. Banking Institutions
Balla, V., Pasiouras, F.
Vassiliki Balla University of Crete, Greece
Vincenzo Farina, Università di Roma Tor Vergata, Italy
University of Delaware, USA
Does investor attention influence stock market activity? The case of spin-off deals
Carretta, A., Farina, V., Graziano, E. A.
Elvira Anna Graziano
Università di Roma Tor Vergata, Italy
Jeffrey L. Callen University of Toronto, Canada
19
Friday, 1 July 2011 (11.30 – 13.10)
Session 32: Fund Management When: Friday, 1 July 2011, 11.30 - 13.00 Where: Room 3 Chair: Giampaolo Gabbi, Università di Siena, Italy
Paper Title Authors Presented by Affiliation
Does Synchronized Trading Matter? Evidence from Country ETF
Levy, A., Lieberman, O. Ariel Levy Technion - Israel Institute of Technology, Israel
Effort and Risk-Taking in Mutual Fund Competition Ngo, D., Nguyen-Thi-Thanh, H.
Huyen Nguyen-Thi-Thanh
Université du Maine-Le Mans, France
Measuring Islamic Funds Performance Abdelselam, O., Fethi, M.D., Shaban, M.,
Mohamed Shaban University of Leicester, UK
Managerial Herding, Investors’ Sensitivity, and the Role of Mutual Fund Internal Governance
Casavecchia, L., Tooman, L. Lorenzo Casavecchia University of Technology, Australia
Session 33: Banking: Deposit Insurance and Risk When: Friday, 1 July 2011, 11.30 - 13.00 Where: Room 4 Chair: Nuria Suárez, University of Castilla-La Mancha, Spain Paper Title Authors Presented by Affiliation
The Effect of Deposit Insurance on Market Discipline: Evidence from a Natural Experiment on Deposit Flows and Rates
Karas, A., Pyle, W., Schoors, K.
Koen Schoors Ghent University, Belgium
Bank Capital, Liquidity Creation and Deposit Insurance Fungáčová, Z., Weill, L., Zhou, M.
Laurent Weill University of Strasbourg, France
Is your money safe? Italians’ awareness of deposit insurance
Bartiloro, L. Laura Bartiloro Banca d'Italia, Italy
Estimating the probability of financial distress in European markets: prediction models and empirical applications
Gigante, G., Cerri, A., Previati, D.
Gimede Gigante Università di Roma Tre, Italy
Session 34: Bank Lending When: Friday, 1 July 2011, 11.30 - 13.00 Where: Room 5 Chair: John O.S Wilson, University of St Andrews, UK Paper Title Authors Presented by Affiliation
Anxious periods and bank lending Delis, D. M.,Kouretas, G. P., Tsoumas, C.
Manthos D. Delis University of Ioannina, Greece
The Effect of Banking Regulation on Cross-Border Lending
Fidrmuc, J., Hainz, C. Jarko Fidrmuc University of Friedrichshafen, Germany
Credit rationing and bank relationships: between theory and empirical evidences
Torluccio, G. Giuseppe Torluccio Università di Bologna, Italy
Bank Loans and Bubbles: How Informative are the Announcements
Gonzales,L. Laura Gonzalez Fordham University,USA
20
Session 35: Corporate Governance II When: Friday, 1 July 2011, 11.30 - 13.00 Where: Room 6 Chair: Stefano Monferrà, Università di Napoli Parthenope, Italy Paper Title Authors Presented by Affiliation
Overseas Listing as a Policy Tool: Evidence from China’s H-shares
Sun, Q., Tong, W., Wu, Y. Qian Sun Fudan University, China
Do Firms Adjust to a Target Board Structure?
Cicero, D., Wintoki, M.B., Yang, T.
David Cicero University of Delaware, USA
Women on boards in Italy: Who are they? Why are they there?
Bianco, M., Ciavarella, A., Signoretti, R.
Magda Bianco Banca d'Italia, Italy
Asymmetric benchmarking of top management team pay
Francis, B., Hasan, I., Kose, J., Sharmad, Z.,
Bill Francis Rensselaer Polytechnic Institute, USA
Session 36: Efficiency and Productivity Analysis I When: Friday, 1 July 2011, 11.30 - 13.00 Where: Room 7 Chair: Paola Bongini, Università di Milano–Bicocca, Italy Paper Title Authors Presented by Affiliation
Efficiency, productivity and bank recapitalization – evidence from emerging economies
Fethi, M.D., Shaban, M., Weyman-Jones,T.
Meryem Duygun Fethi University of Leicester, UK
Cooperative bank efficiency in Japan: A parametric distance function analysis
Glass, J.C., McKillop, D.G., Quinn, B., Wilson, J.O.S.
Barry Quinn Queen’s University Belfast, Ireland
Modeling Efficiency, Credit Risk and Performance in a Heterogeneous Banking System
Bernini C., Brighi, P. Paola Brighi Università di Bologna, Italy
The consequences of the post-crisis global regulatory architecture for banking markets in Central Eastern Europe
Miklaszewska, E.,Pawłowska, M.
Ewa Miklaszewska Cracow University of Economics, Poland
Session 37: Globalization and Integration in Financial Services II When: Friday, 1 July 2011, 11.30 - 13.00 Where: Room 8 Chair: Francesco Masala, Associazione Bancaria Italiana, Italy Paper Title Authors Presented by Affiliation
Financial Sector Integration and Information Spillovers: Effects of Operational Risk Events on U.S. Banks and Insurers
Cummins, J.D., Wei, R., Xie, X.
J. David Cummins Temple University, USA
Strategic Alliances and Joint Ventures outcomes in banking
Amici, A., Fiordelisi, F., Masala, F., Ricci, O., Sist, F.
Ornella Ricci Università di Roma Tre, Italy
Return and Volatility Spillovers among Banks and Insurers
Elayasiani,E., Kalotychou, E., Staikouras, S.
Sotiris Staikouras City University, UK
Cross-Industry Product Diversification: The case of Bank-Insurance Takeovers
Elyasiani,E., Staikouras, K.S., Dontis-Charitos, P.
Panagiotis Dontis-Charitos
University of Westminster, UK
Session 38: Banking: Performance and Risk I When: Friday, 1 July 2011, 11.30 - 13.00 Where: Room 9 Chair: Nikolaos I. Papanikolaou, University of Luxembourg, Luxembourg Paper Title Authors Presented by Affiliation
Do multinational banks create or destroy economic value?
Gulamhussen, M.A., Pinheiro, C., Pozzolo, A.F.
Alberto Franco Pozzolo Università del Molise, Italy
The determinant of Reputational Losses in Banking Fiordelisi, F., Soana, M.G., Schwizer, P.
Franco Fiordelisi Università di Roma Tre, Italy
Bank market power and risk: theory and measurement De Nicolò, G., Turk-Ariss, R. Gianni De Nicolò International Monetary Fund, USA
Capital structure effects on the banking industry in China before and after WTO entry: a stochastic frontier analysis for 1997-2006
Wei-Yang, W., Weyman-Jones, T.
Yang Wei Wei Loughborough University, UK
21
Friday, 1 July 2011 (14.00 – 15.40)
Session 39: Corporate Governance III When: Friday, 1 July 2011, 14.30 - 15.40 Where: Room 3 Chair: Magda Bianco, Banca d'Italia, Italy Paper Title Authors Presented by Affiliation
The impact of ownership Concentration on Banking Performance and risk- taking: evidence from East-Asia
Riewsathirathorn, P., Jumroenvong, S., Jiraporn, P.
Seksak Jumroenvong Thammasat University, Thailand
Corporate Governance in European banking Arnaboldi, F., Casu, B. Francesca Arnaboldi Università di Milano, Italy
Financial Constraints of Private Firms and Government Ownership in Banks
Noth, F., Norden, L., Beh, P. Lars Norden Erasmus University, Netherlands
Bank Executive Compensation Structure, Risk Taking and the Financial Crisis
Guo, L., Jalal, A., Khaksari, S. Lin Guo Suffolk University, USA
Session 40: Corporate Finance III When: Friday, 1 July 2011, 14.30 - 15.40 Where: Room 4 Chair: Stefano Monferrà, Università di Napoli Parthenope, Italy Paper Title Authors Presented by Affiliation
The Term Structure of Implied Costs of Equity Capital Callen, J. L., Lyle, M. R. Jeffrey L. Callen University of Toronto, Canada
Distress in the Finance Industry: Fundamentally Different or Poorly Anticipated?
Sonmez, F., Purda, L. D. Lynnette D. Purda Queen’s University, Canada
The effect of taxes, trading frictions, and fund premium on the ex-dividend day price behavior of closed-end funds
Ravi, J. Ravi Jain National University of Singapore, Singapore
Does corporate taxation affect cross-country firms’ leverage in Western Europe?
De Socio, A., Nigro, V. Valentina Nigro Banca d'Italia, Italy
Session 41: Tribute to prof. Shelagh Heffernan (Bank Organization and Competition) When: Friday, 1 July 2011, 14.30 - 15.40 Where: Room 5 Tribute speech: Barbara Casu, City University, UK Chair: Sotiris Staikouras, City University, UK Paper Title Authors Presented by Affiliation
Retail and Investment Banking: The Design of Banking Organizations
Bourjade, S., Schindele, I. Ibolya Schindele Norwegian School of Economics and Business Administration - Norway
Does Competition Influence Bank Failures Fungáčová, Z., Weill, L. Laurent Weill Université de Strasbourg, France
Price Competition, Efficiency and Riskiness in Investment Banking
Fiordelisi, F., Girardone, C., Radic, N.
Nemanja Radić London Metropolitan University, UK
Session 42: Banking: Performance and Risk II When: Friday, 1 July 2011, 14.30 - 15.40 Where: Room 6 Chair: Neeltje van Horen, Nederlandsche Bank, Netherlands Paper Title Authors Presented by Affiliation
Does Diversification Increase or Decrease Bank Risk and Performance? Evidence on Diversification and the Risk-Return Tradeoff
Berger, A.N., Hasan, I., Korhonen, I., Zhou, M.,
Mingming Zhou University of Colorado, USA
Bank Risk and Analyst Forecasts Anolli, M., Beccalli, E. Elena Beccalli Università Cattolica, Italy
The Impact of Government Ownership on Bank Risk Profile and Lending Behaviour
Iannotta, G., Nocera, G., Sironi, A.
Giacomo Nocera Università L. Bocconi, Italy
22
Session 43: Efficiency and Productivity Analysis II When: Friday, 1 July 2011, 14.30 - 15.40 Where: Room 7 Chair: Manthos D. Delis, University of Ioannina, Greece Paper Title Authors Presented by Affiliation
Efficiency and bank business orientation in financial center: the case of Luxembourg
Curi, C., Guarda, P., Vivas, L.A., Zelenyuk, V.
Claudia Curi Central Bank of Luxembourg, Luxembourg
Bank productivity in the euro zone Casu, B., Ferrari, A., Girardone, C., Wilson, J.O.S.
Annalisa Ferrari University of Reading, UK
Too small to be compliant? Size and scale economies in the compliance cost structure of Italian banks
Cosma, S., Salvadori, G., Schwizer, P.
Simona Cosma Università del Salento, Italy
Risk and regulation. The efficiency of Italian cooperative banks
Barra, C., Destefanis, S., Lubrano Lavadera, G.
Sergio Destefanis Università di Salerno, Italy
Session 44: Risk Management III When: Friday, 1 July 2011, 14.30 - 15.40 Where: Room 8 Chair: Daniele Previati, Università di Roma Tre, Italy Paper Title Authors Presented by Affiliation
The mathematical framework underlying the "scenarios" approach for derivate transactions by Italian local Authorities.
Carleo, A., Mottura, C., Passalacqua, L.
Luca Passalacqua Università di Roma La Sapienza, Italy
Derivatives Pricing under a New Macro-financial Square-root Process for the Term Structure of Interest Rates
Platania, F., Moreno, M. Manuel Moreno University of Castilla-La Mancha, Spain
Stress Tests: From Arts to Science Breuer, T., Csiszar, I. Thomas Breuer PPE Research Centre, FH Vorarlberg, Austria
Fast gradient descent method for mean-CVaR optimization
Iyengar, I., Alfred, K.C.M. Alfred Ka Chun Ma Chinese University of Hong Kong, Hong Kong
Session 45: Investments VI When: Friday, 1 July 2011, 14.30 - 15.40 Where: Room 9 Chair: Milena Petrova, Syracuse University, USA Paper Title Authors Presented by Affiliation
Evidence of Trading on Inside Information in China Tong, W., Zhang, S., Zhu, Y. Shaojun Zhang Hong Kong Polytechnic University, Hong Kong
The Information Content of Option-Based Forecasts of Volatility: Evidence From The Italian Stock Market
Muzzioli, S. Silvia Muzzioli Università di Modena e Reggio Emilia, Italy
Investment and financing constraints in China: does working capital management make a difference
Ding, S., Guariglia, A., Knight, J.
Alessandra Guariglia Durham University, UK
Investment, Cash Flow Volatility and Financial Constraints
Merlevede, B., Mulier, K., Schoors, K.
Klaas Mulier Ghent University, Belgium
23
Friday, 1 July 2011 (16.45 – 18.10)
Session 46: Portfolio Management When: Friday, 1 July 2011, 16.45 - 18.10 Where: Room 3 Chair: Gabriele Sampagnaro, Università di Napoli Parthenope, Italy Paper Title Authors Presented by Affiliation
Delegated Portfolio Management with Career Concerns Scotti, M. Massimo Scotti University of Technology, Australia
Portfolio Selection With Spectral Risk Measures – A Really Good Choice?
Brandtner, M. Mario Brandtner Friedrich Schiller University of Jena, Germany
Robust Portfolio Choice with Ambiguity and Learning about Return Predictability
Brangera, N., Sandris-Larsen, L., Munk, C.
Linda Sandris Larsen University of Southern Denmark, Denmark
Session 47: Corporate Finance IV When: Friday, 1 July 2011, 16.45 - 18.10 Where: Room 4 Chair: Laura Gonzalez, Fordham University,USA Paper Title Authors Presented by Affiliation
The Financialization of Commodities, Contagion and Synchronization
Baur, D.G. Dirk G. Baur University of Technology, Australia
How does personal bankruptcy law affect start-ups? Cerqueiro, G., Penas, M.F. Geraldo Cerqueiro Universidade Católica Portuguesa, Portugal
Did the crisis induce an increase in credit rationing of French SMEs?
Kremp, E., Sevestre, P., Elizabeth Kremp Banque de France, France
Session 48: Banking: Entry Models When: Friday, 1 July 2011, 16.45 - 18.10 Where: Room 5 Chair: Giorgio Gobbi, Banca d'Italia, Italy Paper Title Authors Presented by Affiliation
What Drives the Entry Mode of Foreign Banks van Horen, N. Neeltje van Horen Nederlandsche Bank, Netherlands
Information Sharing and Bank Entry Mode: Evidence from Europe
Giannetti, C., Jentzsch, N., Spagnolo, G.
Caterina Giannetti Friedrich Schiller University of Jena, Germany
Market Entry, Growth and Exit in Multiple Geographic Markets: Evidence from Bank Branch Activities in Taiwan
Chen, H.J., Huang, L.Y. Hsiao-Jung Chen Southern Taiwan University, Taiwan
Session 49: Bank Stability and Innovation When: Friday, 1 July 2011, 16.45 - 18.10 Where: Room 6 Chair: Giuseppe Torluccio, Università di Bologna, Italy Paper Title Authors Presented by Affiliation
Financial innovation in European and US banking Arnaboldi, F., Rossignoli, B. Francesca Arnaboldi Università di Milano, Italy
The determinants of bank stability in the Middle-East and Northern Africa region
Girardone, C., Issa, S., Snaith, S.
Claudia Girardone University of Essex, UK
Credit Growth and Bank Soundness: Fast and Furious?
Igan, D., Pinheiro, M. Deniz Igan International Monetary Fund, USA
24
Session 50: Financial Economics Issues II When: Friday, 1 July 2011, 16.45 - 18.10 Where: Room 7 Chair: Peter M. Jackson, University of Leicster, UK Paper Title Authors Presented by Affiliation
Towards a common European monetary union risk free rate
Mayordomo, S., Peña, J.I., Schwartz, E. S.
Sergio Mayordomo Spanish Securities Markets Commission (CNMV), Spain
Convergence clubs, the Euro-area rank and the relationship between banking and real convergence
Affinito, M. Massimiliano Affinito Banca d'Italia, Italy
Political affiliation and credit extension by Chinese firms
Guariglia, A., Mateut, S. Simona Mateut Nottingham University Business School, UK
Session 51: (PhD) Specialized Lending and Banking Diversification When: Friday, 1 July 2011, 16.45 - 18.10 Where: Room 8 Chair: Shaojun Zhang, Hong Kong Polytechnic University, Hong Kong
Paper Title Authors Presented by Affiliation Discussed by Affiliation
Diversification in M&A: decision and shareholders valuation
Feito-Ruiz, I., Menéndez-Requejo, S.
Isabel Feito-Ruiz
University of Oviedo, Spain
Ornella Ricci Università di Roma Tre, Italy
Residual Value Risk in Automotive Lease Contracts: What drives Residual Values?
Nau, K., Burgho, H. P.
Katharina Nau Universität Hohenheim, Germany
Franco Fiordelisi Università di Roma Tre, Italy
Ownership structures and Cost Advantages: Evidence from the Italian Leasing Industry
Degl' Innocenti, M., Girardone, C.
Marta Degl’Innocenti
Università di Bologna, Italy
Nikolaos I. Papanikolaou
University of Luxembourg, Luxembourg
Session 52: (PhD) Banking Issues IV When: Friday, 1 July 2011, 16.45 - 18.10 Where: Room 9 Chair: Yasuda Yukihiro, Tokyo Keizai University, Japan
Paper Title Authors Presented by Affiliation Discussed by Affiliation
Basel Capital Charges and the incentives to develop accurate VaR models. The Case of Emerging and Frontier Stock Markets.
Rossignolo, A.F. Adrian F. Rossignolo
University of Leicester, UK
Yasuda Yukihiro Tokyo Keizai University, Japan
The Relationship between Reserve Manipulation, Risk-Taking, and Governance Structure: Evidence from U.S. Listed P&C Insurance Companies
Malafronte, I., Meles, A., Starita, M.G.
I. Malafronte Università di Roma Tor Vergata, Italy
Phil Molyneux Bangor University, UK
Trade Credit Puzzle Singh-Gill, B. Balbinder Singh Gill
Ghent University, Belgium
Ahmet Faruk Aysan Bogazici University, Turkey
25
Saturday, 2 July 2011 (9.00 – 10.20)
Session 53: Social Responsible Investments When: Saturday, 2 July 2011, 09.00 - 10.20 Where: Room 3 Chair: Andrea Silvestrini, Banca d'Italia, Italy Paper Title Authors Presented by Affiliation
Socially Responsible Portfolio Selection using Item Response Models
Grassi, S., Nicolosi, M., Stanghellini, E.
Marco Nicolosi Università di Perugia, Italy
Portfolio selection and socially responsible investors' behaviour in the US
Fethi, M.D., Shaban, M., Ciciretti, R.
Rocco Ciciretti Università di Roma Tor Vergata, Italy
Are Dow Jones Islamic equity Indices Exposed to Interest Rate Risk?
Shamsuddin, A. Abul Shamsuddin University of Newcastle, Australia
Session 54: Corporate Finance V When: Saturday, 2 July 2011, 09.00 - 10.20 Where: Room 4 Chair: Stefano Monferrà, Università di Napoli Parthenope, Italy Paper Title Authors Presented by Affiliation
The long run performance of UK firms making multiple rights issues
A.M. Iqbal Abdullah M. Iqbal University of Kent, UK
Partial adjustment model testing trade-off vs. pecking order theory of capital structure in majority-controlled firms
Morresi, O., Naccarato, A. Ottorino Morresi Università di Roma Tre, Italy
Do Firms Use the Trade Credit Channel to Finance Growth?
Ferrando, A., Mulier, K. Annalisa Ferrando European Central Bank, Germany
Session 55: Banking Issues V When: Saturday, 2 July 2011, 09.00 - 10.20 Where: Room 5 Chair: Konari Uchida, Kyushu University, Japan Paper Title Authors Presented by Affiliation
Transmission of Bank Liquidity Shocks in Loan and Deposit Markets: The Role of Interbank Borrowing and Market Monitoring
Allen, F., Hryckiewicz, A., Kowalewski, O., Tümer-Alkan, G.
Oskar Kowalewski Warsaw School of Economics - Poland
Two-Way Interplays between Capital Buffers, Credit and Output: Evidence from French Banks
Coffinet, J., Coudert, V., Pop, A., Pouvelle, C.
Adrian Pop University of Nantes, France
Demand, Competition and Welfare Analysis in the Turkish Banking Sector
Gulsun Akin, G., Faruk Aysan, A., İleri, S., Yildiran, L.
Ahmet Faruk Aysan Bogazici University, Turkey
Session 56: Financial Regulation III When: Saturday, 2 July 2011, 09.00 - 10.20 Where: Room 6 Chair: Junqian Xu, Xi'an Jiaotong-Liverpool University, UK Paper Title Authors Presented by Affiliation
Strategic Impacts of Risk-Based Capital Regulation Hsu, S.C., Ho, S.J. Su-Chu Hsu National Chengchi University, Taiwan
Enchanting Basel method via conditional distributions that capture stronger connection among credit losses in downturnes
Moreira, F.F. Fernando F. Moreira University of Edinburgh, UK
The Causal Effect of Bankruptcy Law on the Cost of Finance
Rodano, R., Serrano-Velarde,N., Tarantino, E.
Nicolas Serrano-Velarde University of Oxford, UK
26
Session 57: Financial Crisis IV When: Saturday, 2 July 2011, 09.00 - 10.20 Where: Room 7 Chair: Thomas Kokholm, Aarhus University, Denmark Paper Title Authors Presented by Affiliation
Do firms beneft from concentrating their borrowing? Evidence from the 2008 financial crisis.
De Mitri, S., Gobbi, G., Sette, E.
Enrico Sette Banca d'Italia, Italy
The Real Effects of Banking Crises: Finance or Asset Allocation Effects? Some International Evidence
Fernández, A. I., Gonzales, F., Suárez, N.
Nuria Suárez University of Castilla-La Mancha, Spain
Do interbank customer relationships exist? And how did they function over the crisis? Learning from Italy
Affinito, M. Massimiliano Affinito Banca d'Italia, Italy
Session 58: (PhD) Asset Allocation II When: Saturday, 2 July 2011, 09.00 - 10.20 Where: Room 8 Chair: Manuel Moreno, University of Castilla-La Mancha, Spain
Paper Title Authors Presented by Affiliation Discussed by Affiliation
Risk factor and liquidity timing: A short-term approach
Winter, E. Elisabeth Winter
Passau University, Germany
Timothy K. Chue
Hong Kong Polytechnic University, Hong Kong
Happy Losers : Subcontracting in International Asset Management
Chuprinin, O., Massa, M., Schumacher, D.
David Schumacher
INSEAD, France Gerhard Hambusch University of Technology, Australia
Semi-Closed Simulated Stock Market: An investigation of its components
Dhesi,G., Washad, E., M.A., Bilal Shakeel, M.
Washad Emambocus
London South Bank University, UK
Mohamed Shaban University of Leicester, UK
Session 59: Corporate Governance IV When: Saturday, 2 July 2011, 09.00 - 10.20 Where: Room 9 Chair: Vincenzo Farina, Università di Roma Tor Vergata, Italy Paper Title Authors Presented by Affiliation
Why do managers divest corporate assets new prospective from Equity Carve-outs
Ghosh, C., Petrova, M. Milena Petrova Syracuse University, USA
Ownership structure, revenue diversification and insolvency risk inEuropean banks
Sanya, S., Wolfe, S. Sarah Sanya International Monetary Fund, USA
Politicians on board. Do political connections affect banking activities in Italy?
Carretta, A., Farina, V., Gon A., Parisi, A.
Vincenzo Farina Università di Roma Tor Vergata, Italy
Session 60: Corporate Finance VI When: Saturday, 2 July 2011, 09.00 - 10.20 Where: Room 10 Chair: Nemanja Radić, London Metropolitan University, UK Paper Title Authors Presented by Affiliation
Multivariate Analyses of Factors Affecting Dividend Policy of Acquired European Banks
Nnadi, M.A., Tanna, S. Sailesh Tanna Coventry University, UK
Private Equity Performance under Extreme Regulation Cumming,D., Zambelli, S. Simona Zambelli Università di Bologna, Italy
How Are Firms Sold to Private Equity Versus Strategic Acquirers?
Roosenboom, P., Fidrmuc, J.P., Paap, R., Teunissen, T.
Jana P. Fidrmuc University of Warwick, UK
27
Saturday, 2 July 2011 (10.40 – 12.00)
Session 61: Capital markets and Investments When: Saturday, 2 July 2011, 10.40 - 12.00 Where: Room 3 Chair: Meryem Duygun Fethi , University of Leicester, UK Paper Title Authors Presented by Affiliation
Aggregation of exponential smoothing processes with an application to portfolio risk evaluation
Sbrana, G., Silvestrini, A., Andrea Silvestrini Banca d'Italia, Italy
Less is More: Are Less Synchronous Stock Prices More Informative
Chue, T.K. Timothy K. Chue Hong Kong Polytechnic University, Hong Kong
Agency conflicts and the provision of debt when prices are mean reverting
Hambusch, G., Glover, K. J. Gerhard Hambusch University of Technology, Australia
Session 62: Corporate Finance VII When: Saturday, 2 July 2011, 10.40 - 12.00 Where: Room 4 Chair: Ottorino Morresi, Università di Roma Tre, Italy Paper Title Authors Presented by Affiliation
The Impact on Trade Flows of Transportation Costs and Other Costs: An Empirical Study from Advanced Economies and East Asia
Xu, J. Junqian Xu Xi'an Jiaotong-Liverpool University, UK
How Do Firm’s Increases in R&D Affect Long-Run Performance of Intra-Industry Competitors?
Chen, S.S., Hung, W., Wang, Y.
Weifeng Hung Feng Chia Universty, Taiwan
Information opacity and credit risk assessment: the reliability of the Italian SMEs’ financial statements
Giannotti, C., Bussoli, C., Cuoccio, M.
Mariateresa Cuoccio Università LUM Jean Monnet, Italy
Session 63: Bank Lending II When: Saturday, 2 July 2011, 10.40 - 12.00 Where: Room 5 Chair: Rebel Cole, DePaul University, USA Paper Title Authors Presented by Affiliation
Legal Origin, Creditor Protection and Bank Lending Around the World
Cole, R.A., Turk-Ariss, R. Cole, R.A. DePaul University, USA
Bank soundness, stock return, and loan supply during the global financial crisis: Evidence from Japan
Lia, L., Uchidab, K. Konari Uchida Kyushu University, Japan
An Asset Protection Scheme for Banks Exposed to Troubled Loan Portfolios
Grosen, A., Jessen, P., Kokholm, T.
Thomas Kokholm
Aarhus University, Denmark
Session 64: Stock Prices When: Saturday, 2 July 2011, 10.40 - 12.00 Where: Room 6 Chair: Adrian Pop, University of Nantes, France Paper Title Authors Presented by Affiliation
Psychological Barrier, Oil Price, and Firm Returns Paresh, K.N.,Seema, N., Xinwei, Z.
Paresh Kumar Narayan Deakin University, Australia
Tower Building and Stock Market Returns Löffler, G. Gunter Löffler University of Ulm, Germany
Forecasting Stock Returns Internationally: Can Fundamental-price Models Beat the Historical Average?
Jordan, S. J., Vivian, A. Andrew Vivian Loughborough University, UK
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Session 65: Risk Management IV When: Saturday, 2 July 2011, 10.40 - 12.00 Where: Room 7 Chair: Franco Fiordelisi, Università di Roma Tre, Italy Paper Title Authors Presented by Affiliation
Contestability and collateral in credit markets whit adverse selection
Cesaroni, G. Giovanni Cesaroni Department for Prime Minister and Cabinet, Italy
Modeling credit risk for innovative firms: the role of innovation measures
Pederzoli, C., Thoma, G., Torricelli, C.
Grid Thoma Università di Camerino, Italy
Are All Credit Default Swap Databases Equal? Mayordomo, S., Peña, J.I., Schwartz, E. S.
Sergio Mayordomo Spanish Securities Markets Commission (CNMV), Spain
Session 66: (PhD) Financial Crisis V When: Saturday, 2 July 2011, 10.40 - 12.00 Where: Room 8 Chair: Sarah Sanya, International Monetary Fund, USA
Paper Title Authors Presented by Affiliation Discussed by Affiliation
Are Short Sellers Feedback Traders? Evidence from the Global Financial Crisis
Bohl, M.T., Klein, A.C., Siklos, P.L.
Arne C. Klein University of Muenster, Germany
Giovanni Walter Puopolo
Università L. Bocconi, Italy
The Effects of Expense Preference on Financial Stability
Gutiérrez, O., López-Puertas, M.
Mónica López-Puertas
Universidad Autónoma de Barcelona, Spain
Dmitri Vinogradov University of Essex, UK
The Impact of Government Intervention in Banks on Corporate Borrowers' Stock Returns
Norden, L., Roosemboom, P., Wang, T.
Teng Wang Erasmus University, Netherlands
Stefano Monferrà Università di Napoli Parthenope, Italy
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List of Participants
Abdelsalam Omneya, Aston University - UK Abdesaken Gerald, Università L. Bocconi - Italy Abedifar Pejman, Université de Limoges - France Abidin Sazali, University of Waikato - New Zealand Adrian Rossignolo, University of Leicester - UK Affinito Massimiliano, Banca d'Italia - Italy Amore Mario, Copenhagen Business School - Denmark Arand Daniel, University of Giessen - Germany Arnaboldi Francesca, Università di Milano - Italy Arnold Ivo, Erasmus University - Netherlands Asmild Mette, University of Warwick - UK Aysan Ahmet Faruk, Bogazici University - Turkey Balla Vassiliki, University of Crete - Greece Barra Cristian, Università di Salerno - Italy Bartiloro Laura, Banca d'Italia - Italy Battaglia Francesca, Università di Napoli Parthenope - Italy Baur Dirk, University of Technology - Australia Beccalli Elena, Università Cattolica - Italy Behr Patrick, Brazilian School of Public and Business Administration - Brazil Benamraoui Abdelhafid, University of Westminster - UK Bianco Magda, Banca d'Italia - Italy Bin Isa Mansor, Capital Market Authority - Saudi Arabia Blenman Lloyd P., University of North Carolina - USA Bongini Paola, Università di Milano–Bicocca - Italy Bonini Stefano, Università L. Bocconi - Italy Brandtner Mario, Friedrich Schiller University of Jena - Germany Breton Regis, Banque de France - France Breuer Thomas, PPE Research Centre - FH Vorarlberg - Austria Brighi Paola, Università di Camerino - Italy Caglar Dilber, Girne American University – N Cyprus Callen Jeffrey, University of Toronto - Canada Capizzi Vincenzo, Università degli Studi del Piemonte Orientale - Italy Caratelli Massimo, Università di Roma Tre - Italy Carleo Alessandra, Università di Roma Tre - Italy Casavecchia Lorenzo, University of Technology - Australia Casu Barbara, City University - UK Cerqueiro Geraldo, Universidade Catolica Portuguesa - Portugal Cerri Andrea, Università Cattolica - Italy Cesaroni Giovanni, Department for Prime Minister and Cabinet - Italy Champonnois Sylvain, University of California - USA Chen Hsiao-Jung, Southern Taiwan University - Taiwan Chue Timothy, Hong Kong Polytechnic University - Hong Kong Cicero David, University of Delaware - USA Ciciretti Rocco, Università di Roma Tor Vergata - Italy Cole Rebel, DePaul University - USA Cosma Simona, Università del Salento - Italy Cserna Balazs, Goethe University Frankfurt - Germany Cubillas Martin Elena, University of Oviedo - Spain Cummins David, Temple University - USA
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Cuoccio Mariateresa, Università LUM Jean Monnet - Italy Curi Claudia, Central Bank of Luxembourg - Luxembourg Dahl Drew, Utah State University - USA De Felice Gregorio, Banca Intesa, Italy De Nicolò Gianni, International Monetary Fund - USA De Socio Antonio, Banca d'Italia - Italy Degl'Innocenti Marta, Università di Bologna - Italy Delis Manthos, University of Ioannina - Greece Destefanis Sergio, Università di Salerno - Italy DeYoung Bob, University of Kansas - USA Dhesi Gurjeet, London South Bank University - UK Di Bartolomeo Giovanni, University of Teramo - Italy Djedidi Salima, Université Paris-Dauphine - France Dontis-Charitos Panagiotis, University of Westminster - UK Ebrahim M. Shahid, Bangor University - UK Elyasiani Elyas, Temple University - USA Emambocus Mohammad, London South Bank University - UK Emin Dogus, University of Leicester - UK Farina Vincenzo, Università di Roma Tor Vergata - Italy Feito-Ruiz Isabel, University of Oviedo - Spain Ferrando Annalisa, European Central Bank - Germany Ferrari Alessandra, University of Reading - UK Fethi Meryem Duygun, University of Leicester - UK Fidrmuc Jana, University of Warwick - UK Fidrmuc Jarko, Zeppelin University Friedrichshafen - Germany Fiordelisi Franco, Università di Roma Tre - Italy Fischer Markus, Goethe University Frankfurt - Germany Foote Elizabeth, London School of Economics - UK Francis Bill, Rensselaer Polytechnic Institute - USA Gabbi Giampaolo, Università di Siena - Italy Gallo Angela, Università di Salerno - Italy Galloppo Giuseppe, Università di Roma Tre - Italy Gasparini Luca, Gruppo Banca Popolare di Milano, Italy Georgescu Daniela, Publishing Editor, Elsevier - USA Geranio Manuela, Università L. Bocconi - Italy Ghosh Chinmoy, University of Connecticut - USA Giannetti Caterina, Friedrich Schiller University of Jena - Germany Gibilaro Lucia, University of Bergamo - Italy Gigante Gimede, Università di Roma Tre - Italy Gill Balbinder Singh, Ghent University - Belgium Girardone Claudia, University of Essex - UK Gobbi Giorgio, Banca d'Italia, Italy González Francisco, University of Oviedo - Spain Gonzalez Laura, Fordham University - USA Goto Naohisa, University of Kitakyushu - Japan Grajzl Peter, Washington and Lee University - USA Granja Joao, University of Chicago - USA Graziano Elvira Anna, Università di Roma Tor Vergata - Italy Guariglia Alessandra, Durham University - UK Guo Lin, Suffolk University - USA Hambusch Gerhard, University of Technology - Australia
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Han Liang, University of Hull - UK Han Sam, Korea University - Korea Hang Cheng, University of Leicester - UK Ho Shriley J., National Chengchi University - Taiwan Hong Kihoon, University of Cambridge - UK Hsu Su-Chu, National Chengchi University - Taiwan Hung Weifeng, Feng Chia Universty - Taiwan Igan Deniz, International Monetary Fund - USA Ikpefua Jackson, Office of the Auditor General for the Federation of Nigeria - Nigeria Iqbal Abdullah, University of Kent - UK Iqbal Hussain Hafezali , University of Hull - UK Jackson Peter M, University of Leicester - UK Jain Ravi, National University of Singapore - Singapore Janoudi Saleem, University of Leicester - UK Jayasuriya D Dulani, National University of Singapore - Singapore Jumreornvong Seksak, Thammasat University Karmann Alexander, Technische Universitaet Dresden Kenjegaliev Amangeldi, University of Leicester - UK Kisser Michael, Norwegian School of Economics and Business Administration - Norway Kitsul Yuriy, Federal Reserve Board - USA Klein Arne Christian, University of Muenster - Germany Kokholm Thomas, Aarhus University - Denmark Kostova Gergana, Rensselaer Polytechnic Institute - USA Kowalewski Oskar, Warsaw School of Economics - Poland Kremp Elisabeth, Banque de France - France Lacitignola Punziana,Università degli Studi di Bari Aldo Moro - Italy Lai Van Son, Laval University - Canada Larsen Linda Sandris, University of Southern Denmark - Denmark Leonello Agnese, European University Institute - Italy Lepetit Laetitia, Université de Limoges - France Levy Ariel, Technion Israel Institute of Technology, Israel Li Kuo-An, Yuan Ze University - Taiwan Libertucci Massimo, Banca d'Italia - Italy Liu Chen, Queen's University - Canada Löffler Gunter, University of Ulm - Germany Lopez-Puertas Lamy Monica, Universidad Autonoma de Barcelona - Spain Lubrano Lavadera Giuseppe, Università di Salerno - Italy Lucarelli Caterina, Università Politecnica delle Marche - Italy Lucchetta Marcella, University of Venice Ca' Foscari - Italy Ma Alfred Ka Chun, Chinese University of Hong Kong - Hong Kong Malafronte Irma, Università di Roma Tor Vergata - Italy Maltritz Dominik, University of Erfurt - Germany Marques-Ibanez David, European Central Bank - Germany Martelli Duccio, Università di Perugia - Italy Masala Francesco, Associazione Bancaria Italiana, Italy Mateut Simona, Nottingham University Business School Mathur Ike, Southern Illinois University – USA Mayordomo Sergio, Spanish Securities Markets Commission - Spain Meglio Corrado, Banca di Credito Popolare, Italy Meles Antonio, Università di Napoli Parthenope - Italy Miklaszewska Ewa, Cracow University of Economics - Poland
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Mikolajczyk Katarzyna, Cracow University of Economics - Poland Molyneux Philip, Bangor University - UK Monferrà Stefano, Università di Napoli Parthenope - Italy Moreira Fernando, University of Edinburgh - UK Moreno Manuel, University of Castilla-La Mancha - Spain Morresi Ottorino, Università di Roma Tre - Italy Mottura Carlo Domenico, Università di Roma Tre - Italy Mulier Klaas, Ghent University - Belgium Muzzioli Silvia, Università di Modena e Reggio Emilia - Italy Narayan Paresh, Deakin University - Australia Nau Katharina, Universitat Hohenheim - Germany Nguyen Thi Thanh Huyen, Université du Maine-Le Mans - France Nicolosi Marco, Università di Perugia - Italy Nigro Valentina, Banca d'Italia - Italy Nocera Giacomo, Università L. Bocconi - Italy Norden Lars, Erasmus University - Netherlands Pagano Michael, Villanova University - USA Pampurini Francesca, Università di Macerata - Italy Papanikolaou Nikolaos, University of Luxembourg - Luxembourg Passalacqua Luca, Università di Roma La Sapienza - Italy Pawlowska Malgorzata, Narodowy Bank Polski - Poland Pelloni Alessandra, Università di Roma Tor Vergata - Italy Peristiani Stavros, Federal Reserve New York - USA Pesic Valerio, Università di Roma La Sapienza - Italy Petrova Milena, Syracuse University - USA Pop Adrian, University of Nantes - France Porzio Claudio, Università di Napoli Parthenope - Italy Pozzolo Alberto Franco, Università del Molise - Italy Previati Daniele, Università di Roma Tre - Italy Previtero Alessandro, University of Western Ontario - Canada Puopolo Giovanni Walter, Università L. Bocconi - Italy Purda Lynnette, Queen's University - Canada Querci Francesca, Università di Genova - Italy Quinn Barry, Queens University Belfast - Uk Radic Nemanja, London Metropolitan University - UK Ramos Sofia, ISCTE IUL Instituto Universita´rio de Lisboa - Portugal Ranaldo Angelo, Swiss National Bank - Switzerland Ratnovski Lev, International Monetary Fund - USA Rewilak Johan, University of Leicester - UK Ricci Ornella, Università di Roma Tre - Italy Rodriguez-Moreno Maria, Universidad Carlos III de Madrid - Spain Roesch Daniel, University of Hannover - Germany Rompolis Leonidas, Athens University of Economics and Business - Greece Roulet Caroline, Université de Limoges - France Sampagnaro Gabriele, Università di Napoli Parthenope - Italy Sanya Sarah, International Monetary Fund - USA Sardena Teresa, Prometeia - Italy Scheller Johanna, University of Reading - UK Schindele Ibolya, Norwegian School of Economics and Business Administration - Norway Schoors Koen, Ghent University - Belgium Schumacher David, INSEAD - France
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Scotti Massimo, University of Technology Sydney - Australia Serrano-Velarde Nicolas, University of Oxford - UK Sette Enrico, Banca d'Italia - Italy Shaban Mohamed, University of Leicester - UK Shakeel Muhammad, London South Bank University - UK Shamsuddin Abul, University of Newcastle - Australia Sharma Zenu, EDHEC Business School - France Silva Buston Consuelo, Tilburg University - Netherlands Silvestrini Andrea, Banca d'Italia - Italy Singhal Rajeev, Oakland University - USA Sonmez Fatma, Queen's University - Canada Spargoli Fabrizio, Universitat Pompeu Fabra - Spain Staikouras Sotiris, City University - UK Starita Maria Grazia, Università di Napoli Parthenope - Italy Stentella F. Saverio, Università di Roma Tre - Italy Strobel Frank, University of Birmingham - UK Suárez-Suárez Nuria, University of Castilla-La Mancha - Spain Sun Qian, Fudan University - China Tanna Sailesh, Coventry University - UK Thakor Anjan, Olin Business School, Washington University in St. Louis, USA Thoma Grid, Università di Camerino - Italy Tizzanini Giacomo, Prometeia - Italy Torluccio Giuseppe, Università di Bologna - Italy Torricelli Costanza, Università di Modena e Reggio Emilia - Italy Travaglini Carlo Maria, Università di Roma Tre - Italy Tse Chin-Bun, University of Bedfordshire - UK Uchida Konari, Kyushu University - Japan Van Der Poel Marieke, Erasmus University - Netherlands Van Ewijk Saskia, Nyenrode Business Universiteit - Netherlands Van Horen Neeltje, Dutch Central Bank - Netherlands Vinogradov Dmitri, University of Essex - UK Vivian Andrew, Loughborough University - UK Wang Jying-Nan, Minghsin University - Taiwan Wang Teng, Erasmus University - Netherlands Weill Laurent, Université de Strasbourg - France Williams Richard, Freann Financial Services Limited Wilson John, University of St Andrews - UK Winter Elisabeth, Passau University - Germany Wu Yuliang, Queen's University Belfast - Uk Xu Junqian, Xi'an Jiaotong-Liverpool University - China Yang Wei Wei, Loughborough University - UK Yasuda Yukihiro, Japan-Tokyo Keizai University - Japan Yu Jiewei, Southern Methodist University - USA Zambelli Simona, Università di Bologna - Italy Zdorovenin Vladimir, University of Reading - UK Zhang Shaojun, Hong Kong Polytechnic University - Hong Kong Zhou Mingming, University of Colorado - USA Zhou Qi, Southern Methodist University – USA Zhu, Ting ting, University of Leicester - UK
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