INFINITI Conference on International Finance · 1 Welcom e to INFINITI 2018 Dear all Welcome to the INFINITI Conference 2018 in Poznań. We are delighted to be hosted this year by

11-12 June 2018Poznań University of Economics & Business

Keynote Speaker:Douglas Cumming, York University, Canada

INFINITI Conference on International Finance

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____________________

1

Welcome to INFINITI 2018

Dear all

Welcome to the INFINITI Conference 2018 in Poznań. We are delighted to be hosted this

year by the Poznań University of Economics and Business.

As ever we were delighted to receive hundreds of high-quality submissions, from over 40

countries. Not every submission could be accepted, and the 200 or so that we have here

represent the results of a difficult set of choices. We believe that the papers you see here

give a good insight into the present state of research in International Finance, across a

variety of areas.

The Conference is now well into its second decade, having started in 2004. This year is

particularly poignant for many of us, as we remember one of the founding members of

the conference, Prof Colm Kearney, who sadly passed away earlier on this year.

In addition to the usual run of quality research papers we also have a series of Workshops.

The Workshops this year band from new developments in wavelet modelling, through

considerations of risk from both a human and financial perspective, onto aspects of

event studies.

We’re as ever grateful to our sponsors. In particular, we would like to thank Monash

Business School and Eventus software, whose continued sponsorship of the Conference

is most appreciated, and of course Elsevier who sponsor not just the Welcome Reception

but also provide us with the opportunities to publish in high-quality international journals.

This year, we would also like to thank all the local sponsors.

Our local organizing team have done a wonderful job of arranging both for university

and external events. Prof Jacek Mizerka and his team deserve our thanks.

We look forward to seeing you all, old friends and new, in Sydney in December for INFINITI

2018 Asia-Pacific, and of course in Glasgow in June for INFINITI 2019.

Let’s enjoy these few days we have together!

Professor Brian M Lucey Samuel A Vigne

Conference Chair Conference Coordinator

& Professor of Finance & Assistant Professor

Trinity College Dublin Queen’s University Belfast

INFINITI 2018

What and who are INFINITI?

INFINITI was constituted in Trinity College Dublin in the summer of 2003, and has three main

activities:

Running the annual INFINITI Conference on International Finance,

Hosting short- and long-term visitors through the Trinity Business School, and

Maintaining an active research agenda. Our work is available from SSRN or REPEC.

Conference Chair

Brian M Lucey, Trinity College Dublin, Ireland

Conference Coordinator

Samuel A Vigne, Queen’s University Belfast, UK

Conference Organiser

Linda Soriton

Other members include:

Charles Larkin, Trinity College Dublin, USA

Elaine Hutson, Monash University, Australia

Maurice Peat, The University of Sydney, Australia

Thomas Lagoarde-Segot, KEDGE Business School, France

Local Conference Organisers 2018 (Department of Corporate Finance, Poznań University of

Economics and Business, Poznań, Poland):

Prof Jacek Mizerka

Prof Tomasz Jewartowski

Prof Michal Kaldonski

____________________

3

Table of Contents

Welcome to INFINITI 2018 .................................................................................................................................................. 1

What and who are INFINITI? .............................................................................................................................................. 2

Table of Contents ............................................................................................................................................................... 3

Welcome from our Host ..................................................................................................................................................... 5

Prof Colm P Kearney – in memoriam .............................................................................................................................. 7

Publishing in Journals .......................................................................................................................................................... 8

Reviewers ............................................................................................................................................................................. 8

INFINITI Conference 2018 Asia-Pacific........................................................................................................................... 10

INFINITI Conference 2019 ................................................................................................................................................. 11

General Information ......................................................................................................................................................... 12

Conference Venue ..................................................................................................................................................... 12

Conference Reception Desk ..................................................................................................................................... 12

Completion of Registration ........................................................................................................................................ 12

Dress Code .................................................................................................................................................................... 12

Catering / Refreshments ............................................................................................................................................. 12

Parallel Sessions ............................................................................................................................................................ 13

Papers ............................................................................................................................................................................ 13

Social Events ................................................................................................................................................................. 13

Maps.................................................................................................................................................................................... 15

Keynote Speaker .............................................................................................................................................................. 17

Programme ........................................................................................................................................................................ 18

Sunday, 10 June 2018.................................................................................................................................................. 18

Monday, 11 June 2018 ................................................................................................................................................ 18

Tuesday, 12 June 2018 ................................................................................................................................................ 19

Parallel Sessions ................................................................................................................................................................. 21

Monday, 0900-1030: Parallel Sessions 1 ......................................................................................................................... 21




Tuesday, 0900-1030: Parallel Sessions 5 ......................................................................................................................... 39




Delegates ........................................................................................................................................................................... 55

Interesting People I Met ................................................................................................................................................... 62

Notes ................................................................................................................................................................................... 63

INFINITI 2018

____________________

5

Welcome from our Host

Dear Colleagues

On behalf of the Rector and community of the Poznań

University of Economics and Business (PUEB), I am honored

and delighted to welcome you to this year’s INFINITI

Conference on International Finance. The host university,

Poznań University of Economics and Business (PUEB), is one

of the oldest, most prestigious schools of economics in

Poland. Since 1926, we have been continually developing

higher education and ensuring high quality of scientific

studies and constant development of research

infrastructure. At present, PUEB employs over 500 academic

teachers who educate over 9,000 students. Research is also

one of PUEB’s key objectives. Academics from PUEB are

active in research in the fields of economics, finance, and

management, among others. Poznań University of Economics and Business cooperates with 173

international partners in 43 countries in the field of research and student/staff exchange. Please

visit our website at www.ue.Poznań.pl for more information about us and our educational and

research strengths and rankings.

Dear participants, hosting such a prestigious conference as INFINITI, we provide a wonderful forum

for you to refresh the knowledge and explore the innovations in finance. INFINITI offers plenty of

networking opportunities to discuss with leading researchers, business partners and professionals,

and to meet friends and colleagues.

I would also like to thank local sponsors, without whom the INFINITI

Poznań 2018 conference could not take place. These sponsors

include our main sponsor, Bureau van Dijk (A Moody’s Analytics

Company) and the other sponsors as shown below: Aesculap Chifa,

Bank Zachodni WBK – Grupa Santander, InfoCredit and Michał

Czekalski (private person).

Finally, I am sure you will join me in thanking the many people who have worked very hard to

make this conference such a success, particularly Brian Lucey, Linda Soriton and Sam Vigne – the

main organizers of the Conference. Let me also thank my friends from the PUEB’s Department of

Corporate Finance (Faculty of Management) and other university staff for their cooperation and

engagement.

Dear Colleagues, let’s have a great Conference!

Jacek Mizerka

Professor of Finance

Chair of the Local Organizing Committee

http://www.ue.poznan.pl/

INFINITI 2018

So many great memories…

____________________

7

Prof Colm P Kearney – in memoriam

Prof Colm P Kearney, Dean of the Monash Business School,

passed away in March this year. Colm had been instrumental in

the setting up of INFINITI, in 2003-2004. A PhD Graduate from

Warwick, he also held graduate degrees from the University of

Essex, the University of Western Ontario and University College

Dublin. He served as Professor of Economics at the University of

Western Sydney, and at University of Technology, Sydney. He was

Professor of Finance at the Economic and Social Research

Institute and latterly Dublin City University on his return to Ireland,

then Professor of International Business at Trinity Business School

before becoming the Chief Academic Officer of Trinity College

Dublin, after which he became Dean at Monash Business School.

Colm served as an economic advisor to the Australian

government in the 1990s and maintained his policy and political links throughout his life in both his native

Ireland and his adopted country of Australia.

Colm was a prolific and impactful author. He was, however, first and foremost, a mentor and friend, not just

to me but to many here at INFINITI. He never stinted in his advice, in his praise or in his willingness to

challenge one to excel to the standard he knew they could achieve. He pushed his coauthors and

collaborators to their best, celebrated victories with aplomb and took defeats with grace and in a learning

manner. It is not an exaggeration for me to say that I would not have obtained such success as I have without

in large part his cajoling, pushing, urging and mentoring. I know many others who can say the same.

Colm will be missed so much by all of us, but most keenly by his family, Elaine his wife and partner in all, and

his children, Conor and Cara. We look forward to Elaine returning to INFINITI. Colm's legacy will not fade.

INFINITI 2018

Publishing in Journals

This year, along with Elsevier, we are delighted to have the following Editors at our Conference:

Douglas Cumming (Journal of Corporate Finance)

John W Goodell (Research in International Business and Finance)

Brian M Lucey (Finance Research Letters; International Review of Financial Analysis)

These authors will be inviting authors at INFINITI 2018 to make submissions for accelerated review in their journals. If you

have any queries, please talk to them OR attend the “Meet the Editors” session.

Reviewers

The Conference Organising Committee is very appreciative of the significant effort made by our

reviewers to provide constructive and valuable feedback. We would therefore like to thank all

those who volunteered their time and who were involved in the review process. They included:

A Can (John) Inci, Bryant University, USA

Abdulkader Nahhas, University of Exeter, UK

Abdullah Yalaman, Eskisehir Osmangazi University,

Turkey

Adalbert Winkler, Frankfurt School of Finance &

Management, Germany

Adrian Fernandez Perez, Auckland University of

Technology, New Zealand

Afrae Hassoun, Université Libre de Bruxelles, Belgium

Ahmad Hassan Ahmad, Loughborough University, UK

Ali Sheikhbahaei, Monash University, Australia

Alin Andries, Universitatea Alexandru Ioan Cuza,

Romania

Alphonse Noah, EconomiX & Banque de France,

France

Ana-Maria Fuertes, City University London, UK

Andreas Knetsch, RWTH Aachen University, Germany

Andreas Tsopanakis, Cardiff University, UK

Andrew Ainsworth, The University of Sydney, Australia

Anita Suurlaht, University College Dublin, USA

Anmar Pretorius, North-West University, South Africa

Anna Białek-Jaworska, University of Warsaw, Poland

Arnold R. Cowan, Iowa State University & Cowan

Research LC (Eventus), USA

Asta Klimaviciene, ISM University of Management and

Economics, Lithuania

Beata Zyznarska-Dworczak, Poznań University of

Economics and Business, Poland

Bogna Janik, WSB University in Poznań, Poland

Carlos Pombo, Universidad de los Andes, Colombia

Charles H J Reuter, Université de Lorraine, France

Charlotte Christiansen, Aarhus University, Denmark

Cheng Lu, CSDC China Securities Depository and

Clearing Corporation Limited, China

Ching-Wai Jeremy Chiu, Bank of England, UK

Christoph Wegener, IPAG Business School, France

Christophe Godlewski, Université de Strasbourg, France

Conor Neville, Trinity College Dublin, Ireland

Daniel Aghanya, Cranfield University, UK

David Tripe, Massey University, New Zealand

Davide Avino, University of Liverpool, UK

Dennis Essers, Banque Nationale de Belqique, Belgium

Djamilia Skripnuk, Peter the Great St Petersburg

Polytechnic University, Russian Federation

Dorota Skała, University of Szczecin, Poland

Douglas Cumming, York University, Canada

Duc Khuong Nguyen, IPAG Business School, France

Eddie Gerba, The London School of Economics and

Political Science, UK

Edward Nelling, Drexel University, USA

Emmanuel Haven, Memorial University, Canada

Enrique Salvador, Universitat Jaume I, Spain

Enzo Dia, Università degli Studi di Milano-Bicocca, Italy

Fazlul Miah, King Fahd University of Petroleum &

Minerals, Saudi Arabia

Fergal O'Connor, The University of York, UK

Gabriel Power, Université Laval, Canada

Gabriele Lattanzio, The University of Oklahoma, USA

George Iatridis, University of Thessaly, Greece

Giray Gozgor, Istanbul Medeniyet University, Turkey

Graziella Bonanno, Università degli Studi di Trieste, Italy

Haykel Zouaoui, Institut Supérieur de Commerce et de

Comptabilité de Bizerte, Tunisia

Helena Chuliá, Universitat de Barcelona, Spain

Hossein Shafa, Oklahoma City University, USA

Hue Hwa Au Yong, Monash University, Australia

Huy Pham, Ton Duc Thang University, Vietnam

Igor Lončarski, University of Ljubljana, Slovenia

Ingmar Rövekamp, Technische Universität Dresden,

Germany

Iuliana Matei, IÉSEG School of Management &

Université Paris 1 Panthéon-Sorbonne, France

James Staveley-O'Carroll, Babson College, USA

James Steeley, Keele University, UK

Jean-Loup Soula, Université de Strasbourg, France

Jerry Coakley, University of Essex, UK

Jiyoun An, Kyung Hee University, Republic of Korea

____________________

9

João Vieito, Intituto Polytecnico de Viana do Castelo,

Portugal

Joelle Miffre, Audencia Business School, France

Jörg Prokop, Carl von Ossietzky Universität Oldenburg,

Germany

John Goodell, The University of Akron, USA

Johnny Chan, Western Kentucky University, USA

Joseph Joyce, Wellesley College, USA

Juan Piñeiro Chousa, Universidad de Santiago de

Compostela, Spain

Justyna Rój, Poznań University of Economics and

Business, Poland

Karlo Kauko, Bank of Finland, Finland

Karol Klimczak, Universidad de Navarra, Spain

Kristin Van Gaasbeck, California State University,

Sacramento, USA

Kristoffer MIlonas, Moody's Analytics, UK

Krzysztof Drachal, University of Warsaw, Poland

Krzysztof Piasecki, Poznań University of Economics and

Business, Poland

Larisa Yarovaya, Anglia Ruskin University, UK

Laura Ballester, Universitat de València, Spain

Laura Gonzalez, California State University, Long Beach,

USA

Lorne Switzer, Concordia University, Canada

Lucia Morales, Dublin Institute of Technology, Ireland

Luís Pereira Gomes, Politécnico do Porto, Portugal

M Ángeles López-Cabarcos, Universidad de Santiago

de Compostela, Spain

M Dolores Robles, Universidad Complutense de Madrid,

Spain

Magdalena Mosionek-Schweda, University of Gdańsk,

Poland

Małgorzata Iwanicz-Drozdowska, Warsaw School of

Economics, Poland

Małgorzata Olszak, University of Warsaw, Poland

Manuel Moreno, Universidad de Castilla-La Mancha,

Spain

Marcos Vizcaíno-González, Universidade da Coruña,

Spain

Marie-Hélène Gagnon, Université Laval, Canada

Mariya Gubareva, ISCAL – Lisbon Accounting and

Business School Instituto Politécnico de Lisboa;

SOCIUS – Research Centre in Economic and

Organizational Sociology CSG - Research in Social

Sciences and Management, Portugal

Marta Gómez-Puig, Universitat de Barcelona, Spain

Maurice Peat, The University of Sydney, Australia

Michal Kaldonski, Poznań University of Economics and

Business, Poland

Michał Rubaszek, Warsaw School of Economics, Poland

Michał Stasiak, Poznań University of Economics and

Business, Poland

Milos Vulanovic, EDHEC Business School, France

Nathan L Converse, The Federal Reserve Board of

Governors, USA

Nestor Romero, The University of Manchester, UK

Nima Zarrabi, Invesco, UK

Nuria Alemany, Universitat Jaume I, Spain

Nuria Suárez, Universidad Autónoma de Madrid, Spain

Oluwagbenga Adamolekun, Heriot-Watt University, UK

Panagiotis Tzouvanas, University of Portsmouth, UK

Paul Moon Sub Choi, Ewha School of Business, Republic

of Korea

Pavlo Illiashenko, Tallinn University of Technology,

Estonia

Paweł Smaga, Warsaw School of Economics, Poland

Philipp Kirchner, Universität Kassel, Germany

Pia Helbing, Trinity College Dublin, Ireland

Piet Sercu, KU Leuven, Belgium

Raj Aggarwal, The University of Akron, USA

Rangga Handika, Tokyo International University, Japan

Roald Versteeg, Birkbeck, University of London, UK

Robert Czudaj, Technische Universität Chemnitz,

Germany

Robinson Kruse, Universität zu Köln (University of

Cologne), Germany

Ruba Shira, Brunel University London, UK

Sakshi Saini, University of Delhi, India

Salah U-Din, Massey University, New Zealand

Samuel A Vigne, Queen’s University Belfast, UK

Shaen Corbet, Dublin City University, Ireland

Sheida Teimouri, University of Wisconsin-La Crosse, USA

Simón Sosvilla-Rivero, Universidad Complutense de

Madrid, Spain

Štefan Lyócsa, University of Economics, Bratislava,

Slovakia

Syed Aun Raza Rizvi, Lahore University of Management

Sciences, Pakistan

Takeshi Kobayashi, Nagoya University of Commerce

and Business, Japan

Thi Hoang Anh Pham, Banking Academy of Vietnam,

Vietnam

Thomas Conlon, University College Dublin, Ireland

Thomas Lagoarde-Segot, KEDGE Business School,

France

Thomas Walther, Universität St Gallen, Switzerland

Tjeerd Boonman, Banco de Mexico, Mexico

Tony Klein, Queen’s University Belfast, UK

Viktoria-Sophie Bartsch, Universität Hamburg, Germany

Volker Seiler, Xi'an Jiaotong - Liverpool University, China

Vu Tran, Swansea University, UK

Wafa Miled, Université de Tunis, Tunisia

Wolfgang Bessler, Justus-Liebig-Universität Giessen,

Germany

Wolfgang Drobetz, Universität Hamburg, Germany

Xin Sheng, University of Huddersfield, UK

Xing Huan, The University of Warwick, UK

Xing Wang, Durham University, UK

Xuân Vinh Võ, University of Economics Ho Chi Minh City,

Vietnam

Zhe An, Monash University, Australia

INFINITI 2018

INFINITI Conference 2018 Asia-Pacific

SAVE THE DATES for the upcoming Conference:

2nd INFINITI Conference Asia-Pacific

10-11 June 2018

The University of Sydney

Sydney, Australia

Dear Friends

We are looking forward to welcoming you to

the INFINITI Conference 2018 Asia-Pacific here

at The University of Sydney Business School.

The Conference will be hosted by the

Discipline of Finance.

The University of Sydney is the first and oldest

university in Australia, established in 1850. The

university is ranked in the top 50 in the world

by the QS ranking in 2018 and in the top 10

beautiful university by the Daily Telegraph in

2012.

The University of Sydney Business School (as it became known from January 2011), which grew out

of the Faculty of Economics, is the oldest of its kind in Australia. The University of Sydney Business

School has 11,200 students enrolled in undergraduate, postgraduate coursework and research

degrees.

The Discipline of Finance within the Business School (http://sydney.edu.au/business/finance) was

established in 1994, and is currently the largest Discipline in the Business School in terms of student

enrolments. The Discipline has 35 full-time faculty and, along with the Discipline of Accounting,

has been consistently ranked in the top 20 in the subject area of Accounting and Finance by the

QS ranking.

The Conference will be held in the Abercrombie Building, the Business School’s home. The venue

is located within easy walking distance to Newtown, is 4km from the city centre, and is adjacent

to public transport links; providing a convenient starting point for you to explore the sights of

Sydney.

We are delighted to have Prof Mardi Dungey, Professor of Economics and Finance at the

University of Tasmania, and Prof Robert Faff, Professor in Finance at the University of Queensland,

as our two Keynote Speakers.

I hope that your visit to the University will be both enjoyable and productive.

Hope to see you in December!

Professor Suk-Joong Kim

Discipline of Finance

Local Conference Chair

http://sydney.edu.au/business/finance

____________________

11

INFINITI Conference 2019

SAVE THE DATES for the upcoming Conference:

INFINITI Conference on International Finance

9-11 June 2019

Adam Smith Business School, The University of Glasgow

Glasgow, Scotland, UK

Dear Friends

Founded in 1451, the University of Glasgow is the fourth oldest university in the English-speaking

world, and has been named Scottish University of the Year 2018. Glasgow is a place that inspires

ambitious people to succeed. A place

where inquiring minds can develop their

ideas. A place where people make

discoveries that change the world.

The University of Glasgow includes

among its alumni the father of modern

economics Adam Smith, and the Adam

Smith Business School is named in his

honour. We aim to follow his legacy and

create world changing graduates who

make a positive impact on culture and

society.

We help to transform organisations and

careers. Our business is creating inspiring leaders, researchers and professionals whose research

and relations with industry have real impact, influencing organisations as they develop and grow

globally.

The School has the triple crown of accreditation and is accredited by the Association to Advance

Collegiate Schools of Business (AACSB International), the European Quality Improvement System

(EQUIS), and the Glasgow MBA is accredited by the Association of MBAs (AMBA).

For INFINITI 2019, we are pleased to announce Prof Jeffrey Wurgler, Nomura Professor of Finance

at NYU Stern, as our Keynote Speaker. The Call for Papers will go out this summer, and we hope to

see you in Glasgow next year.

Leonidas Barbopoulos

Senior Lecturer in Finance

Local Conference Chair

INFINITI 2018

General Information

Conference Venue

The Welcome Reception on Sunday, 10

June, will be held at:

Poznań University of Economics and Business

CEUE BUILDING: ul. Towarowa 55

(B) in the map and picture

The rest of the Conference on 11 & 12 June

will also be held here …

… EXCEPT for the Conference Opening and

the Keynote Speech on Monday morning,

which will be held at:


OLD BUILDING: al. Niepodleglosci 10

(A) in the map and picture

There are Conference Assistants to help

guide you to the different venues and the

specific rooms.

Conference Reception Desk

We have a dedicated Conference

Reception Desk located in the Foyer of the

CEUE Building.

Monday, 12 June: 0800-1800 hrs

Tuesday, 13 June: 0830-1800 hrs

Completion of Registration

All registration fees and other charges must

be paid in full in order to complete your

Registration. At this time, you will receive

your Conference Programme, as well as a

Conference Badge. Please wear your

badge at all times during the Conference.

The badge is your entrance ticket to the

session rooms and any events organised

outside the university.

Dress Code

The dress code for the Conference is smart

casual.

Catering / Refreshments

Tea, coffee and water will be served during

the breaks, as indicated in the Conference

Programme.

A simple lunch will also be provided on both

days.

All catering will be on Level 4 of the CEUE

Building.

____________________

13

Parallel Sessions

All presenters may upload presentations in

either MS PowerPoint or pdf format. You are

responsible for ensuring that that your

presentations are uploaded in advance of

the start of the Session.

Conference Assistants are available on

each floor to assist if required.

During the Parallel Sessions, each Presenting

Author will make a 15-20 minute

presentation on their paper (depending on

the number of papers in the Session). The

allocated Discussant will then have 5

minutes to respond to the presentation.

The Session Chair is responsible for directing

any Q&A and for ensuring that the Session

starts and ends on time. Any time left at the

end of the each Session will be devoted to

general Q&A on all papers presented during

the Session. Presenting Authors are therefore

asked to remain in their rooms until the end

of the Session.

The order of the papers to be presented

should not be changed. The Session Chair’s

paper, if in the Session, is always last.

Papers

Full papers (and presentations) are only

available directly from the Authors after the

Conference.

Social Events

MONDAY EVENING FROM 1900 HRS

On Monday evening, we have a private

area reserved for all INFINITI delegates at:

Brovaria

Stary Rynek 73 (Old Market Square)

61-772 Poznań

Please make your own way there.

Access with your badge. We will have some

vouchers towards drinks, and a light meal

will also be provided.

TUESDAY EVENING CONFERENCE GALA

DINNER 1900 HRS

The Conference Gala Dinner will be held at

Novotel Hotel

pl. Andersa 1

61-898 Poznań

Please make your own way there. The

Welcome Reception starts at 1900 hrs.

Access with your badge.

INFINITI 2018

____________________

15

Maps


OLD BUILDING: al. Niepodleglosci 10 (A) in the map and picture

CEUE BUILDING: ul. Towarowa 55 (B) in the map and picture

These buildings are across the street from each other.

NOVOTEL: Gala Dinner (C) in the map

BROVARIA: Monday evening social (D) in the map

INFINITI 2018

____________________

17

Keynote Speaker

Douglas Cumming

Professor and Ontario Research Chair

York University Schulich School of Business

Douglas Cumming, JD, PhD, CFA, is a Professor

of Finance and Entrepreneurship and the

Ontario Research Chair at the Schulich School

of Business, York University. Douglas has

published over 150 articles in leading refereed

academic journals in finance, management,

and law and economics, such as the Academy

of Management Journal, Journal of Financial

Economics, Review of Financial Studies, Journal

of International Business Studies and the

Journal of Empirical Legal Studies. He is the

incoming Editor-in-Chief of the Journal of

Corporate Finance, effective January 2018. He

is the Founding Editor of Annals of Corporate

Governance, and Co-Editor of Finance

Research Letters, and Entrepreneurship Theory and Practice. He is the coauthor of

Venture Capital and Private Equity Contracting (Elsevier Academic Press, 2nd Edition,

2013), and Hedge Fund Structure, Regulation and Performance around the World

(Oxford University Press, 2013). He is the Editor of the Oxford Handbook of

Entrepreneurial Finance (Oxford University Press, 2013), the Oxford Handbook of Private

Equity (Oxford University Press, 2013), the Oxford Handbook of Venture Capital (Oxford

University Press, 2013), the Oxford Handbook of Sovereign Wealth Funds (Oxford

University Press, forthcoming 2017), and the Oxford Handbook of IPOs (Oxford

University Press, forthcoming 2017). Douglas’ work has been reviewed in numerous

media outlets, including The Economist, The New York Times, the Wall Street Journal,

the Globe and Mail, Canadian Business, the National Post, and The New Yorker.

INFINITI 2018

Programme


OLD BUILDING: al. Niepodleglosci 10

CEUE BUILDING: ul. Towarowa 55

These buildings are across the street from each other.

(Please refer to page 17 for the map.)

Sunday, 10 June 2018

1700-1900 Welcome Reception and Early Credential Pick-Up Foyer, CEUE Building

Monday, 11 June 2018

0800-1800 Conference Reception Open Foyer, CEUE Building

0815-0850 Official Opening of the Conference Main Auditorium, Level 2

OLD Building

Welcome by the Rector of the University

A Few Words from Our Main Local Sponsor

Martin Pohanka, Bureau van Dijk

0845-0850 Conference Administration, Housekeeping and Management

Brian M Lucey, Trinity College Dublin

0900-1030 Parallel Sessions 1 CEUE Building

1030-1100 Coffee Break Level 4, CEUE Building

*Please start making your way over to the OLD Building

by 1045 hrs for the Keynote Speech.

1100-1150 KEYNOTE Main Auditorium, Level 2

Douglas Cumming, York University, Canada OLD Building “Surveillance, Securities Regulation, and the Intersection of Microstructure and Corporate Finance”

Professor Cumming will evaluate international evidence on the impact of

exchange trading rule changes on financial market outcomes. He will

explain the merits associated with alternative approaches to studing the

timing of exchange trading regulatory changes, and the role of computer

surveillace. Further, he will demonstrate various contexts in which

exchange trading impacts corporate finance outcomes, including mergers

and corporate innovation.

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19


1330-1430 Lunch Level 4, CEUE Building




1900 Monday evening informal social (includes a light dinner)

Brovaria

Stary Rynek 73, 61-772 Poznań (Old Market Square)

*Please make your own way there. Access with your badge.

Tuesday, 12 June 2018

0830-1800 Conference Reception Open Foyer, CEUE Building




INFINITI 2018

1245-1330 SPECIAL SESSIONS

Meet the Editors Room 0.4, Level 0, CEUE Building Moderator: Samuel A Vigne, Queen’s University Belfast

An open Q&A session with a panel of journal editors including Brian M

Lucey, Douglas Cumming and John Goodell, as well as Tania Khasawneh

(Publisher, Elsevier).

Event Study Workshop (EVENTUS) Room 0.5, Level 0, CEUE Building

With Arnold R Cowan

Professor Arnie Cowan, creator of Eventus software, will provide an

overview of event study methods and Eventus. A demonstration of Eventus

usage for international event studies will be included. Arnie will also discuss

new Eventus capabilities including the ability to use the Compustat Global

security price database without needing to pre-extract data.

Raw Case Study Workshop Room 0.7, Level 0, CEUE Building

With Sandra Dow

Borrowing from Yale School of Management, we call this new approach

the raw case method of teaching. Unlike a traditional case study, a raw

case is not confined in print or pages of a narrative about a challenging

management situation. It is an open, real-time information space that

case study students may wander. But it also comes with a specific and

demanding assignment that thrusts students to discover, evaluate, analyze,

decide, and communicate. This is indeed how real-world managerial

decisions are made. It is more difficult today when the impact of business

must be understood and managed with the changing political, economic,

social and technological landscape. In our presentation, we emphasize

how a wide range of sophisticated finance tools must be “learnt on

demand” and applied by students with specific examples drawing on

portfolio theory, real options valuation, and investment banking. We

conclude by making the case for adoption of raw case pedagogy across

business schools and discuss several implementation issues.

1330-1430 Lunch Level 4, CEUE Building




1900 Conference Gala Dinner

Novotel Hotel

pl. Andersa 1, 61-898 Poznań

*Please make your own way there. Access with your badge.

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21

Parallel Sessions

*Where there are multiple authors, an asterisk indicates the presenting author. All Parallel

Sessions will take place in the CEUE Building.

Monday, 0900-1030: Parallel Sessions 1

Parallel Session 1a: Politics & Finance I (Room 0.4, Level 0)

Session Chair: Adalbert Winkler, Frankfurt School of Finance & Management, Germany

Corruption and the Level of Non-Performing Loans

Ardit Gjeçi, University of Ljubljana, Slovenia

*Matej Marinč, University of Ljubljana, Slovenia

Discussant: Adalbert Winkler, Frankfurt School of Finance & Management, Germany

The Effects of Political Stability in Local Currency Bond Markets

Taylor-Paige Marchelle, California State University, Sacramento, USA

*Kristin Van Gaasbeck, California State University, Sacramento, USA

Discussant: Matej Marinč, University of Ljubljana, Slovenia

War Exposure and Loan Default: Evidence from Kosovo

Regina Opaleva, Frankfurt School of FInance & Management, Germany

*Adalbert Winkler, Frankfurt School of Finance & Management, Germany

Discussant: Kristin Van Gaasbeck, California State University, Sacramento, USA

Parallel Session 1b: Banking I (Room 0.5, Level 0)

Session Chair: Enzo Dia, Università di Milano-Bicocca, Italy

The Role of Banks in CESEE Countries: Exploring Non-Standard Determinants of Economic

Growth

Paola Bongini, Italy

Małgorzata Iwanicz-Drozdowska, Warsaw School of Economics, Poland

*Paweł Smaga, Warsaw School of Economics, Poland

Bartosz Witkowski, Warsaw School of Economics, Poland

Discussant: Elena Cubillas, Universidad de Oviedo, Spain

Banking Sectors Around the Globe

Nikolay Didenko, Peter the Great St. Petersburg Polytechnic University, Russia

Djamilia Skripnuk, Peter the Great St. Petersburg Polytechnic University, Russia

*Ekaterina Romashkina, Peter the Great St. Petersburg Polytechnic University, Russia

Discussant: Enzo Dia, Università di Milano-Bicocca, Italy

https://www.openconf.org/infiniti2018/modules/request.php?module=oc_program&action=summary.php&id=256






INFINITI 2018

Parallel Session 1c: Contagion & Spillovers I (Room 0.6, Level 0)

Session Chair: Laura Ballester, Universitat de València, Spain

Flight to Safety from European Stock Markets

Nektarios Aslanidis, Universitat Rovira i Virgili, Denmark

*Charlotte Christiansen, Aarhus University, Denmark

Discussant: Laura Ballester, Universitat de València, Spain

Contagions in Interconnected Power Markets

Rangga Handika, Tokyo International University, Japan

Discussant: Charlotte Christiansen, Aarhus University, Denmark

Sovereign Credit Risk Contagion in Emerging Markets

Laura Ballester Miquel, Universitat de València, Spain

Ana González-Urteaga, Public University of Navarre, Spain

*Samuel A Vigne, Queen’s University Belfast, Ireland

Discussant: Rangga Handika, Tokyo International University, Japan

Parallel Session 1d: Derivatives (Room 0.7, Level 0)

Session Chair: Ana-Maria Fuertes, City University London, UK

Portfolio Allocation Using Option Implied Information

Marius Strittmatter, University of Southampton, UK

Discussant: Ana-Maria Fuertes, City University of London, UK

WTI Option Mispricing: Black Scholes vs. Semi-Nonparametric Model

Lina M. Cortes, Universidad EAFIT, Colombia

Andrés Mora-Valencia, Universidad de los Andes, Colombia

*Javier Perote, Universidad de Salamanca, Spain

Discussant: Marius Strittmatter, University of Southampton, UK

Hedging Pressure Everywhere? Predictive and Pricing Role

Adrian Fernandez-Perez, Auckland University of Technology, New Zealand

*Ana-Maria Fuertes, Cass Business School, City University of London, New Zealand

Joelle Miffre, Audencia Business School, France

John Fan, Griffith Business School, Australia

Discussant: Javier Perote, Universidad de Salamanca, Spain







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23

Parallel Session 1e: Governance (Room 1.1, Level 1)

Session Chair: Stephen Ferris, University of Missouri

Corporate Governance Strength and Cost of SEOs

*Ali Sheikhbahaei, Monash University, Australia

Balasingham Balachandran, La Trobe University,, Australia

Amalia Di Iorio, La Trobe University,, Australia

Huu Duong, Monash University,, Australia

Discussant: Chen Zheng, University of Reading, UK

How Much Influence Do Cfos Have On Earnings Management?

Chris Florackis, University of Liverpool, UK

*Sushil Sainani, University of Liverpool, UK

Discussant: Ali Sheikhbahaei, Monash University, Australia

Do Cross-listed Firms Import Governance Practices? Evidence of Chinese Firms Cross-Listed in

the USA

*Chen Zheng, University of Reading, UK

Qie Yin, Hong Kong Baptist University, Hong Kong

Discussant: Sushil Sainani, University of Liverpool, UK

Parallel Session 1f: Emerging Markets (Room 2.1, Level 2)

Session Chair: Dennis Essers, Banque Nationale de Belqique, Belgium

Foreign Institutional Ownership and Corporate Cash Holdings: Evidence from Emerging

Markets

Tiago Loncan, University of Strathclyde, UK

Discussant: Tjeerd Menno Boonman, Banco de Mexico, Mexico

How Effective is Central Bank Communication in Emerging Economies? An Empirical Analysis

of the Chinese Money Markets Responses to the People’s Bank of China’s Policy

Communications

*Ahmad Hassan Ahmad, Loughborough University, UK

Su Shiwei

Wood Justine

Discussant: Tiago Loncan, University of Strathclyde, UK

Can Investing in Emerging Markets be Profitable? A Skewness-Based Analysis

*Sinda Hadhri, University of Sousse, Tunisia

Zied Ftiti, EDC Business School, OCRE-EDC and High Institute of Management Tunis, Tunisia,

France

Discussant: Ahmad Hassan Ahmad, Loughborough University, UK

Identification of Currency Crises in Emerging Market Economies: A Combined Approach

Tjeerd Menno Boonman, Banco de Mexico, Mexico

Discussant: Sinda Hadhri, Université de Centre, Sousse, Tunisia












INFINITI 2018

Parallel Session 1g: Liquidity (Room 2.2, Level 2)

Session Chair: Barbara Będowska-Sójka, Poznań University of Economics and Business, Poland

Dividends and Underinvestment in China: Did Foreign Investors Export Liquidity During the

Global Financial Crisis?

Wei Huang, University of Nottingham, China

*John W. Goodell, University of Akron, USA

Abhinav Goyal, University of Liverpool, UK

Discussant: Arben Kita, University of Southampton, UK

Stock Liquidity Premium with Stochastic Price Impact and Exogenous Trading Strategy

Szymon Stereńczak, Poznań University of Economics and Business, Poland

Discussant: John W. Goodell, University of Akron, USA

The Time-varying Liquidity Risk

Arben Kita, Southampton Business School, UK

Discussant: Szymon Stereńczak, Poznań University of Economics and Business, Poland

Parallel Session 1h: Ethics, Criminality & Cryptos (Room 3.1, Level 3)

Session Chair: Larisa Yarovaya, Anglia Ruskin University, UK

Financial Academic Research and "Ethics": An Investigation

*Charles H J Reuter, Université de Lorraine & CEREFIGE, France

Franck BANCEL, Labex REFI, France

Discussant: Shaen Corbet, Dublin City University, Ireland

Derivatives and Cryptocurrencies as the Instruments of Neoliberal Policy

*Marian Guzek, Lazarski University, Poland

Jerzy Kur

Discussant: Charles H J Reuter, Université de Lorraine, France

Pricing Exuberance, Regulatory Disorientation and the Growth Of Cybercriminality: A Meta-

analysis Investigating The Cryptocurrency Investable Asset Class Trilemma (Working Title) *Shaen Corbet, Dublin City University, Ireland


Discussant: Marian Guzek, Lazarski University, Poland









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25

Parallel Session 1i: IPO & Listings I (Room 3.2, Level 3)

Session Chair: William L. Megginson, The University of Oklahoma, USA

Do Reputable Issuers Provide Better-Quality Securitizations?

*Alper Kara, University of Huddersfield, UK

Solomon Deku, Nottingham Trent University, UK

David Marques Ibanez, European Central Bank, Germany

Discussant: William L. Megginson, The University of Oklahoma, USA

Sell or Die: What Happens to Firms after They Withdraw IPO?

Pia Helbing, Trinity College Dublin, Ireland

Discussant: Alper Kara, University of Huddersfield, UK

The Political And Financial Economics Of Withdrawn Privatizations

Gabriele Lattanzio, The University of Oklahoma, USA

*William L. Megginson, The University of Oklahoma, USA

Discussant: Pia Helbing, Trinity College Dublin, Ireland


Parallel Session 2a: Politics & Finance II (Room 0.4, Level 0)

Session Chair: Jedrzej Bialkowski, University of Canterbury, New Zealand

Institutional Investors’ Monitoring and Earnings Quality: Evidence from Politically Connected

Firms in Malaysia

*Amale Scally, Monash University, Australia

Tee Chwee Ming, Monash University, Malaysia

Discussant: Jedrzej Bialkowski, University of Canterbury, New Zealand

Social Media and Political Power: The Impact on the Financial Markets

*Riste Ichev, University of Ljubljana, Slovenia

Matej Marinč, University of Ljubljana, Slovenia

Nadia Massoud, Melbourne Business School, Australia

Discussant: Amale Scally, Monash University, Australia

Midterm Elections’ Stock Market Surge – An Unintentional Gift from US Politicians

*Jedrzej Bialkowski, University of Canterbury, New Zealand

Aynaz Nahavandi, University of Canterbury, New Zealand

Discussant: Riste Ichev, University of Ljubljana, Slovenia








INFINITI 2018

Parallel Session 2b: Regulations & Central Banks (Room 0.5, Level 0)

Session Chair: Sanket Mohapatra, Indian Institute of Management, Ahmedabad, India

The Impact Of Macroeconomic Factors On The Yield Curve In Emerging Markets: The Case Of

Sub-Saharan Africa

*Joe Gene Delvaux, City University London & Duet Asset Management, UK

Kate Phylaktis, City University London, UK

Stephen Thomas, City University London, UK

Discussant: Sanket Mohapatra, Indian Institute of Management, Ahmedabad, India

Quantitative Easing, Credit Standards, And Bank Risk: Evidence From Japan.

Anh Nguyet Vu, University of Sussex, UK

Discussant: Joe Gene Delvaux, City University London & Duet Asset Management, UK

The Direct and Indirect Effects of Rating-Contingent Basel Regulations on Financing of Firms:

Cross-Country Evidence

Balagopal Gopalakrishnan, Indian Institute of Management, Ahmedabad, India

Joshy Jacob, Indian Institute of Management, Ahmedabad, India

*Sanket Mohapatra, Indian Institute of Management, Ahmedabad, India

Discussant: Anh Nguyet Vu, University of Sussex, UK

Parallel Session 2c: Contagion & Spillovers II (Room 0.6, Level 0)

Session Chair: Zied Ftiti, EDC Paris Business School, France

The Comovement Puzzle is More Perplexing than You Think!

Yixin Liao, University of Essex, UK

*Jerry Coakley, University of Essex, UK

Neil Kellard, University of Essex, UK

Discussant: Wafa Miled, University of Tunis, Tunisia

The Influence of Intraday Seasonality on Volatility Transmission Patterns


Vicent Arago, Universitat Jaume I, Spain

*Enrique Salvador, Universitat Jaume I, Spain

Discussant: Yixin Liao, University of Essex, UK

Spatial Contagion Between Financial Markets: New Evidence of Asymmetric Measure

Zied Ftiti, EDC Paris Business School, France and Higher Institute of Management Tunis, Tunisia

*Wafa Miled, Institut Supérieur de Gestion, ISG, Tunisia

Discussant: Enrique Salvador, Universitat Jaume I, Spain









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27

Parallel Session 2d: Hedge Funds (Room 0.7, Level 0)

Session Chair: Frank McGroarty, University of Southampton, UK

Do You Need to be a Quant to be a Better Hedge Fund Manager?

Afrae Hassouni, Univeristé Libre de Bruxelles, Belgium

Discussant: Yun Ling, The University of Sydney, Australia

Herding, Hedge Funds, and Carry Trades

Anton Hasselgren, Stockholm University, Sweden

Discussant: Afrae Hassouni, Univeristé Libre de Bruxelles, Belgium

The Impact of Hedge Fund Manager’s Altruism on Asset Under Management

*Yun Ling, The University of Sydney, Australia

Stephen Satchell, The University of Sydney, Australia

Juan Yao, The University of Sydney, Australia

Discussant: Anton Hasselgren, Stockholm University, Sweden

Parallel Session 2e: Governance & Gender (Room 1.1, Level 1)

Session Chair: Sandra Dow, Middlebury Institute of International Studies, USA

Are Female Executives More Informative?

*Chiara De Amicis, City University London, UK

Sonia Falconieri, Cass Business School, City University London, UK

Mesut Tastan, Coventry University London, UK

Discussant: Stephen Ferris, University of Missouri, USA

The Trade-off Between CEO Compensation, Gender and Risk: The Case of UK Firms

*Ranadeva Jayasekera, Trinity College Dublin, Ireland

Matthias Nandi

Krishanthi Vithana

Discussant: Chiara De Amicis, City University London, UK

A Clash of Cultures: The Governance and Valuation Effects of Multiple Corporate Cultures

*Stephen Ferris, University of Missouri, USA

Narayanan Jayaraman, Georgia Institute of Technology, USA

Teng Zhang, Georgia Institute of Technology, USA

Discussant: Ranadeva Jayasekera, Trinity College Dublin, Ireland







INFINITI 2018

Parallel Session 2f: International Studies (Room 2.1, Level 2)

Session Chair: Štefan Lyócsa, University of Economics, Bratislava, Slovakia

Mutual Fund Performance and Changes In Factor Exposures

Wolfgang Bessler, Justus-Liebig-Universität Giessen, Germany


*Diego Víctor de Mingo-López, Universitat Jaume I, Spain

Juan Carlos Matallin-Saez, Universitat Jaume I, Spain

Discussant: Tomáš Plíhal, Masaryk University, Czech Republic

Interest Rate Sensitivity Of Emerging Markets Financial Sector Debt

Mariya Gubareva, ISCAL – Lisbon Accounting and Business School Instituto Politécnico de

Lisboa; SOCIUS – Research Centre in Economic and Organizational Sociology CSG - Research

in Social Sciences and Management, Portugal

Discussant: Diego Víctor de Mingo-López, Universitat Jaume I, Spain

Modeling EUR/USD Exchange Rate Volatility: The Role of Implied Volatilities

Tomáš Plíhal, Masaryk University, Czech Republic

*Štefan Lyócsa, University of Economics, Slovakia

Discussant: Mariya Gubareva, ISCAL - Lisbon Accounting and Business School, Instituto

Politécnico de Lisboa; SOCIUS - Research Centre in Economic and Organizational Sociology,

CSG - Research in Social Sciences and Management, Portugal

Parallel Session 2g: Volatility & Liquidity Modelling (Room 2.2, Level 2)

Session Chair: Bernd Wilfling, Westfälische Wilhelms-Universität Münster, Germany

The Causality between Liquidity Proxies and Volatility Estimates – The Linear and Nonlinear

Dependencies

Barbara Będowska-Sójka, Poznań University of Economics and Business, Poland

Agata Kliber, Poznań University of Economics and Business, Poland

Discussant: Richard McGee, University College Dublin, Ireland & University of Southampton, UK

Implied and Realized Volatility Managed Asset Allocation

Richard McGee, University College Dublin, Ireland & University of Southampton, UK

Discussant: Agata Kliber, Poznań University of Economics and Business, Poland

Bayesian Semiparametric Multivariate Stochastic Volatility with an Application to International

Volatility Co-movements

Martina Danielova Zaharieva, Westfälische Wilhelms-Universität, Germany

Mark Trede, Westfälische Wilhelms-Universität, Germany

*Bernd Wilfling, Westfälische Wilhelms-Universität Münster, Germany

Discussant: Barbara Będowska-Sójka, Poznań University of Economics and Business, Poland









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29

Parallel Session 2h: Cryptos (Room 3.1, Level 3)

Session Chair: Hermann Elendner, Humboldt-Universität zu Berlin, Germany

Bitcoin is not the New Gold – A Comparison of Volatility, Correlation, and Portfolio-based

Analysis

*Tony Klein, Queen's University Belfast, UK

Hien Pham Thu, Humboldt-Universität zu Berlin, Germany

Thomas Walther, Universität St Gallen, Switzerland

Discussant: Shaen Corbet, Dublin City University, Ireland

The Volatility Generating Effects of Macroeconomic News on Cryptocurrency Returns

*Shaen Corbet, Dublin City University, Ireland


Brian Lucey, Trinity College Dublin, Ireland

Charles Larkin, Trinity College Dublin, Ireland

Andrew Meegan, Dublin City University, Ireland

Discussant: Tony Klein, Queen's University Belfast, UK

Parallel Session 2i: Rising Empirical Macro Finance Topics (Room 3.2, Level 3)

Session Chair: Gazi Salah Uddin, Linköping University, Sweden

Oil Price Uncertainty and Stock Market Returns: Evidence from the US Transportation Industry

*Anupam Dutta, University of Vaasa, Finland

Jussi Nikkinen, University of Vaasa, Finland

Timo Rothovius, University of Vaasa, Finland

Discussant: Bo Sjö, Linköping University, Sweden

African Equity Markets’ Exposure to Oil and Other Commodities: Implications for Global

Portfolio Diversification

Gideon Boako, Kwame Nkrumah University of Science & Technology, Ghana

Paul Alagidede, University of the Witwatersrand, South Africa

*Bo Sjö, Linköping University, Sweden

Discussant: Probal Dutta, University of Vaasa, Finland

Corporate Environmental Performance and Stock Market Returns: Evidence from Finland

*Probal Dutta, University of Vaasa, Finland

Discussant: Gazi Salah Uddin, Linköping University, Sweden








INFINITI 2018


Parallel Session 3a: Monetary Policy, Inflation & Interest Rates I (Room 0.4, Level 0)

Session Chair: Alberto Fuertes, Banco de España, Spain

Asymmetric Interest Rate Transmission

Karlo Kauko, Bank of Finland, Finland

Discussant: Alberto Fuertes, Banco de España, Spain

Interest Rate Liberalization in China: Impacts on Financial Stability and Performance

Yong Tan, Univerity of Huddersfield, UK

*Chi Keung Marco Lau, Univerity of Huddersfield, UK

Xin Sheng, Univerity of Huddersfield, UK

Samuel A Vigne, Queen's University Belfast, UK

Discussant: Karlo Kauko, Bank of Finland, Finland

Effectiveness of Transmission Mechanism of Macroprudential Policy: The Case of Vietnam

Thi Hoang Anh Pham, Banking Academy of Viet Nam, Vietnam

Discussant: Samuel A Vigne, Queen's University Belfast, UK

Extraction of Inflation Expectations from Financial Instruments

*Alberto Fuertes, Bank of Spain, Spain

Jose Manuel Marques, Bank of Spain, Spain

Ricardo Gimeno, Bank of Spain, Spain

Discussant: Thi Hoang Anh Pham, Banking Academy of Vietnam, Vietnam

Parallel Session 3b: Banking II (Room 0.5, Level 0)

Session Chair: Christophe Godlewski, Université de Strasbourg, France

Throwing Some Light into a Black Box: Relationship Lending and the Role of Loan Officers –

Evidence from Microfinance

Bingting Lai, Frankfurt School of Finance & Management, Germany

Markus Schulte, Frankfurt School of Finance & Management, Germany

*Adalbert Winkler, Frankfurt School of Finance & Management, Germany

Discussant: Nuria Suárez, Universidad Autónoma de Madrid, Spain

Bank Recapitalization in Europe: Is a Rights Issue an Offer Shareholders can’t Refuse?

Carlo Chiarella, CUNEF (University College of Financial Studies), Spain

*Elena Cubillas, Universidad de Oviedo, Spain

Nuria Suárez, Universidad Autónoma de Madrid, Spain

Discussant: Christophe Godlewski, Université de Strasbourg, France

The Effects of Bank Loan Renegotiation on Corporate Policies and Performance

Christophe Godlewski, Université de Strasbourg, France

Discussant: Ekaterina Romashkina, Peter the Great St. Petersburg Polytechnic University,

Russian Federation









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31

Parallel Session 3c: Flows (Room 0.6, Level 0)

Session Chair: James Staveley-O'Carroll, Babson College, USA

Economic Integration and Bilateral FDI Stocks: The Impacts of NAFTA and the EUu

Ray Barrell, Brunel University London & LSE, UK

*Abdulkader Nahhas, University of Derby, UK

Discussant: Sheida Teimouri, University of Wisconsin-La Crosse, USA

The Impact of Surges in Net Private Capital Inflows on Manufacturing, Investment, and

Unemployment

*Sheida Teimouri, University of Wisconsin-La Crosse, USA

Joachim Zietz, EBS Business School, Germany

Discussant: Abdulkader Nahhas, University of Derby, UK

Parallel Session 3d: Equity Returns (Room 0.7, Level 0)

Session Chair: Joseph Joyce, Wellesley College, USA

Do Return Seasonalities Matter in Investment Decision-Making? Evidence from Emerging

Markets

*Zied Ftiti EDC Paris Business School, OCRE-Lab, France

Sinda Hadhri, Université de Centre, Sousse, Tunisia

Faten Zoghlami, University of Manouba, Tunisia

Discussant: Joseph Joyce, Wellesley College, USA

Investor Attention and the Pre-Announcement S&P 500 Index Addition Effect

*Milica Matovic, University of Essex, UK


Andrew Wood, University of Portsmouth, UK

Discussant: Zied Ftiti, EDC Paris Business School, France

The Sources of Investment Income in Emerging Market Economies

Joseph Joyce, Wellesley College, USA

Discussant: Milica Matovic, University of Essex, UK








INFINITI 2018

Parallel Session 3e: Ownership, Control & Returns (Room 1.1, Level 1)

Session Chair: Jacek Mizerka, Poznań University of Economics and Business, Poland

How does Family Owner Authority Influence Firm Efficiency? An Issue of National Power

Distance

Andreas Knetsch, RWTH Aachen University, Germany

Discussant: Tomasz Jewartowski, Poznań University of Economics and Business, Poland

Does Ownership Structure Influence The Attributional Content In Letters To Shareholder?

Evidence From Austria And Poland

*Dominika Hadro, Wrocław University of Economics, Poland

Karol Klimczak, University of Navarra, Spain

Marek Pauka, Wrocław University of Economics, Poland

Discussant: Andreas Knetsch, RWTH Aachen University, Germany

Does CEO Replacement in State-owned Enterprises Matter? Evidence from the Emerging

Market

*Katarzyna Byrka-Kita, University of Szczecin, Poland

Mateusz Czerwiński, University of Szczecin, Poland

Agnieszka Preś-Perepeczo, University of Szczecin, Poland

Tomasz Wiśniewski, University of Szczecin, Poland

Discussant: Dominika Hadro, Wrocław University of Economics, Poland

Do Long-Term Institutional Investors Mitigate Corporate Misbehaviour? Evidence from Earnings

Management Activities in Companies Listed On WSEe

Jacek Mizerka, Poznań University of Economics and Business, Poland

Michał Kałdoński, Poznań University of Economics and Business, Poland

*Tomasz Jewartowski, Poznań University of Economics and Business, Poland

Discussant: Katarzyna Byrka-Kita, University of Szczecin, Poland

Parallel Session 3f: FX (Room 2.1, Level 2)

Session Chair: Suk-Joong Kim, The University of Sydney, Australia

A Span of Continuous Trades and Liquidity Dynamics in Foreign Exchange Markets

*Chih-Chung Chien, Asia University, Taiwan

Shikuan Chen, National Taiwan University, Taiwan

Ming-Jen Chang, National Dong Hwa University, Taiwan

Discussant: Suk-Joong Kim, The University of Sydney, Australia

Speculator Activity and Cross-Asset Predictability of FX Returns

*Anton Hasselgren, Stockholm University, Sweden

Jarkko Peltomäki, Stockholm University, Sweden

Michael Graham, University of Stellenbosch, South Africa

Discussant: Chih-Chung Chien, Asia University, Taiwan

Spillover Effects of the AUD and Yen Carry Trades in the Equity Markets

*Suk-Joong Kim, The University of Sydney, Australia

Quianying Shui, The University of Sydney, Australia

Discussant: Jarkko Peltomäki, Stockholm University, Sweden












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33

Parallel Session 3g: Volatility (Room 2.2, Level 2)

Session Chair: Thomas Walther, Universität St Gallen, Switzerland

Is Overnight Market Volatility Important for Volatility Forecasting? Evidence from the US Stock

Market

*Štefan Lyócsa, University of Economics, Bratislava, Slovakia

Neda Todorova, Griffith Business School, Australia

Discussant: Thomas Walther, University of St Gallen, Switzerland

Uncovering the Time-varying Causality between Volatility and Commonality in Liquidity

*Christoph Koser, Universitat de Barcelona, Spain

Helena Chulia, Universitat de Barcelona, Spain

Jorge Mario Uribe, Universidad de Valle; Universitat de Barcelona, Spain

Discussant: Štefan Lyócsa, University of Economics, Bratislava, Slovakia

Modeling And Forecasting Commodity Market Volatility With Long-term Economic And

Financial Variables

Duc Khuong Nguyen, IPAG Business School, France

*Thomas Walther, Universität St Gallen, Switzerland

Discussant: Christoph Koser, Universitat de Barcelona, Spain

Parallel Session 3h: Commodities I (Room 3.1, Level 3)

Session Chair: Robert Czudaj, Technische Universität Chemnitz, Germany

Analysing the Early Gold Fixing 1919-1968

*Fergal O'Connor, University of York, UK

Brian Lucey, Trinity College Dublin, Ireland

Discussant: Christoph Wegener, IPAG Business School, France

Brown Sugar? Long Memory of Commodities and the Colour Spectrum – A Reassessment

Volker Seiler, Xi'an Jiaotong-Liverpool University, China

Discussant: Fergal O'Connor, University of York, UK

Time-varying Persistence in Real Oil Prices and Its Determinant

Robinson Kruse, University of Cologne, Germany

*Christoph Wegener, IPAG Business School, France

Discussant: Volker Seiler, Xi'an Jiaotong-Liverpool University, China









INFINITI 2018

Parallel Session 3i: Sociable & Sustainable Investing (Room 3.2, Level 3)

Session Chair: Charlotte Christiansen, Aarhus University, Denmark

Two Faces of Financial Systems: Provision of Services versus Shock-Smoothing

*Yousef Makhlouf, Nottingham Trent University, UK

Dmitri Vinogradov, University of Glasgow, UK

Discussant: Vicke Norén, Aarhus University, Denmark

Do State-Owned Enterprises take Social Burden? An Evidence from Energy Sector in EU.

Bartosz Kabaciński, Poznań University of Economics and Business, Poland

*Piotr Matuszak, Poznań University of Economics and Business, Poland

Katarzyna Szarzec, Poznań University of Economics and Business, Poland

Discussant: Yousef Makhlouf, Nottingham Trent University, UK

Who are the Socially Responsible Investors?

Charlotte Christiansen, Aarhus University, Denmark

Thomas Jansson, Sveriges Riksbank, Sweden

Malene Kallestrup-Lamb, Aarhus University, Denmark

*Vicke Norén, Aarhus University, Denmark

Discussant: Piotr Matuszak, Poznań University of Economics and Business, Poland


Parallel Session 4a: Monetary Policy, Inflation & Interest Rates II (Room 0.4, Level 0)

Session Chair: Celine Gimet, SciencesPo Aix, France

Forecasting UK Yield Curve Dynamics using Macroeconomic and Asset Pricing Factors: A No-

Arbitrage Approach

*Alena Audzeyeva, Keele University, UK

Robin C. Bladen-Hovell, Keele University, UK

Suranjan S. Jayathilaka, University of Sheffield International College, UK

Discussant: Celine Gimet, SciencesPo Aix, France

Unconventional Monetary Policy Effects on Output and Inflation: A Meta-Analysis

*Stephanos Papadamou, University of Thessaly, Greece

Nikolaos A. Kyriazis, University of Thessaly, Greece

Panagiotis Tzeremes, University of Thessaly, Greece

Discussant: Maurice Peat, The University of Sydney, Australia

The Perception of Unconventional Fiscal and Monetary Policies: An International Assessment

*Celine Gimet, SciencesPo Aix, France

Marie-Hélène Gagnon, Université Laval, Canada

Discussant: Stephanos Papadamou, University of Thessaly, Greece








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35

Parallel Session 4b: Banks, Crises & Loans (Room 0.5, Level 0)

Session Chair: David Tripe, Massey University, New Zealand

Bank Market Power and Lending during the Global Financial Crisis

Elena Cubillas, Universidad de Oviedo, Spain

*Nuria Suárez, Universidad Autónoma de Madrid, Spain

Discussant: David Tripe, Massey University, New Zealand

The Impact of Market Structure of the Banking Sector on the Growth of Bank Loans in the EU

after the Global Financial Crisis

*Malgorzata Pawlowska, Warsaw School of Economics, Poland

Georgios Kouretas, Athens University of Economics and Business, Greece

Discussant: Xiaoqing (Maggie) Fu, University of Macau, China

Cross-Border Banking and the Role of Lender Country Factors: Evidence from the EU Countries

Ray Barrell, Brunel University London, UK

*Abdulkader Nahhas, University of Exeter, UK

Discussant: Malgorzata Pawlowska, Warsaw School of Economics, Poland

The Impact of Global Financial Crisis on Shareholder Value and Operational Efficiency of

Banks

Salah U-Din, Massey University, New Zealand

*David Tripe, Massey University, New Zealand

Discussant: Abdulkader Nahhas, University of Exeter, UK

Parallel Session 4c: International Flows (Room 0.6, Level 0)

Session Chair: Eliza Wu, The University of Sydney, Australia

External Imbalances And Recoveries

Mariam Camarero, University Jaume I, Spain

M. Dolores Gadea, University of Zaragoza, Spain

*Ana Gomez-Loscos, Banco de España, Spain

Cecilio Tamarit, University of Valencia, Spain

Discussant: Eliza Wu, The University of Sydney, Australia

IMF Arrangements and International Reserves Dynamics: An Empirical Evaluation

Dennis Essers, Banque Nationale de Belqique, Belgium

Discussant: Ana Gomez-Loscos, Banco de España, Spain

Investment Bias and Nationalism: Global Evidence from Mutual Fund Equity Holdings

Anil Mishra, University of Western Sydney, Australia

*Eliza Wu, The University of Sydney, Australia

Discussant: Dennis Essers, Banque Nationale de Belqique, Belgium










INFINITI 2018

Parallel Session 4d: Portfolio Allocation (Room 0.7, Level 0)

Session Chair: Jenny Berrill, Trinity College Dublin, Ireland

A Closed-Form Approach to Valuing Option Risk-Neutral Moments

*Aristogenis Lazos, University of Essex, UK


Xiaoquan Liu, University of Nottingham in Ningbo, China

Discussant: Martha O'Hagan-Luff, Trinity College Dublin, Ireland

Size Matters After All: Evidence From The Chinese Stock Market

Kin-Yip Ho, The Australian National University, Australia

*Jiyoun An, Kyung Hee University, Republic of Korea

Discussant: Aristogenis Lazos, University of Essex, UK

Should We Invest More in Multinational Companies (MNCs) when Domestic Markets Decline?

*Martha O'Hagan-Luff, Trinity College Dublin, Ireland

Jenny Berrill, Trinity College Dublin, Ireland


Discussant: Jiyoun An, Kyung Hee University, Republic of Korea

Parallel Session 4e: Firm Performance (Room 1.1, Level 1)

Session Chair: Sebastian Gryglewicz, Erasmus University Rotterdam, The Netherlands

Efficiency of Manufacturing Enterprises in the EU Countries

*Mirosława Żurek, Knowledge and Innovation Institute, Poland

Katarzyna Szarzec, Poznań University of Cconomics and Business, Poland

Discussant: Sebastian Gryglewicz, Erasmus University Rotterdam, The Netherlands

Should They Stay or Should They Go? CEO Turnover and Firm Performance on the Emerging

Market

Katarzyna Byrka-Kita, University of Szczecin, Poland

Mateusz Czerwiński, University of Szczecin, Poland

*Agnieszka Preś-Perepeczo, University of Szczecin, Poland

Tomasz Wiśniewski, University of Szczecin, Poland

Discussant: Probal Dutta, University of Vaasa, Finland

How does the Use of Derivatives Impact Firm Performance? Evidence from Insider-Controlled

Firms.

Agnieszka Stróżyńska-Szajek, Poznań University of Economics and Business, Poland

Discussant: Tomasz Wiśniewski, University of Szczecin, Poland

Growth Options, Incentives, and Pay-for-Performance: Theory and Evidence

*Sebastian Gryglewicz, Erasmus University Rotterdam, The Netherlands

Barney Hartman-Glaser, University of California, Los Angeles, USA

Geoffery Zheng, University of California, Los Angeles, USA

Discussant: Agnieszka Stróżyńska-Szajek, Poznań University of Economics and Business, Poland










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37

Parallel Session 4f: What moves FX Markets? (Room 2.1, Level 2)

Session Chair: Janusz Brzeszczynski, Northumbria University, UK

The Effects of News Sentiment and Scheduled Macro News Announcements on Retail

Investors Order Flow in FX Markets.

Filia Kaourma, University of Cyprus, Cyprus

Discussant: Janusz Brzeszczynski, Northumbria University, UK

Are Changes in Forex Exchange Rates Unpredictable?

Krzysztof Piasecki, Poznań University of Economics and Business, Poland

*Michal Stasiak, Poznań University of Economics and Business, Poland

Discussant: Filia Kaourma, University of Cyprus, Cyprus

Do Foreign Exchange Market Responses to Interest Rates Announcements Evolve Over Time?

Evidence from Poland.

*Janusz Brzeszczynski, Northumbria University, UK

Jerzy Gajdka, University of Lodz, Poland

Ali Kutan, Southern Illinois University Edwardsville, USA

Discussant: Krzysztof Piasecki, Poznań University of Economics and Business, Poland

Parallel Session 4g: Trading I (Room 2.2, Level 2)

Session Chair: Adam Zaremba, Poznań University of Economics and Business, Poland

Same Same but Different – Stylized Facts of CTA Sub Strategies

Peter Erdos, RPM Risk & Portfolio Management AB, Sweden

*Youwei Li, Queen's University Belfast, UK

Ruipeng Liu, Deaking University, Australia

Alexander Mende, RPM Risk & Portfolio Management AB, Sweden

Discussant: Adam Zaremba, Poznań University of Economics and Business, Poland

Clearing Fees and Market Quality

*Jose Eduardo Mendoza, KU Leuven, Belgium

Hans Degryse, KU Leuven, Belgium

Gunther Wuyts, KU Leuven, Belgium

Discussant: Youwei Li, Queen's University Belfast, UK

Opposites Attract: Alpha Momentum and Alpha Reversal in Country and Industry Equity

Indexes

*Adam Zaremba, Poznań University of Economics and Business, Poland

Mehmet Umutlu, Yasar University, Turkey

Discussant: Jose Eduardo Mendoza, KU Leuven, Belgium










INFINITI 2018

Parallel Session 4h: Commodities II (Room 3.1, Level 3)

Session Chair: Christoph Wegener, IPAG Business School, France

Crude Oil Futures Trading and Uncertainty

Robert Czudaj, Chemnitz University of Technology, Germany

Discussant: Chi Keung Marco Lau, University of Huddersfield, UK

Hedging Gone Wild: Was Delta Airlines' Purchase of Trainer Refinery a Sound Risk

Management Strategy?

Abdullah Almansour, King Fahd University of Petroleum and Minerals, Saudi Arabia

*William Megginson, University of Oklahoma, USA

Leonid Pugachev, University of Oklahoma, USA

Discussant: Bernd Wilfling, Westfälische Wilhelms-Universität Münster, Germany

Are Multifractal Processes Suited to Forecasting Electricity Price Volatility? Evidence from

Australian Intraday Data

Mawuli Segnon, Westfälische Wilhelms-Universität Münster, Germany

Chi Keung Lau, University of Huddersfield, UK

*Bernd Wilfling, Westfälische Wilhelms-Universität Münster, Germany

Rangan Gupta, University of Pretoria, South Africa

Discussant: Robert Czudaj, Chemnitz University of Technology, Germany

Parallel Session 4i: VC, PE & Entrepreneurship (Room 3.2, Level 3)

Session Chair: Douglas Cumming, York University, Canada

Does Religiosity Influence Venture Capital Investment Decisions?

Justin Chircop, Lancaster University, UK

Sofia Johan, York University, Canada

*Monika Tarsalewska, University of Exeter, UK

Discussant: Milos Vulanovic, EDHEC Business School, France

How did US Venture Capital React to the Crisis? Revisiting Evidence

Daniele Pianeselli, Bank of Italy, Italy

Discussant: Monika Tarsalewska, University of Exeter, UK

Serial Entrepreneurs: Evidence from SPACs

Milos Vulanovic, Edhec Business School, France

Discussant: Daniele Pianeselli, Banca d'Italia, Italy









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Tuesday, 0900-1030: Parallel Sessions 5

Parallel Session 5a: Politics & Finance III (Room 0.4, Level 0)

Session Chair: Juha Junttila, University of Jyväskylä, Finland

Violent Conflict Risk: Managerial Perceptions and Outcome Stakes

Arrian Cornwell, Northumbria University, UK

Mary Thomson, Northumbria University, UK

*Larisa Yarovaya, Anglia Ruskin University, UK

Discussant: Axel Hedström, Euromonitor International, Sweden

Local Political Turnover, Tax Enforcement, and Tax Avoidance: Evidence from China

Yongqiang Ma, Southwestern University of Finance and Economics, China

Nan Xu, Southwestern University of Finance and Economics, China

*Kam Chan, Western Kentucky University, USA

Discussant: Larisa Yarovaya, Anglia Ruskin University, UK

Emerging Market Contagion Under Geopolitical Uncertainty

*Axel Hedström, Euromonitor International, Sweden

Nathalie Zelander, Linköping University, Sweden

Juha Junttila, University of Jyväskylä, Finland

Gazi Salah Uddin, Linköping University, Sweden

Discussant: Johnny Kam Chan, Western Kentucky University, USA

Parallel Session 5b: Bank Balance Sheets (Room 0.5, Level 0)

Session Chair: Thomas Conlon, University College Dublin, Ireland

The Effect of Capital Ratio on Lending: Does Loan-Loss Provisioning Matter?

*Małgorzata Olszak, University of Warsaw, Poland

Iwona Kowalska, University of Warsaw, Poland

Filip Świtała, University of Warsaw, Poland

Patrycja Chodnicka-Jaworska, University of Warsaw, Poland

Discussant: Xing Huan, University of Warwick, UK

Bank Capital and Liquidity Transformation

*Jonathan Acosta Smith, Bank of England, UK

Guillaume Arnould, Bank of England, UK

Kristoffer Milonas, Moody's Analytics, UK

Quynh-Anh Vo, Bank of England, UK

Discussant: Małgorzata Olszak, University of Warsaw, Poland

Basel II and Bank Operational Losses


*Xing Huan, University of Warwick, UK

Steven Ongena, Universität Zürich & Swiss Finance Institute, Switzerland

Discussant: Jonathan Acosta Smith, Bank of England, UK







INFINITI 2018

Parallel Session 5c: Contagion & Spillovers III (Room 0.6, Level 0)

Session Chair: Samuel A Vigne, Queen's University Belfast, UK

Correlation Dynamics in the G7 Stock Markets

Anita Suurlaht, University College Dublin, Ireland

Discussant: Xin Sheng, University of Huddersfield, UK

Economic Policy Uncertainty and Long-Run Stock Market Volatility and Correlation

Hossein Asgharian, Lund University, Sweden

*Charlotte Christiansen, Aarhus University, Denmark

Ai Jun Hou, Stockholm University

Discussant: Anita Suurlaht, University College Dublin, Ireland

Inter- And Intra-Regional Analysis on Spillover Effects across International Stock Markets

*Xin Sheng, University of Huddersfield, UK

Samuel A Vigne, Queen's University Belfast, UK

Fabian Gogolin, Queen's University Belfast, UK

Chi Keung Marco Lau, University of Huddersfield, UK

Discussant: Charlotte Christiansen, Aarhus University, Denmark

Parallel Session 5d: Portfolios (Room 0.7, Level 0)

Session Chair: Bogna Janik, WSB University in Poznań, Poland

On Combining Imprecision with Uncertainty in Portfolio Analysis

*Krzysztof Piasecki, Poznań University of Economics and Business, Poland

Joanna Siwek, Poznań University of Economics and Business, Poland

Discussant: Bogna Janik, WSB University in Poznań, Poland

Estimation Error of High-Frequency Data on Optimal Portfolio Choice


Vicent Arago, Universitat Jaume I, Spain

*Enrique Salvador, Universitat Jaume I, Spain

Discussant: Dirk Baur, University of Western Australia, Australia

Comparing Active and Passive Sustainable Portfolios on the Basis of Spain and Poland

*Bogna Janik, WSB University in Poznań, Poland

Marcin Bartkowiak, Poznań University of Economics and Business, Poland

Barbara Janik, investing.com, Spain

Discussant: Joanna Siwek, Poznań University of Economics and Business, Poland







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Parallel Session 5e: Financial Management I (Room 1.1, Level 1)

Session Chair: Tomasz Jewartowski, Poznań University of Economics and Business, Poland

Predatory Trade Finance: The Impact of Bargaining Power and Financing Constraints on the

Demand and Supply of Trade Credit

Paweł Mielcarz, Kozminski University, Poland

*Dmytro Osiichuk, Kozminski University, Poland

Discussant: Conor Neville, Trinity College Dublin, Ireland

The Effect Of Creditor Rights On Dividend Payout With Changes In The Information Environment

*Wolfgang Bessler, Justus-Liebig-Universität Giessen, Germany

Halit Gonenc, University of Groningen, The Netherlands

Mario Hernandez Tinoco, EDHEC Business School, France

Discussant: Dmytro Osiichuk, Kozminski University, Poland

The Impact of Innovation and Captial Structure on European High-tech SMEs

*Conor Neville, Trinity College Dublin, Ireland


Discussant: Wolfgang Bessler, Justus-Liebig-Universität Giessen, Germany

Parallel Session 5f: Forecasting FX (Room 2.1, Level 2)

Session Chair: Joscha Beckmann, Ruhr Universität Bochum, Germany

Predicting Risk Premia In Short-term Interest Rates And Exchange Rates

Johannes Gräb, European Central Bank, Germany

*Thomas Kostka, European Central Bank, Germany

Discussant: Joscha Beckmann, Ruhr Universität Bochum, Germany

Exchange Rate Forecasting on a Napkin

*Michal Rubaszek, SGH Warsaw School of Economics, Poland

Michele Ca' Zorzi, European Central Bank, Germany

Discussant: Thomas Kostka, European Central Bank, Germany

Exchange Rate Predictability And Dynamic Bayesian Learning

*Joscha Beckmann, Ruhr Universität Bochum, Germany

Gary Koop, University of Strathclyde, UK

Rainer Schüssler, Universität Rostock, Germany

Dimitris Korobilis, University of Essex, UK

Discussant: Michal Rubaszek, SGH Warsaw School of Economics, Poland








INFINITI 2018

Parallel Session 5g: Forecasting (Room 2.2, Level 2)

Session Chair: Tony Klein, Queen's University Belfast, UK

Data Snooping In Equity Premium Prediction

*Viktoria-Sophie Bartsch, Universität Hamburg, Germany

Hubert Dichtl, Universität Hamburg, Germany


Andreas Neuhierl, University of Notre Dame, USA

Discussant: Tony Klein, Queen's University Belfast, UK

Forecasting Unemployment In Poland With Dynamic Model Averaging And Internet Searches

Krzysztof Drachal, University of Warsaw, Poland

Discussant: Viktoria-Sophie Bartsch, Universität Hamburg, Germany

Predictive Edge - Neural Networks Vs. Discriminant And Scoring Methods

Aleksandra Wójcicka-Wójtowicz, Poznań University of Economics and Business, Poland

Discussant: Krzysztof Drachal, University of Warsaw, Poland

Parallel Session 5h: Financial Effects on Alternative Investments (Room 3.1, Level 3)

Session Chair: Stuart Hyde, The University of Manchester, UK

Commodity Price Exposure: Evidence from G7 Countries

Elaine Laing, Trinity Business School, Ireland

*Brian Lucey, Trinity Business School, Ireland

Discussant: Michail Filippidis, University of Portsmouth, UK

Financial Effects of Precautionary Demand for Oil

*Michail Filippidis, University of Portsmouth, UK

George Filis, Bournemouth University, UK

Renatas Kizys, University of Portsmouth, UK

Discussant: Nestor Romero, The University of Manchester, UK

Financial Development and the Effect of Cross-border Bank Flows on House Prices

Sungjun Cho, The University of Manchester, UK

Stuart Hyde, The University of Manchester, UK

*Nestor Romero, The University of Manchester, UK

Discussant: Brian M Lucey, Trinity College Dublin, Ireland







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43

Parallel Session 5i: Crowdfunding (Room 3.2, Level 3)

Session Chair: Jerry Coakley, University of Essex, UK

Is There A Gender Gap In Equity Crowdfunding?

Joerg Prokop, Carl von Ossietzky Universität Oldenburg, Germany

*Dandan Wang, Carl von Ossietzky Universität Oldenburg, Germany

Discussant: Jerry Coakley, University of Essex, UK

Macroeconomics Of Crowdfunding

*Andreas Hanl, Universität Kassel, Germany

Benjamin Schwanebeck, Goethe Universität Frankfurt am Main, Germany

Discussant: Dandan Wang, Carl von Ossietzky Universität Oldenburg, Germany

Follow-on Equity Crowdfunding in the UKk

*Jerry Coakley, University of Essex, UK

Aris Lazos, University of Essex, UK

Discussant: Andreas Hanl, Universität Kassel, Germany


Parallel Session 6a: Politics & Finance IV (Room 0.4, Level 0)

Session Chair: Elias Bengtsson, Banco de España, Spain & Halmstad University, Sweden

Geopolitical Risk And Equity Premium In Emerging Markets: Wavelet Approach

*Debojyoti Das, Indian Institute of Management Raipur, India

Vanja Piljak, University of Vaasa, Finland

Kannadhasan Manoharan, Indian Institute of Management Raipur, India

Discussant: Elias Bengtsson, Banco de España, Spain & Halmstad University, Sweden

Political Heritage as Determinant for Cash Holdings: The German Reunification as Natural

Experiment.

Alexander Kupfer, Universität Innsbruck, Austria

*Julia Oberndorfer, Universität Innsbruck, Austria

Discussant: Debojyoti Das, Indian Institute of Management Raipur, India

The Political Economy of Basel IIIi

Elias Bengtsson, Banco de España, Spain & Halmstad University, Sweden

Discussant: Julia Oberndorfer, Universität Innsbruck, Austria








INFINITI 2018

Parallel Session 6b: Banks & Risk (Room 0.5, Level 0)

Session Chair: Jonathan Acosta Smith, Bank of England, UK

The Nexus between Loan Portfolio Size and Volatility: Does Banking Regulation Matter?

*Melina Ludolph, Humboldt Universität zu Berlin, Germany

Franziska Bremus, German Institute for Economic Research (DIW), Germany

Discussant: Jonathan Acosta Smith, Bank of England, UK

Credit Risk and Bank Competition in Sub-saharan Africa

*Alphonse Noah, Banque de France & EconomiX, France

Michael Brei, EconomiX, France & University of the West Indies, Barbados

Luc Jacolin, Banque de France, France

Discussant: Melina Ludolph, Humboldt Universität zu Berlin, Germany

Interest Rates, Capital and Bank Risk-taking

Jonathan Smith, Bank of England and University of Cambridge, UK

Discussant: Cormac Bryce, The University of Nottingham, UK

Parallel Session 6c: Contagion & Spillovers IV (Room 0.6, Level 0)

Session Chair: Mardi Dungey, University of Tasmania, Australia

International Return and Volatility Transmission: A Review

*Larisa Yarovaya, Anglia Ruskin University, UK


Janusz Brzeszczynski, Northumbria University, UK

Chi Keung Marco Lau, University of Huddersfield, UK

Discussant: Andreas Tsopanakis, Cardiff University, UK

The Financial Connectedness between Eurozone Core and Periphery: A Disaggregated View

Georgios Magkonis, University of Portsmouth, UK

*Andreas Tsopanakis, Cardiff University, UK

Discussant: Mardi Dungey, University of Tasmania, Australia

Parallel Session 6d: NO SESSION (Room 0.7, Level 0)






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45

Parallel Session 6e: Financial Management II (Room 1.1, Level 1)

Session Chair: Kim Cuong Ly, Swansea University, UK

Rating-Induced Default Risk and Downgrade Hesitation

Hermann Elendner, Humboldt-Universität zu Berlin, Germany

Discussant: Kim Cuong Ly, Swansea University, UK

Dividend Smoothing and Company's Characteristics – Evidence from Emerging Stock Markets

in Asia

*Urszula Mrzyglod, University of Gdansk, Poland

Sabina Nowak, University of Gdansk, Poland

Magdalena Mosionek-Schweda, University of Gdansk, Poland

Jakub Kwiatkowski, University of Gdansk, Poland

Discussant: Hermann Elendner, Humboldt-Universität zu Berlin, Germany

Why do Firms Choose Negative Net Debt Policy?

Katsutoshi Shimizu, Nagoya University, Japan

*Kim Cuong Ly, Swansea University, UK

Discussant: Urszula Mrzyglod, University of Gdansk, Poland

Parallel Session 6f: Modelling FX (Room 2.1, Level 2)

Session Chair: Michal Rubaszek, SGH Warsaw School of Economics, Poland

Multiple Rating News and Heterogeneous Effects on the Volatility of Foreign Exchange

Markets

Vu Tran, Swansea University, UK

Discussant: Michał Stasiak, Poznań University of Economics and Business, Poland

On Binary State Model of Foreign Exchange Market

Krzysztof Piasecki, Poznań University of Economics, Poland

*Michał Dominik Stasiak, Poznań University of Economics, Poland

Discussant: Vu Tran, Swansea University, UK

Parallel Session 6g: Trading II (Room 2.2, Level 2)

Session Chair: Lorne Switzer, Concordia University, Canada

Testing Future Trading Strategy Assumptions

*John O'Brien, University College Cork, Ireland

Mark Hutchinson, University College cork, Ireland

Discussant: Lorne Switzer, Concordia University, Canada

Dynamic Momentum and Contrarian Trading

Victoria Dobrynskaya, National Research University Higher School of Economics, Russia

Discussant: John O'Brien, University College Cork, Ireland

Effects of the Single Stock Circuit Breaker on the Stock Market: Canadian Evidence

*Lorne Switzer, Concordia University, Canada

Cagdas Tahaoglu, Concordia University, Canada

Discussant: Victoria Dobrynskaya, National Research University Higher School of Economics,

Russia











INFINITI 2018

Parallel Session 6h: Gold (Room 3.1, Level 3)

Session Chair: Fergal O'Connor, University of York, UK

Investing in the Gold Market: Market Timing or Buy-and-hold?

*Viktoria-Sophie Bartsch, Universität Hamburg, Germany

Dirk Baur, University of Western Australia, Australia

Hubert Dichtl, Universität Hamburg, Germany


Discussant: Volker Seiler, Xi'an Jiaotong-Liverpool University, China

Gold as a Hedge or a Safe Haven to Stock Markets in CAPM and Markov-Switching CAPM: UK

and US Evidence

*Zhen He, University of York, UK

Jacco Thijssen, University of York, UK

Fergal O'Connor, University of York, UK

Discussant: Robert Czudaj, Technische Universität Chemnitz, Germany

Parallel Session 6i: Culture & Finance (Room 3.2, Level 3)

Session Chair: John W. Goodell, University of Akron, USA

Do Culture, Sentiment and Cognitive Dissonance Explain the "Above Suspicion" Anomalies?

*Jiaqi Guo, University of Leeds, UK

Phil Holmes, University of Leeds, UK

Ali Altanlar, University of Leeds, UK

Discussant: John W. Goodell, University of Akron, USA

National Culture and Bank Risk-Taking

*Pavlo Illiashenko, Tallinn University of Technology, Estonia

Laivi Laidroo, Tallinn University of Technology, Estonia

Discussant: Jiaqi Guo, University of Leeds, UK

Reconciling Cultural Finance with Law and Finance

John W. Goodell, University of Akron, USA

Discussant: Pavlo Illiashenko, Tallinn University of Technology, Estonia







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47


Parallel Session 7a: Mergers (Room 0.4, Level 0)

Session Chair: Leonidas Barbopoulos, University of Glasgow, UK

The Long-Term Impact of Bank Mergers on Stock Performance and Default Risk: The Aftermath

of the 2008 Financial Crisis

*Arnold R Cowan, Iowa State University & Eventus, USA

Valentina Salotti, Iowa State University, USA

Natalya Schenck, The Office of the Comptroller of the Currency, USA

Discussant: Leonidas Barbopoulos, University of Glasgow, UK

Determinants of International M&As in Poland: Market Seeking or Efficiency Seeking?

*Andrzej Cieślik, University of Warsaw, Poland

Monika Tarsalewska, University of Exeter, UK

Discussant: Arnold R Cowan, Iowa State University & Eventus, USA

Price Informativeness and the Role of Advisors in M&As

*Leonidas Barbopoulos, University of Glasgow, UK

Samer Adra, University of Birmingham, UK

Discussant: Andrzej Cieślik, University of Warsaw, Poland

Parallel Session 7b: Supervision & Regulation (Room 0.5, Level 0)

Session Chair: Małgorzata Olszak, University of Warsaw, Poland

Bank Lending Behavior and Business Cycle under Basel Regulations: Is There a Significant

Procyclicality?

Katsutoshi Shimizu, Nagoya University, Japan

*Kim Cuong Ly, Swansea University, UK

Discussant: Janusz Kudła, University of Warsaw, Poland

Anti-Avoidance Regulatory Policy for International Transfer Pricing and Excess Debt Financing

Janusz Kudła, University of Warsaw, Poland

Discussant: Kim Cuong Ly, Swansea University, UK

Trust in Peer to Peer Lending

Laura Gonzalez, California State University, Long Beach, USA

Discussant: Małgorzata Olszak, University of Warsaw, Poland









INFINITI 2018

Parallel Session 7c: Pensions (Room 0.6, Level 0)

Session Chair: Ronan Gallagher, University of Edinburgh, UK

Long-Term Investment Management with Minimax Regret: A Template for Pension Funds?

David Edelman, University College Dublin, Ireland

*Ekaterina Goryagina, University College Dublin, Ireland

Discussant: Ronan Gallagher, University of Edinburgh, UK

International Welfare Spillovers of National Pension Schemes

*James Staveley-O'Carroll, Babson College, USA

Olena Staveley-O'Carroll, College of the Holy Cross, USA

Discussant: Ekaterina Goryagina, University College Dublin, Ireland

Are Pension Contributions a Threat to Shareholder Payouts?

Seth Armitage, University of Edinburgh, UK

*Ronan Gallagher, University of Edinburgh, UK

Discussant: James Staveley-O'Carroll, Babson College, USA

Parallel Session 7d: Behaviour (Room 0.7, Level 0)

Session Chair: Carol Osler, Brandeis University, USA

Transparency and Investment Decisions: Evidence from the Disposition Effect

Marcel Lukas, University of Edinburgh, UK

*Arman Eshraghi, University of Edinburgh, UK

Jo Danbolt, University of Edinburgh, UK

Discussant: Dominika Galkiewicz, FH Kufstein Tirol (University of Applied Sciences Kufstein),

Austria

Sentiment Transmission between Managers and Investors

Ahmed Salhin, Heriot-Watt University, UK

*Mo Sherif, Heriot-Watt University, UK

Edward Jones, Heriot-Watt University, UK

Discussant: Arman Eshraghi, University of Edinburgh, UK

Manager Characteristics and Credit Derivative Use by US Corporate Bond Funds

*Dominika Galkiewicz, FH Kufstein Tirol (University of Applied Sciences Kufstein), Austria

Li Ma, Humboldt Universität zu Berlin, Germany

Discussant: Mo Sherif, Heriot-Watt University, UK







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49

Parallel Session 7e: Financial Management III (Room 1.1, Level 1)

Session Chair: Michał Kałdoński, Poznań University of Economics and Business, Poland

Capital Structure of Multiple Equity Issuers in the UKk


Winifred Huang, University of Bath, UK

*Sofia Stamou, University of Essex, UK

Discussant: Michał Kałdoński, Poznań University of Economics and Business, Poland

Spare Debt Capacity and Investment Ability in Public Companies of Central and Eastern

Europe

Józefa Gryko, Poznań University of Economics and Business, Poland

Discussant: Sofia Stamou, University of Essex, UK

The Impact of Thin Capitalisation Rules on Corporate Debt Structure. Evidence from a Natural

Experiment

Anna Leszczyłowska, Poznań University of Economics and Business, Poland

Discussant: Jerry Coakley, University of Essex, UK

Parallel Session 7f: CDS (Room 2.1, Level 2)

Session Chair: Jiri Svec, The University of Sydney, Australia

CDS-based Approach to Forward-Looking Credit Loss Provisioning for Low Default Portfolios

Mariya Gubareva, ISCAL - Lisbon Accounting and Business School, Instituto Politécnico de

Lisboa; SOCIUS - Research Centre in Economic and Organizational Sociology, CSG - Research

in Social Sciences and Management, Portugal

Discussant: Jiri Svec, The University of Sydney, Australia

Economic Policy Uncertainty and the Volatility of Sovereign CDS Spreads

Burkhard Raunig, Oesterreichische Nationalbank, Austria

Discussant: Mariya Gubareva, ISCAL - Lisbon Accounting and Business School, Instituto

Politécnico de Lisboa; SOCIUS - Research Centre in Economic and Organizational Sociology,

CSG - Research in Social Sciences and Management, Portugal

Market Conditions, Firm Performance and Credit Default Swap Spreads

*Xiaoqing (Maggie) Fu, University of Macau, China

Matthew C. Li, Royal Holloway University of London, UK

Philip Molyneux, University of Sharjah, UAE

Discussant: Burkhard Raunig, Oesterreichische Nationalbank, Austria

Predictability of Sovereign Credit Risk Premia from CDS Spreads: An Asset Allocation

Perspective

*Jiri Svec, The University of Sydney, Australia

Rui Chen, Central University of Finance and Economics, China

Discussant: Xiaoqing (Maggie) Fu, University of Macau, China











INFINITI 2018

7g IPOs & Listings II (Room 2.2, Level 2)

Session Chair: Wolfgang Bessler, Justus-Liebig-Universität Giessen, Germany

Determinants of Discounts in Equity Rights Issues: An International Comparison

Nils Bobenhausen, RWTH Aachen University, Germany

Wolfgang Breuer, RWTH Aachen University, Germany

*Astrid Salzmann, RWTH Aachen University, Germany

Discussant: Wolfgang Bessler, Justus-Liebig-Universität Giessen, Germany

Earnings Management around IPOs: What does it mean for Long-Term Performance?

*Joanna Lizińska, Poznań University of Business and Economics, Poland

Leszek Czapiewski, Poznań University of Business and Economics, Poland

Discussant: Astrid Salzmann, RWTH Aachen University, Germany

Why do Firms Leave the Top Equity Market Segment? Evidence from Family and Non-Family

Firms in Germany

*Wolfgang Bessler, Justus-Liebig-Universität Giessen, Germany

Beyenbach Johannes, Philipps-Universität Marburg, Germany

Marc Steffen Rapp, Philipps-Universität Marburg, Germany

Marco Vendrasco, Justus-Liebig-Universität Giessen, Germany

Discussant: Joanna Lizińska, Poznań University of Economics and Business, Poland

Parallel Session 7h: Precious & Rare Commodities (Room 3.1, Level 3)

Session Chair: Dirk Baur, The University of Western Australia, Australia

The Economic Importance of Rare Earth Elements Volatility Forecasts

Juliane Proelss, Concordia University, Canada

Denis Schweizer, Concordia University, Canada

*Volker Seiler, Xi'an Jiaotong-Liverpool University, China

Discussant: Dirk Baur, The University of Western Australia, Australia

The Determinants of Physical Gold


Discussant: Viktoria-Sophie Bartsch, Universität Hamburg, Germany

The Role of Gold and the Vix in Investment Portfolios – A Financial and Sustainability

Perspective

*Dirk Baur, The University of Western Australia, Australia

Josua Oll, University of Hamburg, Germany

Discussant: Zhen He, University of York, UK

7i NO SESSION (Room 3.2, Level 3)









____________________

51


Parallel Session 8a: Modelling Macro Finance (Room 0.4, Level 0)

Session Chair: Maurice Peat, The University of Sydney, Australia

Macroprudential Policy and Shadow Banks in a Two-Country DSGE-setup

*Philipp Kirchner, Universität Kassel, Germany

Benjamin Schwanebeck, Goethe Universität Frankfurt am Main, Germany

Discussant: Corrado Macchiarelli, Brunel University London, UK

Common Banking across Heterogenous Regions

*Enzo Dia, Università di Milano-Bicocca, Italy

Lorenzo Menna, Banco de México, Mexico

Lunan Jiang, Henan University, China

Lin Zhang, Henan University, China

Discussant: Philipp Kirchner, Universität Kassel, Germany

Financial Frictions and Housing Collateral Constraints in a Macro Model With Heuristics

Paul De Grauwe, The London School of Economics and Political Science, UK

Corrado Macchiarelli, Brunel University London, UK

Discussant: Maurice Peat, The University of Sydney, Australia

Parallel Session 8b: Banks Health (Room 0.5, Level 0)

Session Chair: Dorota Skala, University of Szczecin, Poland

Can Credit Ratings Predict Banks’ Fundamentals?

Omaima Hassan, Robert Gordon University, UK

*Abdulkader Nahhas, University of Exeter, UK

Discussant: Dorota Skala, University of Szczecin, Poland

The Leverage Ratio, Risk-Taking and Bank Stability

*Jonathan Smith, Bank of England & University of Cambridge, UK

Michael Grill, European Central Bank, Germany

Jan Hannes Lang, European Central Bank, Germany

Discussant: Larisa Yarovaya, Anglia Ruskin University, UK

Loan Loss Provisions in Banks – A Shock Transmission Channel from Shareholders to

Subsidiaries?

Dorota Skala, University of Szczecin, Poland

Discussant: Abdulkader Nahhas, University of Exeter, UK








INFINITI 2018

Parallel Session 8c: WORKSHOP New Developments in Wavelet Modelling: Implications for

International Finance (Room 0.6, Level 0)

Session Chair: Kim Raath, Rice University, USA

Common behaviors or patterns in jointly stationary time series can be identified and

categorized using standard time domain techniques such as cross spectrum, cross correlation,

and coherence. However, various economics and finance marketplaces, for example

commodity markets, are complex with a wide variety of participants having different

objectives. Time series formed by these nonstationary processes or characteristics consist of

combinations of different components functioning at different frequencies. In order to

understand these dynamic associations, we propose to explore not only the comovement of

various time series but also the dynamic characteristics of each individual time series using time-

varying spectral representations. We illustrate the value of these techniques in a short

interactive workshop focused on wavelet modeling using R[i].

[i]We are currently collaborating with Dr. R. Benitez and Dr. V. Bolos in Valencia, Spain to

create a comprehensive R package focused on the application of wavelets in finance and

economics.

Parallel Session 8d: Ethics & Behaviour (Room 0.7, Level 0)

Session Chair: Astrid Salzmann, RWTH Aachen University, Germany

Dealer Trading at the Fix

*Carol Osler, Brandeis University, USA

Alasdair Turnbull, Clarkson University, USA

Discussant: Andreas Knetsch, RWTH Aachen University, Germany

What do Managers Say, When They Talk about Trust?

*Andreas Knetsch, RWTH Aachen University, Germany

Astrid Juliane Salzmann, RWTH Aachen University, Germany

Discussant: Carol Osler, Brandeis University, USA



____________________

53

Parallel Session 8e: Firm Management (Room 1.1, Level 1)

Session Chair: Laura Gonzalez, California State University, Long Beach, USA

Earnings Profiles and Mental Health Based Discrimination: Evidence from the UKk

*Klavs Ciprikis, Dublin Institute of Technology, Ireland

Damien Cassells, Dublin Institute of Technology, Ireland

Jim Hanly, Dublin Institute of Technology, Ireland

Jenny Berrill, Trinity College Dublin, Ireland

Discussant: Jacek Mizerka, Poznań University of Economics and Business, Poland

Environmental Disclosure and Idiosyncratic Risk: Evidence from European Manufacturing Firms

*Panagiotis Tzouvanas, University of Portsmouth, UK

Renatas Kizys, University of Portsmouth, UK

Ioannis Chatziantoniou, University of Portsmouth, UK

Roza Sagitova, University of Portsmouth, UK

Discussant: Klavs Ciprikis, Dublin Institute of Technology, Ireland

Road to Perdition: Deepening Insolvency or Costly Delays before Filing Bankruptcy

*Laura Gonzalez, California State University, Long Beach, USA

John Finnerty, Fordham University, USA

Discussant: Panagiotis Tzouvanas, University of Portsmouth, UK

Parallel Session 8f: WORKSHOP Risk & the Strategic Role of Leadership (Room 2.1, Level 2)

Session Presenters: Cormac Bryce, The University of Nottingham, UK & Jo Iwasaki, ACCA, UK

In today’s political and economic climate, organizations need to fundamentally examine

their risk management approach if they want to survive but also thrive. This can no longer be

the sole responsibility of Chief Risk Officers, Chief Finance Officers and experts - it calls for a

responsive risk culture accompanied by an empowered and collaborative workforce.

Cormac Bryce and Jo Iwasaki (Head of Corporate Governance, ACCA) will be sharing

the results of the ACCA’s latest Professional Insights – Risk and the Role of Leadership. During

this session, they will highlight:

The rationale for effective risk management in the today's business environment;

Different risk approaches of the board in its oversight capacity;

Key factors which impact and impede the board in delivering effective risk

management; and

Practical advice for boards on establishing effective, integrated risk practices.

This session will place the finance decision in the context of a larger strategic decision-making

process within the boardroom of UK companies, and will be of benefit of business leaders,

consultants and academics interested in both the execution and application of research

within the boardroom.

Parallel Session 8g: NO SESSION (Room 2.2, Level 2)

Parallel Session 8h: NO SESSION (Room 3.1, Level 3)




INFINITI 2018

Parallel Session 8i: NO SESSION (Room 3.2, Level 3)

____________________

55

Delegates

Abdulkader Nahhas | [email protected]

Lecturer in Economics and Finance

Department of Economics and Finance, University of

Derby, UK

Adalbert Winkler | [email protected]

Professor for International and Development Finance

Frankfurt School of Finance & Management, Germany

Adam Zaremba | [email protected]

Assistant Professor

Department of Investment and Capital Markets,

Poznań University of Economics and Business, Poland

Afrae Hassoun | [email protected]

PhD Student

Solvay Brussels School of Economics and Management,

Université Libre de Bruxelles, Belgium

Agata Kliber | [email protected]

PhD Student


Agnieszka Preś-Perepeczo |

[email protected]

Assistant Professor

Faculty of Economics and Management Science,

University of Szczecin, Poland

Agnieszka Stróżyńska-Szajek |

[email protected]

Department of Corporate Finance, Poznań University of


Ahmad Hassan Ahmad | [email protected]

Lecturer in Macroeconomics

School of Business and Economics, Loughborough

University, UK

Alberto Fuertes Mendoza | [email protected]

Senior Economist

Banco de España, Spain

Aleksandra Wójcicka-Wójtowicz |

[email protected]


Alena Audzeyeva | [email protected]

Senior Lecturer

Keele Management School, Keele University, UK

Ali Sheikhbahaei | [email protected]

Teaching Fellow

Department of Banking and Finance, Monash

University, Australia

Alper Kara | [email protected]


Huddersfield Business School, The University of

Huddersfield, UK

Alphonse Noah | [email protected]

PhD Student

EconomiX & Banque de France, France

Amale Scally | [email protected]

Assistant Lecturer

Department of Banking and Finance, Monash

University, Australia

Ana Gómez-Loscos | [email protected]

Senior Economist

Banco de España, Spain

Ana-Maria Fuertes | [email protected]

Professor in Finance and Econometrics

Cass Business School, Faculty of Finance, City University

London, UK

Andreas Knetsch | [email protected]

aachen.de

PhD Student

Department of Corporate Finance, RWTH Aachen

University, Germany

Andreas Hanl | [email protected]

PhD Student

Institute of Economics, Universität Kassel, Germany

Andreas Tsopanakis | [email protected]

Lecturer in Economics

Cardiff Business School, Cardiff University, UK

Andrzej Cieślik | [email protected]

Professor

Faculty of Economic Sciences, University of Warsaw,

Poland

Anh Nguyet Vu | [email protected]

Lecturer in Finance

Department of Business, Management and Economics,

University of Sussex, UK

Anita Suurlaht | [email protected]

Assistant Professor

Michael Smurfit Graduate Business School, Department

of Banking and Finance, University College Dublin,

Ireland

Anna Leszczyłowska |

[email protected]

Researcher



Anton Hasselgren | [email protected]

PhD Student

Stockholm Business School, Stockholm University,

Sweden

Anupam Dutta | [email protected]

Assistant Professor of Finance

School of Accounting and Finance, University of Vaasa,

Finland

Arben Kita | [email protected]

Lecturer in Finance

Southampton Business School, University of

Southampton, UK

INFINITI 2018

Ardit Gjeçi | [email protected]

PhD Student

Faculty of Economics, University of Ljubljana, Slovenia

Aristogenis Lazos | [email protected]

Research Fellow

Essex Business School, University of Essex, UK

Arman Eshraghi | [email protected]


University of Edinburgh Business School, The University of

Edinburgh, UK

Arnold R Cowan | [email protected];

[email protected]

Professor of Finance & CEO

Iowa State University & Eventus, USA

Astrid Salzmann | [email protected]

Assistant Professor

RWTH Aachen University, Germany

Axel Hedström | [email protected]

Analyst

Euromonitor International, Sweden

Barbara Będowska-Sójka | barbara.bedowska-

[email protected]

Associate Professor

Department of Econometrics, Poznań University of


Bernd Wilfling | [email protected]

Professor of Economics

Department of Economics, Westfälische Wilhelms-

Universität Münster, Germany

Bo Sjö | [email protected]

Associate Professor

Department of Management and Engineering,

Linköping University, Sweden

Bogna Janik | [email protected]


Department of Finance, WSB University in Poznań,

Poland

Brian M Lucey | [email protected]

Conference Chair & Professor in Finance

Trinity Business School, Trinity College Dublin, Ireland

Burkhard Raunig | [email protected]

Researcher

Oesterreichische Nationalbank (Austrian National

Bank), Austria

Carol Osler | [email protected]


Brandeis International Business School, Brandeis

University, USA

Céline Gimet | [email protected]

Professor of International Economics and Finance

Institute of Political Studies (CHERPA), SciencesPo Aix,

France

Charistoula-Sofia Stamou | [email protected]

PhD Student


Charles H J Reuter | [email protected]


DFHI / ISFATES, Université de Lorraine, France

Charlotte Christiansen | [email protected]

Professor

CREATES, Aarhus University, Denmark

Chen Zheng | [email protected]

Lecturer

Henley Business School, University of Reading, UK

Chi Keung Lau | [email protected]

Reader of Financial Economics

Huddersfield Business School, Department of

Accountancy, Finance and Economics, University of

Huddersfield, UK

Chiara De Amicis | [email protected]

PhD Student

Cass Business School, City University London, UK

Chih-Chung Chien | [email protected]


Department of Finance, Asia University, Taiwan, ROC

Christoph Koser | [email protected]

PhD Student

School of Economics, Universitat de Barcelona, Spain

Christoph Wegener | [email protected]

Assistant Professor

Department of Finance, IPAG Business School, France

Christophe Godlewski | [email protected]


Université de Strasbourg, France

Conor Neville | [email protected]

PhD Student


Cormac Bryce | [email protected]

Assistant Professor in Risk

Nottingham University Business School, The University of

Nottingham, UK

Corrado Macchiarelli |

[email protected]

Lecturer

Brunel University London, UK

Dandan Wang | [email protected]

PhD Student

Department of Finance and Banking, Carl von Ossietzky

Universität Oldenburg, Germany

Daniele Pianeselli | [email protected]

Researcher

Banca d'Italia, Italy

David Tripe | [email protected]

Associate Professor

School of Economics and Finance, Massey University,

New Zealand

Debojyoti Das | [email protected]

PhD Student

Department of Finance and Accounting, Indian

Institute of Management Raipur, India

____________________

57

Dennis Essers | [email protected]

Researcher

Economics and Research Department, Banque

Nationale de Belqique, Belgium

Diego Victor de Mingo-López | [email protected]

PhD Student

Department of Finance and Accounting, Universitat

Jaume I, Spain

Dirk Baur | [email protected]


UWA Business School, The University of Western

Australia, Australia

Dmytro Osiichuk | [email protected]

Research Assistant

Department of Finance, Kozminski University, Poland

Dominika Gałkiewicz | dominika.galkiewicz@fh-

kufstein.ac.at

Senior Lecturer of Finance

International Business Studies, FH Kufstein Tirol (University

of Applied Sciences Kufstein), Austria

Dominika Hadro | [email protected]

Assistant Professor

Wrocław University of Economics, Poland

Dorota Skała | [email protected]

Assistant Professor


Douglas Cumming | [email protected]

Professor & Ontario Research Chair

Schulich School of Business, York University, Canada

Ekaterina Goryagina |

[email protected]

PhD Student

Department of Finance, University College Dublin,

Ireland

Ekaterina Romashkina | [email protected]

Researcher

The Laboratory of System Dynamics, Peter the Great St.

Petersburg Polytechnic University, Russian Federation

Elena Cubillas Martin | [email protected]

Assistant Professor

Department of Business Administration, Universidad de

Oviedo, Spain

Elias Bengtsson | [email protected]

Banco de España, Spain & Halmstad University,

Sweden

Eliza Wu | [email protected]

Associate Professor in Finance

The University of Sydney Business School, The University

of Sydney, Australia

Enrique Salvador | [email protected]

Lecturer in Finance and Accounting

Department of Finance and Accounting, Universitat

Jaume I, Spain

Enzo Dia | [email protected]

Associate Professor of Economic Policy

DEMS, Università degli Studi di Milano-Bicocca, Italy

Fergal O'Connor | [email protected]

Senior Lecturer, Finance

The York Management School, The University of York, UK

Filia Kaourma | [email protected]

PhD Student

Department of Accounting and Finance, University of

Cyprus, Cyprus

Frank McGroarty | [email protected]

Professor of Computational Finance and Investment

Analytics

Southampton Business School, University of

Southampton, UK

Gazi Salah Uddin | [email protected]

Associate Professor

Department of Management and Engineering,

Linköping University, Sweden

Hermann Elendner | [email protected]

berlin.de

Professor

Finance Group, Humboldt Universität zu Berlin,

Germany

Jacek Mizerka | [email protected]




James Staveley-O'Carroll |

[email protected]

Assistant Professor of Economics

Economics Division, Babson College, USA

Janusz Brzeszczynski |

[email protected]


Newcastle Business School, Northumbria University, UK

Janusz Kudła | [email protected]



Poland

Jarkko Peltomäki | [email protected]

Associate Professor

Stockholm Business School, Stockholm University,

Sweden

Javier Perote | [email protected]


Department of Economics, Universidad de Salamanca,

Spain

Jędrzej Białkowski |

[email protected]

Associate Professor


Canterbury, New Zealand

Jennifer Berrill | [email protected]

Assistant Professor


Jerry Coakley | [email protected]



INFINITI 2018

Jerzy Gajdka | [email protected]

Professor

Department of Capital Markets and Investments,

University of Łódz, Poland

Jiaqi Guo | [email protected]

Researcher

University of Leeds, UK

Jiri Svec | [email protected]

Senior Lecturer



Jiyoun An | [email protected]

Associate Professor

Department of International Studies, Kyung Hee

University, Republic of Korea

Jo Iwasaki | [email protected]

Head of Corporate Governance

ACCA, UK

Joanna Siwek | [email protected]

Department of Investition and Real Estate, Poznań

University of Economics and Business, Poland

Joanna Lizinska | [email protected]



Joe Delvaux | [email protected]

PhD Student & Fund Manager

Cass Business School, City University London & Duet

Asset Management, UK

John Goodell | [email protected]

Associate Professor

Department of Finance, The University of Akron, USA

John O'Brien | [email protected]

Lecturer

Department of Accounting and Finance, University

College Cork, Ireland

Johnny Chan | [email protected]

Leon Page Professor of Finance

Gordon Ford College of Business, Western Kentucky

University, USA

Jonathan Smith |

[email protected]

Bank of England, UK

Joscha Beckmann | [email protected]

Ruhr Universität Bochum, Germany

Jose Eduardo Mendoza | [email protected]

PhD Student

FEB, Department of Accounting, Finance and

Insurance, KU Leuven, Belgium

Joseph Joyce | [email protected]


Department of Economics, Wellesley College, USA

Józefa Gryko | [email protected]



Juha Junttila | [email protected]


School of Business and Economics, University of

Jyväskylä, Finland

Julia Oberndorfer | [email protected]

PhD Student

Department of Banking and Finance, Universität

Innsbruck, Austria

Karlo Kauko | [email protected]

Adviser

Bank of Finland, Finland

Katarzyna Szarzec | [email protected]

Professor

Department of Macroeconomics and Develoment

Studies, Poznań University of Economics and Business,

Poland

Katarzyna Byrka-Kita | [email protected]


Department of Investments and Business Appraisal,


Kim Raath | [email protected]

PhD Student

Rice University, USA

Kim Cuong Ly | [email protected]

Lecturer in Finance

School of Management, Swansea University, UK

Klavs Ciprikis | [email protected]

PhD Student

Dublin Institute of Technology, Ireland

Kristin Van Gaasbeck | [email protected]

Associate Professor of Economics

Department of Economics, California State University,

Sacramento, USA

Krzysztof Piasecki | [email protected]

Professor


Krzysztof Drachal | [email protected]

PhD Student


Poland

Larisa Yarovaya | [email protected]

Lecturer in Accounting and Finance

Lord Ashcroft International Business School, Anglia

Ruskin University, UK

Laura Gonzalez | [email protected]

Associate Professor

Department of Finance, California State University,

Long Beach, USA

Laura Ballester | [email protected]

Assistant Professor

Department of Financial Economics, Faculty of

Economics, Universitat de València, Spain

Lenka Mackova | [email protected]

Head of Marketing

Bureau van Dijk (A Moody's Analytics Company),

Slovakia

____________________

59

Leonidas Barbopoulos |

[email protected]


Adam Smith Business School, University of Glasgow, UK

Leszek Czapiewski | [email protected]



Lorne Switzer | [email protected]


John Molson School of Business, Concordia University,

Canada

Malgorzata Pawlowska | [email protected]

Associate Professor

Warsaw School of Economics, Poland

Małgorzata Olszak | [email protected]

Associate Professor of Finance

Faculty of Management, University of Warsaw, Poland

Mardi Dungey | [email protected]

Professor of Economics and Finance

Tasmanian School of Business and Economics, University

of Tasmania, Australia

Marian Guzek | [email protected]


Lazarski University, Poland

Marius Strittmatter | [email protected]

Department of Economics, University of Southampton,

UK

Mariya Gubareva | [email protected]

Adjunct Professor

ISCAL – Lisbon Accounting and Business School Instituto

Politécnico de Lisboa; SOCIUS – Research Centre in

Economic and Organizational Sociology CSG -

Research in Social Sciences and Management,

Portugal

Martha O'Hagan | [email protected]

Assistant Professor


Martin Pohanka | [email protected]

Senior Key Account Manager

Bureau van Dijk (A Moody's Analytics Company),

Slovakia

Matej Marinč | [email protected]

Associate Professor


Mateusz Czerwiński | [email protected]

PhD Student

Department of Investments and Business Appraisal,


Maurice Peat | [email protected]

Reader



Melina Ludolph | [email protected]

PhD Student

School of Business and Economics, Humboldt Universität

zu Berlin, Germany

Michail Filippidis | [email protected]

PhD Student & Part-Time Lecturer


Portsmouth, UK

Michal Kaldonski | [email protected]




Michał Rubaszek | [email protected]

Professor


Michał Stasiak | [email protected]


Milica Matovic | [email protected]

PhD Student


Milos Vulanovic | [email protected]


Department of Finance, EDHEC Business School, France

Mirosława Żurek | [email protected]

Researcher

Research Institute, Poznań University of Economics and

Business, Poland

Mo Sherif | [email protected]


School of Social Sciences, Heriot-Watt University, UK

Monika Tarsalewska | [email protected]

Senior Lecturer

University of Exeter & Warsaw School of Economics, UK

& Poland

Nestor Romero | [email protected]

PhD Student

Alliance Manchester Business School, Finance

Department, The University of Manchester, UK

Nuria Suárez | [email protected]


Universidad Autónoma de Madrid, Spain

Panagiotis Tzouvanas | [email protected]

PhD Student


Portsmouth, UK

Pavlo Illiashenko | [email protected]

Lecturer & PhD Student

School of Business and Governance, Department of

Economics and Finance, Tallinn University of

Technology, Estonia

Paweł Smaga | [email protected]


Philipp Kirchner | [email protected]

PhD Student

Department of Economics, Universität Kassel, Germany

Pia Helbing | [email protected]

PhD Student


INFINITI 2018

Piotr Matuszak | [email protected]

PhD Student

Department of Macroeconomics and Development

Studies, Poznań University of Economics and Business,

Poland

Probal Dutta | [email protected]

PhD Student


Finland

Ranadeva Jayasekera | [email protected]

Associate Professor


Rangga Handika | [email protected]

Lecturer

Institute for International Strategy, Tokyo International

University, Japan

Richard McGee | [email protected]

Lecturer in Finance

University College Dublin, Ireland & University of

Southampton, UK

Riste Ichev | [email protected]

PhD Student


Robert Czudaj | [email protected]

chemnitz.de

Department of Economics, Technische Universität

Chemnitz, Germany

Ronan Gallagher | [email protected]

Lecturer in Finance

University of Edinburgh Business School, The University of

Edinburgh, UK

Samuel A Vigne | [email protected]

Assistant Professor

Queen's Management School, Queen's University

Belfast, UK

Sandra Dow | [email protected]


Middlebury Institute of International Studies, USA

Sanket Mohapatra | [email protected]

Associate Professor

Indian Institute of Management, Ahmedabad, India

Sebastian Gryglewicz | [email protected]


Erasmus School of Economics (Finance), Erasmus

Universiteit Rotterdam & Tinbergen Institute, The

Netherlands

Shaen Corbet | [email protected]

Lecturer

DCU Business School, Dublin City University, Ireland

Sheida Teimouri | [email protected]

Assistant Professor of Economics

Economics Department, University of Wisconsin-La

Crosse, USA

Shikuan Chen | [email protected]

Professor

Department of International Business, National Taiwan

University, Taiwan, ROC

Sinda Hadhri | [email protected]

Department of Finance, Université de Centre, Sousse,

Tunisia

Štefan Lyócsa | [email protected]

Associate Professor

University of Economics, Bratislava, Slovakia

Stephanos Papadamou | [email protected]

Associate Professor

Department of Economics, University of Thessaly,

Greece

Stephen Ferris | [email protected]

J H Rogers Chair of Money, Credit and Banking

Department of Finance, University of Missouri, USA

Stuart Hyde | [email protected]


Department of Accounting and Finance, The University

of Manchester, UK

Suk-Joong Kim | [email protected]

Professor of International Finance and Banking

The University of Sydney Business School, Discipline of

Finance, The University of Sydney, Australia

Sushil Sainani | [email protected]

Research Associate

Management School, University of Liverpool, UK

Szymon Stereńczak | [email protected]

PhD Student



Thana El-Khasawneh | [email protected]

Associate Publisher

Elsevier, The Netherlands

Thi Hoang Anh Pham | [email protected]

Associate Professor of Economics

Banking Research Institute, Banking Academy of

Vietnam, Vietnam

Thomas Walther | [email protected]

Assistant Professor for Energy Finance

School of Finance, Universität St Gallen, Switzerland

Thomas Conlon | [email protected]

Associate Professor

Michael Smurfit Graduate Business School, University

College Dublin, Ireland

Thomas Kostka | [email protected]

Economist

European Central Bank, Germany

Tiago Loncan | [email protected]

Lecturer

Strathclyde Business School, Department of Accounting

and Finance, University of Strathclyde, UK

Tjeerd Boonman | [email protected]

Researcher

Financial Stability Division, Banco de Mexico, Mexico

Tomáš Plihal | [email protected]

PhD Student

Institute of Financial Complex Systems, Marasyk

University, Czech Republic

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Tomasz Jewartowski |

[email protected]




Tomasz Wiśniewski | [email protected]

Professor

Institute of Economics and Business, University of

Szczecin, Poland

Tony Klein | [email protected]

Assistant Professor


Belfast, UK

Urszula Mrzyglod | [email protected]

Lecturer

Faculty of Economics, University of Gdańsk, Poland

Vanja Piljak | [email protected]



Finland

Vicke Norén | [email protected]

PhD Student

Department of Economics, Aarhus University, Denmark

Victoria Dobrynskaya | [email protected]


Higher School of Economics, National Research

University, Russian Federation

Viktoria-Sophie Bartsch | viktoria-sophie.bartsch@uni-

hamburg.de

Universität Hamburg, Germany

Volker Seiler | [email protected]

Associate Professor in Finance

International Business School Suzhou (IBSS), Xi'an

Jiaotong - Liverpool University, China

Vu Tran | [email protected]

Lecturer

School of Management, Swansea University, UK

Wafa Miled | [email protected]

PhD Student

ISG Institut Supérieur de Gestion de Tunis, Université de

Tunis, Tunisia

William Megginson | [email protected]

Chaired Professor of Finance

Price College of Business, Division of Finance, The

University of Oklahoma, USA

Wolfgang Bessler | [email protected]

giessen.de


Center for Finance and Banking, Justus-Liebig-

Universität Giessen, Germany

Xiaoqing Maggie Fu | [email protected]

Associate Professor

Faculty of Business Administration, University of Macau,

China

Xin Sheng | [email protected]


Huddersfield Business School, University of Huddersfield,

UK

Xing Huan | [email protected]

Assistant Professor

Warwick Business School, The University of Warwick, UK

Yixin Liao | [email protected]

PhD Student


Yousef Makhlouf | [email protected]

Nottingham Business School, Nottingham Trent

University, UK

Youwei Li | [email protected]

Senior Lecturer


Belfast, UK

Yun Ling | [email protected]

PhD Student

The University of Sydney Business School, Discipline of

Finance, The University of Sydney, Australia

Zhen He | [email protected]

PhD Student

The University of York, UK

Zied Ftiti | [email protected]

Professor

Department of Finance, EDC Paris Business School,

France

INFINITI 2018

Interesting People I Met

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INFINITI 2018

Notes

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In Loving Memory

Prof Colm P KearneyForever in our hearts

c/o Trinity Business School,

Trinity College Dublin, Dublin 2, Ireland

w: www.infiniticonference.com

e: [email protected]

INFINITI 2018

Documents

INFINITI Conference on International Finance · 1 Welcom e to INFINITI 2018 Dear all Welcome to the INFINITI Conference 2018 in Poznań. We are delighted to be hosted this year by