Centre for Applied Financial Studies

Behavioral Finance and Capital Markets Conference1 - 2 August 2013

Presented at the Rockford Hotel 164 Hindley StreetAdelaide, South Australia

Hawke Building, University of South Australia

Presented by the Centre for Applied Financial Studies and the School of Commerce, University of South Australia Business School, and co-sponsored by CIFR, CM CRC, SIRCA, Amery

Partners, Serafino Wines, Coriole Vineyards and National Wine Centre of Australia

PROGRAM

Day I — Thursday 1st August 2013

9:00 am 9:00 am — 9:45 am REGISTRATIONCoffee and Tea

9:45 am — 9:50 am Welcome Petko Kalev

09:50 am — 10:00 am Opening Address VC, DVC Research

10:00 am — 11:00 am Keynote AddressThe Neurobiology Behind Financial Risk Taking

Professor Peter BossaertsCalifornia Institute of Technology

Chair: Mervyn Lewis

11:00 am — 11:30 am COFFEE BREAK

11:30 am — 1:00 pm Panel Discussion

Do Market Participants Need To Understand Behavioral Finance?

Chair: Petko Kalev

1:00 pm — 2:00 pm LUNCH

Session/Talk/PresenterBehavioral Finance and Capital Markets I

Chair: Andy Lian

2:00 pm — 2:45 pm Victory Disease and Hindsight Bias: An Experimental StudyPatricia Chelley-Steeley, (Aston Business School)

Brian Kluger, (University of Cincinnati) Jim Steeley, (Aston Business School)

Discussant

Robert Durand

2:45 pm — 3:30 pm ‘Lucas' in the LaboratoryElena Asparouhova, (University of Utah) Peter Bossaerts, (Caltech University)

Nilanjan Roy, (Caltech University)William Zame (UCLA)

Discussant

Barry Oliver

3:30 pm — 4:00 pm COFFEE BREAK

Session/Talk/PresenterBehavioral Finance and Capital Markets II

Chair: David Gallagher

4:00 pm — 4:45 pm Equity Manager Selection and Portfolio Formation: Interviews with Investment StaffF. Douglas Foster, (University of Technology Sydney) and Geoffrey J. Warren,

(Australian National University)

Discussant

Robert Faff

4:45 pm — 5:30 pm Gambling on Negatively-Skewed Assets: An ExperimentElise Payzan-LeNestour, (University of New South Wales, and California Institute of

Technology)

Discussant

Carsten Murawski

6:00 pm — 7:00 pm Pre—Dinner DrinksNational Wine Centre

7:00 pm — 10:00 pm Dinner

National Wine Centre

Day II — Friday 2nd August 2013

PROGRAM

9:00am — 9:30am REGISTRATIONCoffee and Tea

Session/Talk/PresenterBehavioral Finance and Capital Markets III

Chair: Kartick Gupta

9:30am — 10:10amExtrapolation Errors in IPOs

Chris Yung, (University of Virginia) Ying Xiao, (Mount Saint Mary College)

Discussant

Dave Allen

10:10am — 10:50amNews Coverage and Insider Trading

Lili Dai, (Erasmus School of Economics, Rotterdam)Jerry Parwada, (University of New South Wales) and Bohui Zhang, (University of New South

Wales)

Discussant

Takeshi Yamada

10:50am — 11:20am COFFEE BREAK

11:20am — 12:50pm Short Presentations I

1. Short selling and over‐optimism: Do short sellers profit on the Australian stock exchange?

2. Investor Behaviour and Lottery Stocks3. House Money Effects in Experimental Asset Markets4. Trading volume around firm-specific news5. The “Trading Gap”: How Active Funds Sell Better Stocks Than They Buy

Chair: Kinsley JonesPresenters:Eben van Wyk

Grace GongDebapriya Jojo PaulPriyantha MudaligeZhe Chen

12:50pm — 2:00pm LUNCH

2:00pm — 3:00pm Keynote AddressTowards a Set of Design Principles for Executive Compensation Contracts

Professor Terry WalterUniversity of Technology Sydney

Chair: Huu Nhan Duong

3:00pm — 3:20pm COFFEE BREAK

3:20pm — 4:50pm Short Presentations II

1. Asymmetric liquidity risks and asset pricing2. High Frequency Trading and Market Volatility: Is there a Fundamental

Association3. The Skewed Student-t Expansion Applied to Density and Value-at-Risk

Estimation4. Public information or uninformed liquidity shocks? A decomposition of the

drivers of large price patterns5. Should we be afraid of the dark? Dark trading and market quality

Chair: Andrew LeponePresenters:Sean AnthoniszJoakim WesterholmJason Scally

Vinay Patel

Sean Foley4:50pm — 5:10pm COFFEE BREAK

Session/Talk/PresenterBehavioral Finance and Capital Markets IV

Chair : Lei Xu

5:10pm — 5:40pm What Do Bankers Know?Renée B. Adams, (University of New South Wales, FIRN and ECGI), Yanhui (Sean) Wu,

(Queensland University of Technology)and Qiaoqiao Zhu, (Australian National University)

Discussant

Chandrasekhar Krishnamurti

5:40pm — 5:50pm Closing Address and Best Paper Award Petko Kalev

5:50pm — 6:40pm Conference Drinks Rockford Hotel Rooftop

Registration Form and Tax InvoiceABN 37 191 313 308

(Please note that when you make your registration payment this form will become a tax invoice. Please retain a copy of the completed form for your records)

Behavioral Finance and Capital MarketsConference on 1-3 August 2013

Title (please circle): Professor / Associate Professor / Dr / Mr / Mrs / Ms / MissLast Name: ______________________________First Name: ____________________________Affiliation: _____________________________________________________________________Address: ______________________________________________________________________City, State, Zip: _________________________ Country: _____________________________Telephone: ____________________________ Fax: ________________________________E-mail: ________________________________________________________________________Accompanying Person (if any): ________________________________________________

Participants Fee: Early Bird 30 June 2013 After 30 June 2013Registration Fee (2 Days) □ $450 (all inclusive, Inc. GST) □ $500Registration Fee (3 Days) □ $600 (all inclusive, Inc. GST) □ $650PhD Student Registration (2 Days) □ $200 (all inclusive, Inc. GST) □ $250PhD Student Registration (3 Days) □ $350 (all inclusive, Inc. GST) □ $400One day Registration □ $300 (with lunch and dinner, Inc. GST) □ $350One day PhD Student Registration □ $150 (with lunch and dinner, Inc. GST) □ $200

Accompanying Person 1 August 2013 Dinner □ $150 (Inc. GST)Accompanying Person 3 August 2013 Winery Tour □ $150 (Inc. GST)

Please note Registrations will be accepted until 5pm Friday 26 July 2013

Method of Payment (please circle):

For UniSA staff and PhD students: Cost Centre: ___________________ School/Unit: ___________________________Cheque* Money Order* Visa MasterCard*If paying by cheque or money order, please make the cheque payable to the University of South Australia.Please note that we do not accept Diners Club or American Express.

Credit Card No: _________________________________________________Exp. Date: __________________

Name of Card Holder: ________________________________________________________________

Signature: _____________________________________________________Amount:_____________________

Special requests: for example, if you have any specific dietary needs (e.g., vegetarian, seafood allergy, etc.) Please indicate them here:

RSVP: Friday 26 July 2013 (Places are strictly limited)Please complete the registration form and return it with your payment to:Lilie Terziovski, Administrative Coordinator - Centre for Applied Financial Studies (CAFS) School of Commerce, University of South Australia, GPO Box 2471, Adelaide, SA, 5001Email: cafs@unisa.edu.au T: + 61 8 83020675 F: + 61 8 8302 0992