welcome to seoul!fmaconferences.org/seoul/seoulprogram.pdfhelsinki, finland the twentieth annual...

2015 FMA ASIAN MEETING 23 – 25 June 2015

Seoul, South Korea

Welcome to Seoul!

Seoul National University Business School Institute of Finance and Banking

UPCOMING CONFERENCES

2015 FMA Annual Meeting

14 – 17 October 2015 Hilton Bonnet Creek Hotel Orlando, FL USA

The academic program includes over 200 sessions with over 700 traditional research paper presentations spread throughout a 2 ½ day program, with the purpose of presenting new and unpublished research. In addition to the academic sessions, a series of special panel sessions and tutorials will be held on Thursday, 15 October and Friday, 16 October on a wide range of topics ranging from the current global financial crisis to financial integrity to innovations and advances in financial education. Conference highlights will include:

Keynote Address by Dr. Jeremy Stein, Moise Y. Safra Professor of Economics, Harvard University

A Doctoral Student Consortium will be led by Dr. Jeff Coles, University of Utah, which brings together leading scholars and doctoral students to discuss current research and the students’ dissertations.

Dr. Christopher James, University of Florida, will lead the Assistant Professors’ Breakfast which addresses what may be the primary challenge facing assistant professors.

A Women’s Networking Breakfast, featuring helpful advice about planning for a successful career, and balancing career with other elements of a rewarding life will be led by Dr. Francesca Cornelli, London Business School.

www.fma.org/Orlando/OrlandoIndex.htm

___________________________________________________________________________________________________

2016 FMA European Conference

8 – 10 June 2016 Helsinki, Finland

The Twentieth Annual European Conference of the Financial Management Association International (FMA) will be held 8 – 10 June 2016 in Helsinki, Finland, hosted by Hanken School of Economics. Conference highlights will include:

A prominent emphasis on "bridging theory and practice" with specific interest in describing and evaluating current financial and economic conditions in the region.

Ample opportunities for participants to meet one another in a social setting.

A doctoral consortium similar to the one undertaken at FMA's North American and Asian meetings.

www.fma.org/Helsinki/HelsinkiIndex.htm

2016 FMA Asia/Pacific Meeting 13 – 15 July 2016 Sydney, Australia

The Eighth Annual Asia/Pacific Meeting of the Financial Management Association International (FMA) will be held in Sydney Australia 13 – 15, July 2016 hosted by the University of New South Wales and Australian National University. (See page 4.)

www.fma.org/Sydney/SydneyIndex.htm

2015 FMA Asian Meeting Program - 1

2015 FMA ASIAN MEETING

TABLE OF CONTENTS

FMA Officers, Directors, and Editors ...................................................................................................................... 2 Welcome .................................................................................................................................................................... 3 Bong-Chan Kho, Seoul National University Harrison Hong, Princeton University 2015 FMA Asian Conference Program Co-Chairs 2016 FMA Asia/Pacific Conference Call for Papers .............................................................................................. 4 Sponsors .................................................................................................................................................................... 5 Doctoral Student Consortium ................................................................................................................................. 7 Special Presentations

Keynote Address: José Scheinkman ....................................................................................................................... 8 Asian Shadow Financial Regulatory Committee ...................................................................................................... 8

Registration - Social Events - Tea Breaks .............................................................................................................. 9 At-A-Glance Timetable ............................................................................................................................................. 10 Program .................................................................................................................................................................... 11

2015 Asian Conference Program Committee.......................................................................................................... 20 Index of Participants ................................................................................................................................................. 21 FMA Publications - Placement Services - Grants and Awards ............................................................................ 22 Roster of Attendees .................................................................................................................................................. 23 Conference Maps ...................................................................................................................................................... 26

Financial Management Association International

University of South Florida Muma College of Business Tampa, FL 33620-5500 USA

Phone: 1.813.974.2084 Fax: 1.813.974.3318 www.fma.org

[email protected]

2015 FMA Asian Meeting Program - 2

FINANCIAL MANAGEMENT ASSOCIATION INTERNATIONAL

OFFICERS – DIRECTORS – EDITORS – TRUSTEES

President Serves as the chief spokesperson for the Association 2014-15 Jay R. Ritter University of Florida 2015-16 David Denis University of Pittsburgh

Secretary/Treasurer Manages the financial affairs of the Association 2012-17 Andrea Heuson University of Miami

Vice President – Annual Meeting Program Determines the type of program to be offered and selects the participants 2015 Brad Barber University of California at Davis 2016 John Graham Duke University

Vice President – Financial Education Responsible for developing and administering financial education activities including the development of sessions on financial education for the Annual Meeting program 2014-16 Gordon Alexander University of Minnesota

Vice President – Practitioner Services Responsible for enhancing the value of practitioner membership and promoting interaction between practitioners and academicians 2011-17 Javier Estrada IESE Business School

Vice President – Global Services Responsible for developing and administering activities to globalize the Association 2013-15 Ronald Masulis University of New South Wales

Student Chapters’ Committee Chairperson Oversees the operation of the Student Chapters’ program and represents the interests of FMA’s student members 2012-15 Ross Dickens University of Tennessee at Martin

Publications Committee Chairperson 2011-16 Richard Stanton University of California, Berkeley Academic Directors Responsible for representing the needs of FMA’s academic members and are members of the Nominating Committee 2014-16 John Griffin University of Texas 2013-15 Jarrad Harford University of Washington 2014-16 Jay Hartzell University of Texas 2013-15 Ravi Jagannathan Northwestern University 2014-16 Michelle Lowry Drexel University 2013-15 Toni Whited University of Rochester

Program Co-Chairs – FMA European Conference 2015 Giampaolo Gabbi SDA Bocconi School of Management Lilian Ng York University Guido Max Mantovani Ca' Foscari University of Venice

Program Co-Chairs – FMA Asian Conference 2015 Harrison Hong Princeton University Bong-Chan Kho Seoul National University

Editors Responsible for their editorial staff and for the contents of their respective publications Financial Management 2011-17 P. Raghavendra Rau University of Cambridge Marc Lipson University of Virginia

Journal of Applied Finance 2013-16 Eric Ball Oracle Corporation Joshua Rossett Claremont McKenna University Richard Smith University of California Riverside

FMA Survey and Synthesis Series 2010-16 Erik Lie University of Iowa John McConnell Purdue University

FMA Online 2012-15 Executive Editor Jacqueline Garner Mississippi State University

Practitioner Directors Represent the interests of FMA’s practitioner members 2014-16 Mike Edleson University of Chicago 2013-15 Gerald Garvey BlackRock 2014-16 Mike Lemmon BlackRock 2014-16 Vinay Nair ADA Investments 2013-15 Rodney Sullivan CFA Institute 2013-15 Marc Zenner JP Morgan

FMA Board of Trustees Responsible for insuring the long-term continuity of the Association and have the authority to approve appointments or any other matter which appears to affect the basic structure or operation of the Association 2013-20 Franklin Allen Imperial College Business School 2009-16 Douglas Emery University of Miami 2009-18 Robert Harris University of Virginia 2014-21 Kose John New York University 2008-15 Jonathan Karpoff University of Washington 2012-19 G Andrew Karolyi* Cornell University 2010-17 Maureen O’Hara Cornell University 2014-18 Ajay Patel Wake Forest University 2011-18 Anthony Saunders New York University * Chair

2015 FMA Asian Meeting - 3

Dear Participants: Welcome to the 2015 FMA Asian Meeting in beautiful Seoul, South Korea! We are delighted that you have joined us. We hope that you will enjoy the program’s many opportunities to exchange ideas. The 2015 FMA Asian Meeting is the seventh FMA conference in Asia. We have tried to organize a small but high-quality conference. A total of 313 papers were submitted for the conference, of which 87 were accepted for an acceptance ratio of 28%. Criteria used to select papers for the program included the nature of the research problem, implications of the proposed research, the quality of the research design, and the expected contribution of the research to the literature. The final result, we believe, is a very strong program. Each submitted paper was blindly reviewed by several Program Committee members, and reviewer comments were provided whenever possible. In addition, we have invited nine senior scholars to discuss their current research. You will find a total of 29 sessions to attend, each of which offers a valuable opportunity for the discussion of important academic and practical issues in finance. A feature of the meeting, as with other FMA meetings, is that we have organized a Consortium for doctoral students in finance from universities across the globe. This Consortium offers a rare chance for young scholars to be exposed to current research issues in finance. We would like to thank many people who have contributed to the success of the program. Those who submitted papers and offered to participate in the meeting or to serve as discussants, those who served as members of the Program Committee, those who are session chairs, and those who accepted invitations to discuss their research in the program are keys to the program’s success. Additionally, our thanks to Dr. José Scheinkman who has agreed to present the keynote address. Very special thanks go to Seoul National University for their generous support in hosting the meeting. We would also like to thank Korea Exchange, Korea Financial Investment Association, Financial News, FnGuide, and Korean Securities Association for their generous sponsorships as well as the CFA Institute for their sponsorship of a paper award. Thank you for coming and have a great meeting! Sincerely, Bong-Chan Kho, Seoul National University Harrison Hong, Princeton University 2015 FMA Asian Meeting Program Co-Chairs


FINANCIAL MANAGEMENT ASSOCIATION INTERNATIONAL CALL FOR PAPERS AND PARTICIPATION 2016 FMA ASIA/PACIFIC MEETING 13 – 15 July 2016 Sydney, Australia

FMA International is pleased to announce its Eighth Annual Asia/Pacific Meeting in Sydney, Australia. Continuing the successful model used for our previous Asia/Pacific meetings, this meeting will be smaller than our traditional meetings and offer only a few high-quality concurrent sessions. We therefore seek strong papers from scholars in all fields of finance. The criteria used to select papers for the program include the nature of the research problem, implications of the proposed research, the quality of the research design, and the expected contribution of the research to the literature.

2016 FMA Asia/Pacific Meeting Program Co-Chairs Ronald Masulis, (International Co-chair), University of New South Wales

Jerry T. Parwada, University of New South Wales Takeshi Yamada, Australian National University

The conference co-hosts, University of New South Wales and Australian National University, are excited to be the local organizers of the 8th Annual Asia/Pacific Meeting in Sydney Australia. The University of New South Wales (UNSW) is an Australian public research university located in a suburb of Sydney several miles from the city center and within walking distance of beautiful Coogee Beach, the location of the conference hotel. The university was established in 1949 by the New South Wales government. The UNSW Business School previously known as Australian School of Business, has long been regarded as Australia’s leading business school. The School of Banking and Finance is one of the largest as well as top ranked finance departments in Australia and the Asian region. The Australian National University (ANU) is a public university in Canberra, Australian Capital Territory. Located in the suburb of Acton, the main campus encompasses seven teaching and research colleges, in addition to several national institutes. Founded in 1946, it is the only university to have been created by the Parliament of Australia. Originally a postgraduate research university, ANU commenced undergraduate teaching in 1960. The Research School of Finance, Actuarial Studies and Applied Statistics is housed under the College of Business and Economics, which has over the last 40 years produced, some of Australia’s leaders in economics, business, finance and politics.

DEADLINE SUMMARY

Program Committee Member Applications: December 1, 2015 Completed Papers: December 18, 2015

Panel Discussion Proposals: December 18, 2015 Doctoral Student Consortium Applications: February 24, 2016

Requests to serve as session chairpersons/paper discussants: January 29, 2016

Submission Fee: US $25/ US $35 for non-members

For information on submission procedures, go to: www.fma.org/Sydney


FMA is grateful to all of our sponsors for the generous support

they have provided for the 2015 FMA Asian Conference.

Seoul National University Business School Institute of Finance and Banking The conference host, Seoul National University (SNU), is located in the southern part of Seoul, surrounded by Mt. Gwanak, and is Korea’s first national university and the leader of higher education in Korea. Since its founding in 1946, SNU has produced leaders in every sector of Korean society, ranging from business and politics to science, technology and the arts. As Korea’s leading research university, SNU is committed to diversifying its student body and faculty, fostering global exchange, and promoting path-breaking research in all fields of knowledge. The SNU Business School, ranked 40th by the 2014 QS World University Rankings by Subject in Accounting and Finance, is comprised of a world-class faculty recognized for academic research publication in top-tier journals. Dedicated to a leading global business educational and research institution, it has offered a wide range of full-time degree and non-degree programs at undergraduate and graduate levels, including MBA programs. According to public media research, the CEOs of Korea’s top 100 corporations and 17% of government officials are alumni of SNU Business School. The Institute of Finance and Banking (IFB), founded in 1992, aims for contributing to the academic through the development of theoretical and practical models applicable to Korea’s fast changing finance and banking industries. The Institute also contributes to the widespread dissemination of domestic and international finance-related research findings through holding regular seminars and international conferences, and operates education programs for those executives employed in the finance sector. Korea Exchange (KRX) The Korea Exchange (KRX) was launched as Korea’s single integrated exchange in 2005 through the merger of the Korea Stock Exchange (KSE, established in 1956), the KOSDAQ (1996), and the Korea Futures Exchange (KOFEX, 1999). KRX is a comprehensive securities market with a diverse line-up of products such as stocks, bonds, derivatives, exchange traded funds (ETFs), equity linked warrants (ELWs), real estate investment trusts (REITs), and various commodity products. At the end of 2014, KRX listed 1,864 companies, including 15 foreign companies, on KOSPI, KOSDAQ and KONEX markets. The annual trading value reached US$1,350.4 billion, ranked 12th in the world. In addition, KRX is one of the most liquid derivatives exchanges with annual trading volume of 677.8 million contracts with the KOSPI 200 index options product well known for most actively traded derivatives in the world. Korea Financial Investment Association (KOFIA) The Korea Financial Investment Association (KOFIA) is a non-profit organization founded under the Financial Investment Services and Capital Market Act in 2009, ensuring that members follow fair business practices, the fair trading of securities, and investor protection. All securities, asset management, and futures firms in Korea are KOFIA members and are subject to KOFIA’s self-regulatory policies.


Financial News The Financial News rapidly emerged as one of Korea’s leading economic newspapers by heralding quality economic news that catered to reader preference, and offering in-depth analyses and forthright perspectives. Various corporations also favor the Financial News for effectively reaching out to a core audience and ensuring the timely delivery of economic news to a group of dedicated readers. FnGuide Founded in 2000 as a financial information and data provider to capital market participants for the first time in Korea, FnGuide provides a top quality sophisticated financial solution. Along with providing database for Corporate Finance, Equity, Fixed Income, Economy, Industry and Ownership data, FnGuide has been developing solutions in Research Supporting, Corporate Value Evaluation, Index generation and Asset Management Supporting as well. Based on its accumulated knowhow and professional experiences, FnGuide is planning to provide integrated consulting services to financial institutions for Performance Evaluation, Asset Allocation, Risk Management, Operating Strategies including Alternative Investment, Fixed Income and Derivatives. Korean Securities Association (KSA) Founded in 1976, the Korean Securities Association (KSA) is the oldest and leading finance association in Korea with 1,330 members, aiming to contribute to the development of the Korean securities and finance industry by fostering academic and social activities among member scholars and practitioners. The KSA publishes the Asia-Pacific Journal of Financial Studies (AJFS, six times a year), which is the first Asian journal listed in SSCI, and the Korean Securities Journal (five times a year). The KSA also hosts an international conference called CAFM every December and domestic conferences three times a year. In addition, the KSA supports a number of research grants and consulting projects for member scholars.

FMA is grateful to our Best Paper Sponsors

CFA Institute Investment Research Award CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal is to create an environment where investors’ interests come first, markets function at their best, and economies grow. CFA Institute has more than 130,000 members, including 123,000 CFA charterholders, in 147 countries and territories and 144 member societies. For more information, visit www.cfainstitute.org.

CFA Institute Give-Away Be sure to visit the CFA Institute exhibit table to sign up for a chance to win a Fire HD 7 (4th Generation) tablet by Amazon! This tablet features a 7-inch HD Display, Wi-Fi, Front and Rear Cameras and 8 GB storage. We’ve bundled the tablet with a Kindle PowerFast International Charging Kit for accelerated charging in over 200 countries. Two bundles will be given away and winners will be chosen at random from the pool of entrants. To enter, professors must sign up at the CFA Institute exhibit booth during exhibit hours. Winners need not be present to win. Winners will be announced at the gala dinner on Thursday evening, 25 June.


2015 FMA ASIAN MEETING DOCTORAL STUDENT CONSORTIUM*

Coordinator Dr. G Andrew Karolyi Alumni Professor in Asset Management, Professor of Finance Cornell University Panelists and Workshop Leaders Dr. Jie Gan, Cheung Kong Graduate School of Business Professor of Finance, Director of Center on Finance and Economy Growth Dr. Jun Koo Kang, Nanyang Technological University Distinguished Professor of Finance Dr. Michael Weisbach, Ohio State University Ralph W. Kurtz Chair in Finance Student Participants

Azizah Abu Bakar University of Glasgow

Amna Noor Chaudhry University of Glasgow

Byoung-jin Kim Inha University

Donghan Kim KAIST

Hyun-Dong Kim KAIST

Vincent Kleinbrod Massey University

Seungkyu Lee Pohang University of Science and Technology

Bokyung Park Seoul National University

Seunghun Shin KAIST

In Jung Song University of Georgia

Wenjun Tu University of Nottingham

Dong Ryung Yang Seoul National University

Consortium Agenda Morning Agenda 9:15 AM – 12:00 PM Panel featuring the Consortium Panelists, Room 121 (LG Hall, 1st Floor)

Luncheon 12:00 – 1:30 PM, Sodammaru (Dongwon Dining Hall, 3rd Floor) Afternoon Agenda 1:30 – 4:30 PM Dissertation Presentation Workshops led by Consortium Panelists

Welcome Reception 6:00 – 7:30 PM, The Café at Hoam Faculty House * By Invitation Only


2015 FMA ASIAN CONFERENCE PROGRAM

KEYNOTE SPEAKER – JOSÉ A. SCHEINKMAN SHORTING

Wednesday 11:00 – 12:00 Noon SK Hall Supex (1st floor)

José A. Scheinkman is the Edwin W. Rickert Professor of Economics at Columbia University, Theodore A. Wells ‘29 Professor of Economics (emeritus) at Princeton University, and a Research Associate at the NBER. Previously, Scheinkman was the Alvin H. Baum Distinguished Service Professor and Chairman of the Department of Economics at the University of Chicago, Blaise Pascal Research Professor (France), Visiting Professor at Collège de France, Vice President in the Financial Strategies Group of Goldman, Sachs & Co., and co-editor of the Journal of Political Economy. He has served as a consultant to several financial institutions and serves on the board of Cosan Limited, a NYSE listed company engaged in the production and distribution of sugar, ethanol, and energy in Brazil. Scheinkman is a Member of the National Academy of Sciences, Fellow of the American Academy of Arts and Sciences, Fellow of the Econometric Society, Corresponding Member of the Brazilian Academy of Sciences, and received a “docteur honoris causa” from the Université Paris-Dauphine. In 2007 he was awarded a John Simon Guggenheim Memorial Fellowship. Scheinkman’s current research focuses on bubbles in financial markets and the determinants of the size of the financial industry.

ASIAN SHADOW FINANCIAL REGULATORY COMMITTEE (ASFRC) The Asian Infrastructure Investment Bank: Its Role and Likely Impact

Wednesday, 12:00 – 12:30 PM SK Hall Supex (1st floor)

The Shadow Financial Regulatory Committees are a group of independent experts on economic policy issues relevant to financial markets and financial industry of the Asia-Pacific regions. Their members are independent of any of the members’ affiliated institutions. The policy recommendations of the Shadow Financial Regulatory Committees are their own. Typically these Committees try to translate concepts drawn from academic literature into concrete policy recommendations.

ASFRC Members

Sri Adiningsih, Gadja Mada University Aekkachai Nittayagasetwat, NIDA

Jonathan Batten, Monash University Kyung Suh Park, Korea University

Harald Benink, Tilburg University Sang-Yong Park, Yonsei University

Edward Chow, National Chengchi University S Ghon Rhee, University of Hawaii

David Ding, Massey Univ & Singapore Management Univ Qian Sun, Fudan University

Shin-ichi Fukuda, University of Tokyo Juro Teranishi, Nihon University

Maria S Gochoco-Bautista, University of the Philippines Sunti Tirapat, Chulalongkorn University

Jeremy Goh, Singapore Management University Jian-Xin Wang, UTS Business School

Chen-Min Hsu, National Taiwan University Wing Thye Woo, Jeffrey Cheah Institute of Southeast Asia

Tokuo Iwaisako, Hitotsubashi University Xinzhong Xu, Sun Yat-Sen University

See Yan Lin, Universiti Sains Leslie Young, Chinese University of Hong Kong

Duc Khuong Nguyen, IPAG Business School Martin Young, Massey University


2015 FMA ASIAN CONFERENCE CONFERENCE SPONSOR, SEOUL NATIONAL UNIVERSITY

REGISTRATION, SOCIAL EVENTS, LUNCHEONS, TEA BREAKS & SHUTTLE SERVICE EXHIBITS WEDNESDAY - THURSDAY, 24 – 25 JUNE LG Hall Room 122, 1st Floor

REGISTRATION WEDNESDAY 24 JUNE 8:30 AM – 6:00 PM THURSDAY 25 JUNE 8:30 AM – 6:00 PM Registration Desk located in LG Hall Room 114

SOCIAL EVENTS WELCOME RECEPTION TUESDAY, 23 JUNE 6:00 PM Hoam Faculty House, The Café RECEPTION** WEDNESDAY, 24 JUNE 6:00 PM LG Hall Lobby (1st floor) GALA DINNER** THURSDAY, 25 JUNE 6:30 PM Samsung Convention Center, Hoam Faculty House

**Advance registration is required for Reception and Gala dinner.

LUNCHEONS WEDNESDAY, 24 JUNE 12:30 – 2:00 PM LG Hall Lobby (1st Floor) THURSDAY, 25 JUNE 12:45 – 2:00 PM LG Hall Lobby (1st Floor)

TEA & COFFEE BREAKS WEDNESDAY, 24 JUNE 3:45 – 4:15 pm LG Hall Lobby (1st Floor) THURSDAY, 25 JUNE 3:45 – 4:15 PM LG Hall Lobby (1st Floor)

SHUTTLE BUS SERVICE A shuttle bus will be provided in the morning at 8:45 AM on Tuesday (23 June) through Thursday (25 June) leaving from Hoam Faculty House to LG Hall and in the afternoon at 4:45 PM on Tuesday (23 June), at 7:00 PM on Wednesday (24 June), and at 6:00 PM on Thursday (25 June) leaving from LG Hall to Hoam Faculty House.


AT-A-GLANCE PROGRAM SCHEDULE

TUESDAY SESSIONS 23 JUNE

No sessions scheduled Welcome Reception 6:00 PM, Hoam Faculty House, The Café

WEDNESDAY SESSIONS 24 JUNE

LG Hall 121 LG Hall 120 LG Hall 116 LG Hall 101 LG Hall 105 LG Hall 115 9:15 AM – 10:45 AM

SESSION 1 Factors Affecting Firm Value 1

SESSION 2 No Session Scheduled

SESSION 3 Information and Investments

SESSION 4 Banks and Lending

SESSION 5 Capital Structure

SESSION 6 Market Integration

11:00 AM – 12:00 NOON

Welcome & Keynote Address José Scheinkman

SK Hall Supex, 1st Floor

12:00 NOON – 12:30 PM

ASFRC Statement SK Hall Supex, 1stFfloor

12:30 PM – 2:00 PM

Luncheon LG Hall 1st Floor

2:15 PM – 3:45 PM

SESSION 7 PANEL SESSION The Future of Finance

SESSION 8 Executive Compensation

SESSION 9 Information, Short Selling & Arbitrage

SESSION 10 Economics of Firm Value

3:45 PM – 4:15 PM

Coffee & Tea Break LG Hall 1st Floor

4:15 PM – 5:45 PM


SESSION 12 Managerial Incentives

SESSION 13 Asset Pricing

SESSION 14 Corporate Investment Decisions

SESSION 15 Contagion & Crash

SESSION 16 Innovation & Financing Policy

6:00 PM Reception LG Hall 1st Floor

**Advance registration is required

THURSDAY SESSIONS 25 JUNE

LG Hall 121 LG Hall 120 LG Hall 116 LG Hall 101 LG Hall 105 LG Hall 115 9:15 AM – 10:45 AM

SESSION 17 TUTORIAL Genetics and Finance Henrik Cronqvist

SESSION 18 Control & Governance


SESSION 20 IPOs, Venture Capital, and Debt

11:00 AM – 12:30 PM


SESSION 22 CEO Characteristics, Risk Taking & Fraud

SESSION 23 Information & the Stock Market

SESSION 24 M&A


SESSION 26 Retail Trading

12:45 PM – 2:00 PM

Luncheon LG Hall 1st Floor

2:15 PM – 3:45 PM

SESSION 27 PANEL SESSION Going Public, Being Public, and Going Private

SESSION 28 Factors Affecting Firm Value 2

SESSION 29 Investments


3:45 PM – 4:15 PM

Coffee & Tea Break LG Hall 1st Floor

4:15 PM – 5:45 PM


SESSION 32 International Governance


SESSION 34 Default Risk & Financing Policy

SESSION 35 Mutual Fund Organization & Trades

SESSION 36 Conflicts of Interest & Security Analysts

6:30 PM Gala Dinner Hoam Faculty House, Samsung Convention Center

**Advance registration is required


2015 FMA ASIAN CONFERENCE PROGRAM

Wednesday, 24 June 9:15 AM – 10:45 AM

Session 1 Factors Affecting Firm Value 1 Wednesday, 9:15 – 10:45 AM, LG Hall 121

Chairperson: Jong-Min Oh, University of Texas at Dallas

Local Twitter Activity and Stock Returns Bok Baik, Seoul National University Qing Cao, Texas Tech University Sunhwa Choi, Lancaster University Jin-Mo Kim, Rutgers University

R&D Investments, Technology Spillovers, and Stock Returns

Jong-Min Oh, University of Texas at Dallas

Family Business and Firm Value: Evidence from Stakeholder Relations with Employees

Jun-Koo Kang Technology Univ. Jungmin Kim, Hong Kong Polytechnic

University

Presenter: Jin-Mo Kim Presenter: Jong-Min Oh Presenter: Jun-Koo Kang

Discussant: Young Han Kim, Nanyang Technological University

Discussant to be announced Discussant: Alvin Ang, UNSW

Session 2 Wednesday, 9:15 – 10:45 AM, LG Hall 120

No Session Scheduled

Session 3 Information and Investments Wednesday, 9:15 – 10:45 AM, LG Hall 116

Chairperson: Geul Lee, University of New South Wales

Portfolio Selection with Mental Accounts and Estimation Risk

Gordon Alexander, University of Minnesota Alexandre Baptista, George Washington Univ. Shu Yan, Oklahoma State University

Impact of Truncation on Model-free Implied Moment Estimator

Geul Lee, University of New South Wales Li Yang, University of New South Wales

Do Superstitious Traders Lose Money? Utpal Bhattacharya, HKUST Wei-Yu Kuo, National Chengchi University Tse-Chun Lin, University of Hong Kong Jing Zhao, University of Hong Kong

Presenter: Gordon Alexander Presenter: Geul Lee Presenter: Utpal Bhattacharya

Discussant: Cheol Won Yang, Dankook University Discussant: Ji Yeol Jimmy Oh, Hanyang University Discussant: Sooyoung Song, Chung-Ang University

Session 4 Banks and Lending Wednesday, 9:15 – 10:45 AM, LG Hall 101

Chairperson: Renata Herrerìas Franco, ITAM School of Business

The Mispricing of Loan Loss Providers Lee-Seok Hwang, Seoul National University Young Jun Kim, Hankuk University of Foreign

Studies

House Prices, Bank Balance Sheets and Bank Credit Supply

Mark Flannery, University of Florida Leming Lin, University of Pittsburgh

Recourse Mortgage Law and Housing Speculation

Seungjoon Oh, Peking University Yongyob Nam, University of Michigan

Presenter: Young Jun Kim Presenter: Leming Lin Presenter: Seungjoon Oh

Discussant: Renata Herrerìas Franco, ITAM School of Business

Discussant: Kwangwoo Park, KAIST Discussant: Yun Woo Park, Chung-Ang University

Session 5 Capital Structure Wednesday, 9:15 – 10:45 AM, LG Hall 105

Chairperson: Sigitas Karpavicius, Flinders University

External Growth Opportunities, Managerial Risk Incentives, and a Firm’s Financing Policy

Sigitas Karpavicius, Flinders University Fan Yu, Fudan University

Knightian Uncertainty and Capital Structure: Theory and Evidence Seokwoo Lee, George Mason University

Busted! Now What? Effects of Cartel Enforcement on Firm Policies

Allin Dong, HKUST Massimo Massa, INSEAD Alminas Zaldokas, HKUST

Presenter: Sigitas Karpavicius Presenter: Seokwoo Lee Presenter: Alminas Zaldokas

Discussant: Sojung Park, Seoul National University Discussant: Ryoonhee Kim, City University of Hong Kong

Discussant: Stefan Zeume, University of Michigan


Session 6 Market Integration Wednesday, 9:15 – 10:45 AM, LG Hall 115

Chairperson: Wolfgang Bessler, University of Giessen

Stock Market Re-Segmentation and Forced Segment Transfer Decisions: An Analysis of Initial Public Offerings

Wolfgang Bessler, University of Giessen Colin Schneck, University of Giessen

The Two Components of International Portfolio Flows Shaghil Ahmeda, Federal Reserve System Stephanie Curcuru, Federal Reserve System Francis Warnock, University of Virginia Andrei Zlate, Federal Reserve System

Presenter: Jay Ritter on behalf of Wolfgang Bessler Presenter: Francis Warnock

Discussant: Jay Ritter, University of Florida Discussant: Kyu Huong Kim, Chung-Ang University

Keynote Address José A. Scheinkman

Shorting Wednesday 24 June 11:00 AM – 12:00 Noon

SK Hall Supex (1st Floor)

José A. Scheinkman is the Edwin W. Rickert Professor of Economics at Columbia University, Theodore A. Wells ‘29 Professor of Economics (emeritus) at Princeton University, and a Research Associate at the NBER. Previously, Scheinkman was the Alvin H. Baum Distinguished Service Professor and Chairman of the Department of Economics at the University of Chicago, Blaise Pascal Research Professor (France), Visiting Professor at Collège de France, Vice President in the Financial Strategies Group of Goldman, Sachs & Co., and co-editor of the Journal of Political Economy. He has served as a consultant to several financial institutions and serves on the board of Cosan Limited, a NYSE listed company engaged in the production and distribution of sugar, ethanol and energy in Brazil. Scheinkman is a Member of the National Academy of Sciences, Fellow of the American Academy of Arts and Sciences, Fellow of the Econometric Society, Corresponding Member of the Brazilian Academy of Sciences, and received a “docteur honoris causa” from the Université Paris-Dauphine. In 2007 he was awarded a John Simon Guggenheim Memorial Fellowship. Scheinkman’s current research focuses on bubbles in financial markets and the determinants of the size of the financial industry.

Asian Shadow Financial Regulatory Committee (ASFRC) The Asian Infrastructure Investment Bank: Its Role and Likely Impact

Wednesday 24 June, 12:00 - 12:30 PM SK Hall Supex (1st Floor)

The Shadow Financial Regulatory Committees are a group of independent experts on economic policy issues relevant to financial markets and financial industry of the Asia-Pacific regions. Their members are independent of any of the members’ affiliated institutions. The policy recommendations of the Shadow Financial Regulatory Committees are their own. Typically these Committees try to translate concepts drawn from academic literature into concrete policy recommendations.

ASFRC Members Sri Adiningsih, Gadja Mada University Aekkachai Nittayagasetwat, NIDA

Jonathan Batten, Monash University Kyung Suh Park, Korea University

Harald Benink, Tilburg University Sang-Yong Park, Yonsei University

Edward Chow, National Chengchi University S Ghon Rhee, University of Hawaii

David Ding, Massey University & Singapore Management University Qian Sun, Fudan University

Shin-ichi Fukuda, University of Tokyo Juro Teranishi, Nihon University

Maria S Gochoco-Bautista, University of the Philippines Sunti Tirapat, Chulalongkorn University

Jeremy Goh, Singapore Management University Jian-Xin Wang, UTS Business School

Chen-Min Hsu, National Taiwan University Wing Thye Woo, Jeffrey Cheah Institute of Southeast Asia

Tokuo Iwaisako, Hitotsubashi University Xinzhong Xu, Sun Yat-Sen University

See Yan Lin, Universiti Sains Leslie Young, Chinese University of Hong Kong

Duc Khuong Nguyen, IPAG Business School Martin Young, Massey University

Luncheon 12:30 – 2:00 PM LG Hall 1st Floor


Wednesday, 24 June 2:15 PM – 3:45 PM

Session 8 Executive Compensation Wednesday, 2:15 – 3:45 PM, LG Hall 120

Chairperson: Woochan Kim, Korea University Revisiting Executive Pay in Family-Controlled Firms: Family Premium in Large Business Groups

Juyoung Cheong, KAIST Woochan Kim, Korea University

Does a Salary Cap Really Work Jacqueline Garner, Mississippi State University Won Yong Kim, Dickinson College

Presenter: Woochan Kim Presenter: Won Yong Kim

Discussant: JiWoong Chung, Korea University Discussant: Xiaoding Liu, University of Oregon

Session 9 Information, Short-selling, and Arbitrage Wednesday, 2:15 – 3:45 PM, LG Hall 116

Chairperson: Antonio Gargano, University of Melbourne The Freedom of Information Act and the Race Towards Information Acquisition

Antonio Gargano, University of Melbourne Alberto Rossi, University of Maryland Russ Wermers, University of Maryland

Real Effects of Rating Standards for Catastrophic Risks Anastasia Kartashevay, Bank of International Settlement Sojung Park, Seoul National University

Presenter: Antonio Gargano Presenter: Sojung Park

Discussant: Seongkyu Park, University of Chicago Discussant: In Jung Song, University of Georgia

Session 7 The Future of Finance Wednesday 24 June 2:15 – 3:45 PM, LG Hall 121

The financial crisis is in the rear view mirror, but its effects linger on. We are still trying to sort out what should have been done in response and what could be done to prevent a repeat. This session featuring some of the leading voices in practice and academia will address what the future holds for finance and the profession of finance.

- What has changed? - What should change? - What is the way forward given what we know about the financial crisis, its causes (to the extent we know what caused the

crisis), and its aftermath?

Moderator Ajay Patel, Professor and Thomas S. Goho Chair in Finance Wake Forest University

Panelists Neil Govier, Head, Education - Asia Pacific CFA Institute Suk Hyun, Director of Center for Global Financial Collaboration Korea Capital Market Institute

PANEL SESSION


Session 10 Economics of Firm Value Wednesday, 2:15 – 3:45 PM, LG hall 101

Chairperson: Stefan Zeume, University of Michigan

Corporate Tax Havens and Shareholder Value: Evidence from Tax Information Exchange Agreements

Morten Bennedsen, INSEAD Stefan Zeume, University of Michigan

Poor Institutions and Private Incentives: Evidence from Dividend Policies

Jie Gan, CKGSB

Does Uncertainty about Management Affect Firms’ Costs of Borrowing?

Yihui Pan, University of Utah Tracy Yue Wang, University of Minnesota Michael Weisbach, Ohio State University,

NBER and SIFR

Presenter: Stefan Zeume Presenter: Jie Gan Presenter: Michael Weisbach

Discussant: Leming Lin, University of Pittsburgh Discussant: Meng Miao, University of Oxford Discussant: Sigitas Karpavicius, Flinders University

Wednesday, 24 June 4:15 PM – 5:45 PM

Session 11 Wednesday, 4:15- 5:45 PM, LG Hall 121


Session 12 Managerial Incentives Wednesday, 4:15- 5:45 PM, LG Hall 120

Chairperson: Xiaoding Liu, University of Oregon

Cultural Origins and CEO Incentive Contracts Xiaoding Liu, University of Oregon

Managerial Incentives, Moral Hazard and Risk Management Chang Mo Kang, University of New South Wales

Presenter: Xiaoding Liu Presenter: Chang Mo Kang

Discussant: Daniel Urban, Technische Universistat Muchen Discussant: Seokwoo Lee, George Mason University

Session 13 Asset Pricing Wednesday, 4:15- 5:45 PM, LG Hall 116

Chairperson: Antonio Gargano, University of Melbourne

An International CAPM with Higher-Order Moments Jeewon Jang, KAIST Jangkoo Kang, KAIST

A Comparison of New Factor Models Kewei Hou, Ohio State University Chen Xue, University of Cincinnati Lu Zhang, Ohio State University

Presenter: Jeewon Jang Presenter: Jeewon Jang on behalf of Kewei Hou

Discussant: Antonio Gargano, University of Melbourne Discussant: Jeewon Jang, KAIST

Session 14 Corporate Investment Decisions Wednesday, 4:15- 5:45 PM, LG Hall 101

Chairperson: Hyunseob Kim, Cornell University

The Design of Structured Finance Vehicles Sanjiv Das, Santa Clara University Seoyoung Kim, Santa Clara University

Property Rights Protection and Investment: A Natural Experiment from China

Meng Miao, Oxford University

The Asset Redeployability Channel: How Uncertainty Affects Corporate Investment

Hyunseob Kim, Cornell University Howard Kung, London Business School

Presenter: Seoyoung Kim Presenter: Meng Miao Presenter: Hyunseob Kim

Discussant: Jaewon Choi, University of Illinois Discussant: Hyunseob Kim, Cornell University Discussant: Seoyoung Kim, Santa Clara University

Coffee & Tea Break 3:45 – 4:15

LG Hall, 1st Floor


Session 15 Contagion and Crash Wednesday, 4:15- 5:45 PM, LG Hall 105

Chairperson: Alvin Ang, University of New South Wales

A Large Creditor in Contagious Liquidity Crises Frederick Dongchuhl Oh, KAIST Junghum Park, KAIST

Internal Capital Markets in Family Business Groups During the Global Financial Crisis

Alvin Ang, University of New South Wales Ronald Masulis, Univ. of New South Wales Peter Kien, University of New South Wales Jason Zein, University of New South Wales

Presenter: Frederick Dongchuhl Oh Presenter: Alvin Ang

Discussant: Chang Mo Kang, UNSW Discussant: Frederick Dongchuhl Oh, KAIST

Session 16 Innovation and Financing Policy Wednesday, 4:15- 5:45 PM, LG Hall 115

Chairperson: Zhaoxia Xu, New York University

Do Corporate Taxes Hinder Innovation? Abhiroop Mukherjee, HKUST Manpreet Singh, HKUST Alminas Zaldokas, HKUST

Financial Dependence and Innovation: The Case of Public versus Private Firms

Viral Acharya, New York University Zhaoxia Xu, New York University

What Affects Innovation More: Policy or Policy Uncertainty?

Utpal Bhattacharya, HKUST Po-Hsuan Hsu, University of Hong Kong Xuan Tian, Indiana University Yan Xu, University of Hong Kong

Presenter: Manpreet Singh Presenter: Zhaoxia Xu Presenter: Utpal Bhattacharya

Discussant: Woochan Kim, University of Korea Discussant: Seungjoon Oh, Peking University Discussant: Zhaoxia Xu, New York University

Thursday, 25 June 9:15 AM – 10:45 AM

Session 18 Control and Governance Thursday, 9:15 – 10:45 AM, LG Hall 120

Chairperson: Bohui Zhang, University of New South Wales Who Captures the power of the Pen?

Jiaxing You, Xiamen University Bohui Zhang, University of New South

Wales Le Zhang, University of New South Wales

Guess Who is Not Coming to the Meeting: Evading Unwanted Shareholders

Charles Hadlock, Michigan State University Hojong Shin, Michigan State University Hayong Yun, Michigan State University

Control Beyond Ownership: Subcontractors of Large Business Groups

Woojin Kim, Seoul National University Jongsub Lee, University of Florida Yunxiao Liu, Korea University

Presenter: Bohui Zhang Presenter: Hojong Shin Presenter: Jongsub Lee

Discussant: Manpreet Singh, HKUST Discussant: Won Yong Kim, Dickinson College Discussant: Paul Moon Sub Choi, Ewha Womans University

Reception** 6:00 – 7:00 PM

LG Hall, 1st Floor **Advance Registration Required

Session 17 Genetics and Finance

Thursday, June 25, 9:15 – 10:45 AM, LG Hall 121 Presented by Henrik Cronqvist Professor of Finance; Zhongkun Group Chair of Finance, CEIBS This session will provide an overview of empirical methods used to attribute heterogeneity across individuals into genetic and environmental factors. Some of the empirical challenges of such variance decomposition analysis will be emphasized and discussed. The current state of the field will be reviewed and some future directions for research will be provided.

TUTORIAL PRESENTATION


Session 19 Thursday, 9:15 – 10:45 AM, LG Hall 116


Session 20 IPOs, Venture Capital, and Debt Thursday, 9:15 – 10:45 AM, LG Hall 101

Chairperson: Martin Young, Massey University Venture Capitalists and Firms’ Post-IPO Leverage

Vladimir Ivanov, US SEC Ayla Kayhan, Louisiana State University

Debt Heterogeneity, Agency Costs and Business Risk of Multinational Corporations

Jonathan Batten, Monash University Karren Lee-Hwei Khaw, Northern University of

Malaysia Martin Young, Massey University

Pre-Market Trading and IPO Pricing Jay Ritter, University of Florida Yiming Qian, University of Iowa Yao-Min Chiang, National Taiwan University Chun Chang, Shanghai Jiaotong University

Presenter: Vladimir Ivanov Presenter: Martin Young Presenter: Jay Ritter

Discussant: Junyoup Lee, UNIST Discussant: Wi Saeng Kim, Hofstra University Discussant: Shu-Feng Wang, Sungkyunkwan University

Thursday, 25 June 11:00 AM – 12:30 PM

Session 21 Thursday, 11:00 AM – 12:30 PM, LG Hall 121


Session 22 CEO Characteristics, Risk-taking, and Fraud Thursday, 11:00 AM – 12:30 PM, LG Hall 120

Chairperson: Joon Ho Hwang, Korea University Directors’ and Officers’ Liability Insurance and Corporate Risk-Taking

Joon Ho Hwang, Korea University Byungmo Kim, Dankook University

Why Do Executives Commit Fraud on the Market? Executive Overconfidence and Securities Class Actions

Suman Banerjee, University of Wyoming Mark Humphery-Jenner, UNSW Mandy Tham, Nanyang Business School Vikram Nanda, Rutgers University

The Testosterone of the CEO and the Risk of the Firm

Young Han Kim, NTU & SKKU Shinichi Kamiya, NTU

Presenter: Joon Ho Hwang Presenter: Mark Humphery-Jenner Presenter: Young Han Kim

Discussant: Chan Shik Jung, Dong-A University Discussant to be announced Discussant: Joon Ho Hwang, Korea University

Session 23 Information and the Stock Market Thursday, 11:00 AM – 12:30 PM, LG Hall 116

Chairperson: Hwagyun Kim, Texas A&M University

Skewness and Dispersion of Opinion and the Cross Section of Stock Returns

Jinghan Meng, University of Hong Kong

Value or Growth? Pricing of Idiosyncratic Cash-Flow Risk with Heterogeneous Beliefs

Hwagyun Kim, Texas A&M University Hogyu Jhang, Georgia Tech Michael Gallmeyer, University of Virginia

The Power of Asking Questions: Resolving Financial Market Rumors through Public Inquiries

Seongkyu Park, University of Chicago

Presenter: Jinghan Meng Presenter: Hwagyun Kim Presenter: Seongkyu Park

Discussant: Hae mi Choi, Loyola University Chicago

Discussant: Byeong-Je An, Columbia University Discussant: Hwagyun Kim, Texas A&M University

Session 24 M&A Thursday, 11:00 – 12:30 PM, LG Hall 101

Chairperson, Ryoonhee Kim, City University of Hong Kong

Externalities of Business Group Acquisitions Ryoonhee Kim, City University of Hong Kong

The Decisions of M&A Advisors in Serial Takeovers and the Outcomes Shawn Mobbs, University of Alabama Xinyan Yan, University of Alabama

Presenter: Ryoonhee Kim Presenter: Xinyan Yan

Discussant: Vladimir Ivanov, US SEC Discussant to be announced


Session 25 Thursday, 11:00 AM – 12:30 PMm LG Hall 105


Session 26 Retail Trading Thursday, 11:00 AM – 12:30 PM, LG Hall 115

Chairperson: Nuno Fernandes, IMD

Do Individual Investors Make Money? Evidence from Proprietary Short-Selling Account Data in Korea

Kuan-Hui Lee, Seoul National University Shu-Feng Wang, Sungkyunkwan University Min-Cheol Woo, Korea Exchange

Stock Market Trading Decisions: A Neuro Finance Analysis

Joao Paulo Vieito, Polytechnic Institute of Viana do Castelo

Armando Rocha, RANI Fabio Rocha, FEI

How Often Should You Take Tactical Asset Allocation Decisions?

Byeong-Je An, Columbia University Andrew Ang, Columbia University Pierre Collin-Dufresne, Ecole Polytechnique

Federale de Lausanne

Presenter: Shu-Feng Wang Presenter: Joao Paulo Vieito Presenter: Byeong-Je An

Discussant: Gordon Alexander, University of Minnesota

Discussant: Andrew Karolyi, Cornell University Discussant: Arindam Bandopadhyaya, University of Massachusetts Boston

Thursday, 25 June 2:15 PM – 3:45 PM

Session 28 Factors Affecting Firm Value 2 Thursday, 2:15 – 3:45 PM, LG Hall 120

Chairperson: Daniel Urban, Technische Universitaet Muenchen

Jet-lagged? Travel Distance and Firm Valuation Marc S. Rapp, Philipps-Universitaet Marburg Thomas Schmid, Technische Unversitaet Muenchen Daniel Urban, Technische Universitaet Muenchen

The Effect of Share Ownership Structure on Ex-Dividend Day Stock Price Behavior

Dong Hyun Kim, Ohio Northern University

Presenter: Daniel Urban Presenter: Dong Hyun Kim

Discussant: Torsten Jochem, University of Amsterdam Discussant to be announced

SESSION 27 Going Public, Being Public and Going Private Thursday, 25 June 2:15 – 3:45 PM, LG Hall 121

The benefits of public equity markets for start-up and established companies, for economic growth but also for investors are well documented. Hence, observing for the US and Europe that less firms Go Public, more firms Go Private and Dark and therefore less firms Being Public is astonishing. Moreover, firms are delisted for violating securities law or regulations, for being acquired or declaring bankruptcy. They also shy away from US exchanges. Thus, the number of publicly traded firms has declined substantially, suggesting some equity market crises in the US and Europe. Observations for Asia are opposite. What are the reasons why firms Go Public, Stay Public, and Go Private? Usual explanation are the dramatic increase in regulation and disclosure requirements in the US, a change in innovative activities and product market development and a shift of growth opportunities from the US and Europe to Asia. The aim of the panel is to discuss these issues from an US, European and Asian perspective.

Moderator and Panelist Jay Ritter, Cordell Professor of Finance University of Florida Panelists G Andrew Karolyi, Alumni Professor in Asset Management, Professor of Finance Cornell University Young Won Chung, Director of Listing Korea Exchange, Seoul

Luncheon 12:45 – 2:00 PM LG Hall 1st Floor

PANEL SESSION


Session 29 Investments Thursday, 2:15 – 3:45 PM, LG Hall 116

Chairperson: Arsenio Staer, CSU Fullerton

Evaluating Investor-Paid Credit Ratings: An Investor Perspective

Utpal Bhattacharya, HKUST Kelsey Wei, University of Texas at Dallas Han Xia, University of Texas at Dallas

Reaching for Yield or Playing it Safe? Risk Taking by Bond Mutual Funds

Jaewon Choi, University of Illinois at Urbana – Champaign

Mathias Kronlund, University of Illinois at Urbana – Champaign

Fund Flows and Underlying Returns the Case of EFTs

Arsenio Staer, California State University at Fullerton

Presenter: Kelsey Wei Presenter: Jaewon Choi Presenter: Arsenio Staer

Discussant: Arsenio Staer, CSU Fullerton Discussant to be announced Discussant: Kesley Wei, University of Texas at Dallas

Session 30 Thursday, 2:15 – 3:45 PM, LG Hall 101


Thursday, 25 June 4:15 PM – 5:45 PM



Session 32 International Governance Thursday, 4:15 – 5:45 PM, LG Hall 120

Chairperson: Torsten Jochem, University of Amsterdam

Executive Retention and Accelerated Option Vesting Torsten Jochem, University of Amsterdam Tomislav Ladika, University of Amsterdam Zacharias Sautner, Frankfurt School of Finance

The Economic Consequences of Investor Relations: A Global Perspective

G. Andrew Karolyi, Cornell University Rose Liao, Rutgers University

Presenter: Torsten Jochem Presenter: G. Andrew Karolyi

Discussant: Joao Paulo Vieito, Polytechnic Institute of Viana do Castelo Discussant: Alminas Zaldokas, HKUST



Session 34 Default Risk and Financing Policy Thursday, 4:15 – 5:45 PM, LG Hall 101

Chairperson: Wan-Chien Chiu, University of Glasgow

Default Probabilities and Interest Charges of Privately Held Firms

Jin-Chuan Duan, National University of Singapore

Baeho Kim, Korea University Changki Kim, Korea University Woojin Kim, Seoul National University Donghwa Shin, Princeton University

The Effect of Rollover Risk on Default Risk: Evidence from Bank Financing

Wan-Chien Chiu, University of Glasgow Juan Ignacio Pea, Universidad Carlos III de

Madrid Chih-Wei Wang, Central University of Finance

and Economics

Do Private Firms Learn from the Stock Market?

Dong Yan, HKUST

Presenter: Baeho Kim Presenter: Wan-Chien Chiu Presenter: Dong Yan

Discussant: Wan-Chien Chiu, University of Glasgow

Discussant: Baeho Kim, Korea University Discussant to be announced

Coffee & Tea Break 3:45 – 4:15

LG Hall, 1st Floor


Session 35 Mutual Fund Organization and Trades Thursday, 4:15 – 5:45 PM, LG Hall 105

Chairperson: Nicole Choi, University of Wyoming

Portfolio Concentration and Performance of Institutional Investors Worldwide

Nicole Choi, University of Wyoming Mark Fedenia, University of Wisconsin Hilla Skiba, University of Wyoming Tatyana Sokolyk, Brock University

The Impact of Scandals on Mutual Fund Performance, Money Flows and Fees

Adrian Chapman-Davies, UNSW Jerry Parwada, UNSW Kian M Tan, University of Otago

Presenter: Nicole Choi Presenter: Jerry Parwada

Discussant: Kuan Lee, Seoul National University Discussant: Junesuh Yi, Dongguk University

Session 36 Conflicts of Interest and Security Analysts Thursday, 4:15 – 5:45 PM, LG Hall 115

Chairperson: Jonathan Clarke, Georgia Tech

Does Limited Attention Matter in Security Analysis? Evidence from Analysts’ Reliance on Categories

Hae mi Choi, Loyola University Chicago Swasti Gupta-Mukherjee, Loyola University

Chicago

Why do Financial Analysts Strive to be Irrelevant? Career Concerns and Endogenous Coverage Termination

Marco Navone, University of Technology Sydney Fernando Zapatero, University of Southern California

Is There a Dark Side to Analyst Coverage? A Closer look at Innovation

Jonathan Clarke, Georgia Tech Nishant Dass, Georgia Tech Ajay Patel, Wake Forest University

Presenter: Hae mi Choi Presenter: Marco Navone Presenter: Jonathan Clarke

Discussant: Jonathan Clarke, Georgia Tech Discussant: Jinghan Meng, University of Hong Kong

Discussant to be announced

Gala Dinner** 6:30 PM

Samsung Convention Center, Hoam Faculty House

**Advance Registration Required


2015 FMA ASIAN MEETING PROGRAM COMMITTEE

NAME AFFILIATION

Renee Adams University of New South Wales

Akitoshi AkitoshiIto Hitotsubashi University

Aktham AlMaghaireh United Arab Emirates University

Hee-Joon Anhn Sungkyunkwan University

Kee-Hong Bae York University

Bok Baik Seoul National University

Warren Bailey Cornell University

Tarun Bali Georgetown University

Thomas Bates Arizona State University

Wolfgang Bessler University of Giessen

Pawel Bilinski City University London

Christine Brown Monash University

Joon Chae Seoul National University

Mo Chaudhury McGill University

Mark Chen Georgia State University

Nicole Choi University of Wyoming

Paul Moon Sub Choi EWHA Womans University

Youngsoo Choi Hankuk University of Foreign Studies

Byung-Uk Chong University of Seoul

Reza Chowhury University of Northern British Columbia

Jay Chung Soongsil University

Ji-Woong Chung Korea University

Jeff Coles University of Utah

Shane Corwin University of Notre Dame

Henrik Cronqvist China Europe International Bus School

Sudipto Dasgupta HKUST

Xiaoying Deng National University of Singapore

Stephen Dimmock Nanyang Technological University

David Ding Singapore Management University

Nathan Dong Columbia University

Laura Gonzalez Fordham University

Vidhan Goyal HKUST

Omrane Guedhami University of South Carolina

Anurag Gupta Case Western Reserve University

Jaehoon Hahn Yonsei University

Mamiza Haq University of Queensland

Jeff Harris American University

Brian Henderson George Washington University

Kewei Hou Ohio State University

Byoung-Hyoun Hwang Cornell University

Iny Hwang Seoul National University

Peter Iliev Penn State University

Hyun Joong Im Peking University

Yeejin Jang Purdue University

Brandon Julio University of Oregon

Hyoung-Goo Kang Hanyang University

Jun-koo Kang Nanyang Technological University

Hugh Kim Sungkyunkwan University

Huynseob Kim Cornell University

Ja Ryong Kim University of Nottingham

Jinmo Kim Rutgers University

Joonghyuk Kim Korea University

Jung-Wook Kim Seoul National University

Kenneth Kim Renmin University of China

Woojin Kim Seoul National University

Young Han Kim Nanyang Technological University

Yvonne Kreis Gutenberg University of Mainz

Asjeet Lamba University of Melbourne

Bong Soo Lee Florida State University

Eun Jung Lee Hanyang University

Inmoo Lee KAIST

John Lee University of Auckland

Jongsub Lee University of Florida

Hao Lin California State University, Sacramento

Roger Loh Singapore Management University

Cesario Mateus University of Greenwich

Mario Maura University of Puerto Rico

Bill Megginson University of Oklahoma

Grzegorz Michalski Wroclaw University

Byoung-Kyu Min University of Neuchatel

Mikiharu Noma Hitotsubashi University

Ji Yeol Oh Korea Military Academy

Tatsuyoshi Okimoto Australian National University

Kwangwoo Park KAIST

Sojung Park Seoul National University

Ajay Patel Wake Forest University

Shams Pathan University of Queensland

Lee Pinkowitz Georgetown University

Ivilina Popova Texas State University

Nagpurnanand Prabhala University of Maryland

David Reeb National University of Singapore

S. Ghon Rhee University of Hawaii

Kumar Sanka Indian Institute of Management

Henri Servaes London Business School

Jae Yong Shin Seoul National University

Kyojik Roy Song Sungkyunkwan University

Laura Starks University of Texas

Johan Sulaeman National University of Singapore

Katsushi Suzuki Kobe University

Jerome Taillard Boston College

Xuan Tian Indiana University

Jiri Tresl Univ of Nebraska & CERGE-EI

Greg Udell Indiana University

Pilar Velasco University of Valladolid

Joao Paulo Vieito Polytechnic Institute of Viana do Castelo

Milos Vulanovic City University of Hong Kong

Ching-chang Wang Southern Taiwan Univ of Sci & Tech

David Wang National University of Kaohsiung

Steven Wang Renmin University of China

Yan Wang University of Alabama

Akiko Watanabe University of Alberta

Feng Wu Hong Kong Polytechnic University

Zhaoxia Xu New York University

Cheol-Won Yang Dankook University

Jie Yang Georgetown University

Junesuh Yi Dongguk University

Mui Kuen Yuen Massey University

Jeongsun Yun Kookmin University

Maxim Zagonov University of Toulouse


2015 FMA ASIAN MEETING INDEX OF PARTICIPANTS

NAME SESSION(S)

Gordon Alexander 3, 26

Byeong-Je An 23, 26

Alvin Ang 1, 15

Azizah Abu Bakar DSC

Arindam Bandopadhyaya 26

Utpal Bhattacharya 3, 16

Amna Noor Chaudhry DSC

Wan-Chien Chiu 34

Hae mi Choi 23, 36

Jaewon Choi 14, 29

Nicole Choi 35

Paul Moon Sub Choi 18

Ji-Woong Chung 8

Young Won Chung 27

Jonathan Clarke 36

Henrik Cronqvist 17

Nuno Fernandes 26

Renata Herrerias Franco 4

Jie Gan DSC, 10

Antonio Gargano 9, 13

Neil Govier 7

Mark Humphery-Jenner 22

Joon Ho Hwang 22

Suk Hyun 7

Vladimir Ivanov 20, 24

Jeewon Jang 13

Torsten Jochem 28, 32

Chan Shik Jung 22

Chang Mo Kang 12, 15

Jun-Koo Kang DSC, 1

G. Andrew Karolyi DSC, 26, 27, 32

Sigitas Karpavicius 5, 10

Baeho Kim 34

Byoung-jin Kim DSC

Donghan Kim DSC

Dong Hyun Kim 28

Hwagyun Kim 23

Hyunseob Kim 14

Hyun-Dong Kim DSC

Jin-Mo Kim 1

Kyu Huong Kim 6

Ryoonhee Kim 5, 24

Seoyoung Kim 14

Wi Saeng Kim 20

Won Yong Kim 8, 18

Woochan Kim 8, 16

Young Han Kim 1, 22

Young Jun Kim 4

Vincent Kleinbrod DSC

Geul Lee 3

Jongsub Lee 18, 33

Junyoup Lee 20

Kuan Lee 35

Seokwoo Lee 5, 12

Seungkyu Lee DSC

Leming Lin 4, 10

Xiaoding Liu 8, 12

Jinghan Meng 23, 36

Meng Miao 10, 14

Marco Navone 36

Frederick Dongchuhl Oh 15

Ji Yeol Jimmy Oh 3

Jong-Min Oh 1

Seungjoon Oh 4, 16

Bokyung Park DSC

Kwangwoo Park 4

Seongkyu Park 9, 23

Sojung Park 5, 9

Yun Woo Park 4

Jerry Parwada 35

Ajay Patel DSC 7

Jay Ritter 6, 20, 27

José Scheinkman KEYNOTE

Hojong Shin 18

Seunghun Shin DSC

Manpreet Singh 16, 18

In Jung Song DSC, 9

Sooyoung Song 3

Arsenio Staer 29

Wenjun Tu DSC

Daniel Urban 12, 28

Joao Paulo Vieito 26, 32

Shu-Feng Wang 20, 26

Francis Warnock 6

Kelsey Wei 29

Michael Weisbach DSC, 10

Zhaoxia Xu 16

Dong Yan 33

Xinyan Yan 2, 24

Cheol Won Yang 3

Dong Ryung Yang DSC

Junesuh Yi 35

Martin Young 20

Alminas Zaldokas 2, 32

Stefan Zeume 5, 10

Bohui Zhang 18


FMA PUBLICATIONS FMA print and on-line publications provide broad coverage of current research in finance, serve as a source of new ideas and useful information, and keep members current on the latest advances in financial practice and thinking. Our flagship publications include: FM – Financial Management FM, the Association’s flagship publication, serves the profession through the dissemination of the highest quality research in corporate finance Editorial focus: publishing high quality, significant new scholarly financial research that advances our understanding of financial decision making

and management Published quarterly JAF – The Journal of Applied Finance The mission of JAF is to contribute to a healthy debate in the theory, practice, and education of finance by publishing articles with practical

implications that will be accessible to practitioners who are specialists in their field as well as meeting the highest standards of academic quality Published semi-annually FMA Survey and Synthesis Series The Survey and Synthesis Series focuses on providing corporate executives, financial managers, and professional investors with practical tools

for making sound financial decisions in today’s competitive markets. Comprehensive and accessible, each book in the series focuses on a special topic of financial management, integrating insights from the research literature with the day-to-day concerns of finance practitioners. **FMA members receive a substantial discount.

Titles include:

Cracking the Emerging Markets Enigma

G. Andrew Karolyi Asset Management - A Systematic Approach to Factor Investing

Andrew Ang Consumer Credit and the American Economy

Thomas A. Durkin, Gregory Elliehausen, Michael E. Staten and Todd Zywicki Mortgage Valuation Models - A Comprehensive Guide to Improving Plan Performance

Andrew Davidson and Alexander Levin FMA Online FMA Online utilizes state-of-the-art technology including video-streaming and fully synchronized multimedia presentations to provide on-line

viewing of the important keynote addresses from FMA conferences around the world, interviews with executives, tutorials, and other content.

PLACEMENT SERVICES FMA sponsors a placement clearinghouse for doctoral candidates, doctoral degree holders, and their prospective employers. This service

provides the most comprehensive listing of people and positions in the finance markets. FMA offers online resume and position listings that can be accessed by current FMA members.

AWARDS AND GRANTS

FMA sponsors numerous awards and honorary recognitions to recognize and encourage outstanding scholarly achievements and practice.

www.fma.org


2015 FMA ASIAN MEETING ROSTER OF ATTENDEES

NAME AFFILIATION HOTEL

Azizah Abu Bakar University of Glasgow / ACCA

Gordon J Alexander University of Minnesota Hoam Faculty House

Byeong-Je An Columbia University

Alvin Ang University of New South Wales

Bok Baik Seoul National University

Arindam Bandopadhyaya University of Massachusetts Boston Hoam Faculty House

Wolfgang Bessler University of Giessen

Utpal Bhattacharya HKUST Hoam Faculty House

Soku Byoun Baylor University

Larry Cao CFA Institute Hoam Faculty House

Wan-Chien Chiu University of Glasgow Hoam Faculty House

Hae mi Choi Loyola University Chicago

Jaewon Choi University of Illinois at Urbana - Champaign

Kyung-Soo Choi KRX

Nicole Choi University of Wyoming

Young Won Chung Korea Exchange

Jonathan Clarke Georgia Tech Lotte Guro

Henrik Cronqvist China Europe International Business School

Nuno Fernandes IMD Hoam Faculty House

Renata Herrerias Franco ITAM School of Business Hoam Faculty House

Jie Gan Cheung Kong Graduate School of Business

Antonio Gargano University of Melbourne Best Western Gangham

Neil Govier CFA Institute

Seong C Gweon The Financial News

Harrison Hong Princeton University

Mark Humphery-Jenner University of New South Wales Seoul Palace

Joon Ho Hwang Korea University

Suk Hyun Korea Capital Market Institute

Akitoshi Ito Hitotsubashi University Hoam Faculty House

Vladimir Ivanov US SEC Best Western

Ravi Jain National University of Singapore

Jeewon Jang KAIST

Jin Q Jeon Dongguk University

Torsten Jochem University of Amsterdam Lotte Guro

Chan Shik Jung Dong-A University

Chang Mo Kang University of New South Wales

Jun-koo Kang Nanyang Technological University

G Andrew Karolyi Cornell University Hoam Faculty House

Sigitas Karpavicius Flinders University Hoam Faculty House

Ambrus Kecskes York University The Plaza

Karren Lee-Hwei Khaw Northern University of Malaysia Hoam Faculty House


Bong-Chan Kho Seoul National University

Andy (Y Han) Kim SKKU

Baeho Kim Korea University

Byoung-jin Kim INHA University Lotte Guro

Dong Hyun Kim Ohio Northern University

Donghan Kim KAIST

Dong-Soon Kim Korean Securities Association

Heuijung Kim Sungkyunkwan University

Hwagyun Kim Texas A&M University

Hyun-Dong Kim KAIST

Hyunseob Kim Cornell University

Jin-Mo Kim Rutgers University

Kyu Huong Kim Chung-Ang University

Ryoonhee Kim City University of Hong Kong

Seoyoung Kim Santa Clara University

Wi Saeng Kim Hofstra University

Won Yong Kim Dickinson College

Woochan Kim Korea University

Woojin Kim Seoul National University

Young Jun Kim Hankuk University of Foreign Studies

Vincent M Kleinbrod Massey University

Inchan Kwak The Financial News

Geul Lee University of New South Wales

Jongsub Lee University of Florida

Junyoup Lee UNIST

Kuan-Hui Lee Seoul National University

Seokhoon Lee Korea Capital Market Institute

Seokwoo Lee George Mason University Hoam Faculty House

Seungkyu Lee Pohang University of Science & Technology

Woo-Jong Lee Seoul National University

Leming Lin University of Pittsburgh Lotte Guro

Xiaoding Liu University of Oregon

Michelle Lui FMA

Wanda McClenahan CFA Institute Hoam Faculty House

Jinghan Meng University of Hong Kong Hoam Faculty House

Meng Miao Oxford University Hoam Faculty House

Abhiroop Mukherjee HKUST

Marco Navone University of Technology Sydney

Amna Noor University of Glasgow Hoam Faculty House

Frederick Dongchuhl Oh KAIST

Ji Yeol Jimmy Oh Hanyang University

Jong-Min Oh University of Texas at Dallas

Seungjoon Oh Peking University

Bokyung Park Seoul National University

Hyejin Park Yonsei University

Seongkyu Park University of Chicago

Sojung Park Seoul National University


Jerry Parwada University of New South Wales Hoam Faculty House

Ajay Patel Wake Forest University Hoam Faculty House

Jack Rader FMA

S Ghon Rhee University of Hawaii Hoam Faculty House

Jay R Ritter University of Florida Hoam Faculty House

José Scheinkman Columbia Univ, Princeton Univ & NBER

Hyeongsop Shim UNIST Hoam Faculty House

Hojong Shin Michigan State University

Seunghun Shin KAIST

Manpreet Singh HKUST

Hilla Skiba University of Wyoming / Colorado State Univ.

In Jung Song University of Georgia

Arsenio Staer California State University at Fullerton

Wenjun Tu University of Nottingham Hoam Faculty House

Daniel Urban Technische Universitaet Muenchen Hoam Faculty House

Joao Paulo Torre Vieito Polytechnic Institute of Viana do Castelo

Shu-Feng Wang Sungkyunkwan University

Francis Warnock University of Virginia

Kelsey Wei University of Texas at Dallas

Michael Weisbach Ohio State University

Zhaoxia Xu New York University

Dong Yan HKUST

Xinyan Yan University of Alabama Hoam Faculty House

Dong Ryung Yang Seoul National University

Martin Young Massey University The Palace Hotel

Alminas Zaldokas HKUST

Stefan Zeume University of Michigan Best Western Gangnam

Bohui Zhang University of New South Wales


MAPS FOR EVENTS SNU Business School: Area Map and Floor Plans

SNU Business School consists of two buildings: LG Hall for lecture rooms for graduate students and SK Hall for lecture rooms for undergraduate students. On the corner of the SK Hall Supex, there is Dong Won Dining Hall.

LG Hall (Main Conference Venue)

Dong Won Dining Hall (Sodammaru, 3rd floor)

SK Hall Supex (Keynote Speech)

Garden


SNU Business School, 1st floor, LG Hall (Main Conference Venue) & SK Hall Supex

LG Hall Entrance

1st Floor, LG Hall

1st Floor, SK Hall Supex

LG Hall Entrance

Garden


Seoul National University Campus map: From Hoam Faculty House to Business School

LG Hall

Hoam Faculty House

Mountain Trail: 10 minute walk (sneakers necessary)

Walk around the beltway: 25 minutes

Bus Station to SNU subway station (Green line): Bus # 5513

Bus Station to Naksungdae subway station (Green line): Bus #2

Public transportation information From Naksungdae subway station to Hoam:

Naksungdae subway station exit #4, take Bus #2, and get off at Hoam Faculty House

From Hoam to Naksungdae subway station: take Bus #2 and get off at the station

From SNU subway station to SNU Business School: SNU subway station exit #3, take Bus #5511, and get off at SNU Business School

From SNU Business School to SNU subway station:

take Bus #5513 and get off at the station

SK Hall

SNU Shuttle Bus Information A shuttle bus will be provided in the mornings at 8:45 AM on Tuesday (23 June) through Thursday (25 June) leaving from Hoam Faculty House to LG Hall. In the afternoons at 4:45 PM on Tuesday (23 June), at 7:00 PM on Wednesday (24 June), and at 6:00 PM on Thursday (25 June) leaving from LG Hall to Hoam Faculty House.


Hoam Faculty House (Main Lodging Facility): Area Map and Floor Plans

2nd Floor, Samsung Convention Center, Hoam Faculty House

Address: SNU Hoam Faculty House, 239-1 Nakseondae-Dong, Gwanak-Gu, Seoul, Korea 151-057


2nd Floor, Main Building, Hoam Faculty House

1st Floor, Main Building, Hoam Faculty House

Marronnier

(Board

Dinner)

Etolies

(ASFRC)


Incheon International Airport proximity to Seoul National University/Hoam

Faculty House and other hotels


NOTES

UPCOMING CONFERENCES

2015 FMA Annual Meeting

14 – 17 October 2015 Hilton Bonnet Creek Hotel Orlando, FL USA

The academic program includes over 200 sessions with over 700 traditional research paper presentations spread throughout a 2 ½ day program, with the purpose of presenting new and unpublished research. In addition to the academic sessions, a series of special panel sessions and tutorials will be held on Thursday, 15 October and Friday, 16 October on a wide range of topics ranging from the current global financial crisis to financial integrity to innovations and advances in financial education. Conference highlights will include:

Keynote Address by Dr. Jeremy Stein, Moise Y. Safra Professor of Economics, Harvard University

A Doctoral Student Consortium will be led by Dr. Jeff Coles, University of Utah, which brings together leading scholars and doctoral students to discuss current research and the students’ dissertations.

Dr. Christopher James, University of Florida, will lead the Assistant Professors’ Breakfast which addresses what may be the primary challenge facing assistant professors.

A Women’s Networking Breakfast, featuring helpful advice about planning for a successful career, and balancing career with other elements of a rewarding life will be led by Dr. Francesca Cornelli, London Business School.

www.fma.org/Orlando/OrlandoIndex.htm

___________________________________________________________________________________________________

2016 FMA European Conference

8 – 10 June 2016 Helsinki, Finland

The Twentieth Annual European Conference of the Financial Management Association International (FMA) will be held 8 – 10 June 2016 in Helsinki, Finland, hosted by Hanken School of Economics. Conference highlights will include:

A prominent emphasis on "bridging theory and practice" with specific interest in describing and evaluating current financial and economic conditions in the region.

Ample opportunities for participants to meet one another in a social setting.

A doctoral consortium similar to the one undertaken at FMA's North American and Asian meetings.

www.fma.org/Helsinki/HelsinkiIndex.htm

2016 FMA Asia/Pacific Meeting 13 – 15 July 2016 Sydney, Australia

The Eighth Annual Asia/Pacific Meeting of the Financial Management Association International (FMA) will be held in Sydney Australia 13 – 15, July 2016 hosted by the University of New South Wales and Australian National University. (See page 4.)

www.fma.org/Sydney/SydneyIndex.htm

Join FMA in 2016!! Sydney, Australia

www.fma.org/Sydney

Helsinki, Finland

www.fma.org/Helsinki

welcome to seoul!fmaconferences.org/seoul/seoulprogram.pdfhelsinki, finland the twentieth annual...

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