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The 3rd Sydney Banking and Financial Stability Conference 2019

 

Aim of SBFC

Our goal in organising this conference series is to bring together international academics to provide them with the opportunity to meet and to share their latest thinking in banking, financial system stability, and financial studies. It is important to have this forum to exchange ideas to ensure that we are prioritising our collective efforts in addressing the most important and current banking and financial stability issues and contributing to public policy debates on how best to improve our shared architecture and to enhance financial system resilience into the future.

The SBFC2019 was attended by 150 delegates from 21 countries with 129 papers in the program.

 

Keynote Speakers

Thorsten Beck

Professor Thorsten Beck

Professor of Banking and Finance, Cass Business School, City University of London

Thorsten Beck is professor of banking and finance at Cass Business School in London. He is also a research fellow of the Centre for Economic Policy Research (CEPR) and the CESifo. He was professor of economics from 2008 to 2014 at Tilburg University and the founding chair of the European Banking Center from 2008 to 2013. Previously he worked in the research department of the World Bank and has also worked as consultant for – among others - the European Central Bank, the Bank of England, the BIS, the IMF, the European Commission, and the German Development Corporation. His research, academic publications and operational work have focused on two major questions: What is the relationship between finance and economic development? What policies are needed to build a sound and effective financial system? Recently, he has concentrated on access to financial services, including SME finance, as well as on the design of regulatory and bank resolution frameworks. In addition to numerous academic publications in leading economics and finance journals, he has co-authored several policy reports on access to finance, financial systems in Africa and cross-border banking. His country experience, both in operational and research work, includes Bangladesh, Bolivia, Brazil, China, Colombia, Egypt, Mexico, Russia and several countries in Sub-Saharan Africa. In addition to presentation at numerous academic conferences, including several keynote addresses, he is invited regularly to policy panels across Europe. He holds a PhD from the University of Virginia and an MA from the University of Tübingen in Germany.

Nadia Massoud

Professor Nadia Massoud

Ian Potter Professor Chair of Finance, Melbourne Business School, The University of Melbourne

Nadia Massoud joined Melbourne Business School in 2014 as the Ian Potter Chair Professor of Finance and Associate Dean of Research.

After completing her PhD in Economics and Finance at Queens University, Nadia held associate professor positions at the University of Alberta and York University’s Schulich School of Business. Nadia’s research, which has received extensive awards and appeared in leading journals, including the Review of Financial Studies, Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Rand Journal of Economics and others, focuses on corporate governance and regulation in the banking sector. Nadia teaches Financial Institutions, Corporate Finance and Financial Management on our MBA programs and is an organising director of the Financial Institutions, Regulation and Corporate Governance Conference.

Program

Conference Booklet

Session Papers

Session papers that can be downloaded are shown below with a download link. Papers without a link may be obtained by directly emailing the author.

SBFC2019 Session details with author approved downloadable links
Sessn
No.		 Title Author Author Email
1A1 What Drives Global Lending Syndication? Effects of Cross-Country Capital Regulation Gaps Yeejin Jang, University of New South Wales, Australia [email protected]
1A2 Foreign-Currency Lending Panagiotis Politsidis, University of Sydney, Australia [email protected]
1A3 Why Do Underwriters Syndicate? Nirav Parikh, RMIT University Australia, Australia [email protected]
1B1 Do IFIs Make a Difference? The Impact of EIB Lending Support for SMEs in Central and Eastern Europe During the Global Financial Crisis Adalbert Winkler, Frankfurt School of Finance & Management gGmbH, Germany [email protected]
1B2 Board Effectiveness and Bank Soundness: Do Foreign Directors Increase Bank Risk-Taking David Tripe, Massey University, New Zealand [email protected]
1B3 Unconventional Monetary Policy and Bank Risk Taking Thomas Matthys, University of Technology Sydney, Australia [email protected]
1C1 Trust and Debt Contracting: Evidence from the Backdating Scandal Haekwon Lee, University of Sydney, Australia [email protected]
1C2 CEO Social Network and Systemic Risk Sylvester Adasi Manu, City University of Hong Kong, Hong Kong S.A.R. [email protected]
1C3 CEO Power and Bank Default Risk Searat Ali, University of Wollongong, Australia [email protected]
1D1 IPO Performance and the Size Effect: Evidence for the US and Canada Lorne Switzer, Concordia University, Canada [email protected]
1D2 Can Governance Help in Making an IPO “Successful”? New Evidence from Europe Valerio Pesic, University La Sapienza of Rome, Italy [email protected]
1D3 Predictability of ICO Success and Returns Dulani Jayasuriya, University of Auckland, New Zealand [email protected]
1E1 Dynamics of SOFR vs Fed Funds Erik Schlögl, University of Technology Sydney, Australia [email protected]
1E2 Congenial Signals Are Hard to Resist: The Impact of News in a Selective Information Evaluation Stefanie Schraeder, University of New South Wales, Australia [email protected]
1E3 Dealer Trading at the Fix Carol Osler, Brandeis University, United States [email protected]
1F1 The World Price of Tail Risk Kuan Hui Lee, Seoul National University, Korea [email protected]
1F2 Endogenous Participation, Risk, and Learning in the Stock Market Michael Shin, University of Sydney, Australia [email protected]
1F3 Cross Country Linkages and Transmission of Sovereign Risk: Evidence from Global Credit Default Swaps Markets Gaiyan Zhang, University of Missouri-St. Louis, United States [email protected]
2A1 The Pass-Through of Bank Capital Requirements to Corporate Lending Spreads Luisa Lambertini, Ecole Polytechnique Federale de Lausanne, Switzerland [email protected]
2A2 Network-Motivated Lending Decisions Yoshiaki Ogura, Waseda University, Japan [email protected]
2A3 The Signalling Role of Trade Credit in Bank Lending Decisions Gabriele Sampagnaro, University of Naples Parthenope, Italy [email protected]
2B1 Positive Payment Shock and Default Risk of Home Equity Lines of Credit at End of Draw Herald Scheule, Univeristy of Technology Sydney, Australia [email protected]
2B2 The Impact of the Introduction of Positive Credit Reporting on the Australian Credit-Seeking Population Andrew Grant, University of Sydney, Australia [email protected]
2B3 Common Ownership and Bank Risk-Taking: Evidence from the U.S. Banking industry Alex Haerang Park, Seoul National University, Korea [email protected]
2C1 Coordination Failures, Bank Runs and Asset Prices Diemo Dietrich, Newcastle University, United Kingdom [email protected]
2C2 Risk Sharing, Creditor Diversity, and Bank Regulation Guangqian Pan, University of Sydney, Australia [email protected]
2C3 Capital Ideas: Optimal Capital Reserve Strategies for a Bank and Its Regulator Kristoffer J. Glover, University of Technology Sydney, Australia [email protected]
2D1 Female Directors, CEO Overconfidence and Excess Cash Onur Tosun, Cardiff University, United Kingdom [email protected]
2D2 When the Remedy Is the Problem: Independent Boards, Short-Termism, and the Subprime Crisis Peter Swan, University of New South Wales, Australia [email protected]
2D3 Foreign Institutional Ownership and the Speed of Leverage Adjustment: International Evidence Donghui Li, College of Economics, Shenzhen University, China [email protected]
2E1 Dynamic Switching Behaviour of Asset Classes of Australian Superannuation investment Options Banita Bissoondoyal-Bheenick, RMIT University, Australia [email protected]
2E2 Trade Credit Provision and Stock Price Crash Risk Meng Wang, University of Nottingham Ningbo, China [email protected]
2E3 What Drives the Dispersion Anomaly? Byoung-Kyu Min, University of Sydney, Australia [email protected]
2F1 Emergency Liquidity Injections Nicholas Garvin, Reserve Bank of Australia, Australia [email protected]
2F2 Financial Conditions and Macroeconomic Risk in Australia Luke Hartigan, Reserve Bank of Australia, Australia [email protected]
2F3 The Drivers and Risks of Household Debt Michael Major, Reserve Bank of Australia, Australia [email protected]
3A1 Clogged Intermediation: Were Home Buyers Crowded Out? Jung-Eun Kim, Federal Reserve Bank of Richmond, United States [email protected]
3A2 Dismembered Giants: Bank Divestitures and Local Lending Yong Kyu Gam, Southwestern University of Finance and Economics, China [email protected]
3A3 Geographic Networks and Spillovers Between Banks Shasta Shakya, Tulane University, United States [email protected]
3B1 Stock Market Liquidity and Bank Risk: The Evidence in Australian Banks During the Recent Crisis David Tripe, Massey University, New Zealand [email protected]
3B2 Systemic Risk Channels of Nonbank Financial Entities: Evidence from Hedge Funds and Mutual Funds Stefan Greppmair, University of Mannheim, Germany [email protected]
3B3 Bailout Regimes and Banking Stability Miguel A. Duran, University of Malaga, Spain [email protected]
3C1 Household Debt, Capital Market Efficiency, and the Real Economy Yunqi Zhang, Nankai University, China [email protected]
3C2 Adverse Selection in Credit Certificates: Evidence from a P2P Platform Maggie Hu, Chinese University of Hong Kong, Hong Kong S.A.R. [email protected]
3C3 Do the Basel III Bail-in Rules Increase Investors’ Incentives to Monitor Banking Risks? Evidence from the Subordinated Debt Market James Cummings, University of Sydney, Australia [email protected]
3D1 Last Minute Earning Forecast Revision Cunyu Xing, Southwestern University of Finance and Economics, China [email protected]
3D2 Do Disclosures of Selective Access Improve Market information Acquisition Fairness? Evidence from Company Visits in China Cheng Xiang, Chongqing University, China [email protected]
3D3 The Impact of Tightly-Contested Governance Proposals on Firms’ Narrative Disclosures: Evidence from a Regression-Discontinuity Design Arup Ganguly, University of Mississippi, United States [email protected]
3E1 Do Limits to Arbitrage Explain the Benets of Volatility-Managed Portfolios? Pedro Barroso, University of New South Wales, Australia [email protected]
3E2 Time-Varying Lottery Anomalies Chenfei Sun, University of Sydney, Australia [email protected]
3E3 Lottery or Asymmetric Response to News: Why Is Skewness Priced? Hang Wang, University of New South Wales, Australia [email protected]
3F1 Easy Money: the Inefficient Supply of Inside Liquidity Alessio Galluzzi, University of Sydney, Australia [email protected]
3F2 Early Warning Systems Using Dynamic Factor Models - An Application to Asian Economies Chi Truong, Macquarie University, Australia [email protected]
3F3 Cross-Border Bank Flows and Monetary Policy Horacio Sapriza, Federal Reserve Board, United States [email protected]
4A1 Reach for Yield by U.S. Public Pension Funds Andrei Zlate, Federal Reserve Board, United States [email protected]
4A2 Sovereign Debt Auction Method and Issuance Cost: Evidence from Iceland Mark Wu, Roger Williams University, United States [email protected]
4A3 Macroeconomic Shocks and Bank Failure Qiongbing Wu, Western Sydney University, Australia [email protected]
4B1 The Effects of Bank Monitoring on Firm Value: The Role of Default Risk and Ownership Structure Wook Sohn, KDI School of Public Policy and Management, Korea [email protected]
4B2 Philanthropy in Banking Raphael Jonghyeon Park, University of New South Wales, Australia [email protected]
4B3 The Precious Metals Holdings of Chinese Financial institutions Dirk Baur, University of Western Australia, Australia [email protected]
4C1 Peer Pressure: How Do Peer-to-Peer Lenders Affect Banks’ Cost of Deposits and Liability Structure? Santosh Koirala, University of Birmingham, United Kingdom [email protected]
4C2 Moral Hazard in Consumer Unsecured Debt: Evidence from Canada Mandy Zhang, University of Sydney, Australia [email protected]
4C3 Digging into the Black Box of Portfolio Replenishment in Securitization: Evidence from the ABS Loan-Level Initiative Arved Fenner, University of Münster, Germany [email protected]
4D1 The Role of Perceived Risk in Debt Decisions Trang Phung, Massey University, New Zealand [email protected]
4D2 The Impact of Investment Grade Cut-offs on Firms' Investment Decisions and Performance Seonhyeon Kim, Korea University, Korea [email protected]
4D3 Dividend Smoothing and the Allocation of Internal Cash Flow Bardia Khorsand, Australian National University, Australia [email protected]
4E1 The Cost of Overconfidence in Public information Soosung Hwang, Sungkyunkwan University, Korea [email protected]
4E2 Cross Block Ownership of Traded Commercial Real Estate Portfolios: The Funding Optionality Value of Being Part of an Index Jocelyn Evans, College of Charleston, United States [email protected]
4E3 Eastern Halloween Effect: A Stochastic Dominance Approach Ya LI, Open University of Hong Kong, Hong Kong S.A.R. [email protected]
5A1 Lending Relationship and the Transmission of Liquidity Shocks: Evidence from a Liquidity Crunch in China Qing He, School of Finance, Renmin University of China, China [email protected]
5A2 Do Off-Balance-Sheet Activities Reduce Systemic Risk? Evidence from Listed Commercial Banks in China Henry Leung, University of Sydney, Australia [email protected]
5A3 Parasitic Shadow Banking of Non-Financial Firms: Arbitrage Between Formal and Informal Credit Markets in China Julan Du, Chinese University of Hong Kong, Hong Kong S.A.R. [email protected]
5B1 For Whom the Levy tolls: The Case of a Macroprudential Stability Levy in South Korea JaeBin Ahn, Seoul National University, Korea [email protected]
5B2 Governance of Financial Sector Policies in the Post-Crisis Era Katia D'Hulster, The World Bank, United States [email protected]
5B3 The Impact of Bank Supervision on Corporate Credit: Evidence from Syndicated Loan Reviews James Wang, Federal Reserve Board, United States [email protected]
5C1 Inter-Industry FDI Spillovers from Foreign Banks: Evidence in Follower Countries Shusen Qi, Xiamen University, China [email protected]
5C2 Comovement and Contagion in Commodity Markets Rangga Handika, Tokyo International University, Japan [email protected]
5C3 Time-Varying Government Bond Market Integration in Asia: Dependency and Connectedness Piyush Pandey, Shailesh J Mehta School of Management IIT Bombay, India [email protected]
5D1 Is an Informative Stock Price Used Less in Incentive Contracts? Peter Swan, University of New South Wales, Australia [email protected]
5D2 Deleveraging, Market Liquidity, and Funding Liquidity Crisis: Evidence from a Natural Experiment Buhui Qiu, University of Sydney, Australia [email protected]
5D3 Tunneling through Group Trademarks Sojung Kim, Korea University, Korea [email protected]
5E1 Passive Trading and Performance: A Quasi Natural Experiment Using the Stock Exchange Merger in Japan Kazuo Yamada, Ritsumeikan University, Japan [email protected]
5E2 Do Intraday Auctions Improve Market Liquidity? Zhou Zhou, University of Sydney, Australia [email protected]
5E3 Round-Number Biases on Trading Time: Evidence from International Markets Tao Chen, University of Macau, Macau [email protected]
6A1 Economic Uncertainty and Bank Risk: Evidence from Emerging Economies Bang Nam Jeon, Drexel University, United States [email protected]
6A2 Bank FX Hedging Needs and the Impact on Covered Interest Parity, An Emerging Market Perspective Georgia Bush, Bank of Mexico, Mexico [email protected]
6A3 Global Shock and Foreign Bank Lending: Choice of Home and Local Currency Loans in Indonesia Yuki Masujima, Bloomberg L.P., Japan [email protected]
6B1 Banks Capital, Risks and Profitability at European Banks Valerio Pesic, University La Sapienza of Rome, Italy [email protected]
6B2 Credit Risk Assessment in Real Estate investment Trusts: A Perspective on Blockholding and Lending Networks Masayasu Kanno, Nihon University, Japan [email protected]
6B3 The Impact of Loan-Loss-Provision Regulation on Credit: Evidence from Administrative Data in Chile Mauricio Calani, Central Bank of Chile, Chile [email protected]
6C1 Flight to Quality - Gold Mining Shares versus Gold Bullion Dirk Baur, University of Western Australia, Australia [email protected]
6C2 Contagion or Interdependence? Comparing Signed and Unsigned Spillovers Raisul Islam, University of Tasmania, Australia [email protected]
6C3 Monetary Transmission in Money Markets: A Divisia Component Investigation Victor Valcarcel, University of Texas at Dallas, United States [email protected]
6D1 What Drives the Declining Wealth Effect of Subsequent Share Repurchase Announcements? Hardjo Koerniadi, Auckland University of Technology, New Zealand [email protected]
6D2 Political Connections and Firms’ Access to Finance: An Inter-Institutional Perspective Chunxia Jiang, Business School, University of Aberdeen, United Kingdom [email protected]
6D3 Managerial Heterogeneity in Risk-Taking Incentives: How Does It Affect Firm Risk and Performance? Thao Hoang, Australian National University, Australia [email protected]
6E1 The Changing Role of Foreign Investors in Tokyo Stock Price Formation Clinton Watkins, Graduate School of Economics, Kobe University, Japan [email protected]
6E2 The Pricing Implications of the Oligopolistic Securities Lending Market: A Beneficial Owner Perspective Zsuzsa Huszar, Central European University, Hungary [email protected]
6E3 IEX’s Speed Bump and Its Effect on Adverse Selection Zhe Peng, Wilfrid Laurier University, Canada [email protected]
7A1 Interbank Network Characteristics, Monetary Policy "News" and Sensitivity of Bank Stock Returns Amine Tarazi, University of Limoges and IUF France, France [email protected]
7A2 Old-Boy Networks, Capital Injection, and Banks' Returns: Evidence from Japanese Banks David Vera, California State University, Fresno, United States [email protected]
7A3 Betting Against Bank Profitability Md Akhtaruzzaman, Australian Catholic University, Australia [email protected]
7B1 Regulators' Disclosure Decisions: Evidence from Bank Enforcement Actions Anya Kleymenova, University of Chicago Booth School of Business, United States [email protected]
7B2 Why Is Financial Misconduct Procyclical? Tim Kooijmans, Monash University, Australia [email protected]
7B3 The Impact of TARP Capital Infusions on Bank Liquidity Creation: Does Bank Size Matter? Chen Zheng, Curtin University, Australia [email protected]
7C1 Death and the Life Hereafter- A Study of Relaunched Hedge Funds Juan Yao, University of Sydney, Australia [email protected]
7C2 The Volcker Rule and the Hedge Fund Circle of Liquidity Lijie Yu, Alliance Manchester Business School, United Kingdom [email protected]
7C3 Hedge Fund Activism and Capital Structure Abhishek Ganguly, Indiana University, United States [email protected]
7D1 Acquisitions and Cost of Debt: Evidence from China Kun (Tracy) Wang, Australian National University, Australia [email protected]
7D2 Post-M&A Performance and Failure: Implications of Time Until Deal Completion Ephraim Thompson, Korea University, Korea [email protected]
7D3 Overlapping Insiders and Method of Payment in Acquisitions: New Tests and Evidence on Adverse Selection Varun Jindal, Indian Institute of Management Calcutta, India [email protected]
7E1 Institutional Shareholder Distraction and Stock Price Crash Risk Svetlana Orlova, University of Tulsa, United States [email protected]
7E2 Can Illiquidity Be Priced in an Active Secondary Market? Theory and Evidence Pallab Dey, University of New South Wales, Australia [email protected]
7E3 Time for Dinner? No, for Risk Contraction Ekaterina Serikova, University of St. Gallen (HSG), Switzerland [email protected]
8A1 The Impact of the Dodd-Frank Act on Small Business Rebel Cole, Florida Atlantic University, United States [email protected]
8A2 The Optimal Look-Back Period for Adequate and Less Procyclical Credit Capital Forecasts Yongwoong Lee, Hankuk University of Foreign Studies, Korea [email protected]
8A3 Can Repatriation Tax Holidays Teach us Something about Monetary Policy Transmission? Esteban Argudo Valverde, Vassar College, United States [email protected]
8B1 Determinants of Banks’ Liquidity: A French Perspective on Market and Regulatory Ratio interactions Cyril Pouvelle, Bank of France, France [email protected]
8B2 Internal Credit Risk Models and Bank Return: Should Regulators Restrict the Use of Internal Models? Victoria Boehnke, University of Münster, Germany [email protected]
8B3 When It Pays to Borrow If Downgraded: Firm Credit Ratings and the Basel II Accord Panagiotis Politsidis, University of Sydney, Australia [email protected]
8C1 Collateral Enforcement and Strategic Behavior: Evidence From a Foreclosure Moratorium in Greece Nikolaos Artavanis, Virginia Tech, United States [email protected]
8C2 The Size and Ownership of Private Credit Bureaus Artashes Karapetyan, ESSEC, France [email protected]
8C3 Regulatory Reform, Multiple Credit Ratings and the Quality of the Corporate Information Environment He Huang, University of Sydney, Australia [email protected]
8D1 Corporate Propensity to Dissave Alexander Vadilyev, Australian National University, Australia [email protected]
8D2 Shareholder Litigation and Readability in Financial Disclosures: Evidence from a Natural Experiment Lin Ge, University of Mississippi, United States [email protected]
8D3 Asymmetric Reactions of Abnormal Audit Fees Jump to Credit Ratings Changes June Cao, Macquarie University, Australia [email protected]
8E1 How Does Market Behave Around the Aggressive Orders? Barbara Bedowska-Sójka, University of Economics and Business, Poznan, Poland [email protected]
8E2 Can Fast and Slow Liquidity Providers Co-Exist in Modern Equity Markets? Arseny Gorbenko, University of New South Wales, Australia [email protected]
8E3 Does Exposure to Product Market Competition Discipline or Spur Insider Trading? Dewan Rahman, University of Queensland, Australia [email protected]