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SBFC2024 Program

Conference Booklet

 

Best paper awards for SBFC2024 

Best paper in Banking: 

Danmo Lin, University of Warwick,  “The spillover of corporate ES on bank loan cost”, 3B1 

 

Best paper in Financial Stability: 

Shu-Cing Peng, National Central University,  “Bridging the gap: The impact of board-management commonality on firm value and board decision-making effectiveness”, 1E3

 

Best PhD paper: 
Yun-Soo Kim, Korea Advanced Institute of Science and Technology,  “Alerting banks to climate risks: Impact of bad air quality shocks on pricing loans for brown firms”, 7A2

 

Conference Photos

Monday 9 December

Monday 9 December Gala Dinner

Tuesday 10 December

 

Keynote Speakers

Professor Ron Masulis

Professor Ron Masulis

Scientia Professor, University of New South Wales, Australia

Ron Masulis is the Scientia Professor of Finance at the UNSW Business School, University of New South Wales. Ron received his MBA and PhD from the University of Chicago. He is a recognised authority in the areas of empirical corporate finance and corporate governance. His published research spans investment banking, financial institutions, market microstructure, international finance, private equity, law and economics and corporate governance topics such as mergers and acquisitions, boards of directors, executive compensation, ownership structure and business groups. Among financial economists worldwide, he has one of the highest sustained rates of top tier publications and frequency of citations across a range of top journals including the Journal of Financial Economics, Journal of Finance, Review of Financial Studies, Journal of Accounting and Economics and Journal of Law and Economics. Ron has won a number of top research awards, including five Journal of Financial Economics All Star Paper Awards. He is the President-Elect of the Financial Management Association. He has served on the Board of Directors/Executive Committee of the American Finance Association, the Western Finance Association and the Financial Management Association (FMA). He has served as the FMA’s Vice President of Global Services and FMA's Vice President of the 2018 Program. Ron also recently served on the board of directors of the Financial Intermediation Research Society (FIRS), was an advisory editor of Financial Management and is currently an advisory editor of the Journal of Multinational Financial Management, an associate editor of the Journal of Financial and Quantitative Analysis, the Pacific-Basin Finance Journal, the Journal of Financial Stability and is a past associate editor of the Journal of Financial Economics, Journal of Finance and Review of Financial Studies. Ron is a research associate at the European Corporate Governance Institute (ECGI) and senior academic fellow at the Asia Bureau of Finance and Economic Research and a fellow of the Academy of the Social Sciences in Australia. In February 2015, he was the Monetary Authority of Singapore (MAS) Term Professor of Economics and Finance at NUS and from September -December 2015. He was a Distinguished Visiting Research Professor at NYU’s Stern School of Business and in the 2 half of 2018 he was the Pembroke visiting Professor of International Finance at the University of Cambridge.

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Title of Address : The benefits of female independent directors in companies with overoptimistic CEOs

Professor Avanidhar (Subra) Subrahmanyam

Professor Avanidhar (Subra) Subrahmanyam

Distinguished Professor of Finance, Goldyne and Irwin Hearsh Chair in Money and Banking, UCLA, USA

Professor of Finance Avanidhar (Subra) Subrahmanyam (Ph.D. ’90) is an expert in stock market activity and behavioral finance. He is known for his pathbreaking research in the use of psychological principles to explain stock price movements and has published numerous articles in leading peer-reviewed finance and economics journals. Appearing frequently in the media, Subrahmanyam is consulted for his expertise on the superior performance of value stocks and the phenomenon of stock market momentum to analyze spikes in gasoline prices, herd-like behavior around Apple stock, uncertainty in everyday use of the bitcoin crypto-currency and the effects of war on the stock market. Subrahmanyam’s current research interests range from the relationship between the trading environment of a firm’s stock and the firm’s cost of capital to behavioral theories for asset price behavior and empirical determinants of the cross-section of equity returns. “We need to accept that humans are governed by a number of non-rational considerations,” he says in relation to investing behaviors. “An investor may be reluctant to admit an erroneous investment decision, which may prevent correction of over-heated stock market valuations. Academic research has indicated to investors that irrational investing can cause a significant loss of wealth.” A founding editor of the Journal of Financial Markets, Subrahmanyam previously served as associate editor of the Review of Financial Studies and the Journal of Finance. He is a member of the National Bureau of Economic Research’s Working Research Group on Market Microstructure. His scholarly efforts have been recognized with best paper awards at the Western Finance Association meetings and the International Conference of Finance in Taiwan, and he was honored with the Smith Breeden Prize for the best paper published in the Journal of Finance (1999). His documentation of market liquidity led to a number of studies analyzing why trading costs fluctuate over time and earned him the Fama-DFA prize for the best paper on investments published in the Journal of Financial Economics (2000). Subrahmanyam has served as a consultant to the Nasdaq Stock Market, the National Stock Exchange in Mumbai, India, San Jose Mercury News and Irwin/McGraw-Hill. He is a UCLA Anderson Inspirational 100 alumnus.

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Title of Address: The capital market implications of climate risk disclosure

SBFC2024 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.

Session
Number		 Title Author
1A1 Better than risk-free: Reserve premiums and bank lending Raymond Kim, Northern Arizona University, USA
1A2 CEO’s facial attractiveness and bank loan contracting Po-Hsin Ho, National Central University, Taiwan
1A3 Substitutability of bank deposits and money market mutual funds: Implications for bank lending Anna Agapova, Florida Atlantic University, USA
1B1 The effects of banking digital competition on growth and financial stability: Evidence from banking apps usership Xiaoyang Li, Hong Kong Polytechnic University, Hong Kong
1B2 AI and fintech synergy: Bridging financial stability in islamic and conventional banks Muhammad Ishaq Bhatti, La Trobe University, Australia
1B3 Keeping up in the digital era: How mobile technology is reshaping the banking sector Charlotte Haendler, Southern Methodist University, USA
1C1 Adverse selection in deposit insurance following the 2023 banking crisis David Huberdeau-Reid, University of Memphis , USA
1C2 Bank credit losses and bailout in real-sector network Can Li, Renmin University, China
1C3 Asset prices and bank runs Diemo Dietrich, University of Greifswald, Germany
1D1 Stock return prediction based on a functional capital asset pricing model Han Lin Shang, Macquarie University, Australia
1D2 Artificial technology: A double-edged sword Yajun Xiao, Xi’an Jiaotong-Liverpool University, China
1D3 Anatomy of out-of-court debt workouts for SMES Iichiro Uesugi, Hitotsubashi University, Japan
1E1 Board gender diversity and climate risk disclosure Arun Upadhyay, Florida International University, USA
1E2 Common ownership networks and the expansion of female board representation Calvin J. Chiou, National Chengchi University, Taiwan
1E3 Bridging the gap: The impact of board-management commonality on firm value and board decision-making effectiveness Shu-Cing Peng, National Central University, Taiwan
1F1 Machine learning in corporate bonds: evidence from China Xiaolu Hu, RMIT University, Australia
1F2 The intertwined price discovery processes in equity and option markets Yunjiang Dong, Queen’s University, Canada
1F3 Beyond open access: Predicting financial advisor misconduct using machine learning Zhe An, Monash University, Australia
1G1 Save more or less? The impact of government health insurance change on saving behavior Ye Lyren Lu, Imperial College London, UK
1G2 Spouses in the same boat: Labor income risk and intra-household risk sharing Singsen Lam, Sun Yat-Sen University, China
1G3 Household debt composition and labor market outcomes Jesús Gorrín, University of Warwick, UK
2A1 Market pressure or regulatory pressure? U.S. small bank pre-emptive IT investment to privacy regulations Jin Huang, Xi'an Jiaotong-Liverpool University, China
2A2 Countercyclical capital buffer and bank risk-taking behaviour: Compromising ends with means? Deasy Ariyanti, Ghent University, Belgium
2A3 A stress test with simultaneous impact to the banking system Aditya Anta Taruna, Australian National University, Australia
2B1 The impact of fintech on employment Zhangweiyi Ren, University of Adelaide, Australia
2B2 Fintech lending and divergent monetary policy: Evidence from the Covid-19 and Russo-Ukrainian war Stephen Fan, University of Sydney, Australia
2B3 Mobile payment platform competition: Evidence from a bank in China Guodong Chen, New York University Shanghai, China
2C1 Who is elected to the board of directors and why? Christophe Volonté, University of Basel, Switzerland
2C2 Inherited culture and corporate innovation Xiaona Ji, Macquarie University, Australia
2C3 Were bank CEOs rewarded for taking subprime gambles? Dietmar Leisen, Johannes Gutenberg University, Germany
2D1 Does misvaluation leads to more informative prices? Bharat Raj Parajuli, Monash University, Australia
2D2 Executive talent allocation across family business group affiliates Jinzhao Du, University of New South Wales, Australia
2D3 Climate change-related regulatory exposure and corporate investment efficiency Kamrul Huda Talukdar, University of Central Florida,, USA
2E1 Intermediary capital and financing sustainable investment Tak-Yuen Wong, National Tsing Hua University, Taiwan
2E2 The cost of financial misconduct in nonprofits Artem Joukov, Wenzhou-Kean University, China
2E3 Active verbal communication with corporate insiders Kotaro Miwa, Kyushu University, Japan
2F1 The impact of trading platform jitter on market quality Robert  Gaudiosi, Macquarie University, Australia
2F2 Price efficiency or noise: High frequency trading impact on corporate investment Jun Liu, University of Tasmania, Australia
2F3 Centralising forces in decentralised exchanges: The emergence of dealers Sean Foley, Macquarie University, Australia
2G1 Currency return dynamics: What is the role of U.S. macroeconomic regimes? Qianshu Zhang, City University of Hong Kong, Hong Kong
2G2 Dependency and systemic risk in dynamic financial network Shahab Nankali, RMIT University, Australia
2G3 Reversal of the BOJ's balance sheet policy and liquidity dependence Takeshi Osada, Saitama University, Japan
3A1 An analytical model for loan commitments facing the material adverse change Dan Galai, Hebrew University of Jerusalem, Israel
3A2 Birds of a feather flock together: A deep learning bank co-lending network risk measure Yunying Huang, University of Sydney, Australia
3A3 Price dislocations, systematically important banks, and spillovers John Chu, Monash University, Australia
3B1 The spillover of corporate ES on bank loan cost Danmo Lin, University of Warwick, UK
3B2 Racial disparities in the U.S. mortgage market: Evidence from privacy legislation Xiangyu Lin, University of Manchester , UK
3B3 To be or not to be (in)? The question of financial conglomerate resilience Cyril Pouvelle, Bank of France, France
3C1 Unintended consequences of CEO-employee pay ratio disclosure mandate: Evidence from shareholder proposals Zhaofeng Xu, Monash University, Australia
3C2 Irresponsible practices, CEO turnover, and firm value – A mediation model Emilia Vähämaa, Hanken School of Economics, Finland
3C3 Tailoring compensation contracts to mitigate behavioral attributes: Evidence from CEO early life disaster exposure Mark Humphery-Jenner, University of New South Wales, Australia
3D1 Should firms avoid relying on key employees? Evidence from inventors Jin Wang, Wilfrid Laurier University, Canada
3D2 Political ideology alignment on supply chain Ting Dai, Hong Kong University of Science and Technology, Hong Kong
3D3 Uncertainty creates zombie firms: Implications for industry dynamics and creative destruction Kevin Aretz, University of Manchester, UK
3E1 Skilled and sustainable: Investment choices and performance of Swiss retail investors Leonie Engelhardt, University of Geneva, Switzerland
3E2 Anatomy of municipal green bond yield spreads Mohammad Hadi Sehatpour , University of Technology Sydney, Australia
3E3 Is greenium a reflection of inflation risk? Yuyi He, Chinese University of Hong Kong, Hong Kong
3F1 Limits to arbitrage and runs on stablecoins Ravi Joshi, Louisiana State University, USA
3F2 Learning from price and arbitrage profits in the stablecoin market Mingjun Hao, Australian National University, Australia
3F3 Cryptocurrency contagion: How does it differ from the commodity contagion? Rangga Handika, Tokyo International University, Japan
3G1 Can trust enhance credit rating accuracy? Yu Su, Monash University, Australia
3G2 Systemic risk measures and macroeconomic shocks Zongxin Qian, Renmin University, China
3G3 Beyond carry: The prospective interest rate differential and currency excess returns Mengmeng Dong, University of California Riverside, USA
4A1 Credit relationships and dynamic credit constraints Jingfeng Zhang, London School of Economics and Political Science, UK
4A2 The price of privacy: The impact of GDPR on international syndicated loan costs and employment in banking Chengjun Liu, Hong Kong Polytechnic University, Hong Kong
4A3 Credit concentration limit and bank’s risk-sharing: Evidence from syndicated loans Bolortuya Enkhtaivan, Western Michigan University, USA
4B1 Profitability, ownership, risk, and deposit insurance of commercial banks in Africa Evans Darko, Université de Rennes, France
4B2 Mortgage aggregation and credit supply Keling Zheng, University of British Columbia, Canada
4B3 Poor performance and CEO turnover in community banks: The role of gender in managerial successions Sami Vähämaa, University of Vaasa, Finland
4C1 CEO’s political contribution and rewards Lei Chen, University of Melbourne, Australia
4C2 Biodiversity risk and CEO compensation: Evidence from illegal wildlife imports Linghua Kong, University of Sydney, Australia
4C3 Wrinkles of experience: CEO age and abnormal investment Shahram Amini, University of Denver, USA
4D1 Understanding the valuation gap between state-owned and non-state-owned enterprises Peng Zhu, Nanjing University, China
4D2 The bright side of patron-client network: Evidence from corporate innovation Jinjun Ke, University of Technology Sydney, Australia
4D3 Cross-border regulatory cooperation and firm cross-listing decisions Bin Yang, Jinan University, China
4E1 >Benchmarking benchmarks Marta Khomyn, University of Adelaide, Australia
4E2 Risk premiums in the U.S. treasury futures Rui Liu, Duquesne University, USA
4E3 Index investing and asset fire sales Ye Qian, Temple University, USA
4F1 Market power and money market funds risk-taking Yue Cai, Gakushuin University, Japan
4F2 Do creation and redemption rights really matter for ETF market maker? Zhen Wang, University of Sydney, Australia
4F3 Hedge fund activism and debt maturity structure Harminder Singh, Deakin University, Australia
4G1 Joakim Westerholm, University of Sydney, Australia
4G2 Wage restrictions on talent and debt contracting: Evidence from state-level pay transparency laws Wenbin Hu, University of Queensland, Australia
4G3 Staying with your rivals: Geographic proximity effects on the U.S. Market Henry Leung, University of Sydney, Australia
5A1 The joint determination of haircuts and interest rates for collateralized loans in shadow banking Jinji Hao, Victoria University of Wellington, New Zealand
5A2 Risk-based capital requirement and credit union lending: A theoretical approach Smith Djihoui  Gnepa, Sherbrooke University  , Canada
5A3 Scope and limits of bank liquidity creation Thomas Gehrig, University of Vienna, Austria
5B1 Systemically important bank motivation for bond market choices and the impact on financial stability Christopher Bell, University of Queensland, Australia
5B2 Do bank capital and liquidity truly shield against systemic risk: Evidence from the global banking sector Sonali Jain, Indian Institute of Technology Delhi, India
5B3 Data breach announcement effect on bank operations and performance Heng (Emily) Wang, Elon University, USA
5C1 CSR and exposure to systemic risk: Building resilience in non-financial firms Priya Dhawan, Indian Institute of Technology Delhi, India
5C2 When financial innovation backfires: The effects of credit default swaps on corporate environmental & social irresponsibility Rui Zhong, University of Western Australia, Australia
5C3 Stringency of environmental policies and cash management: International evidence Svetlana V. Orlova, University of Tulsa, USA
5D1 Commitment is an act: How does management forecast affect corporate selective hedging? Taoran Guo, Monash University, Australia
5D2 Unintended consequences of corporate opportunity waivers on corporate tax saving and community wealth Yi-Da Tsai, University at Buffalo, SUNY, USA
5D3 Go with the flow: Debt structure changes and real implications Chuck Fang, Drexel University, USA
5E1 Where does gamma hedge drive the intraday market move? Taeyoung Park, University of Texas at Dallas, USA
5E2 Estimating the intertemporal risk-return relation using option-implied expected returns Guanglian Hu, University of Sydney, Australia
5E3 Trust and lottery-related anomalies Ya Gao, University of South Australia, Australia
5F1 Growth of income funds and death of volatility Umit Kurucak, University of Texas at Dallas, USA
5F2 The geography of fund management company’s shareholders: Local preference in investment portfolios Jia Mao, Zhejiang University, China
5F3 How do mutual funds respond to salient pollution events? Han Zhou, Monash University, Australia
5G1 How resilient are PE/VC returns to real shocks? Michelle Xuan Mi, University of Queensland, Australia
5G2 Data breaches, debt costs, and public service provision: Evidence from U.S. municipalities Tianchen (Hugo) Zhao, University of Maryland, USA
5G3 Their pain is your gain: Market competition and foreign currency exposure Yancheng Qiu, University of Sydney, Australia
6A1 Deposit insurance: Believers and doubters Utpal Bhattacharya, Hong Kong University of Science and Technology, Hong Kong
6A2 Financial misconduct and depositor discipline Thomas Matthys, University of Technology Sydney, Australia
6A3 Changes in liquidity regulation and bank credit growth Amine Tarazi, University of Limoges, France
6B1 How do nonbank mortgage lenders shape bank small business lending? Xiyue Li, Chinese University of Hong Kong, Shenzhen, China
6B2 Reverse mortgages, housing, and consumption: An equilibrium approach Shize Li, Hong Kong University of Science and Technology, Hong Kong
6B3 Regulating mortgage credit based on data quality: Evidence from automated underwriting Sakif Rahman, University of Rochester, USA
6C1 The effect of CEO climate impact awareness on corporate carbon emissions Yuyang Zhang, University of Melbourne, Australia
6C2 Leveraging climate change: Estimating the effect of capital structure on shareholder value using the paris agreement Young Sang Kim, Taejae University, Korea
6C3 Do firms benefit from carbon risk management? Evidence from the credit default swaps market Madhu Kalimipalli, Wilfrid Laurier University, Canada
6D1 Do foreign creditors increase bank liquidity? Evidence at bank and loan level Indra Tumbelaka, Monash University, Australia
6D2 Gun violence and corporate default risk Hui Sun, University of Western Australia, Australia
6D3 Corporate lobbying of bureaucrats Ekaterina Volkova, University of Melbourne, Australia
6E1 ETF and stock price fragility Shunji Mei, University of Adelaide, Australia
6E2 Intangibles, productivity, and stock prices Baek-Chun Kim, Nactional Chengchi Univesity, Taiwan
6E3 Asset pricing with affect investing, gambling, and overconfidence: Theory and evidence Jiang Luo, Nanyang Technological University, Singapore
6F1 Does learning from academia help? Anomaly exploitation and mutual funds performance Xiyuan Ma, Singapore Management University, Singapore
6F2 Salience in mutual funds Wenting Dai, Nankai University, China
6F3 Mutual fund disagreement and firm value: Passive vs. active voice Iris Wang, McMaster University, Canada
6G1 Network sparsity and its impact Yongshi Jie, City University of Hong Kong, Hong Kong
6G2 Man vs. machine: the influence of AI forecasts on investor beliefs Gertjan Verdickt, University of Auckland, New Zealand
6G3 Liquidity and price impact at the 52 week high Andrew Grant, University of Sydney, Australia
7A1 As dry as a bone: How do banks cope with droughts? Oskar Kowalewski, IESEG School of Management, France
7A2 Alerting banks to climate risks: Impact of bad air quality shocks on pricing loans for brown firms Yun-Soo Kim, Korea Advanced Institute of Science and Technology, Korea
7A3 Financed emissions William Waller, Tulane University, USA
7B1 Do “measures” of bank diversification measure up? Darius Palia, Rutgers University, USA
7B2 Mind the cost of disturbance: Firm-level supply chain risk and the bank loan cost Daxuan Cheng, Macquarie University, Australia
7B3 Cross-border bank flows, regional household credit booms and bank risk-taking Daniel Marcel  te Kaat, University of Groningen, Netherlands
7C1 Does policy uncertainty have a bright side in carbon markets? Andre Poyser, University of Otago, New Zealand
7C2 Polluted IPOs Wei Wang, Queen’s University, Canada
7C3 Integrating carbon footprint into credit risk models: A case study from the 2022 European energy crisis David Tripe, Massey University, New Zealand
7D1 Restricting top executive pay and corporate mergers and acquisitions Luyao Pan, South China Normal University, China
7D2 Diversity and labor restructuring: Evidence from mergers and acquisitions Rui Dai, University of Pennsylvania, USA
7D3 Does mandatory bid rule discourage acquisitions above the threshold? Woochan Kim, Korea University Business School, Korea
7E1 Forecasting realized betas using predictors indicating structural breaks and asymmetric risk effects Jiawen Luo, South China University of Technology, China
7E2 Idiosyncratic volatility: Reversals and trend, evidence from India Nihar Singh, Indian Institute of Technology Delhi, India
7E3 From mean-variance analysis to mental accounting and back: Bridging contributions of Markowitz to portfolio selection Alexandre M. Baptista, George Washington University, USA
7F1 Housing speculation and entrepreneurship Yichu Wang, University of Nottingham Ningbo, China
7F2 Navigating stormier seas? Liquidity resilience across asset classes and time Nihad Aliyev, University of Technology Sydney, Australia
7F3 Private information acquisition by underwriters Kazuo Yamada, Kyoto University, Japan
7G1 Superannuation financial stability risks Scott Williams, Reserve Bank of Australia, Australia
7G2 A financial stability assessment framework Graham White, Reserve Bank of Australia, Australia
7G3 Mortgage arrears, defaults and risk characteristics: Evidence from Australian micro data Patrick Elkington, Reserve Bank of Australia, Australia
8A1 The real effects of bank’s green bonds Tingjun Liu, Macquarie University, Australia
8A2 Borrowers’ social performance and bank lending decisions: Evidence from financial contracts Tayyaba Rasheed, University of Wollongong, Australia
8A3 Greenhouse gases, banking stability, and financial development: Could global economy achieve climate resilience? Hai Hong Trinh, Massey University, New Zealand
8B1 Bonds of love: Patriotism and the rise of modern banks Yuchen Xu, University of New South Wales, Australia
8B2 Do political directors and gender diversity in Chinese banks affect corporate social responsibility? Ning Ding, University of Auckland, New Zealand
8B3 Does the quality of democracy in countries influence the profitability of their credit institutions? An empirical analysis of selected jurisdictions Mara Pilarski, Hochschule der Deutschen Bundesbank, Germany
8C1 Why firms provide seemingly irrational noncash shareholder perks? Taeko Yasutake, Soka University, Japan
8C2 How do firms respond to reduced private equity buyout activity? Yi-Hsin Lo, Singapore Management University, Singapore
8C3 Transient institutional ownership, costly external finance, and corporate cash holdings Hyun Joong Im, University of Seoul, Korea
8D1 Unlocking the value of mergers and acquisitions in minimizing employment risks Ruichen Ma, University of Wollongong, Australia
8D2 Transportation convenience and the value of acquisition targets: evidence from network analysis of Chinese M&As Konari Uchida, Waseda University, Japan
8D3 Globalization and insider trading: Evidence from cross-border mergers and acquisitions Sherry Xueting Zhang, University of New South Wales, Australia
8E1 Style switching and asset pricing Huaixin Wang, Tsinghua University, China
8E2 Disclosure complexity, quality investing and equity returns Prasad Hegde, Auckland University of Technology, New Zealand
8E3 The impact of investment gains on gambling consumption Sung Kwan Lee, Chinese University of Hong Kong, Shenzhen, China
8F1 The economics of sustainability-linked bonds Tony Berrada, University of Geneva, Switzerland
8F2 Corporate social responsibility and bond volatility Trevor Chamberlain, McMaster University, Canada
8F3 Bond investors’ trading horizon and the cost of debt Li Ting, Tina Chiu, Bentley University, USA
8G1 Climate change and households’ risk-taking Chanik Jo, Chinese University of Hong Kong, Hong Kong
8G2 The effect of “black swan” events on stock markets liquidity and CDS markets Zixiu Zhao, University of Sydney, Australia
8G3 Do connections to the U.S. president enable regulatory capture? Evidence from antitrust merger reviews Claire Liu, University of Sydney, Australia