Programme Details

*   indicates authors registered for the conference. Please click on the paper   title to obtain an electronic copy of the paper. Please click on the   registered author’s name to contact the author by email.
Thursday,   May 30, 8.30 am – 10.00 am, Sessions A1 to D1
 
Session   A1 (room 102): Bank Ownership
Chair: Miguel Garcia-Cestona, Univ Autònoma de   Barcelona, Spain
Cooperative   Banks Versus Financial Crisis
*Giovanni Ferri, Lumsa, Italy
Angelo Leogrande, Univ of Bari   “Aldo Moro”, Italy
Discussant: Ute   Filipiak, Univ of Wuppertal, Germany
Bank   Ownership, Directors’ Human Capital and Bank Behavior
*Miguel Garcia-Cestona, Univ Autònoma de   Barcelona, Spain
Marti   Sagarra, Univ Autònoma de Barcelona, Spain
Discussant: Melvin Muzi Khomo, South African Reserve Bank College, South Africa
Does   Bank Ownership Affect Lending Behavior? Evidence from the Euro Area
*Giovanni Ferri, Lumsa, Italy
*Panu Ka lmi, Univ of Vaasa, Finland
*Eeva   Kerola, Aalto Univ, Finland
Discussant: Daniel   Buncic, Univ of St. Gallen, Switzerland
Session   B1 (room 106): CSR & Performance
Chair: Iraj Fooladi, Dalhousie Univ, Canada
The   Impact of the SRI Index on the Financial Performance of Companies Listed on   the Johannesburg Securities Exchange 
*Ashley Mutezo, Uni of South Africa, South Africa
Discussant: Pierre   Chollet, Univ Montpellier 1, France
Corporate   Social Responsibility and Bank Performance
*Brian Bolton, Portland State Univ, USA
Discussant: Ali Fatemi,  DePaul Univ, USA
Corporate   Social Responsibility and Value Creation
*Ali Fatemi,    DePaul Univ, USA
*Iraj Fooladi, Dalhousie Univ, Canada
Discussant: Matthew Morey, Pace Univ,   USA
Session   C1 (room 206): Exchange Rate Arrangements
Chair: Ermal Hitaj, IMF
Do   SADC Countries form an Optimum Currency Area? Testing the Generalised PPP   Hypothesis 
*Mulatu Zerihun, Univ of Pretoria,   South Africa
Marthinus   C. Breitenbach,  Univ of Pretoria,   South Africa
Francis Kemegue, Univ of Pretoria &   Framingham State Univ, South Africa
Discussant: Ergun   Ermisoglu, Central Bank of Turkey, Turkey
Crises   and Exchange Rate Regimes: Time to Break Down the Bipolar View
Jean-Louis   Combes, Univ of Auvergne, France
Alexandru   Minea, Univ of Auvergne, France
*Mousse Sow, Univ of Auvergne, France
Discussant: Shakill   Hassan, Univ of Cape Town & South African Reserve Bank, South Africa
Fiscal   Discipline in WAEMU: Rules, Institutions, and Markets
*Ermal Hitaj, IMF
Yasin   Kursat Onder, IMF
Discussant: Mousse Sow, Univ of   Auvergne, France
Session   D1 (room 2058): Crises & Spillovers
Chair:   Joscha Beckmann, Univ of Duisburg-Essen, Germany
Credit   Constraints and FDI Spillovers in China
Natasha Agarwal
Cris   Milner
*Alejandro Riaño, Univ of Nottingham,   UK
Discussant: Zuobao Wei, Univ of Texas   at El Paso, USA
The   Impact of International Spillovers on the South African Economy
*Franz Ruch, SA Reserve Bank, South Africa
Discussant: Josine Uwilingiye,   Univ of Johannesburg, South Africa
The   Impact of Global Liquidity on Commodity Prices – Evidence From a   Markov-Switching Vector Error Correction Model
*Joscha Beckmann, Univ of   Duisburg-Essen, Germany
*Ansgar Belke, Univ of Duisburg-Essen,   Germany
*Robert Czudaj, Univ of Duisburg-Essen,   Germany
Discussant: Guangling Liu, Univ of   Stellenbosch, South Africa
 
Thursday,   May 30, 10.00 am – 10.30 pm, Coffee break (Foyer)
 
Thursday,   May 30, 10.30 am – 12.00 pm, Sessions A2 to E2
 
Session   A2 (room 102): Microfinance I
Chair: Leonard Wolk, Maastricht Univ,   The Netherlands
An   Empirical Examination of the Inequality, Leverage and Crisis Nexus
Xinhua   Gu, Univ of Macau, China
*Bihong Huang, Univ of Macau, China
Discussant: Co-Pierre Georg, Deutsche   Bundesbank, Germany & Oxford Univ, UK
Do   Budget Deficits Crowd out Private Investment? An Analysis of the South   African Economy
*Rumbidzai Biza, British High Commission, South Africa
*Forget Kapingura, Univ of Fort Hare,   South Africa
A.   Tsegaye, Univ of Fort Hare, South Africa
Discussant: George   Djolov, Statistics South Africa & Univ of Stellenbosch Business School,   South Africa
Information   Contagion and Systemic Risk
Toni   Ahnert, London School of Economics and Political Science, UK
*Co-Pierre Georg, Deutsche Bundesbank, Germany &   Oxford Univ, UK
Discussant: Alexander   Zimper, Univ of Pretoria, South Africa
Session   B2 (room 106): Environmental Performance
Chair: Erkan Yonder, Maastricht Univ,   The Netherlands
Corporate   Governance and the Environment: Evidence from Clean Innovations
*Mario Amore, Bocconi Univ, Italy
Morten   Bennedsen, INSEAD, France
Discussant: Tina   Yang, Villanova Univ, USA
Australian   Industries Environmental Performance: Depresses Accounting Numbers but   Enhances Market Value
*Noor Muhammad, Univ of Waikato, New Zealand
Frank   Scrimgeour, Univ of Waikato, New Zealand
Krishna   Reddy, Univ of Waikato, New Zealand
Sazali   Abidin, Univ of Waikato, New Zealand
Discussant: Joseph Gawer, Univ of   Paris Dauphine, France
Political   Preference and Corporate Sustainability: Evidence from REITs
Piet   Eichholtz, Maastricht Univ, The Netherlands
Nils   Kok, Maastricht Univ, The Netherlands
*Erkan Yonder, Maastricht Univ, The   Netherlands
Discussant: Mario   Amore, Bocconi Univ, Italy
Session   C2 (room 206): Exchange Rate Volatility
Chair: Shakill Hassan, Univ of Cape   Town & South African Reserve Bank, South Africa
Reserve   Options and FX Volatility
Arif   Oduncu, Central Bank of Turkey, Turkey
Yasin   Akçelik, Central Bank of Turkey, Turkey
*Ergun Ermisoglu, Central Bank of   Turkey, Turkey
Discussant: Francis Kemegue,   Univ of Pretoria & Framingham State Univ, South Africa
Real   Exchange Rate Volatility and Employment Growth in South Africa: The Case of   Manufacturing
*Trust Mpofu, Univ of Cape Town, South Africa
Discussant: Ermal Hitaj, IMF
High-Frequency   Analysis of Capital Flows and Rand Behavior
*Shakill Hassan, Univ of Cape Town   & South African Reserve Bank, South Africa
Discussant: Christian   Wolff, Univ of Luxembourg, Luxembourg
Session   D2 (room 2058): Market Valuation of CSR
Chair: Julian Kölbel, ETH Zurich, Switzerland
New   Empirical Evidence on Market Reactions to Changes in Socially Responsible   Investment Indexes
Alexis   Cellier, Univ Paris-Est, France
*Pierre Chollet, Univ Montpellier 1,   France
*Souad Lajili Jarjir, Univ Paris-Est,   France
Discussant: John   Nofsinger, Washington State Univ, USA
Do   Corporate Bond and Credit Default Swap Markets Value Environmental, Social or   Corporate Governance Events?
*Florian Berg, Univ of Paris Dauphine & Amundi   Asset Management, France
Yannick   Le Pen, Univ of Paris Dauphine, France
Discussant: Vadym Volosovych,   Erasmus Univ, The Netherlands
Corporate   Social Responsibility, public pressure and credit risk: The US and Europe are   not the same
*Julian Kölbel, ETH Zurich, Switzerland
Leonhardt   Jancso, ETH Zurich, Switzerland
Timo   Busch, ETH Zurich, Switzerland
Discussant: Jeroen   Derwall, Tilburg Univ & Maastricht Univ, The Netherlands
Thursday,   May 30, 12.00 pm – 1.00 pm, lunch (The Winery)
 
Thursday,   May 30, 1.00 pm – 3.00 pm, Sessions A3 to D3
 
Session   A3 (room 102): Microfinance II
Chair: Co-Pierre Georg, Deutsche Bundesbank, Germany   & Oxford Univ, UK
The   Determinants of MFIs’ Social and Financial Performances in Sub-Saharan   Africa: Has Mission Drift Occurred?
*Wassini Arrassen, Univ of Paris   Dauphine, France
Discussant: Ashley Mutezo, Uni   of South Africa, South Africa
Do   For-Profit Micro-Finance Institutions Achieve Better Financial Efficiency and   Social Impact? A Generalized Estimating Equations Panel Data Approach.
*Philippe Louis, KU Leuven, Belgium
Bart   Baesens, Univ of Southampton, UK
Discussant: Wassini   Arrassen, Univ of Paris Dauphine, France
The   Charity as a Firm: The Role of Incentives
*Leonard Wolk, Maastricht Univ, The   Netherlands
Discussant: Brian Bolton,   Portland State Univ, USA
Practice   What You Preach: Microfinance Business Models and Operational Efficiency
Jaap   Bos, Maastricht Univ, The Netherlands
*Matteo Millone, Maastricht Univ, The   Netherlands
Discussant: Philippe   Louis, KU Leuven, Belgium
Session   B3 (room 106): Corporate Governance
Chair: Stefanie Kleimeier, Maastricht   Univ, The Netherlands
Corporate   Governance Scores and Long Term Performance
*Joseph Gawer, Univ of Paris Dauphine, France
Discussant: Rodrigo   Zeidan, Fundacao Dom Cabral, Brazil & Nottingham Univ Business School   China
ISO   Certification, Corruption and Firm Performance: A Cross-Country Study 
Barkat   Ullah, Univ of Texas at El Paso, USA
*Zuobao Wei, Univ of Texas at El Paso, USA
Discussant: Noor Muhammad, Univ   of Waikato, New Zealand
Monitor   or Whistleblower? The Effect of Outside Director Activism on Corporate Fraud   in China
Chen   Wang, Univ of Edinburgh, UK
*Wenxuan Hou, Univ of Edinburgh, UK
Discussant: Meijun Qian, National   Univ of Singapore, Singapore
Session   C3 (room 206): Financial & Economic Development
Chair: Yabibal M. Walle,   Christian-Albrechts-Univ at Kiel, Germany
Foreign   Aid, Legal Origin, Economic Growth and Africa’s Least Developed Countries
Evelyn Wamboye, Pennsylvania State Univ, USA
Abel   Adekola, Univ of Wisconsin, USA
*Adewale Aregbeshola, University of South Africa,   South Africa
Discussant: Ettore   Panetti, Univ of Sassari & IIES-Stockholm Univ, Sweden
Capital   Flows, Trade Openness and Economic Growth: Interactive Effects and Policy   Implications for Nigerian Economy
*Olufemi M. Saibu, Univ of Johannesburg, South   Africa & Univ of Lagos, Nigeria
Discussant: Bihong Huang, Univ of   Macau, China
Bank   Liquidity, Market Participation, and Economic Growth
Elena   Mattana, Stockholm School of Economics, Sweden
*Ettore Panetti, Univ of Sassari &   IIES-Stockholm Univ, Sweden
Discussant: Trust Mpofu, Univ   of Cape Town, South Africa
Openness   and the Finance-Growth Nexus
Helmut   Herwartz, Georg-August-Univ at Göttingen, Germany
*Yabibal M. Walle,   Christian-Albrechts-Univ at Kiel, Germany
Discussant: Eliphas   Ndou, South African Reserve Bank, South Africa
Session   D3 (room 2058): Investment Funds
Chair: John Nofsinger, Washington State   Univ, USA
Socially   Responsible Funds and Market Crises
*John Nofsinger, Washington State Univ,   USA
Abhishek   Varma, Illinois State Univ, USA
Discussant: Florian Berg, Univ of   Paris Dauphine & Amundi Asset Management, France
Caveat   Emptor: Rule 2a-7 and Money Market Mutual Funds
Ozgur   Akay, U.S. Department of the Treasury & Texas Tech Univ, USA
*Mark Griffiths, Miami Univ, USA
Drew   Winters, Texas Tech Univ, USA
Discussant: Mark   Wahrenburg, Goethe Univ, Germany & Syracuse Univ, USA
Optimal   Risk Sharing in a Collective Defined Contribution Pension System
*Dennis Bams, Maastricht Univ, The   Netherlands
Peter   Schotmann, Maastricht Univ, The Netherlands
Mukul   Tyagi, Maastricht Univ, The Netherlands
Discussant: Stefano   Lugo, Utrecht Univ, The Netherlands
The Responsible Investment   Dimension of Mutual Fund Holdings in the US
Arian   Borgers, Tilburg Univ, The Netherlands
*Jeroen Derwall, Tilburg Univ &   Maastricht Univ, The Netherlands
Kees   Koedijk, Tilburg Univ, The Netherlands & Centre for Economic Policy   Research, UK
Jenke   ter Horst, Tilburg Univ, The Netherlands
Discussant: Michael Viehs,   Maastricht Univ, The Netherlands
 
Thursday,   May 30, 3.00 pm – 3.30 pm, Coffee break (Foyer)
 
Thursday,   May 30, 3.30 pm – 5.00 pm, Sessions A4 to D4
 
Session   A4 (room 102): Bank Regulation
Chair: Easton Sheahan-Lee, Concordia   Univ, Canada
Bank   Pay Caps, Bank Risk, and Macroprudential Regulation
*John Thanassoulis, Univ of Oxford, UK
Discussant: Johann   Jacobs, North-West Univ, South Africa
For   South African Banks Fair Value Accounting Does Influence Dividend Policy
*Philip de Jager, Univ of Cape Town,   South Africa
Discussant: Wenxuan Hou, Univ   of Edinburgh, UK
The   Impact of Dodd-Frank Regulation of OTC Derivative Markets and the Volker Rule   on International Versus US Banks: New Evidence
Lorne Switzer, Concordia   Univ, Canada
*Easton Sheahan-Lee, Concordia Univ,   Canada
Discussant: Daniela Laas, Univ   of St. Gallen, Switzerland
Session   B4 (room 106): Sustainability
Chair: Meijun Qian, National Univ of Singapore,   Singapore
Developing   a Sustainability Credit Score System
*Rodrigo Zeidan, Fundacao Dom Cabral,   Brazil & Nottingham Univ Business School China
Claudio   Boechat, Fundacao Dom Cabral, Brazil
Angela   Fleury, Fundacao Dom Cabral, Brazil
Discussant: Erkan   Yonder, Maastricht Univ, The Netherlands
Changing   the Face of Sustainable Development in Africa: The Role of the International   Finance Corporation
*Adebola Adeyemi, Swansea Univ, UK
Discussant: Yabibal   M. Walle, Christian-Albrechts-Univ at Kiel, Germany
Political   Institutions, Economic Entrenchments, and the Sustainability
*Meijun Qian, National Univ of Singapore, Singapore
Yasheng   Huang, MIT Sloan School of Management, USA
Discussant:   Christopher Hartwell, Moscow School of Management – SKOLKOVO, Russia
Session   C4 (room 206): Monetary Policy & Crises
Chair: Stefanie Kleimeier, Maastricht   Univ, The Netherlands
The   Importance of Global Shocks for National Policymakers – Rising Challenges for   Sustainable Monetary Policies
*Ansgar Belke, Univ of Duisburg-Essen,   Germany
Discussant: Franz Ruch, SA   Reserve Bank, South Africa
The   Equity Price Channel in a New-Keynesian DSGE Model with Financial Frictions   and Banking
*Hylton Hollander, Univ of Stellenbosch, South   Africa
*Guangling Liu, Univ of Stellenbosch, South Africa
Discussant: Offiong   Helen Solomon, London Metropolitan Univ, UK
Interest   Rate Pass-Through and Banking Crises 
*Joscha Beckmann, Univ of   Duisburg-Essen, Germany
Harald   Sander, Univ of Applied Sciences Cologne, Germany
*Stefanie Kleimeier, Maastricht Univ,   The Netherlands
Discussant: Hylton Hollander,   Univ of Stellenbosch, South Africa
Session   D4 (room 2058): Systematic Risk
Chair: Stefan Mittnik, Ludwig-Maximilians-Univ München,   Germany
Tail   Risks and Systemic Risks for U.S. and Eurozone Financial Institutions in the   Wake of the Global Financial Crisis
*Stefan Straetmans, Maastricht Univ,   The Netherlands
Sajid   Chaudhry, Univ of Birmingham, UK
Discussant: Ulf   Holmberg, Umeå Univ & Riksbank, Sweden
Stock Market Linkage and   Financial Crisis Contagion: A Time-Varying VAR Approach with Stochastic   Volatility
*Josine Uwilingiye, Univ of Johannesburg, South   Africa
Discussant: Stefan   Straetmans, Maastricht Univ, The Netherlands
The   Real Consequences of Financial Stress: What Really Matters
*Stefan Mittnik, Ludwig-Maximilians-Univ München,   Germany
Willi   Semmler, New School for Scoial Research, USA
Discussant: Edward Sun, BEM   Bordeaux Management School, France
Friday,   May 31, 9.00 am – 10.30 am, Sessions A5 to D5
 
Session   A5 (room 102): Bank Regulation
Chair: Caroline Siegel, Univ of St.   Gallen, Switzerland
 Lessons Learnt from the Deficiencies of the   Basel Accords as They Apply to Solvency II 
*Johann Jacobs, North-West Univ, South   Africa
Discussant: Dennis   Bams, Maastricht Univ, The Netherlands
Basel   Accords versus Solvency II – Capital Adequacy under the Post-Crisis   Regulatory Frameworks
*Daniela Laas, Univ of St. Gallen, Switzerland
*Caroline Siegel, Univ of St. Gallen,   Switzerland
Discussant: Stefan Mittnik,   Ludwig-Maximilians-Univ München, Germany
 
Equilibrium   Credit: The Reference Point for Macroprudential Supervisors
*Daniel Buncic, Univ of St. Gallen,   Switzerland
Martin   Melecky, World Bank
Discussant: André   Anundsen, Univ of Oslo, Norway
Session   B5 (room 106): Ownership Structure
Chair: Jerry Cao, Singapore Management Univ,   Singapore
State   Ownership, Soft-Budget Constraint and Cash Holdings: Evidence from China’s   Privatized Firms
*William   L. Megginson, University of Oklahoma, USA
*Zuobao Wei, Univ of Texas at El Paso, USA
Discussant: Alejandro   Riaño, Univ of Nottingham, UK
Ownership   Concentration and Expropriation in Chinese IPOs
*Jerry Cao, Singapore Management Univ, Singapore
Jeremy   Goh, Singapore Management Univ, Singapore
Vincent   Jinghua Tang, Univ of Wollongong, Australia
Gary   Gang Tian, Univ of Wollongong, Australia
Discussant: Easton   Sheahan-Lee, Concordia Univ, Canada
Determinants   of Mergers and Acquisitions targeting South Africa 1990-2011
*Magda Kasyoka Wilson, Univ of Johannesburg, South   Africa
Discussant: Giovanni Ferri, Lumsa, Italy
Session   C5 (room 206): Liberalisation & Financial FDI
Chair: Offiong Helen Solomon, London   Metropolitan Univ, UK
Technology Spillovers from Foreign Direct Investment
Bethuel Kinuthia, Univ of   Nairobi, Kenya
Discussant: Joscha Beckmann, Univ of Duisburg-Essen, Germany
A   South African Perstective to Boom and Bust of Equity Portfolio Flows to   Emerging Markets 
*Hayley   Reynolds, South African Treasury, South Africa
Francis Kemegue, Univ of Pretoria &   Framington State Univ, South Africa
Discussant: Rajaiah   Jayaraj, University Of Petroleum & Energy Studies, India
The   Governance Infrastructure of Emerging Market Economies and the Dual Mode of   Foreign Investment: A Dual Investor Perspective
Photis   Lysandrou, London Metropolitan Univ, UK
*Offiong Helen Solomon, London   Metropolitan Univ, UK
Discussant: Adewale   Aregbeshola, University of South Africa, South Africa
Session   D5 (room 2058): Investor Behaviour & Sentiment
Chair: Ute Filipiak, Univ of Wuppertal,   Germany
Survey   sentiment and Option smile
Yi-Hsuan   Chen, Chung-Hua Univ, Taiwan
*I Doun Kuo, Tunghai Univ, Taiwan
Discussant: Josep M.   Puigvert-Gutierrez, European Central Bank
Motivations   For SocIally Responsible Investments: Return Expectations or Social   Preferences
*Paul Smeets, Maastricht Univ, The   Netherlands
Discussant: Julian Kölbel, ETH   Zurich, Switzerland
Trusting   Financial Institutions: Out of Reach, out of Trust?
*Ute Filipiak, Univ of Wuppertal,   Germany
Discussant: Panu   Ka lmi, Univ of Vaasa, Finland
Friday,   May 31, 10.30 am – 11.00 am, Coffee break (Foyer)
 
Friday,   May 31, 11.00 am – 12.00 pm, Keynote Address (room 2058/2059)
Mr   Mallam Sanusi Lamido Sanusi (CON)
Governor,   Central Bank of Nigeria
Banking   Sector Reforms in Nigeria and Implications for Financial Globalisation and   Sustainability
Mallam   Sanusi was appointed Governor  in the   middle of a global financial crisis. Under his leadership, the Central Bank   of Nigeria moved swiftly and boldly to implement far-reaching reforms in the   banking industry aimed at addressing the root causes of the crises in poor   corporate governance and risk management practices, management fraud, insider   abuses and weak regulation supervision and enforcement. Mallam Sanusi’s   tough, decisive and transparent actions have earned him great and wide   recognition, including a special invitation in November 2010, by the United   States Congressional Sub-Committee on International Monetary Policy and   Trade, to give testimony at a congressional hearing titled, “The Global   Financial Crisis and Financial Reforms in Nigeria”.
Friday,   May 31, 12.00 pm – 1.00 pm, Lunch (The Winery)
 
Friday,   May 31, 1.00 pm – 2.00 pm, Keynote Address (room 2058/2059)
 
Professor   William L. Megginson
University   of Oklahoma
The   Global Impact of Sovereign Wealth Funds as Investors and Development   Financiers
William   L. Megginson is Professor and Rainbolt Chair in Finance at the University of   Oklahoma. From 2002 to 2007, he was a voting member of the Italian Ministry   of Economics and Finance’s Global Advisory Committee on Privatization. In   addition, he has served as a privatization consultant for the New York Stock   Exchange, the OECD, the IMF, the World Federation of Exchanges, and the World   Bank. He has published in top academic journals on a wide range of topics   including those which are of direct relevance to the conference:   privatisation, sovereign wealth funds, or the role of the government in the   private sector.
Friday,   May 31, 2.15 pm – 3.15 pm, Sessions A6 to E6
 
Session   A6 (room 102): Rating Agencies
Chair: Sylvanus Ikhide, Univ of   Stellenbosch, South Africa
Determinants   of Upgrades and Downgrades in Sovereign Debt Ratings: Have Poor Countries   Traditionally Been Unduly Disadvantaged by Standard and Poor’s?
*David Tennant, Univ of the West   Indies, Jamaica
Marlon   Tracy, Binghamton Univ, USA
Discussant: Forget   Kapingura, Univ of Fort Hare, South Africa
The   Grasshopper and the Grasshopper: Credit Rating Agencies incentives,   Regulatory use of Ratings and the Subprime Crisis
*Stefano Lugo, Utrecht Univ, The   Netherlands
Discussant: Caroline   Siegel, Univ of St. Gallen, Switzerland
Session   B6 (room 106): Institutional Investors I
Chair: Jeroen Derwall, Tilburg Univ   & Maastricht Univ, The Netherlands
Secondary Buyouts Waves
Han T.J. Smit, Erasmus Univ, The Netherlands
*Vadym Volosovych, Earsmus Univ, The Netherlands
Discussant: Jerry Cao,   Singapore Management Univ, Singapore
CSR and   Investor Reaction to News
Nadja   Guenster, Maastricht Univ, The Netherlands
*Jeroen   Derwall, Maastricht Univ, The Netherlands
Arian   Borger, Tilburg Univ, The Netherlands
Discussant: Souad   Lajili Jarjir, Univ Paris-Est, France
Session   C6 (room 206): Contingent Capital
Chair: Dennis Bams, Maastricht Univ,   The Netherlands
Contingent   Capital: The Case of COERCs
George   Pannacchi, Univ of Illinois at Urbana-Champaign, USA
Theo   Vermaelen, INSEAD, France
*Christian Wolff, Univ of Luxembourg,   Luxembourg
Discussant: Xiaolin Wang, Hunan   Univ, China
Pricing   Contingent Convertible Bond with Idiosyncratic Risk
*Xiaolin Wang, Hunan Univ, China
Zhaojun   Yang, Hunan Univ, China
Discussant: Dennis Bams, Maastricht Univ, The Netherlands
Session   D6 (room 2058): Crisis Lessons for Financial Markets I
Chair: Stefan   Straetmans, Maastricht Univ, The Netherlands
Financial   Transaction Tax: Creating a Win-Win Situation via Optimal Trading
*Edward Sun, BEM Bordeaux Management School,   France
Timm   Kruse, Karlsruhe Institute of Technology, Germany
Min-Teh   Yu, National Chiao Tung Univ, Taiwan
Discussant: John   Thanassoulis, Univ of Oxford, UK
Information   Asymmetry around Operational Risk Announcements
Ahmed   Barakat, Lancaster Univ Management School, UK
Anna   Chernobai, Syracuse Univ, USA
*Mark Wahrenburg, Goethe Univ, Germany   & Syracuse Univ, USA
Discussant: Mulatu   Zerihun, Univ of Pretoria, South Africa
Friday,   May 31, 3.15 pm – 3.30 pm, Coffee break (Foyer)
 
Friday,   May 31, 3.30 pm – 5.00 pm, Sessions A7 to E7
 
Session   A7 (room 102): Banking Market Structure
Chair: Ulf Holmberg, Umeå Univ &   Riksbank, Sweden
The   Herfindahl-Hirschman Index as a Decision Guide to Business Concentration in   the Banking Sector: A General Perspective 
*George Djolov, Statistics South Africa   & Univ of Stellenbosch Business School, South Africa
Discussant: Miguel   Garcia-Cesto, Univ Autònoma de Barcelona, Spain
Implementing   Optimal Allocations Through Asset Markets in Diamond-Dybvig Economies
*Alexander Zimper, Univ of Pretoria,   South Africa
Discussant: I Doun Kuo, Tunghai Univ,   Taiwan
Comparing   Centralized and Decentralized Banking. A Study of the Risk-Return Profiles of   Banks
*Ulf Holmberg, Umeå Univ &   Riksbank, Sweden
Tomas   Sjögren, Umeå Univ, Sweden
Jörgen   Hellström, Umeå Univ, Sweden
Discussant: Matteo   Millone, Maastricht Univ, The Netherlands
Session   B7 (room 106): Institutional Investors II
Chair: Paul Smeets, Maastricht Univ,   The Netherlands
The   Geography of Shareholder Engagement: Evidence from a Large British   Institutional Investor
Rob   Bauer, Maastricht Univ, The Netherlands
Gordon   L. Clark, Univ of Oxford, UK
*Michael Viehs, Maastricht Univ, The   Netherlands
Discussant: Philip de   Jager, Univ of Cape Town, South Africa
Corporate   Tradeoff Decisions between Social Goals and Shareholder Value Maximization:   The Role of Local Institutional Investors
Kim   Incheol, Univ of South Florida, USA
Hong   Wan, State Univ of New York at Oswego, USA
Bin   Wang, Villanova Univ, USA
*Tina Yang, Villanova Univ, USA
Discussant: Paul   Smeets, Maastricht Univ, The Netherlands
Session   C7 (room 206): Monetary Policy & Market Structure
Chair: Stefanie Kleimeier, Maastricht   Univ, The Netherlands
Lending   Rate Stickiness, Asymmetry Between Lending Rates and Funding Costs 
*Eliphas Ndou, South African Reserve   Bank, South Africa
Discussant: Magda Kasyoka Wilson,   Univ of Johannesburg, South Africa
Interest   Rate Pass-Through, Financial Structure and Monetary Policy in South Africa
*Meshach Aziakpono, Univ of   Stellenbosch, South Africa
Discussant: Ansgar   Belke, Univ of Duisburg-Essen, Germany
Session   D7 (room 2058): Crisis Lessons for Financial Markets II
Chair: Rajaiah Jayaraj, University of   Petroleum & Energy Studies, India
The   Yield Curve and Forecasting Recession in South Africa: Does Monetary Policy   Explain the Yield Spread’s Predictive Power?
*Melvin Muzi Khomo, South African   Reserve Bank College, South Africa
*Meshach Aziakpono, Univ of   Stellenbosch, South Africa
Discussant: Syden Mishi, Univ   of Fort Hare, South Africa
Econometric   Regime Shifts and the US Subprime Bubble
*André Anundsen, Univ of Oslo, Norway
Discussant: Robert   Czudaj, Univ of Duisburg-Essen, Germany
Getting   real forecasts, state price densities and risk premium from Euribor options
Vesela Ivanova, Goethe Univ,   Germany
*Josep M. Puigvert-Gutierrez, European   Central Bank
Discussant: Mark Griffiths,   Miami Univ, USA