Tuesday, Dec 10


Registration (1st Floor)
Wednesday, Dec 11


Registration (1st Floor)


Welcoming Address by the Founder and President of IFMA / Conference ChairBali Hai Room (10th Floor)


Opening Speech by the Dean of Faculty of Economics and Business Diponegoro UniversityBali Hai Room (10th Floor)


Presentation by the CEO of Bank Tabungan NegaraBali Hai Room (10th Floor)


The 1st Keynote Speech by Michael Brennan“Malfeasance in Financial Markets”Bali Hai Room (10th Floor)


Coffee Breaks


Concurrent Sessions I (2nd Floor)




Concurrent Sessions II (2nd Floor)


Coffee Breaks


Concurrent Sessions III (2nd Floor)
Thursday, Dec 12




Concurrent Sessions IV (2nd Floor)


Coffee Breaks


Concurrent Sessions V (2nd Floor)


The 2nd Keynote Speech by Avanidhar Subrahmanyam“Financial Market Shocks and the Macroeconomy”Bali Hai Room (10th Floor)


Best Paper Award & Closing (10th Floor)




Doctoral Seminar

Thursday, Dec 12


Tutor: Avanidhar SubrahmanyamBali Hai Room (10th Floor)


Day 1, 10am – 12pm


Kecak (2nd Floor)

Pendet (2nd Floor)

Legong (2nd Floor)

Session topic

Asset Pricing

Corporate Governanvce

Financing Policy

Session chair Edwin Neave Hardjo Koerniadi Karel Hrazdil
“Predictability of corporate bond returns”

Hai Lin (Victoria University of Wellington)

Junbo Wang (City University of Hong Kong)

Chunchi Wu (State University of New York at Buffalo)

“Does board independence improve firm performance? Outcome of a quasi-natural experiment”

Peter L. Swan (University of New South Wales)

“Heterogeneity of opinion in the valuation of IPOs: The case of Malaysian fixed-price IPOs”

Othman Yong (Universiti Kebangsaan Malaysia)

Discussant Elvira Sojli Sabri Boubaker Yan Wu
“Divided governments and asset prices”

Elvira Sojli (Erasmus University)

Wing Wah Tham (Erasmus University)

“Governance through threat: Does short selling improve internal governance?”

Massimo Massa (INSEAD)

Bohui Zhang (University of New South Wales)

Hong Zhang (INSEAD)

“Manipulation in IPOs: Evidence from Indian IPOs”

Suman Neupane (Griffith University)

S. Ghon Ree (University of Hawaii)

Chandra Tapa (University of Stratchclyde)

Madhu Veeranghavan (Monash University)

Discussant Hai Lin Peter Swan Theo Vermaelen
 “Investor sentiment and the fragility of liquidity”

Chunmei Lin (Erasmus University)

“Government Ownership and Collectivism: Evidence from Privatization”

Narjess Boubakri (American University of Sharjah)

Omrane Guedhami (University of South Carolina)

Chuck C.Y. Kwok (University of South Carolina)

Walid Saffar (The Hong Kong Polytechnic University)

“Rights offerings, trading, and regulation: A global perspective”

Massimo Massa (INSEAD)

Theo Vermaelen (INSEAD)

Moqi Xu (London School of Economics)

Discussant Joseph French Hong Zhang Suman Neupane
“Toward An Early Warning System of Financial Crises: What Can Index Futures and Options Tell Us?”

Wei-Xuan Li (The John Stockton College of New Jersey)

Clara Chia-Sheng Chen (The John Stockton College of New Jersey)

Joseph J. French (University of Northern Colorado)

“Large Controlling Shareholders and Stock Price Synchronicity”

Sabri Boubaker (IRG, Universite Paris-Est)

Hatem Mansali (IRG, Universite Paris-Est)

Hatem Rjiba (IRG, Universite Paris-Est)

“Ownership, Private Placements and its Impact on the Industrial Upgrading in China”

Yan Wu (Jiangxi University of Finance and Economics)

Liu Binbin (Nanchang University)

Discussant Chunmei Lin Walid Saffar Othman Yong





Day 1, 1.15pm – 3.15pm


Kecak (2nd Floor)

Pendet (2nd Floor)

Legong (2nd Floor)

Session topic

Asset Pricing

Market Efficiency

Merger & Acquisition / International Finance

Session chair Claudio Morana Henk von Eije Hai Lin

“Financial and emotional happiness: Testing a global link”

Rahul Bishnoi (Hofstra University)

Xiaoting Hu (Hofstra University)

“The impact of trading floor closure on market efficiency: Evidence from the Toronto Stock Exchange”

Dennis Y. Chung (Simon Fraser University)

Karel Hrazdil (Simon Fraser University)

“Cross-border mergers and acquisitions and default risk”

Hardjo Koerniadi (Auckland University of Technology )

Chandrasekhar Krishnamurti (University of Southern Queensland)

Alireza Tourani-Rad (Auckland University of Technology)

Discussant Stephane Dubreuille Adler Manurung Nafis Alam
“Analysis of the relationship between financial sector dynamics, inflation and economics growth”

Josua Pardede (Bank Internasional Indonesia)

“The Relationship between News Content with Different Publishers and Abnormal Returns – “The Application of Term Frequency and Semantic Orientation Analysis”

Yang-Cheng Lu (Ming Chuan University)

Yu-Chen Wei (National Kaohsiung First University of Science and Technology)

Chong-Han Yan (National Kaohsiung First University of Science and Technology)

I-Chi Lin (National Kaohsiung First University of Science and Technology)

“Determinants of Bank Acquisitions in ASEAN”

Nafis Alam (University of Nottingham Malaysia Campus)

Ng Seok Lee (HSBC)

Discussant Ali Fatemi Lorne Switzer Hardjo Koerniadi
“The Valuation Puzzle of IT Companies”

Safwan Mchawrab (Reims Management School)

Stephane Dubreuille (Reims Management School)

Marine Kergoat (IDRAC)

“Dynamic interrelationship between macroeconomic indicators, global stock indicators, commodities prices and Jakarta composite index”

Adler Manurung (Universitas Siswa Bangsa Internasional)

Josua Pardede (Bank Internasional Indonesia)

Romora Sitorus (Universitas Siswa Bangsa Interasional)

“The Cross-listing Decision and the Home Bias in International Equity Investments”

Olga Dodd (Auckland University of Technology)

Bart Frijns (Auckland University of Technology)

Discussant Josua Pardede Karel Hrazdil Bruno Solnik
“Corporate social responsibility and value creation”

Ali Fatemi (DePaul University)

Iraj Fooladi (Dalhousie University)

“The Impact of Dodd-Frank Regulation of OTC Derivative Markets and the Volker Rule on International vs US Banks”

Lorne N. Switzer (Concordia University)

Easton Sheahan-Lee (Concordia University)

“Frequent-but-Small and Infrequent-but-Large Return Asimmetries in International Equity Markets”

Bruno Solnik (Hong Kong University of Science and Technology)

Thaisiri Watewai (Chulalongkorn University)

Discussant Rahul Bishnoi I-Chi Lin Olga Dodd




Day 1, 3.30pm – 5.30pm


Kecak (2nd Floor)

Pendet (2nd Floor)

Legong (2nd Floor)

Session topic

Asset Pricing

Asset Pricing / Derivative

Islamic Finance / Portfolio

Session chair Olga Dodd Rahul Bishnoi Elvira Sojli

“Effect of public news risk and news sentiment on credit default swap market”

Feng-Tse Tsai (Asia University)

Hsin Min Lu (National Taiwan University)

“Marketable and non-hedgeable risk in a duopoly framework with hedging”

Matthias Pelster (University TU Dortmund)

“Performance of islamic and conventional banks before and after the global financial crisis”

Dennis Olson (Thompson Rivers University)

Taisier A. Zoubi (American University of Sharjah)

Discussant Mikova Evgeniya  Ting-Pin Wu Hela Miniaoui

“Securities transaction tax and market behavior: Evidence from Euronext”

Gunther Capelle-Blancard (Universite Paris 1 Pantheon-Sorbonne)

Olena Havrylchyk (Cepii)

“Valuation of Spread and Basket Options with the Johnson Distribution Family”

Ting-Pin Wu (National Central University)

Hsuan-Ku Liu (National Taipei University of Education)

Son-Nan Chen (Shanghai Jiao Tong Univesity)

“ The Impact of Financial Crisis on Islamic and Conventional Indices of the GCC Countries”

Hela Miniaoui (University of Wollongong in Dubai)

Hameedah Sayani (Middlesex University)

Discussant Chia-Chi Huang  Matthias Pelster Dennis Olson
“Asset pricing with size, value and momentum effects in the Tokyo stock exchange”

Mikova Evgeniya (National Research University)

Teplova Tamara (National Research University)

“The conditional pricing of currency and inflation risks in Africa’s equity markets “

Odongo Kodongo (University of the Witwatersrand)

Kalu Ojah (University of the Witwatersrand)

“Equity Manager Selection and Portfolio Formation: Interviews with Investment Staff”

F. Douglas Foster (University of Technology Sydney)

Geoffrey J. Warren (Australian National University)

Discussant Feng-Tse Tsai Yan Zhang Joao Paulo Vieto
“The Causal Impact of Media Reputation on Corporate Performance”

Yang-Cheng Lu (Ming Chuan University)

Jen-Nan Chen (Ming Chuan University)

Yu-Chen Wei (National Kaohsiung First University of Science and Technology)

Chia Chi Huang (Ming Chuan University)

“Short Sale Prohibition, Heterogeneous Beliefs and Returns: A study of post earnings announcement drift in the Hong Kong market”

Yan Zhang (National Graduate Institute for Policy Studies)

Shinsuke Ikeda (National Graduate Institute for Policy Studies)

“Brain Activity of the Investor’s Stock Market Financial Decision”

Joao Paulo Vieto (Polytechnic Institute of Viana do Castelo)

Armando F. Rocha (Medical School of São Paulo)

F. T. Rocha (Medical School of São Paulo)

Discussant Gunther Capelle-Blancard Odongo Kodongo Douglas Foster




Day 2, 08.00am – 10.00am


Kecak (2nd Floor)

Pendet (2nd Floor)

Legong (2nd Floor)

Session topic


Asset Pricing

Payout Policy

Session chair Peter Swan Josua Pardede Nafis Alam
“New evidence on the financialization of commodity markets”

Brian J. Henderson (The George Washington University)

Neil D. Pearson (University of Illinois at Urbana-Champaign)

Li Wang (University of Illinois at Urbana-Champaign)

“Heterogeneous expectations and financial equilibrium: Comparative Statics Analyses”

Edwin H. Neave (Queen’s University School of Business)

“Do payout initiations and omissions influence firm risks?”

Henk von Eije (University of Groningen)

Abhinav Goyal (University of Liverpool)

Cal Muckley (University College Dublin)

Discussant Yaw-Huei Wang  Wing Wah Tham Tien Nguyen / Duc T. Nguyen
“Volatility Model Specification: Evidence from the Pricing of VIX Derivatives”

Chien-Ling Lo (National Taiwan University)

Pai-Ta Shih (National Taiwan University)

Yaw-Huei Wang (National Taiwan University)

Min-Teh Yu (National Chiao Tung University)

“CEO interviews on CNBC”

Young Han Kim (Nanyang Business School)

Felix Meschke (University of Kansas)

“Role of Dividend Policy to Shareholders Value and Risk in Condition of Disclosure and Transparency”

Tien Nguyen (University of Technology, HCMC)

Duc T. Nguyen (University of Technology, HCMC)

Discussant Neil Pearson Edwin Neave Kalle Rinne
“Contingent capital: the case of COERCs”

George Pennacchi (University of Illinois at Urbana-Champaign)

Theo Vermaelen (INSEAD)

Christian C. P. Wolff (University of Luxembourg)

“Algorithmic Trading and the Cross-Section of Stock Returns”

Johannes A. Skjeltorp (Norges Bank)

Elvira Sojli (Erasmus University)

Wing Wah Tham (Erasmus University)

“Do open-market repurchases supply or demand immediacy?”

Kalle Rinne (Luxembourg School of Finance)

Discussant Bing Liang Henk von Eije
“Herding Behavior in the Indonesia Stock Exchange: The Role and Contributions of Foreign Investors”

Roni Setyawan (Universitas Tarumanagara)

Ishak Ramli (Universitas Tarumanagara)

“The role of hedge funds in the security price formation process”

Charles Coa (Penn State University)

Yong Chen (Texas A&M University)

William Goetzmann (Yale School of Management)

Bing Liang (University of Massachusetts)

“The determinant of government bond yield in Indonesia”

Harjum Muharam (Diponegoro University)

“Extreme trading volume and expected return”

Novita I. Nugraheni (Diponegoro University)

Erman Denny (Diponegoro University)

Discussant Yan Han Kim



Day 2, 10.10am – 11.40am


Kecak (2nd Floor)

Pendet (2nd Floor)

Legong (2nd Floor)

Session topic


Credit Risk


Session chair Yan Han Kim Lorne Switzer Dennis Olson
“On the efficiency of intra-industry information transfers: The demise of the overreaction anomaly”

Dennis Y. Chung (Simon Fraser University)

Karel Hrazdil (Simon Fraser University)

KimTrottier (Simon Fraser University)

“Risk assessment based on the analysis of the impact of contagion flow”

Chanaka Edirisinghe (University of Tennessee)

Aparna Gupta (Rensselaer Polytechnic Institute)

Wendy Roth (Georgia State University)

“The role of bank relationship to overcome financial constraints in associating with investment decision and company performance”

Aniek Hindrayani (Universitas Sebelas Maret)

I Wayan Nuka Lantara (Universitas Gadjah Mada)

Discussant Thibaut Moyaert Theoharry Grammatikos Patrick Carvalho
“High frequency trading and price jumps in the stock market”

Thibaut Moyaert (Universite Catholique de Louvain)


“Forecasting distress in European SME portfolios”

Dimitra Michala (University of Luxembourg)

Theoharry Grammatikos (University of Luxembourg)

Sara Ferreira Filipe (University of Luxembourg)

“The effectiveness of central bank sterilised intervention in the exchange rate market: The case of Brazil”

Patrick Carvalho (Australian National University)

Discussant Peter Swan Claudio Morana Takayoshi Nakaoka
“The common touch: is making one’s own invesment decisions the clincher?”

Peter L. Swan (University of New South Wales)

“Factor vector autoregressive estimation of heteroskedastic persistent and non persistent processes subject to structural breaks: new insights on the US OIS spreads term structure”

Claudio Morana (Universita di Milano)

“How can we survive? Soft information utilization in Japanese competitive local credit markets”

Tadanori Yosano (Kobe University)

Takayoshi Nakaoka (Kinki University)

Discussant Karel Hrazdil Aparna Gupta Aniek Hindrayani



Doctoral Seminar

Day 2, 08.00am – 10.00am


Bali Hai (10th Floor)

William Tjong (Universitas Indonesia)

Evy Mulyani (Deakin University)

Erna Garnia (Universitas Padjadjaran)

Tutor Avanidhar Subrahmanyam