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Announcement
The 21st Pacific
Basin Finance Economics Accounting and Management (PBFEAM)
Conference
will be held on
July 4 to July 5, 2013
in Park Hyatt, Melbourne, Australia
Conference
Organizers:
Deakin University,
Australia
Rutgers University,
USA
Foundation of Pacific
Basin Financial Research and Development, Taiwan
Sponsors:
School of Accounting,
Economics and Finance, Deakin University, Australia
Fubon Financial
Holding Co., Ltd., Taiwan
Wintek Corporation,
Taiwan
Program
Co-Directors:
Cheng-Few Lee, Rutgers University
Michael Chng, Deakin University
Ed Lin, Deakin University
Conference Agenda: Day 1
9:15a.m. – 10:45 a.m. BREAKOUT SESSION I
Session 1
Corporate Social Responsibility
The Impact of Technology and Regulatory Changes
on the Relationship
between a firm’s External Governance Index and its
Financial Performance
and Earnings Management
Sung S. Kwon, Haiping Wang and Taslima Nasreen,
York University
Voluntary Greenhouse Gas Emission Disclosure –
Impact on Market-
Based Performance
Zahra Borghei Ghomi & Philomena Leung, Macquarie
University
CSR Disclosure and Audit Fees
Li Liu, Wen Qu and Peter Carey, Deakin
University
Session 6
Banking
Financial system components – substitutes or
complements?
Yen Ngoc NGUYEN, Katherine AVRAM and Michael SKULLY,
Monash
University
Does China require an explicit deposit insurance
system?
Fu Shuen Shie, National Taichung University of
Science and Technology
Analyzing changes in bank capital ratios by
size decile from 2002 to 2012
Elizabeth D. Capener, Dominican University of
California
Dan J. Jordan, Dominican University of California
Jacques Sanchez, Bank of the West
Donald H. Wort, California State University
Session 17
Investments I
Coping with Risks in Sovereign Debt: A
Risk-Sharing Model
David Sun, Kainan University, Taiwan
The determinants of institutional holdings in
Taiwan: Prudent or
speculative?
Yu-Fen Chen, Da-Yeh University, Fu-Lai Lin, Da-Yeh
University
Diversification and home bias in international
investments: Evidence from
ADRs of Chinese firms in US markets
Han Yan, Rutgers University
Special Session
Special talk by Professor CF Lee
Dividend Policy & Payment Behavior: Theory &
Evidence
10:45a.m. – 11:00a.m.
Morning Break
11:00a.m. – 12:30 p.m.
Opening and First Keynote Speech: Professor Stephen
Brown (NYU)
Economic Uncertainty and the Cross-Section of Hedge
Fund Returns
12:30p.m. – 1:30p.m.
Lunch
1:30p.m. – 3:00p.m. BREAKOUT SESSION
II
Session 8
Ownership and Corporate Control
Insider Ownership and Financial Flexibility
Naiwei Chen and EN Hsiao, National Chung Cheng
University
The Effects of Corporate Governance and Product
Market Competition on
Payout Policy under Agency Problems and External
Financing Constraints
Lee-Hsien Pan, National Chung Cheng University
Chien-Ting Lin, Deakin University
Hsing-Hua Huang, National Chiao Tung University
Ultimate Controlling Shareholders and Dividend
Payout Policy in Chinese
Stock Market
Jianan Guo, Deakin University
Session 11
Derivatives
Alternative Methods for Option Bounds: A Review
and Comparison
Hongwei Chuang, Academia Sinica, Taiwan
Cheng-Few Lee, Tzu Tai and Zhaodong (Ken) Zhong,
Rutgers University, USA
Equilibrium-based volatility models of the
market portfolio rate of return
David Feldmana and Xin Xu, UNSW
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
Session 14
Market Efficiency II
Explaining the performance of Chinese equity
funds.
Xiaohong Huang and Qiqiang Shi, University of Twente,
NL
The Myth of the Unbeatable Random Walk
Imad Moosa and Kelly Burns, RMIT
Dynamic Measures of Technological Progress and
Post-IPO Performance
and Survival
Re-Jin Guo, University of Illinois at Chicago
Nan Zhou, State University of New York at Binghamton
Session 15
Investor Coverage and Trading Quality
Does analyst coverage affect share price informativeness of Chinese listed
firms?
Rong Ding, Middlesex University, Wenxuan Hou,
University of Edinburgh
Jing-Ming Kuo, University of Durham and Edward
Lee, The University of Manchester
Media Coverage and Investor Attention
Chen-Hui Wu, National Dong Hwa University
Stock returns and volatility dynamics in China:
Does controlling state-owned
enterprises matter?
Pornsawan Evans, Swansea University and Davil
McMillan, University of Stirling
3:00p.m. – 3:30p.m.
Afternoon Break
3:30p.m. – 5:00p.m. BREAKOUT SESSION
III
Session 2
Earnings and Accruals
Pricing Discretionary Accruals: Code vs. Common
Law Firms
Xiaofeng (Sheldon) Peng, Washburn University
Pervaiz Alam, Kent State University
Yue (York) Qi, Nankai University
Earnings targets, volumtary disclosure and
product market competition
Hao-Chang Sung and Min-Teh Yu, National Chiao Tung
University, Taiwan
Distress Risk and Stock Returns: Evidence from
Earnings Announcements
Chewie Ang, Deakin Univeristy
Session 4
Asset Pricing I
On the relation between asset returns and market
returns.
Bernard Bollen, University of New England, and
Philip Gharghori ,
Monash
University
Linear beta pricing with inefficient benchmarks
George Diacogiannis, University of Piraeus and David
Feldman, UNSW
Corporate Hedging and the High Idiosyncratic Volatiltiy Low Return Puzzle
Victor Fang and Michael Chng, Deakin University
Session 12
Market Microstructure
How do housing wealth and financial wealth
affect consumption? Evidence
from micro data in Taiwan
Yating Yang, National Chiao Tung University, Taiwan
Analysis of Sentiment, Order Type Choice and
Returns
Matthew C. Chang, Hsuan Chuang University, Taiwan
Chih-Ling Tsai, University of California, Davis
Chung-Fern Wu, National Taiwan University
Ning Zhu, University of California, Davis and
Shanghai Jiaotong University
The Restudy of the Relationship between Market
Orders and Stock Returns
in Taiwan
Chiao Yi Chang, National Taichung University of
Science and Technology
Session 18
Investments II
Country Origins and Types of Institutional
Investors, and Firm-specific
Information Flows: Evidence from Worldwide
Institutional Ownerships
Li Jiang, The Hong Kong Polytechnic University
Jeong-Bon Kim, City University of Hong Kong
Cathy Lei Pang, Hong Kong Baptist University
Multiple large shareholders and investment
efficiency: Evidence from China
Ying-Ju Tsai, National Central University
Yi-Pei Chen, Chung Yuan Christian University
Jung-Hua Hung, Administration, National Central
University
A Revisit of the Investor Sentiment and Stock
Market’s Reaction to
Federal Reserve Monetary Policy
Hou-Jen Chao and Han-Hsing Lee, National Chiao Tung
University
6:30p.m. onwards
Conference Dinner
Conference Agenda: Day 2
9:15a.m. – 10:45 a.m. BREAKOUT SESSION IV
Session 5
Asset Pricing II
Do Investors Use Fund Holdings to Infer
Managerial Skill?
Teodor Dyakov, Erasmus University
Are Firms with Negative Book Equity in
Financial Distress
Chewie Ang, Deakin University
Negative book equity stocks in the value Premium
debate: Unimportant and
Inconvenient?
Bob Li, Deakin University
Session 10
Capital Raising
A Study of The IPO’s Initial Excess Return Under
Vietnam’s Stock Market
Shaio-Yan, Huang, National Chung Cheng University,
Taiwan
Bich Hanh Nguyen Thi, National Chung Hsing
University
Chao-Hsiong, Lee, National Chung Hsing University
Lee-Hsien Pan, National Chung Cheng University,
Taiwan
Capitalizing or Expensing Intangible Assets:
the Impact of SFAS 142 on
Corporate Future Benefits
Chien-Chen Chiu, National Cheng Kung University
She-Chih Chiu, National Cheng Kung University
Cross-country variations in capital structure
adjustment: The role of credit
ratings
Yu-Li Huang, Shih Chien University
Chung-Hua Shen, National Taiwan University
Kun-Li Lin, Feng Chia University
Session 13
Market Efficiency I
Information Dissemination and Investors
Sensitivity
Chia-Hao Lee, University of Science and Technology,
Taiwan
Pei-I Chou, National Open University, Taiwan
Japan is not Different: Evidence on Conditional
Momentum
Matthias Hanauer, Technische University
Market Liquidity and Macroeconomic Factors:
Evidence from the Shanghai
Stock Exchange
Xinwei Zheng, Deakin University and Yong Li,
University of Queensland
10:45a.m. – 11:00a.m.
Morning Break
11:00a.m. – 12:30 p.m.
Second Keynote Speech: Professor Ronald Masulis (UNSW)
Recent Findings in Corporate Governance: A Selective
Review
12:30p.m. – 1:30p.m.
Lunch
1:30p.m. – 3:00p.m. BREAKOUT SESSION
V
Session 3
Valuation and Tax Issues
The Effect of Corporate Tax Avoidance on the
Cost of Equity
Beng Wee Goh, Jimmy Lee and Chee Yeow Lim, SMU
Terry Shevlin, University of California at Irvine
Lease Characteristics, Agency Costs and Tax
Considerations
Kun-Chih Chen and Kevin Ow Yong, SMU
Gerald Lobo, University of Houston
Comparative Analysis of Accounting Based
Valuation Models
Shih-Cheng Lee, Yuan Ze University
Chien-Ting Lin, Deakin University
Session 7
Corporate Finance
Fourfold pattern of managerial risk attitude
Michael K Fung, Hong Kong Polytechnic University
Are Bondholders Happy With Shareholder
Proposals? An Empirical
Examination of Pay-Performance Activism
Sanjian Zhang, McGill University
Board of Directors and Shareholder Value: New
Evidence
Anne-Marie Anderson and Nandkumar Nayar, Lehigh
University
Session 19
Regulatory Issues
Impacts of capital regulation and market
discipline in China
Yishu Fu, University of Adelaide
Shih-Cheng Lee, Yuan Ze University
Lei Xu, University of South Australia
City-of-Origin Effects
Jen-Hung Huang, National Chiao Tung University,
Taiwan
The Effects of Environmental Regulation on
Corporate Performance: A
Chinese Perspective
Vikash Ramiah, RMIT, Jacopo Pichelli, Politecnico di
Milano and Imad Moosa, RMIT
Session 20
Information, Trading and Market Microstructure
Determinants of Real Exchange Rates: An Empirical
Investigation
Vikas Kakkar and Isabel Yan, City University of Hong
Kong
The Information Content of the Limit-order Book and
the Corresponding
Trading Strategy
William T. Lin, Tamkang University and Zhejiang
University
Pei-Yau Lung, Tamkang University
Shih-Chuan Tsai, Taiwan Normal University
Zhenlong Zheng, Xiamen University
Brokers’ Stock Ratings Distributions and the Returns
from their Stock
Recommendations: Evidence post-NASD Rule 2711
Chih-Ying Chen and Kun-Chih Chen, Singapore
Management University
Market Uncertainty, Market Sentiment, and the
Post-Earnings Announcement
Drift
Ron Bird, UTS and University of Waikato
Daniel FS Choi, University of Waikato
Danny Yeung, UTS
3:00p.m. – 3:30p.m.
Afternoon Break
3:30p.m. – 5:00p.m. BREAKOUT SESSION
VI
Session 9
Corporate Governance
Managerial Compensation and Growth Options over
the Business Cycle
Hsing-Hua Huang and Wei-Liang Chuang, National Chiao
Tung University
An Empirical Study of the Effects of Corporate
Governance and Product
Market Competition on the Value of Spinoff Firms
Meng-Jou Lu and Keh-Lu Wang, National Chiao-Tung
University, Hsin Chu Taiwan
Ying-Chou Lin, Missouri University of Science and
Technology, Missouri, U.S.A.
Lee-Hsien Pan, National Chung Cheng University,
Taiwan
Does Corporate Governance Curb Managers’
Opportunistic Behavior of
Exploiting Inside Information for Early Exercise of
Executive Stock Options?
Chien-Chen Chiu and She-Chih Chiu, National Cheng
Kung University
Cheng-Few Lee, Rutgers University, U.S.A
Session 16
Investor Clientele and Cross-Market Trading
Performance of ICT industry in six Asian
countries
Mohd Fazli Mohd Sam, Aichi University and University
of Technical Malaysia Melaka
Yasuo Hoshino, Aichi University and University of
Tsukuba
Dynamic Stock Market Integration and Financial
Crisis: the Case of China,
Japan, and Korea
Jinho Jeong, Korea University
Short Selling by Individual and Institutional
Investors and Its Impact on
Stock Returns: Evidence from the Taiwan Stock Market
Chih-Yuan Huang, National Sun Yat-sen University
Tai Ma, National Sun Yat-sen University
Shu-Fan Hsieh, National Kaohsiung First University
of Science and Technology
Session 21
Issues in Research Methodology
A Latent Class Cluster Analysis Study of Financial
Ratios and Industry
Characteristics
Sook Lu Yong, University of Malaya
Hilary Ingham, Lancaster University Management
School
Monitoring Tests of Predictive Ability in the
Presence of Parameter Instability
Chih-Chiang Hsu, National Central University
Alternative Errors-in-Variables Models and Their
Applications in Finance
Research
Cheng-Few Lee, Rutgers University
Hong-Yi Chen, National Central University
5:00p.m End of Conference
21st
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