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Sessions 1 through 26

Thursday, May 27, 7:00-7:30 A.M.


JOIN Opening and Welcome Remarks


Professor Ali M.  Parhizgari

GFC 2021 Program Co-Chair,

Florida International University

 Professor Shahid Hamid

Professor and Chair, Department of Finance

Florida International University

Professor Manuchehr Shahrokhi

GFA/GFC Executive Director & Program Co-Chair

Craig School of Business, California State University, Fresno


Thursday, May 27, 7:30-9:00 A.M.

Chairperson: Ehsan Nikbakht, Hofstra University.


Srividya V, PSG Institute of Management, India,

V.Shripria, KCT Business School,

S.S.Manikandan, PSG Institute of Management


Competition and Earnings Management

Xibei Zheng, Texas Tech University,

Leyuan You, Texas State University

Pritam Saha from Texas Tech University


Corruption and Stock Price Volatility: Firm-level Evidence

Chandan Jha,  Madden School of Business, Le Moyne College,

Tapas Mishra, University of Southampton,

Prateek Sharma, Indian Institute of Management

Sunny K. Singh, BITS Pilani


Agency Costs, Business Cycles, and Equity Prices

Adelphe Ekponon, University of Liverpool, Management School;


JOIN Session 2 - Asset Allocation and Investment Advisers

Thursday, May 27, 7:30-9:00 A.M.

Chairperson: Adam Zaremba; Montpellier Business School; Poznan University of Economics and Business;;


Diversification and manager autonomy in fund families: implications for investors

RUTH GIMENO,  University of Zaragoza,

Cristina Ortiz, Universidad de Zaragoza,

Laura Andrew, Universidad de Zaragoza


Do Investment Advisers Herd in Office Location?

Tianyue Zhao, University of Pittsburg,

Jing Wei, Stony Brook University, New York


Do Analyst and Investment Communities React to Analysts’ Discriminative Participation in Earnings Conference Calls?

 Fatemeh Zare,Technical University of Darmstadt,


Salience Theory and the Cross-Section of Stock Returns: International and Further Evidence

Nusret Cakici; Fordham University;

Adam Zaremba; Montpellier Business School; Poznan University of Economics and Business;;



JOIN Session 3 – Funds, Portfolio Concentration, and Monetary Policy

Thursday, May 27, 7:30-9:00 A.M.


Chairperson:  Margherita Giuzio, European Central Bank  


Active Mutual Funds: Beware of Smart Beta ETFs!

Thanh Dat Le, Auburn University,

Determinants of non-compliant equity funds with EU portfolio concentration limits

Luis Vicente, University of Zaragoza,

Lidia Loban, University of Zaragoza

Jose Luis Sarto, University of Zaragoza


Investment funds, risk-taking, and monetary policy in the euro area

Margherita Giuzio, European Central Bank,

Christoph Kaufmann, Ellen Ryan, Lorenzo Cappiello, European Central Bank



JOIN Session 4 – Crisis and Conflicts

Thursday, May 27, 7:30-9:00 A.M.


Chairperson:   Ali Fatemi, Editor, Global Finance Journal, and DePaul University, Chicago;


Asset Pricing with Realistic Crises Dynamics

Goutham Gopalakrishna, Ecole Polytechnique Federale de Lausanne,


Firm Responses to Violent Conflict

Diogo Mendes, Stockholm School of Economics,


Some insights into IPO underpricing and short-term performance: A cross country study during two major crisis scenarios

Amrit Panda, Indian Institute of Management Sambalpur,

Soumya Guha Deb, Indian Institute of Management Sambalpur



JOIN Session 5 - Bond Market and Portfolio Management

Thursday, May 27, 7:30-9:00 A.M.

Chairperson: Michael Frenkel, WHU, GERMANY -   


Quantitative ratings and the performance, risk, and flows of European bond mutual funds

Paulo Leite,  Polytechnic Institute of Cávado and Ave, IPCA,

Luis Otero Gonzalez, University de Santiago,  

Pablo Duran Santomil, University de Santiago  

Renato Domingues, Polytechnic Institute of Tomar


Does Venture Capital Reputation Matter for Portfolio Firms’ Performance? Evidence from China

Hai LONG, Anhui International Studies University, 


Dynamic Portfolio Management with Machine Learning

Emmanouil Platanakis, University of Bath, School of Management, UK,

Xinyu Huang, University of Bath, Massimo Guido, Bocconi University,

David P. Newton, University of Bath


JOIN Session 6 – Banking, Exposure, and New Apps

Thursday, May 27, 9:30-11:00 A.M. (PST)


Chairperson: Igor Rivera, EGADE Business School, Tecnológico de Monterrey,  


Bank Risk Exposure: The Time-varying Impact on Indian Commercial Banks

A. Karen, Indian Institute of Technology Madras,

R. Madhumathi,  Indian Institue of Technology Madras


Commercial banks, venture capital and conflict of interest

Humberto Gallucci Netto,  Unifesp,

Antonio Gledson de Carvalho, Fundacao Getulio Vargas



Igor Rivera,  EGADE Business School - Tecnológico de Monterrey,

C. Fabiola Vásquez García, Technologico de Monterrey



JOIN Session 7 - Panel Presentation  

Thursday, May 27, 9:30-11:00 A.M. (PST)


Teaching and Interface of Machine Learning (ml) in Engineering and Finance


Moderator:  Dr. Rita  Biswas. University at Albany, SUNY;


Dr. Hany Elgala, University at Albany, SUNY;

Dr. Clemens Westerkamp, University of Applied Sciences Osnabrueck,

Dr. Mechthild Schrooten, HS-Bremen, Germany ,

Dr. Xiao Li, University at Albany, SUNY,


Machine learning (ML) as a tool in our everyday life is here to stay. The sooner universities embrace ML into their curricula, the better prepared their graduates will be.  A product’s life cycle begins at the ideation stage, progressing to the engineering stage, moving on to a prototype before maturing on to a commercially viable product - the business stage.  ML serves as an aid to decision-making at each stage.  Currently, ML is being taught in the classical fashion - at the engineering and business stages dichotomously.  This panel explores the acceptance of ML at the intersection of engineering and business decision-making. 


JOIN Session 8 – Contagion, Languages, and Environment

Thursday, May 27, 9:30-11:00 A.M. (PST)


Chairperson:  A. M. Parhizgari, FIU,


International Contagion.docx

Zedda Stefano, University of Cagliari,


Language, Uncertainty, and Foreign Direct Investment

Le Zhao, Florida International University,    

A.M. Parhizgari, Florida International University,

Marcos Velazquez, Florida International University,

Xiaomeng Lu, Florida International University,


Momentum and Market Volatility: A Bayesian Regime-Switching Model

Jia Cao, University of South Wales;

Laurence Copeland, Cardiff University;


The Economic Consequences of the Olympic Games: International Evidence on Cross-Listings

Li Yu, Department of Accountancy and Law, Hong Kong Baptist University

Albert Tsang, Hong Kong Polytechnic University;   

Kun Tracy Wang, Australian National University;

Nathan Zhenghang Zhu, Australian National University;    


JOIN Session 9 - Blockchain and Cryptocurrency

Thursday, May 27, 9:30-11:00 A.M. (PST)


Chairperson: Laura Gonzalez, California State University - Long Beach


Analysis of the influence factors of Bitcoin's price based on FMOLS estimator

Hassan Obeid,  Ebs-Paris,

Nadia Slimene, University of Sousse,  Karim Kefi, ISTEC Business School


Blockchain in Pro-Social Peer-to-Peer Lending

Laura Gonzalez, California State University Long Beach,


Cryptocurrency Factor Portfolios: Performance, Decomposition and Pricing Models

Weihao Han, University of Bath,  

David Newton, University of Bath, Emmanouil Platanakis, University of Bath,

Charles Sutcliffe, University of Reading, Xiaoxia Ye, University of Liverpool


Are Cryptocurrencies Priced in the Cross-section? A Portfolio Approach

Adelphe Ekponon, University of Liverpool;

Kassi Assamoi, MUFG Securities


JOIN Session 10 - Share Repurchase and Equity Ownership

Thursday, May 27, 9:30-11:00 A.M. (PST)


Chairperson: Elyas Elyasiani, Temple University, Philadelphia, PA USA -  


Who Invests in and What Drives Equity Ownership Around the World

Ines Chaieb, University of Geneva and SFI,

Vihang Errunza, McGill University

Yiliu Lu, McGill University


Activist Driven Spinoffs

Wilbur Chen, Harvard Business School,

Suraj Srinivasan, Harvard University


Share Pledging and Corporate Securities Fraud

Jie Zhang, Trent University,  

Lawrence Kryzanowski, Concordia University 

Mingyang Li, Zhongnan University of Economics and Law 

Sheng Xu, Zhongnan University of Economics and Law


Institutional Ownership and Bank Failure

Elyas Elyasiani, Temple University

Jingyi Jia, Southern Illinois University


Thursday, May 27, 11:30 A.M. - 1:00 P.M.(PST)











Professor Kent Baker, American University, Washington, DC, USA


The dividend puzzle revisited

Professor Baker revisits the dividend puzzle, highlights the importance of survey research, and discusses the current state of dividend theories and practice.

JOIN Session 12 – Governance and Boards

Thursday, May 27, 2021;1:30 – 3:00 PM (PST)


Chairperson: Karel Hrazdil,  Simon Fraser University,


Board Connections and CEO Successions

Joanna(Xiaoyu) Wang Joanna,  Georgia State University,



CEO happiness and forecasting

Karel Hrazdil, Simon Fraser University,    

Xin LI, Simor Fraser University,  

Nattavut Suwanyangyuan, Brock University

CEO Pet Projects

Paul Decaire, W.P., Arizona State University,   

Denis Sosyura, Arizona State University


JOIN Session 13 - ESG Rewards and Costs 
Thursday, May 27, 1:30-3:00 P.M (PST)


Chairperson: Deanne Butchey, Florida International University,


Achieving Stability and Prosperity, the Chinese Way

Quan Cheng,  University of the Fraser Valley,

Alex Ng, Thompson Rivers University


Does it pay to be Green? Evidence from GCC Banking Sector

Rashedul Hasan,  Coventry University,

Mohammad Dulal Miah, University of Nizwam Nizwa

M. Kabir Hassan, University of New Orleans


Does it pay to pollute

Binam Ghimire, Northumbria University,



JOIN Session 14 - Options Market and Pricing

Thursday, May 27, 1:30-3:00 P.M. (PST)


Chairperson:  Edward Lawrence, Florida International University;


Unbridled Spirit: Illicit Markets for Bourbon Whiskey

Thomas Shohfi,  Rensselaer Polytechnic Institute,

Conor Lennon, University of Louisville.


Informed Trading in Options Markets Surrounding Data Breaches

Heng(Emily) Wang,  Oklahoma State University,

Louis R. Piccotti, Oklahoma State University.


Options Repricing Behavior and Investor Attention

 Abhinav Sharma, Indian Institute Of Management Ahmedabad,

JOIN Session 15 – COVID-19 Pandemic Impact Analyses

Thursday, May 27, 1:30-3:00 P.M. (PST)


Chairperson:  Edgar Ortiz, Universidad Nacional Autonome de Mexico,  


Can R&D investment reduce the impact of COVID-19 on firm performance? - Evidence from India

Shreya Biswas, Birla Institute of Technology and Science, Pilani, Hyderabad Campus,

COVID-19 effects on the Canadian term structure of interest rates

Federico Severino, Université Laval,

Marzia A. Cremona, Universite Laval

Eric Dadie, Universite Laval


COVID-19, Lockdowns, and States’ Cost of Borrowing

Nhu Tran, Binghamton University,



JOIN Session 16 – Covid-19, Stock Market Linkages, and Matching Pensions

Thursday, May 27, 1:30-3:00 PM (PST)


Chairperson: Manuel José Rocha Armada, University of Minho;   



Jan Pieter Veerhoek, University of Antwerp & Maastricht University,

Marc Deloof, University of Antwerp and Mangement Schol



The impact of the Shanghai-Hong Kong stock market connection on corporate innovation: Evidence from mainland China

Guanming He,  Durham University,  

Xiaorong Li, Central University of Finance and Economics,

Jingbo Luo, Lanzhou University


Maturity transformation is an oxymoron: ways to match pensions and long-term assets

Anthony Asher, UNSW,


JOIN Session 17 - Investment and Patent

Thursday, May 27, 3:30-5:00 P.M.


Chairperson: Yochanan Shachmurove, University of New York,


Returns of Chinese Patents in Technologically Intense Manufacturing Industries

Yochanan Shachmurove,  University of New York,  

Yixiang Gao, New York University


Selective Learning and Price Over- and Under-reaction

Gleb Gertsman,  Tilburg University,    


Selling winners, holding losers: Is it true for women?

      Cristina Ortiz,  Universidad de Zaragoza (Spain),  

Laura Andrew, Universidad de Zaragoza



Thursday, May 27, 3:30-5:00 P.M.


Moderator:  Ehsan Nikbakht, Hofstra University.




Hugo Benedetti, ESE Business School, Universidad de los Andes, Chile,


Krishnan Dandapani, Florida International University;

M. Hashemi Joo,  North Carolina A&T State University;

Yuka Nishikawa, College of Charleston;

Giga Zukhubaia, Hofstra University,


This panel considers selected possible applications of blockchain and related issues in the industry. It discusses the current trade settlement deficiencies and suggests methods to improve settlement through blockchain.  The KYC processes and methods for enhancing accuracy and efficiency are first examined. Then, the panel discusses blockchain applications in payment systems and explores the potential of blockchain in crowdfunding and its limitations in the use of this technology. Finally, the panel addresses how adopting blockchain technology would help mitigate firms' risk from cybersecurity and prevent catastrophic events from occurring again in the future.



JOIN Session 19 - Bond Market Valuation and Defaults

Thursday, May 27, 3:30-5:00 P.M.


Chairperson: Stefano Pegoraro, University of Notre Dame,


Bond market structure and volatility

Isarin Durongkadej,  Georgia College,

Louis Piccotti, Oklahoma State University


Issuance and Valuation of Corporate Bonds with Quantitative Easing

Prof. Stefano Pegoraro,  University of Notre Dame,

Mattia Montagna, European Central Bank


Municipal Defaults and Crime

Chandan Jha,  Madden School of Business, Le Moyne College,

Swarup Joshi, Loyola Marymount University, LA


JOIN Session 20 - Methodology

Thursday, May 27, 3:30-5:00 p.m.


Chairperson:  Alejandra Cabello, Universidad Nacional Autonome de Mexico,


A Sector Rotation Strategy That Beats the Market Handily, Especially During Crises

Pratiksha Sharma,  S P Jain School of Global Management,  

Dhruvi Nishar, SP Jain  

Vedant Kabra, SP Jain  

Peyasha Sehgal, MIP  

Debashis Guha, SP Jain

Larry Pohlman, University of Massachussets


Fourier State-Space Model of Market Liquidity: The Chinese Experience 2009-2010

Peter Lerner, Anglo-American University, Prague,


Granular Gravity: Equity-Bond Returns and Correlation

Ali Abolghasemi,  HEC Montreal,



JOIN Session 21 – Bank Supervision, Microfinance, and Media Effect

Thursday, May 27, 3:30-5:00 P.M.


Chairperson:  Maria E. de Boyrie, New Mexico State University,


The real effects of bank supervision: evidence from on-site bank inspections

Andrea Passalacqua,  Federal Reserve Board,   


Microfinance, Competition, and Growth

Asma Boussetta,  University of Orléans,

El Moctar Laghlal (University of Orleans)  Reda marakbi (University of Artois)


The impact of traditional and modern media on financial stability

Nikolaos Papanikolaou,  Newcastle University Business School,

Yili Sun, Bournemouth University, UK


JOIN Session 22 – Banking, Currency, and Leverage

Thursday, May 27, 5:30-7:00 P.M.


Chairperson:  Helyoth Hessou, Universite de Sherbrooke, Quebec, CANADA,


From uncertainty to the instability of the banks: A global evidence.

BM Hakim Ali,  University of Southampton Malaysia,

Md Akther Uddin, University of Creative Tech  

M. Arifur Rahman, North South University  

M Kabir Hassan, University of New Orleans


US and China International Competition and Foreign Exchange Rate Impact: A Multi-
Level Industry Analysis
Ahmed El-Shahat,  Univ. of Pittsburg,   

Hsin-Yen Wen, Queens University Belfast,

Donal McKillop, Queens University Belfast,


Risk-based capital and leverage ratios adjustments by banks:  Experience from Canada and the U.S

Prof. Helyoth Hessou,  Universite de Sherbrooke,  

Van Son Lai, University of Laval



JOIN Session 23 – ESG, Corporate Morale, and Equity Market

Thursday, May 27, 5:30-7:00 P.M.


Chairperson:  Ivelina Pavlova-Stout, University of Houston-Clear Lake,  


Employee Discrimination and Corporate Morale: Evidence from the Equal Employment Opportunity Commission;

Spencer Barnes,  Florida State University,   


The Sell in May Effect in ESG Stocks

Ivelina Pavlova-Stout,  University of Houston-Clear Lake,  

Jeffrey Whitworth, University of Houston    

Maria E. de Boyrie, New Mexico State University


ESG rating events and stock market reactions

Maximilian Glück,  Friedrich-Alexander-University Erlangen-Nuremberg,

Benjamin Hubel; Hendrik Scholz, FAU GERMANY



JOIN Session 24 - Mixed Titles

Thursday, May 27, 5:30-7:00 P.M.


Chairperson:   Andrew Spieler,  Hofstra University,   


Mitigating Tax Evasion and Capital Flight in International Trade

Robinson Reyes Pena,  Florida International University,

Deanne Butchey, FIU

Jerry Haar, FIU

John S. Zdanowicz, FIU


Sink or Swim? Managerial Ability and Trade Credit

Andrew Spieler,  Hofstra University,   

Md Hasan (Old Dominion University, Norfolk, VA, USA) and

Sayan Sarkar (Mary Washington University, Fredericksburg, VA)


Geopolitical risk and firm value: Evidence from emerging markets

Sasin Pringpong,  Thammasat University, THAILAND.



JOIN Session 25 – Governance: Innovation and Gender

Thursday, May 27, 5:30-7:00 P.M.


Chairperson:  Hany Elgala, University at Albany, SUNY,  


Gender legislation in France: too soft to be true!  Evidence from non-compliant Firms

Ouidad Yousfi,  MRM, University of Montpellier,

Nadia Loukil, University of Tunis



Meriam ATTIA,  Research Unity “Montpellier Research in Management” MRM, University of Montpellier (France).,

Ouidad Yousfi, University of Montpellier

Abdelwahed Omri, University of Tunis


Mutual Fund Governance

Tianyue Zhao,  Our Lady of the Lake University,  



JOIN Session 26 - Capital Structure and Political Factors

Thursday, May 27, 5:30-7:00 P.M.


Chairperson: Clemens Westerkamp, University of Applied Sciences Osnabrueck, GERMANY;


Bilateral interrelatedness as an alternative channel to explain capital structure:  Evidence from Firms in the United States

Marcos Velazquez,  Florida International University,


Capital Reallocation Under Political Uncertainty

Daniel Tut,  Ted Rogers School of Management- Ryerson University,

Melanie Cao, Schulich School of Business- York Univrsity


China Politics in Global Finance: Sources of New Fundings Decision

Sean Chang,  Macquarie Graduate School of Management,

Claudia Sin Yee Chang, University of Melbourne


Please click on the link to get the list of Day 2 sessions.

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