9th financial markets and corporate governance conference

PHD SYMPOSIUM PROGRAM · 1

9TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCEApril 2018 · Melbourne Victoria La Trobe University City Campus

INNOVATIVE | RESPONSIBLE | ENGAGED

2 · 9TH FMCG CONFERENCE

Welcome / 3

Members of the Executive Committee / 4

FMCG Lifetime Outstanding Achievement Awards / 5

Plenary Speakers / 6

Members of the PhD Symposium Committee / 8

Awards Selection Committee / 9

PhD Symposium Program / 10

Conference Academic Sessions / 14

La Trobe University City Campus / 24

Members of the Program Committee / 26

Financial Markets and Corporate Governance Conference 2019 / 27

Overview


Welcome

On behalf of La Trobe Business School, I would like to welcome you all to the 2018 Conference on Financial Markets and Corporate Governance and the associated PhD Symposium.

The conference has been running for nearly a decade and its themes are just as relevant this year as they were in the first meeting. We hope the conference will continue to deliver a wide range of relevant and timely contributions to a number of important topics that are central to the smooth operation of global economies. The program has been specifically designed to bring together doctoral students and experienced academics, and provide an opportunity for interaction with industry representatives.

I hope you enjoy the presentations and debates during the course of this conference, and have an opportunity to network with colleagues, both familiar and new. I look forward to meeting you and wish you well during your time with us in Melbourne.

Professor Jane Hamilton Head, La Trobe Business School

On behalf of the conference organising committee, I welcome you to the 9th annual Financial Markets and Corporate Governance Conference and associated PhD Symposium.

Importantly, I would like to recognise at the outset the support of Monash University, University of Queensland, and Victoria University of Wellington, Social Science Research Network (SSRN) and Pacific Basin Finance Journal (PBFJ).

We are particularly fortunate in being able to welcome four world renowned academics as our keynote speakers: Professors Robert Faff, Ron Masulis, Tom Smith and Avanidhar Subrahmanyam. We are also very pleased to have James Fazzino as our industry-focused keynote speaker. James joined La Trobe as a Vice-Chancellor’s Fellow in November last year. Prior to this, he was the CEO of Incitec Pivot.

This year, we are also recognizing the outstanding achievements of Professor Stephen Brown in theoretical and empirical research in finance and Professor Ferdinand Gul in empirical research in auditing and assurance.

It is pleasing to note that 34 PhD students (from Australia, India, New Zealand, Spain, UK and USA, representing 16 universities) are presenting their work at the PhD symposium; while 106 academics (from Australia, Bahrain, Canada, China, Denmark, Finland, Hong Kong, Germany, Netherland, New Zealand, Spain, Taiwan, Thailand, UK and USA) are presenting their research at the conference.

I would like to take this opportunity to thank each of you for agreeing to present a paper and/or serve as a discussant at our conference this year. We hope you find this conference inspiring, transformative and enjoyable. I look forward to seeing you all again in April 2019 to celebrate our 10th anniversary in Sydney.

Professor Balasingham Balachandran Conference Chair Professor of Finance, La Trobe University

On behalf of the College of Arts, Social Sciences and Commence at La Trobe University, I’d like to welcome you to the 2018 Financial Markets and Corporate Governance Conference and PhD Symposium.

The 2018 FMCG Conference brings together leading experts to discuss the emerging and current trends on not just a domestic, but a global scale. With the impressive collection of panellists, speakers, presenters and talented PhD students that we have assembled, I’m sure that you will discover a number of interesting, relevant and timely insights, and will greatly enjoy the breadth and depth of topics covered.

Throughout the conference, I sincerely hope that you will take the opportunity to network and develop new contacts, and gain a heightened enthusiasm and awareness of the challenges and the opportunities that lie ahead for those working and researching in this field.

Finally, I would like to thank all of our sponsors, the organising committee, and our supporters in making this conference possible.

Professor Phillip Dolan Pro Vice-Chancellor College of Arts, Social Sciences and Commerce, La Trobe University


Members of the Executive Committee

Prof Balasingham Balachandran (La Trobe University)

Prof Christine Brown (Monash University)

Prof Robert Faff (University of Queensland)

A/Prof Darren Henry (La Trobe University)

Prof Barry Oliver (University of Queensland)

Prof Paul Mather (La Trobe University)

Prof Tom Smith (Macquarie University)

Emeritus Prof Michael Theobald (University of Birmingham)

Prof Tony van Zijl (Victoria University of Wellington)

Conference Chair Prof Balasingham Balachandran (La Trobe University)


Professor Stephen Brown Monash University and New York University

Over a long and distinguished career, Professor Stephen Brown has made many fundamental and long lasting contributions to the field of finance, both in theoretical and empirical research. Accordingly, a Lifetime achievement award will be presented to Stephen at the Conference Dinner of the 9th FMCG Conference. The Conference Dinner will be held on 5 April 2018, at the Melbourne Aquarium in Melbourne, Australia.

Stephen joined the Monash Business School on 1 January 2016. Appointed on a 0.4 basis, he will spend four months each year at the Monash Business School while transitioning to emeritus status as Professor of Finance at NYU Stern School of Business.

He graduated with a B.Econ (Hons) from Monash in 1971 and an MBA and PhD from the University of Chicago in 1976. Before joining New York University in 1986 Stephen worked at Bell Telephone Laboratories during which he spent time on assignment as District Manager at the AT&T Pension Fund, as well as Yale University where he was Associate Professor of Finance. He is a member of CFA Society Melbourne and CFA Society New York.

He has published widely in a range of high quality journals and is the author of five books, two of which have been translated into Japanese.

As well as serving on a number of editorial boards, Stephen was a founding editor of the Review of Financial Studies and a Managing Editor of the Journal of Financial and Quantitative Analysis.

Stephen has recently been appointed Executive Editor of the Financial Analysts Journal published by CFA Institute.

He has served as an expert witness for the US Department of Justice and has testified on his research before a Full Committee Hearing of the U.S. Congress House Financial Services Committee in March 2007.

Professor Ferdinand A. Gul Deakin University

Over a long and distinguished career, Professor Ferdinand A. Gul has made outstanding contributions to the field of empirical research in auditing and assurance. Accordingly, a Lifetime achievement award will be presented to Ferdi at the Conference Dinner of the 9th FMCG Conference. The Conference Dinner will be held on 5 April 2018, at the Melbourne Aquarium in Melbourne, Australia.

Professor Gul is a world-renowned authority in the field of empirical accounting. He is the Alfred Deakin Professor of Accounting and Finance at Deakin University.

He received his Doctor of Economics degree from Monash University in 2012 and a PhD from University of New England in 1982. Professor Gul subscribes to an inter-disciplinary research philosophy that emphasizes the idea that theories and forces in economics, politics and law play out in the practice of accounting, auditing and corporate finance.

He has published in finance and in all the main stream accounting journals. In addition, he has published books on China’s socio economic reforms, auditing and corporate governance of East Asian Corporations.

He is currently Co-editor of Journal of Contemporary Accounting and Economics and sits on the Editorial Boards of the Contemporary Accounting Research, Accounting Horizons and British Accounting Review.

He has served as an Associate Editor of Contemporary Accounting Research and Auditing: A Journal of Practice and Theory.

FMCG Lifetime Outstanding Achievement Awards


Professor Ron MasulisRon’s expertise is in empirical corporate finance and corporate governance.

He publishes in M&A, boards of directors, executive compensation, ownership structure, business groups, private equity, investment banking, international finance and market microstructure.

Among financial economists worldwide, he has one of the highest sustained rates of top tier publications and citations. He is the 2018 Asia/Pacific Finance Cavalcade’s Chair, 2018 FMA Annual Program Vice President and has served on the AFA, WFA, FMA and FIRS boards of directors and the editorial boards of the top four finance journals. He is an ECGI research associate and an ABFER senior academic fellow.

Plenary Speakers

We are particularly fortunate in being able to welcome four world renowned academics as our keynote speakers: Professors Avanidhar Subrahmanyam, Ron Masulis, Tom Smith and Robert Faff. We are also very pleased to have James Fazzino as our industry-focused keynote speaker.

Professor Avanidhar (Subra) Subrahmanyam Professor of Finance Avanidhar (Subra) Subrahmanyam is a Distinguished Professor of Finance, Goldyne and Irwin Hearsh Chair in Money and Banking at the UCLA Anderson School of Management.

He comes to La Trobe University annually as visiting faculty. A founding editor of the Journal of Financial Markets, Subra 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 honoured 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 analysing 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).

Subra 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.


James Fazzino Mr James Fazzino comes to La Trobe University fresh from a successful career in the international chemicals industry, having concluded in 2017 a highly successful eight-year term as Chief Executive Officer and Managing Director of Incitec Pivot Limited.

He also served as the Chief Financial Officer and Finance Director at Incitec, and had senior finance roles in ICI/Orica including CFO Chemicals Group, Assistant Treasurer and Head of Investor Relations.

Under his leadership, Incitec was transformed from a fertiliser co-operative, operating in four Australian states with an enterprise value of $400 million, to a Global Diversified Industrial Chemicals company, operating in 13 countries and with an enterprise value of $8 billion. It is now the world’s second largest supplier of commercial explosives, and Australia’s largest manufacturer and supplier of fertilisers.

Mr Fazzino, a Male Champion of Change, is passionate about gender diversity, and oversaw a doubling of the number of women in senior management at Incitec since 2012.

Mr Fazzino is strongly connected to La Trobe. He is currently a member, and was formerly chair, of the La Trobe Business School Advisory Board, and in 2016 was appointed as an Adjunct Professor in the La Trobe Business School. Mr Fazzino is a La Trobe University alumnus. The first member of his family to attend university, he obtained a Bachelor of Economics (Honours) from the University.

Professor Tom SmithTom has a PhD from Stanford and is regarded as Australia’s top Finance Academic.

His research interests are in the areas of Environmental Finance; Asset Pricing Theory and Tests; Design of Markets – Market Microstructure; and Derivatives. His articles have appeared in leading journals including the Journal of Financial Economics, Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Business, Journal of Law and Economics, Journal of Accounting Research.

Tom is particularly proud of all of his PhD students and the fact that they have more than 50 tier 1 publications.

Professor Robert FaffRobert Faff is Professor of Finance and immediate past Director of Research at the UQ Business School.

He has an international reputation in empirical finance research: securing 14 Australian Research Council grants (funding exceeding $4 million); >310 refereed journal publications; career citations >11,000 (Google Scholar); and a h-index of 53 (Google Scholar).

His particular passion is nurturing and developing the career trajectories of early career researchers. Robert has supervised more than 35 PhD students to successful completion and examined 50 PhD dissertations.

Building on a 35-year academic career, his latest passion is “Pitching Research” https://ssrn.com/abstract=2462059, now gaining great traction domestically and worldwide as exemplified by: (a) >11,500 SSRN downloads; (b) >240 pitching talks/events; (c) at 37 Australian universities; and (d) spanning more than 50 different countries.

In addition, Robert is Editor-in-Chief of Pacific-Basin Finance Journal and was the former Editor of Accounting and Finance (2002–2011).

We hope you find this conference inspiring, transformative and enjoyable.


Prof Kamran Ahmed [email protected]

A/Prof Jahangir Ali [email protected]

Dr Hue Hwa Au Yong [email protected]

Prof Balasingham Balachandran [email protected]

A/Prof Ishaq Bhatti [email protected]

Prof Ron Bird [email protected]

Prof Stephen Brown [email protected]

Prof Adrian Cheung [email protected]

Dr Huu Duong [email protected]

Dr Lien Duong [email protected]

Prof Robert Faff [email protected]

A/Prof Philip Gharghori [email protected]

Prof Ferdinand Gul [email protected]

Dr Abeyratna Gunasekarage [email protected]

Dr Mamiza Haq [email protected]

Prof Petko Kalev [email protected]

Dr Christo Karuna [email protected]

Prof Jae Kim [email protected]

Prof Chandra Krishnamurti [email protected]

Dr Michael Li [email protected]

Dr Angela Lou [email protected]

Prof Ron Masulis [email protected]

Prof Paul Mather [email protected]

Dr Lily Nguyen [email protected]

Dr My Nguyen [email protected]

Dr Shams Pathan [email protected]

Prof Tom Smith [email protected]

Prof Avanidhar Subrahmanyam [email protected]

Dr Kannan Thuraisamy [email protected]

Prof Gary Tian [email protected]

Prof Cameron Truong [email protected]

Dr Thu Phuong Truong [email protected]

Dr Luisa Unda [email protected]

Dr Van Vu [email protected]

Prof Roger Willet [email protected]

Ms Yiming Yang [email protected]

Prof Xiangkang Yin [email protected]

A/Prof Jin Yu [email protected]

Dr Jing Zhao [email protected]

Dr Zhongyan Zhu [email protected]

Members of the PhD Symposium Committee


Stream 1: Accounting Information/ Disclosure Practices/Earnings QualityProfessor Ferdinand A. Gul (Deakin University)Professor Paul Mather (La Trobe University) Dr Christo Karuna (Monash University) Sponsor: School of Accounting and Commercial Law, Victoria University of Wellington

Stream 2: Asset Pricing/Emerging Markets/Financial Markets/Market Microstructure Professor Robert Faff (University of Queensland)Professor Petko Kalev (La Trobe University)Professor Tom Smith (Macquarie University)Sponsor: Department of Economics and Finance, La Trobe University

Stream 3: Banking/Behavioural Finance/Corporate Finance/ Financial EconomicsAssociate Professor Peter Kien Pham (University of New South Wales)Emeritus Professor Michael Theobald (University of Birmingham)Dr Huu Nhan Duong (Monash University)Sponsor: Department of Banking and Finance, Monash University

Stream 4: Corporate Governance/Social ResponsibilityProfessor Balasingham Balachandran (La Trobe University)Associate Professor Peter Kien Pham (University of New South Wales)Dr Lily Nguyen (La Trobe University)Sponsor: UQ Business School

Stream 5: Funds Management/ Risk Management/Quantitative FinanceProfessor Stephen Brown (Monash University)Professor Chandra Krishnamurti (University of South Australia)Dr Huu Nhan Duong (Monash University)Sponsor: Department of Economics and Finance, La Trobe University

Stream 1: Accounting Information/ Disclosure Practices/Earnings QualityProfessor Cameron Truong (Monash University)Dr Christo Karuna (Monash University) Sponsor: School of Accounting and Commercial Law, Victoria University of Wellington

Stream 2: Asset Pricing/Emerging Markets/Financial Markets/Market Microstructure Professor Petko Kalev (La Trobe University)Professor Xiangkang Yin (La Trobe University)Sponsor: Department of Economics and Finance, La Trobe University

Stream 3: Banking/Behavioural Finance/Corporate Finance/ Financial EconomicsDr Shams Pathan (University of Queensland)Professor Alfred Yawson (University of Adelaide)Sponsor: Department of Banking and Finance, Monash University

Stream 4: Corporate Governance/Social ResponsibilityAssociate Professor Peter Kien Pham (University of New South Wales)Dr Lily Nguyen (La Trobe University)Sponsor: UQ Business School

Stream 5: Funds Management/Risk Management/ Quantitative FinanceDr Huu Nhan Duong (Monash University)Associate Professor Peter Kien Pham (University of New South Wales)Sponsor: Department of Economics and Finance, La Trobe University

Conference Best Paper Awards Selection Committee

PhD Symposium Best Paper Awards Selection Committee


8.00 am Arrival tea and registration Level 20, Reception area

8.50 am – 9.00 am

Opening/Welcome address Professor Jane Hamilton (Head, La Trobe Business School)

Level 2, Rooms 2.15 and 2.16 Session Chair: Greg Jamieson (Head, Economics and Finance, La Trobe University)

9.00 am – 10.00 am

Pitching Research Professor Robert Faff (University of Queensland)

Level 2, Room 2.15 Session Chair: Lily Nguyen (La Trobe University)

10.00 am – 10.15 am

Morning tea Level 20, Lounge area

10.15 AM – 12.30 PM CONCURRENT SESSIONS 1

1.1 BANKINGLevel 20, Room 1 · Session Chair: Van Vu (University of Newcastle)

10.15 am Does Bank Competition Increase Bank Liquidity Creation? A State-level Perspective

Presenter: Seungho (Sean) Choi (University of New South Wales) Discussant: Shams Pathan (University of Queensland)

11.00 am Effectiveness of the Basel III bail-in framework: Evidence from the hybrid security market

Presenter: Yilian Guo (Macquarie University) Discussant: Ishaq Bhatti (La Trobe University)

11.45 am Financial Integration and Bank Performance During Natural Disasters in The Asia-Pacific Region

Presenter: Dung (June) Nguyen (University of Otago) Discussant: My Nguyen (RMIT University)

1.2 ASSET PRICING/FINANCIAL MARKETS I Level 20, Room 2 · Session Chair: Kannan Thuraisamy (Deakin University)

10.15 am Short Selling, Trading Activity and Volatility in Corporate Bond Market

Presenter: Xiao Tian (La Trobe University) Discussant: Kannan Thuraisamy (Deakin University)

11.00 am Heterogenous Cash-Flow Risk and the Cross Section of Return Correlations

Presenter: Petra Andrlikova (University of Sydney) Discussant: Xiangkang Yin (La Trobe University)

11.45 am Credit default swaps and the volatility of firm value Presenter: Binh Nguyen (Victoria University of Wellington) Discussant: Jae Kim (La Trobe University)

1.3 CORPORATE GOVERNANCE Level 20, Room 3 · Session Chair: Lily Nguyen (La Trobe University)

10.15 am On the Importance of Liquidity Fees and Exit Gates in the Money Market Mutual Fund Industry

Presenter: Chanyuan (Georgina) GE (Macquarie University) Discussant: Ron Bird (University of Waikato)

11.00 am Does Corporate General Counsel mitigate Agency Problems? Evidence from Dividend Policy

Presenter: Michael Michael (La Trobe University) Discussant: Cameron Truong (Monash University)

11.45 am Pay-gap pays: The effect of CEO’s industry tournament on corporate social responsibility

Presenter: Hasibul Chowdhury (University of Queensland) Discussant: Gary Tian (Macquarie University)

PhD Symposium Program


1.4 EMERGING MARKETSLevel 20, Room 4 · Session Chair: Chandra Krishnamurti (University of South Australia)

10.15 am Examining the Personal Finance Attitudes, Behaviours and Knowledge Level Among Private and Public Sector Bank Employees in Coimbatore City

Presenter: Sathyapriya Govindrajulu (PSG Institute of Management, India) Discussant: Mamiza Haq (University of Queensland)

11.00 am Analysis of the impact of international donor agencies on public sector Environmental sustainability performance in Sri Lanka

Presenter: Keshara de Silva (RMIT University) Discussant: Jahangir Ali (La Trobe University)

11.45 am Corporate governance of IPO firms: a study in Indian context

Presenter: Manali Chatterjee (Indian Institute of Technology, Kharagpur) Discussant: Thu Phuong Truong (Victoria University of Wellington)

1.5 CORPORATE FINANCELevel 2, Room 2.10 · Session Chair: Lien Duong (Curtin University)

10.15 am Takeover premium and bidder performance in relation to market optimism and CEO relative compensation: Evidence from the Australian market

Presenter: Hoa Luong (Curtin University) Discussant: Abeyratna Gunasekarage (Monash University)

11.00 am Fire or keep? Stay or leave? The other side of the of CEO retention decisions

Presenter: Tom Stannard (Victoria University of Wellington) Discussant: Jin Yu (Monash University)

11.45 am Female and R2 Presenter: Saba Sehrish (Massey University) Discussant: Huu Nhan Duong (Monash University)

1.6 CORPORATE GOVERNANCE IILevel 3, Room 3.04 · Session Chair: Michael Li (La Trobe University)

10.15 am Limiting insider trading in extreme sentiment periods: Evidence from a quasi-natural experiment on board independence

Presenter: Dewan Rahman (University of Queensland) Discussant: Zhongyan Zhu (Monash University)

11.00 am Blockholder Heterogeneity, Stock Liquidity, and the Efficiency of Blockholder

Presenter: Michael Wang (Monash University) Discussant: Michael Li (La Trobe University)

11.45 am Retail Investors and Shareholder Activism Presenter: Bilal Hafeez (Massey University) Discussant: Yiming Yang (The University of Hong Kong (HKU))

12.30 pm – 1.15 pm

Lunch Level 20, Lounge area

1.15 pm – 2.45 pm

Panel Session – “Session with Experts” (Strictly limited to PhD students)

Panellists:Professor Stephen Brown (Monash University and New York University)Professor Robert Faff (University of Queensland)Professor Ferdinand Gul (Deakin University)Professor Tom Smith (University of Queensland and Macquarie University)Professor Avanidhar Subrahmanyam (UCLA Anderson School of Management)

Level 2, Room 2.15 Session Chair: Bala Balachandran (La Trobe University)


2.45 PM – 4.15 PM CONCURRENT SESSIONS 2

2.1 ACCOUNTING ILevel 20, Room 1 · Session Chair: Kamran Ahmed (La Trobe University)

2.45 pm The Role of Auditor Provided Tax Service on Income Shifting by U.S. Multinationals

Presenter: Arfian Erma Zudana (Victoria University of Wellington) Discussant: Kamran Ahmed (La Trobe University)

3.30 pm Financial Statement Frauds: The Need For A Paradigm Shift To Forensic Accounting

Presenter: Francis Awolowo (Sheffield Hallam University) Discussant: Roger Willett (Victoria University of Wellington)

2.2 ASSET PRICING/FINANCIAL MARKETS IILevel 20, Room 2 · Session Chair: Jing Zhao (La Trobe University)

2.45 pm Wealth Effects of Government Dependency on Firms Presenter: Bharat Raj Parajuli (University of Utah) Discussant: Jing Zhao (La Trobe University)

3.30 pm Information and attention comovements: Evidence from cross-listed stocks

Presenter: Barbara Hong (La Trobe University) Discussant: Petko Kalev (La Trobe University)

2.3 CORPORATE GOVERNANCE IIILevel 20, Room 3 · Session Chair: Gary Tian (Macquarie University)

2.45 pm Empirical Investigations on Governance – Performance Interplay: The Investors’ Perspective

Presenter: Mohammed Zakriya (Universitat Ramon Llull) Discussant: Au Yong Hue Hwa (Monash University)

3.30 pm Dual Holdings and Corporate Cash Holdings Presenter: June Yanjun Liu (Monash University) Discussant: Lien Duong (Curtin University)

2.5 CORPORATE FINANCE II Level 20, Room 4 · Session Chair: Shams Pathan (University of Queensland)

2.45 pm Partisan Political Conflict and the Cost of Equity Capital Presenter: Anh Viet Pham Discussant: Chandra Krishnamurti (University of South Australia)

3.30 pm Financial Constraints Presenter: Fatematuz Tamanna Ahamed (Victoria University of Wellington) Discussant: Luisa Unda (Monash University)

4.15 pm to 4.30 pm

Afternoon tea Level 20, Lounge area


4.30 PM – 6.00 PM CONCURRENT SESSIONS 3

3.1 ACCOUNTING II Level 20, Room 1 · Session Chair: Paul Mather (La Trobe University)

4.30 pm Corporate Tax Avoidance and Foreign Competition: Evidence from Industry – Level Import Data

Presenter: Nader Atawnah (La Trobe University) Discussant: Christo Karuna (Monash University)

5.15 pm Value Relevance of Integrated Reporting: Comparative Cross Country Analysis between Mandatory and Voluntary Implementer

Presenter: Jamy Mohaimen (Victoria University of Wellington) Discussant: Paul Mather (La Trobe University)

3.2 ASSET PRICING/MARKET MICROSTRUCTURELevel 20, Room 2 · Session Chair: Huu Duong (Monash University)

4.30 pm CEO Turnover Announcements and Informed Trading in the Options Market

Presenter: Thu Dung Nguyen (La Trobe University) Discussant: Philip Gharghori (Monash University)

5.15 pm Program Trading and Return Comovement Presenter: Mingyi Li (La Trobe University)

3.3 CORPORATE GOVERNANCE IVLevel 20, Room 3 · Session Chair: Mamiza Haq (University of Queensland)

4.30 pm Essays on Corporate Governance Presenter: Nawaf AlMaskati (University of Waikato) Discussant: Angela Lou (La Trobe University)

5.15 pm Award-winning CEOs and Corporate Innovation Presenter: Mia Hang Pham (Monash University) Discussant: Lily Nguyen (La Trobe University)

3.4 CORPORATE FINANCE IIILevel 20, Room 4 · Session Chair: Adrian Cheung (Flinders University)

4.30 pm The impact of Media Sentiment on Firm Risk, Corporate Investment and Financial Policies

Presenter: Jiexiang (Jenny) Huang (University of Otago) Discussant: Van Vu (University of Newcastle)

5.15 pm Rookie director and Firm performance: Evidence from China

Presenter: Jeffrey Chen (Victoria University of Wellington) Discussant: Adrian Cheung (Flinders University)

6.15 pm – 8.00 pm

6.30 pm Presentation of Awards – PhD Symposium

6.45 pm Conference Opening/Welcome address Professor Phillip Dolan (Pro Vice-Chancellor, College of Arts, Social Sciences and Commerce)

Level 3, Rooms 3.08 and 3.09 Session Chair: Jane Hamilton

8.00 pm Canapés and drinks


4 APRIL 2018

6.45 pm Conference Opening/Welcome address Professor Phillip Dolan (Pro Vice-Chancellor, College of Arts, Social Sciences and Commerce)Canapés and Drinks

Level 3, Rooms 3.08 and 3.09 Session Chair: Jane Hamilton (La Trobe University)

5 APRIL 2018

8.00 am Arrival Tea and Registration Level 20, Reception and Lounge area

8.30 AM – 10.30 AM CONCURRENT ACADEMIC SESSIONS 1

1.1 ACCOUNTING I Level 20, Room 1 · Session Chair: Kamran Ahmed (La Trobe University)

8.30 am “Keep your eyes on it” Do Local Gambling Preferences Increases Earnings Management?

Muhammad Jahangir Ali (La Trobe University), Samar Alharbi (La Trobe University), Balasingham Balachandran (La Trobe University), Huu Nhan Duong (Monash University), Edward J. Podolski (Deakin University)Discussant: Yimei Man (University of Waikato)

9.00 am The Impact of Other Comprehensive Income Disclosure and Corporate Governance on Earnings Management and Firm Performance

Yuan George Shan (University of Western Australia), Yan Wang (Guangdong University of Finance and Economics)Discussant: Solomon Opare (Victoria University of Wellington)

9.30 am IFRS Adoption and Seasoned Equity Offering Underperformance

Muhammad Nurul Houqe (Victoria University of Wellington), Tony van Zijl (Victoria University of Wellington), Solomon Opare (Victoria University of Wellington)Discussant: Yan Wang (Guangdong University of Finance and Economics)

10.00 am Business Strategy, Earnings Quality, and Financial Flexibility

Muhammad Nurul Houqe (Victoria University of Wellington), Reza M. Monem (Griffith University), Tony van Zijl (Victoria University of Wellington)Discussant: Kamran Ahmed (La Trobe University)

1.2 BANKING ILevel 20, Room 2 · Session Chair: Mamiza Haq (University of Queensland)

8.30 am Not All Shareholders (Care to) Improve Bank Transparency

Shams Pathan (University of Queensland), Mamiza Haq (University of Queensland)Discussant: Dung Thi Thuy Nguyen (University of Otago)

9.00 am Bank Stocks Inform Higher Economic Growth – Evidence from Asia

Ajay Kumar Garg Mittal (Indian Institute of Management (IIM), Lucknow), Amit Mittal (Indian Institute of Management (IIM), Lucknow)Discussant: Gaurav Seth (Indian Institute of Technology (IIT), Kanpur)

9.30 am The Non-Monotonic Relationship between Financial Integration and Cost Efficiency: Evidence from Asian Commercial Banks

Ivan Diaz-Rainey (University of Otago), Minh Le (University of Otago), Helen Roberts (University of Otago), Dung Thi Thuy Nguyen (University of Otago)Discussant: Mamiza Haq (University of Queensland)

10.00 am Changes in the Basel Capital Adequacy Regulations and its Implication on Profitability of Banks: Evidence from India

B.V. Phani (Indian Institute of Technology (IIT), Kanpur), Gaurav Seth (Indian Institute of Technology (IIT), Kanpur)Discussant: Amit Mittal (Indian Institute of Management (IIM), Lucknow)

Conference Academic Sessions


1.3 CORPORATE GOVERNANCE ILevel 20, Room 3 · Session Chair: Lien Duong (Curtin University)

8.30 am Corporate Governance, Institutions, Markets, and Social Factors

Susanna Lu (University of Waikato), Ron Bird (University of Waikato), Nawaf Almaskati (University of Waikato)Discussant: Yuan George Shan (University of Western Australia)

9.00 am Do Proprietary Costs Deter Insider Trading? Lyungmae Choi (City University of Hong Kong)Discussant: Gary Tian (Macquarie University)

9.30 am The Wall Street Rule and Its Impact on Board Monitoring

Lien Duong (Curtin University), Brandon Chen (Victoria University of Wellington), Thu Phuong Truong (Victoria University of Wellington)Discussant: Yanlin Li (Macquarie University)

10.00 am Extending the Corporate Governance Mosaic: Managerial Ownership, Audit Committees and Non-Audit Services

Yuan George Shan (University of Western Australia), Indrit Troshani (University of Adelaide), Janice Loftus (University of Adelaide)Discussant: Nawaf Almaskati (University of Waikato)

1.4 EMERGING MARKETS ILevel 20, Room 4 · Session Chair: Chandra Krishnamurti (University of South Australia)

8.30 am Competition and Commercial Banks Risk-Taking: Evidence from Sub-Saharan Africa Region

Dimu Ehalaiye (Massey University), Joseph Akande (University of Jos), Farai Kwenda (University of KwaZulu-Natal)Discussant: Rajiv Nair (Deakin University)

9.00 am Buffer Capital, Loan Portfolio Quality and the Performance of Microfinance Institutions: A Global Analysis

Ernest Gyapong (Massey University), Godfred Afrifa (Canterbury Christ Church University College)Discussant: Ra-Pee Pattanapanyasat (Chulalongkorn University)

9.30 am Strategic Disclosure and Investors’ Sophistication in Small Business Capital Formation

Ra-Pee Pattanapanyasat (Chulalongkorn University)Discussant: Ernest Gyapong (Massey University)

10.00 am CSR Disclosure and Financial Transparency: Evidence from India

Somanath V S, Mohammad Muttakin (Deakin University), Arifur Khan (Deakin University), Rajiv Nair (Deakin University), Nava Subramaniam (RMIT University)Discussant: Dimu Ehalaiye (Massey University)

1.5 CORPORATE FINANCE ILevel 2, Room 2.10 · Session Chair: Gary Tian (Macquarie University)

8.30 am The Effects of Corporate Culture on Corporate Policies: A Study of How ‘Caution’ Impacts Corporate Policies

James Cicon (University of Central Missouri), Yanhui Wu (Queensland University of Technology), Qing Zhou (Macquarie University)Discussant: Jiexiang Huang (University of Otago),

9.00 am Effects of Customer Industry Competition on Suppliers: Evidence from Product Market Competition Shocks

Srinivasan Selvam (Peking University – HSBC Business School)Discussant: Yanhui Wu (Queensland University of Technology)

9.30 am Government Spending Shocks and Firm Innovation

Yanhui Wu (Queensland University of Technology), Huizhong Zhang, Ruchith Dissanayake (Queensland University of Technology)Discussant: Srinivasan Selvam (Peking University – HSBC Business School)

10.00 am The Role of Media on CEO Power and Firm Performance

Eric K. M. Tan (University of Otago), Jiexiang Huang (University of Otago), Helen Roberts (University of Otago)Discussant: Qing Zhou (Macquarie University)

10.30 am – 10.45 am


10.45 am – 12.45 pm

Asset Pricing and Behavioural Finance: Past, Present and Future Professor Avanidhar Subrahmanyam (UCLA Anderson School of Management)

Level 2, Rooms 2.15 and 2.16 Session Chair: Petko Kalev (La Trobe University)


12.45 pm – 1.30 pm


1.30 pm – 3.00 pm

Corporate Governance: Past, Present and Future Professor Ron Masulis (University of New South Wales)

Level 2, Rooms 2.15 and 2.16 Session Chair: Gary Tian (Macquarie University)

3.00 pm – 4.00 pm

Keynote Address “Asymmetric Modelling of the Adjustment Speed of Cash Holdings” Professor Robert Faff (University of Queensland)

Level 2, Rooms 2.15 and 2.16 Session Chair: Xiangkang Yin

4.00 pm – 4.15 pm

Afternoon Tea Level 20, Lounge area

4.15 pm – 5.45 pm

Capital Market Research in Accounting: Past, Present and Future Dr Christo Karuna (Monash University)

Level 2, Rooms 2.15 and 2.16 Session Chair: A/Prof Jahangir Ali (La Trobe University)

6.30 PM – 10.30 PMCONFERENCE DINNER

6.30 pm Pre dinner drinks Melbourne Aquarium

7.00 pm Dinner

7.10 pm Welcome Address Mr Greg Jamieson (Head, Dept. of Economics and Finance, La Trobe University)

7.30 pm Keynote Address “Strategic takeover of Dyno Nobel and its impact on Incitec Pivot’s Value”

Mr James Fazzino (Vice Chancellor’s Fellow and Adjunct Professor, La Trobe Business School)

8.15 pm Presentation of Conference Best Papers Awards

8.45 pm Presentation of Lifetime Achievement Awards

9.15 pm Thank You Address Conference Chair Bala Balachandran (La Trobe University)

6 APRIL 2018

8.00 am Arrival Tea and Registration Level 20, Reception and Lounge area

8.30 AM – 10.30 AM CONCURRENT ACADEMIC SESSIONS 2

2.1 ACCOUNTING IILevel 20, Room 1 · Session Chair: Arifur Khan (Deakin University)

8.30 am Significance Testing in Accounting Research: A Critical Evaluation Based on Evidence

Jae H. Kim (La Trobe University), Kamran Ahmed (La Trobe University), Philip Inyeob Ji (Monash University)Discussant: Luisa Unda (Monash University)

9.00 am CFO Tenure, CFO Board Membership and Accounting Conservatism

Mohammad Muttakin (Deakin University), George Tanewski (Deakin University), Arifur Khan (Deakin University)Discussant: Danika J. Wright (The University of Sydney)

9.30 am The Role of the Board of Directors in Non-GAAP Earnings Disclosures

Dinithi Ranasinghe (Otago University), Luisa Unda (Monash University)Discussant: Paul Mather (La Trobe University)

10.00 am Accounting Information, Life Cycle and Debt Markets

Attila Balogh (UNSW), Jiri Svec (The University of Sydney), Danika J. Wright (The University of Sydney)Discussant: Arifur Khan (Deakin University)


2.2 ASSET PRICING ILevel 20, Room 2 · Session Chair: Jing Shi (Macquarie University)

8.30 am What Follows Innovation Awards? R&D 100 Awards, Product Segmentation, and Stock Returns

Yiming Yang (The University of Hong Kong), Tong Zhou (Zhongshan University), Po-Hsuan Hsu (The University of Hong Kong)Discussant: Sivathaasan Nadarajah (Griffith University)

9.00 am Opinion and Long-Run Performance of Private Placements: Evidence from the Auction Market

Zheyao Pan (Macquarie University), Zhang Guangli (Central University of Finance and Economics (CUFE) – Business School), Jianlei Han (University of Tasmania)Discussant: M. Al Mamun (La Trobe University)

9.30 am Presidential Approval Rating and Stock Return

Md. Lutfur Rahman (East West University), M. Al Mamun (La Trobe University)Discussant: Zheyao Pan (Macquarie University)

10.00 am Stock Liquidity and Default Risk Around the World

Sivathaasan Nadarajah (Griffith University), Searat Ali (Griffith University), Allen R. Huang (Griffith University), Benjamin Liu (Griffith University)Discussant: Yiming Yang (The University of Hong Kong)

2.3 CORPORATE GOVERNANCE IILevel 20, Room 3 · Session Chair: Shann Turnbull (International Institute for Self-governance)

8.30 am The Role of Governance on the Wellbeing of Individuals or Organizations

Shann Turnbull (International Institute for Self-governance)Discussant: Ifedapo Francis Awolowo (Sheffield Hallam University)

9.00 am Corporate Risk-Taking, Foreign Institutional Ownership, and the Role of Country-Level Corporate Governance

Donghui Li, Garland Huang, Sheng Xiao, Zhe An (Monash University)Discussant: Muhammad Nurul Houqe (Victoria University of Wellington)

9.30 am Accounting Scandals: Beyond Corporate Governance

Murray C. Clark (Sheffield Hallam University), Ifedapo Francis Awolowo (Sheffield Hallam University), Dora Chan (Sheffield Hallam University), Nigel Garrow (Sheffield Hallam University)Discussant: Shann Turnbull (International Institute for Self-governance)

10.00 am The Effects of the Appointment of New Independent Directors Professionally Affiliated with Their Predecessors: Evidence from China

Yanlin Li (Macquarie University), Gary Gang Tian (Macquarie University), Xin Wang (Southwestern University of Finance and Economics (SWUFE))Discussant: Lien Duong (Curtin University)

2.4 EMERGING MARKETS IILevel 20, Room 4 · Session Chair: Thu Phuong Truong (Victoria University of Wellington)

8.30 am Performance of Private Equity Backed IPOs: Evidence from an Emerging Market

Mohan Raj (Indian Institute of Management (IIMB), Bangalore), Venkateshwarlu Masuna (National Institute of Industrial Engineering (NITIE)), Jayadev Madugula (Indian Institute of Management (IIMB), Bangalore), Jainil Lakhani (Indian Institute of Management (IIM), Ranchi)Discussant: Shivaani MV (Indian Institute of Technology (IIT), Delhi)

9.00 am Stock Splits and Liquidity Risk in the Chinese Stock Market

May Hu (Deakin University), Ameeta Jain (Deakin University), Xinwei Zheng (Deakin University)Discussant: Thu Phuong Truong (Victoria University of Wellington)

9.30 am Does Competitive Position of a Firm Affect the Quality of Risk Disclosure in Annual Report?

Surendra S. Yadav (Indian Institute of Technology (IIT), Delhi), Shivaani MV (Indian Institute of Technology (IIT), Delhi), P.K. Jain (Indian Institute of Technology (IIT), Delhi)Discussant: Jayadev Madugula (Indian Institute of Management (IIMB), Bangalore)

10.00 am Transaction Costs and Liquidity Co-Movements within and Across Exchanges: Evidence from Vietnam

Hao Quach (Lincoln University), Thu Phuong Truong (Victoria University of Wellington), Cuong Nguyen (Lincoln University)Discussant: Xinwei Zheng (Deakin University)


2.5 CORPORATE FINANCE IILevel 2, Room 2.15 · Session Chair: Huu Nhan Duong (Monash University)

8.30 am Economic Policy Uncertainty and Firm Tax Avoidance

Ferdinand A. Gul (Deakin University), My Nguyen (RMIT University), Justin Hung Nguyen (Victoria University of Wellington), Huu Nhan Duong (Monash University)Discussant: Tom Scott (Auckland University of Technology)

9.00 am Open Market Share Repurchases, Dividend Tax Cut and Information Content

Balasingham Balachandran (La Trobe University), Huu Nhan Duong (La Trobe University), Ladshiya Atisoothanan (La Trobe University)Discussant: Chandrasekhar Krishnamurti (University of South Australia)

9.30 am Corporate Governance and Dividend Policy: the Importance of Personal Liability in Enforcement

Chandra Thapa (University of Strathclyde), Santosh Koirala (University of Strathclyde), Andrew P. Marshall (University of Strathclyde)Discussant: Ladshiya Atisoothanan (La Trobe University)

10.00 am Share Pledges and Firm Value Chelsea Liu (University of Adelaide), Qi Li (University of Auckland), Tom Scott (Auckland University of Technology)Discussant: My Nguyen (RMIT University)

2.6 CORPORATE FINANCE IIILevel 2, Room 2.16 · Session Chair: Alfred Yawson (University of Adelaide)

8.30 am Does Frugality Influence Firm Behavior? Evidence from Natural Disasters

Matthew Wynter (University of Illinois at Chicago)Discussant: May Hu (Deakin University)

9.00 am Managerial Ability and Corporate Capital Structure

May Hu (Deakin University), Tongxia Li (Deakin University), Chien-Ting Lin (Deakin University)Discussant: Mohammed Zakriya (ESADE Business School)

9.30 am Sustain and Deliver: Capturing the Valuation Effects of Corporate Sustainability

Mohammed Zakriya (ESADE Business School)Discussant: Tongxia Li (Deakin University)

10.00 am Managerial Ability and the Speed of Leverage Adjustment

May Hu (Deakin University), Tongxia Li (Deakin University), Chien-Ting Lin (Deakin University)Discussant: Matthew Wynter (University of Illinois at Chicago)

10.30 am to 10.45 am


10.45 am – 11.45 pm

Keynote Address “Asset Pricing When Trading Is for Entertainment” Professor Avanidhar Subrahmanyam (UCLA Anderson School of Management)

Level 2, Rooms 2.15 and 2.16 Session Chair: Jae Kim (La Trobe University)

11.45 am – 12.45 pm

Keynote Address “Boards of Directors – Recent Evidence on How to Improve Firm Performance” Professor Ron Masulis (University of New South Wales)

Level 2, Rooms 2.15 and 2.16 Session Chair: Chandra Krishnamurti (University of South Australia)

12.45 pm – 1.30 pm


1.30 pm – 3.00 pm

Keynote Address “Dealing with Endogeneity” Professor Tom Smith

Level 2, Rooms 2.15 and 2.16 Session Chair: Alfred Yawson (University of Adelaide)

3.00 pm – 4.00 pm

Panel Discussion on “Endogeneity – Empirical Evidence” Panelists: Shams Pathan (University of Queensland), Huu Duong (Monash University) and Lily Nguyen (La Trobe University)

Level 2, Rooms 2.15 Session Chair: Petko Kalev (La Trobe University)

4.00 pm – 4.15 pm

Afternoon Tea Level 20, Lounge area


4.15 PM – 4.45 PM CONCURRENT ACADEMIC SESSIONS 3

3.1 CORPORATE FINANCE IVLevel 20, Room 1 · Session Chair: Jin Yu (Monash University)

4.15 pm Information Content of Dividend Initiations Revisited: The Impact of 2003 Dividend Tax Cut

Balasingham Balachandran (La Trobe University), Huu Nhan Duong (Monash University), Michael Theobald (University of Birmingham), Yun Zhou (La Trobe University)Discussant: Jin Yu (Monash University)

4.45 pm Making Yourself a Central Hub: Advisor Network Position and M&A Activities

Huizhong Zhang (University of Adelaide), Alfred Yawson (University of Adelaide)Discussant: Huu Duong (Monash University)

5.15 pm Socially Responsible Firms and Mergers and Acquisitions Performance: Australian Evidence

Domenico Pensiero (University of Southern Queensland), Syed Shams (University of Southern Queensland), Chandrasekhar Krishnamurti (University of Southern Australia), Eswaran Velayutham (University of Southern Queensland)Discussant: Alfred Yawson (University of Adelaide)

3.2 CORPORATE FINANCE VLevel 20, Room 2 · Session Chair: Tony van Zijl (Victoria University of Wellington)

4.15 pm Cross-Listings, Investor Protection and Earnings Quality

Muhammad Nurul Houqe (Victoria University of Wellington), Binh Bui (Victoria University of Wellington), Tony van Zijl (Victoria University of Wellington)Discussant: Alan V. S. Douglas (University of Waterloo)

4.45 pm The Leverage-Profitability Puzzle Revisited Sean Cleary (Queen’s School of Business), Alan V. S. Douglas (University of Waterloo), Tu Nguyen (University of Waterloo)Discussant: Zhe An (Monash University)

5.15 pm Do Dividend Initiations Convey Future Earnings Prospects: Evidence From Imputation Environment?

Balasingham Balachandran (La Trobe University), Berty Vidanapathirana (La Trobe University)Discussant: Yun Zhou (La Trobe University)

3.3 FINANCIAL MARKETSLevel 20, Room 3 · Session Chair: Van Vu (University of Newcastle)

4.15 pm The Bright and Dark Sides of Financial Derivatives: Options Trading and Product Development

Fengfei Li (Deakin University), Yoshio Nozawa (Federal Reserve Board of Governors), Po-Hsuan Hsu (The University of Hong Kong)Discussant: Gaurav Kumar (Indian Institute of Technology (IIT), Kanpur)

4.45 pm Trading Frequency, Information Quality and Order Choices – Evidences from the Accelerations in the Information Disclosure

Chung-Ching Tai (Tunghai University), Yi-Heng Tseng (Yuan Ze University)Discussant: Bharat Raj Parajuli (University of Utah)

5.15 pm Commonality in Liquidity – New Evidence from National Stock Exchange, India

Gaurav Kumar (Indian Institute of Technology (IIT), Kanpur), Arun Kumar Misra (Indian Institute of Technology (IIT), Kanpur)Discussant: Yi-Heng Tseng (Yuan Ze University)

3.4 BANKING/INVESTMENTS Level 20, Room 4 · Session Chair: Jared DeLisle (Utah State University)

4.15 pm Revenue Diversification and Bank Capital Across Countries: The Influence of Regulation and Supervision

Lucas Yao Wen Lee (University of Queensland), Mamiza Haq (University of Queensland)Discussant: Shane Magee (Macquarie University)

4.45 pm The Impact of a Remuneration Guideline in the Australian Banking Industry

Sue Wright (University of Newcastle), Shane Magee (Macquarie University), Cheok Man Ng (Macquarie University)Discussant: Mamiza Haq (University of Queensland)

5.15 pm Does Probability Weighting Drive Skewness Preferences?

Jared DeLisle (Utah State University), Ryan J. Whitby (Utah State University), Benjamin M. Blau (Utah State University)Discussant: Shams Pathan (University of Queensland)


3.5 CORPORATE GOVERNANCE IIILevel 2, Room 2.16 · Session Chair: Emma Zhang (Monash University)

4.15 pm CEO Power and Corporate Social Responsibility (CSR) Disclosure: Evidence from an Emerging Economy

Sudipta Bose (UNSW), Habib Khan (University of Canberra), Syed Shams (University of Southern Queensland), Afzalur Rashid (University of Southern Queensland)Discussant: Joni Vendi (La Trobe University)

4.45 pm Boardroom Gender Diversity and CEO Pay Deviation: An Australian Evidence

Ammad Ahmed (Griffith University), Muhammad Atif (Griffith University)Discussant: Syed Shams (University of Southern Queensland)

5.15 pm Politically connected boards, family business groups and cost of capital: Evidence from Indonesia

Joni Vendi (La Trobe University), Kamran Ahmed (La Trobe University), Jane Hamilton (La Trobe University)Discussant: Ammad Ahmed (Griffith University)

3.6 CORPORATE GOVERNANCE IVLevel 2, Room 2.15 · Session Chair: Martien Jan Peter Lubberink (Victoria University of Wellington)

4.15 pm Corporate Governance and the Insolvency Risk of Financial Institutions

Searat Ali (Griffith University), Jamshed Iqbal (University of Vaasa)Discussant: Bjorn Rock (Justus-Liebig-University Giessen)

4.45 pm The Ceiling Trumps the Cliff-Gender-Related Promotion Patterns to German and British Management Boards

Bjorn Rock (Justus-Liebig-University Giessen), Myriam Bechtoldt (EBS Universität für Wirtschaft und Recht), Christina E. Bannier (Justus-Liebig-University Giessen)Discussant: Searat Ali (Griffith University)

5.15 pm Corporate General Counsels, Financial Reporting Opacity and Stock Price Crash Risk

Md Al Mamun (La Trobe University), Balasingham Balachandran (La Trobe University), Huu Nhan Duong (Monash University), Ferdinand A. Gul (Deakin University) Discussant: Hasibul Chowdhury (University of Queensland)

7 APRIL 2018

8.30 AM – 10.30 AM CONCURRENT SESSION 4

4.1 ACCOUNTING IIILevel 20, Room 1 · Session Chair: Roger J. Willett (Victoria University of Wellington)

8.30 am Earnings Management and Agency Costs: Evidence from China

Yimei Man (University of Waikato), Nirosha Hewa Wellalage (University of Waikato), Stuart Locke (University of Waikato)Discussant: Samar Alharbi (La Trobe University)

9.00 am Passive Ownership and Earnings Manipulation

Ahmed Baig (Texas Tech University), Jared DeLisle (Utah State University), Gulnara R. Zaynutdinova (Washington State University)Discussant: Roger J. Willett (Victoria University of Wellington)

9.30 am Corporate Governance and Real Earnings Management in Family Firms: Evidence from an Emerging Economy

Paul R. Mather (La Trobe University), Muhammad Jahangir Ali (La Trobe University), Rushdi Razzaque (Independent University, Bangladesh (IUB))Discussant: Richard Donald Morris (University of New South Wales)

10.00 am Corporate General Counsel, Audit Effort and Audit Report Lag

Balachandran Muniandy (La Trobe University), Ferdinand A Gul (Deakin University), Michael Michael (La Trobe University), Muhammad Jahangir Ali (La Trobe University)Discussant: Rajeev Singhal (Oakland University)

4.2 CORPORATE GOVERNANCE VLevel 20, Room 2 · Session Chair: (Michael) Hui Li (La Trobe University)

8.30 am Moderating Powerful CEOs Through Improved Governance

Lubna Rahman (UNSW), Md Emdadul Islam (UNSW), Jo-Ann Suchard (UNSW), Mark Humphery-Jenner (UNSW)Discussant: Adrian Cheung (Flinders University)


9.00 am Do Appearances Deceive? The Curious Case of CSR Activities and Shunned Companies

Saif Ullah (Concordia University)Discussant: Muhammad Atif (Griffith University)

9.30 am The Role of Ownership and Governance Structure in Raising Capital: An International Study

Mohsin Khawaja (La Trobe University), Ishaq Bhatti (La Trobe University), Dawood Ashraf, Darren Henry (La Trobe University)Discussant: Fan Yu (Macquarie University)

10.00 am The Outsider Effect: The Case of Lack of CEO Succession Planning

(Michael) Hui Li (La Trobe University), Paul Farah (La Trobe University), Huong Giang (Lily) Nguyen (La Trobe University)Discussant: Emma Zhang (Monash University)

4.3 CORPORATE FINANCE VILevel 20, Room 3 · Session Chair: Ali Sheikhbahaei (Monash University)

8.30 am Evidence of Strategic News Tone Dispersion Effects Around Opportunistic Insider Purchases

Robert W. Faff (University of Queensland), Dewan Rahman (University of Queensland), Barry Ross Oliver (University of Queensland)Discussant: Le Vu (La Trobe University)

9.00 am 10-K Filing Content and SEO Flotation Costs Amalia Di Iorio (La Trobe University), Ali Sheikhbahaei (Monash University)Discussant: Khaled Alsabah (University of Colorado at Boulder)

9.30 am Disclosure Tone and Short-Selling Pressure: Evidence from Regulation-SHO

Ankit Jain (Indian School of Business (ISB), Hyderabad)Discussant: Shaheen Jahan (La Trobe University)

10.00 am An Empirical Investigation of the Legal Origin Theory for Minority Investors Protection

Muhammad Nurul Houqe (Victoria University of Wellington), Tony van Zijl (Victoria University of Wellington), Mohammad Tareq (RMIT University)Discussant: Ying Dou (Monash University)

4.4 CORPORATE FINANCE VIILevel 20, Room 4 · Session Chair: Cameron Truong (Monash University)

8.30 am Earnings Announcement Lottery Payoffs and the Cross-Section of Stock Returns

Cameron Truong (Monash University), Hung Nguyen (Monash University)Discussant: Syed Shams (University of Southern Queensland)

9.00 am The Impact of Blockholder Activism on the Information Environment of Stock Price

Elaine Hutson (Monash University), Jin Yu (Monash University), Stephen Brown (Monash University), Michael Wang (Monash University)Discussant: Searat Ali (Griffith University)

9.30 am Effects of Investor Tax Heterogeneity on Stock Prices and Trading Behavior around the Ex-Dividend Day: The Case of Australia

Xiangkang Yin (La Trobe University), Jing Zhao (La Trobe University), Nguyen Ngoc Anh Le (La Trobe University)Discussant: Abeyratna Gunasekarage (Monash University)

10.00 am Women on Board: Does the Gender Diversity Reduce Default Risk?

Searat Ali (Griffith University), Benjamin Liu (Griffith University), J.J. Su (Griffith University)Discussant: Michael Wang (Monash University)

4.5 ASSET PRICING IILevel 2, Room 2.15 · Session Chair: Van Vu (University of Newcastle)

8.30 am Are Long-Run Tax Expectations Priced in the Cross-Section of Stock Returns?

Ruchith Dissanayake (Queensland University of Technology)Discussant: Josh Della Vedova (The University of Sydney)

9.00 am The Effects of Bank Credit Cycles on Corporate Liquidity and Investment Decisions

Van Vu (University of Newcastle)Discussant: Jun Wang (University of Western Ontario)

9.30 am What Explains the Returns of Large Stocks in the Australian Equity Market?

Philip Gharghori (Monash University), Daniel Chai (Monash University), Mardy Chiah (Swinburne University of Technology)Discussant: Angel Zhong (RMIT University)

10.00 am Faulty Anchors: Individual Investor Order Intensity and Order Type at the 52 Week High

Andrew R. Grant (The University of Sydney), P. Joakim Westerholm (The University of Sydney), Josh Della Vedova (The University of Sydney)Discussant: Ruchith Dissanayake (Queensland University of Technology)

10.30 am – 10.45 am



10.45 AM – 12.45 PM CONCURRENT SESSION 5

5.1 ACCOUNTING IVLevel 20, Room 1 · Session Chair: Muhammad Jahangir Ali (La Trobe University)

10.45 am Why the Fundamental Relation between Firm Market and Accounting Values is Log-Linear

Roger J. Willett (Victoria University of Wellington), Martien Jan Peter Lubberink (Victoria University of Wellington)Discussant: Jared DeLisle (Utah State University)

11.15 am The Impact of Loan Covenants on Audit Delays and Audit Fees

Rajeev Singhal (Oakland University), Yun Ellen Zhu (Oakland University), Mohinder Parkash (Oakland University)Discussant: Michael Michael (La Trobe University)

11.45 am The Impact of Legal Efficacy on Value Relevance of the Three-Level Fair Value Measurement Hierarchy

Troy Yao (Queensland University of Technology), Richard Donald Morris (University of New South Wales), Lin Liao (University of New South Wales), Helen Hyon Ju Kang (University of New South Wales)Discussant: Muhammad Jahangir Ali (La Trobe University)

12.15 pm The '15 Days' Debate: Evidence from 10-K Submissions

Khaled Alsabah (University of Colorado at Boulder)Discussant: Ali Sheikhbahaei (Monash University)

5.2 CORPORATE GOVERNANCE VILevel 20, Room 2 · Session Chair: Yaowen Shan (University of Technology Sydney)

10.45 am Does Board Gender Diversity Affect Corporate Cash Holdings?

Allen R. Huang (Griffith University), Benjamin Liu (Griffith University), Muhammad Atif (Griffith University)Discussant: Saif Ullah (Concordia University)

11.15 am Monitoring and CEO Contractual Incentive Pay

Fan Yu (Macquarie University)Discussant: Mohsin Khawaja (La Trobe University)

11.45 am Empowering Minority Shareholders and Improving Corporate Accountability via Lower Voting Thresholds: Evidence from the Australian Two-Strikes Rule

Yaowen Shan (University of Technology Sydney), Martin Bugeja (University of Technology Sydney), Terry Stirling Walter (The University of Sydney), David Yermack (New York University), Raymond da Silva Rosa (University of Western Australia)Discussant: Hoa Luong (Curtin University)

12.15 pm CEO Relative Compensation, Takeover Premium and Bidder Performance in Australia: Efficient Contracting or Managerial Power?

Hoa Luong (Curtin University), Lien Duong (Curtin University), John Evans (Curtin University)Discussant: Yaowen Shan (University of Technology Sydney)

5.3 CORPORATE GOVERNANCE VIILevel 20, Room 3 · Session Chair: Adrian Cheung (Flinders University)

10.45 am Does Prestigious Board Experience Matter? Evidence from New Zealand

Karen Van-Peursem (Victoria University of Wellington), Mosammet Jahan (Victoria University of Wellington), Martien Jan Peter Lubberink (Victoria University of Wellington)Discussant: Md Emdadul Islam (UNSW)

11.15 am How Valuable are Independent Directors? Evidence from External Distractions

Emma Zhang (Monash University), Ronald W. Masulis (UNSW)Discussant: (Michael) Hui Li (La Trobe University)

11.45 am Inventor CEOs Md Emdadul Islam (UNSW), Jason Zein (UNSW)Discussant: Martien Jan Peter Lubberink (Victoria University of Wellington)

12.15 pm How Does Corporate Sexual Equality Affect Firm Value? Free Cash Flow vs Cost of Capital

Trevor Marwick (Curtin University), Adrian Cheung (Flinders University), Mostafa Monzur Hasan (Curtin University)Discussant: Lubna Rahman (UNSW),


5.4 ASSET PRICING IIILevel 20, Room 4 · Session Chair: Angel Zhong (RMIT University)

10.45 am Investment-Related Anomalies in Australia: Evidence and Explanations

Viet Nga Cao (Monash University), Philip Gray (Monash University), Angel Zhong (RMIT University)Discussant: Mardy Chiah (Swinburne University of Technology)

11.15 am Market Volatility, Liquidity Shocks, and Stock Returns: Worldwide Evidence

Rui Ma (Massey University), Hamish D. Anderson (Massey University), Ben R. Marshall (Massey University)Discussant: Yi-Wei Chuang (National Sun Yat-sen University)

11.45 am CEO's Industry Tournament Incentives and Stock Price Crash Risk

Shams Pathan (University of Queensland), Hasibul Chowdhury (University of Queensland), Mamiza Haq (University of Queensland), Allan C. Hodgson (University of Queensland)Discussant: Lily Nguyen (La Trobe University)

12.15 pm The Impact of Intraday Net Buying Pressure on Implied Volatility in the VIX Options Market

Ming-Hung Wu (National Sun Yat-sen University), Wei-Che Tsai (National Sun Yat-sen University), Yi-Wei Chuang (National Sun Yat-sen University)Discussant: Rui Ma (Massey University)

5.5 CORPORATE FINANCE VIIILevel 2 Room 2.15 · Session Chair: Ying Dou (Monash University)

10.45 am The Impact of Share Repurchase on Firm Innovation

Le Vu (La Trobe University), Lily Nguyen (La Trobe University), Xiangkang Yin (La Trobe University)Discussant: Dewan Rahman (University of Queensland)

11.15 am Residual Debt and Stable Dividends Alan V. S. Douglas (University of Waterloo)Discussant: Bala Balachandran (La Trobe University)

11.45 am Does short selling have an impact upon a firm’s cash holdings?

Balasingham Balachandran (La Trobe University), Shaheen Jahan (La Trobe University), Michael F. Theobald (University of Birmingham), Huu Nhan Duong (Monash University)Discussant: Ankit Jain (Indian School of Business (ISB), Hyderabad)

12.15 pm Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans

Ying Dou (Monash University), Jason Zein (UNSW), Ronald W. Masulis (UNSW)Discussant: Alan V. S. Douglas (University of Waterloo)

5.6 CORPORATE FINANCE/EARNINGS QUALITYLevel 2 Room 2.16 · Session Chair: Abeyratna Gunasekarage (Monash University)

10.45 am Basel Iii Accord: Influence of Business Cycle and Revenue Diversification on Capital Buffer and Credit Risk

Nafisa Zabeen Ovi (Monash University), Syed Shams (University of Southern Queensland)Discussant: Olayinka Moses (Victoria University of Wellington)

11.15 am Competition in the Acquisition Market and Returns to Bidders in Australia

Piyadasa Edirisuriya (Monash University), Syed Shams (University of Southern Queensland), Abeyratna Gunasekarage (Monash University)Discussant: Nguyen Ngoc Anh Le (La Trobe University)

11.45 am Bank Activism and Value Creation Keke Song (Melbourne Business School), Jun Wang (University of Western Ontario)Discussant: Van Vu (University of Newcastle)

12.15 pm EITI Implementation Experience and Perceived Control of Corruption

Muhammad Nurul Houqe (Victoria University of Wellington), Tony van Zijl (Victoria University of Wellington), Olayinka Moses (Victoria University of Wellington)Discussant: Cameron Truong (Monash University)


La Trobe University City Campus

LEVEL 3

LEVEL 2

2.10 2.11

2.16 2.15

2.122.22C

2.07

2.132.22 2.50

2.14

2.23A

3.043.03

3.083.09

3.05

3.06

3.60

3.11 3.10

3.50A

3.13

3.01

3.07

2.21


360 Collins Street Melbourne

LEVEL 20

20.53

Reception

20.02

20.05

20.07

20.08

20.06 20.15 20.14

20.2020.01

20.12

20.16

20.17

20.04

20.03

Kitchen20.11

Prof Balasingham Balachandran [email protected]

Prof Stephen Brown [email protected]

Dr Daisy Chou [email protected]

Dr Huu Duong [email protected]

Prof Robert Faff [email protected]

Prof Ferdinand Gul [email protected]

Dr Mamiza Haq [email protected]

A/Prof Darren Henry [email protected]

Prof Petko Kalev [email protected]

Dr Sutharson Kanapathippillai [email protected]

Dr Christo Karuna [email protected]

Dr Arifur Khan [email protected]

Prof Chandra Krishnamurti [email protected]

Dr Hoang Luong [email protected]

Prof Ron Masulis [email protected]

Prof Paul Mather [email protected]

Dr Justin Nguyen [email protected]

Dr Lily Nguyen [email protected]

A/Prof Peter Pham [email protected]

Dr Shams Pathan [email protected]

Prof Tom Smith [email protected]

Prof Avanidhar Subrahmanyam [email protected]

Em/Prof Michael Theobald [email protected]

Dr Kannan Thuraisamy [email protected]

Prof Cameron Truong [email protected]

Dr Thu Phuong Truong [email protected]

Dr Luisa Unda [email protected]

Dr Eswaran Velayutham [email protected]

Dr Van Vu [email protected]

Prof Xiangkang Yin [email protected]

Dr Jing Zhao [email protected]

Members of the Program Committee



Financial Markets and Corporate Governance Conference 2019The 10th Financial Markets and Corporate Governance conference will be hosted by Department of Applied Finance, Macquarie University, Sydney.

FMCG 2019 Conference 24–26 April 2019 FMCG 2019 PhD Symposium 23 April 2019

Uniquely located in the heart of Australia’s largest high-tech precinct, Macquarie University brings together more than 40,000 students and 3000 staff in one thriving hub of discovery. While only 50 years young, Macquarie has risen to be a progressive and influential institution both locally and internationally.

Macquarie University is famous of its programs in Applied Finance which prepares graduates for future leadership roles in the financial sector. As a newly aligned Applied Finance team, Department of Applied Finance, through its research and teaching programs, is highly engaged with national and international scholars, industry professional bodies and businesses. These connections enhance our research and ensure our teaching programs deliver the vital skills for employability in an ever-changing world.

Please visit: mq.edu.au/about/about-the-university/faculties-and-departments/faculty-of-business-and-economics/departments-and-centres/department-of-applied-finance

SPONSORS

9TH FINANCIAL MARKETS AND CORPORATE GOVERNANCE CONFERENCE

9th financial markets and corporate governance conference

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