NZFM: Academic Programme

New Zealand Finance Meeting 2018, in Queenstown NZ

Full Programme PDF Version  *A printed version will be in your conference pack*

17 - 19 December 2018
Level 3 Conference Centre, Crowne Plaza, Queenstown, New Zealand
  

DAY 1

Monday, 17 December 2018

17:00 - 17:30

REGISTRATION

17:30 - 18:30

WELCOME RECEPTION

DAY 2

Tuesday, 18 December 2018

08:00 - 08:30

REGISTRATION

08:30 - 10:00

STREAM A

SESSION: A.1
Gender Diversity
CHAIR:Shusen Qi, Xiamen University
Paper:WHEN THEY WORK WITH WOMEN, DO MEN GET ALL THE CREDIT?
Presenter:Shusen Qi, Xiamen University
Discussant: David Smith, Massey University
Paper:EXECUTIVES' GENDER, PROSPECT THEORY BIAS AND INSIDER TRADING
Presenter:Saba Sehrish, Massey University
Discussant: Shusen Qi, Xiamen University
Paper:FEMALE CFOS AND CORPORATE ACCOUNTING FRAUD: DOES BOARD GENDER DISCRIMINATION PLAY A ROLE?
Presenter:David Smith, Massey University
Discussant: Saba Sehrish, Massey University
SESSION: A.2
Banking I
CHAIR:Rebel Cole, Florida Atlantic University
Paper:DOES BANK COMPETITION INCREASE BANK LIQUIDITY CREATION? A STATE-LEVEL PERSPECTIVE
Presenter:Seungho Choi, University of New South Wales
Discussant: Rebel Cole, Florida Atlantic University
Paper:LEGAL ORIGIN, CREDITOR PROTECTION AND BANK LENDING AROUND THE WORLD
Presenter:Rebel Cole, Florida Atlantic University
Discussant: Jean-Pierre Fenech, Monash University
Paper:WHY DO BANKS ISSUE CONTINGENT CONVERTIBLE BONDS?
Presenter:Jean-Pierre Fenech, Monash University
Discussant: Seungho Choi, University of New South Wales
SESSION: A.3
Theoretical Finance I
CHAIR:Mark Schroder, Michigan State University
Paper:CAN ILLIQUIDITY BE PRICED IN AN ACTIVE SECONDARY MARKET? THEORY AND EVIDENCE
Presenter:Pallab Dey, University of New South Wales
Discussant: Wei Hu, Curtin University
Paper:PRIVATE INFORMATION, SECURITIES LENDING, AND ASSET PRICES
Presenter:Mark Schroder, Michigan State University
Discussant: Pallab Dey, University of New South Wales
Paper:INFORMATION, INSIDER TRADING, REGULATION, EXECUTIVE RELOAD STOCK OPTIONS AND INCENTIVES
Presenter:Wei Hu, Curtin University
Discussant: Mark Schroder, Michigan State University
SESSION: A.4
Asset Pricing I
CHAIR:Annette Vissing-Jørgensen, University of California, Berkeley
Paper:MODELLING SECTOR-LEVEL ASSET PRICES
Presenter:Ivan Diaz-Rainey, University of Otago
Discussant: Yihui Lan, University of Western Australia
Paper:FIRM-SPECIFIC INFORMATION AND STOCK RETURN
Presenter:Yihui Lan, University of Western Australia
Discussant: Dong Wook Lee, Korea University Business School
Paper:DOLLAR-WEIGHTED RETURN ON AGGREGATE CORPORATE SECTOR: HOW IS IT DISTRIBUTED ACROSS COUNTRIES? 
Presenter:Dong Wook Lee, Korea University Business School
Discussant: Ivan Diaz-Rainey, University of Otago

10:00 - 10:30

COFFEE/TEA BREAK

10:30 - 12:00

STREAM B

SESSION: B.1
Behavioral Finance I
CHAIR:Maren Baars, University of Münster
Paper:AN ALTERNATIVE BEHAVIORAL EXPLANATION FOR THE MAX EFFECT
Presenter:Maren Baars, University of Münster
Discussant: Frank Scrimgeour, University of Waikato
Paper:INVESTOR OVERCONFIDENCE AND THE SECURITY MARKET LINE: NEW EVIDENCE FROM CHINA
Presenter:Xing Han, University of Otago
Discussant: Maren Baars, University of Münster
Paper:OIL PRICES AND STOCK MARKET ANOMALIES
Presenter:Frank Scrimgeour, University of Waikato
Discussant: Xing Han, University of Otago
SESSION: B.2
Asset Pricing II
CHAIR:Ghon Rhee, University of Hawaii
Paper:RANK, SIGN, AND MOMENTUM
Presenter:Ghon Rhee, University of Hawaii
Discussant: Barry Williams, Monash University
Paper:INVESTOR SENTIMENT DYNAMICS, THE CROSS-SECTION OF STOCK RETURNS AND THE MAX EFFECT
Presenter:Muhammad Cheema, University of Waikato
Discussant: Ghon Rhee, University of Hawaii
Paper:THE CONFLICT BETWEEN SYSTEMIC RISK AND IDIOSYNCRATIC RISK
Presenter:Barry Williams, Monash University
Discussant: Muhammad Cheema, University of Waikato
SESSION: B.3
Financial Econometrics
CHAIR:Erik Schlogl, University of Technology Sydney
Paper:CAN SMALL TRANSACTION COSTS HAVE NON-VANISHING EFFECT ON EQUILIBRIUM PRICES? THE AFFIRMATIVE ANSWER
Presenter:Sergey Isaenko, Concordia University
Discussant: Erik Schlogl, University of Technology Sydney
Paper:QUANTIFYING THE MODEL RISK INHERENT IN THE CALIBRATION AND RECALIBRATION OF OPTION PRICING MODELS
Presenter:Erik Schlogl, University of Technology Sydney
Discussant: Jianhui Li, University of Otago
Paper:HOW DO US OPTION TRADERS "SMIRK" ON CHINA: EVIDENCE FROM FXI OPTIONS MARKET
Presenter:Jianhui Li, University of Otago
Discussant: Sergey Isaenko, Concordia University
SESSION: B.4
Corporate Directors
CHAIR:Alireza Tourani-Rad, Auckland University of Technology
Paper:DOES THE MANDATORY ADOPTION OF OUTSIDE DIRECTORS IMPROVE FIRM PERFORMANCE?
Presenter:Yasutomo Tsukioka, Kwansei Gakuin University
Discussant: Ying Dou, Monash University
Paper:WHY DO DIRECTORS JOIN TROUBLED FIRMS?
Presenter:Ying Dou, Monash University
Discussant: Alireza Tourani-Rad, Auckland University of Technology
Paper:THE VALUE OF ACADEMICS:  EVIDENCE FROM ACADEMIC INDEPENDENT DIRECTOR RESIGNATIONS IN CHINA
Presenter:Alireza Tourani-Rad, Auckland University of Technology
Discussant: Yasutomo Tsukioka, Kwansei Gakuin University

12:00 - 13:00

LUNCH BREAK

13:00 - 14:00

KEYNOTE: Professor Annette Vissing-Jørgensen, University of California, Berkeley

 
The Federal Reserve and the Stock Market
 The talk will focus on my recent work on the large impact of the Federal Reserve on the stock market (Cieslak, Morse and Vissing-Jorgensen, "Stock Returns over the FOMC Cycle", 2018) and on the stock market as a central driver of Federal Reserve policy (Cieslak and Vissing-Jorgensen, "The Economics of the Fed Put", 2018).

14:15 - 15:45

STREAM C

SESSION: C.1
Theoretical Finance II
CHAIR:Chu Zhang, Hong Kong University of Science and Technology
Paper:DEEP LEARNING FACTOR ALPHA
Presenter:Guanhao Feng, City University of Hong Kong
Discussant: Soohun Kim, Georgia Institute of Technology
Paper:ARBITRAGE PORTFOLIOS IN LARGE PANELS
Presenter:Soohun Kim, Georgia Institute of Technology
Discussant: Chu Zhang, Hong Kong University of Science and Technology
Paper:RISK-NEUTRAL BETA AND IDIOSYNCRATIC DOWNSIDE RISK OF INDIVIDUAL STOCKS
Presenter:Chu Zhang, Hong Kong University of Science and Technology
Discussant: Guanhao Feng, City University of Hong Kong
SESSION: C.2
Corporate Finance I
CHAIR:Tatyana Sokolyk, Brock University
Paper:HOW DO FIRMS CHOOSE LEGAL FORM OF ORGANIZATION?
Presenter:Tatyana Sokolyk, Brock University
Discussant: Winston Wu, University of Sydney
Paper:FIRM LIFE CYCLE AND LOAN CONTRACT TERMS
Presenter:Mostafa Hasan, Curtin University
Discussant: Tatyana Sokolyk, Brock University
Paper:IMPUTATION CREDITS AND TRADING AROUND EX-DIVIDEND DAY: NEW EVIDENCE IN AUSTRALIA
Presenter:Winston Wu, University of Sydney
Discussant: Mostafa Hasan, Curtin University
SESSION: C.3
Behavioral Finance II
CHAIR:Robert Durand, Curtin University
Paper:THE DECISION MAKING OF A FINANCIAL PSYCHOPATH
Presenter:Robert Durand, Curtin University
Discussant: Ayesha Scott, Auckland University of Technology
Paper:DOES GOOD LUCK MAKE PEOPLE OVERCONFIDENT? EVIDENCE FROM A NATURAL EXPERIMENT IN CHINA
Presenter:Bin Zhao, NYU Shanghai
Discussant: Robert Durand, Curtin University
Paper:RECONCILING DIVERGENT FINDINGS ON THE SPEED OF LEVERAGE ADJUSTMENT
Presenter:Joye Khoo, Curtin University
Discussant: Bin Zhao, NYU Shanghai
SESSION: C.4
Banking II
CHAIR:Zhentao Liu, Xiamen University
Paper:REGULATORY CAPITAL AND INTERNAL CAPITAL TARGETS: AN EXAMINATION OF THE AUSTRALIAN BANKING INDUSTRY
Presenter:James Cummings, Macquarie University
Discussant: Zhentao Liu, Xiamen University
Paper:DOES DODD-FRANK WALL STREET REFORM ACT CHANGED ATTITUDE OF U.S. BANK HOLDING COMPANIES TOWARDS CREDIT AND INTEREST DERIVATIVES?
Presenter:Xiepeng Wei, University of Canterbury
Discussant: James Cummings, Macquarie University
Paper:UNEMPLOYMENT INSURANCE AS AN AUTOMATIC ECONOMIC STABILIZER: EVIDENCE FROM BANK LENDING
Presenter:Zhentao Liu, Xiamen University
Discussant: Xiepeng Wei, University of Canterbury

15:45 - 16:15

COFFEE/TEA BREAK

16:15 - 17:45

STREAM D

SESSION: D.1
Option Markets
CHAIR:David Kemme, University of Memphis
Paper:THE INFORMATION CONTENT OF SHORT SELLING AND PUT OPTION TRADING: WHEN ARE THEY SUBSTITUTES?
Presenter:David Kemme, University of Memphis
Discussant: Sebastian Gehricke, University of Otago
Paper:CROSS SECTION OF OPTION RETURNS AND VOLATILITY-OF-VOLATILITY
Presenter:Xinfeng Ruan, Auckland University of Technology
Discussant: David Kemme, University of Memphis
Paper:THE IMPLIED VOLATILITY SMIRK IN THE VXX OPTIONS MARKET
Presenter:Sebastian Gehricke, University of Otago
Discussant: Xinfeng Ruan, Auckland University of Technology
SESSION: D.2
Corporate Finance II
CHAIR:Jordan Neyland, George Mason University
Paper:DO LAWYERS MATTER IN INITIAL PUBLIC OFFERINGS?
Presenter:Jordan Neyland, George Mason University
Discussant: Audra Boone, Texas Christian University
Paper:PRODUCT DIFFERENTIATION, BENCHMARKING, AND CORPORATE FRAUD
Presenter:Audra Boone, Texas Christian University
Discussant: Jordan Neyland, George Mason University
SESSION: D.3
Fixed Income Securities
CHAIR:Junbo Wang, City University of Hong Kong
Paper:REGULATORY REFORM AND MULTIPLE CREDIT RATINGS
Presenter:He Huang, University of Sydney
Discussant: Junbo Wang, City University of Hong Kong
Paper:STRATEGIC PORTFOLIO MANAGEMENT: EVIDENCE FROM A NATURAL EXPERIMENT
Presenter:Yubo Liu, Xiamen University
Discussant: He Huang, University of Sydney
Paper:RETURN SYNCHRONICITY IN THE BOND MARKET
Presenter:Junbo Wang, City University of Hong Kong
Discussant: Yubo Liu, Xiamen University
SESSION: D.4
Investments I
CHAIR:Sheryl-Ann Stephen, Butler University
Paper:RISK ANALYSIS OF PENSION FUNDS INVESTMENT CHOICES
Presenter:Emawtee (Banita) Bissoondoyal-Bheenick, Monash University
Discussant: Sheryl-Ann Stephen, Butler University
Paper:POLITICAL REGIMES, INVESTMENT AND ELECTORAL UNCERTAINTY
Presenter:Sheryl-Ann Stephen, Butler University
Discussant: Ji (George) Wu, Massey University
Paper:WHEN TO GO ABROAD: ECONOMIC POLICY UNCERTAINTY AND CHINESE FIRM'S OVERSEAS INVESTMENT
Presenter:Ji (George) Wu, Massey University
Discussant: Emawtee (Banita) Bissoondoyal-Bheenick, Monash University

19:00 - 22:00

CONFERENCE DINNER

DAY 3

Wednesday, 19 December 2018

08:00 - 08:30

REGISTRATION

08:30 - 10:00

STREAM E

SESSION: E.1
Investments II
CHAIR:Adrian Fernandez-Perez, Auckland University of Technology
Paper:A COMPREHENSIVE APPRAISAL OF STYLE-INTEGRATION METHODS ACROSS FUTURES CLASSES
Presenter:Adrian Fernandez-Perez, Auckland University of Technology
Discussant: Birgit Müller, Darmstadt University of Technology
Paper:ASSET GROWTH, STYLE INVESTING, AND MOMENTUM
Presenter:Kuan-Cheng Ko, National Chi Nan University
Discussant: Adrian Fernandez-Perez, Auckland University of Technology
Paper:THE REMARKABLE RELEVANCE OF CHARACTERISTICS FOR MOMENTUM PROFITS
Presenter:Birgit Müller, Darmstadt University of Technology
Discussant: Kuan-Cheng Ko, National Chi Nan University
SESSION: E.2
Market Microstructure I
CHAIR:Roberto Pascual, University of the Balearic Islands
Paper:RISK PERCEPTIONS AND INTERNATIONAL STOCK MARKET LIQUIDITY
Presenter:Rui Ma, Massey University
Discussant: Roberto Pascual, University of the Balearic Islands
Paper:BULK VOLUME CLASSIFICATION UNDER THE MICROSCOPE
Presenter:Roberto Pascual, University of the Balearic Islands
Discussant: Ivan Indriawan, Auckland University of Technology
Paper:THE IMPACT OF TICK SIZES ON TRADER BEHAVIOR: EVIDENCE FROM CRYPTOCURRENCY EXCHANGES 
Presenter:Jiri Svec, University of Sydney
Discussant: Rui Ma, Massey University
SESSION: E.3
Mergers and Acquisitions
CHAIR:Wolfgang Bessler, University of Giessen
Paper:INDUSTRY EXPERIENCE OF BOARD, CEO, AND ACQUISITION PERFORMANCE
Presenter:Wei-Hsien Li, National Central University
Discussant: Wolfgang Bessler, University of Giessen
Paper:EQUITY-BASED GOLDEN PARACHUTES IN MERGERS AND ACQUISITIONS
Presenter:Joshua Shemesh, Monash University
Discussant: Wei-Hsien Li, National Central University
Paper:THE EFFECTS OF CORPORATE GOVERNANCE REFORMS ON MERGERS AND ACQUISITIONS IN JAPAN
Presenter:Wolfgang Bessler, University of Giessen
Discussant: Joshua Shemesh, Monash University
SESSION: E.4
Volatility
CHAIR:Jin Zhang, University of Otago
Paper:A MULTI-FACTOR MODEL OF IDIOSYNCRATIC VOLATILITY
Presenter:Yichao Zhu, Australian National University
Discussant: Marinela Finta, Singapore Management University
Paper:MODELING VXX UNDER JUMP DIFFUSION WITH STOCHASTIC LONG-TERM MEAN
Presenter:Jin Zhang, University of Otago
Discussant: Yichao Zhu, Australian National University
Paper:COMMODITY RETURN PREDICTABILITY: EVIDENCE FROM IMPLIED VARIANCE, SKEWNESS AND THEIR RISK PREMIA
Presenter:Marinela Finta, Singapore Management University
Discussant: Jin Zhang, University of Otago

10:00 - 10:30

COFFEE/TEA BREAK

10:30 - 12:00

STREAM F

SESSION: F.1
Corporate Finance III
CHAIR:Chia-Feng (Jeffrey) Yu, University of Adelaide
Paper:EXIT AS GOVERNANCE: QUALIFIED FOREIGN INSTITUTIONAL INVESTORS, STATE CONTROL, AND STOCK PRICE CRASH RISK
Presenter:Jing Chi, Massey University
Discussant: Chia-Feng (Jeffrey) Yu, University of Adelaide
Paper:TOURNAMENT INCENTIVES AND INSTITUTIONAL OWNERSHIP
Presenter:Chia-Feng (Jeffrey) Yu, University of Adelaide
Discussant: Leon Li, University of Waikato
Paper:EFFECTS OF EARNINGS MANAGEMENT STRATEGY ON EARNINGS PREDICTABILITY: A QUANTILE REGRESSION APPROACH BASED ON OPPORTUNISTIC VERSUS EFFICIENT EARNINGS MANAGEMENT
Presenter:Leon Li, University of Waikato
Discussant: Jing Chi, Massey University
SESSION: F.2
Corporate Governance
CHAIR:Woojin Kim, Seoul National University
Paper:CONTROL BEYOND OWNERSHIP: SUBCONTRACTORS OF LARGE BUSINESS GROUPS
Presenter:Woojin Kim, Seoul National University
Discussant: Emma Zhang, Monash University
Paper:MILITARY EXECUTIVE, CORPORATE FRAUD AND PERFORMANCE IN CHINA
Presenter:Liping Zou, Massey University
Discussant: Woojin Kim, Seoul National University
Paper:DISTRACTED AUDITORS
Presenter:Emma Zhang, Monash University
Discussant: Liping Zou, Massey University
SESSION: F.3
Financial Innovation
CHAIR:Wenrui Zhang, Chinese University of Hong Kong
Paper:AWARD-WINNING CEOS AND CORPORATE INNOVATION
Presenter:Hang (Mia) Pham, Monash University
Discussant: Xinxin Wang, UNC Kenan-Flagler
Paper:THE LEVERAGING OF SILICON VALLEY: VENTURE DEBT IN THE INNOVATION ECONOMY
Presenter:Xinxin Wang, UNC Kenan-Flagler
Discussant: Wenrui Zhang, Chinese University of Hong Kong
Paper:STOCK MARKET LIBERALIZATION AND INNOVATION
Presenter:Wenrui Zhang, Chinese University of Hong Kong
Discussant: Hang (Mia) Pham, Monash University
SESSION: F.4
Financial Analysts
CHAIR:Udi Hoitash, Bentley University
Paper:PERFORMANCE EVALUATION OF CHINESE EQUITY ANALYSTS
Presenter:Yeguang Chi, Shanghai Jiaotong University
Discussant: Udi Hoitash, Bentley University
Paper:DO SELL-SIDE ANALYSTS’ QUALIFICATIONS MITIGATE THE ADVERSE EFFECTS OF ACCOUNTING REPORTING COMPLEXITY?
Presenter:Udi Hoitash, Bentley University
Discussant: Reuben Segara, University of Sydney
Paper:ANALYST TIPPING: EVIDENCE ON FINNISH STOCKS
Presenter:Reuben Segara, University of Sydney
Discussant: Yeguang Chi, Shanghai Jiaotong University

12:00 - 13:30

LUNCH BREAK

13:30 - 15:00

STREAM G

SESSION: G.1
Capital Structure
CHAIR:Christina Atanasova, Simon Fraser University
Paper:FIRM DIVERSIFICATION AFFECTS LIQUIDITY MANAGEMENT: THE ROLE OF LINES OF CREDIT
Presenter:Christina Atanasova, Simon Fraser University
Discussant: Balagopal Gopalakrishnan, Indian Institute of Management Ahmedabad
Paper:EQUITY ISSUES AND DEBT RESTRUCTURING: EVIDENCE FROM AN EMERGING MARKET
Presenter:YoungKyung Ko, UNITAR International University
Discussant: Christina Atanasova, Simon Fraser University
Paper:RISK-SENSITIVE BASEL REGULATIONS AND FIRMS' ACCESS TO CREDIT: DIRECT AND INDIRECT EFFECTS
Presenter:Balagopal Gopalakrishnan, Indian Institute of Management Ahmedabad
Discussant: YoungKyung Ko, UNITAR International University
SESSION: G.2
Market Microstructure II
CHAIR:Ivan Indriawan, Auckland University of Technology
Paper:THE IMPACT OF CROSS-LISTING ON HIGH-FREQUENCY TRADING
Presenter:Ivan Indriawan, Auckland University of Technology
Discussant: Takao Kusakawa, Kochi University of Technology
Paper:KEYNES'S BEAUTY CONTEST IN STOCK MARKETS: AN EXPERIMENTAL STUDY
Presenter:Takao Kusakawa, Kochi University of Technology
Discussant: Bao Doan, University of New South Wales
Paper:DO INVESTORS DIFFERENTIATE BETWEEN UNCERTAINTY AND RISK: EVIDENCE FROM TRADING AROUND U.S. MACROECONOMIC NEWS
Presenter:Bao Doan, University of New South Wales
Discussant: Jiri Svec, University of Sydney
SESSION: G.3
Textual Analysis
CHAIR:Aaron Gilbert, Auckland University of Technology
Paper:LINGUISTIC COMPLEXITY AND COST OF EQUITY CAPITAL
Presenter:Aaron Gilbert, Auckland University of Technology
Discussant:Jiexiang Huang, University of Otago
Paper:MEDIA TONE AND CEO HUMAN CAPITAL
Presenter:Jiexiang Huang, University of Otago
Discussant:Juliane Krug, University of New South Wales
Paper:WHO BENEFITS FROM BROKER ID DISCLOSURE?
Presenter:Juliane Krug, University of New South Wales
Discussant:Aaron Gilbert, Auckland University of Technology
SESSION: G.4
Corporate CEOs
CHAIR:Lingwei Li, Australian National University
Paper:PILOT CEOs AND CORPORATE CASH HOLDINGS
Presenter:Lingwei Li, Australian National University
Discussant: Harvey Nguyen, Massey University
Paper:MILITARY CEOs AND BANK LOAN CONTRACTS
Presenter:Harvey Nguyen, Massey University
Discussant: Emdad Islam, University of New South Wales
Paper:INVENTOR CEOs
Presenter:Emdad Islam, University of New South Wales
Discussant: Lingwei Li, Australian National University

15:00 - 15:30

COFFEE/TEA BREAK

15:30 - 16:30

STREAM H

SESSION: H.1
Investments III
CHAIR:Chayawat Ornthanalai, University of Toronto
Paper:SPEED AND EXPERTISE IN STOCK PICKING: OLDER, SLOWER, AND WISER?
Presenter:Chayawat Ornthanalai, University of Toronto
Discussant: Buhui Qiu, University of Sydney
Paper:DELEVERAGING, MARKET LIQUIDITY, AND FUNDING LIQUIDITY CRISIS: A NATURAL EXPERIMENT
Presenter:Buhui Qiu, University of Sydney
Discussant: Chayawat Ornthanalai, University of Toronto
SESSION: H.2
Foreign Exchange
CHAIR:Nina Karnaukh, Ohio State University
Paper:THE DOLLAR AHEAD OF FOMC TARGET RATE CHANGES
Presenter:Nina Karnaukh, Ohio State University
Discussant: Ingomar Krohn, University of Warwick
Paper:FX PREMIA AROUND THE CLOCK
Presenter:Ingomar Krohn, University of Warwick
Discussant: Nina Karnaukh, Ohio State University
SESSION: H.3
Alternative Investments
CHAIR:Danika Wright, University of Sydney
Paper:LIQUIDITY CONSTRAINTS, HOME EQUITY AND RESIDENTIAL MORTGAGE LOSSES
Presenter:Hung Do, Massey University
Discussant: Danika Wright, University of Sydney
Paper:HOME ADVANTAGE: THE HOME BIAS IN RESIDENTIAL REAL ESTATE
Presenter:Danika Wright, University of Sydney
Discussant: Hung Do, Massey University
SESSION: H.4
Theoretical Finance III
CHAIR:Xiaotian Zhang, Saint Mary's College of California
Paper:LABOR AS A MONITOR OF THE CEO: EVIDENCE OF POWER PLAY IN OUTSOURCING 
Presenter:Xiaotian Zhang, Saint Mary's College of California
Discussant: Markus Baldauf, University of British Columbia
Paper:CONTRACTING FOR FINANCIAL EXECUTION
Presenter:Markus Baldauf, University of British Columbia
Discussant: Xiaotian Zhang, Saint Mary's College of California