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Join the conversation with #FMABogota2019
CONFERENCE PROGRAM
2019 FMA Global Conferencein Latin America
22 - 24 May 2019 |Bogotá, Colombia
www.FMA.org/Bogotawww.FMA.org/Bogota
¡Bienvenido a la Conferencia Global de Finanzas FMA 2019 en América Latina!
Dear Participants,
Welcome to the 2019 FMA Global Finance Conference in Latin America in Bogotá! We are delighted that you
have joined us.
We hope that you will enjoy the program’s many opportunities to exchange ideas. The 2019 FMA Global
Conference in Latin America is the second FMA conference in Latin America and is based on the successful
model used in previous FMA conferences in Europe and the Asia/Pacific region. A total of 151 papers were
submitted for the conference, of which 74 were accepted for an acceptance ratio of 49%. Criteria used to
select papers for the program included the nature of the research problem, implications of the proposed
research, the quality of the research design, and the expected contribution of the research to the literature.
The final result, we believe, is a very strong program.
Each submitted paper was blindly reviewed by several Program Committee members, and reviewer comments
were provided whenever possible. In addition, we have invited eight senior scholars to discuss their current
research. You will find a total of 25 sessions to attend, each of which offers a valuable opportunity for the
discussion of important academic and practical issues in finance.
A feature of the meeting, as with other FMA meetings, is that we have organized a Consortium for doctoral
students in finance from universities across the globe. This Consortium offers a rare chance for young scholars
to be exposed to current research issues in finance and obtain feedback on their research from top scholars
in the field. We would like to thank the many people who have contributed to the success of the program.
Those who submitted papers and offered to participate in the meeting or to serve as discussants, those who
served as members of the Program Committee, those who are session chairs, and those who accepted
invitations to discuss their research in the program are keys to the program’s success.
Additionally, our thanks goes out to G. Andrew Karolyi of the SC Johnson Graduate School at Cornell
University who has agreed to give the keynote address and to he and Aurelio Vasquez, Instituto Tecnológico
Autónomo de México (ITAM) who will moderate the Doctoral Student Consortium. Very special thanks go
to Pontificia Universidad Javeriana and, in particular, the Department of Administration – Faculty of Economic
and Administrative Sciences for their generous support in hosting the meeting. Thank you for coming and have
a great meeting!
Sincerely,
Darius Miller, Caruth Chair of Financial Management, Southern Methodist University
Jairo Andrés Rendón, Assistant Professor of Business Administration, Pontificia Universidad Javeriana
Daniel Wolfenzon, Stefan H. Robock Professor of Finance and Economics, Columbia University
2019 FMA Global Finance Conference in Latin America Program - 1
2019 FMA Global Conference in Latin America Program
Table of Contents
Registration Hours, Exhibit Hours, & Social Events ..................................................................... 2
Schedule at a Glance ............................................................................................................................ 3
Area Map.................................................................................................................................................. 4
Sponsors ................................................................................................................................................... 5
Exhibitors ................................................................................................................................................ 6
Doctoral Student Consortium ........................................................................................................... 7
Full Program and Sessions .................................................................................................................. 8
Thursday ............................................................................................................................................. 8
Friday ................................................................................................................................................... 11
Participant Index ........................................................................................................................................... 15
Program Co-Chairs, Best Paper Award Review and Program Committee Members............ 16
Attendees ................................................................................................................................................. 17
FMA International Officers, Directors, Trustees and Editors .................................................... 18
Save the Date! 2019 FMA Annual Meeting ....................................................................................... 19
University Map ............................................................................................................... Inside Back Cover
2019 FMA Global Finance Conference in Latin America Program - 2
Registration – Exhibits – Social Events
Registration Desk Location & Hours
Edificio Jorge Hoyos Vasquez (Carrera 7, #40B)
Registration Desk, Sala B, Auditorio Alfonso Quintana, S.J. Foyer (Third Floor)
Wednesday 22 May: 12:00 noon – 5:00 pm
Thursday, 23 May: 8:30 am – 5:30 pm
Friday, 24 May: 8:30 am – 5:30 pm
Exhibit Hours Thursday, 23 May: 9:00 am – 4:00 pm
Friday, 23 May: 9:00 am – 4:15 pm Auditorio Alfonso Quintana, S.J. (Third Floor)
Social Events **Advance registration is required.
Gala Dinner**
Thursday, 23 May, 7:00 pm
Edificio Gabriel Giraldo (Top Floor) (Calle 40) Reception**
Friday, 24 May, 6:00 pm – 7:30 pm
Edificio Jorge Hoyos Vasquez (Terrace, Fifth Floor) (Carrera 7, #40B)
Coffee Breaks
Sala B, Auditorio Alfonso Quintana, S.J. Foyer (Third Floor)
Thursday: 10:45 am – 11:15 am and 3:30 pm – 4:00 pm
Friday: 10:30 am – 11:00 am and 3:45 pm – 4:15 pm
Luncheons
Edificio Gabriel Giraldo, Restaurante El Mirador (Top Floor)
Thursday: 12:30 pm – 1:45 pm
Friday: 12:45 pm – 2:00 pm
Excursion to the Catedral de Sal de Zipaquirá (the Salt Cathedral of Zipaquirá)
Saturday, 25 May
Declared as the First Wonder of Colombia, the Salt Cathedral of Zipaquirá is an underground Roman Catholic
church built within the tunnels of a salt mine 200 metres (220 yd) underground in a halite mountain near the
town of Zipaquirá, in Cundinamarca, Colombia
The tour group will depart from the conference venue (Edificio Jorge Hoyos Vásquez) at 7:00 am and will return
at (approximately) 4:30 pm.
Advance registration was required for this event.
2019 FMA Global Finance Conference in Latin America Program - 3
Schedule at a Glance
(All sessions are located on the third floor)
THURSDAY Room 20 - 301 Room 20 - 302 Room 20 - 303 Room 20 - 304 9:15 am – 10:45 am 1
Corporate Governance
2
Investment Returns
3
Options & Derivatives
4
Information in the
Markets
10:45 am – 11:15 am COFFEE BREAK Sala B, Auditorio Alfonso Quintana, S.J. Foyer (Third Floor)
11:15 am– 12:30 pm KEYNOTE
An Inconvenient Void: The State of Research on Climate Finance Sala B, Auditorio Alfonso Quintana, S.J (Third Floor)
12:30 pm – 1:45 pm LUNCHEON
Edificio Gabriel Giraldo, Restaurante El Mirador (Top Floor) (Calle 40)
2:00 pm – 3:30 pm 5 IPOs
6 No Session Scheduled
7 Options
8 Firm Growth, Risk &
Capital
3:30 pm – 4:00 pm COFFEE BREAK
Sala B, Auditorio Alfonso Quintana, S.J. Foyer (Third Floor)
4:00 pm – 5:30 pm 9
Governance,
Ownership &
Corporate Social
Responsibility
10
No Session Scheduled
11
Top Papers in Financial
Management (FM)
12
Behavioral Finance -
Investments
7:00 pm GALA DINNER
Edificio Gabriel Giraldo (Top Floor) (Calle 40)
(Advanced reservation required)
FRIDAY Room 20 - 301 Room 20 - 302 Room 20 - 303 Room 20 - 304 Sala B, Auditorio Alfonso Quintana S.J.
9:00 am – 10:30 am 13
Information &
Corporate
Governance
14
Asset Pricing
Models
15
Bank Lending
16
Panel Session on
Pensions in Latin
America
10:30 am – 11:00 am COFFEE BREAK
Sala B, Auditorio Alfonso Quintana, S.J. Foyer (Third Floor)
11:00 am – 12:30 pm 17
Issues in
Corporate Finance
18
Models & Tests
19
Housing Market
20
Equity Return
Predictions
12:45 pm – 2:00 pm LUNCHEON
Edificio Gabriel Giraldo, Restaurante El Mirador (Top Floor) (Calle 40)
2:15 pm – 3:45 pm 21
Labor
22
Mutual Funds
23
Lending
24
Trading
3:45 pm – 4:15 pm COFFEE BREAK
Sala B, Auditorio Alfonso Quintana, S.J. Foyer (Third Floor)
4:15 pm – 5:45 pm 25
Governance
26
Portfolios
27
Management of
Financial
Institutions
28
No Session
Scheduled
6:00 pm – 7:30 pm RECEPTION
Fifth Floor Terrace
(Advanced reservation required)
2019 FMA Global Finance Conference in Latin America Program - 4
Campus Map Edificio Jorge Hoyos Vasquez
Carrera 7
Registration, sessions, coffee breaks, Friday reception
Edificio Gabriel Giraldo
Calle 40
Luncheons and Gala Dinner
20 20
3
2019 FMA Global Finance Conference in Latin America Program - 5
Thank you to our Conference Sponsor
Pontificia Universidad Javeriana Pontificia Universidad Javeriana is a private higher education institution, founded in 1623. It is one of the oldest and most prestigious
universities in Colombia, with its main campus in Bogota and a branch campus in Cali. It is one of the 31 universities entrusted to
the Society of Jesus in Latin America and one of the 186 existing higher education institutions worldwide, which includes
Georgetown University, Boston College, Fordham University, the Pontifical University of Comillas and the Pontifical Catholic
University of Rio de Janeiro, to name a few. Pontificia Universidad Javeriana, Bogotá has 18 faculties, 62 departments, 13 institutes1
and 187 undergraduate and graduate academic programs. These programs address different areas of expertise, which grants the
University a multidisciplinary nature. The main campus has a modern infrastructure and a master plan for the development of its
facilities in the next 20 years. It currently has 46 buildings constructed over 18 hectares of land and is located in a strategic part of
the city which is easily accessible.
It provides excellent teaching, research and service as an integrated university in a country of regions, with a global and
interdisciplinary perspective, and aims to provide: a holistic education for persons who excel in their human, ethical, academic and
professional qualities and for their social responsibility; and, the creation and development of knowledge and culture from a critical
and innovative perspective, for the achievement of a society that is just, sustainable, inclusive, democratic, compassionate and
respectful of human dignity.
The campus of the Pontificia Universidad Javeriana Cali is located in the south of the city, in Pance, at the foot of the Farallones de
Cali, part of the Cordillera Central, Andes, in a totally rural environment where vegetation and fauna abound. The campus consists
of eight buildings (Las Palmas, Guayacanes, classrooms block, administration, Saman, Almendros, continuing education, and the
recently opened Las Acacias). The campus also includes Alfonso Borrero Cabal auditorium; Central Library, one of the most
complete in the Colombian Southwest; Loyola Sports Center; the office of entrepreneurship "Campus Nova", which fosters
entrepreneurial talent within the university; and the Javeriano Writing Center, highly regarded for helping students develop writing
skills.
The university has 35 research groups attached to the government Administrative Department of Science, Technology and
Innovation; and a station, Javeriana Stereo FM 107.5 with a wide audience in the Colombian Southwest. It offers students
opportunities in more than 87 countries and boasts 120 academic cooperation agreements with universities abroad. In March
2012, the Pontificia Universidad Javeriana Cali received the Institutional Accreditation of High Quality from the Ministry of
Education for eight years, placing it among the more competitive private universities in the country.
Department of Administration
The Department of Administration is the academic unit that is responsible for the development of the Administration as scientific
and professional discipline. Fulfills its institutional role through the creation of an academic community oriented exercise teachers,
research and service work. All of the above in the light of the principles given by the Mission of the Pontificia Universidad Javeriana
of rigor and interdisciplinary breadth, and social relevance in terms of solving the critical problems of the country, also identified
in the Mission.
Our team is formed and defines the activities from the work of managers and companies taking into account their contribution to
national development. It is aimed at improving competitive training organizations and administrators with academic excellence. We
understand development as economic growth driven by competitive organizations acting in line with principles of justice, fairness
and transparency. Similarly, the business should be the basis for the development of capacities of individuals that they are.
Faculty of Economic and Administrative Sciences
The Faculty of Economics and Administrative Sciences is one of the oldest in the Javeriana University. In 1931 the University
resumed work with the Faculty of Economics and Law. Later in November 1963 the Faculty was divided, according to the
provisions of the Act of restoring the Javeriana University in: Faculty of Economics and Faculty of Law.
In 1971 the current Faculty of Economics and Administrative Sciences was created with racing Economics, Business Administration
and Public Accounting.
According to the Mission and the Educational Project of the University, the Faculty has the essential tasks of teaching, research
and service economic, administrative and accounting sciences.
The integral formation of excellent managers, Public Accountants and Economists, undergraduate and graduate, based on
appropriate research, teaching and service, from an interdisciplinary and international approach and in line with the mission of the
University processes.
2019 FMA Global Finance Conference in Latin America Program - 6
Conference Exhibitor
Wharton Research Data Services (WRDS) is the award-winning research platform and business intelligence tool for
over 40,000+ corporate, academic, government and nonprofit clients at over 450+ institutions in 35+ countries.
WRDS provides the user with one location to access over 250 terabytes of data across multiple disciplines including
Accounting, Banking, Economics, Finance, ESG, and Statistics.
Flexible data delivery options include a powerful web query method that reduces research time, the WRDS Cloud for
executing research and strategy development, and the WRDS client server using PCSAS, Matlab, Python and R.
Our Analytics team, doctoral-level support and rigorous data review and validation give clients the confidence to tailor
research within complex databases and create a wide range of reliable data models.
WRDS provides access to S&P Capital IQ, CRSP, NYSE, Thomson Reuters, Bureau van Dijk, Global Insight,
OptionMetrics and other important business research databases.
Exhibit Hours
Auditorio Alfonso Quintana, S.J.
• Thursday, 23 May: 9:00 am – 4:00 pm
• Friday, 24 May: 9:00 am – 4:15 pm
Please join WRDS for coffee!
Sala B, Auditorio Alfonso Quintana, S.J. Foyer (Third Floor)
Thursday: 10:45 am – 11:15 am and 3:30 pm – 4:00 pm
Friday: 10:30 am – 11:00 am and 3:45 pm – 4:15 pm
2019 FMA Global Finance Conference in Latin America Program - 7
2019 FMA Latin American Doctoral Student Consortium
(By invitation only)
Wednesday, 22 May 2019
Coordinators
G. Andrew Karolyi, Professor
Deputy Dean and Dean of Academic Affairs
Professor of Finance and Harold Bierman, Jr. Distinguished Professor of Management
Cornell SC Johnson College of Business
Aurelio Vasquez, Associate Professor
Instituto Tecnológico Autónomo de México (ITAM)
Accepted Students
Derrick Bonyuet, Oklahoma State University
Impact of Top Management Team Diversity on Firm Innovation The success and failure of companies can be attributed to many causes, but innovation is often cited as one of the key factors.
Innovation can be defined broadly as the successful exploitation of new ideas (Nathan & Lee, 2013). Though innovation has been
found to be a strong predictor of a firm’s future returns, factors contributing to successful corporate innovation are not fu lly
understood. One area recently attributed to innovation is diversity. According to Joshi & Jackson (2003), diversity can be defined
as “the distribution of personal attributes among interdependent members of a work unit.” As diversity propels ideas and
perspectives from different people, the creativity process is energized and thus, innovation rises. Innovation can be further
influenced at the top management team (TMT) level given the ability of this group to define the direction of the firm. The purpose
of my study is to assess whether diversity at the top management team level drives firm innovation and if so, what are the most
important diversity attributes. Diversity traits to be examined will include such attributes as gender, age, tenure, culture,
education and political affiliation. Innovation will be measured by patent filings and citations.
Oscar Guevara, Universidad Adolfo Ibáñez
The Effects of Bankruptcy Reform: The Colombian Experience 1995 – 2017 The effects of institutions on financial markets and economic development have been studied for several years (Laporta et al
1997, 1998; Levine, 1999; Djankov, 2008). One such institution is the corporate bankruptcy law, whose design is essential for
providing the right incentives, not only for filing firms (firms that fall into insolvency), but healthy firms and other agents (credit
suppliers, etc.). This study aims to provide new evidence of the effects of Bankruptcy Law reform on: i) the direct users of the
law, in other words, firms that fall into insolvency proceedings (reorganization or liquidation); and ii) other agentsin the economy,
that is, financially healthy firms and credit suppliers, whose incentives are influenced by these laws. To this end, this study will
review successive reforms to Colombia’s bankruptcy law from 1995-2017 that have modified relevant dimensions of insolvency
proceedings. These reforms include, inter alia, the maximum time allowed to reach an agreement, the priority given to different
creditor classes and to shareholders, voting requirements, the strengthening of creditors’ rights and continuity of the manager.
Preliminary results (specifically in the working paper I), show that the new law (pro creditor regime) is more efficient because it
improves post-bankruptcy performance, reduces the (indirect) costs of bankruptcy and has better screening capacity.
Obed Izaguirre, University of New Orleans
Financial Market Integration between Latin America and the US The two main objectives of this paper are to examine the degree of financial integration between Latin American countries and
the US, and to investigate the level of financial contagion between the countries in this region and the US. In addition, considering
the recent efforts to integrate the Latin American markets I intend to investigate whether these efforts have successfully
integrated the markets in this region. The methodology will consist mainly in a combination of multivariate GARCH models as
well as VAR models that will focus on capturing the degree of comovement among the examined countries. However, other
measures of financial market integration will also be taken into consideration. The results are of great importance in terms of
portfolio diversification and international policy creation.
Stig Xenomorph, The Hong Kong Polytechnic University
Does Investor Care about SEC Comment Letter? Evidence from Mutual Fund Industry The SEC comment letter process is designed to provide investor with useful and material information. This paper investigates how investor reacts to public disclosure of the SEC comment letters in the mutual fund industry. I find that underlying mutual
funds experience significantly lower net flow post-disclosure if the comment letters disclosed by the fund management company
are requested more by investors. In addition, funds with higher investor attention underperform subsequently. Taken together,
my findings suggest that the SEC review process can help investor make better investment decision. Taking advantage of the
unique disclosure structure of the SEC comment letter, I document that underlying mutual funds experience lower net flow
during the non-public pre-disclosure period, but not after the public disclosure. Given the usefulness of the SEC comment letter
and the flow reaction during the pre-disclosure period, I argue that the SEC may want to consider a timelier manner in disclosing
the comment letters.
2019 FMA Global Finance Conference in Latin America Program - 8
CONFERENCE PROGRAM
THURSDAY, 23 MAY
Thursday, 23 May – 9:15 am – 10:45 am
Session #1: Corporate Governance Location: 20 - 301
Chairperson: John Bizjak, Texas Christian Univ
The Impact of CEO Pay Duration on Corporate
Investment: Evidence from FAS 123R
Adam Welker, Tulane Univ
Do Firms Respond to Gender Pay Gap
Transparency?
Morten Bennedsen, Univ of
Copenhagen & INSEAD
Elena Simintzi, UNC Chapel Hill &
NBER
Margarita Tsoutsoura, Cornell Univ &
NBER
Daniel Wolfenzon, Columbia Univ &
NBER
The Role of Peer Firm Selection in Explicit
Relative Performance Awards
John Bizjak, Texas Christian Univ
Swaminathan Kalpathy, Texas Christian
Univ
Zhichuan Frank Li, Western Univ
Brian Young, Wake Forest Univ
Presenter: Adam Welker Presenter: Margarita Tsoutsoura Presenter: John Bizjak
Discussant: John Bizjak
Texas Christian Univ
Discussant: Juan Camilo Rivera Ordónez
Pontificia Universidad Javeriana
Discussant: Ja Ryong Kim
Univ of Nottingham
Session #2: Investment Returns Location: 20 - 302
Chairperson: Yue Fang, Univ of Michigan
Corporate Taxes, Partisan Politics and Stock
Returns
Javier Mella, Christopher Newport Univ
Creditor Control Rights and the Information
Content of Global CDS Markets
Iftekhar Hasan, Fordham Univ &
Bank of Finland
Miriam Marra, Univ of Reading
Eliza Wu, Univ of Sydney
Gaiyan Zhang, Univ of Missouri St Louis
Mining Digital Gold: Boom or Bust for Organic
Growth in Cryptocurrency Mining Operations
Sterling Olson, Univ of New Mexico
Reilly S White, Univ of New Mexico
Presenter: Javier Mella Presenter: Eliza Wu Presenter: Reilly S White
Discussant: Oliver Enrique Pardo Reinoso
Pontificia Universidad Javeriana
Discussant: Muris Hadzic
Lake Forest College
Discussant: Yue Fang
Univ of Michigan
Session #3: Options & Derivatives Location: 20 - 303
Chairperson: Juan-Miguel Londono-Yarce, Federal Reserve Board
Robust Estimation of Conditional Risk Measures
for Crude Oil and Natural Gas Futures Prices in
the Presence of Outliers
Joe Byers, Oklahoma State Univ
Ivilina Popova, Texas State Univ
Betty Simkins, Oklahoma State Univ
The Predictive Power of Convenience Yields
Viviana Fernandez, Universidad Adolfo
Ibañez
Variance Risk Premium Components and
International Stock Return Predictability
Juan-Miguel Londono-Yarce, Federal
Reserve Board
Nancy R Xu, Boston College
Presenter: Ivilina Popova Presenter: Viviana Fernandez Presenter: Juan M Londono
Discussant: Carlos Alberto Castro Iragorri
Universidad del Rosario
Discussant: Juan-Miguel Londono-Yarce
Federal Reserve Board
Discussant: Ivilina Popova
Texas State Univ
Session #4: Information in the Markets Location: 20 - 304
Chairperson: Alejandro Godoy, Pontificia Universidad Javeriana
Central Bank Tone and Currency Risk Premia
Asad Dossani, Colorado State Univ
Information Frictions in Securitization
Markets: Unsophisticated Investors or
Opaque Assets?
David Echeverry, Univ of Notre Dame
The Efficiency of LPE Prices: An Analysis of SEC
Filings
Yvonne Kreis, Schüllermann und Partner
Johannes W Licht, Gutenberg Univ Mainz
Presenter: Asad Dossani Presenter: David Echeverry Presenter: Yvonne Kreis
Discussant: David Echeverry
Univ of Notre Dame
Discussant: Alejandro Godoy
Pontificia Universidad Javeriana
Discussant: G Andrew Karolyi
Cornell Univ
Thursday, 23 May – 10:45 am – 11:15 am
Coffee Break – Third Floor
2019 FMA Global Finance Conference in Latin America Program - 9
Thursday, 23 May – 11:15 am – 12:30 pm
Keynote Presentation
Location: Sala B, Auditorio Alfonso Quintana, S.J. (Third Floor)
Andrew Karolyi
Deputy Dean and Dean of Academic Affairs
Professor of Finance and Harold Bierman Jr. Distinguished Professor of Management
Cornell SC Johnson College of Business “An Inconvenient Void: The State of Research on Climate Finance” Professor Karolyi is an internationally-known scholar in the area of investment management, with a
specialization in the study of international financial markets. He has published extensively in journals in
finance and economics, including the Journal of Finance, Journal of Financial Economics and Review of
Financial Studies, and has published several books and monographs.
His research has been covered extensively in print and electronic media, including The Wall Street Journal, Financial Times, The
Economist, Time, New York Times, Washington Post, Forbes, BusinessWeek, and CNBC.
He also authored the recently published book in the FMA Survey and Synthesis Series titled Cracking the Emerging Markets
Enigma.
Thursday, 23 May – 12:30 pm – 1:45 pm
Luncheon
Restaurante El Mirador, Edificio Gabriel Giraldo, Top Floor
Thursday, 23 May – 2:00 pm – 3:30 pm
Session #5: IPOs Location: 20 - 301
Chairperson: Wolfgang Bessler, Univ of Giessen
Informational Value of US Securities
Registration: Evidence from Secondary Public
Offerings, 1991-2015
Cindy R Alexander, US SEC
Mahendrarajah Nimalendran, Univ of
Florida
Lori Walsh, FINRA
Listing Gaps, Merger Waves and the
Privatization of American Equity Finance
Gabrielle Lattanzio, Univ of Oklahoma
William L Megginson, Univ of Oklahoma
& King Fahd Univ of Petroleum &
Minerals
Ali Sanati, American Univ
The Going Public Decision of Business Group
Firms
Borja Larrain, Pontificia Universidad
Católica de Chile
Giorgo Sertsios, Universidad de
los Andes
Francisco Urzúa I., Erasmus Rotterdam
Presenter: Mahendrarajah Nimalendran Presenter: William Megginson Presenter: Giorgo Sertsios
Discussant: Reilly White
Univ of New Mexico
Discussant: Wolfgang Bessler
Univ of Giessen
Discussant: Viviana Fernandez
Universidad Adolfo Ibañez
No Session Scheduled Location 20 - 302
Session #7: Options Location: 20 – 303
Chairperson: Greg Eaton, Oklahoma State Univ
Very Noisy Option Prices and Inferences Regarding Option Returns
Jefferson Duarte, Rice Univ
Christopher S Jones, Univ of Southern California
Junbo L Wang, Louisiana State Univ
Extracting Latent States from High-Frequency Option Prices
Diego Amaya, Wilfrid Laurier Univ
Jean-François Bégin, Simon Fraser Univ
Geneviève Gauthier, HEC Montreal & GERAD
Presenter: Jefferson Duarte Presenter: Diego Amaya
Discussant: Greg Easton
Oklahoma State Univ
Discussant: Julio Cacho-Diaz
Rice Univ
Session #8: Firm Growth, Risk & Capital Location: 20 - 304
Chairperson: Eliza Wu, Univ of Sydney
Changes in Personal Bankruptcy Protection
Laws: The Impact on Bank Lending to Small
Businesses
Rebel Cole, Florida Atlantic Univ
Jason Damm, Florida Atlantic Univ
Masim Suleymanov, Florida Atlantic Univ
Identifying and Spurring “Gazelles”: Evidence
from a Business Accelerator
Juanita Gonzalez-Uribe, London School
of Economics
Santiago Reyes, Inter-American
Development Bank
Financial Distress, Risk Shifting, and the Use of
Options
Håkan Jankensgård, Lund Univ
Niclas Andrén, Lund Univ
Presenter: Masim Suleymanov Presenter: Juanita Gonzalez-Uribe Presenter: Håkan Jankensgård
Discussant: Eliza Wu
Univ of Sydney
Discussant: Betty Simkins
Oklahoma State Univ
Discussant: Raffi Garcia
Rensselaer Polytechnic Institute
Thursday, 23 May – 3:30 pm – 4:00 pm
Coffee Break – Third Floor
2019 FMA Global Finance Conference in Latin America Program - 10
Thursday, 23 May – 4:00 pm – 5:30 pm
Session #9: Governance, Ownership and Corporate Social
Responsibility
Location: 20 - 301
Chairperson: Håkan Jankensgård, Lund Univ
Insider Entrenchment and Corporate
Sustainability Around the World
Alexander Dyck, Univ of Toronto
Karl V Lins, Univ of Utah
Lukas Roth, Univ of Alberta
Mitch Towner, Univ of Arizona
Hannes F Wagner, Bocconi Univ
Evidence on a Social Demand Theory of
Corporate Social Responsibility
Lixiong Guo, Univ of Alabama
Zhiyan Wang, Univ of Alabama
Family Firms and Financial Performance. A
Meta-Regression Analysis
Maximiliano González, Universidad de
los Andes
Juan Idrobo, Universidad de los Andes
Rodrigo Taborda, Universidad de
los Andes
Presenter: Mitch Towner Presenter: Lixiong Guo Presenter: Maximiliano Gonzalez
Discussant: Håkan Jankensgård
Lund Univ
Discussant: Maxim Suleymanov
Florida Atlantic Univ
Discussant: Juanita Gonzalez-Uribe
London School of Ecoomics
No Session Scheduled Location: 20 - 302
Session #11: Top Papers in Financial Management (FM) Location: 20 - 303
Selected by the Executive Editors, Editors, and Associate Editors, this session will feature top papers which have appeared in the
Winter, 2018 issue of Financial Management.
Moderator: Utpal Bhattacharya, Hong Kong University of Science & Technology, Executive Editor, Financial Management
The Theory and Practice of Corporate Risk
Management: Evidence from the Field
Erasmo Giambona, Syracuse Univ
John R Graham, Duke Univ
Campbell R Harvey, Duke Univ
Gordon M Bodnar, Johns Hopkins Univ
Having a Finger in the Pie: Labor Power and
Corporate Payout Policy
In-Mu Haw, Texas Christian Univ
Bingbing Hu, Hong Kong Baptist Univ
Donghui Wu, Chinese Univ of Hong
Kong
Xu Zhang, Univ of Macau
Experience and Brokerage in Asset Markets:
Evidence from Art Auctions
Brunella Bruno, Bocconi Univ
Emilia Garcia-Appendini, Univ of Zurich
Giacomo Nocera, Audencia Business
School
Presenter: Erasmo Giambona
Session #12: Behavioral Finance - Investments Location: 20 - 304
Chairperson: Denada Ibrushi, St Mary’s Univ
An Alternative Measure of Disposition Effect
and Consequences: Reevaluating the Evidence
Among Sophisticated Market Participants
Julio Sarmiento, Pontificia Universidad
Javeriana
Jairo Rendon, Pontificia Universidad
Javeriana
Juan Sandoval, Pontificia Universidad
Javeriana
Edgardo Cayon, Colegio de Estudios
Superiores de Administracion
The Unintended Impact of Academic Research
on Asset Returns: The CAPM Alpha
Alex R Horenstein, Univ of Miami
News Content, Category Learning, and Stock
Return Predictability
Muris Hadzic, Lake Forest College
David Weinbaum, Syracuse Univ
Nir Yehuda, Univ of Texas Dallas
Presenter: Julio Sarmiento Presenter: Alex Horenstein Presenter: Muris Hadzic
Discussant: Caterina Santi
Univ College Cork
Discussant: Denada Ibrushi
St Mary's Univ
Discussant: Javier Mella
Christopher Newport Univ
Thursday, 23 May –7:00 pm
Gala Dinner
Edificio Gabriel Giraldo, Top Floor
(Advance Registration Required)
2019 FMA Global Finance Conference in Latin America Program - 11
FRIDAY, 24 MAY
Friday 24 May – 9:00 am – 10:30 am
Session #13: Information & Corporate Governance Location: 20 - 301
Chairperson: Ajay Patel, Wake Forest Univ
Start Spreading the News - Does Greater
Media Freedom Contribute to More Effective
Corporate Governance?
Sadok El Ghoul, Univ of Alberta
Omrane Guedhami, Univ of South
Carolina
Robert Nash, Wake Forest Univ
Ajay Patel, Wake Forest Univ
State Ownership and Earnings Management:
Evidence from the Split Share Structure Reform
in China
Ja Ryong Kim, Univ of Nottingham
What You Say and How You Say It:
Information Disclosure in Latin American Firms
Maximiliano Gonzalez, Universidad de
los Andes
Alexander Guzman, CESA School of
Business
Diego Téllez, Universidad EAFIT
Maria-Andrea Trujillo, CESA School of
Business
Presenter: Ajay Patel Presenter: Ja Ryong Kim Presenter: Diego Téllez
Discussant: Aurelio Vasquez
ITAM
Discussant: Diego Téllez
Universidad EAFIT
Discussant: Ajay Patel
Wake Forest Univ
Session #14: Asset Pricing Models Location: 20 - 302
Chairperson: Mira Farka, Cal State Fullerton
A Simple Robust Asset Pricing Model Under Statistical Ambiguity
Ariel M Viale, Palm Beach Atlantic Univ
Time Variation in Cash Flows and Discount Rates
Tolga Cenesizoglu, HEC Montréal & Alliance Manchester
Business School
Denada Ibrushi, St Mary's Univ
Presenter: Ariel M Viale Presenter: Denada Ibrushi
Discussant: Francisco Palomino
Federal Reserve Board
Discussant: Mira Farka
Cal State Fullerton
Session #15: Bank Lending Location: 20 - 303
Chairperson: Delroy M Hunter, Univ of South Florida
Do Changes in Reserve Requirement Affect
Bank Lending and Economic Growth? Evidence
from US Microdata
Yue Fang, Univ of Michigan
How Does Currency Risk Impact Firms? New
Evidence from Bank Loan Contracts
Mikael C Bergbrant, St. John's Univ
Bill B Francis, Rensselaer Polytechnic
Institute
Delroy M Hunter, Univ of South Florida
Why are Commercial Loan Rates So Sticky? An
Analysis of the Effect of Private Information on
Loan Spreads
Cem Demiroğlu, Koç Univ
Christopher James, Univ of Florida
Guner Velioglu, Univ of Florida
Presenter: Yue Fang Presenter: Delroy M Hunter Presenter: Christopher James
Discussant: Jonathan Acosta Smith
Bank of England
Discussant: Adam Welker
Tulane Univ
Discussant: Delroy M Hunter
Univ of South Florida
Session #16: Special Session
Pensions in Latin America
Location: Sala B, Auditorio Alfonso
Quintana, S.J.
The primary types of pension systems in the region is diverse. Contributory pensions (those financed by workers’ and employers’
contributions) are most prevelant, but non-contributory pension programs (financed by general tax revenues) have gained
popularity in recent years. The panelists will discuss their stand on the current pension system and highlight the needs for reform.
Moderator
Oliver Enrique Pardo Reinoso, Assistant Professor of Business Administration
Pontificia Universidad Javeriana Panelists
Renata Herrerías Franco, Professor of Finance
Instituto Tecnologico Autonomo de Mexico (ITAM)
Luis Fernando Mejía, Head
Fedesarrollo
Luis Carlos Reyes, Director, Fiscal Observatory
Pontificia Universidad Javeriana
Reilly White, Assistant Professor of Finance and Endowed Professor of Creative Enterprise
University of New Mexico
Friday, 24 May – 10:30 am – 11:00 am
Coffee Break – Third Floor
2019 FMA Global Finance Conference in Latin America Program - 12
Friday, 24 May – 11:00 am – 12:30 pm
Session #17: Issues in Corporate Finance Location: 20 - 301
Chairperson: MitchTowner, Univ of Arizona
Class Action Spillover Effects on Joint Venture
Partners
Eliezer M Fich, Drexel Univ
Rachel E Gordon, Towson Univ
Adam S Yore, Univ of Missouri
Financial Statement Comparability and
Corporate Dividend Payout Policy
Erik Devos, Univ of Texas El Paso
Mohammad Islam, Univ of New Mexico
Shofiqur Rahman, New Mexico
State Univ
What Happened to the Willingness of
Companies to Invest after the Financial Crisis?
Evidence from Latin American Countries
Aydin Ozkan, Univ of Huddersfield
Roberto J Santillán-Salgado, EGADE
Business School
Yilmaz Yildiz, Hacettepe Univ
María del Rocío Vega Zavala, EGADE
Business School
Presenter: Eliezer Fich Presenter: Erik Devos Presenter: Aydin Ozkan
Discussant: Mitch Towner
Univ of Arizona
Discussant: Francisco Marcet
Universidad de Chile
Discussant: Erik Devos
Univ of Texas El Paso
Session #18: Models & Tests Location: 20 - 302
Chairperson: Ariel Viale, Palm Beach Atlantic Univ
Distinguishing Factors and Characteristics with
Characteristic-Mimicking Portfolios
Ronald J Balvers, McMaster Univ
H Arthur Luo, Office of the Comptroller
of the Currency
Fundamental Factor Models and
Macroeconomic Risks - An Orthogonal
Decomposition
Wolfgang Bessler, Justus-Liebig Univ of
Giessen
Thomas Conlon, Univ College Dublin
Chris Adcock, SOAS Univ of London
Speculative Bubbles in Present-Value Models: A
Bayesian Markov-Switching State Space
Approach
Joshua CC Chan, Purdue Univ
Caterina Santi, Univ College Cork
Presenter: Ronald Balvers Presenter: Wolfgang Bessler Presenter: Caterina Santi
Discussant: Alex Horenstein
Univ of Miami
Discussant: Ariel Viale
Palm Beach Atlantic Univ
Discussant: Diego Amaya
Wilfrid Laurier Univ
Session #19: Housing Market Location: 20 – 303
Chairperson: Diego Escobari, Univ of Texas Rio Grande Valley
Getting On and Moving Up the Property Ladder: Real Hedging in the US
Housing Market Before and After the Crisis
Damian S Damianov, Durham Univ
Diego Escobari, Univ of Texas Rio Grande Valley
Responses to Saving Commitments: Evidence from Mortgage Run-offs
Steffen Andersen, Copenhagen Business School
Philippe d'Astous, HEC Montreal
Stephen Shore, Georgia State Univ
Jimmy Martinez-Correa, Copenhagen Business School
Presenter: Diego Escobari Presenter: Jimmy Martinez-Correa
Discussant: Darren Hayunga
Univ of Georgia
Discussant: Diego Escobari
Univ of Texas Rio Grande Valley
Session #20: Equity Return Predictions Location: 20 - 304
Chairperson: Asad Dossani, Colorado State Univ
Anomalies in Emerging Markets: The Case of
Mexico
Polux Diaz-Ruiz, ITAM
Renata Herrerías Franco, ITAM
Aurelio Vasquez, ITAM
Making Better Use of Option Prices to Predict
Stock Returns
Dmitriy Muravyev, Boston College
Aurelio Vasquez, ITAM
Wenzhi Wang, Boston College
Data Snooping in Equity Premium Prediction
Viktoria-Sophie Wendt, Univ of Hamburg
Hubert Dichtl, Univ of Hamburg
Wolfgang Drobetz, Univ of Hamburg
Andreas Neuhierl, Univ of Notre Dame
Presenter: Renata Herrerías Franco Presenter: Aurelio Vasquez Presenter: Viktoria-Sophie Wendt
Discussant: Viktoria-Sophie Wendt
Univ of Hamburg
Discussant: Asad Dossani
Colorado State Univ
Discussant: Ronald Balvers
McMaster Univ
Friday, 24 May – 12:45 pm – 2:00 pm
Luncheon
Restaurante El Mirador, Edificio Gabriel Giraldo, Top Floor
2019 FMA Global Finance Conference in Latin America Program - 13
Friday, 24 May – 2:15 pm – 3:45 pm
Session #21: Labor Location: 20 - 301
Chairperson: Lixiong Guo, Univ of Alabama
Skilled Immigrants, Corporate Acquisitions, and
Shareholder Value
Phuong-Anh Nguyen, York Univ
Plant Behavior and Equal Pay: The Effect on
Female Employment, Capital Investments and
Productivity - A Difference-in-Discontinuity
Design
Raffi E Garcia, Rensselaer Polytechnic
Institute
Labor Force Demographics and Corporate
Innovation
François Derrien, HEC Paris
Ambrus Kecskés, York Univ
Phuong-Anh Nguyen, York Univ
Presenter: Phuong-Anh Nguyen Presenter: Raffi E Garcia Presenter: Ambrus Kecskés
Discussant: Lixiong Guo
Univ of Alabama
Discussant: Yun Zhu
St John's Univ
Discussant: Giorgo Sertsios
Universidad de los Andes
Session #22: Mutual Funds Location: 20 - 302
Chairperson: Kelsey Wei, Univ of Texas Dallas
Correlated Flows, Portfolio Overlap and Mutual
Fund Liquidity Management
Vikram Nanda, Univ of Texas Dallas
Kelsey D Wei, Univ of Texas Dallas
Returns to Scale in Active and Passive
Management
John Adams, Univ of Texas at Arlington
Darren Hayunga, Univ of Georgia
Sattar Mansi, Virginia Tech
Regulatory Oversight and Mutual Fund Risk-
Taking
Stig Xenomorph, Hong Kong
Polytechnic Univ
Presenter: Kelsey Wei Presenter: Darren Hayunga Presenter: Stig Xenomorph
Discussant: Jesus Ancizar Gómez Daza
Pontificia Universidad Javeriana Cali
Discussant: Kelsey Wei
Univ of Texas Dallas
Discussant: Phuong-Anh Nguyen
York Univ
Session #23: Lending Location: 20 - 303
Chairperson: Christopher James, Univ of Florida
Commitment or Constraint? The Effect of Loan Covenants on M&A
Activity
Gene Ambrocio, Bank of Finland
Gonul Colak, Hanken School of Economics
Iftekhar Hasan, Fordham Univ & Bank of Finland
The Effects of Information on Credit Market Competition: Evidence from
Credit Cards
Fritz Foley, Harvard Business School
Agustin Hurtado, Univ of Chicago
Andres Liberman, New York Univ
Alberto Sepulveda, SBIF
Presenter: Iftekhar Hasan Presenter: Andres Liberman
Discussant: Christopher James
Univ of Florida
Discussant: Diego Peláez
Pontificia Universidad Javeriana Cali
Session #24: Trading Location: 20 - 304
Chairperson: Harold Contreras, Universidad de Chile
Insider Trading Under Different Signals of Sell-side Analysts
Harold Contreras, Universidad de Chile
Francisco Marcet, Universidad de Chile
Measuring Institutional Trading Costs and the Implications for Finance
Research: The Case of Tick Size Reductions
Gregory Eaton, Oklahoma State Univ
Paul Irvine, Texas Christian Univ
Tingting Liu, Iowa State Univ
Presenter: Harold Contreras Presenter: Gregory Eaton
Discussant: Ambrus Kecskés
York Univ
Discussant: Harold Contreras
Universidad de Chile
Friday, 24 May – 3:45 pm – 4:15 pm
Coffee Break – Third Floor
2019 FMA Global Finance Conference in Latin America Program - 14
Friday, 24 May – 4:15 pm – 5:45 pm
Session #25: Governance Location: 20 - 301
Chairperson: Mario Daniele Amore, Bocconi Univ
Board Capital Diversity and Firm Performance:
Evidence from Latin-America
Cristian Pinto-Gutiérrez, Univ of
Connecticut
Carlos Pombo, Universidad de los Andes
Jairo Villamil-Díaz, Universidad de los
Andes & ONUDI. United Nations
Diversification Strategies, Family Ownership
and Debt Policy: New Evidence from
International Panel Data
Julio Pindado, Universidad de Salamanca
& Univ of Leeds
Ignacio Requejo, Universidad de
Salamanca
Juan Camilo Rivera Ordoñez, Pontificia
Universidad Javeriana
The Agency Cost of Shared Analysts' Coverage
and M&A Outcomes
Felipe Cortes, Northeastern Univ
Francisco Marcet, Universidad de Chile
Presenter: Carlos Pombo Presenter: Juan Camilo Rivera Ordoñez Presenter: Francisco Marcet
Discussant: Yvonne Kreis
Schüllermann und Partner AG
Discussant: Mario Daniele Amore
Bocconi Univ
Discussant: Carlos Pombo
Universidad de los Andres
Session #26: Portfolios Location: 20 - 302
Chairperson: Jimmy Martinez-Correa, Copenhagen Business School
Age-Dependent Increasing Risk Aversion and
the Equity Premium Puzzle
Amadeu DaSilva, California State Univ
Fullerton
Mira Farka, California State Univ
Fullerton
Hedge Fund Fee Structure and Risk Exposure:
Theory and Empirical Evidence
Matias Braun, Universidad Adolfo Ibañez
Hervé Roche, Universidad Adolfo Ibañez
Using Portfolio Returns to Estimate the
Probability of Large Jumps
Julio Cacho-Diaz, Rice Univ
Presenter: Mira Farka Presenter: Hervé Roche Presenter: Julio Cacho-Diaz
Discussant: Jimmy Martinez-Correa
Copenhagen Business School
Discussant: Mahendrarajah Nimalendran
Univ of Florida
Discussant: Hervé Roche
Universidad Adolfo Ibañez
Session #27: Management of Financial Institutions Location: 20 - 303
Chairperson: Renata Herrerías Franco, ITAM
Bank Capital and Liquidity Transformation
Jonathan Acosta Smith, Bank of England
Guillaume Arnould, Bank of England
Kristoffer Milonas, Moody's Analytics
Quynh-Anh Vo, Bank of England
Proactive Risk-Taking Strategy and Firm Performance: Evidence from
Bank Holding Companies
Iftekhar Hasan, Fordham Univ and Bank of Finland
Mingsheng Li, Bowling Green State Univ
Liuling Liu, Bowling Green State Univ
Yun Zhu, St John's Univ
Presenter: Jonathan Acosta Smith Presenter: Yun Zhu
Discussant: Renata Herrerías Franco
ITAM
Discussant: Maximiliano Gonzáles
Universidad de los Andes
No Session Scheduled á Location: 20 - 304
Friday, 24 May – 6:00 pm – 7:30 pm
Reception – Fifth Floor Terrace
2019 FMA Global Finance Conference in Latin America Program - 15
Participant Index Session(s) Name
7 18 Diego Amaya
25 Mario Daniele Amore
18 20 Ronald Balvers
5 18 Wolfgang Bessler
11 Utpal Bhattacharya
1 John Bizjak
DSC (S) Derrick Bonyuet
7 26 Julio Cacho-Diaz
24 Harold Contreras
17 Erik Devos
4 20 Asad Dossani
7 Jefferson Duarte
7 24 Greg Easton
4 David Echeverry
19 Diego Escobari
2 15 Yue Fang
14 26 Mira Farka
3 5 Viviana Fernandez
17 Eliezer Fich
8 21 Raffi E Garcia
11 Erasmo Giambona
4 Alejandro Godoy
22 Jesus Ancizar Gómez Daza
9 27 Maximiliano Gonzalez
8 9 Juanita Gonzalez-Uribe
DSC (S) Oscar Guevara
9 21 Lixiong Guo
2 12 Muris Hadzic
23 Iftekhar Hasan
19 22 Darren Hayunga
16 20 27 Renata Herrerías Franco
12 18 Alex Horenstein
15 Delroy M Hunter
12 14 Denada Ibrushi
3 Carlos Alberto Castro Iragorri
DSC (S) Obed Izaguirre
15 23 Chris James
8 9 Håkan Jankensgård
DSC(C)
KEYNOTE
4
G Andrew Karolyi
21 24 Ambrus Kecskés
1 13 Ja Ryong Kim
4 25 Yvonne Kreis
23 Andres Liberman
3 Juan-Miguel Londono-Yarce
17 25 Francisco Marcet
19 26 Jimmy Martinez-Correa
5 William Megginson
16 Luis Fernando Mejía
2 12 Javier Mella
21 22 Phuong-Anh Nguyen
5 26 Mahendrarajah Nimalendran
1 25 Juan Camilo Rivera Ordónez
17 Aydin Ozkan
23 Diego Peláez
14 Francisco Palomino
13 Ajay Patel
25 Carlos Pombo
3 Ivilina Popova
2 16 Oliver Enrique Pardo Reinoso
16 Luis Carlo Reyes
26 Hervé Roche
12 18 Caterina Santi
12 Julio Sarmiento
5 21 Giorgo Sertsios
8 Betty Simkins
15 27 Jonathan Acosta Smith
8 9 Masim Suleymanov
13 Diego Telléz
9 17 Mitch Towner
1 Margarita Tsoutsoura
DSC (C)
13 20
Aurelio Vasquez
14 18 Ariel M Viale
22 Kelsey Wei
1 15 Adam Welker
20 Viktoriya-Sophie Wendt
2 5 16 Reilly S White
2 8 Eliza Wu
DSC (S) 22 Stig Xenomorph
21 27 Yun Zhu
Legend
DSC(C) – Doctoral Student Consortium Coordinator
DSC(S) – Invited Student, Doctoral Student Consortium
KEYNOTE – Keynote Speaker
2019 FMA Global Finance Conference in Latin America Program - 16
Program Co-Chairs, Best Paper Award Review Committee & Program Committee Conference Co-Chairs
Darius Miller, Caruth Chair of Financial
Management & Academic Director, Kitt Investing
& Trading Center, Southern Methodist University
Jairo Andrés Rendón, Assistant Professor of
Business Administration Pontificia Universidad
Javeriana
Daniel Wolfenzon, Stefan H. Robock Professor of
Finance and Economics & Director, Family
Business Program, Columbia University
Best Paper Award Review Committee
Jefferson Duarte, Rice Univ
Eliezer Fich, Drexel Univ
G Andrew Karolyi, Cornell Univ
Andres Liberman, New York Univ
William Megginson, Univ of Oklahoma & King Fahd
University of Petroleum & Minerals
Eliza Wu, Univ of Sydney
Program Committee Members
Heitor Almeida, Univ of Illinois
Sabri Boubaker, South Champagne Business School
Oscar F Briones, SUNY New Paltz
Maria Cecilia Bustamante, Univ of Maryland
Andrea Carosi, Univ of Sassari
Jacelly Cespedes, Univ of Minnesota
Kevin Crotty, Rice Univ
Erik Devos, Univ of Texas El Paso
Wolfgang Drobetz, Univ of Hamburg
Nazam Dzolkarnaini, Edinburgh Napier Univ
Diego Escobari, Univ of Texas - Rio Grande Valley
Chitru S Fernando, Univ of Oklahoma
Laura Gonzalez, California State Univ Long Beach
Vidhan Krishan Goyal, HKUST
Andrea J Heuson, Univ of Miami
Delroy M Hunter, Univ of South Florida
Denada Ibrushi, St Mary's Univ
A Can Inci, Bryant Univ
Kris Jacobs, Univ of Houston
Xiaoquan Jiang, Florida International Univ
Torsten Jochem, Univ of Amsterdam
Chotibhak Jotikasthira, Southern Methodist Univ
Ambrus Kecskés, York Univ
Yvonne Kreis, Schüllermann und Partner AG
Chad Kwon, Univ of Texas Rio Grande Valley
Ugur Lel, Univ of Georgia
Evgeny Lyandres, Boston Univ
Peter Ian Mackay, HKUST
Anna D Martin, St John's Univ
Cesario Mateus, Univ of Roehampton
Javier Mella, Christopher Newport Univ
Grzegorz Michalski, Wroclaw Univ of Economics
Amit Mittal, Indian Institute of Management
Lucknow
Phuong-Anh Ha Nguyen, York Univ
Lars Norden, Brazilian School of Public and
Business Administration, Getulio Vargas
Foundation
Jaideep Oberoi, Univ of Kent
Eduardo Pablo, Minnesota State Univ Moorhead
Miguel Palacios, Univ of Calgary
Joshua R Pierce, Univ of Alabama
Raghavendra Rau, Univ of Cambridge
Hervé Jacques Roche, Universidad Adolfo Ibañez
Dasha Safonova, US SEC
Horacio Sapriza, Federal Reserve Board
Palanisamy Saravanan, Indian Inst of Mgmt
Tiruchirappalli
Michael J Schill, Univ of Virginia
Prabakaran Sellamuthu, Pontificia Universidad
Javeriana Cali
Yu Shan, Baruch College, CUNY
Prateek Sharma, Louisiana State Univ
Jaime Humberto Sierra González, Pontificia
Universidad Javeriana
Amit Kumar Sinha, Bradley Univ
Hilmi Songur, Univ of Arizona
Rémi Stellian, Pontificia Universidad Javeriana
Omer Unsal, Merrimack College
Aurelio Vasquez, ITAM
Diego Vega San Martin, Southern Methodist Univ
Milos Vulanovic, EDHEC Business School
Ching-Chang Wang, Southern Taiwan Univ of
Science and Technology
Xiaoqiong (Crystal) Wang, Indiana Univ Kokomo
2019 FMA Global Finance Conference in Latin America Program - 17
Attendees
Name Affiliation
Gordon J Alexander University of Minnesota
Diego A Amaya Wilfrid Laurier University
Mario Amore Bocconi University
Fernando E Arellano University of Dallas
Ronald J Balvers McMaster University
David Andrés Londoño
Bedoya
Pontificia Universidad Javeriana
Wolfgang Bessler University of Giessen
Utpal Bhattacharya Hong Kong University of Science & Technology
John M Bizjak Texas Christian University
Derrick Bonyuet Oklahoma State University
Jesús Ancizar Gómez Daza Pontificia Universidad Javeriana Cali
Julio Cacho-Diaz Rice University
Harold Contreras Universidad de Chile
Jason Daniel Damm Florida Atlantic University
Erik Devos University of Texas El Paso
Asad Dossani Colorado State University
Jefferson Duarte Rice University
Gregory Eaton Oklahoma State University
David Felipe Echeverry University of Notre Dame
Diego Escobari University of Texas Rio Grande Valley
Yue Fang University of Michigan
Mira Farka California State University Fullerton
Viviana Fernandez Universidad Adolfo Ibañez
Maximiliano Gonzalez
Ferrero
Universidad de los Andes
Eliezer Fich Drexel University
Renata Herrerías Franco ITAM
Raffi E Garcia Rensselaer Polytechnic Institute (RPI)
Brian C Gendreau University of Florida
Jaime Humberto Sierra González
Pontificia Universidad Javeriana
Oscar Javier Guevara Universidad Adolfo Ibanez
Lixiong Guo University of Alabama
Alexander Guzman CESA
Muris Hadzic Lake Forest College
Iftekhar Hasan Fordham University
Darren Hayunga University of Georgia
Alex Ronen Horenstein University of Miami
Juan Sebastian Sandoval Hoyos
Pontificia Universidad Javeriana
Delroy M Hunter University of South Florida
Denada Ibrushi St Mary's University
Obed Fernando Izaguirre University of New Orleans
Christopher James University of Florida
Håkan Jankensgård Lund University
G Andrew Karolyi Cornell University
Ambrus Kecskés York University
Victoria Kent WRDS
Ja Ryong Kim University of Edinburgh
Yvonne Kreis Schüllermann und Partner AG
Andres Liberman New York University
Michelle Lui FMA
Francisco Marcet University of Chile
Jimmy Martinez-Correa Copenhagen Business School
William L Megginson University of Oklahoma
Alina Gómez Mejía Pontificia Universidad Javeriana Cali
Luis Fernando Mejía Fedesarrollo
Javier Mella Christopher Newport University
Darius P Miller Southern Methodist University
Phuong-Anh Ha Nguyen York University
Mahendrarajah
Nimalendran
University of Florida
Sterling Olson University of New Mexico
Juan Camilo Rivera
Ordonez
Pontificia Universidad Javeriana
Maria Antonieta Collazos Ortiz
Pontificia Universidad Javeriana
Alejandro Oyala Pontificia Universidad Javeriana
Aydin Ozkan University of Huddersfield
Francisco Palomino Federal Reserve Board
Ajay Patel Wake Forest University
Diego Peláez Pontificia Universidad Javeriana Cali
Cristian A Pinto-Gutierrez Universidad Catolica del Norte
Carlos Pombo Universidad de los Andes
Ivilina T Popova Texas State University
Oliver Enrique Pardo Reinoso
Pontificia Universidad Javeriana
Jairo Andres Rendon Pontificia Universidad Javeriana
Luis Carlos Reyes Pontificia Universidad Javeriana
Julio Riutort Universidad Adolfo Ibanez
Hervé Jacques Roche Universidad Adolfo Ibanez
Mark E Rosa University of New Orleans
Caterina Santi University College Cork
Julio Alejandro Sarmiento Pontificia Universidad Javeriana
Giorgo Sertsios Universidad de los Andes, Chile
Mobina Shafaati Louisiana State University
Betty J Simkins Oklahoma State University
Jonathan Acosta Smith Bank of England
Remi Jean Emile Stellian Pontificia Universidad Javeriana
Masim Suleymanov Florida Atlantic University
Diego Telléz Universidad EAFIT
Mitch Towner University of Arizona
Maria Andrea Trujillo CESA School of Business
Margarita Tsoutsoura Cornell University
Juanita Gonzalez Uribe London School of Economics
Aurelio Vasquez ITAM
Ariel M Viale Palm Beach Atlantic University
Patrick Bernard
Washington
Morehouse College/Emory University
Kelsey Wei University of Texas Dallas
Adam Welker Tulane University
Viktoria-Sophie Wendt University of Hamburg
Reilly S White University of New Mexico
Daniel Wolfenzon Columbia University
Eliza Wu University of Sydney
Stig Xenomorph Hong Kong Polytechnic University
Yun Zhu St John's University
Juan M Londono Yarce Federal Reserve Board
Sandra Zurdo WRDS
FINANCIAL MANAGEMENT ASSOCIATION INTERNATIONAL
OFFICERS – DIRECTORS – EDITORS – TRUSTEES
President
Serves as the chief spokesperson for the Association
2018-19 John Graham Duke University
2019-20 Jeffrey Coles University of Utah
2020-21 Ronald Masulis Univ of New South Wales
Secretary/Treasurer
Manages the financial affairs of the Association
2012-22 Andrea Heuson University of Miami
Vice President – Annual Meeting Program
Determines the type of program to be offered and selects the
participants
2019 Robert Parrino University of Texas Austin
2020 Reena Aggarwal Georgetown University
2021 Michelle Lowry Drexel University
Vice President – Financial Education
Responsible for developing and administering financial education
activities including the development of sessions on financial education
for the Annual Meeting program
2018-20 Betty Simkins Oklahoma State University
Vice President – Practitioner Services
Responsible for enhancing the value of practitioner membership and
promoting interaction between practitioners and academicians
2017-20 Amy Edwards US SEC
Vice President – Global Services
Responsible for developing and administering activities to globalize the
Association
2017-19 Iftekhar Hasan Fordham University
2019-21 Rohan Williamson Georgetown University
Academic Directors
Responsible for representing the needs of FMA’s academic members
and are members of the Nominating Committee
At-Large Academic Directors
2018-20 Murillo Campello Cornell University
2018-20 Diane DelGuercio University of Oregon
2018-20 Veronika Pool Indiana University
At-Large Regional Academic Director
2017-19 Tim Loughran University of Notre Dame
2019-21 David Yermack New York University
Asian/Oceania Academic Director
2017-19 Joseph Fan Chinese Univ of Hong Kong
2019-21 Ekkehart Boehmer Singapore Management Univ
European Academic Director
2017-19 Francesca Cornelli London Business School
2019-21 Mariassunta Giannetti Stockholm School of Econ
Editors
Responsible for their editorial staff and for the contents of their
respective publications
Financial Management
2016-22 Utpal Bhattacharya HKUST
Bing Han University of Toronto
Rajkamal Iyer Imperial College London
FMA Survey and Synthesis Series
2016-19 Laura Starks University of Texas Austin FMA Online
2019-22 John Banko University of Florida
Publications’ Committee Chairperson
2016-19 Jonathan Karpoff University of Washington
Student Chapters Committee Chairperson
Oversees the operation of the Student Chapters’ program and
represents the interests of FMA’s student members
2018-21 Rustin Yerkes Samford University
Practitioner Directors
Represent the interests of FMA’s practitioner members
2017-19 Recep Bildik Borsa Istanbul
2018-20 W Scott Frame Federal Res Bank Atlanta
2019-21 Frank Hatheway Nasdaq (retired)
2018-20 Mark Kritzman Windham Capital Mgmt & MIT
2019-21 Manju Puri Duke Univ & FDIC
2018-20 P Raghavendra Rau University of Cambridge
2019-21 Richard Rosen Federal Res Bank Chicago
2017-19 Anil Shivdasani UNC Chapel Hill
2017-19 Larry Wall Federal Res Bank Atlanta
FMA Board of Trustees
Responsible for insuring the long-term continuity of the Association and
have the authority to approve appointments or any other matter which
appears to affect the basic structure or operation of the Association
2013-20 Franklin Allen Imperial College London
2018-25 Brad Barber University of California, Davis
2017-24 William Christie* Vanderbilt University
2016-23 David Denis University of Pittsburgh
2014-21 Kose John New York University
2012-19 G Andrew Karolyi Cornell University
2018-23 Kai Li University of British Columbia
2014-19 Ajay Patel Wake Forest Univ 2015-22 Jay Ritter University of Florida
*Chairperson
2019 FMA Global Finance Conference in Latin America Program - 18
Location, (3) Third Floor
Sala B - Auditorio
Alfonso Quintana,
S.J.
Elevators
Stairs
20-
301
20-
302
20-
303
20-
304
20-
305
Ba
thro
om
s
Coffee
point
Sala A - Auditorio
Alfonso Quintana,
S.J.
Main Hallway
Location, (5) Fifth Floor
Cocktail
Tent
Main Hall Number 2
Elevators
Door 1
Stairs Coffee Shops
Door 2
Main Hallway
University Floor Plan
www.FMA.org/Bogotá