1 Summary WELCOMING NOTE. 9 PROGRAM AT A GLANCE. 14 PROGRAM IN DETAILS. 19 LIST OF ABSTRACTS.
36 LIST OF PARTICIPANTS. 80 GUIDELINE FOR PARTICIPANTS. 81 PROGRAM AT A GLANCE WITH EMBEDDED LINKS. 82 SUMMARY OF ZOOM LINKS.
89 2 Welcoming note We are very pleased to welcome you to the first edition of the International Society for Advancement of Financial Economics Conference (ISAFE-2022, 05-06 December 2022), which is jointly organized by the International Society for the Advancement of Financial Economics (ISAFE), the Association of Vietnamese Scientists and Experts (AVSE Global), and Ho Chi Minh University of Banking, Vietnam. The conference aims to bring together academics, practitioners, and policymakers sharing their research findings and discussing current and challenging issues in all financial economic research areas. The event is also an ideal occasion for all scholars around the world to present their research, exchange research ideas and experiences, and develop research projects. This year, we have the great privilege to welcome Professor Douglas Cumming from College of Business, Florida Atlantic University, United States, as our distinguished keynote speaker.
Professor Douglas Cumming is among the world’s leading finance experts, and we are grateful to him for his presence and kind support in this first edition of ISAFE conference. We also thank all the submitted authors, scientific committee members, attendees, and particularly conference participants who serve as presenters, session chairs, and discussants. Our special thanks go to Professor Arman Eshraghi and Professor Brian Lucey (Co-Editors of International Review of Economics and Finance), Professor Jonathan Batten (Editor-in-Chief of Journal of International Financial Markets, Institutions and Money), Professor Douglas Cumming (Managing Editor-in-Chief of Review of Corporate Finance), Professor Ioannis Tsalavoustas and Professor Xiaoqian Zhu (Editors of Journal of International Financial Management & Accounting), Professor John Goodell (Editor-in-Chief of Research in International Business and Finance), and Professor Nawazish Mirza (Editor-in-Chief of Review of Accounting and Finance), who have kindly agreed to consider to publish a selection of high-quality papers in their journals. Finally, we would like to thank Associate Professor Duc Trung Nguyen (Acting Rector of Ho Chi Minh University of Banking, Vietnam) and Associate Professor Dao Ha (Vice Rector of Ho Chi Minh University of Banking, Vietnam), for their outstanding support to make this event a great success.
Also, our special thanks go to the members of our organizing committee and supporters for their great contributions to the preparations of this scientific event. We wish you all an intellectually stimulating and productive conference as well as a chance to meet new colleagues and establish collaborations. We hope that you will have the occasion to exchange ideas and enjoy the environment of the conference! On behalf of the Organizing and Scientific Committees The Conference Co-Chairs Sabri Boubaker, Hung Xuan Do, Duc Khuong Nguyen and Dao Ha 3 Conference Scope The International Society for the Advancement of Financial Economics conference will be organized annually with this first edition being held in Ho Chi Minh City, Vietnam. The conference aims to bring together academics, practitioners, and policymakers sharing their research findings and discussing current and challenging issues in all financial economic research areas.
The event is also an ideal occasion for all scholars around the world to present their research, exchange research ideas and experiences, and develop research projects. The scientific and organizing committee’s members welcome submissions in all areas of finance for presentation at the conference. The main topics of the conference include, but are not limited to: • Asset pricing, allocation, and valuation • Personal finance and household finance • Behavioral and experimental finance • Portfolio management and optimization • Central banking and monetary policy • Quantitative finance and financial econometrics • Corporate finance and governance • Real estate finance • Financial accounting, law, and regulation • Small business and entrepreneurial finance • Financial engineering and derivatives • Sustainable finance, ethics, and CSR • Financial intermediation, institutions & services • Financial markets and market microstructure • International finance and capital markets • IPOs, SEOs, M&As & Divestitures 4 Keynote Speakers Professor Douglas Cumming DeSantis Distinguished Professor of Finance and Entrepreneurship, College of Business, Florida Atlantic University, United States Douglas Cumming, J., CFA, is the DeSantis Distinguished Professor of Finance and Entrepreneurship at the College of Business, Florida Atlantic University. Douglas has published over 180 articles in leading refereed academic journals in finance, management, and law and economics, such as the Academy of Management Journal, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, and Journal of International Business Studies, and has been cited over 15,000 times according to Google Scholar.
He is the Editor-in- Chief of the British Journal of Management (2020-2022) and the Journal of Corporate Finance (2018-2020). He is the Founding Editor of Annals of Corporate Governance, and a former Co-Editor of Finance Research Letters and Entrepreneurship Theory and Practice. His most recent book is Crowdfunding: Fundamental Cases, Facts, and Insights (Elsevier Academic Press, 2019) complete with companion materials. He is the coauthor of Venture Capital and Private Equity Contracting (Elsevier Academic Press, 2nd Edition, 2013), and Hedge Fund Structure, Regulation and Performance around the World (Oxford University Press, 2013).
He is the Editor of the Oxford Handbook of Entrepreneurial Finance (2013), the Oxford Handbook of Private Equity (2013), the Oxford Handbook of Venture Capital (2013), the Oxford Handbook of Sovereign Wealth Funds (2018), the Oxford Handbook of IPOs (2019), the Research Handbook of Finance and Sustainability (2018), and the Research Handbook of Investing in the Triple Bottom Line (2018). Douglas’ work has been reviewed in numerous media outlets, including The Economist, The New York Times, The Chicago Tribune, the Wall Street Journal, the Globe and Mail, Canadian Business, the National Post, and The New Yorker. 5 Committees CONFERENCE CO-CHAIRS Sabri Boubaker Duc Khuong Nguyen Hung Xuan Do Dao Ha Professor of Finance Professor of Finance Associate Professor of Associate Professor in EM Normandie Business IPAG Business School Finance Economics School, France & Swansea Non-Resident Research Massey University Ho Chi Minh University of University, United Kingdom Fellow Director of Finance and Banking, Vietnam President, ISAFE Indiana University Banking Network, AVSE President, AVSE Global Global SCIENTIFIC COMMITTEE Renée Adams, University of Oxford, United Kingdom Jonathan A. Batten, Monash University, Australia Thorsten Beck, City University of London, United Kingdom Narjess Boubakri, American University of Sharjah, UAE Ephraim Clark, Middlesex University, United Kingdom Viet Anh Dang, The University of Manchester, United Kingdom Robert DeYoung, University of Kansas, United States Muhammed-Shahid Ebrahim, Durham University, United Kingdom Sadok El Ghoul, University of Alberta, Canada Arman Eshraghi, Cardiff University, United Kingdom Fotios Pasiouras, Montpellier Business School, France John Goodell, The University of Akron, United States Omrane Guedhami, University of South Carolina, United States Allaudeen Hameed, National University of Singapore, Singapore Jarrad Harford, University of Washington, United States Hafiz Hoque, Swansea University, United Kingdom Sofia Johan, Florida Atlantic University, United States Kose John, New York University, United States Meziane Lasfer, Cass Business School, United Kingdom Gustavo Manso, University of California at Berkley, United States Sattar Mansi, Virginia Tech, United States William Megginson, University of Oklahoma, United States Nawazish Mirza, Excelia Business School, France Nemanja Radic, Cranfield University, United Kingdom Steven Ongena, University of Zurich, Switzerland Ghon Rhee, University of Hawaii, United States Raghavendra Rau, University of Cambridge, United Kingdom Nadia Saghi-Zedek, Université de Rennes 1, France Walid Saffar, Hong Kong Polytechnic University, Hong Kong Chardin Wese Simen, University of Liverpool, United Kingdom Kelvin Tan, The University of Queensland, Australia Roméo Tédongap, ESSEC Business School, France 6 ORGANIZING COMMITTEE Sabri Boubaker, EM Normandie Business School, France & Swansea University, United Kingdom & ISAFE Thuy Dao (Organizing Coordinator), IPAG Business School, France & AVSE Global Hung Do (Scientific Coordinator), Massey University, New Zealand & AVSE Global Quynh Anh Dang, Ho Chi Minh University of Banking, Vietnam Oanh Ha, RMIT Vietnam & AVSE Global 7 Associated Journals Special Issue of Journal of Risk Finance under the Guest-Editorship of Prof.
Sabri Boubaker, Dr. Adel Sarea, and Dr. See Call for papers for more details. Special Issue of Applied Finance Letters under the Guest-Editorship of Assoc.
Hung Do, Dr. Harvey Nguyen, and Dr. See Call for papers for more details. In consultation with the Editors-in-Chief of International Review of Economics and Finance, Journal of International Financial Markets, Institutions and Money, Journal of International Financial Management & Accounting, Research in International Business and Finance, Review of Accounting and Finance, and Review of Corporate Finance, authors of best conference papers will be invited to submit their papers to a regular issue of the Journals.
8 Conference Venue Ho Chi Minh University of Banking 36 Ton That Dam, District 1, Ho Chi Minh City, Vietnam Notes for ONSITE Participants ALL Keynote and ONSITE sessions: Building A (2nd Floor) – 36 Ton That Dam, District 1, Ho Chi Minh City, Vietnam ALL Coffee and Lunch Breaks: Building A (2nd Floor) – 36 Ton That Dam, District 1, Ho Chi Minh City, Vietnam Onsite Rooms are noted in the Program At a Glance section for each session Building B is ONLY allocated for ONLINE sessions BUILDING A (2nd Floor – ALL ONSITE activities) 9 BUILDING A (2nd FLOOR) – FLOOR PLAN 10 BUILDING B (2nd Floor – Computer labs reserved for ONLINE sessions) 11 Program At a Glance Links to the session’s papers are embedded in the session name Links to Zoom meetings are embedded in the row “Online Zoom” DAY 1 - MONDAY, DECEMBER 05, 2022 Time Zone Onsite & Online Presenters (Building A) Only Online Presenters (Building B) Parallel 1 2 3 4 5 6 Sessions Registration & Coffee 8:00 - 8:30 2nd FLOOR (Building A) Welcome and Opening Remarks 8:30- 9:00 GREAT HALL Keynote: Market Manipulation and ESG Violations Professor Douglas Cumming 9:00 - 10:00 A1 DeSantis Distinguished Professor of Finance and Entrepreneurship, College of Business, Florida Atlantic University, United States GREAT HALL 10:00 - 10:30 Coffee break (Building A) Asset Pricing, Financial Financial Markets & International Finance Corporate Finance Central Banking and Allocation & Intermediation, Market & Capital Markets I & Governance I Monetary Policy I 10:30 - 12:00 A2 Valuation I Institutions & Services I Microstructure I Great Hall/Room 1 Room 2 Room 4 Room 3 Room 5 Room 6 Online Zoom A2.6 12:00 - 13:30 Lunch Break (Building A) Quantitative Finance International Finance Corporate Finance Financial Engineering Behavioral & Corporate Finance & Financial & Capital Markets II & Governance II and Derivatives Experimental Finance I & Governance III 13:30 - 15:00 B1 Econometrics I Great Hall/Room 1 Room 2 Room 3 Room 5 Room 6 Room 4 Online Zoom B1.4 15:00 - 15:30 Coffee break (Building A) Quantitative Finance Financial Markets & Corporate Finance Corporate Finance Data Analytics in Corporate Finance & Financial Market Microstructure & Governance IV & Governance V Finance & Economics & Governance VI 15:30 - 17:00 B2 Econometrics II II Room 2 Room 4 Room 5 Room 6 Great Hall/Room 1 Room 3 Online Zoom B2.3 GALA DINNER 19:00 – 22:00 REX HOTEL (141 Nguyen Hue, Ben Nghe, District I, Ho Chi Minh City) (Bus picking up participants departs from Ho Chi Minh University of Banking at 18:30) 12 DAY 2 - TUESDAY, DECEMBER 06, 2022 Time Zone Onsite & Online Presenters (Building A) Only Online Presenters (Building B) Parallel 1 2 3 4 5 6 Sessions Registration & Coffee 8:00 - 8:30 2nd FLOOR (Building A) Financial Financial Behavioral & Personal Finance & Intermediation, Corporate Finance Intermediation, Corporate Finance Experimental Household Finance Institutions & Services & Governance VII Institutions & Services & Governance VIII 8:30 - 10:00 A1 Finance II Room 2 II Room 4 III Room 6 Great Hall/Room 1 Online Zoom A1.2 Room 3 Online Zoom A1.4 Room 5 Online Zoom A1.