Schedule


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THURSDAY - NOVEMBER 20th

08:30‐09:00 REGISTRATION

09:00‐11:00 PARALLEL SESSIONS

Microfinance and Development Economics

Chair: Susana Álvarez Otero (University of Oviedo)

Room: Aula Magna

Authors Title Presenter Discussant
Carlos Serrano‐Cinca, Begoña Gutiérrez‐Nieto, Beatriz Cuéllar‐Fernández and Yolanda Fuertes‐Callén Poverty penalty and microcredit Begoña Gutiérrez (Universidad de Zaragoza) Patrick Gruening (Goethe University Frankfurt)
Elena Escrig Olmedo, María Ángeles Fernández-Izquierdo, María Jesús Muñoz-Torres and Juana María Rivera-Lirio Measuring corporate environmental performance: overcoming limitations Elena Escreig (Universitat Jaume I) Begoña Gutiérrez (Universidad de Zaragoza)
Giuliano Curatola, Michael Donadelli, Alessandro Gioffré and Patrick Gruening Austerity, Fiscal Volatility, and Economic Growth Patrick Gruening (Goethe University Frankfurt) Elena Escreig (Universitat Jaume I)

Corporate I

Chair: Joan Montllor (University Autónoma of Barcelona)

Room: Pedro Cerbuna

Authors Title Presenter Discussant
Inés Pérez‐Soba Aguilar, Elena Márquez De La Cruzand, Ana R. Martínez Cañete The “other” market for corporate control: The Spanish control transactions below the MBR threshold Inés Pérez Soba (Universidad Complutense De Madrid) Ginés Hernández-Cánovas (Universidad Politécnica de Cartagena)
Emilia Garcia‐Appendini The real costs of industry contagion Emilia Garcia-Appendini (University of St Gallen) M. Victoria Ruiz-Mallorquí (Universidad de Las Palmas)
Ginés Hernández‐Cánovas, M. Camino Ramón‐Llorens and Johanna Koëter‐Kant A demand approach to borrower discouragement: empirical analysis in a bank-based economy Ginés Hernández-Cánovas (Universidad Politécnica de Cartagena) Carlos Salvador (CUNEF)
Inmaculada Aguiar‐Diaz and M.Victoria Ruiz‐Mallorquí Judicial efficiency and bankruptcy resolution in Spain M. Victoria Ruiz-Mallorquí (Universidad de Las Palmas) Elena Marquez de la Cruz (Universidad Complutense De Madrid)

Asset Pricing I

Chair: Vasileios Kallinterakis (University of Liverpool)

Room: Pilar Sinués

Authors Title Presenter Discussant
Juan Nave and Javier Ruiz Risk aversion and monetary policy in a global context Javier Ruiz (Universidad Cardenal Herrera-CEU) Francisco Penaranda (Fundación UCEIF)
John Cotter and Enrique Salvador The non-linear trade-off between risk and return: a regime-switching multifactor
framework
Enrique Salvador (University College Dublin / Universitat Jaume I) Javier Ruiz (Universidad Cardenal Herrera-CEU)
Elena Manresa, Francisco Penaranda and Enrique Sentana Empirical Evaluation of Overspecified Asset Pricing Models Francisco Penaranda (Fundación UCEIF) Enrique Salvador (University College Dublin / Universitat Jaume I)

Room: Trece Heroínas

11:00‐11:30 COFFEE BREAK

11:30‐13:30 PARALLEL SESSIONS

Financial Crisis

Chair: Emilia Garcia-Appendini (University of St Gallen)

Room: Joaquín Costa

Authors Title Presenter Discussant
Diptes Bhimjee, Sofia Ramos and José Dias Banking Responses In The Wake Of The Global Financial Crisis Diptes Bhimjee (ISCTE-IUL Business School) Germán López-Espinosa (Universidad de Navarra)
Carlos Salvador, José Manuel Pastor and Juan Fernández The adjustment of bank ratings in the financial crisis: International evidence Carlos Salvador (CUNEF) Diptes Bhimjee (ISCTE-IUL Business School)
Omar Rachedi Time Varying Volatility and the Origins of Financial Crises Omar Rachedi (Universidad Carlos III de Madrid) Marcos Sanso (Universidad de Zaragoza)
Germán López‐Espinosa, Antonio Moreno, Antonio Rubia, Laura Valderrama and Reyes Calderón Drivers of Fiscal Outlays in the Public Recapitalization of Banks Germán López-Espinosa (Universidad de Navarra) Omar Rachedi (Universidad Carlos III de Madrid)

Behavioral Finance I

Chair: Rafael Santamaría (Universidad Pública de Navarra)

Room: Pedro Cerbuna

Authors Title Presenter Discussant
Fotini Economou, Konstantinos Gavriilidis, Abhinav Goyal and Vasileios Kallinterakis Herding dynamics in exchange groups: evidence from euronext Vasileios Kallinterakis (University of Liverpool)

Elena Ferrer (Universidad Publica De Navarra)
Pilar Corredor, Elena Ferrer and Rafael Santamaria The role of sentiment and stock characteristics in the translation of analysts’ forecasts into recommendations Elena Ferrer (Universidad Publica De Navarra) Diego García (University of North Carolina)
Teresa Corzo, Margarita Prat and Esther Vaquero Behavioral Finance in Joseph de la Vega’s Confusion de Confusiones Esther Vaquero (Universidad Pontificia Comillas) Vasileios Kallinterakis (University of Liverpool)
Diego Garcia The kinks of financial journalism Diego García (University of North Carolina) Esther Vaquero (Universidad Pontificia Comillas)

Derivatives

Chair: Sandra Ferreruela (Universidad de Zaragoza)

Room: Pilar Sinués

Authors Title Presenter Discussant
Jacinto Marabel Romo and Martino Grasselli Stochastic Skew and Target Volatility Options Jacinto Marabel (BBVA and Universidad de Alcalá) Alberto Bueno (IES Francisco Ayala)
Federico Platania, Pedro Serrano and Mikel Tapia A contingent claim theory of auctions Pedro Serrano (Universidad Carlos III de Madrid) Jacinto Marabel (BBVA and Universidad de Alcalá)
Miguel Anton, Sergio Mayordomo and María Rodríguez‐Moreno Dealing with Dealers: Sovereign CDS Comovements in Europe Miguel Antón (IESE Business School) Pedro Serrano (Universidad Carlos III de Madrid)
Alberto Bueno‐Guerrero, Manuel Moreno and Javier F. Navas Bond Market Completeness under Stochastic Strings with Distribution-Valued Strategiesa Alberto Bueno (IES Francisco Ayala) Natividad Blasco (Universidad de Zaragoza)

Asset Pricing II

Chair: Francisco Peñaranda (Fundación UCEIF)

Room: Aula Magna

Authors Title Presenter Discussant
José Luis Miralles‐Marcelo, María Del Mar Miralles‐Quirós and José Luis Miralles‐Quirós International diversification benefits using a multivariate VAR-GARCH approach José Luis Miralles-Quirós (Universidad de Extremadura) Eva Ferreira (Universidad del País Vasco)
Gustavo Peralta and Abalfazl Zareei A Network Approach to Portfolio Selection Gustavo Peralta (CNMV) M. Teresa Bosch Badia (Universitat Autonoma de Barcelona)
Eva Ferreira García and Susan Orbe Mandaluniz Estimating and Testing for Time-Varying stock market Eva Ferreira (Universidad del País Vasco) José Luis Miralles-Quirós (Universidad de Extremadura)
Maria Teresa Bosch Badia, Joan Montllor Serrats and Maria Antonia Tarrazon Rodon Analysing common stocks performance from the optimal ex-post portfolio weights M. Teresa Bosch Badia (Universitat Autonoma de Barcelona) Gustavo Peralta (CNMV)

Room: Trece Heroínas

13:30‐15:30 LUNCH

15:30‐17:30 PARALLEL SESSIONS

Mutual Funds

Chair: Luis Vicente (Universidad de Zaragoza)

Room: Joaquín Costa

Authors Title Presenter Discussant
Ramiro Losada Measuring market power in the Spanish mutual funds industry for retail investors Ramiro Losada (CNMV) Juan Carlos Matallín (Universitat Jaume I)
David Moreno, Rafael Zambrana and Rosa Rodríguez The relevance of portfolio management core competency in outsourcing decisions David Moreno (Universidad Carlos III de Madrid) Laura Andreu (Uiversidad de Zaragoza)
Julio Alberto Crego and Julio Gálvez Hedge funds and asset markets: tail or two-state dependence? Julio Alberto Crego (CEMFI)

Ramiro Losada (CNMV)

Diego Víctor de Mingo‐López, Juan Carlos Matallín‐Sáez Mutual fund performance:dividends do matter Diego Victor de Mingo López (Universitat Jaume I) Rosa Rodriguez (Universidad Carlos III de Madrid)

Banking and Insurance

Chair: Francisco González (Universidad de Oviedo)

Room: Pedro Cerbuna

Authors Title Presenter Discussant
Patricia Boyallian and Pablo Ruiz‐Verdu CEO Risk Taking Incentives and Bank Failure during the 2007-2010 Financial Crisis Patricia Boyallian (Aalto University School of Business) María Rubio Misas (Universidad de Málaga)
Lidia Sanchis‐Marco and Antonio Rubia Measuring Tail-Risk Cross-Country Exposures in the Banking Industry Lidia Sanchís (Universidad Castilla La Mancha) Pablo Ruiz Verdú (Universidad Carlos III de Madrid)
J. David Cummins, Maria Rubio‐Misas and Dev Vencappa Competition, efficiency and soundness in european life insurance markets María Rubio Misas (Universidad de Málaga) Lidia Sanchís (Universidad Castilla La Mancha)

Debt I

Chair: Diptes Bhimjee (ISCTE-IUL Business School)

Room: Aula Magna

Authors Title Presenter Discussant
Judit Montoriol‐Garriga and Emilia Garcia‐Appendini Trade credit and financial distress Judit Montoriol-Garriga Emiliano Sánchez (Universidad del País Vasco)
Emiliano Sanchez and Eva Ferreira Using Hyperbolic Cross Points to Calibrate the Svensson Model to Swap Rates Emiliano Sánchez (Universidad del País Vasco) The discussion by Helena Chulia (Universitat de Barcelona) will be sent to the authors
Ricardo Gimeno The Vicious Cycle of Sovereign Debt and Interest Rates in the Euro Area Ricardo Gimeno (Banco de España) Antonio Moreno (Universidad de Navarra)

Asset Pricing III

Chair: Elena Ferrer (Universidad Pública de Navarra)

Room: Pilar Sinués

Authors Title Presenter Discussant
Gracia Rubio Martin, Francisco Pérez Hernández and Conrado M. Manuel García Brand valuation using royalty relief method and linear discriminant analysis. Gracia Rubio Martín (Universidad Complutense de Madrid) Miguel Ángel Acedo (Universidad de La Rioja)
Juan Laborda Herrero, Ricardo Laborda Herrero and Jose Olmo Bádenas Investing in the european size factor Ricardo Laborda (Centro Universitario de la Defensa de Zaragoza) Gracia Rubio Martín (Universidad Complutense de Madrid).
Miguel Angel Acedo Ramírez and Fco. Javier Ruiz Cabestre IPO underpricing in the primary market: Evidence from the Spanish market Miguel Ángel Acedo (Universidad de La Rioja) Ricardo Laborda (Centro Universitario de la Defensa de Zaragoza)

Room: Trece Heroínas

17:30‐18:00 COFFEE BREAK

Room: Aula Magna

18:00 WELCOME MESSAGE and KEYNOTE SPEECH:

Prof. Darren Duxbury (Newcastle University Business School)
"How prior outcomes influence financial behavior."

Room: Trece Heroínas

19:30 CASINO GOURMET

FRIDAY, NOVEMBER 21st

9:00‐11:00 PARALLEL SESSIONS

Liquidity

Chair: Ignacio Peña (Universidad Carlos III de Madrid)

Room: Aula Magna

Authors Title Presenter Discussant
Tao Tang, Isabel Figuerola‐Ferretti and Ioannis Paraskevopoulos Pairs Trading and Relative Liquidity in the European Stock Market Tao Tang (Universidad Carlos III de Madrid) Antonio Díaz (Universidad de Castilla La Mancha)
Belen Nieto y Marina Balboa Liquidity and Corporate Debt Market Timing Belén Nieto (Universidad de Alicante)

Tao Tang (Universidad Carlos III de Madrid)

Ana Escribano, Antonio Diaz, Mª Dolores Robles and Pilar Abad Credit Rating Announcements and Bond Liquidity Antonio Díaz (Universidad de Castilla La Mancha) Belén Nieto (Universidad de Alicante)

Corporate II

Chair: Susana Alonso (Universidad de Valladolid)

Room: Pilar Sinués

Authors Title Presenter Discussant
Eliezer Fich, Micah Officer and Anh Tran Do acquirers benefit from retaining target CEOs? Anh Tran (City University London) Isabel Feito-Ruiz (Universidad de León)
Maria T. Tascon and Francisco J. Castaño A new tool for failure analysis in small firms: frontiers of financial ratios based on percentile differences (PDFR) María T. Tascón (Universidad de León) Natalia Utrero (Centro Universitario de la Defensa de Zaragoza)
Isabel Feito‐Ruiz, Clara Cardone‐Riportella and Susana Menéndez‐Requejo SMEs’ reverse takeovers on the alternative investment market (AIM): family holders and financial crisis Isabel Feito-Ruiz (Universidad de León) Francisco Callado (Centro Universitario de la Defensa de Zaragoza)
Diego Garcia, Paolo Fulghieri and Dirk Hackbarth Asymmetric information and the pecking (dis)order Diego García (University of North Carolina) Anh Tran (City University London)

Ethics/ESG

Chair: Mª Ángeles Fernández Izquierdo (Universitat Jaume I)

Room: Pedro Cerbuna

Authors Title Presenter Discussant
Idoya Ferrero‐Ferrero, María Ángeles Fernández‐Izquierdo and María Jesús Muñoz‐Torres Firm performance relationships in listed firms: the esg consistency impact Idoya Ferrero (Universitat Jaume I) Laura Baselga-Pascual (Universidad Pablo De Olavide)
Susana Alvarez Otero Does the number of women have any influence on ipos valuation? Susana Álvarez Otero (Universidad de Oviedo) Wojciech Przychodzen (Deusto Business School)
Laura Baselga‐Pascual, Antonio Trujillo‐Ponce, Emilia Vähämaa and Sami Vähämaa Ethical Reputation of Financial Institutions: Do Board Characteristics
Matter?
Laura Baselga-Pascual (Universidad Pablo De Olavide) Susana Álvarez Otero (Universidad de Oviedo)
Wojciech Przychodzen, Fernando Gómez‐Bezares and Justyna Przychodzen Corporate Sustainability and Shareholder Wealth – Evidence from British Companies and Lessons from the Crisis Wojciech Przychodzen (Deusto Business School) Idoya Ferrero (Universitat Jaume I)

Behavioral Finance II

Chair: Cristina Ortiz (Universidad de Zaragoza)

Room: Joaquín Costa

Authors Title Presenter Discussant
Ana Gonzalez‐Urteaga, Luis Muga and Rafael Santamaria Momentum and default risk. Some results using the jump component Ana González-Urteaga (Universidad Pública de Navarra) Carlos Forner (Universidad de Alicante)
Cristina Vilaplana‐Prieto How do general economic conditions affect household economic expectations? Analysis for Spain 1990-2012 Cristina Vilaplana-Prieto (Universidad de Murcia) Carlos Fernández (Universidad de Oviedo)
Carlos Forner and Pablo J. Vázquez The incongruent value-growth strategy in the Spanish market Carlos Forner (Universidad de Alicante) Ana González-Urteaga (Universidad Pública de Navarra)
Carlos Fernandez Mendez, Rubén Arrondo García and
Shams Pathan
Monitoring by Busy and Overlap Directors: An Examination of executive remuneration and financial reporting quality Carlos Fernández (Universidad de Oviedo) Cristina Vilaplana-Prieto (Universidad de Murcia)

Room: Trece Heroínas

11:00‐11:30 COFFEE BREAK

11:30‐13:30 PARALLEL SESSIONS

Banking I

Chair: María Rubio Misas (Universidad de Málaga)

Room: Aula Magna

Authors Title Presenter Discussant
Ana I. Fernández, Francisco González, Nuria Suarez Banking Stability, Competition, and Economic Volatility Nuria Suárez (Universidad Pública de Navarra) Rubén García-Céspedes (BBVA y Universidad Castilla La Mancha)
Alfredo Martin Oliver, Andres Almazan and Jesus Saurina Securitization and banks’ capital structures Alfredo Martín Oliver (Universidad de Las Islas Baleares) Francisco Gonzalez (Universidad de Oviedo)
Rubén García‐Céspedes and Manuel Moreno Taylor expansion based methods to measure credit risk Rubén García-Céspedes (BBVA y Universidad Castilla La Mancha) Ana Gonzalez-Urteaga (Universidad Pública de Navarra)
Patricia Boyallian and Pablo Ruiz‐Verdu Too Big to Discipline? Pablo Ruiz Verdú (Universidad Carlos III de Madrid) Alfredo Martín Oliver (Universidad de Las Islas Baleares)

Mutual Funds/Pension Funds

Chair: Francisco Callado (Centro Universitario de la Defensa de Zaragoza)

Room: Joaquín Costa

Authors Title Presenter Discussant
Mercedes Alda and Ferruz Luis Flows impact on pension fund managers’ abilities. Evidence from UK conventional and SR pension funds Mercedes Alda (Universidad de Zaragoza) Fernando Muñoz (Centro Universitario de la Defensa de Zaragoza)
Ricardo Laborda and Fernando Muñoz Investing in government bond funds: does it add economic value? Fernando Muñoz (Centro Universitario de la Defensa de Zaragoza) "The discussion by María Vargas (University of Zaragoza) will be sent to the authors".

Commodities

Chair: Gonzalo Rubio (Universidad Cardenal Herrera-CEU)

Room: Pedro Cerbuna

Authors Title Presenter Discussant
Sara Segura, Luis Ferruz, Pilar Gargallo and Manuel Salvador Is there any link between the EU ETS and energy stock markets? Amultivariate GARCH approach Sara Segura (Universidad de Zaragoza) Emilia García Appendini (University of St Gallen)
Isabel Figuerola‐Ferretti, Chris L. Gilbert and Jieqin Yan Copper Price Discovery on Comex, the LME and the SHFE Isabel Figuerola Ferretti (Research Center For Energy Manament and ICADE) Sara Segura (Universidad de Zaragoza)
Ivan Blanco, Juan Ignacio Peña and Rosa Rodriguez Lopez Modelling Electricity Swaps with Stochastic Forward Premium Models Ignacio Peña (Universidad Carlos III de Madrid) Isabel Figuerola Ferretti (Research Center For Energy Manament and ICADE)

Sovereign debt

Chair: Antonio Díaz (Universidad Castilla La Mancha)

Room: Pilar Sinués

Authors Title Presenter Discussant
Carmen González‐Velasco and Marcos González‐Fernández Influence of sovereign risk on the maturity structure of sovereign debt in the Eurozone Marcos González-Fernández (Universidad de León) Susana Alonso (Universidad de Valladolid)
Maria Rodríguez‐Moreno and Stefano Corradin Limits to arbitrage: Empirical evidence from Euro area sovereign bond markets María Rodríguez Moreno (Universidad de Navarra) Julio Gálvez (CEMFI)
Susana Alonso, Gabriel de La Fuente and Ricardo Gimeno When a sovereign should default? Susana Alonso (Universidad de Valladolid) María Rodríguez Moreno (Universidad de Navarra)
Julio Galvez and Javier Mencia Distributional linkages between European sovereign bond and bank asset returns Julio Gálvez (CEMFI) Marcos González-Fernández (Universidad de León)

Room: Trece Heroínas

13:30‐15:30 LUNCH

15:30‐17:30 PARALLEL SESSIONS

Market Efficiency

Chair: M. Mar Miralles (Universidad de Extremadura)

Room: Pedro Cerbuna

Authors Title Presenter Discussant
Ana Gonzalez‐Urteaga and Gonzalo Rubio The cross-sectional variation of volatility risk premia Gonzalo Rubio (Universidad Cardenal Herrera-CEU) Javier Perote (Universidad de Salamanca)
Pablo García Estévez, Salvador Roji Ferrari and Teresa Corzo Santamaría Mapping of stock exchanges: an alternative approach Pablo García Estévez (CUNEF) Iñaki Rodríguez (Stockholm University)
Trino‐Manuel Ñíguez and Javier Perote Multivariate Distributions based on Moments Expansions and Hermite Polynomials Approximations Javier Perote (Universidad de Salamanca) Juan Perote (Universidad de Zaragoza)
Iñaki Rodríguez Longarela and Geir Høidal Bjønnes Arbitrage violations in currency markets Iñaki Rodríguez (Stockholm University) Pablo García Estévez (CUNEF)

Debt II

Chair: Ricardo Gimeno (Banco de España)

Room: Aula Magna

Authors Title Presenter Discussant
Anna Toldra‐Simats and Jerome Reboul The strategic behavior of firms with debt Anna Toldrá Simats (Universidad Carlos III de Madrid) Ignacio Peña (Universidad Carlos III de Madrid)
Jose Antonio Clemente Almendros and Francisco Sogorb‐Mira The Effect of Taxes on the Debt Policy of Spanish Listed Companies Francisco Sogorb Mira (San Pablo CEU) Anna Toldrá Simats (Universidad Carlos III de Madrid)
Wan‐Chien Chiu, Juan Ignacio Peña and Chih‐Wei Wang The Effect of Rollover Risk on Default Risk: Evidence from Bank Financing Ignacio Peña (Universidad Carlos III de Madrid) Jose Antonio Clemente (San Pablo CEU)

Corporate III

Chair: Eva Ferreira (Universidad del País Vasco)

Room: Pilar Sinués

Authors Title Presenter Discussant
Maxim Mironov and Juan Pedro Gomez Income Diversion, Corporate Governance and Firm Value Juan Pedro Gómez (IE Business School) María Tascón (Universidad de León)
Manuel Cano‐Rodríguez, Manuel Núñez‐Nickel and Santiago Sánchez‐Alegría How are big 4 audits valued around the world? The non‐linear relationship between the value of audit quality and the investor protection quality Manuel Cano-Rodríguez (Universidad de Jaén) Juan Pedro Gómez (IE Business School)
Paula Castro, Maria T. Tascon, Borja Amor‐Tapia and Alberto De Miguel Target leverage and speed of adjustment along the life cycle of the firm María Tascón (Universidad de León) Manuel Cano-Rodríguez (Universidad de Jaén)

Room: Trece Heroínas

17:30‐18:00 COFFEE BREAK

Room: Pedro Cerbuna

18:00 AEFIN ANNUAL MEETING

Ibercaja. Patio de la Infanta. Salón Aragón. C/ San Ignacio de Loyola, 16.

19:30 KEYNOTE SPEECH: Prof. Robert Lensink (University of Groningen)
The myth of microfinance Recent Developments in microfinance: the relevance of microfinance plus

Hotel Zenit Don Yo. C/ Bruil, 4-6

21:00 CONFERENCE DINNER AND AWARDS CEREMONY