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7TH
ANNUAL CONFERENCE
MULTINATIONAL FINANCE SOCIETY
April 5-8, 2000
SESSIONS
| Thursday 8:30 - 10:00 |
SESSION
1
Emerging markets and Macroeconomic Indicators
Session Chair: Ivan Brick - Rutgers University
Causal Relations Among Emerging Markets Stock Returns, Interest Rates and
Inflation
Mitchell Ratner - Rider University
Ricardo Leal - COOPEAD/UFRJ, Brazil
Price Leading Earnings In Emerging Markets: A Case Of the Kuwait Stock Exchange
Rashid Al-Qenae - University of Essex, UK
Bob Wearing - University of Essex, UK
Interest Rate Linkages Within the European Monetary System: A VAR in Levels
Approach
G. Geoffrey Booth - Michigan State University
Cetin Ciner - Northeastern University
Discussants:
Dilip Patro - Rutgers University
Ivan Brick - Rutgers University
John Manley - Iona College
SESSION 2
Integration in Emerging Markets
Session Chair: Uzi Yaari - Rutgers University
Information Ethics: A Comparison of the Perceptions of Business Students
and Business People
Ajay Adhikari - The American University
Are the Latin America Equity Markets Internationally Integrated?: New Evidence
Using American Depository Receipts (ADRs)
Delroy M. Hunter - Bentley College
Capital Markets and Emerging Economies
Arav S. Ouandlous - Savannah State University
William Dowling - Savannah State University
Discussants:
Anand Shetty - Iona College
George Tsetsekos - Drexel University
Joelle Miffre - University of Reading, UK
SESSION 3
Linkages in Foreign Exchange Markets
Session Chair: J. Jay Choi - Temple University
Time-Value and Asymmetric Behavior in EMS Exchange Rates
Nikiforos T. Laopodis - Villa Julie College
Interest Rate Linkages, FX Volatility, and the Euro: The case for United
kingdom
Bimal Prodhan - University of Hull, UK
Ranko Jelic - University of Hull, UK
Efficient Markets Tests of Purchasing Power Parity For Latin American Currencies
Robert Johnson - University of San Diego
Edgar Ortiz - UNAM, Mexico
Luc Soenen - California Polytechnic State University
Discussants:
Andreas Christofi - Monmouth University
Jeffrey Wrase - Federal Reserve Bank of Philadelphia
Jiang Cao - Temple University
|
Refreshments
10:00 - 10:15 AM |
| hursday 10:15-11:45 |
SESSION 4
SPECIAL SESSION
DERIVATIVE PRODUCTS
Alan Tucker - Drexel University
SESSION 5
ISSUES ON EMERGING MARKETS AND EARNINGS MANAGEMENT
Session Chair: John Broussard - Rutgers University
Crisis in Emerging Stock Markets: Economic Status, Market Returns and Timing
Stanley B. Gyoshev - Drexel University
George Tsetsekos - Drexel University
Partial Equilibrium Prices on a Financial Graph
Paolo Falbo - University of Brescia, Italy
Rosanna Grassi - University of Brescia, Italy
Earnings Management Surrounding Top Management Turnover in Japanese Firms
Miralda Lam Detzler - University of Massachusetts
Susan Machuga - University of Massachusetts
Discussants:
Ephraim Clark - Middlesex University, UK
Vladimir Atanasov - Penn State University
Jennifer Yin - Rutgers University
SESSION 6
Underwriting and Privatization in Emerging markets
Session Chair: Michael Gombola - Drexel University
Mispricing IPOs: Fixed Pricing vs. Auction Pricing
Shmuel Hauser - Ben Gurion University and Israel Securities Authority,
Israel
Yael Tanchuma - Israel Securities Authority, Israel
Harold Baker - Israel Securities Authority, Israel
Uzi Yaari - Rutgers University
IPOs and Takeovers
John Roufagalas - Radford University
Information Externalities and the Roll of the Underwriters in Primary Equity
Markets
Lawrence M. Benveniste - University of Minnesota
Walid Y. Busaba - University of Arizona
William J. Wilhelm, Jr. - Boston College
Discussants:
David Chou - Drexel University
Hatice Uzun -Drexel University
DoSeung Kim - Drexel University and University of Akron
| LUNCHEON Thursday 12:00 - 1:45 p.m. Concerto A&B, Third Floor |
| Thursday 2:00 - 3:30 |
SESSION 7
COUNTRY STUDIES
Session Chair: Costas Siriopoulos - University of Macedonia, Greece
Public Regulation of Mergers Under the New Zealand Commerce Act 1986
Lindsay F. Hampton - University of Canterbury, New Zealand
Evidence that Bankruptcy Law Among Countries Affect Firm Returns
Vaughn S. Armstrong - Washington State University
Leigh A. Riddick - American University
Shuffle to the Top: The Capital Investment Decision-Making Process in a
Nepali Hotel
Wim Westerman - University of Groningen, The Netherlands
Discussants:
Jerry Stevens - University of Richmond
Michael Gombola - Drexel University
Eleni Mariola - Iona College
SESSION 8
Stock Returns in International Markets
Session Chair: Anand Shetty - Iona College
Stock Returns and Trading Volume: Evidence from the Emerging Markets of
Latin America and Asia
Mitchell Ratner - Rider University
Ricardo Leal - COPPEAD/UFRJ, Brazil
Investigating the Dynamic and Stochastic Behavior of the Beta on an International
CAPM and Its Impact onForecasting Stock Returns in Global Stock Markets
Hong-Jen Lin - State University of New York at Buffalo
Winston T. Lin - State University of New York at Buffalo
Discussants:
Ramakrishna Koudinya - Baruch College-CUNY
Nikiforos Laopodis - Villa Julie College
SESSION 9
Issues on Internationalization and Corporate Expansion
Session Chair: Robert Eldridge - Southern Connecticut State University
Internationalization and the Corporations' Profitability
Vivian-Francia Nazar - Ferris State University
Analyst Herding Behavior and Multinationality
Chansog (Francis) Kim - Queens College - CUNY
Christos Pantzalis - University of South Florida
The Valuation of Large Blocks of Shares: A Study of the Bulgarian Mass
Privatization Auctions
Vladimir Atanasov - Penn State University
Discussants:
tba
Arav S. Ouandlous - Savannah State University
tba
|
Refreshments |
| Thursday 3:45-5:15 |
SESSION 10
Risk and Volatility in the Futures and Foreign Exchange Market
Session Chair: tba
Foreign Exchange Market Volatility and the "Interval Effect"
Jonathan Batten - Nanyang Technological University, Singapore
Craig Ellis - University of Technology, Sydney, Australia
The Information effect of Volatility: The case of the S&P Stock Index
Andreas C. Christofi - Monmouth University
Political and Regulatory Risk: Beta Sensitivity in UK Electricity Distribution
Roger Buckland - University of Aberdeen, Scotland
Patricia Fraser - University of Aberdeen, Scotland
Discussants:
Andrea DeMaskey - Villanova University
D.K. Malhotra - Philadelphia University
Emeka Nwaeze - Rutgers University
SESSION 11
Derivatives and Market Microstructure in International Setting
Session Chair: G. Geoffrey Booth - Michigan State University
Cost of Learning, Cost of Carry: The Implied Carry Cost of FTSE 100 Future
Contracts at First Introduction
Robert M. Eldridge - Southern Connecticut State University
Equity-Linked Saving Products (SWAPs)
Harry M. Kat - The University of Reading, UK
Distribution of Financial Asset Prices, the Skewed Generalized Error Distribution,
and the Pricing of Options
Panayiotis Theodossiou - Rutgers University
Discussants:
tba
D. K. Malhotra - Philadelphia University
Jack Worrall - Rutgers University
SESSION 12
STRATEGIC ISSUES
Session Chair: Edgar Ortiz - UNAM, Mexico
Strategic Investments by Firms Facing Losses
Sungsoo Kim - Rutgers University
Audit in Uzbekistan: Formation, Development, and Perspectives
Nozir Ibragimov - Samarkand Cooperative Institute, Uzbekistan
M. M. Tulakhodjayeva - Tashkent State Economic University, Uzbekistan
Abdunabi Pardaev - Ustoz Republican Foundation, Uzbekistan
Can Diversified Firms Benefit From Debt?
Aloke Ghosh - Emory University
Lee-Seok Hwang - Baruch College (CUNY)
Discussants:
Leigh Riddick - American University
Lulu Lulseged - Rutgers University
tba
RECEPTION Thursday 7:30 - 8:45 p.m. Concerto A&B, Third Floor |
| Friday 8:30 - 10:00 |
SESSION 13
Portfolio Issues
Session Chair: Jerry Stevens - University or Richmond
A Comparative Analysis of the Expense Ratios of Open-End and Closed-End Equity
Funds
D.K. Malhotra - Philadelphia College of Textiles and Science
Rand Martin - Bloomsburg University
Robert McLeod - The University of Alabama
Timing the Index Using Model-based Market Forecasts
David Lovatt - University of East Anglia, UK
The Effect of Background Risk on Optimal Portfolios
Octave N. Jokung - Catholic University, France
Discussants:
Esmeralda Lyn - Hofstra University
Stavros Tsopoglou - University of Macedonia, Greece
Michalis Ioannides - University of Reading, UK
SESSION 14
Financial Information, Management Behavior, and Shareholders Wealth
Session Chair: Ephraim Clark - Middlesex University, UK
Capital Budgeting: A Test of the Abandonment Option
Ephraim Clark - Middlesex University, UK
Magid Gadad - Middlesex University, UK
Patrick Rousseau - Universitéé Aix-Marsielle, France
Market Structure and French's Investor Reaction
Francisca M. Beer - California State University
Geneviuve Nouyrigat - University Pierre Mendes France, GESCMP
Hedging and The Use of Derivatives: Evidence From UK Non-Financial Firms
Amrit Judge - Middlesex University Business School, UK
The Effects of Divestiture on Seller Firm Operating Performance and Shareholders'
Wealth: UK Evidence
Abdul-Magid Gadad - University of Essex, UK
Hardy M. Thomas - University of Essex, UK
Discussants:
Hardy Thomas - University of Essex, UK
Magid Gadad - Middlesex University, UK
John Broussard - Rutgers University
Geneviuve Nouyrigat - GESCMP, France
SESSION 15
Banking and Corporate Governance
Session Chair: Wei-Ling Song - Drexel University
Monitoring Distressed Banks and the Bank Shareholders'' Incentives Under Risk-neutral
Valuation
Francesco M. Paris - University of Brescia, Italy
The Relative Efficiency of Separated Banks versus Universal banks: A Stochastic
Cost Frontier Approach
Thomas K. Lee - Marymouth University
Reza Saidi - The Catholic University of America
Ownership Structure, Managerial Performance, and CEO Turnover
Eleni Mariola - Iona College
Huldah A. Ryan - Iona College
Discussants:
George Papaioannou - Hofstra University
Harry Kat - University of Reading, UK
Wei-Ling Song - Drexel University
| Refreshments 10:00-10:15 a.m. |
| Friday 10:15 - 11:45 |
SESSION 16 Friday 10:15-11:45
ECONOMETRIC ISSUES IN INTERNATIONAL FINANCE
Session Chair: Jack Worrall - Rutgers University
Intraday Analysis of Market Integration for Canadian Shares Cross-Listed on
the TSE and U.S. Markets
Lawrence Kryzanowski - Concordia University, Canada
Hao Zhang - University of Victoria, Canada
Performance of Bid-Ask Spread Estimators: Empirical Evidence from SFE
Amber Anand - Baruch College-CUNY
Ahmet K. Karagozoglu - Hofstra University
The Case for the Relevancy of Lower Partial Moment in Portfolio Analysis
David Nawrocki - Villanova University
Discussants:
Ephraim Clark - Middlesex University, UK
Ed Nelling - Drexel University
Hong-Jen Lin - SUNY at Buffalo
SESSION 17 Friday 10:15-11:45
CORPORATE STRUCTURE AND PERFORMANCE: COUNTRY ISSUES
Session Chair: Allan Young - Syracuse University
Privatization in Kuwait: Analysis and Recommendations
Nabil A. Kartam - Kuwait University, Kuwait
The Japanese Corporate Structure and the Corporate Financing in the Keiretsu
Arav S. Ouandlous - Savannah State University
Nikiforos Laopodis - Villa Julie College
The Cadbury Committee, Corporate Performance and Top Management Turnover
Jay Dahya - Cardiff University, UK
John J. McConnell - Purdue University
Nickolaos G. Travlos - ALBA, Greece and Cardiff University, UK
Discussants:
Allan Young - Syracuse University
Wim Westerman - University of Groningen, Netherlands
P.C. Kumar - American University
SESSION 18
GLOBAL BUSINESS AND E-COMMERCE
Special Panel Session
Moderator: Davinder K. Malhotra - Philadelphia College of Textiles
and Science
Panel:
lloyd Russow - Philadelphia University
Rashmi Malhotra - Saint Joseph's University
Steven Mullin - Director of E-Consulting
| LUNCHEON Friday 12:00 - 1:45 p.m. Concerto A&B, Third Floor |
| Friday 2:00-3:30 |
SESSION 19
CONTINUOUS GLOBALIZED TRADING
Session Chair: Andreas Christofi - Monmouth University
John Burke - Rumson Capital
David Sterman - Individual Investor Online
Thomas C. Byrne - Byrne Asset Management
SESSION 20 Friday 2:00-3:30
Term Structure of Interest Rates, Bond Returns, and International Capital
Markets
Session Chair: George Athanassakos - Wilfrid Laurier University, Canada
Liquidity, Security and Business Investment
Trevor W. Chamberlain - McMaster University, Canada
A Three Factor Model of the Term Structure of Interest Rates with Stochastic
Market Price of Risk
Michalis S. Ioannides - University of Reading, UK
Nonlinear Noise Estimation in International Capital Markets
Costas Siriopoulos - University of Macedonia, Greece
Alexandros Leontitsis - University of Macedonia, Greece
Discussants:
Alexandros Leontitsis - University of Macedonia, Greece
Trevor W. Chamberlain - McMaster University, Canada
Eugene Pillotte - Rutgers University
SESSION 21 Friday 2:00-3:30
Bond Returns in Global Markets
Session Chair: P.C. Kumar - American University
The Abnormal Performance of International Bond Returns
Joelle Miffre - The University of Reading, UK
Andrew Clare - Bank of England, UK
An Empirical Investigation of Bond Term Premia in the European and USA
Government Bond Markets
Stephanos Papadamou - University of Macedonia, Greece
Demetrios Papanastassiou - University of Macedonia, Greece
Stavros Tsopoglou - University of Macedonia, Greece
Testing the Fisher International Equity Parity
Jongmoo Jay Choi - Temple University
Kenneth J. Kopecky - Temple University
Tai Yi - Temple University
Discussants:
Lawrence Kryzanowski - Concordia University
Nancy Huckins - Hofstra University
Reza Saidi - The Catholic University of America
| Refreshments 3:30-3:45 p.m. |
| Friday 3:45 - 5:15 |
SESSION 22
International Accounting Issues
Session Chair: Angelos Tsaklanganos - Aristotle University of Thessaloniki,
Greece
The Valuation Relevance of Earnings and Cash Flows: An International Perspective
(Peru & Chile)
Maria Sanchez - Drexel University
The Relative Usefulness of Accrual Earnings, Cash Flows, and Working Capital:
The Profitability of Accounting-Based Investment Strategies
Jeong-Bon Kim - The Hong Kong Polytechnic University, Hong Kong
Roland Lipka - Temple University
Heibatollah Sami - Temple University
Managerial Discretion and the Pricing of Positive and Negative Discretionary
Accruals
Emeka Nwaeze - Rutgers University
Discussants:
Sungsoo Kim - Rutgers University
Miralda Lam Detzler - University of Massachusetts
Roger Buckland - University of Aberdeen, UK
SESSION 23
SPECIAL PANEL SESSION
RISK MANAGEMENT INSTRUMENTS
Moderator: Panos Varangis - The World Bank
Panelists:
Hana Polackva Brixi - The World Bank
Jerry Skees - University of Kentucky
SESSION 24
EMERGING MARKETS AND INTEGRATION OF STOCK RETURNS
Session Chair: Lawrence Kryzanowski - Concordia University, Canada
Visibility, Institutional Preferences, and Agency Considerations
Lucy F. Ackert - Federal Reserve Bank of Atlanta
George Athanassakos - Wilfrid Laurier University, Canada
Non-Stationarities in Financial Variables and the Prediction of Business
Failures
Emel Kahya - Rutgers University
Arav S. Ouandlous - Savannah State University
Panayiotis Theodossiou - Rutgers University
Angelos Tsaklanganos - Aristotle University of Thessaloniki, Greece
Index Arbitrage with Heterogeneous Investors: A Smooth Transition Error Correction
Analysis
Yiuman Tse - Binghamton University (SUNY)
Discussants:
Samuel H. Szewczyk - Drexel University
Michael Gombola - Drexel University
Michalis Ioannides - University of Reading, UK
| Saturday,
April 8 Complimentary Trip for the Registered Conference Participants. 9:30 a.m. – 11:00 a.m. Philadelphia Art Museum 11:00 a.m. – 12:45 p.m. Tour to the City of Philadelphia 1:15 p.m. – 3:00 p.m. Lunch |