Registration & Refreshment
Faculty of Economics Building Hall
AFS 2025 Conference Program
Opening Remarks: Adriana Alventosa Baños, Vice Dean for Incoming Mobility
Room Manuel Sánchez Ayuso (first floor)
Session 1A, Room Ignasi Villalonga: Gas Emissions and Credit Risk
Session Chair: Laura Ballester, University of Valencia
Distance to Default and Climate Change: Do Carbon Emissions Matter? Evidence from Financial Institutions in Emerging Markets
Malek Ben-Abdellatif, ESLSCA University Egypt
Multinational Enterprises and Greenhouse Gas Emissions: A Question-Driven Approach and Research Agenda
Michael King, University of Victoria
Is Creditor Protection a Blessing or a Curse for the Environment? Evidence from Greenhouse Gas Emissions
Syrine Sassi, University of Ottawa
Session 1B, Room Manuel Sánchez Ayuso: Biodiversity and Environmental Disclosure
Session Chair: Arman Eshraghi, Cardiff University
Biodiversity Risk Assessment and Efficient Working Capital Management
Andrea Paltrinieri, Catholic University of Sacred Heart
The Financial Consequences of Mandated Environmental Disclosure: Global Evidence
Hamdi Driss, Saint Mary's University
Biodiversity Disclosure and Green Innovation: Transparency Leading to Action?
John W. Goodell, University of Akron
Session 1C, Room 5P19: Board Reforms
Session Chair: Konstantinos Stathopoulos, University of Manchester
Prioritizing Social Issues: The Role of Women on Corporate Boards
Oskar Kowalewski, INE PAN
Board Reforms and Share Repurchases: Worldwide Evidence
Donglai Ning, Hitotsubashi University
Corporate Governance and Supplier Financing: Evidence from Global Board Reforms
Jared DeLisle, Utah State University
Coffee Break
Faculty of Economics Building Hall
Parallel Sessions 2
Can CEO Activism Boost ESG Ratings?
Juliane Proelss, Concordia University
Short Sellers and Social Responsibility Ratings
Elaine Zhang, IE Business School
Sustainable or Risky is it a Choice? Performance and Volatility Asymmetries Between ESG ETFs: Evidence from the European Financial Markets
Oumaima Lahmar, University of Bergamo
Session 2B, Room Manuel Sánchez Ayuso (first floor): Banking
Session Chair: Omrane Guedhami, University of South Carolina
Banking on Deforestation: The Cost of Nonenforcement
Cristina Ortega, Universidad Autónoma de Madrid
Wall of Main Bank: Bank Megamerger and Lending Adjustment
Koutaroh Minami, Hitotsubashi University
Market Disappointment with Central Bank Announcements
Julien Pinter, University of Alicante
Session 2C, Room 5P19 (fifth floor): Energy Transition, Green Assets and Risk
Session Chair: Cayman Seagraves, University of Tulsa
Sovereign Green Bonds and Credit Risk: A Cross-country Analysis
Laura Ballester, University of Valencia
Agency Cost of Choosing Green
Cayman Seagraves, University of Tulsa
Shock Transmission Among Green Financial Instruments and Major Financial Assets and Commodities In China: A Quantile Connectedness Analysis
Roman Ferrer, University of Valencia
The Empirical Impact of Energy Transition on Developing Economies: Sectoral Analysis and Predictive Insights
Christian Urom, Paris School of Business
Session 2D, Room 5P08 (fifth floor): Crypto, Risk, and Energy Pricing
Session Chair: Lamia Chourou, University of Ottawa
Bitcoin’s Transactional Value and Energy Prices
Yrjo Koskinen, University of Calgary
Price Discovery in the Bitcoin ETF Market
Ke Xu, University of Victoria
From Cryptos to Smart Indices: Mapping Dynamic Risk and Hedging across Bitcoin, Gold, AI, and ESG
Hela Nammouri, ESDES Lyon Business School
Lending in the Age of Cyber Threats: How do Lenders Price Loans?
Zheyu Qi, University of South Carolina
Lunch
Faculty of Economics Building Hall
Keynote Address: The State of the Family Business Research Around the Globe
Morten Bennedsen, INSEAD
Room Manuel Sánchez Ayuso (first floor)
Parallel Sessions 3
Propagation of ESG-Linked Compensation through Boardroom Connections
Izidin El Kalak, Alfaisal University
Funding Costs and Bank Liquidity Creation: Does ESG Play any Role?
Ashraf Khan, University of Venice
Does Regularity Quality Enhance Sustainability Performance? International Evidence
Rasol Eskandari, Salford Business School
Portfolio Optimization and Carbon Impact: Strategies for a Sustainable Financial Future
Jdidi Boussetta, University of Nabeul
Session 3B, Room Manuel Sánchez Ayuso (first floor): Venture Capital
Session Chair: Francesca Toscano, Wayne State University
The Financial Economics of Spaceflight
William Megginson, University of Oklahoma
Cross-border VC and Innovation
Zicen Zhao, University of Leeds
Evaluating Startup Potential: A Holistic Approach
Marco Mandas, University of Cagliari
Session 3C, Room 5P19 (fifth floor): Diversity and Corporate Behavior
Session Chair: Stéphane Chrétien, Université Laval
Financing Policies in the Shadows of Corporate Misconduct
Najah Attig, Dalhousie University
Sovereign Ceilings and Corporate Payouts: How Rating Constraints Shape Dividend Policy
Periklis Boumparis, Newcastle University
Digital Gender Divide and Performance of Women-led SMEs in Arab Countries
Zuzana Brixiova Schwidrowski, Masaryk University
Who Benefits from Insider Information? Insider Traders “Under the Gun”
Andrey Pankratov, Université Laval
Session 3D, Room 5P08 (fifth floor): Market Risk
Session Chair: Yukihiro Yasuda, Hitotsubashi University
The Morning After: Late-night TV and the Stock Market
Arman Eshraghi, Cardiff University
Factor Significance in Asset Pricing: Insights from Random Matrix Theory
Laura Molero González, University of Almería
Dispersion of Industry Betas and Macroeconomic Information: Evidence from the Japanese Stock Market Using the DCC-MIDAS-X Model
Jianchang Lyu, Hitotsubashi University
Time-Varying Betas in Foreign Exchange Returns: An IPCA Approach
Hsuan Fu, Université Laval
Coffee Break
Faculty of Economics Building Hall
Parallel Sessions 4
Partisan Supply Chains: The Impact of Political Ideology on Global Sourcing
Ben Charoenwong, INSEAD
Culture as a Catalyst: The Impact of Corporate Culture on Strategic Alliances and Equity Market Response
Francesca Toscano, Wayne State University
Analyzing The Determinant Factors of Financial Center Attractiveness
Saad Laaraqui, ESCA
Session 4B, Room Manuel Sánchez Ayuso (first floor): Political Connections and ESG Incidents
Session Chair: Paul Brockman, Lehigh University
Political Connections and Media Bias: Evidence from China
Denis Schweizer, Concordia University
Friend or Foe? Bilateral Political Relations and the Portfolio Allocation of Foreign Institutional Investors
Maurizio Montone, Utrecht University
Keeping Promises? ESG Incidents Behavior in Business Roundtable Firms Post 2019 Statement
Rana Jamshed, University of South Carolina
Session 4C, Room 5P19 (fifth floor): Microfinance, Entrepreneurship, Banking, and Governance
Session Chair: Halit Gonenc, University of Groningen
Deterrence and Displacement in Offshore Trade: Evidence from the Panama Papers Leak
April Knill, University of South Carolina
Microfinance and Entrepreneurship: International Evidence
Moez Bennouri, MBS School of Business
Restructuring in the Face of Conflict: The Influence of Institutional Ownership and Management-Employee Alliances
Zhaoran Gong, Xi'an Jiaotong-Liverpool University
Government Ownership and Stock Price Crash Risk in Banks: International Evidence
Efe Cotelioglu, American University of Sharjah
Session 4D, Room 5P08 (fifth floor): Transport, Technology, and Social Finance
Session Chair: Sadok El Ghoul, University of Alberta
Corporate Philanthropy, Director-Management Ties, and the Monitoring and Advising Roles of Independent Directors
Liu Wang, Providence College
Airline Stock Market Reaction to the Largest IT Outage in History: An Event Study Analysis
António Martins, University of Madeira
Sustainable-value Strategic Issues in the Eu: Transport Policy, Investments and Economic Impacts
Elisabetta Venezia, University of Bari Aldo Moro
Parallel Sessions 5
Does Zombification Influence Corporate Carbon Performance?
Spyridon Gkikopoulos, University of Manchester
Climate Risk and Long-Lived Tangible Asset Impairments
Walid Ben-Amar, University of Ottawa
Spillover Effects of State-owned Enterprises under Imperfect Competition: Evidence from China
Halit Gonenc, University of Groningen
Corporate Political Activities and Firm’s Carbon Emissions
Samir Saadi, Paris School of Business
Session 5B, Room Manuel Sánchez Ayuso (first floor): ESG, Disclosure, Banks and Governance
Session Chair: Jared DeLisle, Utah State University
Do Auditors Price Customer Protection Disclosure Mandates? Evidence from Data Breach Disclosure Laws
Lamia Chourou, University of Ottawa
ESG Stock Characteristics, Institutional Demand and Mediation Theory
Serge Darolles, Université Paris Dauphine-PSL
What does Risk Factors Disclosure Tell Us: Evidence from Item 1A and Item 7A of 10-K Filings
Oumaima Lahmar, University of Bergamo
Assessment of Banks Asset-liability Management: What Role of the Governance Dimension? A Moderation Analysis
Najlae Bendou, EDC Paris
Session 5C, Room 5P19 (fifth floor): Institutional Investment, Crisis, and Market Dynamics
Session Chair: Yrjo Koskinen, University of Calgary
The CSR Balancing Act: The Impact of Sovereign Wealth Fund Investments on Investee Firms
He (Helen) Wang, West Virginia University
Polarized Supply Chain
Swarnodeep Homroy, University of Groningen
Centrality and Market Value Recognition: The Role of Internal Information Markets in Chinese Family Business Groups during the COVID-19 Crisis
Moyi Cheng, Shenzhen MSU-BIT University
Changes in Risk-Taking Behavior of Commercial Banks during Low Interest Rate Periods
Chen Yuan, Nankai University
Coffee Break
Faculty of Economics Building Hall
Parallel Sessions 6
Rethinking Distance: Venture Capital Amidst COVID-19
William Megginson, University of Oklahoma
Climate Alignment and Syndicated Loans in Emerging Economies
Simona Galletta, University of Catania
Optimizing Real Estate Portfolios: The Role of Generative AI in Geographic Diversification
Cayman Seagraves, University of Tulsa
Default Risk Contagion among Top Global Energy Firms in Developed and Developing Countries: The Role of Environmental Engagement
Zaheer Anwer, Sunway University
Session 6B, Room Manuel Sánchez Ayuso (first floor): Credit Risk and Financing
Session Chair: Maurizio Montone, Utrecht University
Quasi-maximum Likelihood for Estimating Structural Models
Rim Chérif, American University in Cairo
When Formality Prescribes Informality: Evidence on the Dynamics of Informal Financing Amid Formal Employment Protection Legislation
Xiaolan Zheng, University of Nottingham Ningbo China
Interest Rate Differential and Depreciation Shocks on Credit Dollarization of Firms in Peru: Does Firm Size Matter?
Pilar Soriano-Felipe, University of Valencia
Concentration and Competition: Unpacking Premium Dynamics in Brazilian Debt Auctions
Paulo de Oliveira Leitão Neto, University of Almería
Interim Trading and the Performance Evaluation of Equity Mutual Funds
Stéphane Chrétien, Université Laval
The Demand for Sustainable Securities in Fixed Income Funds
Sofia Brito-Ramos, ESSEC Business School
Climate Risk, Financial Contagion, and Global Interdependence: Insights from Equity Markets over Two Decades
Khaled Guesmi, Paris School of Business
