Registration & Refreshments
The lobby area adjacent to Room 1
AFS 2026 Conference Program
Opening Remarks: Welcome remarks by Professor Roberto Cellini (Dean of the Department of Economics and Business, University of Catania), Professor Sebastiano Mazzù (University of Catania), and the AFS Directors
Room 1
Keynote Address 1: Data Centers, Renewable Energy, and Biodiversity
Zacharias Sautner, Professor of Sustainable Finance, Department of Finance, University of Zurich (UZH) & Senior Chair, Swiss Finance Institute (SFI)
Omrane Guedhami, University of South Carolina
Room 1
Coffee Break
The lobby area adjacent to Room 1
Parallel Sessions 1
Session 1A, Room 1: Biodiversity and Environmental Sustainability
Session Chair: April Knill, University of South Carolina
Product Market Competition and Corporate Environmental Behavior: Evidence from Biodiversity Footprints
Syrine Sassi, University of Ottawa
Financing Nature? Evidence from Protected Area Downgrades
Lilian Ng, York University
Biodiversity Risk Assessment and Efficient Working Capital Management
Andrea Paltrinieri, Catholic University of the Sacred Heart
Environmental Liability and Corporate Cash Holdings: Evidence from Superfund Site Designation
Izidin El Kalak, Alfaisal University
Session 1B, Room 2: Climate Risk and Green Investments
Session Chair: William L. Megginson, University of Oklahoma
Environmental Political Risk and Green Corporate Investments
Ugur Lel, University of Georgia
Geopolitics and Green Transitions: How Trade Conflicts Reshape Corporate Carbon Trajectories
Ebenezer Effah, City University of Hong Kong
Carbon Risk Premium in Multinational Corporations
Halit Gonenc, University of Groningen
Green Lending in Emerging Economies: Foreign versus Domestic Banks
Lorenzo Fichera, University of Catania
Session 1C, Room 5: ESG Markets and Sustainable Finance
Session Chair: Luca Piras, University of Cagliari
Heterogeneous Market Reactions to Global ESG Incidents
Bilal Hafeez, Cardiff University
Do We Still Love Dividends? Global Evidence from Mandatory ESG Disclosures
Donglai Ning, Hitotsubashi University
Reputation, Perception, and Pricing: Evidence from ESG Reputation in U.S. Equity Markets
Stéphane Chrétien, Université Laval
Does Green Pay Less? Evidence on Primary and Secondary Yields in Global Corporate Bond Markets
Malek Ben-Abdellatif, ESLSCA University
Lunch & Keynote Address 2
The lobby area adjacent to Room 1
Keynote Address 2: How Much Do Financing Frictions Matter for Export Fluctuations?
Heitor Almeida, Stanley C. and Joan J. Golder Chair in Corporate Finance, University of Illinois
April Knill, University of South Carolina
Room 1
Parallel Sessions 2
Session 2A, Room 1: Corporate Climate Strategy and Ownership
Session Chair: Sergey Mityakov, Florida State University
Corporate Purpose and Climate Lobbying? Evidence from the Business Roundtable
Rana Jamshed, University of South Carolina
Carbon Emissions and Green Innovation in Family Firms
Oskar Kowalewski, INE PAN
Carbon Emissions, Financial Performance and the Cost of Capital
Francesco Martielli, Ca’ Foscari University of Venice
Firms’ Innovations and Types of Institutional Investors Shareholdings
Yoko Shirasu, Aoyama Gakuin University
Session 2B, Room 2: Governance, Regulation and Stakeholders
Session Chair: Phuong-Anh Nguyen, York University
The Informational Value of CEO Activism for Analysts
Juliane Proelss, Concordia University
Stock Ownership of Federal Judges and Its Impact on Firms
April Knill, University of South Carolina
When Regulators Knock: SEC Investigations and Corporate Financing
Najah Attig, Dalhousie University
Context Matters: CEO Impact and Managerial Discretion in GCC Economies
George Georgopoulos, York University
Session 2C, Room 5: Information, Transparency and Corporate Decisions
Session Chair: Morten Bennedsen, University of Copenhagen & INSEAD
To Benefit or Signal? Insider Trading and Contract Redactions
Zhaoran Gong, Xi’an Jiaotong-Liverpool University
When Wall Street Meets the Red Dragon: Earnings Management and Investor Attention
Liu Wang, Providence College
Funders to Founders: How Prior VC Experience Shapes Resource Acquisition and Startup Performance
Valerio Pelucco, Luiss Business School
The Use of Cash Flows Metrics in CEO Compensation Contracts and Corporate Trade Credit Provision
Jinyan Ji, Zhejiang University
Coffee Break
The lobby area adjacent to Room 1
Parallel Sessions 3
Do Angels Care About Politics? Political Homophily in Entrepreneurial Finance
Valerio Pelucco, Luiss Business School
Overcoming Barriers for Women Entrepreneurs in North Africa: Skills, Finance, and Social Norms
Zuzana Schwidrowski, UNECA
Soft Data and Hard Data: Walking Together, or Merely Side by Side?
Koutaroh Minami, Tokyo Keizai University
Session 3B, Room 2: Executive Leadership and Corporate Influence
Session Chair: Caterina Di Tommaso, University of Bari
Neighborhood CEOs
Morten Bennedsen, University of Copenhagen & INSEAD
Does Corporate Production of AI Innovation Create Value?
Ambrus Kecskes, York University
Equity Financing for Zombie Firms: Evidence from Private Placements
Yongcuo Zhaxi, Hitotsubashi University
Session 3C, Room 5: Corporate Transformation and Strategic Finance
Session Chair: Ugur Lel, University of Georgia
ESG Compatibility and Risk Transformation in Mergers and Acquisitions
Claudia Champagne, Sherbrooke University
Talking Green, Signaling with Debt: ESG Washing and the Strategic Use of Debt Concentration
Zied Ftiti, EDC Paris Business School
Political Beta in Foreign Direct Investment
Sergey Mityakov, Florida State University
Gala Dinner: Grand Hotel Baia Verde
Featuring a sea-view terrace, a Sicilian appetizer buffet, a seated fish-based dinner, and a Sicilian dessert and fruit buffet.
Complimentary transfer from the Department of Economics and Business (Corso Italia 55, Catania) to the Grand Hotel Baia Verde (Via Angelo Musco 8, Aci Castello CT), departing at approximately 18:30
Parallel Sessions 4
Session 4A, Room 1: Asset Management and Investor Behavior
Session Chair: Michael King, University of Victoria
Do Mutual Funds Trade and Profit from Equity Anomalies?
Fabio Moneta, University of Ottawa
The Effects of Financial Advice on Asset Management Behavior
Yoko Nishide, Nagoya University of Commerce and Business
When Social Risks Matter: Retail Fund Flows and Social Concern
Céleste Hardy, HEC Liège
Religion, Financial Ethics and Catholic Social Teaching: A Systematic Literature Review and Future Research Agenda
Simona Galletta & Dario Sgrulletti, University of Catania
Session 4B, Room 2: Alternative Investments and Investor Decisions
Session Chair: Narjess Boubakri, American University of Sharjah
Does Overconfidence Pay? Managerial Confidence, Performance, and Capital Flows in Hedge Funds
Maher Kooli, UQAM
Private Capital Fund Performance and Return Persistence When the Managing Firm Goes Public
Serge Darolles, Université Paris Dauphine
Guessing the Odds: Subjective Probabilities and Investment Decisions Under PRIIPs Scenario Tables
Sofia Ramos, ESSEC
Which Governance System Best Enhances Sustainability Performance?
Rasol Eskandari, University of Salford
Session 4C, Room 5: Asset Pricing and Market Efficiency
Session Chair: Omrane Guedhami, University of South Carolina
Fresh or Stale? The Impact of Mispricing Signal Variability on Return Predictability
Jared DeLisle, Utah State University
Macroeconomic Uncertainty and Long-Run Beta: Evidence from the Japanese Stock Market
Jianchang Lyu, Hitotsubashi University
The Sunset Puzzle
Olfa Hamza, UQAM
When Green Claims Meet Scrutiny: The Disciplinary Effect of Environmental Regulation on Corporate Green Revenues
Chris Florackis, University of Liverpool
Coffee Break
The lobby area adjacent to Room 1
Parallel Sessions 5
Ownership in Banking: A Hybrid Review
Ashraf Khan, Ca’ Foscari University of Venice
Insurers’ Trading in the CDS Market with Dual Ownership
Min-Ming Wen, Hitotsubashi University
Do “Too-Big-To-Fail” Banks Receive Preferential Treatment in Bailouts?
Sergey Tsyplakov, University of South Carolina
Does Bank Competition Restrain or Catalyze Corporate Cybersecurity Risk?
Zhizhao Zuo, Hitotsubashi University
Session 5B, Room 2: Cryptocurrency and Digital Assets
Session Chair: Lemma W. Senbet, University of Maryland
How to Optimally Structure and Rebalance Crypto-Asset Portfolios?
Denis Schweizer, Concordia University
Stylized Cryptocurrency Portfolios: A Diversification Analysis
John Goodell, University of Akron
Monitoring Systemic Risk in Digital Asset Markets: A Multidimensional Crypto Stress Index
Hela Nammouri, Université Catholique de Lyon
Bubble Propagation Between Cryptocurrency and Banking Markets: LPPLS Detection and Spillover Evidence
Caterina Di Tommaso, University of Bari
Session 5C, Room 5: AI, FinTech and Emerging Financial Technologies
Session Chair: Lorenzo Fichera, University of Catania
Predicting Takeover Targets with Machine Learning
Hamed Khadivar, UQAM
Building Transparency and Trust in Professional and Regulatory Decision Making with Explainable AI
Salem Boumediene, University of Illinois Springfield
Flexible Quadrant Copulas: Application to Sovereign Credit Default Swaps
Rim Cherif, American University in Cairo
Experience-Based Learning and Financial Market Instability after Economic Stagnation
Hiroaki Hanyu, Hitotsubashi University
Publishing in the AI Era: A Fireside Chat with Journal Editors
Sadok El Ghoul, University of Texas at El Paso
- Elizabeth Demers, University of Waterloo — Deputy Editor-in-Chief, Contemporary Accounting Research
- April Knill, University of South Carolina — Area Editor, Journal of International Business Studies
- William L. Megginson, University of Oklahoma — Area Editor, Journal of International Business Studies
- Zacharias Sautner, University of Zurich / Swiss Finance Institute — Associate Editor, Review of Financial Studies, Management Science, Journal of Financial and Quantitative Analysis, and Journal of Corporate Finance
- Lemma W. Senbet, University of Maryland — Area Editor, Journal of International Business Studies
Room 1
Lunch, Awards Ceremony, and Closing Remarks
The lobby area adjacent to Room 1
Morning Walk in Taormina and Visit to the Public Gardens
A stunning hilltop town on Sicily’s east coast, blending ancient history, Sicilian tradition and panoramic views of Mount Etna and the Ionian Sea.
Complimentary transfer from the Department of Economics and Business (Corso Italia 55, Catania) to Taormina, departing at approximately 8:30
Lunch at a Scenic Venue: Hotel Excelsior Palace
Traditional Sicilian seafood specialties prepared with locally sourced ingredients and served on a picturesque promontory with a stunning view.
Viale Pietro Toselli 8, Taormina
Afternoon at Leisure
Participants may enjoy the historic center of Taormina, visit local attractions, shops, or relax at their own pace. Return bus to Catania departs from Taormina at 17:00.
