2nd Boca Corporate Finance and Governance Conference

Dear Conference Participant,

Thanks very much for your interest in the 2nd Annual Boca Corporate Finance and Governance Conference, December 11-12, 2021.

The event is hosted by the College of Business, Florida Atlantic University, and sponsored by the British Academy of Management through the Corporate Governance Special Interest Group .

The best paper and best discussant awards are generously sponsored by the Institute for Humane Studies.

The 2021 event drew 182 submissions. We accepted 72 papers for presentation. The schedule follows below.

Due to Covid-19, the event will be hybrid. Speakers may participate in person, or elect to present through Zoom from the comfort of their own home.

The panel members - Bartley Madden, Jeff Madden, and Mark Frigo - will discuss the Firm's Competitive Lifecycle on December 11, 1-2:15pm.

The keynote speaker - Jay Ritter - will present on Sunday December 12, 1-2pm.

Following the last session of the conference on December 12, 2021, we will have a wrap-up session with the announcement of best paper and discussant awards. We will also have a friendly open chat with editors about publications in various journals that publish papers in Corporate Finance and Corporate Governance, including but not limited to the British Academy of Management's British Journal of Management (a top ranked ABS4 journal with an impact factor of 6.567).

The schedule below is tentative as at September 15, 2021.

Thanks again, and we look forward to a great event!

Sofia Johan

The conference has three tracks (A), (B), and (C) over Saturday December 11, 2021 to Sunday December 12, 2021. The presentations are open to registered participants (not open to the public generally). We will have separate video meeting links for each of the sessions sent to registered participants. You may email bocaconference@gmail.com to request a registration and meeting link.

Due to Covid-19, the conference is a hybrid format: some participants will be in person, and others will be over zoom.

Presentations follow the standard finance conference format: 30 minutes per paper, of which 15 minutes is for the author's presentation, 10 minutes for the discussant, and 5 minutes for open discussion.

Note: As at September 7, 2021, there is still room for discussants. You may email bocaconference@gmail.com if you see a paper that does not yet have a discussant that you would like to discuss. Discussants that submit their slides to bocaconference@fau.edu on or before December 3, 2021 are eligible for a best discussant award, which will be announced at the best paper and reviewer award session at the end of the conference on Sunday December 12.

Links to the papers are available below, except in cases where authors requested a link to their paper not be posted at this time.

The conference schedule follows below. Times are indicated for the EST time zone.

This schedule below is tentative as at Sept 15, 2021.

Session Chair: Pedro Monteiro (Florida Atlantic University)

8.45am to 9.15am "The Risk, Reward, and Asset Allocation of Nonprofit Endowment Funds"

• Andrew W. Lo (MIT Sloan and NBER), Egor Matveyev (MIT Sloan), Stefan Zeume (University of Illinois at Urbana Champaign)

• Discussant: Huaizhi Chen (University of Notre Dame)

9.15am to 9.45am "Uncovering Mutual Fund Private Information with Machine Learning"

• Alan L. Zhang (Florida International University)

• Discussant: Celine Yue Fei (University of North Carolina at Chapel Hill)

9.45am to 10.15am "The Value of Activism: A Hedge Fund Investor’s Perspective"

• Felix Zhiyu Feng (Michael G. Foster School of Buisness, University of Washington), Chengdong Yin (Krannert School of Management, Purdue University), Caroline H. Zhu (School of Business, Government, and Economics, Seattle Pacific University)

• Discussant: Pedro Monteiro (Florida Atlantic University)

Session Chair: Thomas Chemmanur (Boston College)

8.45am to 9.15am "M&As and Innovation: Empirical Evidence from Acquiring Public versus Private Targets"

• Siti Farida (University of Warwick)

• Discussant: Giorgo Sertsios (University of Wisconsin Milwaukee, Lubar School of Business)

9.15am to 9.45am "Merger-driven listing dynamics"

• B. Espen Eckbo (Tuck School of Business at Dartmouth), Markus Lithell (Norwegian School of Economics)

• Discussant: Lubomir P. Litov (University of Oklahoma)

9.45am to 10.15am "Does bilateral trust matter during M&A negotiations? Evidence from cross border transactions"

• Muhammad Farooq Ahmad (Skema Business School), Nihat Aktas (WHU Otto Beisheim School of Management), Saqib Aziz (Rennes School of Business), Olivier Bertrand (Fundação Getúlio Vargas – FGV/EBAPE)

• Discussant: Robert Reardon (Florida Atlantic University)

Session Chair: Artem Malinin (Florida Atlantic University)

8.45am to 9.15am "Incentive Design for Talent Discovery"

• Erik Madsen (New York University), Basil Williams (New York University), Andrzej Skrzypacz (Stanford University)

• Discussant: Guillaume Andrieu (Montpellier Business School)

9.15am to 9.45am "Compensation Consultants, Managerial Incentives, and the Disappearing Union Effect"

• Vikram Nanda (University of Texas, Dallas), Takeshi Nishikawa (University of North Texas), Andrew Prevost (University of Vermont)

• Discussant: Othman Alolah (University of California, Riverside)

9.45am to 10:15am "CEO Pet Projects"

• Paul H. Décaire (Arizona State University), Denis Sosyura (Arizona State University)

Discussant: Andrew Prevost (University of Vermont)

Session Chair: Maimuna Akter (Florida Atlantic University)

10.30 am to 11.00am "Fresh Start or Fresh Water: Collateral, Lender Environmental Liability and The Pollution-Employment Tradeoff"

• Aymeric Bellon (University of Pennsylvania, The Wharton School)

• Discussant: Jason Damm (Florida Atlantic University)

11.00am to 11.30am "CSR and Firm Survival: Evidence from the Climate and Pandemic Crises" and Internet Appendix

• Thomas J. Chemmanur (Boston College Carroll School of Management), Dimitrios Gounopoulos (University of Bath), Panagiotis Koutroumpis (Queen Mary University London), Yu Zhang (University of Bath)

• Discussant: Joseph Kalmenovitz (Drexel University)

11.30 am to 12.00pm "Selfish Shareholders: Corporate Donations During COVID-19"

• Michele Fioretti (Sciences Po, Department of Economics), Victor Saint-Jean (Sciences Po, Department of Economics), Simon C. Smith (Federal Reserve Board)

• Discussant: Panagiotis Koutroumpis (Queen Mary University London)

Session Chair: JiangBo HuangFu (Florida Atlantic University)

10.30am to 11.00am "Trade Secret Protection and Product Market Dynamics"

• Daniel Bradley (University of South Florida), Dan Hu (University of Massachusetts Lowell), Chi Zhang (University of Massachusetts Lowell )

• Discussant: Tianpei (Constance) Li (Florida Atlantic University)

11.00am to 11.30am "Creative Destruction and the Bright Side of Economic Downturns"

• Shahram Amini (University of Denver), Andrew MacKinlay (Virginia Tech), James Weston (Rice University)

• Discussant: JiangBo HuangFu (Florida Atlantic University)

11.30 am to 12.00pm "CEO Individualism and Corporate Innovation"

• Fan Zhang (W. P. Carey School of Business Arizona State University)

• Discussant: Daniel Bradley (University of South Florida)

Session Chair: Anna Agapova (Florida Atlantic University)

10.30am to 11.00am "Benefits of Having a Female CFO"

• Julia Klevak (QMA), Joshua Livnat (Stern School of Business, NYU), Kate Suslava (Bucknell University)

• Discussant: Anna Agapova (Florida Atlantic University)

11.00am to 11.30am "Credentials Matter, but only for Men: Evidence from the S&P 500"

• Peter Cziraki (University of Toronto), Adriana Robertson (University of Toronto)

• Discussant: Tonya Blocker (Florida Atlantic University)

11.30 am to 12.00pm "Can Mandatory Gender Quotas Break the Glass Ceiling? Evidence from the Reforms of Boards of Directors in Europe"

• Kee-Hong Bae (York University), Jisok Kang (John Carroll University), Jung Chul Park (University of South Florida), K. C. John Wei (Hong Kong Polytechnic University)

• Discussant: Sonia Falconieri (Bayes Business School)

Theme: THE FIRM'S COMPETITIVE LIFE CYCLE

A recording of the panel can be viewed here

Panel Members and Structure:

Bartley Madden: 15 minutes on the life-cycle framework, description/background/usefulness

Jeff Madden: 15 minutes on application to money management

Mark Frigo: 15 minutes on application to boards of directors (Life-cycle Review)

Discussion and Questions: 30 minutes

Background Reading:

The Pragmatic Theory of the Firm

The World Has Changed: Investing in the New Economy

Strategic Life-Cycle Analysis: The Role of the CFO

Speaker Bios

Bartley Madden:

Bartley J. Madden is an independent researcher. He retired as a managing director of Credit Suisse HOLT after a career in investment research and money management that included the founding of Callard Madden & Associates. His early research was instrumental in the development of the cash-flow return on investment (CFROI) life-cycle valuation framework that is used today by money management firms worldwide. Over the last two decades, he has published journal articles and books across different disciplines as reflected in these recent books: Value Creation Principles and A Foundational Explanation of Human Behavior. An early version of his book, Free To Choose Medicine: Better Drugs Sooner at Lower Cost, was translated into Japanese and played a significant role in Japan’s implementation of their version of Free To Choose Medicine to facilitate early, informed access to regenerative medicine drugs, see www.freetochoosemedicine.com. His website is www.LearningWhatWorks.com

Jeff Madden:

Small/Mid Cap Asset Manager of the Year

RMB Asset Management

RMB SMID Cap Core Managed Account/RMB SMID Cap Fund

For Jeff Madden's full bio in relation to his Asset Manager of the Year recognition, please click here

Mark Frigo:

Dr. Mark L. Frigo (LinkedIn Profile) is Director of the Center for Strategy, Execution and Valuation and the Strategic Risk Management Lab in the Kellstadt Graduate School of Business at DePaul University in Chicago. He is Ledger & Quill Alumni Foundation Distinguished Professor of Strategy and Leadership at DePaul University. Author of six books and over 100 articles, his work is published in leading business journals including Harvard Business Review. Dr. Frigo is a Certified Public Accountant (CPA), a Certified Management Accountant (CMA) and holds a Ph.D. in Econometrics. His professional career has included corporate strategic planning, corporate mergers and acquisitions and management consulting at KPMG. In the area of strategic valuation, Dr. Frigo has served as a valuation expert for organizations ranging from privately-held companies to larger organizations such as the Chicago Board of Trade (CBOT), and as an advisor for executives teams in merger and acquisition strategy.

Dr. Frigo helps CEOs, CFOs and management teams to drive superior performance through focused strategy and strategy execution. He has successfully worked with management teams to develop the strategic leadership skills necessary in today's business environment. Dr. Frigo works with management teams as an embedded advisor to help lead successful initiatives in the following areas:

•Focused Growth Strategies: Developing focused growth and innovation strategies that achieve profitable growth with less resources.

•Strategic Risk Management: Leveraging risk assessments, focusing risk management on the most

important risks in the business strategy and integrating risk management in strategic planning and

strategy execution.

•Strategy Execution: Taking strategic analysis, market research and strategic initiatives to focused

strategy execution.

Dr. Frigo is a recognized thought leader and advisor in strategy execution and strategic risk management. He has presented keynote presentations and executive workshops to Fortune 100 companies, trade associations and professional organizations throughout Europe, Asia-Pacific, South America and North America. He is co-creator of the Return Driven Strategy® framework which is used by corporate management teams and boards of directors to drive innovation and growth and to make the connection between a company’s business strategy and market valuation. Dr. Frigo is co-author (with Joel Litman) of DRIVEN: Business Strategy, Human Actions and the Creation of Wealth (www.returndriven.com) and co-author (with Richard J. Anderson) of Strategic Risk Management: A Primer for Directors and Management Teams.

Dr. Frigo serves as an advisor to CEOs, CFOs, management teams and boards in the areas of strategy execution and strategic risk management.

Session Chair: Tianpei (Constance) Li (Florida Atlantic University)

2.30pm to 3.00pm "Disaster Relief, Inc."

• Hao Liang (Singapore Management University), Cara Vansteenkiste (University of New South Wales)

• Discussant: Kate Suslava (Bucknell University)

3.00pm to 3.30pm "Does Socially Responsible Investing Change Firm Behavior?"

• Davidson Heath (University of Utah), Daniele Macciocchi (University of Miami), Roni Michaely (Hong Kong University and ECGI), Matthew C. Ringgenberg (University of Utah)

• Discussant: Cara Vansteenkiste (University of New South Wales)

3.30pm to 4.00pm "Paying Attention to ESG Matters: Evidence from Big Data Analytics"

• Wendi Huang (Hong Kong University Business School), G. Andrew Karolyi (Cornell University), Alan Kwan (Hong Kong University Business School)

• Discussant: Maimuna Akter (Florida Atlantic University)

Session Chair: JiangBo HuangFu (Florida Atlantic University)

2.30pm to 3.00pm "Investing in influence: Investors, portfolio firms, and political giving"

• Marianne Bertrand (University of Chicago Booth School of Business), Matilde Bombardini (UC Berkeley Haas School of Business), Raymond Fisman (Boston University) Francesco Trebbi (UC Berkeley Haas School of Business), Eyub Yegen (HKUST)

• Discussant: Othman Alolah (University of California, Riverside)

3.00pm to 3.30pm "Disaster Risk, Politicians, and Firm Capital Exuding: A New Role of Stock Market Participation"

• Art Durnev (Henrie B. Tippie College of Business, University of Iowa), Brooke Wang (Henrie B. Tippie College of Business, University of Iowa)

• Discussant: Eyub Yegen (HKUST)

3.30pm to 4.00pm "The Effect of Female Leadership on Contracting from Capitol Hill to Main Street"

• Jonathan Brogaard (David Eccles School of Business, University of Utah), Nataliya Gerasimova (Norwegian School of Economics), Maximilian Rohrer (Norwegian School of Economics)

• Discussant: Masim Suleymanov (Florida Atlantic University)

Session Chair: Tonya Blocker (Florida Atlantic University)

2.30pm to 3.00pm "Virtual Shareholder Meetings"

• Francois Brochet (Boston University), Roman Chychyla (University of Miami), Fabrizio Ferri (University of Miami and ECGI)

• Discussant: Daniel Greene (Clemson University)

3.00pm to 3.30pm "More Matter with Less Art – The Annual General Meeting Revisited"

• Christina Bannier (University of Gießen), Mario Fernandes (University of Gießen), Thomas Pauls (Goethe University Frankfurt)

• Discussant: Douglas Cumming (Florida Atlantic University)

3.30pm to 4.00pm "Inside the Boardroom: Evidence from the Board Structure and Meeting Minutes of Community Banks" (contact authors for the paper)

• Rosalind L. Bennett (FDIC), Manju Puri (Duke University, NBER), Paul E. Soto (FDIC)

• Discussant: Fabrizio Ferri (University of Miami and ECGI)

Session Chair: Artem Malinin (Florida Atlantic University)

4.15pm to 4.45pm "Family Business Performance and the Covid-19 Pandemic" (contact authors for the paper)

• Ivan Miroshnychenko (IMD Business School), Giorgio Vocalelli, Alfredo De Massis, Stefano Grassi, Francesco Ravazzolo Free (University of Bozen-Bolzano, Faculty of Economics and Management)

• Discussant: Shahram Amini (University of Denver)

4.45pm to 5.15pm "Succession and Corporate Misconduct: Inside the Boardrooms of Family Firms"

• Jia Liu (University of Salford, Greater Manchester, UK), Tingting Ye (Shanghai Lixin University of Accounting and Finance) Zheng Zheng (University of Michigan)

• Discussant: Ivan Miroshnychenko (IMD Business School)

5.15pm to 5.45pm "Debt Financing and Firm Growth: European Evidence on Startups"

• Guillaume Andrieu (Montpellier Business School), Maurizio la Rocca (University of Calabria), Tiziana La Rocca (University of Messina), Raffaele Staglianò (University of Messina)

• Discussant: Artem Malinin (Florida Atlantic University)

Session Chair: Nataliya Gerasimova (Norwegian School of Economics)

4.15pm to 4.45pm "Political Connections and Media Bias: Evidence from China"

• Denis Schweizer (Concordia University), Xinjie Wang (Southern University of Science and Technology, Shenzhen), Ge Wu (University of Richmond), Aoran Zhang (University of Nottingham)

• Discussant: Nataliya Gerasimova (Norwegian School of Economics)

4.45pm to 5.15pm "Agency Costs of CEO Political Ideology"

• Othman Alolah (University of California, Riverside), Raymond Kim (Northern Arizona University)

• Discussant: Art Durnev (Henrie B. Tippie College of Business, University of Iowa)

5.15pm to 5.45pm "Political Uncertainty and Foreign Institutional Investors"

• Suman Neupane (University of Queensland), Biwesh Neupane (University of Birmingham), Sudhakara Reddy Syamala (Indian Institute of Management Calcutta), Kavita Wadhwa (Indian Institute of Foreign Trade, Kolkata )

• Discussant: Ge Wu (University of Richmond)

Session Chair: Will Luther (Florida Atlantic University)

4.15pm to 4.45pm "Uncovering Retail Trading in Bitcoin: The Impact of COVID-19 Stimulus Checks"

• Anantha Divakaruni (University of Bergen), Peter Zimmerman (Federal Reserve Bank of Cleveland)

• Discussant: Alan Zhang (Florida International University)

4.45pm to 5.15pm "Pornhub and the Value of Bitcoin" [email the author for a copy of the paper]

• Will Luther (Florida Atlantic University)

• Discussant: Greg Tindall (Palm Beach Atlantic University)

5.15pm to 5.45pm "Peer Co-Movement in Crypto Markets"

• Gustavo Schwenkler (Santa Clara University), Hannan Zheng (Boston University)

• Discussant: John Taylor (Florida Atlantic University)

• We will host a Zoom Cocktail Party

• Bring your own drinks to your living room and sign on to Zoom for an informal chat with others!

Session Chair: Uliana Filatova (Florida Atlantic University)

8.45am to 9.15am "Market Discipline Effects of Anti-Money Laundering Infractions: Evidence from International Banks"

• Andrea Schertler (University of Graz), Sandra Tillema (University of Groningen)

• Discussant: Markus Lithell (Norwegian School of Economics)

9.15am to 9.45am "Competition and the Reputational Costs of Litigation"

• Felix von Meyerinck (University of St. Gallen), Vesa Pursiainen (University of St. Gallen), Markus Schmid (University of St. Gallen)

• Discussant: Siti Farida (University of Warwick)

9.45am to 10.15am "The Social Geography of Misconduct"

• Matias Braun (ESE Business School, Universidad de los Andes Chile), Santiago Trua (ESE Business School, Universidad de los Andes Chile), Ercos Valdivieso (SKK Graduate School of Business, Sungkyunkwan University)

• Discussant: Markus Schmid (University of St. Gallen)

Session Chair: Ahmed Sewaid (Insper)

8.45am to 9.15am "Debt Financing of Small OTC Firms Reporting to the SEC"

• Rebel A. Cole (Florida Atlantic University), Claire Y.C. Liang (Georgetown University), Rengong (Alex) Zhang (City University of Hong Kong)

• Discussant: Kalle Rinne (University of Luxembourg)

9.15am to 9.45am "Regulatory Risk Perception and Small Business Lending"

• Joseph Kalmenovitz (Drexel University), Siddharth Vij (University of Georgia)

• Discussant: Fan Zhang (W. P. Carey School of Business Arizona State University)

9.45am to 10.15am "Financially Underserved But High Quality? Real Economy Effects of FinTech Small Business Lending"

• Celine Yue Fei (University of North Carolina at Chapel Hill), Keer Yang (University of Minnesota)

• Discussant: Ahmed Sewaid (Insper)

Session Chair: Michael Davis (Florida Atlantic University)

8.45am to 9.15am "A Cultural Explanation of the Dividend Policy of Multinational Firms" (contact author for the paper)

• Fan John Zhang (Macau University of Science and Technology)

• Discussant: Sofia Johan (Florida Atlantic University)

9.15am to 9.45am "Do dividend policies follow a life cycle in privately held firms?"

• Jovana Cadenovic (University of Antwerp), Marc Deloof (University of Antwerp), Ine Paeleman (University of Antwerp)

• Discussant: Fan John Zhang (Macau University of Science and Technology)

9.45am to 10.15am "Vanishing Stock Dividends"

• Avner Kalay (University of Utah), Feng Zhang (Southern Methodist University)

• Discussant: Mario Fernandes (University of Gießen)

Session Chair: Jovana Cadenovic (University of Antwerp)

10.30am to 11.00am "The Spillover Effect of Financial Restatements on Peer Firms' Stock Repurchases" (contact author for the paper)

• Yuxin Wu (Cedric) (Carroll School of Management, Boston College)

• Discussant: Jovana Cadenovic (University of Antwerp)

11.00am to 11.30am "Competitive Threats from Foreign Rivals and Stock Price Crash Risk: Evidence from Antitrust Leniency Programs"

• Jeffrey L. Callen (Rotman School of Management, University of Toronto), Xiaohua Fang (Florida Atlantic University)

• Discussant: Santiago Trua (ESE Business School, Universidad de los Andes Chile)

11.30 am to 12.00pm "CEO Tournaments and the Winners’ Rewards: Evidence from US bank holding companies"

• Peigong Li (Shanghai Lixin University of Accounting and Finance), Shengxi Xue (Jiangxi University of Finance and Economics), Feng Zhan (University of Western Ontario), Wanwan Zhu (University of Leeds)

• Discussant: Jeffrey L. Callen (Rotman School of Management, University of Toronto)

Session Chair: Esteban Hernandez (Florida Atlantic University)

10.30am to 11.00am "Measuring the Quality of Mergers and Acquisitions"

• Atif Ellahie (University of Utah), Feng Zhang (Southern Methodist University)

• Discussant: Uliana Filatova (Florida Atlantic University)

11.00am to 11.30am "How do insider trading incentives shape nonfinancial disclosures? Evidence from product and business expansion disclosures"

• Guanming He (Durham University)

• Discussant: Choonsik Lee (University of Rhode Island)

11.30 am to 12.00pm "Attention to Detail: Learning About Mergers"

• Adam L. Aiken (Elon University), Choonsik Lee (University of Rhode Island)

Discussant: Esteban Hernandez (Florida Atlantic University)

Session Chair: Masim Suleymanov (Florida Atlantic University)

10.30am to 11.00am "Monitoring Secretive Startups"

• Scott Guernsey (University of Tennessee - Department of Finance), Lubomir P. Litov (University of Oklahoma - Michael F. Price College of Business; University of Pennsylvania - Wharton Financial Institutions Center), Hyeonjoon Park (University of Oklahoma - Michael F. Price College)

• Discussant: Buvaneshwaran Venugopal (University of Central Florida)

11.00am to 11.30am "The Effects of Going Public on Firm Performance and Strategy: Evidence from International IPOs"

• Borja Larrain (Pontificia Universidad Catolica de Chile), Gordon Phillips (Dartmouth College), Giorgo Sertsios (University of Wisconsin Milwaukee, Lubar School of Business)

• Discussant: Yuan Li (Florida Atlantic University)

11.30 am to 12.00pm "Information Production by Institutions and Information Extraction by Underwriters in Hybrid IPO Auctions"

• Thomas J. Chemmanur (Carroll School of Management, Boston College), Pengfei Ma (Kelley School of Business, Indiana University), Chaopeng Wu (Xiamen University), Qianqian Yu (Lehigh University)

• Discussant: Ajay Subramanian (Georgia State University)

Details forthcoming

SPACs Paper and PPT File

Jay Ritter: University of Florida, Warrington College of Business; Cordell Eminent Scholar and Professor of Finance

Zoom Recording of the Keynote Presentation

Session Chair: Michael J. Robinson (Haskayne School of Business, University of Calgary)

2.15pm to 2.45pm "Does Diversity Help Minorities? Evidence From Sell-Side Equity Analysts"

• Paul Borochin (Miami Herbert Business School), Vidhi Chhaochharia (Miami Herbert Business School), Alok Kumar (Miami Herbert Business School)

• Discussant: Adriana Robertson (University of Toronto)

2.45pm to 3.15pm "Environmental Reputation and Bank Liquidity under Climate Change Risk"

• Daewoung Choi (Louisiana State University), Yong Kyu Gam (University College Dublin), Hojong Shin (California State University, Long Beach)

• Discussant: Kate Suslava (Bucknell University)

3.15pm to 3.45pm "Stock price informativeness and social capital"

• Artem Malinin (Florida Atlantic University), Luis Garcia-Feijoo (Florida Atlantic University)

• Discussant: Tom Aabo (Aarhus University)

Session Chair: Celine Yue Fei (University of North Carolina at Chapel Hill)

2.15pm to 2.45pm "Credit Risk Sharing and Credit Market Regulation"

• Ajay Subramanian (Georgia State University)

• Discussant: Paul E. Soto (FDIC)

2.45pm to 3.15pm "Quantitative Easing and Credit Rating Agencies" and Internet Appendix

• Nordine Abidi (International Monetary Fund), Matteo Falagiarda (European Central Bank), Ixart Miquel-Flores (Frankfurt School of Finance & Management and European Central Bank)

• Discussant: Peter Zimmerman (Federal Reserve Bank of Cleveland)

3.15pm to 3.45pm "Fighting Failure: The Persistent Real Effects of Resolving Distressed Banks"

• Ivan T. Ivanov (Federal Reserve Board), Stephen A. Karolyi (Office of the Comptroller of the Currency)

• Discussant: Art Durnev (Henrie B. Tippie College of Business, University of Iowa)

Session Chair: John Taylor (Florida Atlantic University)

1.00pm to 2.30pm "Virtual Competition and Cost of Capital: Evidence from Telehealth"

• Kimberly Cornaggia (Smeal College of Business, Pennsylvania State University), Xuelin Li (Darla Moore School of Business, University of South Carolina), Zihan Ye (Lee Business School, University of Nevada)

• Discussant: Raphael Markellos (Norwich Business School, University of East Anglia)

1.30pm to 2.00pm "Fund Share Gains and Borrower Pains: Investor Competition and the Cost of Capital"

• Huaizhi Chen (University of Notre Dame)

• Discussant: Pengfei Ma (Kelly School of Business, Indiana University)

2.00pm to 2.30pm "Competition Network, Distress Propagation, and Stock Returns"

• Mingming Ao (San Diego State University), Winston Wei Dou (University of Pennsylvania), Shane A. Johnson (Texas A&M University), Wei Wu (Texas A&M University)

• Discussant: Gustavo Schwenkler (Santa Clara University)

Session Chair: Esteban Hernandez (Florida Atlantic University)

4.00pm to 4.30pm "Outsourcing Workplace Safety" (contact author for the paper)

• Sangeun Ha (Hong Kong University of Science and Technology)

• Discussant: Andrea Schertler (University of Graz)

4.30pm to 5.00pm "Political Connections, Environmental Violations and Punishment: Evidence from Heavily Polluting Firms in China"

• Chris Florackis (University of Liverpool), Jingjing Wang (University of Liverpool)

• Discussant: Yuxin Wu (Cedric) (Carroll School of Management, Boston College)

5.00pm to 5.30pm "Is Lengthening the Decision Horizon Good for Firms?"

• Yrjo Koskinen (Haskayne School of Business, University of Calgary), J. Ari Pandes (Haskayne School of Business, University of Calgary), Shuai Yang (Haskayne School of Business, University of Calgary)

• Discussant: Jingjing Wang (University of Liverpool)

Session Chair: Yuan Li (Florida Atlantic University)

4.00pm to 4.30pm "Do Speculators Exacerbate Managerial Myopia? Evidence from Margin Traders in China"

• Jun Chen (Rady School of Management, University of California San Diego)

• Discussant: Artem Malinin (Florida Atlantic University)

4.30pm to 5.00pm "The Real Investment Effects of Algorithmic Trading"

• Khaladdin Rzayev (University of Edinburgh), Nihad Aliyev (University of Technology Sydney), Fariz Huseynov (North Dakota State University)

• Discussant: Feng Zhan (University of Western Ontario)

5.00pm to 5.30pm "CEO personality traits and the exercise of real options: Sailing through stormy waters"

• Tom Aabo (Aarhus University, Danish Finance Institute), Christos Pantzalis (University of South Florida), Jung Chul Park (Danish Finance Institute and University of South Florida), Jesper N. Wulff (Aarhus University)

• Discussant: Jun Chen, (Rady School of Management, University of California San Diego)

Session Chair: Masim Suleymanov (Florida Atlantic University)

4.00pm to 4.30pm "Does Family Matter? Venture Capital Cross-Fund Cash Flows"

• Roman Kräussl (University of Luxembourg), Joshua Pollet (University of Illinois at Urbana-Champaign), Kalle Rinne (University of Luxembourg), Huizhu Sun (Luxembourg Institute of Science and Technology)

• Discussant: Serdar Aldatmaz (George Mason University)

4.30pm to 5.00pm "Homophily, Information Asymmetry and Performance in the Angels Market"

• Raj Buvaneshwaran Venugopal (University of Central Florida)

• Discussant: Minjie Zhang (University of Windsor)

5.00pm to 5.30pm "Factors Impacting Entrepreneurial Success: Revealed Preferences of Angel Investors"

• Michael Robinson (University of Calgary)

• Discussant: Rebel Cole (Florida Atlantic University)

Best Paper and Best Reviewer Awards announced!

Two best paper awards ($300 each) and two best discussant awards ($200 each) were announced for the 2021 Boca Corporate Finance and Governance Conference. Plaques will be sent to award recipients from the British Academy of Management through the Corporate Governance Special Interest Group . Cash prizes for the two best paper and best discussant awards are generously provided by the Institute for Humane Studies.

We announced the 2021 Best Paper Award for the Review of Corporate Finance ($1000 Prize!)

We had a friendly open chat with editors about publications in various journals, including but not limited to:

• British Journal of Management (ABS4 ranking, impact factor of 6.57)

• Review of Corporate Finance (a new journal started in 2021, with forthcoming papers by a number of leading authors, such as Nihat Aktas, Franklin Allen, Allen Berger, Narjess Boubakri, and Omrane Guedhami, among others. Cites / Doc - so far for only 9.5 months in 2021 - from published papers to published papers in 2021 is 4.50).

• Small Business Economics (ABS3, impact factor 8.16)

• Journal of Technology Transfer (ABS3, impact factor 5.69)

• Venture Capital: An International Journal of Entrepreneurial Finance (ABS2, impact factor 3.00).