3rd Boca Corporate Finance and Governance Conference

Dear Conference Participant,

Thanks very much for your interest in the 3rd Annual Boca Corporate Finance and Governance Conference, December 10-11, 2022.

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 2022 event drew 127 submissions. We accepted 54 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 keynote speakers - Carol Alexander and Jonathan Karpoff - will present on Saturday December 10 at 8:15-9:15am and 1:30-2:30pm, respectively. (All times are EST)

Following the last session of the conference on December 11, 2022, 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 Journal of Banking and Finance which will publish a special issue on Financial Market Misconduct).

The schedule below is tentative as at September 13, 2022.

If you would like to discuss a paper and/or chair a session, please send an email to bocaconference@fau.edu

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

Sofia Johan

The conference has two tracks (A) and (B) over Saturday December 10, 2022 to Sunday December 11, 2022. 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@fau.edu 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 13, 2022, there is still room for discussants. You may email bocaconference@fau.edu 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 1, 2022 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 11.

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 13, 2022.

Carol Alexander, Editor, Journal of Banking and Finance, and Professor, Sussex Business School

Everything you ever wanted to know about Punks and Apes but never dared to ask

SLIDES

As Web 3.0 developments expand to virtual reality metaverses personal profile (PFP) non-fungible tokens are emerging as the digital profile of choice. Many of these collections plan for images to be made into 3D avatars that function in virtual gaming and/or business environments. But currently the utility value of a collection depends mostly on the real products, merchandise and events to which owners have exclusive access. When traded in decentralized markets the relative price of a PFP within its collection should be linked the rarity of the PFP's attributes. However, there is no consensus even on the proper definition of rarity, let alone on how should be measured. Even a basic description of the various methods currently employed by the industry is mired in confusion because mathematical representations are either entirely lacking or very poorly presented. Worse, the rarity measures produced by different metrics are converted into a rank which throws away valuable information and makes the relationship between price and rarity difficult to analyse. Worse still, the blurring of the price-rarity relationship is further exacerbated by tokens being ranked completely differently depending on the metric applied. This talk not only identifies but also resolves all of these -- and many more -- issues with the PFP ranking methods currently used by the industry.

Session Chair: Robert Reardon (Florida Atlantic University)

9.15am to 9.45am Political Connection and Sell-Side Research Quality

• Yangyang Chen (ByteDance Ltd.), Kaizhao Guo (Adam Smith Business School, University of Glasgow), Jingshu Wen (Said Business School, University of Oxford)

• Discussant: Pengfei Ye (Virginia Tech)

9.45am to 10.15am The Price of Losing Trust: An Empirical Analysis of Social Misconduct by YouTube Creators

• Rajiv Garg (Emory University), Jeong Ho (John) Kim (Emory University), Sung Kwan Lee (The Chinese University of Hong Kong)

• Discussant: Robert Reardon (Florida Atlantic University)

10.15am to 10.45am Sell-by-Plan Mandate and Opportunistic Insider Selling

• Pengfei Ye (Virginia Tech), Qingsheng Zeng (Shanghai University of Finance and Economics), Cheng Zhang (East China Normal University)

• Discussant: Jeong Ho (John) Kim (Emory University)

Session Chair: Chunxia Jiang (University of Aberdeen)

9.15am to 9.45am The Shadow Disintermediation and Cost of Risk-Sensitive Capital

• Irem Erten (Warwick Business School)

• Discussant: Chunxia Jiang (University of Aberdeen)

9.45am to 10.15am The Value of Lending Relationships

• Andrew Bird (Argyros School of Business & Economics, Chapman University), Michael Hertzel (W.P. Carey School of Business, Arizona State University), Stephen A. Karolyi (Office of the Comptroller of the Currency, Department of the Treasury), Thomas Ruchti (Office of Financial Research, Department of the Treasury)

• Discussant: Xiang Li (Carroll School of Management, Boston College)

10.15am to 10:45am Bank Board Structure and Loan Syndication

• Lindsay Baran (Kent State University), Steven A. Dennis (Kent State University), Maneesh K. Shukla (Kent State University)

• Discussant: Irem Erten (Warwick Business School)

Session Chair: : Antoine Giannetti (Florida Atlantic University)

11.00am to 11.30am Spillovers of cum-ex and cum-cum trading with single stock futures

• Valerie Laturnus (Goethe University Frankfurt), Arne Reichel (Goethe University Frankfurt), Mark Wahrenburg (Goethe University Frankfurt)

• Discussant: Jingshu Wen (Said Business School, University of Oxford)

11.30am to 12.00am An anatomy of layering and spoofing

• Bao Linh Do (University of Technology Sydney) Talis Putnins (Stockholm School of Economics)

• Discussant: Valerie Laturnus (Goethe University Frankfurt)

12.00 am to 12.30pm COVID-19 Pandemic and End-of-Day Market Manipulation (and Online Appendix)

• Hung Manh Duong (University of South Australia) Chandrasekhar Krishnamurti (University of South Australia), Priyantha Mudalige (School of Accounting, Economics and Finance, University of Western Australia), Simon Sun (University of South Australia)

• Discussant: Bao Linh Do (University of Technology Sydney)

Session Chair: Anita Pennathur (Florida Atlantic University)

11.00am to 11.30am The Bright side of Common Ownership: Evidence from Bank Transparency

• Haerang Park (Korea University, College of Global Business), Shams Pathan (Curtin University, Curtin Business School), Alex Marwick (Deloitte Australia)

• Discussant: Maimuna Akter (Florida Atlantic University)

11.30am to 12.00am Bank Competition and Entrepreneurial Gaps: Evidence from Bank Deregulation

• Xiang Li (Carroll School of Management, Boston College)

• Discussant: Joy Wilkinson (Florida Atlantic University)

12.00 am to 12.30pm The Impact of Lender Competition on Small Business Loan Pricing: Evidence from the SBA 7(a) Program

• Yaming Gong (Fox School of Business, Temple University), Samuel Rosen (Fox School of Business, Temple University)

• Discussant: Thomas Ruchti (Office of Financial Research, Department of the Treasury)

Jonathan Karpoff, Foster School of Business, University of Washington

Corporate Fraud Prediction Models

(Details forthcoming!)

Session Chair: Joseph Grimes (Florida Atlantic University)

2.45pm to 3.15pm Unsung Guardians? Communal Fraud Susceptibility and Complaints following Mass Financial Adviser Attrition

• Natalie Y.-N. Oh (UNSW Business School, University of New South Wales), Jerry Parwada (UNSW Business School, University of New South Wales), Eugene Wang (UNSW Business School, University of New South Wales)

• Discussant: Chandrasekhar Krishnamurti (University of South Australia)

3.15pm to 3.45pm The Cyclicality of Investment Advisor Misconduct

• Michael Gelman (University of Delaware), Zaheer Khan (University of Aberdeen), and Amir Shoham (Temple University)

• Discussant: Esteban Hernandez (Florida Atlantic University)

3.45pm to 4.15pm Do auditors react to misreporting allegations of short selling campaigns?

• Dan Li (University of Miami), Shiva Rajgopal (Columbia Business School), Suraj Srinivasan (Harvard Business School), Wuyang Zhao (University of Texas at Austin)

• Discussant: Joseph Grimes (Florida Atlantic University)

Session Chair: Rebel Cole (Florida Atlantic University)

2.45pm to 3.15pm Where is the Intersection of Madison Avenue and Wall Street? Advertisement, Local Access to Investment Advice, and Stock Market Participation

• Ge Wu (University of Richmond)

• Discussant: Yang Bai (University of Missouri)

3.15pm to 3.45pm Inflation Expectations and Households Portfolio Choice

• Qingyuan Yang (Universit`a della Svizzera italiana and Swiss Finance Institute)

• Discussant: Ge Wu (University of Richmond)

3.45pm to 4.15pm Bank Access Across America

• Jung Sakong (Federal Reserve Bank of Chicago), Alexander K. Zentefis (Yale School of Management)

• Discussant: Xiang Li (Carroll School of Management, Boston College)

Session Chair: Esteban Hernandez (Florida Atlantic University)

4.30pm to 5.00pm Distrust Spillover on Banks: The Impact of Financial Advisory Misconduct

• Jaejin Lee (University of Illinois at Urbana-Champaign)

• Discussant: Jerry Parwada (UNSW Business School, University of New South Wales)

5.00pm to 5.30pm Bank Misconduct, the Deterrent Effect of Country Governance and the Detection Effect of Media

• Alessandro Carretta (University of Rome Tor Vergata), Doriana Cucinelli (University of Parma), Lucrezia Fattobene (University of Rome Tor Vergata), Paola Schwizer (University of Parma)

• Discussant: Michael Gelman (University of Delaware),

5.30pm to 6.00pm Product Market Similarity, Benchmarking, and Corporate Fraud

• Audra Boone (Texas Christian University), William Grieser (Texas Christian University), Rachel Li (University of Alabama), and Parth Venkat (University of Alabama)

• Discussant: Wuyang Zhao (University of Texas at Austin)

Session Chair: Luis Garcia-Feijoo (Florida Atlantic University)

4.30pm to 5.00pm Cultural Diversity and Working Capital Performance

• Augustine Tarkom (A. R. Sanchez Jr. School of Business, Texas A&M International University), Ned Kock (A. R. Sanchez Jr. School of Business, Texas A&M International University), Nacasius U. Ujah (Ness School of Management and Economics, South Dakota State University)

• Discussant: Ruth Mateos de Cabo (Universidad CEU San Pablo)

5.00pm to 5.30pm The Gender Diversity Imitation Game: Board Interlocks and the Diffusion of Gender

• Ricardo Gimeno (Banco de España), Ruth Mateos de Cabo (Universidad CEU San Pablo), Patricia Gabaldon (IE University), Pilar Grau (Universidad Rey Juan Carlos)

• Discussant: Luis Garcia-Feijoo (Florida Atlantic University)

5.30pm to 6.00pm Does SEC Enforcement Have Style? Evidence from Gender Diverse Boards

• Yang Bai (University of Missouri), Frederick Bereskin (University of Missouri), Xiaohu Guo (University of Alabama)

• Discussant: Augustine Tarkom (A. R. Sanchez Jr. School of Business, Texas A&M International University)

• Dinner will be at Douglas Cumming and Sofia Johan's home. All conference speakers, discussants, and chairs are welcome

Session Chair: Maimuna Akter (Florida Atlantic University)

8.15am to 8.45am Another iceberg ahead: Are corporate reputational catastrophes treated differently during recessions?

• Erdinc Akyildirim (University of Zurich), Shaen Corbet (DCU Business School, Dublin City University), Yang (Greg) Hou (University of Waikato, New Zealand), Les Oxley (University of Waikato, New Zealand)

• Discussant: Kun Tracy Wang (The Australian National University)

8.45am to 9.15am Public Health Interventions, Economic Activity, and Firm Value: Evidence from COVID-19 Vaccinations

• John M. Bizjak (School of Business, Texas Christian University), Swaminathan L. Kalpathy (School of Business, Texas Christian University), Vassil T. Mihov (School of Business, Texas Christian University), Jue Ren (School of Business, Texas Christian University)

• Discussant: Erdinc Akyildirim (University of Zurich)

9.15am to 9.45am The Impacts of Enforcement Actions on Corporate Disclosure Policies

• Kun Tracy Wang (The Australian National University), Nathan Zhenghang Zhu (The Australian National University). Yufeil Wu (The Australian National University)

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

Session Chair: Anna Agapova (Florida Atlantic University)

8.15am to 8.45am Intermediaries' Incentives across Share Classes in the Same Fund

• Ivalina Kalcheva (University of Texas at San Antonio, Carlos Alvarez College of Business), Ping McLemore (Federal Reserve Bank of Richmond)

• Discussant: Anna Agapova (Florida Atlantic University)

8.45am to 9.15am Hedge Funds, Prime Brokers, and Corporate Bond Offerings

• Diego Bonelli (Norwegian School of Economics)

• Discussant: Pedro Monteiro (University of Scranton)

9.15am to 9.45am Has Punishment a Spillover effect on the Unpunished via Cross-ownership?

• Kung-Cheng Ho (Guangdong University of Finance & Economics), Xudong Tang (Xiamen University, Fujian, China), Cheng Yan (Essex Business School, University of Essex)

• Discussant: Ivalina Kalcheva (University of Texas at San Antonio, Carlos Alvarez College of Business)

Session Chair: Shaen Corbett (DCU Business School)

10.00am to 10.30am Bitcoin Flash Crash on May 19, 2021: What did really happen on Binance?

• Tim Baumgartner (Ulm University, Institute of Strategic Management and Finance), Andre Guettler (Ulm University, Institute of Strategic Management and Finance), Francis Kim (80bots)

• Discussant: Zach Glatzer (Florida Atlantic University)

10.30am to 11.00am Don't trust, verify: The economics of scams in initial coin offerings

• Kenny Phua (University of Technology Sydney), Bo Sang (Singapore Management University), Chishen Wei (Hong Kong Polytechnic University), Gloria Yang Yu (Singapore Management University)

• Discussant: Shaen Corbett (DCU Business School)

11.00 am to 11.30pm Cybercrimes on the Ethereum Blockchain

• Lars Horhuf (University of Bremen), Paul Momtaz (UCLA and Technical University of Munich), Rachel Nam (Leibniz Institute for Financial Research, SAFE)

Discussant: Tim Baumgartner (Ulm University, Institute of Strategic Management and Finance)

Session Chair: Uliana Filatova (Florida Atlantic University)

10.00am to 10.30am CEO Social Capital and Non-GAAP Earnings Disclosures

• William R. McCumber (College of Business, Louisiana Tech University), Huan (Ken) Qiu (Else School of Management, Millsaps College), Michael S. Luehlfing (College of Business, Louisiana Tech University)

• Discussant: Francisco Marcet (Universidad de Chile)

10.30am to 11.00am Information, Financing, and Investment

• Andrew Bird (Argyros School of Business & Economics, Chapman University), Aytekin Ertan (London Business School), Stephen A. Karolyi (Office of the Comptroller of the Currency), Thomas G. Ruchti (Tepper School of Business, Carnegie Mellon University)

• Discussant: Hyeonjoon David Park (Michael F. Price College of Business, University of Oklahoma)

11.00 am to 11.30pm Geopolitical Risk and Analyst Behavior

• Gonul Colak (University of Sussex Business School), Dimitrios Gounopoulos (University of Bath, School of Management), Alok Kumar (University of Miami), Emmanouil Platanakis (University of Bath)

• Discussant: Uliana Filatova (Florida Atlantic University)

Session Chair: Robert Reardon (Florida Atlantic University)

12.30pm to 1.00pm Uncovering the Hidden Profit: How the Fintech Platform Optimizes its Profit by Misleading Investors?

• Wenyao Hu (Sobey School of Business, Saint Mary’s University), Jue Wang (Isenberg School of Management, University of Massachusetts Amherst)

• Discussant: Robert Reardon (Florida Atlantic University)

1.00pm to 1.30pm Venture Capital Contracts and Founder Dilution

• Robert Bartlett (University of California, Berkeley), Alexander Peter Groh (EMLYON Business School), Nils Konstantin Lang (Université de Lyon Jean Moulin)

• Discussant: Benjamin Hammer (University of Liverpool)

1.30pm to 2.00pm Investor Experience Matters: Evidence from Generative Art Collections on the Blockchain

• Sebeom Oh (Temple University Fox School of Business), Samuel Rosen (Temple University Fox School of Business), Anthony Lee Zhang (University of Chicago Booth School of Business)

• Discussant: Lars Horhuf (University of Bremen)

Session Chair: Luis Garcia-Feijoo (Florida Atlantic University)

12.30pm to 1.00pm The Impact of Enhanced Creditor Rights on Startups: Evidence from the Uniform Fraudulent Transfer Act

• Hyeonjoon David Park (Michael F. Price College of Business, University of Oklahoma)

• Discussant: Craig Dunbar (Ivey Business School, Western University)

1.00pm to 1.30pm Corporate Social (Ir)responsibility and Firm Risk: The Role of Corporate Governance

• Craig Dunbar (Ivey Business School, Western University), Frank Li (Ivey Business School, Western University), Yaqi Shi (Ivey Business School, Western University)

• Discussant: Luis Garcia-Feijoo (Florida Atlantic University)

1.30pm to 2.00pm What do Directors Learn from Board Interlocks? Improving Corporate Social Responsibility after Corporate Misconduct

• Daniel Ferrés (Universidad de Montevideo), Francisco Marcet (Universidad de Chile)

• Discussant: David Jay (Florida Atlantic University)

Session Chair: Robert Reardon (Florida Atlantic University)

2.15pm to 2.45pm The effect of lead VC presence on the probability of merger-related litigation

• Anup Basnet (Surrey Business School, University of Surrey), Thomas Walker (John Molson School of Business, Concordia University)

• Discussant: Christopher Boudreaux (Florida Atlantic University)

2.45pm to 3.15pm Do External Labor Market Incentives Reduce Money Left on the Table? Evidence from U.S. IPOs

• Dimitrios Gounopoulos (University of Bath), Georgios Loukopoulos (University of Strathclyde), Panagiotis Loukopoulos (University of Strathclyde)

• Discussant: Silvio Vismara (University of Bergamo)

3.15pm to 3.45pm Leave no Money on the Table: Venture Capitalists’ SPAC Exits

• Alexander Groh (EMLYON Business School), Juliane Proelss (Concordia University), Aurélie Sannajust (Kedge Business School), Denis Schweizer (Concordia University)

• Discussant: Yelin Zhang (Gonzaga University)

Session Chair: Pedro Monteiro (University of Scranton)

2.15pm to 2.45pm Environmental regulation, pollution, and shareholder wealth

• Seungho Choi (Queensland University of Technology), Raphael Jonghyeon Park (University of New South Wales), Simon Xu (UC Berkeley, Haas School of Business)

• Discussant: Chris Florakis (University of Liverpool)

2.45pm to 3.15pm Sustainable investing among private investors

• Bonnie Buchanan (Surrey Business School, University of Surrey), Hanna Silvola (Hanken School of Economics), Emilia Vähämaa (Hanken School of Economics)

• Discussant: Duckki Cho (Peking University HSBC Business School)

3.15pm to 3.45pm How Does Declining Worker Power Affect Investment Sensitivity to Minimum Wage?

• Sreedhar T. Bharath (W. P. Carey School of Business, Arizona State University), Duckki Cho (Peking University HSBC Business School), Michael Hertzel (W. P. Carey School of Business, Arizona State University)

• Discussant: Raphael Jonghyeon Park (University of New South Wales)

Session Chair: Yuan Li (Florida Atlantic University)

4.00pm to 4.30pm Why Do Innovative Firms Sell Patents? An Empirical Analysis of the Causes and Consequences of Secondary Market Patent Transactions

• Jingxuan Zhang (Carroll School of Management, Boston College)

• Discussant: Daniel Ferres (University of Montevideo)

4.30pm to 5.00pm IsThere an Optimal Financing Strategy for Corporate Innovation?

• Denis Schweizer (Concordia University), Aoran Zhang (University of Nottingham), Jie Zhang (Trent University), Yunfei Zhao (Concordia University)

• Discussant: Yuan Li (Florida Atlantic University)

5.00pm to 5.30pm Anti-Poaching Agreements, Corporate Hiring, and Innovation: Evidence from the Technology Industry

• Daniel Ferres (University of Montevideo), Gaurav Kankanhalli (University of Pittsburgh), Pradeep Muthukrishnan (Cornell University)

• Discussant: Denis Schweizer (Concordia University)

Session Chair: Christopher Boudreaux (Florida Atlantic University)

4.00pm to 4.30pm Do Titans deliver the promise? Societal Recognition and Responsible Corporate Decisions

• Hisham Farag (University of Birmingham), Santosh Koirala (University of Birmingham), Di Luo (Southampton Business School), Sandeep Rao (DCU Business School, Dublin City University)

Discussant: Emilia Vähämaa (Hanken School of Economics)

4.30pm to 5.00pm Short-term and Long-term Shareholders: Allies or Foes? Evidence from Share Repurchases

• Pedro Montiero (University of Scranton)

• Discussant: Santosh Koirala (University of Birmingham)

5.00pm to 5.30pm How do pay gaps between executives at different career stages shape firm performance? Evidence from China

• Guanming He (Durham University Business School, Durham University), Chang Yang (Shanghai Jiao Tong University)

• Discussant: Chelsea Liu (University of Adelaide)

Best Paper and Best Reviewer Awards announced!

Two best paper awards ($300 each) and two best discussant awards ($200 each) were announced for the 2022 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 2022 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:

• Journal of Banking and Finance (ABS3, impact factor 3.07)

• 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. See Google Scholar for cites to the papers in the Review of Corporate Finance).

• 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).