4th Boca-ECGI Corporate Finance and Governance Conference

Welcome Letter

Dear Conference Participant,

Thanks very much for your interest in the 4th Annual Boca-ECGI Corporate Finance and Governance Conference, December 9-10, 2023.

The event is hosted by the College of Business, Florida Atlantic University in partnership with the European Corporate Governance Institute (ECGI), 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 2023 event drew 306 submissions. We accepted 81 papers for presentation.  The schedule follows below.

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 - Thorsten Beck - will present on Sunday December 10 at 1:00-2:00pm.  (All times are EST)

Following the last session of the conference on December 10, 2023, 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 Accounting Review which will publish a special issue on Alternative Investments.

The schedule below is tentative as at September 13, 2023.  

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

Conference Format

The conference has three tracks (A), (B), and (C) over Saturday December 9, 2023 to Sunday December 10, 2023.  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.

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: Discussants that submit their slides to bocaconference@fau.edu on or before December 1, 2023 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 10.

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 November 13, 2023.

Saturday Dec 9, 8.30am: Welcome Remarks Dean Dan Gropper

Saturday Dec 9, Session 1A: 8.45am to 10.15am: FinTech I

Session Chair: Robert Reardon (Florida Atlantic University)

8.45am to 9.15am Insufficient Sleep and Intra-Day Financial Decision-Making: Evidence from Online Lending

9.15am to 9.45am Visual Information in the Age of AI: Evidence from Corporate Executive Presentations

9.45am to 10.15am The Entrepreneurial Finance of Fintech Firms and the Effect of Investments in Fintech Startups on the Performance of Corporate Investors

Saturday Dec 9, Session 1B: 8:45am to 10.15am: Loans I

Session Chair: Niklas Huether (Indiana University) 

8.45am to 9.15am Does the Disclosure of Consumer Complaints Reduce Racial Disparities in the Mortgage Lending Market? 

9.15am to 9.45am Social Capital and Mortgages

9.45am to 10.15am Monitoring with Small Stakes

Saturday Dec 9, Session 1C: 8.45am to 10.15am: Misconduct I

Session Chair: Shiva Shankar Narayana Raju Indukoori (Florida Atlantic University)

8.45am to 9.15am Corner-Cutters: Personally Tax Aggressive Executives and Corporate Regulatory Violations

9.15am to 9.45am Corruption and Cash Policy: Evidence from a Natural Experiment

9.45am to 10:15am Patrolling the Securities Laws: Towards the SEC’s Investigation of Founder-CEO Firms

Saturday Dec 9, 10.15am to 10.30am: Coffee

Saturday Dec 9, Session 2A: 10.30am to 12.00pm: FinTech II

Session Chair: Zachary Glatzer (Florida Atlantic University)

10.30am to 11.00am HACKED: Understanding the Stock Market Response to Cyberattacks

11.00am to 11.30am M&A and Cybersecurity Risk: Empirical Evidence

11.30am to 12.00pm A Growth and Innovation Model of the Modern Data Economy

Saturday Dec 9, Session 2B: 10.30am to 12.00pm: Loans II

Session Chair:  Anita Pennathur (Florida Atlantic University)

11.00am to 11.30am Fraud Litigation and FHA Mortgage Lending

11.30am to 12.00am Bank Technology Adoption and Loan Production in the U.S Mortgage Market

12.00 am to 12.30pm Bank Branch Access: Evidence from Geolocation Data

Saturday Dec 9, Session 2C: 10.30am to 12.00pm: Misconduct II

Session Chair: Yuan Li (Florida Atlantic University)

11.00am to 11.30am Once Bitten, Twice Shy: Evidence from Venture Capital and Scam Startups

11.30am to 12.00am Keeping up with the Forbeses: Does Peer Recognition Promote Opportunistic Trading?

12.00 am to 12.30pm The Impact of Mandatory Close Periods on Corporate Insider Trading

Saturday Dec 9, 12.00pm to 1.00pm: Lunch

Saturday Dec 9, Session 3A: 1.00pm to 2.30pm: Innovation

Session Chair: Pedro Monteiro (Florida Atlantic University)

1.00pm to 1.30pm ChatGPT and Corporate Policies

1.30pm to 2.00pm Predictive Patentomics: Forecasting Innovation Success and Valuation with ChatGPT

2.00pm to 2.30pm Human Capital Reallocation and Agglomeration of Innovation: Evidence from Technological Breakthroughs

Saturday Dec 9, Session 3B: 1.00pm to 2.30pm: Executive Compensation 

Session Chair: Esteban Hernandez (Florida Atlantic University)

1.00pm to 1.30pm Debt Dynamics in Executive Compensation

1.30pm to 2.00pm Disclosure of Pay Versus Performance (contact authors for the paper)

2.00pm to 2.30pm The downside of tournament incentives: Evidence from the trading behavior of non-promoted insiders

Saturday Dec 9, Session 3C: 1.00pm to 2.30pm: Regulation

Session Chair: Anastassia Vilderson (Florida Atlantic University)

1.00pm to 1.30pm Follow the Pipeline: Anticipatory Effects of Proposed Regulations

1.30pm to 2.00pm When There’s A Cap on SEC Pay, Firms Will Play With Their ROA

2.00pm to 2.30pm Endogenous Policy Uncertainty

Saturday Dec 9, 2.30pm to 2.45pm: Coffee

Saturday Dec 9, Session 4A: 2.45pm to 4.15pm: Cryptos and NFTs

Session Chair: Zachary Glatzer (Florida Atlantic University)

2.45pm to 3.15pm The long-run performance of Initial Coin Offerings

3.15pm to 3.45pm Cross-Sectional Return Predictors of Utility Tokens

3.45pm to 4.15pm Market Manipulation in NFT Markets

Saturday Dec 9, Session 4B: 2.45pm to 4.15pm: CEOs

Session Chair: Yelin Zhang (Gonzaga University)

2.45pm to 3.15pm CEOs’ Narcissism and Opportunistic Insider Trading

3.15pm to 3.45pm Early-life Experience of Social Violence and CEOs’ Risk-taking Attitudes

3.45pm to 4.15pm When the EPA is in play, risk-taking goes away: The effect of environmental regulations on CEO compensation

Saturday Dec 9, Session 4C: 2.45pm to 4.15pm: Risk

Session Chair: Svetlana Kalinnikova (Florida Atlantic University)

2.45pm to 3.15pm Asymmetric Cost Behavior and Non-Financial Firms' Risky Financial Investments

3.15pm to 3.45pm Financing Intangibles

3.45pm to 4.15pm Preparing for the Storm: Firm Policies and Time-varying Recession Risk

Saturday Dec 9, 4.15pm to 4.30pm: Coffee

Saturday Dec 9, Session 5A: 4.30pm to 6.00pm: VC & PE

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

4.30pm to 5.00pm Strategic Regulatory Non-Disclosure: The Case of the Missing Form D

5.00pm to 5.30pm Disclosure of Use of Proceeds, Real Effects and Underpricing in Private Equity-Backed Initial Public Offerings

5.30pm to 6.00pm Public Listing Choice with Persistent Hidden Information

Saturday Dec 9, Session 5B: 4.30pm to 6.00pm: CSR, ESG

Session Chair:  Uliana Filatova (Florida Atlantic University)

4.30pm to 5.00pm Do Consumers Care About ESG? Evidence from Barcode-Level Sales Data

5.00pm to 5.30pm Corporate Social Responsibility and Hedging Policies

5.30pm to 6.00pm What Does ESG Investing Mean and Does It Matter Yet?


Saturday Dec 9, Session 5C: 4.30pm to 6.00pm: M&As I

Session Chair: Prodyut Das (Florida Atlantic University)

4.30pm to 5.00pm Institutional Blockholder Networks and Corporate Acquisition Performance

5.00pm to 5.30pm The Rise of Anti-Activist Poison Pills

5.30pm to 6.00pm Identifying the Real Effects of the M&A Market on Target Firms

Saturday Dec 10, 7pm Conference Dinner

Sunday Dec 10, Session 6A: 8:45am to 10.15am: Mixing Forms of Entrepreneurial Finance

Session Chair: Proydut Das (Florida Atlantic University)

8.45am to 9.15am Crowdfunding vs. Venture Capital: Complements or Substitutes? A Theoretical Assessment

9.15am to 9.45am Business angels, crowdinvesting and the start-up financing funding gap

9.45am to 10.15am Divide and Conquer: Investor Type Diversity in Entrepreneurial Ventures

Sunday Dec 10, Session 6B: 8.45am to 10.15am: Environmental

Session Chair: Joy Wilkinson (Florida Atlantic University)

8.45am to 9.15am Voice Through Divestment

9.15am to 9.45am Defunding Controversial Industries: Can Targeted Credit Rationing Choke Firms?

9.45am to 10.15am The Impact of Corporate Environmental Misconduct on Bond Issues and Seasoned Equity Offerings

Sunday Dec 10, Session 6C: 8.45am to 10.15am: M&As II

Session Chair:  Anna Pomeranets (Florida Atlantic University)

8.45am to 9.15am Self-Serving Fiduciaries? Board Discretion in Publicly Resisting Takeover Bids

9.15am to 9.45am Assortative Matching in Mergers: Evidence from Skill Demand

9.45am to 10.15am Corporate Social Responsibility and Post-Merger Labour Restructuring

Sunday Dec 10, 10.15am to 10.30am: Coffee

Sunday Dec 10, Session 7A: 10:30am to 12:00pm:  PE and Crowdfunding

Session Chair: Robert Reardon (Florida Atlantic University)

10.30am to 11.00am Private Equity and Gas Emissions: Evidence from Electric Power Plants

11.00am to 11.30am Gunned Down By Private Equity?

11.30am to 12.00pm Fundraising and governance of sustainability-oriented ventures: Evidence from equity crowdfunding

Sunday Dec 10, Session 7B: 10:30am to 12.00pm: Green Bonds

Session Chair: Esteban Hernandez (Florida Atlantic University)

10.30am to 11.00am Investors in Green Bonds

11.00am to 11.30am The Emerging Greenium

11.30am to 12.00pm Decoding Corporate Green Bonds: What They Do with the Money and the Real Impact

Sunday Dec 10, Session 7C: 10:30am to 12.00pm: Directors

Session Chair: Joseph Grimes (Florida Atlantic University)

10.30am to 11.00am Why do Investors Vote Against Corporate Directors?

11.00am to 11.30am Searching For Directors

11.30am to 12.00pm Social Media Use and the Director Labor Market: Evidence from Twitter

Sunday Dec 10, 12.00pm to 1.00pm: Lunch

Sunday Dec 10, 1.00pm to 2.00pm: Keynote Professor Thorsten Beck

Sunday Dec 10, 2.00pm to 2.15pm: Coffee

Sunday Dec 10, Session 8A: 2:15pm to 3.45pm: Ownership and Control

Session Chair:  Anna Agapova (Florida Atlantic University)

2.15pm to 2.45pm Control Motivations and Firm Growth

2.45pm to 3.15pm Control Without Ownership: Governance of Nonprofit Hospitals

3.15pm to 3.45pm How Effective are Non-Banks During a Crisis

Discussant:  Anna Agapova (Florida Atlantic University)

Sunday Dec 10, Session 8B: 2.15pm to 3.45pm: Gender and Diversity

Session Chair: Uliana Filalotev (Florida Atlantic University)

2.15pm to 2.45pm Female Equity Analysts and Corporate Environmental and Social Performance

2.45pm to 3.15pm Corporate board gender diversity and asset liquidity

3.15pm to 3.45pm What is the Value of Workforce Diversity?

Sunday Dec 10, Session 8C: 2.15pm to 3.45pm: Non-Banks and Funds

Session Chair: Joy Wilkinson (Florida Atlantic University)

2.15pm to 2.45pm Government Contracts and Labor Investment Efficiency

2.45pm to 3.15pm Mutual Fund Disagreement and Firm Value: Passive vs. Active Voice

3.15pm to 3.45pm The toxic triangle of state, stake, and institution: Sovereign wealth fund ownership and firm ESG reputation risk

Sunday Dec 10, 3.45pm to 4.00pm: Coffee

Sunday Dec 10, Session 9A: 4:00pm to 5.30pm: Culture, Openness, Idealogy

Session Chair: David Javakhadze (Florida Atlantic University)

4.00pm to 4.30pm Fiduciary Duty of Loyalty and Corporate Culture

4.30pm to 5.00pm The Value of Openness

5.00pm to 5.30pm Individual Investor Ideology

Sunday Dec 10, Session 9B: 4.00pm to 5.30pm: Diversity, ESG

Session Chair: Anastasia Vilderson (Florida Atlantic University)

4.00pm to 4.30pm Diversity and Inclusion Without Equity? Evidence from Executive Compensation

4.30pm to 5.00pm Mandatory ESG Disclosure, Information Asymmetry, and Litigation Risk: Evidence from Initial Public Offerings

5.00pm to 5.30pm Board Gender Diversity and Financial Default Risk: An Empirical Analysis

Sunday Dec 10, Session 9C: 4.00pm to 5.30pm: Voting, Coasean

Session Chair: Sofia Johan (Florida Atlantic University)

4.00pm to 4.30pm Every Vote Counts: Mandatory Disclosure and Voting Outcomes

4.30pm to 5.00pm Shareholder Voice and Executive Compensation

5.00pm to 5.30pm Some Fallacies in Corporate Finance: A Coasean Perspective

Sunday Dec 10, 5.30 - 6.00: Awards Announcements and Meet the Editors

Best Paper and Best Reviewer Awards to were announced!  The plaques are generously sponsored by the British Academy of Management through the Corporate Governance Special Interest Group .  The cash awards totalling $1000 are for 2 best papers ($300 each) and 2 best discussants ($200 each) are generously sponsored by the Institute for Humane Studies.


We announced the 2023 Best Paper Award for the Review of Corporate Finance ($1000 Prize!) for papers published in volume 3, generously sponsored by Now Publishers.


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 Accounting Review which will publish a special issue on Alternative Investments.

Best Discussant Award to Tanja Kirmse

Best Paper Award to Mitch Warachka

Best Discussant Award to Jonathan Zytnick

Best Paper Award to Francesco Celentano

Panel Sessions

Panel Session

Panel Session

Best Paper Award to Francesco Celentano