Programme for the 12th New Zealand Finance Colloquium

All sessions are held at Wharerata, Massey University, Palmerston North Campus.
To view a paper, click on the title. To download a pdf of the programme including scheduled breaks, please click here.

Massey University, Palmerston North Campus
14th - 15th February, 2008
Thursday 14th February 2008
10.30am - 12.00pm SIRCA Presentation
Venue: Russell Room
12.00pm - 1.00pm Lunch
Venue: Wharerata
1.00pm - 3.00pm Session 1A:
Banking, Credit Issues, and Other
Venue: Boardroom
Chair: David Tripe
  Determining the Rental Rate on Commercial Real Estate Leases.

Glenn Boyle, Graeme Guthrie, Neil Quigley
  A Survey of Small Business Finance in New Zealand

David Tripe, Gerold Borrmann
  Drivers of Credit Losses in Australasian Banking.

Kurt Hess, Arthur Grimes, Mark Holmes
  FDI Modes of Market Entry, Relative Wealth and Relative Access to Credit: Evidence from Zero-Inflated Poisson Model.

Woon-Yee Ho, Joseph Alba, Peiming Wang
1.00pm - 3.00pm Session 1B:
Market Microstructure
Venue: Russell Room
Chair: Fei Wu
  Intraday Time and Order Execution Quality Dimensions.

Ryan Garvey, Fei Wu
  Lead Lag Direction and Price Discovery of the S&P/ASX200 Share Price Index and the S&P/ASX 200 Index Options.

Klaus Buhr, Xiaoming Li, Lawrence Rose
  Individual Investors Surpass their Reputation: An Intraday Analysis of the Polish Futures Market.

Martin Bohl, Christiane Goodfellow, Jedrzej Bialkowski
3.30pm - 5.30pm Session 2A:
Venue: Boardroom
Chair: Ben Marshall
  How Does Regulation Affect Takeover Returns?

Ben Marshall, Hamish Anderson
  Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China.

Henk Berkman, Rebel Cole, Jiang Fu
  Investor Protection and the US Cross-Listing Decision: A Cross-Country Analysis of Domestic Liquidity Costs.

Nhut Nguyen, Henk Berkman
  When is Two Really Company? The Effects of Competition and Regulation on Corporate Governance.

Krishna Udayasankar, Shobha Das, Chandrasekhar Krishnamurti
3.30pm - 5.30pm Session 2B:
Venue: Russell Room
Chair: Martin Young
  The Efficacy of the Principle-Based Corporate Governance Practices on Firm Performances: An Empirical Investigation using New Zealand Data.

Abeyratna Gunasekarage, Stuart Lockeb, Krishna Reddy, Frank Scrimgeour
  Price Discovery, Cross-listings and Exchange Rates: Evidence from Australia and New Zealand.

Bart Frijns, Aaron Gilbert, Alireza Tourani-Rad
Friday 15th February 2008
8.30am - 10.30am Session 3A:
Capital Structure and Accounting Issues
Venue: Boardroom
Chair: Hamish Anderson
  The Relationship Between Capital Structure and Product Markets: Evidence from New Zealand.

David Smith, Jianguo Chen, Hamish Anderson
  Capital Structure, Unleveraged Equity Beta, Profitability and other Corporate Characteristics: Evidence from Australia.

Mei Qiu, Bo La
  The Value Relevance of Cash Flows from Investing Activities based upon the Company’s Investment Opportunity Set.

Chris Malone, Alan Mitchell
  The Role of Accruals as A Signal in Earnings and Dividend Announcements: NZ Evidence.

Hardjo Koerniadi, Alireza Tourani-Rad
8.30am - 10.30am Session 3B:
Return Predictability
Venue: Russell Room
Chair: Ben Jacobsen
  The Homeland Security Advisory System and the U.S. Stock Market: How Changes in the Threat Condition Affect Equity Returns.

Michael Pagano, Shawn Strother
  The Marginal Contribution of Quantitative vs. Traditional Approaches in the Management of Equity Portfolios.

Russell Gregory-Allen, Hany Shawky, Jeffrey Stangl
  Sector Rotation over Business-Cycles.

Jeffrey Stangl, Ben Jacobsen, Nuttawat Visaltanachoti
  Idiosyncratic Moments and the Cross-Section of Expected Stock Returns.

John Lee
8.30am - 10.30am Session 3C:
Investor Psychology and Other
Venue: Rate Room
Chair: Udomsak Wongchoti
  Are Women Less Optimistic?

Ben Jacobsen, John Lee, Wessel Marquering
  The Speed of Learning about Firms’ Profitability and their Price Multiples: A Global Perspective.

Pankaj Jain, Udomsak Wongchoti
  A Stochastic Correlations Model for Default Risk.

Toby Daglish, Shaloub Razak
  Market Quality and Bonding Premium.

Qian Sun, Yujun Wu, Wilson Tong
11.00am - 1.00pm Session 4A:
New Zealand Capital Markets and Other
Venue: Boardroom
Chair: Jianguo Chen
  Does Institutional Ownership Create Values? The New Zealand Case.

Jianguo Chen, Dar-Hsin Chen
  Agency Costs and Incentive-Based Monitoring: Evidence from New Zealand.

Daniel Choi, Sam Kao
  Market Discipline in the Finance Company Sector.

Russell Poskitt
  Economic Determinants of Country Credit Risk: A Bayesian Approach.

Dominik Maltritz, Alexander Molchanov
11.00am - 1.00pm Session 4B:
Asset Pricing and Liquidity
Venue: Russell Room
Chair: Henk Berkman
  Estimating the Market Risk Premium using Historical Data from Multiple Markets.

Martin Lally
  Leverage Recapitalizations and Liquidity.

David Lesmond, Philip O'Connor, Lemma Senbet
  How Fundamental is the Pricing of Liquidity? Evidence from Bolsa and Borse, 1902 - 1925.

Lyndon Moore