The 4th Indonesian Financial Management Association (IFMA) Conference

December 14-15, 2016, Yogyakarta, Indonesia

The 4th Indonesian Financial Management Association (IFMA) Conference will be held in Yogyakarta, Indonesia on December 14-15, 2016. The program committee cordially invites paper submissions from all areas of finance.

ABOUT YOGYAKARTA: Yogyakarta, or more popularly known as “Jogja”, is one of the oldest cities in Indonesia. Yogyakarta has many heritage buildings and monuments, including the must-see attraction of Sri Sultan Hamengkubuwono’s palace, better known as “Kraton”. Yogyakarta is the most popular tourist destination on Java, thanks to its proximity to the temples of Borobudur and Prambanan. Borobudur, a UNESCO World Heritage Site, is a Buddhist temple complex dating from the 9th century. It is the single largest Buddhist structure anywhere on earth, and few who visit fail to be taken by both the scale of place and the remarkable attention to detail that went into the construction. The slightly older Prambanan is a collection of massive Hindu temples built in the 8th century. In almost any other country, a magnificent ancient monument on the scale of Prambanan would quickly be designated a national symbol. In Indonesia, it is somewhat overshadowed by the nearby Borobudur. The two sites are quite different in style with Prambanan being a collection of sharp, jaggedly sculpted towers in contrast to the vast horizontal bulk of Borobudur, but both are awe inspiring just the same.

Avanidhar Subrahmanyam (UCLA)
Raghavendra Rau (University of Cambridge)

PAPER SUBMISSION PROCEDURE: Papers should be submitted to with the subject heading: “IFMA 2016 Conference Submission”. Papers that are in an early stage (but completed) will be considered. Please do not submit a paper that has been accepted for publication in a journal or is close to being accepted. We particularly encourage submissions from junior researchers and doctoral students. Papers will be selected by the program committee, which consists of international scholars.

Submission Deadline: AUGUST 31, 2016. Authors of selected papers will be notified by SEPTEMBER 30, 2016.

Indonesian Financial Management Association (IFMA)
Faculty of Economics and Business, Universitas Diponegoro

CONFERENCE CHAIR: Johan Sulaeman (National University of Singapore)

Suherman (Universitas Negeri Jakarta)
Harjum Muharam (Universitas Diponegoro)

PROGRAM COMMITTEE: Sumit Agarwal (National University of Singapore), Vikas Agarwal (Georgia State University), Utpal Bhattacharya (HKUST), Sabri Boubaker (Champagne School of Management), Michael Brennan (UCLA), Jerry Cao (Singapore Management University), Thomas Chemmanur (Boston College), Darwin Choi (HKUST), Tarun Chordia (Emory University), Pab Jotikasthira (UNC Chapel Hill), Hardjo Koerniadi (Auckland University of Technology), Jongsub Lee (University of Florida), Bing Liang (University of Massachusetts at Amherst), William Megginson (University of Oklahoma), Roni Michaely (Cornell University), Maureen O’Hara (Cornell University), Graham Partington (University of Sydney), Raghavendra Rau (University of Cambridge), Jay Ritter (University of Florida), Avanidhar Subrahmanyam (UCLA), Marti Subrahmanyam (New York University), Qing Tong (Singapore Management University), Mathijs van Dijk (Erasmus University), H. J. von Eije (University of Groningen), Hong Zhang (Tsinghua University)



2015 IFMA Conference (Bali, Keynote speakers: Roni Michaely & William Megginson)
2014 IFMA Conference (Bali, Keynote speakers: Maureen O’Hara & Marti Subrahmanyam)
2013 IFMA Conference (Bali, Keynote speakers: Michael Brennan & Avanidhar Subrahmanyan)

FESE De la Vega Prize 2016: Competition Open!

The Federation of European Securities Exchanges (FESE) will award the Josseph de la Vega Prize 2016 for an outstanding research paper related to the securities markets in Europe. Papers about current developments in European securities markets are particularly welcome.

TOPICS: The paper may refer to any of the following topics:
– Saving via Capital Markets: access to capital markets for investors, European private pension plan, financial literacy.
– Financing via Capital Markets: SMEs access, SMEs Growth Markets, Prospectus Regulation, new forms of equity financing.
– Primary Markets for Equities and Bonds: public and private offerings, ongoing disclosure requirements, markets segments.
– Secondary Markets for Equities, Fixed Income and Derivatives: value of exchanges for the real economy, liquidity, transparency, efficiency, risk management, market microstructure, development/size of markets.
– Fairness, Security and Integrity of Markets.
– Benchmarks, Market Indicators and Market Data.
– New Technologies: blockchain, crypto-currencies, etc.
– Impact of Regulation.

The winner(s) will be awarded the Prize at the gala dinner of the FESE Convention 2016, which will take place on Wednesday, 15th June 2016 in Malta in the presence of high-level officials and industry representatives from around the world. In addition, the winner(s) will be invited to attend the FESE Convention 2016 on Thursday, 16th June in Malta. Travel and accommodation expenses of the winner(s) will be borne by FESE, in accordance with pre-defined guidelines.

The prize maximum amount awarded will be EUR 5,000.

Read more about the conditions here: The deadline for application is Sunday, 24th April 2016 before midnight (CET).

2016 Greater China Area Finance Conference

June 25-26 (Sat-Sun), 2016, School of Economics& Wang Yanan Institute for Studies in Economics, Xiamen University, Xiamen, China

We are pleased to announce the 1st Greater China Area Finance conference (GCFC2016) at School of Economics (SOE) and the Wang Yanan Institute for Studies in Economics (WISE), Xiamen University, China. We invite submissions from all areas related to finance, including but not limited to asset pricing, corporate finance, behavioral finance, banking, international finance, and financial econometrics. Empirical research on or theoretical work with empirical applications to financial liberalization, innovation, stability and regulation in greater China area is particularly welcome.

It is our honor to have the following distinguished keynote speakers this year:

Philip Dybvig, Southwestern University of Finance and Economics /Washington University at St. Louis
Ali Hortacsu, University of Chicago
Chung-Ming Kuan, National Taiwan University
Chen Lin, Hong Kong University
Ron Masulis, UNSW Australia
Bernard Yeung, National University of Singapore

PAPER SUBMISSION PROCEDURE: Researchers interested in participating should submit their papers through our online portal at If there are web assessing problems, please contact Hui Wang (

The submission deadline is April 15, 2016. Decisions of acceptance will be announced by May 15, 2016.

There will be no registration fees. Meals will be provided during the course of the conference, but the participants are expected to cover their own travel and hotel expenses.

Weiyi CAI SOE, Xiamen University
Haiqiang CHEN, WISE&SOE, Xiamen University
Ye GUO, Chair SOE, Xiamen University
Qian HAN, WISE&SOE, Xiamen University
Juanjuan HUANG, SOE, Xiamen University
Linlin NIU, WISE, Xiamen University
Yue PAN SOE, Xiamen University
Yu REN WISE&SOE, Xiamen University
Wenbin XU, SOE, Xiamen University
Shuoxun ZHANG, SOE&WISE, Xiamen University

Kalok CHAN, Co-chair, The Chinese University of Hong Kong
Jun-Koo KANG, Nanyang Technological University
Jevons LEE, Advisor, Xiamen University/Tulane University
Haitao LI, Co-chair Cheng Kung Graduate School of Business
David NG, Cornell University
Lilian NG, York University
Jiaping QIU, McMaster University/Shanghai University of Finance and Economics
Chung-Hua SHEN National Taiwan University
Jian YANG University of Colorado Denver/Nankai University
Chu ZHANG Hong Kong University of Science and Technology
Yinggang, ZHOU, Co-chair, Xiamen University

FURTHER INFORMATION: For academic inquiries about the conference, please contact Prof. Yinggang Zhou (

For logistic affairs, please contact Ms. Yang Song ( Tel: 0592-2189805

School of Economics (SOE), Xiamen University
The Wang Yanan Institute for Studies in Economics (WISE), Xiamen University
Department of Finance, School of Economics, Xiamen University

ABOUT THE SCHOOL: The economics and finance disciplines in Xiamen University were first established in 1921 and have a long tradition of excellence in teaching and research, with a focus on the role of institutions in economic and social development. Mr. Wang Yanan, the former President of Xiamen University for 19 years and the renowned economist who translated Adam Smith’s Wealth of the Nation and Karl Marx’s Das Kapital into Chinese, guided the rapid development of economics disciplines in XMU since 1949.In September of 1981, China’s State Education Ministry approved the elevation of the Department of Economics to the School of Economics, making it the first school of economics established among top universities in mainland China since 1978.

ABOUT THE DEPARTMENT: Department of Finance at School of Economics, Xiamen University, has a long history back to 1921 as banking program of business department when Xiamen University was established. The department has also experienced a glorious history and become one of top finance programs in Mainland China. It was one of the earliest National Key Discipline (NKD) of Finance in China and it is the only NKD of Finance in southeastern China.

ABOUT WISE: In 2005, the Wang Yanan Institute for Studies in Economics (WISE) was founded, as a recent effort by Xiamen University to build a first class modern economics and finance research institute and to facilitate international research and academic exchanges. Currently, SOE and WISE are working close together to promote Xiamen University as one of the major centers for economic and finance research and education in Asia Pacific.

For more information about WISE and SOE, please see: and

ABOUT THE AREA: Located in Southeast China with convenient direct flights to many major cities in Asia, Xiamen is famous for its resort like atmosphere and has a reputation as the cleanest and most livable Chinese city. Interesting places near Xiamen include the UNESCO World Heritage Hakka Earth Buildings, Gulangyu (Piano Island) and Wuyi Mountain. For more information on the city of Xiamen, please go to:

The 6th Annual Stern Microstructure Meeting

Friday, May 20, 2016 Stern School, New York

Submissions are invited for the Stern Microstructure Meeting scheduled for Friday, May 20, 2016 at NYU Stern School in New York City, with optional concurrent submission to the Journal of Financial Markets. The program committee is Tarun Chordia, Amit Goyal, Joel Hasbrouck, Bruce Lehmann, and Gideon Saar.

TOPICS: The focus of the program meeting is the economics of securities markets. This includes (but is not limited to) theoretical, empirical, and experimental analyses of: the role of information in the price-discovery process; the definition, measurement, and determinants of liquidity; the costs and benefits of alternate trading mechanisms and market structures; the measurement and control of transactions costs; the role of regulation and the evolution of market design; domestic and international comparisons of trading costs; cross-border listing and trading securities; trading technology and information systems; practical implications of market design for risk management; and financial engineering.

PAPER SUBMISSION PROCEDURE: If you are interested in presenting a paper at the meeting, please upload a PDF at the submission website: The deadline for submissions is 11:59 (Eastern US Time), Sunday, March 20. The Salomon Center will cover the expenses of those chosen to present and discuss papers at the meeting (one author’s expenses in the case of multiple-authored papers).

DISCLOSURE: Microstructure research derives much of its vitality and relevance from the connections bridging researchers, regulators and practitioners. To outsiders, however, these connections sometimes suggest pathways of influence and bias in our findings, particularly when a connection involves a payment or other benefit (commonly, in our case, data). Our profession is still developing norms and standards in this area. The American Economic Association has a disclosure policy, but the American Finance Association does not. Whatever the status of the formal rules, however, our broader audience expects more transparency. We accordingly advise all submitters to consider the adequacy of their disclosures. The NBER posts guidelines on its website that are thoughtful and reasonable (

DUAL SUBMISSIONS: During the submission process for the Stern Microstructure Meeting, authors will have option of simultaneously submitting their paper to the Journal of Financial Markets:
– To submit a paper for dual consideration, authors must check the dual submission box on the submission web form and also check the box certifying that the paper is not under review at another journal or the JFM. In addition, a paper can’t be considered for the JFM if it has previously been rejected by the JFM (although it remains eligible for the conference).
– At the discretion of the JFM, referee reports will be solicited for a small number of the dual submissions. If such a report is sought, the authors will receive a copy of the report. Papers rejected at any stage of the dual review process (including those that are refereed) are not considered to have been “rejected” at the JFM. They remain eligible for subsequent submission to the JFM without prejudice. While under consideration by the conference and the JFM, a paper may not be submitted to another journal (or the JFM) until the author has been notified of the outcome of the dual-submission process. JFM submission fees (for the initial and subsequent rounds, if necessary) are waived.

PARTICIPATION/FURTHER INFORMATION: Attendance at the conference is open. All interested persons (certainly including faculty, students, practitioners, and regulators) are welcome to attend. Past programs for the Stern Microstructure Conference are available for 2015, 2014, 2013, 2012, 2011. Past programs for the NBER Microstructure Meetings are available at

Summer Finance Symposium 2016: Corporate Finance and Corporate Governance

14th-15th June 2016, London Business School

The London Business School Summer Finance Symposium will be held on Tuesday 14th- Wednesday 15th June 2016. The programme committee is made up of faculty members from London Business School. Submissions are invited on any topic in corporate finance and corporate governance, broadly interpreted.

The conference is supported by the Finance Subject Area and the Corporate Governance Centre at London Business School.

REGISTRATION: To register for the conference: Please visit the conference website, to submit a paper or to request to attend the conference and find more information. The deadline for submission of papers is Monday 7th March 2016.

James Dow (Programme Co-Chair)
Vikrant Vig (Programme Co-Chair)
Francesca Cornelli
Alex Edmans
Julian Franks
Vito Gala
Alexander Gorbenko
Nicholas Hirschey
Stefan Lewellen
Henri Servaes
Rui Silva

The 2016 MIT Asia Conference in Accounting

July 10 – 12, 2016, Xiamen, China

CONFERENCE OBJECTIVES: The MIT Asia Conference in Accounting aims to bring together academics and practitioners of accounting and corporate governance in the Asia-Pacific region with leading scholars from the United States, Europe, and beyond. The conference is open to all those who are interested in attending. The goal of this annual two-day conference is to incubate and develop rigorous and relevant research in the field of accounting, defined broadly. Through thoughtful and constructive workshops and interactions, the conference expects to encourage and facilitate researchers in Asia to employ the highest standards of academic diligence in addressing challenges that are topical to managers, investors, regulators, and/or market intermediaries such as auditors and analysts. Over time, the conference hopes to become a preeminent forum for cutting-edge accounting research in Asia.

ORGANIZER: Sloan School of Management, Massachusetts Institute of Technology

CO ORGANIZER: Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University

SP Kothari, MIT Sloan School of Management, MIT
Feng Li, Shanghai Advanced Institute of Finace (SAIF)
Karthik Ramanna, Harvard Business School, Harvard University
Rodrigo Verdi, MIT Sloan School of Management, MIT
T.J. Wong, Chinese University of Hong Kong
Joanna Wu, Simon Business School, University of Rochester
David Wu, PricewaterhouseCooper, Hong Kong

Gary Biddle, Hong Kong University
Bala Balachandran, Great Lakes Institute of Management
Charles Chen, China Europe International Business School
Kevin C. W. Chen, Hong Kong University of Science and Technology
Agnes Cheng, Hong Kong Polytechnic University
Qi Chen, Duke University
Qiang Cheng, Singapore Management University
Zhaoyang Gu, Chinese University of Hong Kong
Jianqiao Hong, Fudan University
Mingyi Huang, Hong Kong University of Science and Technology
Sanjay Kallapur, Indian School of Business
Bin Ke, Nanyang Business School
Xi Li, Temple University
Xu Li, Hong Kong University
Zhen (Oliver) Li, National University Singapore
Jeff Ng, Singapore Management University
Chul Park, Hong Kong University
Joseph Piotroski, Stanford University
Hollis Skaife, University of California
Chris Williams, University of Michigan
Franco Wong, INSEAD
Xinzhong Xu, Lingnan (University) College, Sun Yat-sen University
Jian Xue, Tsinghua University
Hong Yan, SAIF, Shanghai Jiao Tong University
Holly Yang, Singapore Management University
Eric Yeung, Cornell University
Haifeng You, Hong Kong University of Science and Technology
Gwen Yu, Harvard Business School

CALL FOR PAPERS: The conference encourages submission of manuscripts in English in all areas of accounting and corporate governance, without limitations on research methods. Manuscripts that develop new ideas or theories, attempt to advance our understanding of real-world phenomena, and/or address pressing managerial and policy issues will be encouraged. The research does not have to be Asia-centric; it can be global in focus and application.

PAPER SUBMISSION PROCEDURE: Authors are invited to submit completed papers. Papers will be selected by the Program Committee consisting of a panel of international scholars. To submit your paper, please visit the conference website on ConferenceMaker:

Paper submissions are being accepted now and the deadline is Monday, February 29, 2016. The submitting authors will be notified of the Program Committee’s decision by Thursday, April 28, 2016.

BEST PAPER AWARD: Two best paper awards, US$2,500 and US$1,000, will be presented at the end of the conference.

ABOUT THE CONFERENCE: The conference is open to all those who are interested in attending. The conference will be held in Xiamen, China on July 10-12, 2016. All conference participants (including presenting authors) are required to pay a registration fee of US$300 prior to June 10, 2016 and a registration fee of US$350 on or after June 10, 2016; special pricing of US$100 is available for students with a valid student ID. The registration fee includes conference materials, receptions, and meals. Visit the conference URL ( for registration and other information. For general conference queries, please contact Jackie Donnelly at

The 1st Annual China Derivatives Markets Conference (CDMC)

May 19 – 20, 2016, Suzhou, China

(CFRI), the Review of Futures Markets (RFM), the International Business School Suzhou (IBSS) and the Institute of Quantitative Finance (IQF) of Xi’an Jiaotong – Liverpool University (XJTLU), and the Volatility Institute at New York University Shanghai (VINS) are jointly organizing a conference on derivative securities and markets. While research on derivative securities and markets from anywhere in the world is welcome, papers examining derivatives markets in the Asia Pacific region in general, and China in particular, are encouraged. This conference aims to bring academics, financial professionals and policy makers from China and abroad together to discuss current research on futures, options and other derivative markets. Papers will be presented in English, and selected papers will be published on special/regular issues of the JFM, the CFRI and the RFM.

Please check up the conference website frequently for further information and update:

– Full Paper Submission Deadline: March 15, 2016
– Notification of Acceptance: April 8, 2016
– Final Registration Date: April 15, 2016
– Conference Dates: May 19 – 20, 2016

– Professor Jianye WANG (New York University Shanghai and Silk Road Fund)
– Professor Hong YAN (Shanghai Advanced Institute of Finance – Shanghai Jiaotong University)

CONFERENCE TOPICS: The following is a list of conference topic identifiers. Each submission is allowed to identify with one primary topic and one secondary topic.
– Quantitative analysis, methods and modeling of derivatives
– Hedging and risk management, especially relating to Chinese markets
– Trading, portfolio and hedge fund strategies involving derivatives
– Trading rules, regulations, and their impact on derivative design and trading patterns
– Market microstructure, liquidity and volatility in derivatives markets
– Policy with a regulatory focus, especially relating to Chinese markets
– Policy reform on institutional and regulatory constraints in Chinese markets
– Information linkages among financial markets within China or with overseas markets

PANEL DISCUSSION: In addition to the paper presentation sessions, a panel discussion will be held in the afternoon of May 20, 2016. The panel, consisting of well-regarded academics, seasoned practitioners and senior policy makers, will offer in-depth perspectives on China’s derivatives markets. Professor Xin ZHOU with VINS will moderate the panel discussion.

PAPER SUBMISSION PROCEDURE: – Papers shall be submitted to
– On the title sheet, please identify one primary topic and one secondary topic (above).
– There is a registration fee of USD$200, due upon acceptance of the paper. Methods of payment will be provided later.
– There is NO registration fee for currently registered PhD students, providing they submit a copy of their most recent student ID or registration slip.

– Conference hotel: the XJTLU International Conference Center, a 4-star hotel located on the XJTLU campus.
– All participants should arrange their own accommodations at the conference hotel or another hotel in the Suzhou area. Hotel booking assistance will be provided upon request.

TRAVEL: All participants are expected to make their own travel arrangement.

PUBLICATION: Papers accepted for the conference are eligible to be considered for publication in the Journal of Futures Markets, the China Finance Review International, and the Review of Futures Markets. Each journal will accept around four or five papers for inclusion in a special/regular issue devoted to the conference. Note that the acceptance of a paper for the conference is not a guarantee of publication by any of the journals. If you wish your paper to be considered for publication by one of the journals, please indicate so in your email. All papers selected for inclusion in conference issues will go through the journals’ blind review process.

ABOUT SUZHOU: Suzhou, located near Shanghai, is famous for its canals, stone bridges, pagodas, and meticulously designed gardens. The classical gardens in Suzhou were added to the list of the UNESCO World Heritage Sites in 1997 and 2000. The city is often dubbed as “paradise on earth” or “Venice of the East,” and is one of the top tourist attractions in China.

For further information please contact

– Qi DENG (XJTLU, committee chair)
– Athanasios PANTELOUS (University of Liverpool)
– Robert WEBB (University of Virginia and JFM)
– Chongfeng WU (Antai-SJTU and CFRI) – to be confirmed

PROGRAM COMMITTEE (as of Jan 6, 2016):
– Michael CHNG (XJTLU)
– Biao GUO (Renmin University)
– Ping LI (Behang University)
– Xingguo LUO (Zhejiang University)
– Athanasios PANTELOUS (University of Liverpool)
– Pierre ROSTAN (American University of Cairo)
– Donald SOLDATIS (Paradigm)
– Juan TAO (XJTLU)
– Robert WEBB (University of Virginia and JFM)
– Wenfeng WU (Antai-SJTU) – to be confirmed
– Yingying WU (XJTLU)
– Hong YAN (SAIF-SJTU, committee chair)
– Shuguang ZHANG (University of Science and Technology of China)
– Zhenlong ZHENG (Xiamen University)
– Zhong-guo ZHOU (California State University)

DISCUSSION PANEL (as of Jan 20, 2016):
Hualiang CHEN (Zhongtai Securities) Jeff NIE (Keywise Capital) Qi WANG (China Financial Futures Exchange) Zhenlong ZHENG (Xiamen University) Xin ZHOU (VINS, panel chair/moderator)

Conference website:
Telephone: +86 189 308 31320

International Business School Suzhou (IBSS) at Xi’an Jiaotong-Liverpool University
No 111 Ren’ai Rd
Suzhou Dushu Lake Higher Education Town
Suzhou Industrial Park, Jiangsu Province
PR China 215123

43rd EFA Annual Meeting

August 17-20, 2016, Oslo Norway

Members and friends of the European Finance Association (EFA) are welcome to submit research papers for the 43rd EFA Annual Meeting that will be held at BI Norwegian Business School, August 17-20, 2016. Papers on any topic related to finance can be submitted. Papers that have already been presented at major conferences such as the AFA or WFA will be given a lower priority. Also please note that the submitted paper should not have been accepted (or conditionally accepted) at a journal. Each author is restricted to one submission.

PAPER SUBMISSION PROCEDURE: The submission system is open. Papers should be electronically submitted through the EFA 2016 website

The deadline for submissions is Tuesday, February 2, 2016, at 1:00 p.m. (13:00 hrs.) Central European Time (CET).

REVIEWING PROCESS: Papers will be anonymously reviewed by multiple members of the Program Committee. Authors will be notified of the Program Committee’s decision in April 2016. Authors of accepted papers are expected to attend the entire conference and be available to serve as session chairs or discussants.

The final EFA 2016 program will be available in June 2016.

More information about paper submission and the conference is available at

SUBMISSIONS REQUIRE EFA MEMBERSHIP FOR 2016: You must be a current EFA member for the 2016 calendar year in order to submit a paper to the EFA 2016 Annual Meeting. To avoid the rush and any last-minute delays in submitting your paper by the deadline date, please renew or sign up for membership as soon as possible! There is no additional submission fee beyond the EFA 2016 membership.

MEMBERSHIP RENEWAL: If you were an EFA member in 2015, please use the renewal link that was sent to you by email from Oxford University Press (OUP). If you have not received this, please contact OUP customer services at, or call +44 (0) 1865 353907.

NEW MEMBERS: To become an EFA member, apply for membership now at

Please note that the EFA membership payment is handled by Oxford University Press (OUP) on behalf of the European Finance Association (EFA) – and that you will automatically become a member subscriber of the Review of Finance, the EFA’s own journal. If you have questions about your membership or payment, please contact OUP at

KEYNOTE SPEAKER: We are pleased to announce that the keynote speaker at the EFA 2016 Annual Meeting is John H. Cochrane, Senior Fellow of the Hoover Institution at Stanford University and Distinguished Senior Fellow of the University of Chicago Booth School of Business and of the Becker-Friedman Institute. Cochrane is also a Research Associate of the National Bureau of Economic Research and an Adjunct Scholar of the CATO Institute. He is a past President and Fellow of the American Finance Association, a Fellow of the Econometric Society, and past Editor of the Journal of Political Economy, and associate editor of several journals.

Cochrane’s monetary economics publications include articles on monetary policy and the fiscal theory of the price level. His finance publications include the book Asset Pricing, and articles on dynamics in stock and bond markets, the volatility of exchange rates, the term structure of interest rates, the returns to venture capital, liquidity premiums in stock prices, the relation between stock prices and business cycles, and option pricing when investors can’t perfectly hedge. He was a coauthor of The Squam Lake Report and blogs as “the Grumpy Economist” at He recently created the Coursera online course “Asset Pricing” covering first year PhD Asset Pricing.

SPECIAL SESSIONS: The EFA 2016 Annual Meeting offers three special sessions held in collaboration with Norges Bank Investment Management (NBIM) and two sessions in collaboration with the Bank for International Settlements and the European Central Bank. Papers for the special sessions will undergo the same submission and review process as regular paper submissions. Submitting to special sessions means that you are submitting to the main conference.

Market Structure Evolution: Norges Bank Investment Management (NBIM) encourages the submission of papers on the topic “Technology and market innovation and market participant evolution”. We welcome papers addressing the following questions:

Technology and Market Innovation
– What are appropriate models for market structure when ‘being faster’ is no longer a feasible competitive strategy (e.g. FX, equity)?
– Alternative models of price discovery: What are the merits of batch auctions vs continuous trading?
– How does introducing artificial latency impact execution quality?
– What is the role of the regulator in this market structure? What will be the impact of MiFID II?

Market Participant Evolution:
– What is the role of active management when there is less competition for capital?
– What is the impact of ETF and mutual fund growth on liquidity risk transformation?

Corporate Governance: Norges Bank Investment Management (NBIM) encourages the submission of papers on the topic “Controlled listed companies: Fate or fortune for minority shareholders. De facto control is practiced across markets and takes many forms. The implications for minority shareholders are not fully understood”. We welcome papers addressing the following questions:
– What are the determinants of mutually beneficial controlling ownership, i.e. ownership that adds value to the company and does not extract special benefits for the controlling owner?
– What is the optimal related party transactions regime, i.e. one that bars against extraction but foregoes minimal accretive value?
– How should corporate governance differ between companies with or without actual control?
– Can regulators and other standard setters impact expected returns by differentiating governance between controlled and un-controlled companies, and can controlled companies achieve a lower cost of capital by self-imposing measures not required by regulations?
– Are the many elements of control and their interplay well enough understood?
– Is there a need for a more comprehensive typology of control?

Asset Pricing: Norges Bank Investment Management (NBIM) encourages the submission of papers on the topic “Understanding the underlying drivers of asset prices”. We welcome papers addressing the following questions:
– How do foreign exchange rates affect international bond and equity prices?
– How do macroeconomics relate to tradable risk factors?
– What is the effect of market segmentation on asset prices?

BANK FOR INTERNATIONAL SETTLEMENTS: The Bank for International Settlements (BIS) encourages the submission of papers on the topic: “Financing the real economy”. We welcome papers addressing the following questions:
– How is the real economy financed?
– What is the link between finance, factor allocation, and total factor productivity?
– Is there a shift from banks to markets?
– What are the factors influencing the choice of debt vs equity?
– Is the bond market a good source of financing for medium-sized enterprises?

EUROPEAN CENTRAL BANK: The European Central Bank (ECB) encourages submissions of papers related to one or several of the following topics:

Unconventional monetary policy
– Impact on financial markets
– Risks to financial stability
– Optimal exit design, communication, and how it affects financial markets

Macro-prudential regulation
– Interaction with monetary policy and relationship between financial and business cycles
– Optimal design and effectiveness of different measures
– Impact on non-bank activities and on their leverage

DOCTORAL TUTORIAL: There will be a one-day EFA Doctoral Tutorial held on Wednesday, August 17, 2016 (preceded by a welcome dinner for participants the evening before). This annual tutorial event is sponsored by the Nasdaq Educational Foundation and the Chicago Quantitative Alliance (CQA). Paper submission to the 2016 EFA Doctoral Tutorial follows the same timing as for the main conference; specifically, doctoral students should submit their papers or proposals by Tuesday, February 2, 2016, at 1:00 p.m. (13:00 hrs.) CET. Authors of papers presented at the Tutorial will receive a stipend of EUR 1,000. There is also an award for the best EFA Doctoral Tutorial paper (sponsored by Nasdaq and CQA).

Please note that submission to the Doctoral Tutorial requires PhD students to be or become 2016 EFA members. Prior to submitting, PhD students are advised to consult the EFA 2016 conference website at the page, which features detailed instructions and a link to the online submission form.

We look forward to receiving your submissions and hope to see you in Oslo in August 2016!

Kjell G. Nyborg
EFA 2016 Program Chair, Professor of Finance, University of Zurich, and Senior Chair, Swiss Finance Institute.

Richard Priestley
EFA 2016 Organizing Committee Chair, Professor of Finance and Head of the Finance Department, BI Norwegian Business School.


For questions regarding paper submission:
EFA 2016 Annual Meeting Paper Submission
Magnus Nyboe (University of Zurich)
Tel. +41-446 34-2949

For questions regarding conference attendance etc:
EFA 2016 Annual Meeting Local Organization
Adriana Kvam (BI Norwegian Business School)
Tel. +47-46410629

For questions regarding the EFA:
European Finance Association
Tel. +32-2 226 66 60

For questions regarding EFA memberships & payments for 2016:
Oxford University Press/Oxford Journals
Tel. +44-(0)1865 353907

REVIEW OF FINANCE: Journal of the European Finance Association

Special Issue of Journal of Corporate Finance: “Capital Markets, Financial Institutions, and Corporate Finance in China”

OVERVIEW: China will soon become the world’s largest economy. In recent years, we have learned a great deal about China, but there certainly is still much to be learned about China’s developing capital markets, maturing financial institutions, and ongoing financial management practices. Much of the existing research on China is outdated, as China has undergone major financial markets development and reforms in recent years. For example, interest rate liberalization is in its final stages, credit markets are developing quickly, as are over-the-counter markets, free trade zones are appearing and growing, and options, preferred stocks, shorting of index futures, and a new IPO registration process have been, or are being, introduced. What is the current state of China’s capital markets and how does it affect corporate finance strategies? What roles do China’s growing and maturing financial institutions and evolving financial markets regulations currently play in corporate finance policies? What is the current state of control by regulators? Just as important, what is currently different about Chinese markets, institutions, and financial management practices that make them unique, and what can we learn from them? Or, have China’s markets become more similar to the rest of the world? The purpose of this special issue is to improve our understanding of these important issues.

TOPICS: Topics for the special issue can include, but are not limited to, the following:
– Roles of Chinese capital markets and/or financial institutions on (i) corporate capital structure,
(ii) corporate investment strategies, (iii) corporate payout policies, (iv) corporate restructuring.
(v) financial contracting, (vi) international financial management practices, and (vii) corporate governance in China.
– Influences of developing legal structure and legal environment on corporate finance in China.
– Effects of ongoing evolution of asset pricing and market microstructure in China on corporate finance in China.
– Roles of evolving labor markets in China on corporate finance in China.
– Effects of evolving credit markets and securitization in China on corporate finance in China.
– Effects and roles of maturing securities analysts and institutional investors in China on corporate finance in China.
– Effects of recent major financial reforms and financial markets developments (e.g., split share reform, free trade zones, development of new financial products, etc.) on corporate finance in China.

EDITORS: Special Issue editors are Kenneth A. Kim, School of Economics and Management, Tongji University, and School of Management, State University of New York at Buffalo, Fuxiu Jiang, School of Business, Renmin University of China, and Zhan Jiang, Shanghai Advanced Institute of Finance, Shanghai Jiaotong University.

PAPER SUBMISSION PROCEDURE: There will be a 2-stage submission process. In the first stage, authors will submit their papers directly to the special issue editors at the following email address: At this first stage, papers will undergo an initial screen by the special issue editors. Authors of papers that pass the initial screen will then be invited to submit their papers via the online submission system of JCF, and they will have to pay the usual submission fee.

DEADLINE: October 1, 2016

2016 Annual Conference in International Finance

June 17th, 2016, City University of Hong Kong, Hong Kong

The Department of Economics and Finance and the Global Research Unit (GRU) invite the submission of papers to the 2016 Annual Conference in International Finance. The conference is designed to bring together leading researchers in a stimulating environment. They will present recent studies on international financial markets and provide the basis for a fruitful debate among researchers, policy makers and market participants on all aspects of International Finance. More information about the 2016 conference and previous events can be found at:

SPEAKERS: The Keynote Speakers of the event will be:
Professor Andrew Karolyi (Cornell University)
Professor Marco Pagano (University of Naples Federico II)

PAPER SUBMISSION PROCEDURE: Papers should be submitted (pdf versions only) by email by February 29th, 2016. All papers must be in English and should be accompanied by an abstract of up to 200 words. Papers should be well developed, but at a stage where they can still benefit from the group’s discussion. Authors will receive a confirmation for receipt of their submission and the paper selection will be finalized by March 18th, 2016.

FURTHER INFORMATION: There is no participation fee for this conference, but registration is required due to limited space. There is a limited travel budget for speakers. For any additional information contact us by email to

Pasquale Della Corte (Imperial College Business School)
Maik Schmeling (Cass Business School)
Giorgio Valente (City University of Hong Kong)
Christian Wagner (Copenhagen Business School)