{"id":14,"date":"2024-11-14T17:04:24","date_gmt":"2024-11-14T17:04:24","guid":{"rendered":"https:\/\/wp.lancs.ac.uk\/ffmm2025\/?page_id=14"},"modified":"2025-09-10T10:00:28","modified_gmt":"2025-09-10T10:00:28","slug":"programme","status":"publish","type":"page","link":"https:\/\/wp.lancs.ac.uk\/ffmm2025\/programme\/","title":{"rendered":"Programme"},"content":{"rendered":"

Presentations:<\/strong> Presenters are allocated a 30-minute slot with a 20-25-minute presentation that will be followed by a 5\u201310-minute general discussion. Speakers and session chairs should meet in the lecture theatre at least 5 minutes before their session.<\/p>\n

Latest Information as of 10th September 2025.<\/p>\n

Download PDF FFMM Conference Programme 2025<\/a><\/p>\n

Thursday 11 September<\/span><\/h2>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Time<\/th>Details<\/th>Room<\/th><\/td><\/td><\/td>\n<\/tr>\n<\/thead>\n
09:00-09:30<\/td>Conference Registration<\/strong><\/td>LT19, LUMS<\/td><\/td><\/td><\/td>\n<\/tr>\n

Session 1 \u2013 Parallel Sessions<\/span><\/h2><\/td>

<\/td><\/td><\/td>\n<\/tr>\n
09:30-11:00<\/td>Parallel Session 1A \u2013 Corporate Innovations<\/strong>
\nChair:<\/strong> Marco Cinquetti
\nSupport:<\/strong> Reka\u00a0Lantos<\/td>		LT14, LUMS<\/td><\/td><\/td><\/td>\n<\/tr>\n
Xiangqian Huang, Chinese <\/strong>University of Hong Kong <\/strong>
\nPaid Sick Leave Mandates, Skilled Labor, and Corporate Innovation<\/a><\/a> (with Tao Shu, Chinese University of Hong Kong). <\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Tao Shu, Chinese University of Hong Kong <\/strong>
\nInventor Performance Pressure and Strategic Innovation Management<\/a> (with Xiangqian (Sharon) Huang, Chinese University of Hong Kong & Xuan Tian, Tsinghua University).<\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Marco Cinquetti, Lancaster University Management School <\/strong>
\nVolatility Forecasting Factors<\/a> (with Seok Young Hong, Nanyang Technological University, Ingmar Nolte & Sandra Nolte, Lancaster University Management School).<\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
09:30-11:00<\/td>Parallel Session 1B \u2013 Information and Signalling in Traditional and Decentralized Finance<\/strong>
\nChair:<\/strong> Chuan Qin
\nSupport:<\/strong> Xiaoxue He\u00a0<\/td>		LT17, LUMS<\/td><\/td><\/td><\/td>\n<\/tr>\n
Chuxuan Fan, Chinese University of Hong Kong <\/strong>
\nIs There Wisdom Among the DAO Crowd? Evidence from Vote Delegation<\/a> (with Tao\u00a0Shu, Chinese University of Hong Kong & Fei Xie, University of Delaware). <\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Feng Zhao, University of Texas at Dallas<\/strong>
\nCheap Talk in the Mortgage-Backed Securities Offerings<\/a> (with Harold Zhang, University of Texas at Dallas & Xiaofei Zhao, Georgetown University).<\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Chuan Qin, SLCG Economic Consulting, LLC<\/strong>
\nRegulation D Offerings: Issuers, Investors, and Intermediaries<\/a><\/a> (with Craig McCann & Mike Yan, SLCG Economic Consulting, LLC).<\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
11:00-11:15<\/td>Refreshments <\/strong><\/td>LT19, LUMS<\/td><\/td><\/td><\/td>\n<\/tr>\n

Session 2 - Parallel Sessions <\/h2><\/td>

<\/td><\/td><\/td>\n<\/tr>\n
11:15-12:45<\/td>Parallel Session 2A \u2013 ESG and Greenwashing<\/strong>
\nChair:<\/strong> Ming-Tsung Lin
\nSupport:\u00a0<\/strong> Xiaoxue He<\/td>		LT14, LUMS<\/td><\/td><\/td><\/td>\n<\/tr>\n
Yong Chen, Texas A&M University <\/strong>
\nThe Economics of Greenwashing Funds<\/a> (with Sean Cao, University of Maryland - Han Xiao, Chinese University of Hong Kong & Alan Zhang). <\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Atreya Dey, University of Edinburgh and Cambridge University<\/strong>
\nFirm Operations, Biodiversity Loss, and Corporate Disclosure.<\/a><\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Ming-Tsung Lin, University of Sussex <\/strong>
\nCui Bono? Selective Disclosure as a Measure of ESG-washing<\/a> (with Ka Kei Chan, Brunel University London).<\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
11:15-12:45<\/td>Parallel Session 2B \u2013 Information Sharing <\/strong>
\nChair:<\/strong> Tomy Lee
\n Support:<\/strong> Reka Lantos <\/td>		LT17, LUMS<\/td><\/td><\/td><\/td>\n<\/tr>\n
Lijie Yu, University of Strathclyde<\/strong>
\nAdvisor-hedge Fund Connections and M&A Pricing: Who Benefits from Information Flow?<\/a> (with <\/em>Michael Bowe, University of Manchester & Olga\u00a0Kolokolova, Lancaster University Management School). <\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Murat Tini\u00e7, Vrije Universiteit Amsterdam <\/strong>
\nBusiness Groups and Information Leakage in Equity Markets<\/a> (with Tanseli\u00a0Savaser, Bentley University & Gunseli Tumer-Alkan, Vrije Universiteit Amsterdam).<\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Tomy Lee, Central European University <\/strong>
\nChina Walls<\/a> (with Chaojun Wang, University of Pennsylvania & Daniel Nathan, Bank of Israel). <\/strong><\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
12:45-14:15<\/td>Lunch and Poster Session <\/strong><\/td>LT19, LUMS<\/td><\/td><\/td><\/td>\n<\/tr>\n

Session 3 \u2013 Parallel Sessions<\/span><\/h2><\/td>

<\/td><\/td><\/td>\n<\/tr>\n
14:15-15:45<\/td>Parallel Session 3A \u2013 CEO Misconduct<\/strong>
\r\nChair:<\/strong>
\r\nSupport: Xiaoxue He\u00a0<\/strong><\/td>		LT14, LUMS<\/td><\/td><\/td><\/td>\n<\/tr>\n
Sharadha V Tilley, Technological University Dublin <\/strong>
\nDo Overconfident Bank CEOs Lead to a Higher Risk of Misconduct? (with Joseph\u00a0Coughlan, National University of Ireland Maynooth & Brian Byrne, Technological University Dublin).<\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Aaron Brock, Florida State University<\/strong>
\nHome State CEOs and Financial Misconduct Litigation<\/a> (with Yingmei Cheng, Louisiana State University). <\/em><\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Yurtsev Uymaz, University of East Anglia <\/strong>
\nFinancial Misconduct and Powerful CEOs: Evidence from US Banks (with Yurtsev\u00a0Uymaz, University of East Anglia - Yener Altunbas, Bangor University & John\u00a0Thornton, University of East Anglia).<\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
14:15-15:45<\/td>Parallel Session 3B \u2013 Risks and Manipulation in Digital\u00a0Finance<\/strong>
\nChair:<\/strong> Behnoud Alizadeh Bazrafshan
\nSupport:<\/strong> Reka Lantos <\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Antonino Emanuele Rizzo, ESADE Business School<\/strong>
\nDo Software Companies Spread Cyber Risk?<\/a> (with Giorgio Ottonello, Nova School of Business and Economics).<\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Damien Challet, Universit\u00e9 Paris-Saclay <\/strong>
\nLearning the Spoofability of Limit Order Books With Interpretable Probabilistic Neural Networks<\/a> (with Timoth\u00e9e Fabre, Universit\u00e9 Paris-Saclay).<\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
Behnoud Alizadeh Bazrafshan, University of Calgary<\/strong>
\nWash Trading on Decentralized Exchanges (with Alfred Lehar, University of Calgary & Marius Zoican, University of Calgary).<\/em><\/td>		<\/td><\/td><\/td>\n<\/tr>\n
15:45-16:00<\/td>Refreshment Break <\/strong><\/td>LT19, LUMS<\/td><\/td><\/td><\/td>\n<\/tr>\n

Session 4 \u2013 Keynote (Plenary)<\/h2><\/td>

<\/td><\/td><\/td>\n<\/tr>\n
16:00-17:30<\/td>Keynote Speech: <\/span><\/strong><\/em>
\nJonathan M. Karpoff, University of Washington<\/strong>
\nSocial Capital and Trust<\/em>
\nChair:<\/strong> Olga Kolokolova
\nSupport:<\/strong> Reka\u00a0Lantos<\/td>		LT17, LUMS<\/td><\/td><\/td><\/td>\n<\/tr>\n
18:00 <\/td>

Coach departs from outside the Management School<\/H2><\/td>

<\/td><\/td><\/td>\n<\/tr>\n
18:30-19:00<\/td>

Drinks Reception <\/h2><\/td>

Toll House Inn, Lancaster<\/td><\/td><\/td><\/td>\n<\/tr>\n
19:00-21:00 <\/td>

Conference Dinner <\/h2><\/td>

Toll House Inn, Lancaster<\/td><\/td><\/td><\/td>\n<\/tr>\n
21:00<\/td>

Coach departs for Campus<\/h2><\/td>

Toll House Inn, Lancaster<\/td><\/td><\/td><\/td>\n<\/tr>\n

End of Day 1<\/strong><\/span><\/p><\/td>

<\/td><\/td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

Friday 12 September<\/span><\/h2>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Time<\/th>Details<\/th>Room<\/th>\n<\/tr>\n<\/thead>\n

Session 5 \u2013 Parallel Session <\/span><\/h2><\/td>\n<\/tr>\n

09:30-11:00<\/td>Parallel Session 5A \u2013 ML and Fraud Detection<\/b><\/br>Chair: <\/strong>Thomas Mosk
\nSupport: <\/strong>Reka\u00a0Lantos<\/td>		LT14, LUMS<\/td>\n<\/tr>\n
\u00a0Youngseok Moon<\/strong>
\nMachine Readership and Financial Reporting Decisions<\/a> (with Sean Cao, University of Maryland & Ying Liang, Georgia State University).<\/em><\/td>\n<\/tr>\n
Angelos Alexopoulos,<\/strong> Athens University of Economics and Business
\nA Network and Machine Learning Approach to Detect Value Added Tax Fraud<\/a> (with Petros Dellaportas, University College London and Athens University of Economics and Business - Stanley Gyoshev, Christos Kotsogiannis & Trifon Pavkov, University of Exeter & Sofia Olhede, Ecole Polytechnique Federale de Lausanne). <\/em><\/td>\n<\/tr>\n
Thomas Mosk,<\/strong> Queen Mary University of London
\nWho Pays for Payment Fraud? Optimal Detection and Liability Rules<\/a> (with Vimal Balasubramaniam & Antoine Uettwiller, Queen Mary University of London).<\/em><\/td>\n<\/tr>\n
09:30-11:00<\/td>Parallel Session 5B \u2013 Business Evil<\/b><\/br>Chair:<\/strong> John Merrick
\nSupport:<\/strong> Xiaoxue He<\/td>		LT17, LUMS<\/td>\n<\/tr>\n
John Thanassoulis<\/strong>, University of Warwick
\nThe Problem of Business Evil<\/a><\/em><\/td>\n<\/tr>\n
Huaizhi Chen,<\/strong> University of Notre Dame <\/em>Assessing Assessors<\/a> (with Lauren Cohen, Harvard Business School).<\/em><\/td>\n<\/tr>\n
John Merrick<\/strong>, <\/em>William & Mary
\nDrawing the Line Between Bond Dealer and Bandit<\/a> (with Vladimir Atanasov, William & Mary University & Philipp, University of Stuttgart).<\/em><\/td>\n<\/tr>\n
11:00-11:15<\/td>Refreshment Break <\/b><\/td>LT19, LUMS<\/td>\n<\/tr>\n

Session 6 \u2013 Parallel Sessions<\/span><\/h2><\/td>\n<\/tr>\n

11:15-12:45<\/td>Parallel Session 6A \u2013 The Role of Media<\/b><\/br>Chair:<\/strong> Vishal Baloria
\nSupport: <\/strong>Reka Lantos<\/td>		LT14, LUMS<\/td>\n<\/tr>\n
Vu Tran, <\/strong>University of Reading
\nSocial Media Noise and Stock Manipulation<\/a> (with Douglas Cumming, Florida Atlantic University).<\/em><\/td>\n<\/tr>\n
Ralf Metzler, <\/strong>University of Duisburg-Essen
\nWatchdog or Mouthpiece? The Role of Financial News Media in Corporate Communication<\/a> (with Martin Hibbeln, University of Duisburg-Essen, Henrik M\u00fcller, TU Dortmund University & Noah Urban, University of Duisburg-Essen). <\/em><\/td>\n<\/tr>\n
Vishal Baloria, <\/strong>University of Connecticut
\nThe Effect of Newspaper Entry and Exit on Firm Behavior.<\/a><\/em><\/td>\n<\/tr>\n
11:15-12:45<\/td>Parallel Session 6B \u2013 Retail Investors in the Digital Finance Age<\/b><\/br>Chair:<\/strong> Jay Liu
\nSupport: <\/strong>Xiaoxue He Liu<\/td>		LT17, LUMS<\/td>\n<\/tr>\n
Justin Mohr, University of Mississippi <\/strong>
\nHouse of Stolen Cards: Does Payment Security Improve Credit Outcomes for Households?<\/a> (with Divij Kohli, University of Illinois Urbana-Champaign) <\/em><\/td>\n<\/tr>\n
Shasha Li, IWH Halle<\/strong>
\nDefault Data Manipulation in Marketplace Lending<\/a> (with Yutong Hu, London Business School).<\/em><\/td>\n<\/tr>\n
Jay Liu, University of Bristol <\/strong>
\nTrading by Charts: A Multivariate and Multimodal CNN System to Predict Retail Investor Trading<\/a><\/em><\/td>\n<\/tr>\n
13:00-14:15<\/td>Lunch & Poster Session <\/b><\/td>LT19, LUMS<\/td>\n<\/tr>\n

Session 7 \u2013 Parallel Sessions<\/span><\/h2><\/td>\n<\/tr>\n

14:15-15:45<\/td>Parallel Session 7A \u2013 Insider Trading <\/b><\/br>Chair:<\/strong> Yang Zhao
\nSupport:<\/strong> Reka Lantos<\/td>		LT14, LUMS<\/td>\n<\/tr>\n
Lixiong Guo, University of Mississippi<\/strong>
\nGlobalization and Insider Trading: Evidence from Cross-Border Mergers and Acquisitions<\/a> (with Xueting Zhang, UNSW Sydney).<\/em><\/td>\n<\/tr>\n
Adriana Korczak, University of Bristol<\/strong>
\nThe Impact of Mandatory Closed Periods on Corporate Insider Trading<\/a> (with Francois Brochet, Boston University - Patricia Naranjo, University of Kentucky & Piotr\u00a0Korczak, University of Bristol).<\/em><\/td>\n<\/tr>\n
Yang Zhao, University of Liverpool<\/strong>
\nInsider Trading in Connected Firms during Trading Bans (with Marc Goergen, IE\u00a0University - Luc Renneboog, Tilburg University & Yang Zhao, University of Liverpool).<\/em><\/td>\n<\/tr>\n
14:15-15:45<\/td>Parallel Session 7B \u2013 Disclosure <\/b>
\nChair:<\/strong> Jie Xie
\nSupport:<\/strong> Xiaoxue He<\/td>		LT17, LUMS<\/td>\n<\/tr>\n
Ruoyu Gao, <\/strong>University College Dublin <\/strong>
\nManagerial Misdirection? How Firms Use Confounding Events to Obfuscate the Impact of Data Breaches<\/a> <\/strong>(with Ronan Powell, University College Dublin & Jared\u00a0Stanfield, University of Oklahoma). <\/em><\/td>\n<\/tr>\n
Tao Shu, <\/strong>Chinese University of Hong Kong
\nA Game of Disclosing \u201cOther Events\u201d: Insights for Retail Investors<\/a> <\/strong>(with Sean Cao, University of Maryland & Zhongling Qin, Auburn University). <\/em><\/td>\n<\/tr>\n
Jin Xie,<\/strong> Peking University
\nNominal Rigidities, Earnings Manipulation, and Securities Regulation<\/a> (with Erica\u00a0Xuenan Li, Cheung Kong Graduate School of Business - Pengfei Wang, Peking University & Ji Zhang, Tsinghua University).<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

On behalf of the Conference Committee, thank you for participating in the FFMM 2025 Conference. We wish you a safe onward travel and look forward to seeing you again soon.<\/p>\n

Poster sessions<\/span><\/h2>\n\n\n\n\n\t\n\n\t\n\t\n\t
POSTER SESSION I<\/th>LT19, LUMS<\/th>\n<\/tr>\n<\/thead>\n

Thursday 11 September 2025

<\/td>\n<\/tr>\n

Zhiyuan Xing,<\/b> University of Glasgow
\nPolitical Risk and Greenwashing: Evidence from Anti-ESG.<\/a><\/em><\/td>\n<\/tr>\n
Muhammad Nouman Latif<\/b>, Ibn Haldun University
\nAnalyzing Anomalies for Financial Fraud Detection: A Case Study of Selected Insurance Companies Listed in Borsa Istanbul<\/a><\/em> (with Muhittin Kaplan & Asad Ul Islam Khan, Ibn Haldun University).
\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\t\n\n\t\n\t\n\t
POSTER SESSION I<\/th>LT19, LUMS<\/th>\n<\/tr>\n<\/thead>\n

Friday 12 September 2025

<\/td>\n<\/tr>\n

Samuli Saarinen<\/b>, Estonian Business School
\n<\/td>\n<\/tr>\n
Rukhsana Bibi<\/b>, COMSATS University
\nMacro-Finance Determinants of Commodities Future Volatility<\/a> (with Naveed Raza, COMSATS University).<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

Presentations: Presenters are allocated a 30-minute slot with a 20-25-minute presentation that will be followed by a 5\u201310-minute general discussion. Speakers and session chairs should meet in the lecture theatre at least 5 minutes before their session. Latest Information as … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":871,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-14","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/wp.lancs.ac.uk\/ffmm2025\/wp-json\/wp\/v2\/pages\/14","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.lancs.ac.uk\/ffmm2025\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wp.lancs.ac.uk\/ffmm2025\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wp.lancs.ac.uk\/ffmm2025\/wp-json\/wp\/v2\/users\/871"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.lancs.ac.uk\/ffmm2025\/wp-json\/wp\/v2\/comments?post=14"}],"version-history":[{"count":21,"href":"https:\/\/wp.lancs.ac.uk\/ffmm2025\/wp-json\/wp\/v2\/pages\/14\/revisions"}],"predecessor-version":[{"id":285,"href":"https:\/\/wp.lancs.ac.uk\/ffmm2025\/wp-json\/wp\/v2\/pages\/14\/revisions\/285"}],"wp:attachment":[{"href":"https:\/\/wp.lancs.ac.uk\/ffmm2025\/wp-json\/wp\/v2\/media?parent=14"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}