Past BFGA Conferences
5th Conference on Behavioral Research in Finance, Governance, and Accounting (2023)
After four successful conferences in 2019, 2020, 2021 and 2022, the Graduate Center of the University of Giessen organized the 5th Conference on Behavioral Research in Finance, Governance, and Accounting – this year’s interdisciplinary annual conference of GGS which took place on November 03. Due to the attractiveness for international participants, this year's conference took place digitally as in 2022. For the fifth time in a row, the conference was a complete success.
As in the previous year, we received many promising manuscripts. After a thorough review process, we selected 20 papers out of 50 and organized six sessions of three to four papers each.
The conference started with a warm welcome by Professor Andreas Walter, head of the Organizing Committee and part of the Scientific Committee and of GGS. Following this, four interesting sessions took place, covering the topics of Behavioral Finance, Sustainable Finance, as well as Accounting and Corporate Finance & Governance.
After the lunch break, the conference continued with a highlight. Theresa Kuchler, Professor of Finance at New York University's Stern School of Business and Director of the Glucksman Institute for Research in Securities Markets, delivered her keynote speech titled "Social networks shape beliefs and behavior," providing interesting insights into her research. The remaining two sessions of the conference program were on Economics and Behavioral Finance.
All sessions were characterized by interesting presentations and fruitful discussions. Moritz Grebe, member of the Organizing Committee, presented two Best Paper Awards. Benjamin P. Yost and Enshuai Yu (Boston College) were awarded the overall best paper prize, generously sponsored by Union Investment, for their paper titled "Corner-Cutters Personally Tax Aggressive Executives and Corporate Regulatory Violations." In the sustainability category, the best paper award, sponsored by EB-SIM, was awarded to Karol Kempa and Ulf Moslener (FS-UNEP Centre, Frankfurt School of Finance & Management) for their paper titled “Environmental Externalities, Corporate Bonds, and the Role of Policy.” The conference ended with some concluding remarks by Professor Peter Tillmann, head of the Research Section BSFA.
Accepted Papers 2023
Session: Behavioral Finance I
Session Chair: Prof. Dr. Andreas Walter
1. It’s not What you Say, But How you Say It – Charismatic Rhetoric in Earnings Conference Calls
Authors: Wolfgang Breuer, Andreas Knetsch, Sami Uddin
Presenter: Andreas Knetsch
RWTH Aachen
2. Expectations and Attention to Experience
Authors: Heiner Beckmeyer, Ahmed Guecioueur
Presenter: Ahmed Guecioueur
INSEAD
3. Behavior on Blockchains: Trading Activity in Tokenized Financial Assets
Authors: Stefan Scharnowski
Presenter: Stefan Scharnowski
University of Mannheim
Session: Economics
Session Chair: Prof. Dr. Mirjam Stockburger
1. Spatial Extrapolation in Housing Markets
Authors: Gen Li
Presenter: Gen Li
University of British Columbia
2. Measuring Environmental Awareness: An Analysis Using Google Search Data
Authors: Amal Dabbous, Matthias Horn, Alexandre Croutzet
Presenter: Matthias Horn
Otto-Friedrich-Universität Bamberg
3. How Biased Survival Expectations Affect Financial and Health Behaviours?
Authors: Cristina Vilaplana-Prieto, Joan Costa-Font
Presenter: Cristina Vilaplana- Prieto
University of Murcia
Session: Behavioral Finance II
Chair: Prof. Dr. Peter Tillmann
1. Are Risk Preferences Stable for Impactful Financial Decisions?
Authors: Jorgo T.G. Goossens, Marike Knoef
Presenter: Jorgo Goossens, Radboud Univeristy Nijmegen
Tilburg University
2. Peer-Reviewed Theory Does Not Help Predict the Cross- section of Stock Returns
Authors: Andrew Y. Chen, Alejandro Lopez-Lira, Tom Zimmermann
Presenter: Alejandro Lopez-Lira
University of Florida
3. The Impact of Peer Performance on Individual Investors’ Trading Behavior
Authors: Nina Klocke, Daniel Müller, Tim Hasso, Matthias Pelster
Presenter: Daniel Müller
University of Duisburg-Essen
Session: Sustainable Finance
Chair: Prof. Dr. Oscar Stolper
1. Environmental Externalities, Corporate Bonds, and the Role of Policy
Authors: Karol Kempa, Ulf Moslener
Presenter: Karol Kempa
FS-UNEP Centre, Frankfurt School of Finance & Management
2. Climate Adaptation Disclosure: Does it Bring Home the Green?
Authors: Alessio Venturini, Alfonso Dufour, Len Shaffrey, Simone Varotto
Presenter: Alessio Venturini
ICMA Centre, Henley Business School, University of Reading
3. Common Ownership and Corporate Carbon Emissions
Authors: Liying Wang, Jingshu Wen, Jingyu Zhang
Presenter: Jingshu Wen
Said Business School, University of Oxford
4. Carbon Risk, Investment in Innovation, and Firm Value: International Evidence
Authors: Ismail Haidar
Presenter: Ismail Haidar
University of Texas Rio Grande Valley
Session: Accounting
Chair: Prof. Dr. Arnt Wöhrmann
1. Corner-Cutters: Personally Tax Aggressive Executives and Corporate Regulatory Violations
Authors: Benjamin P. Yost, Enshuai Yu
Presenter: Enshuai Yu
Boston College
2. The Impact of Technological Advances on Firms’ Reporting Choices
Authors: David Oesch, Tanja Walser
Presenter: Tanja Walser
University of Zurich
3. A Catering Theory of Earnings Guidance: Empirical Evidence and Stock Market Implications
Authors: Nils Lohmeier, Hannes Mohrschladt
Presenter: Nils Lohmeier
University of Münster
Session: Corporate Finance & Governance
Chair: Prof. Dr. Christoph Schneider
1. Corporate Venture Capital as Driver of Strategic Change? An Interorganizational Learning Perspective
Authors: Christian Schmidt, Christian Kaiser, Andreas Bausch
Presenter: Christian Kaiser
Justus Liebig University Giessen
2. Hierarchical Pay Incentives and Firm Performance: How do Firms Structure Pay Inside and Outside C-suites to Incentivize Performance?
Authors: D. Brian Blank, Jiawei Chen, Brandy Hadley, Valeriya Posylnaya
Presenter: Brian Blank
Mississippi State University
3. Why Are Opportunistic Stock-Financed Takeovers Accepted?
Authors: Nils Lohmeier, Christoph Schneider
Presenter: Christoph Schneider
University of Münster
4. Implicit Corruption with Subsidiaries: Evidence from Land Sales in China
Authors: Rose Neng Lai, Zongyuan Li, Yildiray Yildirim
Presenter: Zongyuan Li
Wenzhou-Kean University
Conference Committee
Prof. Dr. Oscar Stolper
Prof. Dr. Andreas Walter
Henrike Alm
Martin Becker
Moritz Grebe
Patrick Harmeth
Rebecca Sabel
Kathrin Stock
The conference was generously supported by:
4th Conference on Behavioral Research in Finance, Governance, and Accounting (2022)
After three successful conferences in 2019, 2020 and 2021, the Graduate Center of the University of Giessen organized the 4th Conference on Behavioral Research in Finance, Governance, and Accounting – this year’s interdisciplinary annual conference of GGS which took place on November 10-11. Due to the attractiveness for international participants, this year's conference took place digitally as in 2021. For the fourth time in a row, the conference was a complete success with more than 80 registrations.
As in the previous year, we received many promising manuscripts. After a thorough review process, we selected 20 papers out of 50 and organized six sessions of three to four papers each.
The first day of the conference started with a warm welcome by Professor Peter Tillmann, part of the Scientific Committee and of GGS. The rest of the program was followed by three interesting sessions on Behavioral Economics (two sessions), Economics and Sustainable Finance.
Just like last year, the second day started with the highlight of the conference. In her keynote speech "(Mis)perceptions about Investing", Christine Laudenbach, Professor of Finance at SAFE Leibniz Institute for Financial Research and Goethe University Germany, gave insights into her research. The remaining two sessions of the conference program were on Accounting & Governance and Corporate Finance.
All sessions were characterized by interesting presentations and fruitful discussions. Moritz Grebe, member of the Organizing Committee, presented two Best Paper Awards. The overall best paper award, generously sponsored by Union Investment, was given to Professor Peter Limbach (University of Bielefeld) and his coauthors for their paper "Does Speculative News Hurt Productivity? Evidence from Takeover Rumors". The best paper award in the field sustainability, sponsored by EB-SIM, was awarded to the paper "Every emission you create - every dollar you'll donate: The effect of regulation-induced pollution on corporate philanthropy" by Raphael Jonghyeon Park (University of New South Wales) and his coauthors. The conference ended with some concluding remarks by Professor Oscar Stolper, co-head of the Organizing Committee.
Accepted Papers 2022
Session: Behavioral Finance I
Session Chair: Prof. Dr. Andreas Walter
1. Mental Accounting and the Marginal Propensity to Consume
Authors: René Bernard
Presenter: René Bernard
Deutsche Bundesbank and Goethe University
2. Group Decisions and Asymmetric Payoffs: Risky Tax Avoidance in the Laboratory
Authors: Eva Matthaei; Dirk Kiesewetter
Presenter: Eva Matthaei
Freie Universität Berlin
3. Bank Manager Sentiment, Loan Growth and Bank Risk
Authors: Frank Brückbauer; Thibault Cézanne
Presenter: Thibault Cézanne
University of Mannheim & ZEW
Session: Economics
Session Chair: Prof. Dr. Peter Tillmann
1. Household Finance and Life Cycle Economic Decisions under the Shadow of Cancer
Authors: Daniel Kárpáti
Presenter: Daniel Kárpáti
Tilburg University
2. Higher order risk preferences (indirectly) predict economic decisions
Authors: Yilong Xu, Maarten Boksem, Charles N. Noussair, Stefan T. Trautmann, Gijs van de Kuilen, and Alan Sanfey
Presenter: Dr. Yilong Xu
Utrecht University
3. Inflation Expectations and Cognitive Uncertainty
Authors: Joscha Beckmann; Timo Heinrich; Jennifer Rogmann
Presenter: Jennifer Rogmann
FernUniversität in Hagen
Session: Behavioral Finance II
Chair: Prof. Dr. Oscar Stolper
1. Investor Sentiment and Sell-side Research Quality
Authors: Yangyang Chen, Kaizhao Guo , Jingshu Wen
Presenter: Jingshu Wen
University of Oxford
2. Headline Curiosity
Authors: Russell Golman; Jingyi Qiu
Presenter: Jingyi Qiu
University of Michigan, School of Information
3. Leverage constraints and investors' choice of underlyings
Authors: Matthias Pelster
Presenter: Prof. Matthias Pelster
Paderborn University
Session: Sustainable Finance
Chair: Prof. Dr. Andreas Walter
1. Every emission you create - every dollar you'll donate: The effect of regulation-induced pollution on corporate philanthropy
Authors: Simon Xu; Seungho Choi; Raphael Jonghyeon Park
Presenter: Raphael Jonghyeon Park
Haas School of Business, UC Berkeley
2. Sustainability: Performance, Preferences, and Beliefs
Authors: Valentin Luz; Victor Schauer; Martin Viehweger
Presenter: Victor Schauer
Ludwig-Maximilians-Universität München
3. Gender, performance, and promotion in the labor market for commercial bankers
Authors: Marco Ceccarelli; Christoph Herpfer; Steven Ongena
Presenter: Dr. Marco Ceccarelli
Maastricht University
Session: Accounting & Governance
Chair: Prof. Dr. Arnt Wöhrmann
1. Firm Opacity and Retail Investments in Attention Stocks and Lottery Stocks: Evidence from Robinhood Investors
Authors: Zhan Gao; Jacob J. Leidner; James N. Myers; Linda A. Myers
Presenter: Dr. Jacob J. Leidner
University of Würzburg
2. The Influence of Director Incentives on Directorship Portfolions
10:45am – 11:15am
Authors: Corinna Ewelt-Knauer; Hannes Gerstel; Mohoamed A. Khaled; Arnt Wöhrmann
Presenter: Hannes Gerstel
Justus Liebig University Giessen
3. The Economics of ETF Redemptions
Authors: Han Xiao
Presenter: Han Xiao
Pennsylvania State University
4. The Determinants and Consequences of Sustainability Incentives in CEO Compensation Contracts on CSP: European Evidence
Authors: Andreas Höhre
Presenter: Andreas Höhre
Justus Liebig University Giessen
Session: Corporate Finance
Chair: Prof. Dr. Peter Limbach
1. Does Speculative News Hurt Productivity? Evidence from Takeover Rumors
01:15pm – 01:45pm
Authors: Christian Andres; Dmitry Bazhutov; Douglas Cumming; Peter Limbach
Presenter: Prof. Peter Limbach
University of Bielefeld and CFR
2. The Information Value of M&A Press Releases
01:45pm – 02:15pm
Authors: Yang Cao; Florian Kiesel; Henry Leung
Presenter: Yang Cao
Grenoble Ecole de Management
3. Banks as "Anchors": The Role of Banks in Funding Innovation
Authors: Cristian-Mihail Condrea
Presenter: Cristian-Mihail Condrea
Frankfurt School of Finance and Management
4. How Close is Your Crowd? The Role of Information Asymmetries for Investment Decisions in Crowdinvesting
Authors: Moritz Sefried; Kristina Uhl
Presenter: Moritz Sefried
Eberhard Karls Universität Tübingen
Conference Committee
Prof. Dr. Walter
Prof. Dr. Stolper
Martin Becker
Jenny Bethäuser
Moritz Grebe
Patrick Harmeth
Sinem Kandemir
Fabio Martin
The conference was generously supported by:
3rd Conference on Behavioral Research in Finance, Governance, and Accounting (2021)
After two successful conferences in 2019 and 2020, the Graduate Center of the University of Giessen organized the 3rd Conference on Behavioral Research in Finance, Governance, and Accounting which took place on November 4-5. Due to the current circumstances caused by the Corona Pandemic, this year's conference took place digitally as in 2020. For the third time in a row, the conference was a complete success with more than 60 registrations.
As in the previous year, we received many promising manuscripts. After a thorough review process, we selected 15 papers and organized five sessions of three papers each.
The first day of the conference started with a warm welcome by Professor Andreas Walter, head of the Organizing Committee. The rest of the program was followed by three interesting sessions on Behavioral Economics (two sessions) and Sustainable Finance.
Just like last year, the second day started with the highlight of the conference. In his keynote speech "Skewness preferences - The human attitudes toward rare, high-impact risks", Sebastian Ebert, Professor of Microeconomics at the Frankfurt School of Finance and Management, gave insights into his research. The remaining two sessions of the conference program were on Managerial Accounting and Financial Markets & Accounting.
All sessions were characterized by interesting presentations and fruitful discussions. Sinem Kandemir and Moritz Grebe, members of the Organizing Committee, presented two Best Paper Awards. The overall best paper award, generously sponsored by Union Investment, was given to Nina Klocke (Paderborn University) and her coauthors for their paper "Dark Triad Personality Traits and Selective Hedging". The best paper award in the field sustainability, sponsored by EB-SIM, was awarded to the paper "The Influence of ESG Ratings on Idiosyncratic Risks: The Unrated, the Good, the Bad, and the Sinners" by Matthias Horn (Bamberg University). The conference ended with some concluding remarks by Professor Oscar Stolper, co-head of the Organizing Committee.
Accepted Papers 2021
Session: Behavioral Finance I
Session Chair: Prof. Dr. Andreas Walter
1. Does mining fuel bubbles? An experimental study on cryptocurrency markets
Authors: Marco Lambrecht, Andis Sofianos, Yilong Xu
Presenter: Yilong Xu (Utrecht University)
2. Stock Price Responses from Relative Competitive Strength: Evidence from European Soccer Matches
Authors: Andrea Schertler, Jarmo van Beurden
Presenter: Jarmo van Beurden (University of Groningen)
3. Ambiguity, Investor Disagreement, and Expected Stock Returns
Authors: Lawrence Hsiao
Unfortunately this presentation has to be canceled.
Session: Behavioral Finance II
Session Chair: Prof. Dr. Peter Tillmann
1. Attracted to Money and Risk: Evidence on the Personality of Finance Professionals
Authors: Max Deter, André van Hoorn
Presenter: André van Hoorn (Radboud University)
2. Entrepreneur Debt Aversion and Financing Decisions: Evidence from COVID-19 Support Programs
Authors: Mikael Paaso, Vesa Pursiainen, Sami Torstila
Presenter: Mikael Paaso (Erasmus University Rotterdam)
3. Dark Triad Personality Traits and Selective Hedging
Authors: Matthias Pelster, Annette Hofmann, Nina Klocke, Sonja Warkulat
Presenter: Nina Klocke (Paderborn University)
Session: Sustainable Finance
Session Chair: Prof. Dr. Peter Tillmann
1. Change my ESG history: Ex-post deletions and additions
Authors: Samuel Drempetic, Andreas Hoepner, Christian Klein
Presenter: Samuel Drempetic (University of Kassel / Steyler Ethik Bank)
2. The Influence of ESG Ratings on Idiosyncratic Stock Risk: The Unrated, the Good, the Bad, and the Sinners
Authors: Matthias Horn
Presenter: Matthias Horn (Bamberg University)
3. Sustainable Investment Timing under Career Concerns, Agency, and Information
Authors: Stefan Kupfer, Max-Frederik Neubert
Presenter: Stefan Kupfer (Otto-von-Guericke-University Magdeburg)
Session: Managerial Accounting
Session Chair: Prof. Dr. Arnt Wöhrmann
1. Individual Error Handling and Organizational Escalation of Commitment – A Comprehensive Analysis
Authors: Pia Gruber, Jennifer Kunz
Presenter: Pia Gruber (University of Augsburg)
2. General causality orientation and performance management – Taking a closer look at different professional fields
Authors: Tanja Gistl, Jennifer Kunz
Presenter: Tanja Gistl (University of Augsburg)
3. The Effect of Relative Performance Information on Knowledge Sharing among Employees
Authors: Christian Schnieder, Friedrich Sommer, Arnt Wöhrmann, Ivo Schedlinsky
Presenter: Ivo Schedlinsky (University of Bayreuth)
Session: Financial Markets & Accounting
Session Chair: Prof. Dr. Oscar Stolper
1. Deferred tax asset revaluations, costly information processing, and the stability of banks’ deposits: Evidence from the Tax Cuts and Jobs Act
Authors: Ulf Mohrmann, Jan Riepe
Presenter: Jan Riepe (Eberhard-Karls University Tübingen)
2. Geographic Proximity in Short Selling
Authors: Xiaolin Huo, Xin Liu, Vesa Pursiainen
Presenter: Xiaolin Huo (Renmin University of China)
3. Analyst Incentives and Stock Return Synchronicity: Evidence From MiFID II
Authors: Yihan Li, Xin Liu, Vesa Pursiainen
Presenter: Yihan Li (University of Bath)
Conference Committee
Prof. Dr. Walter
Prof. Dr. Stolper
Jenny Bethäuser
David Finck
Moritz Grebe
Patrick Harmeth
Sinem Kandemir
Fabio Martin
Darwin Semmler
Anisa Tiza-Mimun
Elena A. Tönjes
The conference was generously supported by:
2nd Conference on Behavioral Research in Finance, Governance, and Accounting (2020)
After last year’s successful conference, the Graduate Center of the University of Giessen organized the 2nd Conference on Behavioral Research in Finance, Governance, and Accounting which took place on October 22-23. Due to the current circumstances caused by the Corona Pandemic, this year’s conference took place digitally. With over 70 registrations, the conference was once again a complete success.
As in the previous year, we received many promising manuscripts. A thorough review process therefore ended in 12 accepted papers, which were divided into four sessions of 3 papers each.
The first day of the conference started with a warm welcome by Professor Christina Bannier, head of the organizing committee. This was followed by three sessions on Corporate Governance, Behavioral Economics and Behavioral Finance and Institutions.
The second day started with an exciting keynote speech by Steffen Andersen, Professor of Finance at the Copenhagen Business School, on Beliefs and Investment Biases. The last session of the conference was on Behavioral Finance and Investor Behavior.
All sessions were characterized by interesting presentations and fruitful discussions. Kim Heyden, co-head of the research section, presented two Best Paper Awards, generously sponsored by Sparkasse Giessen. The awards were given to Florian Wicknig (Cologne University) for his paper ‘Experience-Based Heterogeneity in Expectations and Monetary Policy’, and to Alexander Kronies (Copenhagen Business School) for his paper ‘Skills and Sentiment in Sustainable Finance’. The conference ended with some concluding remarks by Professor Arnt Wöhrmann, co-head of the research section.
Conference Committee
Professors
- Prof Dr Christina Bannier
- Prof Dr Corinna Ewelt-Knauer
- Prof Dr Peter Tillmann
- Prof Dr Andreas Walter
- Prof Dr Peter Winker
- Prof Dr Arnt Woehrmann
Organization Team
The conference was generously supported by:
1st Conference on Behavioral Research in Finance, Governance, and Accounting (2019)
On October 7 - 8 2019, the research section Behavioral and Social Finance & Accounting at Justus Liebig University Giessen (JLU) organized the 1st Conference on Behavioral Research in Finance, Governance, and Accounting (BFGA 2019). The event took place at historic Schloss Rauischholzhausen, JLU's own little castle and probably by far the most attractive of all the university’s estates. With more than 50 participants, this first edition of BFGA was a complete success.
Following the call for papers, numerous manuscripts of high scholarly quality were submitted. A refereeing process led to a selection of 12 papers, which were presented over two days. Moreover, as the research section is part of the GGS, the Giessen Graduate Centre for Business and Economic Science, a special feature of the conference was that all papers were being discussed by JLU PhD students.
After a warm welcome by Prof Dr Christina E Bannier, Director of the GGS and Vice Dean at JLU's Business and Economics Faculty, day one comprised two sessions on Behavioral Finance and Corporate Governance. They were followed by the highlight of the first day, the keynote speech by Prof Dr Stefan Trautmann, Professor of Behavioral Finance at Heidelberg University and Associate Professor of Economics at Tilburg University. The last part on the first day's agenda was the conference dinner, which took place in the grand fireplace room.
Day two was all about Accounting and Economics. After two productive and interesting sessions, Prof Dr Peter Tillmann, Head of the Research Section, led to the final item on the agenda: The Best Paper Awards Ceremony. Generously sponsored by Volksbank Mittelhessen, Prof Tillmann awarded a Best Paper Award to two junior researchers, Ms Nora Lamersdorf (Goethe University Frankfurt) and Mr Fabian Brunner (University of Mannheim), for their outstanding work. Finally, he gave some concluding remarks about the conference and bade farewell to all conference participants.
Accepted Papers 2019
Session: Finance I
1. Till death (or divorce) do us part: Early-life family disruption and fund manager behavior
André Betzer, Peter Limbach*, P. Raghavendra Rau, and Henrik Schürmann
2. Reference-Dependent Return Chasing: Alpha, Losses and Fund Flows
Fabian Brunner
3. Streaks in Daily Returns
Alexandra Koehl, Alexander Klos*, Simon Rottke
Session: Finance II
1. Share repurchases, undervaluation, and corporate social responsibility
Nils Bobenhausen*, Andreas Knetsch, Astrid Salzmann
2. Mutual Fund Shareholder Letters: Flows, Performance, and Managerial Behavior
Alexander Hillert*, Alexandra Niessen-Ruenzi, Stefan Ruenzi
3. Empirical Studies on Gender Diverse Boards: Be Aware of the Value Bias in Corporate Debt
Jan Riepe*, Philip Yang
Session: Accounting
1. M&A Motives, Managerial Ambiguity, and Takeover Performance: less is more
Désirée-Jessica Pély
2. The effect of compensation interdependence on excessive risk taking – the role of mutual monitoring
Felix Bolduan*, Ivo Schedlinsky, Friedrich Sommer
3. The impact of individual audit partners on their clients' narrative disclosures
Christoph Mauritz, Martin Nienhaus, Christopher Oehler*
Session: Economics
1. Household Financial Risk Tolerance in Europe
Nora Laurinaityte
2. Financial Stability and the Fed: Evidence from Congressional Hearings
Arina Wischnewsky*, David-Jan Jansen, Matthias Neuenkirch
3. Effects of central bank communication on monetary policy transmission - A computational linguistics approach
Maximilian Düsterhöft, Nora Lamersdorf*
* marks the presenting participant
Conference Committee
Professors
- Prof Dr Christina Bannier
- Prof Dr Corinna Ewelt-Knauer
- Prof Dr Peter Tillmann
- Prof Dr Andreas Walter
- Prof Dr Peter Winker
- Prof Dr Arnt Woehrmann
Organization Team
The conference was generously supported by:
