Working with the large FIRN member institutions we have developed a virtual seminar series where all FIRN members can participate. 

Please click on the links to register for the seminars. Once registered you will receive an email with the zoom code the day before the seminar.

Wednesday 30 September, 5pm (AEST).   Björn Hagströmer, Stockholm University
Seminar hosted by UTS
Title: Bias in the Effective Bid-Ask Spread
Abstract: The effective bid-ask spread measured relative to the spread midpoint overstates the true effective bid-ask spread in markets with discrete prices and elastic liquidity demand. The average bias is 13–18% for S&P 500 stocks in general, depending on the estimator used as benchmark, and up to 97% for low-priced stocks. Cross-sectional bias variation across stocks, trading venues, and investor groups can influence research inference. The use of the midpoint also undermines liquidity timing and trading performance evaluations, and can lead non-sophisticated investors to overpay for liquidity. To overcome these problems, the paper proposes new estimators of the effective bid-ask spread.
Moderated by: Ester Felez Vinas, UTS
click here to register

Friday 2 October, 1pm (AEST).   Kelvin Tan, UQ
Seminar hosted by UQ
Title: Syncing Innovation to Avoid Sinking: Supplier Response to Customer Covenant Violations
Abstract: When customers face financing frictions, they are incentivized to retain suppliers through nonmonetary incentives, such as by sharing technology with suppliers, thereby fostering supplier innovation. Using customer-supplier pairs in the U.S., we find that suppliers of customers that violate covenants become more innovative, specialize in narrow areas, and exhibit greater tendencies to cite and coordinate with customer innovation. Additionally, supplier innovation increases more when suppliers have greater financing flexibility, customers are highly specialized, and both trading partners are more trustworthy. Such innovation positively influences customer relationships, supplier performance, and supplier-firm survival. Overall, our findings illustrate nonmonetary channels that motivate relationship-specific investments.
Moderated by: Dewan Rahman, UQ
click here to register

Friday 9 October, 10am (AEDT).   Christian Leuz, University of Chicago
Seminar hosted by ANU
Title: TBC
Moderated by: Nhan Le, ANU
click here to register

Friday 16 October, 11am (AEDT).   Baolian Wang (University of Florida)
Seminar hosted by University of Melbourne
Title: TBC
Moderated by: Zhuo Zhong, Melbourne
click here to register

Friday 23 October, 1pm (AEDT).   Marina Gertsberg, Monash
Seminar hosted by FIRN Women
Title: Gender Quotas and Support for Women in Board Elections
Abstract: In this paper, we provide new evidence on shareholder support for quota-mandated female candidates in elections for the board of directors. We study shareholder support for board nominees around the enactment of California’s gender quota for corporate boards introduced in 2018. Our results show that shareholder support for female nominees is stronger than for male nominees before and after the introduction of the quota. We also show that support for incumbent female nominees increases after the quota whereas support for new (mandated) female nominees decreases after the quota, falling to the level of support for male nominees. This finding is interesting in light of the documented negative share price reaction to the quota, and suggests that shareholder votes are important in answering the question whether shareholders oppose the addition of mandated female board members.
Moderated by: Jacquie Humphrey, UQ
click here to register

Friday 30 October, 10am (AEDT).   David Solomon, Boston college
Seminar hosted by ANU
Title: TBC
Moderated by: Nhan Le, ANU
click here to register

Friday 6 November, 11am (AEDT).  Hong Xiang, University of Hong Kong.
Seminar hosted by University of Melbourne
Title: TBC
Moderated by: Zhuo Zhong, Melbourne
click here to register