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.

Friday 16 April, 1pm (AEST), Seminar hosted by FIRN Women
Thu Phuong Pham , Adelaide
Stock Price Synchronicity and Stock liquidity: International Evidence
Abstract: We examine the relationship between stock price synchronicity and stock liquidity using 296,514 firm-year observations across 40 developed and emerging markets over the period 2000-2016. Our local (within-country) empirical results reveal consistent evidence of a positive and significant relationship between local stock price synchronicity and stock liquidity. The strength of this positive relationship depends on the quality of country-level institutions; specifically, the weaker the institutional environment, the stronger the synchronicity-liquidity relationship. Our global (across-country) findings mirror those at the local level. We find consistently strong evidence of a positive relationship between global stock market synchronicity and stock liquidity. We also show that this positive relationship is stronger among countries with relatively weak institutions. Overall, our study is the first to document the synchronicity-liquidity relationship at both the local and global levels using a large international database. In addition, our cross-sectional analyses provide new evidence on the institutional determinants of this relationship.
Moderator: Jacquie Humphrey, VP FIRN Women/UQ
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Friday 16 April, 4pm (AEST), Seminar hosted by University of Sydney
Stefan Zeisberger, Radboud University
What is Risk? How Investors Perceive Risk in Return Distributions
Abstract: Most textbook finance literature assumes risk to be the standard deviation of returns (volatility), which is not only used by academics but also financial advisors, regulators and more. This paper comprehensively examines whether volatility is consistent with investors’ actual perception of risk. Our method is presenting investors return distributions with different risk characteristics for which they have to state their perceived risk and make investment decisions. Our results hint at the probability of losing being the main driver of risk perception and investment propensity. Volatility plays a less important role. Our findings are robust with regard to color-coding of return distributions, different investor types and personal characteristics including investment experience, the use of monetary incentives, and the return distribution presentation format.
Moderator: Haekwon Lee, University of Sydney
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Wednesday 21 April, 5pm, Seminar hosted by UTS
Sven Klingler from BI Norwegian Business School
Cash Is Not King: Evidence from the Commercial Paper Market
Abstract: Using new transaction-level data for non-financial commercial paper (CP) in the U.S., we show that companies systematically reduce their outstanding short-term debt on quarterly and annual disclosure dates. Constraints on CP lending supply cannot explain this pattern. Instead, firms prefer repaying short-term debt over disclosing high cash holdings to signal that their cash is readily available and not trapped in foreign subsidiaries. Consistent with this interpretation, we show that firms with higher cash holdings, more sales in regions with tight capital controls, or with higher debt-equity ratios compared to industry peers reduce their short-term debt more aggressively at disclosure dates.
Moderator: Thomas Matthys, University of Technology Sydney
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Friday 23 April, 11am, Seminar hosted by Melbourne
Arthur Korteweg, USC
Title to be advised
Abstract:
Moderator: Oliver Randall, Melbourne
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Friday 30 April, 10am, Seminar hosted by ANU
Jordan Nickerson, MIT
Title to be advised
Abstract:
Moderator: Nhan Le, ANU
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Friday 7 May, 10am, Seminar hosted by ANU
Peter Pham, UNSW
Title to be advised
Abstract:
Moderator: Nhan Le, ANU
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Friday 14 May, 11am, Seminar hosted by Melbourne
Murray Carlson, USC
Title to be advised
Abstract:
Moderator: Oliver Randall, Melbourne
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Friday 21 May, 11am (AEST), Seminar hosted by FIRN Women
Jo-Ann Suchard, UNSW
Title to be advised
Abstract:
Moderator: Min Zhu, UQ
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Friday 28 May, 9am (AEST), Seminar hosted by UQ
Sheridan Titman, University of Texas
Title to be advised
Abstract:
Moderator: Ronghong Huang, UQ
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Friday 28 May, 11am, Seminar hosted by Melbourne
Dashan Huang, Singapore Management University
Title to be advised
Abstract:
Moderator: Zhuo Zhong, Melbourne
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Friday 18 June, 1pm (AEST), Seminar hosted by FIRN Women
Min Zhu, UQ
Title to be advised
Abstract:
Moderator: Jacquie Humphrey, VP FIRN Women/UQ
register here