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22.02.2017
The latest issue (Vol. 20, No. 3) of the Multinational Finance Journal is available online
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15.02.2017
Spring 2017 MFS Conference - Further Information for the Limassol Traditional Village Excursion (Tour)
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15.02.2017
New Forthcoming Articles at Multinational Finance Journal
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Plenary Talks

KEYNOTE SPEAKERS



Gikas Hardouvelis - University of Piraeus, Greece and former Minister of Finance of the Hellenic Republic

Date: Friday, April 7, 2017
Time: 6:30 - 7:00 p.m.
Venue: Tassos Papadopoulos Building - Amphitheatre 1

Talk Title:


"Euro Area Economic Crisis: Cyprus Versus Greece"

Abstract:

The international economic crisis of 2007-2009 was followed by a crisis in the European Monetary Union, which has taken different forms over the years and is still not over. Many observers believe EMU, which is not an Optimum Currency Area, will eventually disintegrate. Others perceive the crisis as temporary and predict a transformation of EMU itself in a way that mimics more closely an Optimum Currency Area. The verdict is uncertain.

In order to gain insights into the future evolution of EMU, it is instructive to compare the different experiences of EMU countries which underwent a crisis. Greece, the main culprit of the EMU crisis, is still in stagnation mode and is unable to borrow from the open markets. Yet other EA countries, such as Ireland, Portugal and Cyprus, which were also shut out of the market, eventually managed to shake off their crisis and begin growing. The presentation compares Greece to one of those countries, Cyprus. The comparison focuses on the different initial conditions of the two countries as well as their different policy responses. Thanks to their EMU membership, both countries were put on similar straightjacket in order to correct their imbalances, yet Cyprus managed to do it more quickly and effectively. Their differences provide a glimpse on what needs to be done to keep EMU from collapsing.

Short Bio:

Gikas A. Hardouvelis is a Professor of Finance and Economics at the Department of Banking and Financial Management at the School of Finance and Statistics of the University of Piraeus-Greece. He is the former Minister of Finance of the Hellenic Republic from June 2014 following the cabinet resuffle to January 2015 till the Greek Elections. He was the Chief Economist, Head of Economic Research and Member of the Executive Committee of the EUROBANK Group (2005-2014). He is Research Fellow at the Centre for Economic Policy Research in London and at the Centre for Money, Banking and Institutions of Surrey Business School. He is a member of the Cyprus International Institute of Management and the Board of Directors of the Hellenic Harvard Foundation. During the semester of November 2011 - May 2012 of the coalition government of National Unity, he served as the Director of the Economic Office of the Greek Prime Minister Lucas Papademos. He holds a Ph.D. degree in Economics (1983, University of California, Berkeley -USA), and M.Sc. & B.A. degrees in Applied Mathematics (1978, Harvard University, Massachusetts, USA). He has been Assistant Professor at Barnard College, Columbia University (1983-1989), Associate Professor and subsequently Full Professor at Rutgers University (1989-1993). He was president and then member of the Academic Council of the Hellenic Banks Association and its EBF-EMAC representative and member of the Foundation for the Economic & Industrial Research and member. He served as a Research Adviser & Economist at the Federal Reserve Bank of New York (1987-1993) and as an Adviser of the Bank of Greece for the next two years (1994-1995), where he also acted as Second Alternate to the Governor at the European Monetary Institute (precursor to the ECB). Between1996-2000 he held the post of Chief Economist at the National Bank of Greece, where he restructured the Economic Analysis Division, created the Risk Management Division, the Assets-Liabilities Management Department, and the Investors Relations Department. He also played a critical role in the establishment of the Athens Derivatives Exchange, as an original member of its Board of Directors (1997-2000). During 2000-2004, he was Director of the Economic Office of the Greek Prime Minister Costas Simitis. His academic work extends in Finance and Macroeconomics and is published in many internationally renowned journals, including the American Economic Review, the Journal of Finance, the Quarterly Journal of Economics, the Journal of Monetary Economics and many others. He has been included in the Hall of Fame of the top-50 individual publishers worldwide in applied econometrics over 1989 to 1995. (See p. 432, in Badi H. Baltagi, "Applied Econometrics Rankings: 1989-1995", Journal of Applied Econometrics 1999, Vol. 14, pp. 423-441). His work on margin requirements had a crucial impact on shaping the reform of the legal framework governing the markets of futures on stock indices in the US.
 





Shyam Sunder - Yale School of Management, USA

Date: Saturday, April 8, 2017
Time: 1:30 - 2:15 p.m.
Venue: Tassos Papadopoulos Building - Amphitheatre 1


Talk Title:

"Risky Curves: Concepts of, and Attitudes Towards Risk in Economics and Finance"

Abstract:

Two major concepts—hazard and dispersion of outcomes—dominate economics and financial literature. Which of these concepts is more appropriate is an empirical matter based on observation of human attitudes towards risk. We examine literature on analysis of laboratory and the field on estimating human attitudes towards risk. Documentation of any stable individual, group, demographic, or population attitudes toward risk has remained elusive, raising difficult questions about how we should proceed to theorize about investments. Fortunately, real options present one possible way of moving forward.

Short Bio:


Dr. Shyam Sunder is the James L. Frank Professor of Accounting, Economics, and Finance at the Yale School of Management; Professor in the Department of Economics; and Fellow of the Whitney Humanities Center. He is a world-renowned accounting theorist and experimental economist. His research contributions include financial reporting, information in security markets, statistical theory of valuation, and design of electronic markets. He is a pioneer in the fields of experimental finance and experimental macroeconomics. Dr. Sunder has won many awards for his research that includes six books and more than 200 articles in the leading journals of accounting, economics and finance, as well as in popular media. Dr. Sunder’s current research includes the problem of structuring U.S. and international accounting and auditing institutions to obtain a judicious and efficient balance between regulatory oversight and market competition. He is a past president of the American Accounting Association, former director of the Millstein Center for Corporate Governance and Performance at Yale, honorary research director of Great Lakes Institute of Management in Chennai, and distinguished fellow of the Center for Study of Science and Technology Policy in Bengaluru.
 





George Constantinides - University of Chicago, USA

Date: Saturday, April 8, 2017
Time: 7:45 - 8:30 p.m.
Venue: Tassos Papadopoulos Building - Amphitheatre 1

Talk Title:


"What Information Drives Asset Prices?"

Abstract:

An overload of worldwide macroeconomic, business, and political news inundates investors. Little is known as to how investors cope and process this vast amount of information and, in particular, which information they pay most attention to in assessing the health of the economy, setting prices, and forecasting returns.

We find empirical evidence that regardless of what information investors are considering, their focus manifests itself in price-level and labor-market variables. The market price-dividend ratio is an important indicator of investors
’ expectations about future dividend growth and discount rates. We find that the market price-dividend ratio is highly correlated with changes in price-level and labor-market variables but not with aggregate consumption growth, unlike what many economists believe. We incorporate this observation in a model where investors learn whether the economy is in recession, recovery, or expansion from changes in the consumer price index and the average hourly earnings of production, prominent price-level and labor-market variables, respectively.

The empirical results highlight how much information these macroeconomic variables provide investors. The model explains the level and volatility of consumption and dividend growth, stock market returns, the price-dividend ratio, and the risk free rate and performs well in predicting future returns, while a model with learning from consumption history does not. The findings suggest that changes in the variables that we identify have long-term economic implications.


Short Bio:


George Constantinides studies the causes of the historically observed premium of equity returns over bond returns, the value premium, and the size premium; the pricing and hedging of fixed-income securities, options, futures, and other derivatives; the effects of transaction costs and taxes on the pricing of derivatives; and portfolio management. He has published numerous papers in distinguished academic periodicals. Subjects he has covered include "Mispricing of S&P 500 Index Options," written with J. C. Jackwerth and S. Perrakis in the Review of Financial Studies; "Rational Asset Prices," in the Journal of Finance; and "Junior Can’t Borrow: A New Perspective on the Equity Premium Puzzle," written with J. B. Donaldson and R. Mehra in the Quarterly Journal of Economics. A former president of the American Finance Association and of the Society for Financial Studies, Constantinides is a research associate at the National Bureau of Economic Research. He serves as a director and trustee of the Dimensional Fund Advisors’ family of funds and trusts. Constantinides earned a bachelor’s degree from Oxford University and MBA and DBA degrees from Indiana University. He joined the Chicago Booth faculty in 1979, having previously taught at Carnegie Mellon University. He also visited Harvard University as a Marvin Bower Fellow. Outside his research and teaching, he likes to spend time with family and friends, travel, scuba dive, read, listen to music, and discover new people, ideas, places, and restaurants.


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