Financial Management and Accounting Research 2022

We have the great pleasure to welcome you to the 2022’s Financial Management & Accounting Research Conference (FMARC 2022), which takes place in Limassol, Cyprus. This year the conference features an exciting agenda with three keynote speeches, one special session for PhD Mentoring, as well as 25 paper sessions including 79 high quality-papers.

The Conference will be held at a great venue in the heart of the amazing city of Limassol and the delegates will have the opportunity to enjoy the exceptional service at the venue in addition to the social events, which we hope that everyone will enjoy!

FMARC 2022 could not have been possible without the contribution of the organizing institutions, the Cyprus University of Technology and King’s Business School, and our supporter XM. We thank each very much!

We would like to warmly thank our keynote speakers, Professors Heitor Almeida, Carol Alexander and Jeffrey L. Callen, as well as the scholars leading the PhD Mentoring, Professors Cláudia Custódio and Ioannis V. Floros. At the same time, our earnest thanks also go to the members of the Scientific Committee for their invaluable academic input, which has been crucial to put together a very interesting conference program for FMARC 2022.

Special thanks go to the conference supporting staff (Dr Marina Magidou, Mr Gregoris Gregoriou and Ms Anna Emilia Maruska) for providing excellent administrative assistance, as well as to Easy Conferences Ltd for diligent coordination. Last but not least, our wholehearted thanks to all people who have submitted and will present their papers, as well as the ones who have accepted to discuss them and to chair sessions.

We run the conference at a vibrant city and an amazing location, and we hope you will benefit greatly from the stimulating program. We wish you an enjoyable FMARC 2022 and a pleasant stay in Limassol.

Stay safe, stay healthy, stay well!

FMARC-2022-Handbook-15-06-2022 Download

FMARC-2022-Program-Overview-11-06-2022 Download

FMARC-2022-Academic-Sessions-15-06-2022 Download

Panayiotis C. Andreou

Associate Professor

Cyprus University of Technology

Dr Andreou’s main interests are related to financial management, credit risk management, banking, behavioural finance and financial literacy.

Paul Guest

Professor | Head

King's College London

Paul Guest is Professor of Corporate Finance and Head of Department, Accounting & Financial Management at King's Business School.

Alexander Michaelides

Professor

Imperial College London

Alexander Michaelides is a Professor of Finance at Imperial College Business School since September 2013, and Research Fellow at CEPR (International Macroeconomics and Financial Economics Programmes).

Maria Correia

Associate Professor

London School of Economics

Maria Correia is an associate professor in the accounting department at the renowned London School of Economics.

Carlo Sala

Associate Professor

ESADE

Carlo Sala is an assistant professor of Finance at the Department of Economics, Finance and Accounting at ESADE Business School.

Tarik Driouchi

Professor

King’s College London

Tarik Driouchi is Professor of Financial Management at King's Business School.

Neophytos Lambertides

Professor

Cyprus University of Technology

Neophytos Lambertides holds the position of Professor in Finance in the Department of Commerce, Finance and Shipping.

Nihat Aktas

Professor

WHU Otto Beisheim School of Management

Prof. Dr. Aktas holds the Chair for Mergers & Acquisitions at WHU – Otto Beisheim School of Management. He is also co-director of the Executive Education Program for Mergers & Acquisitions at WHU.

Kris Allee

Professor

University of Arkansas

Kris is a professor and the Doyle Z. Williams Chair in Professional Accounting in the Sam M. Walton College of Business at the University of Arkansas.

Heitor Almeida

Professor

University of Illinois Urbana-Champaign

Heitor Almeida is Stanley C. and Joan J. Golder Chair in Corporate Finance and academic director of I-degrees at Gies College of Business.

Constantinos Antoniou

Associate Professor

University of Warwick

Constantinos' research focuses on behavioural finance, addressing issues related to learning and the formation of expectations in the context of portfolio choice, corporate decisions and empirical asset pricing.

Ramin Baghai

Associate Professor | Researcher

Stockholm School of Economics

Ramin Baghai holds the position of Associate Professor within the Department of Finance at Stockholm School of Economics.

Turan Bali

Professor

Georgetown University

Robert Parker Chair Professor of Finance in McDonough School of Business at Georgetown University and Associate Editor.

Martin Brown

Professor

University of St. Gallen

Prof. Dr. Martin Brown's research is focused on Financial intermediation, Finance & Development and Experimental economics and has been published e.g. in Econometrica, Economic Journal, Journal of the European Economic Association, Journal of Financial Intermediation, and Journal of Money, Credit and Banking.

Jeffrey Callen

Professor

University of Toronto

Jeffrey L. Callen is the Inaugural Rotman Chair in Accounting. His research interests include corporate valuation, accounting information and capital markets, efficiency measurement and the economics of the non-profit firm.

Stefano Cascino

Associate Professor

London School of Economics and Political Science

Stefano Cascino is an Associate Professor of Accounting in the Department of Accounting at the London School of Economics.

Mark Clatworthy

Professor

University of Bristol

Mark's research interests are in financial reporting, including the links between accounting information and capital markets and audit markets.

Douglas Cumming

Professor

Florida Atlantic University

Douglas Cumming, J.D., Ph.D., CFA, is the DeSantis Distinguished Professor of Finance and Entrepreneurship at the College of Business, Florida Atlantic University in Boca Raton, Florida.

Cláudia Custódio

Associate Professor

Imperial College Business School

Cláudia Custódio is an Associate Professor of Finance at Imperial College since 2016. She was awarded her PhD from the London School of Economics in 2010.

Ralph De Haas

Director

European Bank for Reconstruction and Development (EBRD)

Ralph De Haas is the Director of Research at the European Bank for Reconstruction and Development (EBRD) and a part-time Professor of Finance at KU Leuven.

Luca Del Viva

Associate Professor

ESADE

Luca Del Viva is an Associate Professor of Finance at the Department of Financial Management and Control at ESADE.

Manthos Delis

Professor

Audencia Business School

Manthos Delis is a Professor of Financial Economics at Audencia Business School and Member of the Board of Directors at the University of Ioannina.

Marie Dutordoir

Professor

Alliance Manchester Business School

Marie Dutordoir is a Professor of Finance at Alliance Manchester Business School. She has a PhD in Applied Economics from the Catholic University of Leuven (Louvain), Belgium (2006).

Ester Einhorn

Professor

Tel Aviv University

Ester Einhorn is a professor at Tel Aviv University.

Chris Florakis

Professor

University of Liverpool

Chris Florakis is a Professor of Finance in the Management School of the University of Liverpool. He has previously held part-time positions at the Universities of York and Bristol.

Ioannis Floros

Associate Professor

University of Wisconsin Milwaukee

Dr. Floros’ academic research appears in the in the following journals: Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Review of Accounting Studies, Journal of Financial Intermediation, Journal of Corporate Finance, Journal of Banking and Finance, Financial Management and Review of Quantitative Finance and Accounting.

Juan Manuel Garcia Lara

Professor

Universidad Carlos III de Madrid

Juan Manuel holds a Ph.D. in Accounting by the University of Valencia. Before joining Carlos III he was a lecturer (assistant professor) in the Department of Accounting and Finance at Lancaster University.

Pedro Gete

Professor

IE Business School

Prof. Gete’s research focuses on credit markets with applications to topics including Real Estate, Finance, International Economics, and Macroeconomics.

Claudia Girardone

Dean | Professor

Essex Business School

Claudia Girardone is Dean of Essex Business School and Professor of Banking and Finance.

Jens Hagendorff

Professor

King’s College London

Jens Hagendorff is Professor of Finance and Executive MBA Programme Director at King's College London.

Michael Haliassos

Professor | Chair

Goethe University

Haliassos holds the Chair of Macroeconomics and Finance at Goethe University Frankfurt. He is Research Fellow of the Centre for Economic Policy Research (CEPR, UK), Founding Director of the CEPR Network on Household Finance (2015- ), Research Professor and Executive Board member of the IMFS.

Iftekhar Hasan

Professor

Fordham University

Iftekhar Hasan holds the title of university professor at Fordham University, where he also serves as the E. Gerald Corrigan Chair in Finance, academic director of the Ph.D. program, and co-director of the Center for Research in Contemporary Finance at the Gabelli School of Business.

Vasso Ioannidou

Economist

Bayes Business School

Vasso Ioannidou is a financial economist and academic specialising in banking and finance.

Sofia Johan

Associate Professor

Florida Atlantic University

Sofia Johan is an Associate Professor of Finance at the College of Business, Florida Atlantic University and a Phil Smith Fellow at The Phil Smith Center for Free Enterprise at the College of Business.

Nathan Joseph

Professor

Brunel University London

Nathan Joseph is a Professor of Accounting and Finance at the Department of Economics and Finance, Brunel University London.

Eleni Kalotychou

Associate Professor

Cyprus University of Technology

Dr Elena Kalotychou is an Assistant Professor at the Department of Commerce, Finance and Shipping at the Cyprus University of Technology.

Neil Kellard

Professor

Essex Business School

Neil Kellard is a professor in Finance at the University of Essex.

Sotirios Kokas

Professor

Essex Business School

Sotirios Kokas is a Professor in Finance at the Essex Business School and Fellow of the Higher Education Academy.

George Korniotis

Professor

Miami Herbert Business School

George Korniotis is a professor of finance at the Miami Herbert Business School at the University of Miami. He is also a research fellow at the Centre for Economic Policy Research.

Christodoulos Louca

Associate Professor

Cyprus University of Technology

Christodoulos Louca is Associate Professor in Finance at the Cyprus University of Technology. He holds a Ph.D. in Finance from the University of Cyprus.

Duc Duy (Louis) Nguyen

Professor

Durham University Business School

Duc Duy (Louis) Nguyen is Professor in Finance at Durham University Business School. He holds a PhD in Finance from the University of Edinburgh.

Dimitris Papanikolaou

Professor

Kellogg School of Management

Dimitris Papanikolaou is a professor in Finance at Kellogg School of Management.

Dimitris Petmezas

Professor

Durham University Business School

Professor Dimitris Petmezas is a Professor of Finance in his second tenure at Durham University Business School as he also held the position of Lecturer in Finance over the period 2005-2007.

Dennis Philip

Professor

Durham University Business School

Dennis Philip holds a PhD in Finance. His research contributes to the understanding of the interactions between firm characteristics and financial markets.

Raghavendra Rau

Professor

University of Cambridge

Raghavendra Rau is a professor of finance at the University of Cambridge.

Plutarchos Sakellaris

Professor

Athens University of Economics and Business

Plutarchos Sakellaris is Professor at Athens University of Economics and Business. Professor Sakellaris conducts research on banking, business investment, business cycles, economic growth and education.

Zacharias Sautner

Professor

University of Zurich

Zacharias is Professor of Sustainable Finance at University of Zurich and Senior Chair at the Swiss Finance Institute.

Christos Savva

Professor

Cyprus University of Technology

Christos is a lecturer at the Cyprus University of Technology. He has published in various international refereed journals.

Denis Sosyura

Professor

Arizona State University

Denis Sosyura is a professor of Finance at Arizona State University.

Yannis Tsalavoutas

Professor

University of Glasgow

After completing his undergraduate studies at the Technological Educational Institute of Athens (BSc in Business Administration), Yannis undertook the MBA Programme at the University of Stirling with specialisation in Corporate Finance. In November 2009, he completed his PhD in Accounting at the University of Edinburgh.

Margarita Tsoutsoura

Associate Professor

Washington University in St. Louis

Margarita Tsoutsoura is an Associate Professor of Finance at Olin Business School, at the Washington University in St. Louis.

Patrick Verwijmeren

Professor

Erasmus School of Economics

Patrick Verwijmeren is Professor of Corporate Finance at the Erasmus School of Economics (Erasmus University Rotterdam). He is also a research fellow at the Tinbergen Institute and a part-time Research Professor at the University of Melbourne and Glasgow.

Mei Wang

Chair

WHU Otto Beisheim School of Management

Dr. Mei Wang is the Chair of Behavioural Finance at WHU Otto Beisheim School of Management.

Avi Wohl

Professor

Tel Aviv University

Avi Wohl is a professor of Finance. He holds a B.Sc. in Mathematics and Computer Sciences from Tel Aviv University, an M.Sc in Management Sciences - Operations Research from Tel Aviv University's Faculty of Management and a Ph.D in Finance, also from Tel Aviv University's Faculty of Management.

Geoffrey Wood

Professor

Western University in Canada

Professor Geoffrey Wood is Professor and DanCap Private Equity Chair of Innovation, and Department Chair DAN Management at Western University in Canada.

David Yermack

Professor

New York University

David L. Yermack is the Albert Fingerhut Professor of Finance and Business Transformation at New York University Stern School of Business.

Mengxin Zhao

Economist

U.S. Securities and Exchange Commission

Mengxin Zhao is a Financial Economist at the Office of Corporate Finance.

Carol Alexander

Professor

University of Sussex

Carol Alexander is an expert in crypto asset and derivatives markets, financial risk analysis, high-frequency data analysis, blockchains, pricing and hedging financial instruments, volatility analysis, investment strategies, benchmarking and portfolio management.

Claire Economidou

Professor

University of Piraeus

Dr. Claire Economidou is Professor of Economics at the Department of Economics of the University of Piraeus. Claire joined the Department in 2010 as Assistant Professor of Macroeconomics at the Department of Economics.

Dimitrios Malliaropoulos

Professor

University of Piraeus

Dimitris Malliaropulos has studied Sociology and Economics at the Freie Universitaet Berlin, where he also received his PhD.

Theodore Sougiannis

Professor

University of Illinois Urbana-Champaign

Theodore Sougiannis is the KPMG Distinguished Professor of Accountancy and interim head of the Department of Accountancy. Sougiannis joined the Gies College of Business faculty in 1990 and has held numerous leadership roles within the College.

Alessandro Previtero

Associate Professor

Kelley School of Business, Indiana University

Alessandro Previtero is an Associate Professor of Finance at the Kelley School of Business, Indiana University, and a Faculty Research Associate at the National Bureau of Economic Research (NBER).

Panayiotis C. Andreou

Associate Professor

Cyprus University of Technology

Dr Andreou’s main interests are related to financial management, credit risk management, banking, behavioural finance and financial literacy.

Paul Guest

Professor | Head

King's College London

Paul Guest is Professor of Corporate Finance and Head of Department, Accounting & Financial Management at King's Business School.

Tarik Driouchi

Professor

King’s College London

Tarik Driouchi is Professor of Financial Management at King's Business School.

Neophytos Lambertides

Professor

Cyprus University of Technology

Neophytos Lambertides holds the position of Professor in Finance in the Department of Commerce, Finance and Shipping.

Heitor Almeida

Professor

University of Illinois Urbana-Champaign

Heitor Almeida is Stanley C. and Joan J. Golder Chair in Corporate Finance and academic director of I-degrees at Gies College of Business.

Jeffrey Callen

Professor

University of Toronto

Cláudia Custódio

Associate Professor

Imperial College Business School

Cláudia Custódio is an Associate Professor of Finance at Imperial College since 2016. She was awarded her PhD from the London School of Economics in 2010.

Ioannis Floros

Associate Professor

University of Wisconsin Milwaukee

Paul Guest

Professor | Head

King's College London

Paul Guest is Professor of Corporate Finance and Head of Department, Accounting & Financial Management at King's Business School.

Alexander Michaelides

Professor

Imperial College London

Maria Correia

Associate Professor

London School of Economics

Maria Correia is an associate professor in the accounting department at the renowned London School of Economics.

Carlo Sala

Associate Professor

ESADE

Carlo Sala is an assistant professor of Finance at the Department of Economics, Finance and Accounting at ESADE Business School.

Tarik Driouchi

Professor

King’s College London

Tarik Driouchi is Professor of Financial Management at King's Business School.

Nihat Aktas

Professor

WHU Otto Beisheim School of Management

Prof. Dr. Aktas holds the Chair for Mergers & Acquisitions at WHU – Otto Beisheim School of Management. He is also co-director of the Executive Education Program for Mergers & Acquisitions at WHU.

Kris Allee

Professor

University of Arkansas

Kris is a professor and the Doyle Z. Williams Chair in Professional Accounting in the Sam M. Walton College of Business at the University of Arkansas.

Heitor Almeida

Professor

University of Illinois Urbana-Champaign

Heitor Almeida is Stanley C. and Joan J. Golder Chair in Corporate Finance and academic director of I-degrees at Gies College of Business.

Constantinos Antoniou

Associate Professor

University of Warwick

Ramin Baghai

Associate Professor | Researcher

Stockholm School of Economics

Ramin Baghai holds the position of Associate Professor within the Department of Finance at Stockholm School of Economics.

Turan Bali

Professor

Georgetown University

Robert Parker Chair Professor of Finance in McDonough School of Business at Georgetown University and Associate Editor.

Martin Brown

Professor

University of St. Gallen

Jeffrey Callen

Professor

University of Toronto

Stefano Cascino

Associate Professor

London School of Economics and Political Science

Stefano Cascino is an Associate Professor of Accounting in the Department of Accounting at the London School of Economics.

Mark Clatworthy

Professor

University of Bristol

Mark's research interests are in financial reporting, including the links between accounting information and capital markets and audit markets.

Douglas Cumming

Professor

Florida Atlantic University

Douglas Cumming, J.D., Ph.D., CFA, is the DeSantis Distinguished Professor of Finance and Entrepreneurship at the College of Business, Florida Atlantic University in Boca Raton, Florida.

Cláudia Custódio

Associate Professor

Imperial College Business School

Cláudia Custódio is an Associate Professor of Finance at Imperial College since 2016. She was awarded her PhD from the London School of Economics in 2010.

Ralph De Haas

Director

European Bank for Reconstruction and Development (EBRD)

Ralph De Haas is the Director of Research at the European Bank for Reconstruction and Development (EBRD) and a part-time Professor of Finance at KU Leuven.

Luca Del Viva

Associate Professor

ESADE

Luca Del Viva is an Associate Professor of Finance at the Department of Financial Management and Control at ESADE.

Manthos Delis

Professor

Audencia Business School

Manthos Delis is a Professor of Financial Economics at Audencia Business School and Member of the Board of Directors at the University of Ioannina.

Marie Dutordoir

Professor

Alliance Manchester Business School

Marie Dutordoir is a Professor of Finance at Alliance Manchester Business School. She has a PhD in Applied Economics from the Catholic University of Leuven (Louvain), Belgium (2006).

Ester Einhorn

Professor

Tel Aviv University

Ester Einhorn is a professor at Tel Aviv University.

Chris Florakis

Professor

University of Liverpool

Chris Florakis is a Professor of Finance in the Management School of the University of Liverpool. He has previously held part-time positions at the Universities of York and Bristol.

Ioannis Floros

Associate Professor

University of Wisconsin Milwaukee

Juan Manuel Garcia Lara

Professor

Universidad Carlos III de Madrid

Pedro Gete

Professor

IE Business School

Prof. Gete’s research focuses on credit markets with applications to topics including Real Estate, Finance, International Economics, and Macroeconomics.

Claudia Girardone

Dean | Professor

Essex Business School

Claudia Girardone is Dean of Essex Business School and Professor of Banking and Finance.

Jens Hagendorff

Professor

King’s College London

Jens Hagendorff is Professor of Finance and Executive MBA Programme Director at King's College London.

Michael Haliassos

Professor | Chair

Goethe University

Iftekhar Hasan

Professor

Fordham University

Vasso Ioannidou

Economist

Bayes Business School

Vasso Ioannidou is a financial economist and academic specialising in banking and finance.

Sofia Johan

Associate Professor

Florida Atlantic University

Nathan Joseph

Professor

Brunel University London

Nathan Joseph is a Professor of Accounting and Finance at the Department of Economics and Finance, Brunel University London.

Eleni Kalotychou

Associate Professor

Cyprus University of Technology

Dr Elena Kalotychou is an Assistant Professor at the Department of Commerce, Finance and Shipping at the Cyprus University of Technology.

Neil Kellard

Professor

Essex Business School

Neil Kellard is a professor in Finance at the University of Essex.

Sotirios Kokas

Professor

Essex Business School

Sotirios Kokas is a Professor in Finance at the Essex Business School and Fellow of the Higher Education Academy.

George Korniotis

Professor

Miami Herbert Business School

George Korniotis is a professor of finance at the Miami Herbert Business School at the University of Miami. He is also a research fellow at the Centre for Economic Policy Research.

Christodoulos Louca

Associate Professor

Cyprus University of Technology

Christodoulos Louca is Associate Professor in Finance at the Cyprus University of Technology. He holds a Ph.D. in Finance from the University of Cyprus.

Duc Duy (Louis) Nguyen

Professor

Durham University Business School

Duc Duy (Louis) Nguyen is Professor in Finance at Durham University Business School. He holds a PhD in Finance from the University of Edinburgh.

Dimitris Papanikolaou

Professor

Kellogg School of Management

Dimitris Papanikolaou is a professor in Finance at Kellogg School of Management.

Dimitris Petmezas

Professor

Durham University Business School

Professor Dimitris Petmezas is a Professor of Finance in his second tenure at Durham University Business School as he also held the position of Lecturer in Finance over the period 2005-2007.

Dennis Philip

Professor

Durham University Business School

Dennis Philip holds a PhD in Finance. His research contributes to the understanding of the interactions between firm characteristics and financial markets.

Raghavendra Rau

Professor

University of Cambridge

Raghavendra Rau is a professor of finance at the University of Cambridge.

Plutarchos Sakellaris

Professor

Athens University of Economics and Business

Zacharias Sautner

Professor

University of Zurich

Zacharias is Professor of Sustainable Finance at University of Zurich and Senior Chair at the Swiss Finance Institute.

Christos Savva

Professor

Cyprus University of Technology

Christos is a lecturer at the Cyprus University of Technology. He has published in various international refereed journals.

Denis Sosyura

Professor

Arizona State University

Denis Sosyura is a professor of Finance at Arizona State University.

Yannis Tsalavoutas

Professor

University of Glasgow

Margarita Tsoutsoura

Associate Professor

Washington University in St. Louis

Margarita Tsoutsoura is an Associate Professor of Finance at Olin Business School, at the Washington University in St. Louis.

Patrick Verwijmeren

Professor

Erasmus School of Economics

Mei Wang

Chair

WHU Otto Beisheim School of Management

Dr. Mei Wang is the Chair of Behavioural Finance at WHU Otto Beisheim School of Management.

Avi Wohl

Professor

Tel Aviv University

Geoffrey Wood

Professor

Western University in Canada

Professor Geoffrey Wood is Professor and DanCap Private Equity Chair of Innovation, and Department Chair DAN Management at Western University in Canada.

David Yermack

Professor

New York University

David L. Yermack is the Albert Fingerhut Professor of Finance and Business Transformation at New York University Stern School of Business.

Mengxin Zhao

Economist

U.S. Securities and Exchange Commission

Mengxin Zhao is a Financial Economist at the Office of Corporate Finance.

Carol Alexander

Professor

University of Sussex

Claire Economidou

Professor

University of Piraeus

Dimitrios Malliaropoulos

Professor

University of Piraeus

Dimitris Malliaropulos has studied Sociology and Economics at the Freie Universitaet Berlin, where he also received his PhD.

Theodore Sougiannis

Professor

University of Illinois Urbana-Champaign

Alessandro Previtero

Associate Professor

Kelley School of Business, Indiana University

Alessandro Previtero is an Associate Professor of Finance at the Kelley School of Business, Indiana University, and a Faculty Research Associate at the National Bureau of Economic Research (NBER).