7th Emerging Markets Finance Conference, 2016

(In collaboration with Vanderbilt Law School)


13th - 17th December 2016
Venue: Westin, Goregaon, Bombay


Programme Committee

  • N. Prabhala, Centre For Advanced Financial Research And Learning
  • Tarun Ramadorai, Imperial College London
  • Subrata Sarkar, IGIDR
  • Ajay Shah, National Institute for Public Finance and Policy
  • Avanidhar Subramanyam, University of California, Los Angeles
  • Ram Thirumalai, Indian School of Business
  • Susan Thomas, IGIDR
  • Pradeep Yadav, University of Oklahoma, Business School
  • Yesha Yadav, Vanderbilt Law School

13th December 2016

18:00 - 18:30     Registration
                              Speakers dinner
                              (By invitation only)
18:30 - 19:30     How economics is different in emerging markets
             Panel      Susan Thomas, IGIDR
                              Pradeep Yadav, University of Okhlahoma, Business School
19:30 - 20:30      Dinner
20:30 - 21:30     The de-monetisation of 8th November, 2016
             Panel                                              
                              Maninder Juneja, ex-ICICI Bank
                              Sudha Narayanan, IGIDR
                              Harsh Vardhan, Bain Consulting

14th December 2016




09:00 - 09:30 Registration, Coffee and Tea
09:30 - 10:00 Inaugural:
Dean Chris Guthrie and Randall Thomas, Vanderbilt Law School,
S. Mahendra Dev and Susan Thomas, IGIDR
Session I          Modern Firms and The Evolution Of Corporate Law
10:00 - 11:30
The mediating function of corporate boards of directors: Lessons from corporate
history for corporate social responsibility [paper] [presentation]
Margaret Blair, Vanderbilt Law School
Regulatory entrepreneurship [paper] [presentation]
Jordan Barry, University of San Diego and Elizabeth Pollman,
University of Berkeley Law School and Loyola Law School
Response of firms to listing: evidence from small and medium enterprise exchanges [presentation]
Nidhi Aggarwal and Susan Thomas, Finance Research Group, IGIDR
Discussion panel
Kalpana Unadkat, Khaitan and Co.
Nishith Desai, Nishith Desai and Associates
Pranav Haldea, PRIME Database
Pramod Kabra, India Value Fund
Subrata Sarkar, IGIDR [presentation]
11:30 - 11:50 Break
Session II Financial Firms
11:50 - 12:55
Misled and mis-sold: Financial misbehaviour in retail banks? [paper] [presentation]
Monika Halan, Mint and Renuka Sane, ISI, Delhi
The common equity problem in bank regulation [paper] [presentation]
Yesha Yadav, Vanderbilt Law School
Discussion panel
Josh Felman, Ministry of Finance
12:55 - 14:00 Lunch
14:00 - 15:30 The great Indian credit crisis
Discussants: Josh Felman, Ministry of Finance
Rajeswari Sengupta, IGIDR
Harsh Vardhan, Bain Consulting
15:30 - 15:45 Break
Session III Firms: Shareholder Activism
15:45 - 17:15
The second wave of Hedge Fund Activism: The Importance of Reputation, Clout and Expertise [paper] [presentation]
Randall Thomas, Vanderbilt Law School

The Trajectory of American Corporate Governance: Shareholder Empowerment [presentation]
Jennifer Hill, University of Sydney Law School

Monitoring the Monitor: Distracted Institutional Investors and Board Governance [paper] [presentation]
Ron Masulis, Claire Yang Liu and Le Zhang, University of New South Wales Business School,
Angie Low, Nanyang Technological University
Discussion panel
J. N. Gupta, Stakeholders Empowerment Services
Shubho Roy, Macro/Finance Group, National Institute of Public Finance and Policy
K. N. Vaidyanathan, Mahindra & Mahindra
17:15 - 19:15 Break
19:00 - 21:30 Dinner and a conversation with
U K Sinha, Chairman, Securities And Exchange Board Of India (SEBI)
Host: Pradeep Yadav, University of Oklahoma, Business School
and Chairman, European Finance Association

15th December 2016

09:00 - 09:30 Registration, Coffee and Tea
Session IV Panel On Intellectual Property, Copyright and Patent Finance
09:30 - 11:05
New Intersections between Trade, Investment and Intellectual Property: Lessons from Lilly v Canada [paper] [presentation]
Daniel Gervais, Vanderbilt Law School and World Intellectual Property Organization

The Skewed Structure of Copyright Law [paper] [presentation]
Joseph Fishman, Vanderbilt Law School

Patent Valuation and the Uncertainity of Patent Protection [paper] [presentation]
Shamnad Basheer, SpicyIP, National Law School, Bangalore and Nirma Law School
Discussion panel
Bahroze Kamdin, Deloitte [presentation]
Anubha Sinha, The Center for Internet & Society
11:05 - 11:20 Break
Session V Market Microstructure and Design
11:20 - 12:55
The Value of a Millisecond: Harnessing Information in Fast, Fragmented Markets [paper] [presentation]
Haoming Chen, University of New South Wales, Sean Foley,
University of Sydney Business School, Michael Goldstein, Babson College,
and Thomas Ruf, University of New South Wales

Financialization, Intraday Institutional Trading, and Commodity Market Quality [paper] [presentation]
Vikas Raman, University of Warwick, Michel Robey, American
University and the Commodity and Futures Trading Commission,
and Pradeep Yadav, University of Oklahoma Business School

High frequency trading strategies [paper] [presentation]
Michael Goldstein, Babson College, Amy Kwan and Richard Philip,
University of Sydney Business School
Discussion panel
Kumar Goradia, Tower Research Capital
Venkatesh Panchapagesan, IIM Bangalore [presentation]
Nidhi Aggarwal, Finance Research Group, IGIDR
12:55 - 13:45 Lunch and Keynote
Michael Barr, Roy F. and Jean Humphrey Proffitt [presentation]
Professor of Law and Public Policy at University of Michigan Law School,
Fmr. Assistant Secretary for Financial Institutions, U.S. Treasury
13:45 - 14:45 Payments Panel
Discussants: Pratik Datta, National Institute of Public Finance and Policy [presentation]
Michael Barr, University of Michigan Law School
Bhagwan Chowdhry, University of California, Los Angeles
David Katz, Paypal
Yesha Yadav, Vanderbilt Law School
Session VI Trade, Investment and the WTO
14:45 - 15:45
How Local Discrimination Can Promote Global Public Goods [paper] [presentation]
Tim Meyer, Vanderbilt Law School

Interpretation of International Standards in the SPS Agreement [paper] [presentation]
James Nedumpara, Jindal Global Law School
Discussion panel
Abhishek A Rastogi, Khaitan and Co.
C Veeramani, IGIDR [presentation]
15:45 - 16:00 Break
Session VII Regulatory Processes and Institutions
16:00 - 17:00
Regulatory responsiveness in India: A normative and empirical
framework for assessment [presentation]
Anirudh Burman, Macro Finance Group, NIPFP
and Bhargavi Zaveri, Finance Research Group, IGIDR

Regulation By Threat: Understanding DODD- Frank's Regulation of Systemically Significant Non-Bank Financial Companies [paper] [presentation]
David Zaring, Wharton School, University of Pennsylvania
Discussion panel
Mandar Kagade, Bharti Institute of Public Policy, Indian School of Business
Richa Roy, University of Oxford
Ramann Siva, National E-Governance Services Limited

16th December 2016

09:00 - 10:00 Registration, Coffee and Tea
Session VIII Markets in India
10:00 - 10:40 Foreign institutional investors, controlling shareholders and market timing: Evidence from India [paper] [presentation]
Shradha Bindal and Imran Haque, Texas A&M University, and Suman Saurabh,
Indian Institute of Management, Ahmedabad
Discussant: Ajay Shah, National Institute of Public Finance and Policy
10:40 - 11:20 Trading Activity in the Indian Government Bond Market [paper] [presentation]
Michael Fleming, Federal Reserve Bank of New York, Seema Saggar, Reserve Bank
of India and Samita Sareen, New York University
Discussant: Anjali Sharma, Finance Research Group, IGIDR
11:20 - 11:35 Break
Session IX Asset pricing
11:35 - 12:15 Uncovered Equity "Disparity" in Emerging Markets [paper] [presentation]
Ana-Maria Fuertes and Kate Phylaktis, Cass Business School
and Cheng Yan, Durham University Business School
Discussant: Sanjay Banerjee, University of Nottingham Business School
12:15 - 12:55 Is Liquidity Risk Priced in Partially Segmented Markets? [presentation]
Ines Chaieb, University of Geneva, Vihang Errunza, McGill University
and Hugues Langlois, HEC Paris
Discussant: Amy Kwan, University of Sydney Business School [presentation]
12:55 - 13:55 Lunch and Keynote
M. S. Sahoo, Insolvency and Bankruptcy Board
13:55 - 15:00 Bankruptcy Panel
Discussants: Ravi Chachra, Eight Capital
Adam Feibelman, Tulane University Law School
Aparna Ravi, Samvad Partners
M. S. Sahoo, Insolvency and Bankruptcy Board
Bahram Vakil, AZB Partners
15:00 - 15:15 Break
Session X Cross country finance
Chairperson: Samar Banwat, National Securities Depository Ltd.
15:15 - 15:55 Foreign bank ownership and risk-taking: Evidence from emerging economies [paper] [presentation]
Bang Nam Jeon, Drexel University, Minghua Chen, Rui Wang and Ji Wu,
South-western University of Finance and Economics, Chengdu
Discussant: Rajeswari Sengupta, IGIDR
15:55 - 16:35 Price Discovery of Indexes Futures Across Markets [paper] [presentation]
Jerry Cao, Lingnan College, Xiaoming Wang, Shanghai University of Finance and
Economics, Nelson K. L. Yap and Sili Zhou, Lee Kong Chian School of Business
Discussant: Nidhi Aggarwal, Finance Research Group, IGIDR
16:35 - 18:30 Break
18:30 - 22:00 Cultural Themed Dinner

17th December 2016


09:00 - 10:00 Registration Coffee and tea
Session XI Investors Behaviour
10:00 - 10:40 Do investors flip less in bookbuilding than in auction IPOs? [paper] [presentation]
Suman Neupane, Griffith University, Andrew Marshall,
Krishna Paudyal and Chandra Thapa, University of Strathclyde
Discussant: Renuka Sane, Indian Statistical Institute, Delhi [presentation]
10:40 - 11:20 Stock market participation in the aftermath of an accounting scandal [presentation]
Renuka Sane, Indian Statistical Institute, Delhi
Discussant: Vijaya Bhaskar Marisetty, BITS Pilani-Hyderabad and RMIT University [presentation]
11:20 - 11:35 Break
Session XII Firm Financing
11:35 - 12:15 Alternative Legal Institutions, Xinfang, and Finance [paper] [presentation]
Jiafu An, Jo Danbolt and Wenxuan Hou, The University of Edinburgh Business School
Discussant: Praveen Chakravarty, IDFC Institute
12:15 - 12:55 Can Political Connections Help Nation Building in Emerging Markets? Evidence
from Public-Private Partnerships in China and India [paper] [presentation]
Hong Nhung Dao and Vijaya Bhaskar Marisetty, BITS Pilani-Hyderabad and RMIT University
Discussant: Kaushik Krishnan, Univ. of California, Berkeley [presentation]
12:55 - 14:00 Lunch and Keynote
Ajay Shah, National Institute for Public Policy and Finance [presentation]
14:00 - 15:00 Commodity Derivatives Panel
Discussants: Bhargavi Zaveri, Finance Research Group, IGIDR [presentation]
Mrugank Paranjape, Multi Commodities exchange
Ajay Shah, National Institute of Public Finance and Policy
Samir Shah, National Commodities Derivatives Exchange
15:00 - 15:15 Break
Session XIII Corporate Governance
15:15 - 15:55 Does accountability deter individuals from serving as independent directors?
Evidence from a corporate governance reform in India [paper] [presentation]
S. Lakshmi Naaraayanan and Kasper Meisner Nielsen,
Hong Kong University of Science and Technology
Discussant: Poonam Mehra, National Institute of Industrial Engineering
15:55 - 16:35 Political Turnover, Ownership, and Corporate Investment [paper] [presentation]
Jerry Cao and Tiecheng Leng, Sun Yat-sen University,
Brandon Julio, University of Oregaon and Sili Zhou,
Singapore Management University
Discussant: Subrata Sarkar, IGIDR [presentation]
16:35 - 17:00 Closing address and announcements

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