International Virtual Research Seminars in Finance Series (IVRSiF)

FMA is pleased to partner with the Finance Research Consortium to host a series of virtual seminars featuring researchers at the forefront of their fields.

The Finance Research Consortium consists of the following universities:

• Aalborg University Business School, Denmark
• Leicester University Business School, United Kingdom
• Grenoble Ecole de Management, France
• University Antwerp, Belgium
• Fundacao Getulio Vargas, Brazil
• RMIT, Australia
• University College Dublin, Ireland
• Universita degli Studi di Palermo, Italy
• University of Twente, Netherlands
• University of Minho, School of Economics and Management, Portugal

The one-hour seminars will take place on Zoom. Speakers will give a 30-45 minute presentation, followed by 15 minutes of moderated Q&A. Questions will be selected by the moderator from those submitted via Zoom chat.

Upcoming Seminar
Date & Time: Tuesday, 26 September 2023, 9 am - 10 am US ET
Speaker: Ronald Masulis, Scientia Professor of Finance, UNSW Business School, University of New South Wales

Topic: "Value-enhancing effects of female independent directors in companies with overconfident CEOs"
Abstract: There is limited existing research on the topic of matching CEOs and directors. However, our study reveals that the presence of female independent directors (IDs) enhances the benefits associated with overconfident CEOs. Female IDs impose greater accountability on OC-CEOs and lead to stronger valuation-multiples and operating performance. When female IDs depart from firms led by OC-CEOs, it triggers negative stock returns and a decline in firm performance. Similarly, the announcement of female ID appointments at firms with OC-CEOs and independent nominating committees leads to positive cumulative abnormal returns (CARs). These findings suggest that female IDs play a crucial role in effectively counteracting the negative behavioral biases of OC-CEOs.
Moderator: Daisy Chou, Associate Professor, RMIT University, Australia
Zoom information will be sent to registered attendees prior to each seminar.