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THE ILLINOIS INTERNATIONAL
JOURNAL OF ACCOUNTING SYMPOSIUM
Held jointly with the University of Cyprus and Cyprus University of Technology
June 8-10, 2017
With the sponsorship of
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Symposium Organizer
Vernon K. Zimmerman Center for International Education and Research in Accounting at the University of
Illinois, Urbana-Champaign
Local Organizers
University of Cyprus, School of Economics and Management
Cyprus University of Technology, School of Management and Economics
Local Host Contacts
Prof Andreas Charitou, School of Economics and Management, University of Cyprus, Conference Co-Chair,
Co-Editor of TIJA, charitou@ucy.ac.cy
Prof Panayiotis Theodosiou, School of Management and Economics, Cyprus University of Technology,
Conference Co-Chair, p.theodossiou@cut.ac.cy
Marios Kyriakou, School of Economics and Management, University of Cyprus, Administrative Officer,
kyriakou.marios@ucy.ac.cy
Local Sponsors
Hellenic Bank
PwC Cyprus
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The International Journal of Accounting
The International Journal of Accounting is a quarterly publication established in 1966 at the University of
Illinois by the late Professor Vernon K. Zimmerman. The aims of The International Journal of Accounting are
to advance the academic and professional understanding of accounting theory and practice from an international
perspective and viewpoint. The Journal recognizes that international accounting is influenced by a variety of
forces i.e. governmental, political and economic.
Editor: Professor A. Rashad Abdel-khalik, Professor of Accountancy and V.K. Zimmerman Professor in
International Accounting, Director of the V. K. Zimmerman Center at the University of Illinois
Vernon K. Zimmerman Center for International Education and Research in Accounting at the University
of Illinois
The V. K. Zimmerman Center was originally established in 1962 as the Center for International Education and
Research in Accounting (CIERA), leading the nation in the study and teaching of international topics as they
relate to the field of accounting. The Zimmerman Center is home of The International Journal of Accounting
and also hosts a number of visiting scholars from around the world each year.
Illinois’ landmark contributions to accounting research and education date back to 1902, when the first
accounting courses were developed. The Illinois tradition of excellence in graduate accountancy education began
with the awarding of the Department’s first master’s degree in 1922 and its first Ph.D. in 1939.
University of Cyprus
The University of Cyprus was established in 1989 and admitted its first students in 1992. It was founded in
response to the growing intellectual needs of the Cypriot people, and is well placed to fulfil the numerous
aspirations of the country.
The University is a vigorous community of scholars engaged in the generation and diffusion of knowledge.
Despite its brief history, the University of Cyprus has earned the respect of the international academic community
and the appreciation of Cypriot society.
Admission for the majority of undergraduate students is by entrance examinations organized by the Ministry of
Education and Culture of the Republic of Cyprus, and the competition for places is intense. A number of places
are reserved for students with special needs or circumstances. Every effort is made to offer practical solutions to
students facing specific problems, be it access to University facilities, or assistance on academic issues.
When the University of Cyprus first opened its doors to students, the incoming class consisted of 486
undergraduate students. During the academic year 2014-2015 there were 6987 students (undergraduate and
postgraduate). There are 8 faculties, 22 departments and 11 research units at UCY.
The School Economics and Management, one of the first Schools of the University of Cyprus, was founded in
1989, but began operations in 1992. The objectives of the School are to diffuse knowledge, introduce students
in critical thinking, and enhance students´ expertise and competencies. It also seeks to enhance the moral, right
behavior and important values. It provides students with the essential tools that will help them face the challenges
of today. The School also offers its students suitable academic qualifications that will allow them to achieve a
successful career, either in the private or in the public sector.
The School of Economics and Management comprises the Department of Business and Public Administration,
the Department of Accounting and Finance and the Department of Economics. It also maintains two research
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units, the Economics Research Centre and the Centre for Banking and Financial Research. The School offers a
number of undergraduate and postgraduate studies to prospective students.
Cyprus University of Technology
The Cyprus University of Technology aspires to develop itself into a modern, pioneering University able to offer
education and high level research in leading branches of science and technology which have high impact on the
economic, technical, and scientific sectors.
With its orientation towards applied research, the University aspires to establish for itself a role in support of the
state and society in their efforts to confront problems, which cover all areas of science and technology. The
programmes of the CUT to a large extent complement scientific areas, which are not currently covered at
Undergraduate and Postgraduate levels by the University of Cyprus or any other institution of higher education
in the country.
The Cyprus University of Technology was founded by law on December 2003 and welcomed its first students
on September 2007. The Cyprus University of Technology is based at the city of Limassol, where all six faculties
are located.
The Faculty of Management and Economics at the Cyprus University of Technology is committed to developing
professionally competent and socially responsible students by offering high quality and value-based education.
It is comprised of highly qualified and internationally recognized academic members with wide ranging expertise
and ties to business world who collectively are taking the Faculty forward ensuring the excellence of the training
and education provided. It carries a tradition of high quality research while maintaining strong relationships with
local business community through ongoing engagements in discussions and collaborative activities with firm
and industry leaders aiming to strengthen employment prospects for its graduates.
The Faculty of Management and Economics consists of the Department of Hotel and Tourism Management and
the Department of Commerce, Finance and Shipping.
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Table of Content
WELCOME REMARK 6
SYMPOSIUM CO-CHAIRS 7
KEYNOTE SPEAKERS 9
PANELISTS 11
INFORMATION HIGHLIGHTS 13
MAPS 14
PROGRAM HIGHLIGHTS 15
SYMPOSIUM DETAILED PROGRAM 16
PhD CONSORTIUM 19
OPTIONAL TOUR 21
CITY OF LIMASSOL 22
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Welcome Remark
Dear Participants,
Welcome to the Illinois International Journal of Accounting Symposium hosted by University of Cyprus and
Cyprus University of Technology. We are delighted that you have joined us. We hope that you will enjoy the
opportunities from the symposium to exchange ideas.
This symposium’s objectives are to exchange new research ideas, stimulate accounting study, and advance
scholarly and professional understanding of accounting theory and practice from an international perspective.
We would like to thank the authors, the discussants, the panelists and all the participants who are contributing
to make this symposium a success.
Very special thanks go to the University of Cyprus and the Cyprus University of Technology for the generous
support to host the symposium.
Thank you for coming and have a great symposium!
Sincerely,
A. Rashad Abdel-khalik Andreas Charitou Panayiotis Theodosiou
Symposium Co-chair Symposium Co-chair Symposium Co-chair
Professor, Ph.D. Professor, PhD Professor, PhD.
V. K. Zimmerman Center Dean, Faculty of Dean, Faculty of
University of Illinois Economics and Management Management and Economics
USA University of Cyprus Cyprus University of Technology
Cyprus Cyprus
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Symposium Co-chairs
Rashad Abdel-Khalik, University of Illinois at Urbana-Champaign
Professor A. Rashad Abdel-khalik was born in Egypt, and attended Cairo University (B.
Com. Honors); Indiana University (MBA and MA in Economics) and the University
of Illinois (Ph.D. in Accountancy). He is the V. K. Zimmerman Professor of
International Accounting, Professor of Accountancy and Director of the V. K.
Zimmerman Center for International Education and Research in Accounting at the
University of Illinois. Prior to joining the Illinois faculty in 2000, he was a
Graduate Research Professor at the University of Florida where he worked for 23
years. He also was a faculty member at Columbia University, Duke University and the
University of Alberta.
Professor Abdel-khalik is the author of Accounting for Risk, Hedging and Complex Contracts (Rutledge,
June 2013), a n d h is published work has appeared in The Accounting Review; Journal of Accounting
Research; Contemporary Accounting Research; Journal of Accounting, Auditing and Finance;
Organization Studies; Accounting, Organization and Society; ABACUS; Journal of Accounting and Public
Policy; The International Journal of Accounting and International Journal of Forecasting. He has authored and
coauthored several research monographs for the American Accounting Association and the Financial
Accounting Standards Board and organized numerous research conferences including the annual Illinois
International Accounting Symposium. He is a two-time winner of the AAA Competitive Manuscript
Contest; former senior editor of The Accounting Review (AAA, 1990 - 1994); founding editor of the Journal
of Accounting Literature and current editor of The International Journal of Accounting (2001 to present).
Andreas Charitou, University of Cyprus
Dr. Andreas Charitou is Professor of Accounting and Finance at the University of Cyprus
and the Dean of the School of Economics and Management.. He has also taught at the
University of Toronto (Canada) for eleven years (Associate Professor with tenure) and
at the Pennsylvania State University as an instructor/lecturer (USA). He holds a B.Sc
degree in Business Administration/Accounting from the Athens School of Economics
and Business Sciences, Greece, 1980, and MSc (1983) and Ph.d (1986) degrees in
Accounting from the Pennsylvania State University, USA. He is Certified Management
Accountant (C.M.A., USA) and successfully completed the Certified Public Accountant
examinations (CPA, USA). He has also been a member of the Board of Directors of the Cyprus Securities and
Exchange Commission and of the Cyprus Stock Exchange. He has also been a member of the board of directors
of the Co-op Central Bank of Cyprus and the Chairman of the Risk Management Committee of the Bank as
well as member of the board of directors of the Hellenic Bank and Chairman of the Audit Committee. Dr.
Charitou has also been actively involved in executive education for top management globally. He has also
offered educational and consulting services on finance, management and accounting in several companies
worldwide. He has been awarded for his teaching excellence both at the Graduate (MBA) and undergraduate
level (Awards for Teaching Excellence, Graduate Business Council, University of Toronto).
His research interests are: international capital markets research, credit analysis and bankruptcy, international
cross listing, corporate governance, executive compensation, investments, banking and corporate finance. He
has also published several academic articles on Accounting, Finance and Management issues, in leading
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refereed international journals published in the USA, Canada, Australia, United Kingdom and Europe, such as:
Journal of Financial and Quantitative Analysis (JFQA); Journal of Banking and Finance, Journal of Business
Finance and Accounting; Journal of Accounting, Auditing and Finance; Abacus: Journal of Accounting,
Finance and Business Studies; Journal of Accounting and Public Policy, International Journal of Accounting,
European Accounting Review; Accounting and Business Research, British Accounting Review; Annals of
Operations Research, Journal of International Financial Management and Accounting, Journal of Accounting
and Business Research; Journal of Commercial Bank Lending, International Journal of Intelligent Systems in
Accounting, Finance and Management. He is a co-editor of the International Journal of Accounting and
Associate Editor of Abacus. He also serves on the editorial and advisory committee of several academic journals
and he is a member of the American Finance Association, European Accounting Association and Institute of
Management Accountants (USA).
Panayiotis Theodosiou, Cyprus University of Technology
Dr. Panayiotis Theodosiou is a Professor of Finance and the Dean of the Faculty of
Management and Economics at the Cyprus University of Technology, a state funded
university. Between the spring of 2009 and the fall of 2010, he served on the
University’s Interim Steering Committee. Previously, he was a tenured Professor at
Rutgers University, NJ, for eighteen years. His teaching interests are in financial
management, asset pricing, financial econometrics, real estate investing and financial
markets.
His research areas are asset pricing models, international financial markets, risk
measurement and robust estimation methods. He has published single- and co-authored
articles in the Review of Financial Studies, Journal of Risk and Insurance, Management Science and the
Journal of the American Statistical Association. His current research is on “Skewness and the Relation between
Risk and Return” and “Outliers in Stock Pricing Models and Implications for Event Studies.”
He is a Fellow and the Founding President of the Multinational Finance Society and the Editor-in-Chief of the
Multinational Finance Journal. He is currently serving on the National Economic Council, an advisory body
to the President of Cyprus. He is the author of numerous newspaper articles on economic policy, finance and
education and participates regularly as a finance expert on national TV and radio programs.
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Keynote Speakers
Lakshmanan Shivakumar – Lord David Sainsbury of Turville Professor, Professor of Accounting
Professor Lakshmanan Shivakumar is a prolific and influential
academic researcher, who has been invited to talk at universities and
conferences in over 25 countries. He is currently a council member of
the American Accounting Association. He was formerly the subject area
Chair for the Accounting group at London Business School. He has held
visiting positions at the University of Chicago Graduate School of
Business, the Indian School of Business, the Australian National
University and the University of New South Wales. His main research
interests are in the areas of financial reporting quality and stock-return
predictability. He has published articles in several top-tier accounting and finance journals and is a co-editor of
the Review of Accounting Studies and of The Accounting Review. His research on financial reporting quality
includes an examination of the role of conservatism in financial reporting and earnings management in firms
making public equity offerings. On stock return predictability, his research has addressed issues relating to the
causes of underlying price momentum and post-earnings-announcement drift anomalies. An award winning
teacher, Shivakumar currently teaches courses on Financial Statement Analysis and on Securities Analysis and
Financial Modelling. He also consults for bankers and consulting firms on valuation, financial analysis and
investment strategies. His research has been presented to regulators and development agencies across the world,
including the African Development Bank, the Federal Reserve Bank of New York and the Singapore Stock
Exchange.
Harris Georgiades – Minister of Finance of the Republic of Cyprus
Harris Georgiades was born in 1972 in Nicosia. He is the Minister of
Finance of the Republic of Cyprus since the 3rd April 2013. Previously
he served briefly as Minister of Labour and Social Insurance (1st March-
3rd April 2013). He had the leading role in the implementation and
successful conclusion of the reform and consolidation program for the
Cyprus economy. He participates in the Eurogroup and the ECOFIN.
He was elected Chairman of the Board of Governors of the European
Bank for Reconstruction and Development for the period 2014-2015 and
is a member of the Board of Governors of the International Monetary
Fund, the European Investment Bank and the European Stability Mechanism. He was selected by POLITICO as
one of the 28 most-influential Europeans for 2016. He participates in the New Leaders for Europe community
of the World Economic Forum. Prior to his appointment as Minister he was a Member of the House of
Representatives with the Democratic Rally Party (2011-2013). He also served as Press Spokesman and as
member of the Executive of the Democratic Rally. In parallel, he managed a family-owned hotel business (1999-
2013). He studied International Relations and Economics (BA, MA, 1992-96) at the University of Reading, UK
and was a post-graduate researcher at the Institute of European and International Studies, University of Reading
(1996-98). He graduated from the English School, Nicosia (1983-1990) and served his military service in the
Cyprus National Guard as a non-commissioned officer of the Artillery.
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Paolo Fioretti - Deputy Head of Banking at the European Stability Mechanism (ESM)
Paolo Fioretti is the Deputy Head of Banking at the European Stability
Mechanism (ESM). Within the department of Economics, Banking and Policy
Strategy (ESB), he is responsible for Financial Sectors Analysis and Monitoring
of the Euro Area banking sector under the ESM’s Early Warning System for the
implementation of the banks’ direct recapitalisation instrument. After having
held the role of ESM Country Team Coordinator for Ireland, Mr Fioretti is
currently covering the same role for Cyprus. Prior to this, Mr. Fioretti has
worked at Unicredit, Fitch Ratings as Director in the EMEA Financial
Institutions Team and in the Monitoring Department of the European
Investment Bank. Paolo Fioretti graduated in Economics and Social Science at
Bocconi University. He obtained a M.Sc. in Banking and Finance from the CUOA Business School and the
University of Venice.
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Panelists
Stefano Capodagli – Chief Risk Officer, Hellenic Bank
Stefano Capodagli, a native of Italy, has more than 20 years of commercial,
investment banking and development finance experience in EU, Eastern Europe,
Africa and Central-Asia. He has joined Hellenic Bank from Arab Banking
Corporation where he was Chief Risk Officer of the Algerian subsidiary, after
serving as Chief Risk Reforms Officer at the African Development Bank and prior
to that Managing Director/Deputy CRO with UniCredit Bank Austria AG in
Kazakhstan. Previously he covered South East Europe as Regional Portfolio
Manager at the European Bank for Reconstruction & Development managing a
sizable SME portfolio of equity, debt, guarantee investments and restructured assets
across all industries. He comes with extensive experience dealing with Strategic Risk , having at UniCredit
Group launched a Strategic Risk Management Programme “Reaching Excellence in New Europe Risk
Management”. He also was a senior corporate banker at Banca IMI, the investment banking arm of Intesa
Sanpaolo Group, providing structured, trade and export finance and financial advisory services to Italian and
global Corporate Groups. Mr. CAPODAGLI is a Certified Public Accountant and Internal Auditor and Certified
Professional Coach and holds an International Executive MBA from Bocconi University School of Management
of Milan (Italy and China) and an Economics degree from the University of Rome “La Sapienza”, Italy. He has
extensive experience as professional trainer (and professional coach) in Finance, Banking and HR Management
and has been teaching since 1994 in several Universities in Italy (Rome, Milan, Novara), Ukraine (Kiev School
of Economics, Lviv Business School) and Tunisia (Tunis Business School) as an adjunct professor.
Michalis Athanasiou – Chief Risk Officer, Bank of Cyprus
Michalis Athanasiou has extensive local and international experience including the
disposal of two foreign banking subsidiaries and extensive restructuring and
deleverage expertise under distressed conditions. Michalis has started his career at
Cyprus Popular Bank Group (CPB) in September 1995 at the treasury department,
where he rose through the ranks of the department and was promoted to Treasurer of
Cyprus Popular Bank Ltd in 2003. In June 2006 until the beginning of 2011 he was
seconded to Laiki Bank Australia (Ltd), a former subsidiary of the CPB Group, as its
Chief Executive Officer. After a successful tenor of almost 5 years overseeing the
growth in Balance sheet size and profitability of the subsidiary, he was instrumental
in the successful disposal of the subsidiary. He later served as a member of its Board
of Directors post the sale for 3 years. On his return to Cyprus he was appointed as Director of International
Operations being responsible for the subsidiaries of the Group in Romania, Serbia and Estonia. In January 2012
he was promoted to Group Chief Risk Officer and was reappointed to the same position in November 2013 when
joined the Bank of Cyprus (BOC) Group following the resolution measures of March 2013. He holds a
Bachelor’s Degree with Honors in Accounting and Finance from the University of North London and an M.Sc
with Distinction from the University of Reading in International Securities, Investment and Banking.
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Andreas Yiasemides – Partner, Head of Fund Services, PwC Cyprus
Andreas Yiasemides has joined PwC Cyprus as a Partner on 1st November 2016 and
is the Head of the Funds Services of the organisation. On his graduation from the
University of Manchester with a first class degree in Economics, he joined PwC in
1999 and qualified as a Chartered Accountant (FCA). He continued his career with
the Bank of Cyprus, holding various positions including heading the Custody and
Trusts Unit. He then moved on to an organization of professional services where he
set up and led the Funds Services Unit. He has served as a member of the Board of
Directors of the Bank of Cyprus and of the Central Bank of Cyprus and is the Vice
Chairman of Board of Directors of Cyprus Investment Fund Association (CIFA).
Marios Lazarou – Partner, KPMG
Marios is heading the Financial Risk Management Department of KPMG in Cyprus.
He has more than 15 years of advisory experience in the Financial Services sector.
During the last ten years, he has been involved in multiple advisory engagements in
the areas of banking risk and regulation with emphasis on capital adequacy, stress
testing, credit risk quantification and stress testing. He was the Cyprus Champion on
the KPMG AQR and KPMG Regulatory Centre of Excellence Forum at the EU level.
In the recent years he has contributed in certain high profile projects in the Cyprus
financial services industry as a regulatory and banking expert, either by leading the
projects or by supporting KPMG’s teams from other KPMG member firms.
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Information Highlights
Venue
The Symposium will be held in St Raphael Resort, Limassol, Cyprus
Contact details:
St Raphael Resort
502 Leoforos Amathountos, 4520 Pyrgos, Limassol, Cyprus
P.O. Box 51064 3594 Limassol, Cyprus
Tel: +357 25 834 200
Fax: +357 25 636 394
E-mail: reservations@raphael.com.cy
Registration Desk
The registration desk will operate throughout the following times:
8:00am – 6:30pm, June 8, 2017, Lobby, St Raphael Resort
Mobile Phones
In the interest of other delegates and as a courtesy to speakers, please switch off your mobile phone before
entering the sessions.
Name Badges
Please wear your name badges at all times during the symposium. Duplicate name badges will not be available.
Transportation Information for the Symposium
A. Between Larnaca International Airport and St Raphael Resort
Local organizer will provide shuttle service between Larnaca International Airport and St Raphael Resort,
Limassol. We would appreciate your indicating the times and numbers of your flights of arrival and departure,
via email (kyriakou.marios@ucy.ac.cy ).
If you are not staying at St Raphael Resort, you may use the shuttle and then get a taxi from there to your hotel.
If you miss the shuttle, please take a taxi from Larnaca International Airport to St Raphael Resort or to your
hotel in Limassol. A taxi will cost you about 60 Euros (about 45 minutes).
B. Between St Raphael Resort and Carob Mill restaurant, on Friday, 9 of June
Local organizer will provide shuttle service between St Raphael Resort and Carob Mill Restaurant, on Friday 9
of June, for Keynote Address and Gala Dinner. Shuttle bus will depart from St Raphael Resort at 6:30 pm.
According to the participants’ place of accommodation, bus will make some stops on the way.
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Maps
St Raphael Resort & Adjacent Hotels
A: St Raphael Resort (http://www.raphael.com.cy/ )
B: Grand Resort (http://www.grandresort.com.cy/ )
C: Elias Beach Hotel (https://www.kanikahotels.com/elias-beach-hotel-limassol )
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The Illinois International Journal of Accounting Symposium Program Highlights
Thursday, June 8, 2017
8:30 am – 6:30 pm Registration Lobby – St Raphael Resort
8:30 am – 12:30 pm PhD Consortium Phoenix Conference Room – St Raphael Resort
12:30 pm – 1:30 pm Lunch for PhD Consortium Participants Octagon Restaurant - St Raphael Resort
1:30 pm – 2:00 pm Welcoming Remarks Phoenix Conference Room – St Raphael Resort
2:00 pm – 3:15 pm Paper 1 Phoenix Conference Room – St Raphael Resort
3:15 pm – 3:30 pm Coffee Break
3:30 pm – 4:45 pm Paper 2 Phoenix Conference Room – St Raphael Resort
4:45 pm – 5:00 pm Coffee Break
5:00 pm – 6:00 pm Keynote Address Phoenix Conference Room – St Raphael Resort
8:00 pm Welcoming Reception Dinner St Raphael Resort gardens
Friday, June 9, 2017
9:00 am – 10:15 am Paper 3 Phoenix Conference Room – St Raphael Resort
10:15 am – 10:30 am Coffee Break
10:30 am – 11:45 am Paper 4 Phoenix Conference Room – St Raphael Resort
11:45 am – 12:00 pm Coffee Break
12:00 pm – 1:15 pm Paper 5 Phoenix Conference Room – St Raphael Resort
1:15 pm – 2:45 pm Lunch Octagon Restaurant - St Raphael Resort
2:45 pm – 4:00 pm Paper 6 Phoenix Conference Room – St Raphael Resort
4:00 pm – 4:15 pm Coffee Break
4:15 pm – 6:00 pm Presentation and Panel Discussion Phoenix Conference Room – St Raphael Resort
6:50 pm Departure from St Raphael Resort to Carob Mill restaurant (shuttle bus)
7:30 pm - 8:30 pm Keynote Address Carob Mill Restaurant
8:30 pm Gala Dinner Carob Mill Restaurant
Saturday, June 10, 2017
9:00 am – 5:30 pm Tour to Limassol – Paphos
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Symposium Detailed Program
Thursday, June 8, 2017
8:30 am – 12:30 pm PhD Consortium – Phoenix Conference Room – St Raphael Resort
Moderators: Jeffrey L. Callen, University of Toronto, Canada
Suresh Radhakrisknan, University of Texas at Dallas, US
Irene Karamanou, University of Cyprus, Cyprus
Participating
Faculty: YI Cheong Heon, City University of Hong Kong, China
Sasson Bar-Yosef, The Hebrew University of Jerusalem, Israel
Theodore Sougiannis, University of Illinois at Urbana-Champaign, US
12:30 pm – 1:30 pm Lunch for PhD Consortium Participants – Octagon Restaurant - St Raphael Resort
1:30 pm – 2:00 pm Welcoming Remarks – Phoenix Conference Room - St Raphael Resort
Rashad Abdel-Khalik, University of Illinois at Urbana-Champaign, Conference Co-Chair,
Editor of TIJA
Andreas Charitou, University of Cyprus, Conference Co-Chair, Co-Editor of TIJA
2:00 pm – 3:15 pm Paper 1 – Phoenix Conference Room - St Raphael Resort
Title: Specialist CEOs and IPO survival
Authors: Dimitrios Gounopoulos, Newcastle University Business School, UK (presenter)
Hang Pham, University of Sussex, UK
Discussant: Theodore Sougiannis, University of Illinois at Urbana-Champaign, US
Moderator: Jon Davis, University of Illinois at Urbana-Champaign, US
3:15 pm – 3:30 pm Coffee Break
3:30 pm – 4:45 pm Paper 2 – Phoenix Conference Room - St Raphael Resort
Title: What Turns the Taxman On? Audit Opinion and Tax Return Adjustments in a
Voluntary Audit Environment
Authors: Hannu Ojala, University of Tampere and Aalto University, Finland (presenter)
Lasse Niemi, Aalto University School of Business, Finland
Juha Kinnunen, Aalto University School of Business, Finland
Pontus Troberg, Hanken School of Economics, Finland
Jill Collis, Brunel University London, UK
Discussant: Suresh Radhakrisknan, University of Texas at Dallas, US
Moderator: Heibatollah Sami, Lehigh University, US
4:45 pm – 5:00 pm Coffee Break
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5:00 pm – 6:00 pm Keynote Address – Phoenix Conference Room - St Raphael Resort
Topic: Corporate tax effect on macroeconomic growth: International Evidence
Speaker: Lakshmanan Shivakumar, Lord David Sainsbury of Turville Professor, Professor of
Accounting, UK
8:00 pm Welcoming Reception Dinner – St Raphael Resort gardens
Friday, June 9, 2017
9:00 am – 10:15 am Paper 3 – Phoenix Conference Room - St Raphael Resort
Title: Discovering the Concealed Benefits of Auditor-Provided Tax Services
Authors: Christoph Watrin, University of Münster, Germany (presenter)
Stephan Burggraef, University of Münster, Germany
Falko Weiß, University of Münster, Germany
Discussant: YI Cheong Heon, City University of Hong Kong, China
Moderator: William Cready, University of Texas at Dallas, US
10:15 am – 10:30 am Coffee Break
10:30 am – 11:45 am Paper 4 – Phoenix Conference Room - St Raphael Resort
Title: Managerial Miscalibration and Its Effects on the Auditability of Accounting
Estimates: Evidence from Pension Accounting
Authors: Wally Smieliauskas, University of Toronto, Canada (presenter)
Ulrich Menzefricke, University of Toronto, Canada
Discussant: Paul Chaney, Vanderbilt University, US
Moderator: Samir Trabelsi, Brock University, Canada
11:45 am – 12:00 pm Coffee Break
12:00 pm – 1:15 pm Paper 5 – Phoenix Conference Room - St Raphael Resort
Title: Exogenous Information Shock and Dividend Payouts: Evidence from IFRS Adoption
Authors: Nishant Agarwal, Indian School of Business, India (presenter)
Arkaja Chakraverty, Indian School of Business, India
Discussant: Jeffrey L. Callen, University of Toronto, Canada
Moderator: Minyue Dong, University of Lausanne, Switzerland
1:15 pm – 2:45 pm Lunch – Octagon Restaurant - St Raphael Resort
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2:45 pm – 4:00 pm Paper 6 – Phoenix Conference Room - St Raphael Resort
Title: Does the Market Value Greenhouse Gas Emissions? Evidence from Multicountry
Firm Data
Authors: Le Luo, The University of Newcastle, Australia (presenter)
Bo Bae Choi, The University of Newcastle, Australia
Discussant: Sasson Bar-Yosef, The Hebrew University of Jerusalem, Israel
Moderator: Ana Simpson, London School of Economics, UK
4:00 pm – 4:15 pm Coffee Break
4:15 pm – 6:00 pm Presentation and Panel Discussion – Phoenix Conference Room - St Raphael Resort
Theme: The Practice of Risk Management & Banking Supervision
Speaker: Paolo Fioretti, Deputy Head of Banking, European Stability Mechanism,
Luxembourg
Panelists: Michalis Athanasiou, Chief Risk Officer, Bank of Cyprus
Stefano Capodagli, Chief Risk Officer, Hellenic Bank
Andreas Yiasemides, Partner, Head of Fund Services, PwC Cyprus
Marios Lazarou, Partner, KPMG
Moderator: Rashad Abdel-Khalik, University of Illinois at Urbana-Champaign, US
7:30 pm - 8:30 pm Keynote Address – Carob Mill Restaurant
Welcoming
remarks: Lambros Papadopoulos, Member of the Board of Directors, Hellenic Bank
Topic: The Cyprus Economy and the European Economic Environment
Speaker: Harris Georgiades, Minister of Finance of the Republic of Cyprus
8:30 pm Gala Dinner – Carob Mill Restaurant
Saturday, June 10, 2017
9:00 am – 5:30 pm Tour to Limassol - Paphos
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PhD Consortium, 8 of June, Phoenix Room & Atrium A/B Rooms
The PhD Consortium is a forum where PhD students can present their research ideas, confront them with the
scientific community, receive feedback from mentors, and tie cooperation bounds. Students will receive
inspiration from their peers and will have a chance to discuss their research objectives with senior members of
the community in the context of an established international conference.
The Consortium has the following objectives:
Provide a setting where PhD students can present their work and meet other students,
Provide feedback on students’ current research and guidance on future research directions,
Offer each student comments and fresh perspectives on their work from researchers and students outside
their own institution,
Promote the development of a supportive community of scholars and a spirit of collaborative research,
and
Contribute to the conference goals through interaction with other researchers and conference events.
The Consortium will be held on Thursday, 8 of June 2017, 8:30am – 12:30pm, Phoenix Conference Room, St
Raphael Resort.
Schedule:
8:30-10:00: Short presentation from participating faculty in groups – Phoenix Room
Group A: Methodological approaches to research
- “Research Quality and Natural Experiments”, J. L. Callen
- “Robustness Checks”, YI Cheong Heon
Group B: Qualities of good research; how to publish in good journals
- “Ingredients for “Good” Research: Some Personal Musings”, S. Radhakrisknan
- “TBC”, T. Sougiannis
Group C: New trends in accounting and finance research
- “TBC”, I. Karamanou
- “TBC”, S. Bar-Yosef
10:00-10:15: Break
Moderators: Jeffrey L. Callen, University of Toronto, Canada
Suresh Radhakrisknan, University of Texas at Dallas, US
Irene Karamanou, University of Cyprus, Cyprus
Participating Faculty: YI Cheong Heon, City University of Hong Kong, China
Sasson Bar-Yosef, The Hebrew University of Jerusalem, Israel
Theodore Sougiannis, University of Illinois at Urbana-Champaign, US
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10:15-12:00: PhD students presentations in 3 groups (7 students per group, 10-12 minutes each student).
Each group will be coordinated by one moderator and one participating faculty.
Group A – Phoenix Room: J. Callen - YI Cheong
Group B – Atrium A Room: S. Radhakrisknan – T. Sougiannis
Group C – Atrium B Room: I. Karamanou – S. Bar-Yosef
12:00-12:30: Round-table discussion and feedback to PhD students – Phoenix Room
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Optional Tour on Saturday, 10 of June
Schedule
9:00-9:30 a.m. St Raphael Resort to Kourion
9:30-10:20 a.m. Ruins of Eustolios house at ancient town Kourion - Kourion Mosaics
10:20-10:50 a.m. Kourion to “Petra tou Romiou”, also known as Aphrodite's Rock
10:50-11:35 a.m. stop at “Petra tou Romiou” for coffee/photos/optional swimming at sea
11:35-12:05 p.m. “Petra tou Romiou” to Paphos harbour
12:05-1:00 p.m. visit Paphos Mosaics near Paphos harbour
1:00-2:30 p.m. free time for food at Paphos harbour
2:30-2:40 p.m. Paphos harbour to Tombs of the Kings
2:40-3:25 p.m. Tour to the Tombs of the Kings
3:25-3:50 p.m. Tombs of the Kings to the Sanctuary of Aphrodite (Kouklia)
3:50-4:45 p.m. Tour to the Sanctuary of Aphrodite and the Archeological Museum
4:45-5:30 p.m. The Sanctuary of Aphrodite back to Limassol
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City of Limassol
Overview
Limassol is the second largest city of Cyprus with a population of approximately 180,000. It is one of six districts
and covers an area of 34.87 square kilometers. Located on the southern coast, Limassol stretches around
westward to the Paphos district, bordering with the district of Larnaca on the east and with Nicosia on the north.
In addition to the recognized popularity as a tourism destination, Limassol is also an administrative and business
centre, a port, a resort, the centre of the wine industry and home to many archeological sites.
History
The city of Limassol has a rich history that goes back to around the 2nd century B.C.
The city of Limassol is situated between the ancient cities of Amathous to the east and Kourion to the west.
Limassol was inhabited since the very ancient years and tombs discovered there date back to around the 2nd
century B.C., while others date back to around the 8th and 4th centuries B.C. The few ancient finds that were
discovered show that a small settlement existed there which did not manage to develop and flourish.
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The city, in the 10th century, was known as Nemesos and the Byzantine emperor, Constantine Porphyrogenitus,
refers to this city with this name.
The history of the city is mainly known for its events in 1191 A.D., which marked the end of the Byzantine Rule
in Cyprus. The king of England, Richard the Lionheart, foresaw the strategic importance of Cyprus as a base
for supplying the forces taking part in the Third Crusade and conquered the island. Richard celebrated his
marriage to Berengaria in Limassol where the latter was crowned Queen of England, and that is how the
Byzantine Rule in Cyprus came to an end.
Limassol was then surrendered to the Frankish Empire of the Lusignan Kings of the medieval Cypriot kingdom.
For about three centuries (1192-1489), Limassol experienced a remarkable period of prosperity. In 1489 A.D.,
the Queen of Cyprus, Ekaterini Cornaro, surrendered Cyprus to the city of Venice. This lasted until the Turkish
Occupation took place in 1570 A.D. The British then conquered Cyprus in 1878, and in 1960, significant
changes followed the liberation of Cyprus, which contributed to the cultural and artistic life of the city. Schools,
theatres, art galleries, music halls and football clubs were formed and played a significant role in the cultural life
of Limassol.
The city of Limassol was developed much after the Turkish invasion of 1974, when Famagusta, one of the most
touristic areas of Cyprus was captured by the Turkish armies. Luxurious hotels, restaurants and numerous
entertainment clubs were built and thus the city soon became a significant touristic centre.
Climate
Limassol has a wonderful Mediterranean climate. The city experiences long, dry, warm summers and short mild
winters. The summer temperature varies between 22°C and 39°C, whilst the winter temperature varies between
-1°C and 23°C. The temperature of the sea allows swimming almost all year round.
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Culture
Limassol’s population comprises of mostly Greek Cypriots as it is located in the south of Cyprus, whereas, the
majority of Turkish Cypriots are located in the northern part. However, within the past 20 years Cyprus in general
has been inhabited by many other nationalities such as the British and Russians, as well as more Eastern
Europeans in recent years.
The locals of Limassol are a closely knit society with a friendly nature. Furthermore, traditions are still up-kept
by many, offering plenty of cultural events throughout the year. Some events are performed in the open air
Greco-Roman theatre of Kourion by local and visiting theatre companies. The city hosts two major festivals; the
spring Carnival with its traditional Parade and the late summer Wine Festival, which are both very popular
amongst tourists.
Getting around Limassol
Limassol is a relatively easy city to get around. The city has four main roads which run parallel to each other
and across the city from West to East. Like any other major city in the world, during rush hour, traffic can occur
in the centre of Limassol. However, in general, the city has a decent road network, and the motorways: A1 –
Nicosia to Limassol and A6 – Paphos to Limassol, connect to other major cities in Cyprus.
Wish you a pleasant stay in Limassol!