Business School

Accounting and Finance Research Forum 20167 December - 9 December

Forum convenor - UWA Business School• Millicent Chang

2 The University of Western Australia

Proudly supported by Contents

Welcome from the Dean 4The University of Western Australia 5UWA Business School 5Forum program 6Biographies - Keynote speakers 8Biographies - Early career presenters 9Information for participants 10Quick contact guide 11List of participants 12Map 14

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Welcome from the Dean

Welcome to the Accounting and Finance Research Forum 2016 at the UWA Business School.

The Accounting and Finance Research Forum brings together academics from across Australia, New Zealand, Europe and Asia to reflect on issues and research in Accounting and Finance. As an area of business, Accounting and Finance is evolving rapidly. Dynamic changes in political, economic and technological environments mean that new ideas and practices are constantly emerging.

This Forum will address a number of timely issues, including the foundation ownership of companies, alternative measures for signalling financial performance, effectiveness of goodwill impairment tests and crashes in the residential property market. We hope you find the Forum an enriching and enjoyable experience.

Professor Phil DolanDean, UWA Business School

4 The University of Western Australia

The University of Western Australia

The University of Western Australia is recognised internationally for its excellence in teaching and research and as a leading intellectual and creative resource for the community.

The University of Western Australia consistently appears in the top one per cent of universities worldwide in the major academic rankings systems such as the Academic Ranking of World Universities and the QS World University Rankings.. Established in 1911, UWA is the oldest university in the State. It has over 25,000 enrolled students and is responsible for the majority of university-based research in Western Australia.

UWA is a member of the research-intensive Group of Eight network, the World Universities Network, and a founding member of the Matariki Network of Universities.

UWA Business School

The University of Western Australia Business School has a proud history of excellence in teaching, learning and research.

As one of the premier business schools in the Asia-Pacific region, the UWA Business School delivers undergraduate, postgraduate and higher degree by research courses to over 5,700 students. Its academic staff conduct high quality, industry focused research across the four disciplines of Accounting and Finance, Economics, Management and Organisations, and Marketing.

The School received its first European Quality Improvement System (EQUIS) accreditation in 2008 and its first Association to Advance Collegiate Schools of Business (AACSB) accreditation in 2011. It is guided by a Business School Board that includes leading executives from across the public and private sectors and fosters strong links with the business community.

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Forum programTime Event Location

Wednesday 7 December

6.00 – 8.00pm Welcome Reception & Registration Opening address

Alison PrestonActing Dean, Business SchoolThe University of Western Australia

Catalina RoomMatilda Bay RestaurantHackett Drive, Crawley

Thursday 8 December

9.00 – 9.15am Registration FoyerUWA Business School

9.15 – 10.30am Session 1: Keynote Speaker

Speaker: Steen ThomsenCopenhagen Business School

Topic: Foundation Ownership of Business Companies

Wesfarmers Lecture TheatreUWA Business School

10.30 – 11.00am Morning tea BHP Billiton CourtyardUWA Business School

11.00am – 12.00pm Session 2: Emerging Scholar Presentation

Presenter: Tina Gao The University of Queensland

Topic: Convergence of Accounting Standards and Corporate Cash Holdings: A Test using Mandatory IFRS AdoptionDiscussant: Niclas Hellman

Wesfarmers Lecture TheatreUWA Business School

12.00 – 1.00pm Lunch Business School South TerraceUWA Business School

1.00 – 2.00pm Session 3: Emerging Scholar Presentation

Presenter: Yong Li The University of Queensland

Topic: Political information, firm value and information networks: Evidence from the Chinese National Social Security FundDiscussant: Dirk Baur

Wesfarmers Lecture TheatreUWA Business School

6 The University of Western Australia

Time Event Location

2.00 – 3.15pm Session 4: Keynote Speaker

Speaker: Ana MarquesIndian Institute of Management/Nova School of Business and Economics

Topic: Signalling Financial Performance: The Role of Alternative Performance Measures

Wesfarmers Lecture TheatreUWA Business School

3.15 – 3.45pm Afternoon Tea FoyerUWA Business School

3.45 – 4.45pm Session 5: Emerging Scholar Presentation

Presenter: Yuanji WenThe University of Western Australia

Topic: The High-Volume Return Premium: Does It Exist in the Chinese Stock Market?Discussant: Steen Thomsen

Wesfarmers Lecture TheatreUWA Business School

6.00 – 9.00pm Forum Dinner Banquet Hall SouthThe University Club of Western Australia,Hackett Drive, Crawley

Friday 9 December

9.00 – 10.15am Session 6: Keynote Speaker

Speaker: Niclas HellmanStockholm School of Economics

Topic: The effectiveness of goodwill impairment tests: an evaluation of proposed improvements

Wesfarmers Lecture TheatreUWA Business School

10.15 – 10.45am Morning tea BHP Billiton CourtyardUWA Business School

10.45 – 11.45am Session 7: Emerging Scholar Presentation

Presenter: Warrick Van ZylThe University of Western Australia

Topic: Accounting for financial instruments with characteristics of debt and equity: Finding a way forwardDiscussant: Ana Marques

Wesfarmers Lecture TheatreUWA Business School

11.45am – 1.00pm Session 8: Keynote Speaker

Speaker: Dirk BaurThe University of Western Australia

Topic: Bubbles and Crashes in the Australian Residential Property Market

Wesfarmers Lecture TheatreUWA Business School

1.00 –2.30pm Forum Closing/ Lunch UWA Business School

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Keynote speakers

Dirk BaurDirk Baur holds a Master degree in Economics and received his Ph.D. in Financial Econometrics from the University of Tübingen in 2003. Before joining UWA he worked for the Joint Research Centre of the European Commission from 2003-2005, was a Post-doctoral fellow at Trinity College Dublin (2005-2007) and a Lecturer at Dublin City University (2007-2009). From 2009-2014 Dirk was Associate Professor of Finance at the University of Technology, Sydney and Associate Professor of Finance at the Kuehne Logistics University in Hamburg in 2015. Dirk’s specialisation is in the field of financial economics and financial econometrics. He is an expert on the financial economics of gold, the modelling and estimation of financial contagion, dependence modelling and empirical applications of quantile regression. His current research projects are on shadow banking, Bitcoin, asymmetric volatility and gold.

Dirk currently serves on the editorial boards of the Finance Research Letters (FRL), the Journal of International Financial Markets, Institutions and Money (JIFMIM), the Research in International Business and Finance (RIBAF) and the International Review of Financial Analysis (IRFA). He has published 30 articles in international peer-reviewed academic journals such as the Journal of International Money and Finance, the Journal of Banking and Finance and the Journal of Economic Dynamics and Control.

Niclas HellmanNiclas Hellman joined the Department of Accounting in 1990 and holds a PhD from the Stockholm School of Economics (2000). His research areas are financial accounting and auditing. Niclas is currently working on a project which investigates financial analysts’ evaluations of corporate acquisitions under IFRS accounting. Niclas teaches accounting, auditing and financial statement analysis courses in bachelor and master programs at SSE. He is also Vice Chairman of the Swedish Accounting Standards Board (member of the Board since 2008) and Chairman of the Financial Reporting Standards Committee of the European Accounting Association.

Ana MarquesProfessor Ana Marques has completed her Ph.D. in Accounting from the University of Texas at Austin, USA. She has completed her Management Degree followed by Master in Management from the Instituto Superior de Gestão, Lisbon (Portugal). Prior joining IIMB, Dr. Marques was an Associate Professor of Financial Accounting and Corporate Governance at Nova School of Business and Economics.

Her research interests include voluntary financial disclosures in capital markets, corporate governance and international accounting. She has published in these topics in journals such as Review of Accounting Studies, Journal of Business Finance & Accounting, Accounting Horizons, The International Journal of Accounting, and The British Accounting Review. She is currently working on several issues, including: the combined use of impression management and non-GAAP disclosures, bankruptcy in the UK, and segments disclosure.

Steen ThomsenProfessor Steen Thomsen is the Founding chairman of the Danish Corporate Governance Network. He holds board positions in four business companies. With Caspar Rose, he runs the MSc course in Corporate Governance at the Copenhagen Business School. Professor Thomsen is an occasional reviewer for Corporate Governance. Management International Review, Journal of International Business Studies, Academy of Management Journal, Økonomi og Politik, Journal of Management and Governance, The Academy of International Business and The European International Business Academy. He holds an MSc Economics from the University of Copenhagen 1987 and a PhD from the Copenhagen Business School 1992 (Dissertation: Big Business and Transaction costs)

Biographies

8 The University of Western Australia

Early career presenters

Tina Ru GaoTina Gao obtained her PhD from UNSW Australia and joined UQ at 2015. Her first and continuing research interest has been in the field of financial accounting. Specifically, she is interested in the production and use of accounting information in business decisions. Examples of her current research include the effectiveness of mandatory disclosure, the managerial reporting incentives and the production of information by financial analysts.

Her PhD thesis uses mandatory IFRS adoption as a natural experiment to investigate how the enforcement of mandatory disclosure regulation affects the investment efficiency of two types of firms: the mandatory adopters and pre-mandatory adopters (voluntary adopters). Aspects of her thesis have been written up into working papers and have been accepted for presentation at a number of international conferences. These include the American Accounting Association (AAA) annual conference, the AAA Midyear conference, the European Accounting Association (EAA) annual conference and the AFAANZ conference. Currently, she is teaching financial accounting for postgraduate students at UQ.

Publication: Ru Gao, and Baljit Sidhu, Convergence of accounting standards and financial reporting externality: evidence from mandatory IFRS adoption, Accounting and Finance (forthcoming).

Yong LiDr Yong Li is an Associate Lecturer at UQ Business School. Yong’s research focuses on Funds Management with particular reference to state-sponsored funds. Other topics of interest include investment and portfolio management and politically-connected corporate finance. His work has been published in internationally refereed journals including Quantitative Finance, Insurance: Mathematics and Economics, and Mathematical Social Sciences. His teaching focus is in Introduction to Finance, International Financial Management and Derivatives and Risk Management. Before joining UQ, Yong had three years’ industry experience as a journalist at one of the top financial newspapers in China.

Yuanji WenYuanji Wen is a Lecturer in the Accounting and Finance discipline of the UWA Business School. Yuanji received her degree PhD in Finance from Bocconi University in Italy. Her research interests include market microstructure, behavioural finance and experimental economics. Prior to joining UWA, she worked at Deakin University as a Research Fellow.

Warrick Van ZylWarrick is an Associate Professor at The University of Western Australia. He teaches financial accounting to undergraduate and postgraduate students at the Business School and is currently the unit coordinator for the introductory accounting module in the MBA program. His research interests generally revolve around accounting standards and particular areas of interest include financial instruments, share-based payments and non-GAAP reporting measures. He is presently preparing a literature review on financial instruments with characteristics of equity and is involved in a project to explore the relationship between non-GAAP reporting and executive remuneration.

He has over 19 years of accounting and management experience covering a broad range of sectors and roles. This includes positions at a Big 4 accounting firm, investment bank, academia, start-up business, etc.

He is a qualified Chartered Accountant, registered in both South Africa and Australia, and has a PhD in Accounting from the University of Cape Town.

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Forum locationThe Forum sessions will be held at the UWA Business School, Hackett Entrance No 4, off Hackett Drive. The Welcome Function will be held at The University Club (please see the map on page 14).

ParkingVisitors are able to park in the yellow (student) bays without a ticket. You can also choose to purchase a parking ticket and park in the visitors’ bays near the Business School building. Please note that visitors will not be able to access red (staff) parking areas during business hours.

Internet accessForum participants can access the Internet via Unifi, the campus Wifi service for visitors.

Instructions1. Locate and connect to UnifiGuest network.2. Launch your web browser in any of our wireless enable areas and you will be redirected to UnifiGuest login webpage.

3. Enter the UnifiGuest username and password emailed to you by UWA IT Services and also printed on the back of your name tag.4. Tick the “I Agree” check box toaccept the Terms and Conditions.5. Click the “Sign In” button.6. You’re connected!

Information for participants

10 The University of Western Australia

UWA Business School

Convenor Millicent ChangAccounting and Finance UWA Business School Tel: (08) 6488 2971 Mob: 0422 848 318 Email: millicent.chang@uwa.edu.au

Event co-ordinator Yvonne Manners Administrative AssistantUWA Business School Tel: (08) 6488 5835 Email: yvonne.manners@uwa.edu.au

Accommodation

Parmelia Hilton Perth14 Mill Street, PerthTel: (08) 9215 2000

Transportation

Swan TaxisTel: 131 330

Function facilities

The University Club of Western Australia The University of Western Australia Hackett Entrance 1, Carpark 3 Crawley WA 6009 Tel: (08) 6488 8777

Matilda Bay Restaurant 3 Hackett DriveCrawley WA 6009 Tel: (08) 9423 5000

Quick contact guide

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Name Organisation

Mahmoud Agha The University of Western Australia

Prerana Agrawal The University of Western Australia

Dirk Baur The University of Western Australia

Lyndie Bayne The University of Western Australia

Jacqueline Birt The University of Queensland

Andrew Caminschi The University of Western Australia

Millicent Chang The University of Western Australia

Ellie Chapple Queensland University of Technology

Peter Clarkson The University of Queensland

Ken Clements The University of Western Australia

Victoria Clout University of New South Wales

Raymond da Silva Rosa The University of Western Australia

Chao Ding The University of Western Australia

David Emanuel University of Auckland

Andrew Ferguson University of Technology, Sydney

Tina Gao The University of Queensland

Keith Godfrey The University of Western Australia

Richard Heaney The University of Western Australia

Niclas Hellman Stockholm School of Economics

Jacquelyn Humphrey The University of Queensland

Marion Hutchinson Queensland University of Technology

Izan Izan The University of Western Australia

Yihui Lan The University of Western Australia

Leo Langa The University of Western Australia

Janet Lee Australian National University

Yong Li The University of Queensland

Jian Liang The University of Western Australia

Frank Liu The University of Western Australia

John Lyon The University of Queensland

Ana Marques Nova School of Business and Economics

Tim Martino Pitcher Partners

List of participants

12 The University of Western Australia

Name Organisation

Dianne Massoudi The University of Western Australia

Zoltan Matolcsy University of Technology, Sydney

Gary Monroe University of New South Wales

Richard Morris University of New South Wales

Juliana Ng Australian National University

Thu Ha Nguyen The University of Western Australia

Elizabeth Ooi The University of Western Australia

Man Duy Pham The University of Western Australia

Nikki Schonfeldt The University of Western Australia

Greg Shailer Australian National University

George Shan The University of Western Australia

Harjinder Singh Curtin University

Harminder Singh Deakin University

Egi Soegiharto STIE YKPN Business School

Nigar Sultana Curtin University

Rebecca Tan Australian National University

Ann Tarca The University of Western Australia

Steen Thomsen Copenhagen Business School

Sirimon Treepongkaruna The University of Western Australia

Warrick Van Zyl The University of Western Australia

Kathleen Walsh Australian National University

Terry Walter University of Sydney

Rencheng Wang The University of Queensland

Marvin Wee The University of Western Australia

Yuanji Wen The University of Western Australia

Norman Wong University of Auckland

David Woodliff The University of Western Australia

Sue Wright Macquarie University

Joey Yang The University of Western Australia

Jing Yu The University of Western Australia

Qiaoqiao Zhu Australian National University

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Map

University Club

UWA Business School

To City

12 | business.uwa.edu.au

Map

14 The University of Western Australia

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The University of Western Australia

UWA Business School

Business School

The University of Western AustraliaM250, Perth WA 6009 AustraliaTel: +61 8 6488 2971Email: millicent.chang@uwa.edu.aubusiness.uwa.edu.au

CRICOS Provider Code: 00126G