Society for the Study of Emerging Markets

Conference Details

Conference Details  (see also Poster Session papers below)

January 3-5, 2021 

Paper Session: Firm Financing in Global Markets
Society for the Study of Emerging Markets (SSEM)

Sergio Schmukler, World Bank, and Tomas Williams, George Washington University;
Chair: Jose Tessada, Catholic University, Chile and JPAL;

Redrawing the Map of Global Capital Flows: The Role of Cross-Border

Financing and Tax Havens
Antonio Coppola, Harvard University;
Matteo Maggiori, Stanford University;
Brent Neiman, University of Chicago;
Jesse Schreger, Columbia University;

Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their nationality in aggregate statistics. We associate the universe of traded securities with their issuer’s ultimate parent and restate bilateral investment positions to better reflect the true financial linkages connecting countries around the world. We find that portfolio investment from developed countries to firms in large emerging markets is dramatically larger than previously thought. The national accounts of the United States, for example, understate the U.S. position in Chinese firms by nearly 600 billion dollars, while China’ social net creditor position to the rest of the world is overstated by about 50 percent. We additionally show how taking account of onshore issuance is important for our understanding of the currency composition of external portfolio liabilities, the nature of foreign direct investment, and the growth of financial globalization.
Discussant: Diego Perez, New York University;

Benchmarking Intensity and Long-Run Returns
Anna Pavlova, and Taisiya Sikorskaya, London Business School;
In a model with fund managers evaluated relative to benchmark indices, stocks belonging to these benchmarks have lower expected returns. Motivated by theory, we construct a stock-level measure of benchmarking intensity (BMI) from a unique dataset of 33 U.S. equity indices. The BMI of a stock is computed as the cumulative weight of the stock in all benchmarks, weighted by assets under management following each benchmark. Exploiting a discontinuity in the BMI of stocks at the bottom of the Russell 1000 and the top of the Russell 2000 index, we show that stocks with higher BMIs indeed have lower long-run returns. A growing literature similarly uses the Russell cutoff for identification. We document emerging challenges to this approach: (1) the change in incentives to hold stocks around the cutoff of funds benchmarked to the Russell MidCap/1000/2000 and (2) the growing importance of other benchmarks, including recently introduced CRSP indexes.
Discussant: Harrison Hong, Columbia University;

Benchmarks, Firm Financing, and Real Effects: Evidence from a Global Natural Experiment
Fernando Broner, Universitat Pompeu Fabra;
Juan J. Cortina, and Sergio L. Schmukler, World Bank;
Tomas Williams, George Washington University;
We empirically study how changes in benchmark indexes affect firms’ cost of capital, external financing, and investments. For identification, we exploit one of the largest rebalancing in a global equity benchmark index by MSCI, affecting 2,508 firms in 49 countries. We show that an increase in a firm’s relative importance in the index leads to an increase in its stock price following the announcement of the rebalancing. This reduction in the cost of capital leads to an increase in the firm’s probability of issuing equity and borrowing bank debt. Firms that experience a higher increase in their importance in the index have higher capital expenditures in the years following the rebalancing. Our findings provide systematic evidence on the importance of benchmark indexes for firms’ financing and investment policies.
Discussant: Daniel Wolfenzon, Columbia University;

Ownership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs
Borja Larrain, Catholic University, Chile;
Peter Roosenboom, Rotterdam SoM;
Giorgo Sertsios, UAndes, Chile;
Francisco Urzúa, Cass Business School;
We revisit the relationship between ownership concentration and firm value using hand-collected data on the stakes of owner-managers immediately before and after IPOs. We instrument for the reduction in concentration using market returns on the three months prior to the IPO. Short-run market returns are plausible instruments since owners engage in naïve market timing by selling more when prior returns are high, but high prior returns are unlikely to affect long-run firm value. As predicted by agency theory, a larger reduction in ownership concentration at the IPO is negatively related to valuation.
Discussant: Federico Huneeus, Yale University and Central Bank of Chile;

2021 SSEM/ASSA Poster Session Papers

Weekday Seasonality of Chinese Stock Returns: Diametrically Opposite of That Seen Worldwide
Fahad Ali, Zhejiang University, China;
Numan Ülkü, Charles University, Czechia;

The Trinity Effect of Corporate-Political-Banking relationship Over Debt Structure: Evidence from India
Rishman Jot Kaur Chahal, Indian Institute of Technology;
Wasim Ahmad, Indian Institute of Technology,
Bhanumurthy, National Institute of Public Finance and Policy, New Delhi, India;

Democracy as a driver of post-communist economic development
Jan Fidrmuc, Brunel University;

Trade-related effects of Brexit. Implications for Central and Eastern Europe
Jan Hagemejer, University of Warsaw;
Maria Dunin-Wąsowicz, Warsaw School of Economics;
Jan J. Michałek, and Jacek Szyszka, University of Warsaw;

Distressed Acquisitions Evidence from European Emerging Markets
Ichiro Iwasaki, Hitotsubashi University, Japan;
Evžen Kočenda, Charles University, Czech Republic, Czech Academy of Sciences, Prague; CESifo, Munich; IOS, Regensburg;
Yoshisada Shida, Economic Research Institute for Northeast Asia (ERINA), Japan;

The Effect of Internal Control Regulation on Reporting Quality in China
Jieqiong Hu, Harbin Institute of Technology, China;
Fusheng Wang, Harbin Institute of Technology, China;

The Environmental Impact of Industry-level Greenfield FDI: Evidence from 30 Chinese Provinces and 32 Economic Sectors
Wei Li, Tianjin University, China;
Nadia Doytch, CUNY- Graduate Center, USA and Ateneo de Manila University School of Government, The Philippines;

Understanding client involvement and vendor growth in information technology outsourcing relationships
Phuong V. Nguyen, Hien Thi Ngoc Huynh, Hoa Doan Xuan Trieu,
Dien Van Tran, International University, Vietnam National University-Ho Chi Minh City

Asymmetric effect of Argentina’s fiscal deficit on the real exchange rate
Jorge M. Oviedo, Universidad Nacional de Córdoba, Argentina;
Ivan F. Julio, Metropolitan College, Boston University;

Bank Concentration on Firm Leverage and Profitability
José Julián Cao-Alvira, Lehman College, City University of New York;
Alexander Núñez-Torres, Lehman College, City University of New York;

Financial Crises in Retrospect of Turkish economy: Evidence from a Probit model 1970-2018
Sami Fethi, Eastern Mediterranean University;
Neslihan Kahyalar, Leicester Castle Business School, De Montfort University, Leicester, United Kingdom;

The Transmission of Global Monetary and Credit Shocks on Exchange Market Pressure in Emerging Market and Developing Economies
Helena Glebocki Keefe, Fairfield University;

Stock Market Uncertainty and Uncovered Equity Parity Deviation: Evidence from Asia
JiYong Jung, Sogang University, Korea;
Kuk Mo Jung, Sogang University;


Call for papers



SSEM EuroConference 2020: Emerging Markets Banking and Finance
Venue: University of Udine, Pordenone, Italy
June 25-27, 2020

The University of Udine and the Society for the Study of Emerging Markets (SSEM) will jointly hold a conference on June 25-27, 2020. We invite submissions of high quality, empirical and theoretical papers, related to the Emerging markets area.

Submissions may address topics that include, but are not limited to:
-Banking and Financial Intermediaries
-Portfolio management
-Asset pricing
-Derivatives and financial Instruments
-Capital Markets
-Markets microstructure
-Corporate Finance
-Financial stability and financial contagion
-Financial crises
-Financial openness
-Sustainable finance
-International Business
-Literature reviews (systematic, bibliometric, meta-analysis)

We will also organize a special session on ‘Islamic Finance’, therefore we accept papers on this topic.

Publication opportunities
Papers presented in the conference will be considered for publication in the following journals:
Bursa Istanbul Review (BIR)
International Journal of Emerging Markets (IJOEM) that will give an ‘Emerald Award’ for the best paper of the conference
Economic Systems (ES)
International Journal of Islamic and Middle Eastern Finance and Management (IMEFM), related to the ‘Islamic Finance’ papers

Submissions to the journals will undergo a fast-track review process that maintains the IJOEM/BIR/ES//IMEFM’s normal publication standards.

Keynote speakers
-Prof. Ilan Alon,  Professor of Strategy and International Marketing at the School of Business and Law at the University of Agder, Norway, and editor of International Journal of Emerging Markets.
-Prof. M. Kabir Hassan, Professor of Finance and Hibernia Professor of Economics and Finance, at the University of New Orleans, USA, and editor of International Journal of Islamic and Middle Eastern Finance and Management.

Prof. Ali M. Kutan, Distinguished Research Professor of Economics and Finance, Southern Illinois University Edwardsville, and Editor of Emerging Markets Finance and Trade, will conduct a workshop on “How to publish in top economics and finance journals”.

Conference venue
University of Udine, Via Prasecco, 3/a, Pordenone, Italy

Paper submissions and deadline:
Authors are invited to submit completed papers. Papers will be selected by the Conference Committee. All the presenters will be invited to discuss another paper accepted at the conference. Please submit your papers in electronic format (PDF files only) to:

The deadline is March, 1, 2020. Decisions will be made by March, 15, 2020. Early submissions are encouraged. The conference Committee will accept a maximum of 40 papers.

Conference registration
All conference attendees (including paper presenters) are required to pay the registration fees:
Registration fee of 300 euro (early bird: until April, 15, 2020) for all attendees, which covers conference materials, welcome reception, coffee breaks, lunches, and dinners.

A late registration fee of 350 euro applies to registrations received after April 15, 2020, (until June, 1, 2020).

The conference committee will organize an optional half-a-day tour to Venice on June, 27, which will require an additional fee.

Conference committee
Stefano Miani, University of Udine
Andrea Paltrinieri, University of Udine
Alex Sclip, University of Udine
Enrico Geretto, University of Udine
Enrica Bolognesi, University of Udine
Ashraf Khan, University of Udine

Questions about the conference may be emailed to:
Ali Kutan
Andrea Paltrinieri



March 24-25, 2020, Sharjah, UAE

You are cordially invited to submit your research papers for the 2nd College of Business Administration Symposium (2020) co-sponsored by the Society for the Study of Emerging Markets that will take place on March 24-25, 2020 in Sharjah, UAE. This is a two day symposium, hosted by the College of Business Administration that seeks to promote the exchange of ideas in research relevant to Emerging and Developing Economies through presentations, discussions and special sessions.
Symposium Dates:  March 24-25, 2020, Sharjah, United Arab Emirates
Venue: University of Sharjah Campus, University City, United Arab Emirates

Globalization brought about opportunities as well as risks. Emerging and developing economies have been experiencing rapid growth brought about international trade, improvements in transportation and logistics, and innovation in information technology. Innovations in inventory management, outsourcing, supply chain management coupled with global financial links increased interdependence and pose opportunities as well as risks. Trade disputes threaten the global economy & risk derailing global growth. These disputes risk diverting attention from sound policies and constructive steps/reforms to “easy fixes”.  This is happening at time of widespread global economic expansion. At the same time, the Middle East and North Africa region have been trying to diversify their economies by adopting policies conducive to creating jobs away from natural resource sectors and foster more inclusive economic growth.  Thus, the symposium will focus on issues affecting developing and emerging markets and examine how business practices and financial developments pose challenges and opportunities with special focus on issues relevant to the MENA region.

Suggested topics:
We invite submissions of high quality, original research papers. Panels or individual papers may be submitted. Topics considered include but not limit to the following:
Emerging & Developing Markets and the Global Financial Architecture,
Financial Stability, Mergers and Acquisitions, & Real Estate Investments
Corporate Governance and Social Responsibility
Risk Management and Financial Regulation
Forensic Accounting, Accounting Education, IFRS & Capital markets
Corporate Governance and Accountability, Sustainable Reporting
Behavioral Issues, Auditing, Non-Profits in Accounting & Corporate Social Responsibility
Entrepreneurship, Leadership, Marketing, Innovation, and Family Business
Organizational Behavior, Change Management; International Business, Operations and Supply Chain Management
Business Ethics, CSR and Sustainability
Challenges for Natural Resource based Economies and Economic Diversity
Regional Economic Integration and Cross-border Trade and Investment, Comparative Studies of Economies
Sustainable Development in the Global economy and Challenges to Global Trade
Digitalization of Business Processes: Trends, Challenges, Solutions
E- Business and E-Government; Auditing and IT Governance
Enterprise Information Systems-ERP; Information Systems Management
IT Education and Society; Decision Support Systems
Managing Information in the Age of Globalization

Keynote speakers:
Dr. Obaid Saif Hamad Al Zaabi, Chief Executive Officer of Securities and Commodities Authority (SCA).
Prof. Ali Kutan, Distinguished Research Professor at Southern Illinois University, USA
Workshop:   Ali M. Kutan will conduct a workshop on “How to publish in top economics and finance journals” targeted towards young scholars and doctoral students. Questions will also be taken from the participants of the session.

All the papers must be written and presented in English. Extended abstracts or original full papers should be submitted to the symposium organizer through email by January 31, 2020. Papers selected for presentation will be notified by February 20, 2020. The criteria for selecting papers is the relevance with regards to the symposium themes and the academic quality of the research.
Please submit your paper via the link below:
Publication Opportunity:
Papers will be considered for publication at the  University of Sharjah Journal of Social Sciences and Humanities.

Important dates:
Full paper submission: 31 January 2020
Notification of Paper Acceptance: 20 February 2020
Symposium: 24-25 March, 2020

The University of Sharjah has special rates with Intercontinental Hotel Dubai for the occasion. A bus will be provided to the Symposium and back to the Hotel. Attendees are welcome to stay at any local hotel.

Dubai Festival City , P.O. Box 45777 : Dubai, United Arab Emirates +971-04-7011111
From the Hotel Website: Set in Dubai’s newest shopping, culinary and entertainment destination, InterContinental Dubai Festival City offers an exquisite luxury experience with 508 elegantly appointed guest rooms and suites, award winning dining venues, a 4250 m2 Event Centre and exclusive direct access to Dubai Festival City Mall, with over 500 retail stores including the unique Robinsons, and home to the record breaking IMAGINE water, laser & fire spectacle.
All participants are responsible for booking and paying their own accommodation. However the University of Sharjah will arrange for transportation from and to the hotel.

Contact Information: College of Business Administration
University of Sharjah
PO Box 27272, Sharjah, UAE
Tel +971 6 505 3648
Click here to view the location

Symposium website:

Symposium Organizing Committee

Prof. Selahattin Dibooglu (Chair)
Prof. Hussein Al-Tamimi
Dr. Iman Akour
Dr. Magdi El-Bannany
Dr. Syed Awais Tipu
Dr. Shaker Jamel Saleh
Dr. Moyassar Zuhair Al Yas Al Taie



Jan 3-5, 2021
The Society for the Study of Emerging Markets will organize a poster session at 2021 Allied Social Science Association meetings (ASSA), Chicago, January 3-5, 2021.  Contributed papers should reflect research on emerging economies and markets. At least one of the contributed authors needs to be a member of the Society at the time of the submission and may sign up for the membership using the link
Interested authors should submit their papers or an extended abstract to Ali M. Kutan,,  as soon as possible but by no later than April 15, 2020.
If you are not familiar with poster sessions, please read the information below.
Decisions will be sent within two weeks of the submissions. There will be a conference fee of $200 for accepted papers which should be paid within two weeks of acceptance.  The papers accepted for the poster session will have titles and author names and details published in the ASSA Program.


Each presenter is allowed one easel, which the hotel will provide.

You should bring one 20"x30" foam or cardboard board, and tape or handi-tack for your use.

You need to mount your material on the boards in advance of the session. You may bring your board into the session room where you will find easels.  You should be ready to present your material by the time the session begins.

You are welcome to bring additional boards if you wish, but these cannot be attached to room walls or
placed on chairs or otherwise obstruct people trying to move from one presentation to the other.

The display boards have space for up to 8 sheets of letter-size paper in portrait orientation, with a little
overhang in both directions.  But you may use whatever sizes, orientations, and combinations of paper
that you would like to display your research.

You might want to have a title with a very large font to attract attention.

Please design your presentation to fit this board size, print out the pages of the presentation in advance
and bring them with you to the conference.

If you would like to make your full paper available (which we encourage), you should provide a URL link,
and you may also bring your own hard copies to share.

Questions may be directed to Ali M. Kutan at

Emerging Markets Annual Conference