ISINI LILLE

AUGUST 20 - AUGUST 23

Wednesday August 20
From 7 PM

COCKTAIL

Hall B

REGISTRATION

Thursday August 21

Breakfast
8:30 AM
Hall B

Plenary Session from 9:00 am to 10:30 am
Jaap Spronk's Keynote Speech
Amphi A

Coffee Break
10:30 AM
Hall B

From 10:45 to 12:15

Corporate parallel 1 room A220

Session chair : Abdul Magid Gadad

Sébastien Dereeper, Frédéric Romon
The Use of Open-Market Repurchase Programs in France

Abdul-Magid Gadad, Ephraim Clark
Partial Acquisition Effect on Buying Firm operating Performance and Shareholders' Wealth : UK Evidence
Discutant : Husam Aldin N. Almalkawi

Chandra Sekhar Bhatnagar
Shareholder Value Maximization as a Gauge to Financial Performance : A Study of EVA and REVA Among Indian Corporate Sector

International parallel 2 room A221
Crises

Session chair : Eiji Furuyama

Eiji Furuyama
An Analysis of the Heisi Bubble in the Japanese Economy
Discutant : Ryan Suleiman

Eugenia Correa, Gregorio Vidal
Latin American Banks and Financial Crisis
Discutant : Geeta Laksmi

Geeta Lakshmi, Ephraim Clark
Sovereign Debt and the Cost of Migration : India 1990-1992
Discutant : Eugenia Correa

International parallel 3 room A222
Financial Transition

Session chair : Edward E. Ghartey

Valeria Goffe
Problems and Perspectives of Mortgage Market Develpoment in Ukraine
Discutant : S. Bouchama

Ebrahim Hosseini Nasab
A Review of the Iranian Financial System :Concepts and Operations

Juan Manuel Ugarte Chavez
Securities Markets in Emerging Markets Economies

Market parallel 4 room A223
Some New Considerations about Portfolio Management

Session chair : Pascal Louvet

Georges Ogum, Geneviève Nouyrigat
An Empirical Analysis of Kenyan Daily Returns Using EGARCH Models
Discutant : Denis Dupré

Sonia Jimenez
An Asset pricing Model with Private Information and Common Uncertainty
Discutant : Rachid Chalal

Gilles Sanfilippo
Hedge Funds Performance with Skewness and Estimation Risk

Denis Dupré, Isabelle Girerd-Potin, Raghid Kassoua
Adding an Ethical Dimension to Portfolio Management

Than Huong Dinh
Exchange Volume and Differential Interpretations of the Annual Earnings Annoucement. A direct Measure by Experimental Method

Modelling parallel 5 room A320

Session chair : Ephraim Clark

Ephraim Clark, Radu Tunaru
Bayesian Modelling of Rare Events in Finance with Markov Chain Monte Carlo techniques

Olivier Le Courtois, François Quittard-Pinon
A structural Model with Jumps of Both Signs
Discutant : Alejandro Ibarra

Diana Ribeiro, Stewart Hodges
Price Dynamics for Continously Produced Storable Commodities: Competitive and Monopolistic Markets

Theory and Practice parallel 6 room A321
Economics Education

Session chair : Dieter Boegenhold

Dieter Bogenhold
Social Sciences Between Fragmentation and Restructuring : Towards a New Architecture of an Academic Discipline

Fathi Elloumi, David Annand
Integrating Faculty Research Performance Evaluation and The Balanced Scorecard in AU Strategic Planning : a Collaborative Model

Watcharas Leelawath
Human Capital and Second Language Skill Accumulation : Beneficial Impacts of Migration and Globalization

Lunch from 12:30 to 2:00 pm
Dilip K. Ghosh's Keynote Speech

Thursday August 21
From 2:15pm to 3:45pm

Corporate parallel 1 room A220

Session chair : Rolph N.S. balgobin

Husam Aldin N. Almalkawi
Determinants of Corporate Dividend policy in Emerging market : Evidence from Jordan
Discutant : Abdul Magid Gadad

Rolph N.S. Balgobin
A Resourced Based View of High Velocity Corporate Turnaround

Victor G. Carreon-Rodriguez
The Cost of Innovation

International parallel 2 room A221
Crises

Session chair : Alicia Giron

Ryan Suleiman
New Technology Stock Market Indexes Contagion : A VAR-DCCMVGARCH Approach
Discutant : Eiji Furuyama

Ryan Suleiman
The Contagion Effect Between the Volatilities of the Nasdaq-100 and the IT.CAC : a Univariate and a Bivariate Switching Approach
Discutant : Lal C. Chugh

Alicia Giron
Financial Fragility and Emergent Markets : Turbulent Shadow for Asia and Latin America (Past and Future)

International parallel 3 room A222
Financial Transition

Session chair : Kathleen Rees

Krishnan Dandapani
Internet and Global Financial Markets

Edward E. Ghartey
Efficient Exchange Market and Dollarization InflationTargeting Alternative : Evidence from Chile, Mexico, Singapore and South Korea

Market parallel 4 room A223
Investment and derivatives

Session chair : Mondher Bellalah

Mondher Bellalah
A Note on Credit Valuation in the KMV Approach in the Presence of Information Uncertainty

Mondher Bellalah
the Binomial Model and Risk Neutrality in the Presence of Information Uncertainty

Mondher Bellalah, Sana Mahfoudh Besbes
L'Evaluation des Options en Présence d'une Volatilité Stochastique, de sauts et d'une Information Incomplète

Modelling parallel 5 room A320
Modelling Prices

Session chair : Francesco Maria Paris

Maria Elena De Giuli, Mario Alessandro Maggi, Francesco Maria Paris
Pricing mutual bank deposit guarantees
Discutant : Idriss Tchapda Djamen

H. Ben Ameur, M. Breton, P. François
Pricing Installement Options with an Application to ASX Installement Warrants

Idriss Tchapda Djamen
Evaluation des Produits Dérivés de Crédit
Discutant : Olivier LeCourtois

Theory and Practice parallel 6 room A321
Economic Theory

Session chair : Lazaros Houmanidis

Bodo Gemper
Frontiers in Ordnungspolitik : A socially Responsible Free Market Economy - Ludwig Erhard's Model
Discutant : Girijasankar Mallik

Dieter Boegenhold
Entrepreneurship in Recent Times : Myths, fallacies and Realistic Outlooks

Lazaros Houmanidis
About the Methological and Psychological Criteria of Thornstein Veblen and Friedrich von Hayek ( Objectivity and Subjectivity )

Coffee Break
3:45 PM
Hall B

Thursday August 21 From 4:00 pm to 5:30 pm

Corporate parallel 1room A220
Corporate audit

Session chair : Raul Moncarz

Anthony R. Bowrin, James King II
Time Pressure, Task Complexity, and Audit Effectiveness
Discutant : Julio Pindado

Raul Moncarz, Elisa Moncarz, Antonio Jorge
Manipulation of Financial Data in the New Millenium - The Case of ENRON
Discutant : Dilip K. Ghosh

Julio Pindado, Luis Rodriguez
Insolvency Codes and Investment : Theory and Evidence from Panel Data
Discutant : Anthony R. Bowrin

International parallel 2 room A221
Crises

Session chair : Lal C. Chugh

Krishnan Dandapani
Fraud in Financial Markets : Pattern, Process and Prevention

Alejandra Salas-Porras
Governing the Financial Sector

Lal C. Chugh, Hosseini Kazami, Joseph W. Meador
The Impact of IMF Policies on the Economic Performance and the Distribution of Income in Various Latin American Countries

International parallel 3 room A222
Economic Environment

Session chair : Gérard Mondello

Gérard Mondello
Environmental and Health harms under Contestable Competition : Some Basic Concepts

S. Bouchama, A.M Alquier, A.R Ghomari
Modélisation des Aspects Environnementaux Contenus dans la Méthode ACV
Discutant : Valeria Goffe

Jennifer Banning, Kathleen Rees
Application of Austin's Environmental Analysis Framework to the Philippine Textile and Apparel Industry

Market parallel 4 room A223
Hedging Risk Management

Session chair : Edgar Ortiz

Alejandra Cabello, Raul De Jesus, Edgar Ortiz
Short Term Government Bills from the Nafta Countries : A Conditional Var Optimizing Approach

Rachid Chalal, Razika Ouamane
An Assistance Tool for the Acquisition and the Classification : For Project Risk Management
Discutant : Sonia Jimenez

Amrit Judge
The Determinants of Foreign Currency Hedging by UK Non-Financial Firms

Modelling parallel 5 room A320

Session chair : Jean-Fernand N'Guema

Jean-Fernand Nguema
Demande Optimale d'un Actif sur un Portefeuille Constitué de Deux Actifs Risques : Analyse du Cas où l'Agent est Confronté en plus à un Risque non Financier
Discutant : Idriss tchapda Djamen

Roger B. Atindéhou, Jean-Pierre Guyié, Michel Goguen
Activité des Fonds Mutuels et Mouvements du Marché des Capitaux du Canada
Discutant : Jean-Fernand N'Guema

Theory and Practice parallel 6 room A321
Global Economics

Session chair : Masoud Kavoossi

Masoud Kavoossi
Globalization : Technology and Ideology, An Emerging Model

Vincent Dropsy, Dennis Pollard
Economic, Political, Cultural Differences and Comparative Global Performance

Arturo Guillén Romo
Globalisation and New Economy

Thierry Apoteker, Emilie Crozet
Davos Versus Porto Alegre : A Survey on Key Issues behind International Trade and Financial Integration and Liberalisation

ISINI MEETING
6:00 PM
AMPHI A

Friday August 22

BREAKFAST
8:30 AM
HALL B

From 9:00 am to 10:30 am

Corporate parallel 1 room A220
Corporate Governance

Session chair : Dilip K. Ghosh

Peter B. Vassallo
Governance Mechanisms and Firm Characteristics
Discutant : Raul Moncarz

Dilip K. Ghosh
Globalization and Governance : Gain or Grief ?

Elli Kraizberg, John L. Teall
The Distribution and Valuation of Corporate Control

International parallel 3 room A222
The Real Economy at Crossroads - The Case of Romania

Session chair : Liviu Drugus

Liviu drugus
Political Economics (i.e. Ethics) and Good management in Health (Care) Systems

Niculae G. Niculescu
The Challenge of the New Real Economy : The Romanian Case

Bogdan Andronic, Vadim Dumitrascu
Some thoughts concerning the Market System in Romania. A Neoinstitutional View

Market parallel 4 room A223
Portfolio

Session chair : Gulser Meric

Gabriela de Raaij, Burkhard Raunig
Evaluating Value-at-Risk Models with Likelihood Ratio Tests : Use with Care !

Lucia Cuadro-Saez, J.Ignacio Pena, Juan J. Romo
Detecting Abnormal Market Behavior Using Resampling Techniques
Discutant : Abe Aburachis

Ilhan Meric, Gulser Meric
The Co-Movements of the World's Major Stock Markets : March 2000- October 2002

Ilhan Meric, Gulser Meric
The Time-Varying Correlation of the Emerging market with the U.S. Stock Market and Portfolio Diversifcation

Modelling parallel 5 room A320
Economics Industry

Session chair : Alejandro Ibarra

José Miguel Rodriguez, Jorge Julio Maté
Returns of R and D Investment and Continuity : an Empirical Analysis for Spanish Manufacturing Firms

Alejandro Ibarra-Yunez
Strategic Conduct and Access Discrimination, in the Semi-liberalized Electricity Sector in Mexico
Discutant : Francesco M. Paris

Roberto J. Santillan-Salgado, Beatriz Mota Aragon, Eduardo Drucker, Jose Luis Puerco
Application of the Real Options Methodology to Value a Cement Firm's Acquisition

Theory and Practice parallel 6 room A321
Economics Macroeconomics

Session chair : Hans Visser

Wolfram Berger
Macroeconomic Effects of Monetary Policy in a Low Pass-Through Environment with Intermediate Goods

Hans Visser
The Stability and Growth Pact

Dominique Guégan, Stéphanie Rioublanc
Markov Switching Model Study : An Application to GDP of European and American Countries

COFFE BREAK
10:30 AM
HALL B

Friday August 22
From 10:45 am to 12:15

Corporate parallel 1 room A220
Corporate Governance

Session chair : Mohamed A. Ayadi

Abdullah Iqbal, Susanne Espenlaub, Norman Strong
Earnings management and the Performance of UK Open Offering Firms

Sabri Boubaker
On the Relationship between Ownership-Control Structure and Debt Financing : New Evidence from France
Discutant : Mohamed A. Ayadi

Mohamed A. Ayadi, Yoser Gadhoum
Ownership Structure and Risk : a Canadian Empirical Analysis
Discutant : Sabri Boubaker

Andrew Stark
Why Size, Book-to-Market and Earning-Price might have Explanatory Power over Returns in a Rational Pricing Model of the Economy

International parallel 2 room A221
Transition Development

Session chair : Wim Heijman

W. J. M. Heijman, J. A. C. Van Ophem
On the Relationship between Regional Investment and Domestic Residential Mobility

Antonina Ivanova, Alba Gamez, Manuel Angeles
Mexico in NAFTA : Challenges for Integration Policy
Discutant : Alicia Giron

Tatyana Boikova
Innovative Development of Transition Economy and the Baltic Countries
Discutant : Saziye Gazioglu

International parallel 3 room A222
Economics and Security

Session chair : Paul Dunne

Paul Dunne, Duncan Watson
Military Expenditure, Technological Progress and Employment
Discutant : Paul Dowdall

Derek Braddon, Paul Dowdall
Market Structure, Business Conduct and the Revolution in Military Affairs : Evidence from Primary Research on the UK Defence Electronics Sector
Discutant : Paul Dunne

Paul Dunne, Sam Perlo freeman, Aylin Soyda,
Military Expenditure and Debt in Small Industrialised Economies : A dynamic Panel Analysis
Discutant : Eftychia Nikolaidou

Eftychia Nikolaidou
Military Spending in Greece : Determinants and Economic Implications

Market parallel 4 room A223
Portfolio

Session chair : Abe Aburachis

Dilip K. Ghosh, Arun J. Prakash
Leverage and Asset Allocation under Capital Market Distortion

Jennifer Chu, C. L. Osler
Technical Analysis and Noise Trading : The Head-and-Shoulders Pattern in U.S. Equities

Abe Aburachis, A.M. Parhizgari
US Business Investments and Stock Returns
Discutant : Lucia Cuadro-Saez

LUNCH 12:30 HALL B

Jean-Pierre DEBOURSE
Director
Lille Graduate School of Management

Award Presentations

Friday August 22
From 2:15pm to 3:45 pm

Corporate parallel 1 room A220
Corporate Governance

Session chair : Christian C. Day

Alberto Chong, Virgilio Galdo
Should State-Owned Firms Change CEOs Before Privatization ? The case of the telecommunications Industry

Christian C. Day
Partner to Plutocrat : The Separation of Ownership from Management In Emerging Capital Markets 19th Century Industrial in America
Discutant : Bertrand Groslambert

Michel Henry Bouchet, Bertrand Groslambert
Governance, Aid Flows and Market Access : a New challenge for International Financial Institutions
Discutant : Christian C. Day

International parallel 2 room A221
Transition FDI Integration

Session chair : Ernesto Henry Turner Barragan

Paulino Ernesto Arellanes Jiménez
Comparation among Foreign Direct Investment Chapters in the NAFTA, FTAA and European Union

Teodora Alecu
The Foreign Investments Phenomena in South-Eastern European Countries

Ernesto Henry Turner Barragan
Foreign Investment and Enterprises Develpoment in Mexico under Nafta

International parallel 3 room A222
Emerging Markets

Session chair : Saziye Gazioglu

Erdal Karagol
The Risk of Debt Rescheduling

Sotiris K. Staikouras
Multinational banks, Credit Risk and Financial Crises : a Qualitative Response Analysis

Saziye Gazioglu
Capital Flows to an Emerging Financial Market : Turkish case Study
Discutant : Tatyana Boikova

Market parallel 4 room A223
Derivatives and Risks Management

Session chair : Aman Agarwal

Nitin D. Nayak
International Trade and Unification of Currencies

Bilal Mustafa Khan
Risk Management in India : Practices, Strategies and Trends

Ursula A. Theiler
Determination of Risk Return Efficient Bank Portfolios

Oliver Everling
Issues of Rating / Credit Process

J.D. Agarwal, Aman Agarwal
Savings Concept in Derivative Instruments

Corporate parallel 1 room A320
Finance and Investment

Session chair : Arthur Herst

Jean-Pierre Fortuin
Portfolio Simulation
Discutant : Wim Westerman

Lambert Smeets
Investing in Wine
Discutant : Franck H.M. Verbeeten

Anke Smeets-Verstraeten
Institutional Reform in the Social Security Sector by Monetary Innovation
Discutant : Patricia Castelyn

Frank H.M. Verbeeten
The Impact of Uncertainty on Capital Budgeting Practices
Discutant : Lambert Smeets

A.C.C. Herst, R.J.R. Hommelberg, ,
Management Buy-Outs : Evidence on Risk and Return

Jan Gadella, John Hall, Wim Westerman
Multinational Capital Budgeting Systems on the Move
Discutant : Jean -Pierre Fortuin

Theory and Practice parallel 6 room A321
Bank

Session chair : Girijasankar Mallik

Alfonso Herrero de Egana Espinosa de los Monteros, Blanca Sanchez-Robles Rute, Angel Munoz Alamillos
Is it possible for a bank to obtain revenues when the cost of funds exceeds the interest rate of investments?

Joelle Cernes
Audit Bancaire et Risque Systémique

Girijasankar Mallik, Jean-Pierre Guyie
The Long-Run Relationship between Inflation, Interest Rates and Bank Stock Prices for Four Canadian
Banks
Discutant : Bodo Gemper

COFFE BREAK
3:45 PM
HALL B

Friday August 22
From 4:00 pm to 5:30 pm

International parallel 2 room A221
Transition Financial Systems

Session chair : Gema Pastor Agustin

Lucia Cuadro, Sonsoles gallego, Alicia Garcia Herrero
Why do Countries Develop more Financially than Others ? The Role of the Central Bank and Banking Supervision

Juan Carlos Lavignolle, Jorge Emilio Salvel, Osvaldo Luis Perillo
The Argentina after the Crisis

Manuel Espitia Escuer, Gema Pastor Agustin
Investment Decisions of Spanish Firms with Multiple Capital Goods

International parallel 3 room A222
Economics International

Session chair : Khorshed Chowdhury

Khorshed Chowdhury
Convergence of Per Capita GDP across SAARC Countries

Mamta Chowdhury
Trade Reform and Economic Performance in SAARC Nations
Discutant : Edgar Ortiz

Alejandra Cabello, Robert Johnson, Edgar Ortiz
Long Run Efficiency Purchasing Power Parity Tests of the Mexican Peso
Discutant : Mamta Chowdhury

Market parallel 4 room A223

Session chair : Patrice Fontaine

Radu Burlacu, Patrice Fontaine
Sector Funds Performance and Degree of Industry Specialisation

Aman Agarwal
Financing Growth through Self-Assessment Governance and Total Quality Growth Model

Lawrence Nowicki
European Experiences with Stock Options

Theory and Practice parallel 6 room A 321

Session chair : Ioachim Drugus

Jean-Baptiste Lesourd, Ephraim Clark
The Internal Rate of Return and Project Financing : an Equity-Oriented Model and Applications
Discutant : Dennis Olson

Dennis Olson, Jorg Bley
Reconciling Markowitz Efficiency with Industry Practice
Discutant: Jean-Baptiste Lesourd

Ioachim Drugus
E-Money - the Value Management System of E-Commerce

GALA DINNER
8:30 PM

AT THE GOLDEN TULIP ALLIANCE HOTEL - LILLE

17, Quai de Wault

Tél: 0033 3 20 30 62 62
Fax: 0033 3 20 42 94 25

Saturday August 23

RENDEZ VOUS IN FRONT OF LES CITADINES
9:15 AM

DEPARTURE FOR BRUGES
9:30 AM

GUIDED TOUR OF THE CITY

LUNCH BREAK

BOAT TRIP ON THE CANALS
2:00 PM

DEPARTURE FOR LILLE
4:30 PM

ARRIVAL IN LILLE
5:30 PM