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Academics scoop best paper at FMA conference

31 October 2016

Cardiff Business School academics recognised at major international conference.

Dr Woon Sau Leung and Dr Jie Chen, from the Business School’s Accounting & Finance section, working in collaboration with Swansea University’s Dr Wei Song, have won the Best Paper in Financial Markets and Institutions at the 2016 Financial Management Association (FMA) Annual Meeting.

The winning paper was titled: Does Bank Stakeholder Orientation Enhance Financial Stability? Evidence from a Natural Experiment.

More than 800 research papers were presented and discussed at the 2016 FMA Annual Meeting, held in Las Vegas between 19 and 22 October. The Best Paper Award in Financial Markets and Institutions (sponsored by Elsevier) was selected by a committee consisting of seven top finance professors from leading US institutions.

In their winning paper, the authors used the staggered enactment of US state constituency statutes, which expand directors’ authority to consider stakeholder interests, and set up a difference-in-differences model to identify the causal impact of stakeholder orientation on bank risk, performance and financial stability. Their results support the increasing calls for greater emphasis on stakeholder interests in the current US bank regulatory and governance reforms. Their paper has also been presented at other major finance conferences, including the: 2016 European Finance Association (EFA) Annual Meeting; 2016 FMA European Conference; 2016 Midwest Finance Association Annual Meeting; and 2016 European Financial Management Association Annual Meeting.

With over 3,000 practitioner and academic members, the FMA is a global leader in developing and disseminating knowledge about financial decision making. The Annual Meeting included 277 academic sessions and 19 tutorials, roundtables and special panel sessions, allowing participants to present new research and debate current issues in financial management.

Download the working paper from the SSRN website or view the 2016 FMA Annual Meeting version through the event website.