Conference Program
1st Annual Emerging Financial Markets and Policy Conference - EFMP 2021
Conference Program
“Challenges and Opportunities Facing Emerging Financial Markets”
Sri Lanka Finance Association
26th June 2021, Colombo, Sri Lanka
Virtual Conference
8:00 AM – 6:00 PM Sri Lanka Time
Join the Conference
Please click below to pre-register and join the sessions below. Please note that you need to register for each of the two links.
Click to Join Main Session and Concurrent Sessions A
(Inauguration, Keynote Address, Publishing in Finance, Industry Panel Discussion, Conclusion, Sessions A1, A2, A3, A4)
Click to Join Concurrent Sessions B
(Sessions B1, B2, B3, B4)
08.00 AM - 08.10 AM - Commencement
Welcome Address
Manjula Wanniarachchige, University of Ruhuna, Sri Lanka
Secretary-Conferences, Sri Lanka Finance Association
Address by the President
Lalith Samarakoon, University of St. Thomas, Minnesota, USA
President, Sri Lanka Finance Association
08.10 AM - 08.40 AM - Keynote Address
The Challenge of Meeting Sustainable Development Goals (SDG) while Fostering Green Finance
Jonathan A. Batten
Professor of Finance, RMIT University, Australia
Jonathan A. Batten is a Professor of Finance at RMIT University Melbourne and the Managing Editor of Elsevier’s Journal of International Financial Markets, Institutions & Money (JIFMIM), Co- Editor of Finance Research Letters, and Senior Editor of Emerging Markets Review. Prof. Batten also serves on the Editorial Advisory Board of the Journal of Emerging Financial Markets and Policy.
He remains an Honorary Professor at the University of Sydney Australia and the East China University of Science and Technology Shanghai China. He previously held the CIMB-UUM Chair in Banking and Finance at University Utara Malaysia.
Prior to working in academia, Prof. Batten held senior treasury and risk management consulting positions with several institutions including Bank of Tokyo, Credit Lyonnais, IBM Consulting and Reuters Ltd.
Prof. Batten’s published research crosses several disciplines: firstly, in the business area on insider trading and market manipulation, bond pricing and corporate foreign exchange risk management; secondly, in energy and applied mathematics on complexity in financial time series and market integration; and thirdly, in economic policy on financial market development and the societal impacts of foreign direct investment. His current research is based on assessing the impact on banking and financial markets of the expected worldwide shift to renewable energy and adjusting to the effects of climate change.
Chair
Hareendra Dissabandara
University of Sri Jayewardenepura, Sri Lanka
Executive Secretary, Sri Lanka Finance Association
08.40 AM - 10.10 AM Concurrent Sessions A1 & B1
Session A1: Corporate Finance, Capital Markets & Private Equity
Chair:
P.D. Nimal
University of Sri Jayewardenepura, Sri Lanka
Convener:
K.D.T.N. Weerasinghe
University of Ruhuna, Sri Lanka
| 1 | Do Investors Listen? Exploring the Effectiveness of Investor Relationship Management on Firm-Specific Information Content | ||
| Author(s): | Paramita Gupta, California State University – Long Beach, USA | ||
| Dan He, Southwestern University of Finance and Economics, China | |||
| Yulong Ma, California State University – Long Beach, USA | |||
| Jasmine Yur-Austin, California State University – Long Beach, USA | |||
| Presenter: | Yulong Ma | ||
| Discussant: | Mohan Fonseka, Xi’an Jiaotong University, Xi’an, China | ||
| 2 | Factors Contributing to the Changes in Broker Credit Directives; Evidence from Sri Lanka | ||
| Author(s): | Kaushalya Gayani, University of Sri Jayewardenepura, Sri Lanka | ||
| Hareendra Dissabandara, University of Sri Jayewardenepura, Sri Lanka | |||
| Presenter: | Kaushalya Gayani | ||
| Discussant: | T.U.I. Peiris, Sabaragamuwa University of Sri Lanka | ||
| 3 | Determinants of Private Equity: Review of Empirical Studies | ||
| Author(s): | Vrinda Rawal, Indian Institute of Foreign Trade | ||
| Sheeba Kapil, Indian Institute of Foreign Trade, India | |||
| Presenter: | Vrinda Rawal | ||
| Discussant: | Rathnasiri Ranasinghe, Wayamba University of Sri Lanka | ||
Session B1: Money Laundering, Micro Finance and Real Estate
Chair:
Suresh De Mel
University of Peradeniya, Sri Lanka
Convener:
Indunil Ediriweera
Wayamba University of Sri Lanka
| 4 | An Index to Assess Risk of Money Laundering in Designated Non-Financial Institutions, Challenges faced by Emerging Market Economies and a Case Study for Sri Lanka | |
| Author(s): | Theja Samarasinghe, Central Bank of Sri Lanka | |
| Presenter: | Theja Samarasinghe | |
| Discussant: | David Shannon, Asia-Pacific Group on Money Laundering | |
| 5 | Impact of Microfinance Programme on Micro-Enterprises Development: A Case of Gandaki Province, Nepal | |
| Author(s): | Bharat Ram Dhungana, Pokhara University, Nepal | |
| Deepesh Ranabhat, Pokhara University, Nepal | ||
| Presenter: | Deepesh Ranabhat | |
| Discussant: | Ruwan Abeysekera, University of Kelaniya, Sri Lanka | |
| 6 | Determinants of Profitability in the Real Estate Industry: A Comparative Study between Sri Lanka and Japan | |
| Author(s): | N.D. Kaluarachchi, Ritsumeikan Asia Pacific University, Japan | |
| Presenter: | N.D. Kaluarachchi | |
| Discussant: | R.M.N.C. Swarnapali, Rajarata University of Sri Lanka | |
10.10 AM - 10.20 AM - Break
Break
10.20 AM - 11.50 AM - Concurrent Sessions A2 & B2
Session A2: Behavioral Finance
Chair:
Anup Basu
Queensland University of Technology, Australia
Convener:
Navini Perera
University of Kelaniya, Sri Lanka
| 7 | Who Gets Believed? Trust and Investor Reaction to Earnings Announcements | |
| Author(s): | Q.N. Ahmed, Sindh Madressatul Islam University, Pakistan | |
| S. Sharif, Institute of Business Administration, Pakistan | ||
| Presenter: | S. Sharif | |
| Discussant: | A.L. Abdul Rauf, South Estern University of Sri Lanka | |
| 8 | Influence on Psychological Biases in Financial Investment Behaviour: Evidence from Selected Sri Lankan Investors | |
| Author(s): | Chamika Chandrasiri, University of Kelaniya, Sri Lanka | |
| Uththara Dissanayake, University of Kelaniya, Sri Lanka | ||
| Susima Weligamage, University of Kelaniya, Sri Lanka | ||
| Presenter: | Uththara Dissanayake | |
| Discussant: | Bharat Ram Dhungana, Pokhara University, Nepal | |
| 9 | Structural Equation Modeling Approach of Measuring Perceived Behavioral Factors Affecting an Investor’s Decision in the Stock Market of Nepal | |
| Author(s): | Bibek Karmacharya, Pokhara University, Nepal | |
| Ramkrishna Chapagain, Pokhara University, Nepal | ||
| Bharat Ram Dhungana, Pokhara University, Nepal | ||
| Kanhaiya Singh, GLA University, India | ||
| Presenter: | Ramkrishna Chapagain | |
| Discussant: | Lingesiya Kengatharan, University of Jafna, Sri Lanka | |
Session B2: Corporate Governance
Chair:
Roshan Ajward
University of Sri Jayewardenepura, Sri Lanka
Convener:
Suminda Bogamuwa
Wayamba University of Sri Lanka
| 10 | An Evaluation of the Compliance of Sri Lankan Companies with Corporate Governance Principles and Best Practices: Empirical Evidence from Sri Lanka | |
| Author(s): | D.H.S.W. Dissanayake, University of Sri Jayewardenepura, Sri Lanka | |
| Hareendra Dissabandara, University of Sri Jayewardenepura, Sri Lanka | ||
| Roshan Ajward, University of Sri Jayewardenepura, Sri Lannka | ||
| Presenter: | D.H.S.W. Dissanayake | |
| Discussant: | Emil Sudath Kumara, Wayamba University of Sri Lanka | |
| 11 | Corporate Governance Practices and Intellectual Capital Disclosure: Evidence from Non Financial Institutions in Sri Lanka | |
| Author(s): | Dimon Ford Jeyan Suganya, University of Jaffna, Sri Lanka | |
| Presenter: | Dimon Ford Jeyan Suganya | |
| Discussant: | Roshan Ajward, University of Sri Jayewardenepura, Sri Lanka | |
| 12 | Can Ownership Concentration Reduce Firm Performance? Evidence from Firms Listed in Colombo Stock Exchange under Banks, Diversified Financials and Insurance Sectors | |
| Author(s): | Dhanushika Samarawickrama,University of Ruhuna, Sri Lanka | |
| Manjula K. Wanniarachchige, University of Ruhuna, Sri Lanka | ||
| K.D.T.N. Weerasinghe,University of Ruhuna, Sri Lanka | ||
| Presenter: | Dhanushika Samarawickrama | |
| Discussant: | Hareendra Dissabandara, University of Sri Jayewardenepura, Sri Lanka | |
11.50 AM - 12.20 PM - Lunch Break
Lunch Break
12.20 PM - 12.50 PM - Special Session
Publishing Research in Finance
Jonathan Batten
Professor of Finance
RMIT University, Australia
Managing Editor of Journal of International Financial Markets, Institutions & Money, Co-Editor of Finance Research Letters, Senior Editor of Emerging Markets Review
Moderator:
Athula Ekanayake
University of Peradeniya, Sri Lanka
Vice President, Sri Lanka Finance Association
Managing Editor, Journal of Emerging Financial Markets and Policy
12.50 PM - 01.00 PM - Break
Break
01.00 PM - 02.30 PM - Concurrent Sessions A3 & B3
Session A3: Capital Structure, Working Capital & Taxation
Chair:
Yasushi Suzuki
Ritsumeikan Asia Pacific University, Japan
Convener:
Nishani Ekanayake
University of Colombo, Sri Lanka
| 13 | Static Trade-off and Pecking Order Models of Capital Structure: An Empirical Testing in Sri Lankan Listed Companies | |
| Author(s): | K. Kalainathan, Vavuniya Campus of the University of Jaffna, Sri Lanka | |
| L. Kengatharan, University of Jaffna, Sri Lanka | ||
| Presenter: | K. Kalainathan | |
| Discussant: | Indunil Dayaratne, Sabaragamuwa University of Sri Lanka | |
| 14 | Impact of Working Capital Management on Firm’s Profitability: Evidence from Listed Insurance Companies in the Colombo Stock Exchange | |
| Author(s): | M.M.S.K.B. Bogamuwa, Wayamba University of Sri Lanka | |
| H.G.N. Sewwandi, Wayamba University of Sri Lanka | ||
| Presenter: | M.M.S.K.B. Bogamuwa | |
| Discussant: | R.P.C.R. Rajapakse, University of Sri Jayewardenepura,Sri Lanka | |
| 15 | The Impact of Taxation on Investment Decisions of the CSE Listed Manufacturing Companies in Sri Lanka | |
| Author(s): | O.D. Peiris Pulle, Eastern University of Sri Lanka | |
| T. Paranathaman, Eastern University of Sri Lanka | ||
| Presenter: | O.D. Peiris Pulle | |
| Discussant: | Saqib Sharif, Institute of Business Administration, Pakistan | |
Session B3: Monetary Policy & Banking
Chair:
Chandranath Amarasekara
Central Bank of Sri Lanka
Convener:
K.J.T. Perera
Uva Wellassa University, Sri Lanka
| 16 | Dynamics of Banking Performance and Economic Growth: Long Run Financial Development in Sri Lanka | |
| Author(s): | Tharangi Jayamali Wanigasuriya, University of Peradeniya, Sri Lanka | |
| Presenter: | Tharangi Jayamali Wanigasuriya | |
| Discussant: | K.V. Aruna Shantha, Rajarata University of Sri Lanka | |
| 17 | Monetary Policy Rules and Zero Lower Bound on Nominal Interest Rates in a Cost Channel Economy | |
| Author(s): | Lasitha R.C. Pathberiya, Central Bank of Sri Lanka | |
| Presenter: | Lasitha R.C. Pathberiya | |
| Discussant: | Siddhartha Chattopadhyay, Indian Institute of Technology, Kharagpur, India | |
| 18 | The Impact of Social Capital on Operational Performance: Evidence from Domestic Licensed Commercial Banks in Sri Lanka | |
| Author(s): | D.M. Nuwangani, Uva Wellassa University, Sri Lanka | |
| Y.M.C. Gunaratne, Uva Wellassa University, Sri Lanka | ||
| Presenter: | D.M. Nuwangani | |
| Discussant: | Chandana Gunathilaka, University of Sri Jayewardenepura, Sri Lanka | |
02.30 PM - 02.40 PM - Break
Break
02.40 PM - 04.10 PM - Concurrent Sessions A4 & B4
Session A4: Corporate Governance & Behavioral Finance
Chair:
Suba Menike
Sabaragamuwa University of Sri Lanka
Convener:
R. Kajananthan
University of Jaffna, Sri Lanka
| 19 | Institutional Adoption of Principle-Based Corporate Governance Practices: Study on the Listed Food, Beverage and Tobacco Industry in Sri Lanka | |
| Author(s): | Imalka Lewliyadda, Uva Wellassa University of Sri Lanka | |
| K.M.M.C.B. Kulathunga, Uva Wellassa University of Sri Lanka | ||
| K. Charith, Uva Wellassa University of Sri Lanka | ||
| Presenter: | Imalka Lewliyadda | |
| Discussant: | Nishani Ekanayake, University of Colombo, Sri Lanka | |
| 20 | Impact of Ownership Structure on Financial Performance: With Special Reference to Commercial Banks in Sri Lanka | |
| Author(s): | P.S.M. Perera ,University of Ruhuna, Sri Lanka | |
| K.D.T.N. Weerasinghe, University of Ruhuna, Sri Lanka | ||
| Presenter: | P.S.M. Perera | |
| Discussant: | P.A.N.S. Anuradha, University of Sri Jayewardenepura, Sri Lanka | |
| 21 | The Impact of Behavioral Factors on Individual Investment Decisions of Equity Investors: with Special Reference to Kurunegala Area | |
| Author(s): | Ravihari Gamage, Rajarata University, Sri Lanka | |
| Nishantha Wijekumara, Rajarata University, Sri Lanka | ||
| Kaushalya Sugathadasa, Rajarata University, Sri Lanka | ||
| Presenter: | Ravihari Gamage | |
| Discussant: | C. Pathirawasam, University of Kelaniya, Sri Lanka | |
Session B4: Debt Markets, Corporate Governance & Investments
Chair:
Sohrab Uddin
University of Chittagong, Bangladesh
Convener:
D. Samarawickrama
University of Ruhuna, Sri Lanka
| 22 | Indian Corporate Bond Yield Spreads, Credit Rating and Its Determinants | |
| Author(s): | Thadavillil Jithendranathan, University of St. Thomas, USA | |
| Mary S. Daugherty, University of St. Thomas, USA | ||
| T. Guru Sant, GLA University, India | ||
| Rekha Bawa, GLA University, India | ||
| Presenter: | Guru Sant | |
| Discussant: | Prakash Singh, Indian Institute of Management – Lucknow, India | |
| 23 | Do Firms with Better Corporate Governance Yield Higher Stock Returns? Evidence from Firms Listed in Colombo Stock Exchange | |
| Author(s): | Manjula K. Wanniarachchige, University of Ruhuna, Sri Lanka | |
| Dinukee De Silva, University of Ruhuna, Sri Lanka | ||
| Presenter: | Dinukee De Silva | |
| Discussant: | Maduranga Kulathunga, Uwa Wellassa Univesity of Sri Lanka | |
| 24 | The Effect of Size on Stock Returns in an Emerging Financial Exchange | |
| Author(s): | M. Farhan, Pakistan Navy School of Logistics, Pakistan | |
| S. Sharif, Institute of Business Administration, Pakistan | ||
| Presenter: | S. Sharif | |
| Discussant: | S.M. Sohrab Uddin, University of Chittagong, Bangladesh | |
04.10 PM - 04.20 PM - Break
Break
04.20 PM - 05.20 PM - Industry Panel Discussion
Challenges and Opportunities Facing Sri Lanka and Emerging Markets
Rajeeva Bandaranaike
Chief Executive Officer
Colombo Stock Exchange
Nandika Buddhipala
Chief Financial Officer
Commercial Bank of Ceylon
Manil Jayesinghe
President
CA Sri Lanka
Maninda Wickramasinghe
Managing Director/CEO
Fitch Ratings Lanka Ltd.
Moderator:
Lalith Samarakoon
President
Sri Lanka Finance Association
Convener:
K.A.V. Aruna Shantha
Rajarata University of Sri Lanka
Co-Secretary, EFMP 2021
05.20 PM - 05.45 PM - Conclusion
Convener: Emil Sudath Kumara, Wayamba University of Sri Lanka; Co-Secretary, EFMP 2021
Presentation of Major Events and Activities of SLFA – 2021
International Undergraduate Finance Research Conference
D.A.I. Dayarathne, Sabaragamuwa University of Sri Lanka
Director – Student Affairs, Sri Lanka Finance Association
Seminars
Y.K. Weerakoon Banda, University of Sri Jayewardenepura, Sri Lanka
Secretary – Seminars, Sri Lanka Finance Association
Financial Education
R. Yogendrarajah, University of Jaffna, Sri Lanka
Director – Financial Education, Sri Lanka Finance Association
Presentation of Best Paper Awards
Suzuki Yasushi, Ritsumeikan Asia Pacific University, Japan
Chair, Best Paper Selection Committee
Presentation of Service Appreciation and Achievement Awards
Lalith Samarakoon, The President, Sri Lanka Finance Association
Hareendra Dissabandara, Executive Secretary, Sri Lanka Finance Association
Vote of Thanks
K.M.M.C.B. Kulathunga, Uva Wellassa University of Sri Lanka; Co-Secretary, EFMP 2021