2025 Journal of Business Finance and Accounting (JBFA) Capital Markets Conference
The 2025 JBFA Conference is hosted by the Department of Economics and Management "Marco Fanno" of the University of Padua. The Editors are grateful to John Wiley & Sons and the International Centre for Research in Accounting (ICRA) at the University of Lancaster for their sponsorship of this annual event, and to the Department of Economics and Management "Marco Fanno" at the University of Padova for their sponsorship for hosting the event.
Padova is an historic city in the north of Italy, close to Venice, and with excellent transport links to the rest of Italy, including Rome, where the European Accounting Association Annual Congress will be held the week following the JBFA Conference.
JBFA publishes papers in the areas of financial and non-financial reporting and performance measurement, corporate finance, accounting-based asset pricing, corporate governance, and their interfaces.
Conference Venue
The conference venue is “Complesso Santa Caterina” (Department of Statistical Sciences) – Room SC140 in Via C. Battisti, 241, 35121 Padua
Programme
21 May 2025
17.30 – 19.00 Welcome reception: with opening remarks by the Senior Editors, Sponsors and Hosts.
Senior Editors: Peter Pope (LSE) and Andy Stark (Manchester University)
Sponsor: Steven Young (Lancaster University)
Hosts: Giovanna Michelon and Michele Fabrizi (University of Padua)
Venue: The Garden, Complesso Santa Caterina Via C. Battisti, 241, 35121 Padua.
22 May 2025
All conference sessions will take place in Room SC140, Complesso Santa Caterina.
8:45 – 9.20 Registration and welcome coffee
9:20 – 9.30 Opening remarks
9.30 – 10.30 A positive theory of information for debt contracting: Implications for financial reporting
Peter Demerjian* (Georgia State University)
Chair: Annita Florou (Bocconi University)
10.30 – 11.00 Coffee break
11.00 – 12.00 Human and intellectual capital spending efficiency and efficacy
Christopher S Armstrong (Stanford University), Alan Jagolinzer (University of Cambridge), Sarah Kröchert* (University of Cambridge), and Andrea Pawliczek (University of Colorado Boulder)
Chair: Cathy Shakespeare (University of Michigan)
Discussant: Amedeo Pugliese (University of Padua)
12.05 – 13.05 Liquidity constraints and auditor responses to Repo transactions
Chris Florakis (University of Liverpool), Yangxin Yu (City University of Hong Kong) and John Ziyang Zhang* (Audencia Business School)
Chair: Nerissa Brown (University of Illinois Urbana Champaign)
Discussant: Sara Longo (Free University of Bolzano)
13.05 – 14.15 Lunch
14.15 – 15.15 Narratives contextualizing numeric disclosures: Insights from earnings calls
Imelda Taraj* (University of Gothenburg) and Ranik Wahlstrom (Norwegian University of Science and Technology)
Chair: Ted Christensen (University of Georgia)
Discussant: Claudia Imperatore (Bocconi University)
15.15 – 15.45 Coffee break
15.45 – 16.45 Intrinsic benchmark beating
Jeppe Christoffersen (Copenhagen Business School), Thomas Plenborg (Copenhagen Business School) and Morten Seitz* (Copenhagen Business School)
Chair: Shantanu Banerjee (University of Liverpool)
Discussant: Derrald Stice (Hong Kong University)
17.00 – 18.30 Meetings of JBFA Editorial Board and Editors
20.00 Conference dinner: Caffè Pedrocchi (Sala Rossa), Historic Centre
* Denotes presenting author
23 May 2025
9:00 – 9.30 Morning coffee
9.30 – 10.30 ESG reporting, ESG contracting and executive compensation: International evidence
Weiqing Chen (Xinjiang University of Finance and Economics), Albert Tsang* (Southern University of Science and Technology), Lisa Chengzhu Sun (Hong Kong Polytechnic University) and Xiao Zeng (Guangdong University of Technology)
Chair: Elizabeth Demers (University of Waterloo)
Discussant: Anywhere (Siko) Sikochi (Syracuse University)
10.30 – 11.00 Coffee break
11.00 – 12.00 New entrants and contract redaction
Gary Chen (DePaul University), Xiaoli Tian* (Georgetown University) and Miaomiao Yu (University of North Carolina at Charlotte)
Chair: Wanli Zhao (Bocconi University)
Discussant: Paul Demere (Bocconi University)
12.05 – 13.05 The information content of operational efficiency
Mary Barth (Stanford University), Jonathan Berkovitch* (LUISS Guido Carli University) and Doron Israeli (Reichman University and Nazarbayev University)
Chair: Agnes Cheng (University of Oklahoma)
Discussant: Gilad Livne (Queen Mary University of London)
13.05 – 13.15 Wrap-up
13.15 – 14.15 Lunch
14.30 Tour (optional)
* Denotes presenting author
Travel & Accommodation
Travel
How to Reach the JBFA Conference Venue
The Department of Economics and Management "Marco Fanno", University of Padua, hosts the JBFA Capital Markets Conference. The Venue is at the Complesso Santa Caterina in Via C. Battisti, 241, 35121 Padua. You can reach Padua by plane, train, or car.
By Plane
From Venice Marco Polo Airport
- Bus: Take the Busitalia bus to Padua ( approx. €15, 40-60 min).
- Car: Rent a car, take the A4 highway towards Milano, exit at "Padova Ovest," and follow signs to the city center.
- Shuttle: Book a shuttle (Airservice or Landomas) (approx. €40 - €50, 40-60 min).
- Train: Take a bus (ACTV yellow buses) from the airport to Mestre station, then a train to Padua.
From Verona Valerio Catullo Airport
- Bus: Take a bus to Verona station, then a train to Padua.
- Train: Check schedules on the Trenitalia website (www.trenitalia.com).
From Treviso Airport
- Bus: SITA buses to Padua (approx. 1 hour).
- Shuttle: Book a shuttle (Airservice or Landomas) (approx. €90 - €120, 60 min).
From Milan Airports (Malpensa/Linate)
- Take a bus or train to Milan Centrale, then a train to Padua. Trains run frequently from Milan to Padua.
By Train
Trains from major cities like Milan, Bologna, and Rome stop in Padua. Check timetables on Trenitalia (www.trenitalia.com). After arriving at Padua train station, you can take a taxi, bus (#3 or #8), or walk (15-20 minutes) to the conference venue.
By Car
Padua is well-connected by highways from Venice (A4), Milan (A4), and Bologna (A13). Exit at "Padova Ovest" from the A4 highway and follow signs to the city center.
Hotel
Here it is a list of recommended hotels:
4-star Hotels
Hilton Garden Inn – 20 minutes walking from the conference venue
NH Hotel Padova – 20 minutes walking from the conference venue
3-star Hotels
Hotel Giotto – 7 minutes walking from the conference venue
Casa del Pellegrino – 6 minutes walking from the conference venue
2-star Hotel
Hotel Al Fagiano – 10 minutes walking from the conference venue
Contacts
To contact the local organizing committee of the JBFA 2025 Conference please send an email to jbfa2025.conference@unipd.it
