Financial Management Association International

09/04/2026

FMA VP Program Alex Edmans's (London Business School) research on employee well-being and firm performance is featured in this Silicon Canals editorial.

Read the article:

When profits and worker welfare clash, the real debate begins—the first one about facts, the second about values.

09/04/2026

Financial Management article "Short-Term Temperature Differences and Analyst Forecasts: Empirical Evidence From Chinese Financial Analysts" by Zhe Li (Central University of Finance and Economics), Xinshu Mao (Beijing Technology and Business University), Song Xue, and Yi (Leticia) Zhang (Southwestern University of Finance and Economics) is now available in Early View.

Abstract:
We examine whether short-term temperature differences experienced by financial analysts during corporate site visits impair their forecasting performance. Using a large sample of analyst site visits to Chinese listed firms, we find that larger short-term temperature differentials significantly reduce forecast accuracy. This effect is stronger among less experienced analysts, who are more vulnerable to cognitive impairment, and during visits with limited temperature control, when physical discomfort is likely to be more severe. We further find that analysts exposed to larger short-term temperature differences issue less optimistic forecasts, and that the temperature effect is stronger when visiting analysts come from the same institution but weaker when they come from different institutions. Overall, our study highlights the broader influence of short-term temperature differences on analysts’ forecasting behavior.

🔗 Read the article: https://onlinelibrary.wiley.com/doi/abs/10.1111/fima.70061

09/01/2026

✨ The Virtual Research Seminars in Finance, Economics and Banking (RSiFEB) in partnership with the Financial Management Association International are excited to kick off the Fall 2026 series! 🍂

We are thrilled to have Alex Edmans, Professor of Finance, London Business School, as the first speaker of the season.

The seminar will be held this Thursday, 3 September at 9 AM EDT (3 PM CEST) and is free and open to all; share with your network!

🔗 Learn more and register now: https://www.fma.org/febrn

09/01/2026

Financial Management article "The Effect of Tick Size on Price Clustering: Evidence From the 2016 US Tick Size Pilot Program" by Benjamin Blau (Utah State University), Jake Breeze, Todd G. Griffith, and Ryan J. Whitby is now available in Early View.

Abstract:
We examine the price clustering anomaly around the SEC's Tick Size Pilot Program (TSPP), which raised the minimum tick size from $0.01 to $0.05 for a group of small-cap stocks. We find a significant decline in abnormal price clustering for treatment stocks relative to control stocks following the implementation of the TSPP. Importantly, upon the conclusion of the program, abnormal price clustering in treatment stocks rebounds to the levels observed in control stocks. Cross-sectional tests show that the decline is most pronounced among tick-unconstrained stocks (those with already wide pre-TSPP spreads), as well as stocks with smaller market capitalization and limited analyst coverage. These patterns are broadly consistent with an attention-based explanation and less supportive of liquidity-based price uncertainty or negotiation mechanisms. Our findings inform ongoing debates on tick size policy and market design.

🔗 Read the article: https://onlinelibrary.wiley.com/doi/abs/10.1111/fima.70062

08/25/2026

Financial Management article "Choosing Startup Investors: Does Gender Matter?" by Ofir Gefen (National University of Singapore), David Reeb, and Johan Sulaeman is now available in Early View.

Abstract:
We investigate whether startups respond differently to male and female investors during outbound origination, a setting where female investors often report being marginalized by male founders. Using a randomized field experiment, we examine gender differences in startups' responses to investor outreach. Leveraging the rapid increase in outbound origination, our field experiment involves 40,572 startups sending identical unsolicited emails from fictitious male and female investors. Startups are substantially more likely to read emails from male investors, visit their websites, and attempt to make contact. This pattern is stronger for angel investors than for VC investors. Disclosing professional certifications increases a male investor's email's likelihood of being read but reduces the corresponding female investor's chances. A second experiment with 4836 recently incorporated startups reveals similar gender-based choices. The findings provide large-scale field evidence suggesting that gender-based frictions in entrepreneurial finance may extend beyond founders' access to capital to investors' access to deal flow.

🔗 Read the article: https://onlinelibrary.wiley.com/doi/full/10.1111/fima.70063

08/25/2026

Financial Management article "Culture Promotion, Information Disclosure, and Firm Value: Evidence From Confucius Institutes" by Yongxin Xu (Monash University), Yuhao Xuan (Lingnan College, Sun Yat-sen University), and Gaoping Zheng (RMIT University) is now available in Early View.

Abstract:
Using the staggered establishment of Confucius Institutes in the United States, which promote underrepresented Chinese culture in local communities, we examine the nexus among culture promotion, information disclosure, and firm value. We find that the value of treatment firms (i.e., firms headquartered near a Confucius Institute) decreases significantly after the establishment. Our results are consistent with the argument that culture promotion in local communities impedes firm value by eroding local social capital. Moreover, firms with better information disclosure are resilient to the decline of firm value. We also observe a significant increase in nonmandatory disclosures, while mandatory disclosures remain unchanged. Our results are not likely driven by the change in local economic conditions.

🔗 Read the article: https://onlinelibrary.wiley.com/doi/abs/10.1111/fima.70065

08/21/2026

✨ Secure your spot for the 2026 FMA Asia/Pacific Conference in Auckland, New Zealand!

FMA’s Asia/Pacific Conference brings together academicians and practitioners with interests in financial decision-making and provides a forum for presenting new research and discussing current issues in financial management and related topics. The conference will be held on 2 - 4 December 2026 at Massey University.

🎓 Attendees can also look forward to the 2026 Keynote Address by Stephan Siegel, Professor of Finance & Business Economics, Michael G. Foster Endowed Professor, University of Washington.

➡️ Learn more and register here: https://www.fma.org/auckland

08/19/2026

✨ Secure your spot for the 2026 FMA Annual Meeting in Tampa, FL!

The Annual Meeting will be held on 14 - 17 October 2026 at the JW Marriott Tampa Water Street.

Led by VP Program Alex Edmans (London Business School), this conference will bring together academics and practitioners with interests in financial decision-making and provides a forum for presenting new research and discussing current issues in financial management and related topics.

Attendees can also look forward to the 2026 Keynote Address by Andrew Metrick, Janet L. Yellen Professor of Finance and Management at the Yale School of Management (SOM) and the Director of the Yale Program on Financial Stability.

➡️ Check out the preliminary program and register here: https://www.fma.org/tampa

08/15/2026

📅 Save the Date!

📌 Mark your calendar for the 2027 FMA European Conference at KEDGE Business School in Marseille, France. The conference will be held on 21 - 23 July 2027. Details to be announced soon.

🔗 Learn more about past FMA European Conferences here: https://www.fma.org/past-programs

08/12/2026

Did you know? Associations and publications may post a brief listing about upcoming finance conferences and call for papers on the FMA website at no charge.

Learn more and submit a non-FMA conference listing:

Other Finance Conference