6th Analyst Research conference
26th May 2025
Università Cattolica del Sacro Cuore, Milan, Italy
Date: 26th May 2025
Venue: Università Cattolica del Sacro Cuore. Rooms: G.142 and G.041, Main campus, Largo Gemelli 1
Theme: Current topics in analyst research
PARTICIPANT REGISTRATION: The conference fee is £350 and covers catering and conference materials.
Schedule
6th Analyst Research Conference - programme
Registration and refreshments
Location for refreshments: outside Room G.041
- 08.00 - 08.50
Welcome
- 08.50 - 09.00
Session I
20min presentation +10min discussion + 5min Q&A
Room: Room G.142
Chair: Irene Karamanou (University of Cyprus)
Unlocking analysts' risk insights
- Mark Bradshaw (Boston College), Ziwei Qiao (Capital University of Economics and Business), Hongping Tan (McGill University), Changqiu Yu (University of Manitoba)
- Discussant: Pawel Bilinski (Bayes Business School, City St George's University of London)
- 09.00 - 09.35
The influence of financial data subscriptions on analyst research
- Braiden Coleman (University of Georgia), Travis Dyer (Brigham Young University), Mark Lang (University of North Carolina at Chapel Hill)
- Discussant: Wanli Zhao (Bocconi University)
- 09.35 - 10.10
Analyst forecast bias: The interaction of earnings skewness and information environment
- Kathryn Brightbill (Utah State University), Cristi A. Gleason (The University of Iowa), Mark Penno (The University of Iowa)
- Discussant: Jesse Chan (Boston University)
- 10.10 - 10.45
Keynote: Professor Peter Pope (Bocconi University)
- 10.45 - 11.15
Coffee break
Location: outside Room G.041
- 11.15 - 11.35
Parallel sessions
20min presentation +10min discussion + 5min Q&A
Parallel Session 1
Room: Room G.041
Chair: Angela Pettinicchio (Università Cattolica del Sacro Cuore)
- Early-career coverage and long-term career outcomes of sell-side analysts
Rita Gunn (University of Virginia) and Erik Olson (Vanderbilt University) - Discussant: Musa Subasi (University of Maryland)
- 11.35 - 12.10
- The carrot and the stick: bank regulation and disciplining role of analysts
Aleksandra Bakhareva (Goethe University Frankfurt), Andreas Barth (University of Würzburg), Sasan Mansouri (University of Groningen), and Fabian Woebbeking (IWH - Leibniz Institute for Economic Research) - Discussant: Pawel Bilinski (Bayes Business School, City St George's University of London)
- 12.10 - 12.45
Parallel session 2
Room: Room G.142
Chair: Stephannie Larocque (University of Notre Dame)
- The Heterogeneous Gender Effects of Work-Life Balance Policies: Evidence from Protected Weekend Policies and Analysts
Jesse Chan (Boston University), Stephannie Larocque (University of Notre Dame), Madeline Thompson (University of Notre Dame) - Discussant: Irene Karamanou (University of Cyprus)
- 11.35 - 12.10
- Can managers influence the market's composition of street earnings absent non-GAAP earnings guidance?
Kalin Kolev (Baruch College - CUNY), Edgar Rodriguez-Vazquez (Baruch College-CUNY), Xiaoxi Wu (Bocconi University) - Discussant: Leonardo Madureira (Case Western Reserve University)
- 12:10 - 12.45
- Information flow and market efficiency - The economic impact of precise language
Andreas Barth (University of Würzburg), Sasan Mansouri (University of Groningen) and Fabian Woebbeking (Halle Institute for Economic Research) - Discussant: Arrighi Davide (Università Cattolica del Sacro Cuore)
- 12.45 - 13.20
Lunch
Location: outside Room G.041
- 13.20 - 14.20
Parallel sessions
20min presentation +10min discussion + 5min Q&A
Parallel Session 3
Room: Room G.142
Chair: Annita Florou (Bocconi University)
- Private firm information dissemination and analysts' public firm forecast accuracy
Justin Chircop (Lancaster University), Shaohua He (Lancaster University), Jiancheng (Duncan) Liu (University of Macau), Guochang Zhang (The University of Hong Kong)y - Discussant: Carlo D'Augusta (Bocconi University )
- 14.20 - 14.55
- Health constraints and analysts' strategic substitution in the research production
Pawel Bilinski (City St George’s, University of London), Hui Xu (Lancaster University) and Yang Wang (Lancaster University) - Discussant: Hongping Tan (McGill University)
- 14.55 - 15.30
- E&S information and analysts' forecast accuracy: Evidence from analysts' research reports
Karina Konieczny (Technical University of Munich) and Katharina Weiß (LMU Munich School of Management)y - Discussant: Annita Florou (Bocconi University)
- 15.30 - 16.05
Parallel session 4
Room: Room G.041
Chair: Irene Karamanou (University of Cyprus)
- Supply chain network centrality and sell-side analyst research: Evidence from a portfolio-level analysis
Juan Castillo (Universidad de Santiago de Chile), Rebecca Hann (University of Maryland), Ted M. Fikret Polat (George Mason University), Musa Subasi (University of Maryland) - Discussant: Rita Gunn (University of Virginia)
- 14.20 - 14.55
- Analyst-firm knowledge gap: Effects on coverage decisions and forecast accuracy
Baptiste Colas (Universidad Carlos III de Madrid), Nikolaos Floropoulos (Universidad Carlos III de Madrid) and Encarna Guillamón Saorín (Universidad Carlos III de Madrid) - Discussant: Stephannie Larocque (University of Notre Dame)
- 14.55 - 15.30
- Do financial analysts penalize excessive growth? Evidence from IPOs
Hassan Kazmi (EM Strasbourg Business School) and Vivien Lefebvre (EM Strasbourg Business School) - Discussant: Claudia Imperatore (Bocconi University)
- 15.30 - 16:05
Coffee break
Location: outside Room G.041
- 16.05 - 16.20
Session II
Room: Room G.142
Chair: Pawel Bilinski (Bayes Business School, City St Georges' University of London)
20min presentation +10min discussion + 5min Q&A
Sell-side analysts' rating systems
- Ohad Kadan (Arizona State University), Leonardo Madureira (Case Western Reserve University), Rong Wang (Singapore Management University), Tzachi Zach (Ohio State University)
- Discussant: Yang Wang (Lancaster University)
- 16.20 - 16.55
Practitioner panel
Giovanni Beliossi, Head of Investment Strategies, Axyon AI
Trasi Giampaolo, Head of Equity & Credit Research, Intesa San Paolo
- 16:55 - 17:40
Conference dinner
- 18.00 - 21.00
Keynote
Professor Peter Pope
Bocconi University and London School of Economics and Political Science, Senior Editor Journal of Business Finance and Accounting
Practitioner Panel
Giampaolo Trasi
Giampaolo Trasi is Head of Equity and Credit Research at Intesa Sanpaolo Research Department. He has over 35 years of professional experience in financial analysis for capital markets. In 2008-2012, he was Chairman of the European Federation of Financial Analysts Societies. He was Chairman of AIAF in the period 2004 – 2007. He was chair and speaker at national and international conferences and seminars, and has authored several articles and papers in the area of finance, value creation, non-financial information and professional ethics. He is a Registered Supervisory Analyst at FINRA US (formerly, NASD) since 2000. He is also a Certified Public Accountant. He obtained a Master in Business Administration at SAA Turin in 1987 and graduated in Economics at University La Sapienza – Rome in 1983. In 2022, Giampaolo has got the Certification “EFFAS ESG Essentials”.
Giovanni Beliossi
Giovanni Beliossi is Head of Investment Strategies at Axyon AI. With over 25 years of experience in financial markets, Beliossi has held management, advisory, and executive roles in traditional and alternative investments, derivatives, and real assets. In this new role, he will leverage his extensive expertise to enhance Axyon AI’s client experience.
The conference brings together academics and finance professionals to create a dynamic environment to facilitate knowledge exchange between academia and practice. The conference will feature academic presentations and presentations by industry professionals. Each academic paper presentation will have a discussant, and a Q&A session with the audience will follow all presentations. Past conference details are available at the CEFARR website.
Accepted papers will be published here on the CeFARR website also.
CONTACT INFORMATION:
Organizers: Prof Pawel Bilinski, Prof Annita Florou, Prof Irene Karamanou, Dr Angela Pettinicchio
Email: cefarr@city.ac.uk
Hotels: The conference venue, Università Cattolica del Sacro Cuore, Largo Gemelli 1, is located close to the Metro stations ‘San Ambrogio’, where you can take lines “2” and “4”.
Hotels close by include:
Hotel Pierre Milano (around £246 per night)
Hotel Sant'Ambroeus (around £185 per night)
Hotel Panizza (around £179 per night)
Other hotels:
Hotel Regina
Hotel Mentana
Mokimba Hotels King
Hotel D’Este
Hotel Milano Navigli
Please also check Expedia or similar websites for hotels.
Arriving in Milan
Milan is served by three airports: Malpensa (MXP), Linate (LIN), and Bergamo Orio al Serio (BGY). Malpensa is the main international hub, whereas Linate primarily handles domestic and short-haul European flights, and Bergamo serves domestic and European destinations.
From Malpensa, you can reach Milan by train or taxi. A nearby railway station connects directly to Milano Cadorna, a central train station located about a 10-minute walk from the Catholic University. Alternatively, taxis from Malpensa to the city center operate on a fixed fare, typically ranging from €95 to €110.
From Linate, taxis use meters, with fares generally falling between €30 and €80 depending on your exact destination. Public transport options include the ATM bus line 73 and the M4 metro line (connecting to “San Babila”), with further access to the M1 line for additional destinations.
From Bergamo Orio al Serio, you can travel to Milan by bus or taxi. Buses are the more economical option, costing around €12 per person. Taxis charge a fixed fare of €122 to Milan city center, which includes tolls and luggage fees. The journey typically takes from 45 minutes to an hour, depending on traffic.
We would not reccomend relying on “alternative” private transport services (e.g., Uber) because they tend to be less reliably in Italy.
Additionally, if you move from Rome, you can travel by train to Milano Centrale starting from Roma Termini station. Train ticket booking details can be found here.