Conference 2019

2nd Cass Business School and CeFARR conference

13th September 2019
Location: 200 Aldersgate, Cass Business School Executive Education, London, UK

“What role do analysts play in today’s financial markets?”

Conference programme:

Programme’s pdf version


Registration and refreshments (pastries & coffee)


Welcome, Pawel Bilinski, Cass Business School

Session 1 (Practitioners’ Presentation) Session Chair: Dr Pawel Bilinski


“Structural changes in the broker market as a result of Mifid II”

Charles Combe (Director of European Sales, Edison Group)


“Thoughts on the changes to equity research over the past decade”

Helen Rambaut (Portfolio Strategies, Prospect Wealth Management)


“Research commerciality from an analyst’s point of view”

Gareth Evans (Managing Director, Progressive Equity Research)


Coffee break

Session 2 (Practitioners’ Presentation & Keynote Speech) Session Chair: Dr Ivana Raonic


“The changes Mifid II had on equity research: the case of contrarian analyst”

Giasone Salati (Head of European Media Research, Macquarie Group)


Keynote: Stephen Hanks (Head of Markets Policy, UK Financial Conduct Authority)


“New directions for analyst research”

Keynote: Stan Markov (Ashbel Smith Professor, University of Texas at Dallas)


Coffee break

Session 3 (Academic Presentations) Session Chair: Dr Art Kraft


“Selective Information Channels for Investment Research”

Mark Bradshaw (Boston College), Da  Amiram (Tel Aviv), Zahn Bozanic (Ohio State) and Oded Rozenbaum (George Washington)

Discussion: James Ryans (London Business School)


“How does increased reputational capital affect professional behavior?”

Michael Jung (Delaware), Yiqing Lu (NYU, Shanghai) and Hong Wu (Hong Kong PolyU)

Discussion: Jay Jung (Cass)


Lunch and coffee

Session 4 (Academic Presentations) Session Chair: Dr Andrew Yim


“Broker Trading Volume: A Conflict of Interest?”

Devin Shanthikumar (UC Irvine), Ben Lourie (UC Irvine) and Tiana Lehmer (UC Irvine)

Discussion: Alastair Lawrence (LBS)


“Why do firms Disclose their Analyst Following on their Corporate Websites?”

Irene Karamanou (Cyprus) and Afshad Irani (Washington and Lee)

Discussion: Aneesh Raghunandan (London School of Economics)


“Is there investment value in soft dollar arrangement? Evidence from mutual funds”

Fei Xie (Delaware), Sinan Gokkaya (Ohio), Xi Liu (Miami), Veronika Krepely Pool (Indiana), and Jinfan Zhang (Chinese U of Hong Kong)

Discussion: Stefano Cascino (LSE)


Coffee break

Session 5 (Academic Presentations) Session Chair: Dr Jay Jung


“The impact of separating research payments from dealing commissions: Evidence from Sweden”

Yang Wang (Lancaster), Peter Pope (Bocconi), and Ane Tamayo (LSE)

Discussion: Tim Martens (Cass)


“The Effects of MiFID II on Sell-Side Analysts, Buy-Side Analysts, and Firms”

Ole-Kristian Hope (Toronto), Zhongwei Huang (Cass), Bingxu Fang (Toronto), and Rucsandra Moldovan (Concordia)

Discussion: Xi Li (LSE)


Concluding remarks, Jay Jung, Cass Business School


Drinks and snacks

Date and place:

The conference will take place at 200 Aldersgate, EC1A 4HD London, Cass Business School Executive Education, on 13.09.2019. Cass Business School Executive Education is 12 min on foot from Cass Business School and is located close to St Paul’s Cathedral. Closest Underground stations are “St Paul’s” and “Barbican”. You can check bus/underground connections to the venue on

[Direction from Cass’s main building on Bunhill Row]

[Direction from St. Paul’s tube station]

Conference registration:

Register as a participant or presenter. There is no registration fee for the conference, but places are limited and open to finance professionals. The conference includes a welcoming buffet, luncheon and dinner, and refreshment breaks.


Hotels close to the venue include: Club Quarters Hotel St. Paul's, Leonardo Royal Hotel London St. Paul's, The Rookery Hotel, Citadines Barbican London and The Montcalm At The Brewery London City. We recommend booking the accommodation as soon as possible.

About Cass:

Cass Business School, City, University of London is ranked 2nd among all business schools in London, UK, according to the 2018 Financial Times European Business School ranking. The business school is in the City of London, London’s financial centre, and close to the London Stock Exchange, Bank of England, St Paul’s Cathedral, Museum of London, Millennium Bridge, Tate and Shakespeare’s Globe. Other London attractions are accessible in minutes by the underground.

Contact Information


Dr Pawel Bilinski

J Jung

Dr Jay Jung

Contact the CeFARR team for any queries.