EURO Working Group for Commodities and Financial Modelling
Sapienza Università di Roma
FIU Business — Florida International University
Early-bird registration extended to October 31, 2026Registration closes November 16, 2026
EWGCFM.74TH MEETING
DOMINICAN REPUBLIC

74th Meeting · EURO Working Group for Commodities and Financial Modelling

Detailed Program.

Markets meet ideas. Three days of research presentations, scholarly exchange, industry perspectives and exceptional conversations in the Dominican Republic.

22–24 November 2026Casa de Campo · La RomanaDominican Republic (UTC−4)
NOV222026

SUNDAY · CASA DE CAMPO

Sunday, November 22

Arrivals, culture & connections

07:30–17:30PROGRAM EVENT
Cultural experience

Santo Domingo Cultural Program

A day devoted to Santo Domingo and its historical heritage.

19:30–20:00PROGRAM EVENT
Networking

Welcome Reception & Networking at Minitas

An opening opportunity to connect with fellow delegates.

⌁ MINITAS BEACH
20:00–22:00PROGRAM EVENT
Dinner

Opening Dinner at Minitas

Conference welcome dinner at Minitas.

⌁ MINITAS BEACH
NOV232026

MONDAY · CASA DE CAMPO

Monday, November 23

Research, keynote & market perspectives

08:30–10:00PARALLEL SESSIONS
SESSION 1A
ACADEMIC RESEARCH08:30–10:00

Sustainable Asset Pricing and Climate Risk

SESSION CHAIRGiovanni Pagliardi
PAPER #0132
Trump the Greenium? Evidence On the (First) US Withdrawal from the Paris Accord

David Echeverry

DISCUSSANT Jiasun Li

PAPER #3322
ESG-Factor Investing: A Multi-Layered Approach for Enhanced Portfolio Returns and Risk Mitigation

Salah Ayari and Hayette Gatfaoui

DISCUSSANT Barbara Guardabascio

PAPER #4416
Pricing Climate Geopolitical Risks

Papa Orgen

DISCUSSANT Ivan De Crescenzo

SESSION 1B
ACADEMIC RESEARCH08:30–10:00

Banking, Credit and Institutional Intermediation

SESSION CHAIRMichel Robe
PAPER #4491
From Institutional Voids to Family Governance: NGOs as Intermediaries for Women-Led Family Enterprises in Bangladesh

Tamanna Marjan, Neda Azad Honari, Karen Watkins Fassler and Lazaro Rodriguez

DISCUSSANT Papa Orgen

PAPER #4609
Bank Complexity, Performance and Risk

Mark Flood and Anoop Rai

DISCUSSANT Onno Steenbeek

PAPER #9820
Monetary-Fiscal Policy Effectiveness and Coordination in the Era of Digital Financial Adoption

Sumaya Shaik

DISCUSSANT Le Zhao

SESSION 1C
ACADEMIC RESEARCH08:30–10:00

Asset Valuation, Equilibrium and Portfolio Models

SESSION CHAIRQiang Kang
PAPER #0692
Valuation Uncertainty in a Nonlinear Present-Value Model

Xiaoquan Jiang

DISCUSSANT Gianna Figà-Talamanca

PAPER #2334
Beyond global trend risk: A local perspective on portfolio risk and return dynamics

David Neděla

DISCUSSANT Rosella Castellano

PAPER #5572
MINIMAL DYNAMIC EQUILIBRIA

David Feldman

DISCUSSANT Héctor Julio Real Aquino

SESSION 1DBreakfast & conversation

Creators’ Breakfast — Investment Opportunities in Content Creation, Music & Entertainment

A special morning conversation on the economics of creative industries.

10:00–11:30PROGRAM EVENT
11:30–11:45PROGRAM EVENT
Break

Coffee & Networking Break

11:45–13:15PARALLEL SESSIONS
SESSION 3A
ACADEMIC RESEARCH11:45–13:15

Trading, Investor Sentiment and Portfolio Choice

SESSION CHAIRPatrycja Chodnicka-Jaworska
PAPER #2243
Cryptocurrencies in equity portfolios: trend or opportunity?

Gianna Figà-Talamanca, Francesco Cesarone and Francesca Luciani

DISCUSSANT Yochanan Shachmurove

PAPER #1385
The Effects of Equity Tokenization

Sulei Han, Vinh Huy Nguyen and Le Zhao

DISCUSSANT Sumaya Shaik

PAPER #1213
Beyond the Screenplay: Social Media, Overconfidence, and Meme-Stock Trading

Edward Lawrence, Benedikt Wick and Mehul Raithatha

DISCUSSANT Kevyn Stefanelli

SESSION 3B
ACADEMIC RESEARCH11:45–13:15

Sustainable Corporate Finance and Long-Term Firm Value

SESSION CHAIRMarcos Velazquez
PAPER #0769
Flexible Computing Loads, Electricity Grid Resilience, and Carbon Emission Reduction

Jiasun Li

DISCUSSANT Omar Bairan

PAPER #4183
Green game in town: Intra-industry spillover effects of corporate green bond announcements

Arun Upadhyay, Varun Jindal and Sourav Prasad

DISCUSSANT David Echeverry

PAPER #8178
Sustainability Investments and Risks: Financial Performance and Funding Cost Effects in Climate-Polluting Sectors

Mohammad Jafarinejad and Ridwan Rusli

DISCUSSANT Salah Ayari

SESSION 3C
ACADEMIC RESEARCH11:45–13:15

Financial Econometrics and Forecasting

SESSION CHAIRRosella Castellano
PAPER #1848
Predictable but Not Profitable: Currency Intervention and the Economic Value of Forecasting the Dominican Peso, 2000–2026

Johan Manuel Tapia Bueno and Héctor Julio Real Aquino

DISCUSSANT David Neděla

PAPER #3847
Out-of-Sample Performance of Single-Factor Interest Rate Models: PCA versus Parallel Shifts

Joel Barber

DISCUSSANT Michel Robe

PAPER #7512
Downside Currency Risk and Renewable Infrastructure Project Survival

Papa Orgen

DISCUSSANT Barbara Będowska-Sójka

SESSION 3DTrading competition

Trading Competition · Round 1

Dedicated competition session.

13:15–14:45PROGRAM EVENT
Networking luncheon

WALL STREET PANELS — FIU MSF Program · Luncheon: Practitioners’ Perspectives on Trends in Finance

Finance industry leaders and conference delegates in conversation.

14:45–16:15PARALLEL SESSIONS
SESSION 4A
ACADEMIC RESEARCH14:45–16:15

Corporate Governance, Technology and Performance

SESSION CHAIREdward Lawrence
PAPER #4383
Executive Equity-based Compensation, Risk, and Environmental Performance

Marcos Velazquez, Michael Goldstein, Suchismita Mishra and Le Zhao

DISCUSSANT Mohammad Jafarinejad

PAPER #7031
Planned vs. Reactive CEO Succession in Family Firms: Evidence from an Emerging Economy

Karen Watkins Fassler, Lázaro Rodríguez Ariza and María de Los Ángeles Aguirre Landa

DISCUSSANT Anoop Rai

PAPER #6207
Founding for the Long Term: How Women Founders Professionalize Family Firms. (A Dynamic Capabilities Perspective on Governance and Transgenerational Value)

Neda Azad-Honari, Fereshteh Shakibaeian, Tamama Marjan, Malvina Prenga and Lazaro Rodriguez-Ariza

DISCUSSANT Karen Watkins Fassler

SESSION 4B
ACADEMIC RESEARCH14:45–16:15

Cryptocurrency Derivatives and Market Making

SESSION CHAIRMark Flood
PAPER #3091
Illiquid Bitcoin Options

Jiasun Li

DISCUSSANT Joel Barber

PAPER #7648
Risk-controlled Bitcoin allocation with Machine-Learning views

Rosella Castellano

DISCUSSANT Carlos Jaime

PAPER #9894
Volatility Calibration and the Empirical Performance of the Avellaneda-Stoikov Market-Making Model in Fragmented Cryptocurrency Markets

Francesco Bartolucci, Gabriele Ciotti, Gianna Figà-Talamanca and Marco Patacca

DISCUSSANT Patrycja Chodnicka-Jaworska

SESSION 4C
ACADEMIC RESEARCH14:45–16:15

Commodity Futures, Risk and Market Uncertainty

SESSION CHAIRIvan De Crescenzo
PAPER #8340
Bias in Predictive Regressions

Qiang Kang and Xiaoquan Jiang

DISCUSSANT David Feldman

PAPER #8245
Integrating Volatility, Macro-Correlation, and Style Factor for Market Regime Detection

Barbara Guardabascio, Gianna Figà-Talamanca and Alessandro Parroccini

DISCUSSANT Qiang Kang

PAPER #1139
Global Price Synchronicity and Short Ban Prevalence

Yu Hu, Pankaj Jain, Suchismita Mishra and Robinson Reyes Pena

DISCUSSANT Marco Patacca

SESSION 4DTrading competition

Trading Competition · Round 2

Dedicated competition session.

16:15–16:30PROGRAM EVENT
Break

Coffee & Networking Break

16:30–17:30PROGRAM EVENT
SESSION 5AEditors forum

Editors Forum I — Research & Publishing

Moderator: Suchismita Mishra — FIU

Panelists: Michael Pagano — Villanova University / The Financial Review; Betty Simkins — Oklahoma State University; Brandon Cline — Mississippi State University; Bill Megginson — University of Oklahoma.

⌁ MAIN · FLAMBOYÁN
17:30–18:30PROGRAM EVENT
SESSION 5BEditors forum

Editors Forum II — Financial Markets & Economic Policy

Moderator: Arun Upadhyay — FIU

Panelists: Michael Goldstein — Babson College; Bill Megginson — University of Oklahoma; David Feldman — UNSW Sydney; Peter Prazmowski — Economic Policy / META RD 2036.

⌁ MAIN · FLAMBOYÁN
20:00–23:00PROGRAM EVENT
Conference gala

Gala Dinner

An evening gathering in the extraordinary setting of Altos de Chavón.

⌁ ALTOS DE CHAVÓN
NOV242026

TUESDAY · CASA DE CAMPO

Tuesday, November 24

Family enterprise, innovation & future finance

08:30–10:00PARALLEL SESSIONS
SESSION 6A
ACADEMIC RESEARCH08:30–10:00

Energy Transition and Commodity Markets

SESSION CHAIROmar Bairan
PAPER #2281
Geopolitical Risk Across Energy Transition Markets: Evidence from Energy Commodities and Critical Materials

Ivan De Crescenzo

DISCUSSANT Papa Orgen

PAPER #8464
The Fossil-Fuel Dependency of the Green Transition

Barbara Będowska-Sójka

DISCUSSANT Arun Upadhyay

SESSION 6B
ACADEMIC RESEARCH08:30–10:00

Climate Financial Risk and Infrastructure

SESSION CHAIRDavid Echeverry
PAPER #6689
Climate change and transition risk for insurers: A forward-looking framework for coffee production in Colombia

Tjeerd Boonman and Adriana Abrego

DISCUSSANT Krishnan Dandapani

PAPER #7443
Climate Risks and Sovereign Bond Markets in Emerging Economies

Milos Vulanovic, Nebojsa Dimic, Vanja Piljak and Laurens Swinkels

DISCUSSANT Ilaria Stefani

PAPER #2506
Tariffs and Technology

Deevah Revallion and Robinson Reyes

DISCUSSANT Milos Vulanovic

SESSION 6C
ACADEMIC RESEARCH08:30–10:00

Political Risk and Institutional Investing

SESSION CHAIRDavid Feldman
PAPER #1745
Which political beta? Measuring and hedging deep uncertainty in political risk

Somayyeh Lotfi, Giovanni Pagliardi and Stavros Zenios

DISCUSSANT Xiaoquan Jiang

PAPER #4295
Patriotism in Your Pension?

Onno Steenbeek

DISCUSSANT Johan Manuel Tapia Bueno

PAPER #0194
DIVERGENT REGULATORY FRAMEWORKS FOR PORTFOLIO DIVERSIFICATION VS. MARKET MECHANISMS: A COMPARATIVE ANALYSIS AND THEORETICAL MODEL OF THE LIQUIDITY RISK PREMIUM

Patrycja Chodnicka-Jaworska

DISCUSSANT Suchismita Mishra

SESSION 6D
ACADEMIC RESEARCH08:30–10:00

Market Liquidity, Futures and Derivatives Access

SESSION CHAIRJoel Barber
PAPER #2031
Democratizing Derivatives: Barriers and Pathways to Retail Options Access in Latin America

Carlos Jaime

DISCUSSANT Edward Lawrence

PAPER #6578
Offsets vs. Calendar Spreads in U.S. Treasury Futures Markets

Michel Robe, Esen Onur and Alexei Orlov

DISCUSSANT Mark Flood

PAPER #6701
Market Power, Short Selling, and Market Liquidity

Estella Acheampong, Suchismita Mishra and Robinson Reyes Pena

DISCUSSANT Michael Goldstein

SESSION 6EBreakfast & dialogue

The Ultimate Legacy Panel and Breakfast · Breakfast

A special conversation around family enterprise.

10:00–11:30PARALLEL SESSIONS
SESSION 7AIndustry panel

WALL STREET PANELS — FIU MSF Program · The Next Generation on Wall Street

Perspectives from emerging leaders in the investment industry.

SESSION 7BSAFER panel

The Ultimate Legacy Panel and Breakfast · Panel

A discussion of intergenerational leadership and lasting value in family businesses.

11:30–11:45PROGRAM EVENT
Break

Coffee & Networking Break

11:45–13:15PARALLEL SESSIONS
SESSION 8A
ACADEMIC RESEARCH11:45–13:15

Equity Risk, ESG and Market Regimes

SESSION CHAIRBarbara Będowska-Sójka
PAPER #0378
Fear Driven Pricing of Nuclear Stocks

Kevyn Stefanelli

DISCUSSANT Giovanni Pagliardi

PAPER #5981
ESG Cross-Section of U.S. Equity Returns Under Economic Policy Uncertainty And Geopolitical Risk: The Insurance Puzzle

Salah Ayari and Hayette Gatfaoui

DISCUSSANT Lazaro Rodriguez

PAPER #9288
Agentic Language Models and Volatility: Measuring Information Shocks in Crude Oil Futures

Omar Bairan

DISCUSSANT Paweł Kossecki

SESSION 8B
ACADEMIC RESEARCH11:45–13:15

Low-Carbon Transition and Power Systems

PAPER #0698
Market-implied time to transition to a low-carbon economy: a stochastic modelling and inference framework

Ilaria Stefani, Edit Rroji, Lorenzo Mercuri and Andrea Perchiazzo

DISCUSSANT Robinson Reyes Pena

PAPER #8478
German and Polish Residential Power Balancing Technology Adoption

Mariusz Przybylik, Yochanan Shachmurove and Paweł Kossecki

DISCUSSANT Jiasun Li

PAPER #4808
What Drives Uncertainty and Sentiment in Agricultural Markets?

Michel Robe, Valentina Bruno and Michael Adjemian

SESSION 8CIndustry panel

Investment Opportunities in Content Creation, Music & Entertainment

Creative industries through a finance and investment lens.

SESSION 8DInnovation panel

AI, Machine Learning & the Future of Finance

An exploration of AI, machine learning, and financial services.

13:15–14:45PROGRAM EVENT
Closing luncheon

Closing Luncheon — Pensions & Institutional Investing

A closing discussion on pensions, long-term capital, and institutional investing.

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