Financial Management Association International

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

08/11/2026

Financial Management article "The End of DEI" by Alex Edmans (London Business School) is now available in Early View.

Abstract:
Diversity, equity, and inclusion (DEI) is one of the most polarizing issues in business and society. Advocates claim that DEI enhances fairness, while critics argue it undermines meritocracy. The problems often stem from the practice of DEI—reducing it to demographic diversity—rather than its principle. This paper proposes an alternative framework—Potential, Synergy, and Inclusion—that preserves DEI's objectives while addressing its weaknesses. Potential emphasizes recruiting individuals for their capacity to create future value rather than past achievements. Demographics can be informative about an applicant's trajectory, but many other aspects of their background are also relevant. Synergy focuses on building teams with complementary skills and perspectives. One such synergy arises from cognitive diversity, for which demographics are only a partial source. Inclusion enables employees to voice ideas, challenge norms, and overcome structural frictions. While DEI is viewed as advancing only minority groups and primarily aligned with one side of the political spectrum, the proposed approach seeks to grow the pie for the benefit of all.

🔗 Read the article: https://onlinelibrary.wiley.com/doi/full/10.1111/fima.70060

08/03/2026

✨ New Job Alerts! ✨

Check out these open positions on FMA's Job Board:

🎓 Assistant Professor - Finance (Tenure-Track) at Wilfrid Laurier University, (Canada). The deadline to apply is 13 September 2026.

🎓 Assistant Professor of Finance (Tenure-Track) at Loyola Marymount University (CA, USA). The deadline to apply is 9 September 2026. *Interviewing at 2026 FMA Annual Meeting in Tampa*

🎓 Asst/Assoc/Full Professor of Finance at The Citadel, (SC, USA). *Interviewing at the 2026 FMA Annual Meeting in Tampa*

🎓 Assistant Professor of Finance at Loyola University New Orleans (LA, USA). *Interviewing at 2026 FMA Annual Meeting in Tampa*

🎓 Assistant Professor - Finance at Salisbury University, (MD USA). For priority consideration, apply by 15 September 2026.

🎓 Professor of Finance at the rank of Assistant or Associate Professor at University of Ottawa (Canada). For priority consideration, apply by 14 September 2026.

🎓 Assistant/Associate/Full Professors in Finance/Economics at Southwestern University of Finance and Economics (China). *Interviewing at 2026 FMA Annual Meeting in Tampa*

🎓 Director, Kravis Leadership Institute / Full or advanced Associate Professor at Claremont McKenna College (CA, USA).

🎓 Assistant Professor, Finance at Fairfield University (CT, USA). For priority consideration, apply by 15 September 2026. *Interviewing at 2026 FMA Annual Meeting in Tampa*

🎓 Tenure Track Assistant/Associate Professor, Finance at Bentley University (MA, USA).

🎓 Assistant Professor of Finance at St. Olaf College (MN, USA). For priority consideration, apply by 1 October 2026.

Learn more and apply today!

FMA International can help you identify new career opportunities and make your job search easier, faster and more targeted. The FMA Placement Services the industry's premier resource for job seekers and finance research institutions and companies looking to connect.

08/03/2026

Financial Management article "Explanations for Cross-Sectional Return Anomalies: Evidence on the IVOL Puzzle" by Fabian Hollstein, Leon Kowalke, and Marcel Prokopczuk is now available in Early View.

Abstract:
Considering the time-series dimension alongside the cross-sectional dimension helps to almost entirely account for the idiosyncratic volatility (IVOL) puzzle. Based on a purely cross-sectional approach, the previous literature shows that numerous candidate theories collectively fail to explain the puzzling finding that high-IVOL stocks underperform low-IVOL stocks. We propose a novel panel decomposition approach that also takes into account variation in the aggregate level of the explanatory variables. For most variables, the majority of the explanatory power arises from this time-series dimension. The most important explanatory variables are delay, the bid–ask spread, and aggregate financial uncertainty, consistent with mispricing and limits-to-arbitrage mechanisms.

🔗 Read the article: https://onlinelibrary.wiley.com/doi/full/10.1111/fima.70058

07/27/2026

Financial Management article "Too Uncertain to Lease? Economic Uncertainty and Corporate Leasing" by Yifan Jiang (Renmin University of China), Wenting Liao, Gang Xiao, and Chengsi Zhang is now available in Early View.

Abstract:
Leasing provides firms with a flexible way to seize business opportunities. In this study, we provide robust evidence that firms lease less when the economy becomes less predictable. This effect is more pronounced for firms with greater financial constraints or higher firm risk. Firms' dependence on leasing to acquire growth opportunities amplifies this negative impact, while economic expansions and risks associated with delayed decisions partially offset it. Moreover, leasing contributes to higher earnings growth when macroeconomic uncertainty is greater.

🔗 Read the article: https://onlinelibrary.wiley.com/doi/abs/10.1111/fima.70059