Summary of All Sessions
Click here for an index of all participants

Date/Time	Location	Title	Papers
July 11, 2014 8:30-10:00	N/A	Corporate Finance in Emerging Economies	4
July 11, 2014 8:30-10:00	N/A	Derivative Securities	4
July 11, 2014 8:30-10:00	N/A	Capital Structure	4
July 11, 2014 8:30-10:00	N/A	Outside Influences on Corporate Governance	4
July 11, 2014 8:30-10:00	N/A	Behavior and Impact of Institutional Investors	4
July 11, 2014 8:30-10:00	N/A	Banking and Financial Institutions - I	4
July 11, 2014 10:30-12:00	N/A	Stakeholders, Firm Environment and Corporate Finance	4
July 11, 2014 10:30-12:00	N/A	Real Estate Finance	3
July 11, 2014 10:30-12:00	N/A	Mergers and Acquisitions	4
July 11, 2014 10:30-12:00	N/A	资产定价与风险管理	4
July 11, 2014 10:30-12:00	N/A	Cross-sectional stock return	4
July 11, 2014 10:30-12:20	N/A	Credit Risk with Chinese Characteristics	4
July 11, 2014 14:45-16:15	N/A	Information and Asset Prices	3
July 11, 2014 14:45-16:15	N/A	宏观与国际金融	4
July 11, 2014 14:45-16:15	N/A	Behavioral Finance: Investor Behavior	4
July 11, 2014 14:45-16:15	N/A	Empirical Corporate Finance I	4
July 11, 2014 14:45-16:15	N/A	Corporate Finance Theory I	4
July 11, 2014 14:45-16:15	N/A	Chinese Stock Markets	4
July 11, 2014 16:45-18:15	N/A	Banking and Financial Institutions - II	4
July 11, 2014 16:45-18:15	N/A	资本市场	4
July 11, 2014 16:45-18:15	N/A	Corporate Finance in China	4
July 11, 2014 16:45-18:15	N/A	Private Equity and IPO	4
July 11, 2014 16:45-18:15	N/A	Portfolio Choice	4
July 11, 2014 16:45-18:15	N/A	Delegated Asset Management	4
July 12, 2014 8:30-10:00	N/A	银行与信贷	4
July 12, 2014 8:30-10:00	N/A	Limits to arbitrage and the profitability premium	4
July 12, 2014 8:30-10:00	N/A	External governance mechanisms and firm decisions	4
July 12, 2014 8:30-10:00	N/A	Return Predictability	4
July 12, 2014 8:30-10:00	N/A	Market Microstructure	4
July 12, 2014 10:30-12:00	N/A	Corporate Finance Theory II	4
July 12, 2014 10:30-12:00	N/A	公司治理与激励机制	4
July 12, 2014 10:30-12:00	N/A	Banking and Financial Institutions - III	4
July 12, 2014 10:30-12:00	N/A	Analysts, Information, and Corporate Fraud Incentives	4
July 12, 2014 10:30-12:00	N/A	Delegated Portfolio Management	4
July 12, 2014 13:30-15:00	N/A	Managerial Pay, Incentives, and Turnover	4
July 12, 2014 13:30-15:00	N/A	Theoretical Asset Pricing - I	4
July 12, 2014 13:30-15:00	N/A	金融中介与机构投资	4
July 12, 2014 13:30-15:00	N/A	Drivers for Return Predictability	4
July 12, 2014 13:30-15:00	N/A	Empirical Corporate Finance II	4
July 12, 2014 15:30-17:00	N/A	Role of Analysts	4
July 12, 2014 15:30-17:00	N/A	International Finance	4
July 12, 2014 15:30-17:00	N/A	公司理财	4
July 12, 2014 15:30-17:00	N/A	Corporate Policies and Firm Performance	4
July 12, 2014 15:30-17:00	N/A	Fixed Income Markets	4
July 13, 2014 8:30-10:00	N/A	Asset Pricing: Methods and Empirical Applications	4
July 13, 2014 8:30-10:00	N/A	CDS, Credit Rating, Corporate Bond Valuation, Sovereign Credit Risk	4
July 13, 2014 8:30-10:00	N/A	Drivers and Impediments of Innovation and Investment	4
July 13, 2014 8:30-10:00	N/A	Idiosyncratic Volatility	4
July 13, 2014 8:30-10:00	N/A	Market Liquidity	4
July 13, 2014 10:30-12:00	N/A	Innovators and Innovation	4
July 13, 2014 10:30-12:00	N/A	Liquidity, Market Power, and Asset Pricing	4
July 13, 2014 10:30-12:00	N/A	Macroeconomics and Finance	4
July 13, 2014 10:30-12:00	N/A	Informed Trading and Short Selling	4
July 13, 2014 10:30-12:00	N/A	Capital, Liquidity and Financial Institutions	4
July 13, 2014 13:30-15:00	N/A	Corporate Governance	3
July 13, 2014 13:30-15:00	N/A	Corporate Liquidity	4
July 13, 2014 13:30-15:00	N/A	Behavioral Finance: Asset Prices	4
July 13, 2014 13:30-15:00	N/A	Theoretical Asset Pricing - II	4
July 13, 2014 13:30-15:00	N/A	Trading, Financing and Risk in Securities Markets	4

 

59 sessions, 233 papers, and 0 presentations with no associated papers

2014 China International Conference in Finance
Detailed List of Sessions

Session: Corporate Finance in Emerging Economies July 11, 2014 8:30 to 10:00
Session Chair: Xuan Tian, Indiana University
Pre-Market and IPO Pricing: Evidence from Taiwan
By Chun Chang; Shanghai Advanced Institute of Finance Yao-Min Chiang; National Taiwan University Yiming Qian; Department of Finance Jay Ritter; University of Florida
Discussant:   Laura Xiaolei Liu, Hong Kong University of Sci. & Tech.
Controlling shareholders incentive and executive pay-for-performance sensitivity: Evidence from the split share structure reform in China
By Bingxuan Lin; University of Rhode Island
Discussant:   Xinde Zhang, Shanghai University of Finance and Economics
Social network, entertainment expenditures and bank lending decisions: Evidence from China’s non-SOE firms
By Gary Tian; University of Wollongong
Discussant:   Meijun Qian, National University of Singapore
Venture Capital Syndication’s Member Background, Organizational Structure, and IPO Underpricing: Evidence from the GEM of China
By Hao Xu; School of Management
Discussant:   Nathan Dong, Columbia University
Session: Derivative Securities July 11, 2014 8:30 to 10:00
Session Chair: Hyeng Keun Koo, Ajou University
Free (Almost) Variance Insurance
By Yan Xu; University of Hong Kong Yuzhao Zhang; Oklahoma State University
Discussant:   Dacheng Xiu, University of Chicago
Resolution of Policy Uncertainty and Sudden Declines in Volatility
By Dante Amengual; CEMFI Dacheng Xiu; University of Chicago
Discussant:   Bong-Gyu Jang, POSTECH
Assessing Models of Individual Equity Option Prices
By Gurdip Bakshi; University of Maryland Charles Cao; Penn State University and Tsinghua University Zhaodong (Ken) Zhong; Rutgers University
Discussant:   Yan Xu, University of Hong Kong
Implied Hurst Exponent and Fractional Implied Volatility:A Variance Term Structure Model
By Qingyue Li; Xiamen University Rong Chen; Xiamen University
Discussant:   Hyeng Keun Koo, Ajou University
Session: Capital Structure July 11, 2014 8:30 to 10:00
Session Chair: Dirk Hackbarth, Boston University
Common Factors in Corporate Capital Structure
By Murray Frank; University of Minnesota Tao SHEN; Tsinghua University
Discussant:   Evgeny Lyandres, Boston University
Stock Return Volatility and Capital Structure Decisions
By Hui Chen; MIT Hao Wang; Tsinghua University Hao Zhou; Tsinghua University
Discussant:   Jaewon Choi, University of Illinois
A dynamic tradeoff theory for financially constrained firms
By Neng Wang; Columbia Business School
Discussant:   Nengjiu Ju, SAIF, Shanghai Jiaotong University
Does Political Uncertainty Affect Capital Structure Choices?
By Wenbin Cao; University of Oklahoma
Discussant:   Tao Shen, Tsinghua University
Session: Outside Influences on Corporate Governance July 11, 2014 8:30 to 10:00
Session Chair: Ron Masulis, University of New South Wales
Bankrupt Family Firms
By Massimo Massa; INSEAD Alminas Zaldokas; HKUST
Discussant:   B. Espen Eckbo, Dartmouth College
CEO Duality and Firm Performance: Evidence from an Exogenous Shock to the Competitive Environment
By Shan Zhao; Grenoble School of Management
Discussant:   Lixiong Guo, University of New South Wales
How Does Block Ownership by Institutions Affect Corporate Governance? Evidence from the Valuation of a Firm’s Cash Holdings
By Jing Huang; University of Oregon Steve Matsunaga; University of Oregon Jay Wang; University of Oregon
Discussant:   Bohui Zhang, The University of New South Wales
Blockholder Power, Shareholder Conflicts and Legal Protection: Evidence from Tax Preferences and Payout Decisions
By Christoph Kaserer; Technische Universität München Marc Steffen Rapp; Philipps-Universität Marburg Oliver Trinchera; Technische Universität München
Discussant:   Jay Wang, University of Oregon
Session: Behavior and Impact of Institutional Investors July 11, 2014 8:30 to 10:00
Session Chair: Wenlan Qian, NUS Business School, National University
How Fast Can the Market Get It? Evidence from Alliance Synergies
By Massimo Massa; INSEAD Chengwei Wang; INSEAD Hong Zhang; PBCSF & INSEAD
Discussant:   Abhiroop Mukherjee, Hong Kong University of Science and Tech
Do Hedge Funds Trade on Private Information? Evidence from Upcoming Changes in Analysts' Stock Recommendations
By April Klein; New York University
Discussant:   Roger Loh, Singapore Management University
Hedge Fund Ownership and Stock Market Efficiency
By Bing Liang; UMass Amherst
Discussant:   Yang Sun, MIT
The Effect of Index Funds Competition on Money Management Fees
By Yang Sun; MIT
Discussant:   Hong Zhang, INSEAD and PBCSF
Session: Banking and Financial Institutions - I July 11, 2014 8:30 to 10:00
Session Chair: Keke Song, Rowe School of Business, Dalhousie University
Industry competition and Bank lines of credit
By Maggie Hu; University of New South Wales
Discussant:   Chi Wan, University of Massachusetts, Boston
Do Financial Institutions Face Higher Borrowing Costs?
By Lynnette Purda; Queen's University Fatma Sonmez; Queen's Univesity Ligang Zhong; University of Windsor
Discussant:   Sébastien Betermier, McGill University, Desautels Faculty of
Linking Distress of Financial Institutions to Macrofinancial Shocks
By Filippo di Mauro; European Central Bank
Discussant:   Ji Zhang, Tsinghua University
How Organizational Hierarchy Affects Information Production
By Janis Skrastins; London Business School Vikrant Vig; London Business School
Discussant:   Maggie Hu, University of New South Wales
Session: Stakeholders, Firm Environment and Corporate Finance July 11, 2014 10:30 to 12:00
Session Chair: Henrik Cronqvist, China Europe International Business School
The effects of owners' portfolio diversification on firm strategies
By Evgeny Lyandres; Boston University Maria-Teresa Marchica; Manchester Business School Roni Michaely; Cornell University Roberto Mura; Manchester Business School
Discussant:   Tao Shen, Tsinghua University
Finance and Society: On the Foundations of Corporate Social Responsibility
By Hao Liang; Tilburg University Luc Renneboog; Tilburg University
Discussant:   Gennaro Bernile, Singapore Management University
How does political connection help during crisis? ——Evidence from Chinese private firms
By Deng Lu Sifei Li; Beijing Foreign Studies University Huan Liu; Beijing Technology and Business University
Discussant:   Guoqian Tu, Chongqing University
Those Born in the Winter Know How to Weather the Storm: An Empirical Investigation of Firms Born in Recession
By Qiao Liu; Guanghua School of Management, Peking University Xiaoquan Wang; Guanghua School of Management, Peking University
Discussant:   Henrik Cronqvist, China Europe International Business School
Session: Real Estate Finance July 11, 2014 10:30 to 12:00
Session Chair: Rossen Valkanov, University of California, San Diego
Complexity in Structured Finance: Financial Wizardry or Smoke and Mirrors?
By Andra Ghent; Arizona State University Walter Torous; UCLA Rossen Valkanov; University of California, San Diego
Discussant:   Shu Yan, University of South Carolina
Real Estate Risk, Corporate Investment and Financing Choice
By Xiaoying Deng; National University of Singapore Seow Eng Ong; National University of Singapore Meijun Qian; National University of Singapore
Discussant:   Yi Li, Federal Reserve Board
What Drives Housing Dynamics in China? A Sign Restrictions VAR Approach.
By Timothy Bian; University of International Business and Economics Pedro Gete; Georgetown University
Discussant:   Jun Tu, Singapore Management University
Session: Mergers and Acquisitions July 11, 2014 10:30 to 12:00
Session Chair: Gordon Phillips, University of Southern California
Fire-Sale Acquisitions and Intra-Industry Contagion
By SEUNGJOON OH; University of Michigan
Discussant:   Yongxiang Wang, University of Southern California
Currency appreciation shocks and shareholder wealth creation in cross-border mergers and acquisitions
By Chen Lin; University of Hong Kong Micah Officer; Loyola Marymount University Beibei Shen; Chinese University of Hong Kong
Discussant:   Pedro Matos, University of Virginia - Darden
Top Management Compensation Differences and Merger Outcomes
By Vidhan Goyal; HKUST Zilong Zhang; HKUST
Discussant:   Minwen Li, Tsinghua University
Strategic Effects of Horizontal Merger Synergies on Rivals, Customers, and Suppliers
By Gennaro Bernile; Singapore Management University Evgeny Lyandres; Boston University
Discussant:   Alminas Zaldokas, HKUST
Session: 资产定价与风险管理 July 11, 2014 10:30 to 12:00
Session Chair: Zheng Zhenlong, Xiamen Univerisity
参数学习下levy动态波动率模型研究：来自收益率、风险测度及期权的证据
By 恒煜 吴; 西南财经大学 FUMIN ZHU; Southwestern University of Finance & Economics
Discussant:   Jing Lin, Peking University
宏观长期风险与资产价格：国际比较与中国实证
By Chen Guojin; Xiamen University
Discussant:   BO LIU, Univ.of Elec. Sci. & Tech. of China
卖空机制与资产定价效率：来自中国融资融券市场的自然实验
By Zhisheng Li; Zhongnan University of Economics and Law Chen Chen; Zhongnan University of Economics and Law Bingxuan Lin; University of Rhode Island
Discussant:   Ling Zhang, Guangdong University of Finance
国际ETF市场的折溢价原因探索
By ziqiang wu
Discussant:   Zhisheng Li, Zhongnan University of Economics and Law
Session: Cross-sectional stock return July 11, 2014 10:30 to 12:00
Session Chair: Laura Xiaolei Liu, Hong Kong University of Sci. & Tech.
The Pricing of Corporate Foreign Trade Risk
By Yakov Amihud; NYU - Stern School of Business Eli Bartov; New York University Baolian Wang; Hong Kong University of Science and Technology
Discussant:   JIE CAO, Chinese University of Hong Kong
Short-run and Long-run Consumption Risks, Dividend Processes and Asset Returns
By Harold Zhang; University of Texas at Dallas Jun Li; University of Texas at Dallas
Discussant:   Kai Li, HKUST Business School
External Equity Financing Costs, Financial Flows, and Asset Prices
By Frederico Belo; University of Minnesota and NBER Xiaoji Lin; The Ohio State University Fan Yang; University of Hong Kong
Discussant:   Li Gu, Federal Reserve Board
Profitability and Stock Returns in Production-Based Asset Pricing with Decreasing Returns to Scale
By Li Gu; Federal Reserve Board Dayong Huang; University of North Carolina at Greensboro
Discussant:   Jia Chen, Peking University
Session: Credit Risk with Chinese Characteristics July 11, 2014 10:30 to 12:20
Session Chair: Haitao Li, CKGSB
A Puzzle of Counter-Credit-Risk Corporate Yield Spreads in China's Corporate Bond Market
By Jian Luo; Wang Yanan Institute for Studies in Economics (WISE), Xiamen University Xiaoxia Ye; Stockholm Business School, Stockholm University
Discussant:   Jingzhi Huang, Penn State University
Business Commitments, Personal Commitments and Credit Risk: Evidence from China
By Hui Huang; University of Regina zhicheng wang shunming zhang; School of Finance and China Financial Policy Research Center, Renmin University of China
Discussant:   Yingzi Zhu, Tsinghua University
Corporate Default with Chinese Characteristics
By Jing Ai; The University of Hawaii at Manoa Warren Bailey; Cornell University Haoyu Gao; Chinese Academy of Sciences xiaoguang Yang; Chinese Academy of Sciences, Lin Zhao; Chinese Academy of Sciences
Discussant:   Hong Zhang, INSEAD and PBCSF
The Determinants of Chinese Local Government Bond Yields
By Fan Yu
Discussant:   Weina Zhang, National University of Singapore
Session: Information and Asset Prices July 11, 2014 14:45 to 16:15
Session Chair: Lin Peng, Baruch College, City University of New York
Good Disclosure, Bad Disclosure
By Itay Goldstein; University of Pennsylvania Liyan Yang; Joseph L. Rotman School of Management
Discussant:   Yajun Wang, University of Maryland
Speculative Financial Innovation
By Henry CAO; Cheung Kong Graduate School of Business Hui Ou-Yang; Cheung Kong Graduate School of Business Dongyan Ye; Cheung Kong Graduate School of Business
Discussant:   Rujing Meng, University of Hong Kong
The Informational Role of Corporate Hedging
By Alberto Manconi; Tilburg University Massimo Massa; INSEAD Lei Zhang; Nanyang Business School
Discussant:   Roger Loh, Singapore Management University
Session: 宏观与国际金融 July 11, 2014 14:45 to 16:15
Session Chair: Jian Wang, Federal Reserve Bank of Dallas
国际货币的全球分布与人民币国际化战略
By Qing HE; Renmin University of China JUNJIE GUO; RENMIN UNIVERSITY OF CHINA Terence Chong; The Chinese University of Hong Kong
Discussant:   yuchan chen,
影响国际货币形成因素的动态分析─基于PSTR非线性的实证
By Jianping Ding; Shanghai University of Finance and Econo
Discussant:   CAO WEI,
国家背景风险与主权财富基金战略资产配置
By Mingchao Cai; Shanghai Jiaotong University Xi He; Australia NAtional University
Discussant:   Chen Guojin, Xiamen University
汇率相关性的预测与全球资产配置
By Zheng Zhenlong; Xiamen Univerisity Rong Chen; Xiamen University lei wang; xiamen university
Discussant:   Jian Wang, Federal Reserve Bank of Dallas
Session: Behavioral Finance: Investor Behavior July 11, 2014 14:45 to 16:15
Session Chair: Pengjie Gao, University of Notre Dame
Count Models of Social Networks in Finance
By Jiangmin Xu; Princeton University
Discussant:   Soohun Kim, Georgia Institute of Technology
Investor Trading During the Chinese Warrants Bubble
By Neil Pearson; University of Illinois at Urbana-Champai Zhishu Yang; Tsinghua University
Discussant:   Jialin Yu, Hong Kong University of Science and Tech
Value versus Growth Investing: Why Do Different Investors Have Different Styles?
By Henrik Cronqvist; China Europe International Business Scho Stephan Siegel; University of Washington, Michael G. Fos Frank Yu; China Europe International Business School
Discussant:   Yang Sun, MIT
Who are the value and growth investors?
By Sébastien Betermier; McGill University, Desautels Faculty of Laurent Calvet; HEC Paris Paolo Sodini; SSE
Discussant:   Pengjie Gao, University of Notre Dame
Session: Empirical Corporate Finance I July 11, 2014 14:45 to 16:15
Session Chair: Chen Lin, University of Hong Kong
Financing Decisions and New Product Introductions of Private and Publicly Traded Firms
By Gordon Phillips; University of Southern California Giorgo Sertsios; Universidad de los Andes
Discussant:   Lei Zhang, Nanyang Business School
International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions
By Rui Albuquerque; Boston University Luis Brandao Marques; International Monetary Fund Miguel Ferreira; Nova School of Business and Economics Pedro Matos; University of Virginia - Darden
Discussant:   Beibei Shen, Chinese University of Hong Kong
Lehman Sisters
By Renee Adams; University of New South Wales Vanitha Ragunathan; University of Queensland
Discussant:   Lai Wei, HKU
Why Did the Investment-Cash Flow Sensitivity Decline Over Time? A Productive Capital Structure Perspective
By Zhen Wang; Shanghai University of Finance and Economics Chu Zhang; Hong Kong University of Science and Technology
Discussant:   Erasmo Giambona, University of Amsterdam Business School
Session: Corporate Finance Theory I July 11, 2014 14:45 to 16:15
Session Chair: Neng Wang, Columbia Business School
Strategic Cash Holdings and R&D Competition: Theory and Evidence
By Evgeny Lyandres; Boston University Berardino Palazzo; Boston University, School of management
Discussant:   Xiaodan Gao, National University of Singapore
Asset Substitution and Underinvestment: A Dynamic View
By Nengjiu Ju; SAIF, Shanghai Jiaotong University Hui Ou-Yang; Cheung Kong Graduate School of Business
Discussant:   Jianfeng Yu, University of Minnesota
Marking to Market and Inefficient Investment Decisions
By Clemens Otto; HEC Paris Paolo Volpin; Cass Business School
Discussant:   Ming Yang, Duke University
Means of Payment and Timing of Mergers and Acquisitions in a Dynamic Economy
By Alexander Gorbenko; London Business School Andrey Malenko; Massachusetts Institute of Technology
Discussant:   Tingjun Liu, Cheung Kong Graduate School of Business
Session: Chinese Stock Markets July 11, 2014 14:45 to 16:15
Session Chair: K.C. John Wei, Hong Kong University of Science and Tech
Who Benefits from IFRS Convergence in China?
By Chao Chen; Fudan University Edward Lee; Manchester Business School, University of Manchester Gerald Lobo; University of Houston Wuyang Zhao; University of Toronto
Discussant:   K.C. John Wei, Hong Kong University of Science and Tech
The Real Value of China's Stock Market
By Jennifer Carpenter; NYU Stern School of Business Fangzhou Lu; New York University Stern School of Business Robert Whitelaw; NYU
Discussant:   Shujing Wang, Hong Kong University of Science and Technology
Cheating in China: Corporate Frauds and the Roles of Financial Markets
By Minwen Li; Tsinghua University Tanakorn Makaew; University of South Carolina
Discussant:   Chao Chen, Fudan University
Do Behavioral Biases Affect Order Aggressiveness?
By Jiagnze Bian; University of International Business and Economics kalok Chan; HKUST Donghui Shi; Shanghai Stock Exchange Hao Zhou; Tsinghua University
Discussant:   F.Y. Eric Lam, Hong Kong Baptist University
Session: Banking and Financial Institutions - II July 11, 2014 16:45 to 18:15
Session Chair: Ping He, Tsinghua University
Systemic Risk and Market Liquidity
By Kebin Ma; Tilburg University, Warwick Business School
Discussant:   Zhuo Chen, Northwestern University & PBCSF
A theory of bank liquidity requirements
By Charles Calomiris; Columbia University Florian Heider; European Central Bank Marie Hoerova; Financial Research Division
Discussant:   Weidong Tian, Belk College of Business
The Interbank Market Run and Creditor Runs
By Xuewen Liu; HKUST
Discussant:   Song Han, Federal Reserve Board
Liquidity Provision, Bank Capital, and the Macroeconomy
By Gary Gorton; Yale University Andrew Winton; University of Minnesota
Discussant:   Ping He, Tsinghua University
Session: 资本市场 July 11, 2014 16:45 to 18:15
Session Chair: Ke Tang, Renmin University of China
政治不确定性与地方债发行
By Danglun Luo; Sun Yat-sen University
Discussant:   Xiaomei Zhang, SWUFE
上市公司金融投资符合投资者利益吗？
By Conghui Hu; Guanghua School of Management
Discussant:   Zhuolin Song, SWUFE
隐含因子的信息含量
By Zheng Zhenlong; Xiamen Univerisity Rong Chen; Xiamen University haifeng huang; xiamen university
Discussant:   Chun Liu, Tsinghua University
不确定信息、异质信念与首发异象
By Kemin Wang; Fudan University
Discussant:   Weixing Wu, University of International Business and Economics
Session: Corporate Finance in China July 11, 2014 16:45 to 18:15
Session Chair: Jie Gan, CKGSB
Who Captures the Power of the Pen?
By Jiaxing You; Xiamen University Bohui Zhang; The University of New South Wales Le Zhang; University of New South Wales
Discussant:   Laura Xiaolei Liu, Hong Kong University of Sci. & Tech.
Investment Promotion Policies and Firm Location Decisions: Evidence from Chinese Manufacturing Firms
By Yue Zhang; University of Pittsburgh
Discussant:   Donghang Zhang, University of South Carolina
The Role of Long-term Investor-underwriter Relationship in Auctioned IPOs
By Ping Jiang; University of International Business and Economics xinjian shao; University of International Business and Economics Yi Xue; University of International Business and Economics
Discussant:   Tingjun Liu, Cheung Kong Graduate School of Business
Political connections or reputation which one matters: Evidence from the IPO process of PE backed firms in China?
By Gary Tian; University of Wollongong
Discussant:   Yongxiang Wang, University of Southern California
Session: Private Equity and IPO July 11, 2014 16:45 to 18:15
Session Chair: Yiming Qian, University of Iowa
Reputation, Volatility and Performance Persistence of Private Equity
By Yi Li; Federal Reserve Board
Discussant:   Huasheng Gao, Nanyang Technological University
Do IPO Underwriters Collude?
By Fangjian Fu; Singapore Management University Evgeny Lyandres; Boston University
Discussant:   Susan Chenyu Shan, Shanghai Advanced Institute of Finance, SJTU
Interim Fund Performance and Fundraising in Private Equity
By Brad Barber; UC Davis Ayako Yasuda; University of California, Davis
Discussant:   Yi Li, Federal Reserve Board
An Attention Model of IPO Underpricing, With Evidence on Media Covarege
By Laura Xiaolei Liu; Hong Kong University of Sci. & Tech. Ann Sherman; DePaul University Yong Zhang; Hong Kong Polytechnic University
Discussant:   Donghang Zhang, University of South Carolina
Session: Portfolio Choice July 11, 2014 16:45 to 18:15
Session Chair: Jun Liu, UCSD and SAIF and SWUFE
Risk, Return, and the Optimal Exploitation of Stock Characteristics
By Christopher Lamoureux; University of Arizona Huacheng Zhang; Southwestern University of Finance and Economics
Discussant:   Zhongzhi Song, CKGSB
Ambiguity Aversion and Under-diversification
By Massimo Guidolin; Bocconi University Hening Liu; University of Manchester
Discussant:   Xudong Zeng, Shanghai U. of Finance and Economics
Lifecycle Consumption and Investment with Illiquid Housing and Voluntary Retirement
By Hong Liu; Washington University in St. Louis
Discussant:   Jun Tu, Singapore Management University
INSIDER INFORMATION, ARBITRAGE AND OPTIMAL PORTFOLIO AND CONSUMPTION POLICIES
By Marcel Rindisbacher; Boston University
Discussants:      1 ,      2 Zhenjiang Qin, SWUFE
Session: Delegated Asset Management July 11, 2014 16:45 to 18:15
Session Chair: Bing Liang, UMass Amherst
Does Institutional Ownership Predict Mutual Fund Performance? An Examination of Undiscovered Holdings in Their 13F Reports
By Xuhui (Nick) Pan; Tulane University Blerina Reca; University of Toledo Kainan Wang; University of Toledo
Discussant:   Gennaro Bernile, Singapore Management University
Prime Broker-Level Comovement in Hedge Fund Returns: Information or Contagion?
By Ji-Woong Chung; Korea University Byoung Uk Kang; Hong Kong Polytechnic University
Discussant:   Lei Jiang, Tsinghua University
Cautious Risk-Takers: Investor Preferences and Demand for Active Management
By Valery Polkovnichenko; University of Texas at Dallas Kelsey Wei; University of Texas at Dallas Feng Zhao; University of Texas at Dallas
Discussant:   Bohui Zhang, The University of New South Wales
How Does Size Affect Mutual Fund Performance? Evidence from Mutual Fund Trades
By Jeffrey Busse; Goizueta Business School, Emory Universi Tarun Chordia; Goizueta Business School Lei Jiang; Tsinghua University Yuehua Tang; Singapore Management University
Discussant:   Huacheng Zhang, Southwestern University of Finance and Economics
Session: 银行与信贷 July 12, 2014 8:30 to 10:00
Session Chair: Zhichao Yin, SWUFE
货币政策、信贷定价与金融稳定
By yuchan chen shuxia jiang; Department of Finance, Xiamen University
Discussant:   Li Minghui, SUFE
发展非利息业务对银行有益吗？--基于中国银行业的实证分析
By liya liu; SUFE Li Minghui; SUFE
Discussant:   yuchan chen,
金融可及性与中国家庭的消费
By Zhichao Yin; SWUFE Quanyun Song; SWUFE Yu Wu; SWUFE
Discussant:   yan li, business school, renmin university
借款人文本性描述对投资人决策的影响——基于P2P网络借贷平台的分析
By yan li; business school, renmin university
Discussant:   Quanyun Song, SWUFE
Session: Limits to arbitrage and the profitability premium July 12, 2014 8:30 to 10:00
Session Chair: Jialin Yu, Hong Kong University of Science and Tech
How Constraining Are Limits to Arbitrage?
By Alexander Ljungqvist; New York University Wenlan Qian; NUS Business School, National University of Singapore
Discussant:   Zheng Sun, University of California, Irvine
The Booms and Busts of Beta Arbitrage
By Shiyang Huang; London School of Economics Dong Lou; London School of Economics Christopher Polk; London School of Economocs
Discussant:   Pengjie Gao, University of Notre Dame
The Profitability Premium: Macroeconomic Risks or Expectation Errors?
By F.Y. Eric Lam; Hong Kong Baptist University Shujing Wang; Hong Kong University of Science and Technology K.C. John Wei; Hong Kong University of Science and Technology
Discussant:   Jia Chen, Peking University
Industry Profitability Dispersion and Market-to-book Ratio
By Jia Chen; Peking University Kewei Hou; The Ohio State University Rene Stulz; The Ohio State University
Discussant:   Shujing Wang, Hong Kong University of Science and Technology
Session: External governance mechanisms and firm decisions July 12, 2014 8:30 to 10:00
Session Chair: B. Espen Eckbo, Dartmouth College
Political Contributions and the Severity of Government Enforcement
By Xiaoyun Yu; Kelley School of Business Sarah Fulmer; Florida State University April Knill; Florida State University
Discussant:   Alminas Zaldokas, HKUST
Corporate Governance and Costs of Equity: Theory and Evidence
By Di Li; Georgia State University Erica Li; Cheung Kong Graduate School of Business
Discussant:   Sebastien Michenaud, Rice University
Control beyond ownership: Subcontractors of large business groups
By Woojin Kim; Seoul National University Business Schoo Jongsub Lee; University of Florida Yunxiao Liu; Korea University Business School
Discussant:   Ling Cen, University of Toronto, Rotman School of Business
The Board of Directors in Hedge Fund Governance
By Peter Szilagyi; University of Cambridge and CEU Business School Chong Wei Wong; Peking University
Discussant:   Ron Masulis, University of New South Wales
Session: Return Predictability July 12, 2014 8:30 to 10:00
Session Chair: Raymond Kan, University of Toronto
Mean Reversion, Momentum and Return Predictability
By Dashan Huang; Singapore Management University Fuwei Jiang; Singapore Management University Jun Tu; Singapore Management University Guofu Zhou; Olin School of Business
Discussant:   JIE CAO, Chinese University of Hong Kong
Alliances and Return Predictability
By JIE CAO; Chinese University of Hong Kong Tarun Chordia; Goizueta Business School Chen Lin; University of Hong Kong
Discussant:   Xiaolu Wang, Iowa State University
Implications of Returns Predictability across Horizons for Asset Pricing Models
By Carlo Favero; Bocconi University Fulvio Ortu; Bocconi University Andrea Tamoni; London School of Economics Haoxi Yang; Bocconi University
Discussant:   Dashan Huang, Singapore Management University
Rare Disaster Concerns Everywhere
By George Gao; Cornell University Zhaogang Song; Board of Governors of the Federal Reserve System
Discussant:   Yingzi Zhu, Tsinghua University
Session: Market Microstructure July 12, 2014 8:30 to 10:00
Session Chair: Hendrik Bessembinder, David Eccles School of Business
A Market Microsructure Theory of the Term Structure of Asset Returns
By Albert Kyle; University of Maryland Anna Obizhaeva; University of Maryland Yajun Wang; University of Maryland
Discussant:   Adam Clark-Joseph, University of Illinois
Tick Size Constraints, Market Structure, and Liquidity
By Chen Yao; University of Warwick Mao Ye; University of Illinois, Urbana-Champaign
Discussant:   Yesol Huh, Federal Reserve Board
Why is the Amihud (2002) Illiquidity Measure Priced?
By Xiaoxia Lou; University of Delaware Tao Shu; University of Georgia
Discussant:   Darwin Choi, Hong Kong University of Science and Tech
Queuing Uncertainty
By Bart Yueshen; VU University, Amsterdam
Discussant:   Artem Neklyudov, Carnegie Mellon University
Session: Corporate Finance Theory II July 12, 2014 10:30 to 12:00
Session Chair: Nengjiu Ju, SAIF, Shanghai Jiaotong University
Investment, Liquidity, and Financing under Uncertainty
By Neng Wang; Columbia Business School
Discussant:   Erica Li, Cheung Kong Graduate School of Business
Traders vs. Relationship Managers: Reputational Conflicts in Full-Service Investment Banks
By Zhaohui Chen; University of Virginia Alan Morrison; University of Oxford bill Wilhelm; University of Virginia
Discussant:   Xuewen Liu, HKUST
Security Design in a Production Economy with Flexible Information Acquisition
By Ming Yang; Duke University Yao Zeng; Harvard University
Discussant:   Mark Chen, Georgia State University
Financing Intangibles and Capital Structure Dynamics
By Qi Sun; University of Southern California Xiaolan Zhang; UCLA, Anderson School of Management
Discussant:   Lifang Xu, Shanghai University of Finance and Economics
Session: 公司治理与激励机制 July 12, 2014 10:30 to 12:00
Session Chair: qian sun, Fudan University
中国上市公司金字塔控股结构与股价崩盘风险
By Nianhang Xu; Renmin University of China Xiaorong Li; Central University of Finance and Economics Qiao Liu; Guanghua School of Management, Peking University Wei Luo; Peking University
Discussant:   Qing YANG,
IPO财富效应、高管股权安排与高管离职行为
By Huibo Han; 对外经贸大学 LYU Changjiang; Fudan University Xin Zhang; Fudan University
Discussant:   Bo Li, Shantou University
我国上市公司CEO薪酬存在“幸运支付”？
By Qing YANG
Discussant:   Zhe Shen, Xiamen University
聪明的投资者：非完全市场化利率与风险识别 ——来自P2P 网络借贷的证据
By Mengran LI; Tsinghua University
Discussant:   Xiaorong Li, Central University of Finance and Economics
Session: Banking and Financial Institutions - III July 12, 2014 10:30 to 12:00
Session Chair: Jennie Bai, Georgetown University
Does the Market Understand Rating Shopping? Predicting MBS Losses with Initial Yields
By Jie He; University of Georgia Jun Qian; Boston College Philip Strahan; Boston College
Discussant:   Jun Kyung, Auh Columbia University
Credit Default Swaps and Bank Risk Taking
By Susan Chenyu Shan; Shanghai Advanced Institute of Finance, SJTU Dragon Tang; University of Hong Kong Hong Yan; SAIF & Univ. of South Carolina
Discussant:   Jaewon Choi, University of Illinois
Does Bank Trading Activity Deliver Alpha or Just Higher Pay?
By Michael King; University of Western Ontario Nadia Massoud; York University Keke Song; Rowe School of Business, Dalhousie University
Discussant:   Yi Li, Federal Reserve Board
Bank Credit Tightening, Debt Market Frictions and Corporate Yield Spreads
By Lei Zhang; Nanyang Business School Massimo Massa; INSEAD
Discussant:   Hao Wang, Tsinghua University
Session: Analysts, Information, and Corporate Fraud Incentives July 12, 2014 10:30 to 12:00
Session Chair: Andrew Winton, University of Minnesota
Does Competition Affect Earnings Management? Evidence from a Natural Experiment 
By Chen Lin; University of Hong Kong Micah Officer; Loyola Marymount University Xintong ZHAN; The Chinese University of Hong Kong
Discussant:   Fei Xie, Clemson University
Analyst Coverage in the Premarket of IPOs
By Chunxin Jia; Peking University Zhen Xie; Shanghai University of Finance and Economics Donghang Zhang; University of South Carolina
Discussant:   Rik Sen, Hong Kong University of Science and Tech
Competition, Capital Market Feedback, and Earnings Management: Evidence from Economic Deregulation
By Jongsub Lee; University of Florida Xiaoding Liu; University of Oregon
Discussant:   Minwen Li, Tsinghua University
Financial Fraud and Analyst Reputation
By Xiumin Martin; Washington University Cong Wang; Chinese University of Hong Kong Xiangang Xin; City University of Hong Kong
Discussant:   Fei Ding, Hong Kong University of Science & Technlogy
Session: Delegated Portfolio Management July 12, 2014 10:30 to 12:00
Session Chair: Jennifer Carpenter, NYU Stern School of Business
Noise Trader Risk and Hedge Fund Returns
By Yong Chen; Texas A&M University Bing Han; The Rotman School of Management, University of Toronto Jing Pan; University of Utah
Discussant:   Bing Liang, UMass Amherst
Window Dressing in Mutual Funds
By Vikas Agarwal; Georgia State University Gerald Gay; Georgia State University Leng Ling; Georgia College & State University
Discussant:   Lei Jiang, Tsinghua University
Which Hedge Fund Styles Hedge against Bad Time?
By Charles Cao; Penn State University and Tsinghua University David Rapach; Saint Louis University Guofu Zhou; washington University at St Louis
Discussant:   Kelsey Wei, Board of Governors of the Federal Reserve System
Are Institutional Investors Truly Skilled or Merely Opportunistic?
By Gennaro Bernile; Singapore Management University Alok Kumar; U Miami Johan Sulaeman; Southern Methodist University Qin Wang; University of Michigan - Dearborn
Discussant:   Tong Yao, University of Iowa
Session: Managerial Pay, Incentives, and Turnover July 12, 2014 13:30 to 15:00
Session Chair: Pedro Matos, University of Virginia - Darden
The Costs and Benefits of Clawback Provisions in CEO Compensation
By Mark Chen; Georgia State University Daniel Greene; Georgia State University James Owers; Georgia State University
Discussant:   Erica Li, Cheung Kong Graduate School of Business
Downside Risk and the Design of Executive Incentives: Evidence from the Removal of Short-­‐Selling Constraints
By David De Angelis; Rice University Gustavo Grullon; Rice University Sebastien Michenaud; Rice University
Discussant:   Stefan Zeume, University of Michigan
The role of deferred pay in retaining managerial talent
By Sheng Huang; Singapore Management University
Discussant:   Xiaoyun Yu, Kelley School of Business
Strategic News Releases in Equity Vesting Months
By Alex Edmans; University of Pennsylvania Luis Goncalves-Pinto; National University of Singapore Yanbo Wang; INSEAD Moqi Xu; London School of Economics
Discussant:   Tomislav Ladika, University of Amsterdam
Session: Theoretical Asset Pricing - I July 12, 2014 13:30 to 15:00
Session Chair: Mark Loewenstein, University of Maryland Robert H Smith Sc
Market Efficiency and Real Efficiency: The Connect and Disconnect via Feedback Effects
By Itay Goldstein; University of Pennsylvania Liyan Yang; Joseph L. Rotman School of Management
Discussant:   Shujing Wang, Hong Kong University of Science and Technology
Specified Recovery
By Ngoc-Khanh Tran; Olin Business School, Washington Univers Shixiang Xia; Northwestern University
Discussant:   Marcel Rindisbacher, Boston University
Financial Fragility and Incentives
By Harjoat Bhamra; UBC Lei Ding; Imperial College Business School
Discussant:   Tao Li, City University of Hong Kong
Asset Pricing with a Financial Sector
By Kai Li; HKUST Business School
Discussant:   Canlin Li, Federal Reserve Board
Session: 金融中介与机构投资 July 12, 2014 13:30 to 15:00
Session Chair: Zhishu Yang, Tsinghua University
基金经理人性别对绩效、风险以及职涯考量的影响
By Yu-En Lin; Business School
Discussant:   Ping Li, University of Electronic Science and Tec
审计所声誉能有效降低上市公司权益资本成本吗？
By xueyong zhang; central univ. of finance and economics
Discussant:   Yongxin Xu, 西南财经大学
“抱团”能否“取暖”--基金经理的选股策略与基金业绩
By 伊 志宏; 中国人民大学 Shangyao Yu; 中国人民大学商学院 王 雪; 中国人民大学商学院
Discussant:   Hongfei Jin, 上海财金大学金融学院
分析师跟踪与企业盈余管理: 来自中国上市公司的证据
By Chuntao Li; Zhongnan Univ. of Econ. & Law
Discussant:   Steven Ho, Kenan-Flagler Business School UNC
Session: Drivers for Return Predictability July 12, 2014 13:30 to 15:00
Session Chair: Guofu Zhou, Washington University-St. Louis
Short- and Long-Run Business Conditions and Expected Returns
By Qi Liu; Guanghua School of Management, Peking University Libin Tao; University of International Business and Economics Weixing Wu; University of International Business and Economics Jianfeng Yu; University of Minnesota
Discussant:   Xiaoneng Zhu, CUFE
Trading on Algos
By Johannes Skjeltorp; Norges Bank Elvira Sojli; Erasmus University of Rotterdam Wing Wah Tham; Erasmus University of Rotterdam
Discussant:   Lei Gao, Iowa State University
Earnings Announcement Season, Information Diffusion, and Return Predictability
By Shu Yan; University of South Carolina
Discussant:   Fuwei Jiang, Singapore Management University
The Effects of a Temporary Short-selling Ban
By Haoshu Tian; Princeton University
Discussant:   Yingzi Zhu, Tsinghua University
Session: Empirical Corporate Finance II July 12, 2014 13:30 to 15:00
Session Chair: Sudipto Dasgupta, Hong Kong Univ. of Science and Technolog
Zombie Lending, Financial Reporting Opacity and Contagion
By Yupeng Lin; National University of Singapore
Discussant:   Wanli Zhao, Southern Illinois University
Shadow Trading: Do Insiders Exploit Private Information About Other Firms?
By Mihir Mehta; Temple University David Reeb; National University of Singapore Wanli Zhao; Southern Illinois University
Discussant:   Rik Sen, Hong Kong University of Science and Tech
Do non-executive employees have information? Evidence from employee stock purchase plans
By Ilona Babenko; Arizona State University Rik Sen; Hong Kong University of Science and Tech
Discussant:   Yiming Qian, University of Iowa
Customer-Supplier Relationships and Strategic Disclosures of Litigation Loss Contingencies
By Ling Cen; University of Toronto Feng Chen; University of Toronto Yu Hou; Queen's University Gordon Richardson; University of Toronto
Discussant:   Peter Szilagyi, University of Cambridge and CEU Business School
Session: Role of Analysts July 12, 2014 15:30 to 17:00
Session Chair: Roger Loh, Singapore Management University
Do Analysts' Preferences Affect Corporate Policies?
By Ambrus Kecskes; York University
Discussant:   Henrik Cronqvist, China Europe International Business School
Analyst Incentives, Forecast Biases, and Stock Returns
By Kai Wai Hui; Hong Kong University of Science and Technology K.C. John Wei; Hong Kong University of Science and Tech Haifeng You; Hong Kong University of Science and Technology
Discussant:   G. Mujtaba Mian, Hong Kong Polytechnic University
Lower the basket for easy shots? Expectation management before takeovers
By Jie He; University of Georgia Tingting Liu; University of Georgia Tao Shu; University of Georgia
Discussant:   Xiangang Xin, City University of Hong Kong
Flu Epidemic, Limited Attention and Analyst Forecast Behavior
By Nathan Dong; Columbia University Yuna Heo; Rutgers Business School
Discussant:   Lin Peng, Baruch College, City University of New York
Session: International Finance July 12, 2014 15:30 to 17:00
Session Chair: Elvira Sojli, Erasmus University of Rotterdam
International Instability and Asset Pricing
By Zhuo Chen; Northwestern University & PBCSF Andrea Lu; Northwestern University Zhuqing Yang; Northwestern University
Discussant:   Bohui Zhang, The University of New South Wales
What Affects Innovation More: Policy or Policy Uncertainty?
By Utpal Bhattacharya; Indiana University Po-Hsuan Hsu; University of Hong Kong Xuan Tian; Indiana University Yan Xu; University of Hong Kong
Discussant:   Alminas Zaldokas, HKUST
Foreign Portfolio Investment and Corporate Innovation
By Jan Bena; University of British Columbia Miguel Ferreira; Nova School of Business and Economics Pedro Matos; University of Virginia - Darden
Discussant:   George Gao, Cornell University
Size, Value, and Momentum in International Stock Returns: A New Partial-Segmentation Approach
By Andrew Karolyi; Cornell University ying wu; Stevens Institute of Technology
Discussant:   Allaudeen Hameed, National University of Singapore
Session: 公司理财 July 12, 2014 15:30 to 17:00
Session Chair: Qiao Liu, Guanghua School of Management, Peking University
官员视察、媒体关注与政府补助：来自中国上市公司的经验研究
By Qun Hong; Xiamen University
Discussant:   bo sun, GSM, Peking University
地域因素如何影响公司股利政策——“替代模型”还是“结果模型”？
By Weiting Zhang; Shanghai Stock Exchange Zhiqiang Wang; Xiamen University
Discussant:   GUILIN LIU,
外资并购威胁到了中国产业安全吗？——来自31个省及19个行业的经验证据
By Shanmin Li; Sun Yat-sen University Xinxiang Shi; Sun Yat-Sen University Caiping Wang; Sun Yat-sen University Charles Li; Sun Yat-sen University
Discussant:   Conghui Hu, Peking University
产权性质、融资约束与企业现金持有动机——来自中国工业企业数据库的经验证据
By Zhichao Yin; SWUFE xiaomeng lu
Discussant:   Xiaoquan Wang, Guanghua School of Management, Peking University
Session: Corporate Policies and Firm Performance July 12, 2014 15:30 to 17:00
Session Chair: Florian Heider, European Central Bank
Short sellers and innovation: Evidence from a quasi-natural experiment
By Jie He; University of Georgia Xuan Tian; Indiana University
Discussant:   Zhihua Chen, Shanghai University of Finance and Econo
Internal Information Asymmetry, Internal Capital Markets, and Firm Value
By Xiumin Martin; Washington University
Discussant:   Stefan Zeume, University of Michigan
A View Inside Corporate Risk Management
By Gordon Bodnar; SAIS, Johns Hopkins University Erasmo Giambona; University of Amsterdam Business School John Graham; Duke University Campbell Harvey; Duke University
Discussant:   Andrew Winton, University of Minnesota
Do Innovation Intermediaries Matter? Distance to the USPTO and Firm Innovation
By Ning Jia; Tsinghua University School of Economics and Management Xuan Tian; Indiana University
Discussant:   Wenlan Qian, NUS Business School, National University
Session: Fixed Income Markets July 12, 2014 15:30 to 17:00
Session Chair: Jingzhi Huang, Penn State University
Prices and Volatilities in the Corporate Bond Market
By Jack Bao; Ohio State University Jia Chen; Peking University Kewei Hou; The Ohio State University Lei Lu; Peking University
Discussant:   Zheng Sun, University of California, Irvine
Tips from TIPS: the informational content of Treasury Inflation-Protected Security prices
By Min Wei; Federal Reserve Board of Governors
Discussant:   Neil Pearson, University of Illinois at Urbana-Champai
What Drives the International Bond Risk Premia?
By Guofu Zhou; Washington University-St. Louis Xiaoneng Zhu; CUFE
Discussant:   Tong Yu, University of Rhode Island
Term Structure of Interest Rates with Short-Run and Long-Run Risks
By Olesya Grishchenko; Federal Reserve Board Hao Zhou; Tsinghua University
Discussant:   Robert Kimmel, National University of Singapore
Session: Asset Pricing: Methods and Empirical Applications July 13, 2014 8:30 to 10:00
Session Chair: Jun Tu, Singapore Management University
One fundamental, two taxes: when does a Tobin tax (not) reduce financial price volatility?
By Yongheng Deng; National University of Singapore Xin Liu; National University of Singapore Shang-Jin Wei; Columbia University
Discussant:   Fuchun Li,
Mimicking Portfolios and Weak Non-traded Factors in Two-pass Tests of Asset Pricing
By Lei Jiang; Tsinghua University Zhaoguo Zhan; Tsinghua University
Discussant:   Raymond Kan, University of Toronto
Money or Mirage? Testing an Intraday Moving Average Trading Strategy on Exchange Traded Funds
By Jingzhi Huang; Penn State University Zhijian (James) Huang; University of Wisconsin-Milwaukee
Discussant:   Fuwei Jiang, Singapore Management University
Spurious Inference in Unidentified Asset-Pricing Models
By Nikolay Gospodinov; Federal Reserve Bank of Atlanta Raymond Kan; University of Toronto Cesare Robotti; Imperial College Business School
Discussant:   Robert Kimmel, National University of Singapore
Session: CDS, Credit Rating, Corporate Bond Valuation, Sovereign Credit Risk July 13, 2014 8:30 to 10:00
Session Chair: Dragon Tang, University of Hong Kong
A Rating-Based Sovereign Credit Risk Model: Theory and Evidence
By Haitao Li; CKGSB Tao Li; City University of Hong Kong Xuewei Yang; Nanjing University
Discussant:   Sarah Qian Wang, Warwick University
Sentiment and Corporate Bond Valuations Before and After the Onset of the Credit Crisis
By Jingzhi Huang; Penn State University Marco Rossi; University of Notre Dame Yuan Wang; Concordia University
Discussant:   Xiaoxia Ye, Stockholm Business School, Stockholm University
Market Segmentation and Default risk: the CDS and Loan CDS Markets
By Rui Zhong; Concordia University Stylianos Perrakis; Concordia University Lawrence Kryzanowski; Concordia University
Discussant:   Zhaodong (Ken) Zhong, Rutgers University
The Conservative Issuer Bias of Corporate Ratings
By Mohammad Hasan; Office of the Comptroller of the Currency Nikunj Kapadia; University of Massachusetts Amherst Akhtarur Siddique; Office of the Comptroller of the Currency
Discussant:   Weina Zhang, National University of Singapore
Session: Drivers and Impediments of Innovation and Investment July 13, 2014 8:30 to 10:00
Session Chair: Martin Schmalz, University of Michigan
Public Equity Markets and Corporate Innovation Strategies: Evidence from Private Firms
By Huasheng Gao; Nanyang Technological University Po-Hsuan Hsu; University of Hong Kong Kai Li; Sauder School of Business, University of
Discussant:   Xuan Tian, Indiana University
Do Corporate Taxes Hinder Innovation?
By Alminas Zaldokas; HKUST Abhiroop Mukherjee; Hong Kong University of Science and Tech Manpreet Singh; HKUST
Discussant:   Jie He, University of Georgia
Acquiring Acquirers
By Ludovic Phalippou; University of Oxford Fangming Xu; University of Bristol Huainan Zhao; Cranfield University
Discussant:   Hong Zou, The University of Hong Kong
The Effect of Managerial Short-Termism on Corporate Investment
By Tomislav Ladika; University of Amsterdam Zacharias Sautner; Frankfurt School of Finance & Management
Discussant:   Huasheng Gao, Nanyang Technological University
Session: Idiosyncratic Volatility July 13, 2014 8:30 to 10:00
Session Chair: Charles Cao, Penn State University and Tsinghua University
Option Implied Volatility, Skewness, and Kurtosis and the Cross-Section of Expected Stock Returns
By Jianfeng Hu; Singapore Management University
Discussant:   Clark Liu, Tsinghua University
Strategic Risk Shifting and the Idiosyncratic Volatility Puzzle
By Zhiyao Chen; University of Reading Ilya Strebulaev; Stanford University Yuhang Xing; Rice University Xiaoyan Zhang; Purdue University
Discussant:   Gang Li, Hong Kong Polytechnic University
Abnormal Idiosyncratic Volatility and Expected Returns
By Yung Chiang Yang; Queen's University Belfast Bohui Zhang; The University of New South Wales Chu Zhang; Hong Kong Univ. of Science & Technology
Discussant:   Xingguo Luo, Zhejiang University
Have we solved the idiosyncratic volatility puzzle?
By Kewei Hou; The Ohio State University Roger Loh; Singapore Management University
Discussant:   Hong Zhang, INSEAD and PBCSF
Session: Market Liquidity July 13, 2014 8:30 to 10:00
Session Chair: Yen-Cheng Chang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Time-Varying Momentum Payoffs and Illiquidity
By Doron Avramov; Hebrew University of Jerusalem Si Cheng; Queen’s University Management School Allaudeen Hameed; National University of Singapore
Discussant:   qing tong, Singapore Management University
Liquidity and Price Impacts of Financial Distress: Evidence from the Market for Defaulted Bonds
By Song Han; Federal Reserve Board Ke Wang; Federal Reserve Board
Discussant:   Susan Chenyu Shan, Shanghai Advanced Institute of Finance, SJTU
A Market-Based Funding Liquidity Measure
By Zhuo Chen; Northwestern University & PBCSF Andrea Lu; Northwestern University
Discussant:   Jia Chen, Peking University
Did Liquidity Providers Become Liquidity SeekersSeekers?: Evidence from the CDS-Bond Basis during the 2008 Financial Crisis
By Jaewon Choi; University of Illinois Or Shachar; NYU/Stern
Discussant:   Grace Xing Hu, University of Hong Kong
Session: Innovators and Innovation July 13, 2014 10:30 to 12:00
Session Chair: Sumit Agarwal, National University of Singapore
Do General Managerial Skills Spur Innovation?
By Pedro Matos; University of Virginia - Darden Miguel Ferreira; Nova School of Business and Economics Claudia Custodio; Arizona State University
Discussant:   Gordon Phillips, University of Southern California
Overconfident CEOs as Outside Directors: Are They Facilitators for Innovation?
By Lixiong Guo; University of New South Wales Yue Lu; UNSW
Discussant:   Xuan Tian, Indiana University
Are Entrepreneurs Special? Evidence from Board Appointments
By Olubunmi Faleye; Northeastern University Wilson Kung; University of New South Wales Jerry T Parwada; University of New South Wales Gloria Tian; University of Lethbridge
Discussant:   Gennaro Bernile, Singapore Management University
Housing Collateral and Entrepreneurship
By Martin Schmalz; University of Michigan David Sraer; Princeton University David Thesmar; HEC and CEPR
Discussant:   Sumit Agarwal, National University of Singapore
Session: Liquidity, Market Power, and Asset Pricing July 13, 2014 10:30 to 12:00
Session Chair: Hong Liu, Washington University in St. Louis
Market Making Contracts, Firm Value, and the IPO Decision
By Hendrik Bessembinder; David Eccles School of Business
Discussant:   Liyan Yang, Joseph L. Rotman School of Management
Market Power and Capital Flexibility: A New Perspective on the Pricing of Technology Shocks
By Lorenzo Garlappi; UBC ZhongZhi Song; CKGSB
Discussant:   Nengjiu Ju, SAIF, Shanghai Jiaotong University
Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle
By Hui Chen; MIT Rui Cui; Chicago Booth Zhiguo He; University of Chicago, Booth School of B Konstantin Milbradt; Norwestern University
Discussant:   Jing-zhi (Jay) Huang, Penn State University
Commodities as Collateral
By Ke Tang; Renmin University of China Haoxiang Zhu; MIT
Discussant:   Yajun Wang, University of Maryland
Session: Macroeconomics and Finance July 13, 2014 10:30 to 12:00
Session Chair: Jianfeng Yu, University of Minnesota
Geography of Firms and Propagation of Local Economic Shocks
By Gennaro Bernile; Singapore Management University George Korniotis; U Miami Alok Kumar; U Miami
Discussant:   Xing Huang, Michigan State University
Macroeconomic Risks and Asset Pricing: Evidence from a Dynamic Stochastic General Equilibrium Model
By Erica Li; Cheung Kong Graduate School of Business Haitao Li; CKGSB Cindy Yu; Iowa State University
Discussant:   Kai Li, HKUST Business School
Seeing the Unobservable from the Invisible: The Role of CO2 in Measuring Consumption Risk
By Zhuo Chen; Northwestern University & PBCSF Andrea Lu; Northwestern University
Discussant:   Shaojun A. Chang, NYU
Stock Market Bubbles and Unemployment
By Jianjun Miao; Boston University pengfei Wang; Hong Kong University of Science and Technology Lifang Xu; Shanghai University of Finance and Economics
Discussant:   Shengxing Zhang, New York University
Session: Informed Trading and Short Selling July 13, 2014 10:30 to 12:00
Session Chair: Yongxiang Wang, University of Southern California
Early Peek Advantage?
By Grace Xing Hu Jun Pan; MIT Sloan Jiang Wang; Sloan School, MIT
Discussant:   Wenlan Qian, NUS Business School, National University
Competition of the Informed:Does the Presence of Short Sellers Affect Insider Selling?
By Massimo Massa; INSEAD Wenlan Qian; NUS Business School, National University of Singapore Weibiao Xu; National University of Singapore Hong Zhang; PBCSF & INSEAD
Discussant:   Grace Xing Hu, University of Hong Kong
Stock Lending from Lenders’ Perspective: Are Lenders price takers?
By Zsuzsa HUSZÁR; National University of Singapore Ruth Tan; National University of Singapore
Discussant:   Hong Zhang, INSEAD and PBCSF
Free Lunches for Insiders under Investor Inertia and Limited Arbitrage
By Woojin Kim; Seoul National University Business Schoo Shu Feng Wang; Seoul National University
Discussant:   Ya Tang,
Session: Capital, Liquidity and Financial Institutions July 13, 2014 10:30 to 12:00
Session Chair: Hao Zhou, Tsinghua University
Measuring Liquidity Mismatch in the Banking Sector
By Jennie Bai; Georgetown University Arvind Krishnamurthy; Northwestern University Charles-Henry Weymuller; Treasury of France
Discussant:   Zhuo Chen, Northwestern University & PBCSF
Asset Fire Sales and Regulatory Capital Requirements: Evidence from Commercial REO Sales
By Yongqiang Chu; University of South Carolina
Discussant:   Beibei Shen, Chinese University of Hong Kong
The Bank Capital: an Insurance Perspective
By Weidong Tian; Belk College of Business
Discussant:   Xiaozhou ZHOU, HEC Montreal
A Theory of Intermediated Investment with Hyperbolic Discounting Investors
By Feng Gao; Tsinghua University Ping He; Tsinghua University Xi He; MIT
Discussant:   bo sun, GSM, Peking University
Session: Corporate Governance July 13, 2014 13:30 to 15:00
Session Chair: Xiaoyun Yu, Kelley School of Business
The mortality cost of political connections
By Yongxiang Wang; University of Southern California
Discussant:   Pedro Matos, University of Virginia - Darden
Bribes and Firm Value
By Stefan Zeume; University of Michigan
Discussant:   Qianqian Huang, City University of Hong Kong
Agency Problems of Corporate Philanthropy
By Ron Masulis; University of New South Wales Syed Reza; Queensland University of Technology
Discussant:   Feng Zhang, University of Utah
Session: Corporate Liquidity July 13, 2014 13:30 to 15:00
Session Chair: Pengjie Gao, University of Notre Dame
Can Changes in the Cost of Cash Resolve the Corporate Cash Puzzle?
By Jose Azar; Charles River Associates Jean-François Kagy; Cornerstone Research Martin Schmalz; University of Michigan
Discussant:   Andrea Lu, Northwestern University
who bears firm level risk? Implications for cash flow volatility
By Xiaolan Zhang; UCLA, Anderson School of Management
Discussant:   Erica Li, Cheung Kong Graduate School of Business
Financial Flexibility and Corporate Cash Policy
By Tao Chen; Chinese University of Hong Kong Jarrad Harford; University of Washington Chen Lin; University of Hong Kong
Discussant:   Zhenyu Gao, Princeton University
Industry Competition, Winner's Advantage, and Cash Holdings
By Liang Ma; University of South Carolina Antonio Mello; University of Wisconsin - Madison Youchang Wu; University of Wisconsin - Madison
Discussant:   Zilong Zhang, HKUST
Session: Behavioral Finance: Asset Prices July 13, 2014 13:30 to 15:00
Session Chair: Bing Han, University of Toronto
Is R2 a Measure of Market Inefficiency?
By Kewei Hou; The Ohio State University Lin Peng; Baruch College, City University of New York Wei Xiong; Department of Economics and Bendheim Cen
Discussant:   Justin Birru, Ohio State University
Anchoring, the 52-Week High and Post Earnings Announcement Drift
By Chuan-Yang Hwang; Nanyang Technological University
Discussant:   Andrea Lu, Northwestern University
Inflation Bets on the Long Bond
By Harrison Hong; Princeton University David Sraer; Princeton University Jialin Yu; Hong Kong University of Science and Tech
Discussant:   K.C. John Wei, Hong Kong University of Science and Tech
First Impressions: “System 1” Thinking and Stock Returns
By Nicholas Barberis; Yale University Abhiroop Mukherjee; Hong Kong University of Science and Technology Baolian Wang; Hong Kong University of Science and Technology
Discussant:   Liang Ma, University of South Carolina
Session: Theoretical Asset Pricing - II July 13, 2014 13:30 to 15:00
Session Chair: Jianjun Miao, Boston University
An Equilibrium Model of Moving-average Predictability and Time-series Momentum
By Guofu Zhou; washington University at St Louis Yingzi Zhu; Tsinghua University
Discussant:   Hening Liu, University of Manchester
Disagreement, Firm Size and Stock Return
By Bing Han; University of Toronto Lei Lu; Peking University Yi Zhou; Florida State University
Discussant:   Hwagyun Kim, Texas A&M University
Growth Uncertainty, Generalized Disappointment Aversion and Production-based Asset Pricing
By Hening Liu; University of Manchester Jianjun Miao; Boston University
Discussant:   Jianfeng Yu, University of Minnesota
Value or Growth? Pricing of Idiosyncratic Cash Flow Risk with Heterogeneous Beliefs
By Hogyu Jhang; Texas A&M University Hwagyun Kim; Texas A&M University Michael Gallmeyer; University of Virginia
Discussant:   Ngoc-Khanh Tran, Olin Business School, Washington Univers
Session: Trading, Financing and Risk in Securities Markets July 13, 2014 13:30 to 15:00
Session Chair: Harold Zhang, University of Texas at Dallas
Venture or Safety? Retirement and Portfolio Choice
By Guodong Chen; University of Michigan, Ann Arbor
Discussant:   Sébastien Betermier, McGill University, Desautels Faculty of
High frequency trading, noise herding and market quality
By Chenyu Wang; University of International Business and Economics Yi Xue; University of International Business and Economics
Discussant:   Hongda Zhong, University of Minnesota
Up Close It Feels Dangerous: Anxiety in the Face of Risk
By Thomas Eisenbach; Federal Reserve Bank of New York Martin Schmalz; University of Michigan
Discussant:   Lei Lu, Peking University
Bubble-Creating Stock Market Attacks and Exploitation of Retail Investors’ Behavioral Biases: Widespread Evidence in the Chinese Stock Market
By Ziyang Geng; Cornell University Xiaomeng Lu; Cornell University
Discussant:   Donghui Li, University of New South Wales

 

This program was last updated on 2015-03-16 4:10:7 EDT