China International Conference in Finance 2018

Tianjin, China

 

Program Notes and Index of Sessions

 

Summary of All Sessions

Date/TimeLocationTitlePapers
July 10, 2018
18:00-19:30
Junior Ballroom Conference Reception0
July 11, 2018
8:00-9:45
Conference Room E Contagion and Systemic Risk4
July 11, 2018
8:00-9:45
Conference Room C Empirical Asset Pricing4
July 11, 2018
8:00-9:45
Conference Room D Fixed Income4
July 11, 2018
8:00-9:45
Conference Room B Government and Governance4
July 11, 2018
8:00-9:45
Conference Room F IPOs, Mergers, and Returns4
July 11, 2018
8:00-9:45
Conference Room A Mutual Funds4
July 11, 2018
10:15-12:00
Conference Room B Bond Market and Macroeconomic Policy4
July 11, 2018
10:15-12:00
Conference Room E Debt Contracting, Credit Markets, and Capital Structure4
July 11, 2018
10:15-12:00
Conference Room C Empirical Corporate Governance4
July 11, 2018
10:15-12:00
Conference Room D Information and Asset Pricing4
July 11, 2018
10:15-12:00
Conference Room A Labor and Finance4
July 11, 2018
10:15-12:00
Conference Room F Stock Return Predictability4
July 11, 2018
13:30-15:00
Ballroom - 2F Keynote Speech: Solving Global Challenges using Finance Science: Past, Present and Future0
July 11, 2018
15:15-17:00
Conference Room C Asset Return Behavior4
July 11, 2018
15:15-17:00
Conference Room E Asset Returns4
July 11, 2018
15:15-17:00
Conference Room D Credit Markets4
July 11, 2018
15:15-17:00
Conference Room B Current Issues on Banking4
July 11, 2018
15:15-17:00
Conference Room F Empirical Corporate Finance4
July 11, 2018
15:15-17:00
Conference Room A Macro Finance and Policy4
July 11, 2018
18:00-20:00
Ballroom - 2F Conference Dinner and Best Paper Awards0
July 12, 2018
8:00-9:45
Conference Room D Banks, central banks, and financial-market transactions4
July 12, 2018
8:00-9:45
Conference Room A Corporate Finance and Market Efficiency4
July 12, 2018
8:00-9:45
Conference Room C Exchange Rate Determination4
July 12, 2018
8:00-9:45
Conference Room F Information and Anomalies4
July 12, 2018
8:00-9:45
Conference Room E Options4
July 12, 2018
8:00-9:45
Conference Room B Product Market and Corporate Finance4
July 12, 2018
10:15-12:00
Conference Room C Analysts, Corporate Governance, and Vertical Competition4
July 12, 2018
10:15-12:00
Conference Room B 中国金融市场与宏观经济4
July 12, 2018
10:15-12:00
Conference Room D Financial Intermediation4
July 12, 2018
10:15-12:00
Conference Room E Hedge Funds4
July 12, 2018
10:15-12:00
Conference Room F Information in Financial Markets4
July 12, 2018
10:15-12:00
Conference Room A Optimal Investment and Asset Pricing4
July 12, 2018
13:30-15:15
Conference Room B Behavioral Finance I4
July 12, 2018
13:30-15:15
Conference Room A Behavioral Finance II4
July 12, 2018
13:30-15:15
Conference Room D Corporate Finance in China4
July 12, 2018
13:30-15:15
Conference Room F FinTech4
July 12, 2018
13:30-15:15
Conference Room E Government Policy and Capital Allocation in China4
July 12, 2018
13:30-15:15
Conference Room C Information, Attention, and Market Liquidity4
July 12, 2018
15:45-17:30
Conference Room F Behavioral Biases and Equity Markets4
July 12, 2018
15:45-17:30
Conference Room B Corporate Finance Theory4
July 12, 2018
15:45-17:30
Conference Room D Household Finance: Labor and Housing4
July 12, 2018
15:45-17:30
Conference Room E Information Aggregation and Market Structure4
July 12, 2018
15:45-17:30
Conference Room A Policy and Its Impacts in China4
July 12, 2018
15:45-17:30
Conference Room C The Real Impact of Investors and Customers4
July 13, 2018
8:00-9:45
Conference Room D 中国股票和衍生物价格4
July 13, 2018
8:00-9:45
Conference Room B Factors4
July 13, 2018
8:00-9:45
Conference Room C Finance and Innovation4
July 13, 2018
8:00-9:45
Conference Room A Incentives and CEO Compensation4
July 13, 2018
8:00-9:45
Conference Room E Option Informations and Stock Returns4
July 13, 2018
8:00-9:45
Conference Room F Social Finance4
July 13, 2018
10:15-12:00
Conference Room E 公司财务4
July 13, 2018
10:15-12:00
Conference Room C Corporate Dividends and Governance4
July 13, 2018
10:15-12:00
Conference Room A Empirical Asset Pricing: Trading and Volatility4
July 13, 2018
10:15-12:00
Conference Room D Innovation4
July 13, 2018
10:15-12:00
Conference Room F Investor Rights and Information4
July 13, 2018
10:15-12:00
Conference Room B Markets and Incentives4
July 13, 2018
13:30-15:15
Conference Room B Chinese Stock Market4
July 13, 2018
13:30-15:15
Conference Room A Corporate Theory4
July 13, 2018
13:30-15:15
Conference Room F Credit Market and Rating4
July 13, 2018
13:30-15:15
Conference Room D Credit Risks and Investments4
July 13, 2018
13:30-15:15
Conference Room E 金融改革与创新4
July 13, 2018
13:30-15:15
Conference Room C Finance, Development and Politics4
 

63 sessions, 240 papers, and 0 presentations with no associated papers


 

China International Conference in Finance 2018

Detailed List of Sessions

 
Session: Conference Reception
July 10, 2018 18:00 to 19:30
Junior Ballroom
 
 
Session: Contagion and Systemic Risk
July 11, 2018 8:00 to 9:45
Conference Room E
 
Session Chair: Xuewen Liu, Hong Kong University of Science and Technology
 

Insurers as Asset Managers and Systemic Risk
By Andrew Ellul; Indiana University, CEPR, CSEF, and ECGI
Chotibhak Jotikasthira; Southern Methodist University
Anastasia Kartasheva; Bank for International Settlements
Christian Lundblad; University of North Carolina
Wolf Wagner; Erasmus University Rotterdam
   presented by: Christian Lundblad, University of North Carolina
   Discussant:   Shiyang Huang, The University of Hong Kong
 

Endogenous Entry and Financial Contagion Across Debt Markets
By Hyunsoo Doh; Nanyang Technological University
   presented by: Hyunsoo Doh, Nanyang Technological University
   Discussant:   Zongbo Huang, The Chinese University of Hong Kong, Shenzhen
 

Financial Networks and the Real Economy
By John Nash; Hong Kong University of Science and Technology
Deniz Okat; Hong Kong University of Science and Technology
   presented by: John Nash, Hong Kong University of Science and Technology
   Discussant:   Jing Zeng, Frankfurt School of Finance & Management
 

Financing through Money Creation, Too Connected to Fail and Systemic Risk
By Tianxi Wang; University of Essex
   presented by: Tianxi Wang, University of Essex
   Discussant:   Deniz Okat, Hong Kong University of Science and Technology
 
Session: Government and Governance
July 11, 2018 8:00 to 9:45
Conference Room B
 
Session Chair: Xiaoyun Yu, Indiana University
 

“Trading” Political Favors: Evidence from the Impact of the STOCK Act
By Ruidi Huang; University of Illinois Urbana-Champaign
Yuhai Xuan; University of Illinois Urbana-Champaign
   presented by: Ruidi Huang, University of Illinois Urbana-Champaign
   Discussant:   Ting Xu, University of Virginia
 

The Price of Integrity
By Chen Chen; Monash University
Ying Xia; Monash University
Bohui Zhang; The Chinese University of Hong Kong
   presented by: Chen Chen, Monash University
   Discussant:   Fang Yu, China Europe International Business School
 

In the Shadows of Government: Firm Perk Expenses and Political Turnover
By Hanming Fang; University of Pennsylvania
Zhe Li; Central University of Finance and Economics
Nianhang Xu; Renmin University of China
Hongjun Yan; DePaul University
   presented by: Hongjun Yan, DePaul University
   Discussant:   Tao Shu, University of Georgia
 

Regulatory Jurisdiction and Reported Investment Adviser Misconduct
By Ben Charoenwong; National University of Singapore
Alan Kwan; The University of Hong Kong
Tarik Umar; Rice University
   presented by: Alan Kwan, The University of Hong Kong
   Discussant:   Fangzhou Liu, Indiana University
 
Session: IPOs, Mergers, and Returns
July 11, 2018 8:00 to 9:45
Conference Room F
 
Session Chair: Reena Aggarwal, Georgetown University
 

Public Market Players in the Private World: Implications for the Going Public Process
By Shiyang Huang; The University of Hong Kong
Yifei Mao; Cornell University
Cong Wang; Emory University
Dexin Zhou; Baruch College
   presented by: Cong Wang, Emory University
   Discussant:   Gang Hu, Hong Kong Polytechnic University
 

Why Don’t Issuers Get Upset about IPO Underpricing: Evidence from the Loan Market
By Xunhua Su; Norwegian School of Economics
Xiaoyu Zhang; Norwegian School of Economics
   presented by: Xiaoyu Zhang, Norwegian School of Economics
   Discussant:   Isaac Otchere, Carleton University
 

The Impact of Board Connections on M&As
By Sheng Huang; China Europe International Business School
Mengyao Kang; Singapore Management University
   presented by: Sheng Huang, China Europe International Business School
   Discussant:   Chien-Chi Chu, Shantou University
 

Merger Activity, Stock Prices, and Measuring Gains from M&A
By Benjamin Bennett; The Ohio State University
Robert Dam; University of Colorado Boulder
   presented by: Robert Dam, University of Colorado Boulder
   Discussant:   XiaoGang Bi, University of Nottingham Ningbo China
 
Session: Fixed Income
July 11, 2018 8:00 to 9:45
Conference Room D
 
Session Chair: Jefferson Duarte, Rice University
 

Liquidity Supply and Demand in the Corporate Bond Market
By Jonathan Goldberg; Federal Reserve Board
Yoshio Nozawa; Federal Reserve Board
   presented by: Yoshio Nozawa, Federal Reserve Board
   Discussant:   Xiaoxia Lou, University of Delaware
 

Do Rating Agencies Deserve Some Credit? Evidence from Transitory Shocks to Credit Risk
By Oleg Gredil; Tulane University
Nishad Kapadia; Tulane University
Junghoon Lee; Tulane University
   presented by: Junghoon Lee, Tulane University
   Discussant:   Fan Yu, Claremont McKenna College
 

Disentangling Credit Spreads and Equity Volatility
By Adrien d'Avernas; Stockholm School of Economics
   presented by: Adrien d'Avernas, Stockholm School of Economics
   Discussant:   Yi Li, Federal Reserve Board
 

Active Loan Trading
By Frank Fabozzi; EDHEC Business School
Sven Klingler; BI Norwegian Business School
Pia Mølgaard; Danish Central Bank
Mads Stenbo Nielsen; Copenhagen Business School
   presented by: Pia Mølgaard, Danish Central Bank
   Discussant:   Jennifer Huang, Cheung Kong Graduate School of Business
 
Session: Empirical Asset Pricing
July 11, 2018 8:00 to 9:45
Conference Room C
 
Session Chair: Rossen Valkanov, University of California San Diego
 

Global Risk Aversion and International Return Comovements
By Nancy Xu; Columbia Business School
   presented by: Nancy Xu, Columbia Business School
   Discussant:   Yang Liu, The University of Hong Kong
 

Real-Time Learning and Bond Return Predictability
By Andras Fulop; ESSEC Business School
Junye Li; ESSEC Business School
Runqing Wan; ESSEC Business School
   presented by: Runqing Wan, ESSEC Business School
   Discussant:   Huacheng Zhang, Southwestern University of Finance and Economics
 

Long Run Risk: Is It There?
By Yukun Liu; Yale University
Ben Matthies; Yale University
   presented by: Yukun Liu, Yale University
   Discussant:   Pengfei Sui, California Institute of Technology
 

Can Trading Derail Price Discovery? Evidence from FOMC Announcements
By Oliver Boguth; Arizona State University
Vincent Gregoire; University of Melbourne
Charles Martineau; University of Toronto
   presented by: Vincent Gregoire, University of Melbourne
   Discussant:   Shu Yan, Oklahoma State University
 
Session: Mutual Funds
July 11, 2018 8:00 to 9:45
Conference Room A
 
Session Chair: Doron E. Avramov, The Chinese University of Hong Kong and The Hebrew University, Jerusalem, Israel
 

Stock Repurchasing Bias of Mutual Funds
By Mengqiao Du; University of Mannheim
Alexandra Niessen-Ruenzi; University of Mannheim
Terrance Odean; University of California, Berkeley
   presented by: Mengqiao Du, University of Mannheim
   Discussant:   Wenxi Jiang, The Chinese University of Hong Kong
 

Is the Active Fund Management Industry Concentrated Enough?
By David Feldman; The University of New South Wales
Konark Saxena; The University of New South Wales
Jingrui Xu; Xiamen University
   presented by: Jingrui Xu, Xiamen University
   Discussant:   Kai Li, Hong Kong University of Science and Technology
 

Private Company Valuations by Mutual Funds
By Vikas Agarwal; Georgia State University
Brad Barber; University of California, Davis
Si Cheng; The Chinese University of Hong Kong
Allaudeen Hameed; National University of Singapore
Ayako Yasuda; University of California, Davis
   presented by: Si Cheng, The Chinese University of Hong Kong
   Discussant:   Yan Xu, The University of Hong Kong
 

The Rise of Passive Funds Triggers Active Fund Consolidation
By Jinyuan Zhang; INSEAD
   presented by: Jinyuan Zhang, INSEAD
   Discussant:   Yingzi Zhu, Tsinghua University
 
Session: Stock Return Predictability
July 11, 2018 10:15 to 12:00
Conference Room F
 
Session Chair: Zhi Da, University of Notre Dame
 

Media Network Based Investors' Attention: A Powerful Predictor of Market Premium
By Li Guo; Singapore Management University
Lin Peng; The City University of New York
Yubo Tao; Singapore Management University
Jun Tu; Singapore Management University
   presented by: Jun Tu, Singapore Management University
   Discussant:   Nancy Xu, Columbia Business School
 

Aggregate Expected Investment Growth and Stock Market Returns
By Jun Li; The University of Texas at Dallas
Huijun Wang; University of Delaware
Jianfeng Yu; Tsinghua University
   presented by: Jun Li, The University of Texas at Dallas
   Discussant:   Quan Wen, Georgetown University
 

Busy Patent Examiners and Stock Returns
By Tao Shu; University of Georgia
Xintong Zhan; Erasmus University Rotterdam
   presented by: Tao Shu, University of Georgia
   Discussant:   Xing Huang, Washington University in St. Louis
 

The Dynamics of Information Production and Diffusion: Evidence from Buy-Side Participation in Earnings Conference Calls
By Ling Cen; University of Toronto and the Chinese University of Hong Kong
Vanitha Ragunathan; University of Queensland
Yan Xiong; University of Toronto
Liyan Yang; University of Toronto
   presented by: Yan Xiong, University of Toronto
   Discussant:   Yuehua Tang, University of Florida
 
Session: Debt Contracting, Credit Markets, and Capital Structure
July 11, 2018 10:15 to 12:00
Conference Room E
 
Session Chair: Yuhai Xuan, University of Illinois Urbana-Champaign
 

Uncertainty, Major Investments, and Capital Structure Dynamics
By Chang Yong Ha; Peking University
Hyun Im; Peking University
Kose John; New York University
Janghoon Shon; Hong Kong University of Science and Technology
   presented by: Hyun Im, Peking University
   Discussant:   Hyunsoo Doh, Nanyang Technological University
 

Debt Renegotiation and Debt Overhang: Evidence from Lender Mergers
By Yongqiang Chu; University of South Carolina
   presented by: Yongqiang Chu, University of South Carolina
   Discussant:   Hongda Zhong, London School of Economics
 

Security Lending and Corporate Financing: The Case of the Debt Market
By Jennie Bai; Georgetown University
Massimo Massa; INSEAD
Hong Zhang; PBC School of Finance, Tsinghua University
   presented by: Hong Zhang, PBC School of Finance, Tsinghua University
   Discussant:   Sven Klingler, BI Norwegian Business School
 

Capital Structure Around the S&P 500 Index Additions: Evidence of Window Dressing
By Eunpyo Hong; George Washington University
Min Hwang; George Washington University
Jiyoon Lee; George Washington University
   presented by: Eunpyo Hong, George Washington University
   Discussant:   Feng Jiang, The State University of New York at Buffalo
 
Session: Empirical Corporate Governance
July 11, 2018 10:15 to 12:00
Conference Room C
 
Session Chair: Vyacheslav (Slava) Fos, Boston College
 

The Dark Side of Hedge Fund Activism: Evidence from Employee Pension Plans
By Anup Agrawal; University of Alabama
Yuree Lim; University of Wisconsin-La Crosse
   presented by: Anup Agrawal, University of Alabama
   Discussant:   Tao Li, University of Florida
 

Insider Trading and the Legal Expertise of Corporate Executives
By Chao Jiang; University of South Carolina
Modupe Wintoki; University of Kansas
Yaoyi Xi; University of Kansas
   presented by: Chao Jiang, University of South Carolina
   Discussant:   Jun Yang, Boston College
 

How Do Passive Funds Act as Active Owners? Evidence from Mutual Fund Voting Records
By Shenje Hshieh; City University of Hong Kong
Jiasun Li; George Mason University
Yingcong Tang; UCLA Anderson School of Management
   presented by: Shenje Hshieh, City University of Hong Kong
   Discussant:   Katie Moon, University of Colorado
 

How Are Shareholder Votes and Trades Related?
By Sophia Zhengzi Li; Rutgers Business School
Miriam Schwartz-Ziv; Michigan State University
   presented by: Sophia Zhengzi Li, Michigan State University
   Discussant:   Neil Pearson, University of Illinois Urbana-Champaign
 
Session: Bond Market and Macroeconomic Policy
July 11, 2018 10:15 to 12:00
Conference Room B
 
Session Chair: George Jiang, Washington State University
 

Active Monetary or Fiscal Policy and Stock-Bond Correlation
By Erica Li; Cheung Kong Graduate School of Business
Ji Zhang; PBC School of Finance, Tsinghua University
Hao Zhou; PBC School of Finance, Tsinghua University
   presented by: Ji Zhang, PBC School of Finance, Tsinghua University
   Discussant:   Yang Liu, The University of Hong Kong
 

Fundamental Disagreement about Monetary Policy and the Term Structure of Interest Rates
By Shuo Cao; Shenzhen Stock Exchange
Richard Crump; Federal Reserve Bank of New York
Stefano Eusepi; Federal Reserve Bank of New York
Emanuel Moench; Deutsche Bundesbank
   presented by: Shuo Cao, Shenzhen Stock Exchange
   Discussant:   Tianyu Wang, Imperial College London
 

Assessing the Role of Long-run and Valuation Risks in Explaining Nominal Bond Yields
By Victor Luo; Stevens Institute of Technology
   presented by: Victor Luo, Stevens Institute of Technology
   Discussant:   Dacheng Xiu, The University of Chicago
 

The Agency Credit Spread
By Andrea Gamba; University of Warwick
Alessio Saretto; The University of Texas at Dallas
   presented by: Andrea Gamba, University of Warwick
   Discussant:   Christian T. Lundblad, The University of North Carolina Chapel Hill
 
Session: Labor and Finance
July 11, 2018 10:15 to 12:00
Conference Room A
 
Session Chair: Efraim Benmelech, Northwestern University
 

Credit, Labor, and Political Unrest: Evidence from 1930s China
By Fabio Braggion; Tilburg University
Alberto Manconi; Bocconi University
Haikun Zhu; Tilburg University
   presented by: Haikun Zhu, Tilburg University
   Discussant:   Jacky Qi Zhang, Durham University
 

Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America
By Yifei Mao; Cornell University
Jessie Jiaxu Wang; Arizona State University
   presented by: Yifei Mao, Cornell University
 

How Does Human Capital Matter? Evidence from Venture Capital
By Lifeng Gu; The University of Hong Kong
Ruidi Huang; University of Illinois Urbana-Champaign
Yifei Mao; Cornell University
Xuan Tian; PBC School of Finance,Tsinghua University
   presented by: Ruidi Huang, University of Illinois Urbana-Champaign
   Discussant:   Qiping Xu, University of Notre Dame
 

Economic Stimulus at the Expense of Routine-Task Jobs
By Selale Tuzel; University of Southern California
Miao Zhang; University of Southern California
   presented by: Miao Zhang, University of Southern California
 
Session: Information and Asset Pricing
July 11, 2018 10:15 to 12:00
Conference Room D
 
Session Chair: Feng Li, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 

News Momentum
By Hao Jiang; Michigan State University
Sophia Zhengzi Li; Rutgers Business School
Hao Wang; Prime Quantitative Research LLC
   presented by: Sophia Zhengzi Li, Rutgers Business School
   Discussant:   Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 

Information Acquisition and Expected Returns: Evidence from EDGAR Search Traffic
By Frank Weikai Li; Singapore Management University
Chengzhu Sun; Hong Kong University of Science and Technology
   presented by: Frank Weikai Li, Singapore Management University
   Discussant:   Chenyu Shan, Shanghai University of Finance and Economics
 

That is Not My Dog: Why Doesn’t the Log Dividend-Price Ratio Seem to Predict Future Log Returns or Log Dividend Growths?
By Phil Dybvig; Washington University in St. Louis
Huacheng Zhang; Southwestern University of Finance and Economics
   presented by: Huacheng Zhang, Southwestern University of Finance and Economics
   Discussant:   Dashan Huang, Singapore Management University
 

There is a Growth Premium After All
By Yuecheng Jia; Central University of Finance and Economics
Shu Yan; Oklahoma State University
Haoxi Yang; Nankai University
   presented by: Yuecheng Jia, Central University of Finance and Economics
   Discussant:   Wenyun Shi, Shanghai Jiao Tong University
 
Session: Keynote Speech: Solving Global Challenges using Finance Science: Past, Present and Future
July 11, 2018 13:30 to 15:00
Ballroom - 2F
 
Session Chair: Professor Robert Merton, Massachusetts Institute of Technology
 
Session: Asset Returns
July 11, 2018 15:15 to 17:00
Conference Room E
 
Session Chair: Jerome Detemple, Boston University
 

Ambiguity, Nominal Bond Yields, and Real Bond Yields
By Guihai Zhao; Bank of Canada
   presented by: Guihai Zhao, Bank of Canada
   Discussant:   Tony Berrada, University of Geneva and Swiss Finance Institute
 

Beta Ambiguity and Security Return Characteristics
By Zhe Geng; Shanghai Advanced Institute of Finance,Shanghai Jiao Tong University
Tan Wang; Shanghai Advanced Institute of Finance,Shanghai Jiao Tong University
   presented by: Tan Wang, Shanghai Advanced Institute of Finance,Shanghai Jiao Tong University
   Discussant:   Weidong Tian, The University of North Carolina at Charlotte
 

Does Smooth Ambiguity Matter for Asset Pricing?
By A. Ronald Gallant; Pennsylvania State University
Mohammad Jahan-Parvar; Federal Reserve Board
Hening Liu; University of Manchester
   presented by: Hening Liu, University of Manchester
   Discussant:   Soohun Kim, Georgia Institute of Technology
 

Understanding Common Risk Factors in Variance Swap Rates, Market Return Predictability and Variance Swap Investments When Volatility can Jump
By Yi Hong; Xi'an Jiaotong-Liverpool University
Xing Jin; University of Warwick
   presented by: Yi Hong, Xi'an Jiaotong-Liverpool University
   Discussant:   Junye Li, ESSEC Business School
 
Session: Macro Finance and Policy
July 11, 2018 15:15 to 17:00
Conference Room A
 
Session Chair: Deborah Lucas, Massachusetts Institute of Technology
 

Financial Stability, Growth and Macroprudential Policy
By Chang Ma; Johns Hopkins University
   presented by: Chang Ma, Johns Hopkins University
   Discussant:   Christian T. Lundblad, The University of North Carolina Chapel Hill
 

Trade, Finance and International Currency
By Tao Liu; Central University of Finance and Economics
Dong Lu; Renmin University of China
Wing Woo; University of California, Davis
   presented by: Tao Liu, Central University of Finance and Economics
   Discussant:   Bohui Zhang, The Chinese University of Hong Kong
 

Local Government Spending Multiplier in China: An Instrument Variable Approach
By Guoxiong Zhang; Shanghai Jiao Tong University
   presented by: Guoxiong Zhang, Shanghai Jiao Tong University
   Discussant:   Xiaodong Zhu, University of Toronto
 

China's Financial System in Equilibrium
By Jie Luo; Tsinghua University
Cheng Wang; Fudan University
   presented by: Jie Luo, Tsinghua University
   Discussant:   Zheng (Michael) Song, The Chinese University of Hong Kong
 
Session: Empirical Corporate Finance
July 11, 2018 15:15 to 17:00
Conference Room F
 
Session Chair: Sudipto Dasgupta, Lancaster University and the Chinese University of Hong Kong
 

More Cash, Less Innovation: The Effect of the American Jobs Creation Act on Patent Value
By Heitor Almeida; University of Illinois Urbana-Champaign
Po-Hsuan Hsu; The University of Hong Kong
Dongmei Li; University of South Carolina
Kevin Tseng; University of Kansas
   presented by: Kevin Tseng, University of Kansas
   Discussant:   Yiming Qian, The University of Iowa
 

Investment Banker Directors and Capital Raising Activities
By Qianqian Huang; City University of Hong Kong
Kai Li; University of British Columbia
Ting Xu; University of Virginia
   presented by: Ting Xu, University of Virginia
   Discussant:   Rik Sen, University of New South Wales
 

State Income Taxes and Corporate Liquidity Management
By Julie Wu; University of Nebraska-Lincoln
Ming Yuan; Unaffiliated
   presented by: Julie Wu, University of Nebraska-Lincoln
   Discussant:   Laura Xiaolei Liu, Guanghua School of Management, Peking University
 

Market-wide Events and Time Fixed Effects
By Elvira Sojli; University of New South Wales
Wing Wah Tham; University of New South Wales
Wendun Wang; Erasmus University Rotterdam
   presented by: Elvira Sojli, University of New South Wales
   Discussant:   Baolian Wang, Fordham University
 
Session: Credit Markets
July 11, 2018 15:15 to 17:00
Conference Room D
 
Session Chair: Fan Yu, Claremont McKenna College
 

The Information Externality of Corporate Financial Information in the Secondary State-Bond Market
By Stephanie Cheng; University of Toronto
   presented by: Stephanie Cheng, University of Toronto
   Discussant:   George Batta, Claremont McKenna College
 

Peer-to-Peer Lenders versus Banks: Substitutes or Complements?
By Huan Tang; HEC Paris
   presented by: Huan Tang, HEC Paris
   Discussant:   Peng Liu, Cornell University
 

The Product Market Effects of Derivatives Trading: Evidence from Credit Default Swaps
By Jay Li; City University of Hong Kong
Dragon Yongjun Tang; The University of Hong Kong
   presented by: Jay Li, City University of Hong Kong
   Discussant:   Fan Yu, Claremont McKenna College
 

Disclosure, Competition, and Learning from Asset Prices
By Liyan Yang; University of Toronto
   presented by: Liyan Yang, University of Toronto
   Discussant:   Eric Hughson, Claremont McKenna College
 
Session: Current Issues on Banking
July 11, 2018 15:15 to 17:00
Conference Room B
 
Session Chair: Andres Almazan, The University of Texas at Austin
 

Life below Zero: Bank Lending under Negative Policy Rates
By Florian Heider; European Central Bank
Farzad Saidi; Stockholm School of Economics
Glenn Schepens; European Central Bank
   presented by: Florian Heider, European Central Bank
   Discussant:   Carlos Parra, Instituto Tecnológico Autónomo de México (ITAM)
 

Financial Restructuring and Resolution of Banks
By Jean-Edouard Colliard; HEC Paris
Denis Gromb; HEC Paris
   presented by: Denis Gromb, HEC Paris
   Discussant:   Chang-Mo Kang, University of New South Wales
 

CoCo Bonds and Risk: The Market View
By Henning Hesse; Goethe-Universität Frankfurt
   presented by: Henning Hesse, Goethe-Universität Frankfurt
   Discussant:   Jacelly Cespedes, The University of Texas at Austin
 

Asset Encumbrance and Bank Risk: Theory and Evidence
By Albert Banal-Estañol; Universitat Pompeu Fabra and Barcelona GSE
Enrique Benito; City, University of London
Dmitry Khametshin; Universitat Pompeu Fabra and Barcelona GSE
Jianxing Wei; Universitat Pompeu Fabra
   presented by: Jianxing Wei, Universitat Pompeu Fabra
   Discussant:   Qifei Zhu, Nanyang Technological University
 
Session: Asset Return Behavior
July 11, 2018 15:15 to 17:00
Conference Room C
 
Session Chair: Kalok Chan, The Chinese University of Hong Kong
 

The Predictability of Equity Returns from Past Returns: A New Moving-Average-Based Perspective
By Doron E. Avramov; The Chinese University of Hong Kong and The Hebrew University, Jerusalem, Israel
Guy Kaplanski; Bar-Ilan University
Avanidhar Subrahmanyam; University of California, Los Angeles
   presented by: Doron E. Avramov, The Chinese University of Hong Kong and The Hebrew University, Jerusalem, Israel
   Discussant:   Xue Wang, Renmin University of China
 

Return Synchronicity in the Bond Market
By Haoyu Gao; Central University of Finance and Economics
Junbo Wang; City University of Hong Kong
Junchao Xiao; City University of Hong Kong
   presented by: Junbo Wang, City University of Hong Kong
   Discussant:   Yinggang Zhou, Xiamen University
 

Bond Lending and Bond Returns
By Mike Anderson; George Mason University
Brian Henderson; George Washington University
Neil Pearson; University of Illinois Urbana-Champaign
   presented by: Neil Pearson, University of Illinois Urbana-Champaign
   Discussant:   Feng Wu, Hong Kong Polytechnic University
 

Investor Sentiment and Stock Return Comovement: the Role of Information and Innovation
By Zhenyu Gao; The Chinese University of Hong Kong
Haohan Ren; The Chinese University of Hong Kong
Bohui Zhang; The Chinese University of Hong Kong
   presented by: Haohan Ren, The Chinese University of Hong Kong
   Discussant:   Shiyang Huang, The University of Hong Kong
 
Session: Conference Dinner and Best Paper Awards
July 11, 2018 18:00 to 20:00
Ballroom - 2F
 
 
Session: Information and Anomalies
July 12, 2018 8:00 to 9:45
Conference Room F
 
Session Chair: Bing Han, University of Toronto
 

Betting Against Alpha
By Alex Horenstein; University of Miami
   presented by: Alex Horenstein, University of Miami
   Discussant:   Jun Tu, Singapore Management University
 

The Evolution of Market Price Efficiency Around Earnings News
By Charles Martineau; University of Toronto
   presented by: Charles Martineau, University of Toronto
   Discussant:   Jiasun Li, George Mason University
 

Demand for Information and Asset Pricing
By Azi Ben-Rephael; Indiana University
Bruce Carlin; University of California, Los Angeles
Zhi Da; University of Notre Dame
Ryan Israelsen; Michigan State University
   presented by: Zhi Da, University of Notre Dame
   Discussant:   Hongjun Yan, DePaul University
 

The Momentum of News
By Ying Wang; Central University of Finance and Economics
Bohui Zhang; The Chinese University of Hong Kong
Xiaoneng Zhu; Shanghai University of Finance and Economics
   presented by: Bohui Zhang, The Chinese University of Hong Kong
   Discussant:   Sophia Zhengzi Li, Rutgers Business School
 
Session: Product Market and Corporate Finance
July 12, 2018 8:00 to 9:45
Conference Room B
 
Session Chair: Ling Cen, University of Toronto and the Chinese University of Hong Kong
 

Labor Unions and Product Quality: Evidence from the Incidence, Frequency, and Severity of Product Recalls
By Omesh Kini; Georgia State University
Mo Shen; Georgia State University
Jaideep Shenoy; University of Connecticut
Venkat Subramaniam; Tulane University
   presented by: Omesh Kini, Georgia State University
   Discussant:   Dong Yan, Stockholm School of Economics
 

CEO Option Compensation Can Be a Bad Option: Evidence from Product Market Relationships
By Claire Yang Liu; University of New South Wales
Ronald Masulis; University of New South Wales
Jared Stanfield; University of New South Wales
   presented by: Claire Yang Liu, University of New South Wales
   Discussant:   Redouane Elkamhi, University of Toronto
 

Product Market Dynamics and Mergers and Acquisitions: Insights from the USPTO Trademark Data
By Po-Hsuan Hsu; The University of Hong Kong
Kai Li; University of British Columbia
Yunan Liu; The University of Hong Kong
Hong Wu; Hong Kong Polytechnic University
   presented by: Hong Wu, Hong Kong Polytechnic University
   Discussant:   Jiaping Qiu, McMaster University
 

Private Equity Funds and Firm Products
By Wenhao Yang; University of Southern Carolina
Feng Zhang; University of Utah
   presented by: Feng Zhang, University of Utah
   Discussant:   Ling Cen, University of Toronto and the Chinese University of Hong Kong
 
Session: Exchange Rate Determination
July 12, 2018 8:00 to 9:45
Conference Room C
 
Session Chair: Christian T. Lundblad, The University of North Carolina Chapel Hill
 

Currency Mispricing and Dealer Balance Sheets
By Gino Cenedese; Bank of England
Pasquale Della Corte; Imperial College London and Centre for Economic Policy Research (CEPR)
Tianyu Wang; Imperial College London
   presented by: Tianyu Wang, Imperial College London
   Discussant:   Clark Liu, PBC School of Finance,Tsinghua University
 

The Value of Volume in Foreign Exchange
By Antonio Gargano; University of Melbourne
Steven Riddiough; University of Melbourne
Lucio Sarno; City, University of London
   presented by: Antonio Gargano, University of Melbourne
   Discussant:   Jacky Qi Zhang, Durham University
 

Incomplete Asset Market View of the Exchange Rate Determination
By Thomas Maurer; Washington University in St. Louis
Ngoc-Khanh Tran; Washington University in St. Louis
   presented by: Ngoc-Khanh Tran, Washington University in St. Louis
   Discussant:   Zhan Shi, PBC School of Finance, Tsinghua University
 

Intertemporal Substitution, Precautionary Saving, and Currency Premium
By Rui Chen; Central University of Finance and Economics
Ke Du; Southwestern University of Finance and Economics
Jun Liu; University of California San Diego
   presented by: Jun Liu, University of California San Diego
   Discussant:   Kai Li, Hong Kong University of Science and Technology
 
Session: Options
July 12, 2018 8:00 to 9:45
Conference Room E
 
Session Chair: Neil Pearson, University of Illinois Urbana-Champaign
 

Option-Implied Systematic Disaster Concern
By Fang Liu; Cornell University
   presented by: Fang Liu, Cornell University
   Discussant:   Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 

Volatility Uncertainty and the Cross-Section of Option Returns
By Jie Cao; The Chinese University of Hong Kong
Aurelio Vasquez; Instituto Tecnológico Autónomo de México (ITAM)
Xiao Xiao; Erasmus University Rotterdam
Xintong Zhan; Erasmus University Rotterdam
   presented by: Xiao Xiao, Erasmus University Rotterdam
   Discussant:   Lei Jiang, Tsinghua University
 

Imbalance-Based Option Pricing
By Yuan Zhang; École polytechnique fédérale de Lausanne (EPFL) and Swiss Finance Institute
   presented by: Yuan Zhang, École polytechnique fédérale de Lausanne (EPFL) and Swiss Finance Institute
   Discussant:   Feng Gao, Tsinghua University
 

Forward-Looking Tail Risk Measures
By Markus Huggenberger; University of Mannheim
Chu Zhang; Hong Kong University of Science and Technology
Ti Zhou; Southern University of Science and Technology
   presented by: Ti Zhou, Southern University of Science and Technology
   Discussant:   Jia Chen, Guanghua School of Management,Peking University
 
Session: Corporate Finance and Market Efficiency
July 12, 2018 8:00 to 9:45
Conference Room A
 
Session Chair: Bing Liang, University of Massachusetts Amherst
 

Do Public Firms Follow Venture Capitalists?
By Kailei Ye; The University of North Carolina at Chapel Hill
   presented by: Kailei Ye, The University of North Carolina at Chapel Hill
   Discussant:   Hong Ru, Nanyang Technological University
 

Are CEOs More Likely to be First-borns?
By Claudia Custodio; Imperial College London
Stephan Siegel; University of Washington
   presented by: Stephan Siegel, University of Washington
   Discussant:   Huan Yang, University of Massachusetts Amherst
 

Crowdsourced Employer Reviews and Stock Returns
By Clifton Green; Emory University
Ruoyan Huang; Moody’s Analytics
Quan Wen; Georgetown University
Dexin Zhou; Baruch College
   presented by: Quan Wen, Georgetown University
   Discussant:   Lin Peng, The City University of New York
 

Profitability, Asset Investment, and Aggregate Stock Returns
By Timothy Chue; Hong Kong Polytechnic University
Jin Xu; Hong Kong Polytechnic University
   presented by: Jin Xu, Hong Kong Polytechnic University
   Discussant:   Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 
Session: Banks, central banks, and financial-market transactions
July 12, 2018 8:00 to 9:45
Conference Room D
 
Session Chair: Florian Heider, European Central Bank
 

Derivatives Supply and Corporate Hedging: Evidence from the Safe Harbor Reform of 2005
By Ye Wang; Shanghai University of Finance and Economics
Erasmo Giambona; Syracuse University
   presented by: Ye Wang, Shanghai University of Finance and Economics
   Discussant:   Andrea Gamba, University of Warwick
 

Human Capital Driven Acquisition: Evidence from the Inevitable Disclosure Doctrine
By Deqiu Chen; University of International Business and Economics
Huasheng Gao; Fanhai International School of Finance, Fudan University
Yujing Ma; University of International Business and Economics
   presented by: Yujing Ma, University of International Business and Economics
   Discussant:   Janis Berzins, BI Norwegian Business School
 

Bank Specialness, Credit Lines, and Loan Structure
By Allen Berger; University of South Carolina
Donghang Zhang; University of South Carolina
Yijia Zhao; University of Massachusetts Boston
   presented by: Donghang Zhang, University of South Carolina
   Discussant:   Ai He, Emory University
 

A Theory of Collateral for the Lender of Last Resort
By Dong Beom Choi; Federal Reserve Bank of New York
Joao Santos; Federal Reserve Bank of New York
Tanju Yorulmazer; University of Amsterdam
   presented by: Joao Santos, Federal Reserve Bank of New York
   Discussant:   Florian Heider, European Central Bank
 
Session: Information in Financial Markets
July 12, 2018 10:15 to 12:00
Conference Room F
 
Session Chair: Lin Peng, The City University of New York
 

Institutional Investors and Information Acquisition: Implications for Asset Prices and Informational Efficiency
By Matthijs Breugem; Collegio Carlo Alberto
Adrian Buss; INSEAD
   presented by: Matthijs Breugem, Collegio Carlo Alberto
   Discussant:   Yajun Wang, University of Maryland
 

Optimal Disclosure and Fight for Attention
By Jan Schneemeier; Indiana University
   presented by: Jan Schneemeier, Indiana University
   Discussant:   Wen Chen, The Chinese University of Hong Kong, Shenzhen
 

Clientele, Information Sales, and Asset Prices
By Shiyang Huang; The University of Hong Kong
Yan Xiong; University of Toronto
Liyan Yang; University of Toronto
   presented by: Yan Xiong, University of Toronto
   Discussant:   Hongjun Yan, DePaul University
 

Prime (Information) Brokerage
By Nitish Kumar; University of Florida
Kevin Mullally; University of Alabama
Yuehua Tang; University of Florida
   presented by: Kevin Mullally, University of Alabama
   Discussant:   Jun Tu, Singapore Management University
 
Session: 中国金融市场与宏观经济
July 12, 2018 10:15 to 12:00
Conference Room B
 
Session Chair: Zheng (Michael) Song, The Chinese University of Hong Kong
 

中国金融机构间的金融冲击传递
By Jian Yang; University of Colorado Denver
Ziliang Yu; Nankai University
Jun Ma; PBC School of Finance, Tsinghua University
   presented by: Ziliang Yu, Nankai University
   Discussant:   Hao Wang, Tsinghua University
 

货币市场基金的市场集中度影响了其风险承担吗?
By Jingjun Liu; Sun Yat-sen University
   presented by: Jingjun Liu, Sun Yat-sen University
   Discussant:   Zhuo Chen, PBC School of Finance, Tsinghua University
 

高房价“挤出”了谁?——基于中国流动人口的微观视角
By Yinggang Zhou; Xiamen University
Lina Meng; Xiamen University
Qi Lu; Xiamen University
   presented by: Lina Meng, Xiamen University
   Discussant:   Bo Zhao, Peking University
 

中国分析师预告的有效性研究——基于投资者间信息不对称的研究视角
By Yang Li; Tianjin University
   presented by: Yang Li, Tianjin University
   Discussant:   Jin Xie, The Chinese University of Hong Kong
 
Session: Optimal Investment and Asset Pricing
July 12, 2018 10:15 to 12:00
Conference Room A
 
Session Chair: Hong Liu, Washington University in St. Louis
 

Portfolio Selection under Time Delays: A Piecewise Dynamic Programming Approach
By Kai Li; University of Technology Sydney
Jun Liu; University of California San Diego
   presented by: Kai Li, University of Technology Sydney
   Discussant:   Xudong Zeng, Shanghai University of Finance and Economics
 

Optimal Investment Strategies for Power Generation: The Value of Green Energy
By Jerome Detemple; Boston University
Yerkin Kitapbayev; Boston University
   presented by: Jerome Detemple, Boston University
   Discussant:   Neil Pearson, University of Illinois Urbana-Champaign
 

A Unified Economic Explanation for Profitability Premium and Value Premium
By Leonid Kogan; Massachusetts Institute of Technology
Jun Li; The University of Texas at Dallas
Harold Huibing Zhang; The University of Texas at Dallas
   presented by: Jun Li, The University of Texas at Dallas
   Discussant:   Joseph Chen, University of California, Davis
 

Short-sale Constraints and Credit Runs
By Gyuri Venter; Copenhagen Business School
   presented by: Gyuri Venter, Copenhagen Business School
   Discussant:   Yajun Wang, University of Maryland
 
Session: Analysts, Corporate Governance, and Vertical Competition
July 12, 2018 10:15 to 12:00
Conference Room C
 
Session Chair: Fang Yu, China Europe International Business School
 

Economic Consequences of Hiring Wall Street Analysts as Investor Relations Officers
By Ole-Kristian Hope; University of Toronto
Zhongwei Huang; City, University of London
Moldovan Rucsandra; Concordia University
   presented by: Zhongwei Huang, City, University of London
   Discussant:   Xiaoyun Yu, Indiana University
 

Vertical Competition, Systematic Risk, and Expected Returns
By Guoman She; Hong Kong University of Science and Technology
John K.C. Wei; Hong Kong University of Science and Technology
Haifeng You; Hong Kong University of Science and Technology
   presented by: John K.C. Wei, Hong Kong University of Science and Technology
   Discussant:   Ran Zhang, Peking University
 

Analyst Career Concerns, Effort Allocation, and Firms’ Information Environment
By Jarrad Harford; University of Washington
Feng Jiang; The State University of New York at Buffalo
Rong Wang; Singapore Management University
Fei Xie; University of Delaware
   presented by: Feng Jiang, The State University of New York at Buffalo
   Discussant:   Ling Cen, University of Toronto and the Chinese University of Hong Kong
 

Costly Corporate Governance: Evidence from Shareholder Approval in Mergers and Acquisitions
By Fangjian Fu; Singapore Management University
Wayne Guay; University of Pennsylvania
Wei Zhang; Singapore Management University
   presented by: Fangjian Fu, Singapore Management University
   Discussant:   Yuanzhi Li, Temple University
 
Session: Financial Intermediation
July 12, 2018 10:15 to 12:00
Conference Room D
 
Session Chair: Hong Ru, Nanyang Technological University
 

The Role of Bankers in the U.S. Syndicated Loan Market
By Christoph Herpfer; Emory University
   presented by: Christoph Herpfer, Emory University
   Discussant:   Gloria Yu, INSEAD
 

Bank Liquidity, Small Business Lending, and Real Outcomes
By Chen Lin; The University of Hong Kong
Mingzhu Tai; The University of Hong Kong
Wensi Xie; The Chinese University of Hong Kong
   presented by: Mingzhu Tai, The University of Hong Kong
   Discussant:   Wei Li, Nanyang Technological University
 

Anticorruption and Bank Lending
By Cheng Sun; Guanghua School of Management,Peking University
Jiangmin Xu; Guanghua School of Management, Peking University
Yinuo Zhang; Princeton University
   presented by: Cheng Sun, Guanghua School of Management,Peking University
   Discussant:   Bo Li, PBC School of Finance, Tsinghua University
 

Decision-making Delegation in Banks
By Jennifer Dlugosz; Washington University in St. Louis
YongKyu Gam; Southwestern University of Finance and Economics
Radhakrishnan Gopalan; Washington University in St. Louis
Janis Skrastins; Washington University in St. Louis
   presented by: YongKyu Gam, Southwestern University of Finance and Economics
   Discussant:   Haoyu Gao, Central University of Finance and Economics
 
Session: Hedge Funds
July 12, 2018 10:15 to 12:00
Conference Room E
 
Session Chair: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 

Investor Concentration, Flows, and Cash Holdings: Evidence from Hedge Funds
By Mathias Kruttli; Federal Reserve Board
Phillip Monin; Office of Financial Research
Sumudu Watugala; Cornell University
   presented by: Sumudu Watugala, Cornell University
   Discussant:   Kelsey Wei, The University of Texas at Dallas
 

Fund Selection, Style Allocation, and Active Management Abilities: Evidence from Funds of Hedge Funds’ Holdings
By Chao Gao; Purdue University
Timothy Haight; Loyola Marymount University
Chengdong Yin; Purdue University
   presented by: Chao Gao, Purdue University
   Discussant:   Bing Liang, University of Massachusetts Amherst
 

Managerial Incentives and Risk Taking: Evidence from Hedge Fund Leverage
By Z. Jay Wang; University of Oregon
Yi Xiao; University of Oregon
   presented by: Z. Jay Wang, University of Oregon
   Discussant:   Jennifer Huang, Cheung Kong Graduate School of Business
 

High Funding Risk, Low Return
By Sven Klingler; BI Norwegian Business School
   presented by: Sven Klingler, BI Norwegian Business School
   Discussant:   Hong Zhang, PBC School of Finance, Tsinghua University
 
Session: Behavioral Finance I
July 12, 2018 13:30 to 15:15
Conference Room B
 
Session Chair: Hongjun Yan, DePaul University
 

Climate Change and Efficiency of Sales Forecasts
By Harrison Hong; Columbia University
Frank Weikai Li; Singapore Management University
Jiangmin Xu; Guanghua School of Management, Peking University
   presented by: Jiangmin Xu, Guanghua School of Management, Peking University
   Discussant:   Bing Han, University of Toronto
 

The Trade Network and Asset Pricing: Evidence from the Sovereign CDS Market
By Huancheng Du; International Monetary Fund
Dong Lou; London School of Economics
Christopher Polk; London School of Economics
Jinfan Zhang; The Chinese University of Hong Kong, Shenzhen
   presented by: Jinfan Zhang, The Chinese University of Hong Kong, Shenzhen
   Discussant:   Yang Song, Stanford University
 

Extrapolative Beliefs in the Cross-section: What Can We Learn from the Crowds?
By Zhi Da; University of Notre Dame
Xing Huang; Washington University in St. Louis
Lawrence Jin; California Institute of Technology
   presented by: Xing Huang, Washington University in St. Louis
   Discussant:   Cameron Peng, Yale University
 

The Cushioning Effects of Biased Beliefs
By Lawrence Jin; California Institute of Technology
Matthew Shum; California Institute of Technology
Mali Zhang; California Institute of Technology
   presented by: Lawrence Jin, California Institute of Technology
   Discussant:   Xingtan Zhang, University of Colorado Boulder
 
Session: Information, Attention, and Market Liquidity
July 12, 2018 13:30 to 15:15
Conference Room C
 
Session Chair: Liyan Yang, University of Toronto
 

Innovation and Informed Trading: Evidence from Industry ETFs
By Shiyang Huang; The University of Hong Kong
Mauren O'Hara; Cornell University
Zhuo Zhong; University of Melbourne
   presented by: Shiyang Huang, The University of Hong Kong
   Discussant:   Vyacheslav (Slava) Fos, Boston College
 

Who Pays Attention to SEC Form 8-K?
By Azi Ben-Rephael; Indiana University
Zhi Da; University of Notre Dame
Peter Easton; University of Notre Dame
Ryan Israelsen; Michigan State University
   presented by: Zhi Da, University of Notre Dame
   Discussant:   Wenxi Jiang, The Chinese University of Hong Kong
 

Margin Trading and Short Selling with Asymmetric Information
By Gang Wang; Shanghai University of Finance and Economics
Yonglei Wang; AXA Investment Managers Chorus
Baohua Xin; University of Toronto
   presented by: Gang Wang, Shanghai University of Finance and Economics
   Discussant:   Bohui Zhang, The Chinese University of Hong Kong
 

Variation in Liquidity, Costly Arbitrage, and the Cross-Section of Stock Returns
By Badrinath Kottimukkalur; George Washington University
   presented by: Badrinath Kottimukkalur, George Washington University
   Discussant:   Li An, PBC School of Finance,Tsinghua University
 
Session: Government Policy and Capital Allocation in China
July 12, 2018 13:30 to 15:15
Conference Room E
 
Session Chair: Xiaodong Zhu, University of Toronto
 

Real Estate Boom and Misallocation of Capital in China
By Ting Chen; Hong Kong University of Science and Technology
Laura Xiaolei Liu; Guanghua School of Management, Peking University
Wei Xiong; Princeton University
Li-an Zhou; Guanghua School of Management, Peking University
   presented by: Laura Xiaolei Liu, Guanghua School of Management, Peking University
   Discussant:   Zheng (Michael) Song, The Chinese University of Hong Kong
 

China’s Anti-Corruption Campaign and Credit Reallocation from SOEs to Non-SOEs
By Bo Li; PBC School of Finance, Tsinghua University
Zhengwei Wang; PBC School of Finance, Tsinghua University
Hao Zhou; PBC School of Finance, Tsinghua University
   presented by: Bo Li, PBC School of Finance, Tsinghua University
   Discussant:   Shu Lin, The Chinese University of Hong Kong
 

Punish One, Teach a Hundred: The Sobering Effect of Punishment on the Unpunished
By Francesco D'Acunto; University of Maryland
Michael Weber; The University of Chicago
Jin Xie; The Chinese University of Hong Kong
   presented by: Jin Xie, The Chinese University of Hong Kong
   Discussant:   Hong Zhang, PBC School of Finance, Tsinghua University
 

Corporate Cronyism in China: New Measurement and Evidence from Political Cycles
By Chunyang Wang; Peking University
Qinghua Zhang; Peking University
   presented by: Chunyang Wang, Peking University
   Discussant:   Jing Wu, Tsinghua University
 
Session: FinTech
July 12, 2018 13:30 to 15:15
Conference Room F
 
Session Chair: Shimon Kogan, Massachusetts Institute of Technology and Arison School of Business, IDC Herzliya
 

A Revisit to Capital Controls Policies When Bitcoin Is in Town
By Gloria Yu; INSEAD
Jinyuan Zhang; INSEAD
   presented by: Gloria Yu, INSEAD
   Discussant:   Denis Gromb, HEC Paris
 

Corporate Culture and Merger Success: Evidence from Machine Learning
By Kai Li; University of British Columbia
Feng Mai; Stevens Institute of Technology
Rui Shen; Nanyang Technological University
Xinyan Yan; University of Dayton
   presented by: Xinyan Yan, University of Dayton
   Discussant:   Geoffrey Tate, The University of North Carolina at Chapel Hill
 

Empirical Asset Pricing via Machine Learning
By Shihao Gu; The University of Chicago
Bryan Kelly; Yale University
Dacheng Xiu; The University of Chicago
   presented by: Dacheng Xiu, The University of Chicago
   Discussant:   Si Cheng, The Chinese University of Hong Kong
 

Initial Coin Offering and Platform Building
By Jiasun Li; George Mason University
William Mann; UCLA Anderson School of Management
   presented by: Jiasun Li, George Mason University
   Discussant:   Ting Xu, University of Virginia
 
Session: Corporate Finance in China
July 12, 2018 13:30 to 15:15
Conference Room D
 
Session Chair: Yiming Qian, The University of Iowa
 

Restricting CEO Pay Backfires: Evidence from China
By Kee-Hong Bae; York University
Zhaoran Gong; Hong Kong Polytechnic University
Wilson Tong; Hong Kong Polytechnic University
   presented by: Kee-Hong Bae, York University
   Discussant:   Huasheng Gao, Fanhai International School of Finance, Fudan University
 

What’s in a Name? The Valuation Effect of Directors’ Sharing of Surnames
By Youchao Tan; Southwestern University of Finance and Economics
Jason Xiao; Cardiff University
Cheng Zeng; University of Manchester
Hong Zou; The University of Hong Kong
   presented by: Hong Zou, The University of Hong Kong
   Discussant:   Fei Xie, University of Delaware
 

The Political Cycle of Corporate Investments: New Evidence from Chinese Manufacturing Firms
By Laura Xiaolei Liu; Guanghua School of Management, Peking University
Haibing Shu; Shanghai Jiao Tong University
Shujing Wang; Shanghai Lixin University of Accounting and Finance
John K.C. Wei; Hong Kong University of Science and Technology
   presented by: Shujing Wang, Shanghai Lixin University of Accounting and Finance
   Discussant:   Wei Li, The University of Iowa
 

Effects of Chinese Imports on U.S. Firm Innovation: Evidence from the US-China Permanent Normal Trade Relation
By Tao Chen; Nanyang Technological University
Huasheng Gao; Fanhai International School of Finance, Fudan University
Yuxi Wang; Shanghai Jiao Tong University
   presented by: Yuxi Wang, Shanghai Jiao Tong University
   Discussant:   Kevin Tseng, University of Kansas
 
Session: Behavioral Finance II
July 12, 2018 13:30 to 15:15
Conference Room A
 
Session Chair: Harrison Hong, Columbia University
 

Extrapolative Asset Pricing
By Kai Li; University of Technology Sydney
Jun Liu; University of California San Diego
   presented by: Kai Li, University of Technology Sydney
   Discussant:   Pengfei Sui, California Institute of Technology
 

CAPM-Based Company (Mis)valuations
By Olivier Dessaint; University of Toronto
Jacques Olivier; HEC Paris
Clemens Otto; Singapore Management University
David Thesmar; Massachusetts Institute of Technology
   presented by: Clemens Otto, Singapore Management University
   Discussant:   Jiening Pan, Nankai University
 

Short-Termist CEO Compensation in Speculative Markets: A Controlled Experiment
By Yen-Cheng Chang; National Taiwan University
Minjie Huang; University of Louisville
Yu-Siang Su; National Taiwan University
Kevin Tseng; University of Kansas
   presented by: Yen-Cheng Chang, National Taiwan University
   Discussant:   Jiacui Li, Stanford University
 

Attention to Global Warming
By Darwin Choi; The Chinese University of Hong Kong
Zhenyu Gao; The Chinese University of Hong Kong
Wenxi Jiang; The Chinese University of Hong Kong
   presented by: Wenxi Jiang, The Chinese University of Hong Kong
   Discussant:   Dexin Zhou, Baruch College
 
Session: Policy and Its Impacts in China
July 12, 2018 15:45 to 17:30
Conference Room A
 
Session Chair: Laura Xiaolei Liu, Guanghua School of Management, Peking University
 

Dividends and Underinvestment in China: Did Foreign Investors Export Liquidity during the Global Financial Crisis?
By Wei Huang; University of Nottingham Ningbo China
John Goodell; University of Akron
Abhinav Goyal; University of Liverpool
   presented by: Wei Huang, University of Nottingham Ningbo China
   Discussant:   Xiaoqian Zhang, Zhejiang University
 

How Does Industrial Policy Affect Venture Capital Performance? Evidence from China
By Xiangyi Zhou; Xi'an Jiaotong University
Kun Chen; Xi'an Jiaotong University
Sheng Xiao; Westminster College
   presented by: Xiangyi Zhou, Xi'an Jiaotong University
   Discussant:   Yu Zhang, Guanghua School of Management, Peking University
 

Panda Games: Corporate Disclosure in the Eclipse of Search
By Kemin Wang; Fudan University
Xiaoyun Yu; Indiana University
Bohui Zhang; The Chinese University of Hong Kong
   presented by: Bohui Zhang, The Chinese University of Hong Kong
   Discussant:   Dragon Yongjun Tang, The University of Hong Kong
 

The Impact of Air Pollution on Analyst Earnings Forecasts: Evidence from Analysts’ Corporate Site Visits in China
By Rui Dong; Renmin University of China
Yongxiang Wang; University of Southern California
Nianhang Xu; Renmin University of China
   presented by: Nianhang Xu, Renmin University of China
   Discussant:   Yexiao Xu, The University of Texas at Dallas
 
Session: Household Finance: Labor and Housing
July 12, 2018 15:45 to 17:30
Conference Room D
 
Session Chair: Stephan Siegel, University of Washington
 

Hedging and Pricing Rent Risk with Search Frictions
By Briana Chang; University of Wisconsin-Madison
Hyun-Soo Choi; Singapore Management University
Harrison Hong; Columbia University
Jeffrey Kubik; Syracuse University
   presented by: Hyun-Soo Choi, Singapore Management University
   Discussant:   Zhenyu Gao, The Chinese University of Hong Kong
 

Clustering Fosters Investment: Local Agglomeration and Household Portfolio Choice
By Jawad Addoum; Cornell University
Stefanos Delikouras; University of Miami
Da Ke; University of South Carolina
George Korniotis; University of Miami
   presented by: Da Ke, University of South Carolina
   Discussant:   Aaron Burt, University of Oklahoma
 

Forced Retirement Risk and Portfolio Choice
By Guodong Chen; New York University Shanghai
Minjoon Lee; Carleton University
Tong-yob Nam; U.S. Department of the Treasury
   presented by: Guodong Chen, New York University Shanghai
   Discussant:   Yuxin Zhang, Imperial College London
 

Learning from Coworkers: Peer Effects on Individual Investment Decisions
By Paige Ouimet; The University of North Carolina at Chapel Hill
Geoffrey Tate; The University of North Carolina at Chapel Hill
   presented by: Geoffrey Tate, University of Maryland
   Discussant:   Antonio Gargano, University of Melbourne
 
Session: Information Aggregation and Market Structure
July 12, 2018 15:45 to 17:30
Conference Room E
 
Session Chair: Jennifer Huang, Cheung Kong Graduate School of Business
 

The Value of Scattered Information
By Christian Goulding; Michigan State University
Xingtan Zhang; University of Colorado Boulder
   presented by: Xingtan Zhang, University of Colorado Boulder
   Discussant:   Liyan Yang, University of Toronto
 

Electronic Trading in OTC Markets vs. Centralized Exchange
By Ying Liu; University of Lausanne and Swiss Finance Institute
Sebastian Vogel; École polytechnique fédérale de Lausanne (EPFL) and Swiss Finance Institute
Yuan Zhang; École polytechnique fédérale de Lausanne (EPFL) and Swiss Finance Institute
   presented by: Sebastian Vogel, École polytechnique fédérale de Lausanne (EPFL) and Swiss Finance Institute
   Discussant:   Bart Yueshen, INSEAD
 

Costly Information Acquisition in Decentralized Markets: An Experiment
By Elena Asparouhova; University of Utah
Peter Bossaerts; University of Melbourne
Wenhao Yang; University of Southern Carolina
   presented by: Wenhao Yang, University of Southern Carolina
   Discussant:   Shimon Kogan, Massachusetts Institute of Technology and Arison School of Business, IDC Herzliya
 

Trading in Crowded Markets
By Stepan Gorban; New Economic School
Anna Obizhaeva; New Economic School
Yajun Wang; University of Maryland
   presented by: Yajun Wang, University of Maryland
   Discussant:   Raymond C. W. Leung, Cheung Kong Graduate School of Business
 
Session: The Real Impact of Investors and Customers
July 12, 2018 15:45 to 17:30
Conference Room C
 
Session Chair: Hong Zhang, PBC School of Finance, Tsinghua University
 

The Real Effects of Exchange Traded Funds
By Frank Weikai Li; Singapore Management University
Xuewen Liu; Hong Kong University of Science and Technology
Chengzhu Sun; Hong Kong University of Science and Technology
   presented by: Frank Weikai Li, Singapore Management University
   Discussant:   Si Cheng, The Chinese University of Hong Kong
 

Disaggregated Sales and Stock Returns
By Sumit Agarwal; Georgetown University
Xin Zou; Hong Kong Baptist University
   presented by: Xin Zou, Hong Kong Baptist University
   Discussant:   Dexin Zhou, Baruch College
 

Monitoring and Learning by Institutional Investors: Theory and Evidence
By Jingyu Zhang; Imperial College London
   presented by: Jingyu Zhang, Imperial College London
   Discussant:   Chloe Chunliu Yang, INSEAD
 

Mutual Fund Peer Benchmarking and Corporate Governance
By Yijun Zhou; INSEAD
   presented by: Yijun Zhou, INSEAD
   Discussant:   Zhuo Chen, PBC School of Finance, Tsinghua University
 
Session: Behavioral Biases and Equity Markets
July 12, 2018 15:45 to 17:30
Conference Room F
 
Session Chair: Joseph Chen, University of California, Davis
 

Anchoring in Seasoned Equity Offerings: A Regression Discontinuity Approach
By Amy Dittmar; University of Michigan
Ran Duchin; University of Washington
Shuran Zhang; Jinan University
   presented by: Shuran Zhang, Jinan University
   Discussant:   Yen-Cheng Chang, National Taiwan University
 

Investor Attention and Demand for Lottery-Like Stocks
By Turan Bali; Georgetown University
David Hirshleifer; University of California, Irvine
Lin Peng; The City University of New York
Yi Tang; Fordham University
   presented by: Lin Peng, The City University of New York
   Discussant:   Huaizhi Chen, Harvard Business School
 

Asset Pricing with Return Extrapolation
By Lawrence Jin; California Institute of Technology
Pengfei Sui; California Institute of Technology
   presented by: Lawrence Jin, California Institute of Technology
   Discussant:   Hengjie Ai, University of Minnesota
 

Price and Volume Dynamics in Bubbles
By Cameron Peng; Yale University
Jingchi Liao; Shenzhen Stock Exchange
   presented by: Cameron Peng, Yale University
   Discussant:   Jiangze Bian, University of International Business and Economics
 
Session: Corporate Finance Theory
July 12, 2018 15:45 to 17:30
Conference Room B
 
Session Chair: Denis Gromb, HEC Paris
 

Selection Versus Talent Effects on Firm Value
By Briana Chang; University of Wisconsin-Madison
Harrison Hong; Columbia University
   presented by: Harrison Hong, Columbia University
   Discussant:   Lei Mao, The Chinese University of Hong Kong, Shenzhen
 

Leaks, Disclosures and Internal Communication
By Snehal Banerjee; University of California San Diego
Taejin Kim; The Chinese University of Hong Kong
   presented by: Taejin Kim, The Chinese University of Hong Kong
   Discussant:   Clemens Otto, Singapore Management University
 

Seasoned Equity Offerings and Dilution
By Mike Burkart; London School of Economics
Hongda Zhong; London School of Economics
   presented by: Hongda Zhong, London School of Economics
   Discussant:   Tingjun Liu, The University of Hong Kong
 

Restructuring Failure and Optimal Capital Structure
By Alfred Lehar; University of Calgary
   presented by: Alfred Lehar, University of Calgary
   Discussant:   Jing Zeng, Frankfurt School of Finance & Management
 
Session: Option Informations and Stock Returns
July 13, 2018 8:00 to 9:45
Conference Room E
 
Session Chair: Hao Zhou, PBC School of Finance, Tsinghua University
 

Market and Non-market Variance Risk in Individual Stock Returns
By Sungjune Pyun; National University of Singapore
   presented by: Sungjune Pyun, National University of Singapore
   Discussant:   Zhenzhen Fan, Nankai University
 

Aggregate Implied Volatility Spread and Stock Market Returns
By Bing Han; University of Toronto
Gang Li; University of Toronto
   presented by: Bing Han, University of Toronto
   Discussant:   Fang Qiao, PBC School of Finance, Tsinghua University
 

Center of Volume Mass: Does Aggregate Option Market Activity Predict Stock Returns?
By Gennaro Bernile; Singapore Management University
Fei Gao; Singapore Institute of Technology
Jianfeng Hu; Singapore Management University
   presented by: Fei Gao, Singapore Institute of Technology
   Discussant:   Xiao Xiao, Erasmus University Rotterdam
 

Asymmetric Variance Premium, Skewness Premium, and the Cross-Section of Stock Returns
By Tao Huang; Xi'an Jiaotong-Liverpool University
Junye Li; ESSEC Business School
Fei Wu; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
   presented by: Junye Li, ESSEC Business School
   Discussant:   Haorui Bai, Tsinghua University
 
Session: Factors
July 13, 2018 8:00 to 9:45
Conference Room B
 
Session Chair: Kewei Hou, The Ohio State University
 

Decomposing the Size Premium
By Zhiyao Chen; The Chinese University of Hong Kong
Jun Li; The University of Texas at Dallas
Huijun Wang; University of Delaware
   presented by: Jun Li, The University of Texas at Dallas
   Discussant:   Jack Bao, Federal Reserve Board
 

Characteristics-Based Factors
By Zhuo Chen; PBC School of Finance, Tsinghua University
Bibo Liu; Tsinghua University
Huijun Wang; University of Delaware
Zhengwei Wang; Tsinghua University
Jianfeng Yu; Tsinghua University
   presented by: Zhuo Chen, PBC School of Finance, Tsinghua University
   Discussant:   Roger Loh, Singapore Management University
 

Unspanned Risks and the Risk-return Tradeoff Test
By Rossen Valkanov; University of California San Diego
Huacheng Zhang; Southwestern University of Finance and Economics
   presented by: Huacheng Zhang, Southwestern University of Finance and Economics
   Discussant:   Justin Birru, The Ohio State University
 

Model Comparison with Sharpe Ratios
By Francisco Barillas; Goizueta Business School
Raymond Kan; University of Toronto
Cesare Robotti; University of Georgia
Jay Shanken; Emory University
   presented by: Raymond Kan, University of Toronto
   Discussant:   Chen Xue, University of Cincinnati
 
Session: 中国股票和衍生物价格
July 13, 2018 8:00 to 9:45
Conference Room D
 
Session Chair: Dragon Yongjun Tang, The University of Hong Kong
 

机构卖出与股价崩盘风险——基于沪市A股交易账户数据的实证研究
By Haoyu Gao; Central University of Finance and Economics
Xiaoguang Yang; University of Chinese Academy of Sciences
   presented by: Haoyu Gao, Central University of Finance and Economics
   Discussant:   Hua Cheng, The University of Texas at Austin
 

好的不确定性、坏的不确定性与股票市场定价
By Guojin Chen; Xiamen University
Jie Ding; Xiamen University
Xiangqin Zhao; Xiamen University
   presented by: Guojin Chen, Xiamen University
   Discussant:   Dehua Shen, Tianjin University
 

跳跃风险溢价、自激发行为与波动率回馈
By Fumin Zhu; Shenzhen University
Xiangyu Wei; Southwestern University of Finance and Economics
Zunxin Zheng; Shenzhen University
Hengyu Wu; Jinan University
   presented by: Fumin Zhu, Shenzhen University
   Discussant:   Xuewei Yang, Nanjing University
 

国债期货与现货市场间的价格发现与波动性传导:来自中国的证据
By Yinggang Zhou; Xiamen University
Yu Wu; Singapore Management University
Jiefeng Zhou; Xiamen University
   presented by: Yinggang Zhou, Xiamen University
   Discussant:   Xingguo Luo, Zhejiang University
 
Session: Finance and Innovation
July 13, 2018 8:00 to 9:45
Conference Room C
 
Session Chair: Yexiao Xu, The University of Texas at Dallas
 

Dancing with Shackles On: Compensation Recovery and Corporate Investment
By Xin Deng; Shanghai University of Finance and Economy
Yen-Teik Lee; Curtin Singapore
Zheng Qiao; Xiamen University
   presented by: Xin Deng, Shanghai University of Finance and Economy
   Discussant:   Dexin Zhou, Baruch College
 

Stock Market Liberalization and Innovation
By Fariborz Moshirian; University of New South Wales
Xuan Tian; PBC School of Finance,Tsinghua University
Bohui Zhang; The Chinese University of Hong Kong
Wenrui Zhang; The Chinese University of Hong Kong
   presented by: Wenrui Zhang, The Chinese University of Hong Kong
   Discussant:   Fang Yu, China Europe International Business School
 

R&D Investment and Firm Growth: The Role of Tangible Asset Complementarity
By Suresh Radhakrishnan; The University of Texas at Dallas
Huajie Wang; Fudan University
Kemin Wang; Fudan University
Zhenmei Zhu; Fudan University
   presented by: Huajie Wang, Fudan University
   Discussant:   Stephen Teng Sun, Peking University
 

Technology Spillovers, Information Externality, and Stock Price Crash Risk
By Jeong-Bon Kim; City University of Hong Kong
Stephen Teng Sun; Peking University
Zilong Zhang; City University of Hong Kong
   presented by: Stephen Teng Sun, Peking University
   Discussant:   Bohui Zhang, The Chinese University of Hong Kong
 
Session: Incentives and CEO Compensation
July 13, 2018 8:00 to 9:45
Conference Room A
 
Session Chair: Geoffrey Tate, The University of North Carolina at Chapel Hill
 

Performance Contingencies in CEO Equity Awards and Debt Contracting
By John Bizjak; Texas Christian University
Swaminathan Kalpathy; Texas Christian University
Vassil Mihov; Texas Christian University
   presented by: Swaminathan Kalpathy, Texas Christian University
   Discussant:   Katie Moon, University of Colorado
 

Distracted Directors: Evidence From Directors’ Outside Employment
By Hong Zhao; NEOMA Business School
Luke Stein; Arizona State University
   presented by: Hong Zhao, NEOMA Business School
   Discussant:   Tao Shu, University of Georgia
 

The Real Costs of CEO Compensation: the Effect of Behindness Aversion of Employees
By Ingolf Dittmann; Erasmus University Rotterdam
Christoph Schneider; Tilburg University
Yuhao Zhu; Erasmus University Rotterdam
   presented by: Yuhao Zhu, Erasmus University Rotterdam
   Discussant:   Clemens Otto, Singapore Management University
 

Payday before Mayday: CEO Compensation Contracting for Distressed Firms
By Edie Hotchkiss; Boston College
Mahdi Mohseni; Texas A&M University
   presented by: Mahdi Mohseni, Texas A&M University
   Discussant:   Ting Xu, University of Virginia
 
Session: Social Finance
July 13, 2018 8:00 to 9:45
Conference Room F
 
Session Chair: Stefan Zeume, University of Michigan
 

Does Frugality Influence Firm Behavior? Evidence from Natural Disasters
By Matthew Wynter; University of Illinois at Chicago
   presented by: Matthew Wynter, University of Illinois at Chicago
   Discussant:   Qianqian Huang, City University of Hong Kong
 

When They Work with Women, Do Men Get All the Credit?
By Shusen Qi; Xiamen University
Steven Ongena; University of Zurich
Hua Cheng; The University of Texas at Austin
   presented by: Shusen Qi, Xiamen University
   Discussant:   Da Ke, University of South Carolina
 

Socially Responsible Corporate Customers
By Rui Dai; University of Pennsylvania
Hao Liang; Singapore Management University
Lilian Ng; York University
   presented by: Hao Liang, Singapore Management University
   Discussant:   Qiping Xu, University of Notre Dame
 

Borrowing from Friends of Friends: Indirect Social Networks and Bank Loans
By Sterling Huang; Singapore Management University
Bo Li; PBC School of Finance, Tsinghua University
Massimo Massa; INSEAD
Hong Zhang; PBC School of Finance, Tsinghua University
   presented by: Bo Li, PBC School of Finance, Tsinghua University
   Discussant:   Feng Zhang, University of Utah
 
Session: Innovation
July 13, 2018 10:15 to 12:00
Conference Room D
 
Session Chair: Xuan Tian, PBC School of Finance,Tsinghua University
 

Credit Ratings and Firm Innovation: Evidence from Sovereign Downgrades
By Rui Wang; Lingnan University
Shijie Yang; The Chinese University of Hong Kong, Shenzhen
   presented by: Rui Wang, Lingnan University
   Discussant:   Jong-Min Oh, University of Central Florida
 

Employee Satisfaction and Corporate Innovation: Evidence from Quasi-Exogenous Natural Experiments
By Md Emdadul Islam; University of New South Wales
Lubna Rahman; University of New South Wales
Jason Zein; University of New South Wales
   presented by: Md Emdadul Islam, University of New South Wales
   Discussant:   Lifeng Gu, The University of Hong Kong
 

Corporate Governance, Managerial Compensation, and Disruptive Innovations
By Murat Celik; University of Toronto
Xu Tian; University of Toronto
   presented by: Xu Tian, University of Toronto
   Discussant:   Shiyang Huang, The University of Hong Kong
 

The Dark Side of Technological Progress? Impact of E-Commerce on Employees at Brick-and-Mortar Retailers
By Sudheer Chava; Georgia Institute of Technology
Alexander Oettl; Georgia Institute of Technology
Manpreet Singh; Georgia Institute of Technology
Linghang Zeng; Georgia Institute of Technology
   presented by: Linghang Zeng, Georgia Institute of Technology
   Discussant:   Huan Yang, University of Massachusetts Amherst
 
Session: Investor Rights and Information
July 13, 2018 10:15 to 12:00
Conference Room F
 
Session Chair: Bohui Zhang, The Chinese University of Hong Kong
 

The Effects of Creditor Rights and Bank Information Sharing on Borrower Behavior: Theory and Evidence
By John Boyd; University of Minnesota
Hendrik Hakenes; University of Bonn
Amanda Heitz; Tulane University
   presented by: Amanda Heitz, Tulane University
   Discussant:   Stefan Zeume, University of Michigan
 

Management (of) Proposals
By Ilona Babenko; Arizona State University
Goeun Choi; Arizona State University
Rik Sen; University of New South Wales
   presented by: Rik Sen, University of New South Wales
   Discussant:   Yao Shen, Baruch College
 

Some People Say: Immature Information in Corporate Disclosures
By J. Anthony Cookson; University of Colorado
Katie Moon; University of Colorado
Joonki Noh; Case Western Reserve University
   presented by: Katie Moon, University of Colorado
   Discussant:   Fuwei Jiang, Central University of Finance and Economics
 

Speech is Silver, But Silence is Golden: Information Suppression and the Promotion of Innovation
By Gaurav Kankanhalli; Cornell University
Alan Kwan; The University of Hong Kong
Kenneth Merkley; Cornell University
   presented by: Alan Kwan, The University of Hong Kong
   Discussant:   Manpreet Singh, Georgia Institute of Technology
 
Session: Corporate Dividends and Governance
July 13, 2018 10:15 to 12:00
Conference Room C
 
Session Chair: Kose John, New York University
 

Asymmetric Cost Behavior and Dividend Policy
By Jie He; University of Georgia
Xuan Tian; PBC School of Finance,Tsinghua University
Huan Yang; University of Massachusetts Amherst
Luo Zuo; Cornell University
   presented by: Huan Yang, University of Massachusetts Amherst
   Discussant:   Anup Agrawal, University of Alabama
 

Vanishing Stock Dividends
By Avner Kalay; University of Utah
Feng Zhang; University of Utah
   presented by: Feng Zhang, University of Utah
   Discussant:   Lin Tong, Fordham University
 

Controlling Shareholders’ Liquidity Constraints and Corporate Payout Policies
By Chen Lin; The University of Hong Kong
Hang Liu; Dongbei University of Finance and Economics
Chenkai Ni; Fudan University
Bohui Zhang; The Chinese University of Hong Kong
   presented by: Chenkai Ni, Fudan University
   Discussant:   Mingzhu Tai, The University of Hong Kong
 

The Effect of Shareholder-Initiated Corporate Governance On Accrual-Based and Real Earnings Management
By Jeffrey Ng; Hong Kong Polytechnic University
Hong Wu; Hong Kong Polytechnic University
Weihuan Zhai; Hong Kong Polytechnic University
Jing Zhao; Hong Kong Polytechnic University
   presented by: Jing Zhao, Hong Kong Polytechnic University
   Discussant:   Bo Li, PBC School of Finance, Tsinghua University
 
Session: 公司财务
July 13, 2018 10:15 to 12:00
Conference Room E
 
Session Chair: Qian Sun , Fudan University
 

IPO首日限价政策能否抑制投资者“炒新”?
By Zeyi Chen; Jimei University
Zhihua Wei; Xiamen University
Yuhui Wu; Xiamen University
Aimin Zeng; Zhejiang Gongshang University
   presented by: Zhihua Wei, Xiamen University
   Discussant:   Zhe Shen, Xiamen University
 

所有者管理、负债结构与债权人监督
By Xiaobao Song; Shantou University
   presented by: Xiaobao Song, Shantou University
   Discussant:   Yanjian Zhu, Zhejiang University
 

融资融券对上市公司治理影响的研究
By Yao Lu; Tsinghua University
Peng Zhang; Tsinghua University
Jiaqi Feng; Tsinghua University
   presented by: Peng Zhang, Tsinghua University
   Discussant:   Zhihua Wei, Xiamen University
 

异质经理人风险控制能力差异下的最优薪酬契约
By Xuanming Ni; Peking University
Huimin Zhao; Sun Yat-sen University
Long Qian; Peking University
   presented by: Huimin Zhao, Sun Yat-sen University
   Discussant:   Bo Li, Shantou University
 
Session: Empirical Asset Pricing: Trading and Volatility
July 13, 2018 10:15 to 12:00
Conference Room A
 
Session Chair: Xiaoyan Zhang, Purdue University
 

A Three-Factor Model of Idiosyncratic Volatility
By Thijs van der Heijden; University of Melbourne
Qi Zeng; University of Melbourne
Yichao Zhu; Australian National University
   presented by: Yichao Zhu, Australian National University
   Discussant:   Han Xiao, Pennsylvania State University
 

Trading by Crossing
By Yue-Cheong Chan; Hong Kong Polytechnic University
Jennifer Conrad; The University of North Carolina at Chapel Hill
Gang Hu; Hong Kong Polytechnic University
Sunil Wahal; Arizona State University
   presented by: Gang Hu, Hong Kong Polytechnic University
   Discussant:   Qing Tong, Singapore Management University
 

Leverage-Induced Fire Sales and Stock Market Crashes
By Jiangze Bian; University of International Business and Economics
Zhiguo He; The University of Chicago
Kelly Shue; Yale University
Hao Zhou; PBC School of Finance, Tsinghua University
   presented by: Jiangze Bian, University of International Business and Economics
   Discussant:   Roger Loh, Singapore Management University
 

Volatility-of-Volatility Risk in Asset Pricing
By Te-Feng Chen; Hong Kong Polytechnic University
Tarun Chordia; Emory University
San-Lin Chung; National Taiwan University
JC Lin; Hong Kong Polytechnic University
   presented by: Te-Feng Chen, Hong Kong Polytechnic University
   Discussant:   Hao Wang, Tsinghua University
 
Session: Markets and Incentives
July 13, 2018 10:15 to 12:00
Conference Room B
 
Session Chair: Hengjie Ai, University of Minnesota
 

Dynamic Asset Allocation with Hidden Volatility
By Felix Feng; University of Notre Dame
Mark Westerfield; University of Washington
   presented by: Felix Feng, University of Notre Dame
   Discussant:   Raymond C. W. Leung, Cheung Kong Graduate School of Business
 

Integrated Markets: Economic or Financial Integration?
By Amir Akbari; University of Ontario
Lilian Ng; York University
Bruno Solnik; Hong Kong University of Science and Technology
   presented by: Lilian Ng, York University
   Discussant:   Jun Li, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 

Up-Cascaded Wisdom of the Crowd
By Lin William Cong; The University of Chicago
Yizhou Xiao; The Chinese University of Hong Kong
   presented by: Yizhou Xiao, The Chinese University of Hong Kong
   Discussant:   John Nash, Hong Kong University of Science and Technology
 

Inventory Risk and Dealer Competition in a Dealer Network
By Lixin Huang; Georgia State University
Bin Wei; Federal Reserve Bank of Atlanta
   presented by: Bin Wei, Federal Reserve Bank of Atlanta
   Discussant:   Ji Shen, Guanghua School of Management,Peking University
 
Session: Chinese Stock Market
July 13, 2018 13:30 to 15:15
Conference Room B
 
Session Chair: Jun Liu, University of California San Diego
 

T+1 Trading Rule and Overnight Return Puzzle in China's Stock Market
By Kenan Qiao; Chinese Academy of Sciences and University of Groningen
Lammertjan Dam; University of Groningen
   presented by: Kenan Qiao, Chinese Academy of Sciences and University of Groningen
   Discussant:   Jiangze Bian, University of International Business and Economics
 

Growth Tilt of Chinese Stock Mutual Funds
By Yeguang Chi; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Bijiao Yin; Shanghai Advanced Institute of Finance, Shanghai Jiaotong University
   presented by: Bijiao Yin, Shanghai Advanced Institute of Finance, Shanghai Jiaotong University
   Discussant:   Yingzi Zhu, Tsinghua University
 

The Whack-A-Mole Game: Tobin Tax and Trading Frenzy
By Jinghan Cai; University of Scranton
Jibao He; Shenzhen Stock Exchange
Wenxi Jiang; The Chinese University of Hong Kong
Wei Xiong; Princeton University
   presented by: Wenxi Jiang, The Chinese University of Hong Kong
   Discussant:   Xin Liu, Australian National University
 

Public Information Content of Stock Prices in China
By Xu Feng; Tianjin University
Jianxin Wang; University of Technology Sydney
   presented by: Xu Feng, Tianjin University
   Discussant:   Huacheng Zhang, Southwestern University of Finance and Economics
 
Session: Credit Risks and Investments
July 13, 2018 13:30 to 15:15
Conference Room D
 
Session Chair: Harold Huibing Zhang, The University of Texas at Dallas
 

Credit Derivatives and Firm Investment
By George Batta; Claremont McKenna College
Fan Yu; Claremont McKenna College
   presented by: George Batta, Claremont McKenna College
   Discussant:   Sarah Wang, University of Warwick
 

Investment Shocks and Asset Returns: International Evidence
By Ruchith Dissanayake; Queensland University of Technology
Akiko Watanabe; University of Alberta
Masahiro Watanabe; University of Alberta
   presented by: Ruchith Dissanayake, Queensland University of Technology
   Discussant:   Jun Li, University of Texas at Dallas
 

FinTech Credit and Service Quality
By Yi Huang; Institut de hautes études internationales et du développement (IHEID)
Chen Lin; The University of Hong Kong
Lai Wei; Lingnan University
   presented by: Lai Wei, Lingnan University
   Discussant:   Yao Shen, Baruch College
 

Variance Risk Premia in Emerging Markets
By Fang Qiao; PBC School of Finance, Tsinghua University
Lai Xu; Syracuse University
Xiaoyan Zhang; Purdue University
Hao Zhou; PBC School of Finance, Tsinghua University
   presented by: Fang Qiao, PBC School of Finance, Tsinghua University
   Discussant:   Yexiao Xu, The University of Texas at Dallas
 
Session: Finance, Development and Politics
July 13, 2018 13:30 to 15:15
Conference Room C
 
Session Chair: Yongxiang Wang, University of Southern California
 

The Origins of Financial Development: How the TseTse Fly Continues to Influence Modern Finance
By Jiafu An; University of Edinburgh
Wenxuan Hou; University of Edinburgh
   presented by: Wenxuan Hou, University of Edinburgh
   Discussant:   Ya Tang, Guanghua School of Management,Peking University
 

Clogged Intermediation: Were Home Buyers Crowded Out?
By Dong Beom Choi; Federal Reserve Bank of New York
Hyun-Soo Choi; Singapore Management University
Jung-Eun Kim; Federal Reserve Bank of Richmond
   presented by: Hyun-Soo Choi, Singapore Management University
   Discussant:   Jia Chen, Guanghua School of Management,Peking University
 

Home Bias in U.S. Politics
By Changhyun Ahn; University of Florida
Jae Yung Kim; University of Florida
Jongsub Lee; University of Florida
   presented by: Changhyun Ahn, University of Florida
   Discussant:   Jiaquan Yao, Xiamen University
 

Firm Boundaries and Political Uncertainty: Evidence Using State Elections in India
By Arkodipta Sarkar; London Business School
   presented by: Arkodipta Sarkar, London Business School
   Discussant:   Jin Xie, The Chinese University of Hong Kong
 
Session: Credit Market and Rating
July 13, 2018 13:30 to 15:15
Conference Room F
 
Session Chair: Chen Lin, The University of Hong Kong
 

Debt Boundaries Matter: Evidence From The Subsidiary Debt
By Michela Altieri; Vrije Universiteit Amsterdam
   presented by: Michela Altieri, Vrije Universiteit Amsterdam
   Discussant:   Chenkai Ni, Fudan University
 

Buying on Certification: Customer Procurement and Credit Ratings
By Kevin Green; The University of Texas at Dallas
Xuan Tian; PBC School of Finance,Tsinghua University
Han Xia; The University of Texas at Dallas
   presented by: Xuan Tian, PBC School of Finance,Tsinghua University
   Discussant:   Tao Chen, Nanyang Technological University
 

Do Shareholders Benefit from Green Bonds
By Dragon Yongjun Tang; The University of Hong Kong
Yupu Zhang; The University of Hong Kong
   presented by: Yupu Zhang, The University of Hong Kong
   Discussant:   Wenxuan Hou, University of Edinburgh
 

Roads and Loans
By Sumit Agarwal; Georgetown University
Abhiroop Mukherjee; Hong Kong University of Science and Technology
S. Lakshmi Naaraayanan; Hong Kong University of Science and Technology
   presented by: S. Lakshmi Naaraayanan, Hong Kong University of Science and Technology
   Discussant:   Mingzhu Tai, The University of Hong Kong
 
Session: Corporate Theory
July 13, 2018 13:30 to 15:15
Conference Room A
 
Session Chair: Zhiguo He, The University of Chicago
 

Optimal Short-Termism
By Dirk Hackbarth; Boston University
Alejandro Rivera; The University of Texas at Dallas
Tak-Yuen Wong; Shanghai University of Finance and Economics
   presented by: Tak-Yuen Wong, Shanghai University of Finance and Economics
   Discussant:   Hengjie Ai, University of Minnesota
 

Optimal Contracting with Unobservable Managerial Hedging
By Yu Huang; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Nengjiu Ju; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Hao Xing; London School of Economics
   presented by: Yu Huang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
   Discussant:   Zhiguo He, The University of Chicago
 

A Model of Bank Credit Cycles
By Jianxing Wei; Universitat Pompeu Fabra
Tong Xu; Southwestern University of Finance and Economics
   presented by: Tong Xu, Southwestern University of Finance and Economics
   Discussant:   Kai Li, Hong Kong University of Science and Technology
 

Debt Overhang and Asymmetric Information in the Secondary Market
By Ben Charoenwong; National University of Singapore
Hyunsoo Doh; Nanyang Technological University
Yiyao Wang; The University of Chicago
   presented by: Yiyao Wang, The University of Chicago
   Discussant:   Hongda Zhong, London School of Economics
 
Session: 金融改革与创新
July 13, 2018 13:30 to 15:15
Conference Room E
 
Session Chair: Jiadong Tong, Nankai University
 

融资约束下的研发投入与财务风险
By Qingmin Hao; Tianjin University
   presented by: Qingmin Hao, Tianjin University
   Discussant:   Dun Jia, Renmin University of China
 

人口结构与银行系统性风险测度及监管——一个以利率为纽带的视角
By Yuejiao Duan; Nankai University
Xiaoyun Fan; Nankai University
Haoxi Yang; Nankai University
   presented by: Haoxi Yang, Nankai University
 

经济政策不确定性冲击与股市波动率——来自宏观与微观两个层面的经验证据
By Li Li; Guanghua School of Management, Peking University
Lei Gong; Guanghua School of Management, Peking University
Bo Wang; Nankai University
   presented by: Lei Gong, Guanghua School of Management, Peking University
 

融资财务顾问(FA)能否为创业公司创造价值?——来自中国私募股权市场的证据
By Yufei Liu; Guanghua School of Management, Peking University
   presented by: Yufei Liu, Guanghua School of Management, Peking University
   Discussant:   Bingqing Li, Nankai University

This program was last updated on 2018-05-24 22:24:27 EDT