Summary of All Sessions |
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| Date/Time | Location | Title | Papers |
|---|---|---|---|
| July 10, 2018 18:00-19:30 | Junior Ballroom | Conference Reception | 0 |
| July 11, 2018 8:00-9:45 | Conference Room E | Contagion and Systemic Risk | 4 |
| July 11, 2018 8:00-9:45 | Conference Room C | Empirical Asset Pricing | 4 |
| July 11, 2018 8:00-9:45 | Conference Room D | Fixed Income | 4 |
| July 11, 2018 8:00-9:45 | Conference Room B | Government and Governance | 4 |
| July 11, 2018 8:00-9:45 | Conference Room F | IPOs, Mergers, and TechFin | 4 |
| July 11, 2018 8:00-9:45 | Conference Room A | Mutual Funds | 4 |
| July 11, 2018 10:15-12:00 | Conference Room B | Bond Market and Macroeconomic Policy | 4 |
| July 11, 2018 10:15-12:00 | Conference Room E | Debt Contracting, Credit Markets, and Capital Structure | 4 |
| July 11, 2018 10:15-12:00 | Conference Room C | Empirical Corporate Governance | 4 |
| July 11, 2018 10:15-12:00 | Conference Room D | Information and Asset Pricing | 4 |
| July 11, 2018 10:15-12:00 | Conference Room A | Labor and Finance | 4 |
| July 11, 2018 10:15-12:00 | Conference Room F | Stock Return Predictability | 4 |
| July 11, 2018 13:30-15:00 | Ballroom - 2F | Keynote Speech: Solving Global Challenges Using Finance Science: Past and Future | 0 |
| July 11, 2018 15:15-17:00 | Conference Room C | Asset Return Behavior | 4 |
| July 11, 2018 15:15-17:00 | Conference Room E | Asset Returns | 4 |
| July 11, 2018 15:15-17:00 | Conference Room D | Credit Markets | 4 |
| July 11, 2018 15:15-17:00 | Conference Room B | Current Issues on Banking | 4 |
| July 11, 2018 15:15-17:00 | Conference Room F | Empirical Corporate Finance | 4 |
| July 11, 2018 15:15-17:00 | Conference Room A | Macro Finance and Policy | 4 |
| July 11, 2018 18:00-20:00 | Ballroom - 2F | Conference Dinner and Best Paper Awards | 0 |
| July 12, 2018 8:00-9:45 | Conference Room D | Banks, Central Banks, and Financial-market Transactions | 4 |
| July 12, 2018 8:00-9:45 | Conference Room A | Corporate Finance and Market Efficiency | 4 |
| July 12, 2018 8:00-9:45 | Conference Room C | Exchange Rate Determination | 4 |
| July 12, 2018 8:00-9:45 | Conference Room F | Information and Anomalies | 4 |
| July 12, 2018 8:00-9:45 | Conference Room E | Options | 4 |
| July 12, 2018 8:00-9:45 | Conference Room B | Product Market and Corporate Finance | 4 |
| July 12, 2018 10:15-12:00 | Conference Room C | Analysts, Corporate Governance, and Vertical Competition | 4 |
| 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 Intermediation | 4 |
| July 12, 2018 10:15-12:00 | Conference Room E | Hedge Funds | 4 |
| July 12, 2018 10:15-12:00 | Conference Room F | Information in Financial Markets | 4 |
| July 12, 2018 10:15-12:00 | Conference Room A | Optimal Investment and Asset Pricing | 4 |
| July 12, 2018 13:30-15:15 | Conference Room B | Behavioral Finance I | 4 |
| July 12, 2018 13:30-15:15 | Conference Room A | Behavioral Finance II | 4 |
| July 12, 2018 13:30-15:15 | Conference Room D | Corporate Finance in China | 4 |
| July 12, 2018 13:30-15:15 | Conference Room F | FinTech | 4 |
| July 12, 2018 13:30-15:15 | Conference Room E | Government Policy and Capital Allocation in China | 4 |
| July 12, 2018 13:30-15:15 | Conference Room C | Information, Attention, and Market Liquidity | 4 |
| July 12, 2018 15:45-17:30 | Conference Room F | Behavioral Biases and Equity Markets | 4 |
| July 12, 2018 15:45-17:30 | Conference Room B | Corporate Finance Theory | 4 |
| July 12, 2018 15:45-17:30 | Conference Room D | Household Finance: Labor and Housing | 4 |
| July 12, 2018 15:45-17:30 | Conference Room E | Information Aggregation and Market Structure | 4 |
| July 12, 2018 15:45-17:30 | Conference Room A | Policy and Its Impacts in China | 4 |
| July 12, 2018 15:45-17:30 | Conference Room C | The Real Impact of Investors and Customers | 4 |
| 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 | Factors | 4 |
| July 13, 2018 8:00-9:45 | Conference Room C | Finance and Innovation | 4 |
| July 13, 2018 8:00-9:45 | Conference Room A | Incentives and CEO Compensation | 4 |
| July 13, 2018 8:00-9:45 | Conference Room E | Option Information and Stock Returns | 4 |
| July 13, 2018 8:00-9:45 | Conference Room F | Social Finance | 4 |
| 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 Governance | 4 |
| July 13, 2018 10:15-12:00 | Conference Room A | Empirical Asset Pricing: Trading and Volatility | 4 |
| July 13, 2018 10:15-12:00 | Conference Room D | Innovation | 4 |
| July 13, 2018 10:15-12:00 | Conference Room F | Investor Rights and Information | 4 |
| July 13, 2018 10:15-12:00 | Conference Room B | Markets and Incentives | 4 |
| July 13, 2018 13:30-15:15 | Conference Room B | Chinese Stock Market | 4 |
| July 13, 2018 13:30-15:15 | Conference Room A | Corporate Theory | 4 |
| July 13, 2018 13:30-15:15 | Conference Room F | Credit Market and Rating | 4 |
| July 13, 2018 13:30-15:15 | Conference Room D | Credit Risks and Investments | 4 |
| 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 Politics | 4 |
63 sessions, 240 papers, and 0 presentations with no associated papers |
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China International Conference in Finance 2018 |
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Detailed List of Sessions |
| Session: Conference Reception July 10, 2018 18:00 to 19:30 Junior Ballroom |
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| 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 T. Lundblad; The University of North Carolina at Chapel Hill Wolf Wagner; Erasmus University Rotterdam |
| presented by: Christian T. Lundblad, The University of North Carolina at Chapel Hill |
| 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, Shenzhen |
| 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 |
| Investment Adviser Regulatory Jurisdiction and Reported 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 TechFin 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 |
| FinTech Credit, Financial Inclusion and Entrepreneurial Growth |
| By Harald Hau; University of Geneva and Swiss Finance I Yi Huang; Graduate Institute, Geneva Hongzhe Shan; University of Geneva and Swiss Finance Institute Zixia Sheng; Ant Financial Services Group |
| presented by: Hongzhe Shan, University of Geneva and Swiss Finance Institute |
| Discussant: Grace Xing Hu, The University of Hong Kong |
| 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 of Governors |
| 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, Rutgers Business School |
| 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 at 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 |
| Discussant: Haikun Zhu, Tilburg 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 |
| Discussant: Stefan Zeume, University of Michigan |
| 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 and Future July 11, 2018 13:30 to 15:00 Ballroom - 2F |
| Session Chair: Professor Robert C. 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: Zhe Geng, 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 at 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, Shenzhen |
| 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 |
| Incentive Effects from Write-down CoCo Bonds: An Empirical Analysis |
| 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, University of International Business and Economics |
| 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, Shenzhen |
| 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, Shenzhen Xiaoneng Zhu; Shanghai University of Finance and Economics |
| presented by: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen |
| 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 at 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: Yijia Zhao, University of Massachusetts Boston |
| 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 Sugata Ray; 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 K. C. John Wei; Hong Kong Polytechnic University Haifeng You; Hong Kong University of Science and Technology |
| presented by: K. C. John Wei, Hong Kong Polytechnic University |
| 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, 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: Yaqing Xiao, Capital University of Economics and Business |
| 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, London School of Economics |
| 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, Shenzhen |
| 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 |
| Is There Cronyism? Evidence from Land Market and Corporate Political Cycles in China |
| 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: Jiasun Li, George Mason University |
| 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: Yujing Ma, University of International Business and Economics |
| 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 K. C. John Wei; Hong Kong Polytechnic University |
| 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 |
| 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, Shenzhen |
| presented by: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen |
| 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 |
| 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 |
| 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 |
| 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, The University of North Carolina at Chapel Hill |
| 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, London School of Economics |
| 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: Erica Li, Cheung Kong Graduate School of Business |
| 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 Information and Stock Returns July 13, 2018 8:00 to 9:45 Conference Room E |
| Session Chair: Dacheng Xiu, The University of Chicago |
| 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, University of Delaware |
| 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 Wei Liu; Shanghai Stock Exchange and Fudan University Haoyu Gao; Central University of Finance and Economics Xiaoguang Yang; University of Chinese Academy of Sciences Chaoqun Ma; Hunan University |
| 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: Jie Ding, 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, Shenzhen 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, Shenzhen |
| 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-Friendliness 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 Rik Sen; 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, Shenzhen |
| 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, Shenzhen |
| 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, The 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, Jinan 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 |
| 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 |
| Discussant: Qian Sun, Fudan 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 |
| 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 |
| Discussant: Haoyu Gao, Central University of Finance and Economics |
| 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; Peking University |
| presented by: Yufei Liu, Peking University |
| Discussant: Bingqing Li, Nankai University |
This program was last updated on 2018-07-06 04:23:26 EDT