Summary of All Sessions |
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| Date/Time | Location | Title | Papers |
|---|---|---|---|
| July 9, 2019 18:00-19:30 | Lobby · Mar-Tea-Ni Lounge | CFA Institute Conference Reception | 0 |
| July 10, 2019 8:00-9:45 | Conference Room C | 并购与公司治理 Mergers & Acquisitions and Corporate Governance | 4 |
| July 10, 2019 8:00-9:45 | Conference Room A | Corporate Governance and Ownership Structure | 4 |
| July 10, 2019 8:00-9:45 | Conference Room F | Household Finance: Micro and Macro | 4 |
| July 10, 2019 8:00-9:45 | Conference Room D | Investors, Risk, and Returns | 4 |
| July 10, 2019 8:00-9:45 | Conference Room B | New Perspectives on Asset Pricing | 4 |
| July 10, 2019 8:00-9:45 | Conference Room E | Stock Market Efficiency | 4 |
| July 10, 2019 10:15-12:00 | Conference Room D | Asset Pricing | 4 |
| July 10, 2019 10:15-12:00 | Conference Room A | Empirical Asset Pricing | 4 |
| July 10, 2019 10:15-12:00 | Conference Room E | Fintech Developments | 4 |
| July 10, 2019 10:15-12:00 | Conference Room F | Government Policy and Business | 4 |
| July 10, 2019 10:15-12:00 | Conference Room B | Insider Trading, Disclosures, and Investment Horizons | 4 |
| July 10, 2019 10:15-12:00 | Conference Room C | Opioid Crisis, Sex Harassment, and Gender Gap in Corporate Finance | 4 |
| July 10, 2019 13:30-15:00 | Grand Ballroom | Keynote Speech | 0 |
| July 10, 2019 15:15-17:00 | Conference Room C | Bank Monitoring and Lending Relationships | 4 |
| July 10, 2019 15:15-17:00 | Conference Room B | Delegated Portfolios | 4 |
| July 10, 2019 15:15-17:00 | Conference Room A | Factor Investment and Factor Models | 4 |
| July 10, 2019 15:15-17:00 | Conference Room E | Financial Markets and the Economy | 4 |
| July 10, 2019 15:15-17:00 | Conference Room F | Mergers and Acquisitions | 4 |
| July 10, 2019 15:15-17:00 | Conference Room D | Taxes - Pay, Avoid, Evade | 4 |
| July 10, 2019 18:00-20:00 | Grand Ballroom | Conference Dinner and Best Paper Awards | 0 |
| July 11, 2019 8:00-9:45 | Conference Room D | Consumer Credit and Product Markets | 4 |
| July 11, 2019 8:00-9:45 | Conference Room G | Corporate Debt and Creditor Rights | 4 |
| July 11, 2019 8:00-9:45 | Conference Room C | Information and Intermediaries | 4 |
| July 11, 2019 8:00-9:45 | Conference Room B | Information, Leverage and Liquidity | 4 |
| July 11, 2019 8:00-9:45 | Conference Room A | Information, Price Discovery and Liquidity | 4 |
| July 11, 2019 8:00-9:45 | Conference Room E | IPOs, SEOs, and the Going Public Decision: Theory and Evidence | 4 |
| July 11, 2019 8:00-9:45 | Conference Room F | What Can We Learn from the Chinese Market: New Facts and New Factors | 4 |
| July 11, 2019 10:15-12:00 | Conference Room B | Credit Markets | 4 |
| July 11, 2019 10:15-12:00 | Conference Room G | Crime, Capital Flows, and Liberalization | 4 |
| July 11, 2019 10:15-12:00 | Conference Room F | Empirical Corporate Finance | 4 |
| July 11, 2019 10:15-12:00 | Conference Room C | 金融中介和文本分析 Financial Intermediation and Textual Analysis | 4 |
| July 11, 2019 10:15-12:00 | Conference Room E | Fintech | 4 |
| July 11, 2019 10:15-12:00 | Conference Room D | Institutional Investors: Skill, Behavior, and Impact | 4 |
| July 11, 2019 10:15-12:00 | Conference Room A | Labor and Corporate Finance | 4 |
| July 11, 2019 13:30-15:15 | Conference Room C | Asset Managers and Asset Markets | 4 |
| July 11, 2019 13:30-15:15 | Conference Room G | Board of Directors | 4 |
| July 11, 2019 13:30-15:15 | Conference Room B | Corporate Payout Policy | 4 |
| July 11, 2019 13:30-15:15 | Conference Room A | Empirical Asset Pricing: New Takes on Outstanding Challenges | 4 |
| July 11, 2019 13:30-15:15 | Conference Room F | Financial Crisis and Banking | 4 |
| July 11, 2019 13:30-15:15 | Conference Room D | Learning, Liquidity, and Strategic Arbitrage | 4 |
| July 11, 2019 13:30-15:15 | Conference Room E | Politics and Finance | 4 |
| July 11, 2019 15:45-17:30 | Conference Room A | Asset Pricing with Frictions | 4 |
| July 11, 2019 15:45-17:30 | Conference Room F | Corporate Innovation | 4 |
| July 11, 2019 15:45-17:30 | Conference Room D | Credit and Governance | 4 |
| July 11, 2019 15:45-17:30 | Conference Room C | Exotics in Equity Returns | 4 |
| July 11, 2019 15:45-17:30 | Conference Room B | Financial Distress and Bankruptcy | 4 |
| July 11, 2019 15:45-17:30 | Conference Room E | Hedge Funds and Other Institutional Investors | 4 |
| July 11, 2019 15:45-17:30 | Conference Room G | Market Mispricing | 4 |
| July 12, 2019 8:00-9:45 | Conference Room F | Behavioral Finance | 4 |
| July 12, 2019 8:00-9:45 | Conference Room A | Financial Markets with Frictions | 4 |
| July 12, 2019 8:00-9:45 | Conference Room E | Institutional Investors | 4 |
| July 12, 2019 8:00-9:45 | Conference Room D | Investment Decision and Asset Pricing | 4 |
| July 12, 2019 8:00-9:45 | Conference Room C | Market Frictions and Liquidity | 4 |
| July 12, 2019 8:00-9:45 | Conference Room B | The Power of News | 4 |
| July 12, 2019 10:15-12:00 | Conference Room E | CEO Compensation and CEO Behavior | 4 |
| July 12, 2019 10:15-12:00 | Conference Room B | Financial Markets and Corporate Policies | 4 |
| July 12, 2019 10:15-12:00 | Conference Room C | Fixed Income Securities and Derivatives | 4 |
| July 12, 2019 10:15-12:00 | Conference Room F | Government Regulations and Corporate Decision Making | 3 |
| July 12, 2019 10:15-12:00 | Conference Room A | Options | 4 |
| July 12, 2019 10:15-12:00 | Conference Room D | Uncertainty, Business Cycles, and Asset Pricing. | 4 |
| July 12, 2019 13:30-15:15 | Conference Room D | 中国宏观金融 China Macro Finance | 4 |
| July 12, 2019 13:30-15:15 | Conference Room B | Capital Raising and Policy Changes | 4 |
| July 12, 2019 13:30-15:15 | Conference Room A | Financial Analysts | 4 |
| July 12, 2019 13:30-15:15 | Conference Room C | International Investment Management | 4 |
| July 12, 2019 13:30-15:15 | Conference Room E | Issues on China Financial Market | 4 |
| July 12, 2019 13:30-15:15 | Conference Room F | Risk, Uncertainty, Arbitrage | 4 |
67 sessions, 255 papers, and 0 presentations with no associated papers |
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China International Conference in Finance 2019 |
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Detailed List of Sessions |
| Session: CFA Institute Conference Reception July 9, 2019 18:00 to 19:30 Lobby · Mar-Tea-Ni Lounge |
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| Session: Stock Market Efficiency July 10, 2019 8:00 to 9:45 Conference Room E |
| Session Chair: Zhi Da, University of Notre Dame |
| Skin in the Game: Operating Growth, Firm Performance, and Future Stock Returns |
| By Sean Cao; Georgia State University Zhe Wang; Georgia State University Eric Yeung; Cornell University |
| presented by: Eric Yeung, Cornell University |
| Discussant: Jianan Liu, University of Pennsylvania |
| Volatility, Valuation Ratios, and Bubbles: An Empirical Measure of Market Sentiment |
| By Can Gao; Imperial College London Ian Martin; London School of Economics |
| presented by: Can Gao, Imperial College London |
| Discussant: Quan Wen, Georgetown University |
| The Pricing of the Illiquidity Factor's Systematic Risk |
| By Yakov Amihud; New York University Joonki Noh; Case Western Reserve University |
| presented by: Joonki Noh, Case Western Reserve University |
| Discussant: Xiaoxia Lou, University of Delaware |
| The Profits and Losses of Short Sellers |
| By Antonio Gargano; University of Melbourne Juan Sotes-Paladino; University of Melbourne Patrick Verwijmeren; Erasmus University Rotterdam |
| presented by: Antonio Gargano, University of Melbourne |
| Discussant: Jaewon Choi, University of Illinois |
| Session: New Perspectives on Asset Pricing July 10, 2019 8:00 to 9:45 Conference Room B |
| Session Chair: Kewei Hou, The Ohio State University |
| Overnight Returns, Daytime Reversals, and Future Stock Returns: The Risk of Investing in a Tug of War with Noise Traders |
| By Ferhat Akbas; University of Illinois at Chicago Ekkehart Boehmer; Singapore Management University Chao Jiang; University of South Carolina Paul Koch; Iowa State University |
| presented by: Chao Jiang, University of South Carolina |
| Discussant: Jie Li, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Macroeconomic Risk, Expected Market Return, and the Cross-Section of Stock Returns: A Data-mining Perspective |
| By Xuemin Yan; University of Missouri Lingling Zheng; Renmin University of China |
| presented by: Lingling Zheng, Renmin University of China |
| Discussant: Dacheng Xiu, The University of Chicago |
| ESG Preference and Market Efficiency: Evidence from Mispricing and Institutional Trading |
| By Jie Cao; The Chinese University of Hong Kong Sheridan Titman; The University of Texas at Austin Xintong Zhan; The Chinese University of Hong Kong Weiming Zhang; The Chinese University of Hong Kong |
| presented by: Weiming Zhang, The Chinese University of Hong Kong |
| Discussant: Roger Loh, Singapore Management University |
| Discretionary Stock Trading Suspension |
| By Jennifer Huang; Cheung Kong Graduate School of Business Donghui Shi; Shanghai Stock Exchange Zhongzhi Song; Cheung Kong Graduate School of Business Bin Zhao; New York University Shanghai |
| presented by: Zhongzhi Song, Cheung Kong Graduate School of Business |
| Discussant: Jinyu Liu, University of International Business and Economics |
| Session: Corporate Governance and Ownership Structure July 10, 2019 8:00 to 9:45 Conference Room A |
| Session Chair: Jun-Koo Kang, Nanyang Technological University |
| Peer Effects in Corporate Governance Practices: Evidence from Universal Demand Laws |
| By Pouyan Foroughi; The University of New South Wales Alan Marcus; Boston College Vinh Nguyen; The University of Hong Kong Hassan Tehranian; Boston College |
| presented by: Vinh Nguyen, The University of Hong Kong |
| Discussant: Jungmin Kim, Hong Kong Polytechnic University |
| Collectivism and the Emergence of Family Firms in China |
| By Joseph Fan; The Chinese University of Hong Kong Qiankun Gu; The Chinese University of Hong Kong Xin Yu; The University of Queensland |
| presented by: Xin Yu, The University of Queensland |
| Discussant: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen |
| Managerial Response to Shareholder Empowerment: Evidence from Majority Voting Legislation Changes |
| By Vicente Cunat; London School of Economics Yiqing Lu; New York University Hong Wu; Fudan University |
| presented by: Yiqing Lu, New York University |
| Discussant: Seungjoon Oh, Peking University |
| Multi-Class Shares Around the World: The Role of Institutional Investors |
| By Jinhee Kim; University of Virginia Pedro Matos; University of Virginia Ting Xu; University of Virginia |
| presented by: Pedro Matos, University of Virginia |
| Discussant: Qifei Zhu, Nanyang Technological University |
| Session: Investors, Risk, and Returns July 10, 2019 8:00 to 9:45 Conference Room D |
| Session Chair: Jun Li, The University of Texas at Dallas |
| Sophisticated Inattention and Investor Underreaction |
| By Jiacui Li; Stanford Graduate School of Business |
| presented by: Jiacui Li, Stanford Graduate School of Business |
| Discussant: Feng Zhao, The University of Texas at Dallas |
| Predicting Currency Returns: New Evidence on the Forward Premium Puzzle and the Dollar-trade Strategy |
| By Doron Avramov; IDC Herzliya Yan Xu; The University of Hong Kong |
| presented by: Yan Xu, The University of Hong Kong |
| Discussant: Thomas Maurer, University of Hong Kong |
| Capital Heterogeneity, Time-To-Build, and Return Predictability |
| By Ding Luo; City University of Hong Kong |
| presented by: Ding Luo, City University of Hong Kong |
| Discussant: Youchang Wu, University of Oregon |
| Wealth Redistribution in Bubbles and Crashes |
| By Li An; PBC School of Finance, Tsinghua University Dong Lou; London School of Economics Jiangze Bian; University of International Business and Economics Donghui Shi; Shanghai Stock Exchange |
| presented by: Li An, PBC School of Finance, Tsinghua University |
| Discussant: Sai Ma, Federal Reserve Board of Governors |
| Session: 并购与公司治理 Mergers & Acquisitions and Corporate Governance July 10, 2019 8:00 to 9:45 Conference Room C |
| Session Chair: Guanmin Liao, Renmin University of China |
| 兼并收购与劳动力技术升级 |
| By Xinzheng Shi; Tsinghua University Shuo Zhao; Tsinghua University Yao Lu; Tsinghua University Xinyue Liu; Peking University |
| presented by: Shuo Zhao, Tsinghua University |
| Discussant: Tao Zhu, Jinan University |
| 风险投资具有咨询功能吗？ ——异地风投在异地并购中的功能研究 |
| By Shanmin Li; Sun Yat-sen University Jibin Yang; Sun Yat-sen University |
| presented by: Jibin Yang, Sun Yat-sen University |
| Discussant: Yi Yao, Nankai University |
| 国企董事长领薪安排与管理层薪酬激励 |
| By Tao Zhu; Jinan University |
| presented by: Tao Zhu, Jinan University |
| Discussant: Yunsen Chen, Central University of Finance and Economics |
| 环保标签与公司形象维护 |
| By Kemin Wang; Fudan University Lin Zhou; Fudan University |
| presented by: Lin Zhou, Fudan University |
| Discussant: Yanmei Sun, University of International Business and Economics |
| Session: Household Finance: Micro and Macro July 10, 2019 8:00 to 9:45 Conference Room F |
| Session Chair: Stephan Siegel, University of Washington |
| Capital Leakage, House Prices, and Consumer Spending: Evidence from Asset Purchase Restriction Spillovers |
| By Yinglu Deng; Tsinghua University Li Liao; Tsinghua University Jiaheng Yu; Massachusetts Institute of Technology Yu Zhang; Guanghua School of Management, Peking University |
| presented by: Yu Zhang, Guanghua School of Management, Peking University |
| Discussant: Jefferson Duarte, Rice University |
| Life-Cycle Portfolio Choice with Imperfect Predictors |
| By Alex Michaelides; Imperial College London Yuxin Zhang; Renmin University of China |
| presented by: Yuxin Zhang, Renmin University of China |
| Discussant: Andrew Detzel, University of Denver |
| Mentally Spent: Credit Market Conditions and Mental Health |
| By Qing Hu; The University of Hong Kong Ross Levine; University of California, Berkeley Chen Lin; The University of Hong Kong Mingzhu Tai; The University of Hong Kong |
| presented by: Mingzhu Tai, The University of Hong Kong |
| Discussant: Tianyue Ruan, National University of Singapore |
| Left Behind: Partisan Identity and Wealth Inequality |
| By Da Ke; University of South Carolina |
| presented by: Da Ke, University of South Carolina |
| Discussant: Zigan Wang, The University of Hong Kong |
| Session: Fintech Developments July 10, 2019 10:15 to 12:00 Conference Room E |
| Session Chair: Xiaoyan Zhang, PBC School of Finance, Tsinghua University |
| Predicting Returns with Text Data |
| By Zheng Ke; Harvard University Bryan Kelly; Yale University Dacheng Xiu; The University of Chicago |
| presented by: Dacheng Xiu, The University of Chicago |
| Discussant: Yingzi Zhu, Tsinghua University |
| Initial Coin Offerings, Blockchain Technology, and White Paper Disclosures |
| By Chen Feng; University of British Columbia Nan Li; University of Toronto Franco Wong; University of Toronto Mingyue Zhang; University of Toronto |
| presented by: Nan Li, University of Toronto |
| Discussant: Danling Jiang, Stony Brook University |
| Social Interactions and Peer-to-Peer Lending Decisions |
| By Linda Allen; Baruch College, The City University of New York Lin Peng; Baruch College, The City University of New York Yu Shan; Baruch College, The City University of New York |
| presented by: Lin Peng, Baruch College, The City University of New York |
| Discussant: Francesca Brusa, Temple University |
| The Ecnomics of Data |
| By David Easley; Cornell University Shiyang Huang; The University of Hong Kong Liyan Yang; University of Toronto Zhuo Zhong; University of Melbourne |
| presented by: Zhuo Zhong, University of Melbourne |
| Discussant: Zhen Zhou, Tsinghua University |
| Session: Insider Trading, Disclosures, and Investment Horizons July 10, 2019 10:15 to 12:00 Conference Room B |
| Session Chair: Lilian Ng, York University |
| Monitoring from Afar: Do Foreign Institutional Investors Deter Insider Trading? |
| By Yurong Hong; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Frank Weikai Li; Singapore Management University Qifei Zhu; Nanyang Technological University |
| presented by: Qifei Zhu, Nanyang Technological University |
| Discussant: Chao Jiang, University of South Carolina |
| Indirect Insider Trading |
| By Brad Goldie; Miami University Chao Jiang; University of South Carolina Paul Koch; Iowa State University Modupe Wintoki; University of Kansas |
| presented by: Paul Koch, Iowa State University |
| Discussant: Frank Weikai Li, Singapore Management University |
| How Do Insider Trades Affect Voluntary Nonfinancial Disclosures? Evidence from Product and Business Expansion Disclosures |
| By Guanming He; Durham University |
| presented by: Guanming He, Durham University |
| Discussant: Dan Li, The Chinese University of Hong Kong, Shenzhen |
| Insider Trading and Shareholder Investment Horizons |
| By Xudong Fu; University of Louisville Lei Kong; University of Alabama Tian Tang; University of Louisville Xinyan Yan; University of Dayton |
| presented by: Xinyan Yan, University of Dayton |
| Discussant: Jie Cao, Chinese University of Hong Kong |
| Session: Opioid Crisis, Sex Harassment, and Gender Gap in Corporate Finance July 10, 2019 10:15 to 12:00 Conference Room C |
| Session Chair: Yongxiang Wang, University of Southern California |
| The Gender Gap in Executive Promotions |
| By Jing Xu; University of Technology Sydney |
| presented by: Jing Xu, University of Technology Sydney |
| Discussant: Baolian Wang, University of Florida |
| Women's Inheritance Rights and Entrepreneurship Gender Gap |
| By S. Lakshmi Naaraayanan; Hong Kong University of Science and Technology |
| presented by: S. Lakshmi Naaraayanan, Hong Kong University of Science and Technology |
| Discussant: Wenlan Qian, National University of Singapore |
| Me Too: Does Workplace Sexual Harassment Hurt Firm Value? |
| By Shiu-Yik Au; University of Manitoba Ming Dong; York University Andreanne Tremblay; Laval University |
| presented by: Ming Dong, York University |
| Discussant: Rui Dong, Renmin University of China |
| The Impact of the Opioid Crisis on Firm Value and Investment |
| By Paige Ouimet; The University of North Carolina at Chapel Hill Elena Simintzi; The University of North Carolina at Chapel Hill Kailei Ye; The University of North Carolina at Chapel Hill |
| presented by: Kailei Ye, The University of North Carolina at Chapel Hill |
| Discussant: Tao Shu, University of Georgia |
| Session: Government Policy and Business July 10, 2019 10:15 to 12:00 Conference Room F |
| Session Chair: William Megginson, University of Oklahoma |
| Can Governments Foster the Development of Venture Capital? |
| By Yue Fei; Toulouse School of Economics |
| presented by: Yue Fei, Toulouse School of Economics |
| Discussant: Zhongzhi Song, Cheung Kong Graduate School of Business |
| Geopolitical Risk and Investment |
| By Xinjie Wang; Southern University of Science and Technology Yangru Wu; Rutgers University Weike Xu; Clemson University |
| presented by: Yangru Wu, Rutgers University |
| Discussant: Xin Yu, The University of Queensland |
| The Usefulness of Financial Advisors to Government-Controlled Chinese Acquirers |
| By Sorin Daniliuc; The Australian National University Hui Guo; The Australian National University Marvin Wee; The Australian National University |
| presented by: Sorin Daniliuc, The Australian National University |
| Discussant: Allen Huang, Hong Kong University of Science and Technology |
| State Ownership and the Allocation of Capital |
| By Chun Kuang; University of International Business and Economics Wenyu Zhu; Renmin University of China |
| presented by: Chun Kuang, University of International Business and Economics |
| Discussant: Gary Tian, Macquarie University |
| Session: Asset Pricing July 10, 2019 10:15 to 12:00 Conference Room D |
| Session Chair: Jefferson Duarte, Rice University |
| The Rise of Institutional Investment in the Residential Real Estate Market |
| By Rohan Ganduri; Emory University Steven Chong Xiao; The University of Texas at Dallas |
| presented by: Steven Chong Xiao, The University of Texas at Dallas |
| Discussant: Xiaoying Deng, Shanghai University of Finance and Economics |
| Multivariate Crash Risk |
| By Fousseni Chabi-Yo; Isenberg School of Management Markus Huggenberger; University of Mannheim Florian Weigert; University of St. Gallen |
| presented by: Markus Huggenberger, University of Mannheim |
| Discussant: Junye Li, ESSEC Business School |
| Positive Feedback Trading and Stock Prices: Evidence from Mutual Funds |
| By Cameron Peng; London School of Economics Chen Wang; Yale University |
| presented by: Cameron Peng, London School of Economics |
| Discussant: Jue Ren, Texas Christian University |
| Labor Market Competitor Network and the Transmission of Shocks |
| By Yukun Liu; Yale University Xi Wu; New York University |
| presented by: Ding Luo, City University of Hong Kong |
| Discussant: Ding Luo, City University of Hong Kong |
| Session: Empirical Asset Pricing July 10, 2019 10:15 to 12:00 Conference Room A |
| Session Chair: Robert Dittmar, University of Michigan |
| Government Debt, Dividend Growth and Stock Returns |
| By Yulong Sun; Bocconi University |
| presented by: Yulong Sun, Bocconi University |
| Discussant: Jun Li, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Arbitrage Portfolios |
| By Soohun Kim; Georgia Institute of Technology Robert Korajczyk; Northwestern University Andreas Neuhierl; University of Notre Dame |
| presented by: Soohun Kim, Georgia Institute of Technology |
| Discussant: Nancy Xu, Boston College |
| Investor Demand for Leverage: Evidence from Closed-End Funds |
| By Robert Dam; University of Colorado Boulder Shaun Davies; University of Colorado Boulder Katie Moon; University of Colorado Boulder |
| presented by: Shaun Davies, University of Colorado Boulder |
| Discussant: Jie Li, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Reaching for Yield and Overpricing in Bonds |
| By Jaewon Choi; University of Illinois Urbana-Champaign Qianwen Chen; Shanghai University of Finance and Economics |
| presented by: Qianwen Chen, Shanghai University of Finance and Economics |
| Discussant: Yoshio Nozawa, Hong Kong University of Science and Technology |
| Session: Keynote Speech July 10, 2019 13:30 to 15:00 Grand Ballroom |
| Session: Financial Markets and the Economy July 10, 2019 15:15 to 17:00 Conference Room E |
| Session Chair: Ravi Jagannatha, Northwestern University, NBER, ISB and SAIF |
| Political Uncertainty and Commodity Markets |
| By Kewei Hou; The Ohio State University Ke Tang; Tsinghua University Bohui Zhang; The Chinese University of Hong Kong, Shenzhen |
| presented by: Ke Tang, Tsinghua University |
| Discussant: Zhuo Chen, PBC School of Finance, Tsinghua University |
| Financialization and Commodity Market Serial Dependence |
| By Zhi Da; University of Notre Dame Ke Tang; Tsinghua University Yubo Tao; Singapore Management University |
| presented by: Zhi Da, University of Notre Dame |
| Discussant: Prachi Deuskar, Indian School of Business |
| Momentum, Reversal, and the Firm Fundamental Cycle |
| By Yufeng Han; The University of North Carolina at Charlotte Zhaodan Huang; Utica College Weidong Tian; The University of North Carolina at Charlotte Guofu Zhou; Washington University in St. Louis |
| presented by: Yufeng Han, The University of North Carolina at Charlotte |
| Discussant: Shiyang Huang, The University of Hong Kong |
| Oil Price, Bond Return, and Breakeven Inflation |
| By Haibo Jiang; Tulane University |
| presented by: Haibo Jiang, Tulane University |
| Discussant: Yan Ji, Hong Kong University of Science and Technology |
| Session: Taxes - Pay, Avoid, Evade July 10, 2019 15:15 to 17:00 Conference Room D |
| Session Chair: Stefan Zeume, University of Illinois Urbana-Champaign |
| Tax Evasion, Capital Gains Taxes, and the Housing Market |
| By Sumit Agarwal; National University of Singapore Keyang Li; Tsinghua University Yu Qin; National University of Singapore Jing Wu; Tsinghua University Jubo Yan; Nanyang Technological University |
| presented by: Yu Qin, National University of Singapore |
| Discussant: Jun Yang, University of Notre Dame |
| Illiquid Shareholders and Firm Behavior: Financial and Real Effects of the Personal Wealth Tax |
| By Janis Berzins; BI Norwegian Business School Oyvind Bohren; BI Norwegian Business School Bogdan Stacescu; BI Norwegian Business School |
| presented by: Janis Berzins, BI Norwegian Business School |
| Discussant: Da Ke, University of South Carolina |
| The Real Effects of Tax Avoidance |
| By Narly Dwarkasing; University of Bonn Yiqing Lu; New York University |
| presented by: Yiqing Lu, New York University |
| Discussant: Yufeng Wu, University of Illinois |
| Judge Ideology and Corporate Tax Avoidance |
| By Travis Chow; Singapore Management University Allen Huang; Hong Kong University of Science and Technology Kai Wai Hui; The University of Hong Kong |
| presented by: Allen Huang, Hong Kong University of Science and Technology |
| Discussant: William Megginson, University of Oklahoma |
| Session: Delegated Portfolios July 10, 2019 15:15 to 17:00 Conference Room B |
| Session Chair: Veronika Pool, Indiana University |
| Institutional Brokerage Networks: Facilitating Liquidity Provision |
| By Munhee Han; The University of Texas at Dallas Sanghyun (Hugh) Kim; The University of Texas at Dallas Vikram Nanda; The University of Texas at Dallas |
| presented by: Munhee Han, The University of Texas at Dallas |
| Discussant: Xi Dong, Baruch College, The City University of New York |
| Growing Beyond Performance |
| By Wenxi Jiang; The Chinese University of Hong Kong Mindy Xiaolan; The University of Texas at Austin |
| presented by: Wenxi Jiang, The Chinese University of Hong Kong |
| Discussant: Pedro Matos, University of Virginia |
| How Well Do Traders Condition on the Uniqueness of Their Signals? |
| By Nicholas Hirschey; London Business School Chishen Wei; Singapore Management University |
| presented by: Nicholas Hirschey, London Business School |
| Discussant: Olivier Scaillet, University of Geneva and Swiss Finance Institute |
| Managerial Structure and Performance Induced Trading |
| By Anastassia Fedyk; University of California, Berkeley Saurin Patel; Western University Sergei Sarkissian; McGill University |
| presented by: Saurin Patel, Western University |
| Discussant: Yizhou Xiao, The Chinese University of Hong Kong |
| Session: Factor Investment and Factor Models July 10, 2019 15:15 to 17:00 Conference Room A |
| Session Chair: Dacheng Xiu, The University of Chicago |
| Common Factors in Equity Option Returns |
| By Alex Horenstein; University of Miami Aurelio Vasquez; Instituto Tecnológico Autónomo de México Xiao Xiao; Erasmus University Rotterdam |
| presented by: Xiao Xiao, Erasmus University Rotterdam |
| Discussant: Xintong Zhan, The Chinese University of Hong Kong |
| A Toolkit for Factor-Mimicking Portfolios |
| By Kuntara Pukthuanthong; University of Missouri Richard Roll; California Institute of Technology Junbo Wang; Louisiana State University Tengfei Zhang; Louisiana State University |
| presented by: Junbo Wang, Louisiana State University |
| Discussant: Yinan Su, Johns Hopkins University |
| More Factors Are Needed: Evidence from a Simple Test |
| By Ai He; Emory University Dashan Huang; Singapore Management University Guofu Zhou; Washington University in St. Louis |
| presented by: Ai He, Emory University |
| Discussant: Gavin Feng, City University of Hong Kong |
| Factor Investing: Hierarchical Ensemble Learning |
| By Guanhao Feng; City University of Hong Kong Jingyu He; The University of Chicago |
| presented by: Jingyu He, The University of Chicago |
| Discussant: Fuwei Jiang, Central University of Finance and Economics |
| Session: Mergers and Acquisitions July 10, 2019 15:15 to 17:00 Conference Room F |
| Session Chair: Yiming Qian, University of Connecticut |
| EPS-Sensitivity and Merger Deals |
| By Sudipto Dasgupta; The Chinese University of Hong Kong Jarrad Harford; University of Washington Fangyuan Ma; The Chinese University of Hong Kong |
| presented by: Sudipto Dasgupta, The Chinese University of Hong Kong |
| Discussant: Ming Dong, York University |
| M&As and the Value of Control |
| By Massimo Massa; INSEAD Hong Zhang; PBC School of Finance, Tsinghua University Weikang Zhu; PBC School of Finance, Tsinghua University |
| presented by: Weikang Zhu, PBC School of Finance, Tsinghua University |
| Discussant: Tingting Liu, Iowa State University |
| Knowledge Transfer and Cross-Border Mergers and Acquisitions |
| By Xiao Jia; ESSEC Business School |
| presented by: Xiao Jia, ESSEC Business School |
| Discussant: Lingling Wang, University of Connecticut |
| Cross-border Acquisitions and CSR Performance: Evidence from China |
| By Xiaomeng Chen; Macquarie University Xiao Liang; Macquarie University Hai Wu; Australian National University |
| presented by: Hai Wu, Australian National University |
| Discussant: Feng Jiang, The State University of New York at Buffalo |
| Session: Bank Monitoring and Lending Relationships July 10, 2019 15:15 to 17:00 Conference Room C |
| Session Chair: Andrew Winton, University of Minnesota |
| What Do A Billion Observations Say About Distance and Relationship Lending? |
| By Haoyu Gao; Central University of Finance and Economics Hong Ru; Nanyang Technological University Xiaoguang Yang; University of Chinese Academy of Sciences |
| presented by: Haoyu Gao, Central University of Finance and Economics |
| Discussant: Sumit Agarwal, National University of Singapore |
| Banking Relationships and Syndicated Loan Underwriting |
| By Donghang Zhang; University of South Carolina Yafei Zhang; University of South Carolina Yijia (Eddie) Zhao; University of Massachusetts Boston |
| presented by: Yijia (Eddie) Zhao, University of Massachusetts Boston |
| Discussant: Chenyu Shan, Shanghai University of Finance and Economics |
| The Effects of Enhanced Regulatory Oversight of Banks on Borrower Performance |
| By Vishal Baloria; Boston College Mengyao Cheng; Boston College Carlo M. Gallimberti; Boston College |
| presented by: Mengyao Cheng, Boston College |
| Discussant: Xiang Li, Halle Institute for Economic Research |
| Rent Extraction by Super-priority Lenders |
| By B. Espen Eckbo; Dartmouth College Kai Li; University of British Columbia Wei Wang; Queen's University |
| presented by: Wei Wang, Queen's University |
| Discussant: Edith Hotchkiss, Boston College |
| Session: Conference Dinner and Best Paper Awards July 10, 2019 18:00 to 20:00 Grand Ballroom |
| Session: IPOs, SEOs, and the Going Public Decision: Theory and Evidence July 11, 2019 8:00 to 9:45 Conference Room E |
| Session Chair: Thomas Chemmanur, Boston College |
| Does Investment Banks Going Public Influence their Underwriting Behavior? Evidence from Earnings Management of IPO Firms |
| By Jun Huang; Shanghai University of Finance and Economics Ting Li; Shanghai University of International Business and Economics Gary Tian; Macquarie University |
| presented by: Gary Tian, Macquarie University |
| Discussant: Donghang Zhang, University of South Carolina |
| Corporate Financing and Investment Decisions When Equity Issuance Reveals Managers' Information to Investors |
| By Mengyang Chi; Virginia Polytechnic Institute and State University |
| presented by: Mengyang Chi, Virginia Polytechnic Institute and State University |
| Discussant: Thomas Chemmanur, Boston College |
| Financing Experimentation |
| By Tong Liu; University of Pennsylvania |
| presented by: Tong Liu, University of Pennsylvania |
| Discussant: Viktar Fedaseyeu, Bocconi University |
| Initial Public Offerings over the Industry Life Cycle |
| By Amrita Nain; University of Iowa Jie Ying; Southern Illinois University Edwardsville |
| presented by: Jie Ying, Southern Illinois University Edwardsville |
| Discussant: Jing Xie, Hong Kong Polytechnic University |
| Session: Information, Price Discovery and Liquidity July 11, 2019 8:00 to 9:45 Conference Room A |
| Session Chair: Lin Peng, Baruch College, The City University of New York |
| Costly Interpretation of Asset Prices |
| By Xavier Vives; IESE Business School Liyan Yang; University of Toronto |
| presented by: Liyan Yang, University of Toronto |
| Discussant: Wen Chen, The Chinese University of Hong Kong, Shenzhen |
| Deleveraging Commonality |
| By Conghui Hu; University of International Business and Economics Yu-Jane Liu; Peking University Ning Zhu; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Conghui Hu, University of International Business and Economics |
| Discussant: Jinyu Liu, University of International Business and Economics |
| Back to the Futures: When Short Selling is Banned |
| By Yoshiki Shimizu; Washington State University George Jiang; Washington State University Cuyler Strong; Washington State University |
| presented by: Yoshiki Shimizu, Washington State University |
| Discussant: Qiguang Wang, Hong Kong Baptist University |
| Index Investing, Market Risk Premium, and Capital Allocation |
| By Hong Liu; Washington University in St. Louis Yajun Wang; Baruch College, The City University of New York |
| presented by: Hong Liu, Washington University in St. Louis |
| Discussant: Zongbo Huang, The Chinese University of Hong Kong, Shenzhen |
| Session: Information, Leverage and Liquidity July 11, 2019 8:00 to 9:45 Conference Room B |
| Session Chair: Jennifer Huang, Cheung Kong Graduate School of Business |
| Pre-announcement Premium |
| By George Jiang; Washington State University Guanzhong Pan; Washington State University Zhigang Qiu; Renmin University of China |
| presented by: Guanzhong Pan, Washington State University |
| Discussant: Grace Hu, The University of Hong Kong |
| Migration of Traders: Direct and Indirect Effects of the Tick Size Pilot Program |
| By Kaitao Lin; University of Houston |
| presented by: Kaitao Lin, University of Houston |
| Discussant: Jayoung Nam, Southern Methodist University |
| Noise Trading: An Ad-based Measure |
| By Vivian Fang; University of Minnesota Joshua Madsen; University of Minnesota Xinyuan Shao; University of Minnesota |
| presented by: Xinyuan Shao, University of Minnesota |
| Discussant: Cameron Peng, London School of Economics |
| Stock Pledged Loans, Capital Markets, and Firm Performance: the Good, the Bad and the Ugly |
| By Feng Li; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Jun Qian; Fanhai International School of Finance, Fudan University Haofei Wang; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Julie Zhu; Fanhai International School of Finance, Fudan University |
| presented by: Haofei Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Zhongzhi Song, Cheung Kong Graduate School of Business |
| Session: What Can We Learn from the Chinese Market: New Facts and New Factors July 11, 2019 8:00 to 9:45 Conference Room F |
| Session Chair: Hong Zhang, PBC School of Finance, Tsinghua University |
| Media-driven Comovement: Evidence from China |
| By Yi Li; Tianjin University Dehua Shen; Tianjin University Wei Zhang; Tianjin University |
| presented by: Yi Li, Tianjin University |
| Discussant: Yijun Zhou, INSEAD |
| Trend Factor in China |
| By Guofu Zhou; Washington University in St. Louis Yingzi Zhu; Tsinghua University Yang liu; Tsinghua University |
| presented by: Yang liu, Tsinghua University |
| Discussant: Zhuo Chen, PBC School of Finance, Tsinghua University |
| Do Demand Curves for Stocks Slope Down in the Long Run? |
| By Clark Liu; Tsinghua University Baolian Wang; University of Florida |
| presented by: Baolian Wang, University of Florida |
| Discussant: Si Cheng, The Chinese University of Hong Kong |
| Impact of Liquidity Shocks on Stock Prices: Evidence from Chinese IPOs |
| By Jie Li; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Neil Pearson; University of Illinois Jacky Qi Zhang; Durham University |
| presented by: Jie Li, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Kai Li, Hong Kong University of Science and Technology |
| Session: Consumer Credit and Product Markets July 11, 2019 8:00 to 9:45 Conference Room D |
| Session Chair: Michael Hertzel, Arizona State University |
| Common Ownership, Creative Destruction, and Inequality: Evidence from U.S. Consumers |
| By Hadiye Aslan; Georgia State University |
| presented by: Hadiye Aslan, Georgia State University |
| Discussant: Beibei Shen, Shanghai University of Finance and Economics |
| Effects of Competition in Consumer Credit Markets |
| By Stefan Gissler; Federal Reserve Board Rodney Ramcharan; University of Southern California Edison Yu; Federal Reserve Bank of Philadelphia |
| presented by: Edison Yu, Federal Reserve Bank of Philadelphia |
| Discussant: Sreedhar Bharath, Arizona State University |
| Find and Replace: R&D Investment Following the Erosion of Existing Products |
| By Joshua Krieger; Harvard Business School Xuelin Li; University of Minnesota Richard Thakor; University of Minnesota |
| presented by: Xuelin Li, University of Minnesota |
| Discussant: Xintong Zhan, The Chinese University of Hong Kong |
| Marketing Financial Innovations |
| By Christopher Hansman; Imperial College London Harrison Hong; Columbia University Petra Vokata; Aalto University |
| presented by: Harrison Hong, Columbia University |
| Discussant: Ling Cen, The Chinese University of Hong Kong |
| Session: Corporate Debt and Creditor Rights July 11, 2019 8:00 to 9:45 Conference Room G |
| Session Chair: Wei Wang, Queen's University |
| Debt Overhang and the Life Cycle of Callable Bonds |
| By Bo Becker; Stockholm School of Economics, CEPR & ECGI Murillo Campello; Cornell University and NBER Viktor Thell; Stockholm School of Economics Dong Yan; Stockholm School of Economics |
| presented by: Dong Yan, Stockholm School of Economics |
| Discussant: Brandon Julio, University of Oregon |
| Exogenous Shocks and Real Effects of Financial Constraints: Loan- and Firm-Level Evidence around Natural Disasters |
| By Ai He; Emory University |
| presented by: Ai He, Emory University |
| Discussant: Hong Zou, The University of Hong Kong |
| Debt Shifting Restrictions and Real Reallocation of Debt |
| By Katarzyna Bilicka; Utah State University Yaxuan Qi; City University of Hong Kong Jing Xing; Shanghai Jiao Tong University |
| presented by: Yaxuan Qi, City University of Hong Kong |
| Discussant: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen |
| Creditor Rights and Allocative Distortions -- Evidence from India |
| By Nirupama Kulkarni; Reserve Bank of India, CAFRAL |
| presented by: Nirupama Kulkarni, Reserve Bank of India, CAFRAL |
| Discussant: Yongqiang Chu, The University of North Carolina at Charlotte |
| Session: Information and Intermediaries July 11, 2019 8:00 to 9:45 Conference Room C |
| Session Chair: Rick Harbaugh, Indiana University |
| Peer Competitive Threats, Common Customers, and Strategic News Disclosure |
| By Rui Dai; University of Pennsylvania Rui Duan; York University Lilian Ng; York University |
| presented by: Lilian Ng, York University |
| Discussant: Kevin Tseng, Federal Reserve Bank of Richmond |
| Bank Information Sharing and Liquidity Risk |
| By Zhao Li; University of International Business and Economics Kebin Ma; University of Warwick |
| presented by: Zhao Li, University of International Business and Economics |
| Discussant: Jordan Martel, Indiana University |
| The Intermediary Rat Race |
| By Yu An; Stanford University Yang Song; University of Washington Xingtan Zhang; University of Colorado Boulder |
| presented by: Xingtan Zhang, University of Colorado Boulder |
| Discussant: Tingjun Liu, The University of Hong Kong |
| Rating under Asymmetric Information |
| By Christian Hilpert; Sun Yat-sen University Stefan Hirth; Aarhus University Alexander Szimayer; Hamburg University |
| presented by: Christian Hilpert, Sun Yat-sen University |
| Discussant: Jan Schneemeier, Indiana University |
| Session: Labor and Corporate Finance July 11, 2019 10:15 to 12:00 Conference Room A |
| Session Chair: Yuhai Xuan, University of Illinois Urbana-Champaign |
| Labor Market Immobility and Incentive Contract Design |
| By Chen Lin; The University of Hong Kong Lai Wei; Lingnan University Nan Yang; Hong Kong Polytechnic University |
| presented by: Nan Yang, Hong Kong Polytechnic University |
| Discussant: Rui Silva, London Business School |
| The Employee Clientele of Corporate Leverage: Evidence from Individual Labor Income Diversification |
| By Jie He; University of Georgia Tao Shu; University of Georgia Huan Yang; University of Massachusetts Amherst |
| presented by: Huan Yang, University of Massachusetts Amherst |
| Discussant: Ping Liu, Purdue University |
| Skilled Foreign Labor, Innovation, and Shareholder Wealth |
| By Lei Gao; Iowa State University Lingna Sun; Louisiana Tech University |
| presented by: Lei Gao, Iowa State University |
| Discussant: Sheng-Jun Xu, University of Alberta |
| The Dark Side of Industry Tournament Incentives |
| By Qianqian Huang; City University of Hong Kong Feng Jiang; The State University of New York at Buffalo Fei Xie; University of Delaware |
| presented by: Qianqian Huang, City University of Hong Kong |
| Discussant: Mo Shen, Auburn University |
| Session: Institutional Investors: Skill, Behavior, and Impact July 11, 2019 10:15 to 12:00 Conference Room D |
| Session Chair: Youchang Wu, University of Oregon |
| The Cross-Sectional Distribution of Fund Skill Measures |
| By Laurent Barras; McGill University Patrick Gagliardini; Università della Svizzera italiana Olivier Scaillet; University of Geneve and Swiss Finance Institute |
| presented by: Olivier Scaillet, University of Geneve and Swiss Finance Institute |
| Discussant: Yong Chen, Texas A&M University |
| Institutionalization, Delegation, and Asset Prices |
| By Shiyang Huang; The University of Hong Kong Zhigang Qiu; Renmin University of China Liyan Yang; University of Toronto |
| presented by: Zhigang Qiu, Renmin University of China |
| Discussant: Xingtan Zhang, University of Colorado Boulder |
| Institutional Trading around Corporate News: Evidence from Textual Analysis |
| By Alan Huang; University of Waterloo Hongping Tan; McGill University Russ Wermers; University of Maryland |
| presented by: Hongping Tan, McGill University |
| Discussant: Baozhong Yang, Georgia State University |
| Copycatting and Public Disclosure: Direct Evidence from Peer Companies’ Digital Footprints |
| By Sean Cao; Georgia State University Kai Du; Pennsylvania State University Baozhong Yang; Georgia State University Liang Zhang; Georgia State University |
| presented by: Liang Zhang, Georgia State University |
| Discussant: Z. Jay Wang, University of Oregon |
| Session: Empirical Corporate Finance July 11, 2019 10:15 to 12:00 Conference Room F |
| Session Chair: Sudipto Dasgupta, The Chinese University of Hong Kong |
| Business Group Spillovers: Evidence from the Golden Quadrilateral in India |
| By S. Lakshmi Naaraayanan; Hong Kong University of Science and Technology Daniel Wolfenzon; Columbia University |
| presented by: S. Lakshmi Naaraayanan, Hong Kong University of Science and Technology |
| Discussant: Wei Wang, Queen's University |
| Is There a Diversification Discount? Implication from Randomly Formed "Conglomerates" |
| By Yunzhi Lu; Sun Yat-sen University Kaiguo Zhou; Sun Yat-sen University Xianming Zhou; Australian National University |
| presented by: Xianming Zhou, Australian National University |
| Discussant: Dong Yan, Stockholm School of Economics |
| Regulatory Integration of International Capital Markets |
| By Jean-Marie Meier; The University of Texas at Dallas |
| presented by: Jean-Marie Meier, The University of Texas at Dallas |
| Discussant: Frank Weikai Li, Singapore Management University |
| Measuring the Effects of Firm Uncertainty on Economic Activity: New Evidence from One Million Documents |
| By Kyle Handley; University of Michigan J. Frank Li; University of Michigan |
| presented by: J. Frank Li, University of Michigan |
| Discussant: Erica Li, Cheung Kong Graduate School of Business |
| Session: Fintech July 11, 2019 10:15 to 12:00 Conference Room E |
| Session Chair: Murray Frank, University of Minnesota |
| Demonetization and Digitization |
| By Sumit Agarwal; National University of Singapore Debarati Basu; Indian Institute of Management Bangalore Pulak Ghosh; Indian Institute of Management Bhuvanesh Pareek; Indian Institute of Management Indore Jian Zhang; Hong Kong Baptist University |
| presented by: Jian Zhang, Hong Kong Baptist University |
| Discussant: Darwin Choi, The Chinese University of Hong Kong |
| Decentralized Mining in Centralized Pools |
| By Will Cong; The University of Chicago Zhiguo He; The University of Chicago Jiasun Li; George Mason University |
| presented by: Zhiguo He, The University of Chicago |
| Discussant: Nan Li, University of Toronto |
| Physical Frictions and Digital Banking Adoption |
| By Hyun-Soo Choi; Korea Advanced Institute of Science and Technology Roger Loh; Singapore Management University |
| presented by: Hyun-Soo Choi, Korea Advanced Institute of Science and Technology |
| Discussant: Chang-Mo Kang, The University of New South Wales |
| Cryptocurrency Pump-and-Dump Schemes |
| By Tao Li; University of Florida Donghwa Shin; Princeton University Baolian Wang; University of Florida |
| presented by: Baolian Wang, University of Florida |
| Discussant: Chao Kang, Cornell University |
| Session: 金融中介和文本分析 Financial Intermediation and Textual Analysis July 11, 2019 10:15 to 12:00 Conference Room C |
| Session Chair: Wenjing Li, Jinan University |
| 欲盖弥彰：年报因果语言与企业盈余管理 |
| By Dongmin Kong; Zhongnan University of Economics and Law Lu Shi; Huazhong University of Science and Technology Kebin Deng; South China University of Technology Yiyun Chen; South China University of Technology |
| presented by: Lu Shi, Huazhong University of Science and Technology |
| Discussant: Kangtao Ye, Renmin University of China |
| 分析师预测乐观偏差，真的是坏东西吗？——基于企业创新投资的发现 |
| By Jing Chen; Fudan University Junxiong Fang; Fudan University |
| presented by: Jing Chen, Fudan University |
| Discussant: Guangzhong Li, Sun Yat-Sen University |
| 语调、情绪与文本分析 - 构建金融领域中文情绪词典 |
| By Jiaquan Yao; Jinan University Xu Feng; Tianjin University Zanjun Wang; Xiamen University Rongrong Ji; Xiamen University Wei Zhang; Tianjin University |
| presented by: Xu Feng, Tianjin University |
| Discussant: Dongmin Kong, Huazhong University of Science and Technology |
| 我国债券信用评级机构真的没有专业能力吗？ |
| By Guochao Yang; Zhongnan University of Economics and Law Qi Liu; Zhongnan University of Economics and Law |
| presented by: Guochao Yang, Zhongnan University of Economics and Law |
| Discussant: Pingui Rao, Jinan University |
| Session: Crime, Capital Flows, and Liberalization July 11, 2019 10:15 to 12:00 Conference Room G |
| Session Chair: Nandini Gupta, Indiana University |
| Organized Crime and Firms: Evidence from Italy |
| By Pablo Slutzky; University of Maryland Stefan Zeume; University of Illinois Urbana-Champaign |
| presented by: Stefan Zeume, University of Illinois Urbana-Champaign |
| Discussant: Shan Ge, New York University |
| Guilty by Association: The Effects of Terrorism on Country Reputation and Corporate Activity |
| By Mehmet Canayaz; Pennsylvania State University Alper Darendeli; Nanyang Technological University |
| presented by: Alper Darendeli, Nanyang Technological University |
| Discussant: Baixiao Liu, Florida State University |
| Capital Flows, Real Estate, and City Business Cycles: Micro Evidence from the German Boom |
| By Peter Bednarek; Deutsche Bundesbank Daniel Marcel te Kaat; University of Osnabrück Chang Ma; Fanhai International School of Finance, Fudan University Alessandro Rebucci; The Johns Hopkins Carey Business School |
| presented by: Chang Ma, Fanhai International School of Finance, Fudan University |
| Discussant: Bo Li, PBC School of Finance, Tsinghua University |
| Stock Market Liberalizations and Export Dynamics |
| By Melise Jaud; University of Lausanne Madina Kukenova; Webster University Geneva Martin Strieborny; Lund University |
| presented by: Martin Strieborny, Lund University |
| Discussant: Christian T. Lundblad, The University of North Carolina at Chapel Hill |
| Session: Credit Markets July 11, 2019 10:15 to 12:00 Conference Room B |
| Session Chair: Jun Liu, University of California, San Diego |
| The Global Credit Spread Puzzle |
| By Yoshio Nozawa; Hong Kong University of Science and Technology Jingzhi Huang; Pennsylvania State University Zhan Shi; PBC School of Finance, Tsinghua University |
| presented by: Yoshio Nozawa, Hong Kong University of Science and Technology |
| Discussant: Jayoung Nam, Southern Methodist University |
| Credit Market Frictions and the Linkage Between Micro and Macro Uncertainty |
| By Jun Li; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Jun Li, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Jingzhi Huang, Pennsylvania State University |
| Is Housing the Business Cycle? A Multi-resolution Analysis for OECD Countries |
| By Yuting Huang; National University of Singapore Qiang Li; National University of Singapore Kim Hiang Liow; National University of Singapore Xiaoxia Zhou; Shanghai University of Finance and Economics |
| presented by: Yuting Huang, National University of Singapore |
| Discussant: Jordan Martel, Indiana University |
| CDS Trading and Banking Relationship |
| By Chenyu Shan; Shanghai University of Finance and Economics Dragon Yongjun Tang; The University of Hong Kong Hong Yan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Chenyu Shan, Shanghai University of Finance and Economics |
| Discussant: Yoshio Nozawa, Hong Kong University of Science and Technology |
| Session: Board of Directors July 11, 2019 13:30 to 15:15 Conference Room G |
| Session Chair: Fei Xie, University of Delaware |
| Why Do Boards Let Their CEOs Take Outside Directorships? Entrenchment and Embeddedness |
| By Michael Hertzel; Arizona State University Hong Zhao; NEOMA Business School |
| presented by: Hong Zhao, NEOMA Business School |
| Discussant: Cong Wang, The Chinese University of Hong Kong, Shenzhen |
| Director Liability Protection and Board Quality |
| By Ronald Masulis; The University of New South Wales Sichen Shen; The University of Hong Kong Hong Zou; The University of Hong Kong |
| presented by: Sichen Shen, The University of Hong Kong |
| Discussant: Yongqiang Chu, The University of North Carolina at Charlotte |
| Directors’ Reelection Pressure and Advisory Roles in Innovative Project Choices |
| By Po-Hsuan Hsu; National Tsing Hua University Yiqing Lu; New York University Hong Wu; Fudan University |
| presented by: Hong Wu, Fudan University |
| Discussant: Tingting Liu, Iowa State University |
| Remote Board Meetings and Corporate Governance: Evidence from China |
| By Xinni Cai; Renmin University of China Fuxiu Jiang; Renmin University of China Jun-Koo Kang; Nanyang Technological University |
| presented by: Xinni Cai, Renmin University of China |
| Discussant: Shan Zhao, City University of Hong Kong |
| Session: Asset Managers and Asset Markets July 11, 2019 13:30 to 15:15 Conference Room C |
| Session Chair: Hao Jiang, Michigan State University |
| How Do ETFs Affect the Liquidity of the Underlying Corporate Bonds? |
| By Shuai Ye; The Chinese University of Hong Kong, Shenzhen |
| presented by: Shuai Ye, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Qifei Zhu, Nanyang Technological University |
| Do ETFs Increase the Commonality of Underlying Stocks? |
| By Vikas Agarwal; Georgia State University Paul Hanouna; Villanova University Rabih Moussawi; Wharton Research Data Services Christof Stahel; The Investment Company Institute |
| presented by: Paul Hanouna, Villanova University |
| Discussant: Hong Zhang, PBC School of Finance, Tsinghua University |
| What Do Hedge Funds Say? |
| By Juha Joenväärä; University of Oulu Jari Karppinen; University of Oulu Cristian Tiu; The State University of New York at Buffalo |
| presented by: Cristian Tiu, The State University of New York at Buffalo |
| Discussant: Chengdong Yin, Purdue University |
| Do Institutional Investors Exploit Market Anomalies? New Evidence from Alternative Mutual Funds |
| By Xin Gao; Sacred Heart University Ying Wang; The State University of New York at Albany |
| presented by: Xin Gao, Sacred Heart University |
| Discussant: Si Cheng, The Chinese University of Hong Kong |
| Session: Corporate Payout Policy July 11, 2019 13:30 to 15:15 Conference Room B |
| Session Chair: Chen Lin, The University of Hong Kong |
| Stock Dividends, Gambling Investors, and Cost of Equity |
| By Conghui Hu; University of International Business and Economics Ji-Chai Lin; Hong Kong Polytechnic University Yu-Jane Liu; Peking University |
| presented by: Ji-Chai Lin, Hong Kong Polytechnic University |
| Discussant: Dongmin Kong, Huazhong University of Science and Technology |
| Bank Dividend Payouts and Contingent Convertible Bond Issuance |
| By Chenyu Shan; Shanghai University of Finance and Economics Dragon Yongjun Tang; The University of Hong Kong Meng Xie; Fudan University |
| presented by: Chenyu Shan, Shanghai University of Finance and Economics |
| Discussant: Yihui Wang, Fordham University |
| Market Structure and Corporate Payout Policy: Evidence from a Natural Experiment |
| By Xiongshi Li; Guangxi University Mao Ye; University of Illinois at Urbana-Champaign and NBER Miles Zheng; University of Illinois at Urbana-Champaign |
| presented by: Xiongshi Li, Guangxi University |
| Discussant: Beibei Shen, Shanghai University of Finance and Economics |
| Market Timing and Corporate Catering: Evidence on Equity-based Compensation and Stock Dividends |
| By Hai-xia Li; Xijing University Eric Yeung; Cornell University Jia-nan Zhou; Southwest Jiaotong University |
| presented by: Eric Yeung, Cornell University |
| Discussant: Fengfei Li, Deakin University |
| Session: Financial Crisis and Banking July 11, 2019 13:30 to 15:15 Conference Room F |
| Session Chair: Kose John, New York University |
| Deposit Insurance and Design: Effects on Bank Lending during the Global Financial Crisis |
| By Iftekhar Hasan; Fordham University Liuling Liu; Bowling Green State University Gaiyan Zhang; University of Missouri-St. Louis |
| presented by: Liuling Liu, Bowling Green State University |
| Discussant: Emma Qianying Xu, The University of Texas at El Passo |
| A Dynamic Model of Systemic Bank Runs |
| By Xuewen Liu; Hong Kong University of Science and Technology |
| presented by: Xuewen Liu, Hong Kong University of Science and Technology |
| Discussant: Andrew Winton, University of Minnesota |
| The Interbank Market Puzzle |
| By Franklin Allen; University of Pennsylvania Xian Gu; Central University of Finance and Economics Oskar Kowalewski; IESEG School of Management |
| presented by: Xian Gu, Central University of Finance and Economics |
| Discussant: Amanda Heitz, Tulane University |
| The Decline of Too Big to Fail |
| By Antje Berndt; Australian National University Darrell Duffie; Stanford University Yichao Zhu; Australian National University |
| presented by: Yichao Zhu, Australian National University |
| Discussant: Deniz Okat, Hong Kong University of Science and Technology |
| Session: Empirical Asset Pricing: New Takes on Outstanding Challenges July 11, 2019 13:30 to 15:15 Conference Room A |
| Session Chair: Rossen Valkanov, University of California, San Diego |
| Real-time Portfolio Choice Implications of Asset Pricing Models |
| By Francisco Barillas; The University of New South Wales Jay Shanken; Emory University |
| presented by: Francisco Barillas, The University of New South Wales |
| Discussant: Yan Xu, The University of Hong Kong |
| Premium for Heightened Uncertainty: Solving the FOMC Puzzle |
| By Grace Hu; The University of Hong Kong Jun Pan; Massachusetts Institute of Technology Jiang Wang; Massachusetts Institute of Technology Haoxiang Zhu; Massachusetts Institute of Technology |
| presented by: Grace Hu, The University of Hong Kong |
| Discussant: Yoshio Nozawa, Hong Kong University of Science and Technology |
| Automation and the Displacement of Labor by Capital: Asset Pricing Theory and Empirical Evidence |
| By Jiri Knesl; University of British Columbia |
| presented by: Jiri Knesl, University of British Columbia |
| Discussant: Yang Liu, University of Hong Kong |
| Social Interaction and Market Reaction to Earnings News |
| By David Hirshleifer; University of California, Irvine Lin Peng; Baruch College, The City University of New York Qiguang Wang; Hong Kong Baptist University |
| presented by: Qiguang Wang, Hong Kong Baptist University |
| Discussant: Dongmei Li, University of South Carolina |
| Session: Politics and Finance July 11, 2019 13:30 to 15:15 Conference Room E |
| Session Chair: Brandon Julio, University of Oregon |
| Within-firm Labor Heterogeneity and Firm Performance: Evidence from Employee Political Ideology Conflicts |
| By Xiao Ren; University of Georgia |
| presented by: Xiao Ren, University of Georgia |
| Discussant: Hursit Celil, Peking University |
| Politically Motivated Corporate Decisions: Evidence from China |
| By David Feldman; The University of New South Wales Chang-Mo Kang; The University of New South Wales Jiaming Li; The University of New South Wales Konark Saxena; The University of New South Wales |
| presented by: Chang-Mo Kang, The University of New South Wales |
| Discussant: Tiecheng Leng, Sun Yat-sen University |
| Should Shareholders Fear Citizens United? External Financial Monitoring and Corporate Political Contributions |
| By Daewoung Choi; Louisiana State University Shreveport Jinwook Hong; The University of Texas at El Paso Marc Via; Kent State University |
| presented by: Daewoung Choi, Louisiana State University Shreveport |
| Discussant: Yaxuan Qi, City University of Hong Kong |
| Is Financial News Politically Biased? |
| By Eitan Goldman; Indiana University Nandini Gupta; Indiana University Ryan Israelsen; Michigan State University |
| presented by: Nandini Gupta, Indiana University |
| Discussant: Baixiao Liu, Florida State University |
| Session: Learning, Liquidity, and Strategic Arbitrage July 11, 2019 13:30 to 15:15 Conference Room D |
| Session Chair: Hong Liu, Washington University in St. Louis |
| Dynamic Market Making and Asset Pricing |
| By Wen Chen; The Chinese University of Hong Kong, Shenzhen Yajun Wang; Baruch College, The City University of New York |
| presented by: Wen Chen, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Liyan Yang, University of Toronto |
| Financially Constrained Strategic Arbitrage |
| By Aytek Malkhozov; Federal Reserve Board Gyuri Venter; Copenhagen Business School |
| presented by: Gyuri Venter, Copenhagen Business School |
| Discussant: Kai Li, Macquarie University |
| Front-runners: Predators or Liquidity Providers? |
| By Erik Hapnes; EPFL and Swiss Finance Institute |
| presented by: Erik Hapnes, EPFL and Swiss Finance Institute |
| Discussant: Xudong Zeng, Shanghai University of Finance and Economics |
| Learning about Toxicity: Why Order Imbalance Can Destabilize Markets |
| By Nihad Aliyev; University of Technology Sydney Xue-Zhong (Tony) He; University of Technology Sydney Talis Putnins; University of Technology Sydney |
| presented by: Xue-Zhong (Tony) He, University of Technology Sydney |
| Discussant: Gyuri Venter, Copenhagen Business School |
| Session: Corporate Innovation July 11, 2019 15:45 to 17:30 Conference Room F |
| Session Chair: Xuan Tian, PBC School of Finance, Tsinghua University |
| The Impact of Institutions on Innovation |
| By Alexander Donges; University of Mannheim Jean-Marie Meier; The University of Texas at Dallas Rui Silva; London Business School |
| presented by: Jean-Marie Meier, The University of Texas at Dallas |
| Discussant: Xintong Zhan, The Chinese University of Hong Kong |
| Information Accessibility and Corporate Innovation |
| By Dongmin Kong; Zhongnan University of Economics and Law Chen Lin; The University of Hong Kong Lai Wei; Lingnan University Jian Zhang; Southwestern University of Finance and Economics |
| presented by: Lai Wei, Lingnan University |
| Discussant: Alminas Zaldokas, Hong Kong University of Science and Technology |
| When Innovation Fails: A Cultural Perspective on Firm Patenting Behavior in China |
| By Zhe Li; Central University of Finance and Economics Danqing Wang; The University of Hong Kong Nianhang Xu; Renmin University of China Hong Zhang; PBC School of Finance, Tsinghua University Yu Zhang; China Europe International Business School |
| presented by: Hong Zhang, PBC School of Finance, Tsinghua University |
| Discussant: Haitian Lu, Hong Kong Polytechnic University |
| Institutional Dual Holdings and Risk-Shifting: Evidence from Corporate Innovation |
| By Huan Yang; University of Massachusetts Amherst |
| presented by: Huan Yang, University of Massachusetts Amherst |
| Discussant: Yongqiang Chu, The University of North Carolina at Charlotte |
| Session: Credit and Governance July 11, 2019 15:45 to 17:30 Conference Room D |
| Session Chair: Xuewen Liu, Hong Kong University of Science and Technology |
| Riding the Credit Boom |
| By Christopher Hansman; Imperial College London Harrison Hong; Columbia University Wenxi Jiang; The Chinese University of Hong Kong Yu-Jane Liu; Peking University Juanjuan Meng; Peking University |
| presented by: Wenxi Jiang, The Chinese University of Hong Kong |
| Discussant: Baolian Wang, University of Florida |
| An Equilibrium Model of Entrusted Loans |
| By Ying Liu; Shanghai University of Finance and Economics |
| presented by: Ying Liu, Shanghai University of Finance and Economics |
| Discussant: Lei Mao, The Chinese University of Hong Kong, Shenzhen |
| Managerial Short-Termism and Market Competition |
| By Yan Xiong; University of Toronto |
| presented by: Yan Xiong, University of Toronto |
| Discussant: Yizhou Xiao, The Chinese University of Hong Kong |
| Tigers and Flies: Conflicts of Interest, Discretion and Expertise in a Hierarchy |
| By Philip Dybvig; Washington University in St. Louis Yishu Fu; Southwestern University of Finance and Economics |
| presented by: Yishu Fu, Southwestern University of Finance and Economics |
| Discussant: John Nash, Hong Kong University of Science and Technology |
| Session: Asset Pricing with Frictions July 11, 2019 15:45 to 17:30 Conference Room A |
| Session Chair: Jerome Detemple, Boston University |
| Circuit Breakers and Contagion |
| By Hong Liu; Washington University in St. Louis Xudong Zeng; Shanghai University of Finance and Economics |
| presented by: Xudong Zeng, Shanghai University of Finance and Economics |
| Discussant: Hao Xing, Boston University |
| Consumption Ratcheting and Loss Aversion |
| By Kyoung Jin Choi; University of Calgary Junkee Jeon; Kyung Hee University Hyeng Keun Koo; Ajou University |
| presented by: Kyoung Jin Choi, University of Calgary |
| Discussant: Philip Dybvig, Washington University in St. Louis |
| Time-varying Market Participation, Consumption Risk-Sharing, and Asset Prices |
| By Redouane Elkamhi; University of Toronto Chanik Jo; University of Toronto |
| presented by: Chanik Jo, University of Toronto |
| Discussant: Tan Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Heterogeneous Preferences and Asset Prices under Endogenously Incomplete Markets |
| By Ding Luo; City University of Hong Kong |
| presented by: Ding Luo, City University of Hong Kong |
| Discussant: Alessandro Graniero, BI Norwegian Business School |
| Session: Market Mispricing July 11, 2019 15:45 to 17:30 Conference Room G |
| Session Chair: Jianfeng Yu, PBC School of Finance, Tsinghua University |
| Risk-neutral Skewness, Informed Trading, and the Cross-section of Stock Returns |
| By Tarun Chordia; Emory University Tse-Chun Lin; The University of Hong Kong Vincent Xiang; Deakin University |
| presented by: Vincent Xiang, Deakin University |
| Discussant: Jianfeng Hu, Singapore Management University |
| Sentiment, Limited Attention and Mispricing |
| By Xinrui Duan; Singapore Management University Li Guo; Singapore Management University Frank Weikai Li; Singapore Management University Jun Tu; Singapore Management University |
| presented by: Xinrui Duan, Singapore Management University |
| Discussant: Jianan Liu, University of Pennsylvania |
| Distress Risk, Liquidity and the Cross Section of Stock Returns |
| By Chuan Hwang; Nanyang Technological University Sheridan Titman; The University of Texas at Austin Long Yi; Hong Kong Baptist University |
| presented by: Chuan Hwang, Nanyang Technological University |
| Discussant: Xin Chen, Southwestern University of Finance and Economics |
| Predicting Interest Rates |
| By Shiyang Huang; The University of Hong Kong Dong Lou; London School of Economics Tianyu Wang; Tsinghua University Jack Worlidge; Bank of England |
| presented by: Shiyang Huang, The University of Hong Kong |
| Discussant: Quan Wen, Georgetown University |
| Session: Hedge Funds and Other Institutional Investors July 11, 2019 15:45 to 17:30 Conference Room E |
| Session Chair: Bing Liang, University of Massachusetts Amherst |
| Weather, Institutional Investors, and Earnings News |
| By Danling Jiang; Stony Brook University Dylan Norris; Florida State University Lin Sun; Florida State University |
| presented by: Danling Jiang, Stony Brook University |
| Discussant: Po-Hsuan Hsu, National Tsing Hua University |
| Blockholder Activism and Stock Price Information Quality |
| By Stephen Brown; Monash University Elaine Hutson; Monash University Michael Wang; Monash University Jin Yu; Monash University |
| presented by: Jin Yu, Monash University |
| Discussant: Z. Jay Wang, University of Oregon |
| What Causes Passive Hedge Funds to Become Activists? |
| By Marco Elia; Queensland University of Technology |
| presented by: Marco Elia, Queensland University of Technology |
| Discussant: Ying Sophie Huang, Zhejiang University |
| Hedge Fund Flows to Name Gravitas |
| By Juha Joenvaara; University of Oulu Cristian Tiu; The State University of New York at Buffalo |
| presented by: Cristian Tiu, The State University of New York at Buffalo |
| Discussant: Tianyu Wang, Tsinghua University |
| Session: Financial Distress and Bankruptcy July 11, 2019 15:45 to 17:30 Conference Room B |
| Session Chair: Edith Hotchkiss, Boston College |
| Financial Distress, Contract Enforcement and Asset Grabbing: Potential Problem for the Chinese Economy? |
| By Meng Miao; Renmin University of China Oren Sussman; University of Oxford |
| presented by: Meng Miao, Renmin University of China |
| Discussant: Yijia (Eddie) Zhao, University of Massachusetts Boston |
| Simultaneous Debt-Equity Holdings and the Resolution of Financial Distress |
| By Yongqiang Chu; The University of North Carolina at Charlotte Ha Nguyen; Indiana University Jun Wang; Western University Wei Wang; Queen's University Wenyu Wang; Indiana University |
| presented by: Wei Wang, Queen's University |
| Discussant: Meijun Qian, Australian National University |
| Going Bankrupt in China |
| By Bo Li; PBC School of Finance, Tsinghua University Jacopo Ponticelli; Northwestern University |
| presented by: Bo Li, PBC School of Finance, Tsinghua University |
| Discussant: Jing Xie, Hong Kong Polytechnic University |
| Teams and Bankruptcy |
| By Ramin Baghai; Stockholm School of Economics Rui Silva; London Business School Luofu Ye; London Business School |
| presented by: Luofu Ye, London Business School |
| Discussant: Chenyu Shan, Shanghai University of Finance and Economics |
| Session: Exotics in Equity Returns July 11, 2019 15:45 to 17:30 Conference Room C |
| Session Chair: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Listing Gaps, Merger Waves, and the New American Model of Equity Finance |
| By Gabriele Lattanzio; University of Oklahoma William Megginson; University of Oklahoma Ali Sanati; American University |
| presented by: William Megginson, University of Oklahoma |
| Discussant: Yiming Qian, University of Connecticut |
| Misvaluation of New Trademarks |
| By Po-Hsuan Hsu; National Tsing Hua University Dongmei Li; University of South Carolina Qin Li; Hong Kong Polytechnic University Siew Hong Teoh; University of California, Irvine Kevin Tseng; Federal Reserve Bank of Richmond |
| presented by: Kevin Tseng, Federal Reserve Bank of Richmond |
| Discussant: Lei Ma, Southern Methodist University |
| Deep Learning in Asset Pricing |
| By Gavin Feng; City University of Hong Kong Nicholas Polson; The University of Chicago Jianeng Xu; The University of Chicago |
| presented by: Gavin Feng, City University of Hong Kong |
| Discussant: Weidong Tian, The University of North Carolina at Charlotte |
| On the (Im)Possibility of Estimating Expected Return from Risk-Neutral Variance |
| By Valery Polkovnichenko; Board of Governors of the Federal Reserve |
| presented by: Valery Polkovnichenko, Board of Governors of the Federal Reserve |
| Discussant: Xiaoxiao Tang, The University of Texas at Dallas |
| Session: Institutional Investors July 12, 2019 8:00 to 9:45 Conference Room E |
| Session Chair: Pedro Matos, University of Virginia |
| Networking Behind the Scenes: Institutional Cross-industry Holdings and Informational Hold-up in Corporate Loans |
| By Jie He; University of Georgia Lantian Liang; University of Sydney Hui Wang; The University of Texas at Dallas Han Xia; The University of Texas at Dallas |
| presented by: Hui Wang, The University of Texas at Dallas |
| Discussant: Huan Yang, University of Massachusetts Amherst |
| Common Institutional Ownership and Product Market Threats |
| By Omesh Kini; Georgia State University Sangho Lee; Tulane University Mo Shen; Auburn University |
| presented by: Mo Shen, Auburn University |
| Discussant: Ling Cen, The Chinese University of Hong Kong |
| The Role of Financial Conditions in Portfolio Choices: The Case of Insurers |
| By Shan Ge; New York University Michael Weisbach; The Ohio State University |
| presented by: Shan Ge, New York University |
| Discussant: Qing Tong, Renmin University of China |
| The Motives for Private Equity Buyouts of Private Firms: Evidence from U.S. Corporate Tax Returns |
| By Jonathan Cohn; The University of Texas at Austin Edith Hotchkiss; Boston College Erin Towery; University of Georgia |
| presented by: Edith Hotchkiss, Boston College |
| Discussant: Dong Yan, Stockholm School of Economics |
| Session: Market Frictions and Liquidity July 12, 2019 8:00 to 9:45 Conference Room C |
| Session Chair: Hongjun Yan, DePaul University |
| Slow-Moving Liquidity Provision and Flow-Driven Common Factors in Stock Returns |
| By Jiacui Li; Stanford Graduate School of Business |
| presented by: Jiacui Li, Stanford Graduate School of Business |
| Discussant: Cameron Peng, London School of Economics |
| Rainy Day Liquidity |
| By Xin Li; University of Cincinnati Tong Yu; University of Cincinnati Jingzhi Huang; Pennsylvania State University Mehmet Saglam; University of Cincinnati |
| presented by: Tong Yu, University of Cincinnati |
| Discussant: Yaqing Xiao, Capital University of Economics and Business |
| What Do Mutual Fund Investors Really Care About? |
| By Itzhak Ben-David; The Ohio State University and NBER Jiacui Li; Stanford Graduate School of Business Andrea Rossi; University of Arizona Yang Song; University of Washington |
| presented by: Jiacui Li, Stanford Graduate School of Business |
| Discussant: Bing Han, University of Toronto |
| Pre-Trade Hedging: Evidence from the Issuance of Retail Structured Products |
| By Brian Henderson; George Washington University Neil Pearson; University of Illinois Li Wang; Case Western Reserve University |
| presented by: Neil Pearson, University of Illinois |
| Discussant: Jie Cao, Chinese University of Hong Kong |
| Session: The Power of News July 12, 2019 8:00 to 9:45 Conference Room B |
| Session Chair: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen |
| The Perils of Crying "Fake News" |
| By Mancy Luo; Erasmus University Alberto Manconi; Bocconi University Massimo Massa; INSEAD |
| presented by: Mancy Luo, Erasmus University |
| Discussant: Jun Tu, Singapore Management University |
| Watching TVs Left and Right: Media Partisanship and Fundamental Corporate Decisions |
| By April Knill; Florida State University Baixiao Liu; Florida State University John McConnell; Purdue University |
| presented by: Baixiao Liu, Florida State University |
| Discussant: Fei Xie, University of Delaware |
| Financial Reporting and Disclosure Practices in China |
| By Hai Lu; University of Toronto Jee-Eun Shin; University of Toronto |
| presented by: Hai Lu, University of Toronto |
| Discussant: Chen Chen, Monash University |
| Redact to Protect? Customers’ Incentive to Protect Information and Suppliers’ Disclosure Strategies |
| By Gary Chen; University of Illinois at Chicago Xiaoli Tian; Georgetown University Miaomiao Yu; Louisiana State University |
| presented by: Miaomiao Yu, Louisiana State University |
| Discussant: Rui Dai, University of Pennsylvania |
| Session: Financial Markets with Frictions July 12, 2019 8:00 to 9:45 Conference Room A |
| Session Chair: Liyan Yang, University of Toronto |
| Information Diffusion and Speed Competition |
| By Xue-Zhong (Tony) He; University of Technology Sydney Junqing Kang; University of Technology Sydney |
| presented by: Junqing Kang, University of Technology Sydney |
| Discussant: Yan Xiong, University of Toronto |
| How Does Price Informativeness Affect Investment Sensitivity to Stock Price? |
| By Itay Goldstein; University of Pennsylvania Chong Huang; University of California, Irvine Qiguang Wang; Hong Kong Baptist University |
| presented by: Qiguang Wang, Hong Kong Baptist University |
| Discussant: Xuewen Liu, Hong Kong University of Science and Technology |
| Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation |
| By Yifei Wang; University of Michigan Toni Whited; University of Michigan Yufeng Wu; University of Illinois Kairong Xiao; Columbia University |
| presented by: Yufeng Wu, University of Illinois |
| Discussant: Erica Li, Cheung Kong Graduate School of Business |
| Credit Derivatives and Insider Trading Profitability |
| By Dragon Yongjun Tang; The University of Hong Kong Wei Wu; Texas A&M University |
| presented by: Dragon Yongjun Tang, The University of Hong Kong |
| Discussant: Jongsub Lee, Seoul National University |
| Session: Behavioral Finance July 12, 2019 8:00 to 9:45 Conference Room F |
| Session Chair: Harrison Hong, Columbia University |
| Violence and Investor Behavior: Evidence from Terrorist Attacks |
| By Vikas Agarwal; Georgia State University Pulak Ghosh; Indian Institute of Management Bangalore Haibei Zhao; Lehigh University |
| presented by: Haibei Zhao, Lehigh University |
| Discussant: Rosy Xu, University of Miami |
| Hard to Say Goodbye to Yesterday: War memories, Patriotism, and Individual Investors’ Investment Preferences |
| By Bin Ke; National University of Singapore Yupeng Lin; National University of Singapore Hong Tu; Nankai University Weibiao Xu; Nankai University |
| presented by: Weibiao Xu, Nankai University |
| Discussant: Zhipeng Yan, New Jersey Institute of Technology |
| Speculation Sentiment |
| By Shaun Davies; University of Colorado Boulder |
| presented by: Shaun Davies, University of Colorado Boulder |
| Discussant: Hui Dong, Shanghai University of Finance and Economics |
| The Portfolio-Driven Disposition Effect |
| By Li An; PBC School of Finance, Tsinghua University Joseph Engelberg; University of California, San Diego Matthew Henriksson; University of South Florida Baolian Wang; University of Florida Jared Williams; University of South Florida |
| presented by: Baolian Wang, University of Florida |
| Discussant: Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Session: Investment Decision and Asset Pricing July 12, 2019 8:00 to 9:45 Conference Room D |
| Session Chair: Harold Zhang, The University of Texas at Dallas |
| Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets |
| By Hui Chen; Massachusetts Institute of Technology Zhuo Chen; PBC School of Finance, Tsinghua University Zhiguo He; The University of Chicago Jinyu Liu; University of International Business and Economics |
| presented by: Zhuo Chen, PBC School of Finance, Tsinghua University |
| Discussant: Yang Liu, University of Hong Kong |
| Tax Collection from Realized Capital Gains on Equity |
| By Paul Ehling; BI Norwegian Business School Stathis Tompaidis; The University of Texas at Austin Chunyu Yang; BI Norwegian Business School |
| presented by: Chunyu Yang, BI Norwegian Business School |
| Discussant: Harold Zhang, The University of Texas at Dallas |
| Who is Afraid of Liquidity Risk? Dynamic Portfolio Choice with Stochastic Illiquidity |
| By Joost Driessen; Tilburg University Ran Xing; Aarhus University |
| presented by: Ran Xing, Aarhus University |
| Discussant: Yexiao Xu, The University of Texas at Dallas |
| Predicting the Equity Premium with Implied Volatility Spreads |
| By Charles Cao; Pennsylvania State University Timothy Simin; Pennsylvania State University Han Xiao; Pennsylvania State University |
| presented by: Han Xiao, Pennsylvania State University |
| Discussant: Xiaoxiao Tang, The University of Texas at Dallas |
| Session: Options July 12, 2019 10:15 to 12:00 Conference Room A |
| Session Chair: Neil Pearson, University of Illinois |
| The Time-Series Information in Options: Implications for the Index Option Return Puzzle and the Risk-Return Tradeoff |
| By Yuguo Liu; University of Houston |
| presented by: Yuguo Liu, University of Houston |
| Discussant: Jianfeng Hu, Singapore Management University |
| Option Return Predictability and Variance Risk Premium |
| By Haorui Bai; PBC School of Finance, Tsinghua University Xiaoyan Zhang; PBC School of Finance, Tsinghua University Hao Zhou; PBC School of Finance, Tsinghua University |
| presented by: Haorui Bai, PBC School of Finance, Tsinghua University |
| Discussant: Xintong Zhan, The Chinese University of Hong Kong |
| Very Noisy Option Prices and Inferences Regarding Option Returns |
| By Jefferson Duarte; Rice University Christopher Jones; University of Southern California Junbo Wang; Louisiana State University |
| presented by: Jefferson Duarte, Rice University |
| Discussant: Ruslan Goyenko, McGill University |
| Role of Equity Puts in Trading and Hedging Single-name Credit Risk: Evidence from Price Discovery around Rating Events |
| By Yixiao Jiang; Rutgers University - New Brunswick Bruce Mizrach; Rutgers University |
| presented by: Yixiao Jiang, Rutgers University - New Brunswick |
| Discussant: Tse-Chun Lin, The University of Hong Kong |
| Session: CEO Compensation and CEO Behavior July 12, 2019 10:15 to 12:00 Conference Room E |
| Session Chair: Shane Johnson, Texas A&M University |
| Phantom Menace: Role of Pseudo Peers in CEO Compensation |
| By Swaminathan Kalpathy; Texas Christian University Vikram Nanda; The University of Texas at Dallas Yabo Zhao; The University of Texas at Dallas |
| presented by: Yabo Zhao, The University of Texas at Dallas |
| Discussant: Nan Yang, Hong Kong Polytechnic University |
| Debt Maturity and Human Capital Maturity—Evidence from Retiring CEOs |
| By Shan Ge; New York University |
| presented by: Shan Ge, New York University |
| Discussant: Jun Yang, University of Notre Dame |
| CEO Personal Donating Behavior and Corporate Social Responsibility |
| By Lixiong Guo; University of Alabama Lei Kong; University of Alabama Wenqiao Zhang; University of Alabama |
| presented by: Lei Kong, University of Alabama |
| Discussant: Yiming Qian, University of Connecticut |
| Out-of-equilibrium CEO Incentives, Dynamic Adjustment and Firm Performance |
| By Robert Bushman; The University of North Carolina at Chapel Hill Zhonglan Dai; The University of Texas at Dallas Weining Zhang; Cheung Kong Graduate School of Business |
| presented by: Zhonglan Dai, The University of Texas at Dallas |
| Discussant: Lin Peng, Baruch College, The City University of New York |
| Session: Financial Markets and Corporate Policies July 12, 2019 10:15 to 12:00 Conference Room B |
| Session Chair: Erica Li, Cheung Kong Graduate School of Business |
| Does Finance Flow to High Productivity Firms? |
| By Murray Frank; University of Minnesota Keer Yang; University of Minnesota |
| presented by: Murray Frank, University of Minnesota |
| Discussant: Di Li, Peking University |
| R&D Investment Intensity and Jump Volatility of Stock Price |
| By Cheng Jiang; Temple University Kose John; New York University David Larsen; Temple University |
| presented by: Cheng Jiang, Temple University |
| Discussant: Si Cheng, The Chinese University of Hong Kong |
| Credit Default Swaps around the World: Investment and Financing Effects |
| By Sohnke Bartram; University of Warwick Jennifer Conrad; The University of North Carolina at Chapel Hill Jongsub Lee; Seoul National University Marti G. Subrahmanyam; New York University |
| presented by: Jongsub Lee, Seoul National University |
| Discussant: Dong Yan, Stockholm School of Economics |
| Corporate Disclosure and Revelatory Price Efficiency: The Case of Capital Investment Guidance |
| By Zhihong Chen; Hong Kong University of Science and Technology Jianghua Shen; Xiamen University Yuan Zhang; The University of Texas at Dallas |
| presented by: Jianghua Shen, Xiamen University |
| Discussant: Tao Shen, Tsinghua University |
| Session: Government Regulations and Corporate Decision Making July 12, 2019 10:15 to 12:00 Conference Room F |
| Session Chair: Tao Shu, University of Georgia |
| Public Enforcement of Securities Laws in Weak Institutional Environments: Evidence from China |
| By Tinghua Duan; IÉSEG School of Management Kai Li; University of British Columbia Rafael Rogo; Indiana University Ray Zhang; Simon Fraser University |
| presented by: Ray Zhang, Simon Fraser University |
| Discussant: Richard Crowley, Singapore Management University |
| Corporate Political Connections and Favorable Environmental Regulation |
| By Amanda Heitz; Tulane University Youan WANG; The University of Hong Kong Zigan Wang; The University of Hong Kong |
| presented by: Amanda Heitz, Tulane University |
| Discussant: Laura Xiaolei Liu, Guanghua School of Management, Peking University |
| Does Stock Market Liquidity Help Deter Earnings Management? Evidence from the SEC Tick Size Pilot Test |
| By Dan Li; The Chinese University of Hong Kong, Shenzhen Ying Xia; Monash University |
| presented by: Ying Xia, Monash University |
| Discussant: Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Session: Fixed Income Securities and Derivatives July 12, 2019 10:15 to 12:00 Conference Room C |
| Session Chair: Jingzhi Huang, Pennsylvania State University |
| Policy Interventions, Liquidity, and Clientele Effects in the Chinese Corporate Credit Bond Market |
| By Jingyuan Mo; New York University Marti Subrahmanyam; New York University |
| presented by: Jingyuan Mo, New York University |
| Discussant: Yoshio Nozawa, Hong Kong University of Science and Technology |
| OIS Risk Premiums |
| By Zhenyu Wang; Indiana University Wei Yang; College of William and Mary |
| presented by: Wei Yang, College of William and Mary |
| Discussant: Zhan Shi, PBC School of Finance, Tsinghua University |
| Information and Liquidity of Over-the-Counter Securities: Evidence from Public Registration of Rule 144A Bonds |
| By Alan Huang; University of Waterloo Madhu Kalimipalli; Wilfrid Laurier University Ke Wang; Board of Governors of the Federal Reserve System |
| presented by: Alan Huang, University of Waterloo |
| Discussant: Tong Yu, University of Cincinnati |
| Post-Crisis Regulations, Market Making, and Liquidity in the Corporate Bond Market |
| By Xinjie Wang; Southern University of Science and Technology Zhaodong Zhong; Rutgers University |
| presented by: Xinjie Wang, Southern University of Science and Technology |
| Discussant: Dragon Yongjun Tang, The University of Hong Kong |
| Session: Uncertainty, Business Cycles, and Asset Pricing. July 12, 2019 10:15 to 12:00 Conference Room D |
| Session Chair: Pengfei Wang, Hong Kong University of Science and Technology |
| The Role of Corporate Saving over the Business Cycle: Shock Absorber or Amplifier? |
| By Xiaodan Gao; National University of Singapore Shaofeng Xu; Bank of Canada |
| presented by: Xiaodan Gao, National University of Singapore |
| Discussant: Wenlan Luo, Tsinghua University |
| Central Bank Communication and the Yield Curve |
| By Matteo Leombroni; Stanford University Andrea Vedolin; Boston University Gyuri Venter; Copenhagen Business School Paul Whelan; Copenhagen Business School |
| presented by: Paul Whelan, Copenhagen Business School |
| Discussant: Hongjun Yan, DePaul University |
| A Sticky-Price View of Hoarding |
| By Aureo de Paula; University College London Christopher Hansman; Imperial College London Harrison Hong; Columbia University Vishal Singh; New York University |
| presented by: Harrison Hong, Columbia University |
| Discussant: Qiusha Peng, Fanhai International School of Finance, Fudan University |
| Real Flight to Safety |
| By Chao Zi; University of Illinois Urbana-Champaign |
| presented by: Chao Zi, University of Illinois Urbana-Champaign |
| Discussant: Ji Huang, The Chinese University of Hong Kong |
| Session: Risk, Uncertainty, Arbitrage July 12, 2019 13:30 to 15:15 Conference Room F |
| Session Chair: Bing Han, University of Toronto |
| The Time Variation in Risk Appetite and Uncertainty |
| By Geert Bekaert; Columbia University Eric Engstrom; Federal Reserve Board of Governors Nancy Xu; Boston College |
| presented by: Nancy Xu, Boston College |
| Discussant: Thomas Maurer, University of Hong Kong |
| Higher-order Risk Premium, Stock Return Predictability, and Rare Event Dynamics |
| By Zhenzhen Fan; Nankai University Xiao Xiao; Erasmus University Rotterdam Hao Zhou; PBC School of Finance, Tsinghua University |
| presented by: Zhenzhen Fan, Nankai University |
| Discussant: Nancy Xu, Boston College |
| The Risks of Old Capital Age: Asset Pricing Implications of Technology Adoption |
| By Xiaoji Lin; University of Minnesota Berardino Palazzo; Federal Reserve Board Fan Yang; University of Connecticut |
| presented by: Fan Yang, University of Connecticut |
| Discussant: Kai Li, Hong Kong University of Science and Technology |
| Fast and Slow Arbitrage: Smart Money, Dumb Money and Mispricing in the Frequency Domain |
| By Xi Dong; Baruch College, The City University of New York Namho Kang; Bentley University Joel Peress; INSEAD |
| presented by: Xi Dong, Baruch College, The City University of New York |
| Discussant: Hongjun Yan, DePaul University |
| Session: Capital Raising and Policy Changes July 12, 2019 13:30 to 15:15 Conference Room B |
| Session Chair: Reena Aggarwal, Georgetown University |
| Do Place-based Policies Promote Local Innovation and Entrepreneurial Finance? |
| By Xuan Tian; PBC School of Finance, Tsinghua University Jiajie Xu; Boston College |
| presented by: Xuan Tian, PBC School of Finance, Tsinghua University |
| Discussant: Lifeng Gu, The University of Hong Kong |
| Liquidity Pressure in Venture Capital Acquisition Exits: An Exogenous Policy Shock |
| By Wenfei Li; Guangzhou University Danny Miller; HEC Montréal Zhenyang Tang; Clark University Xiaowei Xu; University of Rhode Island |
| presented by: Xiaowei Xu, University of Rhode Island |
| Discussant: Donghang Zhang, University of South Carolina |
| Trademarks in Entrepreneurial Finance |
| By Thomas Chemmanur; Boston College Harshit Rajaiya; Boston College Xuan Tian; PBC School of Finance, Tsinghua University Qianqian Yu; Lehigh University |
| presented by: Thomas Chemmanur, Boston College |
| Discussant: Fengfei Li, Deakin University |
| A Dark Side of Corporate Venture Capital |
| By Xuan Tian; PBC School of Finance, Tsinghua University Kailei Ye; The University of North Carolina at Chapel Hill |
| presented by: Kailei Ye, The University of North Carolina at Chapel Hill |
| Discussant: Shenje Hshieh, City University of Hong Kong |
| Session: Issues on China Financial Market July 12, 2019 13:30 to 15:15 Conference Room E |
| Session Chair: Laura Xiaolei Liu, Guanghua School of Management, Peking University |
| Facilitating Investment Flows: Evidence from China’s High-Speed Passenger Rail Network |
| By Yatang Lin; Hong Kong University of Science and Technology Yu Qin; National University of Singapore Johan Sulaeman; National University of Singapore Jubo Yan; Nanyang Technological University Jialiang Zhang; Peking University |
| presented by: Yatang Lin, Hong Kong University of Science and Technology |
| Discussant: Yu Zhang, Guanghua School of Management, Peking University |
| Capital Scarcity and Industrial Decline: Evidence from 172 Real Estate Booms in China |
| By Harald Hau; University of Geneva and Swiss Finance Institute Difei Ouyang; University of Geneva |
| presented by: Difei Ouyang, University of Geneva |
| Discussant: Ting Chen, Hong Kong Baptist University |
| Understanding China's Evolving Credit Risk Maze |
| By Ronald Anderson; London School of Economics |
| presented by: Ronald Anderson, London School of Economics |
| Discussant: Fan Yu, Claremont McKenna College |
| Internal Ratings and Loan Contracting: Evidence from a State-owned Bank around a Massive Economic Stimulus Programme |
| By Hong Zou; The University of Hong Kong Hongqi Yuan; Fudan University Yiyuan Zhou; The University of Hong Kong |
| presented by: Yiyuan Zhou, The University of Hong Kong |
| Discussant: Hongxun Ruan, Peking University |
| Session: Financial Analysts July 12, 2019 13:30 to 15:15 Conference Room A |
| Session Chair: Daniel Bradley, University of South Florida |
| Specificity and Accuracy: Evidence from Sell-side Analyst Forecasts |
| By Yi Dong; Shanghai University of Finance and Economics Xuejiao Liu; University of International Business and Economics Gerald Lobo; University of Houston Chenkai Ni; Fudan University |
| presented by: Chenkai Ni, Fudan University |
| Discussant: Hongping Tan, McGill University |
| Language Commonality and Sell-side Information Production |
| By Ruishen Zhang; Frankfurt School of Finance & Management gGmbH |
| presented by: Ruishen Zhang, Frankfurt School of Finance & Management gGmbH |
| Discussant: Qianqian Du, Hong Kong Polytechnic University |
| Noise from Other Industries: Overgeneralization and Analyst Beliefs |
| By Rex Renjie; Erasmus School of Economics |
| presented by: Rex Renjie, Erasmus School of Economics |
| Discussant: Feng Jiang, The State University of New York at Buffalo |
| Managed Stock Recommendations |
| By Chao Kang; Cornell University Kenneth Merkley; Indiana University Roni Michaely; University of Geneva Joseph Pacelli; Indiana University |
| presented by: Chao Kang, Cornell University |
| Discussant: Roger Loh, Singapore Management University |
| Session: International Investment Management July 12, 2019 13:30 to 15:15 Conference Room C |
| Session Chair: Christian T. Lundblad, The University of North Carolina at Chapel Hill |
| Financial Globalization vs. Income Inequality: The Surprising Role of Foreign Portfolio Flows in Taming the Top 1% |
| By Si Cheng; The Chinese University of Hong Kong Massimo Massa; INSEAD Hong Zhang; PBC School of Finance, Tsinghua University |
| presented by: Si Cheng, The Chinese University of Hong Kong |
| Discussant: David Ng, Cornell University |
| ETF Arbitrage and International Correlation |
| By Ilias Filippou; Washington University in St. Louis and University of Warwick Arie Gozluklu; University of Warwick Hari Rozental; University of Warwick |
| presented by: Ilias Filippou, Washington University in St. Louis and University of Warwick |
| Discussant: Jie Cao, Chinese University of Hong Kong |
| The World-Wide Source of Industry Information:The Industry Concentration of Short Sellers |
| By Zsuzsa Huszar; SP Jain School of Global Management Ruth Tan; National University of Singapore Weina Zhang; National University of Singapore |
| presented by: Zsuzsa Huszar, SP Jain School of Global Management |
| Discussant: Qi Zhang, Durham University |
| How Global is Your Mutual Fund? International Diversifi cation from Multinationals |
| By Irem Demirci; Nova School of Business and Economics Miguel Ferreira; Nova School of Business and Economics Pedro Matos; University of Virginia Clemens Sialm; The University of Texas at Austin and NBER |
| presented by: Pedro Matos, University of Virginia |
| Discussant: Dragon Yongjun Tang, The University of Hong Kong |
| Session: 中国宏观金融 China Macro Finance July 12, 2019 13:30 to 15:15 Conference Room D |
| Session Chair: Zheng (Michael) Song, The Chinese University of Hong Kong |
| 信用货币体系下的流动性不足之谜 |
| By Chengsi Zhang; Renmin University of China Zehao Liu; Renmin University of China Ping He; Tsinghua University |
| presented by: Zehao Liu, Renmin University of China |
| Discussant: Kang Shi, The Chinese University of Hong Kong |
| 资本市场双向开放、跨境股票交易和AH股溢价 |
| By Jiangze Bian; University of International Business and Economics Wei Liu; Shanghai Stock Exchange Donghui Shi; Shanghai Stock Exchange |
| presented by: Jiangze Bian, University of International Business and Economics |
| Discussant: Jun Song, Fudan University |
| 基于大数据的中国系统性金融风险信息传染研究 |
| By Xiaoyun Fan; Nankai University Yedong Wang; Nankai University Daoping Wang; Nankai University |
| presented by: Daoping Wang, Nankai University |
| Discussant: Jie Luo, Tsinghua University |
| 产业政策的激励效应与迎合效应 |
| By Guochao Yang; Zhongnan University of Economics and Law Oliver Rui; China Europe International Business School |
| presented by: Guochao Yang, Zhongnan University of Economics and Law |
| Discussant: Hanyi Tao, ShanghaiTech University |
This program was last updated on 2019-07-12 10:42:28 EDT