China International Conference in Finance 2019

Guangzhou, China

 

Program Notes and Index of Sessions

 

Summary of All Sessions

Date/TimeLocationTitlePapers
July 9, 2019
18:00-19:30
Lobby · Mar-Tea-Ni Lounge Conference Reception0
July 10, 2019
8:00-9:45
Conference Room C 并购与公司治理 Mergers & Acquisitions and Corporate Governance4
July 10, 2019
8:00-9:45
Conference Room A Corporate Governance and Ownership Structure4
July 10, 2019
8:00-9:45
Conference Room F Household Finance: Micro and Macro4
July 10, 2019
8:00-9:45
Conference Room D Investors, Risk, and Returns4
July 10, 2019
8:00-9:45
Conference Room B New Perspectives on Asset Pricing4
July 10, 2019
8:00-9:45
Conference Room E Stock Market Efficiency4
July 10, 2019
10:15-12:00
Conference Room D Asset Pricing4
July 10, 2019
10:15-12:00
Conference Room A Empirical Asset Pricing4
July 10, 2019
10:15-12:00
Conference Room E Fintech Developments4
July 10, 2019
10:15-12:00
Conference Room F Government Policy and Business4
July 10, 2019
10:15-12:00
Conference Room B Insider Trading, Disclosures, and Investment Horizons4
July 10, 2019
10:15-12:00
Conference Room C Opioid Crisis, Sex Harassment, and Gender Gap in Corporate Finance4
July 10, 2019
13:30-15:00
Grand Ballroom Keynote Speech0
July 10, 2019
15:15-17:00
Conference Room C Bank Monitoring and Lending Relationships4
July 10, 2019
15:15-17:00
Conference Room B Delegated Portfolios4
July 10, 2019
15:15-17:00
Conference Room A Factor Investment and Factor Models4
July 10, 2019
15:15-17:00
Conference Room E Financial Markets and the Economy4
July 10, 2019
15:15-17:00
Conference Room F Mergers and Acquisitions4
July 10, 2019
15:15-17:00
Conference Room D Taxes - Pay, Avoid, Evade4
July 10, 2019
18:00-20:00
Grand Ballroom Conference Dinner and Best Paper Awards0
July 11, 2019
8:00-9:45
Conference Room D Consumer Credit and Product Markets4
July 11, 2019
8:00-9:45
Conference Room G Corporate Debt and Creditor Rights4
July 11, 2019
8:00-9:45
Conference Room C Information and Intermediaries4
July 11, 2019
8:00-9:45
Conference Room B Information, Leverage and Liquidity4
July 11, 2019
8:00-9:45
Conference Room A Information, Price Discovery and Liquidity4
July 11, 2019
8:00-9:45
Conference Room E IPOs, SEOs, and the Going Public Decision: Theory and Evidence4
July 11, 2019
8:00-9:45
Conference Room F What Can We Learn from the Chinese Market: New Facts and New Factors4
July 11, 2019
10:15-12:00
Conference Room B Credit Markets4
July 11, 2019
10:15-12:00
Conference Room G Crime, Capital Flows, and Liberalization4
July 11, 2019
10:15-12:00
Conference Room F Empirical Corporate Finance4
July 11, 2019
10:15-12:00
Conference Room C 金融中介和文本分析 Financial Intermediation and Textual Analysis4
July 11, 2019
10:15-12:00
Conference Room E Fintech4
July 11, 2019
10:15-12:00
Conference Room D Institutional Investors: Skill, Behavior, and Impact4
July 11, 2019
10:15-12:00
Conference Room A Labor and Corporate Finance4
July 11, 2019
13:30-15:15
Conference Room C Asset Managers and Asset Markets4
July 11, 2019
13:30-15:15
Conference Room G Board of Directors4
July 11, 2019
13:30-15:15
Conference Room B Corporate Payout Policy4
July 11, 2019
13:30-15:15
Conference Room A Empirical Asset Pricing: New Takes on Outstanding Challenges4
July 11, 2019
13:30-15:15
Conference Room F Financial Crisis and Banking4
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 Finance4
July 11, 2019
15:45-17:30
Conference Room A Asset Pricing with Frictions4
July 11, 2019
15:45-17:30
Conference Room F Corporate Innovation4
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 Returns4
July 11, 2019
15:45-17:30
Conference Room B Financial Distress and Bankruptcy4
July 11, 2019
15:45-17:30
Conference Room E Hedge Funds and Other Institutional Investors4
July 11, 2019
15:45-17:30
Conference Room G Market Mispricing4
July 12, 2019
8:00-9:45
Conference Room F Behavioral Finance4
July 12, 2019
8:00-9:45
Conference Room A Financial Markets with Frictions4
July 12, 2019
8:00-9:45
Conference Room E Institutional Investors4
July 12, 2019
8:00-9:45
Conference Room D Investment Decision and Asset Pricing4
July 12, 2019
8:00-9:45
Conference Room C Market Frictions and Liquidity4
July 12, 2019
8:00-9:45
Conference Room B The Power of News4
July 12, 2019
10:15-12:00
Conference Room E CEO Compensation and CEO Behavior4
July 12, 2019
10:15-12:00
Conference Room B Financial Markets and Corporate Policies4
July 12, 2019
10:15-12:00
Conference Room C Fixed Income Securities and Derivatives4
July 12, 2019
10:15-12:00
Conference Room F Government Regulations and Corporate Decision Making4
July 12, 2019
10:15-12:00
Conference Room A Options4
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 Finance4
July 12, 2019
13:30-15:15
Conference Room B Capital Raising and Policy Changes4
July 12, 2019
13:30-15:15
Conference Room A Financial Analysts4
July 12, 2019
13:30-15:15
Conference Room C International Investment Management4
July 12, 2019
13:30-15:15
Conference Room E Issues on China Financial Market4
July 12, 2019
13:30-15:15
Conference Room F Risk, Uncertainty, Arbitrage4
 

67 sessions, 256 papers, and 0 presentations with no associated papers


 

China International Conference in Finance 2019

Detailed List of Sessions

 
Session: Conference Reception
July 9, 2019 18:00 to 19:30
Lobby · Mar-Tea-Ni Lounge
 
 
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; 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; Hong Kong Polytechnic 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, Washington University in St. Louis
 

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
Yang Jibin; Sun Yat-sen University
   presented by: Yang Jibin, 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, 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 Trading Incentives 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, The 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; University of North Carolina
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: Xi Wu, New York University
   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
 

Trade with Ads
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
 

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
 

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
 

Stock Pledged Loans and the Bear Market of 2018 in China: Is There a Connection?
By Feng Li; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Jun Qian; Fanhai International School of Finance, Fudan University
Haofei Wang; Shanghai Jiao Tong University
Julie Zhu; Fanhai International School of Finance, Fudan University
   presented by: Haofei Wang, 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
 

Rewards and Reputation from the Managerial Labor Market and Strategic Information Distortion
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, School of Management, 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; 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; Hong Kong Polytechnic University
   presented by: Hong Wu, Hong Kong Polytechnic 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, Grenoble Ecole de Management
 
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, The 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 Tech
 

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
   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 Reserv
   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, The 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: Yupeng Lin, National University of Singapore
   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, The 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: Zhihong Chen, Hong Kong University of Science and Technology
   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: Tinghua Duan, IÉSEG School of Management
   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
 

Politician Careers and Corporate Financial Misconduct
By Mihir Mehta; University of Michigan
Wanli Zhao; Renmin University of China
   presented by: Wanli Zhao, Renmin University of China
   Discussant:   Stefan Zeume, University of Illinois Urbana-Champaign
 

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, Washington University in St. Louis
 

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
 

Undersstanding 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 Gur Aminadav; London Business School
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, The 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 2019-06-18 21:21:41 EDT