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Summary of All Sessions |
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| # | Date/Time | Title/Location | Papers |
|---|---|---|---|
| 1 | July 6, 2021 18:00-19:30 | Conference Reception (Note: All times refer to Beijing Time: UTC /GMT +8) Location: Ruby Room, 2F, Crowne Plaza | 0 |
| 2 | July 7, 2021 8:00-9:45 | Fixed-Income Markets Location: Room 403, 4F, SAIF | 4 |
| 3 | July 7, 2021 8:00-9:45 | Frictions in the Corporate Bond Market Location: Room 904, 9F, SAIF | 4 |
| 4 | July 7, 2021 8:00-9:45 | Institutional Investors Location: Room 1006, 10F, SAIF | 4 |
| 5 | July 7, 2021 8:00-9:45 | Labor and Finance Location: Room 901, 9F, SAIF | 4 |
| 6 | July 7, 2021 8:00-9:45 | Machine Learning in Finance Location: Room 304, 3F, SAIF | 4 |
| 7 | July 7, 2021 8:00-9:45 | New Perspectives in Empirical Asset Pricing Location: Room 305, 3F, SAIF | 4 |
| 8 | July 7, 2021 8:00-9:45 | Prospect Theory, Leverage Constraints, and Cryptomarket Location: Room 203, 2F, SAIF | 4 |
| 9 | July 7, 2021 8:00-9:45 | Risk, Uncertainty, and Asset Pricing Location: Room 903, 9F, SAIF | 4 |
| 10 | July 7, 2021 10:15-12:00 | Keynote Speech (Kenneth J. Singleton, Stanford University) and Best Paper Award Location: Room 303, 3F, SAIF | 0 |
| 11 | July 7, 2021 13:30-15:15 | Advances in Financial Econometrics Location: Room 901, 9F, SAIF | 4 |
| 12 | July 7, 2021 13:30-15:15 | 公司金融 Location: Room 903, 9F, SAIF | 4 |
| 13 | July 7, 2021 13:30-15:15 | Banking, Network, and Innovation Location: Room 304, 3F, SAIF | 4 |
| 14 | July 7, 2021 13:30-15:15 | Behavioral Asset Pricing Location: Room 305, 3F, SAIF | 4 |
| 15 | July 7, 2021 13:30-15:15 | Employee Relationships and Firm Performance Location: Room 203, 2F, SAIF | 4 |
| 16 | July 7, 2021 13:30-15:15 | Ownership, Reputation, and Competition Location: Room 403, 4F, SAIF | 4 |
| 17 | July 7, 2021 15:45-17:30 | Corporate Bond Market in China (Onsite China Session) Location: Room 904, 9F, SAIF | 4 |
| 18 | July 7, 2021 15:45-17:30 | Corporate Finance Theory Location: Room 203, 2F, SAIF | 4 |
| 19 | July 7, 2021 15:45-17:30 | Corporate Innovation Location: Room 304, 3F, SAIF | 4 |
| 20 | July 7, 2021 15:45-17:30 | Economic Behavior Based on Chinese Data (Onsite China Session) Location: Room 901, 9F, SAIF | 4 |
| 21 | July 7, 2021 15:45-17:30 | Onsite (Onsite China Session) Location: Room 903, 9F, SAIF | 4 |
| 22 | July 8, 2021 8:00-9:45 | Behavioral Finance Location: Room 903, 9F, SAIF | 4 |
| 23 | July 8, 2021 8:00-9:45 | Capital Structure Location: Room 304, 3F, SAIF | 4 |
| 24 | July 8, 2021 8:00-9:45 | Financial Markets Location: Room 203, 2F, SAIF | 4 |
| 25 | July 8, 2021 8:00-9:45 | Governance and Ownership, Together and Separately Location: Room 403, 4F, SAIF | 4 |
| 26 | July 8, 2021 8:00-9:45 | Information and Trading in Financial Markets Location: Room 305, 3F, SAIF | 4 |
| 27 | July 8, 2021 8:00-9:45 | Money, Connections and Governance
(With Dedication to the Memory of Craig Holden) Location: Room 303, 3F, SAIF | 4 |
| 28 | July 8, 2021 8:00-9:45 | Politics and Finance Location: Room 904, 9F, SAIF | 4 |
| 29 | July 8, 2021 8:00-9:45 | Politics, Influence, and Finance Location: Room 1006, 10F, SAIF | 4 |
| 30 | July 8, 2021 8:00-9:45 | Short-selling Location: Room 901, 9F, SAIF | 4 |
| 31 | July 8, 2021 10:15-12:00 | All About Fraud Location: Room 1006, 10F, SAIF | 4 |
| 32 | July 8, 2021 10:15-12:00 | Applied Theory in Finance Location: Room 305, 3F, SAIF | 4 |
| 33 | July 8, 2021 10:15-12:00 | Empirical Corporate Finance - From IPOs to Failures Location: Room 903, 9F, SAIF | 4 |
| 34 | July 8, 2021 10:15-12:00 | FinTech Location: Room 901, 9F, SAIF | 4 |
| 35 | July 8, 2021 10:15-12:00 | International Asset Pricing Location: Room 403, 4F, SAIF | 4 |
| 36 | July 8, 2021 10:15-12:00 | Investor Attention in Financial Markets Location: Room 203, 2F, SAIF | 4 |
| 37 | July 8, 2021 10:15-12:00 | Macroeconomy and Asset Prices Location: Room 304, 3F, SAIF | 4 |
| 38 | July 8, 2021 10:15-12:00 | Stock Market Efficiency Location: Room 904, 9F, SAIF | 4 |
| 39 | July 8, 2021 10:15-12:00 | Sustainable Finance Location: Room 303, 3F, SAIF | 4 |
| 40 | July 8, 2021 13:30-15:15 | Asset Pricing and Monetary Policies Location: Room 903, 9F, SAIF | 4 |
| 41 | July 8, 2021 13:30-15:15 | ESG and Sustainable Finance Location: Room 305, 3F, SAIF | 4 |
| 42 | July 8, 2021 13:30-15:15 | Fintech: New Technologies or Hype Location: Room 403, 4F, SAIF | 4 |
| 43 | July 8, 2021 13:30-15:15 | Gender and Finance Location: Room 904, 9F, SAIF | 4 |
| 44 | July 8, 2021 13:30-15:15 | Household Finance: The Role of Nurture, Advice, and Technology Location: Room 901, 9F, SAIF | 4 |
| 45 | July 8, 2021 13:30-15:15 | Information Frictions in Corporate Finance and Asset Markets Location: Room 304, 3F, SAIF | 4 |
| 46 | July 8, 2021 13:30-15:15 | The Role of Banks: New Theory and Empirical Results Location: Room 203, 2F, SAIF | 4 |
| 47 | July 8, 2021 15:45-17:30 | Financial Intermediation (Onsite China Session) Location: Room 904, 9F, SAIF | 4 |
| 48 | July 8, 2021 15:45-17:30 | Financial Openness and Trade War (Onsite China Session) Location: Room 903, 9F, SAIF | 4 |
| 49 | July 8, 2021 15:45-17:30 | Information and Corporate Behavior Location: Room 304, 3F, SAIF | 4 |
| 50 | July 8, 2021 15:45-17:30 | Ownership and Financial Development Location: Room 203, 2F, SAIF | 4 |
| 51 | July 9, 2021 8:00-9:45 | Asset Pricing: Theory and Empirical Analysis Location: Room 305, 3F, SAIF | 4 |
| 52 | July 9, 2021 8:00-9:45 | Blockchain Economics Location: Room 903, 9F, SAIF | 4 |
| 53 | July 9, 2021 8:00-9:45 | Empirical Corporate Finance Location: Room 403, 4F, SAIF | 4 |
| 54 | July 9, 2021 8:00-9:45 | Executive Compensation and Corporate Stakeholders Location: Room 1006, 10F, SAIF | 4 |
| 55 | July 9, 2021 8:00-9:45 | International Finance Location: Room 904, 9F, SAIF | 4 |
| 56 | July 9, 2021 8:00-9:45 | Mutual Funds Location: Room 203, 2F, SAIF | 4 |
| 57 | July 9, 2021 8:00-9:45 | Options Location: Room 304, 3F, SAIF | 4 |
| 58 | July 9, 2021 8:00-9:45 | The Chinese Credit Market Location: Room 901, 9F, SAIF | 4 |
| 59 | July 9, 2021 10:15-12:00 | Analysts, Conference Calls, and AI Location: Room 1006, 10F, SAIF | 4 |
| 60 | July 9, 2021 10:15-12:00 | Banks and Bank Activities Location: Room 904, 9F, SAIF | 4 |
| 61 | July 9, 2021 10:15-12:00 | Corporate Executives Location: Room 403, 4F, SAIF | 4 |
| 62 | July 9, 2021 10:15-12:00 | COVID-19 Revelations Location: Room 305, 3F, SAIF | 4 |
| 63 | July 9, 2021 10:15-12:00 | FinTech and Machine Learning Location: Room 901, 9F, SAIF | 4 |
| 64 | July 9, 2021 10:15-12:00 | Hedge Funds Location: Room 203, 2F, SAIF | 4 |
| 65 | July 9, 2021 10:15-12:00 | Macro Risks and Bond Pricing Location: Room 304, 3F, SAIF | 4 |
| 66 | July 9, 2021 10:15-12:00 | News Diffusion, Belief Formation, Individual Investors, and Stock Markets Location: Room 903, 9F, SAIF | 4 |
| 67 | July 9, 2021 13:30-15:15 | Asset Pricing with Firm and Investor Decisions Location: Room 203, 2F, SAIF | 4 |
| 68 | July 9, 2021 13:30-15:15 | Corporate Finance and Chinese Economy Location: Room 903, 9F, SAIF | 4 |
| 69 | July 9, 2021 13:30-15:15 | Corporate Finance in China Location: Room 305, 3F, SAIF | 4 |
| 70 | July 9, 2021 13:30-15:15 | Games that Mutual Funds Play Location: Room 904, 9F, SAIF | 4 |
| 71 | July 9, 2021 13:30-15:15 | Information, Trading, and Bubbles Location: Room 901, 9F, SAIF | 4 |
| 72 | July 9, 2021 13:30-15:15 | Trading and Price Efficiency Location: Room 403, 4F, SAIF | 4 |
| 73 | July 9, 2021 13:30-15:15 | Volatility Economic Dynamics Location: Room 304, 3F, SAIF | 4 |
73 sessions, 284 papers, and 0 presentations with no associated papers |
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China International Conference in Finance 2021 (CICF) |
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Detailed List of Sessions |
| Session 1: Conference Reception (Note: All times refer to Beijing Time: UTC /GMT +8) July 6, 2021 18:00 to 19:30 Location: Ruby Room, 2F, Crowne Plaza |
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| Session 2: Fixed-Income Markets July 7, 2021 8:00 to 9:45 Location: Room 403, 4F, SAIF |
| Session Chair: Hao Jiang, Michigan State University |
| Mutual Fund Fragility, Dealer Liquidity Provision, and the Pricing of Municipal Bonds |
| By Yi Li; Federal Reserve Board Maureen O'Hara; Cornell University Alex Zhou; Federal Reserve Board of Governors |
| presented by: Alex Zhou, Federal Reserve Board of Governors |
| Discussant: Sophia Zhengzi Li, Rutgers Business School |
| Macro-Active Bond Mutual Funds |
| By Claire Yurong Hong; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Jun Pan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Shiwen Tian; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Claire Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Alex (Xing) Zhou, Federal Reserve Board |
| Institutional Corporate Bond Demand |
| By Lorenzo Bretscher; London Business School Lukas Schmid; University of Southern California Ishita Sen; Harvard Business School Varun Sharma; London Business School |
| presented by: Varun Sharma, London Business School |
| Discussant: Jingzhi Huang, Pennsylvania State University |
| Reaching for (Safer) Yield, Credit Supply, and Capital Raising: Evidence from Upsized Corporate Bond Offerings |
| By Edith Hotchkiss; Boston College Hurong Sun; University of Massachusetts Boston Liying Wang; University of Nebraska-Lincoln Yijia (Eddie) Zhao; University of Massachusetts Boston |
| presented by: Yijia (Eddie) Zhao, University of Massachusetts Boston |
| Discussant: Yuanzhi Li, Temple University |
| Session 3: Frictions in the Corporate Bond Market July 7, 2021 8:00 to 9:45 Location: Room 904, 9F, SAIF |
| Session Chair: Jack Bao, University of Delaware |
| Get Out While the Getting’s Good? A Test of The First-Mover Hypothesis in Bond Mutual Funds |
| By Sean Collins; Investment Company Institute Emily Gallagher; University of Colorado Boulder Xiaowen Hu; University of Colorado Boulder |
| presented by: Xiaowen Hu, University of Colorado Boulder |
| Discussant: Yi Li, Federal Reserve Board |
| Dealer Networks and the Cost of Immediacy |
| By Jens Dick-Nielsen; Copenhagen Business School Thomas Poulsen; BI Norwegian Business School Obaidur Rehman; BI Norwegian Business School |
| presented by: Thomas Poulsen, BI Norwegian Business School |
| Discussant: Zhaogang Song, Johns Hopkins University |
| How Integrated Are Corporate Bond and Stock Markets? |
| By Mirela Sandulescu; University of Michigan |
| presented by: Mirela Sandulescu, University of Michigan |
| Discussant: Andrei Goncalves, University of North Carolina-Chapel Hill |
| Marking to Market Corporate Debt |
| By Lorenzo Bretscher; London Business School Peter Feldhuetter; Copenhagen Business School Andrew Kane; Duke University Lukas Schmid; University of Southern California |
| presented by: Andrew Kane, Duke University |
| Discussant: Jaewon Choi, University of Illinois Urbana-Champaign |
| Session 4: Institutional Investors July 7, 2021 8:00 to 9:45 Location: Room 1006, 10F, SAIF |
| Session Chair: Pedro Matos, University of Virginia |
| The Social Costs of Portfolio Diversification: Evidence from Patent Challenges in the Pharmaceutical Industry |
| By Jin Xie; The Chinese University of Hong Kong |
| presented by: Jin Xie, The Chinese University of Hong Kong |
| Discussant: Eyub Yegen, University of Toronto |
| Thy Neighbor's Vote: Peer Effects in Proxy Voting |
| By Jiekun Huang; University of Illinois at Urbana-Champaign |
| presented by: Jiekun Huang, University of Illinois at Urbana-Champaign |
| Discussant: Ting Xu, University of Virginia |
| Political Affinity and Mutual Fund Voting Schizophrenia |
| By Lei Zhang; City University of Hong Kong Massimo Massa; INSEAD |
| presented by: Lei Zhang, City University of Hong Kong |
| Discussant: Da Ke, University of South Carolina |
| Do Mutual Funds Exploit Information on Local Companies? Evidence from Fund-Firm Taxi Trips in NYC |
| By David Cicero; Auburn University Andy Puckett; University of Tennessee Albert Wang; Auburn University Shen Zhang; Troy University |
| presented by: Albert Wang, Auburn University |
| Discussant: Simon Glossner, University of Virginia |
| Session 5: Labor and Finance July 7, 2021 8:00 to 9:45 Location: Room 901, 9F, SAIF |
| Session Chair: Liu Yang, University of Maryland |
| Uncovering the Hidden Effort Problem |
| By Azi Ben-Rephael; Rutgers University Bruce Carlin; Rice University Zhi Da; University of Notre Dame Ryan Israelsen; Michigan State University |
| presented by: Zhi Da, University of Notre Dame |
| Discussant: Jin Yu, Monash University |
| Big Fish in Small Ponds: Human Capital Mobility and the Rise of Boutique Banks |
| By Janet Gao; Indiana University Wenyu Wang; Indiana University Xiaoyun Yu; Indiana University |
| presented by: Janet Gao, Indiana University |
| Discussant: Yao Lu, Tsinghua University |
| Local Labor Markets and Innovation |
| By Cheng Jiang; Temple University Kose John; New York University Kyeong Hun Lee; Norwegian School of Economics Emma Xu; University of New Mexico |
| presented by: Kyeong Hun Lee, Norwegian School of Economics |
| Discussant: Jie He, University of Georgia |
| Workplace Automation and Corporate Financial Policy |
| By Thomas Bates; Arizona State University Fangfang Du; California State University Fullerton Jessie Jiaxu Wang; Arizona State University |
| presented by: Fangfang Du, California State University Fullerton |
| Discussant: Miao Ben Zhang, University of Southern California |
| Session 6: Machine Learning in Finance July 7, 2021 8:00 to 9:45 Location: Room 304, 3F, SAIF |
| Session Chair: Dacheng Xiu, University of Chicago |
| Is There A Replication Crisis In Finance? |
| By Theis Ingerslev Jensen; Copenhagen Business School Bryan Kelly; Yale University Lasse Pedersen; New York University, AQR and CEPR |
| presented by: Bryan Kelly, Yale University |
| Discussant: Andrew Chen, Federal Reserve Board |
| Deep Learning Mutual Fund Disclosure: Risk Sentiment, Risk Taking, and Performance |
| By Sean Cao; Georgia State University Baozhong Yang; Georgia State University Alan Zhang; Georgia State University |
| presented by: Alan Zhang, Georgia State University |
| Discussant: Asaf Manela, Washington University in St. Louis |
| Deep Structural Estimation: With an Application to Option Pricing |
| By Hui Chen; Massachusetts Institute of Technology Antoine Didisheim; Swiss Finance Institute Simon Scheidegger; University of Lausanne |
| presented by: Hui Chen, Massachusetts Institute of Technology |
| Discussant: Mathieu Fournier, HEC Montréal |
| Maximizing the Sharpe Ratio: A Genetic Programming Approach |
| By Yang Liu; Tsinghua University Guofu Zhou; Washington University in St. Louis Yingzi Zhu; Tsinghua University |
| presented by: Yang Liu, Tsinghua University |
| Discussant: Will Cong, Cornell University |
| Session 7: New Perspectives in Empirical Asset Pricing July 7, 2021 8:00 to 9:45 Location: Room 305, 3F, SAIF |
| Session Chair: Roger Loh, Singapore Management University |
| Security Analysis: An Investment Perspective |
| By Kewei Hou; The Ohio State University Haitao Mo; Louisiana State University Chen Xue; University of Cincinnati Lu Zhang; The Ohio State University |
| presented by: Chen Xue, University of Cincinnati |
| Discussant: Baolian Wang, University of Florida |
| Market Returns and a Tale of Two Types of Attention |
| By Zhi Da; University of Notre Dame Jian Hua; Baruch College, The City University of New York Chih-Ching Hung; Baruch College, The City University of New York Lin Peng; Baruch College, The City University of New York |
| presented by: Chih-Ching Hung, Baruch College, The City University of New York |
| Discussant: Quan Wen, Georgetown University |
| Uncertainty Resolution Before Earnings Announcements |
| By Chao Gao; Australian National University Grace Xing Hu; PBC School of Finance, Tsinghua University Xiaoyan Zhang; PBC School of Finance, Tsinghua University |
| presented by: Grace Xing Hu, PBC School of Finance, Tsinghua University |
| Discussant: Xuhui (Nick) Pan, University of Oklahoma |
| An Anatomy of Characteristics in Dynamic Trading |
| By Tao Huang; Beijing Normal University-Hong Kong Baptist University United International College Matthew Spiegel; Yale School of Management Hong Zhang; PBC School of Finance, Tsinghua University |
| presented by: Tao Huang, Beijing Normal University-Hong Kong Baptist University United International College |
| Discussant: Jeremiah Green, Texas A&M University |
| Session 8: Prospect Theory, Leverage Constraints, and Cryptomarket July 7, 2021 8:00 to 9:45 Location: Room 203, 2F, SAIF |
| Session Chair: Bing Han, University of Toronto |
| Disruption, Bitcoin, and Prospect Theory |
| By Qingjie Du; Hong Kong Polytechnic University Yang Wang; Hong Kong Polytechnic University Chishen Wei; Singapore Management University K. C. John Wei; Hong Kong Polytechnic University Haifeng You; Hong Kong University of Science and Technology |
| presented by: Chishen Wei, Singapore Management University |
| Discussant: Jinyuan Zhang, University of California, Los Angeles |
| Cryptomarket Discounts |
| By Nicola Borri; LUISS University Kirill Shakhnov; University of Surrey |
| presented by: Kirill Shakhnov, University of Surrey |
| Discussant: Jiasun Li, George Mason University |
| Margin Requirements, Risk Taking, and Multifactor Models |
| By Ferhat Akbas; University of Illinois at Chicago Lezgin Ay; Iowa State University Chao Jiang; University of South Carolina Paul Koch; Iowa State University |
| presented by: Chao Jiang, University of South Carolina |
| Discussant: Petri Jylhä, Aalto University |
| Estimating the Reference Points of Investors with the Disposition Effect |
| By Koustav De; University of Kentucky Tyler Shumway; University of Michigan |
| presented by: Koustav De, University of Kentucky |
| Discussant: Danling Jiang, Stony Brook University |
| Session 9: Risk, Uncertainty, and Asset Pricing July 7, 2021 8:00 to 9:45 Location: Room 903, 9F, SAIF |
| Session Chair: Ravi Jagannathan, Northwestern University |
| Can Risk Be Shared Across Investor Cohorts? Evidence from a Popular Savings Product |
| By Victor Lyonnet; The Ohio State University Johan Hombert; HEC Paris |
| presented by: Victor Lyonnet, The Ohio State University |
| Discussant: Ishita Sen, Harvard University |
| Number of Numbers: Does Quantitative Disclosure Reduce Uncertainty in Quarterly Earnings Conference Calls? |
| By John Campbell; University of Georgia Xin Zheng; University of British Columbia Dexin Zhou; Baruch College, The City University of New York |
| presented by: Dexin Zhou, Baruch College, The City University of New York |
| Discussant: Anna Scherbina, Brandeis University |
| Test Assets and Weak Factors |
| By Stefano Giglio; Yale University Dacheng Xiu; University of Chicago Dake Zhang; University of Chicago |
| presented by: Stefano Giglio, University of Yale |
| Discussant: Georgios Skoulakis, University of British Columbia |
| Asymptotic Variances for Tests of Portfolio Efficiency and Factor Model Comparisons with Conditioning Information |
| By Wayne Ferson; University of Southern California Andrew Siegel; University of Washington Junbo Wang; Louisiana State University |
| presented by: Junbo Wang, Louisiana State University |
| Discussant: Raymond Kan, University of Toronto |
| Session 10: Keynote Speech (Kenneth J. Singleton, Stanford University) and Best Paper Award July 7, 2021 10:15 to 12:00 Location: Room 303, 3F, SAIF |
| Session 11: Advances in Financial Econometrics July 7, 2021 13:30 to 15:15 Location: Room 901, 9F, SAIF |
| Session Chair: Rossen Valkanov, University of California, San Diego |
| Realized Regression with Asynchronous and Noisy High Frequency Data |
| By Dachuan Chen; Nankai University Per Mykland; University of Chicago Lan Zhang; University of Illinois at Chicago |
| presented by: Dachuan Chen, Nankai University |
| Discussant: Aleksey Kolokolov, University of Manchester |
| A penalized two-pass regression to predict stock returns with time-varying risk premia |
| By Gaetan Bakalli; University of Geneva Stéphane Guerrier; University of Geneva Olivier Scaillet; University of Geneva and Swiss Finance Institute |
| presented by: Gaetan Bakalli, University of Geneva |
| Discussant: Seth Pruitt, Arizona State University |
| Finite Sample Analysis of Predictive Regressions with Long-Horizon Returns |
| By Raymond Kan; University of Toronto Jiening Pan; Nankai University |
| presented by: Jiening Pan, Nankai University |
| Discussant: Alexandros Kostakis, University of Liverpool |
| Currency Puzzles and the Oil Connection |
| By George Panayotov; Hong Kong University of Science and Technology |
| presented by: George Panayotov, Hong Kong University of Science and Technology |
| Discussant: Shu Yan, Oklahoma State University |
| Session 12: 公司金融 July 7, 2021 13:30 to 15:15 Location: Room 903, 9F, SAIF |
| Session Chair: Guanmin Liao, Renmin University of China |
| “一带一路”宗教异质性对跨境并购的影响研究 |
| By Yan-xi Li; Dalian University of Technology Qian Sai; Dalian University of Technology |
| presented by: Qian Sai, Dalian University of Technology |
| Discussant: Leilei Song, Shandong University of Finance and Economics |
| 基金经理语调与投资行为 |
| By Shu Lin; Nanjing University Yiyun Ge; Nanjing University |
| presented by: Yiyun Ge, Nanjing University |
| Discussant: Wei Sun, University of International Business and Economics |
| 住房与创业： 来自中国家庭金融调查的微观证据 |
| By Zhichao Yin; Capital University of Economics and Business Jialing Jiang; Capital University of Economics and Business |
| presented by: Jialing Jiang, Capital University of Economics and Business |
| Discussant: Xiaoran Ni, Xiamen University |
| 极端收益冲击、机构投资者注意力分散与资本市场定价效率：股价信息含量的视角 |
| By Xiaoran Ni; Xiamen University Qi Jin; Guangxi University |
| presented by: Xiaoran Ni, Xiamen University |
| Discussant: Haoran Xu, Dongbei University of Finance and Economics |
| Session 13: Banking, Network, and Innovation July 7, 2021 13:30 to 15:15 Location: Room 304, 3F, SAIF |
| Session Chair: Yongxiang Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Deputization |
| By Bruce Carlin; Rice University Tarik Umar; Rice University Hanyi Yi; Rice University |
| presented by: Hanyi Yi, Rice University |
| Discussant: Alan Kwan, The University of Hong Kong |
| Hidden Non-Performing Loans in China |
| By Ben Charoenwong; National University of Singapore Meng Miao; Renmin University of China Tianyue Ruan; National University of Singapore |
| presented by: Meng Miao, Renmin University of China |
| Discussant: Hong Ru, Nanyang Technological University |
| Mapping US-China Technology Decoupling, Innovation, and Firm Performance |
| By Pengfei Han; Guanghua School of Management, Peking University Wei Jiang; Columbia University Danqing Mei; Cheung Kong Graduate School of Business |
| presented by: Danqing Mei, Cheung Kong Graduate School of Business |
| Discussant: Jin Xie, The Chinese University of Hong Kong |
| Credit Tightening and Misallocation along the Supply Chains |
| By Chenyu Shan; Shanghai University of Finance and Economics Wenya Wang; Shanghai University of Finance and Economics |
| presented by: Wenya Wang, Shanghai University of Finance and Economics |
| Discussant: Ling Cen, The Chinese University of Hong Kong |
| Session 14: Behavioral Asset Pricing July 7, 2021 13:30 to 15:15 Location: Room 305, 3F, SAIF |
| Session Chair: Jianfeng Yu, PBC School of Finance, Tsinghua University |
| Do Reference Prices Impact How Investors Respond to News? |
| By Brad Cannon; Brigham Young University Hannes Mohrschladt; University of Muenster |
| presented by: Brad Cannon, Brigham Young University |
| Discussant: Baolian Wang, University of Florida |
| Naïve Earnings Growth Extrapolation |
| By Chenyu Cui; University of International Business and Economics Frank Weikai Li; Singapore Management University Xinyi Zhang; Sun Yat-sen University |
| presented by: Frank Weikai Li, Singapore Management University |
| Discussant: Xin Chen, Southwestern University of Finance and Economics |
| Another Presidential Puzzle? Presidential Economic Approval Rating and the Cross-Section of Stock Returns |
| By Zilin Chen; Singapore Management University Zhi Da; University of Notre Dame Dashan Huang; Singapore Management University Liyao Wang; Hong Kong Baptist University |
| presented by: Zilin Chen, Singapore Management University |
| Discussant: Ran Zhang, Shanghai Jiao Tong University |
| Does Express Delivery Run ahead of Stock Price? |
| By Shijie Yang; The Chinese University of Hong Kong, Shenzhen Bohui Zhang; The Chinese University of Hong Kong, Shenzhen Jinfan Zhang; The Chinese University of Hong Kong, Shenzhen |
| presented by: Shijie Yang, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Frank Weikai Li, Singapore Management University |
| Session 15: Employee Relationships and Firm Performance July 7, 2021 13:30 to 15:15 Location: Room 203, 2F, SAIF |
| Session Chair: Jun-Koo Kang, Nanyang Technological University |
| Employee Output Response to Stock Market Wealth Shocks |
| By Teng Li; Sun Yat-sen University Wenlan Qian; National University of Singapore Wei A Xiong; Shenzhen Stock Exchange Xin Zou; Hong Kong Baptist University |
| presented by: Xin Zou, Hong Kong Baptist University |
| Discussant: Dawoon Kim, Nanyang Technological University |
| It’s Not Who You Know—It’s Who Knows You: Employee Social Capital and Firm Performance |
| By Duckki Cho; Peking University Lyungmae Choi; City University of Hong Kong Michael Hertzel; Arizona State University Jessie Jiaxu Wang; Arizona State University |
| presented by: Lyungmae Choi, City University of Hong Kong |
| Discussant: Jongsub Lee, Seoul National University |
| Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World |
| By Alex Edmans; London Business School Lucius Li; KFUPM Business School Chendi Zhang; University of Exeter |
| presented by: Alex Edmans, London Business School |
| Discussant: Hao Liang, Singapore Management University |
| Do Workers Benefit from Financial Innovation? |
| By Anastasia Richmond; University of Warwick Dragon Yongjun Tang; The University of Hong Kong Sarah Qian Wang; University of Warwick |
| presented by: Sarah Qian Wang, University of Warwick |
| Discussant: Lei Zhang, City University of Hong Kong |
| Session 16: Ownership, Reputation, and Competition July 7, 2021 13:30 to 15:15 Location: Room 403, 4F, SAIF |
| Session Chair: Sudipto Dasgupta, The Chinese University of Hong Kong |
| Common Ownership, Competition, and Top Management Incentives |
| By Miguel Anton; IESE Business School Florian Ederer; Yale University Mireia Gine; University of Navarra Martin Schmalz; University of Oxford |
| presented by: Florian Ederer, Yale University |
| Discussant: Ben Charoenwong, National University of Singapore |
| Do Environmental Regulations Do More Harm Than Good? Evidence from Competition and Innovation |
| By Rui Dai; University of Pennsylvania Rui Duan; York University Lilian Ng; York University |
| presented by: Rui Duan, York University |
| Discussant: Ying Xia, Monash University |
| Competition and the Reputational Costs of Litigation |
| By Felix von Meyerinck; University of St. Gallen Vesa Pursiainen; University of St. Gallen Markus Schmid; University of St. Gallen |
| presented by: Felix von Meyerinck, University of St. Gallen |
| Discussant: Fangyuan Ma, Peking University |
| Ownership and Competition |
| By Alessio Piccolo; Indiana University Jan Schneemeier; Indiana University |
| presented by: Jan Schneemeier, Indiana University |
| Discussant: Martin Schmalz, University of Oxford |
| Session 17: Corporate Bond Market in China (Onsite China Session) July 7, 2021 15:45 to 17:30 Location: Room 904, 9F, SAIF |
| Session Chair: Laura Xiaolei Liu, Guanghua School of Management, Peking University |
| The Indirect Effects of Stock Trading Restrictions on Corporate Bond Spreads |
| By Shujing Wang; Hong Kong University of Science and Technology Hongjun Yan; DePaul University Ninghua Zhong; Tongji University Yizhou Tang; Shanghai Stock Exchange |
| presented by: Shujing Wang, Hong Kong University of Science and Technology |
| Discussant: Yingguang Zhang, Guanghua School of Management, Peking University |
| Local Political-Turnover-Induced Uncertainty and Bond Market Pricing |
| By Zhuo Chen; PBC School of Finance, Tsinghua University Andrea Lu; University of Melbourne Huili Xiao; PBC School of Finance, Tsinghua University Xiaoquan Zhu; PBC School of Finance, Tsinghua University |
| presented by: Huili Xiao, PBC School of Finance, Tsinghua University |
| Discussant: Mai Li, Guanghua School of Management, Peking University |
| Corporate foreign bond issuance and interfirm loans in China |
| By Yi Huang; The Graduate Institute, Geneva Ugo Panizza; The Graduate Institute, Geneva Richard Portes; London Business School |
| presented by: Yi Huang, The Graduate Institute, Geneva |
| Discussant: Yizhong Wang, Zhejiang University |
| Comprehending China's Domestic Ratings: A Perspective from Default Probability-Implied S&P Ratings |
| By Shida Liu; Tsinghua University Hao Wang; Tsinghua University |
| presented by: Shida Liu, Tsinghua University |
| Discussant: Zhibing Li, University of International Business and Economics |
| Session 18: Corporate Finance Theory July 7, 2021 15:45 to 17:30 Location: Room 203, 2F, SAIF |
| Session Chair: Kathy Yuan, London School of Economics |
| Self-Fulfilling Risk, Land Price and Macroeconomic Fluctuations |
| By Xuewen Liu; The University of Hong Kong Pengfei Wang; Peking University Sichuang Xu; The Chinese University of Hong Kong, Shenzhen |
| presented by: Sichuang Xu, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Shengxing Zhang, London School of Economics |
| The Voting Premium |
| By Doron Levit; University of Wasshington Nadya Malenko; University of Michigan Ernst Maug; Universität Mannheim |
| presented by: Ernst Maug, Universität Mannheim |
| Discussant: Daniel Ferreira, London School of Economics |
| An Equilibrium Model of Career Concerns, Investment Horizons, and Mutual Fund Value Added |
| By Jules van Binsbergen; University of Pennsylvania Jungsuk Han; Stockholm School of Economics Hongxun Ruan; Guanghua School of Management, Peking University Ran Xing; Aarhus University |
| presented by: Jungsuk Han, Stockholm School of Economics |
| Discussant: Alexandr Kopytov, The University of Hong Kong |
| Information Cascades and Threshold Implementation: Theory and An Application to Crowdfunding |
| By Will Cong; Cornell University Yizhou Xiao; The Chinese University of Hong Kong |
| presented by: Yizhou Xiao, The Chinese University of Hong Kong |
| Discussant: Hongda Zhang, London School of Economics |
| Session 19: Corporate Innovation July 7, 2021 15:45 to 17:30 Location: Room 304, 3F, SAIF |
| Session Chair: Xuan Tian, PBC School of Finance, Tsinghua University |
| Cross-Border Institutions and the Globalization of Innovation |
| By Bo Bian; University of British Columbia Jean-Marie Meier; University of Texas at Dallas Ting Xu; University of Virginia |
| presented by: Jean-Marie Meier, University of Texas at Dallas |
| Discussant: Pengfei Han, Guanghua School of Management, Peking University |
| Paying off the Competition: Market Power and Innovation Incentives |
| By Xuelin Li; University of South Carolina Andrew Lo; Massachusetts Institute of Technology Richard Thakor; University of Minnesota |
| presented by: Xuelin Li, University of South Carolina |
| Discussant: Ioannis Floros, University of Wisconsin-Milwaukee |
| Do Short-term Incentives Hurt Innovation? |
| By Heitor Almeida; University of Illinois Vyacheslav Fos; Boston College Po-Hsuan Hsu; National Tsing Hua University Mathias Kronlund; Tulane University Kevin Tseng; National Taiwan University |
| presented by: Kevin Tseng, National Taiwan University |
| Discussant: Ning Jia, Tsinghua University |
| Know the ropes: from basic science to corporate innovation |
| By Luofu Ye; London Business School |
| presented by: Luofu Ye, London Business School |
| Discussant: Jie Li, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Session 20: Economic Behavior Based on Chinese Data (Onsite China Session) July 7, 2021 15:45 to 17:30 Location: Room 901, 9F, SAIF |
| Session Chair: Huasheng Gao, Fanhai International School of Finance, Fudan University |
| The Political Economy of Anti-Bribery Enforcement |
| By Lauren Cohen; Harvard University Bo Li; PBC School of Finance, Tsinghua University |
| presented by: Bo Li, PBC School of Finance, Tsinghua University |
| Discussant: Frank Yu, China Europe International Business School |
| Countercyclical Risk Aversion: Evidence from 10 Million Auto Insurance Transactions in China |
| By Huafeng (Jason) Chen; Fudan University Yinglu Deng; Tsinghua University Pengfei Li; PBC School of Finance, Tsinghua University Hao Zhou; PBC School of Finance, Tsinghua University |
| presented by: Huafeng (Jason) Chen, Fudan University |
| Discussant: Nan Li, Shanghai Jiao Tong University |
| Divorce and Credit |
| By Shusen Qi; Xiamen University Shu Chen; Xiamen University Steven Ongena; University of Zurich Jiaxing You; Xiamen University |
| presented by: Shusen Qi, Xiamen University |
| Discussant: Zhongzhi Song, Cheung Kong Graduate School of Business |
| Attention Spillover in Asset Pricing |
| By Li An; PBC School of Finance, Tsinghua University Xin Chen; Southwestern University of Finance and Economics Jianfeng Yu; PBC School of Finance, Tsinghua University |
| presented by: Xin Chen, Southwestern University of Finance and Economics |
| Discussant: Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Session 21: Onsite (Onsite China Session) July 7, 2021 15:45 to 17:30 Location: Room 903, 9F, SAIF |
| Session Chair: Jun Pan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| A Network Theory of Safety Premium |
| By Zhongjie Fan; Tsinghua University Ping He; Tsinghua University Zehao Liu; Renmin University of China |
| presented by: Zehao Liu, Renmin University of China |
| Discussant: Yiyao Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| The China-U.S. Equity Valuation Gap |
| By Geert Bekaert; Columbia University Shuojia Ke; PBC School of Finance, Tsinghua University Xiaoyan Zhang; PBC School of Finance, Tsinghua University |
| presented by: Shuojia Ke, PBC School of Finance, Tsinghua University |
| Discussant: Jun Qian, Fanhai International School of Finance, Fudan University |
| State Ownership Structure, Monetary Supply Shocks and Asset Prices in China |
| By Frederico Belo; INSEAD, NBER and CEPR Dapeng Hao; Renmin University of China Xiaoji Lin; University of Minnesota Zhigang Qiu; Renmin University of China Jincheng Tong; University of Toronto |
| presented by: Zhigang Qiu, Renmin University of China |
| Discussant: Zhe Geng, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Firm Dynamics and SOE Transformation During China's Economic Reform |
| By Shijun Gu; Central University of Finance and Economics Chengcheng Jia; Federal Reserve Bank of Cleveland |
| presented by: Shijun Gu, Central University of Finance and Economics |
| Discussant: Qiusha Peng, Fanhai International School of Finance, Fudan University |
| Session 22: Behavioral Finance July 8, 2021 8:00 to 9:45 Location: Room 903, 9F, SAIF |
| Session Chair: Hongjun Yan, DePaul University |
| The Effect of Secondary Market Existence on Primary Market Liquidity: Theory and Evidence from a Natural Experiment in Peer-to-Peer Lending |
| By Craig Holden; Indiana University Mingfeng Lin; Georgia Institute of Technology Kai Lu; University of Science and Technology of China Zaiyan Wei; Purdue University Jun Yang; Indiana University |
| presented by: Kai Lu, University of Science and Technology of China |
| Discussant: Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Lending Next to The Courthouse: Exposure to Adverse Events and Mortgage Lending Decisions |
| By Da Huo; The University of Hong Kong Mingzhu Tai; The University of Hong Kong Yuhai Xuan; University of California, Irvine |
| presented by: Mingzhu Tai, The University of Hong Kong |
| Discussant: Jose Liberti, Northwestern University and DePaul University |
| Trust and Contracts: Empirical Evidence |
| By Francesco D'Acunto; Boston College Jin Xie; The Chinese University of Hong Kong Jiaquan Yao; Jinan University |
| presented by: Jin Xie, The Chinese University of Hong Kong |
| Discussant: Alexander Chinco, University of Chicago |
| Digital Footprints as Collateral for Debt Collection |
| By Lili Dai; University of New South Wales Jianlei Han; Macquarie University Jing Shi; Macquarie University Bohui Zhang; The Chinese University of Hong Kong, Shenzhen |
| presented by: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Kai Lu, University of Science and Technology of China |
| Session 23: Capital Structure July 8, 2021 8:00 to 9:45 Location: Room 304, 3F, SAIF |
| Session Chair: Michael Hertzel, Arizona State University |
| The Dynamics of Corporate Debt Structure |
| By Michael Halling; Stockholm School of Economics Jin Yu; Monash University Josef Zechner; Vienna University of Economics and Business |
| presented by: Jin Yu, Monash University |
| Discussant: David Denis, University of Pittsburgh |
| Debt Financing and Risk Management |
| By Ilona Babenko; Arizona State University Hendrik Bessembinder; University of Utah Yuri Tserlukevich; Arizona State University |
| presented by: Yuri Tserlukevich, Arizona State University |
| Discussant: Stephen Karolyi, Carnegie Mellon University |
| Partisanship in Loan Pricing |
| By Ramona Dagostino; University of Rochester Janet Gao; Indiana University Pengfei Ma; Indiana University |
| presented by: Ramona Dagostino, University of Rochester |
| Discussant: Anthony Rice, Arizona State University |
| Inflexibility and Leverage |
| By Olivia Lifeng Gu; The University of Hong Kong Dirk Hackbarth; Boston University Tong Li; The University of Hong Kong |
| presented by: Olivia Lifeng Gu, The University of Hong Kong |
| Discussant: Sreedhar Bharath, Arizona State University |
| Session 24: Financial Markets July 8, 2021 8:00 to 9:45 Location: Room 203, 2F, SAIF |
| Session Chair: Yuhang Xing, Rice University |
| Music Sentiment and Stock Returns Around the World |
| By Alex Edmans; London Business School Adrian Fernandez-Perez; Auckland University of Technology Alexandre Garel; Audencia Business School Ivan Indriawan; Auckland University of Technology |
| presented by: Ivan Indriawan, Auckland University of Technology |
| Discussant: Harold Zhang, The University of Texas at Dallas |
| When Do Informed Short Sellers Trade? Evidence from Intraday Data and Implications for Informed Trading Models |
| By Danqi Hu; Northwestern University Charles Jones; Columbia Business School Xiaoyan Zhang; PBC School of Finance, Tsinghua University |
| presented by: Danqi Hu, Northwestern University |
| Discussant: Dermot Murphy, University of Illinois at Chicago |
| Liquidity Spillovers: Evidence from Two-Step Spinoffs |
| By Yakov Amihud; New York University Sahn-Wook Huh; University at Buffalo Avanidhar Subrahmanyam; University of California, Los Angeles |
| presented by: Sahn-Wook Huh, University at Buffalo |
| Discussant: Chen Yao, The Chinese University of Hong Kong |
| Refusing the Best Price? |
| By Sida Li; University of Illinois at Urbana-Champaign Mao Ye; University of Illinois at Urbana-Champaign Miles Zheng; University of Illinois at Urbana-Champaign |
| presented by: Mao Ye, University of Illinois at Urbana-Champaign |
| Discussant: Thomas Ernst, University of Maryland |
| Session 25: Governance and Ownership, Together and Separately July 8, 2021 8:00 to 9:45 Location: Room 403, 4F, SAIF |
| Session Chair: Shane Johnson, Texas A&M University |
| Which Firms Require More Governance? Evidence from Mutual Funds' Revealed Preferences |
| By Irene Yi; University of Toronto |
| presented by: Irene Yi, University of Toronto |
| Discussant: Matthew Ringgenberg, University of Utah |
| Ownership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs |
| By Borja Larrain; Pontificia Universidad Catolica de Chile Peter Roosenboom; Erasmus University Giorgo Sertsios; Universidad de los Andes, Chile Francisco Urzua; Cass Business School |
| presented by: Giorgo Sertsios, Universidad de los Andes, Chile |
| Discussant: Kornelia Fabisik, Frankfurt School of Finance & Management |
| Governance by Constraint:The Corporate Governance Implications of an Anomaly |
| By Xiaoran Huang; Xiamen University Massimo Massa; INSEAD Lei Zhang; City University of Hong Kong |
| presented by: Xiaoran Huang, Xiamen University |
| Discussant: Clemens Otto, Singapore Management University |
| Does Private Equity Ownership Make Firms Cleaner? The Role Of Environmental Liability Risks |
| By Aymeric Bellon; University of Pennsylvania |
| presented by: Aymeric Bellon, University of Pennsylvania |
| Discussant: Sehoon Kim, University of Florida |
| Session 26: Information and Trading in Financial Markets July 8, 2021 8:00 to 9:45 Location: Room 305, 3F, SAIF |
| Session Chair: Liyan Yang, University of Toronto |
| The Microstructure of Endogenous Liquidity Provision |
| By Douglas Foster; University of Sydney Xue-Zhong He; University of Technology Sydney Junqing Kang; Sun Yat-sen University Shen Lin; PBC School of Finance, Tsinghua University |
| presented by: Junqing Kang, Sun Yat-sen University |
| Discussant: Bart Yueshen, INSEAD |
| Information Chasing versus Adverse Selection |
| By Gabor Pinter; Bank of England Chaojun Wang; University of Pennsylvania Junyuan Zou; INSEAD |
| presented by: Junyuan Zou, INSEAD |
| Discussant: Briana Chang, University of Wisconsin |
| Do Electronic Markets Improve Execution If You Cannot Identify Yourself? |
| By John Shim; University of Notre Dame Yenan Wang; Duke University |
| presented by: Yenan Wang, Duke University |
| Discussant: Yan Xiong, Hong Kong University of Science and Technology |
| Dark pools effects on price discovery and real efficiency |
| By Chong Huang; University of California, Irvine Xiaoqi Xu; University of California, Irvine |
| presented by: Xiaoqi Xu, University of California, Irvine |
| Discussant: Yizhou Xiao, The Chinese University of Hong Kong |
| Session 27: Money, Connections and Governance
(With Dedication to the Memory of Craig Holden) July 8, 2021 8:00 to 9:45 Location: Room 303, 3F, SAIF |
| Session Chair: Xiaoyun Yu, Indiana University |
| Supervisor Informal Authority and Employee Financial Misconduct |
| By Zachary Kowaleski; University of Notre Dame Andrew Sutherland; Massachusetts Institute of Technology Felix Vetter; London School of Economics |
| presented by: Zachary Kowaleski, University of Notre Dame |
| Discussant: Isaac Hacamo, Indiana University |
| Tiered Intermediation in Business Groups and Targeted SMEs Support |
| By Yu Shi; International Monetary Fund Robert Townsend; Massachusetts Institute of Technology Wu Zhu; University of Pennsylvania |
| presented by: Wu Zhu, University of Pennsylvania |
| Discussant: Daniel Carvalho, Indiana University |
| Selling Indulgencies: The Political Economy of Tariff Exemption Grants |
| By Veljko Fotak; University at Buffalo Hye Seung (Grace) Led; Fordham University William Megginson; University of Oklahoma Jesus Salas; Lehigh University |
| presented by: William Megginson, University of Oklahoma |
| Discussant: Alexander Borisov, University of Cincinnati |
| Does Money Talk? Market Discipline through Selloffs and Boycotts |
| By Nickolay Gantchev; University of Warwick Mariassunta Giannetti; Stockholm School of Economics Rachel Li; University of Alabama |
| presented by: Rachel Li, University of Alabama |
| Discussant: Stacey Jacobsen, Southern Methodist University |
| Session 28: Politics and Finance July 8, 2021 8:00 to 9:45 Location: Room 904, 9F, SAIF |
| Session Chair: Jiekun Huang, University of Illinois at Urbana-Champaign |
| Local Journalism under Private Equity Ownership |
| By Michael Ewens; California Institute of Technology Arpit Gupta; New York University Sabrina Howell; New York University |
| presented by: Sabrina Howell, New York University |
| Discussant: Albert Sheen, University of Oregon |
| Political Beta |
| By Raymond Fisman; Boston University April Knill; Florida State University Sergey Mityakov; Florida State University Margarita Portnykh; Tepper Business School |
| presented by: April Knill, Florida State University |
| Discussant: Siddharth Vij, University of Georgia |
| Political Connection, Corporate Philanthropy and Efficiency: Evidence from China’s Anti-Corruption Campaign |
| By Yu Liu; Fudan University Jinfan Zhang; The Chinese University of Hong Kong, Shenzhen Xiaoyue Zhao; Wesleyan University Zhuoqun Hao; The Chinese University of Hong Kong, Shenzhen |
| presented by: Jinfan Zhang, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Yu-Hsiang Lei, Yale University |
| Mandatory Pollution Abatement, Financial Constraint and Firm Investment |
| By Tri Vi Dang; Columbia University Youan Wang; The University of Hong Kong Zigan Wang; The University of Hong Kong |
| presented by: Youan Wang, The University of Hong Kong |
| Discussant: Leonard Kostovetsky, Boston College |
| Session 29: Politics, Influence, and Finance July 8, 2021 8:00 to 9:45 Location: Room 1006, 10F, SAIF |
| Session Chair: Nandini Gupta, Indiana University |
| Investing in influence: Investors, portfolio firms, and political giving |
| By Marianne Bertrand; University of Chicago Matilde Bombardini; University of California Berkeley Raymond Fisman; Boston University Francesco Trebbi; University of California Berkeley Eyub Yegen; University of Toronto |
| presented by: Eyub Yegen, University of Toronto |
| Discussant: Matthew Denes, Carnegie Mellon University |
| The Effect of Female Leadership on Contracting from Capitol Hill to Main Street |
| By Nataliya Gerasimova; Norwegian School of Economics Maximilian Rohrer; Norwegian School of Economics |
| presented by: Nataliya Gerasimova, Norwegian School of Economics |
| Discussant: Ana-Maria Tenekedjieva, Federal Reserve Board |
| Dirty Money: How Banks Influence Financial Crime |
| By Janet Gao; Indiana University Joseph Pacelli; Indiana University Jan Schneemeier; Indiana University Yufeng Wu; University of Illinois |
| presented by: Yufeng Wu, University of Illinois |
| Discussant: Isha Agarwal, University of British Columbia |
| The Benefits of Access: Evidence from Private Meetings with Portfolio Firms |
| By Marco Becht; Universite libre de Bruxelles Julian Franks; London Business School Hannes Wagner; Bocconi University |
| presented by: Hannes Wagner, Bocconi University |
| Discussant: Merih Sevilir, Indiana University |
| Session 30: Short-selling July 8, 2021 8:00 to 9:45 Location: Room 901, 9F, SAIF |
| Session Chair: Xiaoyan Zhang, PBC School of Finance, Tsinghua University |
| Short Selling Efficiency |
| By Yong Chen; Texas A&M University Zhi Da; University of Notre Dame Dayong Huang; University of North Carolina Greensboro |
| presented by: Yong Chen, Texas A&M University |
| Discussant: Baixiao Liu, Florida State University |
| Out of Sync: Dispersed Short Selling and the Correction of Mispricing |
| By Antonio Gargano; University of Melbourne Juan Sotes Paladino; Universidad de los Andes Patrick Verwijmeren; Erasmus University Rotterdam |
| presented by: Juan Sotes Paladino, Universidad de los Andes |
| Discussant: Yufeng Han, University of North Carolina at Charlotte |
| Do Short-sale Constraints Restrict Negative Information Revelation? |
| By Xi Dong; Baruch College, The City University of New York Hong Liu; Washington University in St. Louis Siyi Shen; The Chinese University of Hong Kong, Shenzhen Yajun Wang; Baruch College, The City University of New York |
| presented by: Yajun Wang, Baruch College, The City University of New York |
| Discussant: Julie Wu, University of Nebraska - Lincoln |
| When Do Short Sellers Exit Their Position? |
| By Jesse Blocher; Vanderbilt University Xi Dong; Baruch College, The City University of New York Matthew Ringgenberg; University of Utah Pavel Savor; DePaul University |
| presented by: Xi Dong, Baruch College, The City University of New York |
| Discussant: Pengfei Ye, Virginia Polytechnic Institute and State University |
| Session 31: All About Fraud July 8, 2021 10:15 to 12:00 Location: Room 1006, 10F, SAIF |
| Session Chair: Tracy Wang, University of Minnesota |
| “Pump and Dump” through Media Tone: The Role of Cross-Blockholders in Corporate Litigation |
| By Jie He; University of Georgia Han Xia; University of Texas at Dallas Yabo Zhao; University of Texas at Dallas |
| presented by: Yabo Zhao, University of Texas at Dallas |
| Discussant: Xiaoyun Yu, Indiana University |
| Scammed and scarred: Effects of investment fraud on its victims |
| By Samuli Knüpfer; BI Norwegian Business School Ville Rantala; University of Miami Petra Vokata; The Ohio State University |
| presented by: Petra Vokata, The Ohio State University |
| Discussant: Noah Stoffman, Indiana University |
| Can Old Sin Make New Shame? Stock Market Reactions to the Release of Movies Re-Exposing Past Corporate Scandals |
| By Han Jiang; Tulane University Le (Lexi) Kang; Tulane University Ziye Nie; Tulane University Hui Zhou; Tulane University |
| presented by: Hui Zhou, Tulane University |
| Discussant: Xiaoding Liu, Texas A&M University |
| Big Data Analyses with No Digital Footprints Available – Evidence from Cyber-Telecom Fraud |
| By Laura Xiaolei Liu; Guanghua School of Management, Peking University Yufei Liu; Peking University Xinghua Ruan; Du Xiaoman Financial Qirong Yang; Du Xiaoman Financial Yu Zhang; Guanghua School of Management, Peking University |
| presented by: Yu Zhang, Guanghua School of Management, Peking University |
| Discussant: Keer Yang, University of Minnesota |
| Session 32: Applied Theory in Finance July 8, 2021 10:15 to 12:00 Location: Room 305, 3F, SAIF |
| Session Chair: Zhiguo He, University of Chicago |
| Delayed Crises and Slow Recoveries |
| By Xuewen Liu; The University of Hong Kong Pengfei Wang; Peking University Zhongchao Yang; Hong Kong University of Science and Technology |
| presented by: Xuewen Liu, The University of Hong Kong |
| Discussant: Eduardo Davila, Yale University |
| FinTech and BigTech Lenders and the Value of Credit History Data |
| By Ben Charoenwong; National University of Singapore Yiyao Wang; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Yiyao Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Jing Huang, University of Chicago |
| Bond Finance, Bank Finance, and Bank Regulation |
| By Ji Huang; The Chinese University of Hong Kong |
| presented by: Ji Huang, The Chinese University of Hong Kong |
| Discussant: Nicolas Crouzet, Northwestern University |
| Efficiency or resiliency? Corporate choice between operational and financial hedging |
| By Viral Acharya; New York University, CEPR, and NBER Heitor Almeida; University of Illinois Yakov Amihud; New York University Ping Liu; Purdue University |
| presented by: Ping Liu, Purdue University |
| Discussant: Haotian Xiang, Guanghua School of Management, Peking University |
| Session 33: Empirical Corporate Finance - From IPOs to Failures July 8, 2021 10:15 to 12:00 Location: Room 903, 9F, SAIF |
| Session Chair: Edith Hotchkiss, Boston College |
| The Effects of Going Public on Firm Performance and Strategy: Evidence from International IPOs |
| By Borja Larrain; Pontificia Universidad Catolica de Chile Gordon Phillips; Dartmouth College, NBER Giorgo Sertsios; Universidad de los Andes, Chile Francisco Urzua; Cass Business School |
| presented by: Borja Larrain, Pontificia Universidad Catolica de Chile |
| Discussant: Sreedhar Bharath, Arizona State University |
| Shareholder Liability and Bank Failure |
| By Felipe Aldunate; Pontificia Universidad Catolica de Chile Dirk Jenter; London School of Economics Arthur Korteweg; University of Southern California Peter Koudijs; Erasmus University Rotterdam |
| presented by: Arthur Korteweg, University of Southern California |
| Discussant: Mark Carey, GARP Risk Institute |
| Buying a Seat at the Table: Bankruptcy Law and Distress Investing |
| By Mike Burkart; London School of Economics Samuel Lee; Santa Clara University Vladimir Vladimirov; University of Amsterdam |
| presented by: Samuel Lee, Santa Clara University |
| Discussant: Kenneth Ayotte, University of California Berkeley |
| Lawyer Networks and Corporate Bankruptcies |
| By Vidhan Goyal; Hong Kong University of Science and Technology Joshua Madsen; University of Minnesota Wei Wang; Queen's University |
| presented by: Wei Wang, Queen's University |
| Discussant: Jacopo Ponticelli, Northwestern University |
| Session 34: FinTech July 8, 2021 10:15 to 12:00 Location: Room 901, 9F, SAIF |
| Session Chair: Yael Hochberg, Rice University |
| FinTech Lending and Cashless Payments |
| By Pulak Ghosh; Indian Institute of Management Bangalore Boris Vallee; Harvard Business School Yao Zeng; University of Pennsylvania |
| presented by: Boris Vallee, Harvard Business School |
| Discussant: Huan Tang, London School of Economics |
| FinTech as a Financial Liberator |
| By Greg Buchak; Stanford University Jiayin Hu; Peking University Shang-Jin Wei; Columbia University and NBER |
| presented by: Jiayin Hu, Peking University |
| Discussant: Alberto Rossi, Georgetown University |
| The Real Effects of Peer-to-Peer Lending |
| By Ran Duchin; Boston College Yong Kyu Gam; Southwestern University of Finance and Economics Kai Lu; University of Science and Technology of China Stephan Siegel; University of Washington |
| presented by: Kai Lu, University of Science and Technology of China |
| Discussant: Song Ma, Yale University |
| An experiment of Fintech consumer credit in China：A mixed story of liquidity constraint and liquidity insurance |
| By Yang Ji; Xiamen University Xue Wang; Peking University Yiping Huang; Peking University Shu Chen; Ant Financial Services Group Fang Wang; Ant Financial Services Group |
| presented by: Yang Ji, Xiamen University |
| Discussant: Apoorv Gupta, Dartmouth College |
| Session 35: International Asset Pricing July 8, 2021 10:15 to 12:00 Location: Room 403, 4F, SAIF |
| Session Chair: Christian T. Lundblad, The University of North Carolina at Chapel Hill |
| Currency Investing Throughout Recent Centuries |
| By Joseph Chen; University of California, Davis |
| presented by: Joseph Chen, University of California, Davis |
| Discussant: Andreas Stathopoulos, The University of North Carolina at Chapel Hill |
| Risk, Monetary Policy and Asset Prices in a Global World |
| By Geert Bekaert; Columbia University Marie Hoerova; European Central Bank Nancy Xu; Boston College |
| presented by: Nancy Xu, Boston College |
| Discussant: Karlye Dilts Stedman, Federal Reserve Bank of Kansas City |
| Global Realignment in Financial Market Dynamics: Evidence from ETF Networks |
| By Monica Billio; Università Ca' Foscari Venezia Andrew Lo; Massachusetts Institute of Technology Loriana Pelizzon; Leibniz Institute for Financial Research Mila Getmansky Sherman; University of Massachusetts Amherst Abalfazl Zareei; Stockholm Business School |
| presented by: Abalfazl Zareei, Stockholm Business School |
| Discussant: Jie Cao, The Chinese University of Hong Kong |
| Cross-Border M&A and Currency Returns |
| By Steven Riddiough; University of Toronto Huizhong Zhang; Queensland University of Technology |
| presented by: Huizhong Zhang, Queensland University of Technology |
| Discussant: George Panayotov, Hong Kong University of Science and Technology |
| Session 36: Investor Attention in Financial Markets July 8, 2021 10:15 to 12:00 Location: Room 203, 2F, SAIF |
| Session Chair: Zhi Da, University of Notre Dame |
| Demand for information and stock returns: evidence from EDGAR |
| By Pingle Wang; University of Texas at Dallas |
| presented by: Pingle Wang, University of Texas at Dallas |
| Discussant: Antonio Gargano, University of Houston |
| Listening in on Investors' Thoughts and Conversations |
| By Hailiang Chen; The University of Hong Kong Byoung-Hyoun Hwang; Cornell University |
| presented by: Byoung-Hyoun Hwang, Cornell University |
| Discussant: Russell Jame, University of Kentucky |
| In Short Supply: Efficiency Implications of Rational Attention Allocation |
| By Ankit Kalda; Indiana University Xiaoying Li; Indiana University Jan Schneemeier; Indiana University |
| presented by: Jan Schneemeier, Indiana University |
| Discussant: Yajun Wang, Baruch College, The City University of New York |
| The Attention Trigger Effect: Macro News and Efficient Processing of Micro News |
| By David Hirshleifer; University of California, Irvine Jinfei Sheng; University of California, Irvine |
| presented by: Jinfei Sheng, University of California, Irvine |
| Discussant: Shiyang Huang, The University of Hong Kong |
| Session 37: Macroeconomy and Asset Prices July 8, 2021 10:15 to 12:00 Location: Room 304, 3F, SAIF |
| Session Chair: Hui Chen, Massachusetts Institute of Technology |
| Getting to the Core: Inflation Risks Within and Across Asset Classes |
| By Xiang Fang; The University of Hong Kong Yang Liu; The University of Hong Kong Nikolai Roussanov; University of Pennsylvania |
| presented by: Xiang Fang, The University of Hong Kong |
| Discussant: Carolin Pflueger, University of Chicago |
| Institutional Trading around Scheduled Announcements |
| By Marco Di Maggio; Harvard Business School and NBER Francesco Franzoni; University of Lugano Shimon Kogan; University of Pennsylvania Ran Xing; Aarhus University |
| presented by: Ran Xing, Aarhus University |
| Discussant: Anna Cieslak, Duke University |
| Information Acquisition and the Pre-Announcement Drift |
| By Hengjie Ai; University of Minnesota Ravi Bansal; Duke University Leyla Jianyu Han; The University of Hong Kong |
| presented by: Leyla Jianyu Han, The University of Hong Kong |
| Discussant: Haoxiang Zhu, Massachusetts Institute of Technology |
| Recovering the FOMC Risk Premium |
| By Hong Liu; Washington University in St. Louis Xiaoxiao Tang; University of Texas at Dallas Guofu Zhou; Washington University in St. Louis |
| presented by: Xiaoxiao Tang, University of Texas at Dallas |
| Discussant: Ivan Shaliastovich, University of Wisconsin-Madison |
| Session 38: Stock Market Efficiency July 8, 2021 10:15 to 12:00 Location: Room 904, 9F, SAIF |
| Session Chair: Justin Birru, The Ohio State University |
| Time Variation in Extrapolation and Anomalies |
| By Wei He; Southwestern University of Finance and Economics Yuehan Wang; PBC School of Finance, Tsinghua University Jianfeng Yu; PBC School of Finance, Tsinghua University |
| presented by: Yuehan Wang, PBC School of Finance, Tsinghua University |
| Discussant: Brad Cannon, Brigham Young University |
| What explains price momentum and 52-week high momentum when they really work? |
| By Pedro Barroso; Universidade Católica Portuguesa Haoxu Wang; University of New South Wales |
| presented by: Pedro Barroso, Universidade Católica Portuguesa |
| Discussant: Mengmeng Dong, University of California, Riverside |
| Finding Anomalies in China |
| By Kewei Hou; The Ohio State University Fang Qiao; University of International Business and Economics Xiaoyan Zhang; PBC School of Finance, Tsinghua University |
| presented by: Fang Qiao, University of International Business and Economics |
| Discussant: Jianan Liu, The University of Hong Kong |
| Social Ties and Predictable Returns |
| By Lin Peng; Baruch College, The City University of New York Muhammed Yonac; Baruch College, The City University of New York Dexin Zhou; Baruch College, The City University of New York |
| presented by: Muhammed Yonac, Baruch College, The City University of New York |
| Discussant: Quoc Nguyen, DePaul University |
| Session 39: Sustainable Finance July 8, 2021 10:15 to 12:00 Location: Room 303, 3F, SAIF |
| Session Chair: Harrison Hong, Columbia University |
| Catering Incentive in Corporate Social Responsibility Investment |
| By Jie Jiao; Tsinghua University Lin Tong; Fordham University An Yan; Fordham University |
| presented by: Lin Tong, Fordham University |
| Discussant: Caroline Flammer, Boston University |
| Primary Corporate Bond Markets and Social Responsibility |
| By Michael Halling; Stockholm School of Economics Jin Yu; Monash University Josef Zechner; Vienna University of Economics and Business |
| presented by: Jin Yu, Monash University |
| Discussant: Malcolm Baker, Harvard Business School |
| Paying Attention to ESG: Evidence from Big Data Analytics |
| By Wendi Huang; The University of Hong Kong George Andrew Karolyi; Cornell University Alan Kwan; The University of Hong Kong |
| presented by: Wendi Huang, The University of Hong Kong |
| Discussant: Nan Li, University of Toronto |
| How does dividend payout affect corporate social responsibility? A channel analysis |
| By C.S. Agnes Cheng; Hong Kong Polytechnic University Xiaohui Li; Hong Kong Polytechnic University Zeyu Sun; University of International Business and Economics Jing Xie; Hong Kong Polytechnic University |
| presented by: Jing Xie, Hong Kong Polytechnic University |
| Discussant: Ing-Haw Cheng, Dartmouth College |
| Session 40: Asset Pricing and Monetary Policies July 8, 2021 13:30 to 15:15 Location: Room 903, 9F, SAIF |
| Session Chair: Erica Li, Cheung Kong Graduate School of Business |
| AGGREGATE AND DISTRIBUTIONAL IMPACTS OF LTV POLICY: EVIDENCE FROM CHINA’S MICRO DATA |
| By Kaiji Chen; Emory University Qing Wang; Southwestern University of Finance and Economics Tong Xu; Southwestern University of Finance and Economics Tao Zha; Emory University |
| presented by: Tong Xu, Southwestern University of Finance and Economics |
| Discussant: Zhiwei Xu, Shanghai Jiao Tong University |
| Asset Growth Effect and Q Theory of Investment |
| By Leonid Kogan; Massachusetts Institute of Technology Jun Li; University of Texas at Dallas Xiaotuo Qiao; Harbin Institute of Technology |
| presented by: Jun Li, University of Texas at Dallas |
| Discussant: Zhongzhi Song, Cheung Kong Graduate School of Business |
| Monetary Policy Transmission with Heterogeneous Banks and Firms: The Case of China |
| By Guofeng Sun; People's Bank of China Ji Zhang; PBC School of Finance, Tsinghua University Xiaodong Zhu; University of Toronto |
| presented by: Ji Zhang, PBC School of Finance, Tsinghua University |
| Discussant: Wenbin Wu, Fudan University |
| Common Fund Flows: Flow Hedging and Factor Pricing |
| By Winston Dou; University of Pennsylvania Leonid Kogan; Massachusetts Institute of Technology Wei Wu; Texas A&M University |
| presented by: Winston Dou, University of Pennsylvania |
| Discussant: Shiyang Huang, The University of Hong Kong |
| Session 41: ESG and Sustainable Finance July 8, 2021 13:30 to 15:15 Location: Room 305, 3F, SAIF |
| Session Chair: Dragon Yongjun Tang, University of Hong Kong |
| Responsible Institutional Investing Around the World |
| By Ranja Gibson; University of Geneva Simon Glossner; University of Virginia Philipp Krueger; University of Geneva Pedro Matos; University of Virginia Tom Steffen; University of Geneva |
| presented by: Pedro Matos, University of Virginia |
| Discussant: Chendi Zhang, University of Exeter |
| Greenwashing |
| By Hao Liang; Singapore Management University Lin Sun; Fudan University Melvyn Teo; Singapore Management University |
| presented by: Lin Sun, Fudan University |
| Discussant: Aaron Yoon, Northwestern University |
| On ESG Investing: Heterogeneous Preferences, Information, and Asset Prices |
| By Itay Goldstein; University of Pennsylvania Alexandr Kopytov; The University of Hong Kong Lin Shen; INSEAD Haotian Xiang; Peking University |
| presented by: Alexandr Kopytov, The University of Hong Kong |
| Discussant: Bradyn Breon-Drish, University of California, San Diego |
| The ESG-Innovation Disconnect: Evidence from Green Patenting |
| By Lauren Cohen; Harvard University Umit Gurun; University of Texas at Dallas Quoc Nguyen; DePaul University |
| presented by: Quoc Nguyen, DePaul University |
| Discussant: Chi-Yang Tsou, Hong Kong University of Science and Technology |
| Session 42: Fintech: New Technologies or Hype July 8, 2021 13:30 to 15:15 Location: Room 403, 4F, SAIF |
| Session Chair: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen |
| Do FinTech Mortgage Lenders Fill the Credit Gap? Evidence from Natural Disasters |
| By Linda Allen; Baruch College, The City University of New York Yu Shan; Concordia University Yao Shen; Baruch College, The City University of New York |
| presented by: Yu Shan, Concordia University |
| Discussant: Wenlan Qian, National University of Singapore |
| The Value of “New” and “Old” Intermediation in Online Debt Crowdfunding |
| By Fabio Braggion; Tilburg University Alberto Manconi; Bocconi University Nicola Pavanini; Tilburg University Haikun Zhu; Erasmus University Rotterdam |
| presented by: Alberto Manconi, Bocconi University |
| Discussant: Jinglin Jiang, PBC School of Finance, Tsinghua University |
| Buzzwords? |
| By Sudheer Chava; Georgia Institute of Technology Wendi Du; Georgia Institute of Technology Nikhil Paradkar; University of Georgia |
| presented by: Wendi Du, Georgia Institute of Technology |
| Discussant: Rui Shen, The Chinese University of Hong Kong, Shenzhen |
| Voluntary Disclosure in P2P Lending: Reducing Information Asymmetry or Hype? |
| By Chao Wang; South China University of Technology Junbo Wang; City University of Hong Kong Chunchi Wu; State University of New York at Buffalo Yue Zhang; City University of Hong Kong |
| presented by: Chao Wang, South China University of Technology |
| Discussant: Tianshu Sun, University of Southern California |
| Session 43: Gender and Finance July 8, 2021 13:30 to 15:15 Location: Room 904, 9F, SAIF |
| Session Chair: Yuhai Xuan, University of California, Irvine |
| Gender Diversity: From Wall Street to Main Street |
| By Yongqiang Chu; The University of North Carolina at Charlotte Daxuan Zhao; Renmin University of China |
| presented by: Yongqiang Chu, The University of North Carolina at Charlotte |
| Discussant: Vladimir Mukharlyamov, Georgetown University |
| Corporate Leadership and Inherited Beliefs about Gender Roles |
| By David McLean; Georgetown University Christo Pirinsky; University of Central Florida Mengxin Zhao; U.S. Securities and Exchange Commission |
| presented by: Mengxin Zhao, U.S. Securities and Exchange Commission |
| Discussant: Daniel Urban, Erasmus University Rotterdam |
| Gender and Earnings Conference Calls |
| By Nerissa Brown; University of Illinois Bill Francis; Rensselaer Polytechnic Institute Thomas Shohfi; Rensselaer Polytechnic Institute Daqi Xin; Nankai University |
| presented by: Thomas Shohfi, Rensselaer Polytechnic Institute |
| Discussant: Chuchu Liang, University of California, Irvine |
| Do gender quotas change attitudes towards female directors? |
| By Lakshmi Naaraayanan; London Business School Kasper Meisner Nielsen; Copenhagen Business School |
| presented by: S. Lakshmi Naaraayanan, London Business School |
| Discussant: Marina Gertsberg, Monash University |
| Session 44: Household Finance: The Role of Nurture, Advice, and Technology July 8, 2021 13:30 to 15:15 Location: Room 901, 9F, SAIF |
| Session Chair: Stephan Siegel, University of Washington |
| What About Nurture? Financial Decision-Making and Growing Up |
| By Ranadeb Chaudhuri; Oakland University Zoran Ivkovich; Michigan State University Andrei Simonov; Michigan State University |
| presented by: Ranadeb Chaudhuri, Oakland University |
| Discussant: Claudia Custodio, Imperial College London |
| Do Women Receive Worse Financial Advice? |
| By Utpal Bhattacharya; Hong Kong University of Science and Technology Amit Kumar; Hong Kong University of Science and Technology Sujata Visaria; Hong Kong University of Science and Technology Jing Zhao; Hong Kong Polytechnic University |
| presented by: Jing Zhao, Hong Kong Polytechnic University |
| Discussant: Ralph De Haas, European Bank for Reconstruction and Development |
| Financial Media as a Money Doctor: Evidence from Refinancing Decisions |
| By Lin HU; Australian National University Kun Li; Australian National University Phong Ngo; Australian National University Denis Sosyura; Arizona State University |
| presented by: Kun Li, Australian National University |
| Discussant: Tarun Patel, Southern Methodist University |
| FinTech Adoption and Household Risk-Taking |
| By Claire Yurong Hong; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Xiaomeng Lu; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Jun Pan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Claire Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Yang Song, University of Washington |
| Session 45: Information Frictions in Corporate Finance and Asset Markets July 8, 2021 13:30 to 15:15 Location: Room 304, 3F, SAIF |
| Session Chair: Xuewen Liu, The University of Hong Kong |
| Buying Slow and Selling Fast: Speed Asymmetry in Share Repurchases and Issuances |
| By Philip Bond; University of Washington Yue Yuan; London School of Economics Hongda Zhong; London School of Economics |
| presented by: Yue Yuan, London School of Economics |
| Discussant: John Nash, Hong Kong University of Science and Technology |
| Dynamic Adverse Selection and Asset Sales |
| By Fangyuan Yu; University of Minnesota |
| presented by: Fangyuan Yu, University of Minnesota |
| Discussant: Feng Dong, Tsinghua University |
| Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment |
| By Arvind Krishnamurthy; Stanford University Wenhao Li; University of Southern California |
| presented by: Wenhao Li, University of Southern California |
| Discussant: Kai Li, Hong Kong University of Science and Technology and Peking University |
| Collective Activism |
| By Craig Doidge; University of Toronto Alexander Dyck; University of Toronto Liyan Yang; University of Toronto |
| presented by: Liyan Yang, University of Toronto |
| Discussant: Yizhou Xiao, The Chinese University of Hong Kong |
| Session 46: The Role of Banks: New Theory and Empirical Results July 8, 2021 13:30 to 15:15 Location: Room 203, 2F, SAIF |
| Session Chair: Lev Ratnovski, European Central Bank |
| The Persistent Real Effects of Banking Crises: Evidence from Failed Bank Resolutions |
| By Ivan Ivanov; Federal Reserve Board Stephen Karolyi; Carnegie Mellon University |
| presented by: Stephen Karolyi, Carnegie Mellon University |
| Discussant: Joao Granja, University Of Chicago |
| Intermediary Financing without Commitment |
| By Yunzhi Hu; The University of North Carolina Felipe Varas; Duke University |
| presented by: Yunzhi Hu, The University of North Carolina |
| Discussant: Victoria Vanasco, Centre de Recerca en Economia Internacio |
| Dynamic Banking and the Value of Deposits |
| By Patrick Bolton; Columbia University Ye Li; The Ohio State University Neng Wang; Columbia University Jinqiang Yang; Shanghai University of Finance and Economics |
| presented by: Patrick Bolton, Columbia University |
| Discussant: Dejanir Silva, University of Illinois at Urbana-Champaign |
| Liquidity Creation, Investment, and Growth |
| By Thorsten Beck; Cass Business School Robin Döttling; Erasmus University Thomas Lambert; Erasmus University Mathijs van Dijk; Erasmus University |
| presented by: Thomas Lambert, Erasmus University |
| Discussant: Lev Ratnovski, European Central Bank |
| Session 47: Financial Intermediation (Onsite China Session) July 8, 2021 15:45 to 17:30 Location: Room 904, 9F, SAIF |
| Session Chair: Zhiguo He, University of Chicago |
| Bank Heterogeneity and Financial Stability |
| By Itay Goldstein; University of Pennsylvania Alexandr Kopytov; The University of Hong Kong Lin Shen; INSEAD Haotian Xiang; Guanghua School of Management, Peking University |
| presented by: Haotian Xiang, Guanghua School of Management, Peking University |
| Discussant: Zehao Liu, Renmin University of China |
| Asymmetric Cross-side Network Effects on Financial Platforms: Theory and Evidence from Marketplace Lending |
| By Lin Cong; Cornell University Ke Tang; Tsinghua University Danxia Xie; Tsinghua University |
| presented by: Ke Tang, Tsinghua University |
| Discussant: Zhongjie Fan, Tsinghua University |
| Bank Competition under Deregulation: Evidence from Wealth Management Products |
| By Liming Hou; Xiamen University Shao-Chieh Hsueh; Xiamen University Shuoxun Zhang; Xiamen University |
| presented by: Shuoxun Zhang, Xiamen University |
| Discussant: Chengbo Xie, Southwestern University of Finance and Economics |
| Mutual Risk Sharing and Fintech: The Case of Xiang Hu Bao |
| By Hanming Fang; University of Pennsylvania Xiao Qin; Shanghai Jiao Tong University Wenfeng Wu; Shanghai Jiao Tong University Tong Yu; University of Cincinnati |
| presented by: Wenfeng Wu, Shanghai Jiao Tong University |
| Discussant: Dunzhe Tang, Tsinghua University |
| Session 48: Financial Openness and Trade War (Onsite China Session) July 8, 2021 15:45 to 17:30 Location: Room 903, 9F, SAIF |
| Session Chair: Zhiyuan Li, Fudan University |
| The Effect of the China Connect |
| By Chang Ma; Fanhai International School of Finance, Fudan University John Rogers; Federal Reserve Board Sili Zhou; Fanhai International School of Finance, Fudan University |
| presented by: Chang Ma, Fanhai International School of Finance, Fudan University |
| Discussant: Lingxiao Zhao, Peking University |
| Cross-Border Equity Flows and Information Transmission: Evidence from Chinese Stock Markets |
| By Jiangze Bian; University of International Business and Economics Kalok Chan; The Chinese University of Hong Kong Bing Han; University of Toronto Donghui Shi; Fudan University |
| presented by: Jiangze Bian, University of International Business and Economics |
| Discussant: Yang Jiao, Fanhai International School of Finance, Fudan University |
| The S-curve: Understanding the Dynamics of Worldwide Financial Reforms |
| By Nan Li; International Monetary Fund Chris Papageorgiou; International Monetary Fund Tong Xu; Southwestern University of Finance and Economics Tao Zha; Emory University |
| presented by: Tong Xu, Southwestern University of Finance and Economics |
| Discussant: Wenya Wang, Shanghai University of Finance and Economics |
| Trade Networks and Firm Value: Evidence from the U.S.-China Trade War |
| By Yi Huang; The Graduate Institute, Geneva Chen Lin; The University of Hong Kong Sibo Liu; Lingnan University Heiwai Tang; The University of Hong Kong |
| presented by: Yi Huang, The Graduate Institute, Geneva |
| Discussant: Zhiyuan Li, Fudan University |
| Session 49: Information and Corporate Behavior July 8, 2021 15:45 to 17:30 Location: Room 304, 3F, SAIF |
| Session Chair: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| THE DANGER OF BEING NEIGHBORS: INCIDENTAL INFORMATION ACQUISITION BY TAXOFFICERS AND CORPORATE TAX AVOIDANCE |
| By Kalok Chan; The Chinese University of Hong Kong Xiaowei Wang; The Chinese University of Hong Kong |
| presented by: Xiaowei Wang, The Chinese University of Hong Kong |
| Discussant: Oliver Li, National University of Singapore |
| Private Subsidiaries’ Information Disclosure and the Cross-Sectional Equity Returns of Public Parent Firms |
| By Turan Bali; Georgetown University Zilin Chen; Singapore Management University Jun Tu; Singapore Management University Ran Zhang; Shanghai Jiao Tong University |
| presented by: Ran Zhang, Shanghai Jiao Tong University |
| Discussant: Nan Li, Shanghai Jiao Tong University |
| How Does Information Asymmetry Affect Corporate Hedging? |
| By Praveen Kumar; University of Houston Keith K.P. Wong; The University of Hong Kong Shijie Yang; The Chinese University of Hong Kong, Shenzhen Margaret Rui Zhu; The Chinese University of Hong Kong Hong Zou; The University of Hong Kong |
| presented by: Shijie Yang, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Tao Chen, Nanyang Technological University |
| Global Carbon Divestment and Firms’ Actions |
| By Darwin Choi; The Chinese University of Hong Kong Zhenyu Gao; The Chinese University of Hong Kong Wenxi Jiang; The Chinese University of Hong Kong Hulai Zhang; Tilburg University |
| presented by: Darwin Choi, The Chinese University of Hong Kong |
| Discussant: Dragon Yongjun Tang, University of Hong Kong |
| Session 50: Ownership and Financial Development July 8, 2021 15:45 to 17:30 Location: Room 203, 2F, SAIF |
| Session Chair: William Megginson, University of Oklahoma |
| Global Share Repurchases Over the Business Cycle |
| By Zigan Wang; The University of Hong Kong Qie Ellie Yin; Hong Kong Baptist University Luping Yu; The University of Hong Kong |
| presented by: Qie Ellie Yin, Hong Kong Baptist University |
| Discussant: Jungwon Suh, Sungkyunkwan University |
| Special Deals from Special Investors: The Rise of State-Connected Private Owners in China |
| By Chong-En Bai; Tsinghua University Chang-Tai Hsieh; University of Chicago Zheng Song; The Chinese University of Hong Kong Xin Wang; The Chinese University of Hong Kong |
| presented by: Xin Wang, The Chinese University of Hong Kong |
| Discussant: Xian Gu, Durham University |
| Technology Transfer and Early Industrial Development: Evidence from the Sino-Soviet Alliance |
| By Michela Giorcelli; University of California, Los Angeles Bo Li; PBC School of Finance, Tsinghua University |
| presented by: Bo Li, PBC School of Finance, Tsinghua University |
| Discussant: Frederic Warzynski, Aarhus University |
| Centralization or Decentralization? The Evolution of State-Ownership in China |
| By Franklin Allen; Imperial College London Junhui Cai; University of Pennsylvania Xian Gu; Durham University Jun Qian; Fanhai International School of Finance, Fudan University Linda Zhao; University of Pennsylvania Wu Zhu; University of Pennsylvania |
| presented by: Junhui Cai, University of Pennsylvania |
| Discussant: Julan Du, The Chinese University of Hong Kong |
| Session 51: Asset Pricing: Theory and Empirical Analysis July 9, 2021 8:00 to 9:45 Location: Room 305, 3F, SAIF |
| Session Chair: Hong Liu, Washington University in St. Louis |
| Consumption Heterogeneity, Business Cycle, and Asset Pricing |
| By Kyoung Jin Choi; University of Calgary Junkee Jeon; Kyung Hee University Hyeng Keun Koo; Ajou University |
| presented by: Hyeng Keun Koo, Ajou University |
| Discussant: Jaroslav Borovicka, New York University |
| Searching for the Equity Premium |
| By Hang Bai; University of Connecticut Lu Zhang; The Ohio State University |
| presented by: Hang Bai, University of Connecticut |
| Discussant: Miao Ben Zhang, University of Southern California |
| Asset Pricing with Misallocation |
| By Winston Dou; University of Pennsylvania Yan Ji; Hong Kong University of Science and Technology Di Tian; University of Pennsylvania Pengfei Wang; Peking University |
| presented by: Yan Ji, Hong Kong University of Science and Technology |
| Discussant: Yang Liu, The University of Hong Kong |
| Mitigating Disaster Risks in the Age of Climate Change |
| By Harrison Hong; Columbia University Neng Wang; Columbia University Jinqiang Yang; Shanghai University of Finance and Economics |
| presented by: Neng Wang, Columbia University |
| Discussant: Michael Barnett, Arizona State University |
| Session 52: Blockchain Economics July 9, 2021 8:00 to 9:45 Location: Room 903, 9F, SAIF |
| Session Chair: Kose John, New York University |
| Crypto Wash Trading |
| By Will Cong; Cornell University XI LI; Newcastle University Ke Tang; Tsinghua University Yang Yang; Tsinghua University |
| presented by: Yang Yang, Tsinghua University |
| Discussant: Laura Xiaolei Liu, Guanghua School of Management, Peking University |
| Asset Metamorphosis and Learning: Evidence in Bitcoin |
| By James Yae; University of Houston George Tian; University of Houston |
| presented by: George Tian, University of Houston |
| Discussant: Fahad Saleh, Wake Forest University |
| Decentralized Exchanges |
| By Alfred Lehar; University of Calgary Christine Parlour; University of California, Berkeley |
| presented by: Alfred Lehar, University of Calgary |
| Discussant: Jiasun Li, George Mason University |
| Managing Stablecoins: Optimal Strategies, Regulation, and Transaction Data as Productive Capital |
| By Ye Li; The Ohio State University Simon Mayer; Erasmus University Rotterdam |
| presented by: Ye Li, The Ohio State University |
| Discussant: Ariel Zetlin-Jones, Carnegie Mellon University |
| Session 53: Empirical Corporate Finance July 9, 2021 8:00 to 9:45 Location: Room 403, 4F, SAIF |
| Session Chair: Yiming Qian, University of Connecticut |
| Regulatory Costs of Being Public: Evidence from Bunching Estimation |
| By Michael Ewens; California Institute of Technology Kairong Xiao; Columbia University Ting Xu; University of Virginia |
| presented by: Kairong Xiao, Columbia University |
| Discussant: S. Katie Moon, University of Colorado Boulder |
| Tax Avoidance through Cross-Border Mergers and Acquisitions |
| By Jean-Marie Meier; University of Texas at Dallas Jake Smith; University of Texas at Dallas |
| presented by: Jake Smith, University of Texas at Dallas |
| Discussant: Oliver Levine, University of Wisconsin-Madison |
| Equity Market Monitoring and the Economic Cycle |
| By Yunqi Zhang; Nankai University |
| presented by: Yunqi Zhang, Nankai University |
| Discussant: Yongqiang Chu, The University of North Carolina at Charlotte |
| The Effect of Board Overlap on Firm Behavior |
| By Heng Geng; Victoria University of Wellington Harald Hau; University of Geneva and Swiss Finance Institute Roni Michaely; University of Geneva Binh Nguyen; Victoria University of Wellington |
| presented by: Harald Hau, University of Geneva and Swiss Finance Institute |
| Discussant: Ofer Eldar, Duke University |
| Session 54: Executive Compensation and Corporate Stakeholders July 9, 2021 8:00 to 9:45 Location: Room 1006, 10F, SAIF |
| Session Chair: Mark Chen, Georgia State University |
| CEO Compensation: Evidence From the Field |
| By Alex Edmans; London Business School Tom Gosling; London Business School Dirk Jenter; London School of Economics |
| presented by: Alex Edmans, London Business School |
| Discussant: Ernst Maug, Universität Mannheim |
| Regulating CEO Pay: Evidence from the Nonprofit Revitalization Act |
| By Ilona Babenko; Arizona State University Benjamin Bennett; Tulane University Rik Sen; University of New South Wales |
| presented by: Ilona Babenko, Arizona State University |
| Discussant: Torsten Jochem, University of Amsterdam |
| Skilled Labor Rationing, Hiring Uncertainty, and Corporate Investment: Evidence from H-1B Visa Application Deadlines |
| By Sheng-Jun Xu; University of Alberta |
| presented by: Sheng-Jun Xu, University of Alberta |
| Discussant: John (Jianqiu) Bai, Northeastern University |
| Do strong stakeholders keep firms out of wrongdoings? Evidence from major customer relationships |
| By Jie Chen; University of Leeds Xunhua Su; Norwegian School of Economics Xuan Tian; PBC School of Finance, Tsinghua University Bin Xu; University of Leeds |
| presented by: Bin Xu, University of Leeds |
| Discussant: Michael Hertzel, Arizona State University |
| Session 55: International Finance July 9, 2021 8:00 to 9:45 Location: Room 904, 9F, SAIF |
| Session Chair: Lilian Ng, York University |
| Global Supply Chains and Cross-Border Financing |
| By Michael Hertzel; Arizona State University Jie Peng; City University of Hong Kong Jing Wu; The Chinese University of Hong Kong Yu Zhang; Guanghua School of Management, Peking University |
| presented by: Jing Wu, The Chinese University of Hong Kong |
| Discussant: Rui Dai, University of Pennsylvania |
| Tax Evasion and Market Efficiency: Evidence from the FATCA and Offshore Mutual Funds |
| By Si Cheng; The Chinese University of Hong Kong Massimo Massa; INSEAD Hong Zhang; PBC School of Finance, Tsinghua Universi |
| presented by: Si Cheng, The Chinese University of Hong Kong |
| Discussant: Abhiroop Mukherjee, Hong Kong University of Science and Technology |
| The Effects of Mandatory ESG Disclosure around the World |
| By Philipp Krueger; University of Geneva Zacharias Sautner; Frankfurt School of Finance & Management Dragon Yongjun Tang; The University of Hong Kong Rui Zhong; University of Western Australia |
| presented by: Rui Zhong, University of Western Australia |
| Discussant: Yeejin Jang, University of New South Wales |
| Political Relations and Media Coverage |
| By Thomas Ruf; Indiana University Jun Myung Song; Korea University Bohui Zhang; The Chinese University of Hong Kong, Shenzhen |
| presented by: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Liangliang Jiang, Hong Kong Polytechnic University |
| Session 56: Mutual Funds July 9, 2021 8:00 to 9:45 Location: Room 203, 2F, SAIF |
| Session Chair: Andrei Simonov, Michigan State University |
| Currency Management by International Fixed Income Mutual Funds |
| By Clemens Sialm; University of Texas at Austin Qifei Zhu; Nanyang Technological University |
| presented by: Qifei Zhu, Nanyang Technological University |
| Discussant: Hong Zhang, PBC School of Finance, Tsinghua University |
| A Horizon-Based Decomposition of Mutual Fund Value Added using Transactions |
| By Jules van Binsbergen; University of Pennsylvania Jungsuk Han; Stockholm School of Economics Hongxun Ruan; Guanghua School of Management, Peking University Ran Xing; Aarhus University |
| presented by: Ran Xing, Aarhus University |
| Discussant: Yuehua Tang, University of Florida |
| Origins of Mutual Fund Skill: Market versus Accounting Based Asset Pricing Anomalies |
| By Charlotte Christiansen; Aarhus University Ran Xing; Aarhus University Yue Xu; Aarhus University |
| presented by: Yue Xu, Aarhus University |
| Discussant: Rachel Li, University of Alabama |
| Mutual Fund Risk Shifting and Risk Anomalies |
| By Xiao Han; University of Edinburgh Nikolai Roussanov; University of Pennsylvania Hongxun Ruan; Guanghua School of Management, Peking University |
| presented by: Hongxun Ruan, Guanghua School of Management, Peking University |
| Discussant: Andriy Bodnaruk, University of Illinois at Chicago |
| Session 57: Options July 9, 2021 8:00 to 9:45 Location: Room 304, 3F, SAIF |
| Session Chair: Neil Pearson, University of Illinois at Urbana-Champaign |
| Momentum, Reversal, and Seasonality in Option Returns |
| By Christopher Jones; University of Southern California Mehdi Khorram; Louisiana State University Haitao Mo; Louisiana State University |
| presented by: Haitao Mo, Louisiana State University |
| Discussant: Xiaoyan Zhang, PBC School of Finance, Tsinghua University |
| Limits of Dynamic Hedging and Option Risk Premium |
| By Meng Tian; Baruch College, The City University of New York Liuren Wu; Baruch College, The City University of New York |
| presented by: Liuren Wu, Baruch College, The City University of New York |
| Discussant: Jianfeng Hu, Singapore Management University |
| Asymmetries and the Market for Put Options |
| By Adam Farago; University of Gothenburg Mariana Khapko; University of Toronto Chayawat Ornthanalai; University of Toronto |
| presented by: Mariana Khapko, University of Toronto |
| Discussant: David Schreindorfer, Arizona State University |
| Distorting Arrow-Debreu Securities: New Entropy Restrictions Implied by the Option Cross Section |
| By Fousseni Chabi-Yo; University of Massachusetts-Amherst Yan Liu; Purdue University |
| presented by: Fousseni Chabi-Yo, University of Massachusetts-Amherst |
| Discussant: Xiaoyang Zhuo, Beijing Institute of Technology |
| Session 58: The Chinese Credit Market July 9, 2021 8:00 to 9:45 Location: Room 901, 9F, SAIF |
| Session Chair: Jingzhi Huang, Pennsylvania State University |
| Not All Bonds Are Created Equal -- as Benchmarks for Corporate Bonds |
| By Keqi Chen; PBC School of Finance, Tsinghua University Yi Huang; Graduate Institute, Geneva Kathy Yuan; London School of Economics Hao Zhou; PBC School of Finance, Tsinghua University |
| presented by: Yi Huang, Graduate Institute, Geneva |
| Discussant: Jennie Bai, Geogetown University |
| Overpricing in China’s Corporate Bond Market |
| By Yi Ding; The Chinese University of Hong Kong, Shenzhen Wei Xiong; Princeton University Jinfan Zhang; The Chinese University of Hong Kong, Shenzhen |
| presented by: Yi Ding, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Jean Helwege, University of California, Riverside |
| The SOE Premium and Government Support in China's Credit Market |
| By Jun Pan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Zhe Geng; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Zhe Geng, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Antje Berndt, Australian National University |
| What Drives Liquidity in the Chinese Credit Bond Markets? |
| By Jingyuan Mo; New York University Marti Subrahmanyam; New York University |
| presented by: Jingyuan Mo, New York University |
| Discussant: Jiacui Li, University of Utah |
| Session 59: Analysts, Conference Calls, and AI July 9, 2021 10:15 to 12:00 Location: Room 1006, 10F, SAIF |
| Session Chair: Daniel Bradley, University of South Florida |
| The use and usefulness of big data in finance: Evidence from financial analysts |
| By Feng Chi; Cornell University Byoung-Hyoun Hwang; Cornell University Yaping Zheng; McGill University |
| presented by: Yaping Zheng, McGill University |
| Discussant: Chi Zhang, University of Massachusetts Lowell |
| How to Talk When a Machine is Listening?: Corporate Disclosure in the Age of AI |
| By Sean Cao; Georgia State University Wei Jiang; Columbia University Baozhong Yang; Georgia State University Alan Zhang; Georgia State University |
| presented by: Sean Cao, Georgia State University |
| Discussant: Ville Rantala, University of Miami |
| Mergers under the Microscope: Analysing Conference Call Transcripts |
| By Sudipto Dasgupta; The Chinese University of Hong Kong Jarrad Harford; University of Washington Fangyuan Ma; Peking University Daisy Wang; The Ohio State University Haojun Xie; The Chinese University of Hong Kong |
| presented by: Fangyuan Ma, Peking University |
| Discussant: Paul Irvine, Texas Christian University |
| Inside the Black Box of Private Communications: Evidence from Taxi Ride Patterns between Managers and Analysts in New York City |
| By Stacey Choy; University of Toronto Ole-Kristian Hope; University of Toronto |
| presented by: Stacey Choy, University of Toronto |
| Discussant: David Cicero, Auburn University |
| Session 60: Banks and Bank Activities July 9, 2021 10:15 to 12:00 Location: Room 904, 9F, SAIF |
| Session Chair: Bernadette Minton, The Ohio State University |
| Real Effect of Bank’s Block-holding on Firm’s Market Power |
| By Xiaotian Liu; City University of Hong Kong |
| presented by: Xiaotian Liu, City University of Hong Kong |
| Discussant: Dongxu Li, Xiamen University |
| Customer Satisfaction and the Durability of Retail Banking Relationships |
| By Joel Houston; University of Florida Hongyu Shan; Fordham University Yu Shan; Concordia University |
| presented by: Hongyu Shan, Fordham University |
| Discussant: John Lynch, The Ohio State University |
| Big Broad Banks: How Does Cross-Selling Affect Lending? |
| By Yingjie Qi; Copenhagen Business School |
| presented by: Yingjie Qi, Copenhagen Business School |
| Discussant: Alvaro Taboada, Mississippi State University |
| The Bank Churn Channel |
| By Erica Jiang; University of Southern California Anthony Lee Zhang; University of Chicago |
| presented by: Erica Jiang, University of Southern California |
| Discussant: Ye Li, The Ohio State University |
| Session 61: Corporate Executives July 9, 2021 10:15 to 12:00 Location: Room 403, 4F, SAIF |
| Session Chair: Henrik Cronqvist, University of Miami |
| Local boy does good: CEO birthplace identity and corporate social responsibility |
| By Zicheng Lei; King's College London Dimitris Petmezas; Durham University Raghavendra Rau; University of Cambridge Chen Yang; Durham University |
| presented by: Zicheng Lei, King's College London |
| Discussant: Xintong Zhan, The Chinese University of Hong Kong |
| CEO Pet Projects |
| By Paul Decaire; Arizona State University Denis Sosyura; Arizona State University |
| presented by: Denis Sosyura, Arizona State University |
| Discussant: Randall Morck, University of Alberta |
| Are executives more socially responsible when raised with siblings? Evidence from Chinese family firms |
| By Sumit Agarwal; National University of Singapore Kam Chan; Western Kentucky University Rongrong Xie; Renmin University of China Nianhang Xu; Renmin University of China |
| presented by: Rongrong Xie, Renmin University of China |
| Discussant: Ioannis Branikas, University of Oregon |
| Will Nature-Loving CEOs Make the World Greener? |
| By Weijia Zhi; Frankfurt School of Finance and Management |
| presented by: Weijia Zhi, Frankfurt School of Finance and Management |
| Discussant: Sophie Shive, University of Notre Dame |
| Session 62: COVID-19 Revelations July 9, 2021 10:15 to 12:00 Location: Room 305, 3F, SAIF |
| Session Chair: Haoxiang Zhu, Massachusetts Institute of Technology |
| Partisan Return Gap: The Polarized Stock Market in the Time of a Pandemic |
| By Jinfei Sheng; University of California, Irvine Zheng Sun; University of California, Irvine Wanyi Wang; University of California, Irvine |
| presented by: Wanyi Wang, University of California, Irvine |
| Discussant: Maarten Meeuwis, Washington University St Louis |
| Advantages of Political Diversity: Evidence from Mutual Fund Managers during Covid-19 |
| By Blair Vorsatz; University of Chicago |
| presented by: Blair Vorsatz, University of Chicago |
| Discussant: Stefan Lewellen, Pennsylvania State University |
| Small Bank Financing and Funding Hesitancy in a Crisis: Evidence from the Paycheck Protection Program |
| By Tetyana Balyuk; Emory University Nagpurnanand Prabhala; Johns Hopkins University Manju Puri; Duke University and NBER |
| presented by: Tetyana Balyuk, Emory University |
| Discussant: Olivier Darmouni, Columbia University |
| Reshaping the Local Marketplace: Financing, Independent Businesses, Large Firms, and COVID |
| By Vojislav Maksimovic; University of Maryland Liu Yang; University of Maryland |
| presented by: Liu Yang, University of Maryland |
| Discussant: Jialan Wang, University of Illinois Urbana-Champaign |
| Session 63: FinTech and Machine Learning July 9, 2021 10:15 to 12:00 Location: Room 901, 9F, SAIF |
| Session Chair: Baozhong Yang, Georgia State University |
| AlphaPortfolio: Direct Construction Through Reinforcement Learning and Interpretable AI |
| By Lin Cong; Cornell University Ke Tang; Tsinghua University Jingyuan Wang; Beihang University Yang Zhang; Beihang University |
| presented by: Will Cong, Cornell University |
| Discussant: Andreas Neuhierl, Washington University in St. Louis |
| (Re-)Imag(in)ing Price Trends |
| By Jingwen Jiang; University of Chicago Bryan Kelly; Yale University Dacheng Xiu; University of Chicago |
| presented by: Dacheng Xiu, University of Chicago |
| Discussant: Christopher Neely, Federal Reserve Bank of St. Louis |
| Rise of the Machines: The Impact of Automated Underwriting |
| By Mark Jansen; University of Utah Hieu Nguyen; University of Utah Amin Shams; The Ohio State University |
| presented by: Amin Shams, The Ohio State University |
| Discussant: Alberto Rossi, Georgetown University |
| Open Banking: Credit Market Competition When Borrowers Own the Data |
| By Zhiguo He; University of Chicago Jing Huang; University of Chicago Jidong Zhou; Yale University |
| presented by: Jing Huang, University of Chicago |
| Discussant: Uday Rajan, University of Michigan |
| Session 64: Hedge Funds July 9, 2021 10:15 to 12:00 Location: Room 203, 2F, SAIF |
| Session Chair: Bing Liang, University of Massachusetts Amherst |
| Crowded Trades and Tail Risk |
| By Gregory Brown; University of North Carolina Philip Howard; Wake Forest University Christian T. Lundblad; The University of North Carolina at Chapel Hill |
| presented by: Philip Howard, Wake Forest University |
| Discussant: George Aragon, Arizona State University |
| Does Portfolio Disclosure Make Money Smarter? |
| By Byoung Uk Kang; Hong Kong Polytechnic University Andrew Sinclair; The University of Hong Kong Stig Xenomorph; University of Vaasa |
| presented by: Byoung Uk Kang, Hong Kong Polytechnic University |
| Discussant: Yuehua Tang, University of Florida |
| The Hedge Fund Industry is Bigger (and has Performed Better) Than You Think |
| By Daniel Barth; Federal Reserve Board of Governors Juha Joenväärä; Aalto University Mikko Kauppila; University of Oulu Russell Wermers; University of Maryland |
| presented by: Juha Joenväärä, Aalto University |
| Discussant: Mila Getmansky Sherman, University of Massachusetts-Amherst |
| Diverse Hedge Funds |
| By Yan Lu; University of Central Florida Narayan Y Naik; London Business School Melvyn Teo; Singapore Management University |
| presented by: Melvyn Teo, Singapore Management University |
| Discussant: Lu Zheng, University of California, Irvine |
| Session 65: Macro Risks and Bond Pricing July 9, 2021 10:15 to 12:00 Location: Room 304, 3F, SAIF |
| Session Chair: Jennifer Carpenter, New York University |
| Public Debt and the Slope of the Term Structure |
| By Thien Nguyen; The Ohio State University |
| presented by: Thien Nguyen, The Ohio State University |
| Discussant: Itamar Drechsler, University of Pennsylvania |
| The Term Structure of Liquidity Premium |
| By Scott Joslin; University of Southern California Wenhao Li; University of Southern California Yang Song; University of Washington |
| presented by: Wenhao Li, University of Southern California |
| Discussant: Or Shachar, Federal Reserve Bank of New York |
| Global Evidence on Unspanned Macro Risks in Dynamic Term Structure Models |
| By Michel van der Wel; Erasmus University Rotterdam Yaoyuan Zhang; The University of Hong Kong |
| presented by: Yaoyuan Zhang, The University of Hong Kong |
| Discussant: Greg Duffee, Johns Hopkins University |
| Risks and Risk Premia in the US Treasury Market |
| By Junye Li; Fudan University Lucio Sarno; University of Cambridge Gabriele Zinna; Bank of Italy |
| presented by: Junye Li, Fudan University |
| Discussant: Robert Whitelaw, New York University |
| Session 66: News Diffusion, Belief Formation, Individual Investors, and Stock Markets July 9, 2021 10:15 to 12:00 Location: Room 903, 9F, SAIF |
| Session Chair: Lin Peng, Baruch College, The City University of New York |
| Earnings News Diffusion Processes in Stock Markets |
| By Hyun-Soo Choi; Korea Advanced Institute of Science and Technology Dong Hong; Singapore Management University Harrison Hong; Columbia University Haoshu Tian; Princeton University Andrei Ungureanu; Princeton University |
| presented by: Hyun-Soo Choi, Korea Advanced Institute of Science and Technology |
| Discussant: Qiguang Wang, Hong Kong Baptist University |
| Famous Firms, Earnings Clusters, and the Stock Market |
| By Yixin Chen; University of Rochester Randolph Cohen; Harvard Business School Zixuan Kevin Wang; Harvard University |
| presented by: Yixin Chen, University of Rochester |
| Discussant: Zhi Da, University of Notre Dame |
| Echo Chambers |
| By J. Anthony Cookson; University of Colorado Joseph Engelberg; University of California, San Diego William Mullins; University of California, San Diego |
| presented by: William Mullins, University of California, San Diego |
| Discussant: Dexin Zhou, Baruch College, The City University of New York |
| Zero-Commission Individual Investors, High Frequency Traders, and Stock Market Quality |
| By Gregory Eaton; Oklahoma State Universtiy Clifton Green; Emory University Brian Roseman; Oklahoma State University Yanbin Wu; Emory University |
| presented by: Gregory Eaton, Oklahoma State Universtiy |
| Discussant: Xing Huang, Washington University in St. Louis |
| Session 67: Asset Pricing with Firm and Investor Decisions July 9, 2021 13:30 to 15:15 Location: Room 203, 2F, SAIF |
| Session Chair: Harold Zhang, University of Texas at Dallas |
| Counterparty Risk: Implications for Network Linkages and Asset Prices |
| By Fotis Grigoris; Indiana University Yunzhi Hu; UNC Kenan-Flagler Business School Gill Segal; University of North Carolina at Chapel Hill |
| presented by: Fotis Grigoris, Indiana University |
| Discussant: Jun Li, University of Texas at Dallas |
| Labor Market Networks and Asset Returns |
| By Joon Woo Bae; Case Western Reserve University Turan Bali; Georgetown University Ali Sharifkhani; Northeastern University Xiaofei Zhao; Georgetown University |
| presented by: Ali Sharifkhani, Northeastern University |
| Discussant: Gill Segal, University of North Carolina at Chapel H |
| Optimal Tax-Timing with Transaction Costs |
| By Min Dai; National University of Singapore Yaoting Lei; Nanchang University Hong Liu; Washington University in St. Louis |
| presented by: Hong Liu, Washington University in St. Louis |
| Discussant: Marcel Fischer, Copenhagen Business School |
| Labor Hiring and Stock Returns: the Importance of the Sales and Marketing Workforce |
| By Lorenzo Garlappi; University of British Columbia Zhongzhi Song; Cheung Kong Graduate School of Business |
| presented by: Zhongzhi Song, Cheung Kong Graduate School of Business |
| Discussant: Miao Ben Zhang, University of Southern California |
| Session 68: Corporate Finance and Chinese Economy July 9, 2021 13:30 to 15:15 Location: Room 903, 9F, SAIF |
| Session Chair: Chen Lin, The University of Hong Kong |
| Ownership Networks and Firm Growth: What Do Forty Million Companies Tell Us About the Chinese Economy? |
| By Franklin Allen; Imperial College London Junhui Cai; University of Pennsylvania Xian Gu; Durham University Jun Qian; Fanhai International School of Finance, Fudan University Linda Zhao; University of Pennsylvania Wu Zhu; University of Pennsylvania |
| presented by: Xian Gu, Durham University |
| Discussant: Fangzhou Lu, The University of Hong Kong |
| Does Trading Spur Specialization? Evidence from Patenting |
| By Pengfei Han; Guanghua School of Management, Peking University Chunrui Liu; PBC School of Finance, Tsinghua University Xuan Tian; PBC School of Finance, Tsinghua University |
| presented by: Pengfei Han, Guanghua School of Management, Peking University |
| Discussant: Sibo Liu, Lingnan University |
| Housing Market and Entrepreneurship: Micro Evidence from China |
| By Bing Han; University of Toronto Lu Han; University of Toronto Zhengyi Zhou; Shanghai University of Finance and Economics |
| presented by: Zhengyi Zhou, Shanghai University of Finance and Economics |
| Discussant: Wenlan Qian, National University of Singapore |
| A Race to Lead: How Chinese Government Interventions Shape the US-China Production Competition |
| By Xiao Cen; Texas A&M University Vyacheslav Fos; Boston College Wei Jiang; Columbia University |
| presented by: Xiao Cen, Texas A&M University |
| Discussant: Yi Huang, The Graduate Institute, Geneva |
| Session 69: Corporate Finance in China July 9, 2021 13:30 to 15:15 Location: Room 305, 3F, SAIF |
| Session Chair: Jian Xue, Tsinghua University |
| 中国企业的大数据应用及其经济效应——来自中国上市公司年报文本分析的证据 |
| By Yeqing Zhang; Tsinghua University Yao Lu; Tsinghua University Leyun Li; Columbia University |
| presented by: Yeqing Zhang, Tsinghua University |
| Discussant: Xianjie He, Shanghai University of Finance and Economics |
| 娱乐明星与上市公司关联：价值提升还是资本运作？Association Between Entertainment Stars and Listed Firms: Value Promotion or Capital Operation? |
| By Nianhang Xu; Renmin University of China Shaojing Ke; Renmin University of China Ruichang Lu; Guanghua School of Management, Peking University |
| presented by: Shaojing Ke, Renmin University of China |
| Discussant: Lijun Xia, Shanghai Jiao Tong University |
| 专利价值与银行信贷合约 |
| By Yanyan Wang; Xiamen University Rui Xu; South China University of Technology Lisheng Yu; Xiamen University |
| presented by: Rui Xu, South China University of Technology |
| Discussant: Hao Wang, Tsinghua University |
| 预算约束下的出口退税错配与企业出口 |
| By Bing Lu; PBC School of Finance, Tsinghua University Hong Ma; Tsinghua University |
| presented by: Bing Lu, PBC School of Finance, Tsinghua University |
| Discussant: Qing Liu, Tsinghua University |
| Session 70: Games that Mutual Funds Play July 9, 2021 13:30 to 15:15 Location: Room 904, 9F, SAIF |
| Session Chair: Jennifer Huang, Cheung Kong Graduate School of Business |
| FinTech Platforms and Mutual Fund Distribution |
| By Claire Yurong Hong; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Xiaomeng Lu; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Jun Pan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Xiaoyang Li, The Chinese University of Hong Kong |
| Fund Flows in the Shadow of Stock Trading Regulation: Evidence from China |
| By Xiang Kang; J.P. Morgan Chase David Xiaoyu Xu; University of Texas at Austin |
| presented by: David Xiaoyu Xu, University of Texas at Austin |
| Discussant: Jie Li, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Hiding in Plain Sight: The Global Implications of Manager Disclosure |
| By Richard Evans; University of Virginia Miguel Ferreira; Nova School of Business and Economics Pedro Matos; University of Virginia Michael Young; University of Missouri |
| presented by: Michael Young, University of Missouri |
| Discussant: Marcin Kacperczyk, Imperial College London |
| Hiding Behind the Window Blinds: Strategic Trading by Mutual Funds |
| By Ron Kaniel; University of Rochester Jie Li; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Qi Zhang; Durham University Donghui Shi; Fanhai International School of Finance, Fudan University |
| presented by: Qi Zhang, Durham University |
| Discussant: Wenxi Jiang, The Chinese University of Hong Kong |
| Session 71: Information, Trading, and Bubbles July 9, 2021 13:30 to 15:15 Location: Room 901, 9F, SAIF |
| Session Chair: Jun Liu, University of California, San Diego |
| Market Feedback: Who Learns What? |
| By Itay Goldstein; University of Pennsylvania Jan Schneemeier; Indiana University Liyan Yang; University of Toronto |
| presented by: Liyan Yang, University of Toronto |
| Discussant: Yizhou Xiao, The Chinese University of Hong Kong |
| The Social Value of Information Uncertainty |
| By Xue-Zhong (Tony) He; University of Technology Sydney Lei Shi; Macquarie University Marco Tolotti; Ca' Foscari University of Venice |
| presented by: Lei Shi, Macquarie University |
| Discussant: Chong Huang, University of California, Irvine |
| Feedback Trading and Bubbles |
| By Brandon Yueyang Han; University of Maryland Igor Makarov; London School of Economics |
| presented by: Brandon Yueyang Han, University of Maryland |
| Discussant: Kai Li, Macquarie University |
| Fast or Slow: Optimal Trading Strategies with Speed-Dependent Transaction Cost |
| By Hong Liu; Washington University in St. Louis Jing Xu; Renmin University of China |
| presented by: Jing Xu, Renmin University of China |
| Discussant: Mark Loewenstein, University of Maryland |
| Session 72: Trading and Price Efficiency July 9, 2021 13:30 to 15:15 Location: Room 403, 4F, SAIF |
| Session Chair: Kalok Chan, The Chinese University of Hong Kong |
| Foreign Sentiment |
| By Azi Ben-Rephael; Rutgers University Xi Dong; Baruch College, The City University of New York Massimo Massa; INSEAD Changyun Zhou; Baruch College, The City University of New York |
| presented by: Azi Ben-Rephael, Rutgers University |
| Discussant: Frank Weikai Li, Singapore Management University |
| Understanding Retail Investors: Evidence from China |
| By Charles Jones; Columbia Business School Donghui Shi; Fudan University Xiaoyan Zhang; PBC School of Finance, Tsinghua University Xinran Zhang; PBC School of Finance, Tsinghua University |
| presented by: Xinran Zhang, PBC School of Finance, Tsinghua University |
| Discussant: Sarah Qian Wang, University of Warwick |
| Noise Trading and Asset Pricing Factors |
| By Shiyang Huang; The University of Hong Kong Yang Song; University of Washington Hong Xiang; The University of Hong Kong |
| presented by: Hong Xiang, The University of Hong Kong |
| Discussant: James O’ Donovan, City University of Hong Kong |
| The Complementarity of Passive and Active Investment on Stock Price Efficiency |
| By Youngmin Choi; Baruch College, The City University of New York |
| presented by: Youngmin Choi, Baruch College, The City University of New York |
| Discussant: Jing Xie, Hong Kong Polytechnic University |
| Session 73: Volatility Economic Dynamics July 9, 2021 13:30 to 15:15 Location: Room 304, 3F, SAIF |
| Session Chair: Hao Zhou, PBC School of Finance, Tsinghua University |
| Firm Fundamentals and the Cross Section of Implied Volatility Shapes |
| By Ding Chen; University of Sussex Biao Guo; Renmin University of China Guofu Zhou; Washington University in St. Louis |
| presented by: Biao Guo, Renmin University of China |
| Discussant: Zhan Shi, Tsinghua University |
| What is the time series regression of the stock market return? |
| By Yueliang Lu; University of North Carolina at Charlotte Weidong Tian; University of North Carolina at Charlotte |
| presented by: Yueliang Lu, University of North Carolina at Charlotte |
| Discussant: Junye Li, Fudan University |
| Expected and Realized Returns on Volatility |
| By Guanglian Hu; University of Sydney Kris Jacobs; University of Houston |
| presented by: Guanglian Hu, University of Sydney |
| Discussant: Jan Ericsson, McGill University |
| Macro news and long-run volatility expectations |
| By Anders Vilhelmsson; Lund University |
| presented by: Anders Vilhelmsson, Lund University |
| Discussant: Grace Xing Hu, PBC School of Finance, Tsinghua University |
This program was last updated on 2021-10-13 21:07:24 EDT