China International Conference in Finance 2021 (CICF)

Online and Onsite in Shanghai, China

 

Program Notes and Index of Sessions

 

Summary of All Sessions

#Date/TimeTitlePapers
1July 6, 2021
18:00-19:30
Conference Reception (Note: All times refer to Beijing Time: UTC /GMT +8)0
2July 7, 2021
8:00-9:45
Fixed-Income Markets4
3July 7, 2021
8:00-9:45
Frictions in the Corporate Bond Market4
4July 7, 2021
8:00-9:45
Institutional Investors4
5July 7, 2021
8:00-9:45
Labor and Finance4
6July 7, 2021
8:00-9:45
Machine Learning in Finance4
7July 7, 2021
8:00-9:45
New Perspectives in Empirical Asset Pricing4
8July 7, 2021
8:00-9:45
Prospect Theory, Leverage Constraints, and Cryptomarket4
9July 7, 2021
8:00-9:45
Risk, Uncertainty, and Asset Pricing4
10July 7, 2021
10:15-12:00
Keynote Speech (Kenneth J. Singleton, Stanford University) and Best Paper Award0
11July 7, 2021
13:30-15:15
Advances in Financial Econometrics4
12July 7, 2021
13:30-15:15
公司金融4
13July 7, 2021
13:30-15:15
Banking, Network, and Innovation4
14July 7, 2021
13:30-15:15
Behavioral Asset Pricing4
15July 7, 2021
13:30-15:15
Employee Relationships and Firm Performance4
16July 7, 2021
13:30-15:15
Ownership, Reputation, and Competition4
17July 7, 2021
15:45-17:30
Corporate Bond Market in China (Onsite China Session)4
18July 7, 2021
15:45-17:30
Corporate Finance Theory4
19July 7, 2021
15:45-17:30
Corporate Innovation4
20July 7, 2021
15:45-17:30
Economic Behavior Based on Chinese Data (Onsite China Session)4
21July 7, 2021
15:45-17:30
Onsite (Onsite China Session)4
22July 8, 2021
8:00-9:45
Behavioral Finance4
23July 8, 2021
8:00-9:45
Capital Structure 4
24July 8, 2021
8:00-9:45
Financial Markets4
25July 8, 2021
8:00-9:45
Governance and Ownership, Together and Separately4
26July 8, 2021
8:00-9:45
Information and Trading in Financial Markets4
27July 8, 2021
8:00-9:45
Money, Connections and Governance (In Dedication to the Memory of Craig Holden)4
28July 8, 2021
8:00-9:45
Politics and Finance4
29July 8, 2021
8:00-9:45
Politics, Influence, and Finance4
30July 8, 2021
8:00-9:45
Short-selling4
31July 8, 2021
10:15-12:00
All About Fraud4
32July 8, 2021
10:15-12:00
Applied Theory in Finance4
33July 8, 2021
10:15-12:00
Empirical Corporate Finance - From IPOs to Failures4
34July 8, 2021
10:15-12:00
FinTech4
35July 8, 2021
10:15-12:00
International Asset Pricing4
36July 8, 2021
10:15-12:00
Investor Attention in Financial Markets4
37July 8, 2021
10:15-12:00
Macroeconomy and Asset Prices4
38July 8, 2021
10:15-12:00
Stock Market Efficiency4
39July 8, 2021
10:15-12:00
Sustainable Finance4
40July 8, 2021
13:30-15:15
Asset Pricing and Monetary Policies4
41July 8, 2021
13:30-15:15
ESG and Sustainable Finance4
42July 8, 2021
13:30-15:15
Fintech: New Technologies or Hype4
43July 8, 2021
13:30-15:15
Gender and Finance4
44July 8, 2021
13:30-15:15
Household Finance: The Role of Nurture, Advice, and Technology4
45July 8, 2021
13:30-15:15
Information Frictions in Corporate Finance and Asset Markets4
46July 8, 2021
13:30-15:15
The Role of Banks: New Theory and Empirical Results4
47July 8, 2021
15:45-17:30
Financial Intermediation (Onsite China Session)4
48July 8, 2021
15:45-17:30
Financial Openness and Trade War (Onsite China Session)4
49July 8, 2021
15:45-17:30
Information and Corporate Behavior4
50July 8, 2021
15:45-17:30
Ownership and Financial Development4
51July 9, 2021
8:00-9:45
Asset Pricing: Theory and Empirical Analysis4
52July 9, 2021
8:00-9:45
Blockchain Economics4
53July 9, 2021
8:00-9:45
Empirical Corporate Finance4
54July 9, 2021
8:00-9:45
Executive Compensation and Corporate Stakeholders4
55July 9, 2021
8:00-9:45
International Finance4
56July 9, 2021
8:00-9:45
Mutual Funds4
57July 9, 2021
8:00-9:45
Options4
58July 9, 2021
8:00-9:45
The Chinese Credit Market4
59July 9, 2021
10:15-12:00
Analysts, Conference calls, and AI4
60July 9, 2021
10:15-12:00
Banks and Bank Activities4
61July 9, 2021
10:15-12:00
Corporate Executives4
62July 9, 2021
10:15-12:00
COVID-19 Revelations4
63July 9, 2021
10:15-12:00
FinTech and Machine Learning4
64July 9, 2021
10:15-12:00
Hedge Funds4
65July 9, 2021
10:15-12:00
Macro Risks and Bond Pricing4
66July 9, 2021
10:15-12:00
News Diffusion, Belief Formation, Individual Investors, and Stock Markets4
67July 9, 2021
13:30-15:15
Asset Pricing with Firm and Investor Decisions4
68July 9, 2021
13:30-15:15
Corporate Finance and Chinese Economy4
69July 9, 2021
13:30-15:15
Corporate Finance in China4
70July 9, 2021
13:30-15:15
Games that Mutual Funds Play4
71July 9, 2021
13:30-15:15
Information, Trading, and Bubbles4
72July 9, 2021
13:30-15:15
Trading and Price Efficiency4
73July 9, 2021
13:30-15:15
Volatility Economic Dynamics4
 

73 sessions, 284 papers, and 0 presentations with no associated papers


 

China International Conference in Finance 2021 (CICF)

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
 
 
Session 2: Fixed-Income Markets
July 7, 2021 8:00 to 9:45
 
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
 
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
 
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 Urbana-Champaign
   presented by: Jiekun Huang, University of Illinois
   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
 
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
 
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
 
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
 
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, INSEAD
 

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
 
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, Yale University
   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
 
 
Session 11: Advances in Financial Econometrics
July 7, 2021 13:30 to 15:15
 
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
 
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, Renmin University
 
Session 13: Banking, Network, and Innovation
July 7, 2021 13:30 to 15:15
 
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
 
Session Chair: Jianfeng Yu, PBC School of Finance, Tsinghua University
 

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
 

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
 

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
 
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
 

Can Credit Default Swaps Improve Employee Treatment?
By Anastasia Richmond; University of Warwick
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
 
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
 
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; Tongji University
Hongjun Yan; DePaul University
Ninghua Zhong; Tongji University
Yizhou Tang; Shanghai Stock Exchange
   presented by: Shujing Wang, Tongji University
   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
 
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
 
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
 
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
 
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
 
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, The 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
 
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
 
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
 

Financial Regulation, Clientele Segmentation, and Stock Exchange Order Types
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
 
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
 
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 (In Dedication to the Memory of Craig Holden)
July 8, 2021 8:00 to 9:45
 
Session Chair: Xiaoyun Yu, Indiana University
 

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
 

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
 

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
 
Session 28: Politics and Finance
July 8, 2021 8:00 to 9:45
 
Session Chair: Jiekun Huang, University of Illinois
 

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
 
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
 
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
 
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
 
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
 
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: Dirk Jenter, London School of Economics
   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
 
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
 
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
 
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
 
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
 
Session Chair: Justin Birru, The Ohio State University
 

Time Variation in Extrapolation and Anomalies
By Wei He; University of International Business 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
 
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
 

Dividend Payout and Corporate Social Responsibility
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: Xiaohui Li, 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
 
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:   Wenbin Wu, Fudan 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:   Zhiwei Xu, Shanghai Jiao Tong 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
 
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
 
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
 
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
 
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
 
Session Chair: Xuewen Liu, The University of Hong Kong
 

Buying Slow and Selling Fast: Speed Asymmetry in Share Issuances and Repurchases
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
 
Session Chair: Florian Heider, European Central Bank
 

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
 

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 Internacional
 

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: Ye Li, The Ohio State University
   Discussant:   Dejanir Silva, University of Illinois at Urbana-Champaign
 

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
 
Session 47: Financial Intermediation (Onsite China Session)
July 8, 2021 15:45 to 17:30
 
Session Chair: Ping He, Tsinghua University
 

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
 
Session Chair: Pengfei Wang, Peking 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
 
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
 
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: Xian Gu, Durham University
   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
 
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
 
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
 
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
 
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 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: Xunhua Su, Norwegian School of Economics
   Discussant:   Michael Hertzel, Arizona State University
 
Session 55: International Finance
July 9, 2021 8:00 to 9:45
 
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
 
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
 
Session Chair: Neil Pearson, University of Illinois
 

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
 
Session Chair: Jingzhi Huang, Pennsylvania State University
 

Not All Bonds Are Created Equal -- As Benchmarks for Corporate Bond Market
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
 
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
 
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
 
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
 
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
 

Political Diversity amidst Polarization: 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
 

Indirect Costs of Government Aid and Intermediary Supply Effects: Lessons 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
 
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
 
Session Chair: Bing Liang, University of Massachusetts Amherst
 

Crowded Trades and Tail Risk
By Gregory Brown; Kenan-Flagler Business School
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
 
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
 
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
 
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
 
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
 
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
 
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
 
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
   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
 
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
 

Heterogeneity in Retail Investors: Evidence from Comprehensive Account-Level Trading and Holdings Data
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
 
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 2021-06-14 21:11:20 EDT