China International Conference in Finance 2022 (CICF)

Virtual (Beijing Time: UTC /GMT +8)

 

Program Notes and Index of Sessions

 

Summary of All Sessions

#Date/TimeTitle/LocationPapers
1July 6, 2022
8:00-9:45
Behavioral Finance

    Location: Stream 1

4
2July 6, 2022
8:00-9:45
Fintech

    Location: Stream 2

4
3July 6, 2022
8:00-9:45
Fintech (with Cool Data and Models)

    Location: Stream 3

4
4July 6, 2022
8:00-9:45
Firm Growth and Industry Competition

    Location: Stream 4

4
5July 6, 2022
8:00-9:45
Household Finance

    Location: Stream 5

4
6July 6, 2022
8:00-9:45
Information, Culture, and Corporate Decisions

    Location: Stream 6

4
7July 6, 2022
8:00-9:45
Monetary Policy and Asset Markets

    Location: Stream 7

4
8July 6, 2022
8:00-9:45
New Perspectives in Asset Pricing

    Location: Stream 8

4
9July 6, 2022
8:00-9:45
Options and Other Derivatives

    Location: Stream 9

4
10July 6, 2022
10:15-12:00
Keynote Speech (Lars Peter Hansen, University of Chicago) and Best Paper Awards

    Location: Stream 10

0
11July 6, 2022
13:00-14:45
Anomalies

    Location: Stream 1

4
12July 6, 2022
13:00-14:45
Banking, Credit Market, and Regulation

    Location: Stream 2

4
13July 6, 2022
13:00-14:45
Corporate Finance

    Location: Stream 3

4
14July 6, 2022
13:00-14:45
ESG

    Location: Stream 4

4
15July 6, 2022
13:00-14:45
Finance, Labor and Politics

    Location: Stream 5

4
16July 6, 2022
15:15-17:00
Asian Real Estate Markets

    Location: Stream 1

4
17July 6, 2022
15:15-17:00
Banking Competition and Informational Frictions

    Location: Stream 2

4
18July 6, 2022
15:15-17:00
Corporate Bond Market and Investment in China

    Location: Stream 3

4
19July 6, 2022
15:15-17:00
ESG, Firm Behavior and Market Performance

    Location: Stream 4

4
20July 6, 2022
15:15-17:00
Sovereign Risk and Currency Returns

    Location: Stream 5

4
21July 6, 2022
15:15-17:00
Stock, Bond, and Commodity

    Location: Stream 6

4
22July 7, 2022
8:00-9:45
Asset Pricing

    Location: Stream 1

4
23July 7, 2022
8:00-9:45
Attracting and Retaining Human Capital

    Location: Stream 2

4
24July 7, 2022
8:00-9:45
Empirical Asset Pricing

    Location: Stream 3

4
25July 7, 2022
8:00-9:45
Exchange Rates and International Macro-Finance

    Location: Stream 4

4
26July 7, 2022
8:00-9:45
Market Microstructure: Theory and Evidence

    Location: Stream 5

4
27July 7, 2022
8:00-9:45
New Advances in Equilibrium Asset Pricing

    Location: Stream 6

4
28July 7, 2022
8:00-9:45
Politics, SOEs, and Corporate Policies

    Location: Stream 7

4
29July 7, 2022
8:00-9:45
Social Finance

    Location: Stream 8

4
30July 7, 2022
8:00-9:45
The FinTech Impact

    Location: Stream 9

4
31July 7, 2022
10:15-12:00
Advances in FinTech and Machine Learning

    Location: Stream 1

4
32July 7, 2022
10:15-12:00
Anomalies and Information

    Location: Stream 2

4
33July 7, 2022
10:15-12:00
Asset Management

    Location: Stream 3

4
34July 7, 2022
10:15-12:00
Corporate Finance: New Data and New Methods

    Location: Stream 4

4
35July 7, 2022
10:15-12:00
Empirical Asset Pricing: Equity Returns

    Location: Stream 5

4
36July 7, 2022
10:15-12:00
Frequent Auctions and Frequent Trading

    Location: Stream 6

4
37July 7, 2022
10:15-12:00
Information-Related Behavior and Pricing and Other Outcomes

    Location: Stream 7

4
38July 7, 2022
10:15-12:00
Mergers and Acquisitions

    Location: Stream 8

4
39July 7, 2022
10:15-12:00
News, Stock Returns, and Bond Markets

    Location: Stream 9

4
40July 7, 2022
13:00-14:45
Asset Pricing Theories

    Location: Stream 1

4
41July 7, 2022
13:00-14:45
中国金融问题

    Location: Stream 2

4
42July 7, 2022
13:00-14:45
Entrepreneurship, Venture Capital, and Small Business

    Location: Stream 3

4
43July 7, 2022
13:00-14:45
Market Frictions and Anomalies

    Location: Stream 4

4
44July 7, 2022
13:00-14:45
The Real Effects of Capital Markets

    Location: Stream 5

4
45July 7, 2022
15:15-17:00
Asset Pricing Factors

    Location: Stream 1

4
46July 7, 2022
15:15-17:00
Corporate Finance Theory

    Location: Stream 2

4
47July 7, 2022
15:15-17:00
Financial Intermediation

    Location: Stream 3

4
48July 7, 2022
15:15-17:00
Incentives and Governance

    Location: Stream 4

4
49July 8, 2022
8:00-9:45
Connections and Finance

    Location: Stream 1

4
50July 8, 2022
8:00-9:45
Finance and Politics

    Location: Stream 2

4
51July 8, 2022
8:00-9:45
FinTech and Blockchains

    Location: Stream 3

4
52July 8, 2022
8:00-9:45
Humans and Connections

    Location: Stream 4

4
53July 8, 2022
8:00-9:45
Macro Finance and Policy

    Location: Stream 5

4
54July 8, 2022
8:00-9:45
Options and Stocks

    Location: Stream 6

4
55July 8, 2022
8:00-9:45
Retail Investor Behavior

    Location: Stream 7

4
56July 8, 2022
8:00-9:45
Social Finance II

    Location: Stream 8

4
57July 8, 2022
8:00-9:45
Understanding Mutual Fund Performance

    Location: Stream 9

4
58July 8, 2022
10:15-12:00
Behavioral Biases and Investments

    Location: Stream 1

4
59July 8, 2022
10:15-12:00
Capital Markets

    Location: Stream 2

4
60July 8, 2022
10:15-12:00
Corporate Governance

    Location: Stream 3

4
61July 8, 2022
10:15-12:00
Debt and Incentives

    Location: Stream 4

4
62July 8, 2022
10:15-12:00
Financial Stability and Asset Management

    Location: Stream 5

4
63July 8, 2022
10:15-12:00
Financing: Debt and Trade Credit

    Location: Stream 6

4
64July 8, 2022
10:15-12:00
Foreign Exchange Risks

    Location: Stream 7

4
65July 8, 2022
10:15-12:00
Information, Financial Markets, and Economy

    Location: Stream 8

4
66July 8, 2022
10:15-12:00
Socially Responsible Investing

    Location: Stream 9

4
67July 8, 2022
13:00-14:45
Delegated Portfolio Management

    Location: Stream 1

4
68July 8, 2022
13:00-14:45
Household Finance: Advisors, Nudges, and Beliefs

    Location: Stream 2

4
69July 8, 2022
13:00-14:45
Real Estate Markets

    Location: Stream 3

4
70July 8, 2022
13:00-14:45
The Development of Chinese Firms and Banks

    Location: Stream 4

4
71July 8, 2022
13:00-14:45
Valuing Human Capital and Corporate Finance

    Location: Stream 5

4
 

71 sessions, 280 papers, and 0 presentations with no associated papers


 

China International Conference in Finance 2022 (CICF)

Detailed List of Sessions

 
Session 1: Behavioral Finance
July 6, 2022 8:00 to 9:45
Location: Stream 1
 
Session Chair: Zhi Da, University of Notre Dame
 

Attention Constraints and Financial Inclusion
By Bo Huang; Renmin University of China
Jiacui Li; University of Utah
Tse-Chun Lin; The University of Hong Kong
Mingzhu Tai; The University of Hong Kong
Yiyuan Zhou; The University of Hong Kong
   presented by: Mingzhu Tai, The University of Hong Kong
   Discussant:   Rawley Heimer, Boston College
 

Social Contagion and the Survival of Diverse Investment Styles
By David Hirshleifer; University of Southern California
Andrew Lo; Massachusetts Institute of Technology
Ruixun Zhang; Peking University
   presented by: Ruixun Zhang, Peking University
   Discussant:   Alexander Chinco, Baruch College, The City University of New York
 

Do Banks Overreact to Disaster Risk?
By Qianqian Huang; City University of Hong Kong
Feng Jiang; State University of New York at Buffalo
Yuhai Xuan; University of California, Irvine
Tao Yuan; Nanjing University
   presented by: Tao Yuan, Nanjing University
   Discussant:   Yinan Su, Johns Hopkins University
 

Seizing Opportunities: Small Businesses, Social Capital, and Banks
By Liu Yang; University of Maryland
   presented by: Liu Yang, University of Maryland
   Discussant:   Samuel Kruger, University of Texas at Austin
 
Session 2: Fintech
July 6, 2022 8:00 to 9:45
Location: Stream 2
 
Session Chair: Jingzhi Huang, Pennsylvania State University
 

Cutting Operational Costs by Integrating Fintech into Traditional Banking Firms
By Linda Allen; Baruch College, The City University of New York
Yu Shan; Concordia University
Yi Tang; Fordham University
Alev Yildirim; Southern Connecticut State University
   presented by: Yu Shan, Concordia University
   Discussant:   Baozhong Yang, Georgia State University
 

Monitoring Fintech Firms: Evidence from the Collapse of Peer-to-Peer Lending Platforms
By Xiao Chen; The Chinese University of Hong Kong, Shenzhen
Maggie Hu; The Chinese University of Hong Kong
Bohui Zhang; The Chinese University of Hong Kong, Shenzhen
   presented by: Maggie Hu, The Chinese University of Hong Kong
   Discussant:   Jing Huang, University of Chicago
 

Tax-Loss Harvesting with Cryptocurrencies
By Lin William Cong; Cornell University
Wayne Landsman; University of North Carolina
Edward Maydew; University of North Carolina at Chapel Hill
Daniel Rabetti; Tel Aviv University
   presented by: Daniel Rabetti, Tel Aviv University
   Discussant:   Thomas Bourveau, Columbia University
 

The Crumbling Wall between Crypto and Non-Crypto Markets: Risk Transmission through Stablecoins
By Yiping Huang; National School of Development, Peking University
Yang Ji; Xiamen University
Juan Lin; Xiamen University
Peng Wang; Xiamen University
   presented by: Peng Wang, Xiamen University
   Discussant:   Henry Cao, Cheung Kong Graduate School of Business
 
Session 3: Fintech (with Cool Data and Models)
July 6, 2022 8:00 to 9:45
Location: Stream 3
 
Session Chair: Dacheng Xiu, University of Chicago
 

Asset Pricing with Attention Guided Deep Learning
By Ruslan Goyenko; McGill University
   presented by: Ruslan Goyenko, McGill University
   Discussant:   Andreas Neuhierl, Washington University in St. Louis
 

How Can Robot Investment Assistant Help- Collecting Information or Providing Advice? Evidence from China
By Huimin Ge; Tsinghua University
Huihang Wu; Tsinghua University
Xiaoyan Zhang; PBC School of Finance, Tsinghua University
   presented by: Huihang Wu, Tsinghua University
   Discussant:   Yi Huang, Fanhai International School of Finance, Fudan University
 

Seeing is Believing: Annual Report 'Graphicity' and Stock Returns
By Xiaohu Deng; University of New South Wales
Lei Gao; George Mason University
Bo Hu; George Mason University
Guofu Zhou; Washington University in St. Louis
   presented by: Guofu Zhou, Washington University in St. Louis
   Discussant:   Kuntara Pukthuanthong, University of Missouri
 

Systemic Fragility in Decentralized Markets
By Alfred Lehar; University of Calgary
Christine Parlour; University of California, Berkeley
   presented by: Alfred Lehar, University of Calgary
   Discussant:   Jonathan Payne, Princeton University
 
Session 4: Firm Growth and Industry Competition
July 6, 2022 8:00 to 9:45
Location: Stream 4
 
Session Chair: Edith Hotchkiss, Boston College
 

Corporate M&As and Labor Market Concentration: Efficiency Gains or Power Grabs?
By David Cicero; Auburn University
Mo Shen; Auburn University
Jaideep Shenoy; University of Connecticut
   presented by: Mo Shen, Auburn University
   Discussant:   Alex He, University of Maryland
 

Relative Performance Evaluation and Strategic Competition
By Li He; Erasmus University Rotterdam
Toni Whited; University of Michigan
Ran Guo; China-ASEAN Institute of Financial Cooperation
   presented by: Toni Whited, University of Michigan
   Discussant:   Franklin Qian, University of North Carolina at Chapel Hill
 

Resurrecting Dead Capital: The Sharing Economy, Entrepreneurship, and Job Creation
By Yifei Mao; Cornell University
Xuan Tian; PBC School of Finance, Tsinghua University
Jiajie Xu; Boston College
Kailei Ye; University of North Carolina
   presented by: Yifei Mao, Cornell University
   Discussant:   Ting Xu, University of Virginia
 

Control Motivations and Firm Growth
By Raffaele Corvino; University of Torino
Andrew Ellul; Indiana University
Alessio Piccolo; Indiana University
   presented by: Alessio Piccolo, Indiana University
   Discussant:   Tong Liu, University of Pennsylvania
 
Session 5: Household Finance
July 6, 2022 8:00 to 9:45
Location: Stream 5
 
Session Chair: Harold Zhang, The University of Texas at Dallas
 

Countercyclical Income Risk and Portfolio Choices: Evidence from Sweden
By Sylvain Catherine; The Wharton School
Paolo Sodini; Stockholm School of Economics
Yapei Zhang; ShanghaiTech University
   presented by: Yapei Zhang, ShanghaiTech University
   Discussant:   Marius A. K. Ring, University of Texas at Austin
 

The Effect of the Digital Divide on Household Consumption in China
By Zhichao Yin; Capital University of Economics and Business
Jialing Jiang; Beijing Union University
Jianqiu Wang; Capital University of Economics and Business
   presented by: Jialing Jiang, Beijing Union University
   Discussant:   Feng Zhao, The University of Texas at Dallas
 

Hedging by Giving: Spiritual Insurance and Religious Donations
By Yu-Jane Liu; Peking University
Juanjuan Meng; Guanghua School of Management, Peking University
Dalin Sheng; Tsinghua University
Yu Zhang; Guanghua School of Management, Peking University
   presented by: Yu Zhang, Guanghua School of Management, Peking University
   Discussant:   Hui Wang, The University of Texas at Dallas
 

Processing Time and Lending Standards: The Role of Extrapolative Expectations in Mortgage Loans
By Bin Wei; Federal Reserve Bank of Atlanta
Feng Zhao; The University of Texas at Dallas
   presented by: Feng Zhao, The University of Texas at Dallas
   Discussant:   Gonzalo Maturana, Emory University
 
Session 6: Information, Culture, and Corporate Decisions
July 6, 2022 8:00 to 9:45
Location: Stream 6
 
Session Chair: Feng Zhang, Southern Methodist University
 

Owner Culture and Pay Inequality within Firms
By Jan Bena; University of British Columbia
Guangli Lu; The Chinese University of Hong Kong, Shenzhen
Iris Wang; University of British Columbia
   presented by: Iris Wang, University of British Columbia
   Discussant:   Xiaoding Liu, Texas A&M University
 

Do Preemptive Rights Effectively Protect Minority Shareholders? Evidence from Chinese Listed Firms
By Zhongzhi Song; Cheung Kong Graduate School of Business
   presented by: Zhongzhi Song, Cheung Kong Graduate School of Business
   Discussant:   Jesse Fried, Harvard Law School
 

The Value of Production Flexibility in Bad Times: Evidence from Covid Crisis Work-from-Home Announcements
By Adlai Fisher; University of British Columbia
Jiri Knesl; University of Oxford
Ryan Lee; University of Oxford
   presented by: Adlai Fisher, University of British Columbia
   Discussant:   Wensi Xie, The Chinese University of Hong Kong
 

Information Frictions and Firm Take up of Government Support: A Randomised Controlled Experiment
By Claudia Custodio; Imperial College London
Christopher Hansman; Imperial College London
Diogo Mendes; Stockholm School of Economics
   presented by: Claudia Custodio, Imperial College London
   Discussant:   Jiri Knesl, University of Oxford
 
Session 7: Monetary Policy and Asset Markets
July 6, 2022 8:00 to 9:45
Location: Stream 7
 
Session Chair: Hengjie Ai, University of Wisconsin
 

Are Bank Bailouts Welfare Improving?
By Malik Shukayev; University of Alberta
Alexander Ueberfeldt; Bank of Canada
   presented by: Malik Shukayev, University of Alberta
   Discussant:   Huang Ji, The Chinese University of Hong Kong
 

The Impact of Securities Regulation on New Keynesian Firms
By Erica Li; Cheung Kong Graduate School of Business
Jin Xie; Peking University
Ji Zhang; PBC School of Finance, Tsinghua University
   presented by: Jin Xie, Peking University
   Discussant:   Jincheng Tong, University of Toronto
 

Government Policy Announcement Return
By Yang Liu; The University of Hong Kong
Ivan Shaliastovich; University of Wisconsin-Madison
   presented by: Yang Liu, The University of Hong Kong
   Discussant:   Pavel Savor, DePaul University
 

Growth Expectations around FOMC Announcements
By Mikhail Bhatia; Hong Kong University of Science and Technology
Kai Li; Peking University
   presented by: Mikhail Bhatia, Hong Kong University of Science and Technology
   Discussant:   Leyla Han, Boston University
 
Session 8: New Perspectives in Asset Pricing
July 6, 2022 8:00 to 9:45
Location: Stream 8
 
Session Chair: Roger Loh, Singapore Management University
 

Macroeconomic Perceptions and Anomalies
By Wei He; Southwestern University of Finance and Economics
Zhiwei Su; Tsinghua University
Jianfeng Yu; Tsinghua University
   presented by: Zhiwei Su, Tsinghua University
   Discussant:   Quan Wen, Georgetown University
 

Labor Force Telework Flexibility and Asset Prices: Evidence from the Covid-19 Pandemic
By Jack Favilukis; University of British Columbia
Xiaoji Lin; University of Minnesota
Ali Sharifkhani; Northeastern University
Xiaofei Zhao; Georgetown University
   presented by: Ali Sharifkhani, Northeastern University
   Discussant:   Kai Li, Peking University
 

Context Is Everything: Cross-Learning in the Digital Age of Capital Markets
By Andrew Bird; Chapman University
Stephen Karolyi; U.S. Department of the Treasury
Thomas Ruchti; Carnegie Mellon University
Phong Truong; Pennsylvania State University
   presented by: Andrew Bird, Chapman University
   Discussant:   Si Cheng, The Chinese University of Hong Kong
 

Machine Forecast Disagreement
By Ran Chang; Shanghai Jiao Tong University
   presented by: Ran Chang, Shanghai Jiao Tong University
   Discussant:   Yen-Cheng Chang, National Taiwan University
 
Session 9: Options and Other Derivatives
July 6, 2022 8:00 to 9:45
Location: Stream 9
 
Session Chair: Neil Pearson, University of Illinois at Urbana-Champaign
 

Volatility Uncertainty, Disasters, and the Puzzle of VIX Futures Contango
By Gurdip Bakshi; Temple University
John Crosby; University of Maryland
Xiaohui Gao; Fox School of Business
Jinming Xue; Southern Methodist University
   presented by: John Crosby, University of Maryland
   Discussant:   Sang Byung Seo, University of Wisconsin-Madison
 

Mutual Fund Stock Holdings and the Cross-Section of Option Returns
By Shuaiqi Li; London School of Economics
   presented by: Shuaiqi Li, London School of Economics
   Discussant:   Amit Goyal, University of Lausanne
 

Forecasting Option Returns with News
By Jie Cao; The Chinese University of Hong Kong
Bing Han; University of Toronto
Gang Li; The Chinese University of Hong Kong
Ruijing Yang; The Chinese University of Hong Kong
Xintong Zhan; Fudan University
   presented by: Bing Han, University of Toronto
   Discussant:   Turan Bali, Georgetown University
 

A Linear-rational Multi-curve Term Structure Model with Stochastic Spread
By Jose da Fonseca; Auckland University of Technology
Komi Edem Dawui; World Bank and University Paris 1 - PRISM
Yannick Malevergne; Université Paris 1 Panthéon-Sorbonne
   presented by: Jose da Fonseca, Auckland University of Technology
   Discussant:   Robert Kimmel, Nanyang Technological University
 
Session 10: Keynote Speech (Lars Peter Hansen, University of Chicago) and Best Paper Awards
July 6, 2022 10:15 to 12:00
Location: Stream 10
 
 
Session 11: Anomalies
July 6, 2022 13:00 to 14:45
Location: Stream 1
 
Session Chair: Jianfeng Yu, PBC School of Finance, Tsinghua University
 

Production Complementarity and Transmission of Shocks in the Capital Markets
By Charles Lee; Stanford University
Tianshuo Shi; Harvard Business School
Stephen Teng Sun; City University of Hong Kong
Ran Zhang; Renmin University of China
   presented by: Stephen Teng Sun, City University of Hong Kong
   Discussant:   Hong Xiang, The University of Hong Kong
 

Information Diffusion into Multi-(Secretive)-Segment Firms
By C.S. Agnes Cheng; University of Oklahoma
Chengwei Wang; Sungkyunkwan University SKKGSB
   presented by: Chengwei Wang, Sungkyunkwan University SKKGSB
   Discussant:   Lingling Zheng, Renmin University of China
 

The Nature of Ownership and Stock Returns
By Jeong Ho (John) Kim; Emory University
Soohun Kim; Korea Advanced Institute of Science and Technology
Daniel Weagley; Georgia Institute of Technology
   presented by: Soohun Kim, Korea Advanced Institute of Science and Technology
   Discussant:   Bin Li, Wuhan University
 

Uncertainty and the Beta Anomaly
By Zhiqi Cao; Shanghai Jiao Tong University
Wenfeng Wu; Shanghai Jiao Tong University
Youchang Wu; University of Oregon
   presented by: Wenfeng Wu, Shanghai Jiao Tong University
   Discussant:   Zhe Geng, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 
Session 12: Banking, Credit Market, and Regulation
July 6, 2022 13:00 to 14:45
Location: Stream 2
 
Session Chair: Xuewen Liu, The University of Hong Kong
 

Corrective Regulation with Imperfect Instruments
By Eduardo Davila; Yale University
Ansgar Walther; Imperial College London
   presented by: Eduardo Davila, Yale University
   Discussant:   Alexandr Kopytov, The University of Hong Kong
 

Firm Quality Dynamics and the Slippery Slope of Credit Intervention
By Wenhao Li; University of Southern California
Ye Li; The Ohio State University
   presented by: Wenhao Li, University of Southern California
   Discussant:   Kai Li, Peking University
 

The Design of a Central Counterparty
By John Chi-Fong Kuong; INSEAD
Vincent Maurin; Stockholm School of Economics
   presented by: John Chi-Fong Kuong, INSEAD
   Discussant:   Yan Xiong, Hong Kong University of Science and Technology
 

Liquidity Stock and Bank Lending
By Tianxi Wang; University of Essex
   presented by: Tianxi Wang, University of Essex
   Discussant:   Hyun Soo Doh, Nanyang Technological University
 
Session 13: Corporate Finance
July 6, 2022 13:00 to 14:45
Location: Stream 3
 
Session Chair: Huasheng Gao, Fanhai International School of Finance, Fudan University
 

The Death of Distance? COVID-19 Lockdowns and Venture Capital Investment
By Pengfei Han; Guanghua School of Management, Peking University
Chunrui Liu; University of International Business and Economics
Xuan Tian; PBC School of Finance, Tsinghua University
   presented by: Pengfei Han, Guanghua School of Management, Peking University
   Discussant:   John Rogers, Fudan University
 

Did Western CEO Incentives Contribute to China's Technological Rise?
By Bo Bian; University of British Columbia
Jean-Marie Meier; The University of Texas at Dallas
   presented by: Jean-Marie Meier, The University of Texas at Dallas
   Discussant:   Travers Child, China Europe International Business School
 

Industry-University Collaboration and Commercializing Chinese Corporate Innovation
By David Hsu; University of Pennsylvania
Po-Hsuan Hsu; National Tsing Hua University
Kaiguo Zhou; Sun Yat-sen University
Tong Zhou; ShanghaiTech University
   presented by: Tong Zhou, ShanghaiTech University
   Discussant:   Yiqing Lu, New York University Shanghai
 

Overpricing in Municipal Bond Markets and the Unintended Consequences of the Administrative Solutions: Evidence from China
By Laura Xiaolei Liu; Guanghua School of Management, Peking University
Qiao Liu; Guanghua School of Management, Peking University
Xiaoyu Liu; Guanghua School of Management, Peking University
Ni Zhu; Peking University
   presented by: Laura Xiaolei Liu, Guanghua School of Management, Peking University
   Discussant:   Tao Chen, Nanyang Technological University
 
Session 14: ESG
July 6, 2022 13:00 to 14:45
Location: Stream 4
 
Session Chair: Dragon Yongjun Tang, The University of Hong Kong
 

ESG News, Future Cash Flows, and Firm Value
By Francois derrien; HEC Paris
Philipp Krueger; University of Geneva
Augustin Landier; HEC Paris
Tianhao Yao; HEC Paris
   presented by: Tianhao Yao, HEC Paris
   Discussant:   Hao Liang, Singapore Management University
 

An Inside View of Corporate ESG Practices
By Hoa Briscoe-Tran; The Ohio State University
   presented by: Hoa Briscoe-Tran, The Ohio State University
   Discussant:   Zacharias Sautner, Frankfurt School of Finance & Management
 

Environmental Regulatory Risks, Firm Pollution, and Mutual Funds' Portfolio Choices
By Simon Xu; University of California, Berkeley
   presented by: Simon Xu, University of California, Berkeley
   Discussant:   Qifei Zhu, Nanyang Technological University
 

Environmental Activism, Endogenous Risk, and Stock Prices
By Ravi Jagannathan; Northwestern University
Soohun Kim; Korea Advanced Institute of Science and Technology
Robert McDonald; Northwestern University
Shixiang Xia; The Hong Kong Polytechnic University
   presented by: Shixiang Xia, The Hong Kong Polytechnic University
   Discussant:   Alexandr Kopytov, The University of Hong Kong
 
Session 15: Finance, Labor and Politics
July 6, 2022 13:00 to 14:45
Location: Stream 5
 
Session Chair: Yongxiang Wang, The Chinese University of Hong Kong, Shenzhen
 

Impact of Money in Politics on Labor and Capital: Evidence from Citizens United v. FEC
By Pat Akey; University of Toronto
Tania Babina; Columbia University
Greg Buchak; Stanford University
Ana-Maria Tenekedjieva; Federal Reserve Board of Governors
   presented by: Ana-Maria Tenekedjieva, Federal Reserve Board of Governors
   Discussant:   Nandini Gupta, Indiana University
 

Politicians' Asset Allocation and Economic Bill Proposals
By Hyun-Soo Choi; Korea Advanced Institute of Science and Technology
Hugh Kim; University of South Carolina
Paul Kim; Korea Advanced Institute of Science and Technology
   presented by: Hyun-Soo Choi, Korea Advanced Institute of Science and Technology
   Discussant:   Sung Kwan Lee, The Chinese University of Hong Kong, Shenzhen
 

(In)dependent Central Banks
By Vasso Ioannidou; City University of London
Sotirios Kokas; University of Essex
Thomas Lambert; Erasmus University Rotterdam
Alex Michaelides; Imperial College London
   presented by: Thomas Lambert, Rotterdam School of Management, Erasmus University
   Discussant:   Zhongchen Hu, The Chinese University of Hong Kong, Shenzhen
 

The Bright Side of Discretion in Public Procurement
By Dimas Fazio; National University of Singapore
   presented by: Dimas Fazio, National University of Singapore
   Discussant:   Silvia Vannutelli, Northwestern University
 
Session 16: Asian Real Estate Markets
July 6, 2022 15:15 to 17:00
Location: Stream 1
 
Session Chair: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 

How Urbanization Affects Regional Wealth Inequality: the Housing Channel
By Shuai Ye; The Chinese University of Hong Kong, Shenzhen
Jiaofen Hu; The Chinese University of Hong Kong, Shenzhen
Pengfei Sui; The Chinese University of Hong Kong, Shenzhen
   presented by: Shuai Ye, The Chinese University of Hong Kong, Shenzhen
   Discussant:   Yu Zhang, Guanghua School of Management, Peking University
 

Can Housing Booms Elevate Financing Costs of Financial Institutions?
By Chao Ma; Xiamen University
Shuoxun Zhang; Sichuan University
   presented by: Shuoxun Zhang, Sichuan University
   Discussant:   Claire Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 

An Equilibrium Model of the Chonsei System
By Baiyun Jing; Tsinghua University
Seongjin Park; University of Chicago
Anthony Lee Zhang; University of Chicago
   presented by: Seongjin Park, University of Chicago
   Discussant:   Zhengyi Zhou, Shanghai University of Finance and Economics
 

Valuation of Long-Term Property Rights under Political Uncertainty
By Zhiguo He; University of Chicago
Maggie Hu; The Chinese University of Hong Kong
Zhenping Wang; University of Chicago
Vincent Yao; Georgia State University
   presented by: Maggie Hu, The Chinese University of Hong Kong
   Discussant:   Kai Li, Peking University
 
Session 17: Banking Competition and Informational Frictions
July 6, 2022 15:15 to 17:00
Location: Stream 2
 
Session Chair: Marco Pagano, University of Naples Federico II
 

Bank Competition and Entrepreneurial Gaps: Evidence from Bank Deregulation
By Xiang Li; Boston College
   presented by: Xiang Li, Boston College
   Discussant:   Mario Amore, Bocconi University
 

Foreign Banks as Trust Providers: Evidence from Firms' Export
By Hua Cheng; Nankai University
Hans Degryse; KU Leuven
Kent Hui; Xiamen University
Shusen Qi; Xiamen University
   presented by: Hua Cheng, Nankai University
   Discussant:   Xiang Li, Boston College
 

How Fragile Are Loan Mutual Funds?
By Mustafa Emin; University of Florida
Christopher James; University of Florida
Tao Li; University of Florida
Jing Lu; University of Florida
   presented by: Jing Lu, University of Florida
   Discussant:   David Ng, Cornell University
 

Bank Loan Markups and Adverse Selection
By Mehdi Beyhaghi; Federal Reserve Bank of Richmond
Cesare Fracassi; University of Texas at Austin
Gregory Weitzner; McGill University
   presented by: Gregory Weitzner, McGill University
   Discussant:   Ettore Panetti, University of Naples Federico II
 
Session 18: Corporate Bond Market and Investment in China
July 6, 2022 15:15 to 17:00
Location: Stream 3
 
Session Chair: Laura Xiaolei Liu, Guanghua School of Management, Peking University
 

High-speed Railway Opening and Urban Construction Investment Bond Yield Spreads:A Quasi-natural Experiment
By Juan Chen; Southwest Jiao Tong University
Hongling Guo; China Securities Regulatory Commission
Zuoping Xiao; Hangzhou Dianzi University
   presented by: Juan Chen, Southwest Jiao Tong University
   Discussant:   Jian Chu, Nanjing University
 

Informational Political Connections
By Kang Chen; Southwestern University of Finance and Economics
Qi Liu; Guanghua School of Management, Peking University
Bo Sun; Federal Reserve Board
   presented by: Qi Liu, Guanghua School of Management, Peking University
   Discussant:   Bo Li, PBC School of Finance, Tsinghua University
 

Bond Default Matters in China: Evidence on Illiquidity Premium
By Haoyu Gao; Renmin University of China
Dapeng Hao; Renmin University of China
Dun Jia; Peking University
Zhigang Qiu; Renmin University of China
   presented by: Zhigang Qiu, Renmin University of China
   Discussant:   Mai Li, Guanghua School of Management, Peking University
 

State Ownership and the Term Structure of Yield Spreads: Evidence from China
By Yuanzhen Lyu; University of California, Los Angeles
Fan Yu; Claremont McKenna College
   presented by: Yuanzhen Lyu, University of California, Los Angeles
   Discussant:   Zhuo Chen, PBC School of Finance, Tsinghua University
 
Session 19: ESG, Firm Behavior and Market Performance
July 6, 2022 15:15 to 17:00
Location: Stream 4
 
Session Chair: David Robinson, Duke University
 

Is Carbon Risk Priced in the Cross-Section of Corporate Bond Returns?
By Tinghua Duan; IESEG School of Management
Frank Weikai Li; Singapore Management University
Quan Wen; Georgetown University
   presented by: Frank Weikai Li, Singapore Management University
   Discussant:   Celine (Yue) Fei, The University of North Carolina at Chapel Hill
 

Firm Commitments
By Patrick Bolton; Columbia University
Marcin Kacperczyk; Imperial College London
   presented by: Marcin Kacperczyk, Imperial College
   Discussant:   Manuel Adelino, Duke University
 

Are Carbon Emissions Associated with Stock Returns?
By Jitendra Aswani; Fordham University
Aneesh Raghunandan; London School of Economics
Shivram Rajgopal; Columbia University
   presented by: Jitendra Aswani, Fordham University
   Discussant:   Guosong Xu, Erasmus University Rotterdam
 

Policy Uncertainty Discourages Green Investment: Evidence from China
By Mengyu Wang; PBC School of Finance, Tsinghua University
Jeffrey Wurgler; New York University
Hong Zhang; PBC School of Finance, Tsinghua University
   presented by: Hong Zhang, PBC School of Finance, Tsinghua University
   Discussant:   Anders Anderson, Swedish House of Finance
 
Session 20: Sovereign Risk and Currency Returns
July 6, 2022 15:15 to 17:00
Location: Stream 5
 
Session Chair: Kalok Chan, The Chinese University of Hong Kong
 

Hot Off the Press: News-implied Sovereign Default Risk
By Chukwuma Dim; Frankfurt School of Finance & Management
Kevin Koerner; European Investment Bank
Marcin Wolski; European Investment Bank
Sanne Zwart; European Investment Bank
   presented by: Marcin Wolski, European Investment Bank
   Discussant:   Gang Li, Chinese University of Hong Kong
 

Prosepct Theory and Currency Returns: Empirical Evidence
By Qi Xu; Zhejiang University
Roman Kozhan; University of Warwick
Mark Taylor; Washington University
   presented by: Qi Xu, Zhejiang University
   Discussant:   Chiara Banti, University of Essex
 

Who Holds Sovereign Debt and Why It Matters
By Xiang Fang; The University of Hong Kong
Bryan Hardy; Bank for International Settlements
Karen Lewis; University of Pennsylvania
   presented by: Xiang Fang, The University of Hong Kong
   Discussant:   Chenchen Li, Tongji University
 

Surging Sovereign Spreads: The Impact of Rising Seas on Sovereign Risk
By Atreya Dey; University of Edinburgh
   presented by: Atreya Dey, University of Edinburgh
   Discussant:   Yang Liu, The University of Hong Kong
 
Session 21: Stock, Bond, and Commodity
July 6, 2022 15:15 to 17:00
Location: Stream 6
 
Session Chair: Jun Pan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 

The Core, The Periphery, and the Disaster: Corporate-Sovereign Nexus in COVID-19 Times
By Ruggero Jappelli; Goethe University Frankfurt
Loriana Pelizzon; Leibniz Institute for Financial Research
Alberto Plazzi; Universita' della Svizzera Italiana
   presented by: Ruggero Jappelli, Goethe University Frankfurt
   Discussant:   Zhe Geng, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 

Disagreement, Liquidity, and Price Drifts in the Corporate Bond Market
By Yoshio Nozawa; University of Toronto
Yancheng Qiu; Hong Kong University of Science and Technology
Yan Xiong; Hong Kong University of Science and Technology
   presented by: Yancheng Qiu, Hong Kong University of Science and Technology
   Discussant:   Grace Xing Hu, Tsinghua University
 

Similar Stocks
By Wei He; Southwestern University of Finance and Economics
Yuehan Wang; PBC School of Finance, Tsinghua University
Jianfeng Yu; Tsinghua University
   presented by: Yuehan Wang, PBC School of Finance, Tsinghua University
   Discussant:   Xing Huang, Washington University in St. Louis
 

A Tale of Two Premiums Revisited
By Loïc Maréchal; ESSEC Business School
   presented by: Loïc Maréchal, ESSEC Business School
   Discussant:   Wenjin Kang, Shanghai University of Finance and Economics
 
Session 22: Asset Pricing
July 7, 2022 8:00 to 9:45
Location: Stream 1
 
Session Chair: Ravi Jagannathan, Northwestern University
 

Intermediary-Based Equity Term Structure
By Kai Li; Peking University
Chenjie Xu; Shanghai University of Finance and Economics
   presented by: Kai Li, Peking University
   Discussant:   Wenhao Li, University of Southern California
 

Uncertainty, Risk, and Capital Growth
By Gill Segal; The University of North Carolina at Chapel Hill
Ivan Shaliastovich; University of Wisconsin-Madison
   presented by: Gill Segal, The University of North Carolina at Chapel Hill
   Discussant:   Naveen Gondhi, INSEAD
 

Liquidity and Risk in OTC Markets: A Theory of Asset Pricing and Portfolio Flows
By Mahyar Kargar; University of Illinois at Urbana-Champaign
Juan Passadore; Einaudi Institute for Economics and Finance
Dejanir Silva; Purdue University
   presented by: Juan Passadore, Einaudi Institute for Economics and Finance
   Discussant:   Alexander Zentefis, Yale University
 

Asset Pricing with Slope Factors: Model and Evidence of Outperformance
By Siddhartha Chib; Washington University in St. Louis
Yi Chun Lin; Washington University in St. Louis
Kuntara Pukthuanthong; University of Missouri
Xiaming Zeng; Olin Business School
   presented by: Siddhartha Chib, Washington University in St. Louis
   Discussant:   Shrihari Santosh, University of Colorado Boulder
 
Session 23: Attracting and Retaining Human Capital
July 7, 2022 8:00 to 9:45
Location: Stream 2
 
Session Chair: Nadya Malenko, University of Michigan
 

Venture Labor: A Nonfinancial Signal for Start-up Success
By Sean Cao; Georgia State University
Jie He; University of Georgia
Zhilu Lin; Clarkson University
Xiao Ren; The Chinese University of Hong Kong, Shenzhen
   presented by: Xiao Ren, The Chinese University of Hong Kong, Shenzhen
   Discussant:   Camille Hebert, University of Toronto
 

Outsourcing Workplace Safety
By Sangeun Ha; Hong Kong University of Science and Technology
   presented by: Sangeun Ha, Hong Kong University of Science and Technology
   Discussant:   Malcolm Wardlaw, University of Georgia
 

Employment Decline during the Great Recession: The Role of Firm Size Distribution
By Wenjian Xu; Shanghai Jiao Tong University
   presented by: Wenjian Xu, Shanghai Jiao Tong University
   Discussant:   Mindy Xiaolan, University of Texas at Austin
 

Do Startups Benefit from Their Investors' Reputation? Evidence from a Randomized Field Experiment
By Shai Bernstein; Harvard University
Kunal Mehta; AngelList co.
Richard Townsend; University of California, San Diego
Ting Xu; University of Virginia
   presented by: Ting Xu, University of Virginia
   Discussant:   Ye Zhang, Stockholm School of Economics
 
Session 24: Empirical Asset Pricing
July 7, 2022 8:00 to 9:45
Location: Stream 3
 
Session Chair: Asaf Manela, Washington University in St. Louis
 

Pricing Errors and Cross-sectional Predictability of Corporate Bond Returns: the Role of Investor Sentiment
By Xu Guo; Shenzhen University
Hai Lin; Victoria University of Wellington
Chunchi Wu; State University of New York at Buffalo
Guofu Zhou; Washington University in St. Louis
   presented by: Xu Guo, Shenzhen University
   Discussant:   Jennie Bai, Georgetown University
 

The Overnight Drift
By Nina Boyarchenko; Federal Reserve Bank of New York
Lars Larsen; Copenhagen Business School
Paul Whelan; Copenhagen Business School
   presented by: Paul Whelan, Copenhagen Business School
   Discussant:   Terrence Hendershott, University of California, Berkeley
 

The Virtue of Complexity in Machine Learning Portfolios
By Bryan Kelly; Yale University
Semyon Malamud; Ecole Polytechnique Federale de Lausanne
Kangying Zhou; Yale University
   presented by: Bryan Kelly, Yale University
   Discussant:   Eben Lazarus, Massachusetts Institute of Technology
 

Should Retail Investors Listen to Social Media Analysts? Evidence from Text-Implied Beliefs
By Chukwuma Dim; Frankfurt School of Finance & Management
   presented by: Chukwuma Dim, Frankfurt School of Finance & Management
   Discussant:   Marina Niessner, The Wharton School
 
Session 25: Exchange Rates and International Macro-Finance
July 7, 2022 8:00 to 9:45
Location: Stream 4
 
Session Chair: Alp Simsek, Yale University, NBER, and CEPR
 

Foreign Reserves Management and Original Sin
By Steve Pak Yeung Wu; University of California, San Diego
   presented by: Steve Pak Yeung Wu, University of California, San Diego
   Discussant:   Tony Zhang, Federal Reserve Board
 

Currency Risk Under Capital Controls
By Xiang Fang; The University of Hong Kong
Sining Liu; The University of Hong Kong
Yang Liu; The University of Hong Kong
   presented by: Sining Liu, The University of Hong Kong
   Discussant:   Chang Ma, Fudan University
 

Beyond Incomplete Spanning: Convenience Yields and Exchange Rate Disconnect
By Zhengyang Jiang; Northwestern University
Arvind Krishnamurthy; Stanford University
Hanno Lustig; Stanford University
Jialu Sun; Stanford University
   presented by: Jialu Sun, Stanford University
   Discussant:   Dmitry Mukhin, London School of Economics
 

Financial Development, Firm Growth, and Aggregate Productivity Divergence in Europe
By Xiaomei Sui; University of Rochester
   presented by: Xiaomei Sui, University of Rochester
   Discussant:   Rafael Guntin, New York University
 
Session 26: Market Microstructure: Theory and Evidence
July 7, 2022 8:00 to 9:45
Location: Stream 5
 
Session Chair: Hong Liu, Washington University in St. Louis
 

Dampening Effect and Market Efficiency
By Ming Guo; ShaghaiTech University
   presented by: Ming Guo, ShaghaiTech University
   Discussant:   Wen Chen, The Chinese University of Hong Kong, Shenzhen
 

The Optimal Nominal Price of a Stock
By Sida Li; University of Illinois at Urbana-Champaign
Mao Ye; University of Illinois and NBER
   presented by: Sida Li, University of Illinois at Urbana-Champaign
   Discussant:   Shiyang Huang, The University of Hong Kong
 

Size Discount and Size Penalty: Trading Costs in Bond Markets
By Gabor Pinter; Bank of England
Chaojun Wang; University of Pennsylvania
Junyuan Zou; INSEAD
   presented by: Junyuan Zou, INSEAD
   Discussant:   Dmitry Livdan, University of California, Berkeley
 

The Value of Value Investors
By Maureen O'Hara; Cornell University
Andreas Rapp; Federal Reserve Board
Alex (Xing) Zhou; Federal Reserve Board
   presented by: Andreas Rapp, Federal Reserve Board
   Discussant:   Fuwei Jiang, Central University of Finance and Econom
 
Session 27: New Advances in Equilibrium Asset Pricing
July 7, 2022 8:00 to 9:45
Location: Stream 6
 
Session Chair: Hui Chen, Massachusetts Institute of Technology
 

Pension Plan Systems and Asset Prices
By Nuno Coimbra; Bank of France
Francisco Gomes; London Business School
Alex Michaelides; Imperial College London
Jialu Shen; University of Missouri
   presented by: Jialu Shen, University of Missouri
   Discussant:   Jack Favilukis, University of British Columbia
 

Leasing as a Mitigation Channel of Capital Misallocation
By Kai Li; Peking University
Yiming Xu; Cambridge University
   presented by: Yiming Xu, Cambridge University
   Discussant:   Jincheng Tong, University of Toronto
 

Welfare Implications of Heatwaves
By Harrison Hong; Columbia University
Neng Wang; Columbia University
Jiangmin Xu; Guanghua School of Management, Peking University
Jinqiang Yang; Shanghai University of Finance and Economics
   presented by: Jiangmin Xu, Guanghua School of Management, Peking University
   Discussant:   Michael Barnett, Arizona State University
 

Sectoral Labor Reallocation and Return Predictability
By Esther Eiling; University of Amsterdam
Raymond Kan; University of Toronto
Ali Sharifkhani; Northeastern University
   presented by: Ali Sharifkhani, Northeastern University
   Discussant:   Xiaoji Lin, University of Minnesota
 
Session 28: Politics, SOEs, and Corporate Policies
July 7, 2022 8:00 to 9:45
Location: Stream 7
 
Session Chair: Yiming Qian, University of Connecticut
 

Minimum Wages, State Ownership, and Corporate Environmental Policies
By Tao Chen; Nanyang Technological University
Xi Xiong; Wuhan University
Kunru Zou; Renmin University of China
   presented by: Kunru Zou, Renmin University of China
   Discussant:   Yi Huang, Fanhai International School of Finance, Fudan University
 

Anti-corruption and Corporate Investment: Evidence from a Quasi-Natural Experiment in China
By Jinshuai Hu; Xiamen University
   presented by: Jinshuai Hu, Xiamen University
   Discussant:   Bo Li, PBC School of Finance, Tsinghua University
 

Political Connections and Corporate Litigation: Evidence from a Quasi-Natural Experiment
By Xingchen Zhu; Vrije Universiteit Amsterdam
   presented by: Xingchen Zhu, Vrije Universiteit Amsterdam
   Discussant:   Jian Xu, Yale-NUS College
 

State-owned Enterprises and Labor Unrest
By Jiaxing You; Xiamen University
Bohui Zhang; The Chinese University of Hong Kong, Shenzhen
Haikun Zhu; Erasmus University Rotterdam
   presented by: Haikun Zhu, Erasmus University Rotterdam
   Discussant:   Haoyu Gao, Renmin University of China
 
Session 29: Social Finance
July 7, 2022 8:00 to 9:45
Location: Stream 8
 
Session Chair: Paige Ouimet, The University of North Carolina at Chapel Hill
 

Conflicting Objectives Between ESG Funds and Their Investors: Evidence From Mutual Fund Voting
By Tao Li; University of Florida
S. Lakshmi Naaraayanan; London Business School
Kunal Sachdeva; Rice University
   presented by: Kunal Sachdeva, Rice University
   Discussant:   Hao Liang, Singapore Management University
 

Quantifying the Impact of Impact Investing
By Andrew Lo; Massachusetts Institute of Technology
Ruixun Zhang; Peking University
   presented by: Ruixun Zhang, Peking University
   Discussant:   Lucian Taylor, University of Pennsylvania
 

Risk, Return, and Environmental and Social Ratings
By Sudheer Chava; Georgia Institute of Technology
Jeong Ho (John) Kim; Emory University
Jaemin Lee; Emory University
   presented by: Jeong Ho (John) Kim, Emory University
   Discussant:   Kelly Posenau, University of Chicago
 

When Values Align: Corporate Philanthropy and Employee Turnover
By Anthony Rice; The Chinese University of Hong Kong
Christoph Schiller; Arizona State University
   presented by: Anthony Rice, The Chinese University of Hong Kong
   Discussant:   Stefan Zeume, University of Illinois at Urbana-Champaign
 
Session 30: The FinTech Impact
July 7, 2022 8:00 to 9:45
Location: Stream 9
 
Session Chair: Lin William Cong, Cornell University
 

Open Banking with Depositor Monitoring
By Itay Goldstein; University of Pennsylvania
Chong Huang; University of California, Irvine
Liyan Yang; University of Toronto
   presented by: Liyan Yang, University of Toronto
   Discussant:   Robert Marquez, University of California at Davis
 

Equilibrium Staking Levels in a Proof-of-Stake Blockchain
By Kose John; New York University
Thomas Rivera; McGill University
Fahad Saleh; Wake Forest University
   presented by: Thomas Rivera, McGill University
   Discussant:   Matthieu Bouvard, Toulouse School of Economics
 

The Real Impact of FinTech: Evidence from Mobile Payment Technology
By Sumit Agarwal; National University of Singapore
Wenlan Qian; National University of Singapore
Yuan Ren; Zhejiang University
Hsin-Tien Tsai; National University of Singapore
Bernard Yeung; National University of Singapore
   presented by: Yuan Ren, Zhejiang University
   Discussant:   Yu Zhang, Guanghua School of Management, Peking University
 

Surviving the Fintech Disruption
By Wei Jiang; Columbia University
Yuehua Tang; University of Florida
Rachel Xiao; Georgia State University
Vincent Yao; Georgia State University
   presented by: Rachel Xiao, Georgia State University
   Discussant:   Yukun Liu, University of Rochester
 
Session 31: Advances in FinTech and Machine Learning
July 7, 2022 10:15 to 12:00
Location: Stream 1
 
Session Chair: Alberto Rossi, Georgetown University
 

Automation in Small Business Lending Can Reduce Racial Disparities: Evidence from the Paycheck Protection Program
By Sabrina Howell; New York University & NBER
Theresa Kuchler; New York University
David Snitkof; Ocrolus
Johannes Stroebel; New York University
Jun Wong; University of Chicago
   presented by: Sabrina Howell, New York University & NBER
   Discussant:   Yi Huang, Fanhai International School of Finance, Fudan University
 

From Man vs. Machine to Man + Machine: The Art and AI of Stock Analyses
By Sean Cao; Georgia State University
Wei Jiang; Columbia University
Junbo Wang; Louisiana State University
Baozhong Yang; Georgia State University
   presented by: Junbo Wang, Louisiana State University
   Discussant:   Bin Li, Wuhan University
 

Nowcasting Firms' Fundamentals: Evidence from the Cloud
By Ran Chang; Shanghai Jiao Tong University
Zhi Da; University of Notre Dame
   presented by: Ran Chang, Shanghai Jiao Tong University
   Discussant:   Wenlan Qian, National University of Singapore
 

The Statistical Limit of Arbitrage
By Rui Da; University of Chicago
Stefan Nagel; University of Chicago
Dacheng Xiu; University of Chicago
   presented by: Dacheng Xiu, University of Chicago
   Discussant:   Ye Luo, The University of Hong Kong
 
Session 32: Anomalies and Information
July 7, 2022 10:15 to 12:00
Location: Stream 2
 
Session Chair: David McLean, Georgetown University
 

Anomalies, Management Expectations, and Stock Returns
By Shikha Jaiswal; University of New South Wales
Cong (Roman) Wang; Texas Tech University
Dexin Zhou; Baruch College, The City University of New York
   presented by: Cong (Roman) Wang, Texas Tech University
   Discussant:   Cameron Peng, London School of Economics
 

Tipping in Korea
By Felix Meschke; University of Kansas
   presented by: Felix Meschke, University of Kansas
   Discussant:   Seongkyu “Gilbert” Park, The Hong Kong Polytechnic University
 

The February Anomaly in China: The Case of Chinese New Year
By Jinjing Liu; Moravian University
   presented by: Jinjing Liu, Moravian University
   Discussant:   Chuan Hwang, Nanyang Taiwan University
 

Causal Effect of Information Costs on Asset Pricing Anomalies
By Yong-Hyuck Kim; Michigan State University
Zoran Ivkovic; Broad School of Business
Dmitriy Muravyev; Michigan State University
   presented by: Yong-Hyuck Kim, Michigan State University
   Discussant:   Si Cheng, The Chinese University of Hong Kong
 
Session 33: Asset Management
July 7, 2022 10:15 to 12:00
Location: Stream 3
 
Session Chair: Andrei Simonov, Michigan State University
 

Production Complementarities in Asset Management
By Lu Han; University of Toronto
Stanislav Sokolinski; Rutgers University
   presented by: Stanislav Sokolinski, Rutgers University
   Discussant:   Rachel Li, University of Alabama
 

Do Banks Buffer Financial Market Shocks? Fire Sales Around the World and Corporate Financing
By Massimo Massa; INSEAD
Chuyi Yang; Xiamen University
Lei Zhang; City University of Hong Kong
   presented by: Chuyi Yang, Xiamen University
   Discussant:   Darwin Choi, The Chinese University of Hong Kong
 

Can Active Funds Navigate Changing International Investment Environment?
By Wei Jiao; Rutgers University
George Andrew Karolyi; Cornell University
David Ng; Cornell University
   presented by: David Ng, Cornell University
   Discussant:   David Schumacher, McGill University
 

Superstar Financial Professionals: Talented or Merely Lucky? The Effect of Competition on Rank-based Talent Attribution
By Thomas Noe; University of Oxford
Dawei Fang; University of Gothenburg
   presented by: Dawei Fang, University of Gothenburg
   Discussant:   Naveen Khanna, Michigan State University
 
Session 34: Corporate Finance: New Data and New Methods
July 7, 2022 10:15 to 12:00
Location: Stream 4
 
Session Chair: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen
 

Intermediary Profits in a Time of Scarcity
By Mark Jansen; University of Utah
   presented by: Mark Jansen, University of Utah
   Discussant:   Qifei Zhu, Nanyang Technological University
 

Risks in Mergers and Acquisitions: Evidence from Acquirers' Risk Factor Disclosure
By Feng Guo; Iowa State University
Tingting Liu; Iowa State University
Tao Shu; The Chinese University of Hong Kong, Shenzhen
Xinyan Yan; University of Dayton
   presented by: Tao Shu, The Chinese University of Hong Kong, Shenzhen
   Discussant:   Allen Huang, Hong Kong University of Science and Technology
 

Venture Capital and Value Creation in the Product Market
By Xi Chen; University of Houston
Jingxuan Zhang; Boston College
   presented by: Jingxuan Zhang, Boston College
   Discussant:   Jie He, University of Georgia
 

Does the Confidential IPO Registration Process Create Value?
By Mengnan Zhu; Brandeis University
   presented by: Mengnan Zhu, Brandeis University
   Discussant:   Sean Cao, Georgia State University
 
Session 35: Empirical Asset Pricing: Equity Returns
July 7, 2022 10:15 to 12:00
Location: Stream 5
 
Session Chair: Jack Bao, University of Delaware
 

Conditional Leverage and the Term Structure of Option-implied Equity Risk Premia
By Fousseni Chabi-Yo; Isenberg School of Management
Hugues Langlois; HEC Paris
   presented by: Fousseni Chabi-Yo, Isenberg School of Management
   Discussant:   Kevin Crotty, Rice University
 

Dynamic Asset (Mis)Pricing: Build-up versus Resolution Anomalies
By Jules van Binsbergen; The Wharton School
Martijn Boons; Tilburg University
Christian Opp; University of Rochester
Andrea Tamoni; Rutgers Business School
   presented by: Christian Opp, University of Rochester
   Discussant:   Chen Xue, University of Cincinnati Lindner College
 

Term Structure of Equity in the Cross Section
By Sipeng CHEN; The Hong Kong Polytechnic University
Gang Li; The Hong Kong Polytechnic University
K. C. John Wei; The Hong Kong Polytechnic University
Linti Zhang; The Hong Kong Polytechnic University
   presented by: Gang Li, The Hong Kong Polytechnic University
   Discussant:   Xiaoxia Lou, University of Delaware
 

Are Foreign Investors Informed? Trading Experiences of Foreign Investors in China
By Christian T. Lundblad; The University of North Carolina at Chapel Hill
Donghui Shi; Fudan University
Xiaoyan Zhang; PBC School of Finance, Tsinghua University
Zijian Zhang; PBC School of Finance, Tsinghua University
   presented by: Zijian Zhang, PBC School of Finance, Tsinghua University
   Discussant:   Pedro Matos, University of Virginia
 
Session 36: Frequent Auctions and Frequent Trading
July 7, 2022 10:15 to 12:00
Location: Stream 6
 
Session Chair: Ingrid Werner, The Ohio State University
 

On the Effects of Continuous Trading
By Ivan Indriawan; Auckland University of Technology
Roberto Pascual; Universidad de las Islas Baleares
Andriy Shkilko; Wilfrid Laurier University
   presented by: Andriy Shkilko, Wilfrid Laurier University
   Discussant:   Mina Lee, Washington University in St. Louis
 

Latency Arbitrage and Frequent Batch Auctions
By Zeyu Zhang; University of Edinburgh
Gbenga Ibikunle; University of Edinburgh
   presented by: Zeyu Zhang, University of Edinburgh
   Discussant:   Roberto Ricco', NHH Norwegian School of Economics
 

Identifying High Frequency Trading Activity without Proprietary Data
By Bidisha Chakrabarty; Saint Louis University
Carole Comerton-Forde; University of Melbourne
Roberto Pascual; Universidad de las Islas Baleares
   presented by: Carole Comerton-Forde, University of Melbourne
   Discussant:   Chen Yao, The Chinese University of Hong Kong
 

Strategic High-Frequency Trading, For-Profit Exchanges, and Endogenous Delays
By Jun Aoyagi; Hong Kong University of Science and Technology
   presented by: Jun Aoyagi, Hong Kong University of Science and Tech
   Discussant:   John Shim, University of Notre Dame
 
Session 37: Information-Related Behavior and Pricing and Other Outcomes
July 7, 2022 10:15 to 12:00
Location: Stream 7
 
Session Chair: Shane Johnson, Texas A&M University
 

Investor (Mis)Reaction, Biased Beliefs, and the Mispricing Cycle
By Azi Ben-Rephael; Rutgers University
Steffen Hitzemann; University of Houston
Yuanyuan Xiao; Rutgers University
   presented by: Azi Ben-Rephael, Rutgers University
   Discussant:   J. Anthony Cookson, University of Colorado Boulder
 

The Effect of Institutional Investor Distraction on Analyst Forecasts
By Zhi Li; The Hong Kong Polytechnic University
Jing Xie; The Hong Kong Polytechnic University
   presented by: Zhi Li, The Hong Kong Polytechnic University
   Discussant:   In Ji Jang, Bentley University
 

Consumer Preference and Bank Competition amid Digital Disruption
By Erica Xuewei Jiang; University of Southern California
Gloria Yang Yu; Singapore Management Univesity
Jinyuan Zhang; University of California, Los Angeles
   presented by: Jinyuan Zhang, University of California, Los Angeles
   Discussant:   Greg Buchak, Stanford University
 

Verifiable Content in Social Media Stock-Analysis Articles: The Long and Short of It
By Lei Chen; Southwestern University of Finance and Economics
   presented by: Lei Chen, Southwestern University of Finance and Economics
   Discussant:   Hong Zhang, PBC School of Finance, Tsinghua University
 
Session 38: Mergers and Acquisitions
July 7, 2022 10:15 to 12:00
Location: Stream 8
 
Session Chair: William Megginson, University of Oklahoma
 

Ownership, Capital Structure, and Operating Loss of Acquiring Firms
By Cong Wang; Macquarie University
   presented by: Cong Wang, Macquarie University
   Discussant:   Xiaofei Pan, University of Wollongong
 

Private Equity in the Hospital Industry
By Janet Gao; Indiana University
Yongseok Kim; Indiana University
Merih Sevilir; Indiana University
   presented by: Yongseok Kim, Indiana University
   Discussant:   Abhinav Gupta, New York University
 

The Effect of Monitoring in Private Equity: the Case of Cross-country Acquisitions
By Jens Martin; University of Amsterdam
   presented by: Jens Martin, University of Amsterdam
   Discussant:   Yingdi Wang, California State University, Fullerton
 

Mergers and Acquisitions and Debt Recontracting: Evidence from Bond Covenants
By Hadiye Aslan; Georgia State University
Madhu Kalimipalli; Wilfrid Laurier University
Praveen Kumar; University of Houston
Buvaneshwaran Venugopal; University of Central Florida
   presented by: Buvaneshwaran Venugopal, University of Central Florida
   Discussant:   Shunlan Fang, Kent State University
 
Session 39: News, Stock Returns, and Bond Markets
July 7, 2022 10:15 to 12:00
Location: Stream 9
 
Session Chair: Dongmei Li, University of South Carolina, Columbia
 

News Tone and Stock Return in Chinese Market
By Huimin Ge; Tsinghua University
Xiaoyan Zhang; PBC School of Finance, Tsinghua University
   presented by: Huimin Ge, Tsinghua University
   Discussant:   Yu Wang, University of Arkansas
 

News Disagreement, Trading Volume, and Equity Prices
By Hang Wang; University of New South Wales
   presented by: Hang Wang, University of New South Wales
   Discussant:   Kevin Tseng, National Taiwan University
 

Instrumented Expected Profitability Premium
By Te-Feng Chen; The Hong Kong Polytechnic University
Ye Gong; The Hong Kong Polytechnic University
K. C. John Wei; The Hong Kong Polytechnic University
   presented by: Te-Feng Chen, The Hong Kong Polytechnic University
   Discussant:   Jun Li, University of Texas at Dallas
 

Risk Aversion in Corporate Bond Markets
By Antje Berndt; Australian National University
Ilya Dergunov; Australian National University
Jean Helwege; University of California, Riverside
   presented by: Jean Helwege, University of California, Riverside
   Discussant:   Yoshio Nozawa, University of Toronto
 
Session 40: Asset Pricing Theories
July 7, 2022 13:00 to 14:45
Location: Stream 1
 
Session Chair: Erica Li, Cheung Kong Graduate School of Business
 

Identifying S-Shaped Consumption Utility and Solving the Equity Premium Puzzle
By Gaosheng Ju; Fudan University
Qi Li; Texas A&M University
   presented by: Gaosheng Ju, Fudan University
   Discussant:   Pedro Barroso, Universidade Católica Portuguesa
 

The Risks of Safe Assets
By Yang Liu; The University of Hong Kong
Lukas Schmid; University of Southern California
Amir Yaron; University of Pennsylvania
   presented by: Yang Liu, The University of Hong Kong
   Discussant:   Yuchen Chen, University of Minnesota
 

The Volatility Puzzle of the Low-risk Anomaly
By Pedro Barroso; Universidade Católica Portuguesa
Andrew Detzel; University of Denver
Paulo Maio; Hanken School of Economics
   presented by: Pedro Barroso, Universidade Católica Portuguesa
   Discussant:   Yang Liu, The University of Hong Kong
 

Do Bankers Matter for Main Street? The Financial Intermediary Labor Channel
By Yuchen Chen; University of Minnesota
Jack Favilukis; University of British Columbia
Xiaoji Lin; University of Minnesota
Xiaofei Zhao; Georgetown University
   presented by: Yuchen Chen, University of Minnesota
   Discussant:   Jun Li, Shanghai Advanced Institute of Finance, Shanghai Jiaotong University
 
Session 41: 中国金融问题
July 7, 2022 13:00 to 14:45
Location: Stream 2
 
Session Chair: Xuan Tian, PBC School of Finance, Tsinghua University
 

政府纾困民营上市公司:“救助”抑或“接盘”?
By Danglun Luo; Sun Yat-sen University
   presented by: Danglun Luo, Sun Yat-sen University
   Discussant:   Minggui Yu, Wuhan University
 

企业定点结对帮扶与乡村振兴
By Xinyu Zhou; Peking University
zixun zhou; Guanghua School of Management, Peking University
   presented by: Xinyu Zhou, Peking University
   Discussant:   Dongmin Kong, Huazhong University of Science and Technology
 

土地市场资本结构与城投平台多元化投资
By Fan Jianchao; Xiamen University
   presented by: Fan Jianchao, Xiamen University
   Discussant:   Xiaoqian Zhang, Zhejiang University
 

法治建设与债券市场高质量发展--基于破产法庭成立的准自然实验
By Songnan Li; Peking University
Mai Li; Guanghua School of Management, Peking University
Bo Li; PBC School of Finance, Tsinghua University
Laura Xiaolei Liu; Guanghua School of Management, Peking University
   presented by: Laura Xiaolei Liu, Guanghua School of Management, Peking University
   Discussant:   Kaijuan Gao, Hunan University
 
Session 42: Entrepreneurship, Venture Capital, and Small Business
July 7, 2022 13:00 to 14:45
Location: Stream 3
 
Session Chair: Sudipto Dasgupta, The Chinese University of Hong Kong
 

Patient VCs vs. Deep-Pocketed Incumbents: VC Financing Strategies in the Presence of Competitive Threats
By Peter Pham; University of New South Wales
Roham Rezaei; University of New South Wales
Jason Zein; University of New South Wales
   presented by: Roham Rezaei, University of New South Wales
   Discussant:   Yan Xiong, Hong Kong University of Science and Technology
 

Startup (Dis)similarity and Types of Early-stage Financing
By S. Katie Moon; University of Colorado Boulder
Paula Suh; University of Georgia
   presented by: Paula Suh, University of Georgia
   Discussant:   Shenje Hshieh, City University of Hong Kong
 

Employment Protection and VC Investment: The Impact of Wrongful Discharge Laws
By Wei Wang; Cleveland State University
Chris Yung; University of Virginia
   presented by: Chris Yung, University of Virginia
   Discussant:   Xiao Ren, The Chinese University of Hong Kong, Shenzhen
 

Tax Incentives, Small Businesses, and Physical Capital Reallocation
By Riddha Basu; George Washington University
Doyeon Kim; Northwestern University
Manpreet Singh; Georgia Institute of Technology
   presented by: Manpreet Singh, Georgia Institute of Technology
   Discussant:   Yupeng Lin, National University of Singapore
 
Session 43: Market Frictions and Anomalies
July 7, 2022 13:00 to 14:45
Location: Stream 4
 
Session Chair: Tao Shu, The Chinese University of Hong Kong, Shenzhen
 

An Unintended Consequence of Holding Dollar Assets
By Robert Czech; Bank of England
Shiyang Huang; The University of Hong Kong
Dong Lou; London School of Economics
Tianyu Wang; Tsinghua University
   presented by: Shiyang Huang, The University of Hong Kong
   Discussant:   Jinfan Zhang, The Chinese University of Hong Kong, She
 

Mispricing and Anomalies: An Exogenous Shock to Short Selling from JGTRRA
By Yufeng Han; University of North Carolina at Charlotte
Yueliang Lu; University of North Carolina at Charlotte
Weike Xu; Clemson University
Guofu Zhou; Washington University in St. Louis
   presented by: Weike Xu, Clemson University
   Discussant:   Zhanhui Chen, Hong Kong University of Science and Technology
 

Does Earnings Predictability Lead to Return Predictability? Evidence from Conglomerates
By Allaudeen Hameed; National University of Singapore
Massimo Massa; INSEAD
Zhenghui Ni; National University of Singapore
   presented by: Zhenghui Ni, National University of Singapore
   Discussant:   Chelsea Yao, Lancaster University
 

Advising the Advisors: Evidence from ETFs
By Jonathan Brogaard; University of Utah
Nataliya Gerasimova; Norwegian School of Economics
Ying Liu; Shanghai University of Finance and Economics
   presented by: Ying Liu, Shanghai University of Finance and Economics
   Discussant:   Darwin Choi, The Chinese University of Hong Kong
 
Session 44: The Real Effects of Capital Markets
July 7, 2022 13:00 to 14:45
Location: Stream 5
 
Session Chair: Kai Li, Peking University
 

Export Survival: The Role of Banks and Stock Markets
By Melise Jaud; World Bank
Madina Kukenova; Business School of Lausanne
Martin Strieborny; University of Glasgow
   presented by: Martin Strieborny, University of Glasgow
   Discussant:   Chi-Yang Tsou, University of Manchester
 

Wait, What? The Consequences of Not Disclosing Feedback-Stimulating Information
By Tanja Keeve; Frankfurt School of Finance and Management
Matthias Lassak; Aarhus University
   presented by: Matthias Lassak, Aarhus University
   Discussant:   Claire Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 

Do(n't) Believe Everything you Hear About Disclosure – Twitter and the Voluntary Disclosure Effect
By Julian Vogel; San Jose State University
Feixue Xie; University of Texas at El Paso
   presented by: Feixue Xie, University of Texas at El Paso
   Discussant:   Baixiao Liu, Peking University
 

The Bright and Dark Side of a News Paywall
By Yunjing Liu; Renmin University of China
Yi Ru; Renmin University of China
Jian Xue; Tsinghua University
Yuan Zhang; University of Texas at Dallas
   presented by: Yi Ru, Renmin University of China
   Discussant:   Yaxuan Qi, City University of Hong Kong
 
Session 45: Asset Pricing Factors
July 7, 2022 15:15 to 17:00
Location: Stream 1
 
Session Chair: Dong Lou, London School of Economics
 

Factor and Stock-specific Disagreement and Trading Flows
By Fotis Grigoris; Indiana University
Christian Heyerdahl-Larsen; Indiana University
Preetesh Kantak; Indiana University
   presented by: Preetesh Kantak, Indiana University
   Discussant:   Terry Zhang, Australian National University
 

Inflation Volatility Risk and the Cross-section of Corporate Bond Returns
By Luis Ceballos; Pennsylvania State University
   presented by: Luis Ceballos, Pennsylvania State University
   Discussant:   Zhan Shi, Tsinghua University
 

Semiparametric Conditional Factor Models: Estimation and Inference
By Qihui Chen; The Chinese University of Hong Kong
Xiaoliang Wang; University of Pennsylvania
   presented by: Qihui Chen, The Chinese University of Hong Kong, Shenzhen
   Discussant:   Linyan Zhu, University of California, San Diego
 

Assessing Asset Pricing Models Using Exchange-Traded Fund Flows
By K.C. John Wei; The Hong Kong Polytechnic University
Linti Zhang; The Hong Kong Polytechnic University
   presented by: Linti Zhang, The Hong Kong Polytechnic University
   Discussant:   Shiyang Huang, The University of Hong Kong
 
Session 46: Corporate Finance Theory
July 7, 2022 15:15 to 17:00
Location: Stream 2
 
Session Chair: Giorgia Piacentino, Columbia University
 

In Search of A Unicorn
By Felix Feng; University of Washington
   presented by: Felix Feng, University of Washington
   Discussant:   Simon Mayer, University of Chicago
 

Debt Maturity Management
By Yunzhi Hu; University of North Carolina at Chapel Hill
Felipe Varas; Duke University
Chao Ying; The Chinese University of Hong Kong
   presented by: Chao Ying, The Chinese University of Hong Kong
   Discussant:   Anton Tsoy, University of Toronto
 

Creating Controversy in Proxy Voting Advice
By Andrey Malenko; University of Michigan
Nadya Malenko; University of Michigan
Chester Spatt; Carnegie Mellon University
   presented by: Andrey Malenko, University of Michigan
   Discussant:   Jonathan Cohn, University of Texas at Austin
 

Providing Incentives with Private Contracts
By Andrea Buffa; University of Colorado Boulder
Qing Liu; City University of Hong Kong
Lucy White; Questrom School of Business, Boston Univ
   presented by: Qing Liu, City University of Hong Kong
   Discussant:   Dmitry Orlov, University of Wisconsin-Madison
 
Session 47: Financial Intermediation
July 7, 2022 15:15 to 17:00
Location: Stream 3
 
Session Chair: Kathy Yuan, London School of Economics
 

Bank Information Production Over the Business Cycle
By Cooper Howes; Federal Reserve Bank of Kansas City
Gregory Weitzner; McGill University
   presented by: Gregory Weitzner, McGill University
   Discussant:   Cynthia Balloch, London School of Economics
 

Global Zombies
By Edward Altman; New York University
Rui Dai; University of Pennsylvania
Wei Wang; Queen's University
   presented by: Wei Wang, Queen's University
   Discussant:   Joanne Juan Chen, London School of Economics
 

Borrowing from A Competitor's Bank
By Donghang Zhang; University of South Carolina
Yafei Zhang; University of Manchester
   presented by: Yafei Zhang, University of Manchester
   Discussant:   Jingxuan Chen, London School of Economics
 

Creditor Competition, Monitoring and SME Earnings Management
By Xing Huang; University of Portsmouth
   presented by: Xing Huang, University of Portsmouth
   Discussant:   Yi Huang, Fanhai International School of Finance, Fudan University
 
Session 48: Incentives and Governance
July 7, 2022 15:15 to 17:00
Location: Stream 4
 
Session Chair: Lin Peng, Baruch College, The City University of New York
 

Workplace Inequality in the U.S. and Managerial Rent Extraction: Evidence from Pay Growth
By Jie He; University of Georgia
Lei Li; Federal Reserve Board
Tao Shu; The Chinese University of Hong Kong, Shenzhen
   presented by: Tao Shu, The Chinese University of Hong Kong, Shenzhen
   Discussant:   Chih-Ching Hung, National Taiwan University
 

CEO Turnover and Director Reputation
By Felix von Meyerinck; Tilburg University
Jonas Romer; University of St. Gallen
Markus Schmid; University of St. Gallen
   presented by: Markus Schmid, University of St. Gallen
   Discussant:   Oguzhan Karakas, Cambridge Judge Business School
 

What Gets Measured Gets Managed: Investment and the Cost of Capital
By Zhiguo He; University of Chicago
Guanmin Liao; Renmin University of China
Baolian Wang; University of Florida
   presented by: Guanmin Liao, Renmin University of China
   Discussant:   Weilong Zhang, University of Cambridge
 

The Meeting before the Meeting: Governance Roadshows and Mutual Fund Voting
By Jesse Ellis; North Carolina State University
William Gerken; University of Kentucky
Russell Jame; University of Kentucky
   presented by: Russell Jame, University of Kentucky
   Discussant:   Yao Shen, Baruch College, The City University of New York
 
Session 49: Connections and Finance
July 8, 2022 8:00 to 9:45
Location: Stream 1
 
Session Chair: Liu Yang, University of Maryland
 

The Impact of Cultural Distance on Fund Transfers in the Internal Capital Market
By John Zhang; Macau University of Science and Technology
Yang Wang; The Hong Kong Polytechnic University
Qingjie Du; The Hong Kong Polytechnic University
   presented by: John Zhang, Macau University of Science and Technology
   Discussant:   Meghana Ayyagari, George Washington University
 

Virtual Competition and Cost of Capital: Evidence from Telehealth
By Kimberly Cornaggia; Pennsylvania State University
Xuelin Li; University of South Carolina
Zihan Ye; University of Nevada, Las Vegas
   presented by: Xuelin Li, University of South Carolina
   Discussant:   Tong Liu, University of Pennsylvania
 

Board Knowledge Diversity and Radical Innovation
By Gennaro Bernile; University of Miami
Vineet Bhagwat; George Washington University
Aurora Genin; University of Massachusetts Amherst
Wenting Ma; University of Massachusetts Amherst
   presented by: Wenting Ma, University of Massachusetts Amherst
   Discussant:   Ting Xu, University of Virginia
 

The Conglomerate Network
By Kenneth Ahern; University of Southern California
Lei Kong; The University of Alabama
Xinyan Yan; University of Dayton
   presented by: Xinyan Yan, University of Dayton
   Discussant:   Matteo Bizzarri, Università di Napoli Federico II and CSEF
 
Session 50: Finance and Politics
July 8, 2022 8:00 to 9:45
Location: Stream 2
 
Session Chair: Jiekun Huang, University of Illinois at Urbana-Champaign
 

Investing with the Government: A Field Experiment in China
By Emanuele Colonnelli; University of Chicago
Bo Li; PBC School of Finance, Tsinghua University
Ernest Liu; Princeton University
   presented by: Bo Li, PBC School of Finance, Tsinghua University
   Discussant:   Celine (Yue) Fei, The University of North Carolina at Chapel Hill
 

Smokestacks and the Swamp
By Emilio Bisetti; Hong Kong University of Science and Technology
Stefan Lewellen; Pennsylvania State University
Arkodipta Sarkar; Hong Kong University of Science and Technology
Xiao Zhao; Hong Kong University of Science and Technology
   presented by: Xiao Zhao, Hong Kong University of Science and Technology
   Discussant:   Qifei Zhu, Nanyang Technological University
 

Going Extreme: The Impact of Political Polarization on Corporate Investment
By Julian Atanassov; University of Nebraska
Brandon Julio; University of Oregon
Tiecheng Leng; Sun Yat-sen University
   presented by: Tiecheng Leng, Sun Yat-sen University
   Discussant:   Candace Jens, Tulane University
 

Similarity Breeds Trust: Political Homophily and CEO-Board Communication
By Sudipto Dasgupta; The Chinese University of Hong Kong
Ran Guo; China-ASEAN Institute of Financial Cooperation
Xiao Ren; The Chinese University of Hong Kong, Shenzhen
Tao Shu; The Chinese University of Hong Kong, Shenzhen
   presented by: Xiao Ren, The Chinese University of Hong Kong, Shenzhen
   Discussant:   Jongsub Lee, Seoul National University
 
Session 51: FinTech and Blockchains
July 8, 2022 8:00 to 9:45
Location: Stream 3
 
Session Chair: Baozhong Yang, Georgia State University
 

Trust in DeFi: An Empirical Study of the Decentralized Exchange
By Jianlei Han; Macquarie University
Shiyang Huang; The University of Hong Kong
Zhuo Zhong; University of Melbourne
   presented by: Jianlei Han, Macquarie University
   Discussant:   Agostino Capponi, Columbia University
 

Can Open Banking Substitute Credit Bureaus?
By Kumar Rishabh; University of Basel
   presented by: Kumar Rishabh, University of Basel
   Discussant:   Boris Vallee, Harvard University
 

Fintech Expansion
By Jing Huang; University of Chicago
   presented by: Jing Huang, University of Chicago
   Discussant:   Chong Huang, University of California, Irvine
 

An Economic Model of Consensus on Distributed Ledgers
By Hanna Halaburda; New York University
Zhiguo He; University of Chicago
Jiasun Li; George Mason University
   presented by: Jiasun Li, George Mason University
   Discussant:   Thomas Rivera, McGill University
 
Session 52: Humans and Connections
July 8, 2022 8:00 to 9:45
Location: Stream 4
 
Session Chair: Xiaoyun Yu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
 

Identifying the Effects of Entry on Local Innovation
By Jing Xue; University of Maryland
   presented by: Jing Xue, University of Maryland
   Discussant:   Yifei Mao, Cornell University
 

Just Friends? Managers' Connections to Judges
By Sterling Huang; Singapore Management University
Sugata Roychowdhury; Northwestern University
Ewa Sletten; The Ohio State University
Yanping XU; Jinan University
   presented by: Sterling Huang, Singapore Management University
   Discussant:   Frank Yu, China Europe International Business School
 

Redeploying the Jockeys: The Intermediary Role of Venture Capital in Entrepreneurial Labor Markets
By Zhongchen Hu; The Chinese University of Hong Kong, Shenzhen
   presented by: Zhongchen Hu, The Chinese University of Hong Kong, Shenzhen
   Discussant:   Bo Bian, University of British Columbia
 

Labor Coordination and Division: Human Capital Investment in Supply Chains
By Ling Cen; The Chinese University of Hong Kong
Michael Hertzel; Arizona State University
Ziang Wang; The Chinese University of Hong Kong
Jing Wu; The Chinese University of Hong Kong
   presented by: Ling Cen, The Chinese University of Hong Kong
   Discussant:   Miao Ben Zhang, University of Southern California
 
Session 53: Macro Finance and Policy
July 8, 2022 8:00 to 9:45
Location: Stream 5
 
Session Chair: Jing Cynthia Wu, University of Notre Dame
 

The Demand for Money, Near-Money, and Treasury Bonds
By Arvind Krishnamurthy; Stanford University
Wenhao Li; University of Southern California
   presented by: Wenhao Li, University of Southern California
   Discussant:   Kairong Xiao, Columbia University
 

Firm Financial Conditions and the Transmission of U.S. Monetary Policy
By Thiago Ferreira; Federal Reserve Board
Daniel Ostry; University of Cambridge
John Rogers; Fudan University
   presented by: Daniel Ostry, University of Cambridge
   Discussant:   Jingyi Zhang, Shanghai University of Finance and Economics
 

Measuring Firm-Level Inflation Exposure: A Deep Learning Approach
By Sudheer Chava; Georgia Institute of Technology
Wendi Du; Georgia Institute of Technology
Agam Shah; Georgia Institute of Technology
Linghang Zeng; Babson College
   presented by: Wendi Du, Georgia Institute of Technology
   Discussant:   Wenting Song, Bank of Canada
 

The Debt Capacity of a Government
By Bernard Dumas; INSEAD
Paul Ehling; BI Norwegian Business School
Chunyu Yang; BI Norwegian Business School
   presented by: Chunyu Yang, BI Norwegian Business School
   Discussant:   Mindy Xiaolan, University of Texas at Austin
 
Session 54: Options and Stocks
July 8, 2022 8:00 to 9:45
Location: Stream 6
 
Session Chair: Xiaoyan Zhang, PBC School of Finance, Tsinghua University
 

The Debt-Equity Spread
By Hui Chen; Massachusetts Institute of Technology
Zhiyao Nicholas Chen; The Chinese University of Hong Kong
Jun Li; University of Texas at Dallas
   presented by: Zhiyao Nicholas Chen, The Chinese University of Hong Kong
   Discussant:   Nancy Xu, Boston College
 

Options Trading and Stock Price Informativeness
By Jie Cao; The Chinese University of Hong Kong
Amit Goyal; University of Lausanne
Sai Ke; University of Houston
Xintong Zhan; Fudan University
   presented by: Xintong Zhan, Fudan University
   Discussant:   Tianyu Wang, Tsinghua University
 

Firm Characteristics and Stock Price Levels: A Long-Term Discount Rate Perspective
By Yixin Chen; University of Rochester
Ron Kaniel; University of Rochester
   presented by: Yixin Chen, University of Rochester
   Discussant:   Zhongjin Lu, University Of Georgia
 

Why Does Options Market Information Predict Stock Returns?
By Dmitriy Muravyev; Michigan State University
Neil Pearson; University of Illinois at Urbana-Champaign
Joshua Pollet; University of Illinois at Urbana-Champaign
   presented by: Neil Pearson, University of Illinois at Urbana-Champaign
   Discussant:   David Weinbaum, Syracuse University
 
Session 55: Retail Investor Behavior
July 8, 2022 8:00 to 9:45
Location: Stream 7
 
Session Chair: Justin Birru, The Ohio State University
 

Extrapolative Market Participation
By Wanbin Pan; University of Science and Technology of China
Zhiwei Su; Tsinghua University
Huijun Wang; Auburn University
Jianfeng Yu; Tsinghua University
   presented by: Zhiwei Su, Tsinghua University
   Discussant:   Pengfei Sui, The Chinese University of Hong Kong, Shenzhen
 

Fractional Trading
By Zhi Da; University of Notre Dame
Vivian Fang; University of Minnesota
Wenwei Lin; University of Minnesota
   presented by: Wenwei Lin, University of Minnesota
   Discussant:   Yushui Shi, Monash University
 

Beliefs about Beta: Upside Participation and Downside Protection
By Christoph Merkle; Aarhus University
Michael Ungeheuer; Aalto University
   presented by: Christoph Merkle, Aarhus University
   Discussant:   Joshua Della Vedova, University of San Diego
 

Lie Flat After Winning the Rat Race
By Yiqing Lu; New York University Shanghai
Bin Zhao; Thammasat University
Ning Zhu; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University and University of California at Davis
   presented by: Yiqing Lu, New York University Shanghai
   Discussant:   Yanbin Wu, University of Florida
 
Session 56: Social Finance II
July 8, 2022 8:00 to 9:45
Location: Stream 8
 
Session Chair: Hongjun Yan, DePaul University
 

Geographic Links and Predictable Returns
By Zuben Jin; Singapore Management University
Frank Weikai Li; Singapore Management University
   presented by: Zuben Jin, Singapore Management University
   Discussant:   Chen Wang, University of Notre Dame
 

Visibility Bias in the Transmission of Consumption Beliefs and Undersaving
By Bing Han; University of Toronto
David Hirshleifer; University of Southern California
Johan Walden; University of California, Berkeley
   presented by: Bing Han, University of Toronto
   Discussant:   Lin Peng, Baruch College, The City University of New York
 

Media Climate Change Concern and Stock Returns
By Liya Chu; East China University of Science and Technology
Jun Tu; Singapore Management University
Luying Wang; Singapre Management University
   presented by: Liya Chu, East China University of Science and Technology
   Discussant:   Wenxi Jiang, The Chinese University of Hong Kong
 

Social Transmission Bias: Evidence from an Online Investor Platform
By Pengfei Sui; The Chinese University of Hong Kong, Shenzhen
Baolian Wang; University of Florida
   presented by: Pengfei Sui, The Chinese University of Hong Kong, Shenzhen
   Discussant:   Jinfei Sheng, University of California, Irvine
 
Session 57: Understanding Mutual Fund Performance
July 8, 2022 8:00 to 9:45
Location: Stream 9
 
Session Chair: Hao Jiang, Michigan State University
 

"Buy the Rumor, Sell the News": Liquidity Provision by Bond Funds Following Corporate News Events
By Alan Huang; University of Waterloo
Russell Wermers; University of Maryland
Jinming Xue; Southern Methodist University
   presented by: Jinming Xue, Southern Methodist University
   Discussant:   Ishita Sen, Harvard Business School
 

An Anatomy of Long-Short Equity Funds
By Li An; PBC School of Finance, Tsinghua University
Shiyang Huang; The University of Hong Kong
Dong Lou; London School of Economics
Jiahong Shi; London School of Economics
   presented by: Jiahong Shi, London School of Economics
   Discussant:   George Jiang, Washington State University
 

Hidden Alpha
By Lauren Cohen; Harvard University
Stephan Heller; The University of St. Gallen
   presented by: Stephan Heller, The University of St. Gallen
   Discussant:   Lin Sun, George Mason University
 

Do Mutual Funds Walk the Talk? A Textual Analysis of Risk Disclosure by Mutual Funds
By Jinfei Sheng; University of California, Irvine
Nan Xu; Nankai University
Lu Zheng; University of California, Irvine
   presented by: Nan Xu, Nankai University
   Discussant:   Anton Lines, Columbia Business School
 
Session 58: Behavioral Biases and Investments
July 8, 2022 10:15 to 12:00
Location: Stream 1
 
Session Chair: Bing Han, University of Toronto
 

Earnings Extrapolation and Predictable Stock Market Returns
By Hongye Guo; University of Pennsylvania
   presented by: Hongye Guo, University of Pennsylvania
   Discussant:   Cameron Peng, London School of Economics
 

Harnessing the Overconfidence of the Crowd: A Theory of SPACs
By Snehal Banerjee; University of California, San Diego
Martin Szydlowski; University of Minnesota
   presented by: Snehal Banerjee, University of California, San Diego
   Discussant:   Uday Rajan, University of Michigan
 

Stakes and Mistakes
By Steffen Andersen; Copenhagen Business School
Abhiroop Mukherjee; Hong Kong University of Science and Technology
Kasper Meisner Nielsen; Copenhagen Business School
   presented by: Abhiroop Mukherjee, Hong Kong University of Science and Technology
   Discussant:   Ning Zhu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University and University of California at Davis
 

Portfolio Rebalancing with Realization Utility
By Min Dai; The Hong Kong Polytechnic University and National University of Singapore
Cong Qin; Soochow University
Neng Wang; Columbia University
   presented by: Cong Qin, Soochow University
   Discussant:   Xuedong He, The Chinese University of Hong Kong
 
Session 59: Capital Markets
July 8, 2022 10:15 to 12:00
Location: Stream 2
 
Session Chair: Yuhang Xing, Rice University
 

An Intertemporal Risk Factor Model
By Fousseni Chabi-Yo; Isenberg School of Management
Andrei Goncalves; University of North Carolina at Chapel Hill
Johnathan Loudis; University of Notre Dame
   presented by: Andrei Goncalves, University of North Carolina at Chapel Hill
   Discussant:   Raymond Kan, University of Toronto
 

Main Street's Pain, Wall Street's Gain
By Nancy Xu; Boston College
Yang You; The University of Hong Kong
   presented by: Nancy Xu, Boston College
   Discussant:   Jinfei Sheng, University of California, Irvine
 

Why Naive 1/N Diversification Is Not So Naive, and How to Beat It?
By Ming Yuan; Columbia University
Guofu Zhou; Washington University in St. Louis
   presented by: Guofu Zhou, Washington University in St. Louis
   Discussant:   Christopher Reilly, The University of Texas at Dallas
 

Volatility and the Pricing Kernel
By David Schreindorfer; Arizona State University
Tobias Sichert; Stockholm School of Economics
   presented by: Tobias Sichert, Stockholm School of Economics
   Discussant:   Ian Dew-Becker, Northwestern University
 
Session 60: Corporate Governance
July 8, 2022 10:15 to 12:00
Location: Stream 3
 
Session Chair: Yuhai Xuan, University of California, Irvine
 

Profiting from Private Information on Rivals' Cyberattacks: Evidence from Informed Trading by Insiders Connected to Rival Firms
By Jun-Koo Kang; Nanyang Business School Nanyang Technological University
Jungmin Kim; The Hong Kong Polytechnic University
Fangbo Si; Jinan University
   presented by: Jungmin Kim, The Hong Kong Polytechnic University
   Discussant:   Chao Jiang, University of South Carolina
 

The Mitigation of Reputational Risk via Responsive CSR: Evidence from Securities Class Action Lawsuits
By Daewoung Choi; Louisiana State University in Shreveport
Douglas Cook; University of Alabama
M. Tony Via; Kent State University
Weiwei Zhang; James Madison University
   presented by: Weiwei Zhang, James Madison University
   Discussant:   Jared Wilson, Indiana University
 

CEO Personal Reputation and Financial Misconduct
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:   Feng Jiang, State University of New York at Buffalo
 

Classified Boards: Endangered Species or Hidden in Plain Sight?
By Scott Guernsey; University of Tennessee
Feng Guo; Iowa State University
Tingting Liu; Iowa State University
Matthew Serfling; University of Tennessee
   presented by: Tingting Liu, Iowa State University
   Discussant:   Lubomir Litov, University of Oklahoma
 
Session 61: Debt and Incentives
July 8, 2022 10:15 to 12:00
Location: Stream 4
 
Session Chair: Amiyatosh Purnanandam, University of Michigan
 

The Paradox of Conservative Haircuts
By Dmitry Chebotarev; INSEAD
   presented by: Dmitry Chebotarev, INSEAD
   Discussant:   Dayin Zhang, University of Wisconsin-Madison
 

Relative Pricing of Private and Public Debt: The Role of Money Creation Channel
By Isha Agarwal; University of British Columbia
Joyce Xuejing Guan; University of British Columbia
   presented by: Joyce Xuejing Guan, University of British Columbia
   Discussant:   Thomas Flanagan, University of Michigan
 

Going for Broke: Underwriter Reputation and the Performance of Mortgage-Backed Securities
By Abe De Jong; Monash University
Tim Kooijmans; Monash University
Peter Koudijs; Erasmus University
   presented by: Tim Kooijmans, Monash University
   Discussant:   Gonzalo Maturana, Emory University
 

Merchants of Death: The Effect of Credit Supply Shocks on Hospital Outcomes
By Cyrus Aghamolla; University of Minnesota
Pinar Karaca-Mandic; University of Minnesota
Xuelin Li; University of South Carolina
Richard Thakor; University of Minnesota
   presented by: Xuelin Li, University of South Carolina
   Discussant:   Daniel Weagley, Georgia Institute of Technology
 
Session 62: Financial Stability and Asset Management
July 8, 2022 10:15 to 12:00
Location: Stream 5
 
Session Chair: Jaewon Choi, University of Illinois at Urbana-Champaign
 

LTCM Redux? Hedge Fund Treasury Trading and Funding Fragility
By Mathias Kruttli; Federal Reserve Board
Phillip Monin; Federal Reserve Board of Governors
Lubomir Petrasek; Federal Reserve Board
Sumudu Watugala; Cornell University
   presented by: Sumudu Watugala, Cornell University
   Discussant:   Tao Li, University of Florida
 

Sustainability or Performance? Ratings and Fund Managers' Incentives
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:   Qifei Zhu, Nanyang Technological University
 

The Unintended Consequences of Investing for the Long Run: Evidence from the Target Date Funds
By Massimo Massa; INSEAD
Rabih Moussawi; Villanova University
Andrei Simonov; Michigan State University
   presented by: Andrei Simonov, Michigan State University
   Discussant:   Ji Yeol Jimmy Oh, Hanyang University
 

The Information in Portfolio Holdings and Investors' Capital Allocations
By Bingkuan Cao; University of Maryland
   presented by: Bingkuan Cao, University of Maryland
   Discussant:   Jeong Ho (John) Kim, Emory University
 
Session 63: Financing: Debt and Trade Credit
July 8, 2022 10:15 to 12:00
Location: Stream 6
 
Session Chair: Jarrad Harford, University of Washington
 

Life Expectancy and Corporate Debt Markets
By Zhanhui Chen; Hong Kong University of Science and Technology
Vidhan Goyal; Hong Kong University of Science and Technology
PINGYI LOU; Fudan University
Wenjun Zhu; Nanyang Technological University
   presented by: Zhanhui Chen, Hong Kong University of Science and Technology
   Discussant:   Jennie Bai, Georgetown University
 

Trade Credit and the Stability of Supply Chains
By Nuri Ersahin; Michigan State University
Mariassunta Giannetti; Stockholm School of Economics
Ruidi Huang; Southern Methodist University
   presented by: Nuri Ersahin, Michigan State University
   Discussant:   Janet Gao, Indiana University
 

Rating Agency Beliefs and Credit Market Distortions
By Chen Wang; University of Notre Dame
Gregory Weitzner; McGill University
   presented by: Chen Wang, University of Notre Dame
   Discussant:   Dragon Yongjun Tang, The University of Hong Kong
 

Financial Resilience in Labor Negotiations
By Alessio Piccolo; Indiana University
Roberto Pinto; Lancaster University
   presented by: Alessio Piccolo, Indiana University
   Discussant:   Jiaping Qiu, McMaster University
 
Session 64: Foreign Exchange Risks
July 8, 2022 10:15 to 12:00
Location: Stream 7
 
Session Chair: Christian T. Lundblad, The University of North Carolina at Chapel Hill
 

FX Option Volume
By Robert Czech; Bank of England
Pasquale Della Corte; Imperial College London
Shiyang Huang; The University of Hong Kong
Tianyu Wang; Tsinghua University
   presented by: Tianyu Wang, Tsinghua University
   Discussant:   Steven Riddiough, University of Toronto
 

Benchmark Currency Stochastic Discount Factors
By Piotr Orlowski; HEC Montreal
Valeri Sokolovski; HEC Montreal
Erik Sverdrup; Graduate School of Business
   presented by: Valeri Sokolovski, HEC Montreal
   Discussant:   Andreas Stathopoulos, University of North Carolina at Chapel Hill
 

Technology Diffusion and Currency Risk Premia
By Min Cui; T. Rowe Price
Ilias Filippou; Washington University in St. Louis
Siming Liu; Shanghai University of Finance and Economics
   presented by: Siming Liu, Shanghai University of Finance and Economics
   Discussant:   Federico Gavazzoni, BI Norwegian Business School
 

Digesting FOREXS: Information Transmission across Asset Classes and Return Predictability
By Joon Woo Bae; Case Western Reserve University
Zhi Da; University of Notre Dame
Virgilio Zurita; Baylor University
   presented by: Joon Woo Bae, Case Western Reserve University
   Discussant:   S. Katie Moon, University of Colorado Boulder
 
Session 65: Information, Financial Markets, and Economy
July 8, 2022 10:15 to 12:00
Location: Stream 8
 
Session Chair: Liyan Yang, University of Toronto
 

Transparency at Debt Rollover and Startup Loans
By Chong Huang; University of California, Irvine
Fei Li; University of North Carolina at Chapel Hill
Haibo Xu; Tongji University
   presented by: Haibo Xu, Tongji University
   Discussant:   Briana Chang, University of Wisconsin
 

Everlasting Fraud
By Vivian Fang; University of Minnesota
Nan Li; University of Minnesota
Wenyu Wang; Indiana University
Gaoqing Zhang; University of Minnesota
   presented by: Wenyu Wang, Indiana University
   Discussant:   Ivan Marinovic, Stanford University
 

Active vs. Passive: Information Acquisition in the Presence of Corporate Governance
By Paula Cocoma; Frankfurt School of Finance and Management
Jinyuan Zhang; University of California, Los Angeles
   presented by: Jinyuan Zhang, University of California, Los Angeles
   Discussant:   Jesse Davis, University of North Carolina at Chapel Hill
 

A Model of Influencer Economy
By Lin William Cong; Cornell University
Siguang Li; Cornell University
   presented by: Siguang Li, Cornell University
   Discussant:   Itay Fainmesser, The Johns Hopkins University
 
Session 66: Socially Responsible Investing
July 8, 2022 10:15 to 12:00
Location: Stream 9
 
Session Chair: Kelly Shue, Yale University
 

Do Retail Investors Trade on ESG?
By Ran Chang; Shanghai Jiao Tong University
Julie Wu; University of Nebraska - Lincoln
Xiaoyan Zhang; PBC School of Finance, Tsinghua University
Xinran Zhang; Central University of Finance and Economics
   presented by: Xinran Zhang, Central University of Finance and Economics
   Discussant:   Jiangmin Xu, Guanghua School of Management, Peking University
 

Do Managers Walk the Talk on Environmental and Social Issues?
By Sudheer Chava; Georgia Institute of Technology
Wendi Du; Georgia Institute of Technology
Baridhi Malakar; Georgia Institute of Technology
   presented by: Wendi Du, Georgia Institute of Technology
   Discussant:   Yingguang Zhang, Guanghua School of Management, Peking University
 

Environmental Tournament: Evidence from Chinese Green Finance Pilot Zones
By Zhiyao Deng; London School of Economics
Dragon Yongjun Tang; The University of Hong Kong
Yupu Zhang; University of Glasgow
   presented by: Yupu Zhang, The University of Hong Kong
   Discussant:   Hanyi (Livia) Yi, Boston College
 

Banking on Carbon: Corporate Lending and Cap-and-Trade Policy
By Ivan Ivanov; Federal Reserve Board
Mathias Kruttli; Federal Reserve Board
Sumudu Watugala; Cornell University
   presented by: Mathias Kruttli, Federal Reserve Board
   Discussant:   Aymeric Bellon, University of Pennsylvania
 
Session 67: Delegated Portfolio Management
July 8, 2022 13:00 to 14:45
Location: Stream 1
 
Session Chair: Lu Zheng, University of California, Irvine
 

Financial Intermediaries vs. Capital Allocation: The Forgotten Role of Mutual Funds
By Massimo Massa; INSEAD
Hong Zhang; PBC School of Finance, Tsinghua University
Yanbo Wang; SKK GSB, Seoul
   presented by: Yanbo Wang, SKK GSB, Seoul
   Discussant:   Brian Boyer, Brigham Young University
 

Informative Covariates, False Discoveries and Mutual Fund Performance
By Po-Hsuan Hsu; National Tsing Hua University
Ioannis Kyriakou; City University London
Tren Ma; University of Glasgow
Georgios Sermpinis; University of Glasgow
   presented by: Tren Ma, University of Glasgow
   Discussant:   Qifei Zhu, Nanyang Technological University
 

Tomorrow Is Another Day: Stocks Overweighted by Active Mutual Funds Predict the Next-Day Market
By Shuaiyu Chen; Purdue University
Yixin Chen; University of Rochester
Randolph Cohen; Harvard Business School
   presented by: Yixin Chen, University of Rochester
   Discussant:   Nan Xu, Nankai University
 

Do Hedge Funds Strategically Misreport Their Holdings? Evidence from 13F Restatements
By Sean Cao; Georgia State University
Zhi Da; University of Notre Dame
Xin Jiang; University of Waterloo
Baozhong Yang; Georgia State University
   presented by: Xin Jiang, University of Waterloo
   Discussant:   Chengdong Yin, Renmin University of China
 
Session 68: Household Finance: Advisors, Nudges, and Beliefs
July 8, 2022 13:00 to 14:45
Location: Stream 2
 
Session Chair: Stephan Siegel, University of Washington
 

The Disparate Effect of Nudges on Minority Groups
By Maya Haran Rosen; Hebrew University of Jerusalem and Bank of Israel
Orly Sade; Hebrew University of Jerusalem
   presented by: Maya Haran Rosen, Hebrew University of Jerusalem and Bank of Israel
   Discussant:   Erica Xuewei Jiang, University of Southern California
 

Private Equity and Financial Adviser Misconduct
By Albert Sheen; University of Oregon
Youchang Wu; University of Oregon
Yuwen Yuan; University of Oregon
   presented by: Yuwen Yuan, University of Oregon
   Discussant:   Karim Farroukh, University of Washington
 

Intrahousehold Disagreement about Macroeconomic Expectations
By Da Ke; University of South Carolina
   presented by: Da Ke, University of South Carolina
   Discussant:   Elena Pikulina, University of British Columbia
 

Financial Advice and Retirement Savings
By Daniel Hoechle; University of Applied Sciences and Arts
Stefan Ruenzi; University of Mannheim
Nic Schaub; WHU - Otto Beisheim School of Management
Markus Schmid; University of St. Gallen
   presented by: Nic Schaub, WHU - Otto Beisheim School of Management
   Discussant:   Jinyuan Zhang, University of California, Los Angeles
 
Session 69: Real Estate Markets
July 8, 2022 13:00 to 14:45
Location: Stream 3
 
Session Chair: Rossen Valkanov, University of California, San Diego
 

Is There an Industrial Land Discount in China? A Public Finance Perspective
By Zhiguo He; University of Chicago
Scott Nelson; University of Chicago
Yang Su; University of Chicago
Anthony Lee Zhang; University of Chicago
Fudong Zhang; Tsinghua University
   presented by: Anthony Lee Zhang, University of Chicago
   Discussant:   Qinghua Zhang, Peking University
 

Fertility and Savings: The Effect of China's Two-Child Policy on Household Savings
By Scott Baker; Northwestern University
Efraim Benmelech; Northwestern University
Zhishu Yang; School of Economics and Management, Tsinghua University
Qi Zhang; Durham University
   presented by: Qi Zhang, Durham University
   Discussant:   Zhongchen Hu, The Chinese University of Hong Kong, Shenzhen
 

An Invisible Oncologist: Health Implications of Financing Frictions
By Alexandr Kopytov; The University of Hong Kong
Tong Liu; University of Pennsylvania
Haotian Xiang; Peking University
   presented by: Haotian Xiang, Peking University
   Discussant:   Pierre Mabille, INSEAD
 

Living Under Uncertainty: What Can Rental Housing Intermediaries Tell Us About Long-term Capital Supply?
By Jiayin Hu; Peking University
Shangchen Li; Peking University
Yingguang Zhang; Guanghua School of Management, Peking University
Zheng Zhang; Peking University
   presented by: Yingguang Zhang, Guanghua School of Management, Peking University
   Discussant:   Alina Arefeva, University of Wisconsin-Madison
 
Session 70: The Development of Chinese Firms and Banks
July 8, 2022 13:00 to 14:45
Location: Stream 4
 
Session Chair: Jian Xue, Tsinghua University
 

新时期的国有资本性质研究
By Shanmin Li; Sun Yat-sen University
Jueting Zhou; Sun Yat-sen University
Yilin Zhang; Sun Yat-sen University
   presented by: Jueting Zhou, Sun Yat-sen University
   Discussant:   Zhangkai Huang, Tsinghua University
 

中国式专利代理:助力技术创新还是粉饰专利申报?
By Pengfei Han; Guanghua School of Management, Peking University
Songnan Li; Peking University
Chong LIU; Peking University
   presented by: Pengfei Han, Guanghua School of Management, Peking University
   Discussant:   Tianyu Wang, Tsinghua University
 

环保“双标”的经济后果研究:高管家乡身份与企业绿色创新
By Nianhang Xu; Renmin University of China
Min Li; Renmin University of China
Rongrong Xie; Central University of Finance and Economics
   presented by: Min Li, Renmin University of China
   Discussant:   Qingyuan Li, Wuhan University
 

同业风险传染、银行治理与系统脆弱性
By Pan Jun; Xiamen University
   presented by: Pan Jun, Xiamen University
   Discussant:   Shuo Liu, Tsinghua University
 
Session 71: Valuing Human Capital and Corporate Finance
July 8, 2022 13:00 to 14:45
Location: Stream 5
 
Session Chair: Bernard Yeung, National University of Singapore
 

Birds In A Cage: The Human Cost of Non-compete Covenants
By Mingmei Liu; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
   presented by: Mingmei Liu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
   Discussant:   Tai-Yuan Chen, Hong Kong University of Science and Technology
 

Tournament Incentives and Insider Trading
By Xiaoke Ye; City University of London
   presented by: Xiaoke Ye, City University of London
   Discussant:   Tse-Chun Lin, The University of Hong Kong
 

Help Your Employees, Help Your Firm: Evidence from U.S. Paid Sick Leave Mandates
By Liangrong Chunyu; City University of London
Xingchen Zhu; Vrije Universiteit Amsterdam
   presented by: Xingchen Zhu, Vrije Universiteit Amsterdam
   Discussant:   Wenlan Qian, National University of Singapore
 

Do Incidental Encounters Strengthen Economic Ties? Evidence from Venture Capital Syndication
By Peter Pham; University of New South Wales
Rastin Seysan; University of New South Wales
Jason Zein; University of New South Wales
   presented by: Rastin Seysan, University of New South Wales
   Discussant:   Alminas Zaldokas, Hong Kong University of Science and Technology

This program was last updated on 2022-07-05 04:52:16 EDT