Summary of All Sessions |
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| # | Date/Time | Title/Location | Papers |
|---|---|---|---|
| 1 | July 6, 2022 8:00-9:45 | Behavioral Finance Location: Stream 1 | 4 |
| 2 | July 6, 2022 8:00-9:45 | Fintech Location: Stream 2 | 4 |
| 3 | July 6, 2022 8:00-9:45 | Fintech (with Cool Data and Models) Location: Stream 3 | 4 |
| 4 | July 6, 2022 8:00-9:45 | Firm Growth and Industry Competition Location: Stream 4 | 4 |
| 5 | July 6, 2022 8:00-9:45 | Household Finance Location: Stream 5 | 4 |
| 6 | July 6, 2022 8:00-9:45 | Information, Culture, and Corporate Decisions Location: Stream 6 | 4 |
| 7 | July 6, 2022 8:00-9:45 | Monetary Policy and Asset Markets Location: Stream 7 | 4 |
| 8 | July 6, 2022 8:00-9:45 | New Perspectives in Asset Pricing Location: Stream 8 | 4 |
| 9 | July 6, 2022 8:00-9:45 | Options and Other Derivatives Location: Stream 9 | 4 |
| 10 | July 6, 2022 10:15-12:00 | Keynote Speech (Lars Peter Hansen, University of Chicago) and Best Paper Awards Location: Stream 10 | 0 |
| 11 | July 6, 2022 13:00-14:45 | Anomalies Location: Stream 1 | 4 |
| 12 | July 6, 2022 13:00-14:45 | Banking, Credit Market, and Regulation Location: Stream 2 | 4 |
| 13 | July 6, 2022 13:00-14:45 | Corporate Finance Location: Stream 3 | 4 |
| 14 | July 6, 2022 13:00-14:45 | ESG Location: Stream 4 | 4 |
| 15 | July 6, 2022 13:00-14:45 | Finance, Labor and Politics Location: Stream 5 | 4 |
| 16 | July 6, 2022 15:15-17:00 | Asian Real Estate Markets Location: Stream 1 | 4 |
| 17 | July 6, 2022 15:15-17:00 | Banking Competition and Informational Frictions Location: Stream 2 | 4 |
| 18 | July 6, 2022 15:15-17:00 | Corporate Bond Market and Investment in China Location: Stream 3 | 4 |
| 19 | July 6, 2022 15:15-17:00 | ESG, Firm Behavior and Market Performance Location: Stream 4 | 4 |
| 20 | July 6, 2022 15:15-17:00 | Sovereign Risk and Currency Returns Location: Stream 5 | 4 |
| 21 | July 6, 2022 15:15-17:00 | Stock, Bond, and Commodity Location: Stream 6 | 4 |
| 22 | July 7, 2022 8:00-9:45 | Asset Pricing Location: Stream 1 | 4 |
| 23 | July 7, 2022 8:00-9:45 | Attracting and Retaining Human Capital Location: Stream 2 | 4 |
| 24 | July 7, 2022 8:00-9:45 | Empirical Asset Pricing Location: Stream 3 | 4 |
| 25 | July 7, 2022 8:00-9:45 | Exchange Rates and International Macro-Finance Location: Stream 4 | 4 |
| 26 | July 7, 2022 8:00-9:45 | Market Microstructure: Theory and Evidence Location: Stream 5 | 4 |
| 27 | July 7, 2022 8:00-9:45 | New Advances in Equilibrium Asset Pricing Location: Stream 6 | 4 |
| 28 | July 7, 2022 8:00-9:45 | Politics, SOEs, and Corporate Policies Location: Stream 7 | 4 |
| 29 | July 7, 2022 8:00-9:45 | Social Finance Location: Stream 8 | 4 |
| 30 | July 7, 2022 8:00-9:45 | The FinTech Impact Location: Stream 9 | 4 |
| 31 | July 7, 2022 10:15-12:00 | Advances in FinTech and Machine Learning Location: Stream 1 | 4 |
| 32 | July 7, 2022 10:15-12:00 | Anomalies and Information Location: Stream 2 | 4 |
| 33 | July 7, 2022 10:15-12:00 | Asset Management Location: Stream 3 | 4 |
| 34 | July 7, 2022 10:15-12:00 | Corporate Finance: New Data and New Methods Location: Stream 4 | 4 |
| 35 | July 7, 2022 10:15-12:00 | Empirical Asset Pricing: Equity Returns Location: Stream 5 | 4 |
| 36 | July 7, 2022 10:15-12:00 | Frequent Auctions and Frequent Trading Location: Stream 6 | 4 |
| 37 | July 7, 2022 10:15-12:00 | Information-Related Behavior and Pricing and Other Outcomes Location: Stream 7 | 4 |
| 38 | July 7, 2022 10:15-12:00 | Mergers and Acquisitions Location: Stream 8 | 4 |
| 39 | July 7, 2022 10:15-12:00 | News, Stock Returns, and Bond Markets Location: Stream 9 | 4 |
| 40 | July 7, 2022 13:00-14:45 | Asset Pricing Theories Location: Stream 1 | 4 |
| 41 | July 7, 2022 13:00-14:45 | 中国金融问题 Location: Stream 2 | 4 |
| 42 | July 7, 2022 13:00-14:45 | Entrepreneurship, Venture Capital, and Small Business Location: Stream 3 | 4 |
| 43 | July 7, 2022 13:00-14:45 | Market Frictions and Anomalies Location: Stream 4 | 4 |
| 44 | July 7, 2022 13:00-14:45 | The Real Effects of Capital Markets Location: Stream 5 | 4 |
| 45 | July 7, 2022 15:15-17:00 | Asset Pricing Factors Location: Stream 1 | 4 |
| 46 | July 7, 2022 15:15-17:00 | Corporate Finance Theory Location: Stream 2 | 4 |
| 47 | July 7, 2022 15:15-17:00 | Financial Intermediation Location: Stream 3 | 4 |
| 48 | July 7, 2022 15:15-17:00 | Incentives and Governance Location: Stream 4 | 4 |
| 49 | July 8, 2022 8:00-9:45 | Connections and Finance Location: Stream 1 | 4 |
| 50 | July 8, 2022 8:00-9:45 | Finance and Politics Location: Stream 2 | 4 |
| 51 | July 8, 2022 8:00-9:45 | FinTech and Blockchains Location: Stream 3 | 4 |
| 52 | July 8, 2022 8:00-9:45 | Humans and Connections Location: Stream 4 | 4 |
| 53 | July 8, 2022 8:00-9:45 | Macro Finance and Policy Location: Stream 5 | 4 |
| 54 | July 8, 2022 8:00-9:45 | Options and Stocks Location: Stream 6 | 4 |
| 55 | July 8, 2022 8:00-9:45 | Retail Investor Behavior Location: Stream 7 | 4 |
| 56 | July 8, 2022 8:00-9:45 | Social Finance II Location: Stream 8 | 4 |
| 57 | July 8, 2022 8:00-9:45 | Understanding Mutual Fund Performance Location: Stream 9 | 4 |
| 58 | July 8, 2022 10:15-12:00 | Behavioral Biases and Investments Location: Stream 1 | 4 |
| 59 | July 8, 2022 10:15-12:00 | Capital Markets Location: Stream 2 | 4 |
| 60 | July 8, 2022 10:15-12:00 | Corporate Governance Location: Stream 3 | 4 |
| 61 | July 8, 2022 10:15-12:00 | Debt and Incentives Location: Stream 4 | 4 |
| 62 | July 8, 2022 10:15-12:00 | Financial Stability and Asset Management Location: Stream 5 | 4 |
| 63 | July 8, 2022 10:15-12:00 | Financing: Debt and Trade Credit Location: Stream 6 | 4 |
| 64 | July 8, 2022 10:15-12:00 | Foreign Exchange Risks Location: Stream 7 | 4 |
| 65 | July 8, 2022 10:15-12:00 | Information, Financial Markets, and Economy Location: Stream 8 | 4 |
| 66 | July 8, 2022 10:15-12:00 | Socially Responsible Investing Location: Stream 9 | 4 |
| 67 | July 8, 2022 13:00-14:45 | Delegated Portfolio Management Location: Stream 1 | 4 |
| 68 | July 8, 2022 13:00-14:45 | Household Finance: Advisors, Nudges, and Beliefs Location: Stream 2 | 4 |
| 69 | July 8, 2022 13:00-14:45 | Real Estate Markets Location: Stream 3 | 4 |
| 70 | July 8, 2022 13:00-14:45 | The Development of Chinese Firms and Banks Location: Stream 4 | 4 |
| 71 | July 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 |
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China International Conference in Finance 2022 (CICF) |
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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