Summary of All Sessions |
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| # | Date/Time | Title/Location | Papers |
|---|---|---|---|
| 1 | July 6, 2023 18:00-19:30 | Conference Reception (Note: All times in the program refer to Beijing Time UTC/GMT+8) Location: Ruby Room, 2F, Crowne Plaza | 0 |
| 2 | July 7, 2023 8:00-9:45 | Opening and Keynote Speech (Christopher A. Sims, Princeton University) Location: Stream 9 & Room 303, 3F, SAIF | 0 |
| 3 | July 7, 2023 10:15-12:00 | Asset Pricing, Banking, and Beyond Location: Stream 1 & Room 203, 2F, SAIF | 4 |
| 4 | July 7, 2023 10:15-12:00 | Bank Risk and Regulation Location: Stream 2 & Room 304, 3F, SAIF | 4 |
| 5 | July 7, 2023 10:15-12:00 | Empirical Corporate Finance Location: Stream 3 & Room 305, 3F, SAIF | 4 |
| 6 | July 7, 2023 10:15-12:00 | ESG Investing Location: Stream 4 & Room 403, 4F, SAIF | 4 |
| 7 | July 7, 2023 10:15-12:00 | Exchange Rate Risks Location: Stream 5 & Room 901, 9F, SAIF | 4 |
| 8 | July 7, 2023 10:15-12:00 | Household Finance Location: Stream 6 & Room 903, 9F, SAIF | 4 |
| 9 | July 7, 2023 10:15-12:00 | Liquidity in Stock and Bond Markets Location: Stream 7 & Room 904, 9F, SAIF | 4 |
| 10 | July 7, 2023 10:15-12:00 | Real Estate and Retirement Finance Location: Stream 8 & Room 1006, 10F, SAIF | 4 |
| 11 | July 7, 2023 13:30-15:15 | Big Data and Market Frictions Location: Stream 1 & Room 203, 2F, SAIF | 4 |
| 12 | July 7, 2023 13:30-15:15 | Carbon Emission and ESG Location: Stream 2 & Room 304, 3F, SAIF | 4 |
| 13 | July 7, 2023 13:30-15:15 | Mutual Fund and Hedge Fund Management Location: Stream 3 & Room 305, 3F, SAIF | 4 |
| 14 | July 7, 2023 13:30-15:15 | 普惠金融与家庭金融 Location: Stream 4 & Room 403, 4F, SAIF | 4 |
| 15 | July 7, 2023 15:45-17:30 | 公司金融与技术变革 Location: Stream 1 & Room 203, 2F, SAIF | 4 |
| 16 | July 7, 2023 15:45-17:30 | Bank Lending Location: Stream 2 & Room 304, 3F, SAIF | 4 |
| 17 | July 7, 2023 15:45-17:30 | New Facets of Institutional Funds Location: Stream 3 & Room 305, 3F, SAIF | 4 |
| 18 | July 7, 2023 15:45-17:30 | The Real Effects of Green Investment Location: Stream 4 & Room 403, 4F, SAIF | 4 |
| 19 | July 7, 2023 19:00-20:30 | Best Paper Awards and Conference Dinner Location: Stream 9 & Yinxing Ballroom, 4F, Crowne Plaza | 0 |
| 20 | July 8, 2023 8:00-9:45 | Asset Pricing in a New Era Location: Stream 1 & Room 203, 2F, SAIF | 4 |
| 21 | July 8, 2023 8:00-9:45 | Behavioral Finance Location: Stream 2 & Room 304, 3F, SAIF | 4 |
| 22 | July 8, 2023 8:00-9:45 | Corporate Financing Decisions Location: Stream 3 & Room 305, 3F, SAIF | 4 |
| 23 | July 8, 2023 8:00-9:45 | Derivatives and Fixed Income Securities Location: Stream 4 & Room 403, 4F, SAIF | 4 |
| 24 | July 8, 2023 8:00-9:45 | Information and Decision Making Location: Stream 5 & Room 901, 9F, SAIF | 4 |
| 25 | July 8, 2023 8:00-9:45 | Sustainability and Asset Pricing Location: Stream 6 & Room 903, 9F, SAIF | 4 |
| 26 | July 8, 2023 8:00-9:45 | Technology, Labor, and Firm Boundary Location: Stream 7 & Room 904, 9F, SAIF | 4 |
| 27 | July 8, 2023 8:00-9:45 | Trading, Information, and Price Discovery Location: Stream 8 & Room 1006, 10F, SAIF | 4 |
| 28 | July 8, 2023 10:15-12:00 | Asset Prices and Returns Location: Stream 1 & Room 203, 2F, SAIF | 4 |
| 29 | July 8, 2023 10:15-12:00 | Behavioral Finance II Location: Stream 2 & Room 304, 3F, SAIF | 4 |
| 30 | July 8, 2023 10:15-12:00 | Fintech and Machine Learning Location: Stream 3 & Room 305, 3F, SAIF | 4 |
| 31 | July 8, 2023 10:15-12:00 | Frontiers in Empirical Asset Pricing Location: Stream 4 & Room 403, 4F, SAIF | 4 |
| 32 | July 8, 2023 10:15-12:00 | Innovation: Peers, Teams, Labor Market, and Firm Boundary Location: Stream 5 & Room 901, 9F, SAIF | 4 |
| 33 | July 8, 2023 10:15-12:00 | New Perspectives in Asset Pricing Location: Stream 6 & Room 903, 9F, SAIF | 4 |
| 34 | July 8, 2023 10:15-12:00 | The Impact of Policies and Regulations on Financial Markets and Real Estate Prices Location: Stream 7 & Room 904, 9F, SAIF | 4 |
| 35 | July 8, 2023 13:30-15:15 | Corporate Finance, Labor and Political Economy Location: Stream 1 & Room 203, 2F, SAIF | 4 |
| 36 | July 8, 2023 13:30-15:15 | International Finance and Commodity Location: Stream 2 & Room 304, 3F, SAIF | 4 |
| 37 | July 8, 2023 13:30-15:15 | Policies, Markets, and Innovation Location: Stream 3 & Room 305, 3F, SAIF | 4 |
| 38 | July 8, 2023 13:30-15:15 | Political Economic and Finance Location: Stream 4 & Room 403, 4F, SAIF | 4 |
| 39 | July 8, 2023 15:45-17:30 | Corporate Strategies Location: Stream 1 & Room 203, 2F, SAIF | 4 |
| 40 | July 8, 2023 15:45-17:30 | ESG Investment Location: Stream 2 & Room 304, 3F, SAIF | 4 |
| 41 | July 8, 2023 15:45-17:30 | Financial Intermediation Theory Location: Stream 3 & Room 305, 3F, SAIF | 4 |
| 42 | July 8, 2023 15:45-17:30 | Innovation, Skilled Labor, and Inequality Location: Stream 4 & Room 403, 4F, SAIF | 4 |
| 43 | July 8, 2023 15:45-17:30 | Investor Bias and Belief: New Frontier Location: Stream 5 & Room 901, 9F, SAIF | 3 |
| 44 | July 9, 2023 8:00-9:45 | Advances in Asset Pricing Theory Location: Stream 1 & Room 203, 2F, SAIF | 4 |
| 45 | July 9, 2023 8:00-9:45 | Catering and Corporate Policies Location: Stream 2 & Room 304, 3F, SAIF | 3 |
| 46 | July 9, 2023 8:00-9:45 | Empirical Corporate: Innovations, Connections, Financing, and CSR Location: Stream 3 & Room 305, 3F, SAIF | 4 |
| 47 | July 9, 2023 8:00-9:45 | Finance and Environmental Sustainability Location: Stream 4 & Room 403, 4F, SAIF | 4 |
| 48 | July 9, 2023 8:00-9:45 | Information and Financing Location: Stream 5 & Room 901, 9F, SAIF | 4 |
| 49 | July 9, 2023 8:00-9:45 | Machine Learning and Alternative Data Location: Stream 6 & Room 903, 9F, SAIF | 4 |
| 50 | July 9, 2023 8:00-9:45 | Machine Learning, Sentiment, and Asset Pricing Location: Stream 7 & Room 904, 9F, SAIF | 4 |
| 51 | July 9, 2023 8:00-9:45 | Recent Advances in Finance Theory Location: Stream 8 & Room 1006, 10F, SAIF | 4 |
| 52 | July 9, 2023 10:15-12:00 | Delegated Portfolio Management Location: Stream 1 & Room 203, 2F, SAIF | 4 |
| 53 | July 9, 2023 10:15-12:00 | FinTech Implications in Financial Markets and the Real Economy Location: Stream 2 & Room 304, 3F, SAIF | 4 |
| 54 | July 9, 2023 10:15-12:00 | Macro-finance Linkages Location: Stream 3 & Room 305, 3F, SAIF | 4 |
| 55 | July 9, 2023 10:15-12:00 | Monetary Policy and Asset Markets Location: Stream 4 & Room 403, 4F, SAIF | 4 |
| 56 | July 9, 2023 10:15-12:00 | Real Effects of Corporate Finance Location: Stream 5 & Room 901, 9F, SAIF | 4 |
| 57 | July 9, 2023 10:15-12:00 | Recent Developments in Financial Intermediation Location: Stream 6 & Room 903, 9F, SAIF | 4 |
| 58 | July 9, 2023 10:15-12:00 | Risk, Return, and Anomalies Location: Stream 7 & Room 904, 9F, SAIF | 4 |
| 59 | July 9, 2023 10:15-12:00 | Technology Spillover, Incentives, Culture, and Politics in Finance Location: Stream 8 & Room 1006, 10F, SAIF | 4 |
| 60 | July 9, 2023 13:30-15:15 | Asset Pricing Theory: The Cross-section of Stock Returns Location: Stream 1 & Room 203, 2F, SAIF | 4 |
| 61 | July 9, 2023 13:30-15:15 | Current Topics in Empirical Corporate Finance Location: Stream 2 & Room 304, 3F, SAIF | 4 |
| 62 | July 9, 2023 13:30-15:15 | Empirical Asset Pricing Location: Stream 3 & Room 305, 3F, SAIF | 4 |
| 63 | July 9, 2023 13:30-15:15 | The Cross Section of Stock Returns Location: Stream 4 & Room 403, 4F, SAIF | 4 |
63 sessions, 238 papers, and 0 presentations with no associated papers |
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China International Conference in Finance 2023 (CICF) |
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Detailed List of Sessions |
| Session 1: Conference Reception (Note: All times in the program refer to Beijing Time UTC/GMT+8) July 6, 2023 18:00 to 19:30 Location: Ruby Room, 2F, Crowne Plaza |
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| For Invited Guests and Participants Registered with Meals Only. |
| Session 2: Opening and Keynote Speech (Christopher A. Sims, Princeton University) July 7, 2023 8:00 to 9:45 Location: Stream 9 & Room 303, 3F, SAIF |
| Session 3: Asset Pricing, Banking, and Beyond July 7, 2023 10:15 to 12:00 Location: Stream 1 & Room 203, 2F, SAIF |
| Session Chair: Jun Pan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| The Asset Pricing Implications of Financial Shocks for the Cross Section of Returns: Theory and Measurement |
| By Frederico Belo; INSEAD and CEPR Xiaoji Lin; University of Minnesota Juliana Salomao; University of Minnesota Fan Yang; University of Connecticut |
| presented by: Fan Yang, University of Connecticut |
| Discussant: Claire Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Feedback and Contagion through Distressed Competition |
| By Hui Chen; Massachusetts Institute of Technology Winston Dou; The Wharton School Hongye Guo; The University of Hong Kong Yan Ji; Hong Kong University of Science and Technology |
| presented by: Yan Ji, Hong Kong University of Science and Technology |
| Discussant: Zhe Geng, Fudan University |
| Will Central Bank Digital Currency Disintermediate Banks? |
| By Toni Whited; University of Michigan Yufeng Wu; Ohio State University Kairong Xiao; Columbia University |
| presented by: Yufeng Wu, Ohio State University |
| Discussant: Yiyao Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Collateral Advantage: Exchange Rates, Capital Flows, and Global Cycles |
| By Michael Devereux; University of British Columbia Charles Engel; University of Wisconsin Steve Pak Yeung Wu; University of California, San Diego |
| presented by: Steve Pak Yeung Wu, University of California, San Diego |
| Discussant: Qiushi Huang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Session 4: Bank Risk and Regulation July 7, 2023 10:15 to 12:00 Location: Stream 2 & Room 304, 3F, SAIF |
| Session Chair: Adi Sunderam, Harvard University |
| Financial Intermediaries and the Macroeconomy: Evidence from a High-Frequency Identification |
| By Pablo Ottonello; University of Michigan Wenting Song; Bank of Canada |
| presented by: Wenting Song, Bank of Canada |
| Discussant: Wenhao Li, University of Southern California |
| Stress Testing, Human Capital Investment and Risk Management |
| By Thomas Schneider; Old Dominion University Philip Strahan; Boston College Jun Yang; University of Notre Dame |
| presented by: Jun Yang, University of Notre Dame |
| Discussant: Kristle Cortes, University of New South Wales |
| The Shadow Cost of Collateral |
| By Guangqian Pan; University of Sydney Zheyao Pan; Macquarie University Kairong Xiao; Columbia University |
| presented by: Kairong Xiao, Columbia University |
| Discussant: Mingzhu Tai, The University of Hong Kong |
| Bank Equity Risk |
| By Jens Dick-Nielsen; Copenhagen Business School Zhuolu Gao; Copenhagen Business School David Lando; Copenhagen Business School |
| presented by: Zhuolu Gao, Copenhagen Business School |
| Discussant: Stefan Lewellen, Pennsylvania State University |
| Session 5: Empirical Corporate Finance July 7, 2023 10:15 to 12:00 Location: Stream 3 & Room 305, 3F, SAIF |
| Session Chair: Liu Yang, University of Maryland |
| Entrepreneur Debt Aversion and Financing Decisions: Evidence from COVID-19 Support Programs |
| By Mikael Paaso; Erasmus University Vesa Pursiainen; University of St. Gallen and Swiss Finance Institute Sami Torstila; Aalto University |
| presented by: Vesa Pursiainen, University of St. Gallen and Swiss Finance Institute |
| Discussant: Alex He, University of Maryland |
| Corporate DEI Culture Spillover |
| By Xiao Cen; Texas A&M University Yue Qiu; Temple University Tracy Wang; University of Minnesota |
| presented by: Tracy Wang, University of Minnesota |
| Discussant: Geoffrey Tate, University of Maryland |
| Green Innovation and CEO Exposure to Top Scientists |
| By Leo Liu; University of Technology Sydney Elvira Sojli; University of New South Wales Wing Wah Tham; University of New South Wales |
| presented by: Elvira Sojli, University of New South Wales |
| Discussant: Tao Shu, The Chinese University of Hong Kong, Shenzhen |
| Corporate Finance and Firm Pollution |
| By Xiaoyi Lyu; Shanghai University of Finance and Economics Chenyu Shan; Shanghai University of Finance and Economics Dragon Yongjun Tang; The University of Hong Kong |
| presented by: Chenyu Shan, Shanghai University of Finance and Economics |
| Discussant: Tiantian Gu, Northeastern University |
| Session 6: ESG Investing July 7, 2023 10:15 to 12:00 Location: Stream 4 & Room 403, 4F, SAIF |
| Session Chair: Harold Zhang, The University of Texas at Dallas |
| Are All ESG Funds Created Equal? Only Some Funds Are Committed |
| By Michelle Lowry; Drexel University Pingle Wang; University of Texas at Dallas Kelsey Wei; The University of Texas at Dallas |
| presented by: Kelsey Wei, The University of Texas at Dallas |
| Discussant: Byoung Uk Kang, Hong Kong Polytechnic University |
| Climate Laws and Cross-Border Mergers and Acquisitions |
| By Tong Li; The University of Hong Kong Dragon Yongjun Tang; The University of Hong Kong Fei Xie; University of Delaware |
| presented by: Tong Li, The University of Hong Kong |
| Discussant: Zhonglan Dai, The University of Texas at Dallas |
| The Pricing of Sustainability-Linked Bonds |
| By Haoyue Wang; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Haoyue Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Xiaoneng Zhu, Shanghai University of Finance and Economics |
| Externalities of Responsible Investments |
| By Michele Bisceglia; Toulouse School of Economics Alessio Piccolo; Indiana University Jan Schneemeier; Indiana University |
| presented by: Jan Schneemeier, Indiana University |
| Discussant: Alejandro Rivera, University of Texas at Dallas |
| Session 7: Exchange Rate Risks July 7, 2023 10:15 to 12:00 Location: Stream 5 & Room 901, 9F, SAIF |
| Session Chair: Christian T. Lundblad, The University of North Carolina at Chapel Hill |
| Firm Foreign Activity and the Geography of Exchange Rate |
| By Amir Akbari; McMaster University Francesca Carrieri; McGill University |
| presented by: Amir Akbari, McMaster University |
| Discussant: Colin Ward, University of Minnesota |
| Pension Fund Flows, Exchange Rates, and Covered Interest Rate Parity |
| By Felipe Aldunate; Universidad de los Andes Zhi Da; University of Notre Dame Borja Larrain; Pontificia Universidad Catolica de Chile Clemens Sialm; University of Texas at Austin |
| presented by: Clemens Sialm, University of Texas at Austin |
| Discussant: Shiyang Huang, The University of Hong Kong |
| Shorting the Dollar When Global Stock Markets Roar: The Equity Hedging Channel of Exchange Rate Determination |
| By Daniel Nathan; University of Pennsylvania |
| presented by: Daniel Nathan, University of Pennsylvania |
| Discussant: Nelson Camahno, Queen Mary University of London |
| Dollar Reserves and U.S. Yields: Identifying the Price Impact of Official Flows |
| By Rashad Ahmed; University of Southern California Alessandro Rebucci; Johns Hopkins University |
| presented by: Rashad Ahmed, University of Southern California |
| Discussant: Zhengyang Jiang, Northwestern University and NBER |
| Session 8: Household Finance July 7, 2023 10:15 to 12:00 Location: Stream 6 & Room 903, 9F, SAIF |
| Session Chair: Rossen Valkanov, University of California, San Diego |
| Individual Investors' Housing Income and Interest Rates Fluctuations |
| By Antonio Gargano; University of Houston Marco Giacoletti; University of Southern California |
| presented by: Antonio Gargano, University of Houston |
| Discussant: Yang Liu, The University of Hong Kong |
| Household Decisions under Pollution-Induced Health Risk |
| By Hanming Fang; University of Pennsylvania Qian Li; University of Southamption Yapei Zhang; ShanghaiTech University |
| presented by: Yapei Zhang, ShanghaiTech University |
| Discussant: Zhanhui Chen, Hong Kong University of Science and Technology |
| Beyond Performance: The Financial Education Role of Robo-Advising |
| By Rubin Hao; University of Macau Conghui Hu; Beijing Normal University Yixuan Wang; Ant Group Xin Xu; Guangdong University of Finance and Economics Yu Zhang; Ant Group |
| presented by: Rubin Hao, University of Macau |
| Discussant: Alberto Rossi, Georgetown University |
| Household Debt Overhang and Human Capital Investment |
| By Gustavo Manso; University of California, Berkeley Alejandro Rivera; University of Texas at Dallas Hui Wang; Bentley University Han Xia; University of Texas at Dallas |
| presented by: Hui Wang, Bentley University |
| Discussant: Yong Kyu Gam, University College Dublin |
| Session 9: Liquidity in Stock and Bond Markets July 7, 2023 10:15 to 12:00 Location: Stream 7 & Room 904, 9F, SAIF |
| Session Chair: Alex Zhou, Southern Methodist University |
| Liquidity Provision in the Exchange Traded Fund Market |
| By Chenfei Sun; University of Melbourne Carole Comerton-Forde; University of Melbourne Zhuo Zhong; University of Melbourne |
| presented by: Chenfei Sun, University of Melbourne |
| Discussant: Jinming Xue, Southern Methodist University |
| Would Order-By-Order Auctions Be Competitive? |
| By Chester Spatt; Carnegie Mellon University Jian Sun; Singapore Management University |
| presented by: Jian Sun, Singapore Management University |
| Discussant: Andriy Shkilko, Wilfrid Laurier University |
| Speculation and Liquidity in Stock and Corporate Bond Markets |
| By Paolo Pasquariello; University of Michigan Mirela Sandulescu; University of Michigan |
| presented by: Mirela Sandulescu, University of Michigan |
| Discussant: Mahyar Kargar, University of Illinois at Urbana-Champaign |
| Debt Market Illiquidity and Corporate Risk-Taking |
| By Jingzhi Huang; Pennsylvania State University Zhan Shi; Tsinghua University Rui Zhong; University of Western Australia |
| presented by: Zhan Shi, Tsinghua University |
| Discussant: Yi Li, Federal Reserve Board |
| Session 10: Real Estate and Retirement Finance July 7, 2023 10:15 to 12:00 Location: Stream 8 & Room 1006, 10F, SAIF |
| Session Chair: Tomasz Piskorski, Columbia University |
| Tobin Tax Policy, Housing Speculation, and Property Market Dynamics |
| By Sumit Agarwal; National University of Singapore Kwong Wing Chau; The University of Hong Kong Maggie Hu; The Chinese University of Hong Kong Wayne Wan; Monash University |
| presented by: Maggie Hu, The Chinese University of Hong Kong |
| Discussant: Charles Nathanson, Northwestern University |
| Identifying Agglomeration Spillovers: Evidence from Grocery Store Openings |
| By Franklin Qian; University of North Carolina at Chapel Hill Qianyang Zhang; Columbia University Xiang Zhang; Princeton University |
| presented by: Franklin Qian, University of North Carolina at Chapel Hill |
| Discussant: Yuhei Miyauchi, Boston University |
| Missing the Target? Retirement Expectations and Target Date Funds |
| By Byeong-Je An; Nanyang Technological University Kunal Sachdeva; Rice University |
| presented by: Kunal Sachdeva, Rice University |
| Discussant: Jeremy Tobacman, University of Delaware |
| The Great Resignation was Caused by the Covid-19 Housing Boom |
| By Jack Favilukis; The University of British Columbia Gen Li; The University of British Columbia |
| presented by: Gen Li, The University of British Columbia |
| Discussant: Wenlan Qian, National University of Singapore |
| Session 11: Big Data and Market Frictions July 7, 2023 13:30 to 15:15 Location: Stream 1 & Room 203, 2F, SAIF |
| Session Chair: Semyon Malamud, Ecole Polytechnique Federale de Lausanne |
| An Anatomy of Crypto-Enabled Cybercrimes |
| By Lin William Cong; Cornell University Campbell Harvey; Duke University Daniel Rabetti; Tel Aviv University |
| presented by: Daniel Rabetti, Tel Aviv University |
| Discussant: Luciano Somoza, Swiss Finance Institute - University of Lausanne |
| Monitoring from the Sky: Big Data and Dividend Policy |
| By Clark Liu; Tsinghua University Yancheng Qiu; Hong Kong University of Science and Technology Tao Shu; The Chinese University of Hong Kong, Shenzhen Shujing Wang; Tongji University |
| presented by: Shujing Wang, Tongji University |
| Discussant: Philippe van der Beck, Ecole Polytechnique Federale de Lausanne |
| Expected Returns and Foundation Models of Language |
| By Jingwen Jiang; University of Chicago Bryan Kelly; Yale University Dacheng Xiu; University of Chicago |
| presented by: Dacheng Xiu, University of Chicago |
| Discussant: Antoine Didisheim, University of Melbourne |
| The Coming Battle of Digital Currencies |
| By Lin William Cong; Cornell University Simon Mayer; HEC Paris |
| presented by: Simon Mayer, HEC Paris |
| Discussant: Wenqian Huang, Bank for International Settlements |
| Session 12: Carbon Emission and ESG July 7, 2023 13:30 to 15:15 Location: Stream 2 & Room 304, 3F, SAIF |
| Session Chair: Dragon Yongjun Tang, The University of Hong Kong |
| Socially Responsible Divestment |
| By Alex Edmans; London Business School Doron Levit; University of Washington Jan Schneemeier; Indiana University |
| presented by: Jan Schneemeier, Indiana University |
| Discussant: Haotian Xiang, Peking University |
| Dynamic Carbon Emission Management |
| By Maria-Cecilia Bustamante; University of Maryland Francesca Zucchi; European Central Bank |
| presented by: Francesca Zucchi, European Central Bank |
| Discussant: Zhenyu Gao, The Chinese University of Hong Kong |
| Active Fund Management when ESG Matters: An Equilibrium Perspective |
| By Doron Avramov; Reichman University Si Cheng; Syracuse University Andrea Tarelli; Catholic University of Milan |
| presented by: Si Cheng, Syracuse University |
| Discussant: Yaqiong Yao, Lancaster University |
| Sustainable Finance under Regulation |
| By Shiyang Huang; The University of Hong Kong Alexandr Kopytov; The University of Hong Kong |
| presented by: Shiyang Huang, The University of Hong Kong |
| Discussant: Magdalena Rola-Janicka, Tilburg University |
| Session 13: Mutual Fund and Hedge Fund Management July 7, 2023 13:30 to 15:15 Location: Stream 3 & Room 305, 3F, SAIF |
| Session Chair: Clemens Sialm, University of Texas at Austin |
| Self-Declared Benchmarks and Fund Manager Intent: Cheating or Competing? |
| By Huaizhi Chen; University of Notre Dame Richard Evans; University of Virginia Yang Sun; Brandeis University |
| presented by: Yang Sun, Brandeis University |
| Discussant: Qifei Zhu, Nanyang Technological University |
| Liquidity Picking and Fund Performance |
| By Feng Jiao; University of Lethbridge Sergei Sarkissian; McGill University David Schumacher; McGill University |
| presented by: Feng Jiao, University of Lethbridge |
| Discussant: Xintong Zhan, Fudan University |
| Immigrants in Finance |
| By Jun Chen; Renmin University of China Shenje Hshieh; City University of Hong Kong Melvyn Teo; Singapore Management University Feng Zhang; Southern Methodist University |
| presented by: Shenje Hshieh, City University of Hong Kong |
| Discussant: Tao Shu, The Chinese University of Hong Kong, Shenzhen |
| Monetary Policy and Fragility in Corporate Bond Funds |
| By John Chi-Fong Kuong; INSEAD James O' Donovan; City University of Hong Kong Jinyuan Zhang; University of California, Los Angeles |
| presented by: Jinyuan Zhang, University of California, Los Angeles |
| Discussant: Claire Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Session 14: 普惠金融与家庭金融 July 7, 2023 13:30 to 15:15 Location: Stream 4 & Room 403, 4F, SAIF |
| Session Chair: Weixing Wu, University of International Business and Economics |
| 农村土地经营权抵押贷款政策、农村金融可得性与农村发展：来自试点的实证证据 |
| By Yue Fang; Zhejiang University Qijun Wang; Zhejiang University |
| presented by: Yue Fang, Zhejiang University |
| Discussant: Heng Zhang, Chinese Academy of Social Sciences |
| 中国银行间回购市场微观结构研究 |
| By Jinfan Zhang; The Chinese University of Hong Kong, Shenzhen Yunhan Guo; The Chinese University of Hong Kong, Shenzhen |
| presented by: Jeffery (Jinfan) Chang, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Yi Fang, Remin University of China |
| 现金贷是“魔鬼”吗？——对互联网借贷平台征信机制的分析 |
| By Guochao Yang; Zhongnan University of Economics and Law Anxuan Jiang; Zhongnan University of Economics and Law |
| presented by: Guochao Yang, Zhongnan University of Economics and Law |
| Discussant: Jingyi Wang, Peking University |
| 参照点之下：迁移家庭的金融决策 |
| By Qingping Zhang; Peking University Ming Gao; Peking University |
| presented by: Qingping Zhang, Peking University |
| Discussant: Hongyu Xiang, Beijing Normal University |
| Session 15: 公司金融与技术变革 July 7, 2023 15:45 to 17:30 Location: Stream 1 & Room 203, 2F, SAIF |
| Session Chair: Yao Lu, Tsinghua University |
| 新药审批制度改革促进生物医药企业创新了吗？ ——基于专利和上市公司的实证研究 |
| By Haonan He; Peking University Laura Xiaolei Liu; Peking University Pengfei Han; Peking University Dan Wang; Johnson & Johnson Innovation |
| presented by: Haonan He, Peking University |
| Discussant: Yeqing Zhang, Central University of Finance and Economics |
| 数字政府建设与中小企业融资——来自地方政府中小企业融资服务平台建立的证据 |
| By Minggui Yu ; Zhongnan University of Economics and Law Mengmeng Zhang; Wuhan University |
| presented by: Minggui Yu , Zhongnan University of Economics and Law |
| Discussant: Xiang Yin, Tsinghua University |
| 债券违约对评级质量的提升影响： 评级机构的声誉激励检验 |
| By Haoyu Gao; Renmin University of China Yuting Huang; Capital University of Economics and Business Yi Yao; Renmin University of China |
| presented by: Yuting Huang, Capital University of Economics and Business |
| Discussant: Xiaoran Ni, Xiamen University |
| 促进还是抑制：宗族文化与企业数字化转型 |
| By Xiaorong Li; Central University of Finance and Economics Yunxiao Bi; Central University of Finance and Economics Mengmeng Guo; Southwestern University of Finance and Economics |
| presented by: Xiaorong Li, Central University of Finance and Economics |
| Discussant: Haonan He, Peking University |
| Session 16: Bank Lending July 7, 2023 15:45 to 17:30 Location: Stream 2 & Room 304, 3F, SAIF |
| Session Chair: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen |
| Crime and Punishment? How Banks Anticipate and Propagate Global Financial Sanctions |
| By Mikhail Mamonov; CERGE-EI Anna Pestova; CERGE-EI Steven Ongena; University of Zurich, Swiss Finance Institute, KU Leuven, NTNU Business School and CEPR |
| presented by: Mikhail Mamonov, CERGE-EI |
| Discussant: Yongqiang Chu, University of North Carolina at Charlott |
| Monitoring with Small Stakes |
| By Sheila Jiang; University of Florida Shohini Kundu; University of California, Los Angeles Douglas Xu; University of Florida |
| presented by: Sheila Jiang, University of Florida |
| Discussant: Han Xia, University of Texas at Dallas |
| Labor Capacity Constraints in Mortgage Lending: Evidence from Loan Officers |
| By Pengfei Ma; Indiana University |
| presented by: Pengfei Ma, Indiana University |
| Discussant: Yi Huang, Fudan University and CEPR |
| Current Expected Credit Loss Standard and Bank Lending Procyclicality: Evidence from U.S. Housing Markets |
| By Yi-Chun Chen; City University of Hong Kong ; Renmin University of China |
| presented by: Yi-Chun Chen, City University of Hong Kong |
| Discussant: Guangli Lu, The Chinese University of Hong Kong, Shenzhen |
| Session 17: New Facets of Institutional Funds July 7, 2023 15:45 to 17:30 Location: Stream 3 & Room 305, 3F, SAIF |
| Session Chair: Lily Fang, INSEAD |
| Partisanship and Portfolio Choice: Evidence from Mutual Funds |
| By William Cassidy; University of Chicago |
| presented by: William Cassidy, University of Chicago |
| Discussant: Mancy Luo, Erasmus University |
| Do Hedge Funds Hedge? Evidence from Risk Gap |
| By Yong Chen; Texas A&M University Hanjiang Zhang; Washington State University |
| presented by: Yong Chen, Texas A&M University |
| Discussant: Melvyn Teo, Singapore Management University |
| Simple (Learning) but Not Simplistic (Chasing): A Model-free Learning Approach for Fund Investors |
| By Jin Guo; Frankfurt School of Finance and Management Yangyi Liu; Southwest Jiaotong University |
| presented by: Jin Guo, Frankfurt School of Finance and Management |
| Discussant: Zhengyang Xu, City University of Hong Kong |
| How Index Funds Reshape Intraday Market Dynamics |
| By Wenxi Jiang; The Chinese University of Hong Kong Siyuan Wu; The Chinese University of Hong Kong Chen Yao; The Chinese University of Hong Kong |
| presented by: Siyuan Wu, The Chinese University of Hong Kong |
| Discussant: Don Noh, Hong Kong University of Science and Technology |
| Session 18: The Real Effects of Green Investment July 7, 2023 15:45 to 17:30 Location: Stream 4 & Room 403, 4F, SAIF |
| Session Chair: Kai Li, Peking University |
| Does ESG Investing Help VC Funds to Attract Startups? Experimental Evidence |
| By Ye Zhang; Stockholm School of Economics |
| presented by: Ye Zhang, Stockholm School of Economics |
| Discussant: Yifei Zhang, Peking University |
| Green Investors and Green Transition Efforts: Talk the Talk or Walk the Walk? |
| By Shuang Chen; Swiss Finance Institute and Università della Svizzera italiana |
| presented by: Shuang Chen, Swiss Finance Institute and Università della Svizzera italiana |
| Discussant: Jing Xie, University of Macau |
| Decarbonizing Institutional Investor Portfolios: Helping to Green the Planet or Just Greening Your Portfolio? |
| By Vaska Atta-Darkua; University of Virginia Simon Glossner; Board of Governors of the Federal Reserve System Philipp Krueger; University of Geneva Pedro Matos; University of Virginia |
| presented by: Pedro Matos, University of Virginia |
| Discussant: Darwin Choi, The Chinese University of Hong Kong |
| On the Reallocation Effects of Global Coordination Failure in Decarbonization |
| By Cai Chen; INSEAD Yupeng Lin; National University of Singapore Johan Sulaeman; National University of Singapore Wanrong Xu; National University of Singapore |
| presented by: Yupeng Lin, National University of Singapore |
| Discussant: Emilio Bisetti, Hong Kong University of Science and Technology |
| Session 19: Best Paper Awards and Conference Dinner July 7, 2023 19:00 to 20:30 Location: Stream 9 & Yinxing Ballroom, 4F, Crowne Plaza |
| Online participants can join the best paper awards session via Zoom. Onsite participants need to register with meals, or purchase the dinner ticket separately if registered without meals, to join this session. |
| Session 20: Asset Pricing in a New Era July 8, 2023 8:00 to 9:45 Location: Stream 1 & Room 203, 2F, SAIF |
| Session Chair: Jack Bao, University of Delaware |
| Looking Under the Hood of Data-Mining |
| By Mathias Hasler; Boston College |
| presented by: Mathias Hasler, Boston College |
| Discussant: Mengmeng Dong, University of California, Riverside |
| The Cryptocurrency Participation Puzzle |
| By Ran Duchin; Boston College David Solomon; Boston College Jun Tu; Singapore Management University Xi Wang; Peking University |
| presented by: Jun Tu, Singapore Management University |
| Discussant: Yukun Liu, University of Rochester |
| Cybercrime News and Hedging in an ICAPM Framework |
| By Jiatao Liu; Xi'an Jiaotong-Liverpool University Ian Marsh; City, University of London Yajun Xiao; Xi'an Jiaotong-Liverpool University |
| presented by: Jiatao Liu, Xi'an Jiaotong-Liverpool University |
| Discussant: Xiaofei Zhao, Georgetown University |
| The Rise of Reddit: How Social Media Affects Belief Formation and Price Discovery |
| By Danqi Hu; Peking University Charles Jones; Columbia University Valerie Zhang; Northwestern University Xiaoyan Zhang; Tsinghua University |
| presented by: Danqi Hu, Peking University |
| Discussant: Marina Niessner, University of Pennsylvania |
| Session 21: Behavioral Finance July 8, 2023 8:00 to 9:45 Location: Stream 2 & Room 304, 3F, SAIF |
| Session Chair: Hongjun Yan, DePaul University |
| Attention, Social Interaction, and Investor Attraction to Lottery Stocks |
| By Turan Bali; Georgetown University David Hirshleifer; University of Southern California Lin Peng; Baruch College, The City University of New York Yi Tang; Fordham University |
| presented by: Lin Peng, Baruch College, The City University of New York |
| Discussant: Frank Weikai Li, Singapore Management University |
| Priming and Stock Preferences: Evidence from IPO Lotteries |
| By Conghui Hu; Beijing Normal University Yu-Jane Liu; Peking University Xin Xu; Guangdong University of Finance and Economics Jianfeng Yu; Tsinghua University |
| presented by: Conghui Hu, Beijing Normal University |
| Discussant: Xiaomeng Lu, Fudan University |
| "Superstitious" Investors |
| By Hongye Guo; The University of Hong Kong Jessica Wachter; University of Pennsylvania |
| presented by: Hongye Guo, The University of Hong Kong |
| Discussant: Pengfei Sui, The Chinese University of Hong Kong, Shenzhen |
| Information Cherry-picking: When Confirmation Bias Met Anchoring Bias |
| By Shiyang Huang; The University of Hong Kong Tse-Chun Lin; The University of Hong Kong Yan Luo; Fudan University Ningyu Zhou; Fudan University |
| presented by: Yan Luo, Fudan University |
| Discussant: Claire Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Session 22: Corporate Financing Decisions July 8, 2023 8:00 to 9:45 Location: Stream 3 & Room 305, 3F, SAIF |
| Session Chair: Nadya Malenko, University of Michigan |
| Debt Restructuring and Small Firm Performance: Evidence from South Africa's Informal Transit |
| By Christopher Eaglin; Duke University Apoorv Gupta; Dartmouth College |
| presented by: Apoorv Gupta, Dartmouth College |
| Discussant: Jialan Wang, University of Illinois |
| Financing Trade Credit |
| By Niklas Amberg; Sveriges Riksbank Tor Jacobson; Sveriges Riksbank Yingjie Qi; Copenhagen Business School |
| presented by: Yingjie Qi, Copenhagen Business School |
| Discussant: Thomas Flanagan, University of Michigan |
| The Roles of Transitory Stock Market Shocks in Equity Financing: Evidence from IPOs |
| By Jaewon Choi; University of Illinois Urbana-Champaign Daniel Sungyeon Kim; Chung-Ang University Sungbin Sohn; Sogang University |
| presented by: Sungbin Sohn, Sogang University |
| Discussant: Chris Yung, University of Virginia |
| Security Issuance, Institutional Investors and Quid Pro Quo: Insights from SPACs |
| By Gaurab Aryal; Washington University in St. Louis Zhaohui Chen; University of Virginia Yuchi Yao; University of Rochester Chris Yung; University of Virginia |
| presented by: Yuchi Yao, University of Rochester |
| Discussant: Kate Volkova, University of Melbourne |
| Session 23: Derivatives and Fixed Income Securities July 8, 2023 8:00 to 9:45 Location: Stream 4 & Room 403, 4F, SAIF |
| Session Chair: Jingzhi Huang, Pennsylvania State University |
| A Factor Model for Stock Options |
| By Turan Bali; Georgetown University Jie Cao; The Hong Kong Polytechnic University Fousseni Chabi-Yo; Isenberg School of Management Linjia Song; Xiamen University Xintong Zhan; Fudan University |
| presented by: Turan Bali, Georgetown University |
| Discussant: Grace Xing Hu, Tsinghua University |
| Asset Growth Anomaly of Corporate Bonds: A Decomposition Analysis |
| By Fang Chen; University of New Haven Yifei Li; University of Nevada Reno Wenfeng Wu; Shanghai Jiao Tong University Tong Yu; University of Cincinnati |
| presented by: Wenfeng Wu, Shanghai Jiao Tong University |
| Discussant: Rui Zhong, University of Western Australia |
| Relative Basis: A Better Measure of the Convenience Yield |
| By Ming Gu; Xiamen University Wenjin Kang; Shanghai University of Finance and Economics Dong Lou; London School of Economics Ke Tang; Tsinghua University |
| presented by: Ming Gu, Xiamen University |
| Discussant: Gurdip Bakshi, Temple University |
| The Persistent Response from Option Liquidity to GameStop Short Squeeze |
| By Ruixin Yang; Rutgers University Zhaodong Zhong; Rutgers University |
| presented by: Ruixin Yang, Rutgers University |
| Discussant: Han Xiao, Pennsylvania State University |
| Session 24: Information and Decision Making July 8, 2023 8:00 to 9:45 Location: Stream 5 & Room 901, 9F, SAIF |
| Session Chair: Yiming Qian, University of Connecticut |
| Insider Trading before Peers' M&A Announcements |
| By You Xu; Zhongnan University of Economics and Law Yao Zhang; Tongji University |
| presented by: You Xu, Zhongnan University of Economics and Law |
| Discussant: Rik Sen, University of New South Wales |
| Stock Market and Demand for Labor Skills |
| By Yao Lu; Tsinghua University Liu Yang; University of Maryland Yeqing Zhang; Central University of Finance and Economics |
| presented by: Yeqing Zhang, Central University of Finance and Economics |
| Discussant: Jie He, University of Georgia |
| COVID-19: An Illusion of Productivity and a Reality of Inequality |
| By Yuxiang Jiang; Southwestern University of Finance and Economics Ruijie Liu; Southwestern University of Finance and Economics Dominik Roesch; University at Buffalo Cristian Tiu; University at Buffalo |
| presented by: Yuxiang Jiang, Southwestern University of Finance and Economics |
| Discussant: Alexander Vedrashko, Simon Fraser University |
| Does Pay Transparency Among Employees Affect Product Quality? |
| By Jeffrey Ng; The University of Hong Kong Xin Yang; Central University of Finance and Economics |
| presented by: Jeffrey Ng, The University of Hong Kong |
| Discussant: Jaideep Shenoy, University of Connecticut |
| Session 25: Sustainability and Asset Pricing July 8, 2023 8:00 to 9:45 Location: Stream 6 & Room 903, 9F, SAIF |
| Session Chair: Po-Hsuan Hsu, National Tsing Hua University |
| Too Levered for Pigou: Carbon Pricing, Financial Constraints and Leverage Regulation |
| By Robin Döttling; Erasmus University Magdalena Rola-Janicka; Tilburg University |
| presented by: Robin Döttling, Erasmus University |
| Discussant: Min Fang, University of Florida |
| Environmental Regulation, Pollution, and Shareholder Wealth |
| By Seungho Choi; Queensland University of Technology Raphael Jonghyeon Park; University of New South Wales Simon Xu; University of California, Berkeley |
| presented by: Simon Xu, University of California, Berkeley |
| Discussant: Chi-Yang Tsou, Alliance Manchester Business School |
| Carbon Emission and Asset Prices: New Evidence From Machine Learning |
| By Feng Li; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Xingjian Zheng; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Xingjian Zheng, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Hui-Ching Chuang, Yuan Ze University |
| Green Portfolios |
| By Thomas Fischer; Lund University Frederik Lundtofte; Aalborg University |
| presented by: Frederik Lundtofte, Aalborg University |
| Discussant: Chanik Jo, The Chinese University of Hong Kong |
| Session 26: Technology, Labor, and Firm Boundary July 8, 2023 8:00 to 9:45 Location: Stream 7 & Room 904, 9F, SAIF |
| Session Chair: Feng Zhang, Southern Methodist University |
| Technological Obsolescence |
| By Song Ma; Yale University |
| presented by: Song Ma, Yale University |
| Discussant: Ting Xu, University of Toronto |
| The Cost of Regulatory Compliance in the United States |
| By Miao Ben Zhang; University of Southern California Francesco Trebbi; University of California, Berkeley |
| presented by: Miao Ben Zhang, University of Southern California |
| Discussant: Shikhar Singla, London Business School |
| Learning Production Process Heterogeneity Across Industries: Implications of Deep Learning for Corporate M&A Decisions |
| By Jongsub Lee; Seoul National University Hayong Yun; Michigan State University |
| presented by: Hayong Yun, Michigan State University |
| Discussant: Danqing Mei, Cheung Kong Graduate School of Business |
| Buy, Invent, or Both? |
| By Felipe Cortes; Northeastern University Tiantian Gu; Northeastern University Toni Whited; University of Michigan |
| presented by: Tiantian Gu, Northeastern University |
| Discussant: Wenyu Wang, Indiana University |
| Session 27: Trading, Information, and Price Discovery July 8, 2023 8:00 to 9:45 Location: Stream 8 & Room 1006, 10F, SAIF |
| Session Chair: Liyan Yang, University of Toronto |
| Trades, Quotes, and Information Shares |
| By Björn Hagströmer; Stockholm University Albert Menkveld; Vrije Universiteit Amsterdam |
| presented by: Albert Menkveld, Vrije Universiteit Amsterdam |
| Discussant: Bart Yueshen, INSEAD |
| The Retail Execution Quality Landscape |
| By Anne Haubo Dyhrberg; Wilfrid Laurier University Andriy Shkilko; Wilfrid Laurier University Ingrid Werner; The Ohio State University |
| presented by: Andriy Shkilko, Wilfrid Laurier University |
| Discussant: Chen Yao, The Chinese University of Hong Kong |
| Price Discovery on Decentralized Exchanges |
| By Agostino Capponi; Columbia University Ruizhe Jia; Columbia University Shihao Yu; Columbia University |
| presented by: Agostino Capponi, Columbia University |
| Discussant: Shiyang Huang, The University of Hong Kong |
| Quantitative Investing and Price Informativeness |
| By Xuezhong( Tony) He; Xi'an Jiaotong-Liverpool University Junqing Kang; Sun Yat-sen University Xuan Zhou; Beijing Normal University |
| presented by: Junqing Kang, Sun Yat-sen University |
| Discussant: Xiaoqi Xu, Southwestern University of Finance and Economics |
| Session 28: Asset Prices and Returns July 8, 2023 10:15 to 12:00 Location: Stream 1 & Room 203, 2F, SAIF |
| Session Chair: David McLean, Georgetown University |
| Superstition Everywhere |
| By Jinfan Zhang; The Chinese University of Hong Kong, Shenzhen |
| presented by: Jeffery (Jinfan) Chang, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Wei Huang, University of Hawaii |
| Pricing Technological Innovators: Patent Intensity and Life-Cycle Dynamics |
| By Jan Bena; University of British Columbia Adlai Fisher; University of British Columbia Jiri Knesl; University of Oxford Julian Vahl; University of British Columbia |
| presented by: Adlai Fisher, University of British Columbia |
| Discussant: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen |
| Timing the Factor Zoo |
| By Christoph Reschenhofer; Vienna University of Economics and Business |
| presented by: Christoph Reschenhofer, Vienna University of Economics and Business |
| Discussant: Xi Dong, Baruch College, The City University of New York |
| Mispricing and Firm Investment |
| By Yong Chen; Texas A&M University Dora Horstman; Texas A&M University |
| presented by: Dora Horstman, Texas A&M University |
| Discussant: Chen Xue, University of Cincinnati |
| Session 29: Behavioral Finance II July 8, 2023 10:15 to 12:00 Location: Stream 2 & Room 304, 3F, SAIF |
| Session Chair: Justin Birru, The Ohio State University |
| Retail Option Traders and the Implied Volatility Surface |
| By Gregory Eaton; Oklahoma State University Clifton Green; Emory University Brian Roseman; Oklahoma State University Yanbin Wu; University of Florida |
| presented by: Yanbin Wu, University of Florida |
| Discussant: Haitao Mo, Louisiana State University |
| Distracted from Work: Stock Market Overnight Returns and Worker Productivity |
| By Xiqian Cai; Xiamen University Dongxu Li; Xiamen University |
| presented by: Dongxu Li, Xiamen University |
| Discussant: Alessandro Melone, The Ohio State University |
| In Your Face We Trust? Trust and Information Production in Financial Markets |
| By Kejing Chen; Dongbei University of Finance and Economics Jianxin Chi; University of Nevada, Las Vegas Wenqi Guo; University of Leeds Stephan Siegel; University of Washington |
| presented by: Jianxin Chi, University of Nevada, Las Vegas |
| Discussant: Chi Zhang, University of Massachusetts, Lowell |
| Expectations and Attention to Experience |
| By Heiner Beckmeyer; University of Münster Ahmed Guecioueur; INSEAD |
| presented by: Ahmed Guecioueur, INSEAD |
| Discussant: Trevor Young, Tulane University |
| Session 30: Fintech and Machine Learning July 8, 2023 10:15 to 12:00 Location: Stream 3 & Room 305, 3F, SAIF |
| Session Chair: Mao Ye, Cornell University and NBER |
| Technology and Cryptocurrency Valuation |
| By Yukun Liu; University of Rochester Jinfei Sheng; University of California, Irvine Wanyi Wang; University of California, Irvine |
| presented by: Wanyi Wang, University of California, Irvine |
| Discussant: Michael Sockin, University of Texas at Austin |
| Market Efficiency When Machines Access Information |
| By Leonidas Barbopoulos; University of Edinburgh Rui Dai; University of Pennsylvania Talis Putnins; University of Technology Sydney Anthony Saunders; New York University |
| presented by: Rui Dai, University of Pennsylvania |
| Discussant: Baozhong Yang, Georgia State University |
| Teaching Economics to the Machine |
| By Hui Chen; Massachusetts Institute of Technology Yuhan Cheng; Tsinghua University Yanchu Liu; Sun Yat-sen University Ke Tang; Tsinghua University |
| presented by: Hui Chen, Massachusetts Institute of Technology |
| Discussant: Guofu Zhou, Washington University in St. Louis |
| Artificial Intelligence and Information Production in Selection Markets: Experimental Evidence from Insurance Intermediation |
| By Xing Liu; The University of British Columbia |
| presented by: Xing Liu, The University of British Columbia |
| Discussant: Zhongchen Hu, The Chinese University of Hong Kong, Shenzhen |
| Session 31: Frontiers in Empirical Asset Pricing July 8, 2023 10:15 to 12:00 Location: Stream 4 & Room 403, 4F, SAIF |
| Session Chair: Jianfeng Yu, Tsinghua University |
| Spreading Pressure and the Commodity Futures Risk Premium |
| By Yujing Gong; London School of Economics Arie Gozluklu; University of Warwick Gi Kim; University of Warwick |
| presented by: Yujing Gong, London School of Economics |
| Discussant: Fan Yang, University of Connecticut |
| Near Is Dear: Remoteness, Soft Information, and Stock Returns |
| By Chao Gao; The Australian National University |
| presented by: Chao Gao, The Australian National University |
| Discussant: Xin Chen, Shenzhen University |
| Daily Momentum and New Investors in an Emerging Stock Market |
| By Zhenyu Gao; The Chinese University of Hong Kong Wenxi Jiang; The Chinese University of Hong Kong Wei Xiong; Princeton University Wei Xiong; Shenzhen Stock Exchange |
| presented by: Zhenyu Gao, The Chinese University of Hong Kong |
| Discussant: Li An, Tsinghua University |
| Slope Beta and Cross-sectional Stock Returns |
| By Tao Li; City University of Hong Kong Di Wu; City University of Hong Kong Lihai Yang; City University of Hong Kong |
| presented by: Lihai Yang, City University of Hong Kong |
| Discussant: Zhiyao Nicholas Chen, Lingnan University |
| Session 32: Innovation: Peers, Teams, Labor Market, and Firm Boundary July 8, 2023 10:15 to 12:00 Location: Stream 5 & Room 901, 9F, SAIF |
| Session Chair: Yuhai Xuan, University of California, Irvine |
| Proximity to Stars, Peer Pressure, and Innovation |
| By Yolanda Yulong Wang; Shenzhen University Long Yi; Hong Kong Baptist University |
| presented by: Long Yi, Hong Kong Baptist University |
| Discussant: Yifei Mao, Cornell University |
| Entrepreneurial Teams: Prior Industry Experience and Early-Stage Growth |
| By Francesco D'Acunto; Georgetown University Geoffrey Tate; University of Maryland Liu Yang; University of Maryland |
| presented by: Liu Yang, University of Maryland |
| Discussant: Ting Xu, University of Toronto |
| Human Capital Reallocation and Agglomeration of Innovation: Evidence from Technological Breakthroughs |
| By Jing Xue; University of Maryland |
| presented by: Jing Xue, University of Maryland |
| Discussant: Yue Qiu, Temple University |
| Dusting Off the Old Ones: Drug Licensing to Startups, Innovation Success and Efficiency |
| By Mosab Hammoudeh; California State University - Fullerton Joshua Krieger; Harvard Business School Jiajie Xu; University of Iowa |
| presented by: Jiajie Xu, University of Iowa |
| Discussant: S. Katie Moon, University of Colorado Boulder |
| Session 33: New Perspectives in Asset Pricing July 8, 2023 10:15 to 12:00 Location: Stream 6 & Room 903, 9F, SAIF |
| Session Chair: Roger Loh, Singapore Management University |
| Inside and Outside Informed Trading |
| By Zhi Da; University of Notre Dame Xi Dong; Baruch College, The City University of New York Ke Wu; Renmin University of China Dexin Zhou; Baruch College, The City University of New York |
| presented by: Ke Wu, Renmin University of China |
| Discussant: Kuntara Pukthuanthong, University of Missouri |
| The Factor Multiverse: The Role of Interest Rates in Factor Discovery |
| By Jules Van Binsbergen; University of Pennsylvania Liang Ma; University of South Carolina Michael Schwert; AQR Arbitrage |
| presented by: Liang Ma, University of South Carolina |
| Discussant: Andrew Chen, Federal Reserve Board |
| Skilled Foreign Labor, Urban Agglomeration, and Value Creation |
| By Hao Jiang; Michigan State University Christopher Parsons; University of Southern California Lin Sun; George Mason University Sheridan Titman; University of Texas at Austin |
| presented by: Lin Sun, George Mason University |
| Discussant: Feng Zhang, Southern Methodist University |
| Anomaly Return during FOMC |
| By Lin Tan; Tsinghua University Xiaoyan Zhang; Tsinghua University Guofu Zhou; Washington University in St. Louis |
| presented by: Lin Tan, Tsinghua University |
| Discussant: Zhanhui Chen, Hong Kong University of Science and Technology |
| Session 34: The Impact of Policies and Regulations on Financial Markets and Real Estate Prices July 8, 2023 10:15 to 12:00 Location: Stream 7 & Room 904, 9F, SAIF |
| Session Chair: Tao Zha, Emory University |
| Meet Markets: Investor Meetings and Expected Returns |
| By Eric So; Massachusetts Institute of Technology Rongfei Wang; China Investment Corporation Ran Zhang; Renmin University of China |
| presented by: Ran Zhang, Renmin University of China |
| Discussant: Chi Wan, University of Massachusetts, Boston |
| From Wall Street to Hong Kong: The Value of Dual Listing for China Concept Stocks |
| By Zhuo Chen; Tsinghua University Grace Xing Hu; Tsinghua University Ziqiong Xi; Tsinghua University Xiaoquan Zhu; University of International Business and Economics |
| presented by: Zhuo Chen, Tsinghua University |
| Discussant: Chang Ma, Fudan University |
| The Premium for Being Ordinary: A Study of the Shanghai Housing Market |
| By Haopeng Shen; Nanjing University Hang Zhou; Shanghai University of Finance and Economics Zhengyi Zhou; Shanghai University of Finance and Economics |
| presented by: Zhengyi Zhou, Shanghai University of Finance and Economics |
| Discussant: Tong Xu, Southwestern University of Finance and Economics |
| Economic Policy Uncertainty and Price Gaps of A-H Shares Evidence from Dual-Listed Stocks in China |
| By Jin Peng; University of Colorado Colorado Springs Haofei Zhang; Nankai University Shantaram Hegde; University of Connecticut Kose John; New York University |
| presented by: Jin Peng, University of Colorado Colorado Springs |
| Discussant: Grace Xing Hu, Tsinghua University |
| Session 35: Corporate Finance, Labor and Political Economy July 8, 2023 13:30 to 15:15 Location: Stream 1 & Room 203, 2F, SAIF |
| Session Chair: Yongxiang Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Immigration-Induced Labor Mobility and Firm Skill Downgrading: Evidence From DACA |
| By Yuxi Cheng; George Washington University |
| presented by: Yuxi Cheng, George Washington University |
| Discussant: Mingmei Liu, Jinan University |
| Shadow Banking: An Expedient Solution to Government Short-Termism |
| By Jeffery Chang; The Chinese University of Hong Kong, Shenzhen Zehao Liu; Renmin University of China Ting Yang; North China University of Technology |
| presented by: Zehao Liu, Renmin University of China |
| Discussant: Yiyao Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Fales Hopes: The Impact of National Leaders' Firm Visits on Industry Peers |
| By Linxiang Ma; University of Melbourne |
| presented by: Linxiang Ma, University of Melbourne |
| Discussant: Rui Dong, Nanjing University |
| Industrial Policy and State Ownership: Where Does Credit Go? |
| By Ying Xu; International Monetary Fund |
| presented by: Ying Xu, International Monetary Fund |
| Discussant: Yi Huang, Fudan University and CEPR |
| Session 36: International Finance and Commodity July 8, 2023 13:30 to 15:15 Location: Stream 2 & Room 304, 3F, SAIF |
| Session Chair: Kalok Chan, The Chinese University of Hong Kong |
| Dollar and Carry Redux |
| By Sining Liu; The University of Hong Kong Thomas Maurer; The University of Hong Kong Andrea Vedolin; Boston University Yaoyuan Zhang; The University of Hong Kong |
| presented by: Sining Liu, The University of Hong Kong |
| Discussant: Chanik Jo, The Chinese University of Hong Kong |
| Term Premia Co-movement and Global Trade Network |
| By Ai Jun Hou; Stockholm University Caihong Xu; Stockholm University Xiaoxia Ye; University of Liverpool |
| presented by: Caihong Xu, Stockholm University |
| Discussant: Jiangze Bian, University of International Business and Economics |
| A 'Bad Beta, Good Beta' Anatomy of Currency Risk Premiums and Trading Strategies |
| By I-Hsuan Ethan Chiang; University of North Carolina at Charlotte Xi Nancy Mo; University of Mary Hardin-Baylor |
| presented by: Xi Nancy Mo, University of Mary Hardin-Baylor |
| Discussant: Jing Xie, University of Macau |
| Hedging Macro Risks of Commodity-Dependent Economies |
| By Yifan Ma; Erasmus University Rotterdam Marta Szymanowska; Erasmus University Rotterdam |
| presented by: Yifan Ma, Erasmus University Rotterdam |
| Discussant: Yang Liu, The University of Hong Kong |
| Session 37: Policies, Markets, and Innovation July 8, 2023 13:30 to 15:15 Location: Stream 3 & Room 305, 3F, SAIF |
| Session Chair: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Nationalistic Labor Policies Hinder Innovation |
| By Francesco D'Acunto; Georgetown University Hengyi Huang; Tilburg University Michael Weber; University of Chicago Jin Xie; Peking University Liu Yang; University of Maryland |
| presented by: Jin Xie, Peking University |
| Discussant: Xiao Ren, The Chinese University of Hong Kong, Shenzhen |
| Social Priorities, Institutional Quality, and Investment: Theory and Evidence |
| By Amar Gande; Southern Methodist University Kose John; New York University Guanmin Liao; Renmin University of China Lemma Senbet; University of Maryland Xiaoyun Yu; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Xiaoyun Yu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Alminas Zaldokas, Hong Kong University of Science and Technology |
| Where Do Brown Companies Borrow From? |
| By Irina Luneva; University of Pennsylvania Sergey Sarkisyan; University of Pennsylvania |
| presented by: Sergey Sarkisyan, University of Pennsylvania |
| Discussant: Hongyu Shan, China Europe International Business School |
| Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship? |
| By Zhiguo He; University of Chicago Bibo Liu; Tsinghua University Feifei Zhu; Central University of Finance and Economics |
| presented by: Bibo Liu, Tsinghua University |
| Discussant: Meijun Qian, Australian National University |
| Session 38: Political Economic and Finance July 8, 2023 13:30 to 15:15 Location: Stream 4 & Room 403, 4F, SAIF |
| Session Chair: Laura Xiaolei Liu, Peking University |
| Reluctant Entrepreneurs |
| By Hanming Fang; University of Pennsylvania Ming Li; The Chinese University of Hong Kong, Shenzhen Zenan Wu; Peking University Yapei Zhang; ShanghaiTech University |
| presented by: Ming Li, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Yu Zhang, Peking University |
| Does Unchecked Police Power Threaten Long-term Investment? Evidence from a Power Consolidation Campaign in China |
| By Meng Miao; Renmin University of China Dayin Zhang; University of Wisconsin-Madison Shang Zhang; Renmin University of China |
| presented by: Meng Miao, Renmin University of China |
| Discussant: Bo Li, Tsinghua University |
| The Implementation of Central Bank Policy in China: The Roles of Commercial Bank Ownership and CEO Faction Membership |
| By Michel Habib; University of Zurich Yushi Peng; London School of Economics Yanjie Wang; University of Zurich Zexi Wang; Lancaster University |
| presented by: Zexi Wang, Lancaster University |
| Discussant: Songnan Li, Peking University |
| Navigating Political Risks: The Role of Firm Political Alignment |
| By Ping Jiang; University of International Business and Economics Jing Li; Simon Fraser University Minjia Li; The University of British Columbia Jenny Li Zhang; The University of British Columbia |
| presented by: Minjia Li, The University of British Columbia |
| Discussant: Haibing Shu, Shanghai Jiao Tong University |
| Session 39: Corporate Strategies July 8, 2023 15:45 to 17:30 Location: Stream 1 & Room 203, 2F, SAIF |
| Session Chair: Xiaoyun Yu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Market Power and Political Connections |
| By Yameng Fan; Universitat Pompeu Fabra Feng Zhou; Universitat Pompeu Fabra |
| presented by: Feng Zhou, Universitat Pompeu Fabra |
| Discussant: Frank Yu, China Europe International Business School |
| Market-Based Innovation Policy: Evidence from High-Tech Incubators in China |
| By Pengdong Zhang; Sun Yat-sen University |
| presented by: Pengdong Zhang, Sun Yat-sen University |
| Discussant: Merih Sevilir, ESMT Berlin & IWH |
| Why Do Non-financial Firms Hold Financial Assets? |
| By Hans Degryse; KU Leuven and CEPR Tong Zhao; KU Leuven |
| presented by: Tong Zhao, KU Leuven |
| Discussant: Qiping Xu, University of Illinois at Urbana Champaign |
| Balance Sheet Financial Flexibility |
| By Sudipto Dasgupta; The Chinese University of Hong Kong Erica Li; Cheung Kong Graduate School of Business Siyuan Wu; The Chinese University of Hong Kong |
| presented by: Erica Li, Cheung Kong Graduate School of Business |
| Discussant: Manpreet Singh, Georgia Institute of Technology |
| Session 40: ESG Investment July 8, 2023 15:45 to 17:30 Location: Stream 2 & Room 304, 3F, SAIF |
| Session Chair: Huasheng Gao, Fudan University |
| Investors in Green Bonds |
| By Moqi Xu; Queen Mary University of London Malgorzata Ryduchowska; BI Norwegian Business School |
| presented by: Moqi Xu, Queen Mary University of London |
| Discussant: Frank Weikai Li, Singapore Management University |
| Regulation Induced CSR |
| By Vidhi Chhaochharia; University of Miami Rik Sen; University of New South Wales Jing Xu; University of Technology Sydney |
| presented by: Jing Xu, University of Technology Sydney |
| Discussant: Yiqing Lu, New York University Shanghai |
| ESG-linked Pay Around the World —Trends, Determinants, and Outcomes |
| By Sonali Hazarika; Baruch College, The City University of New York Aditya Kashikar; Baruch College, The City University of New York Lin Peng; Baruch College, The City University of New York Ailsa Roell; Columbia University Yao Shen; Baruch College, The City University of New York |
| presented by: Sonali Hazarika, Baruch College, The City University of New York |
| Discussant: Ruishen Zhang, Shanghai University of Finance and Economics |
| ESG Investing in Emerging Markets: Betting on Firm Fundamentals or Riding Investor Preferences? |
| By Renxuan Wang; China Europe International Business School |
| presented by: Renxuan Wang, China Europe International Business School |
| Discussant: Xiaomeng Lu, Fudan University |
| Session 41: Financial Intermediation Theory July 8, 2023 15:45 to 17:30 Location: Stream 3 & Room 305, 3F, SAIF |
| Session Chair: Kathy Yuan, London School of Economics |
| Market Structure of Intermediation |
| By Hongda Zhong; London School of Economics |
| presented by: Hongda Zhong, London School of Economics |
| Discussant: Ming Yang, University College London |
| In the Shadow of Shadow Banking: A Liquidity View |
| By Ping He; Tsinghua University Zehao Liu; Renmin University of China Chengbo Xie; Southwestern University of Finance and Economics |
| presented by: Zehao Liu, Renmin University of China |
| Discussant: Ansgar Walther, Imperial College London |
| Passive Investing and the Rise of Mega-Firms |
| By Hao Jiang; Michigan State University Dimitri Vayanos; London School of Economics Lu Zheng; University of California, Irvine |
| presented by: Hao Jiang, Michigan State University |
| Discussant: Savitar Sundaresan, Imperial College London |
| Borrowing From A Bigtech Platform |
| By Jian Li; Columbia University Stefano Pegoraro; University of Notre Dame |
| presented by: Jian Li, Columbia University |
| Discussant: Jing Huang, Texas A&M University |
| Session 42: Innovation, Skilled Labor, and Inequality July 8, 2023 15:45 to 17:30 Location: Stream 4 & Room 403, 4F, SAIF |
| Session Chair: Tao Shu, The Chinese University of Hong Kong, Shenzhen |
| Research and/or Development? Financial Frictions and Innovation Investment |
| By Filippo Mezzanotti; Northwestern University Timothy Simcoe; Boston University |
| presented by: Filippo Mezzanotti, Northwestern University |
| Discussant: Po-Hsuan Hsu, National Tsing Hua University |
| Measuring the Impact of Remote [Knowledge] Work Using Big Data |
| By Alan Kwan; The University of Hong Kong Ben Matthies; University of Notre Dame |
| presented by: Alan Kwan, The University of Hong Kong |
| Discussant: Zhongchen Hu, The Chinese University of Hong Kong, Shenzhen |
| Access to Financing and Within Firm Racial Pay Gap |
| By Janet Gao; Georgetown University Wenting Ma; University of Massachusetts Amherst Qiping Xu; University of Illinois at Urbana Champaign |
| presented by: Janet Gao, Georgetown University |
| Discussant: Xiao Ren, The Chinese University of Hong Kong, Shenzhen |
| Minority CEOs, Discrimination, and IPO Underpricing |
| By Jun-Koo Kang; Nanyang Technological University Angie Low; Nanyang Technological University Quan Zhang; Nanyang Technological University |
| presented by: Quan Zhang, Nanyang Technological University |
| Discussant: Rong Wang, Singapore Management University |
| Session 43: Investor Bias and Belief: New Frontier July 8, 2023 15:45 to 17:30 Location: Stream 5 & Room 901, 9F, SAIF |
| Session Chair: Bing Han, University of Toronto |
| Artificially Intelligent Analyst Sentiment and Aggregate Market Behavior |
| By Vidhi Chhaochharia; University of Miami Alok Kumar; University of Miami Ville Rantala; University of Miami Alan Zhang; Florida International University |
| presented by: Alan Zhang, Florida International University |
| Discussant: Xiao Han, City, University of London |
| Investor Memory and Biased Beliefs: Evidence from the Field |
| By Zhengyang Jiang; Northwestern University Hongqi Liu; The Chinese University of Hong Kong, Shenzhen Cameron Peng; London School of Economics Hongjun Yan; DePaul University |
| presented by: Hongqi Liu, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Peiran Jiao, Maastricht University |
| The Influence of Media Slant on Short Sellers |
| By April Knill; Florida State University Baixiao Liu; Peking University John McConnell; Purdue University Glades McKenzie; Florida State University |
| presented by: Baixiao Liu, Peking University |
| Discussant: Tianyu Zhang, The Chinese University of Hong Kong, Shenzhen |
| Session 44: Advances in Asset Pricing Theory July 9, 2023 8:00 to 9:45 Location: Stream 1 & Room 203, 2F, SAIF |
| Session Chair: Hui Chen, Massachusetts Institute of Technology |
| Identifying Preference for Early Resolution from Asset Prices |
| By Hengjie Ai; University of Wisconsin Ravi Bansal; Duke University Hongye Guo; The University of Hong Kong Amir Yaron; The Wharton School |
| presented by: Hongye Guo, The University of Hong Kong |
| Discussant: Jaroslav Borovicka, New York University |
| Market Power in the Securities Lending Market |
| By Shuaiyu Chen; Purdue University Ron Kaniel; University of Rochester Christian Opp; University of Rochester |
| presented by: Christian Opp, University of Rochester |
| Discussant: Wenxi Jiang, The Chinese University of Hong Kong |
| Asset Pricing with "Buy Now, Pay Later" |
| By Semyon Malamud; Ecole Polytechnique Federale de Lausanne Neng Wang; Columbia University Yuan Zhang; Shanghai University of Finance and Economics |
| presented by: Yuan Zhang, Shanghai University of Finance and Economics |
| Discussant: Yan Ji, Hong Kong University of Science and Technology |
| Whence LASSO? A Rational Interpretation |
| By Wen Chen; The Chinese University of Hong Kong, Shenzhen Bo Hu; George Mason University Liyan Yang; University of Toronto |
| presented by: Wen Chen, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Semyon Malamud, Ecole Polytechnique Federale de Lausanne |
| Session 45: Catering and Corporate Policies July 9, 2023 8:00 to 9:45 Location: Stream 2 & Room 304, 3F, SAIF |
| Session Chair: Yufeng Wu, Ohio State University |
| The Politics of Corporate Investment: Evidence from Political Turnovers and IPO Proceeds |
| By Matthew Denes; Carnegie Mellon University Ran Duchin; Boston College Hongbo Pan; Wuhan University Wei Shi; Deakin University |
| presented by: Matthew Denes, Carnegie Mellon University |
| Discussant: Janet Gao, Georgetown University |
| The Supply and Demand for Data Privacy: Evidence from Mobile Apps |
| By Bo Bian; University of British Columbia Xinchen Ma; London School of Economics Huan Tang; London School of Economics |
| presented by: Huan Tang, London School of Economics |
| Discussant: Anthony Lee Zhang, University of Chicago |
| Using 'Mood Images' in an Annual Report to Influence Shareholder Say-on-pay Votes |
| By Pawel Bilinski; City, University of London Jay Jung; City, University of London Zan Li; City, University of London |
| presented by: Zan Li, City, University of London |
| Discussant: Daisy Wang, The Ohio State University |
| Session 46: Empirical Corporate: Innovations, Connections, Financing, and CSR July 9, 2023 8:00 to 9:45 Location: Stream 3 & Room 305, 3F, SAIF |
| Session Chair: Lin Peng, Baruch College, The City University of New York |
| Do Startup Patent Acquisitions Affect Inventor Productivity? |
| By Joan Farre-Mensa; University of Illinois at Chicago Zack Liu; University of Houston Jordan Nickerson; University of Washington |
| presented by: Zack Liu, University of Houston |
| Discussant: Linyi Zhang, The Chinese University of Hong Kong, Shenzhen |
| The Golden Revolving Door: Hedging through Hiring Government Officials |
| By Ling Cen; The Chinese University of Hong Kong Lauren Cohen; Harvard Business School Jing Wu; The Chinese University of Hong Kong Fan Zhang; The Chinese University of Hong Kong |
| presented by: Ling Cen, The Chinese University of Hong Kong |
| Discussant: Dexin Zhou, Baruch College, The City University of New York |
| Risk Perceptions and Corporate Financing Behaviors |
| By Youngmin Choi; Baruch College, The City University of New York Armen Hovakimian; Baruch College, The City University of New York Joonsung Won; Baruch College, The City University of New York |
| presented by: Joonsung Won, Baruch College, The City University of New York |
| Discussant: Irena Hutton, Florida State University |
| Do Consumers Care About Corporate Social Responsibility? Evidence from Retail Markets |
| By Jiaying Wei; Southwestern University of Finance and Economics Steven Chong Xiao; The University of Texas at Dallas |
| presented by: Steven Chong Xiao, The University of Texas at Dallas |
| Discussant: Hao Liang, Singapore Management University |
| Session 47: Finance and Environmental Sustainability July 9, 2023 8:00 to 9:45 Location: Stream 4 & Room 403, 4F, SAIF |
| Session Chair: Zhi Da, University of Notre Dame |
| Incentivizing Investors for a Greener Economy |
| By Nam Nguyen; The University of Texas at Dallas Alejandro Rivera; University of Texas at Dallas Harold Zhang; The University of Texas at Dallas |
| presented by: Harold Zhang, The University of Texas at Dallas |
| Discussant: Shiyang Huang, The University of Hong Kong |
| Who Benefits from Sustainability-linked Loans? |
| By Kai Du; Pennsylvania State University Jarrad Harford; University of Washington David Shin; Indiana University |
| presented by: David Shin, Indiana University |
| Discussant: Hanyi Yi, Boston College |
| Carbon Emissions and Shareholder Value: Causal Evidence from the U.S. Power Utilities |
| By Mayank Kumar; University of Michigan Amiyatosh Purnanandam; University of Michigan |
| presented by: Mayank Kumar, University of Michigan |
| Discussant: Hayong Yun, Michigan State University |
| What is the Impact of Mutual Funds' ESG Preferences on Portfolio Firms? |
| By Maxime Couvert; The University of Hong Kong |
| presented by: Maxime Couvert, The University of Hong Kong |
| Discussant: Yao Shen, Baruch College, The City University of New York |
| Session 48: Information and Financing July 9, 2023 8:00 to 9:45 Location: Stream 5 & Room 901, 9F, SAIF |
| Session Chair: Russell Wermers, University of Maryland |
| Information Synergy in Loan Markets: How Do Banks Finance Innovation? |
| By Shuhua Zhang; University of Kansas |
| presented by: Shuhua Zhang, University of Kansas |
| Discussant: Alex Zhou, Southern Methodist University |
| The Spillover Effect of Politicians' Networks on Corporate Investments |
| By Gary Tian; Macquarie University |
| presented by: Gary Tian, Macquarie University |
| Discussant: Alan Huang, University of Waterloo |
| The Broader Impact of Venture Capital on Innovation: Reducing Information Frictions Through Due-diligence |
| By Juanita Gonzalez-uribe; London School of Economics Robyn Klingler-Vidra; King's College of London Su Wang; ShanghaiTech University Xiang Yin; Tsinghua University |
| presented by: Su Wang, ShanghaiTech University |
| Discussant: Xuan Tian, Tsinghua University |
| When Bondholders Are Lenders: Incentive Alignment or Information Spillover? |
| By Kai Li; University of British Columbia Luca Xianran Lin; HEC Montreal Xinyan Yan; University of Dayton |
| presented by: Luca Xianran Lin, HEC Montreal |
| Discussant: Bingkuan Cao, University of Nebraska-Lincoln |
| Session 49: Machine Learning and Alternative Data July 9, 2023 8:00 to 9:45 Location: Stream 6 & Room 903, 9F, SAIF |
| Session Chair: Dacheng Xiu, University of Chicago |
| Visual Information in the Age of AI: Evidence from Corporate Executive Presentations |
| By Meng Wang; Georgia State University |
| presented by: Meng Wang, Georgia State University |
| Discussant: Kuntara Pukthuanthong, University of Missouri |
| The Dark Side of Decentralized Finance: Evidence from Meme Tokens |
| By Tao Li; University of Florida Donghwa Shin; University of North Carolina at Chapel Hill Chuyi Sun; University of North Carolina at Chapel Hill Baolian Wang; University of Florida |
| presented by: Tao Li, University of Florida |
| Discussant: Yukun Liu, University of Rochester |
| What Drives Trading in Financial Markets? A Big Data Perspective |
| By Shikun Ke; Yale University Anton Lines; Columbia University |
| presented by: Anton Lines, Columbia University |
| Discussant: Lingxiao Zhao, Peking University |
| Granular Information and Sectoral Movements |
| By Hao Jiang; Michigan State University Sophia Zhengzi Li; Rutgers Business School Peixuan Yuan; Renmin University of China |
| presented by: Peixuan Yuan, Renmin University of China |
| Discussant: Junye Li, Fudan University |
| Session 50: Machine Learning, Sentiment, and Asset Pricing July 9, 2023 8:00 to 9:45 Location: Stream 7 & Room 904, 9F, SAIF |
| Session Chair: Dongmei Li, University of South Carolina |
| Wisdom of the Institutional Crowd: Implications for Anomaly Returns |
| By AJ Yuan Chen; University of Southern California Gerard Hoberg; University of Southern California Miao Ben Zhang; University of Southern California |
| presented by: Miao Ben Zhang, University of Southern California |
| Discussant: Hao Jiang, Michigan State University |
| Betting Against the Crowd: Option Trading and Market Risk Premium |
| By Jie Cao; The Hong Kong Polytechnic University Gang Li; The Chinese University of Hong Kong Xintong Zhan; Fudan University Guofu Zhou; Washington University in St. Louis |
| presented by: Gang Li, The Chinese University of Hong Kong |
| Discussant: Sophie Ni, Hong Kong Baptist University |
| Textual Analysis of Short-seller Research Reports |
| By Xiao Han; City, University of London Jules van Binsbergen; The Wharton School Alejandro Lopez-Lira; University of Florida |
| presented by: Xiao Han, City, University of London |
| Discussant: Xiaoxia Lou, University of Delaware |
| There is a Positive Risk Premium for Idiosyncratic Volatility After All |
| By Yufeng Han; University of North Carolina at Charlotte Weike Xu; Clemson University |
| presented by: Weike Xu, Clemson University |
| Discussant: Jie Cao, The Hong Kong Polytechnic University |
| Session 51: Recent Advances in Finance Theory July 9, 2023 8:00 to 9:45 Location: Stream 8 & Room 1006, 10F, SAIF |
| Session Chair: Andrey Malenko, University of Michigan |
| Asymmetric Information, Disagreement, and the Valuation of Debt and Equity |
| By Snehal Banerjee; University of California, San Diego Bradyn Breon-Drish; University of California, San Diego Kevin Smith; Stanford University |
| presented by: Kevin Smith, Stanford University |
| Discussant: Jungsuk Han, Seoul National University |
| Confidentiality and Competition in Concurrent Bargaining |
| By Jangwoo Lee; The Chinese University of Hong Kong |
| presented by: Jangwoo Lee, The Chinese University of Hong Kong |
| Discussant: Jian Sun, Singapore Management University |
| Strategic Investment under Uncertainty with First- and Second-mover Advantages |
| By Min Dai; The Hong Kong Polytechnic University Zhaoli Jiang; The Chinese University of Hong Kong, Shenzhen Neng Wang; Columbia University |
| presented by: Neng Wang, Columbia University |
| Discussant: Winston Dou, The Wharton School |
| Optimal Managerial Authority |
| By Joanne Juan Chen; Boston University |
| presented by: Joanne Juan Chen, Boston University |
| Discussant: Deniz Okat, Hong Kong University of Science and Technology |
| Session 52: Delegated Portfolio Management July 9, 2023 10:15 to 12:00 Location: Stream 1 & Room 203, 2F, SAIF |
| Session Chair: Andrei Simonov, Michigan State University |
| Why Have Actively Managed Bond Funds Remained Popular? |
| By Jaewon Choi; University of Illinois Urbana-Champaign Martijn Cremers; University of Notre Dame Timothy Riley; University of Arkansas |
| presented by: Jaewon Choi, University of Illinois Urbana-Champaign |
| Discussant: Zhanhui Chen, Hong Kong University of Science and Technology |
| Social Interactions and Mutual Fund Herding |
| By Yi Dong; Shanghai University of Finance and Economics Lin Peng; Baruch College, The City University of New York Lu Qiu; Hong Kong University of Science and Technology Xinrong Xiao; University of International Business and Economics |
| presented by: Yi Dong, Shanghai University of Finance and Economics |
| Discussant: Zhongjin Lu, University of Georgia |
| Investor Overconfidence, Over-extrapolation Bias, Mutual Fund Flow and Performance |
| By Jie Gao; Bentley University David Hirshleifer; University of Southern California |
| presented by: Jie Gao, Bentley University |
| Discussant: Rachel Li, University of Alabama |
| Flow Diversification |
| By Sunil Wahal; Arizona State University Albert Wang; Auburn University |
| presented by: Albert Wang, Auburn University |
| Discussant: Elena Pikulina, The University of British Columbia |
| Session 53: FinTech Implications in Financial Markets and the Real Economy July 9, 2023 10:15 to 12:00 Location: Stream 2 & Room 304, 3F, SAIF |
| Session Chair: Lin William Cong, Cornell University |
| PeerMeta: A Framework of Financial Statement Fraud Detection Based on Peer Effects and Meta Learning |
| By Jianqing Fan; Princeton University Qingfu Liu; Fudan University |
| presented by: Jianqing Fan, Princeton University |
| Discussant: Amin Shams, The Ohio State University |
| Can Blockchain Technology Help Overcome Contractual Incompleteness? Evidence from State Laws |
| By Mark Chen; Georgia State University Sophia Hu; Baylor University Joanna Wang; Georgia State University Qinxi Wu; Baylor University |
| presented by: Joanna Wang, Georgia State University |
| Discussant: Jinfei Sheng, University of California, Irvine |
| Does Mobile Payment Adoption Reduce Corruption? Cross-Country Evidence |
| By Lin Tang; The University of Hong Kong Yuhai Xuan; University of California, Irvine Hong Zou; The University of Hong Kong |
| presented by: Lin Tang, The University of Hong Kong |
| Discussant: Bo Li, Tsinghua University |
| Does Digitalization Widen Labor Income Inequality? |
| By Jilei Huang; Shandong University Xinrui Li; University of Chinese Academy of Sciences Yi Sun; University of Chinese Academy of Sciences Liyan Yang; University of Toronto |
| presented by: Yi Sun, University of Chinese Academy of Sciences |
| Discussant: Ehsan Azarmsa, University of Oklahoma |
| Session 54: Macro-finance Linkages July 9, 2023 10:15 to 12:00 Location: Stream 3 & Room 305, 3F, SAIF |
| Session Chair: Stavros Panageas, University of California, Los Angeles |
| Information-Driven Volatility |
| By Hengjie Ai; University of Wisconsin Leyla Han; Boston University Lai Xu; Syracuse University |
| presented by: Leyla Han, Boston University |
| Discussant: Jun Li, The University of Texas at Dallas |
| Intermediary Balance Sheets and the Treasury Yield Curve |
| By Wenxin Du; University of Chicago Benjamin Hebert; Stanford University Wenhao Li; University of Southern California |
| presented by: Wenhao Li, University of Southern California |
| Discussant: Tyler Muir, University of California, Los Angeles |
| Turbulent Business Cycles |
| By Ding Dong; Hong Kong University of Science and Technology Zheng Liu; Federal Reserve Bank of San Francisco Pengfei Wang; Peking University |
| presented by: Ding Dong, Hong Kong University of Science and Technology |
| Discussant: Erik Loualiche, University of Minnesota |
| Trade Barriers and Sovereign Default Risk |
| By George Alessandria; University of Rochester Yan Bai; University of Rochester Minjie Deng; Simon Fraser University Chang Liu; University of Rochester |
| presented by: Chang Liu, University of Rochester |
| Discussant: Vivian Yue, Emory University |
| Session 55: Monetary Policy and Asset Markets July 9, 2023 10:15 to 12:00 Location: Stream 4 & Room 403, 4F, SAIF |
| Session Chair: Hengjie Ai, University of Wisconsin |
| Signaling with Debt Currency Choice |
| By Egemen Eren; Bank for International Settlements Semyon Malamud; Ecole Polytechnique Federale de Lausanne Haonan Zhou; Princeton University |
| presented by: Haonan Zhou, Princeton University |
| Discussant: Dmitry Orlov, University of Wisconsin |
| Redistributive Inflation and Optimal Monetary Policy |
| By Yucheng Yang; Princeton University |
| presented by: Yucheng Yang, Princeton University |
| Discussant: Eduardo Davila, Yale University |
| Monetary Policy and Financial Stability |
| By Joao Gomes; University of Pennsylvania Sergey Sarkisyan; University of Pennsylvania |
| presented by: Sergey Sarkisyan, University of Pennsylvania |
| Discussant: Kai Li, Peking University |
| Downward Nominal Rigidities and Bond Premia |
| By Francois Gourio; Federal Reserve Bank of Chicago Bob Ngo; Cleveland State University |
| presented by: Bob Ngo, Cleveland State University |
| Discussant: Jincheng Tong, University of Toronto |
| Session 56: Real Effects of Corporate Finance July 9, 2023 10:15 to 12:00 Location: Stream 5 & Room 901, 9F, SAIF |
| Session Chair: Xavier Giroud, Columbia University |
| The Effect of Childcare Access on Women's Careers and Firm Performance |
| By Elena Simintzi; University of North Carolina-Chapel Hill Sheng-Jun Xu; University of Alberta Ting Xu; University of Toronto |
| presented by: Ting Xu, University of Toronto |
| Discussant: Marina Gertsberg, University of Melbourne |
| On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets |
| By Paul Decaire; Arizona State University Denis Sosyura; Arizona State University |
| presented by: Paul Decaire, Arizona State University |
| Discussant: John (Jianqiu) Bai, Northeastern University |
| Do Board Connections Between Product Market Peers Impede Competition? |
| By Radhakrishnan Gopalan; Washington University in St. Louis Renping Li; Washington University in St. Louis Alminas Zaldokas; Hong Kong University of Science and Technology |
| presented by: Renping Li, Washington University in St. Louis |
| Discussant: Thomas Schmid, The University of Hong Kong |
| What do Unions do? Wages, Incentives, and Investments |
| By Vojislav Maksimovic; University of Maryland Liu Yang; University of Maryland |
| presented by: Liu Yang, University of Maryland |
| Discussant: Irene Yi, University of Toronto |
| Session 57: Recent Developments in Financial Intermediation July 9, 2023 10:15 to 12:00 Location: Stream 6 & Room 903, 9F, SAIF |
| Session Chair: Wenxin Du, University of Chicago |
| Monitoring with Small Stakes: Evidence from Leveraged Loans |
| By Sheila Jiang; University of Florida |
| presented by: Sheila Jiang, University of Florida |
| Discussant: Bo Sun, University of Virginia |
| The Liquidity Premium of Digital Payment Vehicle |
| By Zefeng Chen; Peking University Zhengyang Jiang; Northwestern University |
| presented by: Zefeng Chen, Peking University |
| Discussant: Xiaomeng Lu, Fudan University |
| Does Product-Market Concentration Affect Portfolio Allocation? Evidence from Life Insurers |
| By Will Liu; City University of Hong Kong Chenyu Xiong; City University of Hong Kong |
| presented by: Chenyu Xiong, City University of Hong Kong |
| Discussant: Xing Liu, The University of British Columbia |
| Learning from Prospectuses |
| By Simona Abis; Columbia University Andrea Buffa; University of Colorado Boulder Apoorva Javadekar; Indian School of Business Anton Lines; Columbia University |
| presented by: Simona Abis, Columbia University |
| Discussant: Erica Li, Cheung Kong Graduate School of Business |
| Session 58: Risk, Return, and Anomalies July 9, 2023 10:15 to 12:00 Location: Stream 7 & Room 904, 9F, SAIF |
| Session Chair: Yan Liu, Purdue University |
| Inflation and the Relative Price Premium |
| By Yun Joo An; Indiana University Fotis Grigoris; Indiana University Christian Heyerdahl-Larsen; Indiana University Preetesh Kantak; Indiana University |
| presented by: Fotis Grigoris, Indiana University |
| Discussant: Xiang Fang, The University of Hong Kong |
| Forecasting and Managing Correlation Risks |
| By Tim Bollerslev; Duke University Sophia Zhengzi Li; Rutgers Business School Yushan Tang; Rutgers Business School |
| presented by: Sophia Zhengzi Li, Rutgers Business School |
| Discussant: Junbo Wang, Louisiana State University |
| Liquidity Characteristics of Market Anomalies and Institutional Trading |
| By Charles Cao; Pennsylvania State University Bing Liang; University of Massachusetts Amherst Tong Yao; University of Iowa Andrew (Jianzhong) Zhang; University of Nevada, Las Vegas |
| presented by: Tong Yao, University of Iowa |
| Discussant: Dashan Huang, Singapore Management University |
| Idiosyncratic Financial Risk and a Reevaluation of the Market Risk-return Tradeoff |
| By Johnathan Loudis; University of Notre Dame |
| presented by: Johnathan Loudis, University of Notre Dame |
| Discussant: Jun Tu, Singapore Management University |
| Session 59: Technology Spillover, Incentives, Culture, and Politics in Finance July 9, 2023 10:15 to 12:00 Location: Stream 8 & Room 1006, 10F, SAIF |
| Session Chair: Jun Yang, Indiana University |
| Diffused Errors along Technology Spillovers: Evidence from the 510(k) Medical Device Market |
| By Po-Hsuan Hsu; National Tsing Hua University Kyungran Lee; University of Hong Kong S. Katie Moon; University of Colorado Boulder Seungjoon Oh; Peking University |
| presented by: Seungjoon Oh, Peking University |
| Discussant: Xuelin Li, University of South Carolina |
| The Value of Openness |
| By Joshua Della Vedova; University of San Diego Stephan Siegel; University of Washington Mitch Warachka; Chapman University |
| presented by: Mitch Warachka, Chapman University |
| Discussant: Jiajie Xu, University of Iowa |
| The Incentives of SPAC Sponsors |
| By Felix Feng; University of Washington Tom Nohel; Loyola University Chicago Xuan Tian; Tsinghua University Wenyu Wang; Indiana University Yufeng Wu; Ohio State University |
| presented by: Wenyu Wang, Indiana University |
| Discussant: Chris Yung, University of Virginia |
| Does Democracy Shape International Merger Activity? |
| By M. Farooq Ahmad; SKEMA Business School – Université Côte d'Azur Thomas Lambert; Rotterdam School of Management Jose M. Martin-Flores; CUNEF Universidad Arthur Petit-Romec; Toulouse Business School |
| presented by: Thomas Lambert, Rotterdam School of Management |
| Discussant: Luca Xianran Lin, HEC Montreal |
| Session 60: Asset Pricing Theory: The Cross-section of Stock Returns July 9, 2023 13:30 to 15:15 Location: Stream 1 & Room 203, 2F, SAIF |
| Session Chair: Erica Li, Cheung Kong Graduate School of Business |
| A Real Investment-based Model of Asset Pricing |
| By Frederico Belo; INSEAD and CEPR Xinwei Li; INSEAD |
| presented by: Xinwei Li, INSEAD |
| Discussant: Xiang Fang, The University of Hong Kong |
| A Unified Explanation for the Decline of the Value Premium and the Rise of the Markup |
| By Xiaoji Lin; University of Minnesota Chao Ying; The Chinese University of Hong Kong Terry Zhang; Australian National University |
| presented by: Chao Ying, The Chinese University of Hong Kong |
| Discussant: Jun Li, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Asset Pricing Implications of Heterogeneous Investment Horizons |
| By Idan Hodor; Monash University Fernando Zapatero; Boston University |
| presented by: Idan Hodor, Monash University |
| Discussant: Chenjie Xu, Hong Kong University of Science and Technology |
| Operating Leverage and Asset Pricing Anomalies |
| By Leonid Kogan; Massachusetts Institute of Technology Jun Li; The University of Texas at Dallas Harold Zhang; The University of Texas at Dallas Yifan Zhu; BI Norwegian Business School |
| presented by: Jun Li, The University of Texas at Dallas |
| Discussant: Ding Luo, City University of Hong Kong |
| Session 61: Current Topics in Empirical Corporate Finance July 9, 2023 13:30 to 15:15 Location: Stream 2 & Room 304, 3F, SAIF |
| Session Chair: Xuan Tian, Tsinghua University |
| (Don't) Feed the Mouth that Bites: Trade Credit Strategies Among Rival Customers Sharing Suppliers |
| By Kayla Freeman; University of Georgia Jie He; University of Georgia Han Xia; University of Texas at Dallas Liyan Yang; University of Toronto |
| presented by: Kayla Freeman, University of Georgia |
| Discussant: Ling Cen, The Chinese University of Hong Kong |
| Winner's Curse in Takeovers? Evidence from Investment Bank Valuation Disagreement |
| By Tingting Liu; Iowa State University Tao Shu; The Chinese University of Hong Kong, Shenzhen Jasmine Wang; University of Virginia |
| presented by: Tao Shu, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Alminas Zaldokas, Hong Kong University of Science and Technology |
| The Market for CEOs |
| By Peter Cziraki; University of Toronto Dirk Jenter; London School of Economics and Political Science |
| presented by: Peter Cziraki, University of Toronto |
| Discussant: Nan Yang, Hong Kong Polytechnic University |
| All Clear for Takeoff: Evidence from Airports on the Effects of Infrastructure Privatization |
| By Sabrina Howell; New York University Yeejin Jang; University of New South Wales Hyeik Kim; University of Alberta Michael Weisbach; The Ohio State University |
| presented by: Yeejin Jang, University of New South Wales |
| Discussant: Eyub Yegen, Hong Kong University of Science and Technology |
| Session 62: Empirical Asset Pricing July 9, 2023 13:30 to 15:15 Location: Stream 3 & Room 305, 3F, SAIF |
| Session Chair: Xiaoyan Zhang, Tsinghua University |
| Asset-Pricing Factors with Economic Targets |
| By Svetlana Bryzgalova; London Business School Victor DeMiguel; London Business School Sicong Li; London Business School Markus Pelger; Stanford University |
| presented by: Sicong Li, London Business School |
| Discussant: Xinran Zhang, Central University of Finance and Economics |
| Asset Pricing with Daily Shopper Spending |
| By Kuntara Pukthuanthong; University of Missouri Jialu Shen; University of Missouri Ruixiang Wang; Clark University |
| presented by: Jialu Shen, University of Missouri |
| Discussant: Xue Wang, Tsinghua University |
| Corporate Events and Asset Pricing Anomalies |
| By Jintao Du; City University of Hong Kong Yan Liu; Purdue University Feng Zhang; Southern Methodist University |
| presented by: Jintao Du, City University of Hong Kong |
| Discussant: Fang Qiao, University of International Business and Economics |
| Dealer Disagreement and Asset Prices in FX Markets |
| By Brandon Yueyang Han; University of Maryland Sophia Zhengzi Li; Rutgers Business School Zhaogang Song; Johns Hopkins University |
| presented by: Brandon Yueyang Han, University of Maryland |
| Discussant: Dun Jia, Peking University |
| Session 63: The Cross Section of Stock Returns July 9, 2023 13:30 to 15:15 Location: Stream 4 & Room 403, 4F, SAIF |
| Session Chair: Dong Lou, London School of Economics |
| Inflation Forecasting from Cross-Sectional Stocks |
| By Claire Yurong Hong; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Jun Pan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Shiwen Tian; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Claire Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Pengfei Sui, The Chinese University of Hong Kong, Shenzhen |
| Price Impact: Continuous Trading, Closing Auctions, and Opening Auctions |
| By Amit Goyal; University of Lausanne Narasimhan Jegadeesh; Emory University Yanbin Wu; University of Florida |
| presented by: Yanbin Wu, University of Florida |
| Discussant: Hong Xiang, Hong Kong Polytechnic University |
| Flow-Based Asset Pricing: A Factor Framework of Cross-Sectional Price Impacts |
| By Yu An; Johns Hopkins University Yinan Su; Johns Hopkins University Chen Wang; University of Notre Dame |
| presented by: Yu An, Johns Hopkins University |
| Discussant: Xin Liu, Renmin University of China |
| The Return of Return Dominance: Decomposing the Cross-Section of Prices |
| By Ricardo De la O; University of Southern California Xiao Han; City, University of London Sean Myers; The Wharton School |
| presented by: Xiao Han, City, University of London |
| Discussant: Jiantao Huang, The University of Hong Kong |
This program was last updated on 2023-05-27 09:45:54 EDT