Summary of All Sessions |
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| # | Date/Time | Title/Location | Papers |
|---|---|---|---|
| 1 | July 8, 2024 18:00-19:30 | Conference Reception Location: Centro Bar,1F | 0 |
| 2 | July 9, 2024 8:00-9:45 | Asset Market Linkages Location: Conference Room A | 4 |
| 3 | July 9, 2024 8:00-9:45 | 中国问题研究 Location: Conference Room B | 4 |
| 4 | July 9, 2024 8:00-9:45 | Financial Machine Learning Location: Conference Room E | 4 |
| 5 | July 9, 2024 8:00-9:45 | International Finance I Location: Conference Room C | 3 |
| 6 | July 9, 2024 8:00-9:45 | Trading and Liquidity in Traditional and New Markets Location: Conference Room D | 3 |
| 7 | July 9, 2024 8:00-9:45 | Trading, Factors, and Returns Location: Conference Room F | 4 |
| 8 | July 9, 2024 10:15-12:00 | Advances in Empirical Finance Location: Conference Room A | 4 |
| 9 | July 9, 2024 10:15-12:00 | AI and Alternative Data in Finance Location: Conference Room B | 4 |
| 10 | July 9, 2024 10:15-12:00 | Behavioral Finance Location: Conference Room C | 4 |
| 11 | July 9, 2024 10:15-12:00 | Corporate Actions: From M&A and Restructuring to ESG Location: Conference Room D | 4 |
| 12 | July 9, 2024 10:15-12:00 | Fixed Income and Currencies Location: Conference Room E | 4 |
| 13 | July 9, 2024 10:15-12:00 | Green Finance Location: Conference Room F | 4 |
| 14 | July 9, 2024 13:30-15:00 | Keynote Speech: Money Capital Location: Grand Ballroom,2F | 0 |
| 15 | July 9, 2024 15:30-17:15 | Asset Pricing: From Bonding to Networking Location: Conference Room A | 4 |
| 16 | July 9, 2024 15:30-17:15 | 中国股票市场及制度建设 Location: Conference Room B | 4 |
| 17 | July 9, 2024 15:30-17:15 | China Focus: Finance Market and Financial Institutions Location: Conference Room C | 4 |
| 18 | July 9, 2024 15:30-17:15 | Information and Liquidity Location: Conference Room D | 3 |
| 19 | July 9, 2024 15:30-17:15 | Insights from Analysts, Asset Managers, VCs, and Regulators Location: Conference Room E | 4 |
| 20 | July 9, 2024 15:30-17:15 | Topics in Corporate Finance and Governance I Location: Conference Room F | 4 |
| 21 | July 9, 2024 18:00-20:00 | Conference Dinner and Best Paper Awards Location: Grand Ballroom,2F | 0 |
| 22 | July 10, 2024 8:00-9:45 | Data, Labor, and Government Location: Conference Room A | 3 |
| 23 | July 10, 2024 8:00-9:45 | ESG Location: Conference Room B | 4 |
| 24 | July 10, 2024 8:00-9:45 | Information, Lending, and Markets Location: Conference Room C | 4 |
| 25 | July 10, 2024 8:00-9:45 | Interesting Papers in Corporate Finance Location: Conference Room D | 4 |
| 26 | July 10, 2024 8:00-9:45 | New Developments in the Loan Market: FinTech, Geopolitics, and Collateral Location: Conference Room E | 4 |
| 27 | July 10, 2024 8:00-9:45 | Politics and Corporate Finance Location: Conference Room F | 4 |
| 28 | July 10, 2024 10:15-12:00 | China Focused Location: Conference Room A | 4 |
| 29 | July 10, 2024 10:15-12:00 | Climate, Carbon, and ESG Location: Conference Room B | 4 |
| 30 | July 10, 2024 10:15-12:00 | Empirical Asset Pricing I Location: Conference Room C | 4 |
| 31 | July 10, 2024 10:15-12:00 | Institutional Investors Location: Conference Room D | 4 |
| 32 | July 10, 2024 10:15-12:00 | Navigating the Future: Digital Transformation's Impact on Financial Markets and the Real Economy Location: Conference Room E | 4 |
| 33 | July 10, 2024 10:15-12:00 | New Factors, Factor Timing and Portfolio Optimization Location: Conference Room F | 4 |
| 34 | July 10, 2024 13:30-15:15 | Asset Pricing Theory and Empirical Evidence Location: Conference Room D | 4 |
| 35 | July 10, 2024 13:30-15:15 | Empirical Corporate Finance Location: Conference Room B | 4 |
| 36 | July 10, 2024 13:30-15:15 | ESG Demand and Asset Prices Location: Conference Room A | 4 |
| 37 | July 10, 2024 13:30-15:15 | Household Finance and Real Estate Finance Location: Conference Room C | 4 |
| 38 | July 10, 2024 13:30-15:15 | Technological Change and Financial Markets Location: Conference Room E | 3 |
| 39 | July 10, 2024 13:30-15:15 | Topics in Corporate Finance and Governance II Location: Conference Room F | 4 |
| 40 | July 10, 2024 15:45-17:30 | Asset Management Location: Conference Room A | 4 |
| 41 | July 10, 2024 15:45-17:30 | Empirical Asset Pricing II Location: Conference Room B | 4 |
| 42 | July 10, 2024 15:45-17:30 | Information Frictions in Corporate Finance Location: Conference Room F | 4 |
| 43 | July 10, 2024 15:45-17:30 | Macroeconomic Announcements Location: Conference Room D | 4 |
| 44 | July 10, 2024 15:45-17:30 | Monetary Policy, Asset Markets, and Economic Outcomes Location: Conference Room E | 4 |
| 45 | July 10, 2024 15:45-17:30 | Regulations and the Real Effects Location: Conference Room C | 3 |
| 46 | July 11, 2024 8:00-9:45 | Biology and Politics in Financial Decisions Location: Conference Room A | 4 |
| 47 | July 11, 2024 8:00-9:45 | Corporate Finance in China Location: Conference Room B | 4 |
| 48 | July 11, 2024 8:00-9:45 | International Finance II Location: Conference Room C | 4 |
| 49 | July 11, 2024 8:00-9:45 | Investor Beliefs and Asset Pricing Location: Conference Room D | 4 |
| 50 | July 11, 2024 8:00-9:45 | Nonbank Financial Institutions Location: Conference Room E | 4 |
| 51 | July 11, 2024 8:00-9:45 | Politics and Finance Location: Conference Room F | 4 |
| 52 | July 11, 2024 10:15-12:00 | Asset Prices and Macro-Finance Location: Conference Room C | 4 |
| 53 | July 11, 2024 10:15-12:00 | Factors Affecting the Cognitive and Trading Behavior of Market Participants Location: Conference Room B | 4 |
| 54 | July 11, 2024 10:15-12:00 | Finance and Environment Location: Conference Room A | 4 |
| 55 | July 11, 2024 10:15-12:00 | Fintech and Real Estate Location: Conference Room D | 4 |
| 56 | July 11, 2024 10:15-12:00 | Incentives in Corporate Finance Location: Conference Room E | 4 |
| 57 | July 11, 2024 10:15-12:00 | Politics and Institutions Location: Conference Room F | 3 |
| 58 | July 11, 2024 13:30-15:15 | Delegated Portfolio Management Location: Conference Room A | 4 |
| 59 | July 11, 2024 13:30-15:15 | Determinants of Corporate ESG Performance Location: Conference Room B | 4 |
| 60 | July 11, 2024 13:30-15:15 | ESG Investment: New Perspectives Location: Conference Room E | 4 |
| 61 | July 11, 2024 13:30-15:15 | Financial Institutions in a New Era Location: Conference Room C | 3 |
| 62 | July 11, 2024 13:30-15:15 | Financial Intermediary and Social Media Location: Conference Room D | 4 |
| 63 | July 11, 2024 13:30-15:15 | Special Topics in Empirical Asset Pricing Location: Conference Room F | 4 |
63 sessions, 232 papers, and 0 presentations with no associated papers |
|---|
China International Conference in Finance 2024 (CICF) |
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Detailed List of Sessions |
| Session 1: Conference Reception July 8, 2024 18:00 to 19:30 Location: Centro Bar,1F |
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| For Invited Guests and Participants Registered with Meals Only. |
| Session 2: Asset Market Linkages July 9, 2024 8:00 to 9:45 Location: Conference Room A |
| Session Chair: Amit Goyal, University of Lausanne |
| The Stock-Bond Correlation: A Tale of Two Days in the Treasury Bond Market |
| By Grace Xing Hu; Tsinghua University Zhao Jin; Central University of Finance and Economics Jun Pan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Grace Xing Hu, Tsinghua University |
| Discussant: Erica Li, Cheung Kong Graduate School of Business |
| Common Risk Factors in the Returns on Stocks, Bonds (and Options), Redux |
| By Zhongtian Chen; University of Pennsylvania Nikolai Roussanov; University of Pennsylvania Xiaoliang Wang; Hong Kong University of Science and Technology Dongchen Zou; University of Pennsylvania Wharton School |
| presented by: Xiaoliang Wang, The Hong Kong University of Science and |
| Discussant: Xiao Xiao, City, University of London |
| The Implicit Government Guarantee as a Spillover Channel: Evidence from Chinese Local SOE Bond Markets |
| By Kai Li; Peking University Yiming Zhang; Hong Kong University of Science and Technology |
| presented by: Yiming Zhang, Hong Kong University of Science and Technology |
| Discussant: Zhe Geng, Fudan University |
| Financial News Production |
| By Allen Hu; Yale University |
| presented by: Allen Hu, Yale University |
| Discussant: Ruishen Zhang, The University of Hong Kong |
| Session 3: 中国问题研究 July 9, 2024 8:00 to 9:45 Location: Conference Room B |
| Session Chair: Laura Xiaolei Liu, Peking University |
| 基金“扩圈”行为能否提高基金业绩？——基于招募说明书聚类的文本分析 |
| By Honghai Yu; Nanjing University Zhixuan Zhao; Nanjing University Xinnan Lei; Nanjing University Ruochen Yang; Nanjing University |
| presented by: Zhixuan Zhao, Nanjing University |
| Discussant: Xinming Li, Nankai University |
| 劳动力市场流动性的公司治理效应 —— 来自我国户籍制度的经验证据 |
| By Yao Lu; Tsinghua University Zhang Peng; Central University of Finance and Economics Meiling Niu; Tsinghua University |
| presented by: Meiling Niu, Tsinghua University |
| Discussant: Songnan Li, University of International Business and Economics |
| 公募基金持股与企业绿色创新——来自中证 800/1000 指数断点回归的证据 |
| By Zelin Xu; Fuzhou university Yuchen Lin; Sun Yat-sen University Xingjian Wang; Capital University of Economics and Business Xingzi Ren; Capital University of Economics and Business |
| presented by: Xingjian Wang, Capital University of Economics and Business |
| Discussant: Yue Zhang, Baruch College, The City University of New York |
| 引凤先筑巢：保障房建设对企业人力资本积累的影响 |
| By Qingfeng Cai; Xiamen University Guanchen Wu; Xiamen University Dongxu Li; Xiamen University |
| presented by: Dongxu Li, Xiamen University |
| Discussant: Yu Zhang, Peking University |
| Session 4: Financial Machine Learning July 9, 2024 8:00 to 9:45 Location: Conference Room E |
| Session Chair: Dacheng Xiu, University of Chicago |
| Unusual Financial Communication: Evidence from ChatGPT, Earnings Calls, and the Stock Market |
| By Lars Beckmann; University of Munster Heiner Beckmeyer; University of Munster Ilias Filippou; Washington University in St. Louis Stefan Menze; University of Munster Guofu Zhou; Washington University in St. Louis |
| presented by: Guofu Zhou, Washington University in St. Louis |
| Discussant: Yuehua Tang, University of Florida |
| Narrative-Managed Market Portfolio |
| By Fuwei Jiang; Central University of Finance and Economics Bowen Xue; University of Chinese Academy of Sciences Hong Yan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Jianhao Zhan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Fuwei Jiang, Xiamen University |
| Discussant: Wenxi Jiang, The Chinese University of Hong Kong |
| The Listenability of Disclosures and Firms' Information Environment |
| By Andrew Call; Arizona State University Ben Wang; Hong Kong Polytechnic University Liwei Weng; Hong Kong Polytechnic University Qiang Wu; Hong Kong Polytechnic University |
| presented by: Ben Wang, Hong Kong Polytechnic University |
| Discussant: Lingling Zheng, Renmin University of China |
| Human Skill Through a Digital Lens: Evaluating Analysts with Machine Learning |
| By Sean Cao; University of Maryland, College Park Norman Guo; Saint Louis University Houping Xiao; Georgia State University Baozhong Yang; Georgia State University |
| presented by: Norman Guo, Saint Louis University |
| Discussant: Allen Huang, Hong Kong University of Science and Technology |
| Session 5: International Finance I July 9, 2024 8:00 to 9:45 Location: Conference Room C |
| Session Chair: Wenxin Du, Harvard University |
| Corporate Basis and Demand for U.S. Dollar Assets |
| By Grace Xing Hu; Tsinghua University Zhan Shi; Tsinghua University Ganesh Viswanath-Natraj; Warwick Business School Junxuan Wang; University of Cambridge |
| presented by: Zhan Shi, Tsinghua University |
| Discussant: Haonan Zhou, University of Hong Kong |
| Central Bank Swap Lines, Bank Risk Management and Currency Choice in Trade |
| By Yang Jiao; Singapore Management University Ohyun Kwon; Drexel University Saiah Lee; Ulsan National Institute of Science and Technology Shang-Jin Wei; Columbia University |
| presented by: Yang Jiao, Singapore Management University |
| Discussant: Ji Zhang, Tsinghua University |
| Financial Distortions: Sovereign Borrowing and Firm Access to International Capital Markets |
| By Pablo Hernando-Kaminsky; World Bank Graciela Kaminsky; George Washington University Shiyi Wang; Southwestern University of Finance and Economics |
| presented by: Shiyi Wang, Southwestern University of Finance and Economics |
| Discussant: Jeffery (Jinfan) Chang, The Chinese University of Hong Kong, Shenzhen |
| Session 6: Trading and Liquidity in Traditional and New Markets July 9, 2024 8:00 to 9:45 Location: Conference Room D |
| Session Chair: Zhaogang Song, Johns Hopkins University |
| To Dissimulate or Not to Dissimulate? Insider Trading When Anticipating Future Information |
| By Hongjun Yan; DePaul University Liyan Yang; University of Toronto Xueyong Zhang; Central University of Finance and Economics Deqing Zhou; Central University of Finance and Economics |
| presented by: Liyan Yang, University of Toronto |
| Discussant: Junyuan Zou, INSEAD |
| The Paradox of Just-in-Time Liquidity in Decentralized Exchanges: More Providers Can Lead to Less Liquidity |
| By Agostino Capponi; Columbia University Ruizhe Jia; Columbia University Brian Zhu; Columbia University |
| presented by: Brian Zhu, Columbia University |
| Discussant: Yu An, Johns Hopkins University |
| Whose Asset Sales Matter? |
| By Jamie Coen; Imperial College London |
| presented by: Jamie Coen, Imperial College London |
| Discussant: Yi Li, Federal Reserve Board |
| Session 7: Trading, Factors, and Returns July 9, 2024 8:00 to 9:45 Location: Conference Room F |
| Session Chair: Adlai Fisher, University of British Columbia |
| Wisdom of Which Crowd? — Evidence from an Information-Technology Shock |
| By Kejing Chen; Dongbei University of Finance and Economics Jianxin Chi; University of Nevada, Las Vegas Qingqing Wan; Dongbei University of Finance and Economics |
| presented by: Kejing Chen, Dongbei University of Finance and Economics |
| Discussant: Jinfei Sheng, University of California, Irvine |
| Expected Return in Night and Day: Role of Trading Volume |
| By Qi Fan; Singapore Management University Zhiheng He; Tsinghua University Dashan Huang; Singapore Management University |
| presented by: Qi Fan, Singapore Management University |
| Discussant: Yapei Zhang, ShanghaiTech University |
| Interpretable Factors of Firm Characteristics |
| By Yuxiao Jiao; Tsinghua University Guofu Zhou; Washington University in St. Louis Yingzi Zhu; Tsinghua University |
| presented by: Yuxiao Jiao, Tsinghua University |
| Discussant: Yundong Tu, Peking University |
| Currency Return Dynamics: What is the Role of U.S. Macroeconomic Regimes? |
| By Guanhao Feng; City University of Hong Kong Jingyu He; City University of Hong Kong Junye Li; Fudan University Lucio Sarno; University of Cambridge Qianshu Zhang; City University of Hong Kong |
| presented by: Guanhao Feng, City University of Hong Kong |
| Discussant: Yushan Tang, Shanghai University of Finance and Economics |
| Session 8: Advances in Empirical Finance July 9, 2024 10:15 to 12:00 Location: Conference Room A |
| Session Chair: Rossen Valkanov, University of California, San Diego |
| Impact of Institutional Owners on Housing Markets |
| By Caitlin Gorback; University of Texas at Austin Franklin Qian; University of North Carolina at Chapel Hill Zipei Zhu; University of North Carolina at Chapel Hill |
| presented by: Zipei Zhu, University of North Carolina at Chapel Hill |
| Discussant: Yuecheng Jia, Central University of Finance and Economics |
| Natural Disaster and Household Risk Taking |
| By Maggie Hu; The Chinese University of Hong Kong Yiyi Zhao; The Chinese University of Hong Kong |
| presented by: Yiyi Zhao, The Chinese University of Hong Kong |
| Discussant: Junxiong Gao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Learning from Neighbors: Peer Effects in Chinese Household Financial Investments |
| By Juncong Guo; Shanghai Jiao Tong University Xi Qu; Shanghai Jiao Tong University |
| presented by: Juncong Guo, Shanghai Jiao Tong University |
| Discussant: Yan Xu, The University of Hong Kong |
| How does the Demand Side Process Financial Advice? |
| By Antoinette Schoar; Massachusetts Institute of Technology Yang Sun; Brandeis University |
| presented by: Yang Sun, Brandeis University |
| Discussant: Jing Zhao, Hong Kong Polytechnic University |
| Session 9: AI and Alternative Data in Finance July 9, 2024 10:15 to 12:00 Location: Conference Room B |
| Session Chair: Lin William Cong, Cornell University |
| A Good Sketch is Better than A Long Speech: Evaluate Delinquency Risk through Real-Time Video Analysis |
| By Xiangyu Chang; Xi'an Jiao Tong University Lili Dai; University of New South Wales Lingbing Feng; Jiangxi University of Finance and Economics Jianlei Han; Macquarie University Jing Shi; Zhongnan University of Economics and Law Bohui Zhang; The Chinese University of Hong Kong, Shenzhen |
| presented by: Jianlei Han, Macquarie University |
| Discussant: Allen Hu, Yale University |
| Executives vs Chatbots: Unmasking Insights through Human-AI Differences in Earnings Conference Q&A |
| By John (Jianqiu) Bai; Northeastern University Nicole Boyson; Northeastern University Yi Cao; George Mason University Miao Liu; Boston College Chi Wan; University of Massachusetts, Boston |
| presented by: John (Jianqiu) Bai, Northeastern University |
| Discussant: Wu Zhu, Tsinghua University |
| Detecting Insider Trading in the Era of Big Data and Machine Learning |
| By Guang Cheng; University of California, Los Angeles Christian Lundblad; The University of North Carolina at Chapel Hill Zhishu Yang; Tsinghua University Qi Zhang; Shanghai Jiao Tong University |
| presented by: Qi Zhang, Shanghai Jiao Tong University |
| Discussant: Daniel Rabetti, National University of Singapore |
| AI-Powered Trading, Algorithmic Collusion, and Price Efficiency |
| By Winston Dou; University of Pennsylvania Itay Goldstein; University of Pennsylvania Yan Ji; Hong Kong University of Science and Technology |
| presented by: Yan Ji, The Hong Kong University of Science and Technology |
| Discussant: Shiyang Huang, The University of Hong Kong |
| Session 10: Behavioral Finance July 9, 2024 10:15 to 12:00 Location: Conference Room C |
| Session Chair: Hongjun Yan, DePaul University |
| Prospect Theory in the Field: Revealed Preferences from Mutual Fund Flows |
| By Bing Han; University of Toronto Pengfei Sui; The Chinese University of Hong Kong, Shenzhen Wenhao Yang; University of North Carolina at Charlotte |
| presented by: Pengfei Sui, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Li An, Tsinghua University |
| Exposure to Corruption and Stock Returns for the U.S. Multinational Firms: Evidence from Africa |
| By John Fan Zhang; Macau University of Science and Technology |
| presented by: John Fan Zhang, Macau University of Science and Technology |
| Discussant: Mingzhu Tai, The University of Hong Kong |
| Did Retail Traders Take Over Wall Street? A Tick-by-Tick Analysis of GameStop's Price Surge |
| By Guofu Zhou; Washington University in St. Louis Zhaoque Zhou; Washington University in St. Louis |
| presented by: Guofu Zhou, Washington University in St. Louis |
| Discussant: Xiaomeng Lu, Fudan University |
| Investor Attention to Mutual Fund Disclosures and Information Efficiency |
| By Yichun He; University of California, Irvine Jinfei Sheng; University of California, Irvine |
| presented by: Yichun He, University of California, Irvine |
| Discussant: Yong Chen, Texas A&M University |
| Session 11: Corporate Actions: From M&A and Restructuring to ESG July 9, 2024 10:15 to 12:00 Location: Conference Room D |
| Session Chair: Wei Wang, Queen's University |
| The Effect of Local Labor Competition on Mergers and Acquisitions |
| By John (Jianqiu) Bai; Northeastern University Yi Cao; George Mason University Tyler Hull; University of Massachusetts, Boston Chen Shen; Ontario Tech University Chi Wan; University of Massachusetts, Boston |
| presented by: Chen Shen, Ontario Tech University |
| Discussant: Xiaoqiao Wang, The Chinese University of Hong Kong, Shenzhen |
| Security Comes at a Cost: The Economic Consequences of U.S. Government Interventions in Foreign Investments |
| By Sichong Chen; Zhongnan University of Economics and Law Andy Naranjo; University of Florida Yuehua Tang; University of Florida |
| presented by: Yuehua Tang, University of Florida |
| Discussant: Bo Li, Peking University |
| A Cautionary Tale: Cash Externalities of Corporate Bond Defaults |
| By Haoyu Gao; Renmin University of China Dongyang Li; Central University of Finance and Economics Yiling Ouyang; Shanghai University of International Business and Economics |
| presented by: Yiling Ouyang, Shanghai University of International Business and Economics |
| Discussant: Zilong Zhang, Zhejiang University |
| Female Equity Analysts and Corporate Environmental and Social Performance |
| By Kai Li; University of British Columbia Feng Mai; Stevens Institute of Technology Gabriel Wong; Cardiff University Chelsea Yang; University of British Columbia Tengfei Zhang; Rutgers University |
| presented by: Chelsea Yang, University of British Columbia |
| Discussant: Qifei Zhu, National University of Singapore |
| Session 12: Fixed Income and Currencies July 9, 2024 10:15 to 12:00 Location: Conference Room E |
| Session Chair: Jun Pan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| The Fickle and the Stable: Global Financial Cycle Transmission via Heterogeneous Investors |
| By Haonan Zhou; Princeton University |
| presented by: Haonan Zhou, University of Hong Kong |
| Discussant: Qiushi Huang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| US Interest Rate Surprises and Currency Returns |
| By Juan Antolin-Diaz; London Business School Gino Cenedese; Fulcrum Asset Management Shangqi Han; Fulcrum Asset Management Lucio Sarno; University of Cambridge |
| presented by: Shangqi Han, Fulcrum Asset Management |
| Discussant: Xiang Fang, The University of Hong Kong |
| Do Insurers Listen to Earnings Conference Calls? Evidence from the Corporate Bond Market |
| By Jie Cao; Hong Kong Polytechnic University Gang Li; The Chinese University of Hong Kong Russell Wermers; University of Maryland Xintong Zhan; Fudan University Linyu Zhou; Hong Kong Polytechnic University |
| presented by: Xintong Zhan, Fudan University |
| Discussant: Alex Zhou, Southern Methodist University |
| Informed Trading and Variations in Trading Volume and Liquidity: Evidence from Index CDSs |
| By Jingzhi Huang; Pennsylvania State University Xinjie Wang; Southern University of Science and Technology Weike Xu; Clemson University Zhaodong Zhong; Rutgers University |
| presented by: Zhaodong Zhong, Rutgers University |
| Discussant: Amit Goyal, University of Lausanne |
| Session 13: Green Finance July 9, 2024 10:15 to 12:00 Location: Conference Room F |
| Session Chair: Chu Zhang, Hong Kong University of Science and Technology |
| The Effect of Carbon Pricing on Firm Performance: Worldwide Evidence |
| By Tinghua Duan; IESEG School of Management Frank Weikai Li; Singapore Management University Hong Zhang; Singapore Management University |
| presented by: Tinghua Duan, IESEG School of Management |
| Discussant: Yifei Zhang, Peking University |
| The Effects of Environmental Policy on Industrial Pollution: A Supply Chain Perspective |
| By Hong Ru; Nanyang Technological University Endong Yang; University of Macau Kunru Zou; Renmin University of China |
| presented by: Kunru Zou, Renmin University of China |
| Discussant: Ling Cen, The Chinese University of Hong Kong |
| Does Segment Disclosure Constrain Corporate Pollution? |
| By Chenxing Jing; University of International Business and Economics Bin Xu; University of Leeds Luo Zuo; National University of Singapore |
| presented by: Bin Xu, University of Leeds |
| Discussant: Guojun He, The University of Hong Kong |
| Private Equity and Gas Emissions: Evidence from Electric Power Plants |
| By Xuanyu Bai; University of Oregon Youchang Wu; University of Oregon |
| presented by: Youchang Wu, University of Oregon |
| Discussant: Quentin Moreau, The Hong Kong University of Science and Technology |
| Session 14: Keynote Speech: Money Capital July 9, 2024 13:30 to 15:00 Location: Grand Ballroom,2F |
| Keynote Speaker: Patrick Bolton, Imperial College London |
| Session 15: Asset Pricing: From Bonding to Networking July 9, 2024 15:30 to 17:15 Location: Conference Room A |
| Session Chair: Nengjiu Ju, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Corporate Refinancing and Expected Bond Returns |
| By Yifei Li; University of Nevada Reno Anni Wang; University of Nevada, Reno Qun Wu; University of Nevada, Reno Ting Zhang; University of Dayton |
| presented by: Anni Wang, University of Nevada, Reno |
| Discussant: Zhan Shi, Tsinghua University |
| Derivative Spreads: Evidence from SPX Options |
| By Jie Cao; Hong Kong Polytechnic University Kris Jacobs; University of Houston Sai Ke; California State University Long Beach |
| presented by: Jie Cao, Hong Kong Polytechnic University |
| Discussant: Chao Zi, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Expected Index Option Returns: What Can We Learn From the Macroeconomy and Anomalies? |
| By Heiner Beckmeyer; University of Munster Guoshi Tong; Fudan University Guofu Zhou; Washington University in St. Louis |
| presented by: Guoshi Tong, Fudan University |
| Discussant: Terry Zhang, Australian National University |
| Attention-based Graph Neural Networks in Firm CDS Prediction |
| By Belinda Chen; University of Illinois at Urbana-Champaign Jonathan Brogaard; University of Utah |
| presented by: Belinda Chen, University of Illinois at Urbana-Champaign |
| Discussant: Rui Zhong, University of Western Australia |
| Session 16: 中国股票市场及制度建设 July 9, 2024 15:30 to 17:15 Location: Conference Room B |
| Session Chair: Tianyi Wang, University of International Business and Economics |
| “一本万利”还是“孤注一掷”：现金股利与投资者博彩型偏好 |
| By Siyuan Yang; Tsinghua University |
| presented by: Siyuan Yang, Tsinghua University |
| Discussant: Qingbin Meng, Renmin University of China |
| 推测性信息与分析师预测准确性 ——基于机构实地调研问答文本的研究 |
| By Honghai Yu; Nanjing University Jinglei Xu; Nanjing University Yuhe Mei; Nanjing University Dongmin Kong; Huazhong University of Science and Technology |
| presented by: Jinglei Xu, Nanjing University |
| Discussant: Conghui Hu, Beijing Normal University |
| 股票收益率非对称性： 新测度与新发现 |
| By Yang Liu; Hunan University Yingzi Zhu; Tsinghua University Kang Guo; Hunan University Yuxiao Jiao; Tsinghua University |
| presented by: Yang Liu, Hunan University |
| Discussant: Liyan Han, Beihang University |
| 注册制改革、信息披露质量与投资者行为 ---基于创业板再融资市场的证据 |
| By Jiangze Bian; University of International Business and Economics Chenxi Yin; University of International Business and Economics Mei Yu; University of International Business and Economics |
| presented by: Jiangze Bian, University of International Business and Economics |
| Discussant: Yong Fang, China Academy of Sciences |
| Session 17: China Focus: Finance Market and Financial Institutions July 9, 2024 15:30 to 17:15 Location: Conference Room C |
| Session Chair: Xuewen Liu, The University of Hong Kong |
| The Spillover Effects of Real Estate |
| By Kaiji Chen; Emory University and Atlanta Fed Huancheng Du; Central University Of Finance And Economics Chang Ma; Fudan University |
| presented by: Chang Ma, Fudan University |
| Discussant: Yu Zhang, Peking University |
| Asset Pricing with the National Team |
| By Siyuan Wu; The Chinese University of Hong Kong |
| presented by: Siyuan Wu, The Chinese University of Hong Kong |
| Discussant: Xinran Zhang, Central University of Finance and Economics |
| Supply Chain Localization in China |
| By Laura Xiaolei Liu; Peking University Chloe Yue Liu; Peking University Rundong Wang; Peking University |
| presented by: Laura Xiaolei Liu, Peking University |
| Discussant: Claire Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| The Spillover Effects of Implicit Government Guarantee Allocation: Evidence from China's Local Government Financing Vehicle Rating Adjustments |
| By Wenlong Wang; Central University of Finance and Economics Bowen Yang; Shanghai Jiao Tong University Yuqin Huang; Central University of Finance and Economics |
| presented by: Bowen Yang, Shanghai Jiao Tong University |
| Discussant: Zehao Liu, Renmin University of China |
| Session 18: Information and Liquidity July 9, 2024 15:30 to 17:15 Location: Conference Room D |
| Session Chair: Alex Zhou, Southern Methodist University |
| Dealer Specialization and Market Segmentation |
| By Chotibhak Jotikasthira; Southern Methodist University Christian T. Lundblad; University of North Carolina at Chapel Hill Jinming Xue; Southern Methodist University |
| presented by: Jinming Xue, Southern Methodist University |
| Discussant: Jay Wang, University of Oregon |
| Competition in the Cryptocurrency Exchange Market |
| By Junyi Hu; Columbia University Anthony Lee Zhang; University of Chicago |
| presented by: Junyi Hu, Columbia University |
| Discussant: Daniel Rabetti, National University of Singapore |
| Noisy FOMC Returns: Information, Price Pressure, and Post-Announcement Reversals |
| By Oliver Boguth; Arizona State University Adlai Fisher; University of British Columbia Vincent Gregoire; HEC Montreal Charles Martineau; University of Toronto |
| presented by: Adlai Fisher, University of British Columbia |
| Discussant: Grace Xing Hu, Tsinghua University |
| Session 19: Insights from Analysts, Asset Managers, VCs, and Regulators July 9, 2024 15:30 to 17:15 Location: Conference Room E |
| Session Chair: Lin Peng, Baruch College, The City University of New York |
| ETF Activities and Analysts' Forecasts |
| By SP Kothari; Massachusetts Institute of Technology Jing Li; The University of Hong Kong Xu Li; The University of Hong Kong Mei Sheng; The University of Hong Kong |
| presented by: Mei Sheng, The University of Hong Kong |
| Discussant: Frank Weikai Li, Singapore Management University |
| Investor Flows, Monetary Policy, and Portfolio Management of Money Market Funds |
| By Jay Im; Federal Reserve Board Yi Li; Federal Reserve Board Ashley Wang; Federal Reserve Board |
| presented by: Yi Li, Federal Reserve Board |
| Discussant: Jinyu Liu, University of International Business and Economics |
| Invest Local or Remote? The Effects of COVID-19 Lockdowns on Venture Capital Investment around the World |
| By Pengfei Han; Peking University Chunrui Liu; University of International Business and Economics Xuan Tian; Tsinghua University Kexin Wang; Tsinghua University |
| presented by: Kexin Wang, Tsinghua University |
| Discussant: Linyi Zhang, The Chinese University of Hong Kong, Shenzhen |
| What doesn't Work in Securities Law: Blue Sky Laws and Capital Formation |
| By Jianping Mei; Cheung Kong Graduate School of Business |
| presented by: Jianping Mei, Cheung Kong Graduate School of Business |
| Discussant: Yongqiang Chu, University of North Carolina at Charlotte |
| Session 20: Topics in Corporate Finance and Governance I July 9, 2024 15:30 to 17:15 Location: Conference Room F |
| Session Chair: Yuhai Xuan, University of California, Irvine |
| Startup Press Releases |
| By Huaizhou Li; University of New South Wales Leo Liu; University of Technology Sydney Peter Pham; University of Sydney Jason Zein; University of New South Wales |
| presented by: Huaizhou Li, University of New South Wales |
| Discussant: Jingxuan Zhang, University of Alberta |
| The Governance Role of Investor Communications? Evidence From a Field Experiment |
| By Chen Xu; City, University of London Jing Xie; University of Macau Bohui Zhang; The Chinese University of Hong Kong, Shenzhen Xiaofeng Zhao; Lingnan University |
| presented by: Xiaofeng Zhao, Lingnan University |
| Discussant: Luca Xianran Lin, HEC Montreal |
| Talent Market Competition and Firm Growth |
| By AJ Chen; University of Southern California Miao Ben Zhang; University of Southern California Zhao Zhang; International Monetary Fund |
| presented by: Zhao Zhang, International Monetary Fund |
| Discussant: Zhongchen Hu, The Chinese University of Hong Kong, Shenzhen |
| Woke or Broke? The Impact of Corporate Activism on Consumer Spending and Product Sales |
| By Meng Gao; University of Connecticut Xiang Zheng; University of Connecticut |
| presented by: Xiang Zheng, University of Connecticut |
| Discussant: Mingzhu Tai, The University of Hong Kong |
| Session 21: Conference Dinner and Best Paper Awards July 9, 2024 18:00 to 20:00 Location: Grand Ballroom,2F |
| For Invited Guests and Participants Registered with Meals Only. |
| Session 22: Data, Labor, and Government July 10, 2024 8:00 to 9:45 Location: Conference Room A |
| Session Chair: Erica Li, Cheung Kong Graduate School of Business |
| Production, Trade, and Cross-Border Data Flows |
| By Qing Chang; Central University of Finance and Economics Lin William Cong; Cornell University Liyong Wang; Central University of Finance and Economics Longtian Zhang; Central University of Finance and Economics |
| presented by: Qing Chang, Central University of Finance and Economics |
| Discussant: Yi Li, Federal Reserve Board |
| Precautionary Mismatch |
| By Jincheng Huang; University of Pennsylvania Xincheng Qiu; Peking University |
| presented by: Xincheng Qiu, Peking University |
| Discussant: Yameng Fan, Universitat Pompeu Fabra |
| Strategic Political Contributions under the Pay-to-Play Restrictions: Evidence from the Municipal Underwriting Market |
| By Steve Liu; University of Rhode Island Jay Wang; University of Oregon |
| presented by: Steve Liu, University of Rhode Island |
| Discussant: Dong Yan, Erasmus University Rotterdam |
| Session 23: ESG July 10, 2024 8:00 to 9:45 Location: Conference Room B |
| Session Chair: Bing Liang, University of Massachusetts Amherst |
| Climate Regulations and Corporate Demand for ESG Talent |
| By Tong Li; Xiamen University Dragon Yongjun Tang; The University of Hong Kong |
| presented by: Tong Li, Xiamen University |
| Discussant: Darwin Choi, The Chinese University of Hong Kong |
| ESG and the Market Return |
| By Liya Chu; East China University of Science and Technology Kent Wang; Australian Securities and Investments Commission Bohui Zhang; The Chinese University of Hong Kong, Shenzhen Guofu Zhou; Washington University in St. Louis |
| presented by: Guofu Zhou, Washington University in St. Louis |
| Discussant: Haibei Zhao, Lehigh University |
| Does Retail Attention Drive Corporate Climate Change Performance? |
| By Daniel Cahill; University of Western Australia Chelsea Graham; University of Western Australia Chloe Ho; University of Western Australia Joey Yang; University of Western Australia |
| presented by: Chloe Ho, University of Western Australia |
| Discussant: Gang Li, The Chinese University of Hong Kong |
| Value versus Values: Can Stock Liquidity Save the Planet? |
| By Zhenkai Ran; University of Cambridge Mao Ye; Cornell University |
| presented by: Zhenkai Ran, University of Cambridge |
| Discussant: Jie Cao, Hong Kong Polytechnic University |
| Session 24: Information, Lending, and Markets July 10, 2024 8:00 to 9:45 Location: Conference Room C |
| Session Chair: Liyan Yang, University of Toronto |
| Lending Competition and Funding Collaboration |
| By Yunzhi Hu; University of North Carolina Pavel Zryumov; University of Rochester |
| presented by: Yunzhi Hu, University of North Carolina |
| Discussant: Chong Huang, University of California, Irvine |
| Market for Manipulable Information |
| By Hui Chen; Massachusetts Institute of Technology Jian Sun; Singapore Management University |
| presented by: Jian Sun, Singapore Management University |
| Discussant: Shiyang Huang, The University of Hong Kong |
| Uninsured Deposit, Held-to-Maturity Accounting, and Bank Runs |
| By Kaiji Chen; Emory University and Atlanta Fed Yu Yi; Nankai University Shengxing Zhang; London School of Economics |
| presented by: Yu Yi, Nankai University |
| Discussant: Dan Luo, The Chinese University of Hong Kong |
| Preventing Runs with Redemption Fees |
| By Xuesong Huang; Sun Yat-sen University Todd Keister; Rutgers University |
| presented by: Xuesong Huang, Sun Yat-sen University |
| Discussant: Yizhou Xiao, The Chinese University of Hong Kong |
| Session 25: Interesting Papers in Corporate Finance July 10, 2024 8:00 to 9:45 Location: Conference Room D |
| Session Chair: Xuan Tian, Tsinghua University |
| Firm-Level Labor-Shortage Exposure |
| By Jarrad Harford; University of Washington Qiyang He; University of Sydney Buhui Qiu; University of Sydney |
| presented by: Qiyang He, University of Sydney |
| Discussant: Yi Huang, Fudan University |
| Competition Laws, Governance, and Firm Value |
| By Ross Levine; Stanford University Chen Lin; The University of Hong Kong Wensi Xie; The Chinese University of Hong Kong |
| presented by: Wensi Xie, The Chinese University of Hong Kong |
| Discussant: Xintong Zhan, Fudan University |
| Do Customers Play a Corporate Governance Role? |
| By Jiaying Li; City, University of London Xiaoke Ye; University of Liverpool |
| presented by: Jiaying Li, City, University of London |
| Discussant: Bin Xu, University of Leeds |
| Shared Culture and Technological Innovation: Evidence from Corporate R&D Teams |
| By Tristan Fitzgerald; Texas A&M University Xiaoding (Cindy) Liu; Texas A&M University |
| presented by: Tristan Fitzgerald, Texas A&M University |
| Discussant: Xing Liu, Tsinghua University |
| Session 26: New Developments in the Loan Market: FinTech, Geopolitics, and Collateral July 10, 2024 8:00 to 9:45 Location: Conference Room E |
| Session Chair: Hong Zhang, Singapore Management University |
| Does Geopolitical Risk Exposure Lead to Higher Cost of Debt? Evidence from Multinational Companies |
| By Fang Hu; Griffith University Tse-Chun Lin; The University of Hong Kong Weiqiang Tan; The Education University of Hong Kong Jian Zhang; The University of Hong Kong |
| presented by: Weiqiang Tan, The Education University of Hong Kong |
| Discussant: Frank Weikai Li, Singapore Management University |
| Information Technology Adoption and Loan Loss Recognition |
| By Yuan Sun; Hong Kong Polytechnic University Feng Tian; Hong Kong Polytechnic University Sean Xin Xu; Tsinghua University Nan Yang; Hong Kong Polytechnic University |
| presented by: Yuan Sun, Hong Kong Polytechnic University |
| Discussant: Pengfei Ma, Singapore Management University |
| Contractual Innovation and the Evolution of Boilerplate in Credit Agreements |
| By Justin Murfin; Cornell University Haokun Sun; Cornell University |
| presented by: Haokun Sun, Cornell University |
| Discussant: Yijun Zhou, Baruch College, The City University of New York |
| Collateral Demand and Liquidity Demand in Wholesale Funding Markets |
| By Jamie Coen; Imperial College London |
| presented by: Jamie Coen, Imperial College London |
| Discussant: Zhan Shi, Tsinghua University |
| Session 27: Politics and Corporate Finance July 10, 2024 8:00 to 9:45 Location: Conference Room F |
| Session Chair: Angie Low, Nanyang Technological University |
| Presidential Particularism (and the Trump Anomaly): Evidence from Federal Contract Awards and Capital Markets |
| By Ling Cen; The Chinese University of Hong Kong Sudipto Dasgupta; The Chinese University of Hong Kong Anthony Rice; The Chinese University of Hong Kong Fan Zhang; The Chinese University of Hong Kong |
| presented by: Fan Zhang, The Chinese University of Hong Kong |
| Discussant: Jessie Jiaxu Wang, Federal Reserve Board |
| Salary History Ban and Corporate Innovation |
| By Yangyang Chen; City University of Hong Kong Bin Yang; Jinan University Tao Yuan; Nanjing University |
| presented by: Tao Yuan, Nanjing University |
| Discussant: Jing Zhao, Hong Kong Polytechnic University |
| Inequality Grows in Silence: The Impact of Newspaper Closures on CEO-Worker Pay Disparity |
| By Jie Chen; University of Leeds Yang Gao; University of Exeter Cheng Zeng; Hong Kong Polytechnic University |
| presented by: Jie Chen, University of Leeds |
| Discussant: Xiao Ren, The Chinese University of Hong Kong, Shenzhen |
| Judicial Selection and Production Efficiency: The Role of Campaign Finance |
| By Mayur Choudhary; London Business School |
| presented by: Mayur Choudhary, London Business School |
| Discussant: Deniz Okat, Hong Kong University of Science and Technology |
| Session 28: China Focused July 10, 2024 10:15 to 12:00 Location: Conference Room A |
| Session Chair: Jun Pan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Global Monetary Policy Shocks, Financial Frictions, and Export Prices |
| By Yao Amber Li; Hong Kong University of Science and Tech Lingfei Lu; Hong Kong University of Science and Technology Shangjin Wei; Columbia University Jingbo Yao; Hong Kong University of Science and Technology |
| presented by: Jingbo Yao, Hong Kong University of Science and Technology |
| Discussant: Yang Jiao, Singapore Management University |
| Government Deleveraging and Non-SOE Liquidity Squeeze: Evidence from Subnational Debt and Procurement Contractors |
| By Jiayin Hu; Peking University Songrui Liu; Peking University Yang Yao; Peking University Zhu Zong; Peking University |
| presented by: Jiayin Hu, Peking University |
| Discussant: Zhe Geng, Fudan University |
| Institutional Game and Stock Return: Evidence from Earnings Announcement in China |
| By Yan Lin; City University of Hong Kong John McConnell; Purdue University Wei Xu; Peking University |
| presented by: Yan Lin, City University of Hong Kong |
| Discussant: Xinran Zhang, Central University of Finance and Economics |
| Estimating the Cost of Capital Market Distortions: Evidence from Chinese Overseas IPOs |
| By Qu Feng; Nanyang Technological University, Singapore Shang-Jin Wei; Columbia University Guiying Wu; Nanyang Technological University Mengying Yuan; Nanyang Technological University |
| presented by: Guiying Wu, Nanyang Technological University |
| Discussant: Qiushi Huang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Session 29: Climate, Carbon, and ESG July 10, 2024 10:15 to 12:00 Location: Conference Room B |
| Session Chair: Dragon Yongjun Tang, The University of Hong Kong |
| Climate Value and Values Discovery in Earnings Calls |
| By Zacharias Sautner; University of Zuerich Laurence van Lent; Frankfurt School of Finance and Management Grigory Vilkov; Frankfurt School of Finance and Management Ruishen Zhang; The University of Hong Kong |
| presented by: Ruishen Zhang, The University of Hong Kong |
| Discussant: Chenyu Shan, Shanghai University of Finance and Economics |
| What Does ESG Investing Mean and Does It Matter Yet? |
| By Abed El Karim Farroukh; Indiana University Jarrad Harford; University of Washington David Shin; University of Oklahoma |
| presented by: David Shin, University of Oklahoma |
| Discussant: Qifei Zhu, National University of Singapore |
| Climate Patents and Financial Market |
| By Yifei Zhang; Peking University |
| presented by: Yifei Zhang, Peking University |
| Discussant: Tong Li, Xiamen University |
| Real Effects of Carbon Financialization |
| By Zhimin Chen; Nanyang Technological University |
| presented by: Zhimin Chen, Nanyang Technological University |
| Discussant: Liyan Yang, University of Toronto |
| Session 30: Empirical Asset Pricing I July 10, 2024 10:15 to 12:00 Location: Conference Room C |
| Session Chair: Jingzhi Huang, Pennsylvania State University |
| Earnings Management and Price Informativeness |
| By Zhiguo He; Stanford University Wenxi Jiang; The Chinese University of Hong Kong Wei Xiong; Princeton University |
| presented by: Wenxi Jiang, The Chinese University of Hong Kong |
| Discussant: Fangzhou Lu, The University of Hong Kong |
| Information Transmission from Corporate Bonds to the Aggregate Stock Market |
| By Sophia Zhengzi Li; Rutgers Business School Peixuan Yuan; Renmin University of China Guofu Zhou; Washington University in St. Louis |
| presented by: Peixuan Yuan, Renmin University of China |
| Discussant: Mai Li, Peking University |
| Predict Stock Return Variance Across the Information Cycle |
| By Liuren Wu; Baruch College, The City University of New York Yaofei Xu; Xi'an Jiaotong Liverpool University |
| presented by: Yaofei Xu, Xi'an Jiaotong Liverpool University |
| Discussant: Junye Li, Fudan University |
| FOMC Projection Dispersion and Asymmetry on Post-announcement Stock Returns |
| By Yushan Xu; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Hong Yan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Yushan Xu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Anh Le, Pennsylvania State University |
| Session 31: Institutional Investors July 10, 2024 10:15 to 12:00 Location: Conference Room D |
| Session Chair: Hao Jiang, Michigan State University |
| Do Investors Overvalue Startups? Evidence from the Junior Stakes of Mutual Funds |
| By Vikas Agarwal; Georgia State University Brad Barber; University of California, Davis Si Cheng; Syracuse University Allaudeen Hameed; National University of Singapore Harshini Shanker; London Business School Ayako Yasuda; University of California, Davis |
| presented by: Si Cheng, Syracuse University |
| Discussant: Xiaomeng Lu, Fudan University |
| Target Date Funds and International Capital Flows |
| By Aleksandar Andonov; University of Amsterdam Esther Eiling; University of Amsterdam Danjun Xu; University of Amsterdam |
| presented by: Danjun Xu, University of Amsterdam |
| Discussant: Jing Xie, University of Macau |
| Evaluating Hedge Funds with Machine Learning-Based Benchmarks |
| By Tengjia Shu; University of Illinois Chicago Ashish Tiwari; University of Iowa |
| presented by: Tengjia Shu, University of Illinois Chicago |
| Discussant: Yushan Tang, Shanghai University of Finance and Economics |
| Large Funds and Corporate Bond Market Fragility |
| By Yong Chen; Texas A&M University Mengqiao Du; National University of Singapore Zheng Sun; University of California, Irvine |
| presented by: Yong Chen, Texas A&M University |
| Discussant: Claire Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Session 32: Navigating the Future: Digital Transformation's Impact on Financial Markets and the Real Economy July 10, 2024 10:15 to 12:00 Location: Conference Room E |
| Session Chair: Jan Bena, University of British Columbia |
| Financial and Informational Integration Through Oracle Networks |
| By Lin William Cong; Cornell University Eswar Prasad; Cornell University Daniel Rabetti; National University of Singapore |
| presented by: Daniel Rabetti, National University of Singapore |
| Discussant: Iris Wang, McMaster University |
| Tokenomics: Optimal Monetary and Fee Policies |
| By Urban Jermann; University of Pennsylvania Haotian Xiang; Peking University |
| presented by: Haotian Xiang, Peking University |
| Discussant: Kai Li, Peking University |
| The Value of Data: Analyst Vs. Machine |
| By Stefano Bonini; Stevens Institute of Technology Thomas Shohfi; Securities and Exchange Commission Majeed Simaan; Stevens Institute of Technology Guofu Zhou; Washington University in St. Louis |
| presented by: Majeed Simaan, Stevens Institute of Technology |
| Discussant: Nan Li, University of Toronto |
| Digital Platforms and the Real Economy: Entrepreneurship, Development, and Industry Clustering |
| By Lin William Cong; Cornell University Bo Liu; University of Electronic Science and Technology of China Xiaohan Yang; The Chinese University of Hong Kong Xiaobo Zhang; Peking University |
| presented by: Xiaohan Yang, The Chinese University of Hong Kong |
| Discussant: Ting Xu, University of Toronto |
| Session 33: New Factors, Factor Timing and Portfolio Optimization July 10, 2024 10:15 to 12:00 Location: Conference Room F |
| Session Chair: Guofu Zhou, Washington University in St. Louis |
| Operating Leverage and Risk Premium |
| By Leonid Kogan; Massachusetts Institute of Technology Jun Li; University of Texas at Dallas Harold Zhang; University of Texas at Dallas Yifan Zhu; BI Norwegian Business School |
| presented by: Jun Li, University of Texas at Dallas |
| Discussant: Jun Tu, Singapore Management University |
| Calm Your Portfolio: The Importance of Disciplining Intelligent but Fickle Forecasts in Portfolio Optimization |
| By Pedro Barroso; Universidade Católica Portuguesa Konark Saxena; The University of New South Wales Haoxu Wang; National University of Singapore |
| presented by: Haoxu Wang, National University of Singapore |
| Discussant: Yang Liu, Hunan University |
| Cyber Risk and the Cross-section of Stock Returns |
| By Loïc Maréchal; University of Lausanne |
| presented by: Loïc Maréchal, University of Lausanne |
| Discussant: Guohao Tang, Hunan University |
| Economic Narratives and Factor Timing |
| By Fuwei Jiang; Central University of Finance and Economics Lingchao Meng; Peking University Yanan Fu; The Chinese University of Hong Kong, Shenzhen Jun Tu; Singapore Management University |
| presented by: Lingchao Meng, Peking University |
| Discussant: Jian Chen, Xiamen University |
| Session 34: Asset Pricing Theory and Empirical Evidence July 10, 2024 13:30 to 15:15 Location: Conference Room D |
| Session Chair: Hong Liu, Washington University in St. Louis |
| Asset Pricing with the Awareness of New Priced Risks |
| By Christian Heyerdahl-Larsen; BI Norwegian Business School Philipp Illeditsch; Texas A&M University Petra Sinagl; University of Iowa |
| presented by: Petra Sinagl, University of Iowa |
| Discussant: Jing Xu, Renmin University of China |
| Knowledge Network and Asset Pricing |
| By Po-Hsuan Hsu; National Tsing Hua University Erica Li; Cheung Kong Graduate School of Business Huijun wang; Auburn University Gang Zhang; Cheung Kong Graduate School of Business |
| presented by: Erica Li, Cheung Kong Graduate School of Business |
| Discussant: Yang Liu, The University of Hong Kong |
| How does Benchmarking Affect Market Efficiency? --- The Role of Learning Technology |
| By Wen Chen; The Chinese University of Hong Kong Bo Hu; George Mason University Yajun Wang; Baruch College, The City University of New York |
| presented by: Wen Chen, The Chinese University of Hong Kong |
| Discussant: Dunhong Jin, The University of Hong Kong |
| Meritocracy and Asset Prices |
| By Suleyman Basak; London Business School Valeria Fedyk; London Business School Darcy Pu; Peking University |
| presented by: Darcy Pu, Peking University |
| Discussant: Yifan Zhou, Fudan University |
| Session 35: Empirical Corporate Finance July 10, 2024 13:30 to 15:15 Location: Conference Room B |
| Session Chair: Yiming Qian, University of Connecticut |
| Managing Bondholder Fragility Risk: The Role of Corporate Liquidity |
| By Huu Nhan Duong; Monash University Yushui Shi; Monash University George Wang; Monash University |
| presented by: George Wang, Monash University |
| Discussant: Renxuan Wang, China Europe International Business School |
| The Economics of Independent Director Exit and Voice |
| By Messod Daniel Beneish; Indiana University Kai Lu; Shanghai University of Finance and Economics Zhengwei Wang; Tsinghua University Jun Yang; Indiana University |
| presented by: Kai Lu, Shanghai University of Finance and Economics |
| Discussant: Hong Zou, The University of Hong Kong |
| Freeing up (Burdened) Resources: Empirical Evidence from Firms' Secondary Market Patent Transactions |
| By Jingxuan Zhang; University of Alberta |
| presented by: Jingxuan Zhang, University of Alberta |
| Discussant: Xian Gu, Durham University |
| Trading Away Incentives |
| By Stefano Colonnello; Ca' Foscari University of Venice Giuliano Curatola; University of Siena Shuo Xia; Leipzig University |
| presented by: Shuo Xia, Leipzig University |
| Discussant: Meng Gao, University of Connecticut |
| Session 36: ESG Demand and Asset Prices July 10, 2024 13:30 to 15:15 Location: Conference Room A |
| Session Chair: Jianfeng Yu, Tsinghua University |
| Seeking Green? Mutual Fund Investment in ESG Stocks |
| By Yong Chen; Texas A&M University Wenting Dai; Nankai University |
| presented by: Wenting Dai, Nankai University |
| Discussant: Li An, Tsinghua University |
| ESG Investing and Stock Return Comovements |
| By Marcin Kacperczyk; Imperial College London Lin Peng; Baruch College, The City University of New York Jing Xie; University of Macau |
| presented by: Jing Xie, University of Macau |
| Discussant: Huaixin Wang, Tsinghua University |
| One Hundred and Thirty Years of Corporate Responsibility |
| By Joel Houston; University of Florida Sehoon Kim; University of Florida Boyuan Li; University of Florida |
| presented by: Sehoon Kim, University of Florida |
| Discussant: Xintong Zhan, Fudan University |
| ESG Spillovers |
| By Shangchen Li; The University of Hong Kong Hongxun Ruan; Peking University Titman Sheridan; University of Texas at Austin Haotian Xiang; Peking University |
| presented by: Shangchen Li, The University of Hong Kong |
| Discussant: Ran Duan, City University of Hong Kong |
| Session 37: Household Finance and Real Estate Finance July 10, 2024 13:30 to 15:15 Location: Conference Room C |
| Session Chair: Wenlan Qian, National University of Singapore |
| In Victory or Defeat: Consumption Responses to Wealth Shocks |
| By Alex Imas; University of Chicago Tse-Chun Lin; The University of Hong Kong Yan Luo; Fudan University Xiaohuan Wang; Shanghai National Accounting Institute |
| presented by: Xiaohuan Wang, Shanghai National Accounting Institute |
| Discussant: Yuan Ren, Zhejiang University |
| Trading in your Golden Years: The Effects of Early Pension Withdrawal on Individual Investments |
| By Sumit Agarwal; National University of Singapore Allaudeen Hameed; National University of Singapore Yuanyuan Pan; National University of Singapore Chek Ann Tan; National University of Singapore |
| presented by: Yuanyuan Pan, National University of Singapore |
| Discussant: Mingzhu Tai, The University of Hong Kong |
| Housing Speculation, GSEs, and Credit Market Spillovers |
| By Natee Amornsiripanitch; Federal Reserve Bank of Philadelphia Philip Strahan; Boston College Song Zhang; University of Delaware Xiang Zheng; University of Connecticut |
| presented by: Xiang Zheng, University of Connecticut |
| Discussant: Ruichang Lu, Peking University |
| The Welfare Benefits of Pay-As-You-Go Financing |
| By Paul Gertler; University of California Berkeley Brett Green; Washington University in St. Louis Renping Li; Washington University in St. Louis David Sraer; University of California, Berkeley |
| presented by: Renping Li, Washington University in St. Louis |
| Discussant: Yu Zhang, Peking University |
| Session 38: Technological Change and Financial Markets July 10, 2024 13:30 to 15:15 Location: Conference Room E |
| Session Chair: Roger Loh, Nanyang Technological University |
| Does Better Access to Disclosure Curb CEO Pay? Evidence from a Modern Information Technology Improvement |
| By Ilona Babenko; Arizona State University Benjamin Bennett; Tulane University Zexi Wang; Lancaster University |
| presented by: Zexi Wang, Lancaster University |
| Discussant: Kevin Tseng, The Chinese University of Hong Kong |
| The Value of Social Media Anonymity: Evidence from the Stock Market |
| By Huasheng Gao; Fudan University Kai Li; University of British Columbia Yongxian Tan; University of Otago Hailong Zhao; Southwestern University Finance and Economics |
| presented by: Hailong Zhao, Southwestern University Finance and Economics |
| Discussant: Hongqi Liu, The Chinese University of Hong Kong, Shenzhen |
| District Courts and Innovation |
| By Yelena Larkin; York University Alireza Rayeni; KPMG |
| presented by: Yelena Larkin, York University |
| Discussant: Tao Shu, The Chinese University of Hong Kong |
| Session 39: Topics in Corporate Finance and Governance II July 10, 2024 13:30 to 15:15 Location: Conference Room F |
| Session Chair: Jun Yang, Indiana University |
| Maturity Overhang: Evidence from M&A |
| By Zhiyao Nicholas Chen; City University of Hong Kong Dirk Hackbarth; Boston University Jarrad Harford; University of Washington Yuxin Luo; Boston University |
| presented by: Zhiyao Nicholas Chen, City University of Hong Kong |
| Discussant: Fangzhou Lu, The University of Hong Kong |
| Local Labor Market Concentration and Capital Structure Decisions |
| By John (Jianqiu) Bai; Northeastern University Massimo Massa; INSEAD Chi Wan; University of Massachusetts, Boston Yan Wang; McMaster University |
| presented by: John (Jianqiu) Bai, Northeastern University |
| Discussant: Rong Wang, Singapore Management University |
| Prepayment Option and Firm Risk-taking |
| By Qi Liu; Peking University |
| presented by: Qi Liu, Peking University |
| Discussant: Wei Wang, The Chinese University of Hong Kong, Shenzhen |
| Interlocked Monitors: How Do Independent Directors Evaluate CEOs? |
| By Jason Chen; Auburn University Ran Duchin; Boston College Eliezer Fich; Drexel University |
| presented by: Jason Chen, Auburn University |
| Discussant: Qianfan Wu, Indiana University |
| Session 40: Asset Management July 10, 2024 15:45 to 17:30 Location: Conference Room A |
| Session Chair: Andrei Simonov, Michigan State University |
| Remeasuring Scale in Active Management |
| By Shiyang Huang; The University of Hong Kong Xu Lu; University of Washington Yang Song; University of Washington Hong Xiang; Hong Kong Polytechnic University |
| presented by: Hong Xiang, Hong Kong Polytechnic University |
| Discussant: Hong Zhang, Singapore Management University |
| Will ETFs Drive Mutual Funds Extinct? |
| By Anna Helmke; University of Pennsylvania |
| presented by: Anna Helmke, University of Pennsylvania |
| Discussant: Hao Jiang, Michigan State University |
| Are Mutual Fund Managers Paid for Performance? Evidence from U.S. Administrative Earnings Data |
| By John (Jianqiu) Bai; Northeastern University Linlin Ma; Peking University Kevin Mullally; University of Central Florida Yuehua Tang; University of Florida |
| presented by: John (Jianqiu) Bai, Northeastern University |
| Discussant: Kelsey Wei, University of Texas at Dallas |
| The Real Effect of Sociopolitical Racial/Ethnic Animus: Mutual Fund Manager Performance During AAPI Hate |
| By Vikas Agarwal; Georgia State University Wei Jiang; Emory University Yuchen Luo; Georgetown University Hong Zou; The University of Hong Kong |
| presented by: Hong Zou, The University of Hong Kong |
| Discussant: Feng Zhang, Southern Methodist University |
| Session 41: Empirical Asset Pricing II July 10, 2024 15:45 to 17:30 Location: Conference Room B |
| Session Chair: Xiaoyan Zhang, Tsinghua University |
| What Triggers Flights to Safety? |
| By Lieven Baele; Tilburg University Frank de Jong; Tilburg University Giovanni Trebbi; Tilburg University |
| presented by: Lieven Baele, Tilburg University |
| Discussant: Chao Gao, Australian National University |
| Uncommon Factors and Asset Heterogeneity in the Cross Section and Time Series |
| By Lin William Cong; Cornell University Guanhao Feng; City University of Hong Kong Jingyu He; City University of Hong Kong Junye Li; Fudan University |
| presented by: Jingyu He, City University of Hong Kong |
| Discussant: Jun Tu, Singapore Management University |
| Macro Strikes Back: Term Structure of Risk Premia and Market Segmentation |
| By Svetlana Bryzgalova; London Business School Jiantao Huang; The University of Hong Kong Christian Julliard; London School of Economics |
| presented by: Jiantao Huang, The University of Hong Kong |
| Discussant: Chenjie Xu, Shanghai University of Finance and Economics |
| Beauty Contests around News Releases |
| By Bin Miao; The Chinese University of Hong Kong, Shenzhen |
| presented by: Bin Miao, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Xinran Zhang, Central University of Finance and Economics |
| Session 42: Information Frictions in Corporate Finance July 10, 2024 15:45 to 17:30 Location: Conference Room F |
| Session Chair: Yunzhi Hu, University of North Carolina |
| Managerial Career Concerns and Informational Stock Price Feedback |
| By Qi Liu; Peking University |
| presented by: Qi Liu, Peking University |
| Discussant: Lin Shen, INSEAD |
| Disclosure Externalities without Information Spillovers |
| By Clemens Otto; Singapore Management University |
| presented by: Clemens Otto, Singapore Management University |
| Discussant: Peicong (Keri) Hu, The University of Hong Kong |
| Security-bid Auctions with Information Acquisition |
| By Zongbo Huang; The Chinese University of Hong Kong, Shenzhen Yunan Li; City University of Hong Kong |
| presented by: Zongbo Huang, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Yue Yuan, University College London |
| Information Acquisition and Voting by Shareholders |
| By Adam Meirowitz; Yale University Shaoting Pi; Iowa State University |
| presented by: Shaoting Pi, Iowa State University |
| Discussant: Xingtan Zhang, Cheung Kong Graduate School of Business |
| Session 43: Macroeconomic Announcements July 10, 2024 15:45 to 17:30 Location: Conference Room D |
| Session Chair: Dongmei Li, University of South Carolina |
| Monetary Policy, Stock Market Tail Risks, and the Cross Section of FOMC Announcement Premia |
| By Sipeng Chen; Hong Kong Polytechnic University Timothy Chue; Hong Kong Polytechnic University Gang Li; Hong Kong Polytechnic University |
| presented by: Timothy Chue, Hong Kong Polytechnic University |
| Discussant: Shen Zhao, The Chinese University of Hong Kong, Shenzhen |
| Movements in Yields, not the Equity Premium: Bernanke-Kuttner Redux |
| By Stefan Nagel; University of Chicago Zhengyang Xu; City University of Hong Kong |
| presented by: Zhengyang Xu, City University of Hong Kong |
| Discussant: Jun Pan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| The Pre-Announcement Drift in China: Government Meetings and Macro Announcements |
| By Jun Pan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Qing Peng; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Qing Peng, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Grace Xing Hu, Tsinghua University |
| Learning, Price Discovery, and Macroeconomic Announcements |
| By Haozhe Han; Tianjin University Grace Xing Hu; Tsinghua University Calvin Dun Jia; Peking University |
| presented by: Calvin Dun Jia, Peking University |
| Discussant: Chao Jiang, University of South Carolina |
| Session 44: Monetary Policy, Asset Markets, and Economic Outcomes July 10, 2024 15:45 to 17:30 Location: Conference Room E |
| Session Chair: Thien Nguyen, Federal Reserve Board |
| Production Networks and Supply-Side Effect of Monetary Policy |
| By Zhihao Xu; Purdue University Changhua Yu; Peking University |
| presented by: Zhihao Xu, Purdue University |
| Discussant: Yang Liu, The University of Hong Kong |
| Monetary Policy, Debt Structure, and Credit Reallocation |
| By Yuchen Chen; University of Illinois at Urbana Champaign |
| presented by: Yuchen Chen, University of Illinois at Urbana Champaign |
| Discussant: Yu Xu, University of Delaware |
| Long-Term Securities and Banking Crises |
| By Jianjun Miao; Boston University Zhouxiang Shen; Zhejiang University Dongling Su; Shanghai University of Finance and Economics |
| presented by: Dongling Su, Shanghai University of Finance and Economics |
| Discussant: Xiang Fang, The University of Hong Kong |
| The Response of Equity Yields to a Long-Run Shock |
| By Martijn Boons; Nova School of Business and Economics Anthony Diercks; Federal Reserve Board Petra Sinagl; University of Iowa Andrea Tamoni; Rutgers University |
| presented by: Petra Sinagl, University of Iowa |
| Discussant: Qiushi Huang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Session 45: Regulations and the Real Effects July 10, 2024 15:45 to 17:30 Location: Conference Room C |
| Session Chair: Yufeng Wu, Ohio State University |
| Negotiation, Auction, or Negotiauction?! Evidence from the Field |
| By Tingting Liu; Iowa State University Micah Officer; Loyola Marymount University Danni Tu; Southern Illinois University at Carbondale |
| presented by: Danni Tu, Southern Illinois University at Carbondale |
| Discussant: Fangyuan Ma, Peking University |
| Market Power and Antitrust Law Enforcement: Does the Local Presence of Antitrust Forces Matter? |
| By Yongning Deng; The University of Hong Kong Yilai Dong; Jinan University |
| presented by: Yongning Deng, The University of Hong Kong |
| Discussant: Jun Yang, University of Notre Dame |
| The Real and Financial Effects of Internal Liquidity: Evidence from the Tax Cuts and Jobs Act |
| By Jim Albertus; Carnegie Mellon University Brent Glover; Carnegie Mellon University Oliver Levine; University of Wisconsin-Madison |
| presented by: Jim Albertus, Carnegie Mellon University |
| Discussant: Erica Li, Cheung Kong Graduate School of Business |
| Session 46: Biology and Politics in Financial Decisions July 11, 2024 8:00 to 9:45 Location: Conference Room A |
| Session Chair: Tse-Chun Lin, The University of Hong Kong |
| Consumption out of Investment Proceeds under Limited Attention |
| By Guodong Chen; New York University Shanghai Xiaomeng Lu; Fudan University Yiqing Lv; New York University Shanghai Michaela Pagel; Washington University in St. Louis |
| presented by: Yiqing Lv, New York University Shanghai |
| Discussant: Yan Luo, Fudan University |
| Trading in Twilight: Sleep and Retail Investors' Stock Investment Performance |
| By Hee Seo Han; University of California, Irvine Jinfei Sheng; University of California, Irvine Zheng Sun; University of California, Irvine |
| presented by: Jinfei Sheng, University of California, Irvine |
| Discussant: Chishen Wei, Hong Kong Polytechnic University |
| Political Attitudes and Equity Market Reactions to Vaccine Mandate Bans |
| By Michael Cooper; University of Utah Fan Li; University of Utah Tim Liu; University of Utah Yihui Pan; University of Utah |
| presented by: Fan Li, University of Utah |
| Discussant: Vesa Pursiainen, University of St.Gallen |
| Decomposing Partisan Bias: Evidence from Entrepreneur-Politicians |
| By Deniz Okat; Hong Kong University of Science and Technology Mikael Paaso; Erasmus University |
| presented by: Mikael Paaso, Erasmus University |
| Discussant: Pengfei Ma, Singapore Management University |
| Session 47: Corporate Finance in China July 11, 2024 8:00 to 9:45 Location: Conference Room B |
| Session Chair: Huasheng Gao, Fudan University |
| When Expectations of Implicit Government Guarantees Diminished, Do Retail Stock Investors Run Away? |
| By Lin Tang; The University of Hong Kong Zhi Zhuo; Southwestern University of Finance and Economics Hong Zou; The University of Hong Kong |
| presented by: Lin Tang, The University of Hong Kong |
| Discussant: Darcy Pu, Peking University |
| State versus Market: China's Infrastructure Investment |
| By Shuoge Qian; Nanyang Technological University Hong Ru; Nanyang Technological University Wei Xiong; Princeton University |
| presented by: Shuoge Qian, Nanyang Technological University |
| Discussant: Haoyu Gao, Renmin University of China |
| Regulatory Enforcement of Public Disclosure and Connected Investors in Corporate Bond Issuance |
| By Yi Ding; The Chinese University of Hong Kong, Shenzhen T.J. Wong; University of Southern California Ray Zhang; Simon Fraser University Tianyu Zhang; The Chinese University of Hong Kong, Shenzhen |
| presented by: Ray Zhang, Simon Fraser University |
| Discussant: Xiaoxiong Hu, NEOMA Business School |
| Leveling Up Your Green Mojo: The Benefits of Beneficent Investment |
| By Xiting Wu; Shandong University Jiaxing You; Xiamen University Xiaoyun Yu; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Qing (Clara) Zhou; Macquarie University |
| presented by: Xiaoyun Yu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Kunru Zou, Renmin University of China |
| Session 48: International Finance II July 11, 2024 8:00 to 9:45 Location: Conference Room C |
| Session Chair: Kalok Chan, City University of Hong Kong |
| The Trade Imbalance Network and Currency Returns |
| By Ai Jun Hou; Stockholm University Lucio Sarno; University of Cambridge Xiaoxia Ye; University of Exeter |
| presented by: Ai Jun Hou, Stockholm University |
| Discussant: Xiang Fang, The University of Hong Kong |
| Global Sales, International Currencies, and the Currency Denomination of Debt |
| By Riccardo Colacito; University of North Carolina at Chapel Hill Yan Qian; Central University of Finance and Economics Andreas Stathopoulos; University of North Carolina at Chapel Hill |
| presented by: Yan Qian, Central University of Finance and Econom |
| Discussant: Haonan Zhou, University of Hong Kong |
| Volatility (Dis)Connect in International Markets |
| By Riccardo Colacito; University of North Carolina at Chapel Hill Mariano Croce; Bocconi University Yang Liu; The University of Hong Kong Ivan Shaliastovich; University of Wisconsin-Madison |
| presented by: Yang Liu, The University of Hong Kong |
| Discussant: Junye Li, Fudan University |
| Global Insolvency and Cross-border Capital Flows |
| By Yeejin Jang; University of New South Wales Ji Hyun Tak; University of New South Wales Wei Wang; Queen's University |
| presented by: Ji Hyun Tak, University of New South Wales |
| Discussant: Sun Yong Kim, Northwestern University |
| Session 49: Investor Beliefs and Asset Pricing July 11, 2024 8:00 to 9:45 Location: Conference Room D |
| Session Chair: Bing Han, University of Toronto |
| The Cross-section of Subjective Expectations: Understanding Prices and Anomalies |
| By Ricardo De la O; University of Southern California Xiao Han; City, University of London Sean Myers; University of Pennsylvania |
| presented by: Xiao Han, City, University of London |
| Discussant: Jiantao Huang, The University of Hong Kong |
| Media Negativity on Foreign Countries and International Asset Allocation |
| By Baixiao Liu; Peking University Linlin Ma; Peking University |
| presented by: Linlin Ma, Peking University |
| Discussant: Xindi He, Georgia Institute of Technology |
| Can Social Communication Explain the Decline in Post-Earnings-Announcement Drift? |
| By Yohanes Riyanto; Nanyang Technological University Nilanjan Roy; City University of Hong Kong Jiani Wu; Nanyang Technological University |
| presented by: Jiani Wu, Nanyang Technological University |
| Discussant: Dexin Zhou, Baruch College, The City University of New York |
| Monetary Policy, Extrapolation Bias, and Misallocation |
| By Yuchen Chen; University of Illinois at Urbana Champaign |
| presented by: Yuchen Chen, University of Illinois at Urbana Champaign |
| Discussant: Yao Deng, University of Connecticut |
| Session 50: Nonbank Financial Institutions July 11, 2024 8:00 to 9:45 Location: Conference Room E |
| Session Chair: Jaewon Choi, Seoul National University |
| Risk-Adjusting the Returns to Private Debt Funds |
| By Isil Erel; Ohio State University Thomas Flanagan; Ohio State University Michael Weisbach; Ohio State University |
| presented by: Thomas Flanagan, Ohio State University |
| Discussant: Chanik Jo, The Chinese University of Hong Kong |
| Depositing Corporate Payout |
| By Leming Lin; University of Pittsburgh |
| presented by: Leming Lin, University of Pittsburgh |
| Discussant: Changhyun Ahn, The Chinese University of Hong Kong |
| Bank Branch Density and Bank Runs |
| By Efraim Benmelech; Northwestern University Jun Yang; University of Notre Dame Michal Zator; University of Notre Dame |
| presented by: Jun Yang, University of Notre Dame |
| Discussant: Jinoug Jeung, The Chinese University of Hong Kong |
| Passive Demand and Active Supply: Evidence from Maturity-mandated Corporate Bond Funds |
| By Lorenzo Bretscher; University of Lausanne Lukas Schmid; University of Southern California Tiange Ye; University of Southern California |
| presented by: Tiange Ye, University of Southern California |
| Discussant: Sean Shin, Aalto University |
| Session 51: Politics and Finance July 11, 2024 8:00 to 9:45 Location: Conference Room F |
| Session Chair: Jiekun Huang, University of Illinois at Urbana Champaign |
| Depolarizing the US Congress: Evidence from Seating Assignments |
| By Lauren Cohen; Harvard University Bo Li; Peking University |
| presented by: Bo Li, Peking University |
| Discussant: Maxime Couvert, The University of Hong Kong |
| Kamikazes in Public Procurements |
| By Dimas Fazio; National University of Singapore Alminas Zaldokas; National University of Singapore |
| presented by: Dimas Fazio, National University of Singapore |
| Discussant: Ai He, University of South Carolina |
| Global Supply Chain Adjustment under the US Sanctions: Firm-level Evidence |
| By Zeyun Bei; Xiamen University Yaxuan Qi; City University of Hong Kong Yinggang Zhou; Xiamen University |
| presented by: Zeyun Bei, Xiamen University |
| Discussant: Xiao Zhao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| How do Investors' Capital Gains Tax Rates Affect Equity Offering Prices? Evidence from Private Investments in Public Equity |
| By Thomas Chemmanur; Boston College C.S. Cheng; University of Oklahoma Zhi Li; Southwestern University of Finance and Economics Jing Xie; University of Macau |
| presented by: Zhi Li, Southwestern University of Finance and Economics |
| Discussant: Fangzhou Lu, The University of Hong Kong |
| Session 52: Asset Prices and Macro-Finance July 11, 2024 10:15 to 12:00 Location: Conference Room C |
| Session Chair: Jun Liu, University of California, San Diego |
| Capital Gains Taxation, Learning and Bubbles |
| By Pau Belda; Federal Reserve Board |
| presented by: Pau Belda, Federal Reserve Board |
| Discussant: Yifan Zhu, BI Norwegian Business School |
| A Probabilistic Solution to High-Dimensional Continuous-Time Macro and Finance Models |
| By Ji Huang; The Chinese University of Hong Kong |
| presented by: Ji Huang, The Chinese University of Hong Kong |
| Discussant: Dan Luo, Shanghai University of Finance and Economics |
| Media Coverage around FOMC Announcements |
| By Shunshun Zhang; King's College London Leone Leonida; King's College London |
| presented by: Shunshun Zhang, King's College London |
| Discussant: Qing Peng, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Disagreement and the Macro Announcement Premium |
| By Zhenzhen Fan; University of Guelph Xiaowen Lei; University of Guelph |
| presented by: Zhenzhen Fan, University of Guelph |
| Discussant: Jincheng Tong, University of Toronto |
| Session 53: Factors Affecting the Cognitive and Trading Behavior of Market Participants July 11, 2024 10:15 to 12:00 Location: Conference Room B |
| Session Chair: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Stakes and Investor Behaviors |
| 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: Jennifer Jie Li, University of Macao |
| See the Gap: Firm Returns and Shareholder Incentives |
| By Eitan Goldman; Indiana University Jinkyu Kim; Indiana University Wenyu Wang; Indiana University |
| presented by: Jinkyu Kim, Indiana University |
| Discussant: Chong Huang, University of California, Irvine |
| Memory and Beliefs in Financial Markets: A Machine Learning Approach |
| By Zhongtian Chen; University of Pennsylvania Jiyuan Huang; University of Zurich |
| presented by: Zhongtian Chen, University of Pennsylvania |
| Discussant: Junxiong Gao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| ESG Ratings and Market Response to Earnings Surprises |
| By Wei Huang; University of Hawaii Zefan Huang; University of Hawaii |
| presented by: Wei Huang, University of Hawaii |
| Discussant: Chenyu Shan, Shanghai University of Finance and Economics |
| Session 54: Finance and Environment July 11, 2024 10:15 to 12:00 Location: Conference Room A |
| Session Chair: Harold Zhang, University of Texas at Dallas |
| Hedging Climate Change Risk: A Real-time Market Attention Approach |
| By Miao Liu; Boston College Rachel Zhang; National University of Singapore |
| presented by: Miao Liu, Boston College |
| Discussant: Jun Li, University of Texas at Dallas |
| Toxic Political Capture in Local Courts |
| By Naide Ye; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University yongxiang wang; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| presented by: Naide Ye, Shanghai Jiao Tong University |
| Discussant: Zhonglan Dai, University of Texas at Dallas |
| Catalysts for Climate Solutions: Corporate Responses to Venture Capital Financing of Climate-tech Startups |
| By Shirley Lu; Harvard University George Serafeim; Harvard University Simon Xu; Harvard University |
| presented by: Shirley Lu, Harvard University |
| Discussant: Xiyue Li, University of British Columbia |
| A One-two Punch to the Economy: Climate Vulnerability and Corporate Innovation strategies |
| By Chen Lin; The University of Hong Kong Tse-Chun Lin; The University of Hong Kong Fengfei Li; Deakin University |
| presented by: Tse-Chun Lin, The University of Hong Kong |
| Discussant: Jan Bena, University of British Columbia |
| Session 55: Fintech and Real Estate July 11, 2024 10:15 to 12:00 Location: Conference Room D |
| Session Chair: Tong Yao, University of Iowa |
| Advertising Securities |
| By Alexander Ljungqvist; Stockholm School of Economics Roger Loh; Nanyang Technological University Chishen Wei; Hong Kong Polytechnic University |
| presented by: Roger Loh, Nanyang Technological University |
| Discussant: Shujing Wang, Tongji University |
| Assessing Assessors |
| By Huaizhi Chen; University of Notre Dame Lauren Cohen; Harvard University |
| presented by: Huaizhi Chen, University of Notre Dame |
| Discussant: David Zhang, Rice University |
| Reverse Mortgages, Housing and Consumption: An Equilibrium Approach |
| By Shize Li; Hong Kong University of Science and Technology Jialu Shen; University of Missouri Ariel Sun; Imperial College London |
| presented by: Shize Li, Hong Kong University of Science and Technology |
| Discussant: Jia Chen, Peking University |
| The Impact of Finfluencers on Retail Investment |
| By Isaiah Hull; BI Norwegian Business School Yingjie Qi; Copenhagen Business School |
| presented by: Yingjie Qi, Copenhagen Business School |
| Discussant: George Jiang, Washington State University |
| Session 56: Incentives in Corporate Finance July 11, 2024 10:15 to 12:00 Location: Conference Room E |
| Session Chair: Zhiguo He, Stanford University |
| Are Collateral and Lender Screening Efforts Substitutes? |
| By Dong Beom Choi; Seoul National University Jung-Eun Kim; Federal Reserve Bank of Richmond |
| presented by: Dong Beom Choi, Seoul National University |
| Discussant: Jianlei Han, Macquarie University |
| Pay-or-Explain Regulation and Minority Shareholder Expropriation |
| By Frank Zhou; University of Pennsylvania |
| presented by: Frank Zhou, University of Pennsylvania |
| Discussant: Bibo Liu, Tsinghua University |
| The Dark Side of Tax Reform Evidence from Corporate Industry Shifting in China |
| By Shu Liu; Zhongnan University of Economics and Law Ji Shen; Peking University Yonghao Xu; Zhongnan University of Economics and Law |
| presented by: Yonghao Xu, Zhongnan University of Economics and Law |
| Discussant: Yongzheng Liu, Renmin University of China |
| Debt Dynamics in Executive Compensation |
| By Xingyu Huang; Bocconi University David Reeb; National University of Singapore Wanli Zhao; Bocconi University |
| presented by: Xingyu Huang, Bocconi University |
| Discussant: Yiming Qian, University of Connecticut |
| Session 57: Politics and Institutions July 11, 2024 10:15 to 12:00 Location: Conference Room F |
| Session Chair: Xiaoyun Yu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Mega-Donors and Representation of the Wealthy in the Wake of Citizens United |
| By Ilona Babenko; Arizona State University Viktar Fedaseyeu; China Europe International Business School Guosong Xu; Erasmus University |
| presented by: Guosong Xu, Erasmus University |
| Discussant: Feng Zhou, Toulouse Business School |
| Tug of War in Corporate Environmental Lobbying |
| By Byeong-Je An; San Diego State University 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: John (Jianqiu) Bai, Northeastern University |
| Hiring by Donating: Campaign Contributions and Politician Directors |
| By Linghua Kong; University of Sydney Xiaoyang Li; Deakin University Thomas To; University of Sydney Eliza Wu; University of Sydney |
| presented by: Thomas To, University of Sydney |
| Discussant: Ran Guo, Erasmus University Rotterdam |
| Session 58: Delegated Portfolio Management July 11, 2024 13:30 to 15:15 Location: Conference Room A |
| Session Chair: Melvyn Teo, Singapore Management University |
| Delegated Leverage and Asset Prices |
| By Charles Cao; Pennsylvania State University Grant Farnsworth; Texas Christian University Hong Zhang; Singapore Management University Yijun Zhou; Baruch College, The City University of New York |
| presented by: Hong Zhang, Singapore Management University |
| Discussant: Yong Chen, Texas A&M University |
| Retail Customer Reactions to Private Equity Acquisitions |
| By Vesa Pursiainen; University of St.Gallen Tereza Tykvova; University of St.Gallen |
| presented by: Vesa Pursiainen, University of St.Gallen |
| Discussant: Jun Chen, Renmin University of China |
| Scale Economies, Bargaining Power, and Investment Performance: Evidence from Pension Plans |
| By Tjeerd de Vries; University of California, San Diego Yanki Kalfa; University of California, San Diego Allan Timmermann; University of California, San Diego Russell Wermers; University of Maryland |
| presented by: Russell Wermers, University of Maryland |
| Discussant: Feng Zhang, Southern Methodist University |
| Does Partisanship Affect Mutual Fund Information Processing? Evidence from Textual Analysis on Earnings Calls |
| By Wanyi Wang; University of California, Irvine |
| presented by: Wanyi Wang, University of California, Irvine |
| Discussant: Lin Sun, Fudan University |
| Session 59: Determinants of Corporate ESG Performance July 11, 2024 13:30 to 15:15 Location: Conference Room B |
| Session Chair: Tao Shu, The Chinese University of Hong Kong |
| The Eco Gender Gap in Boardrooms |
| By Po-Hsuan Hsu; National Tsing Hua University Kai Li; University of British Columbia Yihui Pan; University of Utah |
| presented by: Yihui Pan, University of Utah |
| Discussant: Xiao Ren, The Chinese University of Hong Kong, Shenzhen |
| Does Foreign Institutional Capital Promote Green Growth for Emerging Market Firms? |
| By Sophia Chiyoung Cheong; ESSCA Jaewon Choi; Seoul National University Sangeun Ha; Copenhagen Business School Ji Yeol Jimmy Oh; Sungkyunkwan University |
| presented by: Sophia Chiyoung Cheong, ESSCA |
| Discussant: Claire Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Propagation of Climate Disasters through Ownership Networks |
| By Matthew Gustafson; Pennsylvania State University Ai He; University of South Carolina Ugur Lel; University of Georgia Zhongling Qin; Auburn University |
| presented by: Ai He, University of South Carolina |
| Discussant: Qiaozhi Ye, National University of Singapore |
| Dirty Air and Green Investments: the Impact of Pollution Information on Portfolio Allocations |
| By Raymond Fisman; Boston University Pulak Ghosh; Indian Institute of Management Bangalore Arkodipta Sarkar; National University of Singapore Jian Zhang; The University of Hong Kong |
| presented by: Jian Zhang, The University of Hong Kong |
| Discussant: Chanik Jo, The Chinese University of Hong Kong |
| Session 60: ESG Investment: New Perspectives July 11, 2024 13:30 to 15:15 Location: Conference Room E |
| Session Chair: Dong Lou, London School of Economics |
| ESG Investing Beyond Risk and Return |
| By Rex Renjie; Vrije University Shuo Xia; Leipzig University |
| presented by: Shuo Xia, Leipzig University |
| Discussant: Xudong Wen, Hong Kong University of Science and Technology |
| Climate Change and Households' Risk-Taking |
| By Zhenyu Gao; The Chinese University of Hong Kong Chanik Jo; The Chinese University of Hong Kong Singsen Lam; The Chinese University of Hong Kong |
| presented by: Singsen Lam, The Chinese University of Hong Kong |
| Discussant: Xin Liu, Renmin University of China |
| Effects of Enforcement Disclosure Salience: Evidence from OSHA's Press Release about Safety Violations |
| By Allen Huang; Hong Kong University of Science and Technology Chao Tang; Hong Kong University of Science and Technology Michael Shen; National University of Singapore Juanting Wang; Shanghai University of Finance and Economics |
| presented by: Juanting Wang, Shanghai University of Finance and Economics |
| Discussant: Hong Xiang, Hong Kong Polytechnic University |
| Corporate Capture of Congress in Carbon Politics: Evidence from Roll Call Votes |
| By Meng Gao; University of Connecticut Jiekun Huang; University of Illinois at Urbana Champaign |
| presented by: Meng Gao, University of Connecticut |
| Discussant: Jiaxing Tian, The Chinese University of Hong Kong, Shenzhen |
| Session 61: Financial Institutions in a New Era July 11, 2024 13:30 to 15:15 Location: Conference Room C |
| Session Chair: David Ng, Cornell University |
| Better than Human? Experiments with AI Debt Collectors |
| By James Choi; Yale University Dong Huang; Yale University Zhishu Yang; Tsinghua University Qi Zhang; Shanghai Jiao Tong University |
| presented by: Dong Huang, Yale University |
| Discussant: Haokun Sun, Cornell University |
| Investor Relations for the Rest of Us: Engaging with Retail Investors |
| By Jin Kyung Choi; City University of Hong Kong Allen Huang; Hong Kong University of Science and Technology Lu Qiu; Hong Kong University of Science and Technology Yue Zheng; Hong Kong University of Science and Technology |
| presented by: Yue Zheng, Hong Kong University of Science and Technology |
| Discussant: Kody Law, The Chinese University of Hong Kong |
| Inflation Expectation and Cryptocurrency Investment |
| By Lin William Cong; Cornell University Pulak Ghosh; Indian Institute of Management Bangalore Jiasun Li; George Mason University Qihong Ruan; Cornell University |
| presented by: Jiasun Li, George Mason University |
| Discussant: Siguang Li, Hong Kong University of Science and Technology |
| Session 62: Financial Intermediary and Social Media July 11, 2024 13:30 to 15:15 Location: Conference Room D |
| Session Chair: Yongxiang Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Finance Lease and Capital Allocation Efficiency in China |
| By Kai Li; Peking University Yuan Wang; Peking University |
| presented by: Kai Li, Peking University |
| Discussant: Dongling Su, Shanghai University of Finance and Economics |
| User Anonymity and Information Quality of Social Media: Evidence from a Natural Experiment |
| By Kanyuan Huang; The Chinese University of Hong Kong, Shenzhen Yakun Wang; The Chinese University of Hong Kong, Shenzhen T.J. Wong; University of Southern California Tianyu Zhang; The Chinese University of Hong Kong, Shenzhen |
| presented by: Kanyuan Huang, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Rongrong Xie, Central University of Finance and Economics |
| Fragility in China's Shadow Banking: Evidence from Wealth Management Products Sell-offs |
| By Yabin Wang; Norwegian University of Science and Technology Zhang Wu; Hong Kong Monetary Authority |
| presented by: Yabin Wang, Norwegian University of Science and Technology |
| Discussant: Haoyu Gao, Renmin University of China |
| Financial Consumer Protection via Insurance Regulator Disclosure of Consumer Complaints |
| By Jingxuan Ding; Fudan University Jeffrey Ng; The University of Hong Kong Xian Xu; Fudan University Hong Zou; The University of Hong Kong |
| presented by: Jingxuan Ding, Fudan University |
| Discussant: Xiao Zhao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Session 63: Special Topics in Empirical Asset Pricing July 11, 2024 13:30 to 15:15 Location: Conference Room F |
| Session Chair: Raymond Kan, University of Toronto |
| Heterogeneous Response: Fama-MacBeth Regression Extended |
| By Xiaoxiao Tang; University of Texas at Dallas Xiwei Tang; University of Virginia Guofu Zhou; Washington University in St. Louis |
| presented by: Guofu Zhou, Washington University in St. Louis |
| Discussant: Guanhao Feng, City University of Hong Kong |
| The Global Implied Volatility Surface, Convexity, and Common Predictability of International Equity Premia |
| By Adlai Fisher; University of British Columbia Terry Zhang; Australian National University |
| presented by: Terry Zhang, Australian National University |
| Discussant: Jie Cao, Hong Kong Polytechnic University |
| Intangible Capital Around the World |
| By Frederico Belo; INSEAD Yu Li; University of Minnesota Juliana Salomao; University of Minnesota |
| presented by: Yu Li, University of Minnesota |
| Discussant: Jun Li, University of Warwick |
| Technology Gap |
| By Weiwei Hu; Peking University Kai Li; Peking University Yifu Liu; Peking University |
| presented by: Yifu Liu, Peking University |
| Discussant: Jincheng Tong, University of Toronto |
This program was last updated on 2025-04-25 01:33:38 EDT