Summary of All Sessions |
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| # | Date/Time | Title/Location | Papers |
|---|---|---|---|
| 1 | June 29, 2025 18:00-19:30 | Conference Reception Location: Rooftop Garden, 29F | 0 |
| 2 | June 30, 2025 8:00-9:45 | Agency Frictions in Banking and Corporate Finance Location: Conference Room B | 4 |
| 3 | June 30, 2025 8:00-9:45 | ESG and Real Economy Location: Conference Room A | 4 |
| 4 | June 30, 2025 8:00-9:45 | Factor Sparsity, Dynamics and Replication Location: Conference Room C | 4 |
| 5 | June 30, 2025 8:00-9:45 | Financial Intermediation Location: Conference Room D | 4 |
| 6 | June 30, 2025 8:00-9:45 | Mergers, Innovation, and Dynamics in Corporate Restructuring Location: Conference Room E | 4 |
| 7 | June 30, 2025 8:00-9:45 | Topics in Capital Structure Location: Conference Room F | 3 |
| 8 | June 30, 2025 10:15-12:00 | Asset Pricing: Theory Meets the Data Location: Conference Room E | 4 |
| 9 | June 30, 2025 10:15-12:00 | Corporate Finance in China Location: Conference Room B | 4 |
| 10 | June 30, 2025 10:15-12:00 | ESG Issues Location: Conference Room C | 4 |
| 11 | June 30, 2025 10:15-12:00 | Exchange Rate Dynamics and Currency Markets Location: Conference Room D | 4 |
| 12 | June 30, 2025 10:15-12:00 | Memories, Heuristics, and LLMs Location: Conference Room A | 4 |
| 13 | June 30, 2025 10:15-12:00 | Technology and Innovation Location: Conference Room F | 4 |
| 14 | June 30, 2025 13:30-15:00 | Keynote Speech: Implementing an Optimal Tax Plan with Short Term Debt Location: Grand Ballroom, 2F | 0 |
| 15 | June 30, 2025 15:30-17:15 | Banks and Non-Bank Financial Institutions Location: Conference Room D | 4 |
| 16 | June 30, 2025 15:30-17:15 | Climate Change and Green Investing Location: Conference Room B | 4 |
| 17 | June 30, 2025 15:30-17:15 | Household Finance Location: Conference Room C | 4 |
| 18 | June 30, 2025 15:30-17:15 | Impact of Political Preferences and AI Location: Conference Room A | 4 |
| 19 | June 30, 2025 15:30-17:15 | Information and Investor Behavior Location: Conference Room E | 4 |
| 20 | June 30, 2025 15:30-17:15 | Spillovers and Strategic Interactions in Firms Location: Conference Room F | 4 |
| 21 | June 30, 2025 18:00-20:00 | Conference Dinner and Best Paper Awards Location: Grand Ballroom, 2F | 0 |
| 22 | July 1, 2025 8:00-9:45 | AI: Applications in Trading, Fundraising, Operational Deployment, and the Impact of Data Sharing Location: Conference Room A | 4 |
| 23 | July 1, 2025 8:00-9:45 | Asset Management Location: Conference Room B | 4 |
| 24 | July 1, 2025 8:00-9:45 | Asset Pricing: New Perspectives from Behavioral Science and Generative AI Location: Conference Room C | 4 |
| 25 | July 1, 2025 8:00-9:45 | Delegated Portfolio Management Location: Conference Room D | 4 |
| 26 | July 1, 2025 8:00-9:45 | Empirical Asset Pricing I Location: Conference Room E | 4 |
| 27 | July 1, 2025 8:00-9:45 | Green Finance Location: Conference Room F | 4 |
| 28 | July 1, 2025 10:15-12:00 | AI in Finance Location: Conference Room A | 4 |
| 29 | July 1, 2025 10:15-12:00 | Contingent Claims Location: Conference Room B | 4 |
| 30 | July 1, 2025 10:15-12:00 | Corporate Finance Location: Conference Room C | 4 |
| 31 | July 1, 2025 10:15-12:00 | Information, Incentives, and Corporate Financial Decisions Location: Conference Room D | 4 |
| 32 | July 1, 2025 10:15-12:00 | Monetary Policy and Bond Market in China Location: Conference Room E | 4 |
| 33 | July 1, 2025 10:15-12:00 | Networks and Spillovers in Modern Financial Systems: AI, Social Connections, and Policy Transmission Location: Conference Room F | 4 |
| 34 | July 1, 2025 13:30-15:15 | AI-Powered Capital Markets Location: Conference Room A | 4 |
| 35 | July 1, 2025 13:30-15:15 | Connections and the Firm Location: Conference Room B | 4 |
| 36 | July 1, 2025 13:30-15:15 | Cryptocurrency, Synchronization Risk and Debt Guarantees Location: Conference Room C | 4 |
| 37 | July 1, 2025 13:30-15:15 | Information, Trading, and Market Structure Location: Conference Room D | 4 |
| 38 | July 1, 2025 13:30-15:15 | Macro-Finance Location: Conference Room E | 4 |
| 39 | July 1, 2025 13:30-15:15 | Sustainability and Finance Location: Conference Room F | 4 |
| 40 | July 1, 2025 15:45-17:30 | Entrepreneurial Finance Location: Conference Room A | 4 |
| 41 | July 1, 2025 15:45-17:30 | Environmental Policy Shocks and Asset Prices Location: Conference Room B | 4 |
| 42 | July 1, 2025 15:45-17:30 | Global Financial Frictions Location: Conference Room C | 4 |
| 43 | July 1, 2025 15:45-17:30 | Housing Markets and Household Finance: Channels and Mechanisms Location: Conference Room D | 4 |
| 44 | July 1, 2025 15:45-17:30 | Topics in Corporate Finance Location: Conference Room E | 4 |
| 45 | July 1, 2025 15:45-17:30 | Topics in Empirical Asset Pricing Location: Conference Room F | 4 |
| 46 | July 2, 2025 8:00-9:45 | Big Data and Large Models Location: Conference Room A | 4 |
| 47 | July 2, 2025 8:00-9:45 | Empirical Asset Pricing II Location: Conference Room B | 4 |
| 48 | July 2, 2025 8:00-9:45 | Finance and Green Economy Location: Conference Room F | 4 |
| 49 | July 2, 2025 8:00-9:45 | Gender and Talent Location: Conference Room D | 3 |
| 50 | July 2, 2025 8:00-9:45 | Investor Behavior and Its Implications Location: Conference Room E | 4 |
| 51 | July 2, 2025 8:00-9:45 | The Advance in Asset Pricing Location: Conference Room C | 4 |
| 52 | July 2, 2025 10:15-12:00 | AI for Social Sciences Location: Conference Room A | 4 |
| 53 | July 2, 2025 10:15-12:00 | Balancing the Scales: Financial Empowerment and Persistent Inequities Location: Conference Room B | 4 |
| 54 | July 2, 2025 10:15-12:00 | Capital Markets and Sustainability Location: Conference Room C | 4 |
| 55 | July 2, 2025 10:15-12:00 | China's Financial Market Location: Conference Room D | 4 |
| 56 | July 2, 2025 10:15-12:00 | Employees and Managers Location: Conference Room E | 4 |
| 57 | July 2, 2025 10:15-12:00 | Interesting Papers in Corporate Finance Location: Conference Room F | 4 |
| 58 | July 2, 2025 13:30-15:15 | AI and Human Incentives in Mutual Funds Location: Conference Room A | 4 |
| 59 | July 2, 2025 13:30-15:15 | 中国经济中的储蓄，贸易和融资 Location: Conference Room B | 3 |
| 60 | July 2, 2025 13:30-15:15 | Discrimination and Diversity in Innovation and Entrepreneurship Location: Conference Room C | 4 |
| 61 | July 2, 2025 13:30-15:15 | ESG and Financial Performance: New Drivers and Perspectives Location: Conference Room F | 4 |
| 62 | July 2, 2025 13:30-15:15 | Information and Asset Prices Location: Conference Room E | 4 |
| 63 | July 2, 2025 13:30-15:15 | Network and Macro Finance Location: Conference Room D | 3 |
63 sessions, 236 papers, and 0 presentations with no associated papers |
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China International Conference in Finance 2025 |
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Detailed List of Sessions |
| Session 1: Conference Reception June 29, 2025 18:00 to 19:30 Location: Rooftop Garden, 29F |
|---|
| For Invited Guests and Participants Registered with Meals Only. |
| Session 2: Agency Frictions in Banking and Corporate Finance June 30, 2025 8:00 to 9:45 Location: Conference Room B |
| Session Chair: Yunzhi Hu, University of North Carolina |
| The Dichotomy of Concentration and Market Power in Banking |
| By Sonny Biswas; University of Bristol Kostas Koufopoulos; University of Sussex |
| Presented by: Sonny Biswas, University of Bristol |
| Discussant: Zehao Liu, Renmin University of China |
| The Making of (Modern) Banks |
| By Zhao Li; Capital University of Economics and Business Kebin Ma; University of Warwick Lucy White; Boston University |
| Presented by: Zhao Li, Capital University of Economics and Business |
| Discussant: Zhiqiang Ye, Zhejiang University |
| Competitive Executive Compensation with Profitability Shocks |
| By Vincent Tena; University Paris Dauphine - PSL Gilles Chemla; Imperial College London, CNRS, and CEPR Juan Imbet; Paris Dauphine University Marcelo Ortiz; Universitat Pompeu Fabra |
| Presented by: Vincent Tena, University Paris Dauphine - PSL |
| Discussant: Jincheng Tong, University of Toronto |
| Manipulable Data, Goodhart's Law, and Credit Risk Prediction |
| By Andrea Gamba; University of Warwick Christopher Hennessy; London Business School |
| Presented by: Andrea Gamba, University of Warwick |
| Discussant: Xiaobo Yu, University of Colorado Boulder |
| Session 3: ESG and Real Economy June 30, 2025 8:00 to 9:45 Location: Conference Room A |
| Session Chair: Shiyang Huang, The University of Hong Kong |
| Oil-Driven Greenium |
| By Zhan Shi; Tsinghua University Shaojun Zhang; Ohio State University |
| Presented by: Zhan Shi, Tsinghua University |
| Discussant: Haonan Zhou, The University of Hong Kong |
| What Drives the Dynamics of CSR Returns? |
| By Renxuan Wang; China Europe International Business School Russell Wermers; University of Maryland Ruoke Yang; Securities and Exchange Commission Tianchen (Hugo) Zhao; University of Maryland |
| Presented by: Russell Wermers, University of Maryland |
| Discussant: Qifei Zhu, National University of Singapore |
| Getting Dirty Before You Get Clean: Institutional Investment in Fossil Fuels and the Green Transition |
| By Mayank Kumar; Boston University |
| Presented by: Mayank Kumar, Boston University |
| Discussant: Zhenyu Gao, The Chinese University of Hong Kong |
| Renewable Asset Price Volatility and Its Implications for Decarbonization |
| By Harrison Hong; Columbia University Jeffrey Kubik; Syracuse University Edward Shore; University of New South Wales |
| Presented by: Edward Shore, University of New South Wales |
| Discussant: Kai Li, Peking University |
| Session 4: Factor Sparsity, Dynamics and Replication June 30, 2025 8:00 to 9:45 Location: Conference Room C |
| Session Chair: Guofu Zhou, Washington University in St. Louis |
| Schrödinger's Sparsity in the Cross-Section of Stock Returns |
| By Doron Avramov; IDC Herzliya Guanhao Feng; City University of Hong Kong Jingyu He; City University of Hong Kong Shuhua Xiao; City University of Hong Kong |
| Presented by: Guanhao Feng, City University of Hong Kong |
| Discussant: Ai He, University of South Carolina |
| Dynamic Momentum Strategies: Return Dispersion and Predictability |
| By Jiatao Liu; Xi'an Jiaotong-Liverpool University Yongjie Zhang; Tianjin University Yuntian Zhang; Tianjin University Shen Zhao; University of Macau |
| Presented by: Jiatao Liu, Xi'an Jiaotong-Liverpool University |
| Discussant: Peixuan Yuan, Hong Kong Baptist University |
| Low-Frequency Risk Factors and Their Fundamental Drivers |
| By Sicong Li; The Chinese University of Hong Kong |
| Presented by: Sicong Li, The Chinese University of Hong Kong |
| Discussant: Ti Zhou, Harbin Institute of Technology (Shenzhen) |
| Replicating Anomalies Using the Aggregate Average Method |
| By Jiaqi Guo; University of Birmingham George Korniotis; University of Miami Alok Kumar; University of Miami Peng Li; University of Bath |
| Presented by: Jiaqi Guo, University of Birmingham |
| Discussant: Yang Liu, Hunan University |
| Session 5: Financial Intermediation June 30, 2025 8:00 to 9:45 Location: Conference Room D |
| Session Chair: Lin Peng, Baruch College, The City University of New York |
| Subjective Expectations and Financial Intermediation |
| By Francesco D'Acunto; Georgetown University Janet Gao; Georgetown University Lu Liu; Tsinghua 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: Pengfei Sui, The Chinese University of Hong Kong, Shenzhen |
| From Long to Short: How Interest Rates Shape Life Insurance Markets |
| By Ziang Li; Imperial College London Derek Wenning; Indiana University |
| Presented by: Ziang Li, Imperial College London |
| Discussant: Emilio Bisetti, Hong Kong University of Science and Technology |
| EXIM's Exit: The Real Effects of Trade Financing by Export Credit Agencies |
| By Adrien Matray; Harvard University Karsten Müller; National University of Singapore Chenzi Xu; University of California, Berkeley Poorya Kabir; National University of Singapore |
| Presented by: Poorya Kabir, National University of Singapore |
| Discussant: Xiaoliang Wang, Hong Kong University of Science and Technology |
| Political Partisanship in Equity Analysts |
| By Fangjian Fu; Singapore Management University Pengfei Ma; Singapore Management University Xuefan Peng; Singapore Management University |
| Presented by: Fangjian Fu, Singapore Management University |
| Discussant: Yakun Wang, The Chinese University of Hong Kong, Shenzhen |
| Session 6: Mergers, Innovation, and Dynamics in Corporate Restructuring June 30, 2025 8:00 to 9:45 Location: Conference Room E |
| Session Chair: Cong Wang, The Chinese University of Hong Kong, Shenzhen |
| Agglomeration and Post-Merger Restructuring |
| By Jarrad Harford; University of Washington Samuel Piotrowski; NHH Norwegian School of Economics Yiming Qian; University of Connecticut |
| Presented by: Samuel Piotrowski, NHH Norwegian School of Economics |
| Discussant: Hong Zou, The University of Hong Kong |
| The Stabilizing Spillover: State-owned Capital Acquisitions Save Industry-wide Crash Risk |
| By Jueting Zhou; Tsinghua University Shanmin Li; Sun Yat-sen University Jiachun Chen; Sun Yat-sen University |
| Presented by: Jueting Zhou, Tsinghua University |
| Discussant: Xinyan Yan, University of South Florida |
| Diffusion of Technological Innovation along Supply Chain |
| By Xuan Tian; Tsinghua University Che Zhang; Tsinghua University |
| Presented by: Che Zhang, Tsinghua University |
| Discussant: Sterling Huang, New York University Shanghai |
| Race, Gender, and Employee Turnover: Evidence from Mergers and Acquisitions |
| By Rui Dai; University of Pennsylvania/CUHK.SZ Tingting Liu; University of Tennessee Cong (Roman) Wang; Texas Tech University |
| Presented by: Rui Dai, University of Pennsylvania/CUHK.SZ |
| Discussant: Feng Jiang, University at Buffalo - SUNY |
| Session 7: Topics in Capital Structure June 30, 2025 8:00 to 9:45 Location: Conference Room F |
| Session Chair: Erica Li, Cheung Kong Graduate School of Business |
| Shareholder-Creditor Conflicts and Equity Lending |
| By Yongqiang Chu; University of North Carolina at Charlotte Luca Lin; University at Buffalo - SUNY Pedro Saffi; University of Cambridge Jason Sturgess; Queen Mary University of London |
| Presented by: Luca Lin, University at Buffalo - SUNY |
| Discussant: Fangyuan Ma, Peking University |
| Corporate Debt Structure Around the World |
| By Alireza Aghaee Shahrbabaki; Bocconi University Lorenzo Bretscher; HEC Lausanne Stefano Rossi; Bocconi University |
| Presented by: Alireza Aghaee Shahrbabaki, Bocconi University |
| Discussant: Dong Yan, Erasmus University Rotterdam & Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Debt Maturity and Managers' Voluntary Disclosure |
| By Hui Xu; Lancaster University |
| Presented by: Hui Xu, Lancaster University |
| Discussant: Di Li, Peking University |
| Session 8: Asset Pricing: Theory Meets the Data June 30, 2025 10:15 to 12:00 Location: Conference Room E |
| Session Chair: Nengjiu Ju, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Network Factors for Idiosyncratic Volatility Spillover |
| By Belinda Chen; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Presented by: Belinda Chen, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Xintong Zhan, Fudan University |
| Disagreement, Skewness, and Asset Prices |
| By Christian Goulding; Auburn University Shrihari Santosh; University of Maryland Xingtan Zhang; Cheung Kong Graduate School of Business |
| Presented by: Xingtan Zhang, Cheung Kong Graduate School of Business |
| Discussant: Junxiong Gao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Intangible Investment in Asset Pricing |
| By Bin Guo; Nankai University Kewei Hou; Ohio State University Han Zhang; Nankai University Yongjie Zhang; Tianjin University |
| Presented by: Bin Guo, Nankai University |
| Discussant: Zhongzhi Song, Shanghai Jiao Tong University |
| On the Time-varying Stock-Bond Correlation: Deciphering Heterogeneous Expectations |
| By Jintao Du; City University of Hong Kong |
| Presented by: Jintao Du, City University of Hong Kong |
| Discussant: Chenjie Xu, Shanghai University of Finance and Economics |
| Session 9: Corporate Finance in China June 30, 2025 10:15 to 12:00 Location: Conference Room B |
| Session Chair: Huasheng Gao, Fudan University |
| The Value of Data in the Digital Economy: Investigating the Economic Consequences of Personal Information Protection |
| By Sipeng Zeng; Cheung Kong Graduate School of Business Wang Jin; Stanford Digital Economy Lab Tianshu Sun; University of Southern California |
| Presented by: Sipeng Zeng, Cheung Kong Graduate School of Business |
| Discussant: Rui Shen, The Chinese University of Hong Kong, Shenzhen |
| Imbalance and Reallocation of Funds under Chinese Quantity-based Monetary Policy |
| By Dan Luo; The Chinese University of Hong Kong Michael Weber; University of Chicago Zhishu Yang; Tsinghua University Qi Zhang; Shanghai Jiao Tong University |
| Presented by: Qi Zhang, Shanghai Jiao Tong University |
| Discussant: Haoyu Gao, Renmin University of China |
| Dividends from Subsidiaries and Bond Overpricing: Evidence from China's Dual Reporting System |
| By Shuai Shao; Zhejiang University Shuai Xu; Singapore Management University Yong Yu; University of Texas at Austin |
| Presented by: Shuai Xu, Singapore Management University |
| Discussant: Yaxuan Qi, City University of Hong Kong |
| Market for Corporate Control in China: Engine for Growth or Value Destruction? |
| By Franklin Allen; Imperial College London Jun Qian; Fudan University Chenyu Shan; Shanghai University of Finance and Economics Xiaohui Shi; Shanghai University of Finance and Economics Lei Zhu; Fudan University |
| Presented by: Chenyu Shan, Shanghai University of Finance and Economics |
| Discussant: Zhenyu Gao, The Chinese University of Hong Kong |
| Session 10: ESG Issues June 30, 2025 10:15 to 12:00 Location: Conference Room C |
| Session Chair: Sudipto Dasgupta, The Chinese University of Hong Kong |
| The Unseen Cost of Green Policies: The Impact of Environmental Regulation on Workplace Safety |
| By Ebenezer Effah; City University of Hong Kong Yaxuan Qi; City University of Hong Kong Rengong Zhang; University of Ottawa |
| Presented by: Ebenezer Effah, City University of Hong Kong |
| Discussant: Dong Yan, Erasmus University Rotterdam & Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| The Green Value of BigTech Credit |
| By Dan Su; Cheung Kong Graduate School of Business Peng Wang; Sun Yat-Sen University Xinyi Wang; Peking University Xiaoyun Yu; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Presented by: Dan Su, Cheung Kong Graduate School of Business |
| Discussant: Fangyuan Ma, Peking University |
| Do Banks Care about Deforestation? |
| By Xian Gu; Durham University Felix Irresberger; Durham University Hao Zhao; Durham University Yun Zhu; St. John's University |
| Presented by: Xian Gu, Durham University |
| Discussant: Xiao Zhao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Short Sellers and Social Responsibility Ratings |
| By Jie Cao; Hong Kong Polytechnic University David McLean; Georgetown University Xintong Zhan; Fudan University Elaine Zhang; IE Business School |
| Presented by: Elaine Zhang, IE Business School |
| Discussant: Linlin Ma, Peking University |
| Session 11: Exchange Rate Dynamics and Currency Markets June 30, 2025 10:15 to 12:00 Location: Conference Room D |
| Session Chair: Zhaogang Song, Johns Hopkins University |
| Short-Horizon Currency Expectations |
| By Ilias Filippou; Florida State University Jiangyuan Li; Shanghai University of Finance and Economics Xujun Liu; Shanghai University of Finance and Economics Mark Taylor; Washington University |
| Presented by: Jiangyuan Li, Shanghai University of Finance and Economics |
| Discussant: Grace Xing Hu, Tsinghua University |
| Exchange Rate Models are Better than You Think, and Why They Didn't Work in the Old Days |
| By Steve Pak Yeung Wu; University of California, San Diego |
| Presented by: Steve Pak Yeung Wu, University of California, San Diego |
| Discussant: Xiang Fang, The University of Hong Kong |
| Are Exporters Naturally Hedged? Corporate Dollar Debt and Global Trade |
| By Junhyong Kim; Korea Development Institute Annie Soyean Lee; Johns Hopkins University Saiah Lee; Ulsan National Institute of Science and Technology |
| Presented by: Saiah Lee, Ulsan National Institute of Science and Technology |
| Discussant: Qunzi Zhang, Shandong University |
| Following the Fed: Limits of Arbitrage and the Dollar |
| By Nikolai Roussanov; University of Pennsylvania Xiaoliang Wang; Hong Kong University of Science and Technology |
| Presented by: Xiaoliang Wang, Hong Kong University of Science and Technology |
| Discussant: Zefeng Chen, Peking University |
| Session 12: Memories, Heuristics, and LLMs June 30, 2025 10:15 to 12:00 Location: Conference Room A |
| Session Chair: Tse-Chun Lin, The University of Hong Kong |
| Memory-induced Cross-stock Extrapolation in China |
| By Hongye Guo; The University of Hong Kong Fangzhou Lu; The University of Hong Kong Hanyu Zheng; The University of Hong Kong |
| Presented by: Hongye Guo, The University of Hong Kong |
| Discussant: Zhongtian Chen, University of Wisconsin-Madison |
| Wisdom or Whims? Decoding Investor Trading Strategies with Large Language Models |
| By Shuaiyu Chen; Purdue University Lin Peng; Baruch College, The City University of New York Dexin Zhou; Baruch College, The City University of New York |
| Presented by: Shuaiyu Chen, Purdue University |
| Discussant: Chishen Wei, Hong Kong Polytechnic University |
| Marketwide Memory |
| By Constantin Charles; London School of Economics Pengfei Sui; The Chinese University of Hong Kong, Shenzhen |
| Presented by: Pengfei Sui, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Zhengyang Xu, City University of Hong Kong |
| How Costly are Trading Heuristics? |
| By Hee Seo Han; University of California, Irvine Xindi He; Georgia Institute of Technology Daniel Weagley; University of Tennessee |
| Presented by: Xindi He, Georgia Institute of Technology |
| Discussant: Jing Zhao, Hong Kong Polytechnic University |
| Session 13: Technology and Innovation June 30, 2025 10:15 to 12:00 Location: Conference Room F |
| Session Chair: Liyan Yang, University of Toronto |
| Automation-Induced Innovation Shift |
| By Lin William Cong; Cornell University Yao Lu; Tsinghua University Hanqing Shi; Tsinghua University Wu Zhu; Tsinghua University |
| Presented by: Wu Zhu, Tsinghua University |
| Discussant: Yang You, The University of Hong Kong |
| Is There Wisdom Among the DAO Crowd? Evidence from Vote Delegation |
| By Chuxuan Fan; The Chinese University of Hong Kong, Shenzhen Tao Shu; The Chinese University of Hong Kong Fei Xie; University of Delaware |
| Presented by: Chuxuan Fan, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Jongsub Lee, Seoul National University |
| Is Crypto Buyback a Real Buyback? |
| By Wenjin Kang; University of Macau Tse-Chun Lin; The University of Hong Kong Fai Lim Loi; Macau University of Science and Technology Xiaorong Ma; University of Macau |
| Presented by: Xiaorong Ma, University of Macau |
| Discussant: Baozhong Yang, Georgia State University |
| Beyond Borders: The Influence of Social Networks and Labor Flows on Innovation Spillovers |
| By Lin Peng; Baruch College, The City University of New York Qiguang Wang; Hong Kong Baptist University Linyi Zhang; The Chinese University of Hong Kong, Shenzhen |
| Presented by: Linyi Zhang, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Bo Li, Peking University |
| Session 14: Keynote Speech: Implementing an Optimal Tax Plan with Short Term Debt June 30, 2025 13:30 to 15:00 Location: Grand Ballroom, 2F |
| Keynote Speaker: Thomas J. Sargent, New York University and Peking University HSBC Business School |
| Session 15: Banks and Non-Bank Financial Institutions June 30, 2025 15:30 to 17:15 Location: Conference Room D |
| Session Chair: Jaewon Choi, Seoul National University |
| Bank Sentiment, Loan Loss Provisioning, and Lending |
| By Junsung Bae; Korea Advanced Institute of Science and Technology Allen Berger; University of South Carolina Hyun-Soo Choi; Korea Advanced Institute of Science and Technology Hugh Kim; University of South Carolina |
| Presented by: Hyun-Soo Choi, Korea Advanced Institute of Science and Technology |
| Discussant: Jiaheng Yu, The University of Hong Kong |
| ETFs as a Disciplinary Device |
| By Yuet Ning Chau; Hong Kong University of Science and Technology Karamfil Todorov; Bank for International Settlements Eyub Yegen; Hong Kong University of Science and Technology |
| Presented by: Yuet Ning Chau, Hong Kong University of Science and Technology |
| Discussant: Linlin Ma, Peking University |
| Non-Fundamental Loan Renegotiations |
| By AJ Yuan Chen; University of Southern California Matthew Phillips; Massachusetts Institute of Technology Regina Wittenberg-Moerman; Northwestern University Tiange Ye; University of Southern California |
| Presented by: Tiange Ye, University of Southern California |
| Discussant: Emilio Bisetti, Hong Kong University of Science and Technology |
| Collateral and Credit |
| By Hans Degryse; Katholieke Universiteit Leuven Olivier De Jonghe; National Bank of Belgium, ECB Luc Laeven; European Central Bank Tong Zhao; Katholieke Universiteit Leuven |
| Presented by: Tong Zhao, Katholieke Universiteit Leuven |
| Discussant: Geoffery Zheng, New York University Shanghai |
| Session 16: Climate Change and Green Investing June 30, 2025 15:30 to 17:15 Location: Conference Room B |
| Session Chair: Hao Jiang, Michigan State University |
| International Climate News |
| By María José Arteaga Garavito; Bocconi University Riccardo Colacito; University of North Carolina-Chapel Hill Mariano Croce; Bocconi University, CEPR, IGIER and Baffi-Carefin Biao Yang; Shanghai Jiao Tong University |
| Presented by: Biao Yang, Shanghai Jiao Tong University |
| Discussant: Jinfei Sheng, University of California, Irvine |
| Resistance and Arbitrage: International Trade in Brown Loans |
| By Lishu Zhang; Tilburg University |
| Presented by: Lishu Zhang, Tilburg University |
| Discussant: Lin Sun, George Mason University |
| Environmental Partisanship in the Crowdfunding of Technology |
| By Vesa Pursiainen; University of St.Gallen Meichen Qian; University of Chicago Dragon Yongjun Tang; The University of Hong Kong |
| Presented by: Vesa Pursiainen, University of St.Gallen |
| Discussant: Xintong Zhan, Fudan University |
| Green Preference, Green Investment |
| By Zhenyu Gao; The Chinese University of Hong Kong Yan Luo; Fudan University Shu Tian; Asian Development Bank Hao Yang; The Chinese University of Hong Kong |
| Presented by: Hao Yang, The Chinese University of Hong Kong |
| Discussant: Peixuan Yuan, Hong Kong Baptist University |
| Session 17: Household Finance June 30, 2025 15:30 to 17:15 Location: Conference Room C |
| Session Chair: Wenlan Qian, National University of Singapore |
| The Consumption Response to Protectionism |
| By Chen Lin; The University of Hong Kong Hongyu Shan; China Europe International Business School Da Tian; Nankai University |
| Presented by: Da Tian, Nankai University |
| Discussant: Tianyue Ruan, National University of Singapore |
| The Distribution Side of Insurance Markets |
| By Li An; Tsinghua University Wei Huang; University of International Business and Economics Dong Lou; Hong Kong University of Science and Technology Jiaxing Tian; The Chinese University of Hong Kong, Shenzhen Yongxiang Wang; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Presented by: Jiaxing Tian, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Xin Zou, Hong Kong Baptist University |
| ARM Loans and Local Monetary Policy Transmission: Evidence from the 2022-2023 Tightening Cycle |
| By Jerome Taillard; Babson College Linghang Zeng; Babson College |
| Presented by: Linghang Zeng, Babson College |
| Discussant: Yu Zhang, Peking University |
| Mobility and Housing: Cash-based Resettlement in China's Shantytown Renovation |
| By Zhiguo He; Stanford University Zehao Liu; Renmin University of China Xinle Pang; University at Buffalo - SUNY Yang Su; The Chinese University of Hong Kong Kunru Zou; Hong Kong Baptist University |
| Presented by: Yang Su, The Chinese University of Hong Kong |
| Discussant: Jia He, Nankai University |
| Session 18: Impact of Political Preferences and AI June 30, 2025 15:30 to 17:15 Location: Conference Room A |
| Session Chair: Briana Chang, Hong Kong University of Science and Technology |
| Political Preferences and Financial Market Equilibrium |
| By Youchang Wu; University of Oregon Josef Zechner; Vienna University of Economics and Business |
| Presented by: Youchang Wu, University of Oregon |
| Discussant: Zhe Wang, Pennsylvania State University |
| Freeriders and Underdogs: Participation in Corporate Voting |
| By Konstantinos Zachariadis; Queen Mary University of London Dragana Cvijanovic; Cornell University Moqi Groen-Xu; Queen Mary University of London |
| Presented by: Konstantinos Zachariadis, Queen Mary University of London |
| Discussant: Poorya Kabir, National University of Singapore |
| Can Corporate AI Adoption Backfire? |
| By Joanne Chen; Boston University Brandon Yueyang Han; University of Maryland |
| Presented by: Joanne Chen, Boston University |
| Discussant: Yunzhi Hu, University of North Carolina |
| Voluntary Disclosure, Misinformation, and AI Information Processing: Theory and Evidence |
| By Jeremy Bertomeu; Washington University Yupeng Lin; National University of Singapore Yibin Liu; National University of Singapore Zhenghui Ni; Renmin University of China |
| Presented by: Yibin Liu, National University of Singapore |
| Discussant: Yan Xiong, University of Hong Kong |
| Session 19: Information and Investor Behavior June 30, 2025 15:30 to 17:15 Location: Conference Room E |
| Session Chair: Roger Loh, Nanyang Technological University |
| Media and Corporate Bond Momentum |
| By Mengjuan Liu; City University of Hong Kong Junbo Wang; City University of Hong Kong Chunchi Wu; University at Buffalo - SUNY |
| Presented by: Mengjuan Liu, City University of Hong Kong |
| Discussant: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen |
| Different Opinion or Information Asymmetry: Machine-Based Measure and Consequences |
| By Yang Liu; Hunan University Kang Guo; Hunan University Tianyu Wang; Tsinghua University |
| Presented by: Yang Liu, Hunan University |
| Discussant: Liyao Wang, Hong Kong Baptist University |
| Anomalies and Cash Flows |
| By Yi Zhou; University of Arizona |
| Presented by: Yi Zhou, University of Arizona |
| Discussant: Hong Xiang, Hong Kong Polytechnic University |
| When Price Discovery and Market Quality Are Most Needed: The Role of Retail Investors Around Pandemic |
| By Charles Jones; Columbia University Lin Tan; Tsinghua University Xiaoyan Zhang; Tsinghua University Xinran Zhang; Central University of Finance and Economics |
| Presented by: Lin Tan, Tsinghua University |
| Discussant: Julie Wu, University of Nebraska - Lincoln |
| Session 20: Spillovers and Strategic Interactions in Firms June 30, 2025 15:30 to 17:15 Location: Conference Room F |
| Session Chair: Jiekun Huang, University of Illinois at Urbana-Champai |
| Relative Performance Evaluation and Contagion in Financial Reporting Quality |
| By Deniz Anginer; Simon Fraser University Paul Irvine; Texas Christian University Jinjing Liu; Moravian University Celim Yildizhan; Koç University |
| Presented by: Jinjing Liu, Moravian University |
| Discussant: Ke Na, Cheung Kong Graduate School of Business |
| Competition, Cannibalization, and New Product Introductions: Evidence from the Pharmaceutical Industry |
| By Yuanfang Chu; The Chinese University of Hong Kong Sudipto Dasgupta; The Chinese University of Hong Kong Fangyuan Ma; Peking University |
| Presented by: Yuanfang Chu, The Chinese University of Hong Kong |
| Discussant: Qiaozhi Ye, Shanghai University of Finance and Economics |
| Cross-industry Technological Information Spillovers in Analyst Research |
| By Hongwei Mo; University of Oxford |
| Presented by: Hongwei Mo, University of Oxford |
| Discussant: Rui Shen, The Chinese University of Hong Kong, Shenzhen |
| Do Consumers Care about Pay Inequality? Evidence from Household Purchase Data |
| By Konstantinos Bozos; University of Leeds Jie Chen; University of Leeds Yang Gao; University of Exeter Xuan Tian; Tsinghua University Jiayi Yuan; University of Leeds |
| Presented by: Jie Chen, University of Leeds |
| Discussant: Xi Chen, University of Bristol |
| Session 21: Conference Dinner and Best Paper Awards June 30, 2025 18:00 to 20:00 Location: Grand Ballroom, 2F |
| For Invited Guests and Participants Registered with Meals Only. |
| Session 22: AI: Applications in Trading, Fundraising, Operational Deployment, and the Impact of Data Sharing July 1, 2025 8:00 to 9:45 Location: Conference Room A |
| Session Chair: Bernard Yeung, National University of Singapore, SUSTECH, ABFER |
| Does Generative AI Facilitate Investor Trading? Evidence from ChatGPT Outages |
| By Qiang Cheng; Singapore Management University Pengkai Lin; Singapore Management University Yue Zhao; Singapore Management University |
| Presented by: Yue Zhao, Singapore Management University |
| Discussant: Yupeng Lin, National University of Singapore |
| The Digital Wordsmith: AI-Assisted Disclosures and Crowdfunding Success |
| By John (Jianqiu) Bai; Northeastern University Yi Cao; George Mason University Chi Wan; University of Massachusetts Boston |
| Presented by: John (Jianqiu) Bai, Northeastern University |
| Discussant: Shijie Yang, Southern University of Science and Technology |
| Data as a Networked Asset |
| By Bo Bian; University of British Columbia Qiushi Huang; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Ye Li; University of Washington Huan Tang; University of Pennsylvania |
| Presented by: Qiushi Huang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Di Tian, Hong Kong University of Science and Technology |
| Empowering Businesses with Foundation Models in Generative AI |
| By Peixin Liu; University of Illinois Urbana-Champaign Zhang Lihong; Tsinghua University Xiaoquan (Michael) Zhang; The Chinese University of Hong Kong |
| Presented by: Peixin Liu, University of Illinois Urbana-Champaign |
| Discussant: Liyan Yang, University of Toronto |
| Session 23: Asset Management July 1, 2025 8:00 to 9:45 Location: Conference Room B |
| Session Chair: Andrei Simonov, Michigan State University |
| The Value of Non-Alpha Services |
| By Jules Van Binsbergen; University of Pennsylvania Alessandro Previtero; Indiana University Ran Xing; Stockholm University |
| Presented by: Ran Xing, Stockholm University |
| Discussant: Jennifer Huang, Cheung Kong Graduate School of Business |
| Are the Hedges of Funds Green? |
| By Huan Kuang; Bryant University Bing Liang; University of Massachusetts Amherst Tianyi Qu; Baylor University Mila Getmansky Sherman; University of Massachusetts Amherst |
| Presented by: Tianyi Qu, Baylor University |
| Discussant: Jingzhi Huang, Pennsylvania State University |
| Betting Against Others' Beta: Revealed Preferences in a Global Setting |
| By Xi Dong; Baruch College, City University of New York Massimo Massa; INSEAD Zilong Niu; Southwestern University of Finance and Economics Cathy Yang; Southwestern University of Finance and Economics |
| Presented by: Zilong Niu, Southwestern University of Finance and Economics |
| Discussant: Hao Jiang, Michigan State University |
| Portfolio Rebalancing by Mutual Funds in Response to Government Policy |
| By Reena Aggarwal; Georgetown University Yuchen Luo; Georgetown University |
| Presented by: Yuchen Luo, Georgetown University |
| Discussant: Chenjie Xu, Shanghai University of Finance and Economics |
| Session 24: Asset Pricing: New Perspectives from Behavioral Science and Generative AI July 1, 2025 8:00 to 9:45 Location: Conference Room C |
| Session Chair: Li An, Tsinghua University |
| Memory and Generative AI |
| By 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: Hongye Guo, The University of Hong Kong |
| Salience and Short-term Momentum and Reversals |
| By Yili Chen; Peking University Huaixin Wang; Tsinghua University Jianfeng Yu; Tsinghua University |
| Presented by: Huaixin Wang, Tsinghua University |
| Discussant: Xin Liu, University of Macau |
| Norms Make Investors Socially Responsible |
| By Peiran Jiao; Maastricht University |
| Presented by: Peiran Jiao, Maastricht University |
| Discussant: Jiahong Shi, London School of Economics and Political Science |
| What Does ChatGPT Make of Historical Stock Returns? Extrapolation and Miscalibration in LLM Stock Return Forecasts |
| By Shuaiyu Chen; Purdue University T. Clifton Green; Emory University Huseyin Gulen; Purdue University Dexin Zhou; Baruch College, The City University of New York |
| Presented by: Dexin Zhou, Baruch College, The City University of New York |
| Discussant: Wenxi Jiang, The Chinese University of Hong Kong |
| Session 25: Delegated Portfolio Management July 1, 2025 8:00 to 9:45 Location: Conference Room D |
| Session Chair: Melvyn Teo, Singapore Management University |
| Anomalies as New Hedge Fund Factors |
| By Yong Chen; Texas A&M University Sophia Zhengzi Li; Rutgers Business School Yushan Tang; Shanghai University of Finance and Economics Guofu Zhou; Washington University in St. Louis |
| Presented by: Yushan Tang, Shanghai University of Finance and Economics |
| Discussant: Hong Zhang, Singapore Management University |
| (Re)call of Duty: Mutual Fund Securities Lending and Proxy Voting |
| By Tao Li; University of Florida Qifei Zhu; National University of Singapore |
| Presented by: Qifei Zhu, National University of Singapore |
| Discussant: Darwin Choi, Hong Kong University of Science and Technology |
| Generative AI and Asset Management |
| By Jinfei Sheng; University of California, Irvine Zheng Sun; University of California, Irvine Baozhong Yang; Georgia State University Alan Zhang; Iowa State University |
| Presented by: Jinfei Sheng, University of California, Irvine |
| Discussant: Lin Sun, Fudan University |
| The Economics of Greenwashing Funds |
| By Sean Cao; University of Maryland Yong Chen; Texas A&M University Han Xiao; The Chinese University of Hong Kong, Shenzhen Alan Zhang; Iowa State University |
| Presented by: Han Xiao, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Hao Liang, Singapore Management University |
| Session 26: Empirical Asset Pricing I July 1, 2025 8:00 to 9:45 Location: Conference Room E |
| Session Chair: Dongmei Li, University of South Carolina |
| Option Expected Hedging Demand |
| By Xiaoxiao Tang; University of Texas at Dallas Guofu Zhou; Washington University in St. Louis Zhaoque Zhou; Washington University in St. Louis |
| Presented by: Zhaoque Zhou, Washington University in St. Louis |
| Discussant: Jie Cao, Hong Kong Polytechnic University |
| Fundamental Volatility |
| By Xiaoyan Zhang; Tsinghua University Tong Yao; University of Iowa Hsianghung Tien; University of Iowa |
| Presented by: Hsianghung Tien, University of Iowa |
| Discussant: Roger Loh, Nanyang Technological University |
| Anomaly Never Disappeared: The Case of Stubborn Retail Investors |
| By Xi Dong; Baruch College, City University of New York Joel Peress; INSEAD Cathy Yang; Southwestern University of Finance and Economics |
| Presented by: Cathy Yang, Southwestern University of Finance and Economics |
| Discussant: Qiguang Wang, Hong Kong Baptist University |
| Uninsured Deposits, Run Risk, and Bank Stock Returns |
| By Jack Bao; University of Delaware Yurong Hong; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Kewei Hou; Ohio State University Thien Nguyen; Federal Reserve Board |
| Presented by: Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Dong Beom Choi, Seoul National University |
| Session 27: Green Finance July 1, 2025 8:00 to 9:45 Location: Conference Room F |
| Session Chair: Chu Zhang, Hong Kong University of Science and Technology |
| Market vs Social Norms: Evidence from ESG Fund Flows |
| By Soohun Kim; Korea Advanced Institute of Science and Technology S. Katie Moon; University of Colorado Boulder Jiyeon Seo; Korea Advanced Institute of Science and Technology |
| Presented by: Jiyeon Seo, Korea Advanced Institute of Science and Technology |
| Discussant: Frank Weikai Li, Singapore Management University |
| Adaptation to Climate-induced Regulatory Risk: A Labor Perspective |
| By Hernan Ortiz-Molina; University of British Columbia Zhanbing Xiao; Harvard University Xin Zheng; University of British Columbia |
| Presented by: Xin Zheng, University of British Columbia |
| Discussant: Yizhe Dong, University of Edinburgh |
| Fired Up or Burned Down: Wildfires and VC Investment |
| By Joy Tianjiao Tong; University of Western Ontario Wen Wang; Hong Kong University of Science and Technology Zhengchu Zhang; Singapore Management University |
| Presented by: Joy Tianjiao Tong, University of Western Ontario |
| Discussant: Ning Gao, University of Manchester |
| Environmental Pollution and Corporate Credit Spreads |
| By Wenquan Li; Xi'an Jiaotong-Liverpool University Yancheng Qiu; The University of Sydney |
| Presented by: Wenquan Li, Xi'an Jiaotong-Liverpool University |
| Discussant: Kai Li, Peking University |
| Session 28: AI in Finance July 1, 2025 10:15 to 12:00 Location: Conference Room A |
| Session Chair: Dacheng Xiu, University of Chicago |
| AI (ChatGPT) Democratization, Return Predictability, and Trading Inequality |
| By Anne Chang; Baruch College, The City University of New York Xi Dong; Baruch College, City University of New York Xiumin Martin; Washington University in Saint Louis Changyun Zhou; Southwestern University of Finance and Economics |
| Presented by: Changyun Zhou, Southwestern University of Finance and Economics |
| Discussant: Miao Liu, Boston College |
| Timing the Factor Zoo via Visualization: Evidence from Deep Learning |
| By Yuecheng Jia; Central University of Finance and Economics Junye Li; Fudan University Hongyu Zhang; Central University of Finance and Economics |
| Presented by: Yuecheng Jia, Central University of Finance and Economics |
| Discussant: Dake Zhang, Shanghai Jiao Tong University |
| AI and the Extended Workday: Productivity, Contracting Efficiency, and Distribution of Rents |
| By Wei Jiang; Emory University Junyoung Park; Auburn University Rachel Xiao; Fordham University Shen Zhang; Fordham University |
| Presented by: Shen Zhang, Fordham University |
| Discussant: Alex He, University of Maryland |
| Behavioral Machine Learning? Computer Predictions of Corporate Earnings also Overreact |
| By Murray Frank; University of Minnesota Jing Gao; University of Minnesota Keer Yang; University of California, Davis |
| Presented by: Jing Gao, University of Minnesota |
| Discussant: Rui Da, Indiana University |
| Session 29: Contingent Claims July 1, 2025 10:15 to 12:00 Location: Conference Room B |
| Session Chair: Jingzhi Huang, Pennsylvania State University |
| Multiverse Equivalent Expectation Measures for Computing Moments of Contingent Claim Returns |
| By Sanjay Nawalkha; University of Massachusetts, Amherst Xiaoyang Zhuo; Beijing Institute of Technology |
| Presented by: Xiaoyang Zhuo, Beijing Institute of Technology |
| Discussant: Jingzhi Huang, Pennsylvania State University |
| The More Illiquid, The More Expensive: The Reversal of Relationship between Price and Liquidity in Corporate Bonds |
| By Jaewon Choi; Seoul National University Jungsuk Han; Seoul National University Sean Shin; Korea Advanced Institute of Science and Technology Ji Hee Yoon; University College London |
| Presented by: Sean Shin, Korea Advanced Institute of Science and Technology |
| Discussant: Yi Li, Federal Reserve Board |
| Empty Creditor Problem and Corporate Environmental & Social Reputation Risk |
| By Zhenshu Wu; Tilburg University Rui Zhong; University of Western Australia |
| Presented by: Zhenshu Wu, Tilburg University |
| Discussant: Dragon Yongjun Tang, The University of Hong Kong |
| The Monthly Cycle of Option Prices |
| By Chao Gao; Australian National University Jia He; Central University of Finance and Economics Grace Xing Hu; Tsinghua University |
| Presented by: Grace Xing Hu, Tsinghua University |
| Discussant: Anh Le, Pennsylvania State University |
| Session 30: Corporate Finance July 1, 2025 10:15 to 12:00 Location: Conference Room C |
| Session Chair: Xin Chang, Nanyang Technological University |
| Geopolitical Risks and Global Supply Chain Network |
| By Bo Jing; Tsinghua University Xing Liu; Tsinghua University Xuan Tian; Tsinghua University |
| Presented by: Bo Jing, Tsinghua University |
| Discussant: Endong Yang, University of Macau |
| Antitrust Exposure |
| By Jiaping Qiu; Shanghai University of Finance and Economics Zi Yang; McMaster University |
| Presented by: Zi Yang, McMaster University |
| Discussant: Zhuozhen Peng, Central University of Finance and Economics |
| Evidence on the Importance of Market Competition in Distress Propagation |
| By Winston Dou; University of Pennsylvania Shane Johnson; Texas A&M University Wei Wu; Texas A&M University |
| Presented by: Winston Dou, University of Pennsylvania |
| Discussant: Kelvin Jui Keng Tan, University of Queensland |
| CEO Incentives and Acquisitions: Evidence from the Pay Ratio Disclosure Mandate |
| By Sudipto Dasgupta; The Chinese University of Hong Kong Tao Shu; The Chinese University of Hong Kong Yuxuan Zhu; The Chinese University of Hong Kong |
| Presented by: Yuxuan Zhu, The Chinese University of Hong Kong |
| Discussant: Wei Li, City University of Hong Kong |
| Session 31: Information, Incentives, and Corporate Financial Decisions July 1, 2025 10:15 to 12:00 Location: Conference Room D |
| Session Chair: Angie Low, Nanyang Technological University |
| How Do Demand Shocks Affect CEO Compensation? Evidence from Government Contractors |
| By Linghua Kong; University of Sydney Iftekhar Hasan; Fordham University Stefano Manfredonia; Fordham University Ronald Masulis; University of New South Wales Eliza Wu; University of Sydney |
| Presented by: Linghua Kong, University of Sydney |
| Discussant: Shuran Zhang, Hong Kong Polytechnic University |
| Not All Corporate Tax Cuts Are Created Equal: Evidence from Bonus Depreciation and M&A1 |
| By Qianqian Huang; City University of Hong Kong Stephen Sun; City University of Hong Kong Tao Yuan; Nanjing University |
| Presented by: Stephen Sun, City University of Hong Kong |
| Discussant: Sterling Huang, New York University Shanghai |
| Breaking the Quiet: Information Revelation before Corporate Events |
| By Chao Gao; Australian National University Ruohan Yang; Australian National University |
| Presented by: Ruohan Yang, Australian National University |
| Discussant: Yutao Wang, Renmin University of China |
| Why Are Accounts Receivable Backed Loans Expensive? |
| By Jiaheng Yu; The University of Hong Kong |
| Presented by: Jiaheng Yu, The University of Hong Kong |
| Discussant: JiHoon Hwang, University of Mississippi |
| Session 32: Monetary Policy and Bond Market in China July 1, 2025 10:15 to 12:00 Location: Conference Room E |
| Session Chair: Feng Dong, Tsinghua University |
| Government Information Disclosure and Implicit Bond Pricing |
| By Maggie Hu; Baruch College, City University of New York Zhisheng Li; Southwestern University of Finance and Economics Xiaoqian Yang; Zhongnan University of Economics and Law Bohui Zhang; The Chinese University of Hong Kong, Shenzhen |
| Presented by: Maggie Hu, Baruch College, City University of New York |
| Discussant: Zhongchao Yang, Wuhan University |
| The International Spillover of Monetary Policy Shock: New Evidence from Nighttime Light |
| By Kaiji Chen; Emory University and Federal Reserve Bank Qichao Wang; The Hong Kong University of Science and Technology Juanyi Xu; Hong Kong University of Science and Technology Jingbo Yao; Hong Kong University of Science and Technology |
| Presented by: Juanyi Xu, Hong Kong University of Science and Technology |
| Discussant: Le Xu, Shanghai Jiao Tong University |
| SOE Inspections and Corporate Policies in China |
| By Wukuang Cun; Shanghai University of Finance and Economics Vincenzo Quadrini; University of Southern California Qi Sun; Shanghai University of Finance and Economics Junjie Xia; Central University of Finance and Economics and Peking University |
| Presented by: Wukuang Cun, Shanghai University of Finance and Economics |
| Discussant: Sichuang Xu, The Chinese University of Hong Kong, Shenzhen |
| A High-frequency Measure of Chinese Monetary Policy Shocks |
| By Jianyao He; University of Texas at Dallas Calvin Dun Jia; Peking University Kai Li; Peking University Wenbin Wu; Fudan University |
| Presented by: Jianyao He, University of Texas at Dallas |
| Discussant: Zhesheng Qiu, Hong Kong University of Science and Technology |
| Session 33: Networks and Spillovers in Modern Financial Systems: AI, Social Connections, and Policy Transmission July 1, 2025 10:15 to 12:00 Location: Conference Room F |
| Session Chair: Hong Zhang, Singapore Management University |
| Go with the Flow: Debt Structure Changes and Monetary Policy Transmission |
| By Chuck Fang; Drexel University Gregory Nini; Drexel University |
| Presented by: Chuck Fang, Drexel University |
| Discussant: Mingzhu Tai, The University of Hong Kong |
| Friends and Machines: The Value of Social Connections in the Age of Artificial Intelligence |
| By Mengqiao Du; National University of Singapore Wanrong Xu; Southern University of Science and Technology Rachel Zhang; National University of Singapore |
| Presented by: Wanrong Xu, Southern University of Science and Technology |
| Discussant: Belinda Chen, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Winning at the Starting Line: Underwriter Connections and Municipal Bond Fund Performance |
| By Bingkuan Cao; University of Nebraska-Lincoln Russell Wermers; University of Maryland Zihan Ye; University of Tennessee |
| Presented by: Russell Wermers, University of Maryland |
| Discussant: Tianhao Yao, Singapore Management University |
| The Value of AI Innovations in non-IT Firms |
| By Wilbur Chen; Hong Kong University of Science and Technology Terrence Shi; Harvard University Suraj Srinivasan; Harvard Business School Saleh Zakerina; Harvard Business School |
| Presented by: Wilbur Chen, Hong Kong University of Science and Technology |
| Discussant: Dexin Zhou, Baruch College, The City University of New York |
| Session 34: AI-Powered Capital Markets July 1, 2025 13:30 to 15:15 Location: Conference Room A |
| Session Chair: Winston Dou, University of Pennsylvania |
| Prompting is All You Need: Predicting Credit Defaults Using Diverse Text Data |
| By Zongxiao Wu; University of Edinburgh Yizhe Dong; University of Edinburgh Yaoyiran Li; University of Cambridge Baofeng Shi; Northwest A&F University |
| Presented by: Zongxiao Wu, University of Edinburgh |
| Discussant: Yu An, Johns Hopkins University |
| AI Exposure without Labor Data |
| By Jiacheng Liu; Purdue University |
| Presented by: Jiacheng Liu, Purdue University |
| Discussant: Alex He, University of Maryland |
| The Information Content of Tone Dispersion: Evidence from Earnings Conference Call Q&As |
| By Jyun-Ying Fu; National Chengchi University Alan Huang; University of Waterloo Russell Wermers; University of Maryland Jingyu Zhang; Queen's University Yuxin Zhang; University of Nottingham at Ningbo |
| Presented by: Russell Wermers, University of Maryland |
| Discussant: Qifei Zhu, National University of Singapore |
| Digital Technology, Legal Reforms, and Bank Lending |
| By Yi Huang; Bank for International Settlements Yuchao Peng; Central University of Finance and Economics Yangfan Sun; Zhongnan University of Economics and Law Nanxuan Wang; Central University of Finance and Economics Bernard Yeung; National University of Singapore, SUSTECH, ABFER |
| Presented by: Bernard Yeung, National University of Singapore, SUSTECH, ABFER |
| Discussant: Linda Du, Carnegie Mellon University |
| Session 35: Connections and the Firm July 1, 2025 13:30 to 15:15 Location: Conference Room B |
| Session Chair: Linlin Ma, Peking University |
| Fight or Flee? The Role of Firms' Connected Social Media Outlets |
| By Zhiqian Jiang; Xiamen University Baixao Liu; Peking University Yuchen XU; UNSW Bohui Zhang; The Chinese University of Hong Kong, Shenzhen |
| Presented by: Zhiqian Jiang, Xiamen University |
| Discussant: Fuwei Jiang, Xiamen University |
| Ripple Through Garbage: The Impact of China's Solid Waste Import Ban on U.S. Firms |
| By Tao Chen; Nanyang Technological University Sherry Xinyao He; Nanyang Technological University Stephen Sun; City University of Hong Kong Hong Zhang; Singapore Management University |
| Presented by: Sherry Xinyao He, Nanyang Technological University |
| Discussant: Emilio Bisetti, Hong Kong University of Science and Technology |
| How Politicians Help Local Firms: Evidence from Supply Chain Matchmaking |
| By Sean Cao; University of Maryland Jie He; University of Georgia Wenming Wang; Zhejiang University Yuhai Xuan; University of California, Irvine |
| Presented by: Jie He, University of Georgia |
| Discussant: Bo Li, Peking University |
| Creativity without Walls: The Case of Open Innovation |
| By John (Jianqiu) Bai; Northeastern University Rui Dai; University of Pennsylvania/CUHK.SZ Anahit Mkrtchyan; University of Massachusetts Amherst Chi Wan; University of Massachusetts Boston |
| Presented by: John (Jianqiu) Bai, Northeastern University |
| Discussant: Guangli Lu, The Chinese University of Hong Kong, Shenzhen |
| Session 36: Cryptocurrency, Synchronization Risk and Debt Guarantees July 1, 2025 13:30 to 15:15 Location: Conference Room C |
| Session Chair: Bing Han, University of Toronto |
| Financialization in the Cryptocurrency Market |
| By Xingjian Jiang; Tsinghua University Wenjin Kang; University of Macau Ke Tang; Tsinghua University Endong Yang; University of Macau |
| Presented by: Endong Yang, University of Macau |
| Discussant: Yukun Liu, University of Rochester |
| Optimizing Policy Design—Evidence from a Large-scale Staged Digital Coupon Program in the Field |
| By Qiao Liu; Peking University Qiaowei Shen; Peking University Tenghui Wang; Lingnan University Zhenhua Li; Ant Group Shu Chen; Ant Financial Services Group |
| Presented by: Tenghui Wang, Lingnan University |
| Discussant: Yuan Ren, Zhejiang University |
| Synchronization Risk and Price Stickiness: Theory and Evidence |
| By Xuewen Liu; The University of Hong Kong Hengxu Song; Jinan University Pengfei Wang; Peking University Zhongchao Yang; Wuhan University |
| Presented by: Zhongchao Yang, Wuhan University |
| Discussant: Jieran Wu, Zhejiang University |
| Affiliated Guarantees and Local Government Debt Entanglement: Evidence from Bond Pricing in China |
| By Jianfeng Wang; University of International Business and Economics Jinglu Zhang; University of International Business and Economics Yining Shi; University of International Business and Economics Laura Xiaolei Liu; Peking University |
| Presented by: Yining Shi, University of International Business and Economics |
| Discussant: Jingzhi Huang, Pennsylvania State University |
| Session 37: Information, Trading, and Market Structure July 1, 2025 13:30 to 15:15 Location: Conference Room D |
| Session Chair: Alex (Xing) Zhou, Southern Methodist University |
| Institutional Ownership Concentration and Informational Efficiency |
| By Yan Xiong; University of Hong Kong Liyan Yang; University of Toronto Zexin Zheng; Hong Kong University of Science and Technology |
| Presented by: Zexin Zheng, Hong Kong University of Science and Technology |
| Discussant: Elaine Zhang, IE Business School |
| Can Daily Closing Prices Predict Future Movements? The Role of Limit Order Clustering |
| By Xiao Zhang; University of Maryland |
| Presented by: Xiao Zhang, University of Maryland |
| Discussant: Jing Zhao, Hong Kong Polytechnic University |
| Cournot Competition, Informational Feedback, and Real Efficiency |
| By Lin William Cong; Cornell University Xiaohong Huang; Southwestern University of Economics and Finance Siguang Li; Hong Kong University of Science and Technology Jian Ni; Southwestern University of Finance and Economics |
| Presented by: Siguang Li, Hong Kong University of Science and Technology (Guangzhou) |
| Discussant: Yan Ji, Hong Kong University of Science and Technology |
| Dynamic Market Choice |
| By Xian Wu; University of Wisconsin–Madison |
| Presented by: Xian Wu, University of Wisconsin–Madison |
| Discussant: Tomy Lee, Central European University |
| Session 38: Macro-Finance July 1, 2025 13:30 to 15:15 Location: Conference Room E |
| Session Chair: Kai Li, Peking University |
| Debt and Deficits: Fiscal Analysis with Stationary Ratios |
| By John Campbell; Harvard University Can Gao; University of St.Gallen Ian Martin; London School of Economics |
| Presented by: Can Gao, University of St.Gallen |
| Discussant: Xiang Fang, The University of Hong Kong |
| Bank Loan Reliance and Inflation Inattention |
| By Zhenghua Qi; Hong Kong University of Science and Technology Tiziano Ropele; Bank of Italy |
| Presented by: Zhenghua Qi, Hong Kong University of Science and Technology |
| Discussant: Ding Dong, Hong Kong Baptist University |
| AI Bubbles |
| By Feng Dong; Tsinghua University Neng Wang; Cheung Kong Graduate School of Business Haoning Sun; Tsinghua University |
| Presented by: Haoning Sun, Tsinghua University |
| Discussant: Yang Yu, Shanghai Jiao Tong University |
| Data, Markups, and Asset Prices |
| By Alexandre Corhay; University of Toronto Kejia Hu; University of Oxford Jun Li; University of Warwick Jincheng Tong; University of Toronto Chi-Yang Tsou; Alliance Manchester Business School |
| Presented by: Jun Li, University of Warwick |
| Discussant: Jun Yu, University of Melbourne |
| Session 39: Sustainability and Finance July 1, 2025 13:30 to 15:15 Location: Conference Room F |
| Session Chair: Sumit Agarwal, National University of Singapore |
| Pricing the Priceless: The Financing Cost of Biodiversity Conservation |
| By Fukang Chen; Renmin University of China Minhao Chen; Renmin University of China Lin William Cong; Cornell University Haoyu Gao; Renmin University of China Jacopo Ponticelli; Northwestern University |
| Presented by: Haoyu Gao, Renmin University of China |
| Discussant: Yang Yang, The Chinese University of Hong Kong |
| When ESG Priorities Collide: Evidence from Paid Sick Leave Mandates |
| By Xiaojie Liao; City University of Hong Kong |
| Presented by: Xiaojie Liao, City University of Hong Kong |
| Discussant: Xiaoyu Zhang, Central University of Finance and Economics |
| Allocative Efficiency of Green Finance Instruments |
| By Kai Li; Peking University Yicheng Wang; Peking University Chenjie Xu; Shanghai University of Finance and Economics |
| Presented by: Chenjie Xu, Shanghai University of Finance and Economics |
| Discussant: Jian Zhang, The University of Hong Kong |
| The Effect of Green Bonds on Analyst Forecasts around the World |
| By Dragon Tang; University of Hong Kong Jiahang Zhang; The University of Hong Kong |
| Presented by: Dragon Yongjun Tang, The University of Hong Kong |
| Discussant: Teng Li, Sun Yat-sen University |
| Session 40: Entrepreneurial Finance July 1, 2025 15:45 to 17:30 Location: Conference Room A |
| Session Chair: Isaac Hacamo, Indiana University |
| Managerial Springboards: Employee Spillovers of Startup Accelerators |
| By Juanita Gonzalez-uribe; London School of Economics Santiago Reyes; International Finance Corporation Yufeng Wang; Tsinghua University Xiang Yin; Tsinghua University |
| Presented by: Xiang Yin, Tsinghua University |
| Discussant: Valentina Rutigliano, University of British Columbia |
| Investor Tax Breaks and Financing for Start-ups: Evidence from China |
| By Irem Guceri; University of Oxford Xipei Hou; Shanghai University of Finance and Economics Jing Xing; Shanghai Jiao Tong University |
| Presented by: Xipei Hou, Shanghai University of Finance and Economics |
| Discussant: Qiping Xu, University of Illinois at Urbana-Champaign |
| Tyranny of the Personal Network: The Limits of Arm's Length Fundraising in Venture Capital |
| By Sabrina Howell; New York University Dean Parker; New York University Ting Xu; University of Toronto |
| Presented by: Ting Xu, University of Toronto |
| Discussant: Zhongchen Hu, The Chinese University of Hong Kong, Shenzhen |
| Technology Driven Market Concentration through Idea Allocation |
| By Yueyuan Ma; University of California, Santa Barbara Shaoshuang Yang; The Chinese University of Hong Kong, Shenzhen |
| Presented by: Shaoshuang Yang, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Ashwini Agrawal, London School of Economics |
| Session 41: Environmental Policy Shocks and Asset Prices July 1, 2025 15:45 to 17:30 Location: Conference Room B |
| Session Chair: Enrique Schroth, EDHEC Business School |
| The Carbon Policy Paradox: Divergent Impacts of Short-term vs. Long-term Policies |
| By I-Hsuan Ethan Chiang; University of North Carolina at Charlotte Shih-Kuei Lin; National Chengchi University Zong-Wei Yeh; National Chengchi University |
| Presented by: Zong-Wei Yeh, National Chengchi University |
| Discussant: Zhiyao Nicholas Chen, City University of Hong Kong |
| Financing and the Green Paradox |
| By Rui Albuquerque; Boston College Mathias Kruttli; Indiana University Yiding Ma; Technical University of Denmark Sumudu Watugala; Indiana University |
| Presented by: Yiding Ma, Technical University of Denmark |
| Discussant: Darwin Choi, Hong Kong University of Science and Technology |
| Endogenous Preferences and Green Bond Pricing |
| By Ming Li; Virginia Commonwealth University Summer Liu; University of Richmond Nhu Tran; University of Richmond Matthew Wilson; University of Richmond |
| Presented by: Summer Liu, University of Richmond |
| Discussant: Tinghua Duan, EDHEC Business School |
| Duration-driven Carbon Premium |
| By Yongqi He; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Jiangyuan Li; Shanghai University of Finance and Economics Ruishen Zhang; The University of Hong Kong |
| Presented by: Yongqi He, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Zhimin Chen, Nanyang Technological University |
| Session 42: Global Financial Frictions July 1, 2025 15:45 to 17:30 Location: Conference Room C |
| Session Chair: Allaudeen Hameed, National University of Singapore |
| Tech Dollars: Technological Innovation and Exchange Rates |
| By Qiushi Huang; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Leonid Kogan; Massachusetts Institute of Technology Dimitris Papanikolaou; Northwestern University |
| Presented by: Qiushi Huang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Xiaoliang Wang, Hong Kong University of Science and Technology |
| Listing Location Matters! A Tale of Two Betas |
| By Geert Bekaert; Columbia University Xue Wang; Tsinghua University Xiaoyan Zhang; Tsinghua University Yueqi Zhang; Tsinghua University |
| Presented by: Yueqi Zhang, Tsinghua University |
| Discussant: Sicong Li, The Chinese University of Hong Kong |
| The Impacts of Financial Sanctions on Russian Imports and Exports |
| By Yang Jiao; Singapore Management University Shangjin Wei; Columbia University |
| Presented by: Yang Jiao, Singapore Management University |
| Discussant: Si Cheng, Syracuse University |
| Bond Demand and the Yield-Exchange Rate Nexus: Risk Premium vs. Convenience Yield |
| By Dongchen Zou; University of Pennsylvania |
| Presented by: Dongchen Zou, University of Pennsylvania |
| Discussant: Zehao Li, The Chinese University of Hong Kong, Shenzhen |
| Session 43: Housing Markets and Household Finance: Channels and Mechanisms July 1, 2025 15:45 to 17:30 Location: Conference Room D |
| Session Chair: Rossen Valkanov, University of California, San Diego |
| The Effect of Home Purchase on Consumption: Evidence from Housing Lotteries in China |
| By Yiqing Lv; New York University Shanghai Su Wang; ShanghaiTech University |
| Presented by: Su Wang, ShanghaiTech University |
| Discussant: Junxiong Gao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Mortgage Prepayments in China and Monetary Policy Transmission |
| By Zhenyu Gao; The Chinese University of Hong Kong Wenxi Jiang; The Chinese University of Hong Kong Haohan Ren; Fudan University Kemin Wang; Fudan University Yuezhi Wu; Fudan University |
| Presented by: Haohan Ren, Fudan University |
| Discussant: Yuecheng Jia, Central University of Finance and Economics |
| Political Alignment and Household Risk-Taking: Evidence from U.S. Mortgage Market |
| By Zijie Liu; University of Rochester Yang Yi; University of Rochester |
| Presented by: Yang Yi, University of Rochester |
| Discussant: Jinfei Sheng, University of California, Irvine |
| Reconciling the Insurance-Wealth Relationship Puzzle: Evidence from Chinese Household Data |
| By Wing Lam Cheung; Swiss Finance Institute and University of Lausanne Jing Xian; Swiss Finance Institute and University of Geneva |
| Presented by: Jing Xian, Swiss Finance Institute and University of Geneva |
| Discussant: Jun Chen, The Chinese University of Hong Kong |
| Session 44: Topics in Corporate Finance July 1, 2025 15:45 to 17:30 Location: Conference Room E |
| Session Chair: Yuhai Xuan, University of California, Irvine |
| The Innovation Arms Race |
| By Muhammad Farooq Ahmad; Université Côte d'Azur Eric de Bodt; NHH Norwegian School of Economics Jarrad Harford; University of Washington |
| Presented by: Muhammad Farooq Ahmad, Université Côte d'Azur |
| Discussant: Shenje Hshieh, City University of Hong Kong |
| The Real Effects of the Recent Life Expectancy Shock |
| By Ze Chen; Renmin University of China Yiyang Zhao; Tsinghua University Kunru Zou; Hong Kong Baptist University |
| Presented by: Kunru Zou, Hong Kong Baptist University |
| Discussant: Mingzhu Tai, The University of Hong Kong |
| Uneven Loads: Understanding the Decline and Variability in U.S. Manufacturing Capacity Utilization over the Past 40 Years |
| By John (Jianqiu) Bai; Northeastern University Wang Jin; Stanford Digital Economy Lab Chen Shen; Ontario Tech University Donghua Zhou; Jiangxi University of Finance and Economics |
| Presented by: Chen Shen, Ontario Tech University |
| Discussant: Jie He, University of Georgia |
| Overlapping Real Asset Networks and Corporate Investment |
| By Jeffrey Cohen; University of Connecticut David Ling; University of Florida Andy Naranjo; University of Florida Chongyu Wang; Florida State University |
| Presented by: Chongyu Wang, Florida State University |
| Discussant: Feng Jiang, University at Buffalo - SUNY |
| Session 45: Topics in Empirical Asset Pricing July 1, 2025 15:45 to 17:30 Location: Conference Room F |
| Session Chair: Raymond Kan, University of Toronto |
| Same-Weekday Momentum |
| By Zhi Da; University of Notre Dame Xiao Zhang; University of Maryland |
| Presented by: Xiao Zhang, University of Maryland |
| Discussant: Yushan Tang, Shanghai University of Finance and Economics |
| Competition Network and Predictable Industry Returns |
| By Winston Dou; University of Pennsylvania Wei Wu; Texas A&M University |
| Presented by: Winston Dou, University of Pennsylvania |
| Discussant: Nancy Xu, Boston College |
| Following the Footprints: Towards a Taxonomy of the Factor Zoo |
| By Julian Böll; Karlsruhe Institute of Technology Fanchen Meng; Karlsruhe Institute of Technology Julian Thimme; Karlsruhe Institute of Technology |
| Presented by: Julian Böll, Karlsruhe Institute of Technology |
| Discussant: Xintong Zhan, Fudan University |
| Analysts Are Good at Ranking Stocks |
| By Adam Farago; University of Gothenburg Erik Hjalmarsson; University of Gothenburg Ming Zeng; University of Gothenburg |
| Presented by: Ming Zeng, University of Gothenburg |
| Discussant: Hongye Guo, The University of Hong Kong |
| Session 46: Big Data and Large Models July 2, 2025 8:00 to 9:45 Location: Conference Room A |
| Session Chair: Jianfeng Yu, Tsinghua University |
| ChatGPT and DeepSeek: Can They Predict Stock Market and Macroeconomy |
| By Jian Chen; Xiamen University Guohao Tang; Hunan University Guofu Zhou; Washington University in St. Louis Wu Zhu; Tsinghua University |
| Presented by: Wu Zhu, Tsinghua University |
| Discussant: Dexin Zhou, Baruch College, The City University of New York |
| What Drives Global Corporate Bond Returns ? |
| By Jiarui Deng; Tsinghua University Kewei Hou; Ohio State University Zhan Shi; Tsinghua University |
| Presented by: Jiarui Deng, Tsinghua University |
| Discussant: Zhe Geng, Fudan University |
| The Dual Impact of Generative Artificial Intelligence on Corporate Employment and Valuations |
| By Yifan Shen; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Yuanchi Sun; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Hong Yan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Tony Qingquan Zhang; University of Illinois at Urbana-Champaign |
| Presented by: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Joanna (Xiaoyu) Wang, Peking University |
| Pricing of Corporate Bonds: Evidence from a Century-Long Cross-Section |
| By Mohammad Ghaderi; University of Kansas Sebastien Plante; University of Wisconsin-Madison Nikolai Roussanov; University of Pennsylvania Sang Byung Seo; University of Wisconsin-Madison |
| Presented by: Sebastien Plante, University of Wisconsin-Madison |
| Discussant: Zhiwei Su, Lingnan University |
| Session 47: Empirical Asset Pricing II July 2, 2025 8:00 to 9:45 Location: Conference Room B |
| Session Chair: Xiaoyan Zhang, Tsinghua University |
| Investor Fragility, Bargaining Power, and Pricing Implications for Short-Term Funding Markets |
| By Yi Li; Federal Reserve Board Sean Tibay; Federal Reserve Board Ashley Wang; Federal Reserve Board |
| Presented by: Yi Li, Federal Reserve Board |
| Discussant: Jingxuan Chen, The Chinese University of Hong Kong, Shenzhen |
| Supply-based Asset Pricing |
| By Shidong Shao; The Chinese University of Hong Kong Chen Yao; The Chinese University of Hong Kong Mao Ye; Cornell University Jason Zou; Cornell University |
| Presented by: Jason Zou, Cornell University |
| Discussant: Xinran Zhang, Central University of Finance and Economics |
| The Dark Side of Geographically Dispersed Information: Evidence from Lockdown of Subsidiaries |
| By Allaudeen Hameed; National University of Singapore Massimo Massa; INSEAD Zhenghui Ni; Renmin University of China Zhou Zhou; National University of Singapore |
| Presented by: Zhenghui Ni, Renmin University of China |
| Discussant: Zhen Zhou, Tsinghua University |
| Presidential Cycles in PEAD |
| By Zhi Da; University of Notre Dame Liyao Wang; Hong Kong Baptist University Ming Zeng; University of Gothenburg |
| Presented by: Liyao Wang, Hong Kong Baptist University |
| Discussant: Yurong Hong, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Session 48: Finance and Green Economy July 2, 2025 8:00 to 9:45 Location: Conference Room F |
| Session Chair: Harold Zhang, University of Texas at Dallas |
| Carbon Disclosures on Investors: The Impact on French Manufacturing and Carbon Imports |
| By Thomas Rowley; Bocconi University |
| Presented by: Thomas Rowley, Università Bocconi |
| Discussant: Stefan Zeume, University of Illinois at Urbana-Champaign |
| Green Products |
| By Wan-Chien Chiu; National Tsing Hua University Po-Hsuan Hsu; National Tsing Hua University Kai Li; University of British Columbia Joy Tianjiao Tong; University of Western Ontario |
| Presented by: Joy Tianjiao Tong, University of Western Ontario |
| Discussant: Xiaofei Zhao, Georgetown University |
| The Value of Brand, Sustainability, and Ideology: Evidence from Government Procurement |
| By Winston Dou; University of Pennsylvania Yan Ji; Hong Kong University of Science and Technology David Reibstein; University of Pennsylvania Di Tian; Hong Kong University of Science and Technology |
| Presented by: Winston Dou, University of Pennsylvania |
| Discussant: Xingtan Zhang, Cheung Kong Graduate School of Business |
| Inferring Mutual Fund Intra-Quarter Trading: An Application to ESG Window Dressing |
| By Li An; Tsinghua University Shiyang Huang; The University of Hong Kong Dong Lou; Hong Kong University of Science and Technology Xudong Wen; Hong Kong University of Science and Technology Mingxin Xu; CITIC Securities |
| Presented by: Xudong Wen, Hong Kong University of Science and Technology |
| Discussant: Ai He, University of South Carolina |
| Session 49: Gender and Talent July 2, 2025 8:00 to 9:45 Location: Conference Room D |
| Session Chair: Xiaoyun Yu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Executive Incentives and Strategic Talent Acquisition: Evidence from Poaching |
| By Matthew Bloomfield; University of Pennsylvania Thomas Bourveau; Columbia University Xuanpu Lin; The University of Hong Kong Guoman She; The University of Hong Kong Haoran Zhu; Southern University of Science and Technology |
| Presented by: Xuanpu Lin, The University of Hong Kong |
| Discussant: Liu Yang, University of Maryland |
| She Means Business: From Courtroom Biases to Post-Bankruptcy Triumphs |
| By Hadiye Aslan; Georgia State University |
| Presented by: Hadiye Aslan, Georgia State University |
| Discussant: John (Jianqiu) Bai, Northeastern University |
| Do Tougher Immigration Enforcement Policies Inadvertently Hurt Women Inventors? |
| By Fangfang Du; California State University Fullerton Yinghua Li; Arizona State University Jessie Jiaxu Wang; Arizona State University, Board of Governors of the Federal Reserve System |
| Presented by: Fangfang Du, California State University Fullerton |
| Discussant: Yameng Fan, ENSAI La Science des Données |
| Session 50: Investor Behavior and Its Implications July 2, 2025 8:00 to 9:45 Location: Conference Room E |
| Session Chair: Hongjun Yan, DePaul University |
| Milestone Ages, Social Pressure, and Risk-Taking in Stock Markets |
| By Yun Cong; Fudan University Tse-Chun Lin; The University of Hong Kong Yan Luo; Fudan University |
| Presented by: Tse-Chun Lin, The University of Hong Kong |
| Discussant: Hongqi Liu, The Chinese University of Hong Kong, Shenzhen |
| Does Partisanship Affect Household Consumption? |
| By Yang Yi; University of Rochester |
| Presented by: Yang Yi, University of Rochester |
| Discussant: Shujing Wang, Tongji University |
| Beyond Monetary Incentives: The Role of Meaningfulness in Professional Behavior and Performance |
| By Li Lai; Southwestern University of Finance and Economics Chundan Lan; University of Minnesota Joshua Madsen; University of Minnesota Shan Wu; Xi'an Jiaotong-Liverpool University |
| Presented by: Shan Wu, Xi'an Jiaotong-Liverpool University |
| Discussant: Fangzhou Lu, The University of Hong Kong |
| Index Investing and Sentiment Spillover |
| By Adem Atmaz; Purdue University Zibo Zhou; Purdue University |
| Presented by: Zibo Zhou, Purdue University |
| Discussant: Pengfei Sui, The Chinese University of Hong Kong, Shenzhen |
| Session 51: The Advance in Asset Pricing July 2, 2025 8:00 to 9:45 Location: Conference Room C |
| Session Chair: Jeffery (Jinfan) Chang, The Chinese University of Hong Kong, Shenzhen |
| The Pre-FOMC Drift and the Secular Decline in Long-Term Interest Rates |
| 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: Xin Liu, University of Macau |
| What to Believe on Social Media Platforms? The Importance of Consistency Between Words and Actions |
| By Zhuo Chen; Nanjing University Honghai Yu; Nanjing University Yunmiao Zhang; Nanjing University Guofu Zhou; Washington University in St. Louis |
| Presented by: Honghai Yu, Nanjing University |
| Discussant: Wei Wang, The Chinese University of Hong Kong, Shenzhen |
| More stringent, more efficient? Short-selling activities and anomaly mispricing in China |
| By Junye Li; Fudan University Chuyu Wang; Fudan University |
| Presented by: Chuyu Wang, Fudan University |
| Discussant: Zhuo Chen, Tsinghua University |
| Mosaics of Predictability |
| By Lin William Cong; Cornell University Guanhao Feng; City University of Hong Kong Jingyu He; City University of Hong Kong Yuanzhi Wang; City University of Hong Kong |
| Presented by: Jingyu He, City University of Hong Kong |
| Discussant: Fuwei Jiang, Xiamen University |
| Session 52: AI for Social Sciences July 2, 2025 10:15 to 12:00 Location: Conference Room A |
| Session Chair: Lin William Cong, Cornell University |
| Harnessing Generative AI for Economic Insights |
| By Manish Jha; Georgia State University Jialin Qian; Georgia State University Michael Weber; University of Chicago Baozhong Yang; Georgia State University |
| Presented by: Baozhong Yang, Georgia State University |
| Discussant: Dexin Zhou, Baruch College, The City University of New York |
| From Text to Verdict: Predicting IP Litigation Outcomes with Machine Learning |
| By Wei Huang; University of Hawaii Haolin Li; University of Nottingham Ningbo China Anthony Bellotti; University of Nottingham Ningbo China Xiuping Hua; University of Nottingham Ningbo China Haisheng Yang; Sun Yat-Sen University |
| Presented by: Wei Huang, University of Hawaii |
| Discussant: Kevin Tseng, The Chinese University of Hong Kong |
| Bounded Rationality, Reinforcement Learning, and Market Efficiency |
| By Hyun Soo Doh; Hanyang University Jeonggyu Huh; Sungkyunkwan University Byung Hwa Lim; Sungkyunkwan University |
| Presented by: Hyun Soo Doh, Hanyang University |
| Discussant: Leifu Zhang, Hong Kong University of Science and Technology (Guangzhou) |
| The Shadow Price of "Public" Information |
| By Miao Liu; Boston College Ed deHaan; Stanford University Suzie Noh; Stanford University Chanseok Lee; Stanford University |
| Presented by: Miao Liu, Boston College |
| Discussant: Daniel Rabetti, National University of Singapore |
| Session 53: Balancing the Scales: Financial Empowerment and Persistent Inequities July 2, 2025 10:15 to 12:00 Location: Conference Room B |
| Session Chair: Stephan Siegel, University of Washington |
| A Nudge to Female Home Ownership and Mortgage Market Outcomes |
| By Sumit Agarwal; National University of Singapore Abhiman Das; Indian Institute of Management Ahmedabad Pulak Ghosh; India Institute of Management Bangalore Anand Srinivasan; National University of Singapore Man Zhang; National University of Singapore |
| Presented by: Man Zhang, National University of Singapore |
| Discussant: Chanik Jo, The Chinese University of Hong Kong |
| Do Minority Neighborhoods Pay More for Affordable Housing Finance? |
| By Changhyun Ahn; The Chinese University of Hong Kong Chanik Jo; The Chinese University of Hong Kong |
| Presented by: Changhyun Ahn, The Chinese University of Hong Kong |
| Discussant: Agustin Hurtado, University of Maryland |
| Save More or Less? The Impact of Government Health Insurance Change on Saving Behavior |
| By Ye Lyren Lu; Imperial College London |
| Presented by: Ye Lyren Lu, Imperial College London |
| Discussant: Pengpeng Yue, Beijing Technology and Business University |
| Poverty Spreads in Deposit Markets |
| By Emilio Bisetti; Hong Kong University of Science and Technology Arkodipta Sarkar; National University of Singapore |
| Presented by: Emilio Bisetti, Hong Kong University of Science and Technology |
| Discussant: Jinoug Jeung, The Chinese University of Hong Kong |
| Session 54: Capital Markets and Sustainability July 2, 2025 10:15 to 12:00 Location: Conference Room C |
| Session Chair: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Through the Looking Glass: Leveraging Machine Learning to Price Corporate Carbon Footprints |
| By Haoxu Wang; National University of Singapore Ahmed Syalabi Seet; National University of Singapore Zhou Zhou; National University of Singapore Johan Sulaeman; National University of Singapore |
| Presented by: Ahmed Syalabi Seet, National University of Singapore |
| Discussant: Chao Zi, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Biodiversity Risk Disclosure |
| By Sijia Fan; Cornell University Miao Liu; Boston College Yao Lu; Cornell University David Ng; Cornell University |
| Presented by: Sijia Fan, Cornell University |
| Discussant: Haoyu Gao, Renmin University of China |
| The Carbon Risk Premium Revisited: The Role of Production Networks |
| By Shubo Kou; Nankai University Kai Li; Peking University Minghao Li; Peking University Wu Zhu; Tsinghua University |
| Presented by: Kai Li, Peking University |
| Discussant: Junxiong Gao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Macroeconomic Implications of ESG Investing in Financial Markets: Information Distortions and Mutual Learning |
| By Liyan Yang; University of Toronto Ge Zhou; Zhejiang University |
| Presented by: Ge Zhou, Zhejiang University |
| Discussant: Huiyao Chen, University of Pennsylvania |
| Session 55: China's Financial Market July 2, 2025 10:15 to 12:00 Location: Conference Room D |
| Session Chair: Laura Xiaolei Liu, Peking University |
| Finance Lease: The Dark Matter in Local Government Debt |
| By Jeffery (Jinfan) Chang; The Chinese University of Hong Kong, Shenzhen Houning Ma; The Chinese University of Hong Kong, Shenzhen Yuzhe Zhang; The Chinese University of Hong Kong, Shenzhen |
| Presented by: Houning Ma, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Yining Shi, University of International Business and Economics |
| Accounting for Data Assets |
| By Xingchao Gao; University of Toronto Junhao Liu; University of Toronto Hai Lu; University of Toronto |
| Presented by: Xingchao Gao, University of Toronto |
| Discussant: Rui Shen, The Chinese University of Hong Kong, Shenzhen |
| Political Influences and Court Information Production: Evidence from the Municipal Debt Market |
| By Jiayin Hu; Peking University Wenwei Peng; Harvard University Yang Su; The Chinese University of Hong Kong |
| Presented by: Yang Su, The Chinese University of Hong Kong |
| Discussant: Mai Li, Peking University |
| Unlocking the Hidden R&D Financing: Resilient R&D Investment and Malleable Selling Expenses |
| By Tianyuan Jiang; Guanghua School of Management, Peking University Xuan Tian; Tsinghua University Nina Yin; Central University of Finance and Economics Xuan Zhang; Singapore Management University |
| Presented by: Nina Yin, Central University of Finance and Economics |
| Discussant: Yu Zhang, Peking University |
| Session 56: Employees and Managers July 2, 2025 10:15 to 12:00 Location: Conference Room E |
| Session Chair: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen |
| Disqualifying Managerial Misconduct in Corporate Bankruptcy |
| By Donghyun Kang; Erasmus University Rotterdam Lakshmi Naaraayanan; London Business School Kasper Meisner Nielsen; Copenhagen Business School |
| Presented by: Donghyun Kang, Erasmus University Rotterdam |
| Discussant: Shan Zhao, City University of Hong Kong |
| Declining Worker Power and Corporate Investment |
| By Sreedhar Bharath; Arizona State University DuckKi Cho; The University of Sydney Michael Hertzel; Arizona State University |
| Presented by: Michael Hertzel, Arizona State University |
| Discussant: John (Jianqiu) Bai, Northeastern University |
| Social Movement and Gender Disparities in Promotions: Evidence from the #MeToo Movement |
| By Chin Hui Hsieh; Nanyang Technological University Angie Low; Nanyang Technological University Wenrui Zhang; Colorado State University |
| Presented by: Chin Hui Hsieh, Nanyang Technological University |
| Discussant: Jaemin Lee, The Chinese University of Hong Kong, Shenzhen |
| Cultural Narratives and Corporate Misconduct: Evidence from Folklores |
| By Mao Li; Beijing Normal University, Hong Kong Baptist University Wenxuan Hou; University of Edinburgh Woon Sau Leung; University of Southampton |
| Presented by: Mao Li, Beijing Normal University, Hong Kong Baptist University |
| Discussant: Jerry Parwada, University of New South Wales |
| Session 57: Interesting Papers in Corporate Finance July 2, 2025 10:15 to 12:00 Location: Conference Room F |
| Session Chair: Xuan Tian, Tsinghua University |
| Managerial Capital and Adverse Shocks: Evidence from the 2018 US-China Trade War |
| By Haibing Shu; Shanghai Jiao Tong University Jagadeesh Sivadasan; University of Michigan Wenjian Xu; Shanghai Jiao Tong University |
| Presented by: Wenjian Xu, Shanghai Jiao Tong University |
| Discussant: Ling Cen, The Chinese University of Hong Kong |
| The Private Value of Open-Source Innovation |
| By Logan Emery; Erasmus University Rotterdam Chan Lim; University at Buffalo - SUNY Shiwei Ye; Erasmus University Rotterdam |
| Presented by: Shiwei Ye, Erasmus University Rotterdam |
| Discussant: Xing Liu, Tsinghua University |
| A Game of Disclosing "Other Events": Insights for Retail Investors |
| By Sean Cao; University of Maryland Zhongling Qin; Auburn University Tao Shu; The Chinese University of Hong Kong |
| Presented by: Tao Shu, The Chinese University of Hong Kong |
| Discussant: Jie Cao, Hong Kong Polytechnic University |
| AlphaManager: A Data-Driven-Robust-Control Approach to Corporate Finance |
| By Murillo Campello; University of Florida Lin William Cong; Cornell University Luofeng Zhou; New York University |
| Presented by: Luofeng Zhou, New York University |
| Discussant: Pengfei Han, Peking University |
| Session 58: AI and Human Incentives in Mutual Funds July 2, 2025 13:30 to 15:15 Location: Conference Room A |
| Session Chair: Jennifer Huang, Cheung Kong Graduate School of Business |
| The Growth and Performance of Artificial Intelligence in Asset Management |
| By Shuang Chen; University of Melbourne Clemens Sialm; University of Texas at Austin David Xiaoyu Xu; Southern Methodist University |
| Presented by: Shuang Chen, University of Melbourne |
| Discussant: Andrei Simonov, Michigan State University |
| Financial Product Incentives to Differentiate: Evidence from Mutual Funds |
| By Maxime Bonelli; London Business School Anastasia Buyalskaya; HEC Paris Tianhao Yao; Singapore Management University |
| Presented by: Tianhao Yao, Singapore Management University |
| Discussant: Hong Xiang, Hong Kong Polytechnic University |
| Structured Beliefs and Fund Performance: An LLM-Based Approach |
| By Zhenyu Gao; The Chinese University of Hong Kong Wei Xiong; The Chinese University of Hong Kong, Shenzhen Jian Yuan; The Chinese University of Hong Kong |
| Presented by: Jian Yuan, The Chinese University of Hong Kong |
| Discussant: Zhengyang Xu, City University of Hong Kong |
| Mutual Fund ESG Window Dressing |
| By Hui Chen; Massachusetts Institute of Technology Terrence Shi; Harvard University Zhen Shi; Georgia State University Leile Zhou; Northwestern University |
| Presented by: Leile Zhou, Northwestern University |
| Discussant: Danqing Mei, Cheung Kong Graduate School of Business |
| Session 59: 中国经济中的储蓄，贸易和融资 July 2, 2025 13:30 to 15:15 Location: Conference Room B |
| Session Chair: Yongxiang Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| 夫妻收入差距对家庭储蓄率的影响研究 |
| By Zhengyi Zhou; Shanghai University of Finance and Economics Wenyu Zhao; Shanghai University of Finance and Economics Chongfeng Wu; Shanghai Jiao Tong University |
| Presented by: Wenyu Zhao, Shanghai University of Finance and Economics |
| Discussant: Ming Li, The Chinese University of Hong Kong, Shenzhen |
| 贸易战中的在华外国资本行为：美国与非美国资本的非对称表现 |
| By Zhiquan Shao; Peking University Zefeng Chen; Peking University Laura Xiaolei Liu; Peking University Yuzheng Liu; Peking University |
| Presented by: Zhiquan Shao, Peking University |
| Discussant: Minggui Yu, Zhongnan University of Economics and Law |
| 中国上市公司变相股权融资和减持套现：关于可转债发行的研究 |
| By Jeffery (Jinfan) Chang; The Chinese University of Hong Kong, Shenzhen Yuzhe Zhang; The Chinese University of Hong Kong, Shenzhen |
| Presented by: Jeffery (Jinfan) Chang, The Chinese University of Hong Kong, Shenzhen |
| Discussant: Feifei Zhu, Central University of Finance and Economics |
| Session 60: Discrimination and Diversity in Innovation and Entrepreneurship July 2, 2025 13:30 to 15:15 Location: Conference Room C |
| Session Chair: Jason Zein, University of New South Wales |
| When Harry Met Sally: Coeducation and Startup Formation |
| By Zhuo Chen; Boston College Livia Yi; Boston College |
| Presented by: Zhuo Chen, Boston College |
| Discussant: Xing Liu, Tsinghua University |
| Understanding Patenting Disparities via Causal Human+Machine Learning |
| By Lin William Cong; Cornell University Stephen Yang; Pace Academy |
| Presented by: Lin William Cong, Cornell University |
| Discussant: Ke Shi, Shanghai Advanced Institute of Finance (SAIF) at SJTU |
| Venture Capital Response to Government-Funded Basic Science |
| By Roham Rezaei; University of New South Wales Yufeng Yao; University of New South Wales |
| Presented by: Roham Rezaei, University of New South Wales |
| Discussant: Suting Hong, ShanghaiTech University |
| Native-Immigrant Entrepreneurial Synergies |
| By Zhao Jin; Cheung Kong Graduate School of Business Amir Kermani; University of California, Berkeley Timothy McQuade; Haas School of Business, UC Berkeley |
| Presented by: Zhao Jin, Cheung Kong Graduate School of Business |
| Discussant: Kevin Tseng, The Chinese University of Hong Kong |
| Session 61: ESG and Financial Performance: New Drivers and Perspectives July 2, 2025 13:30 to 15:15 Location: Conference Room F |
| Session Chair: Tao Shu, The Chinese University of Hong Kong |
| From Words to Wealth: The Role of Climate Change Disclosures in Global Stock Return |
| By Dong Ding; Hefei University of Technology Rui Shen; The Chinese University of Hong Kong, Shenzhen Bohui Zhang; The Chinese University of Hong Kong, Shenzhen |
| Presented by: Dong Ding, Hefei University of Technology |
| Discussant: Zhuo Chen, Tsinghua University |
| Does E clash with S? Evidence from the Clean Air Action in China |
| By Qianqian Huang; City University of Hong Kong Jieyi Lu; Wuhan University; City University of Hong Kong Yuhai Xuan; University of California, Irvine |
| Presented by: Qianqian Huang, City University of Hong Kong |
| Discussant: Changhyun Ahn, The Chinese University of Hong Kong |
| Inflation and the Carbon Premium |
| By Patrick Bolton; Imperial College London Marcin Kacperczyk; Imperial College London Tianyu Wang; Tsinghua University |
| Presented by: Tianyu Wang, Tsinghua University |
| Discussant: Jie Cao, Hong Kong Polytechnic University |
| Banks' Lending and Deposit-taking Activities, Population Change, and the Evolving Exposures of Banks and Society to Climate Disasters |
| By Mary Billings; New York University Stephen Ryan; New York University Han Yan; University of British Columbia |
| Presented by: Han Yan, University of British Columbia |
| Discussant: Yang Su, The Chinese University of Hong Kong |
| Session 62: Information and Asset Prices July 2, 2025 13:30 to 15:15 Location: Conference Room E |
| Session Chair: Hui Chen, Massachusetts Institute of Technology |
| Managing Emerging Market Currency Risk |
| By Nanyu Chen; Columbia University Haonan Zhou; The University of Hong Kong |
| Presented by: Nanyu Chen, Columbia University |
| Discussant: Zhaogang Song, Johns Hopkins University |
| "Double Descent" in Portfolio Optimization: Dance between Theoretical Sharpe Ratio and Estimation Accuracy |
| By Yonghe Lu; Australian National University Yanrong Yang; Australian National University Terry Zhang; Australian National University |
| Presented by: Terry Zhang, Australian National University |
| Discussant: Semyon Malamud, École Polytechnique Fédérale de Lausanne |
| Macro Announcements and Heterogeneous Investor Trading in the Chinese Stock Market |
| By Calvin Dun Jia; Peking University Lin Tan; Tsinghua University Xiaoyan Zhang; Tsinghua University Xinran Zhang; Central University of Finance and Economics |
| Presented by: Xinran Zhang, Central University of Finance and Economics |
| Discussant: Nancy Xu, Boston College |
| Informative Price Pressure |
| By Salman Arif; University of Minnesota Zhi Da; University of Notre Dame Wenwei Lin; Chinese University of Hong Kong, Shenzhen |
| Presented by: Wenwei Lin, Chinese University of Hong Kong, Shenzhen |
| Discussant: Grace Xing Hu, Tsinghua University |
| Session 63: Network and Macro Finance July 2, 2025 13:30 to 15:15 Location: Conference Room D |
| Session Chair: Xuewen Liu, The University of Hong Kong |
| Leasing as a Corporate Risk Management Mechanism |
| By Weiwei Hu; Peking University Kai Li; Peking University Chenjie Xu; Shanghai University of Finance and Economics |
| Presented by: Weiwei Hu, Peking University |
| Discussant: Chao Ying, The Chinese University of Hong Kong |
| Supply Chain Disruptions, Supplier Capital, and Financial Constraints |
| By Ernest Liu; Princeton University Yukun Liu; University of Rochester Vladimir Smirnyagin; University of Virginia Aleh Tsyvinski; Yale University |
| Presented by: Yukun Liu, University of Rochester |
| Discussant: Yicheng Wang, Peking University |
| Network Dynamics and Macroeconomic Tail Risk |
| By Belinda Chen; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Timothy Johnson; University of Illinois at Urbana-Champaign |
| Presented by: Belinda Chen, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University |
| Discussant: Xiang Fang, The University of Hong Kong |
This program was last updated on 2025-07-09 20:58:15 EDT