Program Schedule

Wednesday, July 12, 2017

2:00 pm - 5:00 pm

Forum, TBA
Conference Room A

6:00 pm - 7:30 pm

Conference Reception
Conference Rooms D&E

Thursday, July 13, 2017

+ - 8:00 am - 9:45 am
Delegated Portfolio Management

Conference Room F

Session Chair: Lu Zheng, University of California, Irvine

Economic Policy Uncertainty, Learning and Incentives: Theory and Evidence on Mutual Funds
Laura Starks; University of Texas at Austin
Sophia Sun; University of Texas at Austin
    Presenter: Sophia Sun, University of Texas at Austin
    Discussant: Si Cheng, The Chinese University of Hong Kong

Follow Me on Twitter: Attracting Mutual Fund Investor Attention through Social Media
Sora Kim; University of California, Irvine
    Presenter: Sora Kim, University of California, Irvine
    Discussant: Hong Zhang, PBC School of Finance, Tsinghua University

How Do ETFs Affect Asset Management Industry? Evidence from Mutual Fund Flows
Jie Cao; The Chinese University of Hong Kong
Jason Hsu; University of California, Los Angeles
Zhanbing Xiao; The Chinese University of Hong Kong
Xintong Zhan; Erasmus University Rotterdam
    Presenter: Xintong Zhan, Erasmus University Rotterdam
    Discussant: Meijun Qian, Australian National University

Hedge Fund Manager Skills and Style-Shifting
George Jiang; Washington State University
Bing Liang; University of Massachusetts at Amherst
Huacheng Zhang; Southwestern University of Finance and Economics
    Presenter: Bing Liang, University of Massachusetts at Amherst
    Discussant: Ashley Wang, Federal Reserve Board

Wall Street, Investment Banking, and Analyst Career

Conference Room A

Session Chair: Frank Yu, China Europe International Business School

Inside Brokers
Weikai Li; The Hong Kong University of Science and Technology
Abhiroop Mukherjee; The Hong Kong University of Science and Technology
Rik Sen; The University of New South Wales
    Presenter: Weikai Li, The Hong Kong University of Science and Technology
    Discussant: Qianqian Du, The Hong Kong Polytechnic University

Analyzing the Analysts: The Effect of Technical and Social Skills on Analyst Career
Congcong Li; Singapore Management University
An-Ping Lin; Singapore Management University
Hai Lu; University of Toronto
    Presenter: Congcong Li, Singapore Management University
    Discussant: Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

When Wall Street and Washington Collide: Policy Research at Brokerage Houses
Roni Michaely; Cornell University
Daniel Bradley; University of South Florida
Sinan Gokkaya; Ohio University
Xi Liu; Ohio University
    Presenter: Sinan Gokkaya, Ohio University
    Discussant: Zhipeng Yan, New Jersey Institute of Technology

Navigating Wall Street: Career Concerns and Analyst Transitions from Sell-Side to Buy-Side
Ling Cen; University of Toronto
Chayawat Ornthanalai; University of Toronto
Xiaole (Tina) Tan; University of Toronto
    Presenter: Ling Cen, University of Toronto
    Discussant: Shan Wu, China Europe International Business School

Social Aspects of Finance

Conference Room B

Session Chair: Henrik Cronqvist, University of Miami

Stakeholder Orientation and the Cost of Debt: Evidence from a Natural Experiment
Huasheng Gao; Nanyang Technological University
Kai Li; University of British Columbia
Yujing Ma; University of International Business and Economics
    Presenter: Huasheng Gao, Nanyang Technological University
    Discussant: Xiaoxia Lou, University of Delaware

Location Choice, Portfolio Choice
Ioannis Branikas; Princeton University
Harrison Hong; Columbia University
Jiangmin Xu; Guanghua School of Management, Peking University
    Presenter: Jiangmin Xu, Guanghua School of Management, Peking University
    Discussant: Baolian Wang, Fordham University

The Rainbow of Credit
Lei Gao; Iowa State University
Hua Sun; Iowa State University
    Presenter: Lei Gao, Iowa State University
    Discussant: Ruoxi Xu, University of Miami

The Gender Face-Off: Do Females Traders Come out On-Top
Wei Lu; The University of New South Wales
Peter Swan; The University of New South Wales
P. Joakim Westerholm; Discipline of Finance
    Presenter: Wei Lu, The University of New South Wales
    Discussant: Frederik Lundtofte, Lund University

中国金融市场

Conference Room D

Session Chair: 张处,香港科技大学

经济新闻的人民币汇率效应
朱孟楠;厦门大学
闫帅;厦门大学
周彬蕊;西南财经大学
    Presenter: 闫帅,厦门大学
    Discussant: 李凯,香港科技大学

投资者关注和股市表现:基于雪球关注度的研究
孙谦;复旦大学
孙书娜;复旦大学
    Presenter: 孙书娜,复旦大学
    Discussant: 冯旭南,西南财经大学

熔断机制应该取消吗——基于经流动性调整的系统风险度量
张蕊;四川大学
宋从雅;四川大学
    Presenter: 宋从雅,四川大学
    Discussant: 赵珅,香港中文大学(深圳)

杠杆交易、市场流动性与股价涨停——基于 2015 年中国股市“暴涨”的实证研究
汤怀林;电子科技大学
李平;电子科技大学
廖静池;深圳证券交易所
曾勇;电子科技大学
    Presenter: 汤怀林,电子科技大学
    Discussant: 杨学伟,南京大学

Government

Conference Room C

Session Chair: Jose Liberti, Northwestern University and DePaul University

Government Ownership of Banks and Corporate Innovation
Bo Bian; London Business School
Beatrice Weder di Mauro; Johannes-Gutenberg-University of Mainz
Rainer Haselmann; Goethe University
Vikrant Vig; London Business School
    Presenter: Bo Bian, London Business School
    Discussant: Brandon Julio, University of Oregon

Political Influence on Bank Credit Allocation, Bank Capital Responses and Systemic Risk
Sheng Huang; Singapore Management University
Anjan Thakor; Washington University in St. Louis
    Presenter: Sheng Huang, Singapore Management University
    Discussant: Nataliya Gerasimova, University of Lausanne

Leviathan Inc. and Corporate Environmental Engagement
Po-Hsuan Hsu; The University of Hong Kong
Hao Liang; Singapore Management University
Pedro Matos; University of Virginia
    Presenter: Pedro Matos, University of Virginia
    Discussant: Zhonglan Dai, University of Texas at Dallas

A BIT Goes a Long Way: Bilateral Investment Treaties and Cross-border Mergers
Vineet Bhagwat; University of Oregon
Jonathan Brogaard; University of Washington
Brandon Julio; University of Oregon
    Presenter: Brandon Julio, University of Oregon
    Discussant: Jasmin Gider, University of Bonn

Finance and Macro

Conference Room E

Session Chair: Neng Wang, Columbia University

Asset Bubbles and Foreign Interest Rate Shocks
Jianjun Miao; Boston University
Pengfei Wang; The Hong Kong University of Science and Technology
Jing Zhou; Fudan University
    Presenter: Jing Zhou, Fudan University
    Discussant: Ji Huang, National University of Singapore

A Shadow Rate New Keynesian Model
Jing Cynthia Wu; University of Chicago
Ji Zhang; Tsinghua University
    Presenter: Ji Zhang, Tsinghua University
    Discussant: Jefferson Duarte, Rice University

Optimal Monetary Policy and Term Structure in a Continuous-Time DSGE Model
Haitao Li; Cheung Kong Graduate School of Business
Tao Li; City University of Hong Kong
Cindy Yu; Iowa State University
    Presenter: Tao Li, City University of Hong Kong
    Discussant: Yulei Luo, The University of Hong Kong

Did ECB Liquidity Injections Help the Real Economy?
Stine Louise Daetz; Copenhagen Business School
Marti G. Subrahmanyam; New York University
Dragon Tang; The University of Hong Kong
Sarah Qian Wang; Warwick University
    Presenter: Sarah Qian Wang, Warwick University
    Discussant: Xiaodan Gao, National University of Singapore

+ - 10:15 am - 12:00 noon
Mutual Fund Performance

Conference Room F

Session Chair: Veronika Pool, Indiana University

Cheaper Is Not Better: On the Superior Performance of High-Fee Mutual Funds
Jinfei Sheng; University of British Columbia
Mikhail Simutin; University of Toronto
Terry Zhang; University of British Columbia
    Presenter: Jinfei Sheng, University of British Columbia
    Discussant: Stephen Dimmock, Nanyang Technological University

Double Adjusted Mutual Fund Performance
Jeffrey Busse; Emory University
Lei Jiang; Tsinghua University
Yuehua Tang; University of Florida
    Presenter: Yuehua Tang, University of Florida
    Discussant: Darwin Choi, The Chinese University of Hong Kong

Investment Restrictions and Fund Performance
Chris Clifford; University of Kentucky
Jon Fulkerson; Loyola University Maryland
Xin Hong; Zhejiang University
Brad Jordan; University of Kentucky
    Presenter: Xin Hong, Zhejiang University
    Discussant: Neal Stoughton, Wirtschaftsuniversität Wien

House of Funds
Nataliya Gerasimova; University of Lausanne
    Presenter: Nataliya Gerasimova, University of Lausanne
    Discussant: Jiekun Huang, University of Illinois at Urbana-Champaign

Institutional Investors

Conference Room A

Session Chair: Pedro Matos, University of Virginia

Monitoring the Monitor: Distracted Institutional Investors and Board Governance
Claire Yang Liu; The University of New South Wales
Angie Low; Nanyang Technological University
Ron Masulis; The University of New South Wales
Le Zhang; The University of New South Wales
    Presenter: Le Zhang, The University of New South Wales
    Discussant: Cong Wang, China Europe International Business School

Internalizing Governance Externalities: The Role of Institutional Cross-ownership
Jie He; University of Georgia
Jiekun Huang; University of Illinois at Urbana-Champaign
Shan Zhao; Grenoble Ecole de Management
    Presenter: Jie He, University of Georgia
    Discussant: Tao Li, University of Warwick

Mutual Fund Investments in Private Firms
Sungjoung Kwon; Drexel University
Michelle Lowry; Drexel University
Yiming Qian; University of Iowa
    Presenter: Yiming Qian, University of Iowa
    Discussant: Ting Xu, University of British Columbia

Institutional Shareholders and Corporate Social Responsibility
Tao Chen; Nanyang Technological University
Hui Dong; Shanghai University of Finance and Economics
Chen Lin; The University of Hong Kong
    Presenter: Hui Dong, Shanghai University of Finance and Economics
    Discussant: Frank Yu, China Europe International Business School

Market Frictions

Conference Room E

Session Chair: Hongjun Yan, DePaul University

A Dynamic Model of Circuit Breakers
Hui Chen; Massachusetts Institute of Technology
Anton Petukhov; Massachusetts Institute of Technology
Jiang Wang; Massachusetts Institute of Technology
    Presenter: Hui Chen, Massachusetts Institute of Technology
    Discussant: Hong Liu, Washington University in St. Louis

Delegated Learning in Asset Management
Michael Sockin; University of Texas at Austin
Mindy X. Zhang; University of Texas at Austin
    Presenter: Mindy X. Zhang, University of Texas at Austin
    Discussant: Harold Zhang, University of Texas at Dallas

Earnings Management and Stock Returns: Theory and Evidence
Jiajun Jiang; Peking University
Qi Liu; Guanghua School of Management, Peking University
Bo Sun; Federal Reserve Board
    Presenter: Qi Liu, Guanghua School of Management, Peking University
    Discussant: Liyan Yang, University of Toronto

Skill Acquisition and Information Sales
Shiyang Huang; The University of Hong Kong
Yan Xiong; University of Toronto
Liyan Yang; University of Toronto
    Presenter: Shiyang Huang, The University of Hong Kong
    Discussant: Yizhou Xiao, The Chinese University of Hong Kong

Financial Reporting and Disclosure

Conference Room D

Session Chair: C.S. Agnes Cheng, The Hong Kong Polytechnic University

Employee Turnover Likelihood and Earnings Management: Evidence from the Inevitable Disclosure Doctrine
Huasheng Gao; Nanyang Technological University
Huai Zhang; Nanyang Technological University
Jin Zhang; Nanyang Technological University
    Presenter: Jin Zhang, Nanyang Technological University
    Discussant: Yiwei Dou, New York University

Naughty Firms, Noisy Disclosure
Thomas Bourveau; The Hong Kong University of Science and Technology
Guoman She; The Hong Kong University of Science and Technology
Alminas Zaldokas; The Hong Kong University of Science and Technology
    Presenter: Alminas Zaldokas, The Hong Kong University of Science and Technology
    Discussant: Xintong Zhan, Erasmus University Rotterdam

Complementarity between Audited Financial Reporting and Voluntary Disclosure: The Case of Former Andersen Clients
Richard Frankel; Washington University in St. Louis
Alon Kalay; Columbia University
Gil Sadka; University of Texas at Dallas
Yuan Zou; Columbia University
    Presenter: Yuan Zou, Columbia University
    Discussant: Zhonglan Dai, University of Texas at Dallas

The Dark Side of Transparency in Developing Countries: The Link between Financial Reporting Practices and Corruption
Tingting Liu; Creighton University
Barkat Ullah; Rhode Island College
Zuobao Wei; University of Texas at El Paso
Lixin Colin Xu; World Bank
    Presenter: Tingting Liu, Creighton University
    Discussant: Yangyang Chen, The Hong Kong Polytechnic University

CEO Compensation and Attributes

Conference Room B

Session Chair: Shane Johnson, Texas A&M University

The Role of Peer Firm Selection in Explicit Relative Performance Awards
John Bizjak; Texas Christian University
Swaminathan Kalpathy; Texas Christian University
Frank Li; University of Western Ontario
Brian Young; Singapore Management University
    Presenter: Swaminathan Kalpathy, Texas Christian University
    Discussant: Shuting (Sophia) Hu, Texas A&M University

Managerial Attributes, Incentives, and Performance
Jeffrey Coles; David Eccles School of Business
Frank Li; University of Western Ontario
    Presenter: Frank Li, University of Western Ontario
    Discussant: Jose Liberti, Northwestern University and DePaul University

Corporate Hedging and the Design of Incentive-Compensation Contracts
Christopher Armstrong; University of Pennsylvania
Stephen Glaeser; University of Pennsylvania
Sterling Huang; Singapore Management University
    Presenter: Sterling Huang, Singapore Management University
    Discussant: Di Li, Georgia State University

Is This Time Different? Do Bank CEOs Learn From Crises?
Gloria Yu; INSEAD
    Presenter: Gloria Yu, INSEAD
    Discussant: Tilan Tang, Southern Methodist University

Trade, Shadow Banking, and Media in China

Conference Room C

Session Chair: Yongxiang Wang, University of Southern California

Internal Capital Market and Export Pricing
Kang Shi; The Chinese University of Hong Kong
Jin Xie; The Chinese University of Hong Kong
Juanyi Xu; The Hong Kong University of Science and Technology
    Presenter: Jin Xie, The Chinese University of Hong Kong
    Discussant: Bohui Zhang, The University of New South Wales

Does China’s Debt-for-Bond Swap Reduce Banks’ Risk?
Xiaowei Huang; University of International Business and Economics
Chen Song; University of International Business and Economics
Yi Wang; University of International Business and Economics
    Presenter: Chen Song, University of International Business and Economics
    Discussant: Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Trade Credit, Financing Structure and Growth
Junjie Xia; University of Southern California
    Presenter: Junjie Xia, University of Southern California
    Discussant: Jianfeng Shen, The University of New South Wales

Protecting the Giant Pandas: China’s Censorship of Negative News
Ole-Kristian Hope; University of Toronto
Yi Li; Wuhan University
Qiliang Liu; Huazhong University of Science and Technology (China)
Han Wu; HEC Paris
    Presenter: Han Wu, HEC Paris
    Discussant: Jiaquan Yao, Xiamen University

+ - 1:00 pm - 2:30 pm

Keynote Speech

Ballroom

Professor Sheridan Titman,
Walter W. McAllister Centennial Chair in Financial Services, The University of Texas at Austin

+ - 2:45 pm - 4:30 pm
Capital Structure and Bankruptcy

Conference Room E

Session Chair: Vidhan Goyal, The Hong Kong University of Science and Technology

The Speed of Adjustment to the Target Market Value Leverage is Slower Than You Think
Ellie Qie Yin; University of Florida
    Presenter: Ellie Qie Yin, University of Florida
    Discussant: Fangjian Fu, Singapore Management University

Local Investors’ Preferences and Capital Structure
Binay Adhikari; Miami University
David Cicero; Auburn University
Johan Sulaeman; National University of Singapore
    Presenter: Johan Sulaeman, National University of Singapore
    Discussant: Vidhan Goyal, University of Minnesota

Cashing Out: The Rise of M&A in Bankruptcy
Stuart Gilson; Harvard University
Edith Hotchkiss; Boston College
Matthew Osborn; Boston College
    Presenter: Edith Hotchkiss, Boston College
    Discussant: Tao Shen, Tsinghua University

The Effect of Stock Liquidity on Debt-Equity Choices
William Cheung; University of Macau
Hyun Joong Im; Peking University
Bohui Zhang; The University of New South Wales
    Presenter: Hyun Joong Im, Peking University
    Discussant: Clemens Otto, HEC Paris

Corporate Corruption and Fraud

Conference Room A

Session Chair: Lin Peng, City University of New York

Customer-Supplier Links: Spread and Detection of Corporate Misconduct
Xin Cheng; Rutgers University
Simi Kedia; Rutgers University
    Presenter: Xin Cheng, Rutgers University
    Discussant: Mengyao Cheng, Boston College

Integrity, Creativity, and Corporate Culture
William Grieser; Tulane University
Nishad Kapadia; Tulane University
Qingqiu Li; Michigan State University
Andrei Simonov; Michigan State University
    Presenter: Andrei Simonov, Michigan State University
    Discussant: Yao Shen, Baruch College

Is There a Local Culture of Corruption in the U.S.?
Nishant Dass; Georgia Institute of Technology
Vikram Nanda; University of Texas at Dallas
Steven Chong Xiao; University of Texas at Dallas
    Presenter: Steven Chong Xiao, University of Texas at Dallas
    Discussant: Frank Yu, China Europe International Business School

The Externalities of Corruption: Evidence from Entrepreneurial Activity in China
Mariassunta Giannetti; Stockholm School of Economics, Centre for Economic Policy Research
Guanmin Liao; Central University of Finance and Economics
Jiaxing You; Xiamen University
Xiaoyun Yu; Indiana University
    Presenter: Xiaoyun Yu, Indiana University
    Discussant: Bohui Zhang, The University of New South Wales

Credit Market

Conference Room F

Session Chair: Hui Chen, Massachusetts Institute of Technology

Industry Competition, Credit Spreads, and Levered Equity Returns
Alexandre Corhay; University of Toronto
    Presenter: Alexandre Corhay, University of Toronto
    Discussant: Zhuo Chen, Tsinghua University

Counterparty Risk in Bond Mutual Funds: Evidence from Credit Default Swaps Positions
George Aragon; Arizona State University
Lei Li; University of Kansas
Jun Qian; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
    Presenter: Jun Qian, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
    Discussant: Fan Yu, Claremont McKenna College

Customer Liquidity Provision: Implications for Corporate Bond Transaction Costs
Jaewon Choi; University of Illinois at Urbana-Champaign
Yesol Huh; Federal Reserve Board
    Presenter: Yesol Huh, Federal Reserve Board
    Discussant: Yoshio Nozawa, Federal Reserve Board

Does Momentum Exist in Bonds of Different Ratings?
Hai Lin; Victoria University of Wellington
Chunchi Wu; State University of New York at Buffalo
Guofu Zhou; Washington University in St. Louis
    Presenter: Hai Lin, Victoria University of Wellington
    Discussant: Zhi Da, University of Notre Dame

Banks

Conference Room D

Session Chair: Wei Wang, Queen's University

Sharing the Surplus with Clients: Evidence from the Protection of Bank Proprietary Information
Yupeng Lin; National University of Singapore
Liping Zhao; The Hong Kong University of Science and Technology
Zilong Zhang; City University of Hong Kong
    Presenter: Yupeng Lin, National University of Singapore
    Discussant: Huasheng Gao, Nanyang Technological University

Information Sharing and Lender Specialization: Evidence from the U.S. Commercial Lending Market
Jose Liberti; Northwestern University and DePaul University
Jason Sturgess; Kellstadt Graduate School of Business
Andrew Sutherland; Massachusetts Institute of Technology
    Presenter: Jose Liberti, Northwestern University and DePaul University
    Discussant: Abhiroop Mukherjee, The Hong Kong University of Science and Technology

Subnational Debt of China: The Politics-Finance Nexus
Haoyu Gao; City University of Hong Kong & Academy of Mathematics and Systems Science, Chinese Academy Sciences
Hong Ru; Nanyang Technological University
Dragon Tang; The University of Hong Kong
    Presenter: Hong Ru, Nanyang Technological University
    Discussant: Bo Li, Tsinghua University

Do Loan Officers Impact Lending Decisions? Evidence from the Corporate Loan Market
Janet Gao; Indiana University
Xiumin Martin; Washington University in St. Louis
Joseph Pacelli; Indiana University
    Presenter: Janet Gao, Indiana University
    Discussant: Sheng Huang, Singapore Management University

Information and Trading

Conference Room C

Session Chair: Kalok Chan, The Chinese University of Hong Kong

Slow Trading and Stock Return Predictability
Allaudeen Hameed; National University of Singapore
Matti Suominen; Aalto University School of Business
    Presenter: Allaudeen Hameed, National University of Singapore
    Discussant: Darwin Choi, The Chinese University of Hong Kong

Dissecting the Relation Between Insider and Institutional Trading
George Jiang; Washington State University
He Wang; Washington State University
David Whidbee; Washington State University
    Presenter: George Jiang, Washington State University
    Discussant: Lei Gao, Iowa State University

Intellectual Property News and Informed Trading: Evidence from Patenting Activities
Po-Hsuan Hsu; The University of Hong Kong
Sahn-Wook Huh; State University of New York at Buffalo
    Presenter: Po-Hsuan Hsu, The University of Hong Kong
    Discussant: Long Yi, Hong Kong Baptist University

Informing the Market: The Effect of Modern Information Technologies on Information Production
Meng Gao; University of Illinois at Urbana-Champaign
Jiekun Huang; University of Illinois at Urbana-Champaign
    Presenter: Jiekun Huang, University of Illinois at Urbana-Champaign
    Discussant: Chengwei Wang, Sungkyunkwan University

China's Stock Market

Conference Room B

Session Chair: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Beauties of the Emperor: Investigation of an Opaque Stock Market Bailout
Yeguang Chi; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Xiaoming Li; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
    Presenter: Yeguang Chi, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
    Discussant: Baolian Wang, Fordham University

De-Leverage and Illiquidity Contagion
Conghui Hu; University of International Business and Economics
Yu-Jane Liu; Peking University
Ning Zhu; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
    Presenter: Conghui Hu, University of International Business and Economics
    Discussant: Jiangze Bian, University of International Business and Economics

Trading Restriction as a Channel of Financial Contagion—Evidence from China’s Stock Market
Laura Xiaolei Liu; Guanghua School of Management, Peking University
Jiajie Xu; Guanghua School of Management, Peking University
Ninghua Zhong; Tongji University
    Presenter: Laura Xiaolei Liu, Guanghua School of Management, Peking University
    Discussant: Lei Mao, The Chinese University of Hong Kong, Shenzhen

On an Insider Trading Regulation of Unlocked Restricted Stocks in China
Peng Lian; East China University of Political Science and Law
Kemin Wang; Fudan University
Chu Zhang; The Hong Kong University of Science and Technology
    Presenter: Chu Zhang, The Hong Kong University of Science and Technology
    Discussant: Chao Jiang, University of South Carolina

 

Friday, July 14, 2017

+ - 8:00 am - 9:45 am
Recent Advances in Mergers and Acquisitions

Conference Room A

Session Chair: Fei Xie, University of Delaware

International Trade and the Propagation of Merger Waves
Muhammad Farooq Ahmad; IESEG
Eric de Bodt; Lille 2 University
Jarrad Harford; University of Washington
    Presenter: Muhammad Farooq Ahmad, IESEG
    Discussant: Pedro Matos, University of Virginia

Product Integration and Merger Success
Gerard Hoberg; University of Southern California
Gordon Phillips; Dartmouth University
    Presenter: Gordon Phillips, Dartmouth University
    Discussant: Mark Chen, Georgia State University

Vote Avoidance and Shareholder Voting in Mergers and Acquisitions
Kai Li; University of British Columbia
Tingting Liu; Creighton University
Juan (Julie) Wu; University Of Georgia
    Presenter: Tingting Liu, Creighton University
    Discussant: Tse-Chun Lin, The University of Hong Kong

Home Biased Acquisitions
Feng Jiang; State University of New York at Buffalo
Yiming Qian; University of Iowa
Scott Yonker; Cornell University
    Presenter: Feng Jiang, State University of New York at Buffalo
    Discussant: Tao Shu, University of Georgia

Asset Pricing and Securitization

Conference Room F

Session Chair: Avanidhar Subrahmanyam, University of California, Los Angeles

Fund Runs and Market Frictions
Dong-Hyun Ahn; Seoul National University
Soohun Kim; Georgia Institute of Technology
Kyoungwon Seo; Seoul National University
    Presenter: Soohun Kim, Georgia Institute of Technology
    Discussant: Jiang Luo, Nanyang Technological University

Do Countries Matter for Information Diffusion in Financial Markets? Evidence from Global SupplyChain Networks
Ling Cen; University of Toronto
Craig Doidge; University of Toronto
Christoph Schiller; University of Toronto
    Presenter: Ling Cen, University of Toronto
    Discussant: Honghai Yu, Nanjing University

What is the Social Trade-Off from Securitization? A Tale of Financial Innovation
Bong Geun Choi; University of Chicago
    Presenter: Bong Geun Choi, University of Chicago
    Discussant: Mindy X. Zhang, University of Texas at Austin

Rise of Factor Investing: Asset Prices, Informational Efficiency, and Security Design
Lin William Cong; University of Chicago
Xun Xu; University of Chicago
    Presenter: Lin Cong, University of Chicago
    Discussant: Xuewei Yang, Nanjing University

Hedge Funds

Conference Room B

Session Chair: Bing Liang, University of Massachusetts at Amherst

Dollars versus Sense: Investor Demand, Managerial Skill, and Hedge Fund Startups
Charles Cao; Penn State University
Grant Farnsworth; Texas Christian University
Hong Zhang; PBC School of Finance, Tsinghua University
    Presenter: Hong Zhang, PBC School of Finance, Tsinghua University
    Discussant: Yeguang Chi, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Free Cash Flow and Firm Investment Behavior: Evidence from Hedge Fund Starts
Lin Sun; Florida State University
Zheng Sun; University of California, Irvine
Lu Zheng; University of California, Irvine
    Presenter: Lin Sun, Florida State University
    Discussant: Darwin Choi, The Chinese University of Hong Kong

Do Corruption Perceptions Matter for Investors? Evidence from Hedge Funds
George Aragon; Arizona State University
Vikram Nanda; University of Texas at Dallas
Haibei Zhao; Lehigh University
    Presenter: Haibei Zhao, Lehigh University
    Discussant: Zhaodong Ken Zhong, Rutgers University

Presidential Elections, Political Sensitivity, and Hedge Fund Performance
Honghui Chen; University of Central Florida
Alok Kumar; University of Miami
Yan Lu; University of Central Florida
Ajai Singh; University of Central Florida
    Presenter: Honghui Chen, University of Central Florida
    Discussant: Zhi Da, University of Notre Dame

Options

Conference Room C

Session Chair: Neil Pearson, University of Illinois at Urbana-Champaign

Information and Derivatives
Jerome Detemple; Boston University
Marcel Rindisbacher; Boston University
Angie Wang; Boston University
    Presenter: Jerome Detemple, Boston University
    Discussant: Yan Xu, The University of Hong Kong

Bear Beta
Zhongjin Lu; University of Georgia
Scott Murray; Georgia State University
    Presenter: Scott Murray, Georgia State University
    Discussant: Jianfeng Hu, Singapore Management University

Expected Stock Returns and the Correlation Risk Premium
Adrian Buss; INSEAD
Lorenzo Schoenleber; Frankfurt School of Finance & Management
Grigory Vilkov; Frankfurt School of Finance & Management
    Presenter: Grigory Vilkov, Frankfurt School of Finance & Management
    Discussant: Xingguo Luo, Zhejiang University

Cost Reduction, Informational Efficiency, and Prices of Options
Sophie Ni; The Hong Kong University of Science and Technology
    Presenter: Sophie Ni, The Hong Kong University of Science and Technology
    Discussant: Gang Li, The Hong Kong Polytechnic University

Corporate Control and Information

Conference Room E

Session Chair: Andrew Winton, University of Minnesota

Why Do We Miss Early Warning Signs of Economic Crises?
Chris Yung; University of Virginia
    Presenter: Chris Yung, University of Virginia
    Discussant: Tak-Yuen Wong, Shanghai University of Finance and Economics

Why Are Underperforming Firms Rarely Acquired?
Wenyu Wang; Indiana University
Yufeng Wu; University of Illinois at Urbana-Champaign
    Presenter: Wenyu Wang, Indiana University
    Discussant: Di Li, Georgia State University

Portfolio Size and the Incentives for Shareholder Activism
Günter Strobl; Frankfurt School of Finance & Management
Jing Zeng; Frankfurt School of Finance & Management
    Presenter: Jing Zeng, Frankfurt School of Finance & Management
    Discussant: Tingjun Liu, The University of Hong Kong

Leverage Dynamics without Commitment
Peter DeMarzo; Stanford University
Zhiguo He; University of Chicago
    Presenter: Zhiguo He, University of Chicago
    Discussant: Hongda Zhong, London School of Economics

Cash Holdings and Distributions

Conference Room D

Session Chair: Chen Lin, The University of Hong Kong

Stock Liquidity and Dividend Policy: Evidence from a Natural Experiment
Roni Michaely; Cornell University
Meijun Qian; Australian National University
    Presenter: Meijun Qian, Australian National University
    Discussant: Tao Chen, Nanyang Technological University

CEO Incentives, Managerial Myopia and Corporate Share Repurchase
Douglas Cook; University of Alabama
Weiwei Zhang; University of Alabama
    Presenter: Weiwei Zhang, University of Alabama
    Discussant: Nan Yang, The Hong Kong Polytechnic University

A Direct Test of the Dividend Catering Hypothesis
Alok Kumar; University of Miami
Zicheng Lei; University of Surrey
Chendi Zhang; The University of Warwick
    Presenter: Zicheng Lei, University of Surrey
    Discussant: Fengfei Li, The University of Hong Kong

Local Gambling Preference and Corporate Cash Holding
Wei Li; Nanyang Business School
    Presenter: Wei Li, Nanyang Business School
    Discussant: Beibei Shen, Shanghai University of Finance and Economics

+ - 10:15 am - 12:00 noon
Investment Strategies and Alternative Assets

Conference Room E

Session Chair: Neal Stoughton, Wirtschaftsuniversität Wien

Persistent Blessings of Luck: Endogenous Heterogeneity and Deal Flows in Venture Investment
Lin William Cong; University of Chicago
Yizhou Xiao; The Chinese University of Hong Kong
    Presenter: Lin William Cong, University of Chicago
    Discussant: Mindy X. Zhang, University of Texas at Austin

Can the Common-Factor Hypothesis Explain the Observed Housing Wealth Effect?
Narayan Bulusu; Bank of Canada
Jefferson Duarte; Rice University
Carles Vergara-Alert; IESE Business School
    Presenter: Jefferson Duarte, Rice University
    Discussant: Veronika Pool, Indiana University

Downward Wage Rigidity, Corporate Investment, and Firm Value
DuckKi Cho; Arizona State University
    Presenter: DuckKi Cho, Arizona State University
    Discussant: Long Yi, Hong Kong Baptist University

Optimal Dynamic Momentum Strategies
Kai Li; University of Technology, Sydney
Jun Liu; University of California, San Diego
    Presenter: Kai Li, University of Technology, Sydney
    Discussant: Hui Chen, Massachusetts Institute of Technology

Volatility

Conference Room F

Session Chair: Xiaoyan Zhang, Purdue University

Absolving Beta of Volatility’s Effects
Jianan Liu; The Wharton School, University of Pennsylvania
Robert Stambaugh; The Wharton School, University of Pennsylvania
Yu Yuan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
    Presenter: Yu Yuan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
    Discussant: Li An, PBC School of Finance, Tsinghua University

Volatility and Venture Capital
Ryan Peters; The Wharton School, University of Pennsylvania
    Presenter: Ryan Peters, The Wharton School, University of Pennsylvania
    Discussant: Qi Zeng, University of Melbourne

Belief Uncertainty, Volatility Risk Premium, and Speculative Trading
Ming Guo; ShanghaiTech University
Hao Zhou; PBC School of Finance, Tsinghua University
    Presenter: Ming Guo, ShanghaiTech University
    Discussant: Xing Hu, The University of Hong Kong

Prospective Book-to-Market Ratio and Expected Stock Returns
Kewei Hou; The Ohio State University
Yan Xu; The University of Hong Kong
Yuzhao Zhang; Rutgers University
    Presenter: Yan Xu, The University of Hong Kong
    Discussant: Zhuo Chen, PBC School of Finance, Tsinghua University

IPOs and SEOs

Conference Room B

Session Chair: Laura Field, University of Delaware

The Information Environment of the Firm and IPO Underpricing
Bill Francis; Rensselaer Polytechnic Institute
Thomas Shohfi; Rensselaer Polytechnic Institute
Daqi Xin; Rensselaer Polytechnic Institute
    Presenter: Daqi Xin, Rensselaer Polytechnic Institute
    Discussant: Xiaoyun Yu, Indiana University

Underwriting Syndicate Structure and Securities Offering Reform
Lantian Liang; University of Texas at Dallas
Anil Shivdasani, University of North Carolina at Chapel Hill
Harold Zhang; University of Texas at Dallas
Feng Zhao; University of Texas at Dallas
Xiaofei Zhao; University of Texas at Dallas
    Presenter: Harold Zhang, University of Texas at Dallas
    Discussant: Cong Wang, China Europe International Business School

Rent Seeking, Brokerage Commissions, and Pricing and Share Allocation in Initial Public Offerings
Thomas Chemmanur; Boston College
Bibo Liu; Tsinghua University
Xuan Tian; Indiana University
    Presenter: Bibo Liu, Tsinghua University
    Discussant: Fei Xie, University of Delaware

How Public Markets Foster Firm Standardization: Evidence from Chinese IPOs
Lin William Cong; University of Chicago
Sabrina Howell; New York University
Ran Zhang; Peking University
    Presenter: Lin Cong, University of Chicago
    Discussant: Yiming Qian, University of Iowa

Real Effects of Financial Intermediaries

Conference Room A

Session Chair: Reena Aggarwal, Georgetown University

When Finance Leaves does Enterprise Follow? The Lasting Impact of Bank Distress on Entrepreneurship
Tania Babina; Columbia University
Elizabeth Berger; Cornell University
    Presenter: Elizabeth Berger, Cornell University
    Discussant: Jie Gan, Cheung Kong Graduate School of Business

How does Policy Uncertainty Affect Venture Capital?
Xuan Tian; Tsinghua University
Kailei Ye; University of North Carolina at Chapel Hill
    Presenter: Kailei Ye, University of North Carolina at Chapel Hill
    Discussant: Nitish Kumar, University of Florida

Loan Facilitators? The Role of Commercial Bankers in Non-financial Corporations
Haoyuan Ding; Shanghai University of Finance & Economic
Julan Du; The Chinese University of Hong Kong
Chih-Sheng Hsieh; The Chinese University of Hong Kong
Yichuan Hu; The Chinese University of Hong Kong
    Presenter: Haoyuan Ding, Shanghai University of Finance & Economic
    Discussant: Ron Masulis, The University of New South Wales

Does Media Coverage Affect Credit Rating Change Decisions?
H. Kent Baker; American University
Shantanu Dutta; University of Ottawa
Samir Saadi; University of Ottawa
Ligang Zhong; University of Windsor
    Presenter: Ligang Zhong, University of Windsor
    Discussant: Jing Zeng, Frankfurt School of Finance & Management

宏观与微观金融

Conference Room D

Session Chair: 杨之曙,清华大学

社会保险与大众创业:“创业枷锁”还是“创业催化剂”?
戴芸;中山大学
王永钦;复旦大学
包特;南阳理工大学
    Presenter: 戴芸,中山大学
    Discussant: 王锦阳,清华大学

资本市场管制与资本结构动态调整
王岩;上海交通大学上海高级金融学院
廖冠民;中央财经大学
    Presenter: 王岩,上海交通大学上海高级金融学院
    Discussant: 金洪飞,上海财经大学

期末溢价与基金家族策略——来自中国公募基金市场的证据
余音;北京大学
姚彤;爱荷华大学
张峥;北京大学
江嘉骏;北京大学
    Presenter: 余音,北京大学
    Discussant: 钟立新,浙江财经大学

企业过度负债的同群效应
李志生;中南财经政法大学
孔东民;中南财经政法大学
苏诚;中南财经政法大学
    Presenter: 苏诚,中南财经政法大学
    Discussant: 刘起贵,浙江大学

Corporate Finance and Taxes

Conference Room C

Session Chair: Florian Heider, European Central Bank

Kinky Tax Policy and Abnormal Investment Behavior
Qiping Xu; University of Notre Dame
Eric Zwick; University of Chicago
    Presenter: Qiping Xu, University of Notre Dame
    Discussant: Wenyu Wang, Indiana University

Housing Speculation and Economic Consequences
Zhenyu Gao; The Chinese University of Hong Kong
Michael Sockin; University of Texas at Austin
Wei Xiong; Princeton University
    Presenter: Zhenyu Gao, The Chinese University of Hong Kong
    Discussant: Zhiguo He, University of Chicago

Going Abroad in a Risky World: Geographic Diversification, Institutional Frictions, and Corporate Leverage
Jongsub Lee; University of Florida
Leming Lin; University of Pittsburgh
Andy Naranjo; University of Florida
    Presenter: Jongsub Lee, University of Florida
    Discussant: Vidhan Goyal, The Hong Kong University of Science and Technology

The Value of Offshore Secrets: Evidence from the Panama Papers
James O’Donovan; INSEAD
Hannes Wagner; Bocconi University
Stefan Zeume; University of Michigan
    Presenter: Stefan Zeume, University of Michigan
    Discussant: Alminas Zaldokas, The Hong Kong University of Science and Technology

+ - 1:00 pm - 2:00 pm

Special Session: TBA

Ballroom

+ - 2:15 pm - 4:00 pm
Household and Consumer Finance

Conference Room F

Session Chair: Stephan Siegel, University of Washington

The Effect of Social Preference in the Financial Market: An Experimental Investigation
King King Li; City University of Hong Kong
    Presenter: King King Li, City University of Hong Kong
    Discussant: Da Ke, University of South Carolina

Does it Pay to Pay Attention?
Antonio Gargano; University of Melbourne
Alberto Rossi; University of Maryland, College Park
    Presenter: Antonio Gargano, University of Melbourne
    Discussant: Jaehoon Hahn, Yonsei Business School

House Prices and the Allocation of Consumer Credit
Mingzhu Tai; Harvard University
    Presenter: Mingzhu Tai, Harvard University
    Discussant: Zhenyu Gao, The Chinese University of Hong Kong

The Impact of Consumer Credit Access on Employment, Earnings and Entrepreneurship
Kyle Herkenhoff; University of Minnesota
Gordon Phillips; Dartmouth University
Ethan Cohen-Cole; Econ One Research
    Presenter: Gordon Phillips, Dartmouth University
    Discussant: Andrei Simonov, Michigan State University

Dynamic Corporate Theory

Conference Room E

Session Chair: Zhiguo He, University of Chicago

Debt Structure under Limited Commitment
Chong Huang; University of California, Irvine
Martin Oehmke; London School of Economics
Hongda Zhong; London School of Economics
    Presenter: Hongda Zhong, London School of Economics
    Discussant: Zhiguo He, University of Chicago

Short-Term Debt and Incentives for Risk-Taking
Marco Della Seta; APG Asset Management
Erwan Morellec; Ecole Polytechnique Fédérale de Lausanne
Francesca Zucchi; Federal Reserve Board
    Presenter: Francesca Zucchi, Federal Reserve Board
    Discussant: Hyunsoo Doh, Nanyang Technological University

Credit Default Swaps and Debt Overhang
Tak-Yuen Wong; Shanghai University of Finance and Economics
Jin Yu; Shanghai University of Finance and Economics
    Presenter: Tak-Yuen Wong, Shanghai University of Finance and Economics
    Discussant: Yizhou Xiao, The Chinese University of Hong Kong

Moral Hazard and Investment-Cash-Flow Sensitivity
Hengjie Ai; University of Minnesota
Kai Li; The Hong Kong University of Science and Technology
Rui Li; University of Massachusetts Boston
    Presenter: Kai Li, The Hong Kong University of Science and Technology
    Discussant: Nengjiu Ju, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Fixed Income and Commodities

Conference Room D

Session Chair: Jefferson Duarte, Rice University

Municipal Bond Ratings and Style-Related Comovement: Evidence from Moody’s Recalibration
Xinyuan Tao; State University of New York at Buffalo
Chunchi Wu; State University of New York at Buffalo
    Presenter: Xinyuan Tao, State University of New York at Buffalo
    Discussant: Yoshio Nozawa, Federal Reserve Board

The Impact of News Sentiment and Investor Attention on Credit Default Swaps and Equity Markets
Lara Cathcart; Imperial College London
Yining Shi; Imperial College London
Lina El-Jahel; Auckland University
    Presenter: Yining Shi, Imperial College London
    Discussant: Sven Klingler, Center for Financial Frictions, Copenhagen

Oil and Equity Index Return Predictability: The Importance of Dissecting Oil Price Changes
Haibo Jiang; Tulane University
Georgios Skoulakis; University of British Columbia
Jinming Xue; University of Maryland, College Park
    Presenter: Haibo Jiang, Tulane University
    Discussant: Zhaodong Ken Zhong, Rutgers University

Heterogeneous Taxes and Limited Risk Sharing: Evidence from Municipal Bonds
Tania Babina; Columbia University
Pab Jotikasthira; Southern Methodist University
Christian Lundblad; University of North Carolina at Chapel Hill
Tarun Ramadorai; Imperial College London
    Presenter: Pab Jotikasthira, Southern Methodist University
    Discussant: Edwin Hu, Securities and Exchange Commission

Human Capital and Labor

Conference Room A

Session Chair: Yiming Qian, University of Iowa

Slashing Liquidity through Asset Purchases: Evidence from Collective Bargaining
Irene Yi; University of Southern California
    Presenter: Irene Yi, University of Southern California
    Discussant: Feng Jiang, State University of New York at Buffalo

Learning to Negotiate Takeovers? The Role of Target CEO Experience
Gennaro Bernile; Singapore Management University
Mengyao Kang; Singapore Management University
    Presenter: Mengyao Kang, Singapore Management University
    Discussant: Jongsub Lee, University of Florida

Inventor CEOs
Md Emdadul Islam; The University of New South Wales
Jason Zein; The University of New South Wales
    Presenter: Md Emdadul Islam, The University of New South Wales
    Discussant: Xuanjuan Chen, Shanghai University of Finance and Economics

Director Reputation and Settling-Up: Evidence from Internal and External Labor Markets
Mark Chen; Georgia State University
Qinxi Wu; Georgia State University
Evgenia Zhivotova; University of Amsterdam
    Presenter: Mark Chen, Georgia State University
    Discussant: Fei Xie, University of Delaware

Trading and Liquidity in Equity Markets

Conference Room B

Session Chair: Edith Hotchkiss, Boston College

Tracking Retail Investor Activity
Ekkehart Boehmer; Singapore Management University
Charles Jones; Columbia Business School
Xiaoyan Zhang; Purdue University
    Presenter: Xiaoyan Zhang, Purdue University
    Discussant: Meijun Qian, Australian National University

Liquidity Provision Contracts and Market Quality: Evidence from the New York Stock Exchange
Hendrik Bessembinder; Arizona State University
Jia Hao; The Chinese University of Hong Kong
Kuncheng Zheng; Northeastern University
    Presenter: Kuncheng Zheng, Northeastern University
    Discussant: George Jiang, Washington State University

Maker-Taker Fee, Liquidity Competition, and High Frequency Trading
Frederick Harris; Wake Forest University
Yiping Lin; The University of New South Wales
Peter Swan; The University of New South Wales
    Presenter: Peter Swan, The University of New South Wales
    Discussant: Qi Xu, Zhejiang University

The Value of a Millisecond: Harnessing Information in Fast, Fragmented Markets
Haoming Chen; The University of New South Wales
Sean Foley; University of Sydney
Michael Goldstein; Babson College
Thomas Ruf; The University of New South Wales
    Presenter: Thomas Ruf, The University of New South Wales
    Discussant: Lei Yu, Securities and Exchange Commission

Stakeholders and Information

Conference Room C

Session Chair: Wei-Ling Song, Louisiana State University

Supplier Short Selling and Customer News
Rui Dai; University of Pennsylvania
Lilian Ng; York University
Nataliya Zaiats; Sawyer Business School
    Presenter: Rui Dai, University of Pennsylvania
    Discussant: DuckKi Cho, Arizona State University

Anti-Collusion Enforcement: Justice for Consumers and Equity for Firms
Sudipto Dasgupta; Lancaster University
Alminas Zaldokas; The Hong Kong University of Science and Technology
    Presenter: Alminas Zaldokas, The Hong Kong University of Science and Technology
    Discussant: Ding Ding, Australian National University

Index Membership and Capital Structure: International Evidence
Vidhan Goyal; The Hong Kong University of Science and Technology
Daniel Urban; Technische Universität München
Wenting Zhao; Technische Universität München
    Presenter: Vidhan Goyal, The Hong Kong University of Science and Technology
    Discussant: Joseph Pacelli, Indiana University

Traveling Blockholder Governance: Evidence from Voluntary Adoption of Clawback Provision
C.S. Agnes cheng; The Hong Kong Polytechnic University
Gang Hu; The Hong Kong Polytechnic University
Zeyu Sun; University of International Business and Economics
Jing Xie; The Hong Kong Polytechnic University
    Presenter: Jing Xie, The Hong Kong Polytechnic University
    Discussant: Hong Zhao, Arizona State University

+ - 4:30 pm - 6:15 pm
Agency Conflicts and Controls

Conference Room B

Session Chair: Michael Hertzel, Arizona State University

Contracting on Performance and Risk-Taking: Creditors vs. Shareholders
Brian Akins; Rice University
Jonathan Bitting; Rice University
David De Angelis; Rice University
Maclean Gaulin; Rice University
    Presenter: Jonathan Bitting, Rice University
    Discussant: Wenyu Wang, Indiana University

Internal vs. External Control of Agency Cost of Debt: A Contracting View
Bill Francis; Rensselaer Polytechnic Institute
Iftekhar Hasan; Fordham University
Qi Liu; Guanghua School of Management, Peking University
Xian Sun; Johns Hopkin University
    Presenter: Xian Sun, Johns Hopkin University
    Discussant: Raymond C. W. Leung, Cheung Kong Graduate School of Business

Do Bondholders Value Senior Loan Lender Control Rights?
Bo Li; Tsinghua University
Lynnette Purda; Queen's University
Wei Wang; Queen's University
    Presenter: Bo Li, Tsinghua University
    Discussant: Sreedhar Bharath, Arizona State University

Are Target Shareholders Systematically Exploited in Management Buyouts and Freezeouts?
Jarrad Harford; University of Washington
Jared Stanfield; The University of New South Wales
Feng Zhang; University of Utah
    Presenter: Feng Zhang, University of Utah
    Discussant: Fangjian Fu, Singapore Management University

公司金融与资本市场

Conference Room D

Session Chair: 王克敏,复旦大学

管理层语言特质与企业并购
李路;上海外国语大学
肖土盛;中央财经大学
贺宇倩;上海对外经贸大学
    Presenter: 李路,上海外国语大学
    Discussant: 张新,复旦大学

情系故地?来自官员地域偏爱的微观证据
陈运森;中央财经大学
崔宸瑜;清华大学
    Presenter: 陈运森,中央财经大学
    Discussant: 许年行,中国人民大学

壳溢价:错误定价还是管制风险?
屈源育;清华大学
沈涛;清华大学
    Presenter: 屈源育,清华大学
    Discussant: 倪晨凯,复旦大学

企业创新的内生动力——基于股权激励计划的视角
孟清扬;清华大学五道口金融学院
田轩;清华大学五道口金融学院
    Presenter: 孟清扬,清华大学
    Discussant: 姚颐,南开大学

Information and Stock Prices

Conference Room A

Session Chair: Zhi Da, University of Notre Dame

Feedback Loops in Industry Trade Networks and the Term Structure of Momentum Profits
Ali Sharifkhani; University of Toronto
Mikhail Simutin; University of Toronto
    Presenter: Ali Sharifkhani, University of Toronto
    Discussant: Shiyang Huang, The University of Hong Kong

Government Debt and the Returns to Innovation
Mariano Croce; University of North Carolina at Chapel Hill
Thien Nguyen; Ohio State University
Steve Raymond; University of North Carolina at Chapel Hill
Lukas Schmid; Duke University
    Presenter: Thien Nguyen, Ohio State University
    Discussant: Jun Li, University of Texas at Dallas

A Liquidity-Based Stock Network
Zhenyu Gao; The Chinese University of Hong Kong
Wenxi Jiang; The Chinese University of Hong Kong
    Presenter: Wenxi Jiang, The Chinese University of Hong Kong
    Discussant: Dong Lou, London School of Economics

Government Structure and Legislative Uncertainty: Evidence from Stock Market Reactions to Roll-Call Votes on Congressional Bills
Mengyao Cheng; Boston College
    Presenter: Mengyao Cheng, Boston College
    Discussant: Congcong Li, Singapore Management University

Portfolio Choice and Asset Pricing

Conference Room E

Session Chair: Jerome Detemple, Boston University

Ignorance, Unknown Income Growth, and Strategic Asset Allocation
Yulei Luo; The University of Hong Kong
Jun Nie; Federal Reserve Bank of Kansas City
Haijun Wang; Shanghai University of Finance and Economics
    Presenter: Yulei Luo, The University of Hong Kong
    Discussant: Junya Jiang, University of North Carolina at Charlotte

Financial Innovation and Asset Prices
Adrian Buss; INSEAD
Raman Uppal; EDHEC Business School
Grigory Vilkov; Frankfurt School of Finance & Management
    Presenter: Grigory Vilkov, Frankfurt School of Finance & Management
    Discussant: Tony Berrada, University of Geneva and Swiss Finance Institute

Capital Requirements and Asset Prices
Georgy Chabakauri; London School of Economics
Brandon Yueyang Han; London School of Economics
    Presenter: Brandon Yueyang Han, London School of Economics
    Discussant: Tao Li, City University of Hong Kong

Tail Risk, Robust Portfolio Choice, and Asset Prices
Xing Jin; Warwick Business School
Dan Luo; Shanghai University of Finance and Economics
Xudong Zeng; Shanghai University of Finance and Economics
    Presenter: Dan Luo, Shanghai University of Finance and Economics
    Discussant: Harold Zhang, University of Texas at Dallas

Empirical Asset Pricing

Conference Room F

Session Chair: Kewei Hou, The Ohio State University

Inference on Risk Premia in the Presence of Omitted Factors
Stefano Giglio; University of Chicago
Dacheng Xiu; University of Chicago
    Presenter: Dacheng Xiu, University of Chicago
    Discussant: Robert Kimmel, National University of Singapore

Testing Ex-post Implications of Asset Pricing Models using Individual Stocks
Soohun Kim; Georgia Institute of Technology
Georgios Skoulakis; University of British Columbia
    Presenter: Soohun Kim, Georgia Institute of Technology
    Discussant: Jia Chen, Peking University

An Integrated and Comprehensive Investigation of Investment and Profitability Effects: Q-theory or Mispricing?
F.Y. Eric Lam; Hong Kong Baptist University
Wikrom Prombutr; California State University, Long Beach
K.C. John Wei; The Hong Kong Polytechnic University
    Presenter: F.Y. Eric Lam, Hong Kong Baptist University
    Discussant: Roger Loh, Singapore Management University

Predictive Regressions with Imperfect Predictors
Raymond Kan; University of Toronto
Shengzhe Tang; University of Toronto
    Presenter: Raymond Kan, University of Toronto
    Discussant: Yan Xu, The University of Hong Kong

Dealing with Financial Constraints

Conference Room C

Session Chair: Jun Qian, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Financial Constraints and Trade Credit as a Strategic Tool: Evidence from Small-Scale Reservation Reforms in India
Manpreet Singh; Georgia Institute of Technology
    Presenter: Manpreet Singh, Georgia Institute of Technology
    Discussant: Qi Sun, Shanghai University of Finance and Economics

Rise of Bank Competition: Evidence from Banking Deregulation in China
Haoyu Gao; City University of Hong Kong & Academy of Mathematics and Systems Science, Chinese Academy Sciences
Hong Ru; Nanyang Technological University
Robert Townsend; Massachusetts Institute of Technology
Xiaoguang Yang; Chinese Academy of Sciences
    Presenter: Hong Ru, Nanyang Technological University
    Discussant: Jieshuang He, Indiana University

How Do Hurricanes Affect Life Insurance Premiums? The Effects of Financial Constraints on Pricing
Shan Ge; The Ohio State University
    Presenter: Shan Ge, The Ohio State University
    Discussant: Qigui Liu, Zhejiang University

Capital Supply, Financial Intermediaries, and Corporate Peer Effects
Matthew Billett; Indiana University
Jon Garfinkel; University of Iowa
Yi Jiang; California State University at Fullerton
    Presenter: Matthew Billett, Indiana University
    Discussant: Wei-Ling Song, Louisiana State University

 

Saturday, July 15, 2017

+ - 8:00 am - 9:45 am
Product Market Competition, Organizational Form and Finance

Conference Room E

Session Chair: Gordon Phillips, Dartmouth University

Hold-up and Investment: Empirical Evidence from Tariff Changes
Thorsten Martin; HEC Paris
Clemens Otto; HEC Paris
    Presenter: Clemens Otto, HEC Paris
    Discussant: Rik Sen, The University of New South Wales

Do Firms Respond to Industry Rising Stars: Evidence from Corporate Cash Holdings
Xunhua Su; Norwegian School of Economics
Bin Xu; Queen’s University Belfast
    Presenter: Xunhua Su, Norwegian School of Economics
    Discussant: Po-Hsuan Hsu, The University of Hong Kong

Effect of Horizontal Mergers on Customers: Decomposing Market Power, Cost Efficiencies, and Bargaining Power
Tilan Tang; Southern Methodist University
Daniel Miller; Clemson University
Anna Chorniy; Princeton University
    Presenter: Tilan Tang, Southern Methodist University
    Discussant: Alminas Zaldokas, The Hong Kong University of Science and Technology

Corporate Investment and Innovation in the Presence of Competitor Constraints
Zack Liu; University of Texas at Austin
William Grieser; Tulane University
    Presenter: Zack Liu, University of Texas at Austin
    Discussant: Jiaren Pang, Tsinghua University

China Focus

Conference Room F

Session Chair: Jie Gan, Cheung Kong Graduate School of Business

Behavioral Bias in Haze: Evidence from Air Pollution and the Disposition Effect in China
Jennifer Jie Li; INSEAD
Massimo Massa; INSEAD
Hong Zhang; PBC School of Finance, Tsinghua University
Jian Zhang; Hong Kong Baptist University
    Presenter: Hong Zhang, PBC School of Finance, Tsinghua University
    Discussant: Jiekun Huang, University of Illinois Urbana-Champaign

Are Chinese Credit Ratings Relevant? A Study of the Chinese Bond Market and Credit Rating Industry
Miles Livingston; University of Florida
Winnie Poon; Lingnan University, Hong Kong
Lei Zhou; Northern Illinois University
    Presenter: Lei Zhou, Northern Illinois University
    Discussant: Dragon Tang, The University of Hong Kong

The Great Wall of Debt: Real Estate, Political Risk, and Chinese Local Government Credit Spreads
Andrew Ang; Columbia University
Jennie Bai; Georgetown University
Hao Zhou; Tsinghua University
    Presenter: Jennie Bai, Georgetown University
    Discussant: Laura Xiaolei Liu, Guanghua School of Management, Peking University

Household Finance in China
Russell Cooper; Penn State University
Guozhong Zhu; University of Alberta
    Presenter: Guozhong Zhu, University of Alberta
    Discussant: Hongjun Yan, DePaul University

Politics and Finance

Conference Room B

Session Chair: Brandon Julio, University of Oregon

Economic Policy Uncertainty, Political Capital and Bank Risk-taking
Hua Cheng; University of Texas at Austin
Kishore Gawande; University of Texas at Austin
    Presenter: Hua Cheng, University of Texas at Austin
    Discussant: Tiecheng Leng, Sun Yat-Sen University

Involuntary Political Connections and Firm Outcomes
Ran Duchin; University of Washington
Zhenyu Gao; The Chinese University of Hong Kong
Haibing Shu; Shanghai Jiao Tong University
    Presenter: Haibing Shu, Shanghai Jiao Tong University
    Discussant: Wei Wang, Queen's University

Merger Antitrust Reviews and Political Influence
Mihir Mehta; University of Michigan
Suraj Srinivasan; Harvard Business School
Wanli Zhao; Southern Illinois University
    Presenter: Wanli Zhao, Southern Illinois University
    Discussant: Gary Tian, Macquarie University

The Political Economy of Bank Bailouts
Bo Bian; London Business School
Rainer Haselmann; Goethe University
Thomas Kick; Deutsche Bundesbank
Vikrant Vig; London Business School
    Presenter: Bo Bian, London Business School
    Discussant: Clemens Otto, HEC Paris

Biases, Individual Behavior and Stock Returns

Conference Room A

Session Chair: Dong Lou, London School of Economics

Mood Beta and Seasonalities in Stock Returns
David Hirshleifer; University of California, Irvine
Danling Jiang; State University of New York at Stony Brook, Southwest Jiaotong University
Yuting Meng; University of South Florida
    Presenter: Danling Jiang, State University of New York at Stony Brook, Southwest Jiaotong University
    Discussant: Chengxi Yin, Purdue University

Time-Varying Demand for Lottery: Speculation Ahead of Earnings Announcements
Huijun Wang; University of Delaware
Jianfeng Yu; PBC School of Finance, Tsinghua University
Shen Zhao; The Chinese University of Hong Kong, Shenzhen
    Presenter: Huijun Wang, University of Delaware
    Discussant: Shiyang Huang, The University of Hong Kong

Personal Reminders and Debt Management
Christine Laudenbach; Goethe University Frankfurt
Jenny Pirschel; Goethe University Frankfurt
Stephan Siegel; University of Washington
    Presenter: Stephan Siegel, University of Washington
    Discussant: Abhiroop Mukherjee, The Hong Kong University of Science and Technology

Investor Target Prices
Shiyang Huang; The University of Hong Kong
Xin Liu; The University of Hong Kong
Chengxi Yin; Renmin University of China
    Presenter: Xin Liu, The University of Hong Kong
    Discussant: Justin Birru, The Ohio State University

Corporate Board Monitoring

Conference Room C

Session Chair: Ron Masulis, The University of New South Wales

Waiting out Storms in the Absence: Outside Directors’ Selective Attendance at Board Meetings
Dong-Ryung Yang; Seojeong College
    Presenter: Dong-Ryung Yang, Seojeong College
    Discussant: Xiaoyun Yu, Indiana University

Contrasts in Governance: Newly Public Firms Versus Mature Firms
Laura Field; University of Delaware
Michelle Lowry; Drexel University
    Presenter: Laura Field, University of Delaware
    Discussant: Reena Aggarwal, Georgetown University

Governance, Board Inattention, and the Appointment of Overconfident CEOs
Suman Banerjee; Stevens Institute of Technology
Lili Dai; The University of New South Wales
Mark Humphery-Jenner; The University of New South Wales
Vikram Nanda; University of Texas at Dallas
    Presenter: Mark Humphery-Jenner, The University of New South Wales
    Discussant: Andrei Simonov, Michigan State University

Lead Directors, Monitoring, and Forced CEO Turnover
Mark Chen; Georgia State University
Han Ma; Georgia State University
    Presenter: Mark Chen, Georgia State University
    Discussant: Michael Hertzel, Arizona State University

Investors, Analysts, and Asset Prices

Conference Room D

Session Chair: George Jiang, Washington State University

The Asset Pricing Implications of Disclosed Risk Factors
Shuting (Sophia) Hu; Texas A&M University
Shane Johnson; Texas A&M University
Yan Liu; Texas A&M University
    Presenter: Shuting (Sophia) Hu, Texas A&M University
    Discussant: Tong Yao, University of Iowa

Investor Heterogeneity and Liquidity
Kalok Chan; The Chinese University of Hong Kong
Si Cheng; The Chinese University of Hong Kong
Allaudeen Hameed; National University of Singapore
    Presenter: Si Cheng, The Chinese University of Hong Kong
    Discussant: David Whidbee, Washington State University

Is There Investment Value in Soft Dollar Arrangements? Evidence from Mutual Fund Commission Allocations
Sinan Gokkaya; Ohio University
Xi Liu; Ohio University
Veronika Pool; Indiana University
Fei Xie; University of Delaware
Jinfan Zhang; Yale School of Management
    Presenter: Veronika Pool, Indiana University
    Discussant: Ming Gu, Xiamen University

Shorting Fees, Private Information, and Equity Mispricing
Brian Henderson; George Washington University
Gergana Jostova; George Washington University
Alexander Philipov; George Mason University
    Presenter: Gergana Jostova, George Washington University
    Discussant: Honghui Chen, University of Central Florida

+ - 10:15 am - 12:00 noon
The Cross-Section of Asset Returns

Conference Room F

Session Chair: Jianfeng Yu, PBC School of Finance, Tsinghua University

Expected Investment Growth and the Cross Section of Stock Returns
Jun Li; University of Texas at Dallas
Huijun Wang; University of Delaware
    Presenter: Jun Li, University of Texas at Dallas
    Discussant: Scott Murray, Georgia State University

Rare Disaster Concerns Everywhere
George Gao; T. Rowe Price
Xiaomeng Lu; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Zhaogang Song; Johns Hopkins University
    Presenter: Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
    Discussant: Shaojun Zhang, The Ohio State University

Multifactor Models and the APT: Evidence from a Broad Cross-section of Stock Returns
Ilan Cooper; BI Norwegian Business School
Paulo Maio; Hanken School of Economics
Dennis Philip; Durham University Business School
    Presenter: Ilan Cooper, BI Norwegian Business School
    Discussant: Liang Ma, University of South Carolina

Asset Collateralizability and the Cross-Section of Expected Returns
Hengjie Ai; University of Minnesota
Jun Li; Goethe University Frankfurt
Kai Li; The Hong Kong University of Science and Technology
Christian Schlag; Goethe University Frankfurt
    Presenter: Jun Li, Goethe University Frankfurt
    Discussant: Lei Zhang, The University of Hong Kong

Boards of Directors

Conference Room A

Session Chair: Mark Chen, Georgia State University

Shades of Gray: Director Classification Revisited
Joel Houston; University of Florida
Jongsub Lee; University of Florida
Hongyu Shan; University of Florida
    Presenter: Hongyu Shan, University of Florida
    Discussant: Tingting Liu, Creighton University

Preoccupied Independent Directors
Ron Masulis; The University of New South Wales
Emma Zhang; The University of New South Wales
    Presenter: Ron Masulis, The University of New South Wales
    Discussant: Laura Field, University of Delaware

Taxes, Director Independence, and Firm Value
Qingyuan Li; Wuhan University
Edward L. Maydew; University of North Carolina at Chapel Hill
Richard H. Willis; Vanderbilt University
Li Xu; Washington State University
    Presenter: Qingyuan Li, Wuhan University
    Discussant: Xin Cheng, Rutgers University

Transporting Transparency: Director Foreign Experience and Corporate Information Environment
Guanmin Liao; Central University of Finance and Economics
Mark Ma; American University
Xiaoyun Yu; Indiana University
    Presenter: Mark Ma, American University
    Discussant: Steven Chong Xiao, University of Texas at Dallas

Currency Risk Premia

Conference Room B

Session Chair: Pab Jotikasthira, Southern Methodist University

Business Cycles and the Cross-Section of Currency Returns
Steven Riddiough; University of Melbourne
Lucio Sarno; City University London
    Presenter: Steven Riddiough, University of Melbourne
    Discussant: Kai Li, The Hong Kong University of Science and Technology

Do External Imbalances Matter in Explaining the Cross-section of Currency Excess Returns?
Pedro Barroso; The University of New South Wales
Li Yang; The University of New South Wales
    Presenter: Pedro Barroso, The University of New South Wales
    Discussant: Steven Wei Ho, Columbia University

Macro Uncertainty and Currency Premia
Pasquale Della Corte; Imperial College London and CEPR
Aleksejs Krecetovs; Imperial College London
    Presenter: Aleksejs Krecetovs, Imperial College London
    Discussant: Xiaoneng Zhu, Shanghai University of Finance and Economics

Currency Regimes and the Carry Trade
Olivier Accominotti; The London School of Economics and Political Science
Jason Cen; Cambridge Judge Business School
David Chambers; University of Cambridge
Ian Marsh; City University London
    Presenter: Jason Cen, Cambridge Judge Business School
    Discussant: Scott Murray, Georgia State University

CDS, Debt, and the Credit Cycle

Conference Room C

Session Chair: Harold Zhang, University of Texas at Dallas

Credit Default Swaps and Bank Regulatory Capital
Susan Chenyu Shan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Dragon Tang; The University of Hong Kong
Hong Yan; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
    Presenter: Susan Chenyu Shan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
    Discussant: Laura Xiaolei Liu, Guanghua School of Management, Peking University

Implicit Government Guarantee and the Pricing of Chinese LGFV Debt
Laura Xiaolei Liu; Peking University
Yuanzhen Lyu; Peking University
Fan Yu; Claremont McKenna College
    Presenter: Laura Xiaolei Liu, Guanghua School of Management, Peking University
    Discussant: Hao Wang, Tsinghua University

The Macro-Informational Role of Derivatives: Evidence from the Sovereign CDS Market
Yaqing Xiao; Rutgers University
Hongjun Yan; DePaul University
Jinfan Zhang; The International Monetary Fund
    Presenter: Yaqing Xiao, Rutgers University
    Discussant: Fan Yu, Claremont McKenna College

Predictable Returns over the Credit Cycle
Hang Bai; University of Connecticut
    Presenter: Hang Bai, The Ohio State University
    Discussant: Yexiao Xu, University of Texas at Dallas

互联网金融和大数据

Conference Room D

Session Chair: 金雪军,浙江大学

互联网金融提升了商业银行资本配置效率吗?
张庆君;天津财经大学
刘靖;天津财经大学
    Presenter: 张庆君,天津财经大学
    Discussant: 王琳,中国人民大学

声誉的信息含量——来自 P2P 网络借贷的证据
李焰;中国人民大学
张迎新;中国人民大学
王琳;中国人民大学
    Presenter: 张迎新,中国人民大学
    Discussant: 张庆君,天津财经大学

声誉资产与借款违约——以 P2P 网络借贷为例
李焰;中国人民大学
王琳;中国人民大学
    Presenter: 王琳,中国人民大学
    Discussant: 周颖刚,厦门大学

为什么人民币越来越重要呢?基于网络分析方法的汇率证据
周颖刚;厦门大学
王艺明;厦门大学
程欣;厦门大学
    Presenter: 程欣,厦门大学
    Discussant: 王义中,浙江大学

Credit Market and Bank System

Conference Room E

Session Chair: Matthew Billett, Indiana University

Move a Little Closer? Information Sharing and the Spatial Clustering of Bank Branches
Ralph De Haas; European Bank for Reconstruction and Development
Steven Ongena; University of Zurich
Stefan Straetmans; Maastricht University
Shusen Qi; Maastricht University
    Presenter: Shusen Qi, Maastricht University
    Discussant: Kuncheng Zheng, Northeastern University

Endogenous Bank Networks and Contagion
Jieshuang He; Indiana University
    Presenter: Jieshuang He, Indiana University
    Discussant: Francesca Zucchi, Federal Reserve Board

Credit Allocation under Economic Stimulus: Evidence from China
Lin Cong; University of Chicago
Jacopo Ponticelli; University of Chicago
    Presenter: Lin Cong, University of Chicago
    Discussant: Jinfei Sheng, University of British Columbia

How did the Big Banks Grow Bigger?
Indraneel Chakraborty; University of Miami
Mark Flannery; University of Florida
Nitish Kumar; University of Florida
    Presenter: Nitish Kumar, University of Florida
    Discussant: Hua Cheng, University of Texas at Austin

+ - 1:30 pm - 3:15 pm
Empirical Asset Pricing

Conference Room F

Session Chair: Bing Han, University of Toronto

Is There Froth in the Corporate Bond Market?
Yoshio Nozawa; Federal Reserve Board
    Presenter: Yoshio Nozawa, Federal Reserve Board
    Discussant: Zhan Shi, PBC School of Finance, Tsinghua University

Short and Long Horizon Behavioral Factors
Kent Daniel; Columbia University
David Hirshleifer; University of California, Irvine
Lin Sun; Florida State University
    Presenter: Lin Sun, Florida State University
    Discussant: Weikai Li, The Hong Kong University of Science and Technology

Is There a Risk Premium in the Stock Lending Market? Evidence from Equity Options
Dmitriy Muravyev; Boston College
Neil Pearson; University of Illinois at Urbana-Champaign
Joshua Pollet; University of Illinois at Urbana-Champaign
    Presenter: Neil Pearson, University of Illinois at Urbana-Champaign
    Discussant: Jie Cao, The Chinese University of Hong Kong

A Multidimensional Understanding of the Firm-Productivity Effect
Tze Chuan Ang; Deakin University
F.Y. Eric Lam; Hong Kong Baptist University
K.C. John Wei; The Hong Kong Polytechnic University
    Presenter: Tze Chuan Ang, Deakin University
    Discussant: Hang Bai, The Ohio State University

Corporate Innovation

Conference Room A

Session Chair: Xuan Tian, PBC School of Finance, Tsinghua University

Selling Innovation in Bankruptcy
Song Ma; Yale University
Tianjiao Tong; Duke University
Wei Wang; Queen’s University
    Presenter: Wei Wang, Queen’s University
    Discussant: Po-Hsuan Hsu, The University of Hong Kong

When is Good News Not Good News? Conflict of Interests Among Shareholders in the Choice of Innovation Policies
Po-Hsuan Hsu; The University of Hong Kong
Sterling Huang; Singapore Management University
Massimo Massa; INSEAD
Hong Zhang; PBC School of Finance, Tsinghua University
    Presenter: Sterling Huang, Singapore Management University
    Discussant: Ting Xu, University of Virginia

Intellectual Property Allocation and Firm Investments in Innovation
Zack Liu; University of Texas at Austin
    Presenter: Zack Liu, University of Texas at Austin
    Discussant: Tong Liu, University of Pennsylvania

Failed or Stealth Innovation?
David Reeb; National University of Singapore
Wanli Zhao; Southern Illinois University
    Presenter: Wanli Zhao, Southern Illinois University
    Discussant: Huasheng Gao, Nanyang Technological University

Trading and Information

Conference Room C

Session Chair: Bohui Zhang, The University of New South Wales

Insider Purchases after Short Interest Spikes: a False Signaling Device?
Chattrin Laksanabunsong; Zacks Investment Management
Wei Wu; Texas A&M University
    Presenter: Wei Wu, Texas A&M University
    Discussant: Justin Birru, The Ohio State University

Perks or Peanuts? The Dollar Profits to Insider Trading
Peter Cziraki; University of Toronto
Jasmin Gider; University of Bonn
    Presenter: Jasmin Gider, University of Bonn
    Discussant: Zhongyan Zhu, Monash University

Do CEOs Imprint Anchoring on Corporate Financing Decisions?
Fengfei Li; The University of Hong Kong
Chen Lin; The University of Hong Kong
Tse-Chun Lin; The University of Hong Kong
    Presenter: Fengfei Li, The University of Hong Kong
    Discussant: Tao Shu, University of Georgia

Corporate Accessibility, Private Communications, and Stock Price Crash Risk
Michael Firth; Lingnan University
Sonia Man-lai Wong; Lingnan University
Xiaofeng Zhao; Lingnan University
    Presenter: Xiaofeng Zhao, Lingnan University
    Discussant: Dan Li, The University of Hong Kong

Government and Financial System: Evidence from China

Conference Room B

Session Chair: Lin William Cong, University of Chicago

Public Debt and Private Firm Funding: Evidence from Chinese Cities
Yi Huang; HEDI-Geneva
Marco Pagano; University of Naples Federico II
Ugo Panizza; The Graduate Institute, Geneva
    Presenter: Yi Huang, HEDI-Geneva
    Discussant: Bo Li, Tsinghua University

Alternative Legal Institutions, Xinfang and Finance
Ross Levine; University of California, Berkeley
Wenxuan Hou; University of Edinburgh
Jiafu An; University of Edinburgh
    Presenter: Jiafu An, University of Edinburgh
    Discussant: Susan Chenyu Shan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes
Zhuo Chen; Tsinghua University
Zhiguo He; University of Chicago
Chun Liu; Tsinghua University
    Presenter: Zhiguo He, University of Chicago
    Discussant: Zheng Song, The Chinese University of Hong Kong

Implicit Guarantee and Shadow Banking: the Case of Trust Products
Franklin Allen; Imperial College London
Xian Gu; Central University of Finance and Economics
Jun Qian; Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Yiming Qian; University of Iowa
    Presenter: Xian Gu, Central University of Finance and Economics
    Discussant: Dragon Tang, The University of Hong Kong

Information, Attention, and Contagion

Conference Room E

Session Chair: Liyan Yang, University of Toronto

Financial Market Equilibrium When Information is Asymmetric and Stock Ownership is a Consumption Good
Jiang Luo; Nanyang Technological University
Avanidhar Subrahmanyam; University of California, Los Angeles
    Presenter: Jiang Luo, Nanyang Technological University
    Discussant: Wenxin Jiang, The Chinese University of Hong Kong

Investor attention and commonalities across asset pricing anomalies
Lei Jiang; Tsinghua University
Jinyu Liu; Tsinghua University
Lin Peng; City University of New York
    Presenter: Lei Jiang, Tsinghua University
    Discussant: Tse-Chun Lin, The University of Hong Kong

Leverage Network and Market Contagion
Jiangze Bian; University of International Business and Economics
Zhi Da; University of Notre Dame
Dong Lou; London School of Economics
Hao Zhou; Tsinghua University
    Presenter: Jiangze Bian, University of International Business and Economics
    Discussant: Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Speed Matters: Limited Attention and Supply-Chain Information Diffusion
Ling Cen; University of Toronto
Michael Hertzel; Arizona State University
Christoph Schiller; University of Toronto
    Presenter: Michael Hertzel, Arizona State University
    Discussant: Steven Chong Xiao, University of Texas at Dallas

舞弊、盈余管理、分析师与税收

Conference Room D

Session Chair: 廖冠民,中央财经大学

高新企业"变形记"——基于减税激励的研发操纵行为研究
杨国超;中南财经政法大学
刘静;复旦大学
廉鹏;华东政法大学
芮萌;中欧国际工商学院
    Presenter: 杨国超,中南财经政法大学
    Discussant: 余明桂,武汉大学

分析师研究报告负面信息披露与股价崩盘风险
伊志宏;中国人民大学
陈钦源;中国人民大学
朱琳;中国人民大学
    Presenter: 陈钦源,中国人民大学
    Discussant: 虞娅雅,上海交通大学上海高级金融学院

二代介入与企业创新——来自中国家族上市公司的证据
黄海杰;复旦大学
吕长江;复旦大学
朱晓文;复旦大学
    Presenter: 朱晓文,复旦大学
    Discussant: 潘越,厦门大学

近墨者黑:我国上市公司违规行为的“同群效应”
常维;上海财经大学
陆蓉;上海财经大学
    Presenter: 常维,上海财经大学
    Discussant: 姜富伟,中央财经大学