| 
                  
				     
					    2009 China International Conference in Finance 
						July 7-10, 2009 
						Shangri-La Hotel, Guangzhou, China
						 
							2009中国金融国际年会7月7日至10日
 香格里拉大酒店,广州
 ABOUT THE CONFERENCE The China International Conference in Finance (CICF) provides 
an open platform to bring together scholars worldwide to present 
research and to stimulate discussions on the new developments in 
finance.  2009 is the seventh year of this annual conference.  It will 
be held from July 7-10, 2009, at Guangzhou Shangri-La Hotel, Guangzhou, 
China. Organizers:
 China Center for Financial Research, Tsinghua University
 Sloan School of Management, Massachusetts Institute of Technology
 Co-organizers:
 Cheung Kong Graduate School of Business
 Lingnan (University) College, Sun Yat-Sen University
 Sponsor:
 Shantou University Business School
 Corporate Sponsor:
 The TCW Group Inc.
 Conference Organization:
 Conference Organizing Committee:
 Henry Cao, Cheung Kong Graduate School of Business
 Li Liao, Tsinghua University
 Zhongfei Li, Lingnan (University) College, Sun Yat-Sen University
 Jiang Wang, Massachusetts Institute of Technology
 
 Conference Chair:
 Jiang Wang, Massachusetts Institute of Technology
 
 Conference Secretary General:
 Li Liao, Tsinghua University
 
 Program Chairs:
 Chun Chang (Chair), China Europe International Business School
 Kai Li (Co-Chair), University of British Columbia
 Jun Qian (Co-Chair), Boston College
 Harold H. Zhang (Co-Chair), University of Texas at Dallas
 Guest Speaker:
 Yingyi Qian, Tsinghua University
 Keynote Speaker:
 Hayne Leland, University of California at Berkeley
 PROGRAM COMMITTEE 
				  Charles Cao, Penn State UniversityHenry Cao, Cheung Kong Graduate School of Business
 Kalok Chan, Hong Kong University of Science and Technology
 Eric Chang, University of Hong Kong
 Chun Chang, China Europe International Business School
 Guojin Chen, Xiamen University
 Andy Chui, Hong Kong Polytechnic University
 Phil Dybvig, Washington University
 Joseph Fan, Chinese University of Hong Kong
 Fangyu Fei, Shanghai Jiao Tong University
 Fangjian Fu, Singapore Management University
 Jie Gan, Hong Kong University of Science and Technology
 Eric Ghysels, University of North Carolina, Chapel Hill
 Bing Han, University of Texas at Austin
 Liyan Han, Beihang University
 Harrison Hong, Princeton University
 Kewei Hou, Ohio State University
 Jennifer Huang, University of Texas at Austin
 Chuan-yang Hwang, Nanyang Technological University
 Dianchun Jiang, Nankai University
 Wei Jiang, Columbia University
 Charles Kahn, University of Illinois
 Jun-koo Kang, Nanyang Technological University
 Andrew Karolyi, Ohio State University
 Aiguo Kong, Fudan University
 Mike Lemmon, University of Utah
 Kai Li, University of British Columbia
 Zhongfei Li, Sun Yat-sen University
 Bing Liang, University of Massachusetts at Amherst
 Li Liao, Tsinghua University
 Li Liu, Peking University
 Mark Loewenstein, University of Maryland
 Jialiu Lu, Sun Yat-sen University
 Jun Lu, Sun Yat-sen University
 Jianglin Lv, Jiangxi University of Finance and Economics
 Peter Mackay, Hong Kong University of Science and Technology
 Paul Malatesta, University of Washington
 Jianping Mei, Cheung Kong Graduate School of Business
 Jianjun Miao, Boston University
 Neil Pearson, University of Illinois at Urbana-Champagne
 Manju Puri, Duke University
 Jun Qian, Boston College
 Raghu Rau, Purdue University
 Yongdong Shi, Dongbei University of Finance and Economics
 Anil Shrivdsani, University of Chapel Hil
 Wei-Ling Song, Louisiana State University
 Qinghua Song, Zhongnan University of Economics and Law
 Laura Starks, University of Texas at Austin
 Chengjian Su, Shantou University
 Qian Sun, Xiamen University
 Ross Valkanov, University of California at San Diego
 Cong Wang, Chinese University of Hong Kong
 Jay Wang, University of Illinois at Urbana-Champagne
 Jiang Wang, Massachusetts Institute of Technology
 Xueping Wu, City University of Hong Kong
 Chongfeng Wu, Shanghai Jiao Tong University
 Yexiao Xu, University of Texas at Dallas
 Jun Yang, Indiana University
 Liu Yang, University of California, Los Angeles
 Zhishu Yang, Tsinghua University
 Xiaoyun Yu, Indiana University
 Yong Zeng, University of Electronic Science and Technology of China
 Chu Zhang, Hong Kong University of Science and Technology
 Harold H. Zhang, University of Texas at Dallas
 Longkai Zhao, Peking University
 Guofu Zhou, Washington University
 Xianming Zhou, University of Hong Kong
 Yingzi Zhu, Tsinghua University
 
 CONFERENCE SCHEDULE 
                    
                      | Time | Topics | Venues Shangri-La Hotel, Guangzhou
 |  
                      | Tuesday, July 7, 2009 |  
                      | 10:00AM – 7:00PM | Conference Registration 会议注册
 | Pre-function Area, 3F 三层宴会前厅
 |  
                      | 2:00– 5:00PM | Industry Symposium Organized by TCW 业界论坛
 | Man Jiang Hong,3F 三层满江红厅
 |  
                      | 6:00 – 7:30PM | Conference Reception 开幕酒会
 | Bubugao,3F 三层步步高厅
 |  
                      | Wednesday, July 8, 2009 |  
                      | 8:30AM – 12:00PM | Academic Sessions 学术分会
 | Function Room, 3F 三层会议室
 |  
                      | 12:15 – 1:00PM | Conference Lunch 会议午餐
 | Man Jiang Hong & Xiang Jian Huan, 3F 三层满江红和相见欢厅
 |  
                      | 1:15 – 2:15PM | Keynote Speech: Hayne Leland 主题发言
 | Bu Bu Gao, 3F 三层步步高厅
 |  
                      | 2:30 – 6:00PM | Academic Sessions 学术分会
 | Function Room, 3F 三层会议室
 |  
                      | 7:00 – 9:00PM | Conference Dinner & Best Paper Awards 会议晚餐及最佳论文颁奖
 | Bu Bu Gao,3F 三层步步高厅
 |  
                      | Thursday, July 9, 2009 |  
                      | 8:30AM – 12:00PM | Academic Sessions 学术分会
 | Function Room, 3F 三层会议室
 |  
                      | 12:15 – 2:15PM | Conference Lunch 会议午餐
 | Bu Bu Gao,3F 三层步步高厅
 |  
                      | 2:30 – 6:00PM | Academic Sessions 学术分会
 | Function Room, 3F 三层会议室
 |  
                      | Friday, July 10, 2009 |  
                      | 8:30AM – 12:00PM | Academic Sessions 学术分会
 | Function Room, 3F 三层会议室
 |  
                      | 12:15 – 2:15PM | Conference Lunch 会议午餐
 | Bu Bu Gao,3F 三层步步高厅
 |  
                      | 2:30– 6:00PM | Academic Sessions 学术分会
 | Function Room, 3F 三层会议室
 |  Organizing Committee: Pre-function Area, 3F组委会办公:三层宴会前厅
 PROGRAM SUMMARY 
				  Tuesday, July 7, 200910:00AM – 7:00PM
 On-site Registration - Pre-function Area, 3F
 2:00 – 5:00PM
 Industry Symposium (Organized by The TCW Group Inc.) - Man Jiang Hong, 3F
 6:00 – 7:30PM
 Conference Reception (Sponsored by The TCW Group Inc.)Bu Bu Gao, 3F
 
 Wednesday, July 8, 2009
 8:30 – 10:00AM
 Asset Pricing: Theory I - Xi Qiao, 3F
 Banking I - Gui Feng, 3F
 Behavioral Finance - Lian Hua, 3F
 Corporate Finance I - Ding Hu, 3F
 Monetary Policies (in Chinese) - Tian Lu, 3F
 10:30 – 12:00AM
 Capital Structure - Xi Qiao, 3F
 Chinese Stock Market I - Gui Feng, 3F
 Corporate Governance I - Lian Hua, 3F
 Credit Markets - Ding Hu, 3F
 Exchange Rate and International Finance (in Chinese) - Tian Lu, 3F
 12:15 – 1:00PM
 Conference Lunch - Man Jiang Hong & Xiang Jian Huan, 3F
 1:00 – 2:15PM
 Keynote Speech - Bu Bu Gao, 3F
 Keynote Speaker: Hayne Leland, Haas School of Business, University of California at Berkeley
 2:30 – 4:00PM
 Asset Pricing: Theory II - Xi Qiao, 3F
 Executive Compensation - Gui Feng, 3F
 Institutional Investors I - Lian Hua, 3F
 Market Microstructure - Ding Hu, 3F
 Corporate Governance I (in Chinese) - Tian Lu, 3F
 4:30 – 6:00PM
 Asset Pricing: Empirical I - Xi Qiao, 3F
 Corporate Governance II - Gui Feng, 3F
 IPO and SEO - Lian Hua, 3F
 Mutual Funds and Hedge Funds - Ding Hu, 3F
 Corporate Finance I (in Chinese) - Tian Lu, 3F
 7:00 – 9:00PM
 Conference Dinner & Best Paper Awards - Bu Bu Gao, 3F
 
 Thursday, July 9, 2009
 8:30 – 10:00AM
 Asset Pricing: Empirical II - Xi Qiao, 3F
 Boards - Gui Feng, 3F
 Conglomerate - Lian Hua, 3F
 Behavioral and Real Estate Finance - Ding Hu, 3F
 Investment Management and Risk Management (in Chinese) - Tian Lu, 3F
 10:30AM – 12:00PM
 Liquidity - Xi Qiao, 3F
 Corporate Investment and Payout - Gui Feng, 3F
 Information and Securities Prices - Lian Hua, 3F
 Venture Capital - Ding Hu, 3F
 Capital Market (in Chinese) - Tian Lu, 3F
 12:15 – 2:15PM
 Conference Lunch - Bu Bu Gao, 3F
 2:30 – 4:00PM
 Corporate Finance II - Xi Qiao, 3F
 Fixed-income Securities - Gui Feng, 3F
 Institutional Investors II - Lian Hua, 3F
 Chinese Stock Market II - Ding Hu, 3F
 Corporate Governance II (in Chinese) - Tian Lu, 3F
 4:30 – 6:00PM
 Corporate Governance III - Xi Qiao, 3F
 International Finance I - Gui Feng, 3F
 Investment Management - Lian Hua, 3F
 Mergers and Acquisitions - Ding Hu, 3F
 Asset Pricing: Empirical (in Chinese) - Tian Lu, 3F
 
 Friday, July 10, 2009
 8:30 – 10:00AM
 Banking II - Xi Qiao, 3F
 International Finance II - Xi Qiao, 3F
 Market Efficiency - Lian Hua, 3F
 Behavioral Finance (in Chinese) - Ding Hu, 3F
 10:30AM – 12:00PM
 Asset Pricing: Theory III - Tian Lu, 3F
 International Corporate Finance - Gui Feng, 3F
 Banking and Financial Intermediation (in Chinese) - Lian Hua, 3F
 Derivatives (in Chinese) - Ding Hu, 3F
 Corporate Finance II (in Chinese) - Tian Lu, 3F
 12:15 – 2:15PM
 Conference Lunch - Bu Bu Gao, 3F
 2:30 – 4:00PM
 Asset Pricing: Empirical III - Xi Qiao, 3F
 Financial Crisis and Stability (in Chinese) - Gui Feng, 3F
 Information, Market Efficiency and Anomalies - Lian Hua, 3F
 Corporate Governance IV - Ding Hu, 3F
 4:30 – 6:00PM
 Derivatives - Tian Lu, 3F
 Asset Pricing (in Chinese) - Xi Qiao, 3F
 Market Microstructure (in Chinese) - Gui Feng, 3F
 Corporate Governance III (in Chinese) - Lian Hua, 3F
 
 
				     
					    2009 China International Conference in Finance 
						July 7-10, 2009 
						Shangri-La Hotel, Guangzhou, China
						 
							2009中国金融国际年会7月7日至10日
 香格里拉大酒店,广州
 
			
				July 7, 2009 2:00 – 5:00 PM Industry Symposium - Man Jiang Hong, 3FOrganized by The TCW Group Inc.
 Two Years into the Global Credit Crisis:  Now What? 
  
    | 2:00 - 3:00PM | Global Credit Crisis: Where Are We Headed & Who Will Be the Survivors? Jeffrey Gundlach, Chief Investment Officer, The TCW Group Inc.
 |  
    | 3:00 - 3:30PM | What's next in the Global Credit Markets Elissar Boujaoude, Senior Vice President, The TCW Group Inc.
 |  
    | 3:30 - 4:00PM | US Mortgage Markets – Dynamics Going Forward Eric Arentsen, Managing Director, The TCW Group Inc.
 |  
    | 4:00 - 4:30PM | Regulatory Activity in Washington D.C. Louis Lucido, Group Managing Director, The TCW Group Inc.
 |  
    | 4:30 - 5:00PM | Close & Q & A Jeffrey Gundlach, Chief Investment Officer, The TCW Group Inc.
 |  
    | Interpreter: | Lifen Li, Vice President, The TCW Group Inc. |  
			
				July 7, 2009 6:00 – 7:30PM Conference Reception - Bu Bu Gao, 3F(Sponsored by The TCW Group Inc.)
 
			Academic Sessions(40 sessions in English and 17 sessions in Chinese)
 
	July 8, 2009 8:30 – 10:00AM 
		
Asset Pricing: Theory I - Xi Qiao, 3F
  Session Chair: Mark Loewenstein, University of Maryland
  
  
    Prospect Theory, the Disposition Effect and Asset   Prices
Liyan Yang, Cornell University 
Li Yan, Cornell University
  
  The Dark Side of Financial Innovation 
Neil Pearson, University of Illinois at Urbana-Champaign 
Brian Henderson, George Washington University
  
  Market Closure, Portfolio Selection, and Liquidity   Premia 
Hong Liu, Washington University in St. Louis 
Min Dai, National University of Singapore 
Peifan Li, National University of Singapore
  
  Beauty Contests, Heterogeneous Beliefs and Bubbles in Stocks and   Options 
Huining Cao, Cheung Kong Graduate School of Business 
Ou-Yang Hui, Nomura Securities
  
  Discussants: 
Phil Dybvig, Washington University in St. Louis 
Gurdip Bakshi, University of Maryland 
Liyan Yang, Cornell University/ University of Toronto 
Hong Liu, Washington University in St. Louis
 
July 8, 2009 8:30 – 10:00AM 
Banking I - Gui Feng, 3F
  Session Chair: Liu Yang, University of California, Los Angeles
 
  
  Bank Risk Management with Value-at-Risk and Stress Testing: An   Alternative to Conditional Value-at-Risk?
Shu Yan, University of South Carolina 
Gordon Alexander, University of Minnesota 
Alexandre Baptista, George Washington University
  
  Bank Fund Reallocation and Economic Growth: Evidence from China 
Philip C. Chang, University of Calgary 
Chunxin Jia, Peking University 
Zhicheng Wang, Peking University
  
  Analysis of Bank's Behavior on Capital Adequacy Supervision and   Capital Idiosyncrasy 
Dai Junxun, Wuhan University 
Huang Xian, Wuhan University 
Ma Li, Wuhan University
  
  Discussants: 
  Tong Yu, University of Rhode Island 
Julan Du, The Chinese University of Hong Kong 
Yuanchen Chang, National Chengchi University
 
	July 8, 2009 8:30 – 10:00AM 
    Behavioral Finance - Lian Hua, 3F
 Session Chair: Agnes Cheng, Louisiana State University
 
  
  Born Leaders: The Relative-Age Effect and Managerial   Success
Huasheng Gao, Singapore Nanyang Technological University 
Qianqian Du, University of British Columbia 
Maurice Levi, University of British Columbia
  
 
  Using Earnings Management and Prospect Theory to Explain the   Setting of the Expected Rate of Return on Pension Plans 
Yao-Min Chiang, National Chengchi University 
Pei-Hua Shu, National Chengchi University
  
  Deal or No Deal: Hormones and Completion of Mergers and   Acquisitions 
Maurice Levi, University of British Columbia 
Kai Li, University of British Columbia 
Feng Zhang, University of British Columbia
  
  The Effect of Social Pressures on CEO Compensation 
Jun Yang, Indiana University 
James Ang, Florida State University 
Gregory Nagel, Mississippi State University
  
  Discussants: 
Lei Zhang, Nanyang Technological University 
Jie Gan, Hong Kong University of Science and Technology 
Xiaoyun Yu, Indiana University 
Julie Zhu, Columbia Business School
 
	July 8, 2009 8:30 – 10:00AM 
    Corporate Finance I - Ding Hu, 3F
  Session Chair: Longkai Zhao, Peking University
 
  
  Market Timing and the Cost of Equity
Xin Chang, Nanyang Technological University 
Zhihong Chen, City University of Hong Kong 
Gilles Hilary, HEC Paris
  
  Incentive Realignment or Cost Saving: the Decision to Go   Private 
Qing He, Chinese University of Hong Kong 
Terence Tai-Leung Chong, Chinese University of Hong Kong
  
  Preparing the Equity Market for Corporate Events: Theory and   Evidence from Firms Cutting Dividends 
  Xuan Tian, Indiana University 
Thomas Chemmanur, Boston College
  
  Determinants of the First Cash Payout Decision of Listed Firms:   The Role of Industry Factors 
Sheng-Syan Chen, National Taiwan University 
Kim Wai Ho, Nanyang Technological University 
Yang-pin Shen, Yuan Ze University 
Chia-Yuan Jiang, Yuan Ze University
  
  Discussants: 
Zhangkai Huang, Tsinghua University 
Yang-pin Shen, Yuan Ze University 
Ping He, Tsinghua University 
Qing He, Chinese University of Hong Kong
 
July 8, 2009 8:30 – 10:00AM 
Monetary Policies (in Chinese) - Tian Lu, 3F
  Session Chair: Aiguo Kong, Fudan University
  
      货币政策 
  主持人:孔爱国,复旦大学
 
July 8, 2009 10:30 – 12:00AM 
Capital Structure - Xi Qiao, 3F
Session Chair: Mike Lemmon, University of Utah 
  
Optimal Holding Company Organization and Capital   Structure
Sankarshan Acharya, University of Illinois at Chicago
Bank Loans and Trade Credit under China's Financial   Repression 
Julan Du, Chinese University of Hong Kong 
Yi Lu, University of Hong Kong 
Zhigang Tao, University of Hong Kong
Stocks, Bonds and Debt Imbalance: The Role of Relative   Availability of Bond and Bank Financing 
Lei Zhang, Nanyang Technological University 
Massimo Massa, INSEAD
Complex Ownership and Capital Structure 
Teodora Paligorova, Bank of Canada 
Zhaoxia Xu, Bank of Canada
Discussants: 
Florian Heider, European Central Bank 
Cen Ling, Hong Kong University of Science and Technology and University of Toronto 
Wei-Ling Song, Louisiana State University 
Qinghao Mao, Hong Kong University of Science and Technology
 
July 8, 2009 10:30 – 12:00AM 
Chinese Stock Market I - Gui Feng, 3F
Session Chair: Qian Sun, Xiamen University
 
Price Manipulation and Industry Momentum: Evidence from the   Chinese Stock Market
Zhongzhi He, Brock University 
Dongwei Su, Jinan University
Chinese Block Transactions and the Market Reaction 
Jiangze Bian, University of International Business and Economics 
Jun Wang, Baruch College 
Ge Zhang, Long Island University
On the Predictability of Chinese Stock Returns 
Xuanjuan Chen, Kansas State University 
Kenneth A. Kim, State University of New York 
Tong Yao, University of Iowa 
Tong Yu, University of Rhode Island
Call Auction Transparency and Market Liquidity: The Shanghai Experience 
Dionigi Gerace, University of Wollongong 
Gary Gang Tian, University of Wollongong 
Willa Zheng, University of Wollongong
Discussants: 
Tong Yu, University of Rhode Island 
Zhongzhi He, Brock University 
Steven Wei, Hong Kong Polytechnic University 
Yongxiang Wang, Columbia Business School
 
July 8, 2009 10:30 – 12:00AM 
Corporate Governance I - Lian Hua, 3F
Session Chair: Jun-koo Kang,Nanyang Technological University
 
Corporate Governance and Internal Capital Markets
Zacharias Sautner, University of Amsterdam 
Belén Villalonga,Harvard Business School
Corporate Lobbying and Fraud Detection 
Xiaoyun Yu, Indiana University 
Frank Yu, Barclays Global Investors
Timing of Effort and Reward: Three-sided Moral Hazard in a   Continuous-Time Model 
Jun Yang, Indiana University 
Ownership Structure, Supervisory Regulation and the   Diversification Effects on Bank Performance 
Yuanchen Chang, National Chengchi University 
Kuanyu Lai, National Chengchi University 
Hsiangping Tsai, Yuan Ze University
Discussants: 
Hyun-Seung Na, City University of Hong Kong 
Zacharias Sautner, University of Amsterdam 
Jiang Luo, Nanyang Technological University 
Cong Wang, Chinese University of Hong Kong
 
July 8, 2009 10:30 – 12:00AM 
Credit Markets - Ding Hu, 3F
Session Chair: Eric Ghysels,University of North Carolina, Chapel Hill
 
The Information Content of Option-Implied Volatility
Charles Cao, Pennsylvania State University 
Zhaodong (Ken) Zhong, Pennsylvania State University 
Fan Yu, Michigan State University
Household Borrowing after Personal Bankrupty 
Geng Li, Federal Reserve Board 
Song Han, Federal Reserve Board
Limited Arbitrage between Equity and Credit Markets 
Nikunj Kapadia, University of Massachusetts Amherst 
Xiaoling Pu, Kent State University
Discussants: 
Jun Yu, Singapore Management University 
Qin Lei, Southern Methodist University 
Jennie Bai, New York Federal Reserve
 
July 8, 2009 10:30 – 12:00AM 
Exchange Rate and International Finance (in Chinese) - Tian Lu, 3F
Session Chair: Jianglin Lv, Jiangxi University of Finance and Economics
汇率及国际金融 
主持人: 吕江林,江西财经大学
 
			
				July 8, 2009 12:15 – 1:00 PM Conference Lunch - Man Jiang Hong & Xiang Jian Huan, 3F
 
			
				July 8, 2009 1:00 - 2:15 PM Keynote Speech - Bu Bu Gao, 3F 
July 8, 2009 2:30 – 4:00PM 
Asset Pricing: Theory II - Xi Qiao, 3F
Session Chair: Harrison Hong, Princeton University
 
Dividend Volatility and Asset Pricing: A Narrow-Framing Approach
Liyan Yang, Cornell University 
Yan Li, Cornell University
	
Dynamic Asset Allocation with Ambiguous Return Predictability 
Nengjiu Ju, Hong Kong University of Science and Technology 
Hui Chen, MIT 
Jianjun Miao, Boston University
Evaluating Asset Pricing Models Using the Second Hansen-Jagannathan Distance 
Yuewu Xu, Fordham University 
Haitao Li, University of Michigan 
Xiaoyan Zhang, Cornell University
Equilibrium Implications of Delegated Asset Management under   Benchmarking 
Philippe Rohner, University of Zurich Swiss Banking Institute 
Markus Leippold, Imperial College London
Discussants: 
Ming Huang, Cheung Kong Graduate School of Business 
Harold Zhang, University of Texas at Dallas 
Long Chen, Washington University at St. Louis 
Hui Ouyang , Cheung Kong Graduate School of Business
 
July 8, 2009 2:30 – 4:00PM  
Executive Compensation - Gui Feng, 3F
Session Chair: Fangjian Fu, Singapore Management University
 
Inside the Black Box: The Role and Composition of Compensation Peer Groups
Jun Yang, Indiana University 
Michael Faulkender, University of Maryland
Incentive Effects of Extreme CEO Pay Cuts 
Huasheng Gao, Singapore Nanyang Technological University 
Harford Jarrad, University of Washington 
Kai Li, University of British Columbia
Litigation Risk and Executive Compensation 
Zhonglan Dai, University of Texas-Dallas 
Li Jin, Harvard Business School 
Weining Zhang, University of Texas-Dallas
Pay for Performance? CEO Compensation and Acquirer Returns in BHCS 
Liu Yang, University of California, Los Angeles 
Kristina Minnick, Bentley College 
Haluk Unal, University of Maryland and Center for Financial Research
Discussants: 
Li Jin, Harvard Business School 
Jun Yang, Indiana University 
Huasheng Gao, University of British Columbia 
Yong Zhang, Hong Kong University of Science and Technology
 
July 8, 2009 2:30 – 4:00PM 
Institutional Investors I - Lian Hua, 3F
Session Chair: Laura Starks,University of Texas at Austin
 
When Shareholders Are Creditors: Effects of the Simultaneous   Holding of Equity and Debt by Institutional Investors
Wei Jiang, Columbia University 
Kai Li, University of British Columbia 
Pei Shao, University of British Columbia 
Blockholder Intervention Versus Threat Of Exit 
Peter Swan, University of New South Wales 
Peter Gardner, University of New South Wales 
David Gallagher, University of Texas at Austin
A Neoclassical Model of Managed Distribution Programs: Theory and   Evidence 
Jay Wang, University of Illinois at Urbana-Champaign 
Martin Cherkes, Columbia University 
Jacob Sagi, Vanderbilt University
Discussants: 
Wei-Ling Song, Louisiana State University 
John Wei, Hong Kong University of Science and Technology 
Jun Yang,Indiana University
 
July 8, 2009 2:30 – 4:00PM 
Market Microstructure - Ding Hu, 3F
Session Chair: Jianping Mei, Cheung Kong Graduate School of Business
 
Anything Wrong with Breaking a Buck? An Empirical Evaluation of   NASDAQ $1 Minimum Price Maintenance Criterion
Feng Wu,University of Hawaii at Manoa
Preferenced Trading, Quote Competition, and Market Quality:   Evidence from Decimalization on the NYSE 
Wei Huang, University of Hawaii at Manoa 
S. Ghon Rhee, SKKU Business School (Korea), University of Hawaii at Manoa 
Ning Tang, Wilfrid Laurier University
How Better Informed are the Institutional Investors? 
Jia He, the Chinese University of Hong Kong 
Jinghan Cai and Jibao He, Shenzhen Stock Exchange
Speed, Distance, and Electronic Trading: New Evidence on Why Location Matters 
Ryan Garvey, Duquesne University 
Fei Wu, Massey University
Discussants: 
Jinghan Cai, Shenzhen Stock Exchange 
Feng Wu, Shilder College of Business, University of Hawaii at Manoa 
Fei Wu, Massey University 
Christine Jiang, The University of Memphis
 
July 8, 2009 2:30 – 4:00PM 
Corporate Governance I (in Chinese) - Tian Lu, 3F
Session Chair: Li Liu, Peking University
公司治理 I 
主持人:刘力,北京大学
 
July 8, 2009 4:30 – 6:00PM 
Asset Pricing: Empirical I - Xi Qiao, 3F 
Session Chair: Yexiao Xu, University of Texas, Dallas
 
Analysts' Incentives and the Dispersion Effect
Chuan-Yang Hwang, Nanyang Technological University 
Yuan Li, Nanyang Technological University
Ex Ante Skewness and Expected Stock Returns 
Eric Ghysels, University of North Carolina at Chapel Hill 
Jennifer Conrad, University of North Carolina at Chapel Hill 
Robert Dittmar, University of Michigan
Costly External Equity: Implications for Asset Pricing Anomalies 
Dongmei Li, University of California at San Diego 
Erica Li, University of Michigan 
Lu Zhang, University of Michigan
Discussants: 
Kalok Chan, Hong Kong University of Science and Technology 
Chu Zhang, Hong Kong University of Science and Technology 
Hui Guo, University of Cincinnati
 
July 8, 2009 4:30 – 6:00PM 
Corporate Governance II - Gui Feng, 3F
Session Chair: Wei-Ling Song,Louisiana State University
 
Political Connection, Institutional Environment and Corporate   Philanthropy
Ming Jia, Xi'an Jiaotong University 
Difang Wan, Xi'an Jiaotong University 
Zhe Zhang, Xi'an Jiaotong University
Corporate Pyramid, Capital Investment and Firm Performance in   China 
Chao Chen, Fudan University 
Donglin Xia, Tsinghua University 
Song Zhu, Beijing Normal University
No. 2 Persons, Pay Gap and Firm Performance 
Zhichuan Li, Arizona State University
Private Benefits, Power index and Pricing: Evidence from Taiwanese Private Placements 
Tai Ma, National Sun Yat-sen University 
Ching-Yi Yeh, Hsiuping Institute of Technology
Discussants: 
Meijun Qian, National University of Singapore 
Fangjian Fu, Singapore Management University 
Mike Lemmon, University of Utah 
Xueping Wu, City University of Hong Kong
 
July 8, 2009 4:30 – 6:00PM 
IPO and SEO - Lian Hua, 3F
Session Chair: Xiaoyun Yu, Indiana University
 
July 8, 2009 4:30 – 6:00PMMutual Funds and Hedge Funds - Ding Hu, 3F 
Session Chair: Bing Liang, University of Massachusetts at Amherst
 
Risk Shifting and Mutual Fund Performance
Jennifer Huang, University of Texas at Austin 
Clemens Sialm, University of Texas at Austin 
Hanjiang Zhang, University of Texas at Austin
Mutual Fund Tax Clienteles 
Clemens Sialm, University of Texas at Austin 
Laura Starks, University of Texas at Austin
Strength of Performance Based Compensation: Evidence from Hedge   Fund Closing and Reopening Events 
Bing Liang University of Massachusetts at Amherst 
Chris Schwarz, University of California, Irvine
The Good, the Bad or the Expensive? Which Mutual Fund Managers   Join Hedge Funds? 
Jay Wang, University of Illinois at Urbana-Champaign 
Prachi Deuskar, University of Illinois at Urbana-Champaign 
Joshua Pollet, Emory University 
Lu Zheng, University of California Irvine
Discussants: 
Yu Yuan, The University of Iowa 
Song Han, Federal Reserve Board 
Johan Sulaeman, Southern Methodist University  
Fang Liu, Leuven University
 
July 8, 2009 4:30 – 6:00PM 
Corporate Finance I (in Chinese) - Tian Lu, 3F
Session Chair: Yong Zeng, University of Electronic Science and Technology of China
公司金融 I 
主持人:曾勇, 成都电子科技大学
 
			
				July 8, 2009 7:00 – 9:00 PM Conference Dinner & Best Paper Awards - Bu Bu Gao, 3F
				 
July 9, 2009 8:30 – 10:00AM 
Asset Pricing: Empirical II - Xi Qiao, 3F
Session Chair: Kewei Hou, Ohio State University
 
Is Information Risk Priced? Evidence from the Price Discovery of   Large Trades
Chuan-Yang Hwang, Nanyang Business School, Nanyang Technological University 
Xiaolin Qian, Nanyang Business School, Nanyang Technological University
Market Confidence and Momentum 
Jianguo Xu, McGill University 
Kevin Wang, University of Toronto
Government Spending and the Cross Section of Stock   Returns 
Frederico Belo, University of Minnesota 
Jun Li, University of Minnesota
Liquidity Risk and the Cross-Section of Expected Corporate Bond   Returns 
Junbo Wang, University of Arkansas—Fayetteville/City University of Hong Kong 
Hai Lin, Xiamen University 
Chunchi Wu, University of Missouri-Columbia
Discussants: 
Bob Kimmel, Ohio State University 
Roger Loh, Singapore Management University 
Yinglei Zhang, Chinese University of Hong Kong 
Bob Kimmel, Ohio State University
 
July 9, 2009 8:30 – 10:00AM 
Boards - Gui Feng, 3F
Session Chair: Cong Wang, Chinese University of Hong Kong
 
The Market for Corporate Directors
Changmin Lee, Indiana University - Bloomington
The Value of Independent Directors: Evidence from Sudden   Deaths 
Bang Nguyen Dang, Chinese University of Hong Kong 
Kasper Nielsen, Chinese University of Hong Kong
Option Backdating and Board Oversight: Evidence from Firms   Interlocked with Backdating Investigation Targets 
Cong Wang, Chinese University of Hong Kong 
Veronika Krepely Pool, Indiana University 
Fei Xie, George Mason University
Is Board Structure One-Size-Fits-All? The Unintended Informational   Consequence of the Sarbanes-Oxley Acts 
Huijing Fu, Texas Christian University 
Xiaoyun Yu, Indiana University
Discussants: 
Hao Wang, Tsinghua University 
Xiaohui Gao, University of Hong Kong 
Huasheng Gao, Nanyang Technological University 
Kasper Meisner Nielsen, Chinese University of Hong Kong
 
July 9, 2009 8:30 – 10:00AM 
Conglomerate - Lian Hua, 3F
Session Chair: Joseph Fan, Chinese University of Hong Kong
 
Internal Capital Allocation and Stock Returns
Jennifer Huang, University of Texas at Austin 
Ilan Guedj, University of Texas at Austin  
Johan Sulaeman, Cox School of Business
Looking Inside a Conglomerate: Efficiency of Internal Capital   Allocation and Managerial Power Within a Firm 
Markus Glaser, University of Mannheim 
Florencio Lopez-de-Silanes, EDHEC Business School 
Zacharias Sautner, University of Amsterdam
Internal Capital Markets: The Bright Side of Corporate   Politics 
Martijn Cremers, Yale School of Management 
Rocco Huang, Federal Reserve Bank of Philadelphia 
Zacharias Sautner, University of Amsterdam
Testing Financial Constraint against Expropriation Explanation:   the Use of Intra-Group Financing in China 
Joseph Fan, Chinese University of Hong Kong 
Li Jin, Harvard Business School 
Guojian Zheng, Sun Yat-sen University
Discussants: 
Ning Zhu, University of California, Davis 
Li Jin, Harvard Business School 
Peter Mackay, Hong Kong University of Science and Technology  
Fei Xie, George Mason University
 
July 9, 2009 8:30 – 10:00AM 
Behavioral and Real Estate Finance - Ding Hu, 3F
Session Chair: Bing Han, University of Texas at Austin
 
Investor Sentiment and the Mean-Variance Relation
Yu Yuan, University of Iowa 
Jianfeng Yu, University of Minnesota
Ordering and Revenue in Sequential Auctions: A Natural
Experiment from the Market for Art 
Harrison Hong, Princeton University 
Ilan Kremer, Stanford University 
Jeffrey Kubik, Syracuse University 
Jianping Mei, New York University 
Michael Moses, New York University
Individualism and Momentum around the World 
K.C. John Wei, Hong Kong University of Science & Technology 
Andy C.W. Hong Chui, Kong Polytechnic University 
Sheridan Titman, University of Texas at Austin
Do Local Investors Know More? Evidence from Mutual Fund Location   and Investments 
Johan Sulaeman, Southern Methodist University
Discussants: 
Weina Zhang, National Univ of Singapore 
Johan Sulaeman, Southern Methodist University 
Dongmei Li, University of California, San Diego 
Ning Zhu, University of California, Davis
 
July 9, 2009 8:30 – 10:00AM 
Investment Management and Risk Management (in Chinese) - Tian Lu, 3F
Session Chair: Jialiu Lu, Sun Yat-sen University
投资管理及风险管理 
主持人:陆家骝, 中山大学
 
July 9, 2009 10:30AM – 12:00PM 
Liquidity - Xi Qiao, 3F
Session Chair: Jennifer Huang, University of Texas at Austin 
 
Timing Ability of Government Bond Fund Managers: Evidence from   Portfolio Holdings
Ying Wang, University at Albany—SUNY 
Jingzhi Huang, Penn State University
Liquidity Crisis, Runs and Security Design 
Song Han, Federal Reserve Board 
Dan Li, Federal Reserve Board
Uncommon Value: The Investment Performance of Contrarian   Funds 
Tong Yao, University of Iowa 
Kelsey Wei, University of Texas at Dallas 
Russ Wermers, University of Maryland
A Model of Portfolio Delegation and Strategic Trading 
Bin Wei, Baruch College, the City University of New York 
Albert Kyle, University of Maryland 
Ou-Yang Hui, Nomura Securities
Discussants: 
Hong Zhang, Insead Singapore 
Jennie Bai, Federal Reserve Bank of New York 
Clemens Sialm, University of Texas at Austin 
Keith K.P. Wong, University of Hong Kong
 
July 9, 2009 10:30AM – 12:00PMCorporate Investment and Payout - Gui Feng, 3F 
Session Chair: Peter Mackay, Hong Kong University of Science and Technology
 
Does
 Enforcement of Intellectual Property Rights Matter? Evidence   from 
Financing and Investment Choices in the High Tech Industry
Chaopeng Wu, Xiamen University 
James Ang, Florida State University 
Yingmei Cheng, Florida State University
A Growth Type Explanation for Persistence in Retained Earnings and   Propensity to Pay 
Xueping Wu, City University of Hong Kong 
Chau Kin Au Yeung, City University of Hong Kong
Investor Sentiment, Executive Compensation, and Corporate Investment 
Hui (Michael) Li, La Trobe University
Discussants: 
Fei Ding, Hong Kong University of Science and Technology 
Chaopeng Wu, Xiamen University 
Yuri Tserlukevich, Hong Kong University of Science and Technology
 
July 9, 2009 10:30AM – 12:00PM 
Information and Securities Prices - Lian Hua, 3F
Session Chair: Phil Dybvig, Washington University
 
The Quality of Financial Reporting in China
Min Wu, University of Hong Kong 
Xia Wang, East China Normal University 
Price Discovery and Information in an Emerging Market: Evidence   from China 
Jingyun Ma, Tsinghua University 
Peter L. Swan, University of New South Wales 
Fengming Song, Tsinghua University
Momentum and Informed Trading 
Allaudeen Hameed, National University of Singapore 
Dong Hong, Singapore Management University 
Mitch Warachka, Singapore Management University
Default Risk of Life Annuity and the Annuity Puzzle 
Bong-Gyu Jang, Pohang University of Science and Technology 
Hyeng Keun Koo, Ajou University 
Ho-Seok Lee, Korea Advanced Institute of Science and Technology
Discussants: 
Li Yuan, Nanyang Technological University 
Raymond Kan, University of Toronto 
Vivian Wang, Pennsylvania State University 
Mark Loewenstein, University of Maryland
 
July 9, 2009 10:30AM – 12:00PM 
Venture Capital - Ding Hu, 3F
Session Chair: Jie Gan, Hong Kong University of Science and Technology
 
July 9, 2009 10:30AM – 12:00PM 
Capital Market (in Chinese) - Tian Lu, 3F
Session Chair: Yongdong Shi, Dongbei University of Finance and Economics
资本市场 
主持人:史永东, 东北财经大学
 
			
				July 9, 2009 12:15 – 2:15PM Conference Lunch - Bu Bu Gao, 3F 
	July 9, 2009 2:30 – 4:00PM 
 
Corporate Finance II - Xi Qiao, 3F
Session Chair: Xueping Wu, City University of Hong Kong
  
Conglomerate Structure and Capital Market Timing
Xin Chang, Nanyang Technological University 
Gilles Hilary, HEC Paris  
Lewis H.K. Tam, University of Macau
Which Spinoffs Generate Value and Performance Improvements? 
Dmitri Boreiko, Free University of Bolzano-Bozen 
Maurizio Murgia, Free University of Bolzano-Bozen
Tax Asymmetry Deteriorates Capital Structure and Credit Spread 
Ho Yin Yick, University of Hong Kong 
Kit Pong Wong, University of Hong Kong
Discussants: 
Xueping Wu, City University of Hong Kong 
Nancy Huyghebaert, Katholieke Universiteit Leuven  
Tom Vinaimont, City University of Hong Kong
     
	July 9, 2009 2:30 – 4:00PM 
Fixed-income Securities - Gui Feng, 3F
Session Chair: Neil Pearson, University of Illinois at Urbana-Champagne
  
Liquidity Premia in the Credit Default Swap and Corporate Bond   Markets
Hai Lin, Xiamen University 
Sheen Liu, Washington State University-Vancouver 
Chunchi Wu, University of Missouri-Columbia/Singapore Management University
Bond Risk Premia and Realized Jump Risk 
Jonathan Wright Johns Hopkins University 
Hao Zhou, Federal Reserve Board
Inflation Risk Premium: Evidence from the TIPS Market 
Jingzhi Huang, Penn State University 
Olesya Grishchenko, Penn State University
What Drove the Mismatch between Initial CDO Credit Ratings and Subsequent Performance? 
Dragon Tang, University of Hong Kong 
John Griffin, University of Texas at Austin
Discussants: 
Song Han, Federal Reserve Board 
Jingzhi Huang, Pennsylvania State University 
Douglas Rolph, City University of Hong Kong 
Prachi Deuskar, University of Illinois at Urbana-Champaign
     
	July 9, 2009 2:30 – 4:00PM 
Institutional Investors II - Lian Hua, 3F
Session Chair: Jay Wang,University of Illinois at Urbana-Champagne
  
Behind the Scenes: The Corporate Governance Preferences of   Institutional Investors
Joseph A. McCahery, University of Amsterdam 
Zacharias Sautner, University of Amsterdam 
Laura T. Starks, University of Texas
Shareholder Activism through the Proxy Process 
Peter Szilagyi, Cambridge University 
Luc Renneboog, Tilburg University
Do Shareholder Preferences Affect Corporate Policies? 
Johan Sulaeman, Southern Methodist University
Understanding the Motives of Block Institutional   Holding 
Xiaoyan Xu, University of Michigan at Ann Arbor
Discussants: 
Xiaoyan Xu, San Jose State University 
Tom Nohel, Loyola University at Chicago 
Scott Weisbenner, University of Illinois at Urbana-Champaign 
Fangjian Fu, Singapore Management University
     
	July 9, 2009 2:30 – 4:00PM 
Chinese Stock Market II - Ding Hu, 3F
Session Chair: Chu Zhang, Hong Kong University of Science and Technology
  
Restriction
 Tightness, Bargaining Power, and the Valuation of Restricted Shares by 
Conflicting Shareholders in the Split Share Structure Reform
Wenxuan Hou, Durham University 
Sydney Howell, University of Manchester
Understanding the Variation of Foreign Share Price Discounts ?A   Study of Dual-listed Chinese Firms 
Jeffrey L. Callen, University of Toronto 
Karen Lai, Hong Kong Polytechnic University 
Steven X. Wei, Hong Kong Polytechnic University
Why Investors Do not Buy Cheaper Securities? An Analysis of   Trading by Individual Investors in Chinese Stock Market 
Kalok Chan, Hong Kong University of Science and Technology 
Baolian Wang, Tsinghua University 
Zhishu Yang, Tsinghua University
Discussants: 
Qian Sun, Xiamen University 
Charlie X. Cai, Leeds University Business School 
Tong Yao, University of Iowa
     
	July 9, 2009 2:30 – 4:00PM 
Corporate Governance II (in Chinese) - Tian Lu, 3F
Session Chair: Qinghua Song, Zhongnan University of Economics and Law
公司治理II 
主持人:宋清华,中南财经政法大学
 
	July 9, 2009 4:30 – 6:00PM 
Corporate Governance III - Xi Qiao, 3F
Session Chair: Xianming Zhou,Hong Kong University
  
Institutions, Ownership Structure and Financing Decisions:   Evidence from Chinese Listed Firms
Lihong Wang, Catholic University of Leuven 
Nancy Huyghebaert, Catholic University of Leuven
The Value of Shareholder Activism: New Evidence from the Split-Share Structure Reform in China 
Li Liao, Tsinghua University 
Meijuan Shi, Tsinghua University 
Hao Wang, Tsinghua University
How Do Agency Costs Affect Firm Performance? Evidence from China 
Sheng Xiao, Furman University
Discussants: 
Shu Yan, University of South Carolina 
Qiao Liu, University of Hong Kong 
Bang Dang Nguyen, Chinese University of Hong Kong
     
	July 9, 2009 4:30 – 6:00PM 
International Finance I - Gui Feng, 3F
Session Chair: Kalok Chan,Hong Kong University of Science and Technology
  
Do Different Interpretations of the Same Information Help Explain the Distinct Stock Holdings of Foreign Investors?
Dong Wook Lee, Korea University Business School 
Kyung Suh Park, Korea University Business School  
Hyung Cheol Kang, University of Seoul 
Cross-listing and Pricing Efficiency: The Informational and Anchoring Role Played by the Reference Price 
Eric Chang, University of Hong Kong 
Jinjuan Ren, University of Hong Kong
Does Money Follow the Flag? 
Nandini Gupta, Indiana University 
Xiaoyun Yu, Indiana University
A Quantitative Assessment of Real and Financial Integration in   China- Markov Switching Approach 
Lau Chi-Keung, Hong Kong Polytechnic University 
Hung Hum, Hang Seng School of Commerce
Discussants: 
Johan Sulaeman, Southern Methodist University 
Hung Wan Kot, Hong Kong Baptist University 
Dragon Tang, University of Hong Kong 
Shaojun Zhang, Hong Kong Polytechnic University
     
	July 9, 2009 4:30 – 6:00PM 
Investment Management - Lian Hua, 3F
Session Chair: Ross Valkanov, University of California at San Diego
 
The Long Memory in Stock Price Shocks
Kevin Wang, University of Toronto 
Hai Lu, University of Toronto 
Xiaolu Wang, University of Toronto
Leverage Management 
Hefei Wang, University of Illinois –Chicago 
Darrell Duffie, Stanford University 
Chenyang Wang, Stanford University 
What kind of Trading Drives Return Autocorrelation? 
Chun-Kuei Hsieh, National Taiwan University 
Shing-yang Hu, National Taiwan University
Discussants: 
Dongmei Li, Rady School, University of California, San Diego 
Bing Han, University of Texas, Austin 
Kevin Wang, University of Toronto
     
	July 9, 2009 4:30AM – 6:00PM 
Mergers and Acquisitions - Ding Hu, 3F
Session Chair: Kai Li, University of British Columbia
 
	July 9, 2009 4:30AM – 6:00PM 
Asset Pricing: Empirical (in Chinese) - Tian Lu, 3F
Session Chair: Yingzi Zhu, Tsinghua University
资产定价: 实证 
主持人:朱英姿,清华大学
 
	July 10, 2009 8:30 – 10:00AM 
Banking II - Xi Qiao, 3F 
Session Chair: Charles Kahn, University of Illinois
 
	July 10, 2009 8:30 – 10:00AM 
International Finance II - Gui Feng, 3F
Session Chair: Chuan-yang Hwang, Nanyang Technological University
  
The Determinants of Corporate Cash Management Policy: Evidence   from around the World
Yuanto Kusnadi, City University of Hong Kong 
K.C. John Wei, Hong Kong University of Science and Technology
The Forward Volatility Bias: A New Puzzle in Foreign   Exchange 
Pasquale Della Corte, University of Warwick 
Lucio Sarno, University of Warwick 
Ilias Tsiakas, University of Warwick
The 52-Week High Momentum Strategy in International Stock   Markets 
Qianqiu Liu, University of Hawaii 
Ming Liu, Binghamton University 
Tongshu Ma, Binghamton University
Discussants: 
Huasheng Gao, University of British Columbia 
Shaojun Zhang, Hong Kong Polygtechnic University 
Dong Hong, Sigapore Management University
     
	July 10, 2009 8:30 – 10:00AM 
Market Efficiency - Lian Hua, 3F
Session Chair: Eric Chang, University of Hong Kong
  
IPO First-Day Return and Ex Ante Equity Premium
Hui Guo, University of Cincinnati 
Understanding the Information Content of Short Interests 
Yexiao Xu, University of Texas at Dallas 
Harold Zhang, University of Texas at Dallas 
Xin Zhou, Fudan University
Pension Underfunding, Analyst Experience, and Analyst Underreaction 
Xuanjuan Chen, Kansas State University 
Tong Yao, University of Iowa 
Tong Yu, University of Rhode Island 
Ting Zhang, University of Rhode Island
Limits to Arbitrage and the Asset Growth Anomaly 
K.C. John Wei, Hong Kong University of Science and Technology 
Eric F.Y.C.Lam, Hong Kong University of Science and Technology
Discussants: 
John Wei, Hong Kong University of Science and Technology 
Dragon Tang, The University of Hong Kong 
Hui Guo, University of Cincinnati 
Chun Xia, The University of Hong Kong
     
	July 10, 2009 8:30 – 10:00AM 
Behavioral Finance (in Chinese) - Ding Hu, 3F
Session Chair: Guojin Chen, Xiamen University
行为金融 
主持人:陈国进,厦门大学
 
	July 10, 2009 10:30AM – 12:00PM 
Asset Pricing: Theory III - Tian Lu, 3F
Session Chair: Jianjun Miao, Boston University
  
Heterogeneous Beliefs and the Vulnerability of Financial Innovation
Hong Yan, University of South Carolina 
Weidong Tian, University of North Carolina at Charlotte
Speculative financial innovation 
Huining Cao, Cheung Kong Graduate School of Business
The Long and the Short of Asset Prices: Using Long Run   Consumption-Return Correlations to Test Asset Pricing Models 
Jianfeng Yu, University of Minnesota
Volatility Trading and the Elasticity of Intertemporal   Substitution 
Guofu Zhou, Washington University 
Yingzi Zhu, Tsinghua University
Discussants: 
Lei Lu, Shanghai University of Finance and Economics 
Hong Yan, University of South Carolina 
Yan Li, Cornell University 
Jianfeng Yu, University of Minnesota
     
	July 10, 2009 10:30AM – 12:00PM 
International Corporate Finance - Xi Qiao, 3F
Session Chair: Andy Chui, Hong Kong Polytechnic University
  
Cultural Values and Corporate Risk-Taking
Dale Griffin, University of British Columbia 
Kai Li, University of British Columbia 
Heng Yue, Peking University 
Longkai Zhao, Peking University
Financing Constraints, Ownership Control, and Cross-border   M&As: the Evidence of Nine East Asian Economies 
Yenn-Ru Chen, National Cheng Kung University 
Yu-Ling Huang, National Cheng Kung University
Discussants: 
Andy Chui, Hong Kong Polytechnic University 
Eric Lam, Hong Kong University of Science and Technology
     
	July 10, 2009 10:30AM – 12:00PM 
Banking and Financial Intermediation (in Chinese) - Gui Feng, 3F
Session Chair: Jun Lu, Sun Yat-sen University
银行与金融机构 
主持人:陆军,中山大学
 
	July 10, 2009 10:30AM – 12:00PM 
Derivatives (in Chinese) - Lian Hua, 3F
Session Chair: Liyang Han, Bei Hang University
金融衍生品 
主持人:韩立岩,北京航空航天大学
 
	July 10, 2009 10:30AM – 12:00PM 
Corporate Finance II (in Chinese) - Ding Hu, 3F
Session Chair: Jun Qian, Boston College
公司金融II 
Session Chair: 钱军,波斯顿学院
 
			
				July 10, 2008 12:15 – 2:15PM Conference Lunch - Bu Bu Gao, 3F 
	July 10, 2009 2:30 – 4:00PM 
Asset Pricing: Empirical III - Xi Qiao, 3F
Session Chair: Guofu Zhou, Washington University
  
The Normal Inverse Gaussian Distribution and the Pricing of   Derivatives
Fangfang Wang, University of North Carolina at Chapel Hill 
Eric Ghysels, University of North Carolina at Chapel Hill 
Anders Eriksson, Diwan Capital Ltd
Pricing Model Performance and the Two-Pass Cross-Sectional Regression Methodology 
Raymond Kan, University of Toronto 
Jay Shanken, Emory University 
Cesare Robotti, Federal Reserve Bank of Atlanta
Capital Structure Effects on Prices of Firm Stock Options: Tests   Using Implied Market Values of Debt 
Robert Geske, University of California 
Yi Zhou, University of Oklahoma
Why Do Firms with High Idiosyncratic Volatility and High Trading   Volume Volatility Have Low Returns? 
Chuan Yang Hwang, Nanyang Technological University 
Tom George, University of Houston
Discussants: 
Yingzi Zhu, Tsinghua University 
Jun Tu, Singapore Management University 
Chu Zhang, Hong Kong University of Science and Technology 
Joe Zhang, Singapore Management University
     
	July 10, 2009 2:30 – 4:00PM 
Financial Crisis and Stability (in Chinese) - Gui Feng, 3F
Session Chair: Chengjian Su, Shantou University
金融危机及稳定性 
主持人:宿成建,汕头大学
 
	July 10, 2009 2:30 – 4:00PM 
Information, Market Efficiency and Anomalies - Lian Hua, 3F
Session Chair: Dianchun Jiang, Nankai University
信息,市场效率及异常现象 
主持人:蒋殿春, 南开大学
 
	July 10, 2009 2:30 – 4:00PM 
Corporate Governance IV - Ding Hu, 3F
Session Chair: Jun Yang, Indiana University
  
Property Rights Protection and Firm Diversification: Evidence from   China
Julan Du, Chinese University of Hong Kong 
Yi Lu, University of Hong Kong 
Zhigang Tao, University of Hong Kong
Legal System, Financial Development, and Industry Clusters 
Xiaoqiang Cheng, University of Leuven
Short-sale Constraints and A-H Share Premiums 
Kalok Chan, Hong Kong University of Science & Technology 
Hung Wan Kot, Hong Kong Baptist University 
Zhishu Yang, Tsinghua University
Discussants: 
Xuan Tian, Indiana University 
Rujing Meng, University of Hong Kong 
Fei Xie, George Mason University
     
	July 10, 2009 2:30 – 4:00PM 
Derivatives - Tian Lu, 3F
Session Chair: Charles Cao, Penn State University
  
Valuation of Housing Index Derivatives
Melanie Cao, York University 
Jason Wei, University of Toronto
On the Number and Dynamic Features of State Variables in Options   Pricing 
Chu Zhang, Hong Kong University of Science and Technology 
Gang Li, University of Macao
Is Warrant Really a Derivative? Evidence from the Chinese Warrant Market 
Lei Shi, Eric Chang 
Jin Zhang, University of Hong Kong
Model Specification, Data History, and CDO Mispricing 
Dan Luo, University of Hong Kong 
Yongjun Tang, University of Hong Kong 
Qian Wang, University of Hong Kong
Discussants: 
Shu Yan, University of South Carolina 
Tao Li, City University of Hong Kong 
Hao Wang, Tsinghua University 
Ken Zhong, Rutgers University
     
	July 10, 2009 4:30 – 6:00PM 
  
Asset Pricing (in Chinese) - Xi Qiao, 3F 
Session Chair: Chongfeng Wu, Shanghai Jiao Tong University
资产定价 
主持人:吴冲锋,上海交通大学
 
July 10, 2009 4:30 – 6:00PM 
Market Microstructure (in Chinese) - Gui Feng, 3F
Session Chair: Zhishu Yang, Tsinghua University
市场微观机构 
主持人:杨之曙,清华大学
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