Thursday, July 9, 2015
TCW Forum, 2:00 pm – 5:00 pm
Conference Reception, 5:30 pm – 6:30 pm
Friday, July 10, 2015, 8:30 am-10:00 am
Social Network and Asset Pricing
Henry Cao, Cheung Kong Graduate School of Business
InnovationLearning about the Neighborhood: The Role of Supply Elasticity for Housing Cycles
Zhenyu Gao, Chinese University of Hong Kong
Michael Sockin, Princeton University
Wei Xiong, Princeton UniversityGuru Dreams vs. Competition: An Anatomy of the Economics of Blogs
Yi Dong, University of International Business and Economics
Massimo Massa, INSEAD
Hong Zhang, PBC School of Finance, Tsinghua UniversityOverlapping Information Production about Asset-Backed Securitizations
Artem Neklyudov, University of Lausanne and SFIA Theory of Conversations in Financial Market
Zhanhui Chen, Nanyang Technological University
Jiang Luo, Nanyang Technological University
Chongwu Xia, Nanyang Technological UniversityDiscussants:
Xuewen Liu, Hong Kong University of Science and Technology
Zhi Da, University of Notre Dame
Zhigang Qiu, Renmin University of China
Dongyan Ye, Cheung Kong Graduate School of Business
Does Workplace Discrimination Impede Innovation?
Huasheng Gao, Nanyang Technological University
Wei Zhang, Shanghai University of Finance and EconomicsThe New Lyrics of the Old Folks: The Role of Family Ownership in Corporate Innovation
Po-Hsuan Hsu, University of Hong Kong
Sterling Huang, Singapore Management University
Massimo Massa, INSEAD
Hong Zhang, INSEADDoes Market Overvaluation Promote Corporate Innovation?
Ming Dong, York University
David Hirshleifer, University of California, Irvine
Siew Hong Teoh, University of California, IrvineThe Dark Side of News Coverage: Evidence from Corporate Innovation
Lili Dai, Australian National University
Rui Shen, Nanyang Technological University
Bohui Zhang, University of New South WalesDiscussants:
Tao Shu, University of Georgia and Hong Kong University of Science and Technology
Chaopeng Wu, Xiamen University
Tao Chen, Nanyang Technological University
Laura Xiaolei Liu, Guanghua School of Management, Peking University
Lending Markets
Sumit Agarwal, National University of Singapore
Unintended Effects of the TARP Program: Evidence from Relationship Borrowers of the TARP Recipient Banks
Yupeng Lin, City University of Hong Kong
Xin Liu, Australian National University
Anand Srinivasan, National University of SingaporeEntrusted Loans: A Close Look at China’s Shadow Banking System
Franklin Allen, University of Pennsylvania
Yiming Qian, University of Iowa
Guoqian Tu, Chongqing University
Frank Yu, China Europe International Business SchoolDo Small Banks Have “Mojo”?
Allen Berger, University of South Carolina
Christa Bouwman, Texas A&M University
Dasol Kim, Case Western Reserve UniversityA Peek into the Shadow: A Loan-Level Investigation of Chinese Shadow Banks
Waiming Fong, Chinese University of Hong Kong
Ming Liu, Chinese University of Hong Kong
Xiaojian Yu, Southern China University of TechnologyDiscussants:
Sheng Huang, Singapore Management University
Yunqi Zhang, National University of Singapore
Jia He, Nankai University
Ruichang Lu, Guanghua School of Management, Peking University
Return Predictability
Yuhang Xing, Rice University
Industry Interdependencies and Cross-Industry Return Predictability
David Rapach, Saint Louis University
Jack Strauss, University of Denver
Jun Tu, Singapore Management University
Guofu Zhou, Washington University in St. LouisThe Term Structure of Equity Returns: Risk or Mispricing?
Michael Weber, University of ChicagoGrowth Expectations, Dividend Yields, and Future Stock Returns
Zhi Da, University of Notre Dame
Ravi Jagannathan, Northwestern University
Jianfeng Shen, University of New South WalesDiscussants:
George Aragon, Arizona State University
Justin Birru, Ohio State University
Jianfeng Hu, Singapore Management University
Asset Pricing: Derivatives
Guofu Zhou, Washington University in St. Louis
Dispersion in Option Traders’ Expectations and Stock Return Predictability
Panayiotis Andreou, Cyprus University of Technology and Durham University Anastasios Kagkadis, Lancaster University
Paulo Maio, Hanken School of Economics
Dennis Philip, Durham UniversityInformed Options Trading Prior to Bankruptcy Filings
Li Ge, University of Hong Kong
Jianfeng Hu, Singapore Management University
Mark Humphery-Jenner, University of New South Wales
Tse-Chun Lin, University of Hong KongTrading and Information in Futures Markets
Guillermo Llorente-Alvarez, Universidad Autonoma de Madrid
Jiang Wang, Massachusetts Institute of TechnologyOption Trading Costs Are Lower Than You Think
Dmitriy Muravyev, Boston College
Neil Pearson, University of Illinois at Urbana-ChampaignDiscussants:
Fuwei Jiang, Central University of Finance and Economics
Hai Lin, Victoria University of Wellington
Yingzi Zhu, School of Economics and Management, Tsinghua University
Chayawat Ornthanalai, Rotman School of Management
宏观与国际金融
汤珂, 清华大学社会科学学院
支持还是干预？—“四万亿投资”政策对企业投资效率的影响
黄海杰, 复旦大学
吕长江, 复旦大学中国高储蓄率的测度与动态影响机制研究
刘尧成, 苏州大学
顾淳, 苏州大学资本账户自由化、实际资本控制与汇率制度选择
刘晓辉, 西南财经大学
张璟, 西南财经大学
甘顺利, 湖南师范大学影子银行、货币乘数与货币调控政策
何平, 清华大学经济管理学院
刘泽豪, 清华大学经济管理学院
方志玮, 清华大学学五道口金融学院评论人：
吴卫星, 对外经济贸易大学
萧育仁, 国立东华大学
王立升, 香港中文大学
张龙耀, 南京农业大学
Friday, July 10, 2015, 10:30 am – 12:00 noon
Politics and Uncertainties
Brandon Julio, University of Oregon
Political Connections and Corporate Investments: Evidence from the Recent Anti-Corruption Campaign in China
Xiaofei Pan, University of Wollongong
Gary Tian, University of Wollongong
Political Uncertainty and Cross-Border Acquisitions
Chunfang Cao, Southwestern University of Finance and Economics
Xiaoyang Li, Cheung Kong Graduate School of Business
Guilin Liu, University of Hong Kong
Institutions and Incentives to Innovate: Economic Growth and Optimal Regulation
Kose John, New York University
Vinay Nair, Ada Investment Management
Lemma Senbet, University of Maryland
Lobbying in Mergers and Acquisitions
Peter Roosenboom, Erasmus University
Eden Zhang, Erasmus University
Discussants:
Pat Akey, University of Toronto
Tiecheng Leng, Singapore Management University
Zhong Zhang, City University of Hong Kong
Alminas Zaldokas, Hong Kong University of Science and Technology
Mutual Funds
Bing Han, University of Toronto
Which Risk Factors Matter to Investors? Evidence from Mutual Fund Flows
Brad Barber, University of California, Davis
Xing Huang, Michigan State University
Terrance Odean, University of California, BerkeleyOn the Flow-Performance Relations among Delegated Institutional Portfolios
Xi Li, Hong Kong University of Science and Technology
Tong Yao, University of Iowa
Zhe Zhang, Singapore Management University
Is It Who You Know or What You Know? Evidence from IPO Allocations and Mutual Fund Performance
Chuan Yang Hwang, Nanyang Business School
Sheridan Titman, University of Texas at Austin
Yuxi Wang, Nanyang Technological UniversityMutual Fund Investment Horizon and Performance
Chunhua Lan, University of New South Wales
Fabio Moneta, Queen's University
Russ Wermers, University of MarylandDiscussants:
Kelsey Wei, University of Texas at Dallas
Yang Sun, University of Hong Kong
Lu Zheng, University of California, Irvine
Chishen Wei, Nanyang Technological University
Credit Risk
Neng Wang, Columbia University
Forecasting Corporate Bond Returns: A Regressed Combination Approach
Hai Lin, Victoria University of Wellington
Chunchi Wu, University at Buffalo
Guofu Zhou, Washington University in St. LouisDo Distributional Characteristics of Corporate Bonds Predict Their Future Returns?
Jennie Bai, Georgetown University
Turan Bali, Georgetown University
Quan Wen, Georgetown UniversityOption-Based Credit Spreads
Christopher Culp, University of Chicago
Yoshio Nozawa, Federal Reserve Board
Pietro Veronesi, University of ChicagoExploring the Sources of Default Clustering
Shahriar Azizpour, Apollo Global Management
Kay Giesecke, Stanford University
Gustavo Schwenkler, Boston UniversityDiscussants:
Fan Yang, University of Hong Kong
Yuhang Xing, Rice University
Erica Li, Cheung Kong Graduate School of Business
Fan Yu, Claremont McKenna College
Corporate Financing
Murray Frank, University of Minnesota
Mispricing, Costly External Finance, and the Use of Cash Flow
Xin Chang, Nanyang Business School
Sudipto Dasgupta, Hong Kong University of Science and Technology
George Wong, Hong Kong Polytechnic University
Jiaquan Yao, Nanyang Technological UniversityHow Collateral Laws Shape Lending and Sectoral Activity
Charles Calomiris, Columbia University
Mauricio Larrain, Columbia University
Jose Liberti, DePaul University
Jason Sturgess, DePaul UniversityAcquiring Access to Finance
Jess Cornaggia, Georgetown University
Jay Li, City University of Hong KongThe Leverage Externalities of Credit Default Swaps
Jay Li, City University of Hong Kong
Dragon Tang, University of Hong KongDiscussants:
TBA
Qianqian Du, Hong Kong Polytechnic University
Florian Heider, European Central Bank
Andras Danis, Georgia Institute of Technology
Frontier of Rational Asset Pricing
Jianjun Miao, Boston University
Information Quality, Heterogeneous Beliefs and Asset Pricing
Zhenjiang Qin, Southwestern University of Finance and Economics
Jie Zhu, Shanghai University of Finance and Economics
Xiaoneng Zhu, Shanghai University of Finance and EconomicsThe Value and Profitability Premiums
Liang Ma, University of South Carolina
Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong UniversityDynamic Noisy Rational Expectations Equilibria with Anticipative Information
Jerome Detemple, Boston University
Marcel Rindisbacher, Boston University
Thu Truong, Boston UniversityOptimal Lifecycle Consumption and Investment with Long Term Disability Risk and Consumption Ratcheting
Hong Liu, Washington University in St. Louis
Yufeng Liu, Washington University in St. LouisDiscussants:
Shiyang Huang, London School of Economics and Political Science
Kai Li, Hong Kong University of Science and Technology
Ming Guo, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Tao Li, City University of Hong Kong
跨市场的金融风险
张处, 香港科技大学
异质性预期、信念演化与房价波动：一个投资模型分析
张浩, 中山大学
李仲飞, 中山大学
黄宇元, 中山大学中美股市跳跃自兴奋与波动率集聚特征
朱福敏, 西南财经大学
吴恒煜, 西南财经大学
魏相育, 西南财经大学银行间市场与资本市场流动性的相依性分析
陈守东, 吉林大学
章秀, 吉林大学不确定性下个股风险特征的政策敏感性分析
陈国进, 厦门大学
张润泽, 吉林大学评论人:
王宏林，香港金融管理局
周倜，香港科技大学
李刚，香港理工大学
刘晓蕾，北京大学光华管理学院
Friday, July 10, 2015, 1:00 pm – 2:30 pm
Keynote Speech
Professor Robert Stambaugh, Wharton School, University of Pennsylvania
Friday, July 10, 2015, 2:45 pm – 4:15 pm
China Focus
Jun Qian, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Disguised Corruption: Evidence from Consumer Credit in China
Sumit Agarwal, National University of Singapore
Wenlan Qian, National University of Singapore
Amit Seru, University of Chicago
Jian Zhang, National University of SingaporeBogus Joint Liability Groups in Microfinance
Alexander Karaivanov, Simon Fraser University
Xiaochuan Xing, School of Economics and Management, Tsinghua University
Yi Xue, University of International Business and EconomicsShadow Banking: China’s Dual-Track Interest Rate Liberalization
Hao Wang, School of Economics and Management, Tsinghua University
Honglin Wang, Hong Kong Monetary Authority
Lisheng Wang, Chinese University of Hong Kong
Hao Zhou, PBC School of Finance, Tsinghua UniversityFama-French in China: Size and Value Factors in Chinese Stock Returns
Can Chen, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Yuan Shao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Grace Xing Hu, University of Hong Kong
Jiang Wang, Massachusetts Institute of TechnologyDiscussants:
Zhangkai Huang, School of Economics and Management, Tsinghua University
Xian Gu, Central University of Finance and Economics
Jun Liu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Fangzhou Lu, Massachusetts Institute of Technology
Volatility, Co-Movement and Risk
Jun Tu, Singapore Management University
On the Economic Value of Alphas
Raymond Kan, University of Toronto
Xiaolu Wang, Iowa State UniversityVolatility Risk Decomposition and the Covariation Risk Premium
Petko Kalev, University of South Australia
Konark Saxena, University of New South Wales
Leon Zolotoy, University of MelbourneDividend Clientele and Return Comovement
Allaudeen Hameed, National University of Singapore
Jing Xie, National University of SingaporeTaming Momentum Crashes: A Simple Stop-Loss Strategy
Yufeng Han, University of Colorado
Guofu Zhou, Washington University in St. Louis
Yingzi Zhu, School of Economics and Management, Tsinghua UniversityDiscussants:
Xudong Zeng, Shanghai University of Finance and Economics
Xiaolu Wang, Iowa State University
Qianqian Du, University of Stavanger
Fuwei Jiang, Central University of Finance and Economics
Financial Intermediation, Regulation and Incentives
Florian Heider, European Central Bank
The Value of Implicit Guarantees
Zoe Tsesmelidakis, University of Oxford
Robert Merton, Massachusetts Institute of TechnologySelf-Fulfilling Fire Sales, Bank Runs and Contagion: Implications for Bank Capital and Regulatory Transparency
Zhao Li, Pompeu Fabra University
Kebin Ma, University of WarwickSystemic Risk-Taking at Banks: Evidence from the Pricing of Syndicated Loans
Di Gong, Tilburg University
Wolf Wagner, Tilburg UniversityLiquidity Backstops and Dynamic Debt Runs
Bin Wei, Federal Reserve Board
Vivian Yue, Emory UniversityDiscussants:
Yuan Wang, Concordia University
Murray Frank, University of Minnesota
Bjorn Imbierowicz, Goethe University Frankfurt
Nataliya Klimenko, University of Zurich
International Finance
Gurdip Bakshi, University of Maryland
Currency Returns in Different Time Zones
Zhengyang Jiang, Stanford UniversityGlobal Political Risk and Currency Momentum
Ilias Filippou, University of Warwick
Arie Gozluklu, University of Warwick
Mark Taylor, University of WarwickA Unified HJM Approach to Non-Markov Gaussian Dynamic Term Structure Models: International Evidence
Haitao Li, Cheung Kong Graduate School of Business
Xiaoxia Ye, Stockholm University
Fan Yu, Claremont McKenna CollegeGovernment Bailout Policy and Sovereign Risk
Enrico Biffis, Imperial College London
Pasquale Della Corte, Imperial College London
YiningShi, Imperial College London
Discussants:
George Panayotov, Hong Kong University of Science and Technology
Chishen Wei, Nanyang Technological University
Sophie Ni, Hong Kong University of Science and Technology
Dragon Tang, University of Hong Kong
Security Issuance and Financial Intermediation
Wei-Ling Song, Louisiana State University
The Information Advantage of Underwriters in IPOs
Yao-Min Chiang, National Taiwan University
Michelle Lowry, Drexel University
Yiming Qian, University of IowaInstitutional Bidding in IPO Allocation: Evidence from China
Jerry Cao, Singapore Management University
Tiecheng Leng, Singapore Management University
Bo Liu, University of Electronic Science and Technology of China
William Megginson, University of OklahomaDoes Overseas Experience Matter? A Study of Returnee CEOs and IPOs of Chinese Entrepreneurial Firms
Douglas Cumming, York University
Tinghua Duan, University of Edinburgh
Wenxuan Hou, University of Edinburgh
William Rees, University of EdinburghOptions on Initial Public Offerings
Thomas Chemmanur, Boston College
Padma Kadiyala, Pace University
Chayawat Ornthanalai, University of TorontoDiscussants:
Re-Jin Guo, University of Illinois at Chicago
Yiming Qian, University of Iowa
Kam-Ming Wan, Hong Kong Polytechnic University
Jianfeng Hu, Singapore Management University
金融政策
吴超鹏, 厦门大学
基于“钻石模型”的我国产业安全评价体系重构与实证研究 — 以中国高技术产业为例
李善民, 中山大学
史欣向, 广州大学
李昶, 中山大学股权结构、价值链属性与技术创新 — 基于中国信息技术企业的实证分析
顾露露, 中南财经政法大学
岑怡, 中南财经政法大学
郭三, 中南财经政法大学
张凯歌, 中南财经政法大学风险投资调节了“研发投入 — 创新产出”的转化吗？基于2006-2013 年省际面板数据的经验研究
许昊, 西安交通大学
万迪昉, 西安交通大学
徐晋, 麻省理工学院评论人:
许昊, 西安交通大学
祝继高, 对外经济贸易大学
彭晓鹏, 清华大学
Friday, July 10, 2015, 4:45 pm – 6:15 pm
Social Aspect of Human Capital
Henrik Cronqvist, China Europe International Business School
Lost in Translation: Cultural Differences and Earnings Management Contagion
Nathan Dong, Columbia UniversityHow Does Financial Literacy Affect Mortgage Default?
Sumit Agarwal, National University of Singapore
Souphala Chomsisengphet, Office of the Comptroller of the Currency
Irina Paley, Office of the Comptroller of the Currency
Yunqi Zhang, National University of SingaporeBeauty Is Wealth: CEO Appearance and Shareholder Value
Joseph T. Halford, University of Wisconsin-Milwaukee
Hung-Chia Scott Hsu, University of Wisconsin-MilwaukeeAre They Different? CEOs Made in CEO Factories
Ye Cai, Santa Clara University
Merih Sevilir, Indiana University
Jun Yang, Indiana UniversityDiscussants:
Yaxuan Qi, City University of Hong Kong
Henrik Cronqvist, China Europe International Business School
Tse-Chun Lin, University of Hong Kong
Hui Dong, Shanghai University of Finance and Economics
Cross Section of Stock Returns
Xiaoyan Zhang, Purdue University
Stock Resiliency and Expected Returns
Nazli Sila Alan, Fairfield University
Jian Hua, Baruch College
Lin Peng, City University of New York
Robert A. Schwartz, City University of New YorkShort Interest and Aggregate Stock Returns
David Rapach, Saint Louis University
Matthew Ringgenberg, Washington University in St. Louis
Guofu Zhou, Washington University in St. LouisGeneral Purpose Technologies, International Technology Diffusion, and the Cross Section of Stock Returns
Po-Hsuan Hsu, University of Hong Kong
Wei Yang, Indiana UniversitySubjective Belief, Crash Perception, and Cross-Sectional Stock Return
George Gao, Cornell University
Zhaogang Song, Federal Reserve Board
Liyan Yang, University of Toronto
Discussants:
Li An, PBC School of Finance, Tsinghua University
Tao Shen, School of Economics and Management, Tsinghua University
Zhuo Chen, PBC School of Finance, Tsinghua University
Alex Hsu, Georgia Institute of Technology
Asset Management
Neal Stoughton, Vienna University of Economics and Business
Asset Management within Commercial Banking Groups: International Evidence
Miguel Ferreira, Nova School of Business and Economics
Pedro Matos, University of VirginiaPortfolio Manager Compensation in the U.S. Mutual Fund Industry
Linlin Ma, Northeastern University
Yuehua Tang, Singapore Management University
Juan-Pedro Gomez, IE Business SchoolLearning and Synergies in Financial Markets: Evidence from Financial Mergers
Mancy Luo, Tilburg University
Alberto Manconi, Tilburg University
David Schumacher, McGill UniversityLesser-Known Stocks and Signal Cleanse
Chengwei Wang, INSEAD
Discussants:
Chuan Yang Hwang, Nanyang Business School
Dragon Tang, University of Hong Kong
Zhe Zhang, Singapore Management University
Raymond Kan, University of Toronto
Information and Asset Prices I
Stephen Figlewski, New York University
Information Transfer in the Common Shareholder Relationship: Does Shared Ownership Affect Fund Investments?
Shu Lin, Nanjing University
Shu Tian, Fudan University
Lu Zheng, University of California, IrvineInformation Production, Volume and Return Dynamics
Clark Liu, PBC School of Finance, Tsinghua University
Lei Mao, University of Warwick
Mark Seasholes, Hong Kong University of Science and TechnologyThe Relationship Insurance Role of Financial Conglomerates: Evidence from Earnings Announcements
Jiun-Lin Chen, University of Adelaide
Gary Sanger, Louisiana State University
Wei-Ling Song, Louisiana State UniversityInvestor Attention: Seasonal Patterns and Endogenous Allocations
Hongqi Liu, City University of New York
Lin Peng, City University of New YorkDiscussants:
Bin Zhao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Guofu Zhou, Washington University in St. Louis
Darwin Choi, Hong Kong University of Science and Technology
Xin Zhou, New York University Shanghai
Theoretical Contributions: Learning and Intermediation
Andrew Winton, University of Minnesota
Investment Waves under Cross Learning
Shiyang Huang, London School of Economics and Political Science
Yao Zeng, Harvard UniversityInformative Stock Prices and Optimal Managerial Style
Fernando Anjos, University of Texas at Austin
Chang Mo Kang, University of New South WalesOptimal Margins and Equilibrium Prices
Bruno Biais, Toulouse School of Economics
Florian Heider, European Central Bank
Marie Hoerova, European Central BankMortgage Foreclosures and Securitisation
John Chi-Fong Kuong, INSEAD
Jing Zeng, Frankfurt School of Finance and ManagementDiscussants:
Vijay Yerramilli, University of Houston
Hongda Zhong, London School of Economics and Political Science
Shiming Fu, Duke University
Artem Neklyudov, University of Lausanne and SFI
公司金融1
杨之曙，清华大学经济管理学院
资本市场的“守望者”：媒体负面报道与重大资产重组成败
陈泽艺, 厦门大学
李常青, 厦门大学
魏志华, 厦门大学融资杠杆监管与小额贷款公司“覆盖率-可持续性”权衡 — 基于分层监管的自然实验
张龙耀, 南京农业大学
杨骏, 中国人民银行金融研究所
程恩江, 澳大利亚维多利亚大学企业融资租赁动机: 融资约束还是财务灵活性？
马文杰, 上海财经大学
丁剑平, 上海财经大学信任与中国家庭资产配置
高明, 北京大学光华管理学院
赵然, 北京大学光华管理学院
李志冰, 北京大学光华管理学院
评论人:
张博辉，澳大利亚新南威尔士大学
陕晨煜，上海交通大学上海高级金融学院
李旻文，清华大学经济管理学院
王春阳，北京大学汇丰商学院
Friday, July 10, 2015, 7:00 pm – 9:00 pm
Conference Dinner and Best Paper Awards
Saturday, July 11, 2015, 8:30 am – 10:00 am
International Asset Pricing
Jennifer Carpenter, New York University
Global Liquidity Provision and Risk Sharing
Sergei Sarkissian, McGill University
Feng Jiao, McGill UniversityThe Impacts of Political Uncertainty on Asset Prices: Evidence from a Natural Experiment
Laura Xiaolei Liu, Guanghua School of Management, Peking University
Haibing Shu, Hong Kong University of Science and Technology
K.C. John Wei, Hong Kong University of Science and TechnologyFinancial Intermediation and Capital Reallocation
Hengjie Ai, University of Minnesota
Kai Li, Hong Kong University of Science and Technology
Fang Yang, Louisiana State UniversityExplaining the Disconnection between China's Economic Growth and Stock Market Performance
Franklin Allen, University of Pennsylvania
Jun Qian, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Susan Chenyu Shan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Lei Zhu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Discussants:
Shaojun Zhang, Hong Kong University
Harrison Hong, Princeton University
Hongda Zhong, London School of Economics and Political Science
Fangzhou Lu, Massachusetts Institute of Technology
Corporate Governance: Labor and Human Capital
Dalida Kadyrzhanova, Georgia State University
Director Network and CEO Turnover
Jeffrey Coles, University of Utah
Albert Wang, University of Alabama
Chenqi Zhu, New York UniversityExecutive Market Segmentation: How Local Density Affects Incentive and Performance
Hong Zhao, Arizona State UniversityLabor Unemployment Risk and CEO Incentive Compensation
Andrew Ellul, Indiana University
Cong Wang, Chinese University of Hong Kong
Kuo Zhang, Chinese University of Hong KongThe Changing Nature of Corporate Board Activity
Renee Adams, University of New South Wales
Vanitha Ragunathan, University of Queensland
Robert Tumarkin, University of New South WalesDiscussants:
Jun Yang, Indiana University
Rong Wang, Singapore Management University
Alminas Zaldokas, Hong Kong University of Science and Technology
Pedro Matos, University of Virginia
Liquidity
Jennifer Huang, Cheung Kong Graduate School of Business
Shades of Darkness: A Pecking Order of Trading Venues
Albert Menkveld, VU University Amsterdam
Bart Yueshen, INSEAD
Haoxiang Zhu, Massachusetts Institute of TechnologyTrading Fragmentation and Stock Price Performance during the Flash Crash
James Ang, Florida State University
Kalok Chan, Chinese University of Hong Kong
Kenneth Hunsader, University of South Alabama
Shaojun Zhang, Hong Kong Polytechnic UniversityFire Sales and Liquidity Provision in the Corporate Bond Market
Jay Wang, University of Oregon
Hanjiang Zhang, Nanyang Technological University
Xinde Zhang, Shanghai University of Finance and EconomicsLiquidity Risk and Mutual Fund Performance
Xi Dong, University of New York
Shu Feng, Clark University
Ronnie Sadka, Boston CollegeDiscussants:
Hongjun Yan, Yale University
Jiangmin Xu, Guanghua School of Management, Peking University
Zhuo Chen, PBC School of Finance, Tsinghua University
Yuehua Tang, Singapore Management University
Theoretical Asset Pricing
Mark Loewenstein, University of Maryland
Fluctuating Attention and Contagion: Theory and Evidence from the U.S. Equity Market
Michael Hasler, University of Toronto
Chayawat Ornthanalai, University of TorontoA Model of Anomaly Discovery
Qi Liu, Guanghua School of Management, Peking University
Lei Lu, Guanghua School of Management, Peking University
Bo Sun, Federal Reserve Board
Hongjun Yan, Yale UniversityTime-Inconsistent Preferences and the Term Structure of Dividend Strips
Rui Guo, INSEADCollateral-Based Asset Pricing
Roberto Steri, University of Lausanne
Discussants:
Kai Li, Hong Kong University of Science and Technology
Zhenjiang Qin, Southwestern University of Finance and Economics
Shujing Wang, Hong Kong University of Science and Technology and Shanghai Finance University
Shiyang Huang, London School of Economics and Political Science
Micro Theory of Financial Institutions and Money
Ping He, School of Economics and Management, Tsinghua University
Are Direct Investments by the Federal Reserve a Good Idea? A Corporate Finance Perspective
Hong Chen, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Murray Frank, University of MinnesotaShadow Banking and Asset Pricing
Jinji Hao, Washington University in St. LouisBank Capital and Credit Cycles
Nataliya Klimenko, University of Zurich
Sebastian Pfeil, Goethe University Frankfurt
Jean-Charles Rochet, University of ZurichBank Capital Requirements: A Quantitative Analysis
Thien Nguyen, The Ohio State University
Discussants:
Bo Li, PBC School of Finance, Tsinghua University
Lixin Huang, Georgia State University
Erica Li, Cheung Kong Graduate School of Business
Tao Jin, PBC School of Finance, Tsinghua University
资本市场1
曾永, 电子科技大学
ST公司主动戴帽和市场操纵行为研究
金永红, 华东理工大学
韩立岩, 北京航天航空大学
陆星忠, 华东理工大学流动性不足与极端风险事件：基于有限流动性视角的新解释
李平, 电子科技大学
曾永, 电子科技大学
燕汝贞, 成都理工大学
廖静池, 深圳证券交易所台湾期货保证金改革与新兴市场的比较
林苍祥, 台湾淡江大学 & 厦门大学
乔帅, 厦门大学
郑振龙, 厦门大学
邱紫华, 厦门大学股利公告日和除息日的卖空行为研究：基于卖空交易持续期的视角
刘波, 电子科技大学
曾献瑞, 电子科技大学
评论人：
孔东民，华中科技大学
李志生，中南财经政法大学
朱小能，上海财经大学
应千伟，四川大学
Saturday, July 11, 2015, 10:30 am – 12:00 noon
Information and Asset Prices II
Lin Peng, City University of New York
Can Information be Locked-up? Informed Trading Ahead of Macro-news Announcements
Gennaro Bernile, Singapore Management University
Jianfeng Hu, Singapore Management University
Yuehua Tang, Singapore Management UniversityCommunication and Comovement: Evidence from Online Stock Forums
Lei Jiang, School of Economics and Management, Tsinghua University
Jinyu Liu, School of Economics and Management, Tsinghua University
Baozhong Yang, Georgia State UniversityAre Shorts Equally Informed? A Global Perspective
Ekkehart Boehmer, Singapore Management University
Zsuzsa Huszár, National University of Singapore
Yanchu Wang, Purdue University
Xiaoyan Zhang, Purdue UniversityWhy Does PIN Fail?
Jefferson Duarte, Rice University
Edwin Hu, Rice University
Lance Young, University of WashingtonDiscussants:
Vivian Yue, Emory University
Baolian Wang, Fordham University
Dexin Zhou, Emory University
Zhi Da, University of Notre Dame
Debt and Taxes
Kose John, New York University
Customer Risk and Corporate Financial Policy: Evidence from Receivables Securitization
Laura Xiaolei Liu, Guanghua School of Management, Peking University
Mike Qinghao Mao, Erasmus University
Greg Nini, Drexel UniversityEmployee Inside Debt and Firm Risk-Taking: Evidence from Employee Deposit Programs in Japan.
Sudipto Dasgupta, Hong Kong University of Science and Technology
Yupeng Lin, City University of Hong Kong
Takeshi Yamada, University of Adelaide
Zilong Zhang, Hong Kong University of Science and TechnologyCorporate Tax Havens and Shareholder Value: Evidence from Tax Information Exchange Agreements
Morten Bennedsen, INSEAD
Stefan Zeume, University of MichiganDoes Information Asymmetry Affect Corporate Tax Aggressiveness?
Tao Chen, Nanyang Technological University
Lin Chen, University of Hong KongDiscussants:
Edie Hotchkiss, Boston College
Qiping Xu, University of Chicago
Xiaoyun Yu, Indiana University and Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Naqiong Tong, HSBC Business School, Peking University
Analyst
Feng Li, University of Michigan and Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Does the 52-week High Affect Analyst Recommendation Revisions?
Lin Chen, University of Hong Kong
Tse-Chun Lin, University of Hong Kong
Fengfei Li, University of Hong KongOn the Performance of Financial Analysts
Byoung-Hyoun Hwang, Cornell University
Jose Liberti, Northwestern University
Jason Sturgess, DePaul UniversityDo Analysts Read the News?
Alan Huang, University of Waterloo
Kaleab Mamo, University of WaterlooAre All Analysts Created Equal? Industry Expertise and Monitoring Effectiveness of Financial Analysts
Daniel Bradley, University of South Florida
Sinan Gokkaya, Ohio University
Xi Liu, Ohio University
Fei Xie, Clemson UniversityDiscussants:
Hai Lu, University of Toronto
Nan Li, University of Toronto
Qianqian Du, Hong Kong Polytechnic University
Frank Zhang, Yale University
Commodity Markets
Wei Xiong, Princeton University
Commodity Financialization: Risk Sharing and Price Discovery in Commodity Futures Markets
Itay Goldstein, University of Pennsylvania
Liyan Yang, University of TorontoThe Role of Hedgers and Speculators in Liquidity Provision to Commodity Futures Markets
Wenjin Kang, Renmin University of China
K. Geert Rouwenhorst, Yale University
Ke Tang, School of Social Science, Tsinghua UniversityUncertainty and Capital Investment: Real Options or Financial Frictions?
Hitesh Doshi, University of Houston
Praveen Kumar, University of Houston
Vijay Yerramilli, University of HoustonInvestor Beliefs and State Price Densities in the Crude Oil Market
Xuhui (Nick) Pan, Tulane UniversityDiscussants:
Hong Liu, Washington University in St. Louis
Neil Pearson, University of Illinois at Urbana-Champaign
Jia Chen, Guanghua School of Management, Peking University
Stephen Figlewski, New York University
Fixed Income Markets
Haitao Li, Cheung Kong Graduate School of Business
Risk and Return Trade-off in the U.S. Treasury Market
Eric Ghysels, University of North Carolina at Chapel Hill
Anh Le, University of North Carolina at Chapel Hill
Sunjin Park, University of North Carolina at Chapel Hill
Haoxiang Zhu, Massachusetts Institute of TechnologyTri-Party Repo Pricing
Grace Xing Hu, University of Hong Kong
Jun Pan, Massachusetts Institute of Technology
Jiang Wang, Massachusetts Institute of TechnologyHiding behind Writing: Communication in Offering Process and MBS Performance
Harold Zhang, University of Texas at Dallas
Feng Zhao, University of Texas at Dallas
Xiaofei Zhao, University of Texas at DallasHot Money and Quantitative Easing: The Spillover Effects of U.S. Monetary Policy on the Chinese Economy
Steven Ho, Tulane University
Ji Zhang, PBC School of Finance, Tsinghua University
Hao Zhou, PBC School of Finance, Tsinghua University
Discussants:
Xiaoxia Ye, Stockholm University
Fan Yu, Claremont McKenna College
Dragon Tang, University of Hong Kong
Canlin Li, Federal Reserve Board
资本市场2
刘玉珍, 北京大学光华管理学院
做空约束导致我国股市被高估了吗？
李锐，上海交通大学安泰经济与管理学院
吴冲锋，上海交通大学安泰经济与管理学院增长期权与资产定价：基于生命周期视角
刘浩，电子科技大学
曾勇，电子科技大学
李强，电子科技大学官员变更与资本市场发展
佘国满，复旦大学
罗党论，中山大学明星分析师参与了更多的市场操纵吗？-- 来自A股市场融券卖空的证据
孟庆斌，中国人民大学
李颖，中国人民大学
江轩宇，中央财经大学
伊志宏，中国人民大学评论人：
吴偎立，北京大学光华管理学院
刘琦，北京大学光华管理学院
陈德球，对外经济贸易大学
胡聪慧，对外经济贸易大学
Saturday, July 11, 2015, 1:30 pm – 3:00 pm
Executive Incentives and Risk Taking
Fenghua Song, Pennsylvania State University
Executive Compensation and Strategic Trading
Hui Ou-Yang, Cheung Kong Graduate School of Business
Weili Wu, Guanghua School of Management, Peking UniversityShareholder Wealth Consequence of Insider Pledging of Company Stock as Collateral for Personal Loans
Ying Dou, University of New South Wales
Ronald Masulis, University of New South Wales
Jason Zein, University of New South WalesBonus Caps, Deferrals and Banks’ Risk-Taking
Esa Jokivuolle, Bank of Finland and Aalto University
Jussi Keppo, National University of Singapore
Xuchuan Yuan, National University of SingaporeUnleashing Innovation
Yifei Mao, School of Hotel Administration, Cornell University
Xuan Tian, Indiana University andPBC School of Finance, Tsinghua University
Xiaoyun Yu, Indiana University and Shanghai Advanced Institute of Finance, Shanghai Jiao Tong UniversityDiscussants:
Qi Liu, Guanghua School of Management, Peking University
Huasheng Gao, Nanyang Technological University
Bin Wei, Federal Reserve Board
Wenrui Zhang, Chinese University of Hong Kong
Hedge Funds and Other Institutions
Bing Liang, University of Massachusetts at Amherst
Liquidity Spillovers in Hedge Funds: Evidence from the Holdings of Funds of Hedge Funds
Vikas Agarwal, Georgia State University
George Aragon, Arizona State University
Zhen Shi, Georgia State UniversityHedge Fund Flows and Performance Streaks: How Investors Weigh Information
Guillermo Baquero, ESMT European School of Management and Technology
Marno Verbeek, Erasmus UniversityDo Hedge Funds Possess Private Information in IPO Stocks? Evidence from Post-IPO Holdings
Hong Qian, Oakland University
Zhaodong (Ken) Zhong, Rutgers UniversityDo Short-Term Institutions and Short Sellers Exploit the Net Share Issuance Effect?
Yinfei Chen, Washington State University
Wei Huang, Washington State University
George Jiang, Washington State University
Discussants:
Jennifer Carpenter, New York University
Yong Chen, Texas A&M University
Darwin Choi, Hong Kong University of Science and Technology
Yuehua Tang, Singapore Management University
International Corporate Finance
Pedro Matos, University of Virginia
Political Turnover, Ownership, and Corporate Investment
Jerry Cao, Singapore Management University
Brandon Julio, University of Oregon
Tiecheng Leng, Singapore Management University
Alex Zhou, Singapore Management UniversityCross-Border Acquisitions and Labor Regulations
Ross Levine, University of California, Berkeley
Lin Chen, University of Hong Kong
Beibei Shen, Chinese University of Hong KongInstitutional Distance and the Monitoring Effect of Foreign Investors
Jeong-Bon Kim, City University of Hong Kong
Xiaoxi Li, Fudan University
Yan Luo, Fudan University
Kemin Wang, Fudan UniversityShareholder Engagement at European General Meetings
Luc Renneboog, Tilburg University
Peter Szilagyi, Central European University
Discussants:
Yongxiang Wang, University of Southern California
Fei Xie, Clemson University
Bohui Zhang, University of New South Wales
Stefan Zeume, University of Michigan
Debt Financing
Edie Hotchkiss, Boston College
Does Credit Protection Lower the Value of Creditor Control Rights?
Susan Chenyu Shan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Dragon Tang, University of Hong Kong
Andrew Winton, University of MinnesotaCovenants, Creditors’ Simultaneous Equity Holdings, and Firm Investment Policies
Sudheer Chava, Georgia Institute of Technology
Hong Zou, University of Hong Kong
Rui Wang, Chinese University of Hong KongCross-Border Leveraged Buyouts
Isaac Holloway, School of Economics and Management, Tsinghua University
Hoan Soo Lee, School of Economics and Management, Tsinghua University
Tao Shen, School of Economics and Management, Tsinghua UniversityBond Liquidity and Investment
Laura Field, Pennsylvania State University
Anahit Mkrtchyan, Northeastern University
Yuan Wang, Concordia UniversityDiscussants:
Kai Li, University of British Columbia
Rik Sen, Hong Kong University of Science and Technology
Meijun Qian, National University of Singapore
Frank Packer, Bank for International Settlements
Asset Pricing: Methods and Empirical Application
Raymond Kan, University of Toronto
Index Option Returns and Generalized Entropy Bounds
Yan Liu, Texas A&M UniversityInferring Volatility Dynamics and Variance Risk Premia: An Efficient Bayesian Approach
Andras Fulop, ESSEC Business School
Junye Li, ESSEC Business SchoolAsymmetry in Stock Returns: An Entropy Measure
Lei Jiang, School of Economics and Management, Tsinghua University
Ke Wu, Renmin University of China
Guofu Zhou, Washington University in St. LouisDensity Forecast Evaluation for Dependent Financial Data: Theory and Applications
Aurobindo Ghosh, Singapore Management University
Anil Bera, University of Illinois at Urbana-Champaign
Discussants:
Xiaolu Wang, Iowa State University
Xiaoxia Ye, Stockholm University
Jun Tu, Singapore Management University
Yong Bao, Purdue University
公司金融2
江萍, 对外经济贸易大学
谁来守护“舌尖上的安全”？— 媒体、资本市场与政府
周开国, 中山大学
李涛, 中央财经大学
杨海生, 中山大学
伍颖华, 中山大学情绪是否影响信贷审批效率？— 基于互联网P2P信用借贷审批
李焰, 中国人民大学
盛思思, 中国人民大学IPO资源争夺、政府补助与公司业绩研究
王克敏, 复旦大学
杨国超, 复旦大学企业慈善捐赠：诉讼风险下的自我救赎？
戴亦一, 厦门大学
彭镇, 厦门大学
潘越, 厦门大学
评论人:
辛宇, 中山大学
薛熠, 对外经济贸易大学
田澍, 复旦大学
陆海天, 香港理工大学
Saturday, July 11, 2015, 3:30 pm – 5:00 pm
Creditors and Credit Markets
Efraim Benmelech, Northwestern University
Does Bond Liquidity Affect Financial Contracts?
Zhiguo He, University of Chicago
Yaxuan Qi, City University of Hong Kong
Yuan Wang, Concordia UniversityDebt Covenant Violations and Trade Credit
Zilong Zhang, Hong Kong University of Science and TechnologyThe Real Effects of Credit Default Swaps
Andras Danis, Georgia Institute of Technology
Andrea Gamba, University of WarwickThe Value of Creditor Control in Corporate Bonds
Peter Feldhutter, London Business School
Edie Hotchkiss, Boston College
Oguzhan Karakas, Boston CollegeDiscussants:
Gennaro Bernile, Singapore Management University
Yupeng Lin, City University of Hong Kong
Hui Chen, Massachusetts Institute of Technology
Qiping Xu, University of Chicago
Corporate Governance and Control
Yiming Qian, University of Iowa
Socially Responsible Firms
Allen Ferrell, Harvard University
Hao Liang, Tilburg University
Luc Renneboog, Tilburg UniversityStocking Up: Executive Optimism, Option Exercise, and Share Retention
Rik Sen, Hong Kong University of Science and Technology
Robert Tumarkin, University of New South WalesPay Me Now (and Later): Bonus Boosts before Pension Freezes and Executive Departures
Irina Stefanescu, Federal Reserve System
Kangzhen Xie, University of Arkansas
Jun Yang, Indiana UniversityCan Online Annual General Meeting Increase Shareholders' Participation in Corporate Governance? Evidence from China
Huasheng Gao, Nanyang Technological University
Jun Huang, Shanghai University of Finance and EconomicsDiscussants:
Feng Jiang, University at Buffalo
Ming Guo, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Rik Sen, Hong Kong University of Science and Technology
Hong Zou, University of Hong Kong
Portfolio Choice and Asset Prices
Hong Liu, Washington University in St. Louis
Liquidation Shocks and Transaction Costs
Bong-Gyu Jang, Pohang University of Science and Technology
Hyeng Keun Koo, Ajou University
Seungkyu Lee, Pohang University of Science and TechnologyHow to Squander Your Endowment: Pitfalls and Remedies
Zhenjiang Qin, Southwestern University of Finance and Economics
Philip Dybvig, Washington University in St. LouisDoes Speculative Activity Have Real Effects?
Tao Li, City University of Hong Kong
Mark Loewenstein, University of MarylandMeasuring Ambiguity Aversion
A. Ronald Gallant, Pennsylvania State University
Mohammad Jahan-Parvar, Federal Reserve Board
Hening Liu, University of Manchester
Discussants:
Min Dai, National University of Singapore
Xudong Zeng, Shanghai University of Finance and Economics
Jerome Detemple, Boston University
Hagen Kim, Texas A&M University
Options
Neil Pearson, University of Illinois at Urbana-Champaign
Option Listing and Information Asymmetry
Jianfeng Hu, Singapore Management University
Volatility and Expected Option Returns
Guanglian Hu, University of Houston
Kris Jacobs, University of HoustonThe Supply and Demand of S&P 500 Put Options
George Constantinides, University of Chicago
Lei Lian, University of Massachusetts AmherstThe Peso Problem Hypothesis: The Evidence from the S&P 500 Options Market
Chu Zhang, Hong Kong University of Science and Technology
Ti Zhou, Hong Kong University of Science and TechnologyDiscussants:
Artem Neklyudov, University of Lausanne and SFI
Chu Zhang, Hong Kong University of Science and Technology
Sophie Ni, Hong Kong University of Science and Technology
Dashan Huang, Singapore Management University
Risk and Investment
Pab Jotikasthira, University of North Carolina at Chapel Hill
Evaluating Investor-Paid Credit Ratings: An Investor Perspective
Utpal Bhattacharya, Hong Kong University of Science and Technology
Kelsey Wei, University of Texas at Dallas
Han Xia, University of Texas at DallasInvestment and the Weighted Average Cost of Capital
Murray Frank, University of Minnesota
Tao Shen, School of Economics and Management, Tsinghua UniversitySaving Long-term Investment from Short-Termism: the Surprising Role of Short Selling
Massimo Massa, INSEAD
Fei Wu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Bohui Zhang, University of New South Wales
Hong Zhang, PBC School of Finance, Tsinghua UniversityWhy Do U.S. Firms Invest Less Over Time?
Fangjian Fu, Singapore Management University
Sheng Huang, Singapore Management University
Rong Wang, Singapore Management University
Discussants:
Di Li, Georgia State University
Baolian Wang, Fordham University
Yong Chen, Texas A&M University
Ambrus Kecskes, York University
公司金融3
刘俏, 北京大学光华管理学院
官员腐败与企业藏富
刘春, 中山大学
李善民, 中山大学
孙亮, 中山大学CEO早年经历1959-1961三年困难时期对于公司财务决策的影响
彭晓鹏, 清华大学
李旻文, 清华大学基于组织复杂性的金融集团内部资本市场效率研究
危平, 中南大学
杨明艳, 中南大学
评论人:
杜巨澜，香港中文大学
汤勇军，香港大学
陕晨煜，上海交通大学上海高级金融学院
Sunday, July 12, 2015, 8:30 am – 10:00 am
Behavioral Finance: Pricing Effects
K.C. John Wei, Hong Kong University of Science and Technology
Probability Weighting and Asset Prices: Evidence from Mergers and Acquisitions
Baolian Wang, Fordham UniversityTrust and Local Bias
Chishen Wei, Nanyang Technological University
Lei Zhang, Nanyang Business SchoolInvestor Optimism, Sales Fixation and Firm Life Cycle
Zhi Da, University of Notre Dame
Ravi Jagannathan, Northwestern University
Jianfeng Shen, University of New South WalesWhen Everyone Misses on the Same Side: Debiased Earnings Surprises and Stock Returns
Chin-Han Chiang, Singapore Management University
Wei Dai, Princeton University
Jianqing Fan, Princeton University
Harrison Hong, Princeton University
Jun Tu, Singapore Management University
Discussants:
Mike Qinghao Mao, Erasmus University
Wenxi Jiang, Yale University
Tse-Chun Lin, University of Hong Kong
Tao Shu, University of Georgia and Hong Kong University of Science and Technology
Corporate Governance and M&As
Fei Xie, Clemson University
Target CEO Career Incentives and Takeover Bids
Thomas Bates, Arizona State University
Robert Parrino, University of Texas at Austin
Qingqing Wu, North Carolina State UniversityDoes Job Security Concern Acquiring Managers?
Di Li, Georgia State University
Haibei Zhao, Georgia State UniversityTechnological Competition and Strategic Alliances
Kai Li, University of British Columbia
Jiaping Qiu, McMaster University
Jin Wang, Wilfrid Laurier UniversityCEO Power and Mergers and Acquisitions
Ning Gong, University of Melbourne
Lixiong Guo, University of New South Wales
Discussants:
Rong Wang, Singapore Management University
Feng Jiang, University at Buffalo
Andriy Bodnaruk, University of Notre Dame
Qianqian Huang, City University of Hong Kong
The Real Effects of Institutional Investors
Bohui Zhang, University of New South Wales
Do Long-Term Investors Improve Corporate Decision Making?
Jarrad Harford, University of Washington
Ambrus Kecskes, York University
Sattar Mansi, Virginia Polytechnic Institute and State UniversityGovernance under the Gun: Spillover Effects of Hedge Fund Activism
Nickolay Gantchev, University of North Carolina at Chapel Hill
Oleg Gredil, University of North Carolina at Chapel Hill
Pab Jotikasthira, University of North Carolina at Chapel HillThe Real Effects of Short Selling Activities
Mahdi Nezafat, Michigan State University
Tao Shen, School of Economics and Management, Tsinghua University
Qinghai Wang, University of Wisconsin-MilwaukeeDoes Short Selling Discipline Overinvestment?
Eric Chang, University of Hong Kong
Tse-Chun Lin, University of Hong Kong
Xiaorong Ma, University of Hong Kong
Discussants:
Stefan Zeume, University of Michigan
Gennaro Bernile, Singapore Management University
Rui Shen, Nanyang Technological University
Wenlan Qian, National University of Singapore
Hedge Funds and Volatility
Charles Cao, Pennsylvania State University
Tail Risk Hedging and Regime Switching
Markus Huggenberger, University of Mannheim
Peter Albrecht, University of Mannheim
Alexandr Pekelis, University of MannheimWhat does the Volatility Risk Premium Say about Liquidity Provision and Demand for Hedging Tail Risk?
Jianqing Fan, Princeton University
Michael Imerman, Lehigh University
Wei Dai, Princeton UniversityOptions on Leveraged ETFs: A Window on Investor Heterogeneity
Stephen Figlewski, New York University
Muhammad Fahd Malik, Alliance BernsteinHow Many Good and Bad Fund Managers Are there, Really?
Yong Chen, Texas A&M University
Wayne Ferson, University of Southern California
Discussants:
Zhuo Chen, PBC School of Finance, Tsinghua University
Hong Zhang, PBC School of Finance, Tsinghua University
Mark Loewenstein, University of Maryland
Zhaodong (Ken) Zhong, Rutgers University
Markets and Corporate Finance
Jun Liu, University of California, San Diego and Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Social Network, Herding and Competition
Henry Cao, Cheung Kong Graduate School of Business
Dongyan Ye, Cheung Kong Graduate School of BusinessA Dynamic Model of Optimal Creditor Dispersion
Hongda Zhong, London School of Economics and Political ScienceCorruption Culture and Corporate Misconduct
Xiaoding Liu, University of OregonThe Causal Effects of Margin Trading and Short Selling on Earnings Management: A Natural Experiment from China
Zhaojing Chen, Renmin University of China
Nathan Dong, Columbia University
Ming Gu, Renmin University of ChinaDiscussants:
Feng Gao, School of Economics and Management, Tsinghua University
Lixin Huang, Georgia State University
Lin Peng, City University of New York
Zhuo Chen, PBC School of Finance, Tsinghua University
公司治理
孙谦, 复旦大学
实际控制人所有权与公司股价崩溃 — 基于公司治理视角的理论与模型分析
顾小龙, 中山大学
辛宇, 中山大学高管股权激励契约配置与公司现金持有研究
刘井建, 大连理工大学
王健, 大连理工大学媒体在上市公司股权激励中的作用
汪昌云, 中国人民大学
武佳薇, 中国人民大学
刘天宇, 中国人民大学政治关联、融资约束与企业投资 — 基于中国民营上市公司的证据
王征，北京大学
唐涯，北京大学
评论人:
王灏，复旦大学管理学院财务系
毕晓刚，宁波诺丁汉商学院
顾露露，中南财经政法大学
沈哲，厦门大学
Sunday, July 12, 2015, 10:30 am – 12:00 noon
Investors and Stock Markets
Lu Zheng, University of California, Irvine
Loss Averse Preferences, Performance, and Career Success of Institutional Investors
Andriy Bodnaruk, University of Notre Dame
Andrei Simonov, Michigan State UniversityPrice Pressure from Coordinated Noise Trading: Evidence from Pension Fund Reallocations
Zhi Da, University of Notre Dame
Borja Larrain, Pontificia Universidad Catolica de Chile
Clemens Sialm, University of Texas at Austin
Jose Tessada, Pontificia Universidad Católica de ChileForeign Fund Flows and Stock Returns: Evidence from India
Viral Acharya, New York University
V. Ravi Anshuman, Indian Institute of Management
K. Kiran Kumar, Indian Institute of ManagementHedge Fund Returns: Believe It or Not
Bing Liang, University of Massachusetts at Amherst
Liping Qiu, University of Connecticut
Discussants:
Henrik Cronqvist, China Europe International Business School
Kelsey Wei, University of Texas at Dallas
K.C. John Wei, Hong University of Science and Technology
Geroge Aragon, Arizona State University
Risk Management and Bank Risk
Vijay Yerramilli, University of Houston
Social Networks in the Global Banking Sector
Joel Houston, University of Florida
Jongsub Lee, University of Florida
Felix Suntheim, Financial Conduct Authority, UKRisk Management Failures
Matthieu Bouvard, McGill University
Samuel Lee, New York UniversityRisk Management and MBS Risk-Taking of Financial Institutions
Xuanjuan Chen, Shanghai University of Finance and Economics
Eric Higgins, Kansas State University
Han Xia, University of Texas at Dallas
Hong Zou, University of Hong KongDo Institutional Investors Know Banks Better? Evidence from Institutional Trading Surrounding the 2008 Financial Crisis
Wei-Ling Song, Louisiana State University
Hui Wang, Louisiana State University
Discussants:
Pedro Matos, University of Virginia
Liyan Yang, University of Toronto
Pab Jotikasthira, University of North Carolina Chapel Hill
Fenghua Song, Pennsylvania State University
Cash and Financial Constraints
Lin Chen, University of Hong Kong
Foreign Cash: Taxes, Internal Capital Markets and Agency Problems
Jarrad Harford, University of Washington
Cong Wang, Chinese University of Hong Kong
Kuo Zhang, Chinese University of Hong Kong
Credit Default Swaps and Corporate Cash Holdings
Marti Subrahmanyam, New York University
Dragon Tang, University of Hong Kong
Sarah Qian Wang, Warwick UniversityAsset Volatility and Financial Policy: Evidence from Corporate Mergers
Oliver Levine, University of Wisconsin-Madison
Youchang Wu, University of Wisconsin-MadisonManaging Innovation: The Role of Collateral
Yifei Mao, School of Hotel Administration, Cornell UniversityDiscussants:
Dragon Tang, University of Hong Kong
Lei Yu, Securities and Exchange Commission
Cong Wang, Chinese University of Hong Kong
Tao Chen, Nanyang Technological University
Players in Financial Markets
Jun Yang, Indiana University
House Prices, Bank Balance Sheets, and Bank Credit Supply
Mark Flannery, University of Florida
Leming Lin, University of PittsburghThe Dark Side of Shareholder Litigations: Evidence from Corporate Takeovers
Yongqiang Chu, University of South Carolina
Yijia Zhao, University of South CarolinaExecutive Gatekeepers: the Paradox of Lawyers in the Firm
Adair Morse, University of California, Berkeley
Wei Wang, Queen’s University
Serena Wu, Queen’s UniversityBank Entry Mode, Labor Market Flexibility and Economic Activity
Teng Wang, Erasmus UniversityDiscussants:
Mike Qinghao Mao, Erasmus University
Qianqian Huang, City University of Hong Kong
Nan Li, University of Toronto
Daniel Kim, HSBC Business School, Peking University
Stakeholders and Corporate Risk-Taking
Kai Li, University of British Columbia
Corporate Environmental Risk and the Customer-Supplier Relationship
Shantanu Banerjee, Lancaster University
Xin Chang, Nanyang Business School
Kangkang Fu, Nanyang Technological University
Tao Li, Central University of Finance and Economics
George Wong, Hong Kong Polytechnic UniversityProduct Market Threats and Stock Crash Risk
Si Li, Wilfrid Laurier University
Xintong Zhan, Chinese University of Hong KongEffects of “Large” Customers on Firm Value: The Case of Earnings Surprises
Lixin Huang, Georgia State University
Jayant Kale, Northeastern University
Simi Kedia, Rutgers Business SchoolLearning from Customers: Corporate Innovation along the Supply Chain
Yongqiang Chu, University of South Carolina
Xuan Tian, Indiana University andPBC School of Finance, Tsinghua University
Wenyu Wang, Indiana UniversityDiscussants:
Ping Jiang, University of International Business and Economics
Yaxuan Qi, City University of Hong Kong
Po-Hsuan Hsu, University of Hong Kong
Huasheng Gao, Nanyang Technological University
金融中介与机构投资
李焰, 中国人民大学
信息透明度与机构投资者的周期性交易
徐浩峰，中山大学政治关联与銀行放款资金成本
萧育仁, 国立东华大学
陈柏硕, 国立东华大学地方政府财政压力与银行信贷资源配置效率
祝继高, 对外经济贸易大学
岳衡, 北京大学
饶品贵, 暨南大学基金经理职业忧虑与其投资风格
吴卫星, 对外经济贸易大学
于上尧, 北京工商大学
孟庆斌, 中国人民大学评论人:
胡剑锋, 新加坡管理大学
TBA
郝晋级, 圣路易斯华盛顿大学
陈超，复旦大学
Sunday, July 12, 2015, 1:30 pm – 3:00 pm
Behavioral Finance: Investor Behavior and Performance
Chuan Yang Hwang, Nanyang Business School
Do Superstitious Traders Lose Money?
Utpal Bhattacharya, Hong Kong University of Science and Technology
Wei-Yu Kuo, National Chengchi University
Tse-Chun Lin, University of Hong Kong
Jing Zhao, University of Hong KongThe Convergence and Divergence of Investors' Opinions around Earnings News: Evidence from a Social Network
Robert Giannini, BlueCrest Capital Management
Paul Irvine, Texas Christian University
Tao Shu, University of Georgia and Hong Kong University of Science and TechnologyWhat Doesn't Kill You Will Only Make You More Risk-Loving: Early-Life Disasters and CEO Behavior
Gennaro Bernile, Singapore Management University
Raghavendra Rau, University of Cambridge
Vineet Bhagwat, University of OregonDividends and Market Reactions in China
Chenjun Fang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Grace Xing Hu, University of Hong Kong
Jiang Wang, Massachusetts Institute of Technology
Discussants:
Qing Tong, Singapore Management University
Hong Zhang, PBC School of Finance, Tsinghua University
Bohui Zhang, University of New South Wales
Chishen Wei, Nanyang Technological University
Financial Crisis and Monetary Policy
Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Does Lack of Financial Stability Impair the Transmission of Monetary Policy?
Viral Acharya, New York University
Björn Imbierowicz, Goethe University Frankfurt
Sascha Steffen, ESMT European School of Management
Daniel Teichmann, Goethe University Frankfurt
The Real Effects of Liquidity during the Financial Crisis: Evidence from Automobiles
Efraim Benmelech, Northwestern University
Ralf R. Meisenzahl, Federal Reserve Board
Rodney Ramcharan, Federal Reserve BoardOptimal Monetary Policy when Treasuries and Asset-Backed Securities are Money
Gary Gorton, Yale University
Ping He, School of Economics and Management, Tsinghua UniversityFinancial Institutions, Aggregate Liquidity Provision, and the Contagion Process
Christian Lundblad, University of North Carolina
Zhongyan Zhu, Chinese University of Hong KongDiscussants:
Tao Jin, PBC School of Finance, Tsinghua University
Seungjoon Oh, HSBC School of Business, Peking University
Xuewen Liu, Hong Kong University of Science and Technology
Susan Chenyu Shan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Competitions and Firms
Hui Chen, Massachusetts Institute of Technology
Product Market Competition Shocks, Firm Performance, and CEO Turnover
Sudipto Dasgupta, Hong Kong University of Science and Technology
Xi Li, Hong Kong University of Science and Technology
Albert Wang, University of AlabamaCEOs and the Product Market: When are Powerful CEOs Beneficial?
Minwen Li, School of Economics and Management, Tsinghua University
Yao Lu, School of Economics and Management, Tsinghua University
Gordon Phillips, University of Southern CaliforniaInvestment Efficiency and Product Market Competition
Neal Stoughton, Vienna University of Economics and Business
Kit Pong Wong, University of Hong Kong
Long Yi, Hong Kong Baptist UniversityImport Competition and the Cost of Capital
Jean-Noel Barrot, Massachusetts Institute of Technology
Erik Loualiche, Massachusetts Institute of Technology
Julien Sauvagnat, ENSAE-CRESTDiscussants:
Po-Hsuan Hsu, University of Hong Kong
Lin Chen, University of Hong Kong
Dalida Kadyrzhanova, Georgia State University
Michael Weber, University of Chicago
Human Behavior and Corporate Finance
Tan Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
National Culture, Corporate Governance Practices, and Firm Performance
Dale Griffin, University of British Columbia
Omrane Guedhami, University of South Carolina
Chuck Kwok, University of South Carolina
Kai Li, University of British Columbia
Liang Shao, Hong Kong Baptist UniversityLanguage and Corporate Decision-Making
Shimin Chen, China Europe International Business School
Henrik Cronqvist, China Europe International Business School
Serene Ni, China Europe International Business School
Frank Zhang, Murdoch UniversityKnightian Uncertainty and Capital Structure: Theory and Evidence
Seokwoo Lee, George Mason UniversityStanding out from the Crowd: the Outlier's Effect on Corporate Governance
Qianqian Du, Hong Kong Polytechnic University
Frank Yu, China Europe International Business School
Xiaoyun Yu, Indiana University and Shanghai Advanced Institute of Finance, Shanghai Jiao Tong UniversityDiscussants:
Feng Li, University of Michigan and Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Timothy (Jun) Lu, HSBC Business School, Peking University
Jieshuang He, Indiana University
Zhen Xu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University