2004中国金融国际年会

  地点:中国上海
  时间:2004年7月8至10日

 
    为促进中国金融改革与开放,积极推动中国的金融研究和应用及国际学术交流,清华大学
中国金融研究中心、麻省理工学院斯隆管理学院和中欧国际工商学院将于2004年7月8日至10日,
在上海国际会议中心举办2004中国金融国际年会(2004 China International Conference
in Finance, CICF 2004)。此次会议将为国内外的金融学者提供一个高水平的开放交流平台,
以促进相互之间交流、讨论最新的研究、应用和政策措施的制定与实行。

年会论文:

    2004中国金融国际年会论文征选工作采取国际通行的公开征集和专家评审方式。此次征文受到
国内外金融研究领域的广泛关注,共收到407篇高水平的论文,分别来自中国(217篇)、北美(92
篇)、欧洲(23篇)、太平洋和大洋洲(46篇)和亚洲其它国家和地区(29篇)。
    论文评审委员会经过慎重地评阅、选择,评选出46篇论文。加之因"非典"而推迟的2003中国金
融国际年会录取的38篇论文,本次大会的议程共包括84篇论文。

		

组织机构:

大会主席: 王  江

会议组织委员会(以姓氏拼音排序)
高  滨: 美国北卡罗莱纳大学金融学副教授,清华大学特聘教授(论文评审委员会主席)。
葛  俊: 中欧国际工商学院院长办公室主任(大会副秘书长)。
黄海洲: 国际货币基金组织高级经济学家,清华大学特聘教授(论文评审委员会主席)。
梁  能: 中欧国际工商学院教授。
廖  理: 清华大学经济管理学院副院长(大会秘书长)。
宋逢明:清华大学金融学教授,中国金融学会常务理事、金融工程研究会会长。
王  江:美国麻省理工学院斯隆管理学院NTU金融学讲座教授,清华大学特聘教授(大会主席)。
许小年:中欧国际工商学院教授。


论文评审委员会主席:高  滨    黄海洲

论文评审委员会(按姓氏拼音排序)

大会秘书长:	廖  理
清华大学中国金融研究中心(100084)
Email: liaol@em.tsinghua.edu.cn Tel: +86 10 6277 3180
大会副秘书长:葛  俊
中欧国际商学院
Email:gjun@ceibs.edu Tel: +86 21 2890 5123

		

特邀嘉宾:

特邀发言嘉宾

Myer, Stewart C.
美国麻省理工学院斯隆管理学院Gordon Billard 金融学讲座教授,美国金融学会前任主席,美国
国家经济研究局研究员。

吴敬琏
中欧国际工商学院宝钢经济学讲座教授,国务院发展研究中心常务干事、研究员,中国人民政治协商
会议全国委员会常务委员、经济委员会副主任,中国社会科学院研究员。

会议拟邀请嘉宾

主题讨论会--中国金融改革
周小川			中国人民银行			行  长
尚福林			中国证券监督管理委员会		主  席(待定)
李剑阁			国务院发展研究中心			副主任
冯国勤			上海市人民政府			副市长
Thornton, John L.		清华大学教授,高盛公司前首席运营官(待定)
Thurow, Lester		MIT斯隆管理学院			Lemelson管理与经济学讲座教授,前院长

专题讨论会--金融机构创新
刘永好			新希望集团			董事长
王  均			泰龙信用				董事长
杨昌伯			中国国际金融公司			董事总经理

专题讨论会--房地产金融
谢  平			中国人民银行金融稳定局		局  长
汲凤翔			国家统计局投资司			司  长
万大宁			上海南汇区			区  长
杨小平			上海中海房地产公司			总经理

		

会议日程:

 
2004年07月08日

08:30 - 10:00	开幕式
		王  江		大会主席
		上海市市长致欢迎词
		清华大学、麻省理工学院斯隆管理学院、中欧国际工商学院致辞
		嘉宾致辞

		主题发言--Myers, Stewart C. 教授
		主持人:高滨		美国北卡莱罗纳大学金融学副教授
					清华大学特聘教授,莱曼兄弟公司高级副总裁

10:00 - 10:20	Break (茶歇)

10:20 - 11:50	主题讨论会--中国金融改革
		主持人:黄海洲		国际货币基金组织高级经济学家
					清华大学特聘教授
		发言嘉宾:
		周小川			中国人民银行		行  长
		尚福林			中国证券监督委员会		主  席
		李剑阁			国务院发展研究中心		副主任
		冯国勤			上海市人民政府		副市长
		Thornton, John L.		清华大学教授,高盛公司前首席运营官
		Thurow, Lester		MIT斯隆商学院		Lemelson管理与经济学讲座教授,前院长

12:00 - 12:50	午餐

13:00 - 14:00	主题发言--吴敬琏  教授
		主持人:白思拓		中欧国际工商学院教务长

14:15 - 15:45	专题讨论会

		金融机构创新
		主持人:许小年		中欧国际工商学院教授
		嘉宾发言:
		刘永好			新希望集团		董事长(待确定)
		王  均			泰龙信用			董事长
		杨昌伯			中国国际金融公司		董事总经理

		房地产金融
		主持人:梅建平		美国纽约大学教授,清华大学特聘教授
		嘉宾发言:
		谢  平			中国人民银行金融稳定局	局  长
		汲凤翔			国家统计局投资司		司  长
		万大宁			上海南汇区		区  长
		杨小平			上海中海房地产公司		总经理


15:45 - 16:00	Break (茶歇)

16:00 - 18:00	Academic Session I(论文专题报告和讨论 I)

Session 1/Room 1	Market Manipulation and Speculation
	Session Chair:	He, Jia, the Chinese University of Hong Kong

	Paper:		Stock Market Manipulation - Theory and Evidence
	Authors:	Aggarwal, Rajesh K., Dartmouth College
			Wu, Guojun, University of Michigan
	Discussant:	Lin, Wei, Latrobe University
	Paper:		Speculative Trading and Stock Prices: An Analysis of Chinese A-B Share Premia
	Authors:	Mei, Jianping, New York University
			Scheinkman, Jose A. and Xiong, Wei, Princeton University
	Discussant:	Wei, LI, New York Stock Exchange
	Paper:		Fooling all of the people some of the time: A theory of endogenous sequencing in 
			confidential negotiations
	Authors:	Noe, Thomas H., Tulane University
			Wang, Jun, SAS Institute Inc.
	Discussant:	Liu, Bo,University of Electronic Science and Technology of China
	Paper:		The stabilizing and welfare analysis of speculation
	Authors:	Su, Qihan, Chen, Weizhong, Tongji University
	Discussant:	Liu, Jun  , UCLA (to be confirmed)

Session 1/Room 2	Banking and Regulation
	Session Chair:	Chen, Yulu, Renmin University of China

	Paper:		Financial Crisis, Economic Recovery and Banking
	Authors:	Huang, Haizhou, International Monetary Fund
			Martin, Dalia, University of Munich
			Xu, Chenggang, London School of Economics
	Discussant:	Huang, Lixin, City University of Hong Kong
	Paper:		Banking Regulation around the World: Patterns, Determinants, and Impact
	Authors:	Li, Tao, University of Michigan & Hong Kong University of Science and Technology
	Discussant:	Zhu, Dantao, Tilburg University
	Paper:		Financial Infrastructure, Underwriter Reputations, and Securities Fraud
	Authors:	Song, Wei-Ling, Drexel University
	Discussant:	Yao, Jun, City University of Hong Kong
	Paper:		Corruption and international valuation: does virtue pay?
	Authors:	Lee, Charles M. C., Cornell University & Peking University
			Ng, David T., Cornell University
	Discussant:	Chi, Jing, Massey University

Session 1/Room3	Stock Returns
	Session Chair:	Chang, Eric, University of Hong Kong

	Paper:		Empirical Studies about the Return of China Stock Market
	Authors:	Su, Baotong , Chen, Wei, Xiamen University
	Discussant:	Kong, Aiguo, Fudan University
	Paper:		The Cross-section of Volatility and Expected Returns
	Authors:	Ang, Andrew, Hodrick, Robert J., Columbia University
			Xing, Yuhang, Rice University
			Zhang, Xiaoyan, Cornell University
	Discussant:	Tian, Suhua, Fudan University
	Paper:		What Determines Chinese Stock Returns?
	Authors:	Wang, Fenghua, Shanghai Stock Exchange
			Xu, Yexiao, University of Texas at Dallas
	Discussant:	Dickinson, David, University of Birmingham
	Paper:		Risk Measurement of Chinese Stocks with VaR
	Authors:	Song, Fred, Tan, Hui, Tsinghua University
	Discussant:	Liao, Chuan, University of Manitoba

Session 1/Room 4 	Futures and Options
	Session Chair:	Wu, Xiaoqiu, Remin University of China

	Paper:		The Rise and Fall of the Government Bond Futures Market in China
	Authors:	Chen, Chao, Zhou, Zhong-guo, California State University, Northridge
	Discussant:	Li, Tao, the Chinese University of Hong Kong
	Paper:		The Information in Option Volume for Stock Prices
	Authors:	Pan, Jun, Massachusetts Institute of Technology
			Poteshman,  Allen M., University of Illinois at Urbana-Champaign
	Discussant:	Wu, Feng, Shanghai University of Finance & Economics
	Paper:		The Volatility Risk Premium Embedded in Currency Options
	Authors:	Low, Buen Sin, Zhang, Shaojun, Nanyang Technological University
	Discussant:	Zhang, Lihong, Tsinghua University
	Paper:		Differences of Opinion of Public Information
	Authors:	Cao, H. Henry, University of North Carolina
			Ou-Yang, Hui, Duke University
	Discussant:	Li, Haitao, Cornell Univeristy

18:00 - 19:30	Cocktails
			Chair: 	Liao, Li		Associate Professor, Tsinghua University
						Associate Dean, School of Economics & Management,
						Tsinghua University
			Best Papers Declaration:
				Song,  Fred	Professor, Tsinghua University


2004.07.09

08:30 - 10:30	Academics Session II 

Session 2/Room 1 	Trading Behavior and Stock Return Predictability
	Session Chair:	Chan, Kalog, Hong Kong University of Science & Technology

	Paper:		Optimal Transaction Filters under Transitory Trading Opportunities: 
			Theory and Empirical Illustration
	Authors:	Balvers, Ronald J., West Virginia University
			Wu, Yangru, Rutgers University
	Discussant:	Kang, Qiang, University of Hong Kong
	Paper:		An Empirical Study on Momentum and Contrarian Strategies in China Stock Market
	Authors:	Yang, Xin, Chen, Zhanhui, Tsinghua University
	Discussant:	Chen, Weizhong, Tongji University
	Paper:		Investing for the Short Run when Return Volatility is Predictable
	Authors:	Wang, Leping, University of Pennsylvania
	Discussant:	Chen, Dengta, Peking University
	Paper:		What impacts the trading?
	Authors:	He, Jibao, Shenzhen Stock Exchange
	Discussant:	Xu, Li, Fudan University

Session 2/Room 2	Corporate Governance and Executive Compensation
	Session Chair:	Zhu, Wuxiang, Tsinghua University

	Paper:		Repricing Alternatives, Optimal Repricing Policy, and Early Exercise of 
			Executive Stock Options
	Authors:	Yang, Jerry T., University of Arizona
			Carleton, Willard T., National Tsing hua University, Hsinchu, Taiwan
	Discussant:	Wan, Difang, Xi'an Jiaotong University
	Paper:		When to Fire a CEO: Optimal Termination in Dynamic Contracts
	Authors:	Spear, Stephen E., Carnegie Mellon University
			Wang, Cheng, Iowa State University & Carnegie Mellon University
	Discussant:	Li, David, Hong Kong University of Science & Technology
	Paper:		Ownership Structure, Investor Protection and Corporate Performance
	Authors:	Wang, Kemin, Chen, Jingyong, Jilin University
	Discussant:	Luo, Jiang, Hong Kong University of Science & Technology
	Paper:		Block Equity Transfers and Corporate Control
	Authors:	Wang, Zhicheng, Yi Zhang, Peking University
	Discussant:	Dong, Baomin, Sino-US School of International Management

Session 2/Room 3 	Corporate Finance I
	Session Chair:	Chun Chang, University of Minnesota

	Paper:		Why Do Firms Disguise Their Profits? Theory and Evidence from China
	Authors:	Liu, Qiao, Xiao, Geng, University of Hong Kong
	Discussant:	Zhang, Huai, University of Hong Kong
	Paper:		Ultimate Corporate Ownership Structure and Capital Structure: Evidence from East Asia
	Author:		Du, Julan, Yi Dai, Chinese University of Hong Kong
	Discussant:	Yao, Tong, Arizona University
	Paper:		Expropriation, Regulation, and Firm Value: Evidence from Events in China
	Authors:	Berkman, Henk, University of Auckland
			Cole, Rebel A., DePaul University
			Fu, Jiang, University of Auckland
	Discussant:	Bai, Chong-En, University of Hong Kong
	Paper:		CEO selection and compensation with asymmetric information and moral hazard 
	Authors:	Luo, Jiang, Wang, James J.D., Hong Kong University of Science & Technology
	Discussant:	Zhou, Chunsheng, Peking University

Session 2/Room 4	Interest Rate and Credit Market
	Session Chair:	Zhu, Yu, China Europe International Business School

	Paper:		Predictability of Interest Rates and Interest-Rate Portfolios
	Authors:	Bali, Turan, Baruch College
			Heidari, Massoud, Caspian Capital Management, LLC
			Wu, Liuren, Baruch College
	Discussant:	Ahn, Donghyun, UNC(to be confirmed)
	Paper:		How Much of the Corporate-Treasury Yield Spread is Due to Credit Risk
	Authors:	Huang, Jingzhi, Penn State University
			Huang, Ming, Stanford University
	Discussant:	Lo, Chi-Fai, the Chinese University of Hong Kong
	Paper:		Collateral Channel and Credit Cycle: Evidence from the Land-Price Collapse in Japan 	
	Authors:	Gan, Jie, Hong Kong University of Science and Technology
	Discussant:	Zheng, Zhenlong, Xiamen University
	Paper:		A Study of Credit Risk of NPLs Securitisation in China
	Authors:	Cai, Hongyan, China Huarong Asset Management Corporation & Fudan University
	Discussant:	Chen, Tony, Bank of China

10:30 - 11:00	Break

11:00 - 12:30	Academics Session III

Session 3/Room 1	Behavioral Finance
	Session Chair:	Huang, Ming, Stanford University

	Paper:		Rational Panics, Absorbing Regime Switching and Stock Market Crashes: 
			Empirical Evidence From The State-Share Paradox
	Authors:	Zhou, Yinggang, Cornell University
			Chen, Dengta, Peking University
	Discussant:	Dong, Ming, York University
	Paper:		Difference of Behavior among Insiders, Institutions, and Individual Investors: 
			Evidence from Ownership Structure
	Authors:	Zhu, Honghui, China Europe International Business School
	Discussant:	Cao, Henry H., University of North Carolina at Chapel Hill
	Paper:		Why Stocks May Disappoint
	Authors:	Ang, Andrew, Bekaert, Geert, Columbia University & NBER
			Liu, Jun, University of California, Los Angeles
	Discussant:	Li, Zhongfei, Lingnan (University) Collage

Session 3/Room 2	Earnings Quality and Management
	Session Chair:	Lee, Chi-Wen Jevons, Tulane University

	Paper:		The Valuation of Domestic and Foreign Earnings and the Impact of Investor Sophistication
	Authors:	Callen, Jeffrey L. University of Toronto
			Hope, Ole-Kristian, Dan Segal
	Discussant:	Chen, Gongmeng, Hong Kong Polytechnic University
	Paper:		Earnings Quality, Insider Trading, and Cost of Capital
	Authors:	Aboody, David, Hughes, John, Liu, Jing, University of California, Los Angeles
	Discussant:	Fu, Yunying, Chongqing University
	Paper:		Cash Dividend in China: Earnings Management, Liquidating, and Tunneling
	Authors:	Lee, Chi-Wen Jevons, Tulane University
			Xiao, Xing, Tsinghua University
	Discussant:	Berkman, Henk, University of Auckland

Session 3/Room 3	IPO and SEO
	Session Chair:	Ellul,  Andrew, Indiana University

	Paper:		Pricing Taiwan's Initial Public Offerings
	Authors:	Chang, Kuo-Ping, Tang, Yu-Min, National Tsing hua University, Tsinchu, Taiwan 
	Discussant:	Wang, Zhicheng, Peking University
	Paper:		On The Anticipation of IPO Underpricing: Evidence From Equity Cave-outs
	Authors:	Benveniste, Lawrence M., Fu, Huijing, Seguin, Paul J., University of Minnesota 
			Yu, Xiaoyun, Indiana University
	Discussant:	Wang, James J. D., Hong Kong University of Science and Technology
	Paper:		Product Market Advertising and New Equity Issues: Theory and Empirical Evidence
	Authors:	Chemmanur, Thomas, Boston College
			Yan, An, Fordham University
	Discussant:	Huang, Dengshi, Southwestern Jiaotong Univeristy

Session 3/Room 4	Exchange Rates and Monetary Policy
	Session chair:	To be determined

	Paper:		The Internal Instability of RMB Exchange Rate: its Structural and Institutional Causes
	Authors:	Pan, Yingli, East China Normal University
	Discussant:	Zhang, Taowei, Tsinghua University
	Paper:		The Conducting Mechanism of the China's Monetary Policy and the Empirical Analysis
	Authors:	Xie, Ning, Shanghai University of Finance and Economics
	Discussant:	To be determined
	Paper:		Emerging Market Exchange-Rate Exposure
	Authors:	Chue, Timothy K., Cook, David, Hong Kong University of Science & Technology
	Discussant:	Zhang, Shaojun, Nanyang Technological University

12:30 - 14:30	Lunch Break

14:30 - 16:30	Academics Session IV

Session 4/Room 1	Asset Pricing
	Session Chair:	Zeng, Yong, University of Electronic Science and Technology of China

	Paper:		Institutional Equity Flows, Liquidity Risk and Asset
	Authors:	Wang,  Ashley W., University of California, Los Angeles
	Discussant:	Li, Jinliang, Northestern University
	Paper:		On the Explanatory Power of Asset Pricing Models Across and Within Portfolios
	Authors:	Kan, Raymond, University of Toronto
	Discussant:	Hong, Yongmiao, Cornell University
	Paper:		Liquidity and Asset Pricing: Empirical Analysis of the Turnover and Expected Return of 
			China Stock Market
	Authors:	Su, Dongwei, Mai, Yuanxun, Jinan University
	Discussant:	He, Zhongzhi, Brock University
	Paper:		Model Uncertainty, Limited Market Participation and Asset Prices
	Authors:	Cao, Henry H., University of North Carolina
			Wang, Tan, University of British Columbia
			Zhang, Harold H., University of North Carolina
	Discussant:	Zhang, Songling, Nanjing University

Session 4/Room 2	Corporate Finance II
	Session Chair:	To be determined

	Paper:		Empirical Analysis of China List Companies M&A Performance
	Authors:	Li, Xindan, Zhu, Hongliang, Zhang, Bing, Luo, Hao , Nanjing University
	Discussant:	Zhu, Baoxian, Tsinghua University
	Paper:		Why Does Analysts' Forecast Dispersion Predict Stock Returns? A Corporate Guidance
			Perspective
	Authors:	Liu, Mark, Boston College
			Xu, Danielle, Yao, Tong, University of Arizona
	Discussant:	Wang, Cheng, Iowa State University
	Paper:		The Cost of Capital and the Return on Corporate Investment of A-Share Listed Company
	Authors:	Zhang, Zheng, Meng, Xiaojing, Liu, Li, Peking University
	Discussant:	Qu, Qiang, Renmin University of China
	Paper:		Financial Intervention in Early Development: A Theory
	Authors:	Chang, Chun, Wang, Yijiang, University of Minnesota & Tsinghua University
	Discussant:	Liu, Qiao, University of Hong Kong

Session 4/Room 3 	Corporate Behavior and Capital Market
	Session Chair:	Chen, Xinzhong, Peking University

	Paper:		Anomy of the Regulation and Deregulation of IPO and Market Shrink
	Authors:	Zhu, Wuxiang, Cheng, Yanjiu, Tsinghua University
	Discussant:	Wu, Xueping, City University of Hong Kong
	Paper:		Governance Mechanisms and Equity Prices
	Authors:	Cremers, K. J. Martijn, Yale School of Management
			Nair, Vinay B, New York University
	Discussant:	Zhu, NIng, University of California at Davis
	Paper:		The Roles of Government against Stock Market Manipulation
	Authors:	Shi, Yongdong, Jiang, Xianfeng, Dongbei University of Finance & Economics
	Discussant:	Wang, Zhen, Beijing University of Petroleum
	Paper:		Privatization via Overseas Listing: Evidence from China's H-Share Firms
	Author:		Jia, Jin, Motorola Innovation Centre
			Sun, Qian, Nanyang Technological University
			Tong, Wilson, Hong Kong Polytechnic University
	Discussant:	Shao, Yinghong, Tongji University

Session 4/Room 4	Fund Management
	Session Chair:	Song, Fred, Tsinghua University

	Paper:		Fund Manager Turnover and Agency Problem
	Authors:	Yu, Weizheng, Tsinghua University 
			Ye, Minlei, Renmin University of China
	Discussant:	Chen, Honghui, University of Central Florida
	Paper:		Is Penny Trading Optimal for Closed-end Funds in China?
	Authors:	Wei, Li, New York Stock Exchange
			Shi, Donghui, Shanghai Stock Exchange
	Discussant:	Zhao, Yanzhi, Dongbei University of Finance & Economics
	Paper:		Information Content for the Index Componential Stock
	Authors:	Sun, Liqiang, Chen, Chao, Tsinghua University
	Discussant:	Qiu, Xiaofeng, Fudan University
	Paper:		Do Hedge Funds Have Enough Capital? A Value-at-Risk Approach*
	Authors:	Gupta, Anurag, Liang, Bing, Case Western Reserve University
	Discussant:	Wang, Fenghua, Shanghai Stock Exchange

2004.07.10

08:30 - 10:30	Academic Session V

Session 5/Room 1	Investor Behavior and Asset Pricing
	Session Chair:	Wu, Chongfeng, Shanghai Jiaotong University

	Paper:		International Evidence on Institutional Trading Behavior and Price Impact
	Authors:	Chiyachantana, Chiraphol N., Jain, Pankaj K., Jiang, Christine, Wood, Robert A.,
			University of Memphis 
	Discussant:	Wu, Guojun, University of Michigan
	Paper:		Transaction and Price Duration in China Stock Market
	Author:		Chen, Wei, Xiamen University
	Discussant:	Li, Ping, University of Electronic Science and Technology of China
	Paper:		Are domestic investors more informed than foreign investors? Evidence from the
			Perfectly Segmented Market in China
	Authors:	Chan, Kalok, Hong Kong University of Science and Technology
			Menkveld, Albert J., Vrije Universiteit Amsterdam
			Yang, Zhishu, Tsinghua University
	Discussant:	Wang, Qingshi, Dongbei University of Finance & Economics


Session 5/Room 2	Risk and Return
	Session Chair:	Dong, Taiheng, Zejiang University of Finance & Economics

	Paper:		A Comparative Study on the Rational Asset Pricing Model and Irrational Asset Pricing
 			Model: Evidence from Stock Market in China
	Authors:	Xu, Nianxing, Wu, Shinong, Xiamen University
	Discussant:	Zhang, Hua, the Chinese University of Hong Kong
	Paper:		Risk, Dispersion of Analysts Forecasts and Stock Returns
	Authors:	Qu, Shisheng, Laura Starks
			Yan, Hong, University of Texas at Austin
	Discussant:	Liu, Ming, Chinese University of Hong Kong
	Paper:		Using the Improved Hill Estimator Model to Evaluate VaR
	Authors:	Ye, Wuyi, Miao, Baiqi, University of Science & Technology of China 
	Discussant:	Su, Chenjian, Shantou Univeristy

Session 5/Room 3	Market Liquidity and Information Asymmetry
	Session Chair:	Zhou, Chunshen, Peking University

	Paper:		The Effects of Investor Protection on the Information Asymmetry of the Securities Market
	Authors:	Wang, Yihui, Liao, Li, Tsinghua University
			Deng, Xiaotie, City University of Hong Kong
	Discussant:	Lin, Tao, University of Hong Kong
	Paper:		Comparative Analysis of Two Factors Influencing the Short-term Price Behavior 
			of Financial Assets
	Authors:	Li, Ping, Zeng, Yong, University of Electronic Science and Technology of China
	Discussant:	Zhang, Shengping, Peking University
	Paper:		IPO underpricing and after-market liquidity
	Authors:	Ellul, Andrew, Indiana University
			Pagano, Marco, Università di Napoli Federico II
	Discussant:	Zhang, Xin, People's Bank of China

Session 5/Room 4 	Venture Capital and IPO
	Session Chair:	Su, Dongwei, Jinan University

	Paper:		Venture capital investments by IPO underwriters: Certification or conflict of interest?
	Authors:	Li, Xi, University of Miami
			Masulis, Ronald W., Vanderbilt University
	Discussant:	Wang, Steven Shuye, Hong Kong Polytechnic University
	Paper:		The Accuracy of IPO Profit Forecasts in Thailand and their Relationships with Stock 
			Market Valuation
	Authors:	Lonkani, Ravi, Chiang Mai University
			Firth, Michael, Hong Kong Polytechnic University
	Discussant:	Zhang, Feng, National University of Singapore
	Paper:		Venture Capital in China: Investment Processes and Decision-making Processes Factors 
	Authors:	Vega, Paul, Chong, Li Choy, University of St. Gallen
			Zhang, Wei, Tsinghua University
	Discussant:	Huang, Guihai, University of Macau

10:30 - 11:00	Break

11:00 - 12:00	Academic Session VI

Session 6/Room 1 	Stock Price Process 
	Session Chair:	Kan, Raymond, University of Toronto

	Paper:		Predictability of Chinese Stock Returns: Contrarian or Momentum? 
	Authors:	Li, Yang, Liu, Yuhui, China Academy of Social Security 
	Discussant:	Zou, Xiaopeng, Zejiang University
	Paper:		The interday return volatility of China stock market : an empirical analysis 
	Authors:	Tao, Libin, Fang, Zhaoben, University of Science and Technology of China
	Discussant:	Shi, Hongjun, Tongji University
	Paper:		Understanding the Sources of Momentum Profits: Stock-Specific Component 
			versus Common-Factor Component
	Authors:	Kang, Qiang, University of Hong Kong 
			Li, Canlin, University of California - Riverside
	Discussant:	Yan, Hong, University of Texas at Austin

Session 6/Room 2	Corporate Finance III
	Session Chair:	To be determined

	Paper:		Corporate Governance and Firm Valuations in China
	Authors:	Bai, Chong-En, Liu, Qiao, Lu, Joe, Song, Frank M., and Zhang, Junxi, 
			University of Hong Kong
	Discussant:	Wang, Zhiqiang, Xiamen University
	Paper:		Comparative Study on Forecast Approaches of Corporate Financial Distress
	Authors:	Lu, Changjiang, Zhang, Xianhua, Jilin University
	Discussant:	Yu, Xiaoyun, Indiana Univeristy
	Paper:		Ownership Control and Capital Structure
	Authors:	Sun, Zheng, Chen, Baohua, Shanghai University of Finance & Economics
	Discussant:	Du, Julan, Chinese University of Hong Kong

Session 6/Room 3	Term Structure of Interest Rates
	Session Chair:	Gao, Bin, Univrsity of North Carolina at Chapel Hill and Lehman Brother

	Paper:		Empirical Study on Multi-factor Interest Rate Models with Yield Curve data in
			the Shanghai Stock Exchange
	Authors:	Fan, Longzhen, Fudan University
	Discussant:	Kan, Rui, Morgan Stanley
	Paper:		Forecasting the Joint Probability Density of Bond Yields: Can Affine Models
			Beat Random Walk?
	Authors:	Egorov, Alexei V., Hong, Yongmiao, Li, Haitao, Cornell University
	Discussant:	Huang, Jingzhi, Penn State University
	Paper:		Dynamic Behavior of Interest Rates in China
	Authors:	Lin, Hai, Zheng, Zhenlong, Xiamen University
	Discussant:	Wang, Lian, Deutsche Bank

Session 6/Room 4	Real Estate Finance
	Session Chair:	Mei, Jianping, New York University

	Paper:		Real Estate Market Integration in Europe: Evidence from the Stock Market
	Authors:	Yang, Jian, Prairie View A&M University
			Kolari, James W., Zhu, Guozhong, Texas A&M University
	Discussant:	Liu, Chunlu, Deakin University
	Paper:		Optimal Life-Cycle Asset Allocation with Housing as a Collateral
	Authors:	Rui Yao, Baruch College
			Harold H. Zhang, the University of North Carolina at Chapel Hill
	Discussant:	Mei, Jianping, New York University
	Paper:		What Explains Household Stock Holdings?
	Authors:	Miquel Faig, University of Toronto
			Pauline M. Shum, York University
	Discussant:	Jinliang Li, , Northeast University
	Paper:		Economic Forces, Asset Pricing, and REIT Returns
	Authors:	Jinliang Li, Robert M. Mooradian, Shiawee X. Yang, Northeast University
	Discussant:	Yeung Lewis Chan, Hong Kong University of Science & Technology	(to be confirmed)

		
		

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              清华大学中国金融研究中心
              2004中国金融国际年会收
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食宿安排:

本次年会的参会代表可以在以下饭店享受会议优惠价格:

酒店名称 房费 / 天 地址 距离会议中心
上海国际会议中心
东方滨江大酒店
【客房已满】
临江房:US$130-150(暂定) 滨江大道2727号 会议
酒店
浦东假日酒店
(四星酒店)
单人标准房:RMB665
双人标准房: RMB750
(含服务费和1份早餐)
东方路899号 20 分钟车程
华美达大酒店
(四星酒店)
单人标准房/ 双人标准房: RMB550
(含服务费和1份早餐)
新金桥路18号 30 分钟车程
盈标花园
(酒店公寓)
单人房: RMB250(含服务费和1份早餐)
双人房: RMB280 (含服务费和2份早餐)
红枫路450弄 30 分钟车程
Motel 168
(酒店公寓)
普通房: RMB258 (含服务费) 新金桥路179号 30 分钟车程

备注:
1. 通过组委会预订才能享受优惠价格。由于房间数量有限,组委会将按照收到饭店预定表格的先后为您预订房间。为了确保您预订的房间, 请按时填写注册表中的宾馆预订表,并于2004年6月20日前寄达/传真至组委会,过期我们将不能保证您的住宿。
2. 代表在填写注册表时,请选择单独住或与人合住; 如与他人合住,请提供合住者姓名,以便组委会安排。此外,选择的合住者应与您所住的夜数相同,否则出现的自然单间的费用将由您个人全部承担。
3. 除特殊要求,酒店住房的预订将保留到当天18:00,如客人18:00之后仍未办理入住手续,客房预订将自动取消。
4. 会议将在每天早晚两次为参会代表提供往返于会场与酒店的班车。


大会联系:

赵锋
地 址: 北京市清华大学经济管理学院伟伦楼北109室
        清华大学中国金融研究中心
邮政编码: 100084
电子信箱: cicf2004@ccfr.org.cn / ccfr@em.tsinghua.edu.cn
电 话: +86 10 62788163
传 真: +86 10 62773180

朱丹
地 址: 上海浦东红枫路699号
        中欧国际商学院
邮政编码: 201206
电子信箱: zflora@ceibs.edu
电 话: +86 21 2890 5205
传 真: +86 21 2890 5108







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